American Century Investment Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-07822
AMERICAN CENTURY INVESTMENT TRUST
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI				64111
(Address of principal executive offices)				(Zip Code)
CHARLES A. ETHERINGTON 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
Registrant’s telephone number, including area code:			816-531-5575
Date of fiscal year end:	03-31
Date of reporting period:	03-31-2019

ITEM 1. REPORTS TO STOCKHOLDERS.

Annual Report

March 31, 2019

Core Plus Fund

Investor Class (ACCNX)

I Class (ACCTX)

A Class (ACCQX)

C Class (ACCKX)

R Class (ACCPX)

R5 Class (ACCUX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President’s Letter	2
Performance	3
Portfolio Commentary	5
Fund Characteristics	7
Shareholder Fee Example	8
Schedule of Investments	10
Statement of Assets and Liabilities	33
Statement of Operations	34
Statement of Changes in Net Assets	35
Notes to Financial Statements	36
Financial Highlights	46
Report of Independent Registered Public Accounting Firm	49
Management	50
Additional Information	53

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	ACCNX	3.55%	2.78%	4.11%	—	11/30/06
Bloomberg Barclays U.S. Aggregate Bond Index	—	4.48%	2.74%	3.76%	—	—
I Class	ACCTX	3.76%	—	—	2.74%	4/10/17
A Class	ACCQX					11/30/06
No sales charge		3.30%	2.53%	3.85%	—
With sales charge		-1.36%	1.58%	3.38%	—
C Class	ACCKX	2.62%	1.76%	3.08%	—	11/30/06
R Class	ACCPX	3.04%	2.27%	3.59%	—	11/30/06
R5 Class	ACCUX	3.86%	2.99%	4.32%	—	11/30/06

Average annual returns since inception are presented when ten years of performance history is not available.

Fund returns would have been lower if a portion of the fees had not been waived.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

3

Growth of $10,000 Over 10 Years

$10,000 investment made March 31, 2009

Performance for other share classes will vary due to differences in fee structure.

Value on March 31, 2019
	Investor Class — $14,961
	Bloomberg Barclays U.S. Aggregate Bond Index — $14,472

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	I Class	A Class	C Class	R Class	R5 Class
0.67%	0.57%	0.92%	1.67%	1.17%	0.47%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

4

Portfolio Commentary

Portfolio Managers: Bob Gahagan, Hando Aguilar, Jeff Houston, Brian Howell and Charles Tan

Effective October 31, 2018, Charles Tan joined the portfolio management team, replacing Dave MacEwen, who left the team ahead of his December 31, 2018, retirement.

Performance Summary

Core Plus returned 3.55%* for the 12 months ended March 31, 2019. By comparison, the Bloomberg Barclays U.S. Aggregate Bond Index gained 4.48%. Fund returns reflect operating expenses, while index returns do not.

Returns for the fund and the index reflect a generally positive, albeit challenging, environment for investment-grade bonds. The 12-month period witnessed a marked shift in Federal Reserve (Fed) policy and investor sentiment toward the U.S. and global economic growth outlook, which influenced performance in the fixed-income market. In the first several months of the period, robust economic growth, rising inflation and the Fed’s steady rate-tightening strategy drove Treasury yields higher. Investment-grade bond returns were generally flat to slightly negative. Meanwhile, risk-on investing remained in favor, and higher-yielding securities outperformed. The environment reversed sharply in late 2018, as worries about future economic and corporate earnings growth, U.S.-China trade negotiations and a surprisingly bullish Fed outlook triggered severe volatility in the equity markets. After climbing to a reporting period high of 3.24% in early November (according to Bloomberg), the 10-year U.S. Treasury yield plunged to 2.68% by the end of December 2018, as investors fled risk assets in favor of perceived safe-haven investments.

The new year brought a new sense of stability to the financial markets. Progress with U.S.-China trade negotiations and better-than-feared U.S. economic and earnings data helped restore some investor optimism. Additionally, the Fed paused its rate-hike campaign in January, seemingly acknowledging its December plan for two rate hikes in 2019 may have been too aggressive. Investors responded enthusiastically to this backdrop, and risk assets returned to favor. Meanwhile, Treasury yields moved modestly lower. Then, at its March monetary policy meeting, the Fed held rates steady and suggested additional tightening was likely off the table for 2019. This news triggered a sharp rally among Treasuries, and the 10-year Treasury note ended March 2019 yielding 2.41%, compared with 2.74% a year earlier.

Overall, the Treasury market rally of late 2018 and early 2019 supported broad U.S. fixed-income gains for the entire 12-month period. Longer-maturity Treasuries and corporate bonds were top performers overall. Core Plus’ out-of-index exposure to global interest rate movements primarily accounted for the fund’s underperformance relative to the index.

Global Interest Rates Position Detracted

Throughout most of 2018, we held a non-index position designed to take advantage of differences in global interest rates. As part of this strategy, we held short positions in European government bond futures, a neutral position in U.S. Treasury futures and a long position in local-currency emerging markets bonds. Initially, we expected European rates to rise from their unusually low

*All fund returns referenced in this commentary are for Investor Class shares. Fund returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.

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levels and converge with U.S. rates. We also expected select emerging markets rates to remain stable or decline. However, yields in Europe steadily declined, weighing on our short positions in European governments. Additionally, mounting investor concerns about the sustainability of synchronized global growth combined with country-specific issues pressured emerging markets

assets. With the global economy showing signs of slowing and leading central banks maintaining dovish policies, we exited our global rates trade in late 2018.

Sector Allocation, Security Selection, Out-of-Index Positions Aided Performance

We continued to underweight Treasuries and government agencies relative to the index in favor of spread (non-Treasury) sectors, including corporate credit and securitized bonds. This strategy was a key contributor to portfolio performance. In addition, security selection within these allocations generally aided results. Within the corporate sector, our selections among bonds with BBB credit ratings delivered notable performance, largely due to the rally late in the reporting period, which favored riskier securities. Similarly, our out-of-index allocation to high-yield corporate bonds was a top contributor, particularly in the early 2019 risk rally. Within the securitized sector, our selections among non-agency collateralized mortgage obligations and asset-backed securities added value.

Portfolio Positioning

We expect the U.S. economy to continue to grow, but at a more moderate pace (2.0% to 2.5% annualized). However, we expect U.S. economic growth to remain more robust than growth in Europe and Japan. We expect headline inflation to eventually converge with core inflation near 2%. These factors should enable the Fed to remain on hold throughout the remainder of 2019. Against a backdrop of slowing global growth, geopolitical uncertainties (mainly Brexit) and a dovish Fed, we expect the 10-year Treasury yield to fluctuate within a near-term range of 2.35% to 2.80%.

We do not believe the dramatic flattening (and brief) inversion of the yield curve late in the reporting period is an indication of a looming recession. Instead, we believe the curve flattened in response to the Fed’s unexpected pivot to dovish monetary policy. We believe the Fed’s change of course is more reflective of a lack of inflation than a lack of growth. Given the yield curve’s notable flattening, we initiated a position designed to take advantage of our outlook for the curve between two and five years to steepen.

Additionally, we expect to maintain our preference for spread sectors versus Treasuries, remaining mindful of market conditions. For example, in light of the strong rally in risk assets in the final months of the reporting period, we took profits in and reduced exposure to investment-grade and high-yield corporate bonds. We also took profits in credit-sensitive mortgage-backed securities that participated in the rally. We will continue to look for opportunities to tactically add exposure to riskier corporate and securitized securities, as valuations, fundamentals and market conditions dictate. However, from a longer-term, strategic perspective, we plan to reduce spread sector risk, given the potential for spread widening as the credit cycle matures. As always, we favor a bottom-up approach to portfolio management, emphasizing careful security selection.

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Fund Characteristics 

MARCH 31, 2019
Portfolio at a Glance
Average Duration (effective)	5.7 years
Weighted Average Life to Maturity	7.7 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	28.2%
U.S. Treasury Securities	22.9%
U.S. Government Agency Mortgage-Backed Securities	16.9%
Asset-Backed Securities	8.3%
Collateralized Mortgage Obligations	7.1%
Commercial Mortgage-Backed Securities	4.8%
Collateralized Loan Obligations	4.5%
Bank Loan Obligations	1.9%
Sovereign Governments and Agencies	1.6%
Municipal Securities	1.6%
Temporary Cash Investments	3.3%
Other Assets and Liabilities	(1.1)%

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Shareholder Fee Example 

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1)  10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,037.60	$2.79	0.55%
I Class	$1,000	$1,039.10	$2.29	0.45%
A Class	$1,000	$1,036.30	$4.06	0.80%
C Class	$1,000	$1,032.40	$7.85	1.55%
R Class	$1,000	$1,035.00	$5.33	1.05%
R5 Class	$1,000	$1,039.60	$1.78	0.35%
Hypothetical
Investor Class	$1,000	$1,022.19	$2.77	0.55%
I Class	$1,000	$1,022.69	$2.27	0.45%
A Class	$1,000	$1,020.94	$4.03	0.80%
C Class	$1,000	$1,017.20	$7.80	1.55%
R Class	$1,000	$1,019.70	$5.29	1.05%
R5 Class	$1,000	$1,023.19	$1.77	0.35%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9

Schedule of Investments

MARCH 31, 2019

	Principal Amount		Value
CORPORATE BONDS — 28.2%
Aerospace and Defense — 0.1%
Lockheed Martin Corp., 3.80%, 3/1/45	$	90,000	$	89,023
United Technologies Corp., 6.05%, 6/1/36	95,000		113,260
			202,283
Air Freight and Logistics — 0.2%
FedEx Corp., 4.40%, 1/15/47	70,000		66,066
United Parcel Service, Inc., 2.80%, 11/15/24	150,000		150,975
			217,041
Auto Components — 0.1%
ZF North America Capital, Inc., 4.00%, 4/29/20(1)	150,000		150,120
Automobiles — 0.8%
Ford Motor Credit Co. LLC, 8.125%, 1/15/20	100,000		103,663
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	270,000		279,837
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	200,000		191,306
General Motors Co., 4.20%, 10/1/27	70,000		67,254
General Motors Co., 5.15%, 4/1/38	100,000		91,658
General Motors Financial Co., Inc., 3.20%, 7/6/21	210,000		209,196
General Motors Financial Co., Inc., 5.25%, 3/1/26	150,000		155,051
			1,097,965
Banks — 5.3%
Banco Santander SA, 3.50%, 4/11/22	200,000		202,054
Bank of America Corp., MTN, 4.20%, 8/26/24	30,000		31,085
Bank of America Corp., MTN, 4.00%, 1/22/25	100,000		102,175
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28	150,000		152,331
Bank of America Corp., MTN, VRN, 3.97%, 3/5/29	100,000		102,214
Bank of America Corp., MTN, VRN, 4.44%, 1/20/48	30,000		31,493
Bank of America Corp., VRN, 3.00%, 12/20/23	325,000		324,301
Bank of America N.A., 6.00%, 10/15/36	250,000		310,548
Barclays plc, 4.375%, 1/12/26	200,000		201,451
BPCE SA, 5.15%, 7/21/24(1)	200,000		208,939
CIT Group, Inc., 5.00%, 8/15/22	150,000		156,563
Citibank N.A., 3.65%, 1/23/24	250,000		258,212
Citigroup, Inc., 2.90%, 12/8/21	340,000		339,936
Citigroup, Inc., 4.05%, 7/30/22	80,000		82,452
Citigroup, Inc., 4.45%, 9/29/27	510,000		525,121
Citigroup, Inc., VRN, 3.52%, 10/27/28	180,000		177,211
Cooperatieve Rabobank UA, 3.95%, 11/9/22	250,000		254,820
Fifth Third BanCorp., 4.30%, 1/16/24	80,000		83,878
HSBC Holdings plc, 2.95%, 5/25/21	200,000		200,043
HSBC Holdings plc, 4.30%, 3/8/26	200,000		207,871
HSBC Holdings plc, 4.375%, 11/23/26	200,000		205,223
HSBC Holdings plc, VRN, 3.26%, 3/13/23	200,000		200,641

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	Principal Amount		Value
Huntington Bancshares, Inc., 2.30%, 1/14/22	$	140,000	$	137,965
JPMorgan Chase & Co., 4.625%, 5/10/21	230,000		238,726
JPMorgan Chase & Co., 3.875%, 9/10/24	350,000		359,238
JPMorgan Chase & Co., 3.125%, 1/23/25	250,000		250,474
JPMorgan Chase & Co., VRN, 3.54%, 5/1/28	100,000		100,242
JPMorgan Chase & Co., VRN, 3.88%, 7/24/38	80,000		78,771
JPMorgan Chase & Co., VRN, 3.96%, 11/15/48	140,000		136,975
JPMorgan Chase & Co., VRN, 3.90%, 1/23/49	30,000		29,106
PNC Financial Services Group, Inc. (The), 4.375%, 8/11/20	70,000		71,671
QNB Finansbank AS, MTN, 6.25%, 4/30/19	200,000		200,030
Regions Financial Corp., 2.75%, 8/14/22	100,000		99,313
Regions Financial Corp., 3.80%, 8/14/23	100,000		102,897
Royal Bank of Canada, 2.15%, 10/26/20	210,000		208,686
SunTrust Bank, 3.30%, 5/15/26	200,000		198,566
U.S. Bancorp, MTN, 3.60%, 9/11/24	70,000		72,273
U.S. Bank N.A., 2.80%, 1/27/25	250,000		249,429
UniCredit SpA, VRN, 5.86%, 6/19/32(1)	200,000		184,564
Wells Fargo & Co., 3.07%, 1/24/23	80,000		80,172
Wells Fargo & Co., 3.00%, 4/22/26	90,000		88,102
Wells Fargo & Co., MTN, 3.75%, 1/24/24	110,000		113,302
Wells Fargo & Co., MTN, 4.10%, 6/3/26	300,000		307,223
Wells Fargo & Co., MTN, 4.65%, 11/4/44	115,000		118,515
			7,784,802
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46(1)	270,000		271,746
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	150,000		159,866
Constellation Brands, Inc., 4.75%, 12/1/25	140,000		149,481
			581,093
Biotechnology — 1.0%
AbbVie, Inc., 3.60%, 5/14/25	280,000		281,062
AbbVie, Inc., 4.70%, 5/14/45	90,000		86,930
Amgen, Inc., 4.66%, 6/15/51	138,000		139,353
Biogen, Inc., 3.625%, 9/15/22	210,000		213,495
Celgene Corp., 3.25%, 8/15/22	200,000		202,230
Celgene Corp., 3.875%, 8/15/25	110,000		113,023
Gilead Sciences, Inc., 4.40%, 12/1/21	100,000		103,978
Gilead Sciences, Inc., 3.65%, 3/1/26	230,000		234,955
Gilead Sciences, Inc., 4.15%, 3/1/47	50,000		48,420
			1,423,446
Building Products — 0.1%
Masco Corp., 4.45%, 4/1/25	100,000		102,840
Capital Markets — 1.6%
Goldman Sachs Group, Inc. (The), 2.30%, 12/13/19	310,000		309,028
Goldman Sachs Group, Inc. (The), 3.50%, 1/23/25	100,000		99,784
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26	360,000		355,827
Goldman Sachs Group, Inc. (The), 5.15%, 5/22/45	40,000		42,473
Goldman Sachs Group, Inc. (The), VRN, 2.88%, 10/31/22	70,000		69,454

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	Principal Amount		Value
Goldman Sachs Group, Inc. (The), VRN, 3.81%, 4/23/29	$	120,000	$	119,064
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.15%, 1/23/30	120,000		110,096
Morgan Stanley, 5.00%, 11/24/25	180,000		193,235
Morgan Stanley, 4.375%, 1/22/47	40,000		41,375
Morgan Stanley, MTN, 5.625%, 9/23/19	410,000		415,352
Morgan Stanley, MTN, 3.70%, 10/23/24	60,000		61,115
Morgan Stanley, MTN, 4.00%, 7/23/25	370,000		381,410
Morgan Stanley, MTN, VRN, 3.77%, 1/24/29	120,000		120,899
			2,319,112
Chemicals — 0.1%
NOVA Chemicals Corp., 4.875%, 6/1/24(1)	20,000		19,725
Westlake Chemical Corp., 4.375%, 11/15/47	90,000		80,008
			99,733
Commercial Services and Supplies — 0.2%
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	80,000		79,600
Republic Services, Inc., 3.55%, 6/1/22	190,000		194,360
Waste Management, Inc., 4.75%, 6/30/20	70,000		71,809
			345,769
Consumer Finance — 0.8%
Ally Financial, Inc., 4.625%, 3/30/25	100,000		102,125
American Express Co., 3.00%, 10/30/24	50,000		49,846
American Express Credit Corp., MTN, 2.20%, 3/3/20	100,000		99,561
American Express Credit Corp., MTN, 2.25%, 5/5/21	270,000		268,389
Capital One Bank USA N.A., 3.375%, 2/15/23	250,000		250,127
Capital One Financial Corp., 3.75%, 7/28/26	120,000		117,088
Discover Financial Services, 3.75%, 3/4/25	200,000		199,600
Synchrony Financial, 3.95%, 12/1/27	100,000		94,647
			1,181,383
Containers and Packaging — 0.5%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.00%, 2/15/25(1)	200,000		200,500
Ball Corp., 4.00%, 11/15/23	60,000		60,600
Berry Global, Inc., 5.125%, 7/15/23	130,000		132,437
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23	30,000		30,375
International Paper Co., 4.40%, 8/15/47	60,000		56,389
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	280,000		284,900
			765,201
Diversified Consumer Services — 0.1%
CommonSpirit Health, 2.95%, 11/1/22	100,000		99,408
Diversified Financial Services — 0.4%
Credit Suisse Group Funding Guernsey Ltd., 3.45%, 4/16/21	250,000		252,743
UBS Group Funding Switzerland AG, 3.49%, 5/23/23(1)	200,000		201,114
Voya Financial, Inc., 5.70%, 7/15/43	90,000		104,839
			558,696

12

	Principal Amount		Value
Diversified Telecommunication Services — 0.9%
AT&T, Inc., 3.875%, 8/15/21	$	180,000	$	184,702
AT&T, Inc., 3.40%, 5/15/25	130,000		128,843
AT&T, Inc., 4.10%, 2/15/28	160,000		161,855
AT&T, Inc., 5.25%, 3/1/37	50,000		52,777
AT&T, Inc., 4.85%, 3/1/39	80,000		80,565
AT&T, Inc., 5.15%, 11/15/46	70,000		72,081
Orange SA, 4.125%, 9/14/21	100,000		103,475
Telefonica Emisiones SA, 5.46%, 2/16/21	100,000		104,607
Verizon Communications, Inc., 3.38%, 2/15/25	80,000		81,186
Verizon Communications, Inc., 2.625%, 8/15/26	70,000		66,876
Verizon Communications, Inc., 4.75%, 11/1/41	60,000		63,573
Verizon Communications, Inc., 5.01%, 8/21/54	170,000		182,468
			1,283,008
Electric Utilities — 0.6%
AEP Transmission Co. LLC, 3.75%, 12/1/47	50,000		49,335
Duke Energy Corp., 3.55%, 9/15/21	80,000		81,287
Duke Energy Corp., 2.65%, 9/1/26	50,000		47,696
Duke Energy Florida LLC, 6.35%, 9/15/37	70,000		93,001
Duke Energy Progress LLC, 3.70%, 10/15/46	50,000		48,982
Exelon Corp., 5.15%, 12/1/20	130,000		134,074
Exelon Corp., 4.45%, 4/15/46	60,000		62,039
FirstEnergy Corp., 4.25%, 3/15/23	100,000		104,415
Georgia Power Co., 4.30%, 3/15/42	70,000		69,747
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1)	100,000		97,875
Progress Energy, Inc., 3.15%, 4/1/22	80,000		80,619
Xcel Energy, Inc., 3.35%, 12/1/26	30,000		30,084
			899,154
Energy Equipment and Services — 0.1%
Halliburton Co., 3.80%, 11/15/25	80,000		81,892
Halliburton Co., 4.85%, 11/15/35	60,000		63,063
			144,955
Entertainment — 0.3%
Activision Blizzard, Inc., 2.30%, 9/15/21	80,000		78,932
Viacom, Inc., 3.125%, 6/15/22	50,000		49,926
Viacom, Inc., 4.25%, 9/1/23	140,000		145,685
Viacom, Inc., 4.375%, 3/15/43	50,000		44,957
Walt Disney Co. (The), 6.90%, 8/15/39(1)	70,000		99,017
Walt Disney Co. (The), 4.75%, 9/15/44(1)	40,000		45,994
			464,511
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp., 3.375%, 10/15/26	50,000		48,817
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/28	100,000		99,307
Boston Properties LP, 3.65%, 2/1/26	180,000		181,087
Crown Castle International Corp., 5.25%, 1/15/23	200,000		214,959
Essex Portfolio LP, 3.625%, 8/15/22	170,000		173,081
Essex Portfolio LP, 3.25%, 5/1/23	50,000		50,006

13

	Principal Amount		Value
GLP Capital LP / GLP Financing II, Inc., 5.75%, 6/1/28	$	140,000	$	150,843
Hospitality Properties Trust, 4.65%, 3/15/24	80,000		81,603
Kilroy Realty LP, 3.80%, 1/15/23	44,000		44,750
Kimco Realty Corp., 2.80%, 10/1/26	90,000		84,835
VEREIT Operating Partnership LP, 4.125%, 6/1/21	50,000		50,858
			1,180,146
Food and Staples Retailing — 0.1%
Kroger Co. (The), 3.875%, 10/15/46	100,000		83,506
Walmart, Inc., 4.05%, 6/29/48	90,000		96,110
			179,616
Food Products — 0.2%
Conagra Brands, Inc., 4.60%, 11/1/25	130,000		136,913
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(1)	170,000		172,125
Post Holdings, Inc., 5.00%, 8/15/26(1)	50,000		48,813
			357,851
Gas Utilities — 0.8%
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.50%, 10/15/19	100,000		101,012
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 4.25%, 12/1/27	50,000		50,460
Enterprise Products Operating LLC, 4.85%, 3/15/44	150,000		159,742
Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 6/1/22	160,000		161,125
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	255,000		280,638
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23	230,000		231,155
Sunoco Logistics Partners Operations LP, 4.00%, 10/1/27	50,000		49,677
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	150,000		147,938
			1,181,747
Health Care Equipment and Supplies — 0.3%
Becton Dickinson and Co., 3.73%, 12/15/24	190,000		193,130
Medtronic, Inc., 3.50%, 3/15/25	150,000		155,041
Medtronic, Inc., 4.375%, 3/15/35	100,000		109,412
			457,583
Health Care Providers and Services — 1.2%
Aetna, Inc., 2.75%, 11/15/22	60,000		59,253
Anthem, Inc., 3.65%, 12/1/27	60,000		59,967
Anthem, Inc., 4.65%, 1/15/43	89,000		92,343
CVS Health Corp., 3.50%, 7/20/22	70,000		70,954
CVS Health Corp., 4.30%, 3/25/28	250,000		253,778
CVS Health Corp., 4.78%, 3/25/38	60,000		59,593
CVS Health Corp., 5.05%, 3/25/48	70,000		70,662
DaVita, Inc., 5.125%, 7/15/24	200,000		198,000
HCA, Inc., 5.00%, 3/15/24	30,000		31,802
HCA, Inc., 5.375%, 2/1/25	150,000		159,375
Northwell Healthcare, Inc., 4.26%, 11/1/47	50,000		50,605
Tenet Healthcare Corp., 4.375%, 10/1/21	70,000		71,568
Tenet Healthcare Corp., 5.125%, 5/1/25	220,000		221,661
UnitedHealth Group, Inc., 2.875%, 12/15/21	80,000		80,458

14

		Principal Amount		Value
UnitedHealth Group, Inc., 3.75%, 7/15/25		$	140,000	$	146,367
UnitedHealth Group, Inc., 4.75%, 7/15/45		60,000		68,014
Universal Health Services, Inc., 4.75%, 8/1/22(1)		100,000		101,125
				1,795,525
Hotels, Restaurants and Leisure — 0.2%
1011778 BC ULC / New Red Finance, Inc., 4.625%, 1/15/22(1)		110,000		110,793
McDonald's Corp., MTN, 3.375%, 5/26/25		160,000		163,110
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22		70,000		74,946
				348,849
Household Durables — 0.1%
Lennar Corp., 4.75%, 11/29/27		100,000		100,422
Toll Brothers Finance Corp., 4.35%, 2/15/28		100,000		94,000
				194,422
Household Products — 0.1%
Spectrum Brands, Inc., 5.75%, 7/15/25		80,000		81,000
Insurance — 1.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21		150,000		155,733
Allstate Corp. (The), VRN, 5.75%, 8/15/53		120,000		122,277
American International Group, Inc., 4.125%, 2/15/24		350,000		361,587
Berkshire Hathaway Finance Corp., 4.20%, 8/15/48		40,000		41,586
Chubb INA Holdings, Inc., 3.15%, 3/15/25		60,000		60,615
Chubb INA Holdings, Inc., 3.35%, 5/3/26		40,000		40,773
CNP Assurances, VRN, 4.00%(2)	EUR	100,000		119,857
Hartford Financial Services Group, Inc. (The), 5.95%, 10/15/36		$	60,000	71,709
Markel Corp., 4.90%, 7/1/22		212,000		223,872
MetLife, Inc., 4.125%, 8/13/42		110,000		111,373
Prudential Financial, Inc., 3.94%, 12/7/49		160,000		154,966
Prudential Financial, Inc., MTN, 5.70%, 12/14/36		45,000		53,788
Prudential Financial, Inc., VRN, 5.875%, 9/15/42		100,000		105,923
WR Berkley Corp., 4.625%, 3/15/22		100,000		104,523
				1,728,582
IT Services — 0.1%
Fidelity National Information Services, Inc., 3.00%, 8/15/26		160,000		153,562
Life Sciences Tools and Services — 0.1%
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21		50,000		50,845
Thermo Fisher Scientific, Inc., 2.95%, 9/19/26		160,000		154,469
				205,314
Media — 1.5%
AMC Networks, Inc., 4.75%, 8/1/25		210,000		208,950
CBS Corp., 4.85%, 7/1/42		60,000		59,895
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 9/30/22		100,000		102,063
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)		65,000		65,569
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25		290,000		306,070

15

	Principal Amount		Value
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45	$	90,000	$	101,121
Comcast Corp., 4.40%, 8/15/35	30,000		31,411
Comcast Corp., 6.40%, 5/15/38	80,000		102,773
Comcast Corp., 4.60%, 10/15/38	210,000		225,524
Comcast Corp., 4.75%, 3/1/44	150,000		163,122
CSC Holdings LLC, 5.50%, 4/15/27(1)	200,000		204,730
Globo Comunicacao e Participacoes SA, 4.84%, 6/8/25	200,000		197,400
Sirius XM Radio, Inc., 5.375%, 4/15/25(1)	110,000		113,300
Warner Media LLC, 2.95%, 7/15/26	190,000		180,151
Warner Media LLC, 3.80%, 2/15/27	100,000		99,581
			2,161,660
Metals and Mining — 0.2%
Steel Dynamics, Inc., 5.00%, 12/15/26	230,000		235,463
Multi-Utilities — 1.1%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.875%, 8/20/26	100,000		100,250
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	70,000		67,150
CenterPoint Energy, Inc., 4.25%, 11/1/28	110,000		114,141
Cometa Energia SA de CV, 6.375%, 4/24/35(1)	296,100		291,585
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43	110,000		109,552
Dominion Energy, Inc., 2.75%, 9/15/22	130,000		128,999
Dominion Energy, Inc., 4.90%, 8/1/41	100,000		106,907
Exelon Generation Co. LLC, 5.60%, 6/15/42	80,000		84,370
FirstEnergy Transmission LLC, 4.55%, 4/1/49(1)	70,000		71,809
Florida Power & Light Co., 4.125%, 2/1/42	50,000		53,098
MidAmerican Energy Co., 4.40%, 10/15/44	140,000		153,298
NiSource, Inc., 5.65%, 2/1/45	80,000		93,242
Sempra Energy, 2.875%, 10/1/22	130,000		128,223
Sempra Energy, 3.25%, 6/15/27	70,000		67,096
Sempra Energy, 4.00%, 2/1/48	40,000		36,562
			1,606,282
Oil, Gas and Consumable Fuels — 3.3%
Antero Resources Corp., 5.125%, 12/1/22	220,000		221,991
Apache Corp., 4.75%, 4/15/43	40,000		37,843
BP Capital Markets America, Inc., 4.50%, 10/1/20	80,000		82,135
Cimarex Energy Co., 4.375%, 6/1/24	150,000		156,007
CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24	70,000		73,265
Concho Resources, Inc., 4.375%, 1/15/25	110,000		113,162
Continental Resources, Inc., 3.80%, 6/1/24	170,000		171,800
Continental Resources, Inc., 4.375%, 1/15/28	150,000		154,527
Diamondback Energy, Inc., 5.375%, 5/31/25	100,000		104,625
Encana Corp., 6.50%, 2/1/38	80,000		94,121
Energy Transfer Operating LP, 5.25%, 4/15/29	130,000		139,748
Energy Transfer Operating LP, 6.50%, 2/1/42	140,000		155,988
Energy Transfer Operating LP, 6.00%, 6/15/48	70,000		75,805
EnLink Midstream Partners LP, 4.85%, 7/15/26	110,000		109,587
Exxon Mobil Corp., 3.04%, 3/1/26	100,000		101,555

16

	Principal Amount		Value
Hess Corp., 6.00%, 1/15/40	$	50,000	$	52,228
Kinder Morgan Energy Partners LP, 5.30%, 9/15/20	60,000		62,031
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	130,000		152,789
Kinder Morgan, Inc., 5.55%, 6/1/45	80,000		87,680
Marathon Oil Corp., 3.85%, 6/1/25	190,000		192,650
MPLX LP, 4.875%, 6/1/25	180,000		191,909
MPLX LP, 4.50%, 4/15/38	50,000		47,682
MPLX LP, 5.20%, 3/1/47	40,000		40,721
Newfield Exploration Co., 5.75%, 1/30/22	200,000		213,695
Newfield Exploration Co., 5.375%, 1/1/26	100,000		108,224
Noble Energy, Inc., 4.15%, 12/15/21	220,000		225,435
Petroleos Mexicanos, 6.00%, 3/5/20	67,000		68,621
Petroleos Mexicanos, 4.875%, 1/24/22	50,000		50,550
Petroleos Mexicanos, 6.625%, 6/15/35	100,000		94,750
Petroleos Mexicanos, 5.50%, 6/27/44	80,000		65,600
Phillips 66, 4.30%, 4/1/22	60,000		62,632
Sinopec Group Overseas Development 2015 Ltd., 2.50%, 4/28/20(1)	200,000		199,105
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	150,000		148,875
Tullow Oil plc, 7.00%, 3/1/25(1)	200,000		201,890
Williams Cos., Inc. (The), 4.125%, 11/15/20	280,000		284,562
Williams Cos., Inc. (The), 4.55%, 6/24/24	105,000		110,954
Williams Cos., Inc. (The), 5.10%, 9/15/45	80,000		82,474
YPF SA, 8.75%, 4/4/24	200,000		201,500
			4,738,716
Paper and Forest Products — 0.1%
Georgia-Pacific LLC, 5.40%, 11/1/20(1)	180,000		187,202
Pharmaceuticals — 0.5%
Allergan Finance LLC, 3.25%, 10/1/22	60,000		60,069
Allergan Funding SCS, 3.85%, 6/15/24	100,000		101,349
Allergan Funding SCS, 4.55%, 3/15/35	100,000		98,222
Bausch Health Cos., Inc., 7.00%, 3/15/24(1)	150,000		159,075
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/21	140,000		138,467
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26	140,000		114,598
Zoetis, Inc., 3.00%, 9/12/27	70,000		67,394
			739,174
Road and Rail — 0.4%
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41	100,000		114,666
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43	120,000		130,018
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	50,000		52,205
CSX Corp., 3.25%, 6/1/27	150,000		148,334
Union Pacific Corp., 3.60%, 9/15/37	50,000		48,010
Union Pacific Corp., 4.05%, 11/15/45	110,000		107,405
			600,638
Semiconductors and Semiconductor Equipment — 0.3%
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	200,000		203,326

17

	Principal Amount		Value
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	$	200,000	$	213,000
			416,326
Software — 0.4%
Microsoft Corp., 2.70%, 2/12/25	150,000		150,260
Microsoft Corp., 3.45%, 8/8/36	100,000		100,648
Microsoft Corp., 4.25%, 2/6/47	150,000		167,787
Oracle Corp., 3.25%, 11/15/27	170,000		171,204
			589,899
Specialty Retail — 0.5%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	200,000		197,500
Home Depot, Inc. (The), 3.00%, 4/1/26	150,000		150,919
Home Depot, Inc. (The), 5.95%, 4/1/41	170,000		218,698
United Rentals North America, Inc., 5.75%, 11/15/24	150,000		154,688
			721,805
Technology Hardware, Storage and Peripherals — 0.8%
Apple, Inc., 2.75%, 1/13/25	60,000		59,718
Apple, Inc., 2.50%, 2/9/25	130,000		127,844
Apple, Inc., 2.45%, 8/4/26	90,000		87,033
Apple, Inc., 2.90%, 9/12/27	250,000		246,919
Dell International LLC / EMC Corp., 6.02%, 6/15/26(1)	270,000		290,659
Dell International LLC / EMC Corp., 4.90%, 10/1/26(1)	130,000		132,587
Hewlett Packard Enterprise Co., 3.60%, 10/15/20	270,000		272,613
			1,217,373
Trading Companies and Distributors — 0.1%
International Lease Finance Corp., 5.875%, 8/15/22	100,000		107,907
Wireless Telecommunication Services — 0.2%
America Movil SAB de CV, 3.125%, 7/16/22	55,000		55,474
T-Mobile USA, Inc., 4.75%, 2/1/28	160,000		159,200
			214,674
TOTAL CORPORATE BONDS (Cost $40,746,997)			41,121,836
U.S. TREASURY SECURITIES — 22.9%
U.S. Treasury Bonds, 3.50%, 2/15/39	500,000		567,754
U.S. Treasury Bonds, 4.375%, 11/15/39	700,000		891,406
U.S. Treasury Bonds, 4.625%, 2/15/40	200,000		263,144
U.S. Treasury Bonds, 3.125%, 11/15/41	400,000		426,531
U.S. Treasury Bonds, 3.125%, 2/15/42	300,000		319,600
U.S. Treasury Bonds, 3.00%, 5/15/42	1,900,000		1,981,381
U.S. Treasury Bonds, 2.875%, 5/15/43	450,000		458,016
U.S. Treasury Bonds, 3.125%, 8/15/44(3)	400,000		425,047
U.S. Treasury Bonds, 3.00%, 11/15/44	1,250,000		1,299,390
U.S. Treasury Bonds, 2.50%, 2/15/45	800,000		756,703
U.S. Treasury Bonds, 3.00%, 5/15/45	1,200,000		1,247,930
U.S. Treasury Bonds, 3.00%, 11/15/45	600,000		624,281
U.S. Treasury Bonds, 3.375%, 11/15/48	900,000		1,004,150
U.S. Treasury Notes, 1.625%, 10/15/20	1,200,000		1,187,203
U.S. Treasury Notes, 2.25%, 2/15/21	600,000		599,543

18

	Principal Amount		Value
U.S. Treasury Notes, 2.75%, 9/15/21	$	4,700,000	$	4,757,006
U.S. Treasury Notes, 2.625%, 12/15/21	3,500,000		3,536,709
U.S. Treasury Notes, 1.875%, 1/31/22	3,000,000		2,971,055
U.S. Treasury Notes, 2.375%, 3/15/22	1,800,000		1,808,613
U.S. Treasury Notes, 2.00%, 11/30/22	500,000		496,172
U.S. Treasury Notes, 2.375%, 2/29/24	900,000		906,469
U.S. Treasury Notes, 2.125%, 11/30/24	1,000,000		992,285
U.S. Treasury Notes, 2.625%, 12/31/25	700,000		713,945
U.S. Treasury Notes, 2.50%, 2/28/26	400,000		404,812
U.S. Treasury Notes, 3.125%, 11/15/28	4,500,000		4,779,053
TOTAL U.S. TREASURY SECURITIES (Cost $32,737,583)			33,418,198
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 16.9%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 1.0%
FHLMC, VRN, 4.47%, (12-month LIBOR plus 1.78%), 2/1/38	67,383		70,568
FHLMC, VRN, 4.51%, (12-month LIBOR plus 1.85%), 6/1/38	46,495		48,911
FHLMC, VRN, 4.14%, (12-month LIBOR plus 1.78%), 9/1/40	67,324		69,752
FHLMC, VRN, 4.23%, (12-month LIBOR plus 1.88%), 5/1/41	21,848		22,822
FHLMC, VRN, 3.69%, (12-month LIBOR plus 1.89%), 7/1/41	149,757		153,426
FHLMC, VRN, 2.32%, (12-month LIBOR plus 1.65%), 2/1/43	294,567		293,892
FHLMC, VRN, 4.70%, (12-month LIBOR plus 1.64%), 2/1/43	41,527		43,031
FHLMC, VRN, 4.25%, (12-month LIBOR plus 1.62%), 6/1/43	11,028		11,401
FHLMC, VRN, 4.27%, (12-month LIBOR plus 1.65%), 6/1/43	33,654		34,814
FHLMC, VRN, 3.07%, (12-month LIBOR plus 1.64%), 9/1/47	249,764		253,131
FNMA, VRN, 4.27%, (6-month LIBOR plus 1.57%), 6/1/35	27,438		28,350
FNMA, VRN, 4.82%, (12-month LIBOR plus 1.69%), 1/1/40	15,995		16,830
FNMA, VRN, 3.62%, (12-month LIBOR plus 1.79%), 8/1/40	125,179		129,281
FNMA, VRN, 3.92%, (12-month LIBOR plus 1.77%), 10/1/40	98,551		101,770
FNMA, VRN, 3.19%, (12-month LIBOR plus 1.61%), 3/1/47	114,448		115,830
			1,393,809
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 15.9%
FHLMC, 4.50%, 6/1/21	3,581		3,647
FHLMC, 5.50%, 1/1/38	6,401		7,041
FHLMC, 5.50%, 4/1/38	38,398		42,116
FHLMC, 3.00%, 2/1/43	522,514		523,190
FNMA, 3.50%, TBA	500,000		506,973
FNMA, 5.00%, 7/1/20	8,121		8,314
FNMA, 5.00%, 7/1/31	337,668		357,269
FNMA, 4.50%, 10/1/33	163,719		173,155

19

	Principal Amount		Value
FNMA, 5.00%, 11/1/33	$	364,022	$	391,921
FNMA, 6.00%, 12/1/33	230,271		254,152
FNMA, 5.50%, 4/1/34	94,281		103,436
FNMA, 5.50%, 4/1/34	281,385		309,755
FNMA, 5.00%, 8/1/34	45,497		48,976
FNMA, 5.50%, 8/1/34	89,533		98,559
FNMA, 5.00%, 4/1/35	219,376		236,119
FNMA, 5.00%, 8/1/35	14,764		15,882
FNMA, 4.50%, 9/1/35	17,556		18,548
FNMA, 5.50%, 7/1/36	12,384		13,565
FNMA, 5.50%, 12/1/36	24,090		26,501
FNMA, 6.00%, 7/1/37	61,578		67,916
FNMA, 6.00%, 8/1/37	37,592		41,475
FNMA, 6.50%, 8/1/37	6,616		7,214
FNMA, 6.00%, 9/1/37	50,681		55,895
FNMA, 6.00%, 11/1/37	46,994		51,740
FNMA, 5.00%, 3/1/38	82,401		88,583
FNMA, 6.50%, 9/1/38	130,137		146,435
FNMA, 5.50%, 1/1/39	94,588		103,866
FNMA, 5.00%, 2/1/39	220,281		237,918
FNMA, 4.50%, 4/1/39	77,699		82,804
FNMA, 4.50%, 5/1/39	193,464		206,097
FNMA, 6.50%, 5/1/39	3,010		3,452
FNMA, 4.50%, 10/1/39	333,954		355,967
FNMA, 4.00%, 10/1/40	343,628		358,940
FNMA, 4.50%, 11/1/40	295,845		314,262
FNMA, 4.00%, 8/1/41	508,466		531,170
FNMA, 4.50%, 9/1/41	278,190		293,917
FNMA, 3.50%, 5/1/42	410,989		419,991
FNMA, 3.50%, 6/1/42	487,668		498,350
FNMA, 3.50%, 9/1/42	339,624		347,064
FNMA, 3.50%, 5/1/45	990,242		1,009,252
FNMA, 3.50%, 5/1/46	849,553		864,220
FNMA, 3.00%, 11/1/46	1,870,469		1,863,379
FNMA, 3.50%, 2/1/47	2,449,734		2,496,284
FNMA, 6.50%, 8/1/47	1,225		1,311
FNMA, 6.50%, 9/1/47	1,559		1,660
FNMA, 6.50%, 9/1/47	75		80
FNMA, 6.50%, 9/1/47	819		873
FNMA, 3.00%, 4/1/48	1,168,717		1,166,628
FNMA, 4.00%, 6/1/48	2,925,766		3,018,385
GNMA, 3.00%, TBA	650,000		653,174
GNMA, 4.00%, TBA	1,250,000		1,291,162
GNMA, 5.50%, 12/15/32	98,129		107,967
GNMA, 6.00%, 9/20/38	28,016		30,993
GNMA, 5.50%, 12/20/38	68,405		74,263
GNMA, 4.50%, 6/15/39	421,775		445,597

20

	Principal Amount		Value
GNMA, 4.50%, 1/15/40	$	178,812	$	188,246
GNMA, 4.50%, 4/15/40	273,087		288,537
GNMA, 4.00%, 11/20/40	568,807		592,775
GNMA, 3.50%, 6/20/42	605,913		622,082
GNMA, 2.50%, 7/20/46	512,115		501,935
GNMA, 2.50%, 2/20/47	593,950		582,134
			23,153,112
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $24,414,011)			24,546,921
ASSET-BACKED SECURITIES — 8.3%
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(1)	250,000		249,750
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	130,011		129,050
Colony Starwood Homes, Series 2016-2A, Class A, VRN, 3.73%, (1-month LIBOR plus 1.25%), 12/17/33(1)	324,841		325,137
Enterprise Fleet Financing LLC, Series 2016-2, Class A2 SEQ, 1.74%, 2/22/22(1)	127,608		127,318
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	319,661		327,054
Hilton Grand Vacations Trust, Series 2013-A, Class A SEQ, 2.28%, 1/25/26(1)	20,344		20,293
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(1)	89,746		88,854
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(1)	119,717		118,863
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(1)	195,900		193,215
Invitation Homes Trust, Series 2018-SFR1, Class B, VRN, 3.43%, (1-month LIBOR plus 0.95%), 3/17/37(1)	725,000		716,846
Invitation Homes Trust, Series 2018-SFR2, Class C, VRN, 3.76%, (1-month LIBOR plus 1.28%), 6/17/37(1)	575,000		572,136
Invitation Homes Trust, Series 2018-SFR3, Class B, VRN, 3.63%, (1-month LIBOR plus 1.15%), 7/17/37(1)	550,000		551,309
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(1)	68,103		67,591
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(1)	64,098		63,456
MVW Owner Trust, Series 2017-1A, Class B, 2.75%, 12/20/34(1)	943,187		928,913
MVW Owner Trust, Series 2018-1A, Class B, 3.60%, 1/21/36(1)	399,006		404,772
Progress Residential Trust, Series 2016-SFR2, Class A SEQ, VRN, 3.88%, (1-month LIBOR plus 1.40%), 1/17/34(1)	224,778		225,485
Progress Residential Trust, Series 2017-SFR1, Class A SEQ, 2.77%, 8/17/34(1)	373,799		370,940
Progress Residential Trust, Series 2017-SFR2, Class A SEQ, 2.90%, 12/17/34(1)	850,000		843,815
Progress Residential Trust, Series 2018-SFR1, Class B, 3.48%, 3/17/35(1)	325,000		325,085
Progress Residential Trust, Series 2018-SFR2, Class C, 4.04%, 8/17/35(1)	675,000		683,846
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(1)	1,000,000		1,018,949
Progress Residential Trust, Series 2018-SFR3, Class C, 4.18%, 10/17/35(1)	675,000		686,918

21

	Principal Amount		Value
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	$	104,346	$	103,607
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(1)	128,787		128,246
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(1)	98,619		98,483
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(1)	97,269		95,960
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(1)	426,345		430,555
Towd Point Mortgage Trust, Series 2017-3, Class M1, VRN, 3.50%, 7/25/57	500,000		493,348
Towd Point Mortgage Trust, Series 2017-6, Class A1, VRN, 2.75%, 10/25/57(1)	602,666		592,129
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(1)	235,823		233,894
US Airways Pass-Through Trust, Series 2013-1, Class A, 3.95%, 5/15/27	71,835		72,947
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	205,464		203,284
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35(1)	286,083		281,541
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	318,198		322,836
TOTAL ASSET-BACKED SECURITIES (Cost $12,099,004)			12,096,425
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.1%
Private Sponsor Collateralized Mortgage Obligations — 5.0%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.34%, 2/25/35	67,433		68,290
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	126,333		127,746
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.45%, 8/25/34	35,034		34,272
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.48%, 8/25/35	141,121		143,249
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-4, Class A19, 5.25%, 5/25/34	94,294		96,088
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	1,443		1,406
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Series 2005-3, Class 1A1, VRN, 5.39%, 7/25/35	144,854		150,148
Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3 SEQ, VRN, 3.50%, 6/25/47(1)	198,101		198,851
Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3 SEQ, VRN, 3.50%, 10/25/47(1)	169,790		170,539
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 4.37%, 10/25/34	57,276		56,923
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.39%, 8/25/35	75,423		76,074
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.68%, 1/25/37	98,755		88,442
Flagstar Mortgage Trust, Series 2017-1, Class 1A5 SEQ, VRN, 3.50%, 3/25/47(1)	201,762		202,274

22

	Principal Amount		Value
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.52%, 9/25/35	$	101,954	$	104,270
JPMorgan Mortgage Trust, Series 2005-A4, Class 2A1, VRN, 4.13%, 7/25/35	59,401		59,442
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.32%, 8/25/35	225,552		218,970
JPMorgan Mortgage Trust, Series 2005-S2, Class 3A1, VRN, 7.16%, 2/25/32	14,418		14,785
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 4.47%, 11/21/34	61,792		63,780
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 4.36%, 11/25/35	125,501		124,952
Mill City Mortgage Loan Trust, Series 2017-2, Class A1, VRN, 2.75%, 7/25/59(1)	155,682		154,221
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(1)	156,293		160,396
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.99%, (1-month LIBOR plus 1.50%), 6/25/57(1)	307,072		312,672
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(1)	259,631		264,601
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(1)	469,178		474,730
Sequoia Mortgage Trust, Series 2018-2, Class A4 SEQ, VRN, 3.50%, 2/25/48(1)	678,874		681,942
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(1)	120,516		122,396
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.47%, 7/25/34	70,419		70,965
Thornburg Mortgage Securities Trust, Series 2006-4, Class A2B, VRN, 4.72%, 7/25/36	132,333		128,260
WaMu Mortgage Pass-Through Certificates, Series 2005-AR7, Class A3, VRN, 4.10%, 8/25/35	92,779		93,902
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 2A1, 5.50%, 1/25/36	103,240		104,351
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-18, Class 1A1, 5.50%, 1/25/36	76,669		76,391
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR4, Class 2A1, VRN, 5.09%, 4/25/35	36,911		37,467
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	130,972		130,355
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-4, Class 2A1, 6.00%, 4/25/36	315,893		311,804
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-6, Class 1A16 SEQ, 5.75%, 5/25/36	80,537		78,524
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	356,275		355,433
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 1A1, VRN, 4.70%, 7/25/36	91,323		91,961
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 2A1, VRN, 4.66%, 7/25/36	82,374		83,431
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 4A1, VRN, 5.18%, 7/25/36	182,054		183,416
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A6 SEQ, VRN, 4.54%, 7/25/36	104,313		104,834
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR12, Class 1A1, VRN, 4.71%, 9/25/36	128,850		130,097

23

	Principal Amount		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.73%, 10/25/36	$	53,812	$	53,285
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.70%, 10/25/36	113,200		112,024
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR19, Class A1, VRN, 4.86%, 12/25/36	67,217		66,138
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 5.08%, 4/25/36	121,320		120,904
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-10, Class 2A9, 6.00%, 7/25/37	98,090		95,124
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A3 SEQ, 6.00%, 8/25/37	104,412		104,257
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	114,405		114,235
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	122,333		121,964
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	12,861		13,076
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	32,378		32,207
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-2, Class 3A2, SEQ, 5.25%, 3/25/37	37,902		38,962
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 1A5 SEQ, 6.00%, 7/25/37	160,910		159,995
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 4.91%, 1/25/38	59,313		57,224
			7,242,045
U.S. Government Agency Collateralized Mortgage Obligations — 2.1%
FHLMC, Series 2015-HQ2, Class M3, VRN, 5.74%, (1-month LIBOR plus 3.25%), 5/25/25	175,000		189,774
FHLMC, Series 2017-DNA2, Class M1, VRN, 3.69%, (1-month LIBOR plus 1.20%), 10/25/29	413,252		415,628
FHLMC, Series 2018-DNA1, Class M2, VRN, 4.29%, (1-month LIBOR plus 1.80%), 7/25/30	100,000		97,774
FHLMC, Series 3397, Class GF, VRN, 2.98%, (1-month LIBOR plus 0.50%), 12/15/37	101,459		101,672
FNMA, Series 2014-C02, Class 1M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	350,000		367,229
FNMA, Series 2014-C02, Class 2M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	218,892		227,373
FNMA, Series 2016-C03, Class 2M2, VRN, 8.39%, (1-month LIBOR plus 5.90%), 10/25/28	189,289		214,311
FNMA, Series 2017-C03, Class 1M2, VRN, 5.49%, (1-month LIBOR plus 3.00%), 10/25/29	225,000		237,688
FNMA, Series 2017-C05, Class 1M2, VRN, 4.69%, (1-month LIBOR plus 2.20%), 1/25/30	300,000		303,948
FNMA, Series 2017-C06, Class 2M2, VRN, 5.29%, (1-month LIBOR plus 2.80%), 2/25/30	750,000		775,843
FNMA, Series 2017-C07, Class 1M2, VRN, 4.89%, (1-month LIBOR plus 2.40%), 5/25/30	150,000		153,346
			3,084,586
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,223,792)			10,326,631

24

	Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.8%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class B, 3.49%, 4/14/33(1)	$	450,000	$	454,751
Commercial Mortgage Pass-Through Certificates, Series 2014-CR15, Class B, VRN, 4.69%, 2/10/47	370,000		395,598
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class B, VRN, 4.49%, 10/10/47	400,000		417,140
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class B, VRN, 4.65%, 2/10/49	300,000		320,725
Commercial Mortgage Trust, Series 2015-CR22, Class B, VRN, 3.93%, 3/10/48	400,000		404,986
Commercial Mortgage Trust, Series 2017-PANW, Class A SEQ, 3.24%, 10/10/29(1)	325,000		328,118
Core Industrial Trust, Series 2015-CALW, Class C, 3.56%, 2/10/34(1)	310,000		312,854
Core Industrial Trust, Series 2015-TEXW, Class B, 3.33%, 2/10/34(1)	250,000		251,991
GS Mortgage Securities Trust, Series 2016-GS2, Class B, VRN, 3.76%, 5/10/49	400,000		407,052
Hudson Yards Mortgage Trust, Series 2016-10HY, Class B, VRN, 2.98%, 8/10/38(1)	525,000		513,674
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	320,000		330,825
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class C, VRN, 5.03%, 12/15/46	260,000		275,047
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class B, 3.46%, 8/15/49	779,000		772,190
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class A3 SEQ, 3.28%, 11/15/52	500,000		503,375
Morgan Stanley Capital I Trust, Series 2014-CPT, Class C, VRN, 3.45%, 7/13/29(1)	325,000		326,879
UBS Commercial Mortgage Trust, Series 2017-C1, Class A3 SEQ, 3.20%, 6/15/50	400,000		400,832
Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4 SEQ, 3.19%, 7/15/50	500,000		499,613
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,947,896)			6,915,650
COLLATERALIZED LOAN OBLIGATIONS — 4.5%
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 4.23%, (3-month LIBOR plus 1.55%), 5/15/30(1)	325,000		320,943
Bean Creek CLO Ltd., Series 2015-1A, Class BR, VRN, 4.21%, (3-month LIBOR plus 1.45%), 4/20/31(1)	250,000		244,744
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A3, VRN, 4.18%, (3-month LIBOR plus 1.50%), 5/15/31(1)	200,000		196,609
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, VRN, 3.74%, (3-month LIBOR plus 0.97%), 4/17/31(1)	350,000		345,170
CBAM Ltd., Series 2018-5A, Class A, VRN, 3.79%, (3-month LIBOR plus 1.02%), 4/17/31(1)	200,000		196,712
CBAM Ltd., Series 2018-5A, Class B1, VRN, 4.17%, (3-month LIBOR plus 1.40%), 4/17/31(1)	400,000		387,209
CIFC Funding Ltd., Series 2013-3RA, Class A2, VRN, 4.18%, (3-month LIBOR plus 1.40%), 4/24/31(1)	300,000		293,972
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, VRN, 3.76%, (3-month LIBOR plus 0.97%), 4/15/31(1)	225,000		221,174

25

	Principal Amount		Value
Dryden 64 CLO Ltd., Series 2018-64A, Class B, VRN, 4.18%, (3-month LIBOR plus 1.40%), 4/18/31(1)	$	450,000	$	439,885
Goldentree Loan Management US CLO 3 Ltd., Series 2018-3A, Class B1, VRN, 4.31%, (3-month LIBOR plus 1.55%), 4/20/30(1)	250,000		246,513
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 3.88%, (3-month LIBOR plus 1.12%), 7/20/31(1)	150,000		148,786
KKR CLO Ltd., Series 22A, Class A, VRN, 3.91%, (3-month LIBOR plus 1.15%), 7/20/31(1)	200,000		198,513
KKR CLO Ltd., Series 22A, Class B, VRN, 4.36%, (3-month LIBOR plus 1.60%), 7/20/31(1)	300,000		294,702
LCM XIV LP, Series 2014A, Class BR, VRN, 4.34%, (3-month LIBOR plus 1.58%), 7/20/31(1)	300,000		297,000
LoanCore Issuer Ltd., Series 2018-CRE1, Class AS, VRN, 3.98%, (1-month LIBOR plus 1.50%), 5/15/28(1)	353,000		353,440
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, VRN, 3.71%, (3-month LIBOR plus 0.95%), 4/19/30(1)	150,000		148,883
Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, VRN, 4.26%, (3-month LIBOR plus 1.50%), 4/19/30(1)	275,000		272,363
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.77%, (3-month LIBOR plus 0.98%), 4/15/31(1)	250,000		247,185
Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 4.29%, (3-month LIBOR plus 1.50%), 4/15/31(1)	250,000		247,105
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, VRN, 3.93%, (3-month LIBOR plus 1.15%), 4/18/31(1)	150,000		148,562
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 4.53%, (3-month LIBOR plus 1.75%), 4/18/31(1)	200,000		199,973
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.74%, (3-month LIBOR plus 0.96%), 4/16/31(1)	500,000		491,961
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 3.83%, (3-month LIBOR plus 1.07%), 10/20/28(1)	150,000		149,796
Voya CLO Ltd., Series 2013-2A, Class A2AR, VRN, 4.17%, (3-month LIBOR plus 1.40%), 4/25/31(1)	350,000		342,913
Voya CLO Ltd., Series 2013-3A, Class A2RR, VRN, 4.48%, (3-month LIBOR plus 1.70%), 10/18/31(1)	150,000		149,545
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $6,674,136)			6,583,658
BANK LOAN OBLIGATIONS(4) — 1.9%
Diversified Telecommunication Services — 0.5%
CenturyLink, Inc., 2017 Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 1/31/25	142,933		140,432
Level 3 Financing, Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	200,000		197,937
Sprint Communications, Inc., 1st Lien Term Loan B, 5.00%, (1-month LIBOR plus 2.50%), 2/2/24	148,861		145,288
Zayo Group, LLC, 2017 Incremental Term Loan, 4.75%, (1-month LIBOR plus 2.25%), 1/19/24	250,000		248,975
			732,632
Health Care Providers and Services — 0.4%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 2/16/23(5)	200,000		198,750
HCA Inc., 2018 Term Loan B10, 4.50%, (1-month LIBOR plus 2.00%), 3/13/25	346,500		346,529
			545,279

26

	Principal Amount		Value
Hotels, Restaurants and Leisure — 0.5%
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	$	165,186	$	162,846
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	133,164		131,277
Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 12/22/24	38,997		38,544
Hilton Worldwide Finance, LLC, Term Loan B2, 4.24%, (1-month LIBOR plus 1.75%), 10/25/23	319,292		249,000
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 3/21/25	227,653		224,910
			806,577
Pharmaceuticals — 0.3%
Catalent Pharma Solutions Inc., USD Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 5/20/24	174,908		174,390
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 5.48%, (1-month LIBOR plus 3.00%), 6/2/25	259,000		257,636
			432,026
Technology Hardware, Storage and Peripherals — 0.2%
Dell International LLC, 2017 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 9/7/23	149,244		147,740
Western Digital Corporation, 2018 Term Loan B4, 4.25%, (1-month LIBOR plus 1.75%), 4/29/23	147,714		144,083
			291,823
TOTAL BANK LOAN OBLIGATIONS (Cost $2,841,988)			2,808,337
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.6%
Brazil — 0.1%
Brazilian Government International Bond, 4.875%, 1/22/21	190,000		196,272
Colombia — 0.2%
Colombia Government International Bond, 4.375%, 7/12/21	330,000		339,652
Dominican Republic — 0.2%
Dominican Republic International Bond, 5.95%, 1/25/27	200,000		210,500
Indonesia — 0.1%
Perusahaan Penerbit SBSN Indonesia III, 4.15%, 3/29/27	200,000		202,400
Jordan — 0.1%
Jordan Government International Bond, 7.375%, 10/10/47	200,000		197,474
Mexico — 0.2%
Mexico Government International Bond, 4.125%, 1/21/26	200,000		204,825
Panama — 0.2%
Panama Government International Bond, 9.375%, 4/1/29	200,000		292,800
Peru — 0.1%
Peruvian Government International Bond, 5.625%, 11/18/50	90,000		115,695
Philippines — 0.1%
Philippine Government International Bond, 4.00%, 1/15/21	100,000		102,123
Poland — 0.1%
Republic of Poland Government International Bond, 5.125%, 4/21/21	60,000		62,954
Republic of Poland Government International Bond, 3.00%, 3/17/23	100,000		100,758
			163,712

27

	Principal Amount		Value
Russia — 0.1%
Russian Foreign Bond - Eurobond, 5.25%, 6/23/47	$	200,000	$	202,522
Uruguay — 0.1%
Uruguay Government International Bond, 4.125%, 11/20/45	80,000		78,400
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,290,086)			2,306,375
MUNICIPAL SECURITIES — 1.6%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	180,000		250,567
Chicago GO, 7.05%, 1/1/29	50,000		55,816
Houston GO, 3.96%, 3/1/47	50,000		51,414
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	80,000		108,137
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	50,000		68,265
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	50,000		59,747
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	40,000		58,394
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	80,000		91,014
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	65,000		84,282
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	75,000		90,656
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	175,000		217,296
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	150,000		193,186
Salt River Project Agricultural Improvement & Power District Rev., 4.84%, 1/1/41	85,000		102,430
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	50,000		66,798
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	50,000		63,220
San Francisco Public Utilities Commission Water Rev., 6.95%, 11/1/50	35,000		51,224
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	100,000		119,880
State of California GO, 6.65%, 3/1/22	40,000		44,031
State of California GO, 4.60%, 4/1/38	10,000		10,661
State of California GO, 7.55%, 4/1/39	130,000		197,674
State of California GO, 7.30%, 10/1/39	5,000		7,243
State of California GO, 7.60%, 11/1/40	25,000		38,862
State of Illinois GO, 5.10%, 6/1/33	40,000		39,336
State of Kansas Department of Transportation Rev., 4.60%, 9/1/35	45,000		50,642
State of Oregon Department of Transportation Rev., 5.83%, 11/15/34	40,000		51,646
State of Washington GO, 5.14%, 8/1/40	90,000		109,375
TOTAL MUNICIPAL SECURITIES (Cost $1,830,580)			2,281,796
TEMPORARY CASH INVESTMENTS — 3.3%
Bennington Stark Capital Co. LLC, 2.55%, 4/1/19 (LOC: Societe Generale SA)(1)(6)	1,823,000		1,822,620
Societe Generale SA, 2.50%, 4/1/19(1)(6)	1,000,000		999,800

28

	Principal Amount/Shares		Value
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.875%, 9/30/19 - 2/15/44, valued at $67,388), in a joint trading account at 2.35%, dated 3/29/19, due 4/1/19 (Delivery value $66,055)			$	66,041
State Street Institutional U.S. Government Money Market Fund, Premier Class	16,882		16,882
U.S. Treasury Bills 2.54%, 2/27/20(6)	$	2,000,000	1,957,169
TOTAL TEMPORARY CASH INVESTMENTS (Cost $4,860,495)			4,862,512
TOTAL INVESTMENT SECURITIES — 101.1% (Cost $145,666,568)			147,268,339
OTHER ASSETS AND LIABILITIES — (1.1)%			(1,627,472		)
TOTAL NET ASSETS — 100.0%			$	145,640,867

29

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CAD	483,380	USD	364,918	Morgan Stanley	6/19/19	$	(2,500	)
CAD	2,443,614	USD	1,824,818	Morgan Stanley	6/19/19	7,301
CLP	469,379,622	USD	689,554	Goldman Sachs & Co.	6/19/19	181
USD	700,640	CLP	469,379,622	Goldman Sachs & Co.	6/19/19	10,905
CZK	16,571,974	USD	728,663	UBS AG	6/19/19	(6,937		)
USD	724,189	CZK	16,571,974	UBS AG	6/19/19	2,463
EUR	163,858	USD	185,446	JPMorgan Chase Bank N.A.	6/19/19	(426		)
USD	1,485,243	EUR	1,303,817	JPMorgan Chase Bank N.A.	6/19/19	13,047
USD	691,382	HUF	193,295,190	UBS AG	6/19/19	12,493
USD	768,169	HUF	214,272,961	UBS AG	6/19/19	15,602
IDR	10,351,685,316	USD	718,717	Goldman Sachs & Co.	6/19/19	(824		)
USD	716,776	IDR	10,351,685,316	Goldman Sachs & Co.	6/19/19	(1,117		)
KZT	533,575,204	USD	1,389,157	Goldman Sachs & Co.	6/19/19	(7,882		)
USD	692,955	KZT	266,787,602	Goldman Sachs & Co.	6/19/19	2,317
MXN	104,999	USD	5,319	Morgan Stanley	6/19/19	23
MYR	5,777,351	USD	1,414,908	Goldman Sachs & Co.	6/19/19	1,032
USD	689,904	MYR	2,819,636	Goldman Sachs & Co.	6/19/19	(1,146		)
NOK	12,334,604	USD	1,424,665	Goldman Sachs & Co.	6/19/19	9,732
NOK	6,779,733	USD	785,355	Goldman Sachs & Co.	6/19/19	3,064
NOK	12,304,836	USD	1,437,412	Goldman Sachs & Co.	6/19/19	(6,477		)
USD	363,729	NOK	3,099,102	Goldman Sachs & Co.	6/19/19	3,333
USD	778,815	NOK	6,626,355	Goldman Sachs & Co.	6/19/19	8,233
NZD	1,014,317	USD	695,984	UBS AG	6/19/19	(4,206		)
USD	693,986	NZD	1,014,317	UBS AG	6/19/19	2,208
USD	724,398	PEN	2,402,755	Goldman Sachs & Co.	6/19/19	2,665
PHP	37,335,786	USD	706,114	Goldman Sachs & Co.	6/19/19	(2,412		)
USD	710,495	PHP	37,335,786	Goldman Sachs & Co.	6/19/19	6,792
PLN	1,373,881	USD	365,297	Goldman Sachs & Co.	6/19/19	(6,581		)
PLN	2,718,317	USD	722,774	Goldman Sachs & Co.	6/19/19	(13,032		)
USD	3,589,498	PLN	13,709,370	Goldman Sachs & Co.	6/19/19	10,033
USD	732,013	PLN	2,742,780	Goldman Sachs & Co.	6/19/19	15,884
SEK	40,408,852	USD	4,324,230	Goldman Sachs & Co.	6/19/19	47,501
USD	653,091	SEK	6,089,813	Goldman Sachs & Co.	6/19/19	(5,750		)
USD	1,883,419	SEK	17,473,043	Goldman Sachs & Co.	6/19/19	(6,945		)
THB	23,011,676	USD	726,493	Goldman Sachs & Co.	6/19/19	87
USD	726,493	THB	23,011,676	Goldman Sachs & Co.	6/19/19	(87		)
						$	108,574

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes	97	June 2019	$	19,400,000	$	20,670,094	$	69,235
U.S. Treasury 5-Year Notes	1	June 2019	$	100,000	115,828		1,155
U.S. Treasury Long Bonds	10	June 2019	$	1,000,000	1,496,562		38,235
U.S. Treasury Ultra Bonds	8	June 2019	$	800,000	1,344,000		47,794
					$	23,626,484	$	156,419

30

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type‡	Fixed Rate Received (Paid)	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	$	2,450,000	$	(143,594	)	$	(23,632	)	$	(167,226	)
Markit CDX North America Investment Grade Index Series 30	Sell	1.00%	6/20/23	$	1,500,000	20,848			9,234			30,082
						$	(122,746	)	$	(14,398	)	$	(137,144	)

‡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 serve 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.

31

NOTES TO SCHEDULE OF INVESTMENTS
CAD	-	Canadian Dollar
CDX	-	Credit Derivatives Indexes
CLP	-	Chilean Peso
CZK	-	Czech Koruna
EUR	-	Euro
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
GNMA	-	Government National Mortgage Association
GO	-	General Obligation
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
HUF	-	Hungarian Forint
IDR	-	Indonesian Rupiah
KZT	-	Kazakhstani Tenge
LIBOR	-	London Interbank Offered Rate
LOC	-	Letter of Credit
MTN	-	Medium Term Note
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
PEN	-	Peruvian Sol
PHP	-	Philippine Peso
PLN	-	Polish Zloty
SEK	-	Swedish Krona
SEQ	-	Sequential Payer
TBA	-	To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
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.

(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 $30,675,384, which represented 21.1% of total net assets.

(2) Perpetual maturity with no stated maturity date.

(3) Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $252,635.

(4) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate 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.

See Notes to Financial Statements.

32

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (cost of $145,666,568)	$	147,268,339
Receivable for investments sold	91,469
Receivable for capital shares sold	293,399
Unrealized appreciation on forward foreign currency exchange contracts	174,896
Interest receivable	931,781
	148,759,884
Liabilities
Payable for investments purchased	2,855,032
Payable for capital shares redeemed	80,662
Payable for variation margin on futures contracts	28,195
Payable for variation margin on swap agreements	7,531
Unrealized depreciation on forward foreign currency exchange contracts	66,322
Accrued management fees	64,837
Distribution and service fees payable	6,499
Dividends payable	9,939
	3,119,017
Net Assets	$	145,640,867
Net Assets Consist of:
Capital paid in	$	149,356,726
Distributable earnings	(3,715,859		)
	$	145,640,867

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$109,759,663	10,392,149	$10.56
I Class		$6,268,759	593,729	$10.56
A Class		$15,629,794	1,479,654	$10.56*
C Class		$3,456,942	327,325	$10.56
R Class		$615,304	58,259	$10.56
R5 Class		$9,910,405	938,773	$10.56

*Maximum offering price $11.06 (net asset value divided by 0.955).

See Notes to Financial Statements.

33

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	5,351,873
Expenses:
Management fees	894,705
Distribution and service fees:
A Class	36,452
C Class	41,197
R Class	2,922
Trustees' fees and expenses	9,958
Other expenses	3,993
	989,227
Fees waived(1)	(93,848		)
	895,379
Net investment income (loss)	4,456,494
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(2,829,377		)
Forward foreign currency exchange contract transactions	1,225,907
Futures contract transactions	(560,584		)
Swap agreement transactions	232,563
Foreign currency translation transactions	(83,414		)
	(2,014,905		)
Change in net unrealized appreciation (depreciation) on:
Investments	1,936,504
Forward foreign currency exchange contracts	234,217
Futures contracts	287,103
Swap agreements	(3,358		)
Translation of assets and liabilities in foreign currencies	(3,207		)
	2,451,259
Net realized and unrealized gain (loss)	436,354
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,892,848

(1) Amount consists of $71,700, $2,980, $9,950, $2,495, $358 and $6,365 for Investor Class, I Class, A Class, C Class, R Class and R5 Class, respectively.

See Notes to Financial Statements.

34

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	4,456,494		$	3,814,144
Net realized gain (loss)	(2,014,905		)	557,714
Change in net unrealized appreciation (depreciation)	2,451,259			(2,256,819		)
Net increase (decrease) in net assets resulting from operations	4,892,848			2,115,039
Distributions to Shareholders
From earnings:
Investor Class	(4,155,744		)	(3,309,250		)
I Class	(154,831		)	(72,476		)
A Class	(515,469		)	(426,476		)
C Class	(113,890		)	(118,460		)
R Class	(18,805		)	(28,086		)
R5 Class	(383,124		)	(191,965		)
Decrease in net assets from distributions	(5,341,863		)	(4,146,713		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(5,088,125		)	29,557,142
Net increase (decrease) in net assets	(5,537,140		)	27,525,468
Net Assets
Beginning of period	151,178,007			123,652,539
End of period	$	145,640,867		$	151,178,007

See Notes to Financial Statements.

35

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Core Plus Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek to maximize total return. As a secondary objective, the fund seeks a high level of income.

The fund offers the Investor Class, I Class, A Class, C Class, R Class and R5 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the I Class commenced on April 10, 2017.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, convertible bonds, bank loan obligations, municipal securities, 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.

Open-end management investment companies are valued at the reported net asset value 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.

36

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 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

Forward Commitments — The fund may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The fund may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the fund may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

37

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management ofthe fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. From August 1, 2018 through March 31, 2019, the investment advisor agreed to waive 0.10% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2019 and cannot terminate it prior to such date without the approval of the Board of Trustees.

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The Investment Category Fee range, the Complex Fee range and the effective annual management fee before and after waiver for each class for the period ended March 31, 2019 are as follows:

			Effective Annual Management Fee
	Investment Category Fee Range	Complex Fee Range	Before Waiver	After Waiver
Investor Class	0.3425% to 0.4600%	0.2500% to 0.3100%	0.64%	0.57%
I Class		0.1500% to 0.2100%	0.54%	0.47%
A Class		0.2500% to 0.3100%	0.64%	0.57%
C Class		0.2500% to 0.3100%	0.64%	0.57%
R Class		0.2500% to 0.3100%	0.64%	0.57%
R5 Class		0.0500% to 0.1100%	0.44%	0.37%

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2019 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.There were no interfund transactions during the period.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $206,016,720, of which $177,587,761 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $221,865,792, of which $164,700,716 represented U.S. Treasury and Government Agency obligations.

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5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
Investor Class
Sold	3,567,664		$	36,936,228		6,140,417		$	66,171,749
Issued in reinvestment of distributions	384,507		3,987,347			293,625		3,163,844
Redeemed	(4,737,909	)	(49,084,300		)	(3,117,106	)	(33,617,792		)
	(785,738	)	(8,160,725		)	3,316,936		35,717,801
I Class
Sold	441,715		4,590,990			411,246		4,460,774
Issued in reinvestment of distributions	14,325		148,384			5,752		61,787
Redeemed	(187,407	)	(1,948,190		)	(91,902	)	(984,924		)
	268,633		2,791,184			325,096		3,537,637
A Class
Sold	428,625		4,450,885			699,222		7,587,825
Issued in reinvestment of distributions	48,810		505,965			38,296		412,763
Redeemed	(333,272	)	(3,462,658		)	(1,969,049	)	(21,228,270		)
	144,163		1,494,192			(1,231,531	)	(13,227,682		)
C Class
Sold	16,872		175,567			31,834		343,401
Issued in reinvestment of distributions	9,998		103,642			9,942		107,149
Redeemed	(188,805	)	(1,960,272		)	(202,061	)	(2,181,265		)
	(161,935	)	(1,681,063		)	(160,285	)	(1,730,715		)
R Class
Sold	31,923		331,978			21,897		235,997
Issued in reinvestment of distributions	1,760		18,262			2,498		26,967
Redeemed	(48,598	)	(505,905		)	(88,669	)	(962,216		)
	(14,915	)	(155,665		)	(64,274	)	(699,252		)
R5 Class
Sold	256,751		2,670,346			849,590		9,193,981
Issued in reinvestment of distributions	36,883		382,195			17,916		191,965
Redeemed	(235,302	)	(2,428,589		)	(317,284	)	(3,426,593		)
	58,332		623,952			550,222		5,959,353
Net increase (decrease)	(491,460	)	$	(5,088,125	)	2,736,164		$	29,557,142

(1) April 10, 2017 (commencement of sale) through March 31, 2018 for the I Class.

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6. 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	—		$	41,121,836	—
U.S. Treasury Securities	—		33,418,198		—
U.S. Government Agency Mortgage-Backed Securities	—		24,546,921		—
Asset-Backed Securities	—		12,096,425		—
Collateralized Mortgage Obligations	—		10,326,631		—
Commercial Mortgage-Backed Securities	—		6,915,650		—
Collateralized Loan Obligations	—		6,583,658		—
Bank Loan Obligations	—		2,808,337		—
Sovereign Governments and Agencies	—		2,306,375		—
Municipal Securities	—		2,281,796		—
Temporary Cash Investments	$	16,882	4,845,630		—
	$	16,882	$	147,251,457	—
Other Financial Instruments
Futures Contracts	$	156,419	—		—
Swap Agreements	—		$	30,082	—
Forward Foreign Currency Exchange Contracts	—		174,896		—
	$	156,419	$	204,978	—
Liabilities
Other Financial Instruments
Swap Agreements	—		$	167,226	—
Forward Foreign Currency Exchange Contracts	—		66,322		—
	—		$	233,548	—

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7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.The fund's average notional amount held during the period was $3,043,333.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $29,342,645.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts or interest rate swap agreements in order to manage its exposure to changes in market conditions. The value of bonds generally declines as interest rates rise. The risks of entering into interest rate risk derivative instruments include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. The fund's average notional exposure to these interest rate risk derivative instruments held during the period was $16,209,856 futures contracts purchased and $16,120,934 futures contracts sold.

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A fund may enter into interest rate swap agreements to gain exposure to declines in interest rates, to protect against increases in interest rates, or to maintain its ability to generate income at prevailing interest rates. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The fund's average notional amount on interest rate swap agreements held during the period was $3,238,104.

Other Contracts — A fund may enter into total return swap agreements in order to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets or gain exposure to certain markets in the most economical way possible. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments, including inflationary risk.The fund's average notional amount held during the period was $5,400,000.

Value of Derivative Instruments as of March 31, 2019
	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Credit Risk	Receivable for variation margin on swap agreements*	–		Payable for variation margin on swap agreements*	$	7,531
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	174,896	Unrealized depreciation on forward foreign currency exchange contracts	66,322
Interest Rate Risk	Receivable for variation margin on futures contracts*	–		Payable for variation margin on futures contracts*	28,195
		$	174,896		$	102,048

* Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

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Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2019
	Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value			Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	146,438		Change in net unrealized appreciation (depreciation) on swap agreements	$	32,833
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	1,225,907			Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	234,217
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(560,584		)	Change in net unrealized appreciation (depreciation) on futures contracts	287,103
Interest Rate Risk	Net realized gain (loss) on swap agreement transactions	19,247			Change in net unrealized appreciation (depreciation) on swap agreements	–
Other Contracts	Net realized gain (loss) on swap agreement transactions	66,878			Change in net unrealized appreciation (depreciation) on swap agreements	(36,191		)
		$	897,886			$	517,962

8. Risk Factors

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

The fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	5,341,863	$	4,146,713
Long-term capital gains	—		—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

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As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	145,690,355
Gross tax appreciation of investments	$	2,525,004
Gross tax depreciation of investments	(947,020		)
Net tax appreciation (depreciation) of investments	1,577,984
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	(11,401		)
Net tax appreciation (depreciation)	$	1,566,583
Other book-to-tax adjustments	$	(3,612	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(3,308,094	)
Accumulated long-term capital losses	$	(1,424,478	)
Late-year ordinary loss deferral	$	(546,258	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization for tax purposes of unrealized gains (losses) on futures contracts. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

10. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

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Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions from Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019	$10.59	0.33	0.03	0.36	(0.39)	$10.56	3.55%	0.58%	0.65%	3.17%	3.10%	139%		$109,760
2018	$10.71	0.30	(0.09)	0.21	(0.33)	$10.59	1.92%	0.63%	0.65%	2.80%	2.78%	144%		$118,329
2017	$10.82	0.27	(0.08)	0.19	(0.30)	$10.71	1.76%	0.62%	0.65%	2.52%	2.49%	150%		$84,193
2016	$11.02	0.27	(0.16)	0.11	(0.31)	$10.82	1.02%	0.63%	0.65%	2.53%	2.51%	145%		$90,012
2015	$10.75	0.27	0.34	0.61	(0.34)	$11.02	5.73%	0.65%	0.65%	2.51%	2.51%	119%		$90,251
I Class
2019	$10.58	0.34	0.04	0.38	(0.40)	$10.56	3.76%	0.48%	0.55%	3.27%	3.20%	139%		$6,269
2018(3)	$10.73	0.31	(0.13)	0.18	(0.33)	$10.58	1.65%	0.53%(4)	0.55%(4)	2.97%(4)	2.95%(4)	144%(5)		$3,441
A Class
2019	$10.59	0.30	0.04	0.34	(0.37)	$10.56	3.30%	0.83%	0.90%	2.92%	2.85%	139%		$15,630
2018	$10.71	0.27	(0.09)	0.18	(0.30)	$10.59	1.67%	0.88%	0.90%	2.55%	2.53%	144%		$14,139
2017	$10.82	0.25	(0.09)	0.16	(0.27)	$10.71	1.51%	0.87%	0.90%	2.27%	2.24%	150%		$27,498
2016	$11.02	0.24	(0.16)	0.08	(0.28)	$10.82	0.77%	0.88%	0.90%	2.28%	2.26%	145%		$28,220
2015	$10.75	0.25	0.33	0.58	(0.31)	$11.02	5.46%	0.90%	0.90%	2.26%	2.26%	119%		$29,532

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions from Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2019	$10.58	0.23	0.04	0.27	(0.29)	$10.56	2.62%	1.58%	1.65%	2.17%	2.10%	139%		$3,457
2018	$10.71	0.19	(0.10)	0.09	(0.22)	$10.58	0.81%	1.63%	1.65%	1.80%	1.78%	144%		$5,179
2017	$10.82	0.17	(0.09)	0.08	(0.19)	$10.71	0.76%	1.62%	1.65%	1.52%	1.49%	150%		$6,955
2016	$11.01	0.16	(0.15)	0.01	(0.20)	$10.82	0.11%	1.63%	1.65%	1.53%	1.51%	145%		$8,618
2015	$10.75	0.16	0.33	0.49	(0.23)	$11.01	4.58%	1.65%	1.65%	1.51%	1.51%	119%		$10,563
R Class
2019	$10.59	0.28	0.03	0.31	(0.34)	$10.56	3.04%	1.08%	1.15%	2.67%	2.60%	139%		$615
2018	$10.71	0.24	(0.09)	0.15	(0.27)	$10.59	1.41%	1.13%	1.15%	2.30%	2.28%	144%		$775
2017	$10.82	0.22	(0.08)	0.14	(0.25)	$10.71	1.26%	1.12%	1.15%	2.02%	1.99%	150%		$1,472
2016	$11.01	0.22	(0.16)	0.06	(0.25)	$10.82	0.61%	1.13%	1.15%	2.03%	2.01%	145%		$2,649
2015	$10.75	0.22	0.32	0.54	(0.28)	$11.01	5.11%	1.15%	1.15%	2.01%	2.01%	119%		$2,762
R5 Class
2019	$10.58	0.35	0.04	0.39	(0.41)	$10.56	3.86%	0.38%	0.45%	3.37%	3.30%	139%		$9,910
2018	$10.71	0.33	(0.11)	0.22	(0.35)	$10.58	2.03%	0.43%	0.45%	3.00%	2.98%	144%		$9,315
2017	$10.82	0.30	(0.09)	0.21	(0.32)	$10.71	1.97%	0.42%	0.45%	2.72%	2.69%	150%		$3,535
2016	$11.02	0.29	(0.16)	0.13	(0.33)	$10.82	1.23%	0.43%	0.45%	2.73%	2.71%	145%		$1,224
2015	$10.75	0.30	0.33	0.63	(0.36)	$11.02	5.94%	0.45%	0.45%	2.71%	2.71%	119%		$1,051

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3) April 10, 2017 (commencement of sale) through March 31, 2018.

(4) Annualized.

(5) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of Core Plus Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Core Plus Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

49

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

50

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

51

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

52

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

53

Notes

54

Notes

55

Notes

56

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92279 1905

Annual Report

March 31, 2019

Diversified Bond Fund

Investor Class (ADFIX)

I Class (ACBPX)

Y Class (ADVYX)

A Class (ADFAX)

C Class (CDBCX)

R Class (ADVRX)

R5 Class (ADRVX)

R6 Class (ADDVX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President’s Letter	2
Performance	3
Portfolio Commentary	5
Fund Characteristics	7
Shareholder Fee Example	8
Schedule of Investments	10
Statement of Assets and Liabilities	30
Statement of Operations	31
Statement of Changes in Net Assets	32
Notes to Financial Statements	33
Financial Highlights	43
Report of Independent Registered Public Accounting Firm	46
Management	47
Additional Information	50

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	ADFIX	3.15%	2.28%	3.51%	—	12/3/01
Bloomberg Barclays U.S. Aggregate Bond Index	—	4.48%	2.74%	3.76%	—	—
I Class	ACBPX	3.43%	2.50%	3.72%	—	4/1/93
Y Class	ADVYX	3.46%	—	—	2.17%	4/10/17
A Class	ADFAX					12/3/01
No sales charge		3.02%	2.05%	3.27%	—
With sales charge		-1.65%	1.12%	2.80%	—
C Class	CDBCX	2.24%	1.29%	2.50%	—	1/31/03
R Class	ADVRX	2.69%	1.76%	3.00%	—	7/29/05
R5 Class	ADRVX	3.45%	—	—	2.15%	4/10/17
R6 Class	ADDVX	3.58%	2.57%	—	2.68%	7/26/13

Average annual returns since inception are presented when ten years of performance history is not available. Fund returns would have been lower if a portion of the fees had not been waived.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

3

Growth of $10,000 Over 10 Years

$10,000 investment made March 31, 2009

Performance for other share classes will vary due to differences in fee structure.

Value on March 31, 2019
	Investor Class — $14,123
	Bloomberg Barclays U.S. Aggregate Bond Index — $14,472

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class
0.60%	0.40%	0.37%	0.85%	1.60%	1.10%	0.40%	0.35%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

4

Portfolio Commentary

Portfolio Managers: Bob Gahagan, Hando Aguilar, Jeff Houston, Brian Howell and Charles Tan

Effective October 31, 2018, Charles Tan joined the portfolio management team, replacing Dave MacEwen, who left the team ahead of his December 31, 2018 retirement.

Performance Summary

Diversified Bond returned 3.15%* for the 12 months ended March 31, 2019. By comparison, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.48%. Fund returns reflect operating expenses, while index returns do not.

Returns for the fund and the index reflect a generally positive, albeit challenging, environment for investment-grade bonds. The 12-month period witnessed a marked shift in Federal Reserve (Fed) policy and investor sentiment toward the U.S. and global economic growth outlook, which influenced performance in the fixed-income market. In the first several months of the period, robust economic growth, rising inflation and the Fed’s steady rate-tightening strategy drove Treasury yields higher. Investment-grade bond returns were generally flat to slightly negative. Meanwhile, risk-on investing remained in favor, and higher-yielding securities outperformed. The environment reversed sharply in late 2018, as worries about future economic and corporate earnings growth, U.S.-China trade negotiations and a surprisingly bullish Fed outlook triggered severe volatility in the equity markets. After climbing to a reporting period high of 3.24% in early November (according to Bloomberg), the 10-year U.S. Treasury yield plunged to 2.68% by the end of December 2018, as investors fled risk assets in favor of perceived safe-haven investments.

The new year brought a new sense of stability to the financial markets. Progress with U.S.-China trade negotiations and better-than-feared U.S. economic and earnings data helped restore some investor optimism. Additionally, the Fed paused its rate-hike campaign in January, seemingly acknowledging its December plan for two rate hikes in 2019 may have been too aggressive. Investors responded enthusiastically to this backdrop, and risk assets returned to favor. Meanwhile, Treasury yields moved modestly lower. Then, at its March monetary policy meeting, the Fed held rates steady and suggested additional tightening was likely off the table for 2019. This news triggered a sharp rally among Treasuries, and the 10-year Treasury note ended March 2019 yielding 2.41%, compared with 2.74% a year earlier.

Overall, the Treasury market rally of late 2018 and early 2019 supported broad U.S. fixed-income gains for the entire 12-month period. Longer-maturity Treasuries and corporate bonds were top performers. Diversified Bond’s out-of-index exposure to global interest rate movements primarily accounted for the fund’s underperformance relative to the index.

Global Interest Rates Position Detracted

Throughout most of 2018, we held a non-index position designed to take advantage of differences in global interest rates. As part of this strategy, we held short positions in European government bond futures, a neutral position in U.S. Treasury futures and a long position in local-currency

*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.

5

emerging markets bonds. Initially, we expected European rates to rise from their unusually low levels and converge with U.S. rates. We also expected select emerging markets rates to remain stable or decline. However, yields in Europe steadily declined, weighing on our short positions in European governments. Additionally, mounting investor concerns about the sustainability of synchronized global growth combined with country-specific issues pressured emerging markets assets. With the global economy showing signs of slowing and leading central banks maintaining dovish policies, we exited our global rates trade in late 2018.

Sector Allocation, Security Selection Were Mixed

We continued to underweight Treasuries and government agencies relative to the index in favor of spread (non-Treasury) sectors, including corporate credit and securitized bonds. This strategy delivered mixed results. Our overweight position in the securitized sector contributed to relative results, while our overweight to investment-grade corporate bonds modestly detracted.

Security selection within these allocations also was mixed. Within the investment-grade corporate sector, our selections contributed to results. In particular, our corporate bond holdings with BBB credit ratings delivered robust performance late in the reporting period. Conversely, our selections in the securitized sector detracted from results.

Meanwhile, our out-of-index allocation to high-yield corporate bonds was flat, as positive performance in the first half of the reporting period combined with the early 2019 risk rally offset the effects of the high-yield sell-off in late 2018.

Portfolio Positioning

We expect the U.S. economy to continue to grow, but at a more moderate pace (2.0% to 2.5% annualized). However, we expect U.S. economic growth to remain more robust than growth in Europe and Japan. We expect headline inflation to eventually converge with core inflation near 2%. These factors should enable the Fed to remain on hold throughout the remainder of 2019. Against a backdrop of slowing global growth, geopolitical uncertainties (mainly Brexit) and a dovish Fed, we expect the 10-year Treasury yield to fluctuate within a near-term range of 2.35% to 2.80%.

We do not believe the dramatic flattening (and brief) inversion of the yield curve late in the reporting period is an indication of a looming recession. Instead, we believe the curve flattened in response to the Fed’s unexpected pivot to dovish monetary policy. We believe the Fed’s change of course is more reflective of a lack of inflation than a lack of growth. Given the yield curve’s notable flattening, we initiated a position designed to take advantage of our outlook for the curve between two and five years to steepen.

Additionally, we expect to maintain our preference for spread sectors versus Treasuries, remaining mindful of market conditions. For example, in light of the strong rally in risk assets in the final months of the reporting period, we took profits in and reduced exposure to investment-grade and high-yield corporate bonds. We also took profits in credit-sensitive mortgage-backed securities that participated in the rally. We will continue to look for opportunities to tactically add exposure to riskier corporate and securitized securities, as valuations, fundamentals and market conditions dictate. However, from a longer-term, strategic perspective, we plan to reduce spread sector risk, given the potential for spread widening as the credit cycle matures. As always, we favor a bottom-up approach to portfolio management, emphasizing careful security selection.

6

Fund Characteristics

MARCH 31, 2019
Portfolio at a Glance
Average Duration (effective)	5.7 years
Weighted Average Life to Maturity	7.3 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	28.3%
U.S. Government Agency Mortgage-Backed Securities	23.4%
U.S. Treasury Securities	21.9%
Asset-Backed Securities	8.0%
Collateralized Mortgage Obligations	5.3%
Commercial Mortgage-Backed Securities	4.4%
Collateralized Loan Obligations	4.1%
Municipal Securities	1.6%
Bank Loan Obligations	1.2%
Sovereign Governments and Agencies	0.7%
U.S. Government Agency Securities	0.4%
Temporary Cash Investments	1.3%
Other Assets and Liabilities	(0.6)%

7

Shareholder Fee Example 

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1) 10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,036.60	$3.05	0.60%
I Class	$1,000	$1,038.40	$2.03	0.40%
Y Class	$1,000	$1,038.50	$1.88	0.37%
A Class	$1,000	$1,035.60	$4.31	0.85%
C Class	$1,000	$1,032.60	$8.11	1.60%
R Class	$1,000	$1,034.60	$5.58	1.10%
R5 Class	$1,000	$1,038.40	$2.03	0.40%
R6 Class	$1,000	$1,038.60	$1.78	0.35%
Hypothetical
Investor Class	$1,000	$1,021.94	$3.02	0.60%
I Class	$1,000	$1,022.94	$2.02	0.40%
Y Class	$1,000	$1,023.09	$1.87	0.37%
A Class	$1,000	$1,020.69	$4.28	0.85%
C Class	$1,000	$1,016.95	$8.05	1.60%
R Class	$1,000	$1,019.45	$5.54	1.10%
R5 Class	$1,000	$1,022.94	$2.02	0.40%
R6 Class	$1,000	$1,023.19	$1.77	0.35%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9

Schedule of Investments

MARCH 31, 2019

	Principal Amount		Value
CORPORATE BONDS — 28.3%
Aerospace and Defense — 0.1%
United Technologies Corp., 6.05%, 6/1/36	$	1,868,000	$	2,227,041
Air Freight and Logistics — 0.1%
FedEx Corp., 4.40%, 1/15/47	2,580,000		2,435,025
Automobiles — 1.2%
Ford Motor Credit Co. LLC, 2.68%, 1/9/20	6,190,000		6,164,779
Ford Motor Credit Co. LLC, 8.125%, 1/15/20	3,500,000		3,628,192
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	5,810,000		6,021,675
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	3,820,000		3,653,947
General Motors Co., 5.15%, 4/1/38	2,150,000		1,970,655
General Motors Financial Co., Inc., 3.15%, 1/15/20	6,350,000		6,359,995
General Motors Financial Co., Inc., 3.20%, 7/6/21	4,620,000		4,602,320
General Motors Financial Co., Inc., 5.25%, 3/1/26	5,740,000		5,933,266
			38,334,829
Banks — 5.6%
Banco Santander SA, 3.50%, 4/11/22	4,200,000		4,243,141
Bank of America Corp., MTN, 4.20%, 8/26/24	9,400,000		9,739,881
Bank of America Corp., MTN, 4.00%, 1/22/25	5,000,000		5,108,730
Bank of America Corp., MTN, VRN, 2.37%, 7/21/21	6,270,000		6,230,088
Bank of America Corp., MTN, VRN, 3.97%, 3/5/29	3,540,000		3,618,360
Bank of America Corp., MTN, VRN, 4.44%, 1/20/48	2,450,000		2,571,966
Bank of America Corp., VRN, 3.00%, 12/20/23	3,772,000		3,763,887
Bank of America N.A., 6.00%, 10/15/36	3,330,000		4,136,501
Banque Federative du Credit Mutuel SA, 2.00%, 4/12/19(1)	2,960,000		2,959,330
Barclays Bank plc, 5.14%, 10/14/20	3,230,000		3,317,914
Barclays plc, 4.375%, 1/12/26	2,700,000		2,719,588
BNP Paribas SA, 4.375%, 9/28/25(1)	2,950,000		3,025,193
BPCE SA, 3.00%, 5/22/22(1)	4,760,000		4,713,742
BPCE SA, 5.15%, 7/21/24(1)	2,380,000		2,486,377
BPCE SA, 3.50%, 10/23/27(1)	800,000		775,740
Citigroup, Inc., 2.90%, 12/8/21	6,200,000		6,198,836
Citigroup, Inc., 2.75%, 4/25/22	5,530,000		5,510,971
Citigroup, Inc., 3.20%, 10/21/26	6,500,000		6,377,704
Citigroup, Inc., 4.45%, 9/29/27	13,315,000		13,709,769
Citigroup, Inc., VRN, 3.52%, 10/27/28	2,240,000		2,205,289
Cooperatieve Rabobank UA, 3.95%, 11/9/22	4,970,000		5,065,826
Discover Bank, 3.35%, 2/6/23	2,200,000		2,213,420
Discover Bank, 3.45%, 7/27/26	5,790,000		5,617,300
Fifth Third Bank, 2.875%, 10/1/21	2,210,000		2,213,136
HSBC Holdings plc, 4.30%, 3/8/26	2,680,000		2,785,467
HSBC Holdings plc, 4.375%, 11/23/26	4,800,000		4,925,347
HSBC Holdings plc, VRN, 3.26%, 3/13/23	4,900,000		4,915,714

10

	Principal Amount		Value
Huntington Bancshares, Inc., 2.30%, 1/14/22	$	3,480,000	$	3,429,414
JPMorgan Chase & Co., 4.625%, 5/10/21	6,700,000		6,954,189
JPMorgan Chase & Co., 3.25%, 9/23/22	5,020,000		5,095,536
JPMorgan Chase & Co., 3.875%, 9/10/24	3,575,000		3,669,361
JPMorgan Chase & Co., 3.125%, 1/23/25	10,400,000		10,419,725
JPMorgan Chase & Co., VRN, 3.96%, 11/15/48	3,300,000		3,228,702
PNC Financial Services Group, Inc. (The), 4.375%, 8/11/20	2,400,000		2,457,299
Regions Financial Corp., 2.75%, 8/14/22	3,690,000		3,664,636
Regions Financial Corp., 3.80%, 8/14/23	3,100,000		3,189,799
Synchrony Bank, 3.00%, 6/15/22	2,330,000		2,301,128
U.S. Bancorp, MTN, 3.60%, 9/11/24	2,820,000		2,911,557
Wells Fargo & Co., 3.07%, 1/24/23	3,770,000		3,778,101
Wells Fargo & Co., 4.125%, 8/15/23	2,170,000		2,250,881
Wells Fargo & Co., 5.61%, 1/15/44	3,300,000		3,814,323
Wells Fargo & Co., MTN, 3.75%, 1/24/24	1,670,000		1,720,136
Wells Fargo & Co., MTN, 4.10%, 6/3/26	2,850,000		2,918,616
			182,952,620
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46(1)	5,320,000		5,354,408
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	4,610,000		4,913,196
Constellation Brands, Inc., 4.75%, 12/1/25	1,700,000		1,815,127
			12,082,731
Biotechnology — 1.6%
AbbVie, Inc., 2.90%, 11/6/22	5,270,000		5,261,496
AbbVie, Inc., 3.60%, 5/14/25	3,970,000		3,985,055
AbbVie, Inc., 4.40%, 11/6/42	810,000		754,437
AbbVie, Inc., 4.70%, 5/14/45	2,325,000		2,245,705
Amgen, Inc., 2.65%, 5/11/22	6,080,000		6,064,646
Amgen, Inc., 4.66%, 6/15/51	3,170,000		3,201,073
Celgene Corp., 3.25%, 8/15/22	5,180,000		5,237,762
Celgene Corp., 3.875%, 8/15/25	7,450,000		7,654,725
Gilead Sciences, Inc., 4.40%, 12/1/21	6,230,000		6,477,859
Gilead Sciences, Inc., 3.65%, 3/1/26	9,510,000		9,714,871
			50,597,629
Building Products — 0.1%
Masco Corp., 4.45%, 4/1/25	1,800,000		1,851,114
Capital Markets — 1.4%
Goldman Sachs Group, Inc. (The), 3.50%, 1/23/25	5,710,000		5,697,653
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26	8,120,000		8,025,871
Goldman Sachs Group, Inc. (The), VRN, 3.27%, 9/29/25	3,000,000		2,964,201
Goldman Sachs Group, Inc. (The), VRN, 3.81%, 4/23/29	3,600,000		3,571,931
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.15%, 1/23/30	1,850,000		1,697,314
Morgan Stanley, 2.75%, 5/19/22	5,110,000		5,083,116
Morgan Stanley, 5.00%, 11/24/25	2,830,000		3,038,085
Morgan Stanley, MTN, 3.70%, 10/23/24	9,830,000		10,012,756
Morgan Stanley, MTN, 4.00%, 7/23/25	4,700,000		4,844,932

11

	Principal Amount		Value
Morgan Stanley, VRN, 3.97%, 7/22/38	$	1,880,000	$	1,853,475
			46,789,334
Chemicals — 0.1%
Westlake Chemical Corp., 4.375%, 11/15/47	2,030,000		1,804,635
Commercial Services and Supplies — 0.1%
Republic Services, Inc., 3.55%, 6/1/22	2,170,000		2,219,793
Consumer Finance — 0.4%
Capital One Bank USA N.A., 3.375%, 2/15/23	4,900,000		4,902,486
Capital One Financial Corp., 3.75%, 7/28/26	4,205,000		4,102,942
PNC Bank N.A., 3.80%, 7/25/23	3,100,000		3,192,331
			12,197,759
Containers and Packaging†
International Paper Co., 4.40%, 8/15/47	1,610,000		1,513,094
Diversified Consumer Services — 0.2%
Board of Trustees of The Leland Stanford Junior University (The), 3.46%, 5/1/47	1,600,000		1,603,181
CommonSpirit Health, 2.95%, 11/1/22	2,420,000		2,405,674
George Washington University (The), 3.55%, 9/15/46	1,805,000		1,746,270
			5,755,125
Diversified Financial Services — 0.7%
Credit Suisse Group Funding Guernsey Ltd., 3.125%, 12/10/20	6,090,000		6,112,451
Credit Suisse Group Funding Guernsey Ltd., 3.45%, 4/16/21	5,500,000		5,560,352
UBS Group Funding Switzerland AG, 3.49%, 5/23/23(1)	8,150,000		8,195,386
Voya Financial, Inc., 5.70%, 7/15/43	1,900,000		2,213,273
			22,081,462
Diversified Telecommunication Services — 0.8%
AT&T, Inc., 3.875%, 8/15/21	3,160,000		3,242,543
AT&T, Inc., 3.40%, 5/15/25	3,530,000		3,498,595
AT&T, Inc., 5.25%, 3/1/37	2,000,000		2,111,068
AT&T, Inc., 4.85%, 3/1/39	1,220,000		1,228,623
AT&T, Inc., 5.15%, 11/15/46	2,321,000		2,390,013
Verizon Communications, Inc., 3.38%, 2/15/25	4,000,000		4,059,286
Verizon Communications, Inc., 2.625%, 8/15/26	6,150,000		5,875,551
Verizon Communications, Inc., 5.01%, 8/21/54	3,350,000		3,595,698
			26,001,377
Electric Utilities — 0.7%
AEP Transmission Co. LLC, 3.75%, 12/1/47	1,020,000		1,006,443
American Electric Power Co., Inc., 3.20%, 11/13/27	2,050,000		2,010,301
Duke Energy Corp., 3.55%, 9/15/21	2,686,000		2,729,225
Duke Energy Florida LLC, 6.35%, 9/15/37	307,000		407,875
Duke Energy Florida LLC, 3.85%, 11/15/42	2,070,000		2,080,249
Duke Energy Progress LLC, 4.15%, 12/1/44	1,100,000		1,149,355
Duke Energy Progress LLC, 3.70%, 10/15/46	2,280,000		2,233,581
Exelon Corp., 5.15%, 12/1/20	1,700,000		1,753,275
Exelon Corp., 4.45%, 4/15/46	1,842,000		1,904,587
FirstEnergy Corp., 4.25%, 3/15/23	1,810,000		1,889,905
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1)	3,340,000		3,269,025
Southern Co. Gas Capital Corp., 3.95%, 10/1/46	1,570,000		1,477,916

12

	Principal Amount		Value
Xcel Energy, Inc., 3.35%, 12/1/26	$	780,000	$	782,187
			22,693,924
Energy Equipment and Services — 0.1%
Halliburton Co., 3.80%, 11/15/25	1,800,000		1,842,570
Halliburton Co., 4.85%, 11/15/35	2,030,000		2,133,631
			3,976,201
Entertainment — 0.3%
Viacom, Inc., 3.125%, 6/15/22	1,690,000		1,687,479
Viacom, Inc., 4.25%, 9/1/23	2,100,000		2,185,277
Viacom, Inc., 4.375%, 3/15/43	2,230,000		2,005,099
Walt Disney Co. (The), 6.90%, 8/15/39(1)	2,680,000		3,790,942
Walt Disney Co. (The), 4.75%, 9/15/44(1)	1,000,000		1,149,846
			10,818,643
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp., 5.05%, 9/1/20	2,000,000		2,061,496
American Tower Corp., 3.375%, 10/15/26	1,330,000		1,298,541
Boston Properties LP, 3.65%, 2/1/26	4,900,000		4,929,591
Crown Castle International Corp., 5.25%, 1/15/23	3,240,000		3,482,339
Essex Portfolio LP, 3.625%, 8/15/22	3,120,000		3,176,554
Essex Portfolio LP, 3.25%, 5/1/23	1,712,000		1,712,191
GLP Capital LP / GLP Financing II, Inc., 5.75%, 6/1/28	1,860,000		2,004,057
Hospitality Properties Trust, 4.65%, 3/15/24	1,870,000		1,907,464
Kilroy Realty LP, 3.80%, 1/15/23	3,380,000		3,437,589
Kimco Realty Corp., 2.80%, 10/1/26	3,910,000		3,685,614
Ventas Realty LP, 4.125%, 1/15/26	2,600,000		2,673,292
VEREIT Operating Partnership LP, 4.125%, 6/1/21	4,538,000		4,615,849
			34,984,577
Food and Staples Retailing — 0.1%
Kroger Co. (The), 3.30%, 1/15/21	1,235,000		1,242,784
Kroger Co. (The), 3.875%, 10/15/46	2,080,000		1,736,937
Walmart, Inc., 4.05%, 6/29/48	1,940,000		2,071,695
			5,051,416
Gas Utilities — 0.8%
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.25%, 1/15/25	2,950,000		3,066,170
Enterprise Products Operating LLC, 4.85%, 3/15/44	5,480,000		5,835,907
Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 6/1/22	3,440,000		3,464,193
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	8,040,000		8,848,362
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23	3,750,000		3,768,822
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	1,390,000		1,370,888
			26,354,342
Health Care Equipment and Supplies — 0.4%
Becton Dickinson and Co., 3.73%, 12/15/24	4,671,000		4,747,943
Medtronic, Inc., 3.50%, 3/15/25	4,590,000		4,744,263
Medtronic, Inc., 4.375%, 3/15/35	3,010,000		3,293,303
			12,785,509

13

	Principal Amount		Value
Health Care Providers and Services — 1.1%
Aetna, Inc., 2.75%, 11/15/22	$	1,540,000	$	1,520,828
Anthem, Inc., 3.65%, 12/1/27	2,800,000		2,798,481
Anthem, Inc., 4.65%, 1/15/43	1,625,000		1,686,043
CVS Health Corp., 3.50%, 7/20/22	5,400,000		5,473,579
CVS Health Corp., 4.30%, 3/25/28	3,810,000		3,867,584
CVS Health Corp., 4.78%, 3/25/38	1,480,000		1,469,950
Duke University Health System, Inc., 3.92%, 6/1/47	3,085,000		3,197,118
Johns Hopkins Health System Corp. (The), 3.84%, 5/15/46	1,860,000		1,889,817
Kaiser Foundation Hospitals, 4.15%, 5/1/47	1,570,000		1,663,556
Northwell Healthcare, Inc., 4.26%, 11/1/47	2,180,000		2,206,389
Stanford Health Care, 3.80%, 11/15/48	1,760,000		1,774,705
UnitedHealth Group, Inc., 2.875%, 3/15/22	4,060,000		4,087,030
UnitedHealth Group, Inc., 3.75%, 7/15/25	2,000,000		2,090,959
Universal Health Services, Inc., 4.75%, 8/1/22(1)	3,700,000		3,741,625
			37,467,664
Hotels, Restaurants and Leisure — 0.1%
McDonald's Corp., MTN, 4.70%, 12/9/35	2,270,000		2,442,155
Household Durables — 0.4%
D.R. Horton, Inc., 2.55%, 12/1/20	2,420,000		2,405,367
Lennar Corp., 4.75%, 4/1/21	3,290,000		3,359,912
Lennar Corp., 4.75%, 11/29/27	680,000		682,868
Toll Brothers Finance Corp., 6.75%, 11/1/19	2,620,000		2,685,369
Toll Brothers Finance Corp., 4.35%, 2/15/28	3,620,000		3,402,800
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 4.375%, 6/15/19	1,460,000		1,465,475
			14,001,791
Insurance — 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.75%, 5/15/19	6,670,000		6,675,671
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	6,320,000		6,561,559
American International Group, Inc., 4.125%, 2/15/24	7,680,000		7,934,254
American International Group, Inc., 4.50%, 7/16/44	550,000		528,447
Berkshire Hathaway Finance Corp., 3.00%, 5/15/22	2,030,000		2,065,257
Berkshire Hathaway Finance Corp., 4.20%, 8/15/48	1,620,000		1,684,256
Chubb INA Holdings, Inc., 3.15%, 3/15/25	1,700,000		1,717,415
Hartford Financial Services Group, Inc. (The), 5.95%, 10/15/36	1,190,000		1,422,224
Markel Corp., 4.90%, 7/1/22	3,120,000		3,294,719
MetLife, Inc., 4.875%, 11/13/43	1,075,000		1,201,391
Metropolitan Life Global Funding I, 3.00%, 1/10/23(1)	2,220,000		2,237,424
Prudential Financial, Inc., 3.94%, 12/7/49	3,500,000		3,389,894
Prudential Financial, Inc., MTN, 5.70%, 12/14/36	975,000		1,165,404
WR Berkley Corp., 4.625%, 3/15/22	1,875,000		1,959,801
			41,837,716
Internet and Direct Marketing Retail — 0.3%
Alibaba Group Holding Ltd., 2.50%, 11/28/19	3,900,000		3,896,092
Alibaba Group Holding Ltd., 3.60%, 11/28/24	5,000,000		5,130,794
			9,026,886

14

	Principal Amount		Value
IT Services — 0.1%
Fidelity National Information Services, Inc., 3.00%, 8/15/26	$	3,050,000	$	2,927,281
Life Sciences Tools and Services — 0.1%
Thermo Fisher Scientific, Inc., 3.30%, 2/15/22	2,157,000		2,186,403
Thermo Fisher Scientific, Inc., 2.95%, 9/19/26	2,000,000		1,930,865
			4,117,268
Media — 1.1%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25	9,730,000		10,269,186
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45	2,780,000		3,123,528
Comcast Corp., 6.40%, 5/15/38	2,270,000		2,916,183
Comcast Corp., 4.60%, 10/15/38	4,280,000		4,596,396
Comcast Corp., 4.75%, 3/1/44	4,540,000		4,937,166
Globo Comunicacao e Participacoes SA, 5.125%, 3/31/27(1)	600,000		582,750
Interpublic Group of Cos., Inc. (The), 4.00%, 3/15/22	2,370,000		2,420,212
TEGNA, Inc., 5.125%, 7/15/20	4,450,000		4,466,688
Warner Media LLC, 2.95%, 7/15/26	3,500,000		3,318,576
			36,630,685
Metals and Mining — 0.1%
Steel Dynamics, Inc., 4.125%, 9/15/25	3,160,000		3,104,700
Multi-Utilities — 1.0%
Berkshire Hathaway Energy Co., 3.50%, 2/1/25	3,900,000		3,999,292
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	2,700,000		2,590,082
CenterPoint Energy, Inc., 4.25%, 11/1/28	2,500,000		2,594,104
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43	1,530,000		1,523,774
Dominion Energy, Inc., 4.90%, 8/1/41	2,920,000		3,121,691
Exelon Generation Co. LLC, 5.60%, 6/15/42	710,000		748,786
FirstEnergy Transmission LLC, 4.55%, 4/1/49(1)	1,570,000		1,610,567
MidAmerican Energy Co., 4.40%, 10/15/44	2,100,000		2,299,463
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27	1,860,000		1,874,170
NiSource, Inc., 5.65%, 2/1/45	2,080,000		2,424,298
Potomac Electric Power Co., 3.60%, 3/15/24	1,700,000		1,758,977
Sempra Energy, 2.875%, 10/1/22	1,820,000		1,795,120
Sempra Energy, 3.25%, 6/15/27	1,700,000		1,629,481
Sempra Energy, 4.00%, 2/1/48	1,500,000		1,371,063
Southwestern Public Service Co., 3.70%, 8/15/47	1,880,000		1,821,781
			31,162,649
Oil, Gas and Consumable Fuels — 3.4%
Antero Resources Corp., 5.00%, 3/1/25	1,150,000		1,137,063
Cimarex Energy Co., 4.375%, 6/1/24	2,480,000		2,579,308
CNOOC Finance Ltd., 4.25%, 1/26/21	4,975,000		5,082,002
CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24	2,000,000		2,093,278
Concho Resources, Inc., 4.375%, 1/15/25	3,210,000		3,302,272
Continental Resources, Inc., 4.375%, 1/15/28	4,730,000		4,872,747
Ecopetrol SA, 5.875%, 5/28/45	1,220,000		1,268,800
Encana Corp., 6.50%, 2/1/38	3,450,000		4,058,963
Energy Transfer Operating LP, 7.50%, 10/15/20	2,120,000		2,257,938

15

	Principal Amount		Value
Energy Transfer Operating LP, 4.25%, 3/15/23	$	4,740,000	$	4,872,542
Energy Transfer Operating LP, 5.25%, 4/15/29	3,200,000		3,439,943
Energy Transfer Operating LP, 4.90%, 3/15/35	3,470,000		3,307,564
Energy Transfer Operating LP, 6.50%, 2/1/42	880,000		980,496
Energy Transfer Operating LP, 6.00%, 6/15/48	1,050,000		1,137,072
Hess Corp., 6.00%, 1/15/40	1,590,000		1,660,843
Kinder Morgan Energy Partners LP, 5.30%, 9/15/20	3,040,000		3,142,909
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	4,250,000		4,995,029
Kinder Morgan, Inc., 5.55%, 6/1/45	1,160,000		1,271,354
Marathon Oil Corp., 3.85%, 6/1/25	3,390,000		3,437,274
MPLX LP, 4.875%, 6/1/25	3,800,000		4,051,409
MPLX LP, 4.50%, 4/15/38	2,130,000		2,031,256
MPLX LP, 5.20%, 3/1/47	1,480,000		1,506,686
Newfield Exploration Co., 5.75%, 1/30/22	3,450,000		3,686,245
Noble Energy, Inc., 4.15%, 12/15/21	2,080,000		2,131,387
Petroleos Mexicanos, 6.00%, 3/5/20	2,291,000		2,346,442
Petroleos Mexicanos, 4.875%, 1/24/22	2,160,000		2,183,782
Petroleos Mexicanos, 4.625%, 9/21/23	4,200,000		4,147,542
Petroleos Mexicanos, 6.50%, 3/13/27	3,800,000		3,825,498
Petroleos Mexicanos, 6.625%, 6/15/35	1,000,000		947,500
Petroleos Mexicanos, 6.50%, 6/2/41	1,760,000		1,597,534
Petroleos Mexicanos, 5.50%, 6/27/44	700,000		574,000
Petroleos Mexicanos, 6.35%, 2/12/48	1,200,000		1,063,980
Petronas Capital Ltd., 5.25%, 8/12/19	6,254,000		6,316,615
Phillips 66, 4.30%, 4/1/22	2,670,000		2,787,143
Shell International Finance BV, 2.375%, 8/21/22	3,100,000		3,081,481
Shell International Finance BV, 3.625%, 8/21/42	1,780,000		1,742,748
Sinopec Group Overseas Development Ltd., 1.75%, 9/29/19	2,600,000		2,587,780
Williams Cos., Inc. (The), 4.125%, 11/15/20	5,003,000		5,084,511
Williams Cos., Inc. (The), 4.55%, 6/24/24	3,330,000		3,518,842
			110,109,778
Pharmaceuticals — 0.4%
Allergan Finance LLC, 3.25%, 10/1/22	6,880,000		6,887,921
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/21	4,785,000		4,732,592
			11,620,513
Road and Rail — 0.6%
Burlington Northern Santa Fe LLC, 3.60%, 9/1/20	3,310,000		3,351,595
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41	3,850,000		4,414,655
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	1,070,000		1,117,179
CSX Corp., 3.40%, 8/1/24	2,840,000		2,896,388
CSX Corp., 3.25%, 6/1/27	3,490,000		3,451,239
Union Pacific Corp., 3.60%, 9/15/37	1,730,000		1,661,161
Union Pacific Corp., 4.75%, 9/15/41	2,480,000		2,687,211
Union Pacific Corp., 4.05%, 11/15/45	1,600,000		1,562,250
			21,141,678
Semiconductors and Semiconductor Equipment — 0.1%
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	3,950,000		4,015,689

16

	Principal Amount		Value
Software — 0.6%
Microsoft Corp., 2.70%, 2/12/25	$	9,320,000	$	9,336,162
Microsoft Corp., 3.45%, 8/8/36	2,140,000		2,153,880
Microsoft Corp., 4.25%, 2/6/47	3,060,000		3,422,853
Oracle Corp., 3.625%, 7/15/23	3,070,000		3,188,458
			18,101,353
Specialty Retail — 0.4%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	3,750,000		3,703,125
Home Depot, Inc. (The), 3.75%, 2/15/24	3,000,000		3,153,496
Home Depot, Inc. (The), 3.00%, 4/1/26	2,560,000		2,575,691
Home Depot, Inc. (The), 3.90%, 6/15/47	2,750,000		2,791,410
United Rentals North America, Inc., 4.625%, 7/15/23	1,920,000		1,957,200
			14,180,922
Technology Hardware, Storage and Peripherals — 0.7%
Apple, Inc., 2.50%, 2/9/25	7,550,000		7,424,792
Apple, Inc., 2.45%, 8/4/26	3,780,000		3,655,372
Dell International LLC / EMC Corp., 6.02%, 6/15/26(1)	6,950,000		7,481,769
Dell International LLC / EMC Corp., 4.90%, 10/1/26(1)	3,320,000		3,386,071
Hewlett Packard Enterprise Co., 3.60%, 10/15/20	2,230,000		2,251,580
			24,199,584
Trading Companies and Distributors — 0.1%
International Lease Finance Corp., 5.875%, 8/15/22	1,670,000		1,802,038
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV, 3.125%, 7/16/22	2,230,000		2,249,214
TOTAL CORPORATE BONDS (Cost $903,400,677)			915,647,744
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 23.4%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 1.7%
FHLMC, VRN, 4.58%, (1-year H15T1Y plus 2.25%), 4/1/37	404,698		425,392
FHLMC, VRN, 4.51%, (12-month LIBOR plus 1.85%), 6/1/38	970,229		1,020,653
FHLMC, VRN, 4.63%, (12-month LIBOR plus 1.88%), 7/1/40	726,163		760,671
FHLMC, VRN, 4.14%, (12-month LIBOR plus 1.78%), 9/1/40	1,211,835		1,255,532
FHLMC, VRN, 3.81%, (12-month LIBOR plus 1.78%), 2/1/41	1,009,212		1,038,269
FHLMC, VRN, 4.23%, (12-month LIBOR plus 1.88%), 5/1/41	291,311		304,288
FHLMC, VRN, 3.69%, (12-month LIBOR plus 1.89%), 7/1/41	2,096,594		2,147,970
FHLMC, VRN, 4.08%, (12-month LIBOR plus 1.87%), 7/1/41	1,290,028		1,338,827
FHLMC, VRN, 2.32%, (12-month LIBOR plus 1.65%), 2/1/43	6,797,709		6,782,133
FHLMC, VRN, 4.06%, (12-month LIBOR plus 1.63%), 5/1/43	624,813		643,195
FHLMC, VRN, 4.25%, (12-month LIBOR plus 1.62%), 6/1/43	303,280		313,517
FHLMC, VRN, 4.27%, (12-month LIBOR plus 1.65%), 6/1/43	709,063		733,511
FHLMC, VRN, 3.18%, (12-month LIBOR plus 1.62%), 6/1/44	2,002,055		2,030,171
FHLMC, VRN, 2.45%, (12-month LIBOR plus 1.57%), 10/1/44	3,754,263		3,828,237
FHLMC, VRN, 2.37%, (12-month LIBOR plus 1.63%), 8/1/46	3,174,902		3,172,585
FNMA, VRN, 4.70%, (12-month LIBOR plus 1.71%), 12/1/37	298,064		312,626
FNMA, VRN, 4.82%, (12-month LIBOR plus 1.69%), 1/1/40	349,891		368,159
FNMA, VRN, 3.62%, (12-month LIBOR plus 1.79%), 8/1/40	1,575,553		1,627,178
FNMA, VRN, 3.92%, (12-month LIBOR plus 1.77%), 10/1/40	2,189,330		2,260,840
FNMA, VRN, 4.50%, (12-month LIBOR plus 1.75%), 8/1/41	786,379		819,322

17

	Principal Amount		Value
FNMA, VRN, 3.32%, (12-month LIBOR plus 1.82%), 9/1/41	$	823,527	$	839,209
FNMA, VRN, 4.56%, (12-month LIBOR plus 1.56%), 3/1/43	596,924		616,005
FNMA, VRN, 2.82%, (12-month LIBOR plus 1.58%), 1/1/45	4,323,611		4,447,593
FNMA, VRN, 2.60%, (12-month LIBOR plus 1.60%), 4/1/46	8,566,814		8,601,429
FNMA, VRN, 3.26%, (12-month LIBOR plus 1.62%), 5/1/47	9,994,201		10,165,024
			55,852,336
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 21.7%
FHLMC, 5.00%, 1/1/21	224,821		228,578
FHLMC, 5.00%, 4/1/21	46,125		46,938
FHLMC, 7.00%, 9/1/27	1,538		1,713
FHLMC, 6.50%, 1/1/28	2,431		2,693
FHLMC, 7.00%, 2/1/28	409		447
FHLMC, 6.50%, 3/1/29	15,489		17,218
FHLMC, 6.50%, 6/1/29	16,286		18,045
FHLMC, 7.00%, 8/1/29	1,636		1,762
FHLMC, 5.00%, 4/1/31	2,178,159		2,314,345
FHLMC, 5.00%, 5/1/31	3,062,592		3,254,070
FHLMC, 6.50%, 5/1/31	12,686		14,054
FHLMC, 6.50%, 6/1/31	586		649
FHLMC, 6.50%, 6/1/31	1,420		1,573
FHLMC, 5.50%, 12/1/33	203,854		225,803
FHLMC, 6.00%, 9/1/35	2,945,206		3,249,216
FHLMC, 5.50%, 12/1/37	187,973		205,455
FHLMC, 5.50%, 1/1/38	356,640		392,280
FHLMC, 6.00%, 2/1/38	1,553,274		1,713,494
FHLMC, 5.50%, 4/1/38	479,974		526,452
FHLMC, 6.00%, 8/1/38	121,827		134,034
FHLMC, 3.00%, 2/1/43	15,675,430		15,695,694
FNMA, 3.50%, TBA(2)	31,500,000		31,939,278
FNMA, 4.50%, 5/1/19	666		678
FNMA, 6.50%, 1/1/26	11,512		12,722
FNMA, 7.00%, 12/1/27	2,726		2,927
FNMA, 7.50%, 4/1/28	16,594		18,004
FNMA, 7.00%, 5/1/28	15,600		15,944
FNMA, 7.00%, 6/1/28	267		271
FNMA, 6.50%, 1/1/29	2,521		2,827
FNMA, 6.50%, 4/1/29	10,474		11,575
FNMA, 7.00%, 7/1/29	1,532		1,540
FNMA, 7.50%, 7/1/29	15,738		16,880
FNMA, 7.50%, 9/1/30	5,377		6,324
FNMA, 5.00%, 6/1/31	2,344,971		2,480,888
FNMA, 5.00%, 7/1/31	3,856,455		4,080,314
FNMA, 7.00%, 9/1/31	30,054		32,513
FNMA, 6.50%, 1/1/32	7,953		8,790
FNMA, 6.50%, 8/1/32	36,938		41,766
FNMA, 6.50%, 8/1/32	1,753		1,936
FNMA, 5.50%, 2/1/33	1,704,506		1,849,338

18

	Principal Amount		Value
FNMA, 5.00%, 6/1/33	$	1,957,939	$	2,107,712
FNMA, 5.50%, 6/1/33	108,083		118,170
FNMA, 5.50%, 7/1/33	637,791		696,008
FNMA, 5.00%, 8/1/33	279,550		300,949
FNMA, 5.50%, 8/1/33	225,148		247,006
FNMA, 5.50%, 9/1/33	340,315		377,178
FNMA, 5.00%, 11/1/33	1,249,785		1,345,568
FNMA, 6.00%, 12/1/33	902,147		995,707
FNMA, 5.50%, 1/1/34	354,420		389,829
FNMA, 5.50%, 2/1/34	1,026,109		1,124,801
FNMA, 5.00%, 3/1/34	728,610		784,363
FNMA, 4.50%, 1/1/35	6,091,766		6,439,905
FNMA, 5.00%, 4/1/35	1,718,446		1,849,601
FNMA, 5.00%, 6/1/35	1,286,129		1,384,432
FNMA, 5.00%, 7/1/35	2,485,870		2,676,084
FNMA, 5.00%, 8/1/35	76,255		82,033
FNMA, 4.50%, 9/1/35	297,159		313,948
FNMA, 5.00%, 10/1/35	579,887		623,594
FNMA, 5.50%, 12/1/35	3,608,040		3,972,403
FNMA, 5.00%, 2/1/36	434,398		469,933
FNMA, 5.50%, 4/1/36	456,813		502,726
FNMA, 5.50%, 5/1/36	913,595		1,005,475
FNMA, 5.50%, 7/1/36	192,920		211,317
FNMA, 5.50%, 2/1/37	116,603		128,273
FNMA, 5.50%, 5/1/37	187,963		206,437
FNMA, 6.00%, 8/1/37	342,279		377,633
FNMA, 6.50%, 8/1/37	157,716		171,963
FNMA, 6.00%, 9/1/37	1,519,424		1,675,720
FNMA, 6.00%, 11/1/37	1,677,011		1,846,406
FNMA, 5.50%, 12/1/37	1,037,273		1,127,181
FNMA, 5.50%, 2/1/38	225,953		248,031
FNMA, 5.50%, 6/1/38	476,624		518,194
FNMA, 6.00%, 9/1/38	128,742		133,174
FNMA, 5.50%, 12/1/38	941,544		1,029,057
FNMA, 5.00%, 1/1/39	641,283		691,618
FNMA, 5.50%, 1/1/39	4,459,138		4,896,519
FNMA, 4.50%, 2/1/39	1,286,220		1,359,698
FNMA, 5.00%, 2/1/39	2,636,699		2,847,816
FNMA, 4.50%, 4/1/39	2,261,416		2,410,004
FNMA, 4.50%, 5/1/39	5,713,073		6,086,127
FNMA, 6.50%, 5/1/39	1,174,642		1,347,368
FNMA, 5.00%, 8/1/39	2,706,878		2,925,894
FNMA, 4.50%, 10/1/39	9,861,148		10,511,159
FNMA, 4.00%, 10/1/40	10,075,643		10,524,625
FNMA, 4.50%, 11/1/40	8,746,592		9,291,096
FNMA, 4.00%, 8/1/41	9,910,308		10,352,827
FNMA, 4.50%, 9/1/41	5,365,090		5,668,408

19

	Principal Amount		Value
FNMA, 3.50%, 10/1/41	$	12,033,145	$	12,296,718
FNMA, 5.00%, 1/1/42	4,238,226		4,572,073
FNMA, 3.50%, 2/1/42	7,452,231		7,615,312
FNMA, 3.50%, 6/1/42	23,108,914		23,615,090
FNMA, 3.50%, 8/1/42	2,109,517		2,155,729
FNMA, 3.50%, 8/1/42	9,033,832		9,231,734
FNMA, 3.50%, 8/1/43	6,968,586		7,109,745
FNMA, 3.50%, 5/1/45	11,882,904		12,111,021
FNMA, 3.50%, 11/1/45	15,534,209		15,800,011
FNMA, 3.50%, 11/1/45	15,462,210		15,726,779
FNMA, 4.00%, 11/1/45	18,256,451		18,888,920
FNMA, 4.00%, 11/1/45	4,920,270		5,090,557
FNMA, 3.50%, 2/1/46	17,898,992		18,240,809
FNMA, 4.00%, 2/1/46	14,189,212		14,677,788
FNMA, 3.50%, 3/1/46	17,260,730		17,534,654
FNMA, 4.00%, 4/1/46	19,311,624		19,974,993
FNMA, 3.50%, 5/1/46	16,991,061		17,284,404
FNMA, 3.00%, 11/1/46	49,879,174		49,690,099
FNMA, 3.50%, 2/1/47	28,171,938		28,707,270
FNMA, 6.50%, 8/1/47	29,211		31,248
FNMA, 6.50%, 9/1/47	1,785		1,905
FNMA, 6.50%, 9/1/47	19,531		20,802
FNMA, 6.50%, 9/1/47	37,153		39,562
FNMA, 3.00%, 4/1/48	33,245,141		33,185,717
FNMA, 4.00%, 6/1/48	34,797,738		35,899,303
FNMA, 4.50%, 2/1/49	14,966,062		15,633,097
GNMA, 3.00%, TBA	33,000,000		33,161,133
GNMA, 7.00%, 11/15/22	4,524		4,675
GNMA, 7.00%, 4/20/26	1,717		1,904
GNMA, 7.50%, 8/15/26	3,518		3,885
GNMA, 8.00%, 8/15/26	1,523		1,646
GNMA, 7.50%, 5/15/27	3,327		3,444
GNMA, 8.00%, 6/15/27	8,695		8,824
GNMA, 7.50%, 11/15/27	1,412		1,429
GNMA, 7.00%, 2/15/28	1,990		1,992
GNMA, 7.50%, 2/15/28	1,540		1,542
GNMA, 6.50%, 3/15/28	4,488		4,927
GNMA, 7.00%, 4/15/28	1,271		1,273
GNMA, 6.50%, 5/15/28	119		131
GNMA, 6.50%, 5/15/28	20,482		22,499
GNMA, 7.00%, 12/15/28	2,307		2,309
GNMA, 7.00%, 5/15/31	18,213		20,797
GNMA, 4.50%, 8/15/33	1,028,897		1,080,701
GNMA, 6.00%, 9/20/38	616,343		681,853
GNMA, 5.50%, 11/15/38	1,526,643		1,654,587
GNMA, 5.50%, 11/15/38	531,148		577,742
GNMA, 6.00%, 1/20/39	186,812		206,188

20

	Principal Amount		Value
GNMA, 5.00%, 3/20/39	$	1,325,881	$	1,418,971
GNMA, 4.50%, 4/15/39	1,590,309		1,673,893
GNMA, 4.50%, 11/15/39	12,240,479		12,930,917
GNMA, 4.50%, 1/15/40	894,059		941,228
GNMA, 4.00%, 7/15/40	1,905,992		1,981,525
GNMA, 4.00%, 11/20/40	16,655,706		17,357,529
GNMA, 4.50%, 12/15/40	3,957,775		4,174,028
GNMA, 4.50%, 7/20/41	6,211,506		6,542,386
GNMA, 3.50%, 6/20/42	6,028,838		6,189,718
GNMA, 3.50%, 7/20/42	9,234,240		9,472,098
GNMA, 2.50%, 7/20/46	19,696,742		19,305,192
GNMA, 2.50%, 8/20/46	12,126,946		11,885,777
GNMA, 2.50%, 2/20/47	12,868,912		12,612,898
			702,027,979
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $759,057,663)			757,880,315
U.S. TREASURY SECURITIES — 21.9%
U.S. Treasury Bills, 2.54%, 1/30/20(5)	15,000,000		14,705,246
U.S. Treasury Bills, 2.52%, 2/27/20(5)	80,000,000		78,286,757
U.S. Treasury Bonds, 4.375%, 11/15/39	4,550,000		5,794,141
U.S. Treasury Bonds, 4.625%, 2/15/40	6,950,000		9,144,272
U.S. Treasury Bonds, 4.375%, 5/15/41	6,500,000		8,308,701
U.S. Treasury Bonds, 3.125%, 11/15/41	21,000,000		22,392,891
U.S. Treasury Bonds, 3.125%, 2/15/42	25,000,000		26,633,301
U.S. Treasury Bonds, 3.00%, 5/15/42	25,000,000		26,070,801
U.S. Treasury Bonds, 2.75%, 11/15/42	9,500,000		9,476,064
U.S. Treasury Bonds, 2.875%, 5/15/43	8,500,000		8,651,406
U.S. Treasury Bonds, 2.50%, 2/15/45	22,000,000		20,809,336
U.S. Treasury Bonds, 3.00%, 5/15/45	9,000,000		9,359,473
U.S. Treasury Bonds, 3.00%, 11/15/45	2,300,000		2,393,078
U.S. Treasury Bonds, 3.375%, 11/15/48	45,000,000		50,207,520
U.S. Treasury Notes, 1.50%, 5/31/20(3)	15,000,000		14,848,535
U.S. Treasury Notes, 2.25%, 2/15/21	40,000,000		39,969,531
U.S. Treasury Notes, 2.625%, 5/15/21	20,000,000		20,146,875
U.S. Treasury Notes, 1.125%, 8/31/21(3)	16,000,000		15,580,625
U.S. Treasury Notes, 2.75%, 9/15/21	70,000,000		70,849,024
U.S. Treasury Notes, 2.625%, 12/15/21	40,000,000		40,419,531
U.S. Treasury Notes, 1.875%, 1/31/22	55,000,000		54,469,336
U.S. Treasury Notes, 2.375%, 3/15/22	45,600,000		45,818,203
U.S. Treasury Notes, 2.00%, 11/30/22	30,000,000		29,770,313
U.S. Treasury Notes, 2.375%, 2/29/24	18,000,000		18,129,375
U.S. Treasury Notes, 2.125%, 11/30/24	15,000,000		14,884,277
U.S. Treasury Notes, 3.125%, 11/15/28	49,000,000		52,038,574
TOTAL U.S. TREASURY SECURITIES (Cost $689,024,941)			709,157,186
ASSET-BACKED SECURITIES — 8.0%
Argent Securities, Inc., Series 2004-W8, Class M1, VRN, 3.31%, (1-month LIBOR plus 0.83%), 5/25/34	9,491,513		9,482,126

21

	Principal Amount		Value
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	$	6,356,086	$	6,309,120
Colony Starwood Homes, Series 2016-2A, Class A, VRN, 3.73%, (1-month LIBOR plus 1.25%), 12/17/33(1)	6,951,378		6,957,708
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	12,786,431		13,082,145
Hilton Grand Vacations Trust, Series 2013-A, Class A SEQ, 2.28%, 1/25/26(1)	720,771		718,964
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(1)	2,512,881		2,487,914
Invitation Homes Trust, Series 2017-SFR2, Class A, VRN, 3.33%, (1-month LIBOR plus 0.85%), 12/17/36(1)	22,768,482		22,703,844
Invitation Homes Trust, Series 2018-SFR1, Class A, VRN, 3.18%, (1-month LIBOR plus 0.70%), 3/17/37(1)	30,764,029		30,398,322
Invitation Homes Trust, Series 2018-SFR2, Class B, VRN, 3.56%, (1-month LIBOR plus 1.08%), 6/17/37(1)	21,275,000		21,143,916
Invitation Homes Trust, Series 2018-SFR3, Class A, VRN, 3.48%, (1-month LIBOR plus 1.00%), 7/17/37(1)	27,176,528		27,171,137
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(1)	2,007,248		1,992,160
MVW Owner Trust, Series 2014-1A, Class A SEQ, 2.25%, 9/22/31(1)	3,493,281		3,454,602
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(1)	2,474,165		2,449,413
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(1)	4,359,960		4,286,244
MVW Owner Trust, Series 2017-1A, Class A SEQ, 2.42%, 12/20/34(1)	12,387,188		12,160,442
MVW Owner Trust, Series 2018-1A, Class A SEQ, 3.45%, 1/21/36(1)	13,300,201		13,499,835
Progress Residential Trust, Series 2016-SFR2, Class A SEQ, VRN, 3.88%, (1-month LIBOR plus 1.40%), 1/17/34(1)	8,301,812		8,327,894
Progress Residential Trust, Series 2018-SFR1, Class A SEQ, 3.26%, 3/17/35(1)	11,975,000		11,995,621
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(1)	10,000,000		10,295,410
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	5,470,235		5,431,535
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(1)	1,487,494		1,481,239
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(1)	3,796,812		3,791,598
Towd Point Mortgage Trust, Series 2016-1, Class A1, VRN, 3.50%, 2/25/55(1)	4,013,450		4,031,692
Towd Point Mortgage Trust, Series 2017-2, Class A1, VRN, 2.75%, 4/25/57(1)	3,221,248		3,192,491
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(1)	3,678,844		3,648,752
US Airways Pass-Through Trust, Series 2013-1, Class A, 3.95%, 5/15/27	2,355,463		2,391,914
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	8,218,560		8,131,355
VSE VOI Mortgage LLC, Series 2017-A, Class A SEQ, 2.33%, 3/20/35(1)	7,623,266		7,492,543
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	10,759,065		10,915,887
TOTAL ASSET-BACKED SECURITIES (Cost $259,615,953)			259,425,823

22

	Principal Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.3%
Private Sponsor Collateralized Mortgage Obligations — 4.6%
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 4.33%, 3/25/35	$	1,994,139	$	2,020,841
Agate Bay Mortgage Loan Trust, Series 2016-2, Class A3, VRN, 3.50%, 3/25/46(1)	6,621,532		6,617,414
Agate Bay Mortgage Trust, Series 2016-3, Class A3, VRN, 3.50%, 8/25/46(1)	6,940,512		6,966,560
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 4.39%, 6/25/34	1,262,073		1,263,843
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.34%, 2/25/35	1,726,289		1,748,232
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 4.23%, 11/25/34	1,687,302		1,648,800
Citicorp Mortgage Securities Trust, Series 2007-8, Class 1A3, 6.00%, 9/25/37	766,091		806,144
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.45%, 8/25/34	1,868,493		1,827,836
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.43%, 8/25/34	5,332,747		5,315,665
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.48%, 8/25/35	689,235		699,631
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-4, Class A19, 5.25%, 5/25/34	1,257,258		1,281,170
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-5, Class 2A4, 5.50%, 5/25/34	527,665		534,553
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	62,035		60,448
Credit Suisse First Boston Mortgage-Backed Trust, Series 2004-AR6, Class 2A1, VRN, 4.21%, 10/25/34	380,407		382,309
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 4.37%, 10/25/34	3,675,237		3,652,540
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.39%, 8/25/35	1,257,046		1,267,907
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 3.84%, 6/25/34	1,065,498		1,057,141
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 4.44%, 5/25/34	1,858,790		1,905,602
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 4.02%, 1/25/35	2,301,568		2,281,692
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.52%, 9/25/35	4,483,158		4,584,991
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A1, VRN, 4.39%, 9/25/35	3,661,475		3,712,543
GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, VRN, 4.41%, 9/25/35	1,503,370		1,524,016
JPMorgan Mortgage Trust, Series 2005-A4, Class 1A1, VRN, 4.33%, 7/25/35	759,144		765,208
JPMorgan Mortgage Trust, Series 2005-A4, Class 2A1, VRN, 4.13%, 7/25/35	1,645,694		1,646,842
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.32%, 8/25/35	1,652,753		1,604,518
JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 4.69%, 4/25/35	1,140,244		1,158,964
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2 SEQ, VRN, 2.50%, 3/25/43(1)	1,418,390		1,397,522

23

	Principal Amount		Value
JPMorgan Mortgage Trust, Series 2018-6, Class 1A4 SEQ, VRN, 3.50%, 12/25/48(1)	$	6,250,482	$	6,284,513
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 4.47%, 11/21/34	882,745		911,149
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 4.36%, 11/25/35	2,066,042		2,057,001
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 4.45%, 2/25/35	1,874,356		1,904,284
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 4.45%, 2/25/35	937,178		971,635
New Residential Mortgage Loan Trust, Series 2017-1A, Class A1, VRN, 4.00%, 2/25/57(1)	4,282,960		4,374,950
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(1)	4,157,391		4,266,538
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.99%, (1-month LIBOR plus 1.50%), 6/25/57(1)	4,145,473		4,221,070
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(1)	8,901,648		9,072,029
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(1)	6,881,275		6,962,712
Sequoia Mortgage Trust, Series 2018-7, Class A4, VRN, 4.00%, 9/25/48(1)	4,595,513		4,688,844
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(1)	3,615,493		3,671,885
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(1)	4,403,313		4,303,934
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.47%, 7/25/34	2,444,092		2,463,067
Thornburg Mortgage Securities Trust, Series 2004-3, Class A, VRN, 3.23%, (1-month LIBOR plus 0.74%), 9/25/44	4,212,129		4,159,899
WaMu Mortgage Pass-Through Certificates, Series 2003-S11, Class 3A5, 5.95%, 11/25/33	449,640		450,926
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.47%, 3/25/35	2,494,268		2,462,689
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.01%, 2/25/34	495,148		515,911
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-DD, Class 2A6, VRN, 5.01%, 1/25/35	1,101,744		1,143,352
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-H, Class A1, VRN, 4.44%, 6/25/34	2,237,362		2,296,265
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1, VRN, 4.62%, 9/25/34	1,345,276		1,385,588
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 4.98%, 12/25/34	1,903,515		1,947,164
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-9, Class 1A11, 5.50%, 10/25/35	1,080,069		1,094,396
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-9, Class 2A6, 5.25%, 10/25/35	1,003,953		1,027,755
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 1A1, VRN, 4.73%, 6/25/35	2,270,989		2,405,985
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR12, Class 2A6, VRN, 4.88%, 6/25/35	1,403,208		1,445,816
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR13, Class A1, SEQ, VRN, 2.79%, (1-month LIBOR plus 0.30%), 5/25/35	3,689,764		3,533,072
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR7, Class 1A1, VRN, 4.44%, 5/25/35	1,122,112		1,155,171
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	1,616,465		1,608,857

24

	Principal Amount		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-13, Class A5, 6.00%, 10/25/36	$	1,543,080	$	1,526,577
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-9, Class 1A9 SEQ, 6.00%, 8/25/36	623,089		616,414
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.73%, 10/25/36	483,628		478,894
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	655,614		653,637
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	394,489		401,101
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	437,109		434,798
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 4.91%, 1/25/38	1,228,618		1,185,346
Wells Fargo Mortgage-Backed Securities Trust, Series 2008-1, Class 4A1, 5.75%, 2/25/38	1,155,550		1,217,442
			147,033,598
U.S. Government Agency Collateralized Mortgage Obligations — 0.7%
FHLMC, Series 3397, Class GF, VRN, 2.98%, (1-month LIBOR plus 0.50%), 12/15/37	946,955		948,944
FNMA, Series 1989-35, Class G SEQ, 9.50%, 7/25/19	35		35
FNMA, Series 2014-C02, Class 1M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	5,535,000		5,807,466
FNMA, Series 2014-C02, Class 2M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	6,759,766		7,021,668
FNMA, Series 2016-C04, Class 1M1, VRN, 3.94%, (1-month LIBOR plus 1.45%), 1/25/29	2,595,668		2,605,926
FNMA, Series 2016-C05, Class 2M1, VRN, 3.84%, (1-month LIBOR plus 1.35%), 1/25/29	601,048		601,620
FNMA, Series 2017-C03, Class 1M1, VRN, 3.44%, (1-month LIBOR plus 0.95%), 10/25/29	1,802,838		1,806,642
FNMA, Series 2018-C02, Class 2M1, VRN, 3.14%, (1-month LIBOR plus 0.65%), 8/25/30	2,421,718		2,421,183
GNMA, Series 2007-5, Class FA, VRN, 2.63%, (1-month LIBOR plus 0.14%), 2/20/37	1,910,091		1,899,523
			23,113,007
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $168,643,533)			170,146,605
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.4%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class B, 3.49%, 4/14/33(1)	8,525,000		8,615,010
BX Trust, Series 2018-MCSF, Class A, VRN, 3.06%, (1-month LIBOR plus 0.58%), 4/15/35(1)	11,600,000		11,437,797
Commercial Mortgage Pass-Through Certificates, Series 2014-CR15, Class AM, VRN, 4.43%, 2/10/47	10,691,000		11,302,087
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class AM, VRN, 4.19%, 10/10/47	10,000,000		10,469,253
Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class AM, VRN, 4.19%, 9/10/47	14,000,000		14,632,260
Commercial Mortgage Pass-Through Certificates, Series 2015-CR22, Class AM, VRN, 3.60%, 3/10/48	15,000,000		15,110,679
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class B, VRN, 4.65%, 2/10/49	5,000,000		5,345,415
GS Mortgage Securities Trust, Series 2015-GC28, Class AS, 3.76%, 2/10/48	9,000,000		9,232,861

25

	Principal Amount		Value
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	$	10,000,000	$	10,338,284
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4 SEQ, 3.41%, 3/15/50	10,000,000		10,210,064
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class AS, 3.14%, 8/15/49	10,000,000		9,851,472
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class A3 SEQ, 3.28%, 11/15/52	12,500,000		12,584,370
UBS Commercial Mortgage Trust, Series 2017-C1, Class A3 SEQ, 3.20%, 6/15/50	13,170,000		13,197,388
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $141,961,152)			142,326,940
COLLATERALIZED LOAN OBLIGATIONS — 4.1%
ARES LI CLO Ltd., Series 2019-51A, Class B, VRN, 4.35%, (3-month LIBOR plus 1.85%), 4/15/31(1)	9,800,000		9,810,506
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 3.78%, (3-month LIBOR plus 1.02%), 4/20/31(1)	8,200,000		8,094,687
Carlyle Global Market Strategies CLO Ltd., Series 2014-5A, Class A1RR, VRN, 3.93%, (3-month LIBOR plus 1.14%), 7/15/31(1)	7,500,000		7,434,724
CBAM 2019-9 Ltd., Series 2019-9A, Class A, VRN, 4.01%, (3-month LIBOR plus 1.28%), 2/12/30(1)	13,000,000		12,990,132
CBAM 2019-9 Ltd., Series 2019-9A, Class B1, VRN, 4.63%, (3-month LIBOR plus 1.90%), 2/12/30(1)	7,500,000		7,500,418
CBAM Ltd., Series 2018-5A, Class A, VRN, 3.79%, (3-month LIBOR plus 1.02%), 4/17/31(1)	7,575,000		7,450,452
CIFC Funding 2019-I Ltd., Series 2019-1A, Class B, VRN, 4.43%, (3-month LIBOR plus 1.80%), 4/20/32(1)	12,325,000		12,316,077
CIFC Funding Ltd., Series 2013-3RA, Class A1, VRN, 3.76%, (3-month LIBOR plus 0.98%), 4/24/31	5,000,000		4,919,176
Dryden 71 CLO Ltd., Series 2018-71A, Class B, VRN, 4.59%, (3-month LIBOR plus 1.90%), 1/15/29(1)	7,525,000		7,537,032
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 3.88%, (3-month LIBOR plus 1.12%), 7/20/31(1)	6,550,000		6,496,987
KKR CLO Ltd., Series 11, Class AR, VRN, 3.97%, (3-month LIBOR plus 1.18%), 1/15/31(1)	5,650,000		5,607,483
KKR CLO Ltd., Series 22A, Class A, VRN, 3.91%, (3-month LIBOR plus 1.15%), 7/20/31(1)	7,175,000		7,121,640
LoanCore Issuer Ltd., Series 2018-CRE1, Class AS, VRN, 3.98%, (1-month LIBOR plus 1.50%), 5/15/28(1)	5,000,000		5,006,235
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, VRN, 3.71%, (3-month LIBOR plus 0.95%), 4/19/30(1)	7,150,000		7,096,736
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.77%, (3-month LIBOR plus 0.98%), 4/15/31(1)	4,555,000		4,503,708
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, VRN, 3.93%, (3-month LIBOR plus 1.15%), 4/18/31(1)	7,500,000		7,428,104
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 3.83%, (3-month LIBOR plus 1.07%), 10/20/28(1)	4,250,000		4,244,232
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 3.74%, (3-month LIBOR plus 0.97%), 4/25/31(1)	4,420,000		4,346,796
Voya CLO Ltd., Series 2013-3A, Class A1RR, VRN, 3.93%, (3-month LIBOR plus 1.15%), 10/18/31(1)	4,400,000		4,361,776
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $135,043,740)			134,266,901
MUNICIPAL SECURITIES — 1.6%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	2,189,000		3,047,176
Houston GO, 3.96%, 3/1/47	1,615,000		1,660,656

26

	Principal Amount		Value
Los Angeles Community College District GO, 6.75%, 8/1/49	$	1,000,000	$	1,513,860
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	1,235,000		1,669,362
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	1,070,000		1,460,871
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	1,180,000		1,774,519
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	2,330,000		2,650,794
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	1,385,000		1,795,860
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	1,750,000		2,115,313
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	2,715,000		3,371,188
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	2,385,000		3,071,665
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	1,000,000		1,335,960
San Diego County Regional Airport Authority Rev., 5.59%, 7/1/43	1,000,000		1,103,610
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	2,375,000		3,002,950
San Jose Redevelopment Agency Successor Agency Tax Allocation, 3.375%, 8/1/34	1,145,000		1,145,126
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	2,990,000		3,584,412
State of California GO, 6.65%, 3/1/22	1,660,000		1,827,278
State of California GO, 4.60%, 4/1/38	1,000,000		1,066,140
State of California GO, 7.55%, 4/1/39	2,000,000		3,041,140
State of California GO, 7.30%, 10/1/39	2,005,000		2,904,583
State of Illinois GO, 5.10%, 6/1/33	3,462,000		3,404,566
State of Kansas Department of Transportation Rev., 4.60%, 9/1/35	1,665,000		1,873,741
University of California Rev., 5.95%, 5/15/45	1,630,000		2,121,706
TOTAL MUNICIPAL SECURITIES (Cost $42,169,189)			50,542,476
BANK LOAN OBLIGATIONS(4) — 1.2%
Diversified Telecommunication Services — 0.3%
Level 3 Financing Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	3,940,000		3,899,359
Zayo Group, LLC, 2017 Incremental Term Loan, 4.75%, (1-month LIBOR plus 2.25%), 1/19/24	4,600,000		4,581,140
			8,480,499
Food Products — 0.1%
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	824,197		818,341
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	2,662,994		2,644,073
			3,462,414
Health Care Providers and Services — 0.3%
DaVita, Inc., Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 6/24/21	4,476,501		4,480,016
HCA Inc., 2018 Term Loan B10, 4.50%, (1-month LIBOR plus 2.00%), 3/13/25	5,487,031		5,487,497
			9,967,513
Hotels, Restaurants and Leisure — 0.3%
Hilton Worldwide Finance, LLC, Term Loan B2, 4.24%, (1-month LIBOR plus 1.75%), 10/25/23	4,373,522		4,368,405
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 3/21/25	5,123,784		5,062,043
			9,430,448

27

	Principal Amount		Value
Media — 0.1%
Charter Communications Operating, LLC, 2017 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 4/30/25	$	3,979,849	$	3,958,218
Technology Hardware, Storage and Peripherals — 0.1%
Dell International LLC, 2017 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 9/7/23	1,615,608		1,599,323
Western Digital Corporation, 2018 Term Loan B4, 4.25%, (1-month LIBOR plus 1.75%), 4/29/23	3,084,386		3,008,556
			4,607,879
TOTAL BANK LOAN OBLIGATIONS (Cost $40,293,144)			39,906,971
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.7%
Chile — 0.1%
Chile Government International Bond, 3.25%, 9/14/21	1,180,000		1,201,535
Chile Government International Bond, 3.625%, 10/30/42	1,200,000		1,200,540
			2,402,075
Colombia — 0.1%
Colombia Government International Bond, 4.375%, 7/12/21	1,810,000		1,862,943
Colombia Government International Bond, 6.125%, 1/18/41	1,200,000		1,420,812
			3,283,755
Panama — 0.1%
Panama Government International Bond, 6.70%, 1/26/36	1,700,000		2,227,000
Peru — 0.1%
Peruvian Government International Bond, 6.55%, 3/14/37	680,000		918,850
Peruvian Government International Bond, 5.625%, 11/18/50	1,640,000		2,108,220
			3,027,070
Philippines — 0.1%
Philippine Government International Bond, 4.00%, 1/15/21	3,170,000		3,237,283
Philippine Government International Bond, 6.375%, 10/23/34	1,840,000		2,457,340
			5,694,623
Poland — 0.1%
Republic of Poland Government International Bond, 3.00%, 3/17/23	1,290,000		1,299,778
Republic of Poland Government International Bond, 5.125%, 4/21/21	1,400,000		1,468,936
			2,768,714
Uruguay — 0.1%
Uruguay Government International Bond, 4.375%, 10/27/27	980,000		1,035,493
Uruguay Government International Bond, 4.125%, 11/20/45	1,030,000		1,009,400
			2,044,893
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $20,225,886)			21,448,130
U.S. GOVERNMENT AGENCY SECURITIES — 0.4%
FNMA, 6.625%, 11/15/30 (Cost $11,074,686)	8,900,000		12,281,197
TEMPORARY CASH INVESTMENTS — 1.3%
Bennington Stark Capital Co. LLC, 2.55%, 4/1/19 (LOC: Societe Generale SA)(1)(5)	26,452,000		26,446,489

28

	Principal Amount		Value
Societe Generale SA, 2.50%, 4/1/19(1)(5)	$	15,000,000	$	14,996,992
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.875%, 9/30/19 - 2/15/44, valued at $541,704), in a joint trading account at 2.35%, dated 3/29/19, due 4/1/19 (Delivery value $530,987)			530,883
TOTAL TEMPORARY CASH INVESTMENTS (Cost $41,982,883)			41,974,364
TOTAL INVESTMENT SECURITIES — 100.6% (Cost $3,212,493,447)			3,255,004,652
OTHER ASSETS AND LIABILITIES — (0.6)%			(20,715,565		)
TOTAL NET ASSETS — 100.0%			$	3,234,289,087

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	647	June 2019	$	64,700,000	$	80,369,531	$	508,466
U.S. Treasury 10-Year Ultra Notes	351	June 2019	$	35,100,000	46,606,219		531,867
U.S. Treasury 2-Year Notes	1,383	June 2019	$	276,600,000	294,708,656		834,366
U.S. Treasury 5-Year Notes	479	June 2019	$	47,900,000	55,481,672		300,297
U.S. Treasury Long Bonds	265	June 2019	$	26,500,000	39,658,906		715,716
U.S. Treasury Ultra Bonds	130	June 2019	$	13,000,000	21,840,000		690,708
					$	538,664,984	$	3,581,420

NOTES TO SCHEDULE OF INVESTMENTS
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
GNMA	-	Government National Mortgage Association
GO	-	General Obligation
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
LIBOR	-	London Interbank Offered Rate
LOC	-	Letter of Credit
MTN	-	Medium Term Note
SEQ	-	Sequential Payer
TBA	-	To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated.

†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 $563,702,776, which represented 17.4% of total net assets. Of these securities, 1.5% of total net assets were deemed illiquid under policies approved by the Board of Trustees.

(2) Collateral has been received at the custodian for collateral requirements on forward commitments. At the period end, the aggregate value of securities received was $759,596.

(3) Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments and/or futures contracts. At the period end, the aggregate value of securities pledged was $3,717,463.

(4) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate 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 rate indicated is the yield to maturity at purchase.

See Notes to Financial Statements.

29

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (cost of $3,212,493,447)	$	3,255,004,652
Cash	31,553
Foreign currency holdings, at value (cost of $93,527)	96,484
Receivable for investments sold	195,125,908
Receivable for capital shares sold	1,868,485
Interest receivable	18,127,377
	3,470,254,459
Liabilities
Payable for investments purchased	230,393,873
Payable for capital shares redeemed	3,118,553
Payable for variation margin on futures contracts	839,867
Accrued management fees	1,561,400
Distribution and service fees payable	51,679
	235,965,372
Net Assets	$	3,234,289,087
Net Assets Consist of:
Capital paid in	$	3,304,700,941
Distributable earnings	(70,411,854		)
	$	3,234,289,087

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$1,646,933,901	155,154,656	$10.61
I Class	$993,543,081	93,548,186	$10.62
Y Class	$152,412,194	14,350,454	$10.62
A Class	$98,899,362	9,314,261	$10.62*
C Class	$31,480,785	2,967,618	$10.61
R Class	$8,747,647	824,104	$10.61
R5 Class	$419,164	39,474	$10.62
R6 Class	$301,852,953	28,409,518	$10.63

*Maximum offering price $11.12 (net asset value divided by 0.955).

See Notes to Financial Statements.

30

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	164,332,102
Expenses:
Management fees	23,027,362
Distribution and service fees:
A Class	369,332
C Class	393,397
R Class	46,789
Trustees' fees and expenses	344,316
Other expenses	83,077
	24,264,273
Net investment income (loss)	140,067,829
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(119,472,299		)
Forward foreign currency exchange contract transactions	43,364,024
Futures contract transactions	(21,780,786		)
Swap agreement transactions	(123,853		)
Foreign currency translation transactions	(2,005,583		)
	(100,018,497		)
Change in net unrealized appreciation (depreciation) on:
Investments	63,167,954
Forward foreign currency exchange contracts	5,896,143
Futures contracts	9,649,613
Swap agreements	(430,955		)
Translation of assets and liabilities in foreign currencies	(111,091		)
	78,171,664
Net realized and unrealized gain (loss)	(21,846,833		)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	118,220,996

See Notes to Financial Statements.

31

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	140,067,829		$	144,994,901
Net realized gain (loss)	(100,018,497		)	(22,354,092		)
Change in net unrealized appreciation (depreciation)	78,171,664			(59,419,715		)
Net increase (decrease) in net assets resulting from operations	118,220,996			63,221,094
Distributions to Shareholders
From earnings:
Investor Class	(45,125,218		)	(62,152,148		)
I Class	(50,762,670		)	(59,845,056		)
Y Class	(8,254,043		)	(8,862,381		)
A Class	(3,199,293		)	(5,456,025		)
C Class	(572,506		)	(665,347		)
R Class	(171,380		)	(220,384		)
R5 Class	(6,073		)	(3,899		)
R6 Class	(7,061,411		)	(7,005,353		)
From tax return of capital:
Investor Class	(3,901,075		)	—
I Class	(4,940,428		)	—
Y Class	(394,094		)	—
A Class	(234,667		)	—
C Class	(54,444		)	—
R Class	(17,350		)	—
R5 Class	(1,029		)	—
R6 Class	(774,024		)	—
Decrease in net assets from distributions	(125,469,705		)	(144,210,593		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(2,947,658,348		)	(227,459,489		)
Net increase (decrease) in net assets	(2,954,907,057		)	(308,448,988		)
Net Assets
Beginning of period	6,189,196,144			6,497,645,132
End of period	$	3,234,289,087		$	6,189,196,144

See Notes to Financial Statements.

32

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Diversified Bond Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek a high level of income by investing in non-money market debt securities.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the Y Class and R5 Class commenced on April 10, 2017.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, convertible bonds, bank loan obligations, municipal securities, 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.

Open-end management investment companies are valued at the reported net asset value 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.

33

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 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Forward Commitments — The fund may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The fund may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the fund may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

34

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 21% of the shares of the fund.

Management Fees —The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended March 31, 2019 are as follows:

	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
Investor Class	0.2925% to 0.4100%	0.2500% to 0.3100%	0.59%
I Class		0.0500% to 0.1100%	0.39%
Y Class		0.0200% to 0.0800%	0.36%
A Class		0.2500% to 0.3100%	0.59%
C Class		0.2500% to 0.3100%	0.59%
R Class		0.2500% to 0.3100%	0.59%
R5 Class		0.0500% to 0.1100%	0.39%
R6 Class		0.0000% to 0.0600%	0.34%

35

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2019 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.There were no interfund transactions during the period.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $9,472,982,257, of which $8,581,337,105 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $13,119,552,026, of which $10,082,673,640 represented U.S. Treasury and Government Agency obligations.

36

5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
Investor Class
Sold	31,325,261		$	324,292,830		59,363,301		$	637,342,177
Issued in reinvestment of distributions	4,675,136		48,466,228			5,702,664		61,217,549
Redeemed	(141,109,875	)	(1,467,307,574		)	(75,936,255	)	(816,187,082		)
	(105,109,478	)	(1,094,548,516		)	(10,870,290	)	(117,627,356		)
I Class
Sold	49,180,608		509,555,656			94,988,987		1,020,760,843
Issued in reinvestment of distributions	4,857,472		50,339,677			4,974,661		53,433,785
Redeemed	(178,388,008	)	(1,859,706,777		)	(144,359,287	)	(1,558,436,468		)
	(124,349,928	)	(1,299,811,444		)	(44,395,639	)	(484,241,840		)
Y Class
Sold	5,869,446		60,949,056			60,619,899		657,926,259
Issued in reinvestment of distributions	827,203		8,594,073			829,133		8,862,381
Redeemed	(49,627,198	)	(516,289,263		)	(4,168,029	)	(44,622,021		)
	(42,930,549	)	(446,746,134		)	57,281,003		622,166,619
A Class
Sold	2,683,206		27,891,724			4,113,616		44,297,328
Issued in reinvestment of distributions	316,082		3,276,539			490,752		5,275,532
Redeemed	(12,333,087	)	(127,677,174		)	(24,756,091	)	(265,973,314		)
	(9,333,799	)	(96,508,911		)	(20,151,723	)	(216,400,454		)
C Class
Sold	189,966		1,972,112			359,659		3,861,432
Issued in reinvestment of distributions	51,732		536,171			52,305		561,538
Redeemed	(1,865,057	)	(19,337,878		)	(2,035,896	)	(21,887,355		)
	(1,623,359	)	(16,829,595		)	(1,623,932	)	(17,464,385		)
R Class
Sold	262,652		2,711,815			284,099		3,045,386
Issued in reinvestment of distributions	18,060		187,177			20,364		218,695
Redeemed	(517,869	)	(5,367,549		)	(583,458	)	(6,244,777		)
	(237,157	)	(2,468,557		)	(278,995	)	(2,980,696		)
R5 Class
Sold	56,075		581,596			19,719		213,345
Issued in reinvestment of distributions	680		7,022			363		3,899
Redeemed	(37,363	)	(387,005		)	—		—
	19,392		201,613			20,082		217,244
R6 Class
Sold	8,078,618		83,884,165			7,387,159		79,278,161
Issued in reinvestment of distributions	743,782		7,709,361			650,210		6,981,536
Redeemed	(7,958,961	)	(82,540,330		)	(9,021,848	)	(97,388,318		)
	863,439		9,053,196			(984,479	)	(11,128,621		)
Net increase (decrease)	(282,701,439	)	$	(2,947,658,348	)	(21,003,973	)	$	(227,459,489	)

(1) April 10, 2017 (commencement of sale) through March 31, 2018 for the Y Class and R5 Class.

37

6. 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	—		$	915,647,744	—
U.S. Government Agency Mortgage-Backed Securities	—		757,880,315		—
U.S. Treasury Securities	—		709,157,186		—
Asset-Backed Securities	—		259,425,823		—
Collateralized Mortgage Obligations	—		170,146,605		—
Commercial Mortgage-Backed Securities	—		142,326,940		—
Collateralized Loan Obligations	—		134,266,901		—
Municipal Securities	—		50,542,476		—
Bank Loan Obligations	—		39,906,971		—
Sovereign Governments and Agencies	—		21,448,130		—
U.S. Government Agency Securities	—		12,281,197		—
Temporary Cash Investments	—		41,974,364		—
	—		$	3,255,004,652	—
Other Financial Instruments
Futures Contracts	$	3,581,420	—		—

38

7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $77,000,000.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $582,081,144.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts or interest rate swap agreements in order to manage its exposure to changes in market conditions. The value of bonds generally declines as interest rates rise. The risks of entering into interest rate risk derivative instruments include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. The fund's average notional exposure to these interest rate risk derivative instruments held during the period was $435,504,688 futures contracts purchased and $585,829,300 futures contracts sold.

39

A fund may enter into interest rate swap agreements to gain exposure to declines in interest rates, to protect against increases in interest rates, or to maintain its ability to generate income at prevailing interest rates. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The fund's average notional amount on interest rate swap agreements held during the period was $152,550,095.

Other Contracts — A fund may enter into total return swap agreements in order to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets or gain exposure to certain markets in the most economical way possible. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments, including inflationary risk. The fund's average notional amount held during the period was $195,650,000.

Value of Derivative Instruments as of March 31, 2019

	Asset Derivatives		Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value	Location on Statement of Assets and Liabilities	Value
Interest Rate Risk	Receivable for variation margin on futures contracts*	—	Payable for variation margin on futures contracts*	$	839,867

* Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

40

Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2019

	Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value			Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	1,241,402		Change in net unrealized appreciation (depreciation) on swap agreements	—
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	43,364,024			Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	$	5,896,143
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(21,780,786		)	Change in net unrealized appreciation (depreciation) on futures contracts	9,649,613
Interest Rate Risk	Net realized gain (loss) on swap agreement transactions	(3,151,217		)	Change in net unrealized appreciation (depreciation) on swap agreements	—
Other Contracts	Net realized gain (loss) on swap agreement transactions	1,785,962			Change in net unrealized appreciation (depreciation) on swap agreements	(430,955		)
		$	21,459,385			$	15,114,801

8. Risk Factors

The fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	115,152,594	$	144,210,593
Long-term capital gains	—		—
Tax return of capital	$	10,317,111	—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

41

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	3,213,001,903
Gross tax appreciation of investments	$	62,770,997
Gross tax depreciation of investments	(20,768,248		)
Net tax appreciation (depreciation) of investments	42,002,749
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	2,957
Net tax appreciation (depreciation)	$	42,005,706
Other book-to-tax adjustments	$	(88,031	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(49,396,574	)
Accumulated long-term capital losses	$	(60,384,677	)
Late-year ordinary loss deferral	$	(2,548,278	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization for tax purposes of unrealized gains (losses) on futures contracts. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

10. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

42

Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019	$10.54	0.29	0.03	0.32	(0.23)	—	(0.02)	(0.25)	$10.61	3.15%	0.60%	2.80%	184%		$1,646,934
2018	$10.68	0.23	(0.14)	0.09	(0.23)	—	—	(0.23)	$10.54	0.86%	0.60%	2.19%	179%		$2,742,374
2017	$10.88	0.22	(0.17)	0.05	(0.24)	(0.01)	—	(0.25)	$10.68	0.51%	0.60%	2.02%	133%		$2,895,840
2016	$11.01	0.22	(0.06)	0.16	(0.29)	—	—	(0.29)	$10.88	1.49%	0.60%	2.04%	174%		$2,122,636
2015	$10.69	0.23	0.35	0.58	(0.26)	—	—	(0.26)	$11.01	5.47%	0.60%	2.10%	153%		$2,060,908
I Class
2019	$10.54	0.31	0.04	0.35	(0.24)	—	(0.03)	(0.27)	$10.62	3.43%	0.40%	3.00%	184%		$993,543
2018	$10.68	0.25	(0.13)	0.12	(0.26)	—	—	(0.26)	$10.54	1.06%	0.40%	2.39%	179%		$2,296,395
2017	$10.88	0.24	(0.16)	0.08	(0.27)	(0.01)	—	(0.28)	$10.68	0.71%	0.40%	2.22%	133%		$2,801,686
2016	$11.01	0.24	(0.06)	0.18	(0.31)	—	—	(0.31)	$10.88	1.69%	0.40%	2.24%	174%		$2,240,569
2015	$10.69	0.25	0.35	0.60	(0.28)	—	—	(0.28)	$11.01	5.68%	0.40%	2.30%	153%		$2,626,563
Y Class
2019	$10.54	0.31	0.04	0.35	(0.24)	—	(0.03)	(0.27)	$10.62	3.46%	0.37%	3.03%	184%		$152,412
2018(3)	$10.70	0.26	(0.17)	0.09	(0.25)	—	—	(0.25)	$10.54	0.84%	0.37%(4)	2.52%(4)	179%(5)		$603,691

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
A Class
2019	$10.54	0.27	0.04	0.31	(0.21)	—	(0.02)	(0.23)	$10.62	3.02%	0.85%	2.55%	184%		$98,899
2018	$10.68	0.20	(0.13)	0.07	(0.21)	—	—	(0.21)	$10.54	0.61%	0.85%	1.94%	179%		$196,563
2017	$10.89	0.19	(0.17)	0.02	(0.22)	(0.01)	—	(0.23)	$10.68	0.17%	0.85%	1.77%	133%		$414,571
2016	$11.02	0.19	(0.06)	0.13	(0.26)	—	—	(0.26)	$10.89	1.24%	0.85%	1.79%	174%		$454,565
2015	$10.69	0.20	0.36	0.56	(0.23)	—	—	(0.23)	$11.02	5.30%	0.85%	1.85%	153%		$418,741
C Class
2019	$10.54	0.19	0.04	0.23	(0.14)	—	(0.02)	(0.16)	$10.61	2.24%	1.60%	1.80%	184%		$31,481
2018	$10.68	0.13	(0.14)	(0.01)	(0.13)	—	—	(0.13)	$10.54	(0.14)%	1.60%	1.19%	179%		$48,386
2017	$10.89	0.11	(0.17)	(0.06)	(0.14)	(0.01)	—	(0.15)	$10.68	(0.57)%	1.60%	1.02%	133%		$66,394
2016	$11.01	0.11	(0.05)	0.06	(0.18)	—	—	(0.18)	$10.89	0.57%	1.60%	1.04%	174%		$81,039
2015	$10.69	0.12	0.35	0.47	(0.15)	—	—	(0.15)	$11.01	4.42%	1.60%	1.10%	153%		$83,655
R Class
2019	$10.54	0.24	0.04	0.28	(0.19)	—	(0.02)	(0.21)	$10.61	2.69%	1.10%	2.30%	184%		$8,748
2018	$10.68	0.18	(0.14)	0.04	(0.18)	—	—	(0.18)	$10.54	0.36%	1.10%	1.69%	179%		$11,186
2017	$10.89	0.16	(0.17)	(0.01)	(0.19)	(0.01)	—	(0.20)	$10.68	(0.08)%	1.10%	1.52%	133%		$14,318
2016	$11.02	0.17	(0.07)	0.10	(0.23)	—	—	(0.23)	$10.89	0.98%	1.10%	1.54%	174%		$20,362
2015	$10.70	0.18	0.34	0.52	(0.20)	—	—	(0.20)	$11.02	4.94%	1.10%	1.60%	153%		$21,041
R5 Class
2019	$10.54	0.32	0.03	0.35	(0.24)	—	(0.03)	(0.27)	$10.62	3.45%	0.40%	3.00%	184%		$419
2018(3)	$10.70	0.26	(0.17)	0.09	(0.25)	—	—	(0.25)	$10.54	0.81%	0.40%(4)	2.46%(4)	179%(5)		$212

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2019	$10.54	0.32	0.05	0.37	(0.25)	—	(0.03)	(0.28)	$10.63	3.58%	0.35%	3.05%	184%		$301,853
2018	$10.68	0.26	(0.14)	0.12	(0.26)	—	—	(0.26)	$10.54	1.11%	0.35%	2.44%	179%		$290,390
2017	$10.89	0.24	(0.17)	0.07	(0.27)	(0.01)	—	(0.28)	$10.68	0.67%	0.35%	2.27%	133%		$304,836
2016	$11.01	0.25	(0.06)	0.19	(0.31)	—	—	(0.31)	$10.89	1.83%	0.35%	2.29%	174%		$93,751
2015	$10.69	0.24	0.37	0.61	(0.29)	—	—	(0.29)	$11.01	5.73%	0.35%	2.35%	153%		$96,829

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3) April 10, 2017 (commencement of sale) through March 31, 2018.

(4) Annualized.

(5) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of Diversified Bond Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Diversified Bond Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

46

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

47

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

48

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

49

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

50

Notes

51

Notes

52

Notes

53

Notes

54

Notes

55

Notes

56

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92280 1905

Annual Report

March 31, 2019

High Income Fund

Investor Class (AHIVX)

I Class (AHIIX)

Y Class (NPHIX)

A Class (AHIAX)

R5 Class (AHIEX)

R6 Class (AHIDX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President's Letter	2
Performance	3
Portfolio Commentary	5
Fund Characteristics	7
Shareholder Fee Example	8
Schedule of Investments	10
Statement of Assets and Liabilities	43
Statement of Operations	44
Statement of Changes in Net Assets	45
Notes to Financial Statements	46
Financial Highlights	52
Report of Independent Registered Public Accounting Firm	54
Management	55
Additional Information	58

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
Y Class	NPHIX	4.97%	4.24%	5.81%	12/27/12
ICE BofAML U.S. High Yield Constrained Index	—	5.93%	4.70%	5.43%	—
Investor Class	AHIVX	4.65%	—	3.29%	10/2/17
I Class	AHIIX	4.86%	—	3.39%	10/2/17
A Class	AHIAX				10/2/17
No sales charge		4.50%	—	3.03%
With sales charge		-0.16%	—	-0.12%
R5 Class	AHIEX	4.96%	—	3.49%	10/2/17
R6 Class	AHIDX	5.02%	—	3.55%	10/2/17

Y Class returns would have been lower if a portion of the fees had not been waived.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

The fund acquired the net assets and assumed the historical performance of the Nomura High Yield Fund, a series of The Advisors’ Inner Circle Fund III on October 2, 2017. Accordingly, the performance shown for periods prior to October 2, 2017 represents the performance of Class I shares of the Nomura High Yield Fund. In addition, the Nomura High Yield Fund acquired the net assets and assumed the historical performance of the High Yield Fund, a series of Nomura Partners Funds, Inc. on December 8, 2014. Accordingly, the performance shown for periods before December 8, 2014 represents the performance of Class I shares of the High Yield Fund. The Nomura High Yield Fund and the High Yield Fund returns in the table have not been adjusted to reflect the fund’s expenses. If the Nomura High Yield Fund and the High Yield Fund performance information had been adjusted to reflect the fund’s expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Nomura High Yield Fund and the High Yield Fund for that period.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

3

Growth of $10,000 Over Life of Class

$10,000 investment made December 27, 2012

Performance for other share classes will vary due to differences in fee structure.

Value on March 31, 2019
	Y Class — $14,245
	ICE BofAML U.S. High Yield Constrained Index — $13,922

Ending value of Y Class would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	R5 Class	R6 Class
0.79%	0.69%	0.59%	1.04%	0.59%	0.54%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

4

Portfolio Commentary

Investment Advisor: American Century Investment Management, Inc.

Subadvisor: Nomura Corporate Research and Asset Management Inc.

Portfolio Managers:Steve Kotsen and David Crall

Performance Summary

High Income returned 4.97%* for the 12-month period ended March 31, 2019. By comparison, the ICE BofAML U.S. High Yield Constrained Index returned 5.93%. Fund returns reflect operating expenses, while index returns do not.

The U.S. high-yield market began the fiscal year on an upbeat note. The U.S. economy was robust, corporate fundamentals were strong, commodity prices were improving and the default environment was benign. These factors provided an ideal setting for credit risk taking. U.S. real gross domestic product hovered near 4% during the second quarter of 2018. At the same time, the U.S. market showed signs of decoupling from global markets, as the U.S. economy continued to grow at a solid pace due to tax reform, deregulation and, to a lesser degree, government spending. For the first half of the fiscal year, lower-quality segments of the market outperformed their higher-quality, more duration-sensitive counterparts, but this trend would ultimately reverse by the end of 2018. Yields on the U.S. 10-year Treasury note began the fiscal year at 2.74% and rose to 3.24% in early November. The U.S. Federal Reserve (Fed) continued to normalize short-term interest rates with four increases of 25 basis points (bps) each in 2018. Rising interest rates provided a modest headwind for fixed-income securities for much of the year.

Market sentiment started to sour in October 2018, beginning with an underwhelming start to the third-quarter earnings season, compounded by negative narratives surrounding U.S.-China trade relations, softening growth in emerging markets and the eurozone, and geopolitical concerns involving Brexit, Italy’s budget, Saudi Arabia and Iran. These concerns, coupled with the lack of clarity about waivers for Iran oil production, led to a precipitous decline in West Texas Intermediate crude oil prices from a peak of $73 to $45 per barrel to end 2018. This had an immediate impact on the high-yield energy sector. Mounting global growth concerns led to a sell-off in risky assets, and the 10-year Treasury yield ended 2018 at 2.69%. Alongside the sharpest decline for the S&P 500 Index since September 2011, the U.S. high-yield market also came under pressure. The average option-adjusted spread (OAS) on high-yield bonds widened more than 200 bps, from 316 bps to 544 bps, over this period. Despite grinding out positive returns for most of 2018, the U.S. high-yield market gave everything back and then some in the final quarter of 2018.

Many of the fears that drove the negative fourth-quarter sentiment quickly dissipated in January. The Fed shifted course at its January policy meeting, with key changes to the post-meeting statement and new balance sheet normalization guidance. The Fed also ruled out returning to a small balance sheet, confirming its intention to continue to control short-term interest rates by paying interest on reserves and maintaining an ample supply of reserves. At its March 2019 meeting, the Fed moved from the pause in rate hikes it signaled in January to essentially preclude the possibility of any rate increases in 2019. The European Central Bank also lowered its growth outlook and pushed back its first interest rate hike. In the first quarter of 2019, markets responded positively to more dovish central bank policies, strong corporate earnings and further progress on U.S.-China trade talks along with an outlook for steady growth.

*All fund returns referenced in this commentary are for Y Class shares. Performance for other share classes will vary due to differences in fee structure; when Y Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.

5

Security Selection Detracted, Sector Allocation Contributed

Overall, security selection detracted from performance relative to the index. Specifically, our selections within the chemicals, metals and mining (excluding steel), specialty retail, wireless telecommunication and energy exploration and production sectors weighed on results. Our selections in these areas offset the effects of positive security selection among the telecommunication satellite, automobile parts and equipment, integrated electric, pharmaceuticals and consumer/commercial/lease financing sectors.

Meanwhile, sector allocation had an overall positive effect on the portfolio’s relative performance. Specifically, our allocations to the oil field equipment and services (underweight), gaming (overweight), pharmaceuticals (overweight), automobile parts and equipment (underweight) and telecommunication wireline (underweight) sectors aided relative results. Overweight positions in the energy exploration and production sector and underweight positions in the cable and satellite TV and specialty retail sectors detracted from relative performance.

Portfolio Positioning and Market Outlook

We believe U.S. high-yield bonds can perform well in a slow-growth economy coupled with target-level inflation and other supportive influences. Recession fears are slowly fading, as U.S. economic strength holds up against a backdrop of slowing global growth. This factor is alleviating concerns about the credit cycle ending and a potential surge in default rates and/or significant downgrades from investment-grade bonds into the high-yield market. Interest rate risk, a modest headwind for the high-yield market for most of 2018, remains subdued because of the economic slowdown and dovish Fed policy. The default rate is very low on a trailing 12-month basis, and while we expect it to increase modestly in 2019, we still expect defaults to remain below historical averages.

6

Fund Characteristics

MARCH 31, 2019
Types of Investments in Portfolio	% of net assets
Corporate Bonds	87.3%
Bank Loan Obligations	3.6%
Preferred Stocks	1.5%
Convertible Bonds	0.5%
Common Stocks	0.2%
Escrow Interests	—*
Warrants	—*
Rights	—*
Temporary Cash Investments	5.5%
Other Assets and Liabilities	1.4%

*Category is less than 0.05% of total net assets.

7

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1) 10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,009.90	$3.91	0.78%
I Class	$1,000	$1,011.50	$3.41	0.68%
Y Class	$1,000	$1,012.00	$2.91	0.58%
A Class	$1,000	$1,009.70	$5.16	1.03%
R5 Class	$1,000	$1,011.90	$2.91	0.58%
R6 Class	$1,000	$1,012.20	$2.66	0.53%
Hypothetical
Investor Class	$1,000	$1,021.04	$3.93	0.78%
I Class	$1,000	$1,021.54	$3.43	0.68%
Y Class	$1,000	$1,022.04	$2.92	0.58%
A Class	$1,000	$1,019.80	$5.19	1.03%
R5 Class	$1,000	$1,022.04	$2.92	0.58%
R6 Class	$1,000	$1,022.29	$2.67	0.53%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9

Schedule of Investments

MARCH 31, 2019

	Principal Amount/Shares		Value
CORPORATE BONDS — 87.3%
Aerospace and Defense — 2.5%
Arconic, Inc., 5.125%, 10/1/24	$	550,000	$	564,611
Arconic, Inc., 5.90%, 2/1/27	770,000		800,311
Arconic, Inc., 5.95%, 2/1/37	300,000		296,813
Bombardier, Inc., 6.00%, 10/15/22(1)	625,000		633,594
Bombardier, Inc., 6.125%, 1/15/23(1)	350,000		355,687
Bombardier, Inc., 7.50%, 12/1/24(1)	100,000		104,125
Bombardier, Inc., 7.875%, 4/15/27(1)	575,000		593,687
BWX Technologies, Inc., 5.375%, 7/15/26(1)	50,000		51,000
Pioneer Holdings LLC / Pioneer Finance Corp., 9.00%, 11/1/22(1)	100,000		101,750
TransDigm UK Holdings plc, 6.875%, 5/15/26(1)	200,000		199,500
TransDigm, Inc., 6.00%, 7/15/22	1,625,000		1,655,192
TransDigm, Inc., 6.50%, 5/15/25	100,000		101,885
TransDigm, Inc., 6.25%, 3/15/26(1)	300,000		312,000
TransDigm, Inc., 6.375%, 6/15/26	175,000		173,880
TransDigm, Inc., 7.50%, 3/15/27(1)	375,000		384,844
Triumph Group, Inc., 4.875%, 4/1/21	25,000		24,500
Triumph Group, Inc., 7.75%, 8/15/25	150,000		143,625
			6,497,004
Air Freight and Logistics — 0.5%
XPO Logistics, Inc., 6.50%, 6/15/22(1)	1,113,000		1,141,660
XPO Logistics, Inc., 6.125%, 9/1/23(1)	200,000		202,000
			1,343,660
Airlines — 0.4%
Air Canada, 7.75%, 4/15/21(1)	675,000		726,469
American Airlines Group, Inc., 4.625%, 3/1/20(1)	175,000		176,645
United Continental Holdings, Inc., 6.00%, 12/1/20	25,000		25,969
United Continental Holdings, Inc., 4.25%, 10/1/22	50,000		50,203
			979,286
Auto Components — 0.8%
American Axle & Manufacturing, Inc., 6.625%, 10/15/22	102,000		104,678
Cooper-Standard Automotive, Inc., 5.625%, 11/15/26(1)	100,000		88,300
Dana, Inc., 6.00%, 9/15/23	375,000		385,781
Delphi Technologies plc, 5.00%, 10/1/25(1)	275,000		242,825
Exide Technologies, 11.00% Cash or 7.00% PIK, 4/30/20 (Acquired 4/30/15 - 12/1/18, Cost $222,336)(2)(8)	225,883		177,318
Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 6.25%, 5/15/26(1)(3)	175,000		178,937
Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 8.50%, 5/15/27(1)(3)	525,000		527,625
Tenneco, Inc., 5.375%, 12/15/24	225,000		203,625
Tenneco, Inc., 5.00%, 7/15/26	25,000		20,125

10

	Principal Amount/Shares		Value
Titan International, Inc., 6.50%, 11/30/23	$	175,000	$	162,094
			2,091,308
Automobiles — 0.4%
Tesla, Inc., 5.30%, 8/15/25(1)	1,100,000		957,000
Banks — 0.3%
Barclays plc, VRN, 8.00%(4)	200,000		204,750
Block Communications, Inc., 6.875%, 2/15/25(1)	100,000		104,125
CIT Group, Inc., 4.125%, 3/9/21	150,000		152,250
CIT Group, Inc., 5.00%, 8/15/22	200,000		208,750
CIT Group, Inc., 5.00%, 8/1/23	25,000		26,281
			696,156
Building Products — 0.5%
American Woodmark Corp., 4.875%, 3/15/26(1)	125,000		122,813
Builders FirstSource, Inc., 5.625%, 9/1/24(1)	355,000		351,006
Griffon Corp., 5.25%, 3/1/22	350,000		345,625
Masonite International Corp., 5.75%, 9/15/26(1)	75,000		76,875
Northwest Hardwoods, Inc., 7.50%, 8/1/21(1)	50,000		31,250
NWH Escrow Corp., 7.50%, 8/1/21(1)	50,000		30,875
PGT Escrow Issuer, Inc., 6.75%, 8/1/26(1)	275,000		286,687
			1,245,131
Capital Markets — 0.6%
Donnelley Financial Solutions, Inc., 8.25%, 10/15/24	325,000		328,250
Lions Gate Capital Holdings LLC, 6.375%, 2/1/24(1)	650,000		682,500
Lions Gate Capital Holdings LLC, 5.875%, 11/1/24(1)	100,000		103,500
MSCI, Inc., 5.25%, 11/15/24(1)	425,000		441,915
MSCI, Inc., 4.75%, 8/1/26(1)	100,000		103,000
			1,659,165
Chemicals — 1.4%
Alpha 3 BV / Alpha US Bidco, Inc., 6.25%, 2/1/25(1)	200,000		194,000
Blue Cube Spinco LLC, 10.00%, 10/15/25	125,000		143,631
CF Industries, Inc., 7.125%, 5/1/20	449,000		469,766
CF Industries, Inc., 5.375%, 3/15/44	450,000		407,250
Element Solutions, Inc., 5.875%, 12/1/25(1)	225,000		226,654
GCP Applied Technologies, Inc., 5.50%, 4/15/26(1)	50,000		51,125
Hexion, Inc., 10.375%, 2/1/22(1)(7)	175,000		147,438
Hexion, Inc., 13.75%, 2/1/22(1)(7)	200,000		70,000
Hexion, Inc. / Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20(7)	300,000		76,500
Kissner Holdings LP / Kissner Milling Co. Ltd. / BSC Holding, Inc. / Kissner USA, 8.375%, 12/1/22(1)	100,000		104,750
NOVA Chemicals Corp., 5.00%, 5/1/25(1)	100,000		98,375
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/26(1)	100,000		93,000
OCI NV, 6.625%, 4/15/23(1)	200,000		208,400
Olin Corp., 5.00%, 2/1/30	150,000		147,562
PQ Corp., 5.75%, 12/15/25(1)	25,000		24,469
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26	50,000		49,375
SPCM SA, 4.875%, 9/15/25(1)	200,000		196,310
TPC Group, Inc., 8.75%, 12/15/20(1)	275,000		272,250

11

	Principal Amount/Shares		Value
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)	$	400,000	$	380,500
Tronox Finance plc, 5.75%, 10/1/25(1)	200,000		186,250
Tronox, Inc., 6.50%, 4/15/26(1)	100,000		95,815
Valvoline, Inc., 5.50%, 7/15/24	25,000		25,500
Venator Finance S.a.r.l. / Venator Materials LLC, 5.75%, 7/15/25(1)	50,000		44,125
			3,713,045
Commercial Services and Supplies — 2.9%
ADT Security Corp. (The), 5.25%, 3/15/20	375,000		380,625
ADT Security Corp. (The), 6.25%, 10/15/21	125,000		131,756
Aptim Corp., 7.75%, 6/15/25(1)	275,000		213,812
Aramark Services, Inc., 5.125%, 1/15/24	763,000		786,844
Aramark Services, Inc., 5.00%, 4/1/25(1)	100,000		102,650
Aramark Services, Inc., 5.00%, 2/1/28(1)	640,000		638,963
Brand Industrial Services, Inc., 8.50%, 7/15/25(1)	175,000		157,937
Garda World Security Corp., 7.25%, 11/15/21(1)	100,000		99,750
Garda World Security Corp., 8.75%, 5/15/25(1)	225,000		215,437
Harland Clarke Holdings Corp., 6.875%, 3/1/20(1)	25,000		24,750
Harland Clarke Holdings Corp., 9.25%, 3/1/21(1)	125,000		125,156
Harland Clarke Holdings Corp., 8.375%, 8/15/22(1)	250,000		226,675
KAR Auction Services, Inc., 5.125%, 6/1/25(1)	150,000		149,063
Matthews International Corp., 5.25%, 12/1/25(1)	150,000		144,375
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/1/22(1)	75,000		71,063
Multi-Color Corp., 6.125%, 12/1/22(1)	50,000		51,625
Nielsen Co. Luxembourg SARL (The), 5.50%, 10/1/21(1)	400,000		402,000
Nielsen Finance LLC / Nielsen Finance Co., 4.50%, 10/1/20	25,000		25,031
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	125,000		124,375
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 5/15/23(1)	1,954,000		2,056,585
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)(3)	150,000		150,375
Ritchie Bros Auctioneers, Inc., 5.375%, 1/15/25(1)	175,000		179,156
Star Merger Sub, Inc., 6.875%, 8/15/26(1)	175,000		179,266
Star Merger Sub, Inc., 10.25%, 2/15/27(1)	825,000		849,750
TMS International Corp., 7.25%, 8/15/25(1)	75,000		72,827
Waste Pro USA, Inc., 5.50%, 2/15/26(1)	75,000		72,563
			7,632,409
Communications Equipment — 0.5%
Anixter, Inc., 6.00%, 12/1/25(1)	100,000		105,250
CommScope Finance LLC, 5.50%, 3/1/24(1)	200,000		205,058
CommScope Finance LLC, 6.00%, 3/1/26(1)	225,000		233,296
CommScope Finance LLC, 8.25%, 3/1/27(1)	325,000		338,000
CommScope Technologies LLC, 6.00%, 6/15/25(1)	25,000		24,399
CommScope, Inc., 5.00%, 6/15/21(1)	125,000		125,375
Nokia of America Corp., 6.45%, 3/15/29	150,000		147,375
Nokia Oyj, 3.375%, 6/12/22	25,000		24,781

12

	Principal Amount/Shares		Value
ViaSat, Inc., 5.625%, 4/15/27(1)	$	150,000	$	153,016
			1,356,550
Construction and Engineering — 0.2%
Great Lakes Dredge & Dock Corp., 8.00%, 5/15/22	50,000		52,562
New Enterprise Stone & Lime Co., Inc., 10.125%, 4/1/22(1)	400,000		407,000
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/26(1)	125,000		121,889
			581,451
Construction Materials — 0.9%
BMC East LLC, 5.50%, 10/1/24(1)	450,000		443,812
CPG Merger Sub LLC, 8.00%, 10/1/21(1)	100,000		100,000
James Hardie International Finance DAC, 4.75%, 1/15/25(1)	200,000		198,000
Standard Industries, Inc., 5.375%, 11/15/24(1)	325,000		334,344
Standard Industries, Inc., 4.75%, 1/15/28(1)	200,000		191,500
Summit Materials LLC / Summit Materials Finance Corp., 6.125%, 7/15/23	125,000		128,231
Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 6/1/25(1)	75,000		72,563
Summit Materials LLC / Summit Materials Finance Corp., 6.50%, 3/15/27(1)	100,000		101,000
TerraForm Power Operating LLC, 4.25%, 1/31/23(1)	125,000		124,124
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)	175,000		169,531
TerraForm Power Operating LLC, VRN, 6.625%, 6/15/25(1)	25,000		26,281
US Concrete, Inc., 6.375%, 6/1/24	450,000		459,000
			2,348,386
Consumer Finance — 3.2%
4finance SA, 10.75%, 5/1/22(1)	200,000		191,197
Ally Financial, Inc., 3.75%, 11/18/19	100,000		100,500
Ally Financial, Inc., 8.00%, 3/15/20	100,000		104,750
Ally Financial, Inc., 4.125%, 3/30/20	400,000		403,636
Ally Financial, Inc., 7.50%, 9/15/20	25,000		26,563
Ally Financial, Inc., 4.125%, 2/13/22	100,000		101,125
Ally Financial, Inc., 5.125%, 9/30/24	75,000		79,031
Ally Financial, Inc., 8.00%, 11/1/31	525,000		654,281
ASP AMC Merger Sub, Inc., 8.00%, 5/15/25(1)	475,000		216,125
Cardtronics, Inc. / Cardtronics USA, Inc., 5.50%, 5/1/25(1)	75,000		73,688
Credit Acceptance Corp., 6.625%, 3/15/26(1)	150,000		152,625
FirstCash, Inc., 5.375%, 6/1/24(1)	50,000		51,376
goeasy Ltd., 7.875%, 11/1/22(1)	100,000		105,250
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.875%, 8/1/21(1)	300,000		306,750
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 3/15/22(1)	175,000		178,062
Navient Corp., 5.00%, 10/26/20	25,000		25,406
Navient Corp., 5.875%, 3/25/21	425,000		440,406
Navient Corp., 6.625%, 7/26/21	50,000		52,375
Navient Corp., 6.50%, 6/15/22	125,000		130,586
Navient Corp., 7.25%, 9/25/23	275,000		291,500
Navient Corp., 5.875%, 10/25/24	75,000		72,938

13

	Principal Amount/Shares		Value
Navient Corp., 6.75%, 6/25/25	$	150,000	$	149,108
Navient Corp., 6.75%, 6/15/26	675,000		648,000
Navient Corp., MTN, 4.875%, 6/17/19	34,000		34,064
Navient Corp., MTN, 8.00%, 3/25/20	350,000		364,875
Navient Corp., MTN, 6.125%, 3/25/24	550,000		552,062
Refinitiv US Holdings, Inc., 6.25%, 5/15/26(1)	300,000		304,875
Refinitiv US Holdings, Inc., 8.25%, 11/15/26(1)	250,000		245,937
Springleaf Finance Corp., 6.00%, 6/1/20	25,000		25,813
Springleaf Finance Corp., 8.25%, 12/15/20	25,000		26,906
Springleaf Finance Corp., 6.125%, 5/15/22	25,000		26,000
Springleaf Finance Corp., 8.25%, 10/1/23	175,000		193,812
Springleaf Finance Corp., 6.125%, 3/15/24	50,000		51,249
Springleaf Finance Corp., 6.875%, 3/15/25	873,000		903,555
Springleaf Finance Corp., 7.125%, 3/15/26	750,000		764,996
Verscend Escrow Corp., 9.75%, 8/15/26(1)	475,000		475,594
			8,525,016
Containers and Packaging — 2.2%
ARD Finance SA, 7.125% Cash or 7.875% PIK, 9/15/23(5)	400,000		400,500
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.25%, 9/15/22(1)	200,000		200,500
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(1)	400,000		403,500
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 7.25%, 5/15/24(1)	500,000		528,600
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.00%, 2/15/25(1)	400,000		401,000
Ball Corp., 4.375%, 12/15/20	250,000		254,375
Berry Global, Inc., 6.00%, 10/15/22	500,000		516,250
BWAY Holding Co., 5.50%, 4/15/24(1)	125,000		124,569
BWAY Holding Co., 7.25%, 4/15/25(1)	575,000		556,669
Cascades, Inc., 5.50%, 7/15/22(1)	25,000		25,250
Flex Acquisition Co., Inc., 6.875%, 1/15/25(1)	50,000		48,000
Flex Acquisition Co., Inc., 7.875%, 7/15/26(1)	150,000		145,125
Greif, Inc., 7.75%, 8/1/19	200,000		203,500
Greif, Inc., 6.50%, 3/1/27(1)	175,000		179,375
OI European Group BV, 4.00%, 3/15/23(1)	100,000		98,375
Owens-Brockway Glass Container, Inc., 5.00%, 1/15/22(1)	50,000		51,438
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1)	125,000		127,656
Owens-Brockway Glass Container, Inc., 6.375%, 8/15/25(1)	500,000		526,250
Plastipak Holdings, Inc., 6.25%, 10/15/25(1)	75,000		70,500
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.75%, 10/15/20	969,108		971,530
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	50,000		50,875
Sealed Air Corp., 5.125%, 12/1/24(1)	50,000		52,048
Silgan Holdings, Inc., 4.75%, 3/15/25	25,000		24,656
			5,960,541

14

	Principal Amount/Shares		Value
Distributors — 0.1%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23(1)	$	125,000	$	128,594
Diversified Consumer Services — 0.2%
frontdoor, Inc., 6.75%, 8/15/26(1)	25,000		25,625
Graham Holdings Co., 5.75%, 6/1/26(1)	100,000		105,250
Service Corp., International/US, 5.375%, 5/15/24	150,000		154,313
Sotheby's, 4.875%, 12/15/25(1)	100,000		97,625
Weight Watchers International, Inc., 8.625%, 12/1/25(1)	275,000		248,875
			631,688
Diversified Financial Services — 2.2%
Arrow Bidco LLC, 9.50%, 3/15/24(1)	75,000		74,719
Camelot Finance SA, 7.875%, 10/15/24(1)	400,000		424,000
CNG Holdings, Inc., 9.375%, 5/15/20(1)	150,000		148,500
Cornerstone Chemical Co., 6.75%, 8/15/24(1)	175,000		165,375
Exela Intermediate LLC / Exela Finance, Inc., 10.00%, 7/15/23(1)	350,000		357,700
HUB International Ltd., 7.00%, 5/1/26(1)	475,000		471,437
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.00%, 8/1/20	1,100,000		1,111,825
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.875%, 2/1/22	300,000		304,839
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 2/1/22	755,000		776,404
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.75%, 2/1/24	175,000		183,094
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.375%, 12/15/25	150,000		153,937
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.375%, 4/1/20(1)	200,000		200,500
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.25%, 8/15/24(1)	200,000		198,000
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.50%, 6/1/22	150,000		147,938
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, 12/15/22(1)	75,000		77,250
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/24(1)	125,000		136,115
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.75%, 6/1/25(1)	150,000		151,875
Trident Merger Sub, Inc., 6.625%, 11/1/25(1)	50,000		47,000
Vantiv LLC / Vantiv Issuer Corp., 4.375%, 11/15/25(1)	400,000		413,252
VFH Parent LLC / Orchestra Co-Issuer, Inc., 6.75%, 6/15/22(1)	75,000		77,537
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 7/15/25(1)	200,000		173,320
			5,794,617
Diversified Telecommunication Services — 5.6%
Altice France SA, 6.25%, 5/15/24(1)	400,000		404,500
Altice France SA, 7.375%, 5/1/26(1)	400,000		393,000
Altice France SA, 8.125%, 2/1/27(1)	1,300,000		1,316,250
CenturyLink, Inc., 5.625%, 4/1/20	75,000		76,721
CenturyLink, Inc., 6.45%, 6/15/21	200,000		208,750
CenturyLink, Inc., 5.80%, 3/15/22	250,000		256,563
CenturyLink, Inc., 6.75%, 12/1/23	450,000		470,812
CenturyLink, Inc., 7.50%, 4/1/24	175,000		185,500

15

	Principal Amount/Shares		Value
CenturyLink, Inc., 7.60%, 9/15/39	$	475,000	$	419,187
Cogent Communications Group, Inc., 5.375%, 3/1/22(1)	300,000		308,250
Frontier Communications Corp., 10.50%, 9/15/22	1,575,000		1,208,812
Frontier Communications Corp., 11.00%, 9/15/25	175,000		116,186
Frontier Communications Corp., 8.50%, 4/1/26(1)	100,000		93,125
Frontier Communications Corp., 8.00%, 4/1/27(1)	325,000		336,375
Hughes Satellite Systems Corp., 6.625%, 8/1/26	250,000		245,625
Intelsat Connect Finance SA, 9.50%, 2/15/23(1)	1,150,000		1,023,845
Intelsat Jackson Holdings SA, 8.00%, 2/15/24(1)	75,000		78,375
Intelsat Jackson Holdings SA, 8.50%, 10/15/24(1)	575,000		562,062
Intelsat Jackson Holdings SA, 9.75%, 7/15/25(1)	900,000		918,270
Intelsat Luxembourg SA, 8.125%, 6/1/23	300,000		210,000
Level 3 Financing, Inc., 5.375%, 8/15/22	125,000		125,938
Level 3 Financing, Inc., 5.625%, 2/1/23	700,000		709,625
Level 3 Financing, Inc., 5.375%, 1/15/24	50,000		51,055
Qwest Corp., 6.75%, 12/1/21	75,000		79,839
Sprint Capital Corp., 6.875%, 11/15/28	400,000		385,500
Sprint Capital Corp., 8.75%, 3/15/32	1,950,000		2,062,320
Virgin Media Finance plc, 6.00%, 10/15/24(1)	400,000		414,992
Virgin Media Finance plc, 5.75%, 1/15/25(1)	200,000		204,250
Windstream Holding of the Midwest, Inc., 6.75%, 4/1/28(7)	50,000		39,500
Windstream Services LLC / Windstream Finance Corp., 7.75%, 10/15/20(7)	275,000		71,500
Windstream Services LLC / Windstream Finance Corp., 10.50%, 6/30/24(1)(7)	175,000		129,938
Windstream Services LLC / Windstream Finance Corp., 8.625%, 10/31/25(1)(7)	193,000		184,074
Zayo Group LLC / Zayo Capital, Inc., 6.00%, 4/1/23	900,000		915,750
Zayo Group LLC / Zayo Capital, Inc., 6.375%, 5/15/25	275,000		277,406
Zayo Group LLC / Zayo Capital, Inc., 5.75%, 1/15/27(1)	375,000		375,112
			14,859,007
Electric Utilities — 1.0%
NextEra Energy Operating Partners LP, 4.25%, 9/15/24(1)	75,000		74,719
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1)	175,000		171,281
Pacific Gas & Electric Co., 3.50%, 10/1/20(6)(7)	50,000		46,250
Pacific Gas & Electric Co., 6.05%, 3/1/34(6)(7)	700,000		698,250
Pacific Gas & Electric Co., 5.80%, 3/1/37(6)(7)	300,000		292,500
Pacific Gas & Electric Co., 5.40%, 1/15/40(6)(7)	200,000		191,000
Pacific Gas & Electric Co., 5.125%, 11/15/43(6)(7)	250,000		227,344
Vistra Operations Co. LLC, 5.50%, 9/1/26(1)	550,000		573,375
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)	250,000		260,625
			2,535,344
Electronic Equipment, Instruments and Components†
Itron, Inc., 5.00%, 1/15/26(1)	25,000		24,656
TTM Technologies, Inc., 5.625%, 10/1/25(1)	75,000		72,282
			96,938
Energy Equipment and Services — 2.6%
Apergy Corp., 6.375%, 5/1/26	50,000		50,813

16

	Principal Amount/Shares		Value
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)	$	225,000	$	229,995
Basic Energy Services, Inc., 10.75%, 10/15/23(1)	75,000		60,375
Bristow Group, Inc., 8.75%, 3/1/23(1)	75,000		54,375
Calfrac Holdings LP, 8.50%, 6/15/26(1)	275,000		214,500
CSI Compressco LP / CSI Compressco Finance, Inc., 7.25%, 8/15/22	50,000		44,000
Diamond Offshore Drilling, Inc., 7.875%, 8/15/25	175,000		169,750
Ensco plc, 7.75%, 2/1/26	125,000		106,094
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25	125,000		128,125
FTS International, Inc., 6.25%, 5/1/22	400,000		389,000
Global Marine, Inc., 7.00%, 6/1/28	25,000		21,688
Jonah Energy LLC / Jonah Energy Finance Corp., 7.25%, 10/15/25(1)	125,000		66,875
KCA Deutag UK Finance plc, 9.625%, 4/1/23(1)	200,000		168,250
McDermott Technology Americas, Inc. / McDermott Technology US, Inc., 10.625%, 5/1/24(1)	250,000		208,750
Nabors Industries, Inc., 5.00%, 9/15/20	50,000		50,500
Nabors Industries, Inc., 4.625%, 9/15/21	75,000		74,438
Nabors Industries, Inc., 5.75%, 2/1/25	50,000		45,062
Nine Energy Service, Inc., 8.75%, 11/1/23(1)	125,000		129,688
Noble Holding International Ltd., 7.75%, 1/15/24	63,000		57,037
Noble Holding International Ltd., 7.875%, 2/1/26(1)	350,000		325,937
Noble Holding International Ltd., 6.20%, 8/1/40	25,000		15,938
Precision Drilling Corp., 5.25%, 11/15/24	25,000		23,500
Precision Drilling Corp., 7.125%, 1/15/26(1)	100,000		99,656
Rowan Cos., Inc., 7.375%, 6/15/25	125,000		110,000
SESI LLC, 7.125%, 12/15/21	250,000		225,312
SESI LLC, 7.75%, 9/15/24	225,000		187,312
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(1)	350,000		333,375
Transocean Guardian Ltd., 5.875%, 1/15/24(1)	354,375		361,462
Transocean Pontus Ltd., 6.125%, 8/1/25(1)	94,500		96,154
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	225,000		234,562
Transocean, Inc., 5.80%, 10/15/22	225,000		221,625
Transocean, Inc., 9.00%, 7/15/23(1)	250,000		267,500
Transocean, Inc., 7.25%, 11/1/25(1)	250,000		247,812
Transocean, Inc., 7.50%, 1/15/26(1)	250,000		248,125
Transocean, Inc., 7.50%, 4/15/31	125,000		107,500
Transocean, Inc., 6.80%, 3/15/38	50,000		39,500
Transocean, Inc., 9.35%, 12/15/41	100,000		94,125
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26	175,000		179,812
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27(1)	275,000		280,844
Weatherford International LLC, 9.875%, 3/1/25	150,000		106,875
Weatherford International Ltd., 5.125%, 9/15/20	150,000		132,750
Weatherford International Ltd., 8.25%, 6/15/23	125,000		89,063
Weatherford International Ltd., 9.875%, 2/15/24	700,000		507,500

17

	Principal Amount/Shares		Value
Weatherford International Ltd., 6.50%, 8/1/36	$	25,000	$	14,250
			6,819,804
Entertainment — 1.6%
AMC Entertainment Holdings, Inc., 5.75%, 6/15/25	75,000		70,391
AMC Entertainment Holdings, Inc., 5.875%, 11/15/26	400,000		362,000
AMC Entertainment Holdings, Inc., 6.125%, 5/15/27	250,000		227,187
Cinemark USA, Inc., 5.125%, 12/15/22	225,000		229,219
Cinemark USA, Inc., 4.875%, 6/1/23	150,000		152,895
Live Nation Entertainment, Inc., 5.375%, 6/15/22(1)	50,000		50,750
Live Nation Entertainment, Inc., 5.625%, 3/15/26(1)	500,000		517,500
Netflix, Inc., 5.375%, 2/1/21	200,000		208,188
Netflix, Inc., 5.50%, 2/15/22	225,000		236,812
Netflix, Inc., 4.875%, 4/15/28	225,000		223,312
Netflix, Inc., 5.875%, 11/15/28(1)	525,000		555,844
Netflix, Inc., 6.375%, 5/15/29(1)	775,000		839,906
WMG Acquisition Corp., 5.00%, 8/1/23(1)	50,000		51,063
Ziggo Bond Co. BV, 6.00%, 1/15/27(1)	300,000		288,750
Ziggo BV, 5.50%, 1/15/27(1)	300,000		297,750
			4,311,567
Equity Real Estate Investment Trusts (REITs) — 1.1%
CyrusOne LP / CyrusOne Finance Corp., 5.00%, 3/15/24	25,000		25,594
CyrusOne LP / CyrusOne Finance Corp., 5.375%, 3/15/27	25,000		25,930
Equinix, Inc., 5.375%, 1/1/22	375,000		385,575
Equinix, Inc., 5.375%, 4/1/23	350,000		357,437
Equinix, Inc., 5.75%, 1/1/25	125,000		130,078
Equinix, Inc., 5.875%, 1/15/26	275,000		290,386
Equinix, Inc., 5.375%, 5/15/27	150,000		157,500
ESH Hospitality, Inc., 5.25%, 5/1/25(1)	200,000		199,250
FelCor Lodging LP, 6.00%, 6/1/25	450,000		465,187
GEO Group, Inc. (The), 6.00%, 4/15/26	25,000		21,125
GLP Capital LP / GLP Financing II, Inc., 5.25%, 6/1/25	75,000		78,761
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	50,000		52,370
Iron Mountain, Inc., 5.75%, 8/15/24	125,000		126,563
iStar, Inc., 4.625%, 9/15/20	75,000		76,031
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.75%, 2/1/27(1)	75,000		77,719
RHP Hotel Properties LP / RHP Finance Corp., 5.00%, 4/15/23	25,000		25,250
Sabra Health Care LP / Sabra Capital Corp., 5.50%, 2/1/21	275,000		278,266
SBA Communications Corp., 4.00%, 10/1/22	200,000		201,720
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.125%, 12/15/24(1)	50,000		43,250
			3,017,992
Food and Staples Retailing — 0.2%
Albertsons Cos. LLC / Safeway, Inc. / New Albertson's, LP / Albertson's LLC, 6.625%, 6/15/24	125,000		126,875
Albertsons Cos. LLC / Safeway, Inc. / New Albertson's, LP / Albertson's LLC, 5.75%, 3/15/25	200,000		190,750
Ingles Markets, Inc., 5.75%, 6/15/23	50,000		51,188

18

	Principal Amount/Shares		Value
Rite Aid Corp., 7.70%, 2/15/27	$	25,000	$	15,750
US Foods, Inc., 5.875%, 6/15/24(1)	250,000		256,875
			641,438
Food Products — 1.0%
B&G Foods, Inc., 5.25%, 4/1/25	100,000		96,250
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 4/15/25(1)	50,000		45,063
Clearwater Seafoods, Inc., 6.875%, 5/1/25(1)	75,000		74,531
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22(1)	225,000		221,287
Darling Ingredients, Inc., 5.25%, 4/15/27(1)(3)	100,000		101,687
HLF Financing Sarl LLC / Herbalife International, Inc., 7.25%, 8/15/26(1)	150,000		154,687
JBS Investments GmbH, 7.25%, 4/3/24(1)	200,000		205,750
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	175,000		177,625
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)	225,000		227,250
Post Holdings, Inc., 5.50%, 3/1/25(1)	350,000		355,250
Post Holdings, Inc., 5.00%, 8/15/26(1)	50,000		48,813
Post Holdings, Inc., 5.75%, 3/1/27(1)	775,000		781,781
Post Holdings, Inc., 5.625%, 1/15/28(1)	50,000		49,813
Sigma Holdco BV, 7.875%, 5/15/26(1)	200,000		185,500
			2,725,287
Gas Utilities — 2.3%
American Midstream Partners LP / American Midstream Finance Corp., 9.50%, 12/15/21(1)	100,000		92,500
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.25%, 1/15/25	25,000		25,985
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 9/15/24	325,000		329,160
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 3/1/27(1)	200,000		203,500
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22(1)	240,000		244,800
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.625%, 7/15/26(1)	50,000		51,250
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24	350,000		395,955
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25	125,000		136,250
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27	250,000		262,812
CNX Midstream Partners LP / CNX Midstream Finance Corp., 6.50%, 3/15/26(1)	150,000		145,875
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23	535,000		551,050
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	100,000		103,000
DCP Midstream Operating LP, 5.35%, 3/15/20(1)	150,000		152,812
DCP Midstream Operating LP, 4.75%, 9/30/21(1)	170,000		173,400
DCP Midstream Operating LP, 4.95%, 4/1/22	50,000		51,313
DCP Midstream Operating LP, 5.375%, 7/15/25	575,000		600,875
Delek Logistics Partners LP / Delek Logistics Finance Corp., 6.75%, 5/15/25	75,000		74,625
Genesis Energy LP / Genesis Energy Finance Corp., 6.50%, 10/1/25	50,000		48,875

19

	Principal Amount/Shares		Value
Genesis Energy LP / Genesis Energy Finance Corp., 6.25%, 5/15/26	$	50,000	$	47,500
Holly Energy Partners LP / Holly Energy Finance Corp., 6.00%, 8/1/24(1)	75,000		77,775
NGPL PipeCo LLC, 4.375%, 8/15/22(1)	125,000		127,188
NGPL PipeCo LLC, 4.875%, 8/15/27(1)	75,000		76,031
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23	425,000		434,562
Rockies Express Pipeline LLC, 6.875%, 4/15/40(1)	100,000		107,827
SemGroup Corp. / Rose Rock Finance Corp., 5.625%, 7/15/22	75,000		74,531
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.50%, 8/15/22	200,000		199,000
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.75%, 4/15/25	50,000		47,438
Superior Plus LP / Superior General Partner, Inc., 7.00%, 7/15/26(1)	50,000		51,063
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 4.75%, 10/1/23(1)	200,000		201,938
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 5.50%, 9/15/24(1)	75,000		77,250
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23	225,000		224,719
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.75%, 3/15/24	25,000		26,281
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.125%, 2/1/25	75,000		76,875
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26(1)	125,000		132,750
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27(1)	100,000		108,125
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	225,000		221,917
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.875%, 1/15/29(1)	125,000		136,406
TransMontaigne Partners LP / TLP Finance Corp., 6.125%, 2/15/26	75,000		70,875
			6,164,088
Health Care Equipment and Supplies — 0.5%
Avantor, Inc., 6.00%, 10/1/24(1)	100,000		104,000
Avantor, Inc., 9.00%, 10/1/25(1)	550,000		597,438
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.75%, 8/1/22(1)	200,000		189,000
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.625%, 10/15/23(1)	50,000		41,750
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 6.625%, 5/15/22(1)	400,000		381,000
			1,313,188
Health Care Providers and Services — 4.7%
Centene Corp., 4.75%, 5/15/22	125,000		127,500
Centene Corp., 6.125%, 2/15/24	250,000		262,262
Centene Corp., 4.75%, 1/15/25	100,000		102,250
Centene Corp., 5.375%, 6/1/26(1)	775,000		809,875
CHS / Community Health Systems, Inc., 6.875%, 2/1/22	221,000		148,070
CHS / Community Health Systems, Inc., 8.625%, 1/15/24(1)	125,000		125,469
CHS / Community Health Systems, Inc., 8.125%, 6/30/24(1)	71,000		53,271

20

	Principal Amount/Shares		Value
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)	$	275,000	$	263,807
CHS / Community Health Systems, Inc., VRN, 11.00%, 6/30/23(1)	125,000		102,579
DaVita, Inc., 5.75%, 8/15/22	50,000		51,063
DaVita, Inc., 5.125%, 7/15/24	125,000		123,750
DaVita, Inc., 5.00%, 5/1/25	50,000		48,100
Encompass Health Corp., 5.75%, 11/1/24	425,000		431,906
Envision Healthcare Corp., 8.75%, 10/15/26(1)	1,125,000		1,005,469
HCA Healthcare, Inc., 6.25%, 2/15/21	275,000		289,671
HCA, Inc., 7.50%, 2/15/22	350,000		386,855
HCA, Inc., 5.375%, 2/1/25	300,000		318,750
HCA, Inc., 5.875%, 2/15/26	225,000		243,563
HCA, Inc., 5.375%, 9/1/26	650,000		685,750
HCA, Inc., 5.625%, 9/1/28	1,125,000		1,192,500
HCA, Inc., MTN, 7.58%, 9/15/25	1,250,000		1,418,750
MEDNAX, Inc., 6.25%, 1/15/27(1)	125,000		126,719
MPH Acquisition Holdings LLC, 7.125%, 6/1/24(1)	275,000		275,000
Polaris Intermediate Corp., 8.50% Cash or 9.25% PIK, 12/1/22(1)(5)	350,000		346,587
Select Medical Corp., 6.375%, 6/1/21	1,035,000		1,040,175
Surgery Center Holdings, Inc., 10.00%, 4/15/27(1)(3)	100,000		101,750
Tenet Healthcare Corp., 6.00%, 10/1/20	935,000		971,231
Tenet Healthcare Corp., 8.125%, 4/1/22	325,000		350,870
Tenet Healthcare Corp., 6.75%, 6/15/23	400,000		413,500
Tenet Healthcare Corp., 4.625%, 7/15/24	75,000		75,469
Tenet Healthcare Corp., 6.25%, 2/1/27(1)	225,000		233,719
WellCare Health Plans, Inc., 5.375%, 8/15/26(1)	225,000		235,969
			12,362,199
Hotels, Restaurants and Leisure — 7.3%
1011778 BC ULC / New Red Finance, Inc., 4.625%, 1/15/22(1)	400,000		402,884
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(1)	925,000		916,027
Boyd Gaming Corp., 6.875%, 5/15/23	350,000		364,875
Boyd Gaming Corp., 6.375%, 4/1/26	1,325,000		1,376,344
Boyd Gaming Corp., 6.00%, 8/15/26	750,000		771,562
Boyne USA, Inc., 7.25%, 5/1/25(1)	175,000		188,125
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	785,000		759,487
Carrols Restaurant Group, Inc., 8.00%, 5/1/22	75,000		76,819
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp., 5.375%, 6/1/24	150,000		153,929
Churchill Downs, Inc., 5.50%, 4/1/27(1)	175,000		177,625
Churchill Downs, Inc., 4.75%, 1/15/28(1)	200,000		191,250
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 2/15/23(1)	250,000		259,687
Eldorado Resorts, Inc., 7.00%, 8/1/23	150,000		157,337
Eldorado Resorts, Inc., 6.00%, 4/1/25	475,000		483,312
Eldorado Resorts, Inc., 6.00%, 9/15/26	350,000		357,000
Enterprise Development Authority (The), 12.00%, 7/15/24(1)	150,000		153,000
Gateway Casinos & Entertainment Ltd., 8.25%, 3/1/24(1)	380,000		400,425
Golden Nugget, Inc., 6.75%, 10/15/24(1)	850,000		856,375

21

	Principal Amount/Shares		Value
Golden Nugget, Inc., 8.75%, 10/1/25(1)	$	850,000	$	894,625
Hilton Domestic Operating Co., Inc., 5.125%, 5/1/26(1)	500,000		508,750
Inn of the Mountain Gods Resort & Casino, 9.25% Cash or 9.25% PIK, 11/30/20(5)	134,811		134,137
IRB Holding Corp., 6.75%, 2/15/26(1)	275,000		259,188
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 6.75%, 11/15/21(1)	375,000		387,187
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 10.25%, 11/15/22(1)	100,000		107,750
Jacobs Entertainment, Inc., 7.875%, 2/1/24(1)	175,000		183,750
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.00%, 6/1/24(1)	600,000		613,500
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.25%, 6/1/26(1)	105,000		106,247
LTF Merger Sub, Inc., 8.50%, 6/15/23(1)	1,525,000		1,572,656
Marriott Ownership Resorts, Inc. / ILG LLC, 6.50%, 9/15/26(1)	150,000		157,718
Merlin Entertainments plc, 5.75%, 6/15/26(1)	200,000		206,750
MGM Resorts International, 5.25%, 3/31/20	175,000		178,719
MGM Resorts International, 6.625%, 12/15/21	425,000		455,281
MGM Resorts International, 7.75%, 3/15/22	450,000		498,375
MGM Resorts International, 6.00%, 3/15/23	1,325,000		1,401,187
MGM Resorts International, 5.75%, 6/15/25	50,000		52,063
MGM Resorts International, 5.50%, 4/15/27(3)	175,000		178,063
Mohegan Gaming & Entertainment, 7.875%, 10/15/24(1)	325,000		324,187
Nathan's Famous, Inc., 6.625%, 11/1/25(1)	200,000		195,250
NCL Corp. Ltd., 4.75%, 12/15/21(1)	396,000		401,445
Scientific Games International, Inc., 6.25%, 9/1/20	100,000		100,500
Scientific Games International, Inc., 6.625%, 5/15/21	75,000		76,125
Scientific Games International, Inc., 10.00%, 12/1/22	518,000		547,137
Silversea Cruise Finance Ltd., 7.25%, 2/1/25(1)	125,000		135,813
Station Casinos LLC, 5.00%, 10/1/25(1)	250,000		246,875
Viking Cruises Ltd., 6.25%, 5/15/25(1)	25,000		25,500
Viking Cruises Ltd., 5.875%, 9/15/27(1)	725,000		706,875
VOC Escrow Ltd., 5.00%, 2/15/28(1)	25,000		24,438
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)	350,000		331,625
Wynn Macau Ltd., 4.875%, 10/1/24(1)	200,000		195,618
Wynn Macau Ltd., 5.50%, 10/1/27(1)	200,000		192,000
			19,445,397
Household Durables — 2.2%
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.75%, 8/1/25(1)	75,000		68,625
Beazer Homes USA, Inc., 8.75%, 3/15/22	100,000		104,850
Beazer Homes USA, Inc., 7.25%, 2/1/23	13,000		12,545
Beazer Homes USA, Inc., 6.75%, 3/15/25	227,000		215,650
Brookfield Residential Properties, Inc., 6.375%, 5/15/25(1)	100,000		96,500
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.125%, 7/1/22(1)	75,000		75,656
Century Communities, Inc., 6.875%, 5/15/22	175,000		178,937

22

	Principal Amount/Shares		Value
Century Communities, Inc., 5.875%, 7/15/25	$	100,000	$	95,500
FXI Holdings, Inc., 7.875%, 11/1/24(1)	50,000		46,625
Jeld-Wen, Inc., 4.625%, 12/15/25(1)	50,000		47,625
K Hovnanian Enterprises, Inc., 13.50%, 2/1/26(1)	26,000		25,155
K Hovnanian Enterprises, Inc., 5.00%, 2/1/40(1)	26,000		10,790
KB Home, 7.00%, 12/15/21	125,000		134,219
KB Home, 7.625%, 5/15/23	50,000		54,687
KB Home, 6.875%, 6/15/27	200,000		206,500
Lennar Corp., 6.25%, 12/15/21	50,000		52,813
Lennar Corp., 4.125%, 1/15/22	175,000		176,969
Lennar Corp., 5.375%, 10/1/22	275,000		287,719
Lennar Corp., 5.25%, 6/1/26	25,000		25,813
Lennar Corp., 5.00%, 6/15/27	200,000		201,250
Mattamy Group Corp., 6.50%, 10/1/25(1)	25,000		24,789
Meritage Homes Corp., 7.15%, 4/15/20	25,000		25,969
Meritage Homes Corp., 6.00%, 6/1/25	550,000		580,250
Shea Homes LP / Shea Homes Funding Corp., 6.125%, 4/1/25(1)	400,000		383,000
Taylor Morrison Communities, Inc., 6.625%, 5/15/22	175,000		181,562
Toll Brothers Finance Corp., 5.875%, 2/15/22	525,000		554,269
TopBuild Corp., 5.625%, 5/1/26(1)	175,000		173,250
TRI Pointe Group, Inc., 5.25%, 6/1/27	475,000		437,594
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24	50,000		50,375
Weekley Homes LLC / Weekley Finance Corp., 6.00%, 2/1/23	175,000		169,312
Weekley Homes LLC / Weekley Finance Corp., 6.625%, 8/15/25	275,000		264,000
William Lyon Homes, Inc., 7.00%, 8/15/22	125,000		125,625
William Lyon Homes, Inc., 6.00%, 9/1/23	150,000		145,875
William Lyon Homes, Inc., 5.875%, 1/31/25	125,000		118,125
Williams Scotsman International, Inc., 7.875%, 12/15/22(1)	175,000		180,687
Williams Scotsman International, Inc., 6.875%, 8/15/23(1)	225,000		225,562
			5,758,672
Household Products — 0.4%
Central Garden & Pet Co., 6.125%, 11/15/23	75,000		78,656
Central Garden & Pet Co., 5.125%, 2/1/28	75,000		69,000
Energizer Holdings, Inc., 5.50%, 6/15/25(1)	700,000		695,625
Energizer Holdings, Inc., 6.375%, 7/15/26(1)	50,000		51,375
Energizer Holdings, Inc., 7.75%, 1/15/27(1)	175,000		187,032
Spectrum Brands, Inc., 6.125%, 12/15/24	25,000		25,375
			1,107,063
Independent Power and Renewable Electricity Producers — 0.9%
Calpine Corp., 6.00%, 1/15/22(1)	725,000		735,875
Calpine Corp., 5.375%, 1/15/23	450,000		451,687
Calpine Corp., 5.875%, 1/15/24(1)	75,000		77,063
Calpine Corp., 5.50%, 2/1/24	75,000		74,813
Calpine Corp., 5.75%, 1/15/25	175,000		174,562
Calpine Corp., 5.25%, 6/1/26(1)	150,000		149,813
NRG Energy, Inc., 6.25%, 5/1/24	25,000		25,844
NRG Energy, Inc., 6.625%, 1/15/27	200,000		216,000

23

	Principal Amount/Shares		Value
Pattern Energy Group, Inc., 5.875%, 2/1/24(1)	$	100,000	$	102,250
Vistra Energy Corp., 7.375%, 11/1/22	326,000		339,040
Vistra Energy Corp., 5.875%, 6/1/23	25,000		25,656
Vistra Energy Corp., 7.625%, 11/1/24	74,000		78,441
			2,451,044
Industrial Conglomerates — 0.7%
DAE Funding LLC, 4.00%, 8/1/20(1)	450,000		452,250
DAE Funding LLC, 5.25%, 11/15/21(1)	375,000		383,437
DAE Funding LLC, 4.50%, 8/1/22(1)	225,000		227,531
DAE Funding LLC, 5.00%, 8/1/24(1)	400,000		406,000
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.375%, 12/15/23(1)	150,000		144,750
JPW Industries Holding Corp., 9.00%, 10/1/24(1)	75,000		73,500
Koppers, Inc., 6.00%, 2/15/25(1)	25,000		24,563
RBS Global, Inc. / Rexnord LLC, 4.875%, 12/15/25(1)	125,000		124,063
			1,836,094
Insurance — 0.8%
Acrisure LLC / Acrisure Finance, Inc., 8.125%, 2/15/24(1)	150,000		155,705
Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25(1)	200,000		181,000
Aircastle Ltd., 5.125%, 3/15/21	75,000		77,424
Ardonagh Midco 3 plc, 8.625%, 7/15/23(1)	200,000		172,000
Ardonagh Midco 3 plc, 8.625%, 7/15/23(1)	200,000		172,000
AssuredPartners, Inc., 7.00%, 8/15/25(1)	100,000		93,000
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 5/1/25(1)	175,000		176,532
Genworth Holdings, Inc., 7.70%, 6/15/20	575,000		576,426
Genworth Holdings, Inc., 7.625%, 9/24/21	75,000		72,750
MBIA Insurance Corp., VRN, 14.05%, (3-month LIBOR plus 11.26%), 1/15/33(1)(6)(7)	125,000		82,031
MBIA, Inc., 7.15%, 7/15/27	25,000		23,125
NFP Corp., 6.875%, 7/15/25(1)	175,000		168,000
Prudential Financial, Inc., VRN, 5.70%, 9/15/48	50,000		50,676
USIS Merger Sub, Inc., 6.875%, 5/1/25(1)	200,000		194,750
			2,195,419
Interactive Media and Services — 0.7%
Match Group, Inc., 6.375%, 6/1/24	1,185,000		1,250,175
Match Group, Inc., 5.625%, 2/15/29(1)	150,000		152,437
Rackspace Hosting, Inc., 8.625%, 11/15/24(1)	350,000		312,683
			1,715,295
IT Services — 0.6%
Banff Merger Sub, Inc., 9.75%, 9/1/26(1)	225,000		218,813
CDW LLC / CDW Finance Corp., 5.00%, 9/1/23	25,000		25,656
CDW LLC / CDW Finance Corp., 5.50%, 12/1/24	200,000		211,250
CDW LLC / CDW Finance Corp., 5.00%, 9/1/25	275,000		282,906
First Data Corp., 5.00%, 1/15/24(1)	375,000		384,234
First Data Corp., 5.75%, 1/15/24(1)	350,000		361,200
Gartner, Inc., 5.125%, 4/1/25(1)	150,000		151,980
			1,636,039

24

	Principal Amount/Shares		Value
Leisure Products — 0.1%
Constellation Merger Sub, Inc., 8.50%, 9/15/25(1)	$	200,000	$	182,000
Mattel, Inc., 5.45%, 11/1/41	25,000		18,625
			200,625
Life Sciences Tools and Services — 0.4%
Charles River Laboratories International, Inc., 5.50%, 4/1/26(1)	450,000		468,000
IQVIA, Inc., 4.875%, 5/15/23(1)	250,000		255,650
IQVIA, Inc., 5.00%, 10/15/26(1)	200,000		205,376
			929,026
Machinery — 1.1%
Allison Transmission, Inc., 5.875%, 6/1/29(1)	150,000		152,063
Cleaver-Brooks, Inc., 7.875%, 3/1/23(1)	50,000		46,375
Cloud Crane LLC, 10.125%, 8/1/24(1)	300,000		323,250
Colfax Corp., 6.00%, 2/15/24(1)	125,000		130,625
Colfax Corp., 6.375%, 2/15/26(1)	75,000		79,922
EnPro Industries, Inc., 5.75%, 10/15/26(1)	150,000		151,500
JB Poindexter & Co., Inc., 7.125%, 4/15/26(1)	125,000		125,979
Manitowoc Co., Inc. (The), 9.00%, 4/1/26(1)	100,000		101,500
Mueller Water Products, Inc., 5.50%, 6/15/26(1)	100,000		101,750
Navistar International Corp., 6.625%, 11/1/25(1)	250,000		255,312
SPX FLOW, Inc., 5.625%, 8/15/24(1)	50,000		50,500
SPX FLOW, Inc., 5.875%, 8/15/26(1)	50,000		50,500
Stevens Holding Co., Inc., 6.125%, 10/1/26(1)	150,000		155,250
Tennant Co., 5.625%, 5/1/25	50,000		50,625
Vertiv Group Corp., 9.25%, 10/15/24(1)	425,000		425,000
Vertiv Intermediate Holding Corp., 12.00% Cash or 13.00% PIK, 2/15/22(1)(5)	550,000		532,812
Wabash National Corp., 5.50%, 10/1/25(1)	250,000		234,375
			2,967,338
Marine†
Martin Midstream Partners LP / Martin Midstream Finance Corp., 7.25%, 2/15/21	50,000		48,750
Media — 6.3%
Altice Luxembourg SA, 7.75%, 5/15/22(1)	1,700,000		1,704,250
AMC Networks, Inc., 4.75%, 12/15/22	275,000		277,750
AMC Networks, Inc., 5.00%, 4/1/24	350,000		352,590
Cablevision Systems Corp., 8.00%, 4/15/20	100,000		104,750
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 3/15/21	250,000		251,251
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 9/30/22	225,000		229,641
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 2/15/23	425,000		433,500
CCO Holdings LLC / CCO Holdings Capital Corp., 4.00%, 3/1/23(1)	450,000		450,697
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/23(1)	725,000		743,843
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 9/1/23	100,000		102,250
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 1/15/24	25,000		25,719
CCO Holdings LLC / CCO Holdings Capital Corp., 5.875%, 4/1/24(1)	175,000		183,332
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 5/1/25(1)	125,000		129,375
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	700,000		735,000

25

	Principal Amount/Shares		Value
CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 5/1/26(1)	$	175,000	$	181,125
CCO Holdings LLC / CCO Holdings Capital Corp., 5.875%, 5/1/27(1)	350,000		364,105
Clear Channel International BV, 8.75%, 12/15/20(1)	25,000		25,781
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22	900,000		923,625
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22	150,000		154,312
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24(1)	350,000		371,875
Cogent Communications Finance, Inc., 5.625%, 4/15/21(1)	75,000		76,125
CSC Holdings LLC, 6.75%, 11/15/21	50,000		53,563
CSC Holdings LLC, 5.125%, 12/15/21(1)	560,000		562,100
CSC Holdings LLC, 5.125%, 12/15/21(1)	25,000		25,094
CSC Holdings LLC, 5.375%, 7/15/23(1)	200,000		204,250
CSC Holdings LLC, 6.50%, 2/1/29(1)	1,000,000		1,066,250
DISH DBS Corp., 5.125%, 5/1/20	100,000		100,875
DISH DBS Corp., 5.875%, 11/15/24	75,000		63,281
DISH DBS Corp., 7.75%, 7/1/26	575,000		501,687
Embarq Corp., 8.00%, 6/1/36	725,000		709,594
EW Scripps Co. (The), 5.125%, 5/15/25(1)	150,000		143,250
Gray Television, Inc., 5.125%, 10/15/24(1)	530,000		532,650
Gray Television, Inc., 5.875%, 7/15/26(1)	300,000		306,060
Gray Television, Inc., 7.00%, 5/15/27(1)	300,000		319,500
iHeartCommunications, Inc., 12.00% Cash plus 2.00% PIK, 2/1/21(6)(7)	105,607		14,521
Lamar Media Corp., 5.75%, 2/1/26(1)	50,000		52,438
Level 3 Parent LLC, 5.75%, 12/1/22	125,000		126,600
Mediacom Broadband LLC / Mediacom Broadband Corp., 5.50%, 4/15/21	6,000		6,027
Midcontinent Communications / Midcontinent Finance Corp., 6.875%, 8/15/23(1)	200,000		209,057
Nexstar Broadcasting, Inc., 6.125%, 2/15/22(1)	50,000		50,875
Nexstar Broadcasting, Inc., 5.625%, 8/1/24(1)	300,000		305,250
Qualitytech LP / QTS Finance Corp., 4.75%, 11/15/25(1)	125,000		121,563
Quebecor Media, Inc., 5.75%, 1/15/23	50,000		52,375
Radiate Holdco LLC / Radiate Finance, Inc., 6.625%, 2/15/25(1)	200,000		194,000
Salem Media Group, Inc., 6.75%, 6/1/24(1)	25,000		22,750
Sinclair Television Group, Inc., 6.125%, 10/1/22	225,000		229,500
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)	75,000		72,188
Sirius XM Radio, Inc., 3.875%, 8/1/22(1)	539,000		537,652
Sirius XM Radio, Inc., 4.625%, 5/15/23(1)	250,000		254,062
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)	100,000		100,435
TEGNA, Inc., 4.875%, 9/15/21(1)	25,000		25,125
TEGNA, Inc., 6.375%, 10/15/23	50,000		51,875
Telenet Finance Luxembourg Notes Sarl, 5.50%, 3/1/28(1)	200,000		197,101
Townsquare Media, Inc., 6.50%, 4/1/23(1)	150,000		144,187
Tribune Media Co., 5.875%, 7/15/22	75,000		76,922
Univision Communications, Inc., 6.75%, 9/15/22(1)	436,000		444,720
UPC Holding BV, 5.50%, 1/15/28(1)	200,000		200,000
Videotron Ltd., 5.375%, 6/15/24(1)	300,000		314,250

26

	Principal Amount/Shares		Value
Virgin Media Secured Finance plc, 5.25%, 1/15/26(1)	$	500,000	$	505,000
			16,717,523
Metals and Mining — 4.0%
AK Steel Corp., 7.625%, 10/1/21	125,000		125,937
Alcoa Nederland Holding BV, 6.75%, 9/30/24(1)	200,000		212,500
Alcoa Nederland Holding BV, 7.00%, 9/30/26(1)	200,000		216,624
Alcoa Nederland Holding BV, 6.125%, 5/15/28(1)	400,000		413,000
Aleris International, Inc., 10.75%, 7/15/23(1)	250,000		263,125
ArcelorMittal, 5.25%, 8/5/20	25,000		25,695
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, 8.75%, 7/15/26(1)	150,000		151,323
Big River Steel LLC / BRS Finance Corp., 7.25%, 9/1/25(1)	150,000		157,170
Cleveland-Cliffs, Inc., 5.75%, 3/1/25	400,000		384,000
Coeur Mining, Inc., 5.875%, 6/1/24	200,000		193,250
Commercial Metals Co., 5.75%, 4/15/26	75,000		75,000
Commercial Metals Co., 5.375%, 7/15/27	50,000		48,250
Compass Minerals International, Inc., 4.875%, 7/15/24(1)	75,000		70,500
Constellium NV, 5.75%, 5/15/24(1)	250,000		251,250
Constellium NV, 6.625%, 3/1/25(1)	250,000		255,625
First Quantum Minerals Ltd., 7.00%, 2/15/21(1)	40,000		40,750
First Quantum Minerals Ltd., 7.25%, 5/15/22(1)	200,000		202,000
First Quantum Minerals Ltd., 6.50%, 3/1/24(1)	1,400,000		1,321,250
First Quantum Minerals Ltd., 7.50%, 4/1/25(1)	200,000		193,000
First Quantum Minerals Ltd., 6.875%, 3/1/26(1)	200,000		186,250
FMG Resources August 2006 Pty Ltd., 4.75%, 5/15/22(1)	50,000		50,188
Freeport-McMoRan, Inc., 4.00%, 11/14/21	150,000		151,312
Freeport-McMoRan, Inc., 3.55%, 3/1/22	75,000		74,344
Freeport-McMoRan, Inc., 3.875%, 3/15/23	375,000		370,541
Freeport-McMoRan, Inc., 4.55%, 11/14/24	100,000		98,250
Freeport-McMoRan, Inc., 5.40%, 11/14/34	250,000		228,750
Freeport-McMoRan, Inc., 5.45%, 3/15/43	850,000		748,008
Hecla Mining Co., 6.875%, 5/1/21	225,000		225,422
Hillman Group, Inc. (The), 6.375%, 7/15/22(1)	25,000		22,438
Hudbay Minerals, Inc., 7.25%, 1/15/23(1)	50,000		51,937
Hudbay Minerals, Inc., 7.625%, 1/15/25(1)	175,000		180,250
IAMGOLD Corp., 7.00%, 4/15/25(1)	75,000		76,312
Kinross Gold Corp., 5.125%, 9/1/21	50,000		51,625
Kinross Gold Corp., 4.50%, 7/15/27	50,000		47,625
Mountain Province Diamonds, Inc., 8.00%, 12/15/22(1)	75,000		75,094
Northwest Acquisitions ULC / Dominion Finco, Inc., 7.125%, 11/1/22(1)	75,000		66,187
Novelis Corp., 6.25%, 8/15/24(1)	365,000		374,125
Novelis Corp., 5.875%, 9/30/26(1)	100,000		99,750
Park-Ohio Industries, Inc., 6.625%, 4/15/27	275,000		275,000
Petra Diamonds US Treasury plc, 7.25%, 5/1/22(1)	200,000		187,500
Steel Dynamics, Inc., 5.125%, 10/1/21	100,000		101,000
Taseko Mines Ltd., 8.75%, 6/15/22(1)	300,000		277,500

27

	Principal Amount/Shares		Value
Teck Resources Ltd., 4.50%, 1/15/21	$	75,000	$	76,125
Teck Resources Ltd., 4.75%, 1/15/22	200,000		205,149
Teck Resources Ltd., 3.75%, 2/1/23	25,000		25,003
Teck Resources Ltd., 6.125%, 10/1/35	200,000		213,614
Teck Resources Ltd., 6.00%, 8/15/40	450,000		468,906
Teck Resources Ltd., 6.25%, 7/15/41	425,000		455,370
Teck Resources Ltd., 5.20%, 3/1/42	100,000		96,849
Teck Resources Ltd., 5.40%, 2/1/43	150,000		149,174
United States Steel Corp., 6.875%, 8/15/25	150,000		147,375
United States Steel Corp., 6.25%, 3/15/26	225,000		211,239
Zekelman Industries, Inc., 9.875%, 6/15/23(1)	25,000		26,641
			10,695,102
Mortgage Real Estate Investment Trusts (REITs)†
Starwood Property Trust, Inc., 4.75%, 3/15/25	25,000		24,938
Multi-Utilities — 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.50%, 5/20/25	125,000		125,156
AmeriGas Partners LP / AmeriGas Finance Corp., 5.75%, 5/20/27	100,000		99,250
Clearway Energy Operating LLC, 5.75%, 10/15/25(1)	175,000		176,313
Clearway Energy Operating LLC, 5.00%, 9/15/26	150,000		143,625
GenOn Energy, Inc. / NRG Americas, Inc., VRN, 9.39%, (6-month LIBOR plus 6.50%), 12/1/23	22,043		21,988
LBC Tank Terminals Holding Netherlands BV, 6.875%, 5/15/23(1)	200,000		190,500
Talen Energy Supply LLC, 9.50%, 7/15/22(1)	100,000		108,000
Talen Energy Supply LLC, 10.50%, 1/15/26(1)	200,000		209,400
			1,074,232
Multiline Retail — 0.1%
JC Penney Corp., Inc., 8.625%, 3/15/25(1)	250,000		147,500
JC Penney Corp., Inc., 6.375%, 10/15/36	125,000		44,375
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21(1)	50,000		26,750
Neiman Marcus Group Ltd. LLC, 8.75% Cash or 9.50% PIK, 10/15/21(1)(5)	124,505		65,988
			284,613
Oil, Gas and Consumable Fuels — 9.3%
Alta Mesa Holdings LP / Alta Mesa Finance Services Corp., 7.875%, 12/15/24	250,000		95,000
Antero Resources Corp., 5.375%, 11/1/21	75,000		75,563
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 10.00%, 4/1/22(1)	236,000		259,671
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)	175,000		169,094
Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp., 6.875%, 2/1/25	275,000		278,781
Bruin E&P Partners LLC, 8.875%, 8/1/23(1)	625,000		598,437
California Resources Corp., 5.00%, 1/15/20	50,000		47,250
California Resources Corp., 8.00%, 12/15/22(1)	1,300,000		1,024,140
Callon Petroleum Co., 6.125%, 10/1/24	675,000		681,750
Callon Petroleum Co., 6.375%, 7/1/26	50,000		50,375
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23	1,150,000		1,135,648
Centennial Resource Production LLC, 5.375%, 1/15/26(1)	75,000		72,281

28

	Principal Amount/Shares		Value
Chaparral Energy, Inc., 8.75%, 7/15/23(1)	$	300,000	$	207,000
Cheniere Energy Partners LP, 5.25%, 10/1/25	200,000		205,250
Chesapeake Energy Corp., 6.625%, 8/15/20	361,000		372,281
Chesapeake Energy Corp., 6.875%, 11/15/20	300,000		309,750
Chesapeake Energy Corp., 5.375%, 6/15/21	75,000		75,000
Chesapeake Energy Corp., 8.00%, 1/15/25	475,000		486,875
Citgo Holding, Inc., 10.75%, 2/15/20(1)	925,000		950,622
CITGO Petroleum Corp., 6.25%, 8/15/22(1)	50,000		49,875
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 12.00%, 11/1/21(6)(7)	125,000		22,813
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 6.375%, 3/15/24(6)(7)	500,000		30,000
CNX Resources Corp., 5.875%, 4/15/22	196,000		196,490
CONSOL Energy, Inc., 11.00%, 11/15/25(1)	100,000		113,750
Continental Resources, Inc., 4.90%, 6/1/44	25,000		25,536
Covey Park Energy LLC / Covey Park Finance Corp., 7.50%, 5/15/25(1)	275,000		256,355
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)	425,000		409,594
CVR Refining LLC / Coffeyville Finance, Inc., 6.50%, 11/1/22	50,000		50,750
Denbury Resources, Inc., 9.00%, 5/15/21(1)	534,000		521,985
Denbury Resources, Inc., 6.375%, 8/15/21	850,000		663,000
Denbury Resources, Inc., 9.25%, 3/31/22(1)	86,000		83,420
Denbury Resources, Inc., 7.50%, 2/15/24(1)	175,000		150,281
Energy Transfer Operating LP, 7.50%, 10/15/20	50,000		53,253
Energy Transfer Operating LP, 4.25%, 3/15/23	525,000		539,680
Energy Transfer Operating LP, 5.25%, 4/15/29	25,000		26,875
Energy Transfer Operating LP, 6.25%, 4/15/49	25,000		28,060
EnLink Midstream Partners LP, 4.40%, 4/1/24	175,000		173,906
EnLink Midstream Partners LP, 4.85%, 7/15/26	350,000		348,687
EnLink Midstream Partners LP, 5.60%, 4/1/44	50,000		45,000
EnLink Midstream Partners LP, 5.05%, 4/1/45	75,000		65,063
EnLink Midstream Partners LP, 5.45%, 6/1/47	150,000		134,250
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/20	462,000		212,520
EP Energy LLC / Everest Acquisition Finance, Inc., 6.375%, 6/15/23	525,000		107,625
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/24(1)	1,792,000		654,080
EP Energy LLC / Everest Acquisition Finance, Inc., 8.00%, 2/15/25(1)	50,000		17,500
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(1)	50,000		42,000
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(1)	225,000		173,812
Ferrellgas LP / Ferrellgas Finance Corp., 6.50%, 5/1/21	75,000		66,094
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 1/15/22	25,000		21,938
Ferrellgas Partners LP / Ferrellgas Partners Finance Corp., 8.625%, 6/15/20	50,000		37,938
Ferrellgas Partners LP / Ferrellgas Partners Finance Corp., 8.625%, 6/15/20	50,000		37,938
Gulfport Energy Corp., 6.625%, 5/1/23	73,000		71,175
Gulfport Energy Corp., 6.00%, 10/15/24	125,000		114,080
Gulfport Energy Corp., 6.375%, 5/15/25	75,000		68,156

29

	Principal Amount/Shares		Value
Gulfport Energy Corp., 6.375%, 1/15/26	$	100,000	$	89,000
Halcon Resources Corp., 6.75%, 2/15/25	150,000		90,750
Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp., 5.625%, 2/15/26(1)	200,000		204,500
HighPoint Operating Corp., 7.00%, 10/15/22	50,000		47,250
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1)	400,000		403,000
Indigo Natural Resources LLC, 6.875%, 2/15/26(1)	200,000		178,000
Jagged Peak Energy LLC, 5.875%, 5/1/26	350,000		348,792
Jones Energy Holdings LLC / Jones Energy Finance Corp., 6.75%, 4/1/22(6)(7)	75,000		2,625
Jones Energy Holdings LLC / Jones Energy Finance Corp., 9.25%, 3/15/23(6)(7)	75,000		2,625
Jones Energy Holdings LLC / Jones Energy Finance Corp., 9.25%, 3/15/23(1)(6)(7)	150,000		82,875
Laredo Petroleum, Inc., 5.625%, 1/15/22	350,000		321,562
Lonestar Resources America, Inc., 11.25%, 1/1/23(1)	100,000		97,500
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26(1)	150,000		152,250
Matador Resources Co., 5.875%, 9/15/26	150,000		150,375
MEG Energy Corp., 6.375%, 1/30/23(1)	400,000		371,500
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(1)	375,000		347,812
Murphy Oil Corp., 4.45%, 12/1/22	100,000		101,312
Murphy Oil Corp., 6.875%, 8/15/24	750,000		794,516
Murphy Oil Corp., 5.75%, 8/15/25	100,000		103,356
Murray Energy Corp., 11.25%, 4/15/21(1)	150,000		80,250
Murray Energy Corp., 9.00% Cash plus 3.00% PIK, 4/15/24(1)	866,713		368,353
Newfield Exploration Co., 5.75%, 1/30/22	50,000		53,424
Northern Oil and Gas, Inc., 8.50% Cash or 8.50% Cash plus 1.00% PIK, 5/15/23(8)	150,375		156,390
Oasis Petroleum, Inc., 6.50%, 11/1/21	375,000		372,187
Oasis Petroleum, Inc., 6.875%, 3/15/22	100,000		101,250
Oasis Petroleum, Inc., 6.25%, 5/1/26(1)	250,000		238,750
Parkland Fuel Corp., 6.00%, 4/1/26(1)	50,000		50,703
Parsley Energy LLC / Parsley Finance Corp., 6.25%, 6/1/24(1)	125,000		129,531
Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/27(1)	25,000		25,063
PDC Energy, Inc., 6.125%, 9/15/24	100,000		100,250
Peabody Energy Corp., 6.00%, 3/31/22(1)	175,000		176,969
QEP Resources, Inc., 5.625%, 3/1/26	100,000		91,000
Range Resources Corp., 5.875%, 7/1/22	50,000		50,750
Range Resources Corp., 5.00%, 8/15/22	400,000		398,000
Range Resources Corp., 5.00%, 3/15/23	25,000		24,594
Rockpoint Gas Storage Canada Ltd., 7.00%, 3/31/23(1)	75,000		74,719
Sanchez Energy Corp., 7.75%, 6/15/21	475,000		68,281
Sanchez Energy Corp., 6.125%, 1/15/23	775,000		108,500
SemGroup Corp., 6.375%, 3/15/25	100,000		94,500
SemGroup Corp., 7.25%, 3/15/26	100,000		97,500
Seven Generations Energy Ltd., 6.875%, 6/30/23(1)	150,000		155,250
Seven Generations Energy Ltd., 5.375%, 9/30/25(1)	150,000		147,187
SM Energy Co., 6.125%, 11/15/22	550,000		552,750

30

	Principal Amount/Shares		Value
SM Energy Co., 5.625%, 6/1/25	$	325,000	$	302,133
Southern Star Central Corp., 5.125%, 7/15/22(1)	75,000		75,188
Southwestern Energy Co., 6.20%, 1/23/25	646,000		637,925
SRC Energy, Inc., 6.25%, 12/1/25	125,000		112,225
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.50%, 6/1/24	75,000		73,433
Sunoco LP / Sunoco Finance Corp., 4.875%, 1/15/23	431,000		438,930
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	50,000		49,625
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27(1)	325,000		326,625
Sunoco LP / Sunoco Finance Corp., 5.875%, 3/15/28	50,000		49,750
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 8.75%, 4/15/23(1)	225,000		180,000
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 9.75%, 4/15/23(1)	400,000		332,000
Warrior Met Coal, Inc., 8.00%, 11/1/24(1)	198,000		206,910
Whiting Petroleum Corp., 5.75%, 3/15/21	850,000		864,025
Williams Cos., Inc. (The), 7.875%, 9/1/21	75,000		82,935
Williams Cos., Inc. (The), 4.55%, 6/24/24	350,000		369,848
WPX Energy, Inc., 6.00%, 1/15/22	19,000		19,808
WPX Energy, Inc., 8.25%, 8/1/23	250,000		282,500
			24,717,858
Paper and Forest Products — 0.2%
Mercer International, Inc., 6.50%, 2/1/24	175,000		179,813
Mercer International, Inc., 7.375%, 1/15/25(1)	175,000		184,187
Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26(1)	150,000		151,875
			515,875
Personal Products†
First Quality Finance Co., Inc., 5.00%, 7/1/25(1)	25,000		24,376
High Ridge Brands Co., 8.875%, 3/15/25(1)	50,000		20,250
Prestige Brands, Inc., 6.375%, 3/1/24(1)	25,000		25,562
Revlon Consumer Products Corp., 6.25%, 8/1/24	100,000		52,250
			122,438
Pharmaceuticals — 2.4%
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)	275,000		292,187
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)	97,000		97,832
Bausch Health Cos., Inc., 5.875%, 5/15/23(1)	205,000		207,819
Bausch Health Cos., Inc., 7.00%, 3/15/24(1)	50,000		53,025
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	975,000		967,687
Bausch Health Cos., Inc., 9.00%, 12/15/25(1)	1,900,000		2,071,095
Bausch Health Cos., Inc., 5.75%, 8/15/27(1)	75,000		77,063
Eagle Holding Co. II LLC, 7.625% Cash or 8.375% PIK, 5/15/22(1)(5)	550,000		556,187
Elanco Animal Health, Inc., 3.91%, 8/27/21(1)	25,000		25,432
Elanco Animal Health, Inc., 4.27%, 8/28/23(1)	50,000		51,584
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 7/15/23(1)	1,023,000		792,825
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 2/1/25(1)	400,000		292,000
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)	50,000		50,813
Syneos Health, Inc. / inVentiv Health, Inc. / inVentiv Health Clinical, Inc., 7.50%, 10/1/24(1)	202,000		213,615
Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24	400,000		401,762

31

	Principal Amount/Shares		Value
West Street Merger Sub, Inc., 6.375%, 9/1/25(1)	$	100,000	$	97,750
			6,248,676
Real Estate Management and Development — 0.7%
Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, 11/15/25(1)	50,000		48,000
Greystar Real Estate Partners LLC, 5.75%, 12/1/25(1)	75,000		75,375
Howard Hughes Corp. (The), 5.375%, 3/15/25(1)	275,000		275,000
Hunt Cos., Inc., 6.25%, 2/15/26(1)	250,000		233,750
Kennedy-Wilson, Inc., 5.875%, 4/1/24	150,000		149,812
Newmark Group, Inc., 6.125%, 11/15/23	150,000		154,807
Realogy Group LLC / Realogy Co-Issuer Corp., 5.25%, 12/1/21(1)	200,000		201,750
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(1)	525,000		490,875
Realogy Group LLC / Realogy Co-Issuer Corp., 9.375%, 4/1/27(1)	100,000		102,625
			1,731,994
Road and Rail — 0.3%
Avolon Holdings Funding Ltd., 5.25%, 5/15/24(1)	100,000		103,250
Park Aerospace Holdings Ltd., 3.625%, 3/15/21(1)	100,000		99,500
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	500,000		513,700
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(1)	125,000		130,000
			846,450
Semiconductors and Semiconductor Equipment — 1.2%
Advanced Micro Devices, Inc., 7.50%, 8/15/22	298,000		333,387
Advanced Micro Devices, Inc., 7.00%, 7/1/24	317,000		332,653
Amkor Technology, Inc., 6.375%, 10/1/22	100,000		101,940
Amkor Technology, Inc., 6.625%, 9/15/27(1)	100,000		101,688
Entegris, Inc., 4.625%, 2/10/26(1)	125,000		124,375
Micron Technology, Inc., 4.64%, 2/6/24	50,000		51,350
Micron Technology, Inc., 5.50%, 2/1/25	400,000		414,444
Micron Technology, Inc., 4.98%, 2/6/26	50,000		50,985
Micron Technology, Inc., 5.33%, 2/6/29	25,000		25,728
NXP BV / NXP Funding LLC, 4.125%, 6/1/21(1)	400,000		408,504
NXP BV / NXP Funding LLC, 4.625%, 6/15/22(1)	200,000		207,420
NXP BV / NXP Funding LLC, 4.625%, 6/1/23(1)	400,000		416,400
Qorvo, Inc., 5.50%, 7/15/26(1)	475,000		491,672
Versum Materials, Inc., 5.50%, 9/30/24(1)	50,000		52,688
			3,113,234
Software — 1.1%
ACI Worldwide, Inc., 5.75%, 8/15/26(1)	125,000		128,437
Ascend Learning LLC, 6.875%, 8/1/25(1)	50,000		49,875
Ascend Learning LLC, 6.875%, 8/1/25(1)	150,000		149,625
CDK Global, Inc., 5.875%, 6/15/26	275,000		288,750
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 3/1/25(1)	150,000		148,980
Fair Isaac Corp., 5.25%, 5/15/26(1)	25,000		25,875
Infor Software Parent LLC / Infor Software Parent, Inc., 7.125% Cash or 7.875% PIK, 5/1/21(1)(5)	450,000		452,862
Infor US, Inc., 6.50%, 5/15/22	710,000		722,425
Informatica LLC, 7.125%, 7/15/23(1)	50,000		51,188

32

	Principal Amount/Shares		Value
RP Crown Parent LLC, 7.375%, 10/15/24(1)	$	150,000	$	154,125
SS&C Technologies, Inc., 5.50%, 9/30/27(1)	625,000		632,422
Veritas US, Inc. / Veritas Bermuda Ltd., 10.50%, 2/1/24(1)	200,000		180,000
			2,984,564
Specialty Retail — 1.1%
Ahern Rentals, Inc., 7.375%, 5/15/23(1)	325,000		301,031
Ashtead Capital, Inc., 5.625%, 10/1/24(1)	200,000		207,500
Carlson Travel, Inc., 9.50%, 12/15/24(1)	202,000		195,435
Carvana Co., 8.875%, 10/1/23(1)	75,000		77,062
Cumberland Farms, Inc., 6.75%, 5/1/25(1)	150,000		156,375
DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp., 8.00%, 6/1/21(1)	25,000		25,313
Group 1 Automotive, Inc., 5.00%, 6/1/22	75,000		75,469
Group 1 Automotive, Inc., 5.25%, 12/15/23(1)	25,000		25,250
Herc Rentals, Inc., 7.50%, 6/1/22(1)	45,000		47,025
Herc Rentals, Inc., 7.75%, 6/1/24(1)	282,000		299,977
L Brands, Inc., 5.25%, 2/1/28	25,000		22,313
L Brands, Inc., 6.75%, 7/1/36	250,000		211,250
Lithia Motors, Inc., 5.25%, 8/1/25(1)	50,000		50,438
Penske Automotive Group, Inc., 3.75%, 8/15/20	50,000		50,000
Penske Automotive Group, Inc., 5.75%, 10/1/22	275,000		280,844
PriSo Acquisition Corp., 9.00%, 5/15/23(1)	75,000		74,906
Sonic Automotive, Inc., 5.00%, 5/15/23	75,000		72,375
Sonic Automotive, Inc., 6.125%, 3/15/27	175,000		159,687
United Rentals North America, Inc., 5.75%, 11/15/24	50,000		51,562
United Rentals North America, Inc., 5.875%, 9/15/26	225,000		233,437
United Rentals North America, Inc., 6.50%, 12/15/26	350,000		369,250
United Rentals North America, Inc., 5.50%, 5/15/27	25,000		25,313
			3,011,812
Technology Hardware, Storage and Peripherals — 1.9%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	1,125,000		1,146,547
Dell International LLC / EMC Corp., 7.125%, 6/15/24(1)	350,000		371,142
Diebold Nixdorf, Inc., 8.50%, 4/15/24	75,000		67,125
EMC Corp., 2.65%, 6/1/20	1,300,000		1,290,560
Everi Payments, Inc., 7.50%, 12/15/25(1)	219,000		227,760
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.00%, 7/15/25(1)	450,000		469,125
NCR Corp., 5.875%, 12/15/21	25,000		25,514
NCR Corp., 6.375%, 12/15/23	300,000		309,204
Western Digital Corp., 4.75%, 2/15/26	1,115,000		1,066,219
			4,973,196
Textiles, Apparel and Luxury Goods — 0.1%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50%, 5/1/25(1)	150,000		148,500
William Carter Co. (The), 5.625%, 3/15/27(1)	75,000		77,813
			226,313
Thrifts and Mortgage Finance — 0.3%
MGIC Investment Corp., 5.75%, 8/15/23	200,000		212,000

33

	Principal Amount/Shares		Value
Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/23(1)	$	250,000	$	258,125
Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/26(1)	250,000		254,375
Radian Group, Inc., 5.25%, 6/15/20	30,000		30,862
Radian Group, Inc., 7.00%, 3/15/21	25,000		26,563
Radian Group, Inc., 4.50%, 10/1/24	100,000		99,000
			880,925
Tobacco†
Vector Group Ltd., 6.125%, 2/1/25(1)	75,000		66,960
Trading Companies and Distributors — 0.5%
Beacon Roofing Supply, Inc., 6.375%, 10/1/23	75,000		78,375
Beacon Roofing Supply, Inc., 4.875%, 11/1/25(1)	275,000		262,281
Fly Leasing Ltd., 6.375%, 10/15/21	200,000		203,000
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 3/15/22(1)	125,000		127,500
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)	175,000		173,250
H&E Equipment Services, Inc., 5.625%, 9/1/25	325,000		325,407
International Lease Finance Corp., 5.875%, 4/1/19	25,000		25,000
			1,194,813
Transportation Infrastructure — 0.1%
Algeco Global Finance 2 plc, 10.00%, 8/15/23(1)	200,000		201,000
BCD Acquisition, Inc., 9.625%, 9/15/23(1)	50,000		53,250
Resideo Funding, Inc., 6.125%, 11/1/26(1)	100,000		103,500
			357,750
Wireless Telecommunication Services — 1.7%
Digicel Group One, Ltd., 8.25%, 12/30/22	514,000		317,395
Digicel Group Two Ltd., 8.25%, 9/30/22(1)	486,000		166,455
Digicel Group Two Ltd., 7.125% Cash plus 0.856% PIK, 4/1/24(1)	200,000		55,000
Level 3 Financing, Inc., 5.125%, 5/1/23	200,000		202,500
Sprint Communications, Inc., 9.25%, 4/15/22	25,000		29,313
Sprint Communications, Inc., 6.00%, 11/15/22	250,000		252,575
Sprint Corp., 7.25%, 9/15/21	275,000		289,438
Sprint Corp., 7.875%, 9/15/23	525,000		552,562
Sprint Corp., 7.125%, 6/15/24	475,000		483,312
Sprint Corp., 7.625%, 3/1/26	325,000		330,688
T-Mobile USA, Inc., 4.00%, 4/15/22	75,000		76,031
T-Mobile USA, Inc., 6.00%, 3/1/23	1,225,000		1,261,750
T-Mobile USA, Inc., 6.00%, 4/15/24	175,000		182,875
T-Mobile USA, Inc., 5.125%, 4/15/25	25,000		25,688
T-Mobile USA, Inc., 4.50%, 2/1/26	325,000		326,041
T-Mobile USA, Inc., 4.75%, 2/1/28	25,000		24,875
Xplornet Communications, Inc., 9.625% Cash or 10.625% PIK, 6/1/22(1)(8)	29,207		30,229
			4,606,727
TOTAL CORPORATE BONDS (Cost $235,338,831)			231,674,614

34

	Principal Amount/Shares		Value
BANK LOAN OBLIGATIONS(9) — 3.6%
Building Products†
NCI Building Systems, Inc., 2018 Term Loan, 6.55%, (3-month LIBOR plus 3.75%), 4/12/25	$	49,625	$	47,702
Capital Markets†
Lions Gate Capital Holdings LLC, 2018 Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 3/24/25	66,450		65,744
Chemicals — 0.1%
Consolidated Energy Finance, S.A., Term Loan B, 4.99%, (1-month LIBOR plus 2.50%), 5/7/25	148,875		144,409
Venator Materials Corporation, Term Loan B, 5.50%, (1-month LIBOR plus 3.00%), 8/8/24	49,250		48,655
			193,064
Commercial Services and Supplies — 0.2%
Aramark Services, Inc., 2018 Term Loan B3, 4.25%, (1-month LIBOR plus 1.75%), 3/11/25	321,633		319,573
Asurion LLC, 2017 Term Loan B4, 5.50%, (1-month LIBOR plus 3.00%), 8/4/22	60,846		60,640
Asurion LLC, 2018 Term Loan B6, 5.50%, (1-month LIBOR plus 3.00%), 11/3/23	47,681		47,537
USS Ultimate Holdings, Inc., 1st Lien Term Loan, 6.25%, (1-month LIBOR plus 3.75%), 8/25/24	98,686		98,151
			525,901
Communications Equipment†
Radiate Holdco, LLC, 1st Lien Term Loan, 5.50%, (1-month LIBOR plus 3.00%), 2/1/24	98,000		95,959
Construction Materials†
ASP Unifrax Holdings Inc, Term Loan B, 6.35%, (3-month LIBOR plus 3.75%), 12/12/25	49,875		47,675
Consumer Finance — 0.1%
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, 6.25%, (1-month LIBOR plus 3.75%), 10/1/25	174,563		169,793
Containers and Packaging — 0.1%
BWAY Holding Company, 2017 Term Loan B, 6.03%, (3-month LIBOR plus 3.25%), 4/3/24	97,322		95,193
Consolidated Container Company LLC, 2017 1st Lien Term Loan, 5.25%, (1-month LIBOR plus 2.75%), 5/22/24	41,322		40,780
Consolidated Container Company LLC, 2017 1st Lien Term Loan, 5.25%, (1-month LIBOR plus 2.75%), 5/22/24	7,929		7,825
Flex Acquisition Company, Inc., 1st Lien Term Loan, 5.63%, (3-month LIBOR plus 3.00%), 12/29/23	122,500		118,952
Flex Acquisition Company, Inc., 1st Lien Term Loan, 5.49%, (1-month LIBOR plus 3.00%), 12/29/23	312		304
			263,054
Distributors — 0.1%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 10/31/23	124,682		121,867
Diversified Financial Services — 0.2%
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 10/3/23	1,068		1,064
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 10/3/23	2,107		2,099
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 10/3/23	15,195		15,136

35

	Principal Amount/Shares		Value
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 10/3/23	$	26,681	$	26,578
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 10/3/23(10)	75,000		74,711
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 10/3/23(10)	50,000		49,807
Edelman Financial Center, LLC, 2018 1st Lien Term Loan, 6.04%, (3-month LIBOR plus 3.25%), 7/21/25	124,688		123,870
Tempo Acquisition LLC, Term Loan, 5.50%, (1-month LIBOR plus 3.00%), 5/1/24	73,688		73,098
UFC Holdings, LLC, 1st Lien Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 8/18/23	48,750		48,507
UFC Holdings, LLC, 2nd Lien Term Loan, 10.00%, (1-month LIBOR plus 7.50%), 8/18/24	25,000		25,177
			440,047
Diversified Telecommunication Services — 0.1%
Level 3 Financing, Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	150,000		148,453
Electric Utilities — 0.1%
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.50%, (1-month LIBOR plus 2.00%), 12/31/25	32,763		32,329
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.48%, (1-month LIBOR plus 2.00%), 12/31/25	91,923		90,705
			123,034
Energy Equipment and Services†
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, 7.50%, (1-month LIBOR plus 5.00%), 5/10/25	48,752		46,841
Parker Drilling Co, 2nd Lien PIK Term Loan, 11.00% Cash and 2.00% PIK, 2/25/24	36,881		36,927
			83,768
Food Products†
National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 6.35%, (3-month LIBOR plus 3.75%), 5/23/25	56,535		56,288
National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 6.35%, (3-month LIBOR plus 3.75%), 5/23/25	17,903		17,824
			74,112
Health Care Providers and Services — 0.2%
21st Century Oncology Holdings, Inc., Exit Term Loan, 8.91%, (3-month LIBOR plus 6.13%), 1/16/23	24,255		20,435
Air Methods Corporation, 2017 Term Loan B, 6.10%, (3-month LIBOR plus 3.50%), 4/21/24	73,688		55,795
Envision Healthcare Corporation, 2018 1st Lien Term Loan, 6.25%, (1-month LIBOR plus 3.75%), 10/10/25	49,875		46,779
MPH Acquisition Holdings LLC, 2016 Term Loan B, 5.35%, (3-month LIBOR plus 2.75%), 6/7/23	297,985		289,117
Surgery Center Holdings, Inc., 2017 Term Loan B, 5.75%, (1-month LIBOR plus 3.25%), 9/2/24	49,250		48,460
Wink Holdco, Inc., 1st Lien Term Loan B, 5.50%, (1-month LIBOR plus 3.00%), 12/2/24	74,063		71,933
Wink Holdco, Inc., 2nd Lien Term Loan B, 9.25%, (1-month LIBOR plus 6.75%), 11/3/25	50,000		49,000
			581,519
Hotels, Restaurants and Leisure — 1.2%
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	192,792		190,061

36

	Principal Amount/Shares		Value
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	$	155,419	$	153,217
Boyd Gaming Corporation, Term Loan B3, 4.66%, (1-week LIBOR plus 2.25%), 9/15/23	150,000		148,958
Boyd Gaming Corporation, Term Loan B3, 9/15/23(10)	100,000		99,306
Caesars Entertainment Operating Company, Exit Term Loan, 4.50%, (1-month LIBOR plus 2.00%), 10/6/24	98,750		96,701
CityCenter Holdings, LLC, 2017 Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 4/18/24	471,973		464,414
Equinox Holdings, Inc., 2017 1st Lien Term Loan, 5.50%, (1-month LIBOR plus 3.00%), 3/8/24	24,937		24,818
Gateway Casinos & Entertainment Limited, 2018 Term Loan B, 5.60%, (3-month LIBOR plus 3.00%), 12/1/23	148,875		148,666
Golden Nugget, Inc., 2017 Incremental Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 10/4/23	136,952		135,786
Golden Nugget, Inc., 2017 Incremental Term Loan B, 5.23%, (1-month LIBOR plus 2.75%), 10/4/23	109,260		108,330
Hilton Worldwide Finance, LLC, Term Loan B2, 4.24%, (1-month LIBOR plus 1.75%), 10/25/23	475,000		474,444
Hilton Worldwide Finance, LLC, Term Loan B2, 10/25/23(10)	100,000		99,883
Life Time Fitness, Inc., 2017 Term Loan B, 5.38%, (3-month LIBOR plus 2.75%), 6/10/22	566,657		561,089
Marriott Ownership Resorts, Inc., 2018 Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 8/29/25	124,688		124,220
RHP Hotel Properties, LP, 2017 Term Loan B, 4.78%, (3-month LIBOR plus 2.00%), 5/11/24	347,867		345,041
Scientific Games International, Inc., 2018 Term Loan B5, 5.25%, (1-month LIBOR plus 2.75%), 8/14/24	9,546		9,313
Scientific Games International, Inc., 2018 Term Loan B5, 5.33%, (2-month LIBOR plus 2.75%), 8/14/24	39,768		38,799
Tacala, LLC, 1st Lien Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 1/31/25	24,750		24,479
TopGolf International, Inc., Term Loan B, 8.00%, (1-month LIBOR plus 5.50%), 2/9/26	25,000		25,125
			3,272,650
Industrial Conglomerates†
Core & Main LP, 2017 Term Loan B, 5.63%, (3-month LIBOR plus 3.00%), 8/1/24	39,113		38,901
Core & Main LP, 2017 Term Loan B, 5.63%, (3-month LIBOR plus 3.00%), 8/1/24	34,825		34,637
			73,538
Insurance — 0.1%
Genworth Holdings, Inc., Term Loan, 6.98%, (3-month LIBOR plus 4.50%), 3/7/23	74,438		74,577
Hub International Limited, 2018 Term Loan B, 5.51%, (3-month LIBOR plus 2.75%), 4/25/25	273,561		265,041
			339,618
IT Services†
First Data Corporation, 2024 USD Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 4/26/24	100,000		99,823
Life Sciences Tools and Services — 0.3%
IQVIA Inc., 2018 USD Term Loan B3, 4.25%, (1-month LIBOR plus 1.75%), 6/11/25	672,804		666,705
IQVIA Inc., 2018 USD Term Loan B3, 6/11/25(10)	75,000		74,320

37

	Principal Amount/Shares		Value
Parexel International Corporation, Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 9/27/24	$	73,875	$	71,356
			812,381
Machinery — 0.1%
Altra Industrial Motion Corp., 2018 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 10/1/25	97,388		95,806
Engineered Machinery Holdings, Inc., USD 1st Lien Term Loan, 5.85%, (3-month LIBOR plus 3.25%), 7/19/24	24,688		23,916
Engineered Machinery Holdings, Inc., USD 2nd Lien Term Loan, 9.85%, (3-month LIBOR plus 7.25%), 7/18/25	24,574		24,185
Navistar International Corporation, 2017 1st Lien Term Loan B, 6.00%, (1-month LIBOR plus 3.50%), 11/6/24	98,503		98,380
			242,287
Metals and Mining†
Big River Steel LLC, Term Loan B, 7.60%, (3-month LIBOR plus 5.00%), 8/23/23	49,188		49,496
Neenah Foundry Company, 2017 Term Loan, 9.06%, (2-month LIBOR plus 6.50%), 12/13/22	30,086		29,785
Neenah Foundry Company, 2017 Term Loan, 9.08%, (2-month LIBOR plus 6.50%), 12/13/22	35,686		35,329
			114,610
Multi-Utilities — 0.1%
TEX Operations Co. LLC, Exit Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 8/4/23	99,745		98,791
TEX Operations Co. LLC, Exit Term Loan B, 8/4/23(10)	100,000		99,044
			197,835
Oil, Gas and Consumable Fuels — 0.3%
BCP Renaissance Parent LLC, 2017 Term Loan B, 6.24%, (3-month LIBOR plus 3.50%), 10/31/24	49,376		49,266
California Resources Corporation, 2017 1st Lien Term Loan, 7.25%, (1-month LIBOR plus 4.75%), 12/31/22	525,000		517,947
California Resources Corporation, Second Out Term Loan, 12.87%, (1-month LIBOR plus 10.38%), 12/31/21	25,000		26,422
Keane Group Holdings, LLC, 2018 1st Lien Term Loan, 6.25%, (1-month LIBOR plus 3.75%), 5/25/25	49,625		47,929
Prairie ECI Acquiror LP, Term Loan B, 7.37%, (3-month LIBOR plus 4.75%), 3/11/26	125,000		125,521
			767,085
Pharmaceuticals†
HLF Financing S.a r.l., 2018 Term Loan B, 5.75%, (1-month LIBOR plus 3.25%), 8/18/25	74,625		74,829
Professional Services — 0.1%
Dun & Bradstreet Corporation (The), Term Loan, 7.49%, (1-month LIBOR plus 5.00%), 2/1/26	125,000		123,828
Specialty Retail†
Priso Acquisition Corporation, 2017 Term Loan B, 5.50%, (1-month LIBOR plus 3.00%), 5/8/22	22,952		22,199
Serta Simmons Bedding, LLC, 2nd Lien Term Loan, 10.49%, (1-month LIBOR plus 8.00%), 11/8/24	94,933		48,534
			70,733
Technology Hardware, Storage and Peripherals — 0.1%
Everi Payments Inc., Term Loan B, 5.50%, (1-month LIBOR plus 3.00%), 5/9/24	98,250		97,783

38

	Principal Amount/Shares		Value
Western Digital Corporation, 2018 Term Loan B4, 4.25%, (1-month LIBOR plus 1.75%), 4/29/23	$	20,562	$	20,057
			117,840
Trading Companies and Distributors — 0.1%
Foundation Building Materials Holding Company LLC, 2018 Term Loan B, 5.50%, (1-month LIBOR plus 3.00%), 8/13/25	124,688		122,583
HD Supply, Inc., Term Loan B5, 4.25%, (1-month LIBOR plus 1.75%), 10/17/23	99,749		98,727
HD Supply, Inc., Term Loan B5, 10/17/23(10)	50,000		49,488
			270,798
Transportation Infrastructure†
Syncreon Global Finance (US) Inc., Term Loan B, 6.99%, (3-month LIBOR plus 4.25%), 10/28/20	70,704		46,382
TOTAL BANK LOAN OBLIGATIONS (Cost $9,796,138)			9,605,929
PREFERRED STOCKS — 1.5%
Banks — 1.3%
Bank of America Corp., 6.25%	1,025,000		1,087,100
Bank of America Corp., 6.50%	100,000		108,563
Bank of America Corp., 6.30%	25,000		27,180
Bank of America Corp., 5.875%	75,000		76,209
Bank of Nova Scotia (The), 4.65%	50,000		46,346
Citigroup, Inc., 6.875%	1,749		47,345
Citigroup, Inc., 5.95%	250,000		254,521
Citigroup, Inc., 5.90%	425,000		433,217
Citigroup, Inc., 5.95%	25,000		25,255
Citigroup, Inc., 6.25%	150,000		158,015
JPMorgan Chase & Co., 6.10%	650,000		684,720
JPMorgan Chase & Co., 6.75%	156,000		171,119
JPMorgan Chase & Co., 6.125%	175,000		183,642
Wells Fargo & Co., 5.90%	50,000		51,177
			3,354,409
Capital Markets — 0.1%
Charles Schwab Corp. (The), 5.00%	150,000		141,221
Goldman Sachs Group, Inc. (The), 5.70%	25,000		25,031
Goldman Sachs Group, Inc. (The), 5.375%	50,000		50,448
			216,700
Oil, Gas and Consumable Fuels — 0.1%
Energy Transfer Operating LP, 6.25%	150,000		141,971
Energy Transfer Operating LP, 6.625%	50,000		47,606
Nine Point Energy Holdings (Acquired 3/28/17, Cost $18,000)(2)(6)	18		6,300
Plains All American Pipeline LP, 6.125%	75,000		70,423
Summit Midstream Partners LP, 9.50%	175,000		161,978
			428,278
Trading Companies and Distributors†
General Finance Corp., 8.125%	1,116		29,032
TOTAL PREFERRED STOCKS (Cost $4,035,754)			4,028,419

39

	Principal Amount/Shares		Value
CONVERTIBLE BONDS — 0.5%
Auto Components†
Exide Technologies, 7.00% PIK, 4/30/25 (Acquired 4/30/15 - 12/3/18, Cost $3,922)(2)	$	18,243	$	10,490
Banks — 0.5%
Barclays Bank plc, 7.625%, 11/21/22	200,000		217,617
Barclays plc, VRN, 7.75%(4)	200,000		200,457
Royal Bank of Scotland Group plc, VRN, 8.00%(4)	400,000		430,000
Royal Bank of Scotland Group plc, VRN, 8.625%(4)	400,000		427,000
			1,275,074
Machinery†
Meritor, Inc., VRDN, 4.00%, 2/15/27	75,000		75,375
Oil, Gas and Consumable Fuels†
Chesapeake Energy Corp., 5.50%, 9/15/26	25,000		23,227
TOTAL CONVERTIBLE BONDS (Cost $1,383,278)			1,384,166
COMMON STOCKS — 0.2%
Diversified Telecommunication Services†
Colt, Class B (Acquired 5/18/16, Cost $338)(2)(6)	676		—
Energy Equipment and Services†
Parker Drilling Co.(6)	2,027		38,003
Household Products†
Exide Technologies (Acquired 5/14/15, Cost $—)(2)(6)	162		221
Independent Power and Renewable Electricity Producers†
Vistra Energy Corp.(6)	3,055		79,522
Metals and Mining — 0.1%
UC Holdings, Inc. (Acquired 9/21/15 - 9/30/15, Cost $103,222)(2)(6)	4,088		96,068
Oil, Gas and Consumable Fuels — 0.1%
Bonanza Creek Energy, Inc.(6)	2,979		67,594
Denbury Resources, Inc.(6)	14,404		29,528
Midstates Petroleum Co., Inc.(6)	34		332
Nine Point Energy (Acquired 6/19/17 - 4/4/18, Cost $12,544)(2)(6)	1,082		5,410
Riviera Resources Inc. / Linn(6)	821		11,486
Roan Resources, Inc.(6)	821		5,016
Sabine Oil & Gas Holdings, Inc. (Acquired 5/30/17, Cost $579)(2)(6)	13		331
Southcross Holdings GP, LLC, Class A (Acquired 5/10/16, Cost $360)(2)(6)	4		1,125
Southcross Holdings LP, Class A (Acquired 5/10/16, Cost $360)(2)(6)	4		1,125
Warren Resources, Inc. (Acquired 10/19/16, Cost $4,800)(2)(6)	960		960
			122,907
Software†
Avaya Holdings Corp.(6)	3,260		54,866
TOTAL COMMON STOCKS (Cost $413,054)			391,587

40

	Principal Amount/Shares		Value
ESCROW INTERESTS(11)†
Banks†
Washington Mutual Bank, Escrow(6)	$	250,000	$	3,000
Energy Equipment and Services†
Hercules Offshore, Inc., Escrow(6)	3,570		9,817
Sanjel Corp.(6)	200,000		—
			9,817
Industrial Conglomerates†
Claire's Stores, Inc., Escrow(6)	25,000		3,813
Multi-Utilities†
GenOn Energy(6)	25,000		—
GenOn Energy, Inc.(6)	75,000		—
Texas Competitive Electric Holdings Co., Escrow(6)	200,000		1,000
			1,000
Oil, Gas and Consumable Fuels†
Denver Parent, Escrow(6)	63,341		—
Paper and Forest Products†
Appvion, Inc., Escrow(6)	200,000		2,750
TOTAL ESCROW INTERESTS (Cost $608,246)			20,380
WARRANTS†
Independent Power and Renewable Electricity Producers†
Vistra Energy Corp.(6)	1,215		2,661
Metals and Mining†
UC Holdings, Inc.(6)	600		5,400
Oil, Gas and Consumable Fuels†
Halcon Resources Corp.(6)	291		3
Midstates Petroleum Co., Inc.(6)	337		—
Sabine Oil & Gas Holdings, Inc.(6)	7		25
			28
Paper and Forest Products†
Appvion Holdings Corp.(6)	195		1
Appvion Holdings Corp.(6)	195		1
			2
TOTAL WARRANTS (Cost $5,596)			8,091
RIGHTS†
Independent Power and Renewable Electricity Producers†
Vistra Energy Corp.(6)   (Cost $—)	3,425		2,654
TEMPORARY CASH INVESTMENTS — 5.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $14,540,710)	14,540,710		14,540,710
TOTAL INVESTMENT SECURITIES — 98.6% (Cost $266,121,607)			261,656,550
OTHER ASSETS AND LIABILITIES — 1.4%			3,737,771
TOTAL NET ASSETS — 100.0%			$	265,394,321

41

NOTES TO SCHEDULE OF INVESTMENTS
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
PIK	-	Payment in Kind. Security may pay a cash rate and/or an in kind rate.
USD	-	United States Dollar
VRDN	-	Variable Rate Demand Note. The instrument may be payable upon demand and 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 date of the demand feature is disclosed.
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.

†    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 $126,228,444, which represented 47.6% of total net assets. Of these securities, 0.2% of total net assets were deemed illiquid under policies approved by the Board of Trustees.

(2) 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 $299,348, which represented 0.1% of total net assets.

(3) When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(4) Perpetual maturity with no stated maturity date.

(5) The security's rate was paid in cash at the last payment date.

(6) Non-income producing.

(7) Security is in default.

(8) The security's rate was paid in kind or a combination of cash and in kind at the last payment date.

(9) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate 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.

(10) The interest rate will be determined upon settlement of the bank loan obligation after period end.

(11) Escrow interests represent beneficial interests in bankruptcy reorganizations or liquidation proceedings and may be subject to resale, redemption, or transferability restrictions. The amount and timing of future payments, if any, cannot be predicted with certainty.

See Notes to Financial Statements.

42

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (cost of $266,121,607)	$	261,656,550
Cash	1,832,776
Receivable for investments sold	896,445
Receivable for capital shares sold	119,281
Interest and dividends receivable	4,388,799
	268,893,851
Liabilities
Payable for investments purchased	2,980,178
Payable for capital shares redeemed	138,295
Accrued management fees	130,292
Distribution and service fees payable	224
Dividends payable	250,541
	3,499,530
Net Assets	$	265,394,321
Net Assets Consist of:
Capital paid in	$	272,257,020
Distributable earnings	(6,862,699		)
	$	265,394,321

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$16,795,955	1,801,280	$9.32
I Class		$24,825,239	2,664,510	$9.32
Y Class		$125,104,019	13,422,985	$9.32
A Class		$924,263	99,167	$9.32*
R5 Class		$145,824	15,646	$9.32
R6 Class		$97,599,021	10,476,725	$9.32

* Maximum offering price $9.76 (net asset value divided by 0.955).

See Notes to Financial Statements.

43

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	13,868,083
Dividends	27,873
	13,895,956
Expenses:
Management fees	1,243,102
Distribution and service fees - A Class	1,267
Trustees' fees and expenses	14,379
	1,258,748
Net investment income (loss)	12,637,208
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(734,555		)
Change in net unrealized appreciation (depreciation) on investments	(2,934,223		)
Net realized and unrealized gain (loss)	(3,668,778		)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,968,430

See Notes to Financial Statements.

44

Statement of Changes in Net Assets

YEAR ENDED MARCH 31, 2019, SIX MONTHS ENDED MARCH 31, 2018 AND YEAR ENDED SEPTEMBER 30, 2017
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018(1)			September 30, 2017
Operations
Net investment income (loss)	$	12,637,208		$	4,082,785		$	6,292,640
Net realized gain (loss)	(734,555		)	1,256			979,351
Change in net unrealized appreciation (depreciation)	(2,934,223		)	(3,850,461		)	1,948,590
Net increase (decrease) in net assets resulting from operations	8,968,430			233,580			9,220,581
Distributions to Shareholders
From earnings:
Investor Class	(508,506		)	(17,318		)	—
I Class	(1,055,650		)	(75,164		)	—
Y Class	(8,469,757		)	(4,069,530		)	(6,179,656		)
A Class	(28,080		)	(140		)	—
R5 Class	(1,119		)	(151		)	—
R6 Class	(2,574,115		)	(33,104		)	—
Decrease in net assets from distributions	(12,637,227		)	(4,195,407		)	(6,179,656		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	110,962,398			34,648,257			30,176,641
Net increase (decrease) in net assets	107,293,601			30,686,430			33,217,566
Net Assets
Beginning of period	158,100,720			127,414,290			94,196,724
End of period	$	265,394,321		$	158,100,720		$	127,414,290

(1) The fund's fiscal year end was changed from September 30 to March 31, resulting in a six-month annual reporting period.

See Notes to Financial Statements.

45

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. High Income Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek current yield and capital growth.

The fund offers the Investor Class, I Class, Y Class, A Class, R5 Class and R6 Class. The A Class may incur an initial sales charge and may be subject to a contingent deferred sales charge. Sale of the Investor Class, I Class, A Class, R5 Class and R6 Class commenced on October 2, 2017.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, bank loan obligations and convertible bonds 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.

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.

Open-end management investment companies are valued at the reported net asset value per share.

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.

46

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 Trustees, or its delegate, deems appropriate. If significant fluctuations in foreign markets are identified, 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM has engaged Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a subadvisor for the fund and to manage the fund’s assets. NCRAM is responsible for the day-to-day management of the fund, subject to the general supervision of the Board of Trustees and the investment advisor and in accordance with the investment objective, policies and restrictions of the fund. ACIM pays all costs associated with retaining NCRAM as the subadvisor of the fund. A subsidiary of NCRAM’s parent company indirectly owns a non-controlling equity interest in ACC.

47

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class.

The annual management fee for each class is as follows:

Investor Class	I Class	Y Class	A Class	R5 Class	R6 Class
0.775%	0.675%	0.575%	0.775%	0.575%	0.525%

Distribution and Service Fees — The Board of Trustees has adopted a Master Distribution and Individual Shareholder Services Plan (the plan) for the A Class, pursuant to Rule 12b-1 of the 1940 Act. The plan provides that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The fees are computed and accrued daily based on the A Class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plan during the period ended March 31, 2019 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.There were no interfund transactions during the period.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 were $192,534,504 and $84,032,928, respectively.

48

5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Six months ended March 31, 2018(1)(2)					Year ended September 30, 2017
	Shares		Amount			Shares		Amount			Shares		Amount
Investor Class											N/A
Sold	2,492,048		$	23,300,470		188,709		$	1,808,267
Issued in reinvestment of distributions	52,841		489,784			1,747		16,651
Redeemed	(892,212	)	(8,164,840		)	(41,853	)	(398,770		)
	1,652,677		15,625,414			148,603		1,426,148
I Class											N/A
Sold	3,242,753		30,328,252			854,014		8,160,249
Issued in reinvestment of distributions	112,632		1,045,262			7,915		75,164
Redeemed	(1,548,171	)	(14,267,881		)	(4,633	)	(43,805		)
	1,807,214		17,105,633			857,296		8,191,608
Y Class
Sold	7,276,212		67,726,650			2,826,105		27,188,837			12,790,918		$	123,058,806
Issued in reinvestment of distributions	617,896		5,767,299			290,458		2,780,975			133,112		1,282,705
Redeemed	(9,503,262	)	(86,541,386		)	(1,252,780	)	(11,991,479		)	(9,753,965	)	(94,164,870		)
	(1,609,154	)	(13,047,437		)	1,863,783		17,978,333			3,170,065		30,176,641
A Class											N/A
Sold	146,952		1,360,626			517		5,008
Issued in reinvestment of distributions	2,782		25,721			14		132
Redeemed	(51,098	)	(471,216		)	—		—
	98,636		915,131			531		5,140
R5 Class											N/A
Sold	15,018		139,588			516		5,000
Issued in reinvestment of distributions	120		1,119			16		151
Redeemed	(24	)	(223		)	—		—
	15,114		140,484			532		5,151
R6 Class											N/A
Sold	11,750,108		108,674,614			735,928		7,008,773
Issued in reinvestment of distributions	276,052		2,551,007			3,514		33,104
Redeemed	(2,288,877	)	(21,002,448		)	—		—
	9,737,283		90,223,173			739,442		7,041,877
Net increase (decrease)	11,701,770		$	110,962,398		3,610,187		$	34,648,257		3,170,065		$	30,176,641

(1) The fund's fiscal year end was changed from September 30 to March 31, resulting in a six-month annual reporting period.

(2) October 2, 2017 (commencement of sale) through March 31, 2018 for Investor Class, I Class, A Class, R5 Class and R6 Class.

49

6. 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	—		$	231,674,614	—
Bank Loan Obligations	—		9,605,929		—
Preferred Stocks	$	47,345	3,981,074		—
Convertible Bonds	—		1,384,166		—
Common Stocks	391,587		—		—
Escrow Interests	—		20,380		—
Warrants	—		8,091		—
Rights	—		2,654		—
Temporary Cash Investments	14,540,710		—		—
	$	14,979,642	$	246,676,908	—

7. Risk Factors

The fund invests primarily in high-yield and lower-quality debt securities, which are subject to substantial risks including liquidity risk and credit risk.

8. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2019, the six months ended March 31, 2018 and the year ended September 30, 2017 were as follows:

	March 31, 2019		March 31, 2018(1)		September 30, 2017
Distributions Paid From
Ordinary income	$	12,637,227	$	4,195,407	$	6,179,656
Long-term capital gains	—		—		—

(1) The fund's fiscal year end was changed from September 30 to March 31, resulting in a six-month annual reporting period.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

50

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	266,682,474
Gross tax appreciation of investments	$	4,227,792
Gross tax depreciation of investments	(9,253,716		)
Net tax appreciation (depreciation) of investments	$	(5,025,924	)
Other book-to-tax adjustments	$	(77,396	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(471,117	)
Accumulated long-term capital losses	$	(1,288,262	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

9. Reorganization

On September 15, 2017, the Nomura High Yield Fund shareholders approved an agreement and plan of reorganization (the reorganization), whereby the net assets of Nomura High Yield Fund, a series issued by The Advisors’ Inner Circle Fund III, were transferred to High Income Fund, a newly organized series issued by the trust, with no investment operations prior to the reorganization, in exchange for shares of High Income Fund. The transaction will allow the Nomura High Yield Fund’s shareholders to access American Century Investment’s capabilities and operational infrastructure in terms of shareholder servicing, relationship management, and product support, and benefit from their expanded resources in the areas of multi-channel distribution and relationship management. The financial statements and performance history of Nomura High Yield Fund survived after the reorganization and the fiscal year end was changed from September 30 to March 31. The reorganization was effective on October 2, 2017.

Prior to the reorganization, the fund’s investment advisor was Nomura Asset Management U.S.A. Inc. and the fund paid an annual investment advisory fee of 0.50%. The fund was also charged a variety of other fees, including an administration and accounting fee, transfer agent fee, pricing fee, legal fee, registration fee and other expenses. Nomura Asset Management U.S.A. Inc. contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep total annual fund operating expenses from exceeding 0.575% of the fund’s average daily net assets. Nomura Asset Management U.S.A. Inc. had an agreement with NCRAM to subadvise the fund and paid the NCRAM out of their investment advisory fee.

The reorganization was accomplished by a tax-free exchange of shares between Nomura High Yield Fund - Class I and High Income Fund - Y Class. On October 2, 2017, Nomura High Yield Fund exchanged its shares for shares of High Income Fund as follows:

Original Fund/Class	Shares Exchanged	Net Assets		New Fund/Class	Shares Received	Net Assets
Nomura High Yield Fund – Class I	13,168,356		$127,414,290	High Income Fund – Y Class	13,168,356		$127,414,290

Because High Income Fund was a newly organized series with no investment operations prior to the reorganization and the reorganization was effective at the commencement of High Income Fund’s fiscal year, it is not practicable to present proforma results of operations during the period or separate the amounts of revenue and earnings of Nomura High Yield Fund that have been included in High Income Fund’s Statement of Operations.

10. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

51

Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019	$9.43	0.53	(0.11)	0.42	(0.53)	—	(0.53)	$9.32	4.65%	0.78%	0.78%	5.73%	43%		$16,796
2018(3)	$9.68	0.27	(0.24)	0.03	(0.28)	—	(0.28)	$9.43	0.29%	0.78%(4)	0.78%(4)	5.70%(4)	26%		$1,401
I Class
2019	$9.42	0.54	(0.10)	0.44	(0.54)	—	(0.54)	$9.32	4.86%	0.68%	0.68%	5.83%	43%		$24,825
2018(3)	$9.68	0.27	(0.25)	0.02	(0.28)	—	(0.28)	$9.42	0.23%	0.68%(4)	0.68%(4)	5.80%(4)	26%		$8,078
Y Class
2019	$9.42	0.55	(0.10)	0.45	(0.55)	—	(0.55)	$9.32	4.97%	0.58%	0.58%	5.93%	43%		$125,104
2018(5)	$9.68	0.28	(0.25)	0.03	(0.29)	—	(0.29)	$9.42	0.31%	0.58%(4)	0.58%(4)	5.90%(4)	26%		$141,643
2017	$9.42	0.56	0.24	0.80	(0.54)	—	(0.54)	$9.68	8.74%	0.58%	1.00%	5.83%(6)	81%		$127,414
2016	$8.95	0.58	0.46	1.04	(0.57)(7)	—	(0.57)	$9.42	12.15%	0.61%	1.49%	6.37%(6)	116%		$94,197
2015	$10.24	0.65	(1.11)	(0.46)	(0.65)	(0.18)	(0.83)	$8.95	(4.79)%	0.71%	2.95%	6.62%(6)	106%		$34,075
2014	$10.23	0.65	0.20	0.85	(0.70)	(0.14)	(0.84)	$10.24	8.50%	0.85%	2.60%	6.24%(6)	114%		$50,820
A Class
2019	$9.42	0.51	(0.10)	0.41	(0.51)	—	(0.51)	$9.32	4.50%	1.03%	1.03%	5.48%	43%		$924
2018(3)	$9.68	0.26	(0.25)	0.01	(0.27)	—	(0.27)	$9.42	0.06%	1.03%(4)	1.03%(4)	5.45%(4)	26%		$5
R5 Class
2019	$9.42	0.55	(0.10)	0.45	(0.55)	—	(0.55)	$9.32	4.96%	0.58%	0.58%	5.93%	43%		$146
2018(3)	$9.68	0.28	(0.25)	0.03	(0.29)	—	(0.29)	$9.42	0.27%	0.58%(4)	0.58%(4)	5.90%(4)	26%		$5

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2019	$9.42	0.56	(0.10)	0.46	(0.56)	—	(0.56)	$9.32	5.02%	0.53%	0.53%	5.98%	43%		$97,599
2018(3)	$9.68	0.26	(0.23)	0.03	(0.29)	—	(0.29)	$9.42	0.31%	0.53%(4)	0.53%(4)	5.95%(4)	26%		$6,969

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3) October 2, 2017 (commencement of sale) through March 31, 2018.

(4) Annualized.

(5) October 1, 2017 through March 31, 2018. The fund's fiscal year end was changed from September 30 to March 31, resulting in a six-month annual reporting period. For the years before March 31, 2018, the fund's fiscal year end was September 30.

(6) The ratio of net investment income (loss) to average net assets would have been lower if a portion of the fees had not been waived and/or reimbursed.

(7) Per-share amount includes a distribution from tax return of capital of less than $0.005.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of High Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of High Income Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assets for the year ended March 31, 2019 and for the six months ended March 31, 2018, including the related notes, and the financial highlights for the year ended March 31, 2019 and the periods ended March 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for the year ended March 31, 2019 and for the six months ended March 31, 2018, and the financial highlights for the year ended March 31, 2019 and the periods ended March 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

The financial statements as of and for the year ended on September 30, 2017 and the financial highlights for each of the periods ended on or prior to September 30, 2017 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated November 29, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

54

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

55

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

56

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

57

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

58

Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended March 31, 2019.

For corporate taxpayers, the fund hereby designates $26,380, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended March 31, 2019 as qualified for the corporate dividends received deduction.

59

Notes

60

Notes

61

Notes

62

Notes

63

Notes

64

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-93333 1905

Annual Report

March 31, 2019

High-Yield Fund

Investor Class (ABHIX)

I Class (AHYHX)

Y Class (AHYLX)

A Class (AHYVX)

C Class (AHDCX)

R Class (AHYRX)

R5 Class (ACYIX)

R6 Class (AHYDX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President’s Letter	2
Performance	3
Portfolio Commentary	5
Fund Characteristics	7
Shareholder Fee Example	8
Schedule of Investments	10
Statement of Assets and Liabilities	22
Statement of Operations	23
Statement of Changes in Net Assets	24
Notes to Financial Statements	25
Financial Highlights	33
Report of Independent Registered Public Accounting Firm	36
Management	37
Additional Information	40

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	ABHIX	4.91%	3.16%	8.42%	—	9/30/97
Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index	—	5.93%	4.68%	11.20%	—	—
I Class	AHYHX	5.01%	—	—	3.60%	4/10/17
Y Class	AHYLX	5.12%	—	—	3.70%	4/10/17
A Class	AHYVX					3/8/02
No sales charge		4.65%	2.94%	8.17%	—
With sales charge		-0.01%	2.01%	7.68%	—
C Class	AHDCX	3.87%	2.14%	7.35%	—	12/10/01
R Class	AHYRX	4.39%	2.65%	7.88%	—	7/29/05
R5 Class	ACYIX	5.12%	3.40%	8.66%	—	8/2/04
R6 Class	AHYDX	5.17%	3.42%	—	4.03%	7/26/13

Average annual returns since inception are presented when ten years of performance history is not available. Fund returns would have been lower if a portion of the fees had not been waived.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

3

Growth of $10,000 Over 10 Years

$10,000 investment made March 31, 2009

Performance for other share classes will vary due to differences in fee structure.

Value on March 31, 2019
	Investor Class — $22,454
	Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index— $28,935

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class
0.86%	0.76%	0.66%	1.11%	1.86%	1.36%	0.66%	0.61%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

4

Portfolio Commentary

Portfolio Managers: Kevin Akioka and Gavin Fleischman

Effective October 31, 2018, Dave MacEwen left the portfolio management team ahead of his

December 31, 2018, retirement.

Performance Summary

High-Yield returned 4.91%* for the 12 months ended March 31, 2019, compared with the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index, which gained 5.93%. Fund returns reflect operating expenses, while index returns do not.

The fund’s results reflect the positive performance of higher-yielding, lower-quality securities, as risk-on investing reigned during much of the period. The fiscal year witnessed a marked shift in Federal Reserve (Fed) policy and investor sentiment toward the U.S. and global economic growth outlook, which influenced performance in the fixed-income market. In the first several months of the period, robust economic growth, rising inflation and the Fed’s steady rate-tightening strategy drove Treasury yields higher. Investment-grade bond returns were generally flat to slightly negative. Meanwhile, risk-on investing remained in favor, and higher-yielding securities outperformed. The environment reversed sharply in late 2018, as worries about future economic and corporate earnings growth, U.S.-China trade negotiations and a surprisingly bullish Fed outlook triggered severe volatility in the equity markets. Investors fled risk assets in favor of U.S. Treasuries and other perceived safe-haven investments.

The new year brought a new sense of stability to the financial markets. Progress with U.S.-China trade negotiations and better-than-feared U.S. economic and earnings data helped restore some investor optimism. Additionally, the Fed paused its rate-hike campaign in January, seemingly acknowledging its December plan for two rate hikes in 2019 may have been too aggressive. Investors responded enthusiastically to this backdrop, and risk assets returned to favor. Meanwhile, Treasury yields moved modestly lower. Then, at its March monetary policy meeting, the Fed held rates steady and suggested additional tightening was likely off the table for 2019. While this news triggered a sharp rally among Treasuries, it also extended the rally among higher-risk assets. Overall, the broad U.S. fixed-income market advanced for the entire 12-month period, and high-yield securities generally outperformed higher-quality bonds. Relative to the index, our more-defensive positioning and security selection primarily accounted for the portfolio’s underperformance.

Defensive Positioning, Security Selection Detracted

Overall, the portfolio’s larger-than-average cash position was the primary detractor on a relative basis. Although our cash holdings provided some downside protection during the sell-off in risk assets in late 2018, they weighed on performance in early 2019 as high-yield bonds rallied. In another defensive strategy, we maintained an underweight position in securities with CCC credit ratings. This weighed on relative results, as lower-quality securities rebounded late in the period and were top performers overall.

Security selection also detracted from relative performance. In particular, our selections among independent energy producers dragged down results, as declining oil prices in 2018 provided

*All fund returns referenced in this commentary are for Investor Class shares. Fund returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.

5

a headwind for energy-sector companies. Despite the oil price rebound in early 2019, some of our

exploration and production companies continued to struggle, due to their smaller scale and limited

financial flexibility. We repositioned the portfolio’s exposure in this industry. Additionally, our selections among pharmaceutical companies also hurt performance. On the positive side, our selections among oil field services companies contributed to relative performance.

Sector Allocation Aided Performance

Our sector allocations added value. In particular, an overweight position in the pharmaceuticals sector and underweight positions in the automotive, oil field services and consumer cyclical sectors lifted relative performance.

Portfolio Positioning

We expect the U.S. economy to continue to grow, but at a more moderate pace (2.0% to 2.5% annualized). However, we expect U.S. economic growth to remain more robust than growth in Europe and Japan. We expect headline inflation to eventually converge with core inflation near 2%. These factors should enable the Fed to remain on hold throughout the remainder of 2019. Against a backdrop of slowing global growth, geopolitical uncertainties (mainly Brexit) and a dovish Fed, we expect the 10-year Treasury yield to fluctuate within a near-term range of 2.35% to 2.80%. We expect the yield curve to remain relatively flat, and we do not believe the brief inversion of the curve earlier this year indicates an impending recession.

In the wake of the first-quarter rally among high-yield bonds, valuations appear high. We believe this factor combined with our outlook for modest U.S. growth and weaker global growth warrant a continued underweight to bonds with CCC credit ratings. We continue to find value among securities with B credit ratings, which we believe offer better risk/reward profiles. As the environment evolves, our bottom-up security selection process, which strives to identify bonds with attractive yields, solid balance sheets and good fundamentals trading at attractive valuations, will remain a key factor in seeking strong relative performance.

6

Fund Characteristics

MARCH 31, 2019
Portfolio at a Glance
Average Duration (effective)	2.9 years
Weighted Average Life to Maturity	5.1 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	89.9%
Bank Loan Obligations	2.2%
Exchange-Traded Funds	1.1%
Asset-Backed Securities	0.3%
Sovereign Governments and Agencies	0.2%
Temporary Cash Investments	10.4%
Temporary Cash Investments - Securities Lending Collateral	9.7%
Other Assets and Liabilities	(13.8)%*

*Amount relates primarily to payable for collateral received for securities on loan.

7

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1)  10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,015.60	$3.92	0.78%
I Class	$1,000	$1,016.10	$3.42	0.68%
Y Class	$1,000	$1,016.60	$2.92	0.58%
A Class	$1,000	$1,014.30	$5.17	1.03%
C Class	$1,000	$1,010.50	$8.92	1.78%
R Class	$1,000	$1,011.20	$6.42	1.28%
R5 Class	$1,000	$1,016.60	$2.92	0.58%
R6 Class	$1,000	$1,016.90	$2.67	0.53%
Hypothetical
Investor Class	$1,000	$1,021.04	$3.93	0.78%
I Class	$1,000	$1,021.54	$3.43	0.68%
Y Class	$1,000	$1,022.04	$2.92	0.58%
A Class	$1,000	$1,019.80	$5.19	1.03%
C Class	$1,000	$1,016.06	$8.95	1.78%
R Class	$1,000	$1,018.55	$6.44	1.28%
R5 Class	$1,000	$1,022.04	$2.92	0.58%
R6 Class	$1,000	$1,022.29	$2.67	0.53%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9

Schedule of Investments

MARCH 31, 2019

	Principal Amount		Value
CORPORATE BONDS — 89.9%
Aerospace and Defense — 2.5%
Arconic, Inc., 6.15%, 8/15/20	$	500,000	$	517,002
Arconic, Inc., 5.40%, 4/15/21	105,000		108,327
Arconic, Inc., 5.125%, 10/1/24	175,000		179,649
Bombardier, Inc., 8.75%, 12/1/21(1)	160,000		177,400
Bombardier, Inc., 5.75%, 3/15/22(1)(2)	215,000		221,181
Bombardier, Inc., 6.00%, 10/15/22(1)	185,000		187,544
Bombardier, Inc., 7.50%, 3/15/25(1)(2)	305,000		315,294
TransDigm, Inc., 6.00%, 7/15/22	160,000		162,973
TransDigm, Inc., 6.25%, 3/15/26(1)	1,000,000		1,040,000
TransDigm, Inc., 6.375%, 6/15/26	520,000		516,672
			3,426,042
Air Freight and Logistics — 0.1%
XPO Logistics, Inc., 6.50%, 6/15/22(1)	180,000		184,635
Airlines — 0.6%
American Airlines Group, Inc., 4.625%, 3/1/20(1)(2)	275,000		277,585
United Continental Holdings, Inc., 5.00%, 2/1/24	555,000		560,550
			838,135
Auto Components — 0.6%
American Axle & Manufacturing, Inc., 6.625%, 10/15/22(2)	139,000		142,649
Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/23(2)	540,000		541,350
ZF North America Capital, Inc., 4.75%, 4/29/25(1)	160,000		155,643
			839,642
Automobiles — 0.2%
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	300,000		286,959
Banks — 0.3%
CIT Group, Inc., 5.00%, 8/1/23	250,000		262,812
Royal Bank of Scotland Group plc, 6.125%, 12/15/22	130,000		138,711
			401,523
Building Products — 0.4%
Builders FirstSource, Inc., 5.625%, 9/1/24(1)	289,000		285,749
USG Corp., 5.50%, 3/1/25(1)	280,000		285,390
			571,139
Capital Markets — 0.4%
MSCI, Inc., 5.75%, 8/15/25(1)	500,000		527,500
Chemicals — 2.3%
CF Industries, Inc., 3.45%, 6/1/23	413,000		402,159
Element Solutions, Inc., 5.875%, 12/1/25(1)(2)	370,000		372,719
Hexion, Inc., 6.625%, 4/15/20	405,000		339,188
Huntsman International LLC, 5.125%, 11/15/22	195,000		204,263
INEOS Group Holdings SA, 5.625%, 8/1/24(1)(2)	425,000		426,062
NOVA Chemicals Corp., 4.875%, 6/1/24(1)	500,000		493,125

10

	Principal Amount		Value
Olin Corp., 5.125%, 9/15/27	$	360,000	$	365,850
Tronox Finance plc, 5.75%, 10/1/25(1)	680,000		633,250
			3,236,616
Commercial Services and Supplies — 2.0%
ADT Security Corp. (The), 6.25%, 10/15/21	355,000		374,188
Covanta Holding Corp., 5.875%, 3/1/24	606,000		622,665
Harland Clarke Holdings Corp., 9.25%, 3/1/21(1)(2)	140,000		140,175
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	355,000		353,225
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 5/15/23(1)	379,000		398,898
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)(3)	500,000		501,250
RR Donnelley & Sons Co., 6.00%, 4/1/24	415,000		422,262
			2,812,663
Communications Equipment — 0.6%
CommScope Technologies LLC, 6.00%, 6/15/25(1)	70,000		68,317
CommScope Technologies LLC, 5.00%, 3/15/27(1)	285,000		253,416
CommScope, Inc., 5.50%, 6/15/24(1)	238,000		233,918
IHS Netherlands Holdco BV, 9.50%, 10/27/21(1)	305,000		316,193
			871,844
Construction Materials — 0.3%
Standard Industries, Inc., 6.00%, 10/15/25(1)	375,000		394,534
Consumer Finance — 1.9%
Ally Financial, Inc., 8.00%, 3/15/20	700,000		733,250
Ally Financial, Inc., 8.00%, 11/1/31	210,000		261,712
Navient Corp., 5.00%, 10/26/20	60,000		60,975
Navient Corp., 5.50%, 1/25/23	705,000		708,525
Navient Corp., MTN, 6.125%, 3/25/24	140,000		140,525
Springleaf Finance Corp., 6.125%, 3/15/24	750,000		768,735
			2,673,722
Containers and Packaging — 3.7%
ARD Finance SA, 7.125% Cash or 7.875% PIK, 9/15/23(4)	780,000		780,975
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.00%, 2/15/25(1)	415,000		416,038
Ball Corp., 5.00%, 3/15/22	205,000		213,200
Ball Corp., 4.00%, 11/15/23	90,000		90,900
Ball Corp., 5.25%, 7/1/25	250,000		262,500
Berry Global, Inc., 5.50%, 5/15/22	100,000		101,875
Berry Global, Inc., 5.125%, 7/15/23	330,000		336,188
BWAY Holding Co., 5.50%, 4/15/24(1)	480,000		478,344
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23	645,000		653,062
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)	240,000		252,276
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 6.875%, 2/15/21	109,159		109,705
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	390,000		396,825
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.00%, 7/15/24(1)	535,000		552,120

11

	Principal Amount		Value
Sealed Air Corp., 5.125%, 12/1/24(1)	$	440,000	$	458,022
			5,102,030
Diversified Financial Services — 1.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.00%, 8/1/20	100,000		101,075
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.875%, 2/1/22	405,000		411,533
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/24(1)	750,000		816,690
Voya Financial, Inc., VRN, 5.65%, 5/15/53	350,000		345,266
			1,674,564
Diversified Telecommunication Services — 5.7%
Altice France SA, 7.375%, 5/1/26(1)	615,000		604,237
CenturyLink, Inc., 5.625%, 4/1/20	655,000		670,026
CenturyLink, Inc., 5.80%, 3/15/22	360,000		369,450
Cincinnati Bell, Inc., 7.00%, 7/15/24(1)(2)	195,000		180,488
Frontier Communications Corp., 10.50%, 9/15/22	235,000		180,363
Frontier Communications Corp., 7.125%, 1/15/23	555,000		339,937
Frontier Communications Corp., 6.875%, 1/15/25	450,000		244,688
Frontier Communications Corp., 11.00%, 9/15/25(2)	55,000		36,516
Hughes Satellite Systems Corp., 5.25%, 8/1/26	480,000		478,200
Inmarsat Finance plc, 4.875%, 5/15/22(1)	175,000		178,535
Intelsat Jackson Holdings SA, 9.75%, 7/15/25(1)	560,000		571,368
Level 3 Financing, Inc., 5.375%, 8/15/22	345,000		347,587
Level 3 Financing, Inc., 5.375%, 5/1/25	185,000		187,738
Level 3 Financing, Inc., 5.25%, 3/15/26	850,000		850,000
Sprint Capital Corp., 6.875%, 11/15/28	280,000		269,850
Sprint Capital Corp., 8.75%, 3/15/32	280,000		296,128
Telecom Italia Capital SA, 6.375%, 11/15/33	750,000		727,500
Virgin Media Finance plc, 5.75%, 1/15/25(1)	640,000		653,600
Zayo Group LLC / Zayo Capital, Inc., 6.00%, 4/1/23	315,000		320,512
Zayo Group LLC / Zayo Capital, Inc., 5.75%, 1/15/27(1)	380,000		380,114
			7,886,837
Energy Equipment and Services — 2.2%
Ensco plc, 8.00%, 1/31/24(2)	488,000		447,740
Ensco plc, 5.20%, 3/15/25(2)	145,000		113,144
Nabors Industries, Inc., 4.625%, 9/15/21	360,000		357,300
Noble Holding International Ltd., 7.75%, 1/15/24	115,000		104,115
Precision Drilling Corp., 5.25%, 11/15/24	375,000		352,500
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	250,000		260,625
Transocean, Inc., 9.00%, 7/15/23(1)	870,000		930,900
Weatherford International Ltd., 7.75%, 6/15/21(2)	290,000		261,000
Weatherford International Ltd., 9.875%, 2/15/24	250,000		181,250
			3,008,574
Entertainment — 2.0%
AMC Entertainment Holdings, Inc., 5.875%, 2/15/22(2)	140,000		142,625
AMC Entertainment Holdings, Inc., 5.75%, 6/15/25(2)	140,000		131,397
Cinemark USA, Inc., 5.125%, 12/15/22	165,000		168,094
Netflix, Inc., 5.875%, 11/15/28(1)	500,000		529,375

12

	Principal Amount		Value
UPCB Finance IV Ltd., 5.375%, 1/15/25(1)	$	315,000	$	320,512
WMG Acquisition Corp., 5.625%, 4/15/22(1)	461,000		467,339
Ziggo Bond Co. BV, 5.875%, 1/15/25(1)	290,000		287,100
Ziggo BV, 5.50%, 1/15/27(1)	675,000		669,937
			2,716,379
Equity Real Estate Investment Trusts (REITs) — 2.0%
Equinix, Inc., 5.375%, 5/15/27	520,000		546,000
Iron Mountain, Inc., 5.75%, 8/15/24	395,000		399,937
Iron Mountain, Inc., 4.875%, 9/15/27(1)	500,000		482,500
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24	475,000		498,156
RHP Hotel Properties LP / RHP Finance Corp., 5.00%, 4/15/21	280,000		281,400
SBA Communications Corp., 4.875%, 7/15/22	415,000		421,744
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.00%, 4/15/23(1)	140,000		133,042
			2,762,779
Food and Staples Retailing — 0.6%
Albertsons Cos. LLC / Safeway, Inc. / New Albertson's, LP / Albertson's LLC, 6.625%, 6/15/24	595,000		603,925
Rite Aid Corp., 6.125%, 4/1/23(1)	335,000		278,888
			882,813
Food Products — 2.1%
B&G Foods, Inc., 5.25%, 4/1/25(2)	260,000		250,250
JBS USA LUX SA / JBS USA Finance, Inc., 7.25%, 6/1/21(1)	210,000		212,520
JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 7/15/24(1)	280,000		288,750
JBS USA LUX SA / JBS USA Finance, Inc., 5.75%, 6/15/25(1)	45,000		46,294
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(1)	460,000		465,750
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	755,000		766,325
Post Holdings, Inc., 5.00%, 8/15/26(1)	935,000		912,793
			2,942,682
Gas Utilities — 2.5%
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24	245,000		277,169
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25	85,000		92,650
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27	450,000		473,062
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23	140,000		144,200
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	460,000		473,800
Genesis Energy LP / Genesis Energy Finance Corp., 6.75%, 8/1/22	135,000		138,713
Genesis Energy LP / Genesis Energy Finance Corp., 5.625%, 6/15/24	810,000		781,650
NuStar Logistics LP, 4.75%, 2/1/22	155,000		156,550
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23	471,000		470,411
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.125%, 2/1/25	461,000		472,525
			3,480,730

13

	Principal Amount		Value
Health Care Equipment and Supplies — 0.7%
Hologic, Inc., 4.375%, 10/15/25(1)	$	500,000	$	499,900
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.625%, 10/15/23(1)(2)	265,000		221,275
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.50%, 4/15/25(1)(2)	145,000		113,825
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 6.625%, 5/15/22(1)	175,000		166,687
			1,001,687
Health Care Providers and Services — 6.1%
Acadia Healthcare Co., Inc., 5.125%, 7/1/22	100,000		100,750
Acadia Healthcare Co., Inc., 5.625%, 2/15/23	290,000		293,263
Centene Corp., 4.75%, 1/15/25	700,000		715,750
CHS / Community Health Systems, Inc., 5.125%, 8/1/21(2)	270,000		266,787
CHS / Community Health Systems, Inc., 6.875%, 2/1/22	180,000		120,600
CHS / Community Health Systems, Inc., 6.25%, 3/31/23	575,000		541,937
CHS / Community Health Systems, Inc., 8.125%, 6/30/24(1)(2)	85,000		63,776
CHS / Community Health Systems, Inc., VRN, 11.00%, 6/30/23(1)(2)	315,000		258,498
DaVita, Inc., 5.125%, 7/15/24	532,000		526,680
DaVita, Inc., 5.00%, 5/1/25	595,000		572,390
Encompass Health Corp., 5.75%, 11/1/24	275,000		279,469
Envision Healthcare Corp., 8.75%, 10/15/26(1)(2)	300,000		268,125
HCA, Inc., 5.00%, 3/15/24	190,000		201,410
HCA, Inc., 5.375%, 2/1/25	695,000		738,437
HCA, Inc., 7.69%, 6/15/25	500,000		568,750
HCA, Inc., 4.50%, 2/15/27	480,000		494,101
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 6.375%, 8/1/23(1)	375,000		382,969
Team Health Holdings, Inc., 6.375%, 2/1/25(1)(2)	230,000		187,738
Tenet Healthcare Corp., 8.125%, 4/1/22	470,000		507,412
Tenet Healthcare Corp., 6.75%, 6/15/23(2)	780,000		806,325
Tenet Healthcare Corp., 5.125%, 5/1/25	500,000		503,775
			8,398,942
Hotels, Restaurants and Leisure — 6.0%
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(1)	500,000		495,150
Boyd Gaming Corp., 6.875%, 5/15/23	288,000		300,240
Boyd Gaming Corp., 6.375%, 4/1/26	350,000		363,562
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	600,000		580,500
Eldorado Resorts, Inc., 7.00%, 8/1/23	600,000		629,346
Golden Nugget, Inc., 6.75%, 10/15/24(1)	610,000		614,575
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24	510,000		510,316
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.625%, 4/1/25	455,000		460,687
International Game Technology plc, 6.50%, 2/15/25(1)	585,000		611,325
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 6.75%, 11/15/21(1)	460,000		474,950
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.25%, 6/1/26(1)	250,000		252,969
MGM Resorts International, 6.00%, 3/15/23	350,000		370,125

14

	Principal Amount		Value
MGM Resorts International, 4.625%, 9/1/26	$	280,000	$	273,700
Penn National Gaming, Inc., 5.625%, 1/15/27(1)(2)	680,000		663,000
Rivers Pittsburgh Borrower LP / Rivers Pittsburgh Finance Corp., 6.125%, 8/15/21(1)	260,000		261,300
Scientific Games International, Inc., 6.25%, 9/1/20	445,000		447,225
Scientific Games International, Inc., 10.00%, 12/1/22	158,000		166,888
Station Casinos LLC, 5.00%, 10/1/25(1)	100,000		98,750
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	605,000		598,950
Yum! Brands, Inc., 3.75%, 11/1/21	200,000		201,250
			8,374,808
Household Durables — 3.2%
Beazer Homes USA, Inc., 7.25%, 2/1/23	15,000		14,475
Beazer Homes USA, Inc., 5.875%, 10/15/27(2)	330,000		289,575
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.125%, 7/1/22(1)	340,000		342,975
Century Communities, Inc., 6.875%, 5/15/22	235,000		240,288
Lennar Corp., 4.50%, 4/30/24	695,000		706,606
Meritage Homes Corp., 7.00%, 4/1/22	110,000		118,113
Meritage Homes Corp., 5.125%, 6/6/27	730,000		709,706
PulteGroup, Inc., 5.50%, 3/1/26	465,000		481,856
Shea Homes LP / Shea Homes Funding Corp., 5.875%, 4/1/23(1)	355,000		351,450
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 3/1/24(1)	715,000		713,212
William Lyon Homes, Inc., 5.875%, 1/31/25	570,000		538,650
			4,506,906
Household Products — 0.5%
Energizer Holdings, Inc., 5.50%, 6/15/25(1)	365,000		362,719
Spectrum Brands, Inc., 5.75%, 7/15/25	325,000		329,062
			691,781
Independent Power and Renewable Electricity Producers — 1.5%
Calpine Corp., 5.375%, 1/15/23	645,000		647,419
NRG Energy, Inc., 6.25%, 5/1/24	230,000		237,763
NRG Energy, Inc., 7.25%, 5/15/26	530,000		585,088
Vistra Energy Corp., 7.375%, 11/1/22	405,000		421,200
Vistra Energy Corp., 7.625%, 11/1/24	122,000		129,322
			2,020,792
Insurance — 0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	300,000		311,466
Genworth Holdings, Inc., 7.625%, 9/24/21	315,000		305,550
Liberty Mutual Group, Inc., VRN, 5.52%, (3-month LIBOR plus 2.91%), 3/7/67(1)	670,000		635,787
			1,252,803
Interactive Media and Services — 0.4%
IAC/InterActiveCorp, 4.75%, 12/15/22	130,000		128,375
Rackspace Hosting, Inc., 8.625%, 11/15/24(1)(2)	520,000		464,558
			592,933

15

	Principal Amount		Value
IT Services — 0.5%
CDW LLC / CDW Finance Corp., 5.50%, 12/1/24	$	290,000	$	306,313
First Data Corp., 5.75%, 1/15/24(1)	410,000		423,120
			729,433
Life Sciences Tools and Services — 0.4%
IQVIA, Inc., 4.875%, 5/15/23(1)	75,000		76,695
IQVIA, Inc., 5.00%, 10/15/26(1)	485,000		498,037
			574,732
Marine — 0.4%
Martin Midstream Partners LP / Martin Midstream Finance Corp., 7.25%, 2/15/21	525,000		511,875
Media — 9.2%
Altice Financing SA, 6.625%, 2/15/23(1)	430,000		440,750
Altice Financing SA, 7.50%, 5/15/26(1)	505,000		501,213
Altice Luxembourg SA, 7.625%, 2/15/25(1)(2)	470,000		413,600
AMC Networks, Inc., 4.75%, 8/1/25	730,000		726,350
Cablevision Systems Corp., 5.875%, 9/15/22	705,000		738,487
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 5/1/25(1)	625,000		646,875
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	880,000		924,000
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)	515,000		519,506
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22	205,000		210,381
CSC Holdings LLC, 6.75%, 11/15/21	565,000		605,256
CSC Holdings LLC, 5.375%, 7/15/23(1)	460,000		469,775
CSC Holdings LLC, 6.625%, 10/15/25(1)	200,000		212,500
CSC Holdings LLC, 5.50%, 5/15/26(1)	245,000		252,424
CSC Holdings LLC, 5.50%, 4/15/27(1)	485,000		496,470
DISH DBS Corp., 5.125%, 5/1/20	200,000		201,750
DISH DBS Corp., 5.00%, 3/15/23(2)	435,000		393,131
DISH DBS Corp., 5.875%, 11/15/24	630,000		531,563
Gray Television, Inc., 5.125%, 10/15/24(1)	475,000		477,375
Gray Television, Inc., 5.875%, 7/15/26(1)	455,000		464,191
Lamar Media Corp., 5.00%, 5/1/23	290,000		295,438
Nexstar Broadcasting, Inc., 5.625%, 8/1/24(1)	635,000		646,112
Sinclair Television Group, Inc., 5.625%, 8/1/24(1)	485,000		490,456
Sirius XM Radio, Inc., 4.625%, 5/15/23(1)	315,000		320,119
Sirius XM Radio, Inc., 5.375%, 4/15/25(1)	350,000		360,500
TEGNA, Inc., 5.125%, 7/15/20	80,000		80,300
TEGNA, Inc., 5.50%, 9/15/24(1)	415,000		420,706
Unitymedia GmbH, 6.125%, 1/15/25(1)	265,000		276,369
Univision Communications, Inc., 5.125%, 2/15/25(1)	375,000		351,094
Videotron Ltd., 5.00%, 7/15/22	280,000		289,800
			12,756,491
Metals and Mining — 4.2%
Alcoa Nederland Holding BV, 6.75%, 9/30/24(1)	410,000		435,625
Allegheny Technologies, Inc., 5.95%, 1/15/21	715,000		736,450
Cleveland-Cliffs, Inc., 5.75%, 3/1/25	830,000		796,800

16

	Principal Amount		Value
Constellium NV, 6.625%, 3/1/25(1)(2)	$	835,000	$	853,787
First Quantum Minerals Ltd., 7.25%, 5/15/22(1)(2)	305,000		308,050
Freeport-McMoRan, Inc., 3.55%, 3/1/22	375,000		371,719
Freeport-McMoRan, Inc., 5.40%, 11/14/34	655,000		599,325
Novelis Corp., 5.875%, 9/30/26(1)	780,000		778,050
Steel Dynamics, Inc., 5.00%, 12/15/26	360,000		368,550
Teck Resources Ltd., 6.25%, 7/15/41(2)	465,000		498,228
United States Steel Corp., 6.875%, 8/15/25	100,000		98,250
			5,844,834
Multi-Utilities — 0.3%
Talen Energy Supply LLC, 6.50%, 6/1/25(2)	390,000		345,150
Oil, Gas and Consumable Fuels — 8.8%
Antero Resources Corp., 5.125%, 12/1/22	255,000		257,308
Antero Resources Corp., 5.625%, 6/1/23	155,000		157,713
Calumet Specialty Products Partners LP / Calumet Finance Corp., 6.50%, 4/15/21(2)	235,000		230,888
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23(2)	235,000		232,067
Cheniere Energy Partners LP, 5.25%, 10/1/25	500,000		513,125
Chesapeake Energy Corp., 8.00%, 1/15/25(2)	605,000		620,125
CNX Resources Corp., 5.875%, 4/15/22	429,000		430,072
Denbury Resources, Inc., 9.00%, 5/15/21(1)	255,000		249,263
Denbury Resources, Inc., 4.625%, 7/15/23	220,000		140,162
Diamondback Energy, Inc., 4.75%, 11/1/24	385,000		395,029
EnLink Midstream Partners LP, 4.85%, 7/15/26	700,000		697,375
EP Energy LLC / Everest Acquisition Finance, Inc., 8.00%, 11/29/24(1)	530,000		295,475
Ferrellgas LP / Ferrellgas Finance Corp., 6.50%, 5/1/21(2)	80,000		70,500
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 1/15/22(2)	90,000		78,975
Gulfport Energy Corp., 6.00%, 10/15/24	105,000		95,827
Gulfport Energy Corp., 6.375%, 5/15/25	410,000		372,587
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 10/1/25(1)	240,000		237,000
Laredo Petroleum, Inc., 6.25%, 3/15/23(2)	285,000		255,788
MEG Energy Corp., 7.00%, 3/31/24(1)	135,000		126,563
MEG Energy Corp., 6.50%, 1/15/25(1)	355,000		351,006
Murphy Oil Corp., 4.45%, 12/1/22	360,000		364,724
Newfield Exploration Co., 5.75%, 1/30/22	180,000		192,326
Oasis Petroleum, Inc., 6.875%, 3/15/22	500,000		506,250
Parsley Energy LLC / Parsley Finance Corp., 5.375%, 1/15/25(1)	580,000		582,900
QEP Resources, Inc., 5.375%, 10/1/22	565,000		554,406
Range Resources Corp., 5.75%, 6/1/21	180,000		183,600
Range Resources Corp., 5.00%, 8/15/22	415,000		412,925
SM Energy Co., 5.00%, 1/15/24(2)	365,000		339,450
Southwestern Energy Co., 6.20%, 1/23/25	555,000		548,062
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.50%, 6/1/24	185,000		181,134
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.75%, 3/1/25	550,000		534,875
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	850,000		843,625
Whiting Petroleum Corp., 5.75%, 3/15/21	510,000		518,415

17

	Principal Amount		Value
WPX Energy, Inc., 6.00%, 1/15/22	$	415,000	$	432,637
WPX Energy, Inc., 8.25%, 8/1/23	235,000		265,550
			12,267,727
Personal Products — 0.2%
Avon Products, Inc., 7.00%, 3/15/23(2)	280,000		274,750
Pharmaceuticals — 2.7%
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)	570,000		574,891
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	700,000		694,750
Bausch Health Cos., Inc., 5.50%, 11/1/25(1)	800,000		820,000
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 7/15/23(1)	465,000		360,375
Horizon Pharma USA, Inc., 6.625%, 5/1/23	415,000		428,658
Teva Pharmaceutical Finance Netherlands III BV, 2.20%, 7/21/21	500,000		476,965
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26	420,000		343,795
			3,699,434
Road and Rail — 0.3%
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	460,000		472,604
Semiconductors and Semiconductor Equipment — 0.6%
Advanced Micro Devices, Inc., 7.00%, 7/1/24(2)	181,000		189,938
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	455,000		462,566
Sensata Technologies BV, 5.00%, 10/1/25(1)	138,000		142,140
			794,644
Software — 0.7%
Infor US, Inc., 6.50%, 5/15/22	513,000		521,977
Symantec Corp., 4.20%, 9/15/20	500,000		507,755
			1,029,732
Specialty Retail — 2.9%
Herc Rentals, Inc., 7.50%, 6/1/22(1)	245,000		256,025
Hertz Corp. (The), 5.875%, 10/15/20	125,000		125,125
Hertz Corp. (The), 7.375%, 1/15/21(2)	230,000		230,000
Hertz Corp. (The), 6.25%, 10/15/22(2)	235,000		223,250
L Brands, Inc., 5.625%, 2/15/22	525,000		547,313
Party City Holdings, Inc., 6.125%, 8/15/23(1)(2)	180,000		182,700
PetSmart, Inc., 7.125%, 3/15/23(1)	380,000		285,000
PetSmart, Inc., 5.875%, 6/1/25(1)	180,000		151,650
Sally Holdings LLC / Sally Capital, Inc., 5.50%, 11/1/23	280,000		282,275
Sonic Automotive, Inc., 5.00%, 5/15/23(2)	235,000		226,775
United Rentals North America, Inc., 5.75%, 11/15/24	800,000		825,000
United Rentals North America, Inc., 5.50%, 7/15/25	170,000		174,250
United Rentals North America, Inc., 5.50%, 5/15/27	555,000		561,937
			4,071,300
Technology Hardware, Storage and Peripherals — 2.0%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	265,000		270,076
Dell International LLC / EMC Corp., 7.125%, 6/15/24(1)(2)	335,000		355,236
Dell International LLC / EMC Corp., 4.90%, 10/1/26(1)	250,000		254,975
EMC Corp., 2.65%, 6/1/20	500,000		496,369
NCR Corp., 5.00%, 7/15/22	380,000		380,950
Western Digital Corp., 4.75%, 2/15/26	340,000		325,125

18

	Principal Amount		Value
Xerox Corp., 4.50%, 5/15/21	$	700,000	$	710,500
			2,793,231
Textiles, Apparel and Luxury Goods — 0.3%
Hanesbrands, Inc., 4.625%, 5/15/24(1)	475,000		478,658
Trading Companies and Distributors — 0.3%
Beacon Roofing Supply, Inc., 4.875%, 11/1/25(1)	370,000		352,888
Wireless Telecommunication Services — 2.6%
Sprint Corp., 7.25%, 9/15/21	585,000		615,712
Sprint Corp., 7.875%, 9/15/23	380,000		399,950
Sprint Corp., 7.125%, 6/15/24	550,000		559,625
Sprint Corp., 7.625%, 2/15/25	280,000		286,300
T-Mobile USA, Inc., 6.00%, 3/1/23	350,000		360,500
T-Mobile USA, Inc., 6.375%, 3/1/25	355,000		370,549
T-Mobile USA, Inc., 6.50%, 1/15/26	445,000		476,150
T-Mobile USA, Inc., 4.75%, 2/1/28	500,000		497,500
			3,566,286
TOTAL CORPORATE BONDS (Cost $125,187,323)			124,926,763
BANK LOAN OBLIGATIONS(5) — 2.2%
Diversified Telecommunication Services — 0.6%
CenturyLink, Inc., 2017 Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 1/31/25	281,629		276,703
Level 3 Financing Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	200,000		197,937
Zayo Group, LLC, 2017 Incremental Term Loan, 4.75%, (1-month LIBOR plus 2.25%), 1/19/24	300,000		298,770
			773,410
Health Care Providers and Services — 0.7%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 2/16/23(6)	500,000		496,875
HCA Inc., 2018 Term Loan B10, 4.50%, (1-month LIBOR plus 2.00%), 3/13/25	495,000		495,042
			991,917
Hotels, Restaurants and Leisure — 0.2%
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	155,358		153,157
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	192,717		189,986
			343,143
Pharmaceuticals — 0.7%
Catalent Pharma Solutions Inc., USD Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 5/20/24	546,969		545,347
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 5.48%, (1-month LIBOR plus 3.00%), 6/2/25	462,500		460,065
			1,005,412
TOTAL BANK LOAN OBLIGATIONS (Cost $3,141,065)			3,113,882

19

	Principal Amount/Shares		Value
EXCHANGE-TRADED FUNDS — 1.1%
iShares iBoxx High Yield Corporate Bond ETF	8,500		$	734,995
SPDR Bloomberg Barclays High Yield Bond ETF(2)	20,200		726,594
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,425,314)			1,461,589
ASSET-BACKED SECURITIES — 0.3%
UAL Pass-Through Trust, Series 2007-1, Class A, 6.64%, 1/2/24	$	214,071	225,663
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.375%, 5/15/23	215,179		222,287
TOTAL ASSET-BACKED SECURITIES (Cost $431,689)			447,950
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%
Argentina — 0.2%
Argentine Republic Government International Bond, 6.875%, 4/22/21 (Cost $280,000)	280,000		256,340
TEMPORARY CASH INVESTMENTS — 10.4%
Bennington Stark Capital Co. LLC, 2.55%, 4/1/19 (LOC: Societe Generale SA)(1)(7)	3,773,000		3,772,214
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.875%, 9/30/19 - 2/15/44, valued at $4,928,736), in a joint trading account at 2.35%, dated 3/29/19, due 4/1/19 (Delivery value $4,831,223)			4,830,277
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 6/30/25, valued at $827,578), at 1.25%, dated 3/29/19, due 4/1/19 (Delivery value $807,084)			807,000
Societe Generale SA, 2.50%, 4/1/19(1)(7)	5,000,000		4,998,997
State Street Institutional U.S. Government Money Market Fund, Premier Class	12,931		12,931
TOTAL TEMPORARY CASH INVESTMENTS (Cost $14,423,208)			14,421,419
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(8) — 9.7%
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $13,452,950)	13,452,950		13,452,950
TOTAL INVESTMENT SECURITIES — 113.8% (Cost $158,341,549)			158,080,893
OTHER ASSETS AND LIABILITIES(9) — (13.8)%			(19,154,052		)
TOTAL NET ASSETS — 100.0%			$	138,926,841

20

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type‡	Fixed Rate Received (Paid)	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America High Yield Index Series 31	Sell	5.00%	12/20/23	$	1,960,000	$	77,256	$	56,525	$	133,781

‡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 serve 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
LIBOR	-	London Interbank Offered Rate
LOC	-	Letter of Credit
MTN	-	Medium Term Note
PIK	-	Payment in Kind. Security may pay a cash rate and/or an in kind rate.
USD	-	United States Dollar
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated.

(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 $59,704,624, which represented 43.0% of total net assets.

(2) Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $13,011,271. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3) When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(4) The security's rate was paid in cash at the last payment date.

(5) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.

(6) The interest rate will be determined upon settlement of the bank loan obligation after period end.

(7) The rate indicated is the yield to maturity at purchase.

(8) Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $13,452,950.

(9) Amount relates primarily to payable for collateral received for securities on loan.

See Notes to Financial Statements.

21

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (cost of $144,888,599)	$	144,627,943
Investment made with cash collateral received for securities on loan, at value (cost of $13,452,950)	13,452,950
Total investment securities, at value (cost of $158,341,549)	158,080,893
Deposits with broker for swap agreements	97,479
Receivable for investments sold	143,823
Receivable for capital shares sold	80,189
Receivable for variation margin on swap agreements	8,047
Interest and dividends receivable	1,946,047
Securities lending receivable	9,217
	160,365,695
Liabilities
Payable for collateral received for securities on loan	13,452,950
Payable for investments purchased	997,530
Payable for capital shares redeemed	6,829,785
Accrued management fees	93,499
Distribution and service fees payable	7,690
Dividends payable	57,400
	21,438,854
Net Assets	$	138,926,841
Net Assets Consist of:
Capital paid in	$	177,700,757
Distributable earnings	(38,773,916		)
	$	138,926,841

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$110,623,981	19,965,003	$5.54
I Class		$2,300,269	414,139	$5.55
Y Class		$5,727,026	1,032,373	$5.55
A Class		$11,867,932	2,139,854	$5.55*
C Class		$5,574,113	1,005,294	$5.54
R Class		$988,396	178,274	$5.54
R5 Class		$1,655,570	298,408	$5.55
R6 Class		$189,554	34,213	$5.54

*Maximum offering price $5.81 (net asset value divided by 0.955).

See Notes to Financial Statements.

22

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	8,610,113
Securities lending, net	16,939
Dividends	13,374
	8,640,426
Expenses:
Management fees	1,190,243
Distribution and service fees:
A Class	30,792
C Class	69,411
R Class	4,864
Trustees' fees and expenses	9,875
Other expenses	10,704
	1,315,889
Fees waived(1)	(100,675		)
	1,215,214
Net investment income (loss)	7,425,212
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(2,267,269		)
Swap agreement transactions	(27,392		)
	(2,294,661		)
Change in net unrealized appreciation (depreciation) on:
Investments	1,534,574
Swap agreements	72,911
	1,607,485
Net realized and unrealized gain (loss)	(687,176		)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,738,036

(1) Amount consists of $78,731, $1,983, $1,956, $8,622, $4,859, $681, $1,100 and $2,743 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.

23

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	7,425,212		$	16,329,072
Net realized gain (loss)	(2,294,661		)	20,788,456
Change in net unrealized appreciation (depreciation)	1,607,485			(20,683,594		)
Net increase (decrease) in net assets resulting from operations	6,738,036			16,433,934
Distributions to Shareholders
From earnings:
Investor Class	(5,993,988		)	(8,450,221		)
I Class	(154,119		)	(192,633		)
Y Class	(153,733		)	(1,647		)
A Class	(626,853		)	(741,366		)
C Class	(301,522		)	(387,006		)
R Class	(47,087		)	(56,363		)
R5 Class	(87,006		)	(5,095,194		)
R6 Class	(217,873		)	(1,603,744		)
Decrease in net assets from distributions	(7,582,181		)	(16,528,174		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(9,199,688		)	(797,843,273		)
Net increase (decrease) in net assets	(10,043,833		)	(797,937,513		)
Net Assets
Beginning of period	148,970,674			946,908,187
End of period	$	138,926,841		$	148,970,674

See Notes to Financial Statements.

24

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. High-Yield Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek high current income. As a secondary objective, the fund seeks capital appreciation, but only when consistent with its primary objective of maximizing current income.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the I Class and Y Class commenced on April 10, 2017.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, convertible bonds, bank loan obligations, municipal securities, 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.Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost, which approximates fair value. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

25

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 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 Trustees, or its delegate, deems appropriate. If significant fluctuations in foreign markets are identified, 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Securities lending income is net of fees and

rebates earned by the lending agent for its services.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

26

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank &

Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The

lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities,

the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of

the loaned securities or delays in access to collateral, or the fund may experience losses related to the

investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/

or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities

borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2019.

Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Corporate Bonds	$	12,701,698	—	—	—	$	12,701,698
Exchange-Traded Funds	751,252		—	—	—	751,252
Total Borrowings	$	13,452,950	—	—	—	$	13,452,950
Gross amount of recognized liabilities for securities lending transactions						$	13,452,950

(1) Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

27

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. During the period ended March 31, 2019, the investment advisor agreed to waive 0.07% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2019 and cannot terminate it prior to such date without the approval of the Board of Trustees.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee before and after waiver for each class for the period ended March 31, 2019 are as follows:

			Effective Annual Management Fee
	Investment Category Fee Range	Complex Fee Range	Before Waiver	After Waiver
Investor Class	0.5425% to 0.6600%	0.2500% to 0.3100%	0.84%	0.77%
I Class		0.1500% to 0.2100%	0.74%	0.67%
Y Class		0.0500% to 0.1100%	0.64%	0.57%
A Class		0.2500% to 0.3100%	0.84%	0.77%
C Class		0.2500% to 0.3100%	0.84%	0.77%
R Class		0.2500% to 0.3100%	0.84%	0.77%
R5 Class		0.0500% to 0.1100%	0.64%	0.57%
R6 Class		0.0000% to 0.0600%	0.59%	0.52%

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2019 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.There were no interfund transactions during the period.

28

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 were $33,062,981 and $46,737,759, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
Investor Class
Sold	12,448,873		$	69,118,275		12,241,503		$	70,444,111
Issued in reinvestment of distributions	955,164		5,263,536			1,272,121		7,304,486
Redeemed	(13,350,485	)	(73,963,906		)	(43,707,086	)	(251,303,781		)
	53,552		417,905			(30,193,462	)	(173,555,184		)
I Class
Sold	90,790		506,228			1,194,087		6,905,940
Issued in reinvestment of distributions	26,689		147,594			31,030		177,970
Redeemed	(483,393	)	(2,695,266		)	(445,064	)	(2,548,174		)
	(365,914	)	(2,041,444		)	780,053		4,535,736
Y Class
Sold	1,012,561		5,600,018			46,631		263,346
Issued in reinvestment of distributions	28,019		153,678			300		1,647
Redeemed	(55,116	)	(298,822		)	(22	)	(128		)
	985,464		5,454,874			46,909		264,865
A Class
Sold	426,615		2,368,335			346,026		1,987,296
Issued in reinvestment of distributions	107,600		593,585			121,423		697,024
Redeemed	(723,224	)	(3,992,813		)	(2,004,864	)	(11,509,245		)
	(189,009	)	(1,030,893		)	(1,537,415	)	(8,824,925		)
C Class
Sold	87,824		483,241			102,431		587,835
Issued in reinvestment of distributions	50,386		278,026			60,977		349,814
Redeemed	(617,331	)	(3,404,093		)	(420,400	)	(2,409,265		)
	(479,121	)	(2,642,826		)	(256,992	)	(1,471,616		)
R Class
Sold	93,275		513,476			63,980		366,514
Issued in reinvestment of distributions	8,356		46,121			9,543		54,794
Redeemed	(109,721	)	(604,783		)	(151,574	)	(872,758		)
	(8,090	)	(45,186		)	(78,051	)	(451,450		)
R5 Class
Sold	67,739		375,160			2,497,373		14,321,193
Issued in reinvestment of distributions	15,653		86,374			537,364		3,100,867
Redeemed	(101,804	)	(566,900		)	(96,444,588	)	(556,103,237		)
	(18,412	)	(105,366		)	(93,409,851	)	(538,681,177		)
R6 Class
Sold	54,007		301,428			1,402,155		8,108,527
Issued in reinvestment of distributions	38,855		216,459			238,783		1,372,947
Redeemed	(1,737,462	)	(9,724,639		)	(15,447,135	)	(89,140,996		)
	(1,644,600	)	(9,206,752		)	(13,806,197	)	(79,659,522		)
Net increase (decrease)	(1,666,130	)	$	(9,199,688	)	(138,455,006	)	$	(797,843,273	)

(1) April 10, 2017 (commencement of sale) through March 31, 2018 for the I Class and Y Class.

29

6. 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	—		$	124,926,763	—
Bank Loan Obligations	—		3,113,882		—
Exchange-Traded Funds	$	1,461,589	—		—
Asset-Backed Securities	—		447,950		—
Sovereign Governments and Agencies	—		256,340		—
Temporary Cash Investments	12,931		14,408,488		—
Temporary Cash Investments - Securities Lending Collateral	13,452,950		—		—
	$	14,927,470	$	143,153,423	—
Other Financial Instruments
Swap Agreements	—		$	133,781	—

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7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.The fund's average notional amount held during the period was $5,725,556.

The value of credit risk derivative instruments as of March 31, 2019, is disclosed on the Statement of Assets and Liabilities as an asset of $8,047 in receivable for variation margin on swap agreements*. For the year ended March 31, 2019, the effect of credit risk derivative instruments on the Statement of Operations was $(27,392) in net realized gain (loss) on swap agreement transactions and $72,911 in change in net unrealized appreciation (depreciation) on swap agreements.

* Included in the unrealized appreciation (depreciation) on centrally cleared swap agreements, as reported in the Schedule of Investments.

8. Risk Factors

The fund invests primarily in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	7,582,181	$	16,528,174
Long-term capital gains	—		—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

31

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	158,388,533
Gross tax appreciation of investments	$	2,684,241
Gross tax depreciation of investments	(2,991,881		)
Net tax appreciation (depreciation) of investments	(307,640		)
Net tax appreciation (depreciation) on derivatives	53,258
Net tax appreciation (depreciation)	$	(254,382	)
Other book-to-tax adjustments	$	(15,196	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(3,569,501	)
Accumulated long-term capital losses	$	(34,934,837	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

10. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

32

Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019	$5.57	0.29	(0.03)	0.26	(0.29)	—	(0.29)	$5.54	4.91%	0.79%	0.86%	5.22%	5.15%	24%		$110,624
2018	$5.73	0.29	(0.15)(3)	0.14	(0.30)	—	(0.30)	$5.57	2.33%	0.83%	0.86%	5.03%	5.00%	20%		$110,940
2017	$5.36	0.29	0.37	0.66	(0.29)	—	(0.29)	$5.73	12.62%	0.85%	0.85%	5.13%	5.13%	29%		$287,088
2016	$5.92	0.30	(0.55)	(0.25)	(0.31)	—	(0.31)	$5.36	(4.30)%	0.85%	0.85%	5.36%	5.36%	24%		$344,505
2015	$6.24	0.32	(0.26)	0.06	(0.33)	(0.05)	(0.38)	$5.92	0.97%	0.85%	0.85%	5.29%	5.29%	34%		$305,901
I Class
2019	$5.58	0.30	(0.03)	0.27	(0.30)	—	(0.30)	$5.55	5.01%	0.69%	0.76%	5.32%	5.25%	24%		$2,300
2018(4)	$5.75	0.29	(0.17)(3)	0.12	(0.29)	—	(0.29)	$5.58	2.11%	0.73%(5)	0.76%(5)	5.22%(5)	5.19%(5)	20%(6)		$4,356
Y Class
2019	$5.58	0.30	(0.02)	0.28	(0.31)	—	(0.31)	$5.55	5.12%	0.59%	0.66%	5.42%	5.35%	24%		$5,727
2018(4)	$5.75	0.30	(0.17)(3)	0.13	(0.30)	—	(0.30)	$5.58	2.20%	0.63%(5)	0.66%(5)	5.51%(5)	5.48%(5)	20%(6)		$262
A Class
2019	$5.58	0.28	(0.03)	0.25	(0.28)	—	(0.28)	$5.55	4.65%	1.04%	1.11%	4.97%	4.90%	24%		$11,868
2018	$5.73	0.28	(0.15)(3)	0.13	(0.28)	—	(0.28)	$5.58	2.25%	1.08%	1.11%	4.78%	4.75%	20%		$12,985
2017	$5.36	0.28	0.37	0.65	(0.28)	—	(0.28)	$5.73	12.35%	1.10%	1.10%	4.88%	4.88%	29%		$22,166
2016	$5.92	0.28	(0.55)	(0.27)	(0.29)	—	(0.29)	$5.36	(4.54)%	1.10%	1.10%	5.11%	5.11%	24%		$24,610
2015	$6.24	0.31	(0.27)	0.04	(0.31)	(0.05)	(0.36)	$5.92	0.72%	1.10%	1.10%	5.04%	5.04%	34%		$34,928

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2019	$5.57	0.23	(0.02)	0.21	(0.24)	—	(0.24)	$5.54	3.87%	1.79%	1.86%	4.22%	4.15%	24%		$5,574
2018	$5.73	0.24	(0.16)(3)	0.08	(0.24)	—	(0.24)	$5.57	1.31%	1.83%	1.86%	4.03%	4.00%	20%		$8,275
2017	$5.36	0.23	0.38	0.61	(0.24)	—	(0.24)	$5.73	11.51%	1.85%	1.85%	4.13%	4.13%	29%		$9,985
2016	$5.92	0.24	(0.55)	(0.31)	(0.25)	—	(0.25)	$5.36	(5.25)%	1.85%	1.85%	4.36%	4.36%	24%		$9,695
2015	$6.24	0.26	(0.26)	—	(0.27)	(0.05)	(0.32)	$5.92	(0.03)%	1.85%	1.85%	4.29%	4.29%	34%		$14,555
R Class
2019	$5.57	0.26	(0.02)	0.24	(0.27)	—	(0.27)	$5.54	4.39%	1.29%	1.36%	4.72%	4.65%	24%		$988
2018	$5.73	0.26	(0.15)(3)	0.11	(0.27)	—	(0.27)	$5.57	1.82%	1.33%	1.36%	4.53%	4.50%	20%		$1,039
2017	$5.36	0.26	0.38	0.64	(0.27)	—	(0.27)	$5.73	12.06%	1.35%	1.35%	4.63%	4.63%	29%		$1,516
2016	$5.92	0.27	(0.55)	(0.28)	(0.28)	—	(0.28)	$5.36	(4.78)%	1.35%	1.35%	4.86%	4.86%	24%		$1,624
2015	$6.24	0.29	(0.26)	0.03	(0.30)	(0.05)	(0.35)	$5.92	0.47%	1.35%	1.35%	4.79%	4.79%	34%		$1,832
R5 Class
2019	$5.58	0.30	(0.02)	0.28	(0.31)	—	(0.31)	$5.55	5.12%	0.59%	0.66%	5.42%	5.35%	24%		$1,656
2018	$5.73	0.29	(0.13)(3)	0.16	(0.31)	—	(0.31)	$5.58	2.72%	0.63%	0.66%	5.23%	5.20%	20%		$1,767
2017	$5.36	0.30	0.38	0.68	(0.31)	—	(0.31)	$5.73	12.85%	0.65%	0.65%	5.33%	5.33%	29%		$537,457
2016	$5.92	0.31	(0.55)	(0.24)	(0.32)	—	(0.32)	$5.36	(4.11)%	0.65%	0.65%	5.56%	5.56%	24%		$473,014
2015	$6.24	0.33	(0.26)	0.07	(0.34)	(0.05)	(0.39)	$5.92	1.18%	0.65%	0.65%	5.49%	5.49%	34%		$404,881

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2019	$5.57	0.30	(0.02)	0.28	(0.31)	—	(0.31)	$5.54	5.17%	0.54%	0.61%	5.47%	5.40%	24%		$190
2018	$5.73	0.30	(0.15)(3)	0.15	(0.31)	—	(0.31)	$5.57	2.58%	0.58%	0.61%	5.28%	5.25%	20%		$9,348
2017	$5.36	0.30	0.38	0.68	(0.31)	—	(0.31)	$5.73	12.90%	0.60%	0.60%	5.38%	5.38%	29%		$88,697
2016	$5.92	0.31	(0.55)	(0.24)	(0.32)	—	(0.32)	$5.36	(4.06)%	0.60%	0.60%	5.61%	5.61%	24%		$55,552
2015	$6.24	0.33	(0.26)	0.07	(0.34)	(0.05)	(0.39)	$5.92	1.23%	0.60%	0.60%	5.54%	5.54%	34%		$40,362

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3) Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net realized and unrealized gain (loss) on such shares.

(4) April 10, 2017 (commencement of sale) through March 31, 2018.

(5) Annualized.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of the American Century Investment Trust and Shareholders of the High-Yield Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of High-Yield Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

36

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

37

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

38

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

39

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

40

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92281 1905

Annual Report

March 31, 2019

NT Diversified Bond Fund

G Class (ACLDX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

Performance	2
Portfolio Commentary	3
Fund Characteristics	5
Shareholder Fee Example	6
Schedule of Investments	7
Statement of Assets and Liabilities	31
Statement of Operations	32
Statement of Changes in Net Assets	33
Notes to Financial Statements	34
Financial Highlights	42
Report of Independent Registered Public Accounting Firm	43
Management	44
Additional Information	47

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Inception Date
G Class	ACLDX	3.93%	2.65%	3.80%	5/12/06
Bloomberg Barclays U.S. Aggregate Bond Index	—	4.48%	2.74%	3.76%	—

Fund returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over 10 Years

$10,000 investment made March 31, 2009

Value on March 31, 2019
	G Class — $14,518
	Bloomberg Barclays U.S. Aggregate Bond Index — $14,472

Ending value of G Class would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses

G Class 0.35%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

2

Portfolio Commentary

Portfolio Managers: Bob Gahagan, Hando Aguilar, Jeff Houston, Brian Howell and Charles Tan

Effective October 31, 2018, Charles Tan joined the portfolio management team, replacing Dave MacEwen, who left the team ahead of his December 31, 2018, retirement.

Performance Summary

NT Diversified Bond returned 3.93%* for the 12 months ended March 31, 2019. By comparison, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.48%. Fund returns reflect operating expenses, while index returns do not.

Returns for the fund and the index reflect a generally positive, albeit challenging, environment for investment-grade bonds. The 12-month period witnessed a marked shift in Federal Reserve (Fed) policy and investor sentiment toward the U.S. and global economic growth outlook, which influenced performance in the fixed-income market. In the first several months of the period, robust economic growth, rising inflation and the Fed’s steady rate-tightening strategy drove Treasury yields higher. Investment-grade bond returns were generally flat to slightly negative. Meanwhile, risk-on investing remained in favor, and higher-yielding securities outperformed. The environment reversed sharply in late 2018, as worries about future economic and corporate earnings growth, U.S.-China trade negotiations and a surprisingly bullish Fed outlook triggered severe volatility in the equity markets. After climbing to a reporting period high of 3.24% in early November (according to Bloomberg), the 10-year U.S. Treasury yield plunged to 2.68% by the end of December 2018, as investors fled risk assets in favor of perceived safe-haven investments.

The new year brought a new sense of stability to the financial markets. Progress with U.S.-China trade negotiations and better-than-feared U.S. economic and earnings data helped restore some investor optimism. Additionally, the Fed paused its rate-hike campaign in January, seemingly acknowledging its December plan for two rate hikes in 2019 may have been too aggressive. Investors responded enthusiastically to this backdrop, and risk assets returned to favor. Meanwhile, Treasury yields moved modestly lower. Then, at its March monetary policy meeting, the Fed held rates steady and suggested additional tightening was likely off the table for 2019. This news triggered a sharp rally among Treasuries, and the 10-year Treasury note ended the 12-month period yielding 2.5%. The yield curve flattened dramatically and briefly inverted.

Overall, the Treasury market rally of late 2018 and early 2019 supported broad U.S. fixed-income gains for the entire 12-month period. Longer-maturity Treasuries and corporate bonds were top performers. NT Diversified Bond’s out-of-index exposure to global interest rate movements primarily accounted for the fund’s underperformance relative to the index.

Global Interest Rates Position Detracted

Throughout most of 2018, we held a non-index position designed to take advantage of differences in global interest rates. As part of this strategy, we held short positions in European government bond futures, a neutral position in U.S. Treasury futures and a long position in local-currency emerging markets bonds. Initially, we expected European rates to rise from their unusually low levels and converge with U.S. rates. We also expected select emerging markets rates to remain

*Fund returns would have been lower if a portion of the fees had not been waived.

3

stable or decline. However, yields in Europe steadily declined, weighing on our short positions in European governments. Additionally, mounting investor concerns about the sustainability of synchronized global growth combined with country-specific issues pressured emerging markets assets. With the global economy showing signs of slowing and leading central banks maintaining dovish policies, we exited our global rates trade in late 2018.

Sector Allocation, Security Selection Were Mixed

We continued to underweight Treasuries and government agencies relative to the index in favor of spread (non-Treasury) sectors, including corporate credit and securitized bonds. This strategy delivered mixed results. Our overweight position in the securitized sector contributed to relative results, while our overweight to investment-grade corporate bonds modestly detracted.

Security selection within these allocations also was mixed. Within the investment-grade corporate sector, our selections contributed to results. In particular, our corporate bond holdings with BBB credit ratings delivered robust performance late in the reporting period. However, our selections in the securitized sector detracted from results.

Meanwhile, our out-of-index allocation to high-yield corporate bonds was a modest contributor, as positive performance in the first half of the reporting period combined with the early 2019 risk rally offset the effects of the high-yield sell-off in late 2018.

Portfolio Positioning

We expect the U.S. economy to continue to grow, but at a more moderate pace (2.0% to 2.5% annualized). However, we expect U.S. economic growth to remain more robust than growth in Europe and Japan. We expect headline inflation to eventually converge with core inflation near 2%. These factors should enable the Fed to remain on hold throughout the remainder of 2019. Against a backdrop of slowing global growth, geopolitical uncertainties (mainly Brexit) and a dovish Fed, we expect the 10-year Treasury yield to fluctuate within a near-term range of 2.35% to 2.80%.

We do not believe the dramatic flattening (and brief) inversion of the yield curve late in the reporting period is an indication of a looming recession. Instead, we believe the curve flattened in response to the Fed’s unexpected pivot to dovish monetary policy. We believe the Fed’s change of course is more reflective of a lack of inflation than a lack of growth. Given the yield curve’s notable flattening, we initiated a position designed to take advantage of our outlook for the curve between two and five years to steepen.

Additionally, we expect to maintain our preference for spread sectors versus Treasuries, remaining mindful of market conditions. For example, in light of the strong rally in risk assets in the final months of the reporting period, we took profits in and reduced exposure to investment-grade and high-yield corporate bonds. We also took profits in credit-sensitive mortgage-backed securities that participated in the rally. We will continue to look for opportunities to tactically add exposure to riskier corporate and securitized securities, as valuations, fundamentals and market conditions dictate. However, from a longer-term, strategic perspective, we plan to reduce spread sector risk, given the potential for spread widening as the credit cycle matures. As always, we favor a bottom-up approach to portfolio management, emphasizing careful security selection.

4

Fund Characteristics

MARCH 31, 2019
Portfolio at a Glance
Average Duration (effective)	5.6 years
Weighted Average Life to Maturity	7.7 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	28.6%
U.S. Treasury Securities	27.6%
U.S. Government Agency Mortgage-Backed Securities	22.4%
Asset-Backed Securities	6.1%
Collateralized Mortgage Obligations	5.0%
Commercial Mortgage-Backed Securities	4.9%
Collateralized Loan Obligations	4.1%
Bank Loan Obligations	1.3%
Municipal Securities	1.2%
Sovereign Governments and Agencies	0.7%
U.S. Government Agency Securities	0.3%
Temporary Cash Investments	3.0%
Other Assets and Liabilities	(5.2)%*

*Amount relates primarily to payable for investments purchased, but not settled, at period end.

5

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1)  10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
G Class	$1,000	$1,040.70	$0.05	0.01%
Hypothetical
G Class	$1,000	$1,024.88	$0.05	0.01%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

6

Schedule of Investments

MARCH 31, 2019

	Principal Amount		Value
CORPORATE BONDS — 28.6%
Aerospace and Defense — 0.1%
United Technologies Corp., 6.05%, 6/1/36	$	730,000	$	870,311
United Technologies Corp., 5.70%, 4/15/40	1,420,000		1,662,619
			2,532,930
Air Freight and Logistics — 0.1%
FedEx Corp., 4.40%, 1/15/47	1,780,000		1,679,978
Automobiles — 1.0%
Ford Motor Credit Co. LLC, 2.68%, 1/9/20	5,110,000		5,089,180
Ford Motor Credit Co. LLC, 8.125%, 1/15/20	1,150,000		1,192,120
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	4,280,000		4,435,932
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	1,200,000		1,147,836
General Motors Co., 4.20%, 10/1/27	1,500,000		1,441,155
General Motors Co., 5.15%, 4/1/38	1,900,000		1,741,509
General Motors Financial Co., Inc., 3.15%, 1/15/20	3,050,000		3,054,801
General Motors Financial Co., Inc., 3.20%, 7/6/21	3,110,000		3,098,099
General Motors Financial Co., Inc., 5.25%, 3/1/26	3,080,000		3,183,704
			24,384,336
Banks — 6.2%
Banco Santander SA, 3.50%, 4/11/22	2,600,000		2,626,706
Bank of America Corp., 4.10%, 7/24/23	4,160,000		4,353,977
Bank of America Corp., MTN, 4.20%, 8/26/24	4,320,000		4,476,201
Bank of America Corp., MTN, 4.00%, 1/22/25	3,140,000		3,208,283
Bank of America Corp., MTN, 5.00%, 1/21/44	830,000		939,423
Bank of America Corp., MTN, VRN, 2.37%, 7/21/21	3,070,000		3,050,457
Bank of America Corp., MTN, VRN, 2.33%, 10/1/21	4,310,000		4,271,618
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28	3,020,000		3,066,933
Bank of America Corp., MTN, VRN, 3.97%, 3/5/29	1,840,000		1,880,730
Bank of America Corp., MTN, VRN, 4.44%, 1/20/48	1,230,000		1,291,232
Bank of America Corp., VRN, 3.00%, 12/20/23	3,664,000		3,656,119
Bank of America N.A., 6.00%, 10/15/36	650,000		807,425
Banque Federative du Credit Mutuel SA, 2.00%, 4/12/19(1)	1,550,000		1,549,649
Barclays Bank plc, 5.14%, 10/14/20	2,290,000		2,352,329
Barclays plc, 4.375%, 1/12/26	1,500,000		1,510,882
BNP Paribas SA, 4.375%, 9/28/25(1)	1,550,000		1,589,508
BPCE SA, 3.00%, 5/22/22(1)	2,060,000		2,039,981
BPCE SA, 5.15%, 7/21/24(1)	1,870,000		1,953,582
BPCE SA, 3.50%, 10/23/27(1)	1,000,000		969,675
Citibank N.A., 3.65%, 1/23/24	2,600,000		2,685,403
Citigroup, Inc., 2.55%, 4/8/19	1,250,000		1,249,953
Citigroup, Inc., 2.90%, 12/8/21	4,000,000		3,999,249
Citigroup, Inc., 2.75%, 4/25/22	4,320,000		4,305,134
Citigroup, Inc., 4.05%, 7/30/22	1,400,000		1,442,912

7

	Principal Amount		Value
Citigroup, Inc., 3.20%, 10/21/26	$	1,200,000	$	1,177,422
Citigroup, Inc., 4.45%, 9/29/27	9,270,000		9,544,841
Citigroup, Inc., VRN, 3.52%, 10/27/28	4,050,000		3,987,241
Cooperatieve Rabobank UA, 3.95%, 11/9/22	3,180,000		3,241,313
Discover Bank, 3.35%, 2/6/23	1,850,000		1,861,285
Discover Bank, 3.45%, 7/27/26	3,730,000		3,618,744
Fifth Third BanCorp., 4.30%, 1/16/24	750,000		786,358
Fifth Third Bank, 2.875%, 10/1/21	1,830,000		1,832,597
HSBC Bank USA N.A., 5.875%, 11/1/34	420,000		503,192
HSBC Holdings plc, 2.95%, 5/25/21	4,917,000		4,918,065
HSBC Holdings plc, 4.30%, 3/8/26	3,420,000		3,554,589
HSBC Holdings plc, 4.375%, 11/23/26	3,100,000		3,180,953
HSBC Holdings plc, VRN, 3.26%, 3/13/23	1,520,000		1,524,875
Huntington Bancshares, Inc., 2.30%, 1/14/22	2,380,000		2,345,404
JPMorgan Chase & Co., 2.25%, 1/23/20	4,860,000		4,842,868
JPMorgan Chase & Co., 2.55%, 3/1/21	2,850,000		2,842,834
JPMorgan Chase & Co., 4.625%, 5/10/21	4,680,000		4,857,553
JPMorgan Chase & Co., 3.25%, 9/23/22	3,880,000		3,938,382
JPMorgan Chase & Co., 3.875%, 9/10/24	1,370,000		1,406,161
JPMorgan Chase & Co., 3.125%, 1/23/25	2,750,000		2,755,216
JPMorgan Chase & Co., VRN, 3.54%, 5/1/28	1,600,000		1,603,877
JPMorgan Chase & Co., VRN, 3.88%, 7/24/38	1,400,000		1,378,497
JPMorgan Chase & Co., VRN, 3.96%, 11/15/48	2,050,000		2,005,709
JPMorgan Chase & Co., VRN, 3.90%, 1/23/49	1,800,000		1,746,365
PNC Financial Services Group, Inc. (The), 4.375%, 8/11/20	1,820,000		1,863,452
Regions Financial Corp., 2.75%, 8/14/22	2,370,000		2,353,709
Regions Financial Corp., 3.80%, 8/14/23	1,830,000		1,883,010
Royal Bank of Canada, 2.15%, 10/26/20	2,590,000		2,573,790
Synchrony Bank, 3.00%, 6/15/22	1,400,000		1,382,652
U.S. Bancorp, MTN, 3.60%, 9/11/24	1,910,000		1,972,012
Wells Fargo & Co., 3.07%, 1/24/23	1,860,000		1,863,997
Wells Fargo & Co., 4.125%, 8/15/23	760,000		788,327
Wells Fargo & Co., 3.00%, 4/22/26	1,000,000		978,914
Wells Fargo & Co., 5.61%, 1/15/44	366,000		423,043
Wells Fargo & Co., MTN, 2.60%, 7/22/20	6,920,000		6,911,542
Wells Fargo & Co., MTN, 3.75%, 1/24/24	1,920,000		1,977,642
Wells Fargo & Co., MTN, 4.10%, 6/3/26	2,700,000		2,765,004
Wells Fargo & Co., MTN, 4.65%, 11/4/44	1,555,000		1,602,532
Wells Fargo & Co., MTN, 4.75%, 12/7/46	640,000		671,362
Wells Fargo & Co., MTN, VRN, 3.58%, 5/22/28	1,100,000		1,106,558
			159,849,248
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46(1)	3,860,000		3,884,965
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	2,690,000		2,866,919
Constellation Brands, Inc., 2.00%, 11/7/19	1,640,000		1,631,265
Constellation Brands, Inc., 4.75%, 12/1/25	1,100,000		1,174,494
			9,557,643

8

	Principal Amount		Value
Biotechnology — 1.6%
AbbVie, Inc., 2.50%, 5/14/20	$	3,630,000	$	3,619,775
AbbVie, Inc., 2.90%, 11/6/22	3,240,000		3,234,772
AbbVie, Inc., 3.60%, 5/14/25	3,110,000		3,121,794
AbbVie, Inc., 4.40%, 11/6/42	1,790,000		1,667,213
AbbVie, Inc., 4.70%, 5/14/45	800,000		772,716
Amgen, Inc., 2.20%, 5/22/19	4,600,000		4,598,300
Amgen, Inc., 2.65%, 5/11/22	4,880,000		4,867,676
Amgen, Inc., 4.66%, 6/15/51	2,183,000		2,204,398
Celgene Corp., 3.25%, 8/15/22	2,490,000		2,517,766
Celgene Corp., 3.625%, 5/15/24	850,000		865,117
Celgene Corp., 3.875%, 8/15/25	3,650,000		3,750,302
Gilead Sciences, Inc., 1.85%, 9/20/19	2,020,000		2,010,003
Gilead Sciences, Inc., 4.40%, 12/1/21	1,490,000		1,549,279
Gilead Sciences, Inc., 3.65%, 3/1/26	5,530,000		5,649,131
Gilead Sciences, Inc., 4.15%, 3/1/47	1,000,000		968,391
			41,396,633
Building Products — 0.1%
Masco Corp., 4.45%, 4/1/25	1,260,000		1,295,780
Capital Markets — 1.8%
Goldman Sachs Group, Inc. (The), 2.30%, 12/13/19	5,480,000		5,462,809
Goldman Sachs Group, Inc. (The), 3.50%, 1/23/25	2,540,000		2,534,508
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26	6,500,000		6,424,651
Goldman Sachs Group, Inc. (The), VRN, 2.88%, 10/31/22	1,450,000		1,438,690
Goldman Sachs Group, Inc. (The), VRN, 3.27%, 9/29/25	2,000,000		1,976,134
Goldman Sachs Group, Inc. (The), VRN, 3.81%, 4/23/29	1,860,000		1,845,498
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.15%, 1/23/30	1,480,000		1,357,851
Morgan Stanley, 2.75%, 5/19/22	800,000		795,791
Morgan Stanley, 5.00%, 11/24/25	3,370,000		3,617,790
Morgan Stanley, MTN, 5.625%, 9/23/19	8,010,000		8,114,566
Morgan Stanley, MTN, 3.70%, 10/23/24	2,450,000		2,495,550
Morgan Stanley, MTN, 4.00%, 7/23/25	6,830,000		7,040,614
Morgan Stanley, MTN, VRN, 3.77%, 1/24/29	2,550,000		2,569,114
Morgan Stanley, VRN, 3.97%, 7/22/38	920,000		907,020
			46,580,586
Chemicals — 0.1%
Westlake Chemical Corp., 4.375%, 11/15/47	1,885,000		1,675,733
Commercial Services and Supplies — 0.1%
Republic Services, Inc., 3.55%, 6/1/22	1,910,000		1,953,827
Consumer Finance — 0.7%
American Express Credit Corp., MTN, 2.20%, 3/3/20	4,500,000		4,480,256
Capital One Bank USA N.A., 2.30%, 6/5/19	2,390,000		2,388,360
Capital One Bank USA N.A., 3.375%, 2/15/23	1,580,000		1,580,802
Capital One Financial Corp., 3.75%, 7/28/26	3,515,000		3,429,689
PNC Bank N.A., 3.80%, 7/25/23	1,150,000		1,184,252
PNC Bank N.A., MTN, 2.30%, 6/1/20	4,640,000		4,620,957

9

	Principal Amount		Value
Synchrony Financial, 3.00%, 8/15/19	$	500,000	$	500,159
			18,184,475
Containers and Packaging†
International Paper Co., 4.40%, 8/15/47	980,000		921,014
Diversified Consumer Services — 0.1%
Board of Trustees of The Leland Stanford Junior University (The), 3.46%, 5/1/47	670,000		671,332
CommonSpirit Health, 2.95%, 11/1/22	860,000		854,909
George Washington University (The), 3.55%, 9/15/46	960,000		928,764
			2,455,005
Diversified Financial Services — 0.6%
Credit Suisse Group Funding Guernsey Ltd., 3.125%, 12/10/20	4,550,000		4,566,774
Credit Suisse Group Funding Guernsey Ltd., 3.45%, 4/16/21	2,550,000		2,577,981
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20	1,300,000		1,284,237
UBS Group Funding Switzerland AG, 3.49%, 5/23/23(1)	4,800,000		4,826,730
UBS Group Funding Switzerland AG, 4.125%, 9/24/25(1)	950,000		982,353
Voya Financial, Inc., 5.70%, 7/15/43	1,900,000		2,213,273
			16,451,348
Diversified Telecommunication Services — 0.9%
AT&T, Inc., 3.875%, 8/15/21	2,780,000		2,852,617
AT&T, Inc., 3.40%, 5/15/25	4,780,000		4,737,474
AT&T, Inc., 4.10%, 2/15/28	1,300,000		1,315,070
AT&T, Inc., 5.25%, 3/1/37	1,100,000		1,161,088
AT&T, Inc., 4.85%, 3/1/39	1,200,000		1,208,481
AT&T, Inc., 5.15%, 11/15/46	301,000		309,950
Orange SA, 4.125%, 9/14/21	722,000		747,086
Telefonica Emisiones SA, 5.46%, 2/16/21	1,590,000		1,663,251
Verizon Communications, Inc., 3.38%, 2/15/25	1,920,000		1,948,457
Verizon Communications, Inc., 2.625%, 8/15/26	2,250,000		2,149,592
Verizon Communications, Inc., 4.75%, 11/1/41	1,490,000		1,578,724
Verizon Communications, Inc., 5.01%, 8/21/54	3,070,000		3,295,162
			22,966,952
Electric Utilities — 0.7%
AEP Transmission Co. LLC, 3.75%, 12/1/47	970,000		957,108
American Electric Power Co., Inc., 3.20%, 11/13/27	1,050,000		1,029,666
Duke Energy Corp., 3.55%, 9/15/21	1,250,000		1,270,116
Duke Energy Corp., 2.65%, 9/1/26	1,540,000		1,469,030
Duke Energy Florida LLC, 6.35%, 9/15/37	463,000		615,133
Duke Energy Florida LLC, 3.85%, 11/15/42	1,410,000		1,416,981
Duke Energy Progress LLC, 3.25%, 8/15/25	1,000,000		1,023,777
Duke Energy Progress LLC, 4.15%, 12/1/44	500,000		522,434
Duke Energy Progress LLC, 3.70%, 10/15/46	515,000		504,515
Exelon Corp., 5.15%, 12/1/20	1,276,000		1,315,988
Exelon Corp., 4.45%, 4/15/46	1,400,000		1,447,569
FirstEnergy Corp., 4.25%, 3/15/23	1,260,000		1,315,624
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1)	1,520,000		1,487,700
Southern Co. Gas Capital Corp., 3.95%, 10/1/46	970,000		913,107

10

	Principal Amount		Value
Virginia Electric & Power Co., 3.45%, 2/15/24	$	1,110,000	$	1,141,292
Xcel Energy, Inc., 3.35%, 12/1/26	1,000,000		1,002,804
			17,432,844
Energy Equipment and Services — 0.1%
Halliburton Co., 3.80%, 11/15/25	2,260,000		2,313,450
Halliburton Co., 4.85%, 11/15/35	1,090,000		1,145,644
			3,459,094
Entertainment — 0.4%
Activision Blizzard, Inc., 2.30%, 9/15/21	1,780,000		1,756,244
Viacom, Inc., 3.125%, 6/15/22	1,260,000		1,258,120
Viacom, Inc., 4.25%, 9/1/23	1,840,000		1,914,719
Viacom, Inc., 4.375%, 3/15/43	1,500,000		1,348,721
Walt Disney Co. (The), 6.90%, 8/15/39(1)	1,370,000		1,937,907
Walt Disney Co. (The), 4.75%, 9/15/44(1)	720,000		827,889
			9,043,600
Equity Real Estate Investment Trusts (REITs) — 0.7%
American Tower Corp., 3.375%, 10/15/26	833,000		813,297
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/28	625,000		620,670
Boston Properties LP, 3.65%, 2/1/26	2,410,000		2,424,554
Crown Castle International Corp., 5.25%, 1/15/23	2,474,000		2,659,045
Essex Portfolio LP, 3.625%, 8/15/22	710,000		722,869
Essex Portfolio LP, 3.25%, 5/1/23	1,220,000		1,220,136
GLP Capital LP / GLP Financing II, Inc., 5.75%, 6/1/28	1,140,000		1,228,293
Hospitality Properties Trust, 4.65%, 3/15/24	1,480,000		1,509,651
Kilroy Realty LP, 3.80%, 1/15/23	1,670,000		1,698,454
Kimco Realty Corp., 2.80%, 10/1/26	2,130,000		2,007,764
Ventas Realty LP, 4.125%, 1/15/26	720,000		740,296
VEREIT Operating Partnership LP, 4.125%, 6/1/21	2,310,000		2,349,628
			17,994,657
Food and Staples Retailing — 0.2%
Kroger Co. (The), 3.30%, 1/15/21	2,610,000		2,626,450
Kroger Co. (The), 3.875%, 10/15/46	1,390,000		1,160,742
Walmart, Inc., 4.05%, 6/29/48	1,220,000		1,302,819
			5,090,011
Gas Utilities — 1.0%
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.25%, 1/15/25	1,900,000		1,974,822
Enterprise Products Operating LLC, 5.20%, 9/1/20	4,180,000		4,321,363
Enterprise Products Operating LLC, 4.85%, 3/15/44	3,550,000		3,780,560
Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 6/1/22	2,240,000		2,255,754
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	5,920,000		6,515,212
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23	2,970,000		2,984,907
Sunoco Logistics Partners Operations LP, 4.00%, 10/1/27	2,650,000		2,632,873
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	570,000		562,163
			25,027,654
Health Care Equipment and Supplies — 0.3%
Becton Dickinson and Co., 3.73%, 12/15/24	3,360,000		3,415,348

11

	Principal Amount		Value
Medtronic, Inc., 3.50%, 3/15/25	$	3,615,000	$	3,736,494
Medtronic, Inc., 4.375%, 3/15/35	1,580,000		1,728,711
			8,880,553
Health Care Providers and Services — 1.3%
Anthem, Inc., 3.65%, 12/1/27	1,400,000		1,399,241
Anthem, Inc., 4.65%, 1/15/43	1,810,000		1,877,992
Cardinal Health, Inc., 1.95%, 6/14/19	4,640,000		4,631,913
CVS Health Corp., 3.50%, 7/20/22	2,820,000		2,858,425
CVS Health Corp., 2.75%, 12/1/22	1,345,000		1,327,671
CVS Health Corp., 4.30%, 3/25/28	3,250,000		3,299,120
CVS Health Corp., 4.78%, 3/25/38	1,510,000		1,499,746
Duke University Health System, Inc., 3.92%, 6/1/47	2,150,000		2,228,137
HCA, Inc., 4.25%, 10/15/19	1,000,000		1,005,262
Johns Hopkins Health System Corp. (The), 3.84%, 5/15/46	895,000		909,348
Kaiser Foundation Hospitals, 4.15%, 5/1/47	840,000		890,056
Northwell Healthcare, Inc., 4.26%, 11/1/47	1,090,000		1,103,194
Stanford Health Care, 3.80%, 11/15/48	885,000		892,394
UnitedHealth Group, Inc., 2.875%, 12/15/21	1,480,000		1,488,469
UnitedHealth Group, Inc., 2.875%, 3/15/22	1,950,000		1,962,982
UnitedHealth Group, Inc., 3.75%, 7/15/25	2,640,000		2,760,066
UnitedHealth Group, Inc., 4.75%, 7/15/45	1,450,000		1,643,660
Universal Health Services, Inc., 4.75%, 8/1/22(1)	1,850,000		1,870,813
			33,648,489
Hotels, Restaurants and Leisure — 0.1%
McDonald's Corp., MTN, 3.375%, 5/26/25	2,070,000		2,110,242
McDonald's Corp., MTN, 4.70%, 12/9/35	1,070,000		1,151,148
			3,261,390
Household Durables — 0.3%
D.R. Horton, Inc., 2.55%, 12/1/20	1,260,000		1,252,381
D.R. Horton, Inc., 5.75%, 8/15/23	650,000		702,857
Lennar Corp., 4.75%, 4/1/21	1,880,000		1,919,950
Lennar Corp., 4.75%, 11/29/27	210,000		210,886
Toll Brothers Finance Corp., 6.75%, 11/1/19	720,000		737,964
Toll Brothers Finance Corp., 4.35%, 2/15/28	1,940,000		1,823,600
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 4.375%, 6/15/19	855,000		858,206
			7,505,844
Insurance — 1.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.75%, 5/15/19	3,290,000		3,292,797
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	3,700,000		3,841,419
American International Group, Inc., 4.125%, 2/15/24	4,170,000		4,308,052
American International Group, Inc., 4.50%, 7/16/44	1,400,000		1,345,138
Berkshire Hathaway Finance Corp., 3.00%, 5/15/22	1,410,000		1,434,489
Berkshire Hathaway Finance Corp., 4.20%, 8/15/48	2,000,000		2,079,328
Chubb INA Holdings, Inc., 3.15%, 3/15/25	1,770,000		1,788,132
Chubb INA Holdings, Inc., 3.35%, 5/3/26	155,000		157,995
Hartford Financial Services Group, Inc. (The), 5.95%, 10/15/36	1,380,000		1,649,302

12

	Principal Amount		Value
Markel Corp., 4.90%, 7/1/22	$	1,400,000	$	1,478,400
Markel Corp., 3.50%, 11/1/27	1,200,000		1,144,589
MetLife, Inc., 4.125%, 8/13/42	450,000		455,615
Metropolitan Life Global Funding I, 3.00%, 1/10/23(1)	1,790,000		1,804,049
Prudential Financial, Inc., 3.94%, 12/7/49	3,289,000		3,185,532
Prudential Financial, Inc., MTN, 5.70%, 12/14/36	170,000		203,199
WR Berkley Corp., 4.625%, 3/15/22	1,100,000		1,149,750
			29,317,786
Internet and Direct Marketing Retail — 0.3%
Alibaba Group Holding Ltd., 2.50%, 11/28/19	2,000,000		1,997,996
Alibaba Group Holding Ltd., 3.60%, 11/28/24	3,500,000		3,591,555
eBay, Inc., 2.15%, 6/5/20	1,390,000		1,381,077
			6,970,628
IT Services — 0.1%
Fidelity National Information Services, Inc., 3.00%, 8/15/26	3,780,000		3,627,909
Life Sciences Tools and Services — 0.1%
Thermo Fisher Scientific, Inc., 3.30%, 2/15/22	988,000		1,001,468
Thermo Fisher Scientific, Inc., 2.95%, 9/19/26	1,720,000		1,660,544
Thermo Fisher Scientific, Inc., 5.30%, 2/1/44	590,000		681,048
			3,343,060
Media — 1.0%
CBS Corp., 4.85%, 7/1/42	360,000		359,368
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25	5,940,000		6,269,164
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45	2,180,000		2,449,385
Comcast Corp., 6.40%, 5/15/38	790,000		1,014,883
Comcast Corp., 4.60%, 10/15/38	4,430,000		4,757,485
Comcast Corp., 4.75%, 3/1/44	3,650,000		3,969,308
Interpublic Group of Cos., Inc. (The), 4.00%, 3/15/22	1,300,000		1,327,542
TEGNA, Inc., 5.125%, 7/15/20	1,920,000		1,927,200
Warner Media LLC, 2.95%, 7/15/26	2,650,000		2,512,636
Warner Media LLC, 3.80%, 2/15/27	1,200,000		1,194,976
			25,781,947
Metals and Mining — 0.1%
Steel Dynamics, Inc., 4.125%, 9/15/25	2,590,000		2,544,675
Multi-Utilities — 1.0%
Berkshire Hathaway Energy Co., 3.50%, 2/1/25	1,550,000		1,589,462
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	1,460,000		1,400,563
CenterPoint Energy, Inc., 4.25%, 11/1/28	2,030,000		2,106,412
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43	880,000		876,419
Dominion Energy, Inc., 2.75%, 9/15/22	540,000		535,843
Dominion Energy, Inc., 4.90%, 8/1/41	2,210,000		2,362,650
Exelon Generation Co. LLC, 4.25%, 6/15/22	1,250,000		1,297,583
Exelon Generation Co. LLC, 5.60%, 6/15/42	410,000		432,398
FirstEnergy Transmission LLC, 4.55%, 4/1/49(1)	1,250,000		1,282,299
Florida Power & Light Co., 4.125%, 2/1/42	930,000		987,624
MidAmerican Energy Co., 4.40%, 10/15/44	2,100,000		2,299,463

13

	Principal Amount		Value
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27	$	2,210,000	$	2,226,836
NiSource, Inc., 5.65%, 2/1/45	1,310,000		1,526,842
Potomac Electric Power Co., 3.60%, 3/15/24	1,010,000		1,045,039
Sempra Energy, 2.875%, 10/1/22	1,220,000		1,203,322
Sempra Energy, 3.25%, 6/15/27	1,700,000		1,629,481
Sempra Energy, 3.80%, 2/1/38	800,000		735,483
Sempra Energy, 4.00%, 2/1/48	1,000,000		914,042
Southwestern Public Service Co., 3.70%, 8/15/47	930,000		901,200
			25,352,961
Oil, Gas and Consumable Fuels — 3.0%
Antero Resources Corp., 5.00%, 3/1/25	640,000		632,800
Apache Corp., 4.75%, 4/15/43	490,000		463,571
BP Capital Markets America, Inc., 4.50%, 10/1/20	360,000		369,609
Cimarex Energy Co., 4.375%, 6/1/24	2,600,000		2,704,113
CNOOC Finance Ltd., 4.25%, 1/26/21	5,000,000		5,107,540
CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24	1,030,000		1,078,038
Concho Resources, Inc., 4.375%, 1/15/25	2,310,000		2,376,402
Continental Resources, Inc., 4.375%, 1/15/28	3,920,000		4,038,302
Ecopetrol SA, 5.875%, 5/28/45	690,000		717,600
Enbridge, Inc., 4.00%, 10/1/23	1,600,000		1,661,004
Encana Corp., 6.50%, 2/1/38	2,280,000		2,682,445
Energy Transfer Operating LP, 4.15%, 10/1/20	1,220,000		1,240,182
Energy Transfer Operating LP, 7.50%, 10/15/20	1,090,000		1,160,921
Energy Transfer Operating LP, 4.25%, 3/15/23	2,400,000		2,467,110
Energy Transfer Operating LP, 5.25%, 4/15/29	2,500,000		2,687,456
Energy Transfer Operating LP, 4.90%, 3/15/35	1,600,000		1,525,101
Energy Transfer Operating LP, 6.50%, 2/1/42	420,000		467,964
Energy Transfer Operating LP, 6.00%, 6/15/48	1,560,000		1,689,364
EOG Resources, Inc., 4.10%, 2/1/21	1,440,000		1,474,691
Hess Corp., 6.00%, 1/15/40	970,000		1,013,219
Kinder Morgan Energy Partners LP, 5.30%, 9/15/20	950,000		982,159
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	2,729,000		3,207,396
Kinder Morgan, Inc., 5.55%, 6/1/45	1,600,000		1,753,592
Marathon Oil Corp., 3.85%, 6/1/25	1,790,000		1,814,962
MPLX LP, 4.875%, 6/1/25	3,280,000		3,497,005
MPLX LP, 4.50%, 4/15/38	1,080,000		1,029,933
MPLX LP, 5.20%, 3/1/47	1,270,000		1,292,900
Newfield Exploration Co., 5.75%, 1/30/22	2,130,000		2,275,855
Noble Energy, Inc., 4.15%, 12/15/21	2,080,000		2,131,387
Petroleos Mexicanos, 6.00%, 3/5/20	306,000		313,405
Petroleos Mexicanos, 4.875%, 1/24/22	870,000		879,579
Petroleos Mexicanos, 3.50%, 1/30/23	130,000		124,488
Petroleos Mexicanos, 4.625%, 9/21/23	4,500,000		4,443,795
Petroleos Mexicanos, 6.50%, 3/13/27	2,500,000		2,516,775
Petroleos Mexicanos, 6.625%, 6/15/35	850,000		805,375
Petroleos Mexicanos, 6.50%, 6/2/41	320,000		290,461
Petroleos Mexicanos, 6.35%, 2/12/48	800,000		709,320

14

	Principal Amount		Value
Petronas Capital Ltd., 5.25%, 8/12/19	$	3,200,000	$	3,232,038
Phillips 66, 4.30%, 4/1/22	1,981,000		2,067,914
Shell International Finance BV, 2.375%, 8/21/22	1,800,000		1,789,247
Shell International Finance BV, 3.625%, 8/21/42	980,000		959,490
Sinopec Group Overseas Development Ltd., 1.75%, 9/29/19	1,300,000		1,293,890
Williams Cos., Inc. (The), 4.125%, 11/15/20	2,550,000		2,591,546
Williams Cos., Inc. (The), 4.55%, 6/24/24	2,090,000		2,208,523
			77,768,467
Paper and Forest Products — 0.1%
Georgia-Pacific LLC, 5.40%, 11/1/20(1)	2,100,000		2,184,026
Pharmaceuticals — 0.3%
Allergan Finance LLC, 3.25%, 10/1/22	2,210,000		2,212,544
Allergan Funding SCS, 3.85%, 6/15/24	2,557,000		2,591,506
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/21	3,910,000		3,867,176
			8,671,226
Road and Rail — 0.5%
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41	1,075,000		1,232,663
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43	750,000		812,610
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	2,880,000		3,006,987
CSX Corp., 3.40%, 8/1/24	1,400,000		1,427,797
CSX Corp., 3.25%, 6/1/27	2,830,000		2,798,569
Union Pacific Corp., 3.60%, 9/15/37	860,000		825,779
Union Pacific Corp., 4.75%, 9/15/41	1,190,000		1,289,428
Union Pacific Corp., 4.05%, 11/15/45	730,000		712,777
			12,106,610
Semiconductors and Semiconductor Equipment — 0.2%
NXP BV / NXP Funding LLC, 4.125%, 6/15/20(1)	1,800,000		1,827,198
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	1,950,000		1,982,428
			3,809,626
Software — 0.6%
Microsoft Corp., 2.70%, 2/12/25	5,000,000		5,008,671
Microsoft Corp., 3.45%, 8/8/36	2,200,000		2,214,270
Microsoft Corp., 4.25%, 2/6/47	2,000,000		2,237,159
Oracle Corp., 2.50%, 10/15/22	1,635,000		1,627,619
Oracle Corp., 3.625%, 7/15/23	1,990,000		2,066,785
Oracle Corp., 2.65%, 7/15/26	1,600,000		1,549,752
			14,704,256
Specialty Retail — 0.4%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	2,500,000		2,468,750
Home Depot, Inc. (The), 3.75%, 2/15/24	1,500,000		1,576,748
Home Depot, Inc. (The), 3.00%, 4/1/26	1,640,000		1,650,052
Home Depot, Inc. (The), 5.95%, 4/1/41	1,860,000		2,392,819
Home Depot, Inc. (The), 3.90%, 6/15/47	1,120,000		1,136,865
United Rentals North America, Inc., 4.625%, 7/15/23	880,000		897,050
			10,122,284
Technology Hardware, Storage and Peripherals — 0.9%
Apple, Inc., 2.75%, 1/13/25	1,330,000		1,323,757

15

	Principal Amount		Value
Apple, Inc., 2.50%, 2/9/25	$	4,970,000	$	4,887,578
Apple, Inc., 2.45%, 8/4/26	1,900,000		1,837,357
Apple, Inc., 2.90%, 9/12/27	4,010,000		3,960,584
Dell International LLC / EMC Corp., 6.02%, 6/15/26(1)	6,560,000		7,061,928
Dell International LLC / EMC Corp., 4.90%, 10/1/26(1)	2,010,000		2,050,001
Hewlett Packard Enterprise Co., 3.60%, 10/15/20	1,910,000		1,928,483
			23,049,688
Trading Companies and Distributors†
International Lease Finance Corp., 5.875%, 8/15/22	860,000		927,996
Wireless Telecommunication Services†
America Movil SAB de CV, 3.125%, 7/16/22	1,065,000		1,074,176
TOTAL CORPORATE BONDS (Cost $728,253,098)			734,586,945
U.S. TREASURY SECURITIES — 27.6%
U.S. Treasury Bills, 2.54%, 1/30/20(5)	10,000,000		9,803,498
U.S. Treasury Bills, 2.54%, 2/27/20(5)	50,000,000		48,929,223
U.S. Treasury Bonds, 3.50%, 2/15/39(2)	28,000,000		31,794,219
U.S. Treasury Bonds, 4.375%, 11/15/39	700,000		891,406
U.S. Treasury Bonds, 3.125%, 11/15/41	29,500,000		31,456,680
U.S. Treasury Bonds, 3.00%, 5/15/42	24,000,000		25,027,969
U.S. Treasury Bonds, 2.875%, 5/15/43	16,000,000		16,285,000
U.S. Treasury Bonds, 3.125%, 8/15/44(2)	6,300,000		6,694,488
U.S. Treasury Bonds, 3.00%, 11/15/44	10,500,000		10,914,873
U.S. Treasury Bonds, 2.50%, 2/15/45	26,050,000		24,640,146
U.S. Treasury Bonds, 3.00%, 5/15/45	5,000,000		5,199,707
U.S. Treasury Bonds, 3.00%, 11/15/45	10,000,000		10,404,687
U.S. Treasury Bonds, 3.375%, 11/15/48	39,500,000		44,071,045
U.S. Treasury Notes, 2.625%, 5/15/21	40,000,000		40,293,750
U.S. Treasury Notes, 2.75%, 9/15/21	77,000,000		77,933,926
U.S. Treasury Notes, 2.625%, 12/15/21	60,000,000		60,629,297
U.S. Treasury Notes, 1.875%, 1/31/22	45,000,000		44,565,820
U.S. Treasury Notes, 2.375%, 3/15/22	43,000,000		43,205,762
U.S. Treasury Notes, 2.00%, 11/30/22	7,000,000		6,946,406
U.S. Treasury Notes, 2.375%, 2/29/24	21,500,000		21,654,531
U.S. Treasury Notes, 2.125%, 11/30/24	9,000,000		8,930,566
U.S. Treasury Notes, 2.625%, 12/31/25	28,000,000		28,557,813
U.S. Treasury Notes, 2.50%, 2/28/26	8,000,000		8,096,250
U.S. Treasury Notes, 3.125%, 11/15/28	96,000,000		101,953,125
TOTAL U.S. TREASURY SECURITIES (Cost $694,380,037)			708,880,187
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 22.4%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 2.9%
FHLMC, VRN, 4.62%, (1-year H15T1Y plus 2.25%), 9/1/35	677,756		713,810
FHLMC, VRN, 4.51%, (12-month LIBOR plus 1.87%), 7/1/36	1,421,419		1,491,377
FHLMC, VRN, 4.45%, (1-year H15T1Y plus 2.14%), 10/1/36	1,413,581		1,485,464
FHLMC, VRN, 4.58%, (1-year H15T1Y plus 2.25%), 4/1/37	1,011,745		1,063,480
FHLMC, VRN, 4.47%, (12-month LIBOR plus 1.78%), 2/1/38	404,300		423,406
FHLMC, VRN, 4.51%, (12-month LIBOR plus 1.85%), 6/1/38	232,474		244,556

16

	Principal Amount		Value
FHLMC, VRN, 4.63%, (12-month LIBOR plus 1.88%), 7/1/40	$	145,233	$	152,134
FHLMC, VRN, 4.14%, (12-month LIBOR plus 1.78%), 9/1/40	269,297		279,007
FHLMC, VRN, 3.81%, (12-month LIBOR plus 1.78%), 2/1/41	194,078		199,666
FHLMC, VRN, 4.23%, (12-month LIBOR plus 1.88%), 5/1/41	58,262		60,858
FHLMC, VRN, 3.69%, (12-month LIBOR plus 1.89%), 7/1/41	471,734		483,293
FHLMC, VRN, 4.08%, (12-month LIBOR plus 1.87%), 7/1/41	898,909		932,913
FHLMC, VRN, 2.07%, (12-month LIBOR plus 1.65%), 12/1/42	1,620,652		1,658,234
FHLMC, VRN, 2.32%, (12-month LIBOR plus 1.65%), 2/1/43	2,411,167		2,405,642
FHLMC, VRN, 4.70%, (12-month LIBOR plus 1.64%), 2/1/43	296,620		307,367
FHLMC, VRN, 4.06%, (12-month LIBOR plus 1.63%), 5/1/43	187,444		192,958
FHLMC, VRN, 4.25%, (12-month LIBOR plus 1.62%), 6/1/43	85,198		88,074
FHLMC, VRN, 4.27%, (12-month LIBOR plus 1.65%), 6/1/43	208,041		215,214
FHLMC, VRN, 2.85%, (12-month LIBOR plus 1.62%), 1/1/44	2,412,991		2,426,428
FHLMC, VRN, 3.18%, (12-month LIBOR plus 1.62%), 6/1/44	1,241,016		1,258,444
FHLMC, VRN, 2.45%, (12-month LIBOR plus 1.57%), 10/1/44	3,465,473		3,533,757
FHLMC, VRN, 2.59%, (12-month LIBOR plus 1.60%), 6/1/45	1,819,546		1,830,336
FHLMC, VRN, 2.37%, (12-month LIBOR plus 1.63%), 8/1/46	7,042,510		7,037,370
FHLMC, VRN, 3.07%, (12-month LIBOR plus 1.64%), 9/1/47	6,452,246		6,539,225
FNMA, VRN, 4.24%, (6-month LIBOR plus 1.57%), 6/1/35	1,322,835		1,369,245
FNMA, VRN, 4.24%, (6-month LIBOR plus 1.57%), 6/1/35	2,104,327		2,178,828
FNMA, VRN, 4.25%, (6-month LIBOR plus 1.57%), 6/1/35	772,482		799,846
FNMA, VRN, 4.27%, (6-month LIBOR plus 1.57%), 6/1/35	198,614		205,214
FNMA, VRN, 4.26%, (6-month LIBOR plus 1.54%), 9/1/35	1,994,390		2,064,213
FNMA, VRN, 4.49%, (1-year H15T1Y plus 2.16%), 3/1/38	1,151,668		1,209,535
FNMA, VRN, 4.82%, (12-month LIBOR plus 1.69%), 1/1/40	66,979		70,476
FNMA, VRN, 3.62%, (12-month LIBOR plus 1.79%), 8/1/40	312,948		323,202
FNMA, VRN, 3.92%, (12-month LIBOR plus 1.77%), 10/1/40	461,958		477,047
FNMA, VRN, 4.50%, (12-month LIBOR plus 1.75%), 8/1/41	166,138		173,097
FNMA, VRN, 3.32%, (12-month LIBOR plus 1.82%), 9/1/41	205,882		209,802
FNMA, VRN, 2.71%, (12-month LIBOR plus 1.72%), 4/1/42	671,825		677,381
FNMA, VRN, 4.56%, (12-month LIBOR plus 1.56%), 3/1/43	1,388,963		1,433,362
FNMA, VRN, 2.31%, (12-month LIBOR plus 1.59%), 8/1/45	751,510		759,209
FNMA, VRN, 2.60%, (12-month LIBOR plus 1.60%), 4/1/46	3,746,959		3,762,099
FNMA, VRN, 3.19%, (12-month LIBOR plus 1.61%), 3/1/47	5,340,927		5,405,405
FNMA, VRN, 3.20%, (12-month LIBOR plus 1.61%), 3/1/47	2,203,923		2,231,550
FNMA, VRN, 3.17%, (12-month LIBOR plus 1.61%), 4/1/47	4,473,781		4,532,699
FNMA, VRN, 2.96%, (12-month LIBOR plus 1.62%), 5/1/47	2,614,843		2,640,902
FNMA, VRN, 3.26%, (12-month LIBOR plus 1.62%), 5/1/47	5,473,751		5,567,310
FNMA, VRN, 2.89%, (12-month LIBOR plus 1.61%), 10/1/47	3,458,941		3,488,798
			74,602,233
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.5%
FHLMC, 5.00%, 4/1/19	1,754		1,762
FHLMC, 7.00%, 9/1/27	179		200
FHLMC, 6.50%, 1/1/28	285		316
FHLMC, 7.00%, 2/1/28	49		53
FHLMC, 6.50%, 3/1/29	1,812		2,015
FHLMC, 6.50%, 6/1/29	1,905		2,110

17

	Principal Amount		Value
FHLMC, 7.00%, 8/1/29	$	192	$	207
FHLMC, 6.50%, 5/1/31	1,484		1,644
FHLMC, 6.50%, 6/1/31	72		79
FHLMC, 6.50%, 6/1/31	174		193
FHLMC, 5.50%, 12/1/33	23,852		26,420
FHLMC, 6.00%, 2/1/38	179,569		198,092
FHLMC, 5.50%, 4/1/38	95,995		105,290
FHLMC, 6.00%, 5/1/38	154,742		170,734
FHLMC, 6.00%, 8/1/38	28,020		30,828
FHLMC, 5.50%, 9/1/38	770,386		846,383
FHLMC, 3.00%, 2/1/43	10,450,287		10,463,796
FNMA, 3.50%, TBA	23,920,000		24,253,572
FNMA, 4.00%, TBA	23,485,000		24,160,193
FNMA, 4.50%, TBA	53,750,000		56,012,067
FNMA, 6.50%, 1/1/26	1,348		1,489
FNMA, 7.00%, 12/1/27	320		344
FNMA, 7.50%, 4/1/28	1,944		2,109
FNMA, 7.00%, 5/1/28	1,829		1,870
FNMA, 7.00%, 6/1/28	31		32
FNMA, 6.50%, 1/1/29	295		330
FNMA, 6.50%, 4/1/29	1,229		1,359
FNMA, 7.00%, 7/1/29	180		181
FNMA, 7.50%, 7/1/29	1,845		1,978
FNMA, 7.50%, 9/1/30	629		740
FNMA, 5.00%, 7/1/31	1,780,995		1,884,378
FNMA, 7.00%, 9/1/31	3,517		3,804
FNMA, 6.50%, 1/1/32	931		1,029
FNMA, 6.50%, 8/1/32	4,324		4,889
FNMA, 5.50%, 6/1/33	12,642		13,821
FNMA, 5.50%, 7/1/33	74,656		81,471
FNMA, 5.50%, 8/1/33	26,336		28,893
FNMA, 5.50%, 9/1/33	39,852		44,169
FNMA, 5.00%, 11/1/33	163,872		176,432
FNMA, 6.00%, 12/1/33	552,651		609,965
FNMA, 5.50%, 1/1/34	41,469		45,612
FNMA, 5.50%, 12/1/34	43,704		47,860
FNMA, 4.50%, 1/1/35	169,216		178,886
FNMA, 5.00%, 8/1/35	65,698		70,677
FNMA, 5.00%, 2/1/36	507,664		549,192
FNMA, 5.50%, 7/1/36	25,842		28,306
FNMA, 5.50%, 2/1/37	12,632		13,896
FNMA, 6.00%, 4/1/37	120,450		132,853
FNMA, 6.00%, 7/1/37	331,574		365,701
FNMA, 6.00%, 8/1/37	221,131		243,971
FNMA, 6.50%, 8/1/37	36,734		40,053
FNMA, 6.00%, 9/1/37	228,879		252,423
FNMA, 6.00%, 11/1/37	72,116		79,401

18

	Principal Amount		Value
FNMA, 5.50%, 2/1/38	$	525,154	$	577,017
FNMA, 5.50%, 2/1/38	93,039		102,130
FNMA, 5.50%, 6/1/38	206,819		224,857
FNMA, 5.00%, 1/1/39	135,379		146,005
FNMA, 4.50%, 2/1/39	429,403		453,896
FNMA, 5.50%, 3/1/39	458,075		496,351
FNMA, 4.50%, 4/1/39	318,197		339,104
FNMA, 4.50%, 5/1/39	807,503		860,232
FNMA, 6.50%, 5/1/39	112,470		129,008
FNMA, 4.50%, 6/1/39	432,809		459,421
FNMA, 5.00%, 8/1/39	446,321		482,434
FNMA, 4.50%, 9/1/39	1,504,067		1,603,273
FNMA, 4.50%, 10/1/39	1,392,525		1,484,315
FNMA, 5.00%, 4/1/40	2,297,323		2,479,445
FNMA, 5.00%, 4/1/40	1,244,991		1,343,708
FNMA, 5.00%, 6/1/40	1,915,583		2,067,112
FNMA, 4.00%, 10/1/40	1,476,038		1,541,812
FNMA, 4.50%, 11/1/40	1,242,549		1,319,902
FNMA, 4.00%, 8/1/41	2,711,816		2,832,905
FNMA, 4.50%, 9/1/41	1,192,242		1,259,646
FNMA, 3.50%, 10/1/41	2,124,981		2,171,527
FNMA, 3.50%, 12/1/41	7,745,651		7,915,300
FNMA, 4.00%, 12/1/41	3,819,589		3,968,590
FNMA, 5.00%, 1/1/42	4,304,873		4,643,969
FNMA, 3.50%, 2/1/42	3,974,523		4,061,500
FNMA, 3.50%, 5/1/42	1,643,954		1,679,963
FNMA, 3.50%, 6/1/42	1,706,839		1,744,225
FNMA, 3.50%, 8/1/42	8,314,333		8,496,472
FNMA, 3.50%, 9/1/42	2,565,498		2,621,700
FNMA, 3.50%, 8/1/43	3,484,293		3,554,872
FNMA, 3.50%, 5/1/45	7,073,157		7,208,941
FNMA, 3.50%, 11/1/45	7,767,105		7,900,005
FNMA, 3.50%, 11/1/45	7,731,105		7,863,390
FNMA, 4.00%, 11/1/45	9,432,500		9,759,275
FNMA, 4.00%, 2/1/46	7,378,390		7,632,450
FNMA, 3.50%, 3/1/46	8,630,365		8,767,327
FNMA, 4.00%, 4/1/46	19,311,624		19,974,993
FNMA, 3.50%, 5/1/46	9,175,173		9,333,578
FNMA, 3.00%, 11/1/46	37,409,380		37,267,574
FNMA, 3.50%, 2/1/47	17,343,936		17,673,511
FNMA, 6.50%, 8/1/47	6,804		7,278
FNMA, 6.50%, 9/1/47	8,653		9,215
FNMA, 6.50%, 9/1/47	416		444
FNMA, 6.50%, 9/1/47	4,549		4,845
FNMA, 3.50%, 10/1/47	18,395,404		18,690,331
FNMA, 3.00%, 4/1/48	20,452,555		20,415,997
FNMA, 4.00%, 6/1/48	22,651,090		23,368,139

19

	Principal Amount		Value
FNMA, 4.50%, 2/1/49	$	12,970,587	$	13,548,684
GNMA, 3.00%, TBA	22,800,000		22,911,328
GNMA, 4.00%, TBA	26,240,000		27,104,075
GNMA, 7.00%, 11/15/22	528		546
GNMA, 7.00%, 4/20/26	199		221
GNMA, 7.50%, 8/15/26	410		453
GNMA, 8.00%, 8/15/26	178		192
GNMA, 7.50%, 5/15/27	391		405
GNMA, 8.00%, 6/15/27	1,021		1,036
GNMA, 7.50%, 11/15/27	164		166
GNMA, 7.00%, 2/15/28	233		234
GNMA, 7.50%, 2/15/28	181		181
GNMA, 6.50%, 3/15/28	524		575
GNMA, 7.00%, 4/15/28	149		149
GNMA, 6.50%, 5/15/28	2,402		2,638
GNMA, 7.00%, 12/15/28	269		269
GNMA, 7.00%, 5/15/31	2,133		2,435
GNMA, 6.00%, 7/15/33	594,115		668,101
GNMA, 4.50%, 8/15/33	612,279		643,106
GNMA, 5.00%, 3/20/36	69,416		74,309
GNMA, 5.00%, 4/20/36	139,270		148,994
GNMA, 5.00%, 5/20/36	238,190		254,870
GNMA, 5.50%, 1/15/39	733,650		807,840
GNMA, 6.00%, 1/20/39	29,497		32,556
GNMA, 6.00%, 2/20/39	183,626		202,878
GNMA, 4.50%, 6/15/39	1,747,164		1,845,844
GNMA, 5.50%, 9/15/39	73,667		80,507
GNMA, 5.00%, 10/15/39	846,167		909,171
GNMA, 4.50%, 1/15/40	759,950		800,044
GNMA, 4.00%, 11/20/40	2,352,793		2,451,933
GNMA, 4.00%, 12/15/40	761,487		791,449
GNMA, 4.50%, 6/15/41	640,854		677,614
GNMA, 4.50%, 7/20/41	968,269		1,019,848
GNMA, 3.50%, 4/20/42	5,016,414		5,146,594
GNMA, 3.50%, 6/20/42	10,906,440		11,197,479
GNMA, 3.50%, 7/20/42	2,000,752		2,052,288
GNMA, 3.50%, 4/20/43	3,024,652		3,102,489
GNMA, 3.50%, 4/20/46	10,632,452		10,889,576
GNMA, 2.50%, 7/20/46	10,636,241		10,424,804
GNMA, 2.50%, 2/20/47	4,949,582		4,851,115
			500,769,048
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $577,386,997)			575,371,281
ASSET-BACKED SECURITIES — 6.1%
Argent Securities, Inc., Series 2004-W8, Class M1, VRN, 3.31%, (1-month LIBOR plus 0.83%), 5/25/34	4,745,756		4,741,063
Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A SEQ, 2.46%, 7/20/20(1)	7,666,667		7,660,703

20

	Principal Amount		Value
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	$	2,975,804	$	2,953,815
Colony Starwood Homes, Series 2016-2A, Class A, VRN, 3.73%, (1-month LIBOR plus 1.25%), 12/17/33(1)	6,910,261		6,916,553
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	6,371,905		6,519,269
Hilton Grand Vacations Trust, Series 2013-A, Class A SEQ, 2.28%, 1/25/26(1)	325,510		324,694
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(1)	1,346,187		1,332,811
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(1)	2,535,813		2,517,743
Invitation Homes Trust, Series 2017-SFR2, Class A, VRN, 3.33%, (1-month LIBOR plus 0.85%), 12/17/36(1)	11,651,249		11,618,172
Invitation Homes Trust, Series 2018-SFR1, Class A, VRN, 3.18%, (1-month LIBOR plus 0.70%), 3/17/37(1)	16,952,233		16,750,713
Invitation Homes Trust, Series 2018-SFR2, Class B, VRN, 3.56%, (1-month LIBOR plus 1.08%), 6/17/37(1)	10,525,000		10,460,151
Invitation Homes Trust, Series 2018-SFR3, Class A, VRN, 3.48%, (1-month LIBOR plus 1.00%), 7/17/37(1)	16,261,365		16,258,139
MVW Owner Trust, Series 2014-1A, Class A SEQ, 2.25%, 9/22/31(1)	1,309,980		1,295,476
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(1)	1,262,721		1,250,089
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(1)	2,371,897		2,331,794
MVW Owner Trust, Series 2017-1A, Class A SEQ, 2.42%, 12/20/34(1)	6,130,715		6,018,493
MVW Owner Trust, Series 2018-1A, Class A SEQ, 3.45%, 1/21/36(1)	8,866,801		8,999,890
Progress Residential Trust, Series 2016-SFR2, Class A SEQ, VRN, 3.88%, (1-month LIBOR plus 1.40%), 1/17/34(1)	4,870,196		4,885,498
Progress Residential Trust, Series 2018-SFR1, Class A SEQ, 3.26%, 3/17/35(1)	8,875,000		8,890,283
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(1)	7,000,000		7,206,787
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	1,505,105		1,494,457
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(1)	804,921		801,536
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(1)	1,942,785		1,940,116
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A SEQ, 3.50%, 6/20/35(1)	5,150,243		5,216,679
Towd Point Mortgage Trust, Series 2016-1, Class A1, VRN, 3.50%, 2/25/55(1)	2,154,872		2,164,667
Towd Point Mortgage Trust, Series 2017-2, Class A1, VRN, 2.75%, 4/25/57(1)	3,911,239		3,876,322
Towd Point Mortgage Trust, Series 2017-6, Class A1, VRN, 2.75%, 10/25/57(1)	7,231,993		7,105,545
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(1)	2,263,904		2,245,386
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	4,109,280		4,065,677
TOTAL ASSET-BACKED SECURITIES (Cost $157,977,104)			157,842,521

21

	Principal Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.0%
Private Sponsor Collateralized Mortgage Obligations — 3.8%
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 4.33%, 3/25/35	$	1,493,290	$	1,513,285
Agate Bay Mortgage Loan Trust, Series 2014-3, Class A2, VRN, 3.50%, 11/25/44(1)	1,778,807		1,768,522
Agate Bay Mortgage Loan Trust, Series 2016-1, Class A3, VRN, 3.50%, 12/25/45(1)	2,723,840		2,719,551
Agate Bay Mortgage Loan Trust, Series 2016-2, Class A3, VRN, 3.50%, 3/25/46(1)	2,354,323		2,352,858
Agate Bay Mortgage Trust, Series 2016-3, Class A3, VRN, 3.50%, 8/25/46(1)	3,833,939		3,848,328
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 4.39%, 6/25/34	1,451,385		1,453,419
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.34%, 2/25/35	269,733		273,161
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 4.23%, 11/25/34	892,997		872,620
Citicorp Mortgage Securities Trust, Series 2007-8, Class 1A3, 6.00%, 9/25/37	141,432		148,827
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.45%, 8/25/34	700,685		685,438
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.43%, 8/25/34	2,459,357		2,451,479
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.48%, 8/25/35	161,539		163,976
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2, VRN, 4.24%, (1-year H15T1Y plus 2.15%), 9/25/35	1,525,279		1,551,197
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-5, Class 2A4, 5.50%, 5/25/34	104,107		105,466
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	8,335		8,122
Credit Suisse First Boston Mortgage-Backed Trust, Series 2004-AR6, Class 2A1, VRN, 4.21%, 10/25/34	228,244		229,385
Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3 SEQ, VRN, 3.50%, 10/25/47(1)	2,759,080		2,771,258
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 4.37%, 10/25/34	1,324,517		1,316,337
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.39%, 8/25/35	377,114		380,372
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 3.84%, 6/25/34	370,682		367,775
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 4.44%, 5/25/34	1,147,458		1,176,355
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 4.02%, 1/25/35	1,125,885		1,116,161
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.52%, 9/25/35	1,248,374		1,276,730
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A1, VRN, 4.39%, 9/25/35	1,830,737		1,856,272
GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, VRN, 4.41%, 9/25/35	1,193,783		1,210,177
JPMorgan Mortgage Trust, Series 2005-A4, Class 1A1, VRN, 4.33%, 7/25/35	122,631		123,611
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.32%, 8/25/35	241,107		234,071

22

	Principal Amount		Value
JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 4.69%, 4/25/35	$	265,173	$	269,526
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2 SEQ, VRN, 2.50%, 3/25/43(1)	658,087		648,405
JPMorgan Mortgage Trust, Series 2018-6, Class 1A4 SEQ, VRN, 3.50%, 12/25/48(1)	5,357,556		5,386,725
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 4.47%, 11/21/34	1,076,949		1,111,602
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 4.36%, 11/25/35	2,045,972		2,037,019
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 4.45%, 2/25/35	937,178		971,635
Mill City Mortgage Loan Trust, Series 2017-2, Class A1, VRN, 2.75%, 7/25/59(1)	3,892,045		3,855,520
New Residential Mortgage Loan Trust, Series 2017-1A, Class A1, VRN, 4.00%, 2/25/57(1)	2,156,776		2,203,100
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(1)	3,610,366		3,705,152
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.99%, (1-month LIBOR plus 1.50%), 6/25/57(1)	4,913,154		5,002,750
Sequoia Mortgage Trust, Series 2017-7, Class A4 SEQ, VRN, 3.50%, 10/25/47(1)	3,963,073		3,975,612
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(1)	4,450,824		4,536,015
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(1)	5,004,563		5,063,790
Sequoia Mortgage Trust, Series 2018-7, Class A4, VRN, 4.00%, 9/25/48(1)	4,595,513		4,688,844
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(1)	3,695,837		3,753,483
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(1)	2,671,204		2,610,917
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.47%, 7/25/34	563,350		567,723
Thornburg Mortgage Securities Trust, Series 2004-3, Class A, VRN, 3.23%, (1-month LIBOR plus 0.74%), 9/25/44	2,406,675		2,376,833
WaMu Mortgage Pass-Through Certificates, Series 2003-S11, Class 3A5, 5.95%, 11/25/33	71,942		72,148
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.47%, 3/25/35	2,416,197		2,385,606
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.01%, 2/25/34	70,735		73,702
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-H, Class A1, VRN, 4.44%, 6/25/34	383,548		393,646
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1, VRN, 4.62%, 9/25/34	1,052,481		1,084,019
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 4.98%, 12/25/34	872,444		892,450
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 1A1, 5.50%, 1/25/36	190,397		187,531
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-9, Class 1A11, 5.50%, 10/25/35	470,910		477,157
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-9, Class 2A6, 5.25%, 10/25/35	1,311,671		1,342,768
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 1A1, VRN, 4.73%, 6/25/35	667,938		707,643
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR12, Class 2A6, VRN, 4.88%, 6/25/35	801,138		825,464

23

	Principal Amount		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR13, Class A1, SEQ, VRN, 2.79%, (1-month LIBOR plus 0.30%), 5/25/35	$	1,029,702	$	985,974
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 4.97%, 3/25/35	982,045		1,003,254
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR7, Class 1A1, VRN, 4.44%, 5/25/35	660,066		679,513
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	344,662		343,040
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-13, Class A5, 6.00%, 10/25/36	646,624		639,708
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-9, Class 1A9 SEQ, 6.00%, 8/25/36	207,696		205,471
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	157,833		157,357
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	115,745		117,685
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	124,657		123,998
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 4.91%, 1/25/38	152,518		147,146
Wells Fargo Mortgage-Backed Securities Trust, Series 2008-1, Class 4A1, 5.75%, 2/25/38	502,878		529,813
			98,114,497
U.S. Government Agency Collateralized Mortgage Obligations — 1.2%
FHLMC, Series 2016-DNA3, Class M2, VRN, 4.49%, (1-month LIBOR plus 2.00%), 12/25/28	2,775,286		2,798,550
FHLMC, Series 2016-DNA4, Class M2, VRN, 3.79%, (1-month LIBOR plus 1.30%), 3/25/29	2,935,496		2,950,742
FHLMC, Series 2016-HQA3, Class M2, VRN, 3.84%, (1-month LIBOR plus 1.35%), 3/25/29	3,535,217		3,567,594
FHLMC, Series 2017-DNA2, Class M1, VRN, 3.69%, (1-month LIBOR plus 1.20%), 10/25/29	4,132,520		4,156,282
FHLMC, Series 2017-HQA2, Class M1, VRN, 3.29%, (1-month LIBOR plus 0.80%), 12/25/29	275,897		276,069
FHLMC, Series 3397, Class GF, VRN, 2.98%, (1-month LIBOR plus 0.50%), 12/15/37	1,589,531		1,592,870
FHLMC, Series KF29, Class A, VRN, 2.85%, (1-month LIBOR plus 0.36%), 2/25/24	1,625,130		1,621,818
FNMA, Series 1989-35, Class G SEQ, 9.50%, 7/25/19	4		4
FNMA, Series 2014-C02, Class 1M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	2,936,000		3,080,527
FNMA, Series 2014-C02, Class 2M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	2,785,895		2,893,833
FNMA, Series 2016-C04, Class 1M1, VRN, 3.94%, (1-month LIBOR plus 1.45%), 1/25/29	1,463,915		1,469,700
FNMA, Series 2016-C05, Class 2M1, VRN, 3.84%, (1-month LIBOR plus 1.35%), 1/25/29	383,909		384,274
FNMA, Series 2017-C01, Class 1M1, VRN, 3.79%, (1-month LIBOR plus 1.30%), 7/25/29	2,507,466		2,517,972
FNMA, Series 2017-C03, Class 1M1, VRN, 3.44%, (1-month LIBOR plus 0.95%), 10/25/29	807,241		808,944
FNMA, Series 2018-C02, Class 2M1, VRN, 3.14%, (1-month LIBOR plus 0.65%), 8/25/30	3,329,863		3,329,126
			31,448,305
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $129,269,025)			129,562,802

24

	Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.9%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class B, 3.49%, 4/14/33(1)	$	5,000,000	$	5,052,792
BB-UBS Trust, Series 2012-SHOW, Class A SEQ, 3.43%, 11/5/36(1)	5,000,000		5,090,684
BENCHMARK Mortgage Trust, Series 2018-B1, Class AM, VRN, 3.88%, 1/15/51	5,789,000		5,983,156
BX Trust, Series 2018-MCSF, Class A, VRN, 3.06%, (1-month LIBOR plus 0.58%), 4/15/35(1)	5,700,000		5,620,297
Commercial Mortgage Pass-Through Certificates, Series 2014-CR15, Class AM, VRN, 4.43%, 2/10/47	5,000,000		5,285,795
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class AM, VRN, 4.19%, 10/10/47	5,500,000		5,758,089
Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class AM, VRN, 4.19%, 9/10/47	7,625,000		7,969,356
Commercial Mortgage Pass-Through Certificates, Series 2015-CR22, Class AM, VRN, 3.60%, 3/10/48	9,000,000		9,066,407
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class B, VRN, 4.65%, 2/10/49	3,000,000		3,207,249
Commercial Mortgage Trust, Series 2015-LC21, Class AM, VRN, 4.04%, 7/10/48	5,000,000		5,203,987
Commercial Mortgage Trust, Series 2017-PANW, Class A SEQ, 3.24%, 10/10/29(1)	5,000,000		5,047,964
Core Industrial Trust, Series 2015-CALW, Class C, 3.56%, 2/10/34(1)	4,000,000		4,036,827
Core Industrial Trust, Series 2015-WEST, Class A SEQ, 3.29%, 2/10/37(1)	4,907,126		4,986,893
DBCG Mortgage Trust, Series 2017-BBG, Class A, VRN, 3.18%, (1-month LIBOR plus 0.70%), 6/15/34(1)	7,400,000		7,377,581
GS Mortgage Securities Trust, Series 2016-GS2, Class B, VRN, 3.76%, 5/10/49	7,500,000		7,632,231
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	6,250,000		6,461,428
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4 SEQ, 3.41%, 3/15/50	5,000,000		5,105,032
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4 SEQ, 2.82%, 8/15/49	5,300,000		5,208,865
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class AS, 3.14%, 8/15/49	6,300,000		6,206,427
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class A3 SEQ, 3.28%, 11/15/52	6,400,000		6,443,197
Morgan Stanley Capital I Trust, Series 2014-CPT, Class C, VRN, 3.45%, 7/13/29(1)	2,710,000		2,725,667
UBS Commercial Mortgage Trust, Series 2017-C1, Class A3 SEQ, 3.20%, 6/15/50	6,200,000		6,212,894
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $125,611,321)			125,682,818
COLLATERALIZED LOAN OBLIGATIONS — 4.1%
ARES LI CLO Ltd., Series 2019-51A, Class B, VRN, 4.35%, (3-month LIBOR plus 1.85%), 4/15/31(1)	5,900,000		5,906,325
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 3.78%, (3-month LIBOR plus 1.02%), 4/20/31(1)	6,275,000		6,194,410
Carlyle Global Market Strategies CLO Ltd., Series 2014-5A, Class A1RR, VRN, 3.93%, (3-month LIBOR plus 1.14%), 7/15/31(1)	4,600,000		4,559,964
CBAM 2019-9 Ltd., Series 2019-9A, Class A, VRN, 4.01%, (3-month LIBOR plus 1.28%), 2/12/30(1)	7,675,000		7,669,174
CBAM 2019-9 Ltd., Series 2019-9A, Class B1, VRN, 4.63%, (3-month LIBOR plus 1.90%), 2/12/30(1)	4,400,000		4,400,245

25

	Principal Amount		Value
CBAM Ltd., Series 2018-5A, Class A, VRN, 3.79%, (3-month LIBOR plus 1.02%), 4/17/31(1)	$	4,500,000	$	4,426,011
CIFC Funding 2019-I Ltd., Series 2019-1A, Class B, VRN, 4.43%, (3-month LIBOR plus 1.80%), 4/20/32(1)	7,600,000		7,594,498
CIFC Funding Ltd., Series 2013-3RA, Class A1, VRN, 3.76%, (3-month LIBOR plus 0.98%), 4/24/31	3,200,000		3,148,272
CIFC Funding Ltd., Series 2015-1A, Class ARR, VRN, 3.87%, (3-month LIBOR plus 1.11%), 1/22/31(1)	2,225,000		2,204,392
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, VRN, 3.76%, (3-month LIBOR plus 0.97%), 4/15/31(1)	3,300,000		3,243,886
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 3.75%, (3-month LIBOR plus 0.97%), 4/18/31	2,550,000		2,506,662
Dryden 71 CLO Ltd., Series 2018-71A, Class B, VRN, 4.59%, (3-month LIBOR plus 1.90%), 1/15/29(1)	4,500,000		4,507,195
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 3.88%, (3-month LIBOR plus 1.12%), 7/20/31(1)	4,000,000		3,967,626
KKR CLO Ltd., Series 11, Class AR, VRN, 3.97%, (3-month LIBOR plus 1.18%), 1/15/31(1)	4,500,000		4,466,137
KKR CLO Ltd., Series 22A, Class A, VRN, 3.91%, (3-month LIBOR plus 1.15%), 7/20/31(1)	4,500,000		4,466,533
LCM XIV LP, Series 14A, Class AR, VRN, 3.82%, (3-month LIBOR plus 1.04%), 7/20/31(1)	2,275,000		2,247,530
LoanCore Issuer Ltd., Series 2018-CRE1, Class AS, VRN, 3.98%, (1-month LIBOR plus 1.50%), 5/15/28(1)	6,000,000		6,007,483
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, VRN, 3.71%, (3-month LIBOR plus 0.95%), 4/19/30(1)	4,500,000		4,466,477
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.77%, (3-month LIBOR plus 0.98%), 4/15/31(1)	5,875,000		5,808,844
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, VRN, 3.93%, (3-month LIBOR plus 1.15%), 4/18/31(1)	5,750,000		5,694,880
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 3.83%, (3-month LIBOR plus 1.07%), 10/20/28(1)	5,000,000		4,993,214
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 3.74%, (3-month LIBOR plus 0.97%), 4/25/31(1)	3,000,000		2,950,314
Voya CLO Ltd., Series 2013-3A, Class A1RR, VRN, 3.93%, (3-month LIBOR plus 1.15%), 10/18/31(1)	2,575,000		2,552,630
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $104,699,718)			103,982,702
BANK LOAN OBLIGATIONS(3) — 1.3%
Diversified Telecommunication Services — 0.3%
Level 3 Financing Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	3,700,000		3,661,835
Zayo Group, LLC, 2017 Incremental Term Loan, 4.75%, (1-month LIBOR plus 2.25%), 1/19/24	3,950,000		3,933,805
			7,595,640
Food Products — 0.1%
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	1,331,497		1,322,037
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	412,098		409,170
			1,731,207
Health Care Providers and Services — 0.2%
DaVita, Inc., Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 6/24/21	2,685,901		2,688,009

26

	Principal Amount		Value
HCA Inc., 2018 Term Loan B10, 4.50%, (1-month LIBOR plus 2.00%), 3/13/25	$	3,242,599	$	3,242,875
			5,930,884
Hotels, Restaurants and Leisure — 0.3%
Hilton Worldwide Finance, LLC, Term Loan B2, 4.24%, (1-month LIBOR plus 1.75%), 10/25/23	3,849,746		3,845,242
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 3/21/25	4,331,184		4,278,993
			8,124,235
Independent Power and Renewable Electricity Producers — 0.2%
NRG Energy, Inc., 2016 Term Loan B, 4.25%, (1-month LIBOR plus 1.75%), 6/30/23	4,763,265		4,714,823
Media — 0.1%
Charter Communications Operating, LLC, 2017 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 4/30/25	2,487,406		2,473,886
Technology Hardware, Storage and Peripherals — 0.1%
Dell International LLC, 2017 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 9/7/23	592,119		586,150
Western Digital Corporation, 2018 Term Loan B4, 4.25%, (1-month LIBOR plus 1.75%), 4/29/23	2,374,828		2,316,443
			2,902,593
TOTAL BANK LOAN OBLIGATIONS (Cost $33,811,424)			33,473,268
MUNICIPAL SECURITIES — 1.2%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	980,000		1,364,199
Dallas Area Rapid Transit Rev., 6.00%, 12/1/44	1,000,000		1,337,710
Houston GO, 3.96%, 3/1/47	820,000		843,182
Los Angeles Community College District GO, 6.75%, 8/1/49	1,330,000		2,013,434
Los Angeles Department of Airports Rev., 6.58%, 5/15/39	1,075,000		1,390,781
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	1,165,000		1,574,742
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	470,000		641,691
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	975,000		1,466,234
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	480,000		700,723
New York City GO, 6.27%, 12/1/37	335,000		445,741
New York City Water & Sewer System Rev., 5.95%, 6/15/42	925,000		1,263,929
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	420,000		544,593
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	400,000		483,500
Port Authority of New York & New Jersey Rev., 4.46%, 10/1/62	500,000		561,260
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	675,000		838,141
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	375,000		482,966
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	280,000		374,069
San Diego County Regional Airport Authority Rev., 5.59%, 7/1/43	750,000		827,708
San Diego County Water Authority Rev., 6.14%, 5/1/49	460,000		635,669
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	1,100,000		1,390,840
San Francisco Public Utilities Commission Water Rev., 6.95%, 11/1/50	765,000		1,119,601
San Jose Redevelopment Agency Successor Agency Tax Allocation, 3.375%, 8/1/34	1,085,000		1,085,119
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	920,000		1,102,896
State of California GO, 4.60%, 4/1/38	1,380,000		1,471,273

27

	Principal Amount		Value
State of California GO, 7.55%, 4/1/39	$	450,000	$	684,257
State of California GO, 7.30%, 10/1/39	1,210,000		1,752,891
State of Illinois GO, 5.10%, 6/1/33	1,618,000		1,591,157
State of Kansas Department of Transportation Rev., 4.60%, 9/1/35	925,000		1,040,967
University of California Rev., 4.60%, 5/15/31	1,975,000		2,205,838
TOTAL MUNICIPAL SECURITIES (Cost $27,735,186)			31,235,111
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.7%
Chile — 0.1%
Chile Government International Bond, 3.25%, 9/14/21	920,000		936,790
Chile Government International Bond, 3.625%, 10/30/42	500,000		500,225
			1,437,015
Colombia — 0.1%
Colombia Government International Bond, 4.375%, 7/12/21	2,770,000		2,851,023
Colombia Government International Bond, 6.125%, 1/18/41	820,000		970,888
			3,821,911
Mexico†
Mexico Government International Bond, 4.15%, 3/28/27	18,000		18,328
Panama — 0.1%
Panama Government International Bond, 7.125%, 1/29/26	1,400,000		1,713,250
Peru — 0.1%
Peruvian Government International Bond, 6.55%, 3/14/37	730,000		986,412
Peruvian Government International Bond, 5.625%, 11/18/50	1,240,000		1,594,020
			2,580,432
Philippines — 0.2%
Philippine Government International Bond, 4.00%, 1/15/21	1,590,000		1,623,748
Philippine Government International Bond, 5.50%, 3/30/26	3,000,000		3,465,798
Philippine Government International Bond, 6.375%, 10/23/34	730,000		974,923
			6,064,469
Poland — 0.1%
Republic of Poland Government International Bond, 3.00%, 3/17/23	1,050,000		1,057,959
Republic of Poland Government International Bond, 5.125%, 4/21/21	450,000		472,158
			1,530,117
Uruguay†
Uruguay Government International Bond, 4.375%, 10/27/27	820,000		866,432
Uruguay Government International Bond, 4.125%, 11/20/45	340,000		333,200
			1,199,632
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $17,828,238)			18,365,154
U.S. GOVERNMENT AGENCY SECURITIES — 0.3%
FNMA, 6.625%, 11/15/30 (Cost $6,223,363)	5,000,000		6,899,549
TEMPORARY CASH INVESTMENTS(4) — 3.0%
Bennington Stark Capital Co. LLC, 2.55%, 4/1/19 (LOC: Societe Generale SA)(1)(5)	48,853,000		48,842,822
Societe Generale SA, 2.50%, 4/1/19(1)(5)	28,000,000		27,994,384

28

	Shares	Value
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.875%, 9/30/19 - 2/15/44, valued at $740,372), in a joint trading account at 2.35%, dated 3/29/19, due 4/1/19 (Delivery value $725,724)		$	725,582
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 6/30/25, valued at $124,137), at 1.25%, dated 3/29/19, due 4/1/19 (Delivery value $121,013)		121,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	4,829	4,829
TOTAL TEMPORARY CASH INVESTMENTS (Cost $77,704,411)		77,688,617
TOTAL INVESTMENT SECURITIES — 105.2% (Cost $2,680,879,922)		2,703,570,955
OTHER ASSETS AND LIABILITIES(6) — (5.2)%		(132,415,984		)
TOTAL NET ASSETS — 100.0%		$	2,571,154,971

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CLP	193,401,407	USD	288,689	Goldman Sachs & Co.	6/19/19	$	(4,493	)
USD	1,759,654	HUF	491,960,627	UBS AG	6/19/19	31,797
USD	2,261,244	MXN	44,635,816	Morgan Stanley	6/19/19	(9,894		)
						$	17,410

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	229	June 2019	$	22,900,000	$	28,446,094	$	364,453
U.S. Treasury 10-Year Ultra Notes	9	June 2019	$	900,000	1,195,031		22,620
U.S. Treasury 2-Year Notes	1,028	June 2019	$	205,600,000	219,060,375		739,562
U.S. Treasury 5-Year Notes	765	June 2019	$	76,500,000	88,608,516		874,607
U.S. Treasury Long Bonds	122	June 2019	$	12,200,000	18,258,062		369,351
					$	355,568,078	$	2,370,593

29

NOTES TO SCHEDULE OF INVESTMENTS
CLP	-	Chilean Peso
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
GNMA	-	Government National Mortgage Association
GO	-	General Obligation
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
HUF	-	Hungarian Forint
LIBOR	-	London Interbank Offered Rate
LOC	-	Letter of Credit
MTN	-	Medium Term Note
MXN	-	Mexican Peso
SEQ	-	Sequential Payer
TBA	-	To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
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.

†    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 $471,677,398, which represented 18.3% of total net assets. Of these securities, 1.0% of total net assets were deemed illiquid under policies approved by the Board of Trustees.

(2) Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, forward foreign currency exchange contracts and futures contracts. At the period end, the aggregate value of securities pledged was $3,488,033.

(3) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate 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.

(4) Category includes collateral received at the custodian bank for collateral requirements on forward commitments. At the period end, the aggregate value of cash deposits received was $1,131,818.

(5) The rate indicated is the yield to maturity at purchase.

(6) Amount relates primarily to payable for investments purchased, but not settled, at period end.

See Notes to Financial Statements.

30

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (cost of $2,680,879,922)	$	2,703,570,955
Cash	11,163
Receivable for investments sold	27,084,993
Unrealized appreciation on forward foreign currency exchange contracts	31,797
Interest receivable	15,183,427
	2,745,882,335
Liabilities
Payable for collateral received for forward commitments	1,131,818
Payable for investments purchased	156,768,602
Payable for capital shares redeemed	16,276,584
Payable for variation margin on futures contracts	535,973
Unrealized depreciation on forward foreign currency exchange contracts	14,387
	174,727,364
Net Assets	$	2,571,154,971
G Class Capital Shares
Shares outstanding (unlimited number of shares authorized)	242,039,404
Net Asset Value Per Share	$	10.62
Net Assets Consist of:
Capital paid in	$	2,615,479,832
Distributable earnings	(44,324,861		)
	$	2,571,154,971

See Notes to Financial Statements.

31

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	93,579,231
Expenses:
Management fees	9,545,563
Trustees' fees and expenses	196,074
Other expenses	45,797
	9,787,434
Fees waived	(9,545,563		)
	241,871
Net investment income (loss)	93,337,360
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(67,932,279		)
Forward foreign currency exchange contract transactions	28,814,811
Futures contract transactions	(12,469,770		)
Swap agreement transactions	1,356,815
Foreign currency translation transactions	(1,244,153		)
	(51,474,576		)
Change in net unrealized appreciation (depreciation) on:
Investments	44,873,453
Forward foreign currency exchange contracts	3,049,917
Futures contracts	5,626,488
Swap agreements	(165,592		)
Translation of assets and liabilities in foreign currencies	(57,294		)
	53,326,972
Net realized and unrealized gain (loss)	1,852,396
Net Increase (Decrease) in Net Assets Resulting from Operations	$	95,189,756

See Notes to Financial Statements.

32

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	93,337,360		$	83,805,951
Net realized gain (loss)	(51,474,576		)	(15,558,575		)
Change in net unrealized appreciation (depreciation)	53,326,972			(28,803,118		)
Net increase (decrease) in net assets resulting from operations	95,189,756			39,444,258
Distributions to Shareholders
From earnings:
G Class	(82,373,652		)	(81,681,648		)
R6 Class	—			(2,572,468		)
Decrease in net assets from distributions	(82,373,652		)	(84,254,116		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(476,180,770		)	22,307,893
Net increase (decrease) in net assets	(463,364,666		)	(22,501,965		)
Net Assets
Beginning of period	3,034,519,637			3,057,021,602
End of period	$	2,571,154,971		$	3,034,519,637

See Notes to Financial Statements.

33

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. NT Diversified Bond Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek a high level of income by investing in non-money market debt securities. The fund is not permitted to invest in securities issued by companies assigned the Global Industry Classification Standard or the Bloomberg Industry Classification Standard for the tobacco industry. The fund offers the G Class. On July 31, 2017, all outstanding R6 Class shares were converted to G Class shares and the fund discontinued offering the R6 Class.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, convertible bonds, bank loan obligations, municipal securities, 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.

Open-end management investment companies are valued at the reported net asset value 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

34

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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Forward Commitments — The fund may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The fund may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the fund may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination

35

by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc., and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 100% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.2925% to 0.4100%. The rates for the Complex Fee range from 0.0000% to 0.0600%. The investment advisor agreed to waive the fund’s management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees. The effective annual management fee for the period ended March 31, 2019 was 0.34% before waiver and 0.00% after waiver.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.There were no interfund transactions during the period.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $5,553,863,110, of which $4,982,596,086 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $6,372,116,981, of which $5,140,733,029 represented U.S. Treasury and Government Agency obligations.

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5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018
	Shares		Amount			Shares		Amount
G Class
Sold	28,688,091		$	297,773,497		72,458,777		$	780,457,679
Issued in reinvestment of distributions	7,927,067		82,083,103			7,621,571		81,614,602
Redeemed	(83,031,742	)	(856,037,370		)	(47,761,372	)	(509,674,355		)
	(46,416,584	)	(476,180,770		)	32,318,976		352,397,926
R6 Class	N/A
Sold						3,500,678		37,677,906
Issued in reinvestment of distributions						180,700		1,945,064
Redeemed						(34,224,315	)	(369,713,003		)
						(30,542,937	)	(330,090,033		)
Net increase (decrease)	(46,416,584	)	$	(476,180,770	)	1,776,039		$	22,307,893

6. 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.

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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	—		$	734,586,945	—
U.S. Treasury Securities	—		708,880,187		—
U.S. Government Agency Mortgage-Backed Securities	—		575,371,281		—
Asset-Backed Securities	—		157,842,521		—
Collateralized Mortgage Obligations	—		129,562,802		—
Commercial Mortgage-Backed Securities	—		125,682,818		—
Collateralized Loan Obligations	—		103,982,702		—
Bank Loan Obligations	—		33,473,268		—
Municipal Securities	—		31,235,111		—
Sovereign Governments and Agencies	—		18,365,154		—
U.S. Government Agency Securities	—		6,899,549		—
Temporary Cash Investments	$	4,829	77,683,788		—
	$	4,829	$	2,703,566,126	—
Other Financial Instruments
Futures Contracts	$	2,370,593	—		—
Forward Foreign Currency Exchange Contracts	—		$	31,797	—
	$	2,370,593	$	31,797	—
Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	14,387	—

7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.The fund's average notional amount held during the period was $62,500,000.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized

38

appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $238,035,051.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts or interest rate swap agreements in order to manage its exposure to changes in market conditions. The value of bonds generally declines as interest rates rise. The risks of entering into interest rate risk derivative instruments include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. The fund's average notional exposure to these interest rate risk derivative instruments held during the period was $268,095,899 futures contracts purchased and $326,488,657 futures contracts sold.

A fund may enter into interest rate swap agreements to gain exposure to declines in interest rates, to protect against increases in interest rates, or to maintain its ability to generate income at prevailing interest rates. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The fund's average notional amount on interest rate swap agreements held during the period was $51,532,166.

Other Contracts — A fund may enter into total return swap agreements in order to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets or gain exposure to certain markets in the most economical way possible. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments, including inflationary risk.The fund's average notional amount held during the period was $95,450,000.

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Value of Derivative Instruments as of March 31, 2019

	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	31,797	Unrealized depreciation on forward foreign currency exchange contracts	$	14,387
Interest Rate Risk	Receivable for variation margin on futures contracts*	–		Payable for variation margin on futures contracts*	535,973
		$	31,797		$	550,360

* Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2019

	Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value			Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	455,871		Change in net unrealized appreciation (depreciation) on swap agreements	–
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	28,814,811			Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	$	3,049,917
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(12,469,770		)	Change in net unrealized appreciation (depreciation) on futures contracts	5,626,488
Interest Rate Risk	Net realized gain (loss) on swap agreement transactions	95,997			Change in net unrealized appreciation (depreciation) on swap agreements	–
Other Contracts	Net realized gain (loss) on swap agreement transactions	804,947			Change in net unrealized appreciation (depreciation) on swap agreements	(165,592		)
		$	17,701,856			$	8,510,813

8. Risk Factors

The fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	82,373,652	$	84,254,116
Long-term capital gains	—		—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

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As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	2,680,974,538
Gross tax appreciation of investments	$	39,957,476
Gross tax depreciation of investments	(17,361,059		)
Net tax appreciation (depreciation) of investments	$	22,596,417
Other book-to-tax adjustments	$	(247,632	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(32,799,028	)
Accumulated long-term capital losses	$	(33,630,736	)
Late-year ordinary loss deferral	$	(243,882	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization for tax purposes of unrealized gains (losses) on futures contracts. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

10. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

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Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
G Class
2019	$10.52	0.35	0.05	0.40	(0.30)	—	(0.30)	$10.62	3.93%	0.01%	0.35%	3.35%	3.01%	185%		$2,571,155
2018	$10.66	0.29	(0.14)	0.15	(0.29)	—	(0.29)	$10.52	1.36%	0.12%	0.36%	2.66%	2.42%	186%		$3,034,520
2017	$10.85	0.22	(0.16)	0.06	(0.24)	(0.01)	(0.25)	$10.66	0.59%	0.40%	0.40%	2.07%	2.07%	139%		$2,731,236
2016	$11.03	0.21	(0.04)	0.17	(0.23)	(0.12)	(0.35)	$10.85	1.57%	0.40%	0.40%	1.96%	1.96%	207%		$2,406,977
2015	$10.70	0.20	0.42	0.62	(0.29)	—	(0.29)	$11.03	5.90%	0.40%	0.40%	1.85%	1.85%	248%		$2,198,329

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of NT Diversified Bond Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of NT Diversified Bond Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the five years in the period ended March 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the five years in the period ended March 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

43

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

44

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

45

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

46

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

47

Notes

48

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92292 1905

Annual Report

March 31, 2019

NT High Income Fund

Investor Class (AHGVX)

G Class (AHGNX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

Performance	2
Portfolio Commentary	3
Fund Characteristics	5
Shareholder Fee Example	6
Schedule of Investments	7
Statement of Assets and Liabilities	35
Statement of Operations	36
Statement of Changes in Net Assets	37
Notes to Financial Statements	38
Financial Highlights	43
Report of Independent Registered Public Accounting Firm	44
Management	45
Additional Information	48

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
Investor Class	AHGVX	4.21%	3.42%	5/19/17
ICE BofAML U.S. High Yield Constrained Index	—	5.93%	4.28%	—
G Class	AHGNX	5.02%	4.16%	5/19/17

Fund returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class

$10,000 investment made May 19, 2017

Performance for other share classes will vary due to differences in fee structure.

Value on March 31, 2019
	Investor Class — $10,648
	ICE BofAML U.S. High Yield Constrained Index — $10,813

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	G Class
0.86%	0.61%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

2

Portfolio Commentary

Investment Advisor: American Century Investment Management, Inc.

Subadvisor: Nomura Corporate Research and Asset Management Inc.

Portfolio Managers:Steve Kotsen and David Crall

Performance Summary

NT High Income returned 5.02%* for the 12-month period ended March 31, 2019. By comparison, the ICE BofAML U.S. High Yield Constrained Index returned 5.93%. Fund returns reflect operating expenses, while index returns do not.

The U.S. high-yield market began the fiscal year on an upbeat note. The U.S. economy was robust, corporate fundamentals were strong, commodity prices were improving and the default environment was benign. These factors provided an ideal setting for credit risk taking. U.S. real gross domestic product hovered near 4% during the second quarter of 2018. At the same time, the U.S. market showed signs of decoupling from global markets, as the U.S. economy continued to grow at a solid pace due to tax reform, deregulation and, to a lesser degree, government spending. For the first half of the fiscal year, lower-quality segments of the market outperformed their higher-quality, more duration-sensitive counterparts, but this trend would ultimately reverse by the end of 2018. Yields on the U.S. 10-year Treasury note began the fiscal year at 2.74% and rose to 3.24% in early November. The U.S. Federal Reserve (Fed) continued to normalize short-term interest rates with four increases of 25 basis points (bps) each in 2018. Rising interest rates were a modest headwind for fixed-income securities for much of the year.

Market sentiment started to sour in October 2018, beginning with an underwhelming start to the third-quarter earnings season, compounded by negative narratives surrounding U.S.-China trade relations, softening growth in emerging markets and the eurozone, and geopolitical concerns involving Brexit, Italy’s budget, Saudi Arabia and Iran. These concerns, coupled with the lack of clarity about waivers for Iran oil production, led to a precipitous decline in West Texas Intermediate crude oil prices from a peak of $73 to $45 per barrel to end 2018. This had an immediate impact on the high-yield energy sector. Mounting global growth concerns led to a sell-off in risky assets, and the 10-year Treasury yield ended 2018 at 2.69%. Alongside the sharpest decline for the S&P 500 Index since September 2011, the U.S. high-yield market also came under pressure. The average option-adjusted spread (OAS) on high-yield bonds widened more than 200 bps, from 316 bps to 544 bps, over this period. Despite grinding out positive returns for most of 2018, the U.S. high-yield market gave everything back and then some in the final quarter of 2018.

Many of the fears that drove the negative fourth-quarter sentiment quickly dissipated in January. The Fed shifted course at its January policy meeting, with key changes to the post-meeting statement and new balance sheet normalization guidance. The Fed also ruled out returning to a small balance sheet, confirming its intention to continue to control short-term interest rates by paying interest on reserves and maintaining an ample supply of reserves. At its March 2019 meeting, the Fed moved from the pause in rate hikes it signaled in January to essentially preclude the possibility of any rate increases in 2019. The European Central Bank also lowered its growth outlook and pushed back its first interest rate hike. In the first quarter of 2019, markets responded positively to more dovish central bank policies, strong corporate earnings and further progress on U.S.-China trade talks along with an outlook for steady growth.

*All fund returns referenced in this commentary are for G Class shares. Fund returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when G Class performance exceeds that of the index, other share classes may not. See page 2 for returns for all share classes.

3

Security Selection, Sector Allocation Detracted

Overall, security selection primarily accounted for the portfolio’s underperformance relative to the index. In particular, our selections in the pharmaceuticals, integrated electric, wholesale food, oil field equipment and services, and cable and satellite TV sectors detracted from relative results.

Sector allocation had a slightly negative effect on relative performance. Underweight positions relative to the index in the cable and satellite TV and health facilities sectors and an overweight position in the energy exploration and production sector weighed on results. Conversely, our allocation decisions in the automobile parts and equipment (underweight), gaming (overweight) and telecommunication wireline (underweight) sectors contributed to performance on a relative basis.

Portfolio Positioning and Market Outlook

We believe U.S. high-yield bonds can perform well in a slow-growth economy coupled with target-level inflation and other supportive influences. Recession fears are slowly fading, as U.S. economic strength holds up against a backdrop of slowing global growth. This factor is alleviating concerns about the credit cycle ending and a potential surge in default rates and/or significant downgrades from investment-grade bonds into the high-yield market. Interest rate risk, a modest headwind for the high-yield market for most of 2018, remains subdued because of the economic slowdown and dovish Fed policy. The default rate is very low on a trailing 12-month basis, and while we expect it to increase modestly in 2019, we still expect defaults to remain below historical averages.

4

Fund Characteristics

MARCH 31, 2019
Types of Investments in Portfolio	% of net assets
Corporate Bonds	90.1%
Bank Loan Obligations	3.7%
Preferred Stocks	1.8%
Convertible Bonds	0.3%
Common Stocks	0.1%
Asset-Backed Securities	0.1%
Escrow Interests	—*
Temporary Cash Investments	2.7%
Other Assets and Liabilities	1.2%

* Category is less than 0.05% of total net assets.

5

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1)  10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,006.40	$3.90	0.78%
G Class	$1,000	$1,009.20	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,021.04	$3.93	0.78%
G Class	$1,000	$1,024.88	$0.05	0.01%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

6

Schedule of Investments

MARCH 31, 2019

	Principal Amount/Shares		Value
CORPORATE BONDS — 90.1%
Aerospace and Defense — 2.2%
Arconic, Inc., 5.125%, 10/1/24	$	1,500,000	$	1,539,847
Arconic, Inc., 5.90%, 2/1/27	250,000		259,841
Arconic, Inc., 5.95%, 2/1/37	1,225,000		1,211,984
Bombardier, Inc., 5.75%, 3/15/22(1)	1,085,000		1,116,194
Bombardier, Inc., 6.00%, 10/15/22(1)	1,005,000		1,018,819
Bombardier, Inc., 6.125%, 1/15/23(1)	475,000		482,719
Bombardier, Inc., 7.50%, 12/1/24(1)	775,000		806,969
Bombardier, Inc., 7.50%, 3/15/25(1)	495,000		511,706
Bombardier, Inc., 7.875%, 4/15/27(1)	1,800,000		1,858,500
BWX Technologies, Inc., 5.375%, 7/15/26(1)	375,000		382,500
Pioneer Holdings LLC / Pioneer Finance Corp., 9.00%, 11/1/22(1)	575,000		585,063
TransDigm UK Holdings plc, 6.875%, 5/15/26(1)	200,000		199,500
TransDigm, Inc., 6.00%, 7/15/22	1,740,000		1,772,329
TransDigm, Inc., 6.50%, 5/15/25	100,000		101,885
TransDigm, Inc., 6.25%, 3/15/26(1)	800,000		832,000
TransDigm, Inc., 6.375%, 6/15/26	850,000		844,560
TransDigm, Inc., 7.50%, 3/15/27(1)	850,000		872,312
Triumph Group, Inc., 4.875%, 4/1/21	375,000		367,500
Triumph Group, Inc., 7.75%, 8/15/25	525,000		502,688
			15,266,916
Air Freight and Logistics — 0.3%
XPO Logistics, Inc., 6.50%, 6/15/22(1)	1,421,000		1,457,591
XPO Logistics, Inc., 6.125%, 9/1/23(1)	600,000		606,000
			2,063,591
Airlines — 0.4%
Air Canada, 7.75%, 4/15/21(1)	225,000		242,156
American Airlines Group, Inc., 4.625%, 3/1/20(1)	975,000		984,165
United Continental Holdings, Inc., 4.25%, 10/1/22	225,000		225,914
United Continental Holdings, Inc., 5.00%, 2/1/24	1,445,000		1,459,450
			2,911,685
Auto Components — 0.9%
American Axle & Manufacturing, Inc., 6.625%, 10/15/22	785,000		805,606
Dana, Inc., 6.00%, 9/15/23	1,484,000		1,526,665
Delphi Technologies plc, 5.00%, 10/1/25(1)	800,000		706,400
Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 6.25%, 5/15/26(1)(2)	450,000		460,125
Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 8.50%, 5/15/27(1)(2)	1,400,000		1,407,000
Tenneco, Inc., 5.00%, 7/15/26	825,000		664,125
Titan International, Inc., 6.50%, 11/30/23	1,175,000		1,088,344
			6,658,265

7

	Principal Amount/Shares		Value
Automobiles — 0.4%
Mclaren Finance plc, 5.75%, 8/1/22(1)	$	400,000	$	381,000
Tesla, Inc., 5.30%, 8/15/25(1)	2,575,000		2,240,250
			2,621,250
Banks — 0.4%
Barclays plc, VRN, 8.00%(3)	200,000		204,750
CIT Group, Inc., 4.125%, 3/9/21	275,000		279,125
CIT Group, Inc., 5.00%, 8/15/22	1,363,000		1,422,631
CIT Group, Inc., 5.00%, 8/1/23	900,000		946,125
			2,852,631
Building Products — 0.7%
American Woodmark Corp., 4.875%, 3/15/26(1)	300,000		294,750
Builders FirstSource, Inc., 5.625%, 9/1/24(1)	1,365,000		1,349,644
Griffon Corp., 5.25%, 3/1/22	1,225,000		1,209,687
Masonite International Corp., 5.75%, 9/15/26(1)	275,000		281,875
Northwest Hardwoods, Inc., 7.50%, 8/1/21(1)	275,000		171,875
PGT Escrow Issuer, Inc., 6.75%, 8/1/26(1)	525,000		547,312
USG Corp., 5.50%, 3/1/25(1)	735,000		749,149
			4,604,292
Capital Markets — 0.3%
Donnelley Financial Solutions, Inc., 8.25%, 10/15/24	375,000		378,750
Lions Gate Capital Holdings LLC, 6.375%, 2/1/24(1)	900,000		945,000
Lions Gate Capital Holdings LLC, 5.875%, 11/1/24(1)	250,000		258,750
MSCI, Inc., 4.75%, 8/1/26(1)	150,000		154,500
MSCI, Inc., 5.375%, 5/15/27(1)	125,000		132,500
			1,869,500
Chemicals — 1.9%
CF Industries, Inc., 7.125%, 5/1/20	175,000		183,094
CF Industries, Inc., 4.95%, 6/1/43	125,000		107,656
CF Industries, Inc., 5.375%, 3/15/44	1,475,000		1,334,875
Chemours Co. (The), 6.625%, 5/15/23	466,000		483,517
Consolidated Energy Finance SA, 6.50%, 5/15/26(1)	750,000		750,000
CVR Partners LP / CVR Nitrogen Finance Corp., 9.25%, 6/15/23(1)	150,000		157,688
Element Solutions, Inc., 5.875%, 12/1/25(1)	525,000		528,859
GCP Applied Technologies, Inc., 5.50%, 4/15/26(1)	250,000		255,625
Hexion, Inc., 10.375%, 2/1/22(1)(6)	1,275,000		1,074,187
Hexion, Inc., 13.75%, 2/1/22(1)(6)	1,425,000		498,750
Hexion, Inc. / Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20(6)	200,000		51,000
INEOS Group Holdings SA, 5.625%, 8/1/24(1)	1,425,000		1,428,562
Kissner Holdings LP / Kissner Milling Co. Ltd. / BSC Holding, Inc. / Kissner USA, 8.375%, 12/1/22(1)	275,000		288,062
NOVA Chemicals Corp., 5.25%, 6/1/27(1)	900,000		886,500
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/26(1)	450,000		418,500
OCI NV, 6.625%, 4/15/23(1)	800,000		833,600
Olin Corp., 5.00%, 2/1/30	100,000		98,375
PQ Corp., 5.75%, 12/15/25(1)	250,000		244,688
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26	325,000		320,937

8

	Principal Amount/Shares		Value
SPCM SA, 4.875%, 9/15/25(1)	$	300,000	$	294,465
TPC Group, Inc., 8.75%, 12/15/20(1)	1,275,000		1,262,250
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)	1,000,000		951,250
Tronox Finance plc, 5.75%, 10/1/25(1)	675,000		628,594
Venator Finance S.a.r.l. / Venator Materials LLC, 5.75%, 7/15/25(1)	275,000		242,688
			13,323,722
Commercial Services and Supplies — 2.7%
ADT Security Corp. (The), 5.25%, 3/15/20	775,000		786,625
ADT Security Corp. (The), 6.25%, 10/15/21	325,000		342,566
Aptim Corp., 7.75%, 6/15/25(1)	1,325,000		1,030,187
Aramark Services, Inc., 5.125%, 1/15/24	1,105,000		1,139,531
Aramark Services, Inc., 5.00%, 4/1/25(1)	250,000		256,625
Aramark Services, Inc., 5.00%, 2/1/28(1)	950,000		948,461
Brand Industrial Services, Inc., 8.50%, 7/15/25(1)	1,050,000		947,625
Covanta Holding Corp., 5.875%, 3/1/24	2,090,000		2,147,475
Garda World Security Corp., 8.75%, 5/15/25(1)	775,000		742,062
Harland Clarke Holdings Corp., 9.25%, 3/1/21(1)	1,435,000		1,436,794
Harland Clarke Holdings Corp., 8.375%, 8/15/22(1)	1,450,000		1,314,715
KAR Auction Services, Inc., 5.125%, 6/1/25(1)	300,000		298,125
Matthews International Corp., 5.25%, 12/1/25(1)	500,000		481,250
Multi-Color Corp., 6.125%, 12/1/22(1)	425,000		438,813
Nielsen Co. Luxembourg SARL (The), 5.50%, 10/1/21(1)	550,000		552,750
Nielsen Finance LLC / Nielsen Finance Co., 4.50%, 10/1/20	740,000		740,925
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	570,000		567,150
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 5/15/23(1)	1,056,000		1,111,440
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)(2)	425,000		426,063
Ritchie Bros Auctioneers, Inc., 5.375%, 1/15/25(1)	450,000		460,687
Star Merger Sub, Inc., 6.875%, 8/15/26(1)	525,000		537,797
Star Merger Sub, Inc., 10.25%, 2/15/27(1)	2,075,000		2,137,250
TMS International Corp., 7.25%, 8/15/25(1)	375,000		364,133
Waste Pro USA, Inc., 5.50%, 2/15/26(1)	25,000		24,188
			19,233,237
Communications Equipment — 0.9%
Anixter, Inc., 6.00%, 12/1/25(1)	350,000		368,375
CommScope Finance LLC, 5.50%, 3/1/24(1)	600,000		615,174
CommScope Finance LLC, 6.00%, 3/1/26(1)	550,000		570,278
CommScope Finance LLC, 8.25%, 3/1/27(1)	800,000		832,000
CommScope Technologies LLC, 6.00%, 6/15/25(1)	2,150,000		2,098,292
CommScope Technologies LLC, 5.00%, 3/15/27(1)	470,000		417,915
CommScope, Inc., 5.00%, 6/15/21(1)	475,000		476,425
Nokia of America Corp., 6.45%, 3/15/29	425,000		417,563
Nokia Oyj, 3.375%, 6/12/22	225,000		223,031
ViaSat, Inc., 5.625%, 4/15/27(1)	425,000		433,547
			6,452,600

9

	Principal Amount/Shares		Value
Construction and Engineering — 0.2%
Great Lakes Dredge & Dock Corp., 8.00%, 5/15/22	$	375,000	$	394,219
New Enterprise Stone & Lime Co., Inc., 10.125%, 4/1/22(1)	475,000		483,313
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/26(1)	750,000		731,332
			1,608,864
Construction Materials — 1.0%
BMC East LLC, 5.50%, 10/1/24(1)	840,000		828,450
James Hardie International Finance DAC, 4.75%, 1/15/25(1)	400,000		396,000
James Hardie International Finance DAC, 5.00%, 1/15/28(1)	400,000		389,000
Standard Industries, Inc., 4.75%, 1/15/28(1)	825,000		789,937
Summit Materials LLC / Summit Materials Finance Corp., 6.125%, 7/15/23	325,000		333,401
Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 6/1/25(1)	400,000		387,000
Summit Materials LLC / Summit Materials Finance Corp., 6.50%, 3/15/27(1)	275,000		277,750
TerraForm Power Operating LLC, 4.25%, 1/31/23(1)	700,000		695,093
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)	825,000		799,219
US Concrete, Inc., 6.375%, 6/1/24	1,950,000		1,989,000
			6,884,850
Consumer Finance — 3.1%
Ally Financial, Inc., 4.125%, 3/30/20	975,000		983,863
Ally Financial, Inc., 8.00%, 11/1/31	1,225,000		1,526,656
ASP AMC Merger Sub, Inc., 8.00%, 5/15/25(1)	1,575,000		716,625
Credit Acceptance Corp., 6.625%, 3/15/26(1)	425,000		432,438
goeasy Ltd., 7.875%, 11/1/22(1)	525,000		552,563
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.875%, 8/1/21(1)	925,000		945,812
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 3/15/22(1)	1,567,000		1,594,422
Navient Corp., 5.00%, 10/26/20	990,000		1,006,087
Navient Corp., 5.875%, 3/25/21	50,000		51,813
Navient Corp., 5.50%, 1/25/23	2,345,000		2,356,725
Navient Corp., 7.25%, 9/25/23	1,250,000		1,325,000
Navient Corp., 5.875%, 10/25/24	375,000		364,688
Navient Corp., 6.75%, 6/25/25	3,425,000		3,404,621
Navient Corp., 6.75%, 6/15/26	675,000		648,000
Navient Corp., MTN, 4.875%, 6/17/19	207,000		207,388
Navient Corp., MTN, 6.125%, 3/25/24	360,000		361,350
Refinitiv US Holdings, Inc., 6.25%, 5/15/26(1)	325,000		330,281
Refinitiv US Holdings, Inc., 8.25%, 11/15/26(1)	400,000		393,500
Springleaf Finance Corp., 8.25%, 12/15/20	125,000		134,531
Springleaf Finance Corp., 6.125%, 3/15/24	125,000		128,123
Springleaf Finance Corp., 6.875%, 3/15/25	1,125,000		1,164,375
Springleaf Finance Corp., 7.125%, 3/15/26	2,200,000		2,243,989
Verscend Escrow Corp., 9.75%, 8/15/26(1)	925,000		926,156
			21,799,006

10

	Principal Amount/Shares		Value
Containers and Packaging — 2.6%
ARD Finance SA, 7.125% Cash or 7.875% PIK, 9/15/23(4)	$	720,000	$	720,900
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(1)	400,000		403,500
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 7.25%, 5/15/24(1)	1,365,000		1,443,078
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.00%, 2/15/25(1)	1,085,000		1,087,712
Berry Global, Inc., 6.00%, 10/15/22	850,000		877,625
BWAY Holding Co., 5.50%, 4/15/24(1)	850,000		847,067
BWAY Holding Co., 7.25%, 4/15/25(1)	3,650,000		3,533,638
Flex Acquisition Co., Inc., 6.875%, 1/15/25(1)	225,000		216,000
Flex Acquisition Co., Inc., 7.875%, 7/15/26(1)	600,000		580,500
Greif, Inc., 6.50%, 3/1/27(1)	575,000		589,375
OI European Group BV, 4.00%, 3/15/23(1)	475,000		467,281
Owens-Brockway Glass Container, Inc., 5.00%, 1/15/22(1)	375,000		385,781
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)	625,000		656,969
Owens-Brockway Glass Container, Inc., 6.375%, 8/15/25(1)	150,000		157,875
Plastipak Holdings, Inc., 6.25%, 10/15/25(1)	375,000		352,500
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.75%, 10/15/20	1,051,482		1,054,111
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 6.875%, 2/15/21	280,695		282,099
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	1,010,000		1,027,675
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.00%, 7/15/24(1)	1,790,000		1,847,280
Sealed Air Corp., 5.125%, 12/1/24(1)	1,410,000		1,467,754
			17,998,720
Distributors — 0.1%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23(1)	375,000		385,781
Diversified Consumer Services — 0.4%
Graham Holdings Co., 5.75%, 6/1/26(1)	650,000		684,125
Service Corp., International, 5.375%, 1/15/22	720,000		728,640
Sotheby's, 4.875%, 12/15/25(1)	800,000		781,000
Weight Watchers International, Inc., 8.625%, 12/1/25(1)	575,000		520,375
			2,714,140
Diversified Financial Services — 2.4%
Arrow Bidco LLC, 9.50%, 3/15/24(1)	200,000		199,250
Camelot Finance SA, 7.875%, 10/15/24(1)	750,000		795,000
Cornerstone Chemical Co., 6.75%, 8/15/24(1)	550,000		519,750
Exela Intermediate LLC / Exela Finance, Inc., 10.00%, 7/15/23(1)	1,050,000		1,073,100
HUB International Ltd., 7.00%, 5/1/26(1)	175,000		173,688
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.00%, 8/1/20	1,555,000		1,571,716
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.875%, 2/1/22	1,355,000		1,376,856
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 2/1/22	655,000		673,569

11

	Principal Amount/Shares		Value
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.375%, 12/15/25	$	1,225,000	$	1,257,156
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.375%, 4/1/20(1)	1,710,000		1,714,275
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.50%, 7/1/21	1,000,000		1,002,500
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, 12/15/22(1)	650,000		669,500
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/24(1)	2,655,000		2,891,083
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.75%, 6/1/25(1)	850,000		860,625
Trident Merger Sub, Inc., 6.625%, 11/1/25(1)	275,000		258,500
Vantiv LLC / Vantiv Issuer Corp., 4.375%, 11/15/25(1)	600,000		619,878
VFH Parent LLC / Orchestra Co-Issuer, Inc., 6.75%, 6/15/22(1)	425,000		439,378
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 7/15/25(1)	1,050,000		909,930
			17,005,754
Diversified Telecommunication Services — 5.3%
Altice France SA, 6.25%, 5/15/24(1)	400,000		404,500
Altice France SA, 7.375%, 5/1/26(1)	2,560,000		2,515,200
Altice France SA, 8.125%, 2/1/27(1)	1,200,000		1,215,000
CenturyLink, Inc., 5.625%, 4/1/20	1,470,000		1,503,722
CenturyLink, Inc., 6.45%, 6/15/21	200,000		208,750
CenturyLink, Inc., 5.80%, 3/15/22	550,000		564,437
CenturyLink, Inc., 6.75%, 12/1/23	350,000		366,188
CenturyLink, Inc., 7.50%, 4/1/24	550,000		583,000
CenturyLink, Inc., 7.60%, 9/15/39	400,000		353,000
Cogent Communications Group, Inc., 5.375%, 3/1/22(1)	50,000		51,375
Frontier Communications Corp., 10.50%, 9/15/22	4,775,000		3,664,812
Frontier Communications Corp., 11.00%, 9/15/25	125,000		82,990
Frontier Communications Corp., 8.50%, 4/1/26(1)	375,000		349,219
Frontier Communications Corp., 8.00%, 4/1/27(1)	875,000		905,625
Hughes Satellite Systems Corp., 5.25%, 8/1/26	1,245,000		1,240,331
Inmarsat Finance plc, 4.875%, 5/15/22(1)	455,000		464,191
Intelsat Connect Finance SA, 9.50%, 2/15/23(1)	3,025,000		2,693,157
Intelsat Jackson Holdings SA, 8.00%, 2/15/24(1)	75,000		78,375
Intelsat Jackson Holdings SA, 8.50%, 10/15/24(1)	1,500,000		1,466,250
Intelsat Jackson Holdings SA, 9.75%, 7/15/25(1)	2,150,000		2,193,645
Intelsat Luxembourg SA, 8.125%, 6/1/23	900,000		630,000
Level 3 Financing, Inc., 5.375%, 8/15/22	1,400,000		1,410,500
Level 3 Financing, Inc., 5.625%, 2/1/23	425,000		430,844
Level 3 Financing, Inc., 5.375%, 5/1/25	475,000		482,030
Qwest Corp., 6.75%, 12/1/21	450,000		479,032
Sprint Capital Corp., 6.90%, 5/1/19	790,000		793,950
Sprint Capital Corp., 6.875%, 11/15/28	475,000		457,781
Sprint Capital Corp., 8.75%, 3/15/32	3,570,000		3,775,632
Virgin Media Finance plc, 5.75%, 1/15/25(1)	1,660,000		1,695,275
Windstream Services LLC / Windstream Finance Corp., 7.75%, 10/15/20(6)	890,000		231,400
Windstream Services LLC / Windstream Finance Corp., 7.75%, 10/1/21(6)	88,000		22,880

12

	Principal Amount/Shares		Value
Windstream Services LLC / Windstream Finance Corp., 10.50%, 6/30/24(1)(6)	$	475,000	$	352,688
Windstream Services LLC / Windstream Finance Corp., 8.625%, 10/31/25(1)(6)	563,000		536,961
Zayo Group LLC / Zayo Capital, Inc., 6.00%, 4/1/23	1,970,000		2,004,475
Zayo Group LLC / Zayo Capital, Inc., 5.75%, 1/15/27(1)	2,750,000		2,750,825
			36,958,040
Electric Utilities — 0.8%
Drax Finco plc, 6.625%, 11/1/25(1)	200,000		203,500
NextEra Energy Operating Partners LP, 4.25%, 9/15/24(1)	450,000		448,312
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1)	73,000		71,449
Pacific Gas & Electric Co., 3.50%, 10/1/20(5)(6)	100,000		92,500
Pacific Gas & Electric Co., 6.05%, 3/1/34(5)(6)	1,550,000		1,546,125
Pacific Gas & Electric Co., 5.80%, 3/1/37(5)(6)	825,000		804,375
Pacific Gas & Electric Co., 5.40%, 1/15/40(5)(6)	625,000		596,875
Pacific Gas & Electric Co., 5.125%, 11/15/43(5)(6)	700,000		636,562
Vistra Operations Co. LLC, 5.50%, 9/1/26(1)	225,000		234,563
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)	750,000		781,875
			5,416,136
Electronic Equipment, Instruments and Components — 0.1%
Itron, Inc., 5.00%, 1/15/26(1)	250,000		246,563
TTM Technologies, Inc., 5.625%, 10/1/25(1)	475,000		457,781
			704,344
Energy Equipment and Services — 2.9%
Apergy Corp., 6.375%, 5/1/26	275,000		279,469
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)	550,000		562,210
Basic Energy Services, Inc., 10.75%, 10/15/23(1)	175,000		140,875
Bristow Group, Inc., 8.75%, 3/1/23(1)	275,000		199,375
Calfrac Holdings LP, 8.50%, 6/15/26(1)	900,000		702,000
CGG Holding US, Inc., 9.00%, 5/1/23(1)	200,000		212,500
Diamond Offshore Drilling, Inc., 7.875%, 8/15/25	850,000		824,500
Ensco plc, 7.75%, 2/1/26	350,000		297,063
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25	425,000		435,625
FTS International, Inc., 6.25%, 5/1/22	1,360,000		1,322,600
Jonah Energy LLC / Jonah Energy Finance Corp., 7.25%, 10/15/25(1)	575,000		307,625
KCA Deutag UK Finance plc, 9.625%, 4/1/23(1)	800,000		673,000
McDermott Technology Americas, Inc. / McDermott Technology US, Inc., 10.625%, 5/1/24(1)	500,000		417,500
Nine Energy Service, Inc., 8.75%, 11/1/23(1)	300,000		311,250
Noble Holding International Ltd., 7.75%, 1/15/24	323,000		292,428
Noble Holding International Ltd., 7.875%, 2/1/26(1)	975,000		907,969
Noble Holding International Ltd., 6.20%, 8/1/40	175,000		111,563
Precision Drilling Corp., 5.25%, 11/15/24	975,000		916,500
Precision Drilling Corp., 7.125%, 1/15/26(1)	550,000		548,109
Rowan Cos., Inc., 7.375%, 6/15/25	300,000		264,000
SESI LLC, 7.125%, 12/15/21	1,050,000		946,312

13

	Principal Amount/Shares		Value
SESI LLC, 7.75%, 9/15/24	$	775,000	$	645,187
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(1)	950,000		904,875
Transocean Guardian Ltd., 5.875%, 1/15/24(1)	141,750		144,585
Transocean Pontus Ltd., 6.125%, 8/1/25(1)	448,875		456,730
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	450,000		469,125
Transocean, Inc., 9.00%, 7/15/23(1)	2,305,000		2,466,350
Transocean, Inc., 7.50%, 1/15/26(1)	1,125,000		1,116,562
Transocean, Inc., 7.50%, 4/15/31	250,000		215,000
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26	825,000		847,687
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27(1)	675,000		689,344
Weatherford International LLC, 9.875%, 3/1/25	400,000		285,000
Weatherford International Ltd., 5.125%, 9/15/20	425,000		376,125
Weatherford International Ltd., 8.25%, 6/15/23	125,000		89,063
Weatherford International Ltd., 9.875%, 2/15/24	1,100,000		797,500
			20,175,606
Entertainment — 1.7%
AMC Entertainment Holdings, Inc., 5.75%, 6/15/25	355,000		333,185
AMC Entertainment Holdings, Inc., 5.875%, 11/15/26	1,325,000		1,199,125
AMC Entertainment Holdings, Inc., 6.125%, 5/15/27	425,000		386,219
Cinemark USA, Inc., 5.125%, 12/15/22	785,000		799,719
Cinemark USA, Inc., 4.875%, 6/1/23	300,000		305,790
Live Nation Entertainment, Inc., 5.625%, 3/15/26(1)	650,000		672,750
Netflix, Inc., 5.375%, 2/1/21	450,000		468,422
Netflix, Inc., 5.50%, 2/15/22	175,000		184,187
Netflix, Inc., 4.875%, 4/15/28	25,000		24,813
Netflix, Inc., 5.875%, 11/15/28(1)	525,000		555,844
Netflix, Inc., 6.375%, 5/15/29(1)	2,275,000		2,465,531
UPCB Finance IV Ltd., 5.375%, 1/15/25(1)	810,000		824,175
WMG Acquisition Corp., 5.625%, 4/15/22(1)	1,201,000		1,217,514
Ziggo Bond Co. BV, 5.875%, 1/15/25(1)	745,000		737,550
Ziggo Bond Co. BV, 6.00%, 1/15/27(1)	150,000		144,375
Ziggo BV, 5.50%, 1/15/27(1)	1,525,000		1,513,562
			11,832,761
Equity Real Estate Investment Trusts (REITs) — 1.8%
CyrusOne LP / CyrusOne Finance Corp., 5.00%, 3/15/24	175,000		179,156
CyrusOne LP / CyrusOne Finance Corp., 5.375%, 3/15/27	175,000		181,510
Equinix, Inc., 5.375%, 4/1/23	2,085,000		2,129,306
Equinix, Inc., 5.75%, 1/1/25	300,000		312,188
ESH Hospitality, Inc., 5.25%, 5/1/25(1)	200,000		199,250
FelCor Lodging LP, 6.00%, 6/1/25	1,280,000		1,323,200
GLP Capital LP / GLP Financing II, Inc., 4.875%, 11/1/20	575,000		587,362
GLP Capital LP / GLP Financing II, Inc., 5.375%, 11/1/23	500,000		528,220
GLP Capital LP / GLP Financing II, Inc., 5.25%, 6/1/25	150,000		157,521
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	660,000		691,284
Iron Mountain, Inc., 5.75%, 8/15/24	1,780,000		1,802,250

14

	Principal Amount/Shares		Value
iStar, Inc., 4.625%, 9/15/20	$	475,000	$	481,531
iStar, Inc., 5.25%, 9/15/22	125,000		123,438
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.75%, 2/1/27(1)	200,000		207,250
Sabra Health Care LP / Sabra Capital Corp., 5.50%, 2/1/21	950,000		961,281
SBA Communications Corp., 4.875%, 7/15/22	960,000		975,600
SBA Communications Corp., 4.00%, 10/1/22	400,000		403,440
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.125%, 12/15/24(1)	1,615,000		1,396,975
			12,640,762
Food and Staples Retailing — 0.2%
Albertsons Cos. LLC / Safeway, Inc. / New Albertson's, LP / Albertson's LLC, 6.625%, 6/15/24	600,000		609,000
Albertsons Cos. LLC / Safeway, Inc. / New Albertson's, LP / Albertson's LLC, 5.75%, 3/15/25	200,000		190,750
Ingles Markets, Inc., 5.75%, 6/15/23	200,000		204,750
Rite Aid Corp., 7.70%, 2/15/27	200,000		126,000
US Foods, Inc., 5.875%, 6/15/24(1)	250,000		256,875
			1,387,375
Food Products — 1.7%
B&G Foods, Inc., 5.25%, 4/1/25	815,000		784,437
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 4/15/25(1)	250,000		225,313
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22(1)	950,000		934,325
Darling Ingredients, Inc., 5.25%, 4/15/27(1)(2)	300,000		305,063
HLF Financing Sarl LLC / Herbalife International, Inc., 7.25%, 8/15/26(1)	100,000		103,125
JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 7/15/24(1)	730,000		752,812
JBS USA LUX SA / JBS USA Finance, Inc., 5.75%, 6/15/25(1)	1,065,000		1,095,619
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	3,280,000		3,329,200
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)	525,000		530,250
Post Holdings, Inc., 5.75%, 3/1/27(1)	3,150,000		3,177,562
Sigma Holdco BV, 7.875%, 5/15/26(1)	500,000		463,750
			11,701,456
Gas Utilities — 3.0%
American Midstream Partners LP / American Midstream Finance Corp., 9.50%, 12/15/21(1)	475,000		439,375
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.50%, 10/15/19	1,145,000		1,156,588
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 9/15/24	750,000		759,600
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 3/1/27(1)	525,000		534,187
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22(1)	775,000		790,500
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.625%, 7/15/26(1)	250,000		256,250
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24	630,000		712,719
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25	815,000		888,350
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27	325,000		341,656

15

	Principal Amount/Shares		Value
CNX Midstream Partners LP / CNX Midstream Finance Corp., 6.50%, 3/15/26(1)	$	425,000	$	413,312
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23	820,000		844,600
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	1,090,000		1,122,700
DCP Midstream Operating LP, 5.35%, 3/15/20(1)	300,000		305,625
DCP Midstream Operating LP, 5.375%, 7/15/25	900,000		940,500
Genesis Energy LP / Genesis Energy Finance Corp., 6.50%, 10/1/25	325,000		317,688
Genesis Energy LP / Genesis Energy Finance Corp., 6.25%, 5/15/26	275,000		261,250
Holly Energy Partners LP / Holly Energy Finance Corp., 6.00%, 8/1/24(1)	125,000		129,625
NGPL PipeCo LLC, 4.375%, 8/15/22(1)	800,000		814,000
NGPL PipeCo LLC, 4.875%, 8/15/27(1)	50,000		50,688
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23	550,000		562,375
Rockies Express Pipeline LLC, 5.625%, 4/15/20(1)	2,115,000		2,170,519
Rockies Express Pipeline LLC, 6.875%, 4/15/40(1)	175,000		188,697
SemGroup Corp. / Rose Rock Finance Corp., 5.625%, 7/15/22	475,000		472,031
SemGroup Corp. / Rose Rock Finance Corp., 5.625%, 11/15/23	375,000		354,038
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.50%, 8/15/22	1,350,000		1,343,250
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.75%, 4/15/25	425,000		403,219
Superior Plus LP / Superior General Partner, Inc., 7.00%, 7/15/26(1)	250,000		255,313
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 4.75%, 10/1/23(1)	650,000		656,298
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 5.50%, 1/15/28(1)	300,000		301,875
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23	1,215,000		1,213,481
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.125%, 2/1/25	1,205,000		1,235,125
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26(1)	225,000		238,950
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27(1)	75,000		81,094
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.875%, 1/15/29(1)	325,000		354,656
TransMontaigne Partners LP / TLP Finance Corp., 6.125%, 2/15/26	450,000		425,250
			21,335,384
Health Care Equipment and Supplies — 0.4%
Avantor, Inc., 6.00%, 10/1/24(1)	425,000		442,000
Avantor, Inc., 9.00%, 10/1/25(1)	950,000		1,031,938
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.75%, 8/1/22(1)	630,000		595,350
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.625%, 10/15/23(1)	355,000		296,425
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 6.625%, 5/15/22(1)	800,000		762,000
			3,127,713

16

	Principal Amount/Shares		Value
Health Care Providers and Services — 3.8%
Centene Corp., 5.625%, 2/15/21	$	1,445,000	$	1,468,481
Centene Corp., 6.125%, 2/15/24	1,120,000		1,174,936
Centene Corp., 5.375%, 6/1/26(1)	1,100,000		1,149,500
CHS / Community Health Systems, Inc., 6.875%, 2/1/22	815,000		546,050
CHS / Community Health Systems, Inc., 8.625%, 1/15/24(1)	50,000		50,188
CHS / Community Health Systems, Inc., 8.125%, 6/30/24(1)	422,000		316,627
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)	750,000		719,475
CHS / Community Health Systems, Inc., VRN, 11.00%, 6/30/23(1)	1,110,000		910,899
DaVita, Inc., 5.75%, 8/15/22	1,625,000		1,659,531
Encompass Health Corp., 5.75%, 11/1/24	540,000		548,775
Envision Healthcare Corp., 8.75%, 10/15/26(1)	1,925,000		1,720,469
HCA Healthcare, Inc., 6.25%, 2/15/21	125,000		131,669
HCA, Inc., 7.50%, 2/15/22	1,925,000		2,127,702
HCA, Inc., 7.69%, 6/15/25	1,730,000		1,967,875
HCA, Inc., 5.875%, 2/15/26	625,000		676,562
HCA, Inc., 5.375%, 9/1/26	1,825,000		1,925,375
HCA, Inc., 5.625%, 9/1/28	1,845,000		1,955,700
MEDNAX, Inc., 6.25%, 1/15/27(1)	375,000		380,156
MPH Acquisition Holdings LLC, 7.125%, 6/1/24(1)	1,200,000		1,200,000
Polaris Intermediate Corp., 8.50% Cash or 9.25% PIK, 12/1/22(1)(4)	1,175,000		1,163,544
Select Medical Corp., 6.375%, 6/1/21	1,600,000		1,608,000
Surgery Center Holdings, Inc., 10.00%, 4/15/27(1)(2)	250,000		254,375
Tenet Healthcare Corp., 6.00%, 10/1/20	250,000		259,688
Tenet Healthcare Corp., 8.125%, 4/1/22	275,000		296,890
Tenet Healthcare Corp., 6.75%, 6/15/23	980,000		1,013,075
Tenet Healthcare Corp., 4.625%, 7/15/24	881,000		886,506
Tenet Healthcare Corp., 6.25%, 2/1/27(1)	150,000		155,813
WellCare Health Plans, Inc., 5.375%, 8/15/26(1)	550,000		576,812
			26,844,673
Hotels, Restaurants and Leisure — 6.1%
1011778 BC ULC / New Red Finance, Inc., 4.625%, 1/15/22(1)	200,000		201,442
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(1)	3,150,000		3,119,445
Boyd Gaming Corp., 6.875%, 5/15/23	260,000		271,050
Boyd Gaming Corp., 6.375%, 4/1/26	1,150,000		1,194,562
Boyd Gaming Corp., 6.00%, 8/15/26	1,450,000		1,491,687
Boyne USA, Inc., 7.25%, 5/1/25(1)	246,000		264,450
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	1,700,000		1,644,750
Carrols Restaurant Group, Inc., 8.00%, 5/1/22	75,000		76,819
Churchill Downs, Inc., 5.50%, 4/1/27(1)	475,000		482,125
Churchill Downs, Inc., 4.75%, 1/15/28(1)	750,000		717,187
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 2/15/23(1)	725,000		753,094
Eldorado Resorts, Inc., 7.00%, 8/1/23	2,315,000		2,428,227
Eldorado Resorts, Inc., 6.00%, 4/1/25	625,000		635,938
Eldorado Resorts, Inc., 6.00%, 9/15/26	125,000		127,500

17

	Principal Amount/Shares		Value
Enterprise Development Authority (The), 12.00%, 7/15/24(1)	$	675,000	$	688,500
Gateway Casinos & Entertainment Ltd., 8.25%, 3/1/24(1)	1,150,000		1,211,812
Golden Nugget, Inc., 6.75%, 10/15/24(1)	2,375,000		2,392,812
Golden Nugget, Inc., 8.75%, 10/1/25(1)	1,550,000		1,631,375
Hilton Domestic Operating Co., Inc., 5.125%, 5/1/26(1)	1,525,000		1,551,687
Inn of the Mountain Gods Resort & Casino, 9.25% Cash or 9.25% PIK, 11/30/20(4)	300,000		298,500
IRB Holding Corp., 6.75%, 2/15/26(1)	975,000		918,937
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 6.75%, 11/15/21(1)	1,190,000		1,228,675
Jacobs Entertainment, Inc., 7.875%, 2/1/24(1)	550,000		577,500
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.00%, 6/1/24(1)	250,000		255,625
LTF Merger Sub, Inc., 8.50%, 6/15/23(1)	2,775,000		2,861,719
Marriott Ownership Resorts, Inc. / ILG LLC, 6.50%, 9/15/26(1)	100,000		105,145
Merlin Entertainments plc, 5.75%, 6/15/26(1)	400,000		413,500
MGM Resorts International, 5.25%, 3/31/20	1,340,000		1,368,475
MGM Resorts International, 6.75%, 10/1/20	250,000		262,813
MGM Resorts International, 6.625%, 12/15/21	800,000		857,000
MGM Resorts International, 7.75%, 3/15/22	980,000		1,085,350
MGM Resorts International, 6.00%, 3/15/23	1,975,000		2,088,562
MGM Resorts International, 5.75%, 6/15/25	25,000		26,031
MGM Resorts International, 5.50%, 4/15/27(2)	450,000		457,875
Mohegan Gaming & Entertainment, 7.875%, 10/15/24(1)	1,900,000		1,895,250
Nathan's Famous, Inc., 6.625%, 11/1/25(1)	825,000		805,406
NCL Corp. Ltd., 4.75%, 12/15/21(1)	442,000		448,078
Scientific Games International, Inc., 6.25%, 9/1/20	1,410,000		1,417,050
Scientific Games International, Inc., 6.625%, 5/15/21	275,000		279,125
Silversea Cruise Finance Ltd., 7.25%, 2/1/25(1)	475,000		516,088
Station Casinos LLC, 5.00%, 10/1/25(1)	325,000		320,938
Viking Cruises Ltd., 6.25%, 5/15/25(1)	600,000		612,000
Viking Cruises Ltd., 5.875%, 9/15/27(1)	425,000		414,375
VOC Escrow Ltd., 5.00%, 2/15/28(1)	25,000		24,438
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	125,000		123,750
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)	950,000		900,125
Wynn Macau Ltd., 4.875%, 10/1/24(1)	800,000		782,472
Wynn Macau Ltd., 5.50%, 10/1/27(1)	800,000		768,000
			42,997,264
Household Durables — 3.4%
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.75%, 8/1/25(1)	475,000		434,625
Beazer Homes USA, Inc., 8.75%, 3/15/22	795,000		833,557
Beazer Homes USA, Inc., 7.25%, 2/1/23	38,000		36,670
Beazer Homes USA, Inc., 6.75%, 3/15/25	300,000		285,000
Brookfield Residential Properties, Inc., 6.375%, 5/15/25(1)	1,000,000		965,000
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.125%, 7/1/22(1)	1,235,000		1,245,806

18

	Principal Amount/Shares		Value
Century Communities, Inc., 6.875%, 5/15/22	$	835,000	$	853,787
FXI Holdings, Inc., 7.875%, 11/1/24(1)	150,000		139,875
Jeld-Wen, Inc., 4.625%, 12/15/25(1)	375,000		357,188
KB Home, 8.00%, 3/15/20	360,000		375,840
KB Home, 7.00%, 12/15/21	565,000		606,669
KB Home, 7.625%, 5/15/23	150,000		164,063
KB Home, 6.875%, 6/15/27	425,000		438,813
Lennar Corp., 4.50%, 4/30/24	1,805,000		1,835,143
Lennar Corp., 5.00%, 6/15/27	625,000		628,906
Mattamy Group Corp., 6.50%, 10/1/25(1)	300,000		297,465
Meritage Homes Corp., 7.00%, 4/1/22	540,000		579,825
Meritage Homes Corp., 6.00%, 6/1/25	750,000		791,250
Shea Homes LP / Shea Homes Funding Corp., 5.875%, 4/1/23(1)	920,000		910,800
Shea Homes LP / Shea Homes Funding Corp., 6.125%, 4/1/25(1)	50,000		47,875
Taylor Morrison Communities, Inc., 6.625%, 5/15/22	450,000		466,875
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 3/1/24(1)	2,625,000		2,618,437
Toll Brothers Finance Corp., 6.75%, 11/1/19	490,000		502,226
Toll Brothers Finance Corp., 5.875%, 2/15/22	225,000		237,544
TopBuild Corp., 5.625%, 5/1/26(1)	675,000		668,250
TRI Pointe Group, Inc., 5.25%, 6/1/27	625,000		575,781
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24	2,490,000		2,508,675
Weekley Homes LLC / Weekley Finance Corp., 6.00%, 2/1/23	900,000		870,750
Weekley Homes LLC / Weekley Finance Corp., 6.625%, 8/15/25	750,000		720,000
William Lyon Homes, Inc., 6.00%, 9/1/23	525,000		510,563
William Lyon Homes, Inc., 5.875%, 1/31/25	1,480,000		1,398,600
Williams Scotsman International, Inc., 7.875%, 12/15/22(1)	700,000		722,750
Williams Scotsman International, Inc., 6.875%, 8/15/23(1)	525,000		526,312
			24,154,920
Household Products — 0.3%
Central Garden & Pet Co., 5.125%, 2/1/28	200,000		184,000
Energizer Holdings, Inc., 5.50%, 6/15/25(1)	350,000		347,813
Energizer Holdings, Inc., 6.375%, 7/15/26(1)	425,000		436,688
Spectrum Brands, Inc., 5.75%, 7/15/25	845,000		855,562
			1,824,063
Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp., 5.375%, 1/15/23	3,540,000		3,553,275
Calpine Corp., 5.875%, 1/15/24(1)	225,000		231,188
Calpine Corp., 5.50%, 2/1/24	360,000		359,100
Calpine Corp., 5.25%, 6/1/26(1)	800,000		799,000
NRG Energy, Inc., 6.25%, 5/1/24	1,610,000		1,664,337
NRG Energy, Inc., 7.25%, 5/15/26	320,000		353,261
Vistra Energy Corp., 7.375%, 11/1/22	2,221,000		2,309,840
Vistra Energy Corp., 5.875%, 6/1/23	75,000		76,969
Vistra Energy Corp., 7.625%, 11/1/24	74,000		78,441
			9,425,411

19

	Principal Amount/Shares		Value
Industrial Conglomerates — 0.8%
DAE Funding LLC, 4.00%, 8/1/20(1)	$	725,000	$	728,625
DAE Funding LLC, 5.25%, 11/15/21(1)	1,175,000		1,201,437
DAE Funding LLC, 4.50%, 8/1/22(1)	1,275,000		1,289,344
DAE Funding LLC, 5.00%, 8/1/24(1)	1,250,000		1,268,750
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.375%, 12/15/23(1)	125,000		120,625
JPW Industries Holding Corp., 9.00%, 10/1/24(1)	400,000		392,000
RBS Global, Inc. / Rexnord LLC, 4.875%, 12/15/25(1)	725,000		719,563
			5,720,344
Insurance — 1.0%
Acrisure LLC / Acrisure Finance, Inc., 8.125%, 2/15/24(1)	425,000		441,165
Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25(1)	1,150,000		1,040,750
Aircastle Ltd., 5.125%, 3/15/21	150,000		154,848
Ardonagh Midco 3 plc, 8.625%, 7/15/23(1)	1,600,000		1,376,000
AssuredPartners, Inc., 7.00%, 8/15/25(1)	700,000		651,000
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 5/1/25(1)	925,000		933,094
Genworth Holdings, Inc., 7.625%, 9/24/21	820,000		795,400
Genworth Holdings, Inc., VRN, 4.69%, (3-month LIBOR plus 2.00%), 11/15/66	450,000		252,000
NFP Corp., 6.875%, 7/15/25(1)	925,000		888,000
Prudential Financial, Inc., VRN, 5.70%, 9/15/48	225,000		228,043
			6,760,300
Interactive Media and Services — 0.3%
Match Group, Inc., 6.375%, 6/1/24	700,000		738,500
Match Group, Inc., 5.625%, 2/15/29(1)	225,000		228,656
Rackspace Hosting, Inc., 8.625%, 11/15/24(1)	960,000		857,645
			1,824,801
IT Services — 0.4%
Banff Merger Sub, Inc., 9.75%, 9/1/26(1)	500,000		486,250
CDW LLC / CDW Finance Corp., 5.00%, 9/1/23	615,000		631,144
CDW LLC / CDW Finance Corp., 5.50%, 12/1/24	755,000		797,469
First Data Corp., 5.00%, 1/15/24(1)	100,000		102,462
First Data Corp., 5.75%, 1/15/24(1)	800,000		825,600
Gartner, Inc., 5.125%, 4/1/25(1)	75,000		75,990
			2,918,915
Leisure Products — 0.1%
Constellation Merger Sub, Inc., 8.50%, 9/15/25(1)	725,000		659,750
Life Sciences Tools and Services — 0.2%
Charles River Laboratories International, Inc., 5.50%, 4/1/26(1)	525,000		546,000
IQVIA, Inc., 4.875%, 5/15/23(1)	475,000		485,735
IQVIA, Inc., 5.00%, 10/15/26(1)	200,000		205,376
			1,237,111
Machinery — 1.1%
Allison Transmission, Inc., 5.875%, 6/1/29(1)	425,000		430,844
Cleaver-Brooks, Inc., 7.875%, 3/1/23(1)	350,000		324,625
Cloud Crane LLC, 10.125%, 8/1/24(1)	575,000		619,562
Colfax Corp., 6.00%, 2/15/24(1)	325,000		339,625

20

	Principal Amount/Shares		Value
Colfax Corp., 6.375%, 2/15/26(1)	$	200,000	$	213,124
EnPro Industries, Inc., 5.75%, 10/15/26(1)	500,000		505,000
JB Poindexter & Co., Inc., 7.125%, 4/15/26(1)	675,000		680,285
Manitowoc Co., Inc. (The), 9.00%, 4/1/26(1)	275,000		279,125
Mueller Water Products, Inc., 5.50%, 6/15/26(1)	275,000		279,812
Navistar International Corp., 6.625%, 11/1/25(1)	75,000		76,594
SPX FLOW, Inc., 5.625%, 8/15/24(1)	150,000		151,500
Stevens Holding Co., Inc., 6.125%, 10/1/26(1)	300,000		310,500
Vertiv Group Corp., 9.25%, 10/15/24(1)	375,000		375,000
Vertiv Intermediate Holding Corp., 12.00% Cash or 13.00% PIK, 2/15/22(1)(4)	2,725,000		2,639,844
Wabash National Corp., 5.50%, 10/1/25(1)	750,000		703,125
			7,928,565
Marine — 0.3%
Martin Midstream Partners LP / Martin Midstream Finance Corp., 7.25%, 2/15/21	2,485,000		2,422,875
Media — 6.5%
Altice Financing SA, 6.625%, 2/15/23(1)	1,740,000		1,783,500
Altice Financing SA, 7.50%, 5/15/26(1)	1,445,000		1,434,162
Altice Finco SA, 7.625%, 2/15/25(1)	940,000		858,925
Altice Luxembourg SA, 7.75%, 5/15/22(1)	3,525,000		3,533,812
AMC Networks, Inc., 5.00%, 4/1/24	450,000		453,330
Cablevision Systems Corp., 8.00%, 4/15/20	300,000		314,250
Cablevision Systems Corp., 5.875%, 9/15/22	300,000		314,250
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 9/30/22	700,000		714,438
CCO Holdings LLC / CCO Holdings Capital Corp., 4.00%, 3/1/23(1)	725,000		726,124
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/23(1)	500,000		512,995
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 1/15/24	100,000		102,875
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 5/1/25(1)	950,000		983,250
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	3,615,000		3,795,750
CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 5/1/26(1)	375,000		388,125
CCO Holdings LLC / CCO Holdings Capital Corp., 5.875%, 5/1/27(1)	325,000		338,098
Clear Channel International BV, 8.75%, 12/15/20(1)	125,000		128,906
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22	195,000		200,606
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22	1,925,000		1,975,531
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24(1)	500,000		531,250
CSC Holdings LLC, 5.125%, 12/15/21(1)	1,775,000		1,781,656
CSC Holdings LLC, 5.375%, 7/15/23(1)	600,000		612,750
CSC Holdings LLC, 5.50%, 5/15/26(1)	630,000		649,089
CSC Holdings LLC, 6.50%, 2/1/29(1)	1,700,000		1,812,625
Digicel Ltd., 6.00%, 4/15/21(1)	300,000		252,063
DISH DBS Corp., 5.00%, 3/15/23	845,000		763,669
DISH DBS Corp., 7.75%, 7/1/26	675,000		588,938
Embarq Corp., 8.00%, 6/1/36	1,675,000		1,639,406
EW Scripps Co. (The), 5.125%, 5/15/25(1)	350,000		334,250
Gray Television, Inc., 5.125%, 10/15/24(1)	2,250,000		2,261,250
Gray Television, Inc., 5.875%, 7/15/26(1)	450,000		459,090

21

	Principal Amount/Shares		Value
Gray Television, Inc., 7.00%, 5/15/27(1)	$	700,000	$	745,500
Lamar Media Corp., 5.00%, 5/1/23	1,010,000		1,028,937
Lamar Media Corp., 5.75%, 2/1/26(1)	100,000		104,875
Level 3 Parent LLC, 5.75%, 12/1/22	800,000		810,240
Midcontinent Communications / Midcontinent Finance Corp., 6.875%, 8/15/23(1)	350,000		365,851
Nexstar Broadcasting, Inc., 5.625%, 8/1/24(1)	1,440,000		1,465,200
Qualitytech LP / QTS Finance Corp., 4.75%, 11/15/25(1)	500,000		486,250
Quebecor Media, Inc., 5.75%, 1/15/23	250,000		261,875
Radiate Holdco LLC / Radiate Finance, Inc., 6.875%, 2/15/23(1)	250,000		248,750
Radiate Holdco LLC / Radiate Finance, Inc., 6.625%, 2/15/25(1)	125,000		121,250
Sinclair Television Group, Inc., 5.375%, 4/1/21	720,000		721,800
Sinclair Television Group, Inc., 5.875%, 3/15/26(1)	400,000		404,500
Sirius XM Radio, Inc., 3.875%, 8/1/22(1)	1,025,000		1,022,438
Sirius XM Radio, Inc., 4.625%, 5/15/23(1)	1,185,000		1,204,256
Telenet Finance Luxembourg Notes Sarl, 5.50%, 3/1/28(1)	800,000		788,402
Townsquare Media, Inc., 6.50%, 4/1/23(1)	1,075,000		1,033,344
Unitymedia GmbH, 6.125%, 1/15/25(1)	1,320,000		1,376,628
Univision Communications, Inc., 6.75%, 9/15/22(1)	315,000		321,300
UPC Holding BV, 5.50%, 1/15/28(1)	600,000		600,000
Videotron Ltd., 5.00%, 7/15/22	650,000		672,750
Virgin Media Secured Finance plc, 5.25%, 1/15/26(1)	1,330,000		1,343,300
Virgin Media Secured Finance plc, 5.50%, 8/15/26(1)	655,000		668,100
			46,040,509
Metals and Mining — 5.1%
AK Steel Corp., 7.625%, 10/1/21	975,000		982,312
Alcoa Nederland Holding BV, 6.75%, 9/30/24(1)	1,060,000		1,126,250
Alcoa Nederland Holding BV, 6.125%, 5/15/28(1)	600,000		619,500
Aleris International, Inc., 10.75%, 7/15/23(1)	700,000		736,750
Allegheny Technologies, Inc., 5.95%, 1/15/21	1,855,000		1,910,650
ArcelorMittal, 6.125%, 6/1/25	1,390,000		1,542,925
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, 8.75%, 7/15/26(1)	625,000		630,512
Big River Steel LLC / BRS Finance Corp., 7.25%, 9/1/25(1)	625,000		654,875
Cleveland-Cliffs, Inc., 5.75%, 3/1/25	1,315,000		1,262,400
Coeur Mining, Inc., 5.875%, 6/1/24	450,000		434,813
Constellium NV, 6.625%, 3/1/25(1)	2,165,000		2,213,712
Constellium NV, 5.875%, 2/15/26(1)	250,000		246,094
First Quantum Minerals Ltd., 7.00%, 2/15/21(1)	60,000		61,125
First Quantum Minerals Ltd., 7.25%, 4/1/23(1)	895,000		877,100
First Quantum Minerals Ltd., 6.50%, 3/1/24(1)	3,000,000		2,831,250
First Quantum Minerals Ltd., 6.875%, 3/1/26(1)	800,000		745,000
Freeport-McMoRan, Inc., 4.00%, 11/14/21	400,000		403,500
Freeport-McMoRan, Inc., 3.55%, 3/1/22	225,000		223,031
Freeport-McMoRan, Inc., 3.875%, 3/15/23	475,000		469,352
Freeport-McMoRan, Inc., 5.40%, 11/14/34	2,570,000		2,351,550
Freeport-McMoRan, Inc., 5.45%, 3/15/43	1,550,000		1,364,015

22

	Principal Amount/Shares		Value
Hecla Mining Co., 6.875%, 5/1/21	$	200,000	$	200,375
Hudbay Minerals, Inc., 7.625%, 1/15/25(1)	350,000		360,500
IAMGOLD Corp., 7.00%, 4/15/25(1)	175,000		178,063
Kinross Gold Corp., 5.125%, 9/1/21	360,000		371,700
Kinross Gold Corp., 4.50%, 7/15/27	525,000		500,062
Mountain Province Diamonds, Inc., 8.00%, 12/15/22(1)	350,000		350,438
Northwest Acquisitions ULC / Dominion Finco, Inc., 7.125%, 11/1/22(1)	400,000		353,000
Novelis Corp., 6.25%, 8/15/24(1)	685,000		702,125
Novelis Corp., 5.875%, 9/30/26(1)	2,025,000		2,019,937
Park-Ohio Industries, Inc., 6.625%, 4/15/27	275,000		275,000
Steel Dynamics, Inc., 5.25%, 4/15/23	510,000		520,200
Taseko Mines Ltd., 8.75%, 6/15/22(1)	1,200,000		1,110,000
Teck Resources Ltd., 4.75%, 1/15/22	1,510,000		1,548,872
Teck Resources Ltd., 8.50%, 6/1/24(1)	685,000		734,498
Teck Resources Ltd., 6.125%, 10/1/35	1,075,000		1,148,176
Teck Resources Ltd., 6.00%, 8/15/40	375,000		390,755
Teck Resources Ltd., 6.25%, 7/15/41	469,000		502,514
Teck Resources Ltd., 5.20%, 3/1/42	1,275,000		1,234,821
Teck Resources Ltd., 5.40%, 2/1/43	200,000		198,899
United States Steel Corp., 6.875%, 8/15/25	650,000		638,625
United States Steel Corp., 6.25%, 3/15/26	525,000		492,891
			35,518,167
Mortgage Real Estate Investment Trusts (REITs)†
Starwood Property Trust, Inc., 4.75%, 3/15/25	175,000		174,563
Multi-Utilities — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.75%, 5/20/27	1,045,000		1,037,162
Clearway Energy Operating LLC, 5.375%, 8/15/24	500,000		501,250
Clearway Energy Operating LLC, 5.75%, 10/15/25(1)	650,000		654,875
Clearway Energy Operating LLC, 5.00%, 9/15/26	175,000		167,563
GenOn Energy, Inc. / NRG Americas, Inc., VRN, 9.39%, (6-month LIBOR plus 6.50%), 12/1/23	92,082		91,852
Talen Energy Supply LLC, 9.50%, 7/15/22(1)	300,000		324,000
Talen Energy Supply LLC, 10.50%, 1/15/26(1)	450,000		471,150
			3,247,852
Multiline Retail — 0.1%
JC Penney Corp., Inc., 8.625%, 3/15/25(1)	600,000		354,000
JC Penney Corp., Inc., 6.375%, 10/15/36	625,000		221,875
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21(1)	100,000		53,500
Neiman Marcus Group Ltd. LLC, 8.75% Cash or 9.50% PIK, 10/15/21(1)(4)	547,822		290,346
			919,721
Oil, Gas and Consumable Fuels — 9.8%
Alta Mesa Holdings LP / Alta Mesa Finance Services Corp., 7.875%, 12/15/24	737,000		280,060
Antero Resources Corp., 5.125%, 12/1/22	1,120,000		1,130,136
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 10.00%, 4/1/22(1)	1,008,000		1,109,102

23

	Principal Amount/Shares		Value
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)	$	675,000	$	652,219
Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp., 6.875%, 2/1/25	1,075,000		1,089,781
Bruin E&P Partners LLC, 8.875%, 8/1/23(1)	1,200,000		1,149,000
California Resources Corp., 8.00%, 12/15/22(1)	2,730,000		2,150,694
Callon Petroleum Co., 6.125%, 10/1/24	800,000		808,000
Callon Petroleum Co., 6.375%, 7/1/26	600,000		604,500
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23	1,340,000		1,323,277
Cenovus Energy, Inc., 6.75%, 11/15/39	1,300,000		1,453,296
Centennial Resource Production LLC, 5.375%, 1/15/26(1)	525,000		505,969
Chaparral Energy, Inc., 8.75%, 7/15/23(1)	900,000		621,000
Chesapeake Energy Corp., 6.625%, 8/15/20	1,025,000		1,057,031
Chesapeake Energy Corp., 6.875%, 11/15/20	1,050,000		1,084,125
Chesapeake Energy Corp., 8.00%, 1/15/25	1,075,000		1,101,875
Citgo Holding, Inc., 10.75%, 2/15/20(1)	2,040,000		2,096,508
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 12.00%, 11/1/21(5)(6)	1,600,000		292,000
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 6.375%, 3/15/24(5)(6)	450,000		27,000
CNX Resources Corp., 5.875%, 4/15/22	857,000		859,142
CONSOL Energy, Inc., 11.00%, 11/15/25(1)	725,000		824,687
Continental Resources, Inc., 4.90%, 6/1/44	100,000		102,143
Conuma Coal Resources Ltd., 10.00%, 5/1/23(1)	230,000		236,325
Covey Park Energy LLC / Covey Park Finance Corp., 7.50%, 5/15/25(1)	700,000		652,540
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)	1,200,000		1,156,500
Denbury Resources, Inc., 9.00%, 5/15/21(1)	1,470,000		1,436,925
Denbury Resources, Inc., 6.375%, 8/15/21	1,614,000		1,258,920
Denbury Resources, Inc., 9.25%, 3/31/22(1)	650,000		630,500
Denbury Resources, Inc., 7.50%, 2/15/24(1)	170,000		145,988
Energy Transfer Operating LP, 7.50%, 10/15/20	725,000		772,172
Energy Transfer Operating LP, 4.25%, 3/15/23	875,000		899,467
EnLink Midstream Partners LP, 4.40%, 4/1/24	75,000		74,531
EnLink Midstream Partners LP, 4.85%, 7/15/26	550,000		547,938
EnLink Midstream Partners LP, 5.60%, 4/1/44	200,000		180,000
EnLink Midstream Partners LP, 5.05%, 4/1/45	300,000		260,250
EnLink Midstream Partners LP, 5.45%, 6/1/47	575,000		514,625
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/20	2,150,000		989,000
EP Energy LLC / Everest Acquisition Finance, Inc., 6.375%, 6/15/23	681,000		139,605
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/24(1)	3,675,000		1,341,375
EP Energy LLC / Everest Acquisition Finance, Inc., 8.00%, 2/15/25(1)	180,000		63,000
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(1)	275,000		231,000
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(1)	550,000		424,875
Ferrellgas LP / Ferrellgas Finance Corp., 6.50%, 5/1/21	720,000		634,500
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 1/15/22	745,000		653,738
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 6/15/23	155,000		136,013

24

	Principal Amount/Shares		Value
Gulfport Energy Corp., 6.00%, 10/15/24	$	495,000	$	451,757
Gulfport Energy Corp., 6.375%, 5/15/25	465,000		422,569
Gulfport Energy Corp., 6.375%, 1/15/26	400,000		356,000
Halcon Resources Corp., 6.75%, 2/15/25	545,000		329,725
Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp., 5.625%, 2/15/26(1)	1,577,000		1,612,482
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1)	1,225,000		1,234,187
Indigo Natural Resources LLC, 6.875%, 2/15/26(1)	1,025,000		912,250
Jagged Peak Energy LLC, 5.875%, 5/1/26	450,000		448,448
Jones Energy Holdings LLC / Jones Energy Finance Corp., 6.75%, 4/1/22(5)(6)	975,000		34,125
Jones Energy Holdings LLC / Jones Energy Finance Corp., 9.25%, 3/15/23(1)(5)(6)	475,000		262,438
Laredo Petroleum, Inc., 5.625%, 1/15/22	500,000		459,375
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26(1)	275,000		279,125
Matador Resources Co., 5.875%, 9/15/26	125,000		125,313
MEG Energy Corp., 6.375%, 1/30/23(1)	950,000		882,312
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(1)	1,575,000		1,460,812
Murphy Oil Corp., 4.45%, 12/1/22	1,190,000		1,205,617
Murphy Oil Corp., 6.875%, 8/15/24	325,000		344,290
Murphy Oil Corp., 5.75%, 8/15/25	260,000		268,725
Murray Energy Corp., 11.25%, 4/15/21(1)	200,000		107,000
Murray Energy Corp., 9.00% Cash plus 3.00% PIK, 4/15/24(1)	3,538,987		1,504,069
Northern Oil and Gas, Inc., 8.50% Cash or 8.50% Cash plus 1.00% PIK, 5/15/23(7)	601,500		625,560
Oasis Petroleum, Inc., 6.50%, 11/1/21	675,000		669,938
Oasis Petroleum, Inc., 6.875%, 3/15/22	396,000		400,950
Oasis Petroleum, Inc., 6.25%, 5/1/26(1)	700,000		668,500
Parkland Fuel Corp., 6.00%, 4/1/26(1)	275,000		278,864
Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/27(1)	175,000		175,438
Peabody Energy Corp., 6.00%, 3/31/22(1)	1,400,000		1,415,750
QEP Resources, Inc., 5.625%, 3/1/26	225,000		204,750
Range Resources Corp., 5.75%, 6/1/21	720,000		734,400
Range Resources Corp., 5.00%, 8/15/22	810,000		805,950
Range Resources Corp., 5.00%, 3/15/23	850,000		836,187
Rockpoint Gas Storage Canada Ltd., 7.00%, 3/31/23(1)	450,000		448,313
Sanchez Energy Corp., 7.75%, 6/15/21	2,855,000		410,406
Sanchez Energy Corp., 6.125%, 1/15/23	1,275,000		178,500
SemGroup Corp., 7.25%, 3/15/26	525,000		511,875
Seven Generations Energy Ltd., 5.375%, 9/30/25(1)	1,375,000		1,349,219
SM Energy Co., 6.125%, 11/15/22	580,000		582,900
SM Energy Co., 5.625%, 6/1/25	1,050,000		976,122
Southwestern Energy Co., 6.20%, 1/23/25	496,000		489,800
SRC Energy, Inc., 6.25%, 12/1/25	675,000		606,015
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.50%, 6/1/24	1,005,000		983,995
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.75%, 3/1/25	1,425,000		1,385,812

25

	Principal Amount/Shares		Value
Sunoco LP / Sunoco Finance Corp., 4.875%, 1/15/23	$	1,700,000	$	1,731,280
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	150,000		148,875
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27(1)	850,000		854,250
Tullow Oil plc, 7.00%, 3/1/25(1)	200,000		201,890
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 8.75%, 4/15/23(1)	850,000		680,000
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 9.75%, 4/15/23(1)	1,000,000		830,000
Warrior Met Coal, Inc., 8.00%, 11/1/24(1)	787,000		822,415
Whiting Petroleum Corp., 5.75%, 3/15/21	820,000		833,530
Williams Cos., Inc. (The), 4.55%, 6/24/24	1,170,000		1,236,350
WPX Energy, Inc., 6.00%, 1/15/22	633,000		659,903
			69,139,688
Paper and Forest Products — 0.2%
Mercer International, Inc., 6.50%, 2/1/24	550,000		565,125
Mercer International, Inc., 7.375%, 1/15/25(1)	450,000		473,625
Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26(1)	550,000		556,875
			1,595,625
Personal Products — 0.1%
First Quality Finance Co., Inc., 5.00%, 7/1/25(1)	225,000		219,382
Prestige Brands, Inc., 6.375%, 3/1/24(1)	200,000		204,500
			423,882
Pharmaceuticals — 1.8%
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)	725,000		770,312
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)	193,000		194,656
Bausch Health Cos., Inc., 5.875%, 5/15/23(1)	577,000		584,934
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	4,160,000		4,128,800
Bausch Health Cos., Inc., 9.00%, 12/15/25(1)	1,850,000		2,016,592
Bausch Health Cos., Inc., 5.75%, 8/15/27(1)	225,000		231,188
Eagle Holding Co. II LLC, 7.625% Cash or 8.375% PIK, 5/15/22(1)(4)	1,675,000		1,693,844
Elanco Animal Health, Inc., 3.91%, 8/27/21(1)	75,000		76,296
Elanco Animal Health, Inc., 4.27%, 8/28/23(1)	275,000		283,712
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 7/15/23(1)	905,000		701,375
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 2/1/25(1)	1,190,000		868,700
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)	175,000		177,844
Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24	200,000		200,881
Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/1/28	200,000		201,962
West Street Merger Sub, Inc., 6.375%, 9/1/25(1)	825,000		806,437
			12,937,533
Professional Services†
Michael Baker International LLC, 8.75%, 3/1/23(1)	250,000		252,500
Real Estate Management and Development — 0.6%
Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, 11/15/25(1)	375,000		360,000
Greystar Real Estate Partners LLC, 5.75%, 12/1/25(1)	550,000		552,750
Howard Hughes Corp. (The), 5.375%, 3/15/25(1)	250,000		250,000
Hunt Cos., Inc., 6.25%, 2/15/26(1)	825,000		771,375
Kennedy-Wilson, Inc., 5.875%, 4/1/24	250,000		249,687
Newmark Group, Inc., 6.125%, 11/15/23	500,000		516,023

26

	Principal Amount/Shares		Value
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(1)	$	1,175,000	$	1,098,625
Realogy Group LLC / Realogy Co-Issuer Corp., 9.375%, 4/1/27(1)	275,000		282,219
			4,080,679
Road and Rail — 0.4%
Avolon Holdings Funding Ltd., 5.25%, 5/15/24(1)	275,000		283,938
Park Aerospace Holdings Ltd., 3.625%, 3/15/21(1)	550,000		547,250
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	1,515,000		1,556,511
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(1)	525,000		546,000
			2,933,699
Semiconductors and Semiconductor Equipment — 1.1%
Advanced Micro Devices, Inc., 7.50%, 8/15/22	1,215,000		1,359,281
Advanced Micro Devices, Inc., 7.00%, 7/1/24	145,000		152,160
Amkor Technology, Inc., 6.375%, 10/1/22	720,000		733,968
Amkor Technology, Inc., 6.625%, 9/15/27(1)	275,000		279,641
Entegris, Inc., 4.625%, 2/10/26(1)	650,000		646,750
Micron Technology, Inc., 4.64%, 2/6/24	125,000		128,374
Micron Technology, Inc., 5.50%, 2/1/25	675,000		699,374
Micron Technology, Inc., 4.98%, 2/6/26	150,000		152,955
Micron Technology, Inc., 5.33%, 2/6/29	25,000		25,728
NXP BV / NXP Funding LLC, 4.125%, 6/1/21(1)	800,000		817,008
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	1,645,000		1,672,356
NXP BV / NXP Funding LLC, 4.625%, 6/1/23(1)	200,000		208,200
Qorvo, Inc., 5.50%, 7/15/26(1)	275,000		284,653
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	425,000		452,625
			7,613,073
Software — 0.9%
ACI Worldwide, Inc., 5.75%, 8/15/26(1)	350,000		359,625
Ascend Learning LLC, 6.875%, 8/1/25(1)	250,000		249,375
Ascend Learning LLC, 6.875%, 8/1/25(1)	200,000		199,500
CDK Global, Inc., 5.875%, 6/15/26	625,000		656,250
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 3/1/25(1)	647,000		642,600
Infor Software Parent LLC / Infor Software Parent, Inc., 7.125% Cash or 7.875% PIK, 5/1/21(1)(4)	150,000		150,954
Infor US, Inc., 6.50%, 5/15/22	1,195,000		1,215,913
SS&C Technologies, Inc., 5.50%, 9/30/27(1)	1,625,000		1,644,297
Veritas US, Inc. / Veritas Bermuda Ltd., 10.50%, 2/1/24(1)	1,200,000		1,080,000
			6,198,514
Specialty Retail — 1.6%
Ahern Rentals, Inc., 7.375%, 5/15/23(1)	1,423,000		1,318,054
Asbury Automotive Group, Inc., 6.00%, 12/15/24	1,171,000		1,210,170
Ashtead Capital, Inc., 5.625%, 10/1/24(1)	1,195,000		1,239,812
Carlson Travel, Inc., 9.50%, 12/15/24(1)	800,000		774,000
Carvana Co., 8.875%, 10/1/23(1)	400,000		411,000
Cumberland Farms, Inc., 6.75%, 5/1/25(1)	375,000		390,937
Herc Rentals, Inc., 7.50%, 6/1/22(1)	708,000		739,860
Herc Rentals, Inc., 7.75%, 6/1/24(1)	422,000		448,902

27

	Principal Amount/Shares		Value
Lithia Motors, Inc., 5.25%, 8/1/25(1)	$	325,000	$	327,844
Penske Automotive Group, Inc., 3.75%, 8/15/20	425,000		425,000
PriSo Acquisition Corp., 9.00%, 5/15/23(1)	1,525,000		1,523,094
Sonic Automotive, Inc., 6.125%, 3/15/27	400,000		365,000
United Rentals North America, Inc., 5.875%, 9/15/26	125,000		129,688
United Rentals North America, Inc., 6.50%, 12/15/26	350,000		369,250
United Rentals North America, Inc., 5.50%, 5/15/27	1,420,000		1,437,750
			11,110,361
Technology Hardware, Storage and Peripherals — 0.9%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	325,000		331,225
Dell International LLC / EMC Corp., 7.125%, 6/15/24(1)	582,000		617,155
EMC Corp., 2.65%, 6/1/20	420,000		416,950
Everi Payments, Inc., 7.50%, 12/15/25(1)	900,000		936,000
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.00%, 7/15/25(1)	1,150,000		1,198,875
NCR Corp., 5.00%, 7/15/22	895,000		897,238
Western Digital Corp., 4.75%, 2/15/26	2,225,000		2,127,656
			6,525,099
Textiles, Apparel and Luxury Goods — 0.1%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50%, 5/1/25(1)	600,000		594,000
William Carter Co. (The), 5.625%, 3/15/27(1)	250,000		259,375
			853,375
Thrifts and Mortgage Finance — 0.4%
MGIC Investment Corp., 5.75%, 8/15/23	200,000		212,000
Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/23(1)	500,000		516,250
Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/26(1)	650,000		661,375
Radian Group, Inc., 7.00%, 3/15/21	470,000		499,375
Radian Group, Inc., 4.50%, 10/1/24	625,000		618,750
			2,507,750
Trading Companies and Distributors — 0.5%
Beacon Roofing Supply, Inc., 4.875%, 11/1/25(1)	800,000		763,000
Fly Leasing Ltd., 6.375%, 10/15/21	200,000		203,000
Fly Leasing Ltd., 5.25%, 10/15/24	400,000		386,000
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 3/15/22(1)	150,000		153,000
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)	650,000		643,500
H&E Equipment Services, Inc., 5.625%, 9/1/25	1,350,000		1,351,688
			3,500,188
Transportation Infrastructure — 0.3%
Aeropuertos Argentina 2000 SA, 6.875%, 2/1/27(1)	1,120,000		1,059,800
Algeco Global Finance 2 plc, 10.00%, 8/15/23(1)	800,000		804,000
Algeco Global Finance plc, 8.00%, 2/15/23(1)	600,000		604,500
			2,468,300
Wireless Telecommunication Services — 1.3%
Digicel Group One, Ltd., 8.25%, 12/30/22	1,486,000		917,605
Digicel Group Two Ltd., 8.25%, 9/30/22(1)	1,803,000		617,528
GTH Finance BV, 7.25%, 4/26/23(1)	2,020,000		2,158,451

28

	Principal Amount/Shares		Value
Sprint Communications, Inc., 9.25%, 4/15/22	$	675,000	$	791,437
Sprint Communications, Inc., 6.00%, 11/15/22	100,000		101,030
Sprint Corp., 7.875%, 9/15/23	2,235,000		2,352,337
Sprint Corp., 7.125%, 6/15/24	150,000		152,625
T-Mobile USA, Inc., 6.00%, 3/1/23	600,000		618,000
T-Mobile USA, Inc., 6.00%, 4/15/24	325,000		339,625
T-Mobile USA, Inc., 4.50%, 2/1/26	700,000		702,242
T-Mobile USA, Inc., 4.75%, 2/1/28	400,000		398,000
			9,148,880
TOTAL CORPORATE BONDS (Cost $656,549,892)			633,443,331
BANK LOAN OBLIGATIONS(8) — 3.7%
Building Products†
NCI Building Systems, Inc., 2018 Term Loan, 6.55%, (3-month LIBOR plus 3.75%), 4/12/25	223,313		214,659
Capital Markets — 0.1%
Lions Gate Capital Holdings LLC, 2018 Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 3/24/25	398,700		394,464
Chemicals — 0.2%
Consolidated Energy Finance, S.A., Term Loan B, 4.99%, (1-month LIBOR plus 2.50%), 5/7/25	818,813		794,248
Venator Materials Corporation, Term Loan B, 5.50%, (1-month LIBOR plus 3.00%), 8/8/24	295,500		291,929
			1,086,177
Commercial Services and Supplies — 0.2%
Aramark Services, Inc., 2018 Term Loan B3, 4.25%, (1-month LIBOR plus 1.75%), 3/11/25	256,482		254,840
Asurion LLC, 2018 Term Loan B6, 5.50%, (1-month LIBOR plus 3.00%), 11/3/23	524,489		522,908
USS Ultimate Holdings, Inc., 1st Lien Term Loan, 6.25%, (1-month LIBOR plus 3.75%), 8/25/24	468,433		465,894
USS Ultimate Holdings, Inc., 2nd Lien Term Loan, 10.25%, (1-month LIBOR plus 7.75%), 8/25/25	175,000		167,416
			1,411,058
Construction Materials†
ASP Unifrax Holdings Inc, Term Loan B, 6.35%, (3-month LIBOR plus 3.75%), 12/12/25	199,500		190,701
Consumer Finance — 0.1%
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, 6.25%, (1-month LIBOR plus 3.75%), 10/1/25	598,500		582,149
Distributors — 0.1%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 10/31/23	398,982		389,973
Diversified Financial Services — 0.2%
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 10/3/23(9)	175,000		174,325
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 10/3/23	4,665		4,647
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 10/3/23	2,365		2,356
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 10/3/23	33,641		33,512

29

	Principal Amount/Shares		Value
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 10/3/23	$	59,070	$	58,842
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 10/3/23(9)	150,000		149,422
Edelman Financial Center, LLC, 2018 1st Lien Term Loan, 6.04%, (3-month LIBOR plus 3.25%), 7/21/25	648,375		644,122
UFC Holdings, LLC, 2nd Lien Term Loan, 10.00%, (1-month LIBOR plus 7.50%), 8/18/24	250,000		251,770
			1,318,996
Diversified Telecommunication Services — 0.1%
Level 3 Financing, Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	425,000		420,616
Electric Utilities†
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.48%, (1-month LIBOR plus 2.00%), 12/31/25	257,384		253,974
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.50%, (1-month LIBOR plus 2.00%), 12/31/25	91,736		90,521
			344,495
Energy Equipment and Services — 0.1%
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, 7.50%, (1-month LIBOR plus 5.00%), 5/10/25	318,571		306,081
Parker Drilling Co, 2nd Lien PIK Term Loan, 11.00% Cash and 2.00% PIK, 2/25/24	208,869		209,130
			515,211
Food Products — 0.1%
National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 6.35%, (3-month LIBOR plus 3.75%), 5/23/25	301,519		300,200
National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 6.35%, (3-month LIBOR plus 3.75%), 5/23/25	95,481		95,063
			395,263
Health Care Providers and Services — 0.2%
Envision Healthcare Corporation, 2018 1st Lien Term Loan, 6.25%, (1-month LIBOR plus 3.75%), 10/10/25	199,500		187,115
MPH Acquisition Holdings LLC, 2016 Term Loan B, 5.35%, (3-month LIBOR plus 2.75%), 6/7/23	255,223		247,627
Surgery Center Holdings, Inc., 2017 Term Loan B, 5.75%, (1-month LIBOR plus 3.25%), 9/2/24	394,497		388,170
Wink Holdco, Inc., 1st Lien Term Loan B, 5.50%, (1-month LIBOR plus 3.00%), 12/2/24	395,000		383,644
Wink Holdco, Inc., 2nd Lien Term Loan B, 9.25%, (1-month LIBOR plus 6.75%), 11/3/25	300,000		294,000
			1,500,556
Hotels, Restaurants and Leisure — 1.1%
Boyd Gaming Corporation, Term Loan B3, 4.66%, (1-week LIBOR plus 2.25%), 9/15/23	538,368		534,629
Boyd Gaming Corporation, Term Loan B3, 9/15/23(9)	225,000		223,437
Delta 2 (LUX) S.a.r.l., 2018 USD Term Loan, 5.00%, (1-month LIBOR plus 2.50%), 2/1/24	43,943		42,449
Equinox Holdings, Inc., 2017 1st Lien Term Loan, 5.50%, (1-month LIBOR plus 3.00%), 3/8/24	74,810		74,455
Gateway Casinos & Entertainment Limited, 2018 Term Loan B, 5.60%, (3-month LIBOR plus 3.00%), 12/1/23	719,563		718,552
Golden Nugget, Inc., 2017 Incremental Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 10/4/23	279,974		277,590

30

	Principal Amount/Shares		Value
Golden Nugget, Inc., 2017 Incremental Term Loan B, 5.23%, (1-month LIBOR plus 2.75%), 10/4/23	$	223,363	$	221,461
Hilton Worldwide Finance, LLC, Term Loan B2, 4.24%, (1-month LIBOR plus 1.75%), 10/25/23	1,375,000		1,373,391
Hilton Worldwide Finance, LLC, Term Loan B2, 10/25/23(9)	275,000		274,678
Life Time Fitness, Inc., 2017 Term Loan B, 5.38%, (3-month LIBOR plus 2.75%), 6/10/22	3,138,368		3,107,534
Marriott Ownership Resorts, Inc., 2018 Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 8/29/25	573,563		571,412
Scientific Games International, Inc., 2018 Term Loan B5, 5.33%, (2-month LIBOR plus 2.75%), 8/14/24	198,743		193,898
Scientific Games International, Inc., 2018 Term Loan B5, 5.25%, (1-month LIBOR plus 2.75%), 8/14/24	47,706		46,543
Tacala, LLC, 1st Lien Term Loan, 5.75%, (1-month LIBOR plus 3.25%), 1/31/25	123,128		121,781
TopGolf International, Inc., Term Loan B, 8.00%, (1-month LIBOR plus 5.50%), 2/9/26	75,000		75,375
			7,857,185
Insurance — 0.1%
Genworth Holdings, Inc., Term Loan, 6.98%, (3-month LIBOR plus 4.50%), 3/7/23	397,000		397,746
Hub International Limited, 2018 Term Loan B, 5.51%, (3-month LIBOR plus 2.75%), 4/25/25	272,938		264,437
			662,183
Life Sciences Tools and Services — 0.1%
IQVIA Inc., 2018 USD Term Loan B3, 4.25%, (1-month LIBOR plus 1.75%), 6/11/25	648,367		642,489
IQVIA Inc., 2018 USD Term Loan B3, 6/11/25(9)	200,000		198,187
			840,676
Machinery — 0.2%
Altra Industrial Motion Corp., 2018 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 10/1/25	340,858		335,319
Engineered Machinery Holdings, Inc., USD 1st Lien Term Loan, 5.85%, (3-month LIBOR plus 3.25%), 7/19/24	172,813		167,412
Engineered Machinery Holdings, Inc., USD 2nd Lien Term Loan, 9.85%, (3-month LIBOR plus 7.25%), 7/18/25	172,021		169,298
Navistar International Corporation, 2017 1st Lien Term Loan B, 6.00%, (1-month LIBOR plus 3.50%), 11/6/24	765,572		764,616
			1,436,645
Metals and Mining — 0.1%
Big River Steel LLC, Term Loan B, 7.60%, (3-month LIBOR plus 5.00%), 8/23/23	245,880		247,416
Neenah Foundry Company, 2017 Term Loan, 9.08%, (2-month LIBOR plus 6.50%), 12/13/22	237,904		235,525
Neenah Foundry Company, 2017 Term Loan, 9.06%, (2-month LIBOR plus 6.50%), 12/13/22	200,574		198,569
			681,510
Multi-Utilities — 0.1%
TEX Operations Co. LLC, Exit Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 8/4/23	274,298		271,676
TEX Operations Co. LLC, Exit Term Loan B, 8/4/23(9)	300,000		297,132
			568,808

31

	Principal Amount/Shares		Value
Oil, Gas and Consumable Fuels — 0.4%
BCP Renaissance Parent LLC, 2017 Term Loan B, 6.24%, (3-month LIBOR plus 3.50%), 10/31/24	$	495,442	$	494,337
California Resources Corporation, 2017 1st Lien Term Loan, 7.25%, (1-month LIBOR plus 4.75%), 12/31/22	2,025,000		1,997,794
Keane Group Holdings, LLC, 2018 1st Lien Term Loan, 6.25%, (1-month LIBOR plus 3.75%), 5/25/25	248,125		239,648
Prairie ECI Acquiror LP, Term Loan B, 7.37%, (3-month LIBOR plus 4.75%), 3/11/26	325,000		326,353
			3,058,132
Pharmaceuticals†
HLF Financing S.a r.l., 2018 Term Loan B, 5.75%, (1-month LIBOR plus 3.25%), 8/18/25	298,500		299,316
Professional Services — 0.1%
Dun & Bradstreet Corporation (The), Term Loan, 7.49%, (1-month LIBOR plus 5.00%), 2/1/26	350,000		346,719
Technology Hardware, Storage and Peripherals†
Western Digital Corporation, 2018 Term Loan B4, 4.25%, (1-month LIBOR plus 1.75%), 4/29/23	185,062		180,513
Trading Companies and Distributors — 0.1%
Foundation Building Materials Holding Company LLC, 2018 Term Loan B, 5.50%, (1-month LIBOR plus 3.00%), 8/13/25	598,500		588,400
HD Supply, Inc., Term Loan B5, 4.25%, (1-month LIBOR plus 1.75%), 10/17/23	224,436		222,136
HD Supply, Inc., Term Loan B5, 10/17/23(9)	150,000		148,462
			958,998
TOTAL BANK LOAN OBLIGATIONS (Cost $26,015,554)			25,655,003
PREFERRED STOCKS — 1.8%
Automobiles†
General Motors Financial Co., Inc., 5.75%	225,000		197,488
Banks — 1.2%
Bank of America Corp., 5.875%	200,000		203,225
Bank of America Corp., 6.25%	1,775,000		1,882,538
Bank of Nova Scotia (The), 4.65%	325,000		301,247
Citigroup, Inc., 6.25%	675,000		711,069
Citigroup, Inc., 5.90%	700,000		713,535
JPMorgan Chase & Co., 6.22%	986,000		992,384
JPMorgan Chase & Co., 6.10%	1,100,000		1,158,757
JPMorgan Chase & Co., 6.125%	275,000		288,581
Lloyds Banking Group plc, 6.66%(1)	1,985,000		2,034,625
			8,285,961
Capital Markets — 0.2%
Charles Schwab Corp. (The), 5.00%	825,000		776,717
Goldman Sachs Group, Inc. (The), 5.375%	750,000		756,716
			1,533,433
Oil, Gas and Consumable Fuels — 0.4%
Energy Transfer Operating LP, 6.25%	1,050,000		993,799
Energy Transfer Operating LP, 6.625%	350,000		333,244
Plains All American Pipeline LP, 6.125%	425,000		399,064

32

	Principal Amount/Shares		Value
Summit Midstream Partners LP, 9.50%	1,000,000		$	925,585
			2,651,692
TOTAL PREFERRED STOCKS (Cost $13,259,857)			12,668,574
CONVERTIBLE BONDS — 0.3%
Banks — 0.3%
Barclays Bank plc, 7.625%, 11/21/22	$	830,000	903,111
Barclays plc, VRN, 7.75%(3)	200,000		200,457
Lloyds Banking Group plc, VRN, 7.50%(3)	200,000		203,129
Royal Bank of Scotland Group plc, VRN, 8.00%(3)	200,000		215,000
Royal Bank of Scotland Group plc, VRN, 8.625%(3)	600,000		640,500
			2,162,197
Oil, Gas and Consumable Fuels†
Chesapeake Energy Corp., 5.50%, 9/15/26	175,000		162,591
TOTAL CONVERTIBLE BONDS (Cost $2,348,794)			2,324,788
COMMON STOCKS — 0.1%
Energy Equipment and Services†
Parker Drilling Co.(5)	11,731		218,474
Media†
Cumulus Media, Inc., Class A(5)	2,563		46,160
Oil, Gas and Consumable Fuels†
Denbury Resources, Inc.(5)	70,284		144,082
Software — 0.1%
Avaya Holdings Corp.(5)	28,269		475,767
TOTAL COMMON STOCKS (Cost $963,704)			884,483
ASSET-BACKED SECURITIES — 0.1%
UAL Pass-Through Trust, Series 2007-1, Class A, 6.64%, 1/2/24 (Cost $589,595)	$	556,142	586,258
ESCROW INTERESTS(10)†
Multi-Utilities†
GenOn Energy(5) (Cost $123,420)	425,000		—
TEMPORARY CASH INVESTMENTS — 2.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $18,963,644)	18,963,644		18,963,644
TOTAL INVESTMENT SECURITIES — 98.8% (Cost $718,814,460)			694,526,081
OTHER ASSETS AND LIABILITIES — 1.2%			8,269,574
TOTAL NET ASSETS — 100.0%			$	702,795,655

33

NOTES TO SCHEDULE OF INVESTMENTS
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
PIK	-	Payment in Kind. Security may pay a cash rate and/or an in kind rate.
USD	-	United States Dollar
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated.

†    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 $363,778,220, which represented 51.8% of total net assets. Of these securities, 0.2% of total net assets were deemed illiquid under policies approved by the Board of Trustees.

(2) When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(3) Perpetual maturity with no stated maturity date.

(4) The security's rate was paid in cash at the last payment date.

(5) Non-income producing.

(6) Security is in default.

(7) The security's rate was paid in kind or a combination of cash and in kind at the last payment date.

(8) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate 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) The interest rate will be determined upon settlement of the bank loan obligation after period end.

(10) Escrow interests represent beneficial interests in bankruptcy reorganizations or liquidation proceedings and may be subject to resale, redemption, or transferability restrictions. The amount and timing of future payments, if any, cannot be predicted with certainty.

See Notes to Financial Statements.

34

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (cost of $718,814,460)	$	694,526,081
Cash	1,147,933
Receivable for investments sold	1,059,804
Interest receivable	12,032,098
	708,765,916
Liabilities
Payable for investments purchased	5,623,352
Payable for capital shares redeemed	255,415
Accrued management fees	91,494
	5,970,261
Net Assets	$	702,795,655
Net Assets Consist of:
Capital paid in	$	733,660,049
Distributable earnings	(30,864,394		)
	$	702,795,655

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$140,095,547	14,559,016	$9.62
G Class		$562,700,108	58,469,324	$9.62

See Notes to Financial Statements.

35

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	48,424,174
Expenses:
Management fees	4,862,075
Trustees' fees and expenses	52,695
Other expenses	397
	4,915,167
Fees waived(1)	(3,765,845		)
	1,149,322
Net investment income (loss)	47,274,852
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(4,366,803		)
Change in net unrealized appreciation (depreciation) on investments	(7,326,650		)
Net realized and unrealized gain (loss)	(11,693,453		)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	35,581,399

(1) Amount consists of $106,087 and $3,659,758 for Investor Class and G Class, respectively.

See Notes to Financial Statements.

36

Statement of Changes in Net Assets

YEAR ENDED MARCH 31, 2019 AND PERIOD ENDED MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018(1)
Operations
Net investment income (loss)	$	47,274,852		$	36,507,186
Net realized gain (loss)	(4,366,803		)	(908,065		)
Change in net unrealized appreciation (depreciation)	(7,326,650		)	(16,961,729		)
Net increase (decrease) in net assets resulting from operations	35,581,399			18,637,392
Distributions to Shareholders
From earnings:(2)
Investor Class	(8,018,143		)	(6,447,094		)
G Class	(39,257,606		)	(30,825,453		)
R6 Class	—			(555,902		)
Decrease in net assets from distributions	(47,275,749		)	(37,828,449		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(98,062,493		)	831,743,555
Net increase (decrease) in net assets	(109,756,843		)	812,552,498
Net Assets
Beginning of period	812,552,498			—
End of period	$	702,795,655		$	812,552,498

(1) May 19, 2017 (fund inception) through March 31, 2018.

(2) Prior period presentation has been updated to reflect the current period combination of distributions to shareholders from net investment income and net realized gains. Distributions from net investment income were $(6,221,322), $(29,729,845) and $(555,902) for Investor Class, G Class and R6 Class, respectively. Distributions from net realized gains were $(225,772) and $(1,095,608) for Investor Class and G Class, respectively.

See Notes to Financial Statements.

37

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. NT High Income Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek current yield and capital growth. The fund is not permitted to invest in securities issued by companies assigned the Global Industry Classification Standard or the Bloomberg Industry Classification Standard for the tobacco industry.

The fund offers the Investor Class and G Class. All classes of the fund commenced sale on May 19, 2017, the fund’s inception date. On July 31, 2017, all outstanding R6 Class shares were converted to G Class shares and the fund discontinued offering the R6 Class.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, bank loan obligations and convertible bonds 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.

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.

Open-end management investment companies are valued at the reported net asset value per share.

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 net asset value per share is determined. Significant events may include, but are not limited

38

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. If significant fluctuations in foreign markets are identified, 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc., and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM has engaged Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a subadvisor for the fund and to manage the fund’s assets. NCRAM is responsible for the day-to-day management of the fund, subject to the general supervision of the Board of Trustees and the investment advisor and in accordance with the investment objective, policies and restrictions of the fund. ACIM pays all costs associated with retaining NCRAM as the subadvisor of the fund. A subsidiary of NCRAM’s parent company indirectly owns a non-controlling equity interest in ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. and American Century Strategic Asset Allocation, Inc. own, in aggregate, 100% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating

39

the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services, which may be provided indirectly through another American Century Investments mutual fund. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. During the period ended March 31, 2019, the investment advisor agreed to waive 0.075% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2019 and cannot terminate it prior to such date without the approval of the Board of Trustees. The investment advisor agreed to waive the G Class’s management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

The annual management fee and the effective annual management fee after waiver for each class for the period ended March 31, 2019 are as follows:

	Annual Management Fee	Effective Annual Management Fee After Waiver
Investor Class	0.85%	0.77%
G Class	0.60%	0.00%

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.There were no interfund transactions during the period.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 were $279,847,915 and $378,160,479, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Period ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
Investor Class
Sold	167,178		$	1,527,094		15,252,145		$	152,523,243
Issued in reinvestment of distributions	829,340		7,997,254			646,713		6,447,094
Redeemed	(1,007,451	)	(9,475,324		)	(1,328,909	)	(13,330,663		)
	(10,933	)	49,024			14,569,949		145,639,674
G Class
Sold	1,868,631		17,837,972			70,651,724		706,603,334
Issued in reinvestment of distributions	4,055,073		39,145,079			3,094,078		30,825,453
Redeemed	(16,067,893	)	(155,094,568		)	(5,132,289	)	(50,991,510		)
	(10,144,189	)	(98,111,517		)	68,613,513		686,437,277
R6 Class	N/A
Sold						6,405,960		64,050,278
Issued in reinvestment of distributions						32,824		327,591
Redeemed						(6,438,784	)	(64,711,265		)
						—		(333,396		)
Net increase (decrease)	(10,155,122	)	$	(98,062,493	)	83,183,462		$	831,743,555

(1) May 19, 2017 (fund inception) through March 31, 2018.

40

6. 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	—		$	633,443,331	—
Bank Loan Obligations	—		25,655,003		—
Preferred Stocks	—		12,668,574		—
Convertible Bonds	—		2,324,788		—
Common Stocks	$	884,483	—		—
Asset-Backed Securities	—		586,258		—
Escrow Interests	—		—		—
Temporary Cash Investments	18,963,644		—		—
	$	19,848,127	$	674,677,954	—

7. Risk Factors

The fund invests primarily in high-yield and lower-quality debt securities, which are subject to substantial risks including liquidity risk and credit risk.

8. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2019 and the period ended March 31, 2018 were as follows:

	2019		2018(1)
Distributions Paid From
Ordinary income	$	47,275,749	$	37,828,449
Long-term capital gains	—		—

(1) May 19, 2017 (fund inception) through March 31, 2018.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

41

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	719,956,796
Gross tax appreciation of investments	$	7,127,887
Gross tax depreciation of investments	(32,558,602		)
Net tax appreciation (depreciation) of investments	$	(25,430,715	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(1,782,470	)
Accumulated long-term capital losses	$	(3,651,209	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

9. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

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Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019	$9.77	0.55	(0.15)	0.40	(0.55)	—	(0.55)	$9.62	4.21%	0.78%	0.86%	5.66%	5.58%	38%		$140,096
2018(3)	$10.00	0.43	(0.21)	0.22	(0.43)	(0.02)	(0.45)	$9.77	2.18%	0.81%(4)	0.85%(4)	5.04%(4)	5.00%(4)	64%		$142,308
G Class
2019	$9.77	0.62	(0.15)	0.47	(0.62)	—	(0.62)	$9.62	5.02%	0.01%	0.61%	6.43%	5.83%	38%		$562,700
2018(3)	$10.00	0.50	(0.22)	0.28	(0.49)	(0.02)	(0.51)	$9.77	2.76%	0.12%(4)	0.61%(4)	5.73%(4)	5.24%(4)	64%		$670,244

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3) May 19, 2017 (fund inception) through March 31, 2018.

(4) Annualized.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of NT High Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of NT High Income Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsand the financial highlights for the year ended March 31, 2019 and for the period May 19, 2017 (fund inception) through March 31, 2018, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year ended March 31 2019, and the changes in its net assets and the financial highlights for the year ended March 31, 2019 and for the period May 19, 2017 (fund inception) through March 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

44

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

45

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

46

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

47

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

48

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-93335 1905

Annual Report

March 31, 2019

Prime Money Market Fund

Investor Class (BPRXX)

A Class (ACAXX)

C Class (ARCXX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President’s Letter	2
Performance	3
Fund Characteristics	4
Shareholder Fee Example	5
Schedule of Investments	7
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Notes to Financial Statements	14
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Management	21
Additional Information	24

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Inception Date
Investor Class	BPRXX	1.79%	0.55%	0.30%	11/17/93
A Class	ACAXX	1.54%	0.48%	0.25%	8/28/98
C Class	ARCXX	1.03%	0.33%	0.17%	5/7/02

Fund returns would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	A Class	C Class
0.58%	0.83%	1.33%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The 7-day current yield more closely reflects the current earnings of the fund than the total return.

3

Fund Characteristics

MARCH 31, 2019
Yield	Investor Class	A Class	C Class
7-Day Current Yield	2.04%	1.80%	1.30%
7-Day Effective Yield	2.06%	1.81%	1.30%

Portfolio at a Glance
Weighted Average Maturity	41 days
Weighted Average Life	93 days
Portfolio Composition by Maturity	% of fund investments
1-30 days	60%
31-90 days	25%
91-180 days	14%
More than 180 days	1%

4

Shareholder Fee Example 

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

5

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1)  10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,009.90	$2.91	0.58%
A Class	$1,000	$1,008.60	$4.16	0.83%
C Class	$1,000	$1,006.10	$6.65	1.33%
Hypothetical
Investor Class	$1,000	$1,022.04	$2.92	0.58%
A Class	$1,000	$1,020.79	$4.18	0.83%
C Class	$1,000	$1,018.30	$6.69	1.33%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

6

Schedule of Investments

MARCH 31, 2019

	Principal Amount		Value
COMMERCIAL PAPER(1) — 48.1%
Apple, Inc., 2.66%, 6/26/19(2)	$	10,000,000	$	9,937,411
Apple, Inc., 2.67%, 7/15/19(2)	26,300,000		26,098,257
Bennington Stark Capital Co. LLC, 2.61%, 6/14/19 (LOC: Societe Generale SA)(2)	64,000,000		63,661,902
CAFCO LLC, 2.76%, 4/23/19 (LOC: Citibank N.A.)(2)	12,000,000		11,980,053
Canadian Imperial Bank of Commerce, VRN, 2.94%, (3-month LIBOR plus 0.16%), 4/18/19(2)	25,000,000		25,000,000
Chariot Funding LLC, VRN, 2.65%, (1-month LIBOR plus 0.16%), 8/8/19 (LOC: JPMorgan Chase Bank N.A.)(2)	27,000,000		27,000,000
Chariot Funding LLC, VRN, 2.60%, (1-month LIBOR plus 0.11%), 8/14/19 (LOC: JPMorgan Chase Bank N.A.)(2)	25,000,000		25,000,000
Chariot Funding LLC, VRN, 2.59%, (1-month LIBOR plus 0.11%), 9/5/19 (LOC: JPMorgan Chase Bank N.A.)(2)	8,000,000		8,000,000
Chesham Finance Ltd. / Chesham Finance LLC, 2.48%, 4/1/19 (LOC: HSBC Bank plc)(2)	3,000,000		3,000,000
Coca-Cola Co. (The), 2.64%, 4/24/19(2)	22,500,000		22,462,625
CRC Funding LLC, 2.88%, 4/3/19 (LOC: Citibank N.A.)(2)	19,000,000		18,997,002
CRC Funding LLC, 2.58%, 5/28/19 (LOC: Citibank N.A.)(2)	7,050,000		7,021,647
CRC Funding LLC, 2.57%, 6/7/19 (LOC: Citibank N.A.)(2)	12,500,000		12,441,143
CRC Funding LLC, 2.58%, 6/14/19 (LOC: Citibank N.A.)(2)	6,000,000		5,968,673
Crown Point Capital Co. LLC, 2.74%, 4/29/19 (LOC: Credit Suisse AG)(2)	5,176,000		5,165,131
Crown Point Capital Co. LLC, Series A, VRN, 2.65%, (1-month LIBOR plus 0.17%), 7/18/19 (LOC: Credit Suisse AG)(2)	35,000,000		35,000,000
Crown Point Capital Co. LLC, Series A, VRN, 2.69%, (1-month LIBOR plus 0.20%), 8/1/19 (LOC: Credit Suisse AG)(2)	25,000,000		25,000,000
Fairway Finance Co. LLC, VRN, 2.64%, (1-month LIBOR plus 0.15%), 4/10/19 (LOC: Bank of Montreal)(2)	15,000,000		15,000,000
Fairway Finance Co. LLC, VRN, 2.73%, (1-month LIBOR plus 0.24%), 5/1/19 (LOC: Bank of Montreal)(2)	15,500,000		15,500,000
Fairway Finance Co. LLC, VRN, 2.60%, (1-month LIBOR plus 0.11%), 8/14/19 (LOC: Bank of Montreal)(2)	15,000,000		15,000,000
Fairway Finance Co. LLC, VRN, 2.58%, (1-month LIBOR plus 0.10%), 8/19/19 (LOC: Bank of Montreal)(2)	20,000,000		20,000,000
Liberty Street Funding LLC, 2.58%, 6/10/19 (LOC: Bank of Nova Scotia)(2)	2,000,000		1,990,122
Liberty Street Funding LLC, 2.61%, 7/18/19 (LOC: Bank of Nova Scotia)(2)	27,000,000		26,791,830
LMA-Americas LLC, 2.54%, 4/8/19 (LOC: Credit Agricole Corporate and Investment Bank)	9,000,000		8,995,625
LMA-Americas LLC, 2.54%, 4/11/19 (LOC: Credit Agricole Corporate and Investment Bank)	13,500,000		13,490,625
LMA-Americas LLC, 2.59%, 6/12/19 (LOC: Credit Agricole Corporate and Investment Bank)	12,500,000		12,436,250
LMA-Americas LLC, 2.76%, 8/1/19 (LOC: Credit Agricole Corporate and Investment Bank)	10,000,000		9,907,822
LMA-Americas LLC, 2.76%, 8/5/19 (LOC: Credit Agricole Corporate and Investment Bank)	15,000,000		14,857,200
Old Line Funding LLC, 2.57%, 5/9/19 (LOC: Royal Bank of Canada)	25,000,000		24,926,111

7

	Principal Amount		Value
Old Line Funding LLC, 2.84%, 6/18/19 (LOC: Royal Bank of Canada)(2)	$	16,800,000	$	16,707,908
Ridgefield Funding Co. LLC, 3.02%, 6/5/19 (LOC: BNP Paribas)(2)	20,000,000		19,892,389
Ridgefield Funding Co. LLC, 2.64%, 8/16/19 (LOC: BNP Paribas)(2)	35,000,000		34,653,695
Societe Generale SA, 2.65%, 5/31/19 (LOC: Societe Generale SA)(2)	22,000,000		21,904,300
Thunder Bay Funding LLC, VRN, 2.65%, (1-month LIBOR plus 0.17%), 4/18/19 (LOC: Royal Bank of Canada)(2)	25,000,000		25,000,000
Toronto-Dominion Bank (The), VRN, 2.67%, (1-month LIBOR plus 0.18%), 5/9/19(2)	20,000,000		20,000,000
Toyota Financial Services de Puerto Rico, Inc., 2.59%, 7/25/19 (LOC: Toyota Financial Services Corp.)	10,000,000		9,918,542
TOTAL COMMERCIAL PAPER			658,706,263
CERTIFICATES OF DEPOSIT — 13.5%
Bank of Montreal VRN, 2.77%, (3-month LIBOR plus 0.03%), 2/7/20	30,000,000		30,000,000
Bank of Nova Scotia (The) VRN, 2.81%, (3-month LIBOR plus 0.13%), 5/17/19	25,000,000		25,000,000
Bank of Nova Scotia (The), 2.61%, 8/28/19	35,000,000		35,000,000
MUFG Union Bank N.A., 2.59%, 6/19/19	14,500,000		14,500,000
Toronto-Dominion Bank VRN, 2.72%, (3-month LIBOR plus 0.11%), 9/6/19	20,000,000		20,000,000
Toronto-Dominion Bank VRN, 2.68%, (Daily EFFR plus 0.27%), 3/13/20	20,000,000		20,000,000
Wells Fargo Bank N.A. VRN, 2.87%, (3-month LIBOR plus 0.07%), 7/2/19	30,000,000		30,000,000
Wells Fargo Bank N.A. VRN, 2.79%, (1-month LIBOR plus 0.30%), 7/23/19	10,000,000		10,000,000
TOTAL CERTIFICATES OF DEPOSIT			184,500,000
CORPORATE BONDS— 12.8%
CHS Properties, Inc., VRDN, 2.42%, 4/5/19 (LOC: Wells Fargo Bank N.A.)	730,000		730,000
Cypress Bend Real Estate Development Co. LLC, VRDN, 2.49%, 4/5/19 (LOC: FHLB)	20,605,000		20,605,000
D & I Properties LLC, VRDN, 2.50%, 4/5/19 (LOC: Wells Fargo Bank N.A.)	3,350,000		3,350,000
East Grand Office Park LP, VRDN, 2.49%, 4/5/19 (LOC: FHLB)	3,840,000		3,840,000
Fiore Capital LLC, VRDN, 2.40%, 4/5/19 (LOC: Wells Fargo Bank N.A.)	13,530,000		13,530,000
First Baptist Church of Opelika, VRDN, 2.50%, 4/5/19 (LOC: FHLB)	1,900,000		1,900,000
General Secretariat of the Organization of American States, VRDN, 2.42%, 4/5/19 (LOC: Bank of America N.A.)	15,725,000		15,725,000
HHH Investment Co., VRDN, 2.50%, 4/5/19 (LOC: Bank of the West)	13,395,000		13,395,000
Labcon North America, VRDN, 2.50%, 4/5/19 (LOC: Bank of the West)	2,190,000		2,190,000
Lakeport Group LLC, VRDN, 2.50%, 4/5/19 (LOC: MUFG Union Bank N.A.)	2,985,000		2,985,000
Ness Family Partners LP, VRDN, 2.50%, 4/5/19 (LOC: Bank of the West)	5,545,000		5,545,000
Partisan Property, Inc., Series 2014, VRDN, 2.50%, 4/5/19 (LOC: Wells Fargo Bank N.A.)	6,535,000		6,535,000
Providence Health & Services, VRDN, 2.46%, 4/5/19 (LOC: U.S. Bank N.A.)	40,115,000		40,115,000
Relay Relay LLC, VRDN, 2.49%, 4/5/19 (LOC: FHLB)	6,910,000		6,910,000
Sidal Realty Co. LP, VRDN, 2.47%, 4/5/19 (LOC: Wells Fargo Bank N.A.)	5,985,000		5,985,000

8

	Principal Amount		Value
Westpac Banking Corp., 4.88%, 11/19/19	$	7,425,000	$	7,523,497
World Wildlife Fund, VRDN, 2.41%, 4/5/19 (LOC: JPMorgan Chase Bank N.A.)	25,025,000		25,025,000
TOTAL CORPORATE BONDS			175,888,497
U.S. TREASURY SECURITIES(1) — 12.0%
U.S. Treasury Bills, 2.50%, 4/4/19	25,000,000		24,994,865
U.S. Treasury Bills, 2.49%, 4/23/19	35,000,000		34,947,383
U.S. Treasury Notes, VRN, 2.49%, (3-month USBMMY plus 0.07%), 4/30/19	5,000,000		5,000,020
U.S. Treasury Notes, 0.88%, 7/31/19	35,000,000		34,815,911
U.S. Treasury Notes, VRN, 2.42%, (3-month USBMMY), 1/31/20	5,000,000		4,999,328
U.S. Treasury Notes, VRN, 2.46%, (3-month USBMMY plus 0.03%), 4/30/20	15,000,000		15,001,249
U.S. Treasury Notes, VRN, 2.47%, (3-month USBMMY plus 0.04%), 7/31/20	30,000,000		29,999,683
U.S. Treasury Notes, VRN, 2.47%, (3-month USBMMY plus 0.04%), 10/31/20	10,000,000		9,999,148
U.S. Treasury Notes, VRN, 2.54%, (3-month USBMMY plus 0.12%), 1/31/21	5,000,000		4,994,513
TOTAL U.S. TREASURY SECURITIES			164,752,100
MUNICIPAL SECURITIES — 10.4%
Alameda Public Financing Authority Rev., (Alameda Point Improvement Project), VRDN, 2.30%, 4/5/19 (LOC: MUFG Union Bank N.A.)	2,950,000		2,950,000
California Infrastructure & Economic Development Bank Rev., VRDN, 2.81%, 4/5/19 (LOC: Bank of the West)	3,365,000		3,365,000
City of Philadelphia, 2.64%, 6/4/19 (LOC: Wells Fargo Bank N.A.)	18,000,000		18,000,000
Hesperia Public Financing Authority Rev., VRDN, 2.51%, 4/5/19 (LOC: Bank of the West)	3,625,000		3,625,000
Idaho Housing & Finance Association Rev., (Traditions at Boise LLC), VRDN, 2.65%, 4/5/19 (GA: FHLMC)	85,000		85,000
Illinois Housing Development Authority Rev., VRDN, 2.35%, 4/5/19 (SBBPA: FHLB)	11,100,000		11,100,000
Illinois Housing Development Authority Rev., VRDN, 2.42%, 4/5/19 (SBBPA: FHLB)	5,000,000		5,000,000
Macon-Bibb County Industrial Authority Rev., (Bass Pro Outdoor World LLC), VRDN, 2.38%, 4/5/19 (LOC: Bank of America N.A.)(2)	11,970,000		11,970,000
Massachusetts Education Financing Authority, 2.45%, 4/1/19 (LOC: Royal Bank of Canada)	6,000,000		6,000,000
Massachusetts Education Financing Authority, 2.50%, 4/1/19 (LOC: Royal Bank of Canada)	3,500,000		3,500,000
Missouri Development Finance Board Rev., (St. Louis Center), VRDN, 2.45%, 4/5/19 (LOC: U.S. Bank N.A.)	2,230,000		2,230,000
Nassau Health Care Corp. Rev., VRDN, 2.40%, 4/5/19 (LOC: JPMorgan Chase Bank N.A.)	2,905,000		2,905,000
Pasadena Public Financing Authority Rev., VRDN, 2.53%, 4/5/19 (SBBPA: Bank of the West)	7,705,000		7,705,000
South Dakota Housing Development Authority Rev., VRDN, 2.40%, 4/5/19 (SBBPA: South Dakota Housing Development Authority)	25,000,000		25,000,000
State of New York Mortgage Agency Rev., VRDN, 2.40%, 4/5/19 (SBBPA: Barclays Bank plc)	10,000,000		10,000,000
State of Texas GO, VRDN, 2.50%, 4/5/19 (SBBPA: U.S. Bank N.A.)	14,750,000		14,750,000
Traer Creek Metropolitan District Rev., VRDN, 2.50%, 4/5/19 (LOC: BNP Paribas)	7,413,000		7,413,000

9

	Principal Amount		Value
Washington State Housing Finance Commission Rev., (Traditions at South Hill LLC), VRDN, 2.65%, 4/5/19 (LIQ FAC: FHLMC)	$	120,000	$	120,000
Westchester County Healthcare Corp. Rev., (Senior Lien), VRDN, 2.35%, 4/5/19 (LOC: TD Bank N.A.)	3,205,000		3,205,000
Westmoreland County Industrial Development Authority Rev., (Excela Health), VRDN, 2.41%, 4/5/19 (LOC: PNC Bank N.A.)	1,685,000		1,685,000
Wilkes-Barre GO, VRDN, 2.41%, 4/5/19 (LOC: PNC Bank N.A.)	1,560,000		1,560,000
TOTAL MUNICIPAL SECURITIES			142,168,000
U.S. GOVERNMENT AGENCY SECURITIES(1) — 2.8%
Federal Home Loan Bank, 2.48%, 4/29/19	38,000,000		37,927,589
TOTAL INVESTMENT SECURITIES — 99.6%			1,363,942,449
OTHER ASSETS AND LIABILITIES — 0.4%			5,532,645
TOTAL NET ASSETS — 100.0%			$	1,369,475,094

NOTES TO SCHEDULE OF INVESTMENTS
EFFR	-	Effective Federal Funds Rate
FHLB	-	Federal Home Loan Bank
FHLMC	-	Federal Home Loan Mortgage Corporation
GA	-	Guaranty Agreement
GO	-	General Obligation
LIBOR	-	London Interbank Offered Rate
LIQ FAC	-	Liquidity Facilities
LOC	-	Letter of Credit
SBBPA	-	Standby Bond Purchase Agreement
USBMMY	-	U.S. Treasury Bill Money Market Yield
VRDN	-	Variable Rate Demand Note. The instrument may be payable upon demand and 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 date of the demand feature is disclosed.
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.

(1) 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.

(2) 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 $576,144,088, which represented 42.1% of total net assets.

See Notes to Financial Statements.

10

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	1,363,942,449
Cash	785,053
Receivable for investments sold	1,955,000
Receivable for capital shares sold	2,184,459
Interest receivable	2,502,610
	1,371,369,571
Liabilities
Payable for capital shares redeemed	1,207,445
Accrued management fees	662,038
Distribution and service fees payable	12,396
Dividends payable	12,598
	1,894,477
Net Assets	$	1,369,475,094
Net Assets Consist of:
Capital paid in	$	1,369,467,970
Distributable earnings	7,124
	$	1,369,475,094

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$1,336,785,144	1,336,927,005	$1.00
A Class		$19,847,266	19,835,618	$1.00
C Class		$12,842,684	12,840,491	$1.00

See Notes to Financial Statements.

11

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	30,962,555
Expenses:
Management fees	7,488,308
Distribution and service fees:
A Class	54,239
C Class	93,222
Trustees' fees and expenses	90,973
Other expenses	332
	7,727,074
Net investment income (loss)	23,235,481
Net realized gain (loss) on investment transactions	9,143
Net Increase (Decrease) in Net Assets Resulting from Operations	$	23,244,624

See Notes to Financial Statements.

12

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	23,235,481		$	9,800,046
Net realized gain (loss)	9,143			(2,019		)
Net increase (decrease) in net assets resulting from operations	23,244,624			9,798,027
Distributions to Shareholders
From earnings:
Investor Class	(22,779,012		)	(9,599,779		)
A Class	(328,127		)	(157,231		)
C Class	(128,342		)	(43,036		)
Decrease in net assets from distributions	(23,235,481		)	(9,800,046		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 4)	95,857,128			(30,144,469		)
Net increase (decrease) in net assets	95,866,271			(30,146,488		)
Net Assets
Beginning of period	1,273,608,823			1,303,755,311
End of period	$	1,369,475,094		$	1,273,608,823

See Notes to Financial Statements.

13

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Prime Money Market Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek to earn the highest level of current income while preserving the value of your investment.

The fund offers the Investor Class, A Class and C Class. The A Class and C Class may be subject to a contingent deferred sales charge.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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. Investments are generally valued at amortized cost, which approximates fair value. If the fund determines that the amortized cost does 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Treasury Roll Transactions — The fund purchases a security and at the same time makes a commitment to sell the same security at a future settlement date at a specified price. These types of transactions are known as treasury roll transactions. The difference between the purchase price and the sale price represents interest income reflective of an agreed upon rate between the fund and the counterparty.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. The fund may make capital gains distributions to comply with the distribution requirements of the Internal Revenue Code.

14

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, American Century Investment Management, Inc. (ACIM), the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.2370% to 0.3500% and the rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for each class for the period ended March 31, 2019 was 0.57%.

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 0.75%, of which 0.25% is paid for individual shareholder services and 0.50% is paid for distribution services. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2019 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the

interfund sales were $2,000,000 and there were no interfund purchases. The interfund transactions had no

effect on the Statement of Operations in net realized gain (loss) on investment transactions.

15

4. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018
	Shares		Amount			Shares		Amount
Investor Class
Sold	656,576,136		$	656,576,136		506,111,422		$	506,111,422
Issued in reinvestment of distributions	22,511,234		22,511,234			9,514,069		9,514,069
Redeemed	(579,840,725	)	(579,840,725		)	(546,241,994	)	(546,241,994		)
	99,246,645		99,246,645			(30,616,503	)	(30,616,503		)
A Class
Sold	8,916,930		8,916,930			12,089,207		12,089,207
Issued in reinvestment of distributions	324,537		324,537			156,193		156,193
Redeemed	(13,406,255	)	(13,406,255		)	(13,882,729	)	(13,882,729		)
	(4,164,788	)	(4,164,788		)	(1,637,329	)	(1,637,329		)
C Class
Sold	5,388,586		5,388,586			5,326,886		5,326,886
Issued in reinvestment of distributions	127,980		127,980			42,758		42,758
Redeemed	(4,741,295	)	(4,741,295		)	(3,260,281	)	(3,260,281		)
	775,271		775,271			2,109,363		2,109,363
Net increase (decrease)	95,857,128		$	95,857,128		(30,144,469	)	$	(30,144,469	)

5. 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.

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

16

6. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	23,235,481	$	9,800,046
Long-term capital gains	—		—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of March 31, 2019, the fund had undistributed ordinary income for federal income tax purposes of $7,124.

7. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

17

Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(1)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Net Assets, End of Period (in thousands)
Investor Class
2019	$1.00	0.02	—(2)	0.02	(0.02)	$1.00	1.79%	0.58%	0.58%	1.78%	1.78%		$1,336,785
2018	$1.00	0.01	—(2)	0.01	(0.01)	$1.00	0.78%	0.58%	0.58%	0.77%	0.77%		$1,237,530
2017	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.19%	0.58%	0.58%	0.17%	0.17%		$1,268,148
2016	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.30%	0.58%	0.02%	(0.26)%		$1,563,574
2015	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.15%	0.58%	0.01%	(0.42)%		$1,813,054
A Class
2019	$1.00	0.02	—(2)	0.02	(0.02)	$1.00	1.54%	0.83%	0.83%	1.53%	1.53%		$19,847
2018	$1.00	0.01	—(2)	0.01	(0.01)	$1.00	0.65%	0.70%	0.83%	0.65%	0.52%		$24,012
2017	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.19%	0.58%	0.83%	0.17%	(0.08)%		$25,649
2016	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.32%	0.83%	0.00%(3)	(0.51)%		$209,165
2015	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.15%	0.83%	0.01%	(0.67)%		$186,961
C Class
2019	$1.00	0.01	—(2)	0.01	(0.01)	$1.00	1.03%	1.33%	1.33%	1.03%	1.03%		$12,843
2018	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.40%	0.96%	1.33%	0.39%	0.02%		$12,067
2017	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.19%	0.58%	1.33%	0.17%	(0.58)%		$9,958
2016	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.32%	1.33%	0.00%(3)	(1.01)%		$9,526
2015	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.15%	1.33%	0.01%	(1.17)%		$7,146

Notes to Financial Highlights

(1) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(2) Per-share amount was less than $0.005.

(3) Ratio was less than 0.005%.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of Prime Money Market Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Prime Money Market Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the five years in the period ended March 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the five years in the period ended March 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

20

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

21

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

22

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

23

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

24

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92284 1905

Annual Report

March 31, 2019

Short Duration Fund

Investor Class (ACSNX)

I Class (ASHHX)

A Class (ACSQX)

C Class (ACSKX)

R Class (ACSPX)

R5 Class (ACSUX)

R6 Class (ASDDX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President’s Letter	2
Performance	3
Portfolio Commentary	5
Fund Characteristics	7
Shareholder Fee Example	8
Schedule of Investments	10
Statement of Assets and Liabilities	23
Statement of Operations	24
Statement of Changes in Net Assets	25
Notes to Financial Statements	26
Financial Highlights	34
Report of Independent Registered Public Accounting Firm	37
Management	38
Additional Information	41

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	ACSNX	2.87%	1.45%	1.91%	—	11/30/06
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index	—	3.03%	1.22%	1.59%	—	—
I Class	ASHHX	2.97%	—	—	1.97%	4/10/17
A Class	ACSQX					11/30/06
No sales charge		2.61%	1.20%	1.65%	—
With sales charge		0.34%	0.74%	1.42%	—
C Class	ACSKX	1.75%	0.43%	0.89%	—	11/30/06
R Class	ACSPX	2.26%	0.93%	1.40%	—	11/30/06
R5 Class	ACSUX	3.08%	1.66%	2.11%	—	11/30/06
R6 Class	ASDDX	3.03%	—	—	1.93%	7/28/17

Average annual returns since inception are presented when ten years of performance history is not available.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 2.25% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

3

Growth of $10,000 Over 10 Years

$10,000 investment made March 31, 2009

Performance for other share classes will vary due to differences in fee structure.

Value on March 31, 2019
	Investor Class — $12,079
	Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index — $11,705

Total Annual Fund Operating Expenses
Investor Class	I Class	A Class	C Class	R Class	R5 Class	R6 Class
0.59%	0.49%	0.84%	1.59%	1.09%	0.39%	0.34%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

4

Portfolio Commentary

Portfolio Managers: Bob Gahagan, Hando Aguilar, Jeff Houston, Jim Platz and Charles Tan

Effective October 31, 2018, Charles Tan joined the portfolio management team, replacing Dave MacEwen, who left the team ahead of his December 31, 2018, retirement.

Performance Summary

Short Duration returned 2.87%* for the 12 months ended March 31, 2019. By comparison, the Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index gained 3.03%. Fund returns reflect operating expenses, while index returns do not.

Returns for the fund and the index reflect a positive, yet challenging, environment for fixed-income securities. The 12-month period witnessed a marked shift in Federal Reserve (Fed) policy and investor sentiment toward the U.S. and global economic growth outlook, which influenced performance in the fixed-income market. In the first several months of the period, robust economic growth, rising inflation and the Fed’s steady rate-tightening strategy drove Treasury yields higher. Investment-grade bond returns were generally flat to slightly negative. Meanwhile, risk-on investing remained in favor, and higher-yielding securities outperformed. The environment reversed sharply in late 2018, as worries about future economic and corporate earnings growth, U.S.-China trade negotiations and a surprisingly bullish Fed outlook triggered severe volatility in the equity markets. After climbing to a reporting period high of 3.24% in early November (according to Bloomberg), the 10-year U.S. Treasury yield plunged to 2.68% by the end of December 2018, as investors fled risk assets in favor of perceived safe-haven investments.

The new year brought a new sense of stability to the financial markets. Progress with U.S.-China trade negotiations and better-than-feared U.S. economic and earnings data helped restore some investor optimism. Additionally, the Fed paused its rate-hike campaign in January, seemingly acknowledging its December plan for two rate hikes in 2019 may have been too aggressive. Investors responded enthusiastically to this backdrop, and risk assets returned to favor. Meanwhile, Treasury yields moved modestly lower. Then, at its March monetary policy meeting, the Fed held rates steady and suggested additional tightening was likely off the table for 2019. This news triggered a sharp rally among Treasuries, and the 10-year Treasury note ended March 2019 yielding 2.41%, compared with 2.74% a year earlier.

Overall, the Treasury market rally of late 2018 and early 2019 supported broad U.S. fixed-income gains for the entire 12-month period. In general, longer-duration securities (those with greater sensitivity to interest rate changes) outperformed shorter-duration securities, and lower-quality bonds outperformed higher-quality bonds.

Duration Was a Modest Detractor

The dramatic decline in short-maturity interest rates coupled with significant flattening of the yield curve in late 2018 and early 2019 created challenges for shorter-duration assets and strategies. In this environment, our slightly shorter-than-index duration modestly detracted from relative results.

* All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.

5

Corporate, Securitized Bonds Aided Performance

We continued to underweight Treasuries and government agencies relative to the index in favor of spread (non-Treasury) sectors, including corporate credit and securitized bonds. This positioning boosted the portfolio’s relative returns, given the broad outperformance of corporate and securitized bonds relative to government securities.

Within the corporate sector, our out-of-index position in high-yield bonds was a significant contributor to relative results, particularly in early 2019. In addition, our selections among investment-grade corporates added value. We continued to favor securities with BBB credit ratings, which generally outperformed their higher-quality peers. Within the securitized sector, positions among non-agency collateralized mortgage obligations and commercial mortgage-backed securities, collateralized loan obligations and asset-back securities contributed to performance.

Portfolio Positioning

We expect the U.S. economy to continue to grow, but at a more moderate pace (2.0% to 2.5% annualized). However, we expect U.S. economic growth to remain more robust than growth in Europe and Japan. We expect headline inflation to eventually converge with core inflation near 2%. These factors should enable the Fed to remain on hold throughout the remainder of 2019. Against a backdrop of slowing global growth, geopolitical uncertainties (mainly Brexit) and a dovish Fed, we expect the 10-year Treasury yield to fluctuate within a near-term range of 2.35% to 2.80%.

We do not believe the dramatic flattening (and brief) inversion of the yield curve late in the reporting period is an indication of a looming recession. Instead, we believe the curve flattened in response to the Fed’s unexpected pivot to dovish monetary policy. We believe the Fed’s change of course is more reflective of a lack of inflation than a lack of growth. Given the yield curve’s notable flattening, we initiated a position designed to take advantage of our outlook for the curve between two and five years to steepen.

Additionally, we expect to maintain our preference for spread sectors versus Treasuries, remaining mindful of market conditions. For example, in light of the strong rally in risk assets in the final months of the reporting period, we took profits in and reduced exposure to investment-grade and high-yield corporate bonds. We also took profits in credit-sensitive mortgage-backed securities that participated in the rally. We will continue to look for opportunities to tactically add exposure to riskier corporate and securitized securities, as valuations, fundamentals and market conditions dictate. However, from a longer-term, strategic perspective, we plan to reduce spread sector risk, given the potential for spread widening as the credit cycle matures. As always, we favor a bottom-up approach to portfolio management, emphasizing careful security selection.

6

Fund Characteristics 

MARCH 31, 2019
Portfolio at a Glance
Average Duration (effective)	1.8 years
Weighted Average Life to Maturity	2.5 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	33.0%
U.S. Treasury Securities	25.4%
Asset-Backed Securities	14.8%
Collateralized Mortgage Obligations	13.0%
Collateralized Loan Obligations	3.8%
Commercial Mortgage-Backed Securities	2.5%
Bank Loan Obligations	1.6%
U.S. Government Agency Mortgage-Backed Securities	1.0%
Sovereign Governments and Agencies	0.2%
Temporary Cash Investments	4.2%
Other Assets and Liabilities	0.5%

7

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1)  10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,019.40	$2.97	0.59%
I Class	$1,000	$1,020.00	$2.47	0.49%
A Class	$1,000	$1,018.20	$4.23	0.84%
C Class	$1,000	$1,013.40	$7.98	1.59%
R Class	$1,000	$1,015.90	$5.48	1.09%
R5 Class	$1,000	$1,020.50	$1.96	0.39%
R6 Class	$1,000	$1,019.70	$1.71	0.34%
Hypothetical
Investor Class	$1,000	$1,021.99	$2.97	0.59%
I Class	$1,000	$1,022.49	$2.47	0.49%
A Class	$1,000	$1,020.74	$4.23	0.84%
C Class	$1,000	$1,017.00	$8.00	1.59%
R Class	$1,000	$1,019.50	$5.49	1.09%
R5 Class	$1,000	$1,022.99	$1.97	0.39%
R6 Class	$1,000	$1,023.24	$1.72	0.34%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9

Schedule of Investments

MARCH 31, 2019

	Principal Amount		Value
CORPORATE BONDS — 33.0%
Aerospace and Defense — 0.5%
United Technologies Corp., 1.50%, 11/1/19	$	2,000,000	$	1,984,977
Air Freight and Logistics — 0.2%
FedEx Corp., 3.40%, 1/14/22	1,000,000		1,014,104
Auto Components — 0.3%
Schaeffler Finance BV, 4.75%, 5/15/23(1)	800,000		810,800
ZF North America Capital, Inc., 4.00%, 4/29/20(1)	476,000		476,380
			1,287,180
Automobiles — 1.4%
Daimler Finance North America LLC, 2.30%, 1/6/20(1)	1,000,000		995,806
Daimler Finance North America LLC, 3.40%, 2/22/22(1)	1,000,000		1,010,049
Ford Motor Credit Co. LLC, 2.68%, 1/9/20	1,000,000		995,926
General Motors Financial Co., Inc., 3.20%, 7/6/21	1,500,000		1,494,260
General Motors Financial Co., Inc., 4.20%, 11/6/21	1,000,000		1,019,537
			5,515,578
Banks — 6.1%
Banco de Credito del Peru, 2.25%, 10/25/19(1)	400,000		399,120
Bank of America Corp., MTN, VRN, 2.33%, 10/1/21	1,000,000		991,095
Bank of America Corp., VRN, 3.00%, 12/20/23	2,713,000		2,707,165
Banque Federative du Credit Mutuel SA, 2.00%, 4/12/19(1)	1,000,000		999,774
Barclays Bank plc, 5.14%, 10/14/20	850,000		873,135
Barclays plc, 2.75%, 11/8/19	1,000,000		999,390
CIT Group, Inc., 5.00%, 8/15/22	500,000		521,875
Citibank N.A., 2.125%, 10/20/20	1,000,000		991,995
Citibank N.A., VRN, 3.17%, 2/19/22	3,000,000		3,012,012
Discover Bank, 3.10%, 6/4/20	1,500,000		1,503,736
HSBC Bank plc, 4.125%, 8/12/20(1)	2,015,000		2,052,212
Huntington National Bank (The), 2.20%, 4/1/19	1,000,000		1,000,000
Huntington National Bank (The), 3.125%, 4/1/22	1,000,000		1,008,037
JPMorgan Chase & Co., 2.25%, 1/23/20	2,000,000		1,992,950
QNB Finansbank AS, MTN, 6.25%, 4/30/19	650,000		650,098
Royal Bank of Canada, 2.15%, 10/26/20	1,460,000		1,450,862
Synchrony Bank, 3.65%, 5/24/21	1,000,000		1,009,744
Wells Fargo & Co., MTN, 3.00%, 1/22/21	2,500,000		2,511,969
			24,675,169
Beverages — 0.6%
Constellation Brands, Inc., 2.00%, 11/7/19	1,800,000		1,790,412
Constellation Brands, Inc., 3.875%, 11/15/19	830,000		834,490
			2,624,902
Biotechnology — 1.1%
AbbVie, Inc., 2.50%, 5/14/20	1,000,000		997,183
Amgen, Inc., 1.90%, 5/10/19	2,000,000		1,998,881

10

	Principal Amount		Value
Celgene Corp., 2.25%, 5/15/19	$	1,000,000	$	999,365
Gilead Sciences, Inc., 1.85%, 9/20/19	440,000		437,823
			4,433,252
Capital Markets — 1.9%
Goldman Sachs Group, Inc. (The), 2.30%, 12/13/19	3,000,000		2,990,589
Goldman Sachs Group, Inc. (The), MTN, 5.375%, 3/15/20	500,000		511,796
Morgan Stanley, MTN, 5.625%, 9/23/19	3,000,000		3,039,163
Morgan Stanley, MTN, 5.50%, 7/28/21	1,000,000		1,059,306
			7,600,854
Chemicals — 0.7%
Ashland LLC, 4.75%, 8/15/22	960,000		991,200
Sherwin-Williams Co. (The), 2.25%, 5/15/20	2,000,000		1,988,684
			2,979,884
Commercial Services and Supplies — 0.1%
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	500,000		497,500
Consumer Finance — 1.2%
American Express Co., 3.00%, 2/22/21	1,000,000		1,005,507
American Express Credit Corp., MTN, 2.25%, 5/5/21	1,500,000		1,491,050
Capital One N.A., 2.35%, 1/31/20	1,230,000		1,224,069
Capital One N.A., 2.25%, 9/13/21	1,000,000		984,702
			4,705,328
Containers and Packaging — 0.7%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(1)	800,000		807,000
Ball Corp., 4.375%, 12/15/20	1,000,000		1,017,500
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.75%, 10/15/20	872,197		874,378
			2,698,878
Diversified Financial Services — 0.5%
Credit Suisse Group Funding Guernsey Ltd., 3.125%, 12/10/20	1,000,000		1,003,686
UBS Group Funding Switzerland AG, 2.95%, 9/24/20(1)	1,000,000		1,000,156
			2,003,842
Diversified Telecommunication Services — 0.7%
AT&T, Inc., 2.45%, 6/30/20	1,750,000		1,742,887
Deutsche Telekom International Finance BV, 6.00%, 7/8/19	1,000,000		1,008,276
			2,751,163
Electric Utilities — 0.2%
American Electric Power Co., Inc., 2.15%, 11/13/20	1,000,000		991,128
Entertainment — 0.3%
Viacom, Inc., 4.50%, 3/1/21	1,000,000		1,026,297
Equity Real Estate Investment Trusts (REITs) — 0.4%
GLP Capital LP / GLP Financing II, Inc., 4.375%, 4/15/21	1,000,000		1,016,810
VEREIT Operating Partnership LP, 4.125%, 6/1/21	500,000		508,578
			1,525,388
Food and Staples Retailing — 0.3%
Mondelez International Holdings Netherlands BV, 1.625%, 10/28/19(1)	1,370,000		1,360,109

11

	Principal Amount		Value
Food Products — 0.7%
Conagra Brands, Inc., 3.80%, 10/22/21	$	1,000,000	$	1,019,020
Kraft Heinz Foods Co., 5.375%, 2/10/20	1,000,000		1,020,619
Tyson Foods, Inc., 2.65%, 8/15/19	1,000,000		999,225
			3,038,864
Gas Utilities — 0.6%
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.50%, 10/15/19	750,000		757,590
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.25%, 1/15/25	400,000		415,752
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21	1,310,000		1,361,555
			2,534,897
Health Care Equipment and Supplies — 0.7%
Becton Dickinson and Co., 2.13%, 6/6/19	2,000,000		1,997,511
Becton Dickinson and Co., 2.68%, 12/15/19	1,000,000		996,940
			2,994,451
Health Care Providers and Services — 3.2%
Anthem, Inc., 2.50%, 11/21/20	1,000,000		995,404
Cardinal Health, Inc., 1.95%, 6/14/19	1,130,000		1,128,031
Cigna Corp., 3.20%, 9/17/20(1)	2,000,000		2,010,339
CVS Health Corp., 3.35%, 3/9/21	3,000,000		3,025,570
DaVita, Inc., 5.75%, 8/15/22	630,000		643,387
Express Scripts Holding Co., 2.60%, 11/30/20	2,000,000		1,992,440
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20(1)	850,000		857,598
HCA, Inc., 4.25%, 10/15/19	500,000		502,631
Tenet Healthcare Corp., 4.75%, 6/1/20	1,000,000		1,016,250
Universal Health Services, Inc., 4.75%, 8/1/22(1)	1,000,000		1,011,250
			13,182,900
Hotels, Restaurants and Leisure — 0.4%
1011778 BC ULC / New Red Finance, Inc., 4.625%, 1/15/22(1)	760,000		765,479
Royal Caribbean Cruises Ltd., 2.65%, 11/28/20	1,000,000		999,325
			1,764,804
Household Durables — 0.9%
D.R. Horton, Inc., 2.55%, 12/1/20	1,000,000		993,953
Lennar Corp., 2.95%, 11/29/20	1,500,000		1,494,375
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 4.375%, 6/15/19	990,000		993,713
			3,482,041
Insurance — 0.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.75%, 5/15/19	500,000		500,425
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.625%, 10/30/20	1,000,000		1,024,113
			1,524,538
Internet and Direct Marketing Retail — 0.1%
eBay, Inc., 2.15%, 6/5/20	400,000		397,432
IT Services — 0.5%
DXC Technology Co., 2.875%, 3/27/20	2,000,000		1,999,357
Life Sciences Tools and Services — 0.3%
IQVIA, Inc., 4.875%, 5/15/23(1)	1,000,000		1,022,600

12

	Principal Amount		Value
Machinery — 0.5%
Caterpillar Financial Services Corp., MTN, 1.85%, 9/4/20	$	860,000	$	850,756
Fortive Corp., 1.80%, 6/15/19	231,000		230,047
Oshkosh Corp., 5.375%, 3/1/25	1,000,000		1,028,750
			2,109,553
Media — 1.7%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 2/15/23	1,000,000		1,020,000
Comcast Corp., 3.30%, 10/1/20	2,000,000		2,019,817
Discovery Communications LLC, 2.20%, 9/20/19	500,000		498,035
Discovery Communications LLC, 2.95%, 3/20/23	500,000		495,779
Interpublic Group of Cos., Inc. (The), 3.50%, 10/1/20	2,000,000		2,018,215
Sirius XM Radio, Inc., 6.00%, 7/15/24(1)	930,000		967,200
			7,019,046
Metals and Mining — 0.4%
Alcoa Nederland Holding BV, 6.75%, 9/30/24(1)	700,000		743,750
Steel Dynamics, Inc., 5.25%, 4/15/23	750,000		765,000
			1,508,750
Multi-Utilities — 0.9%
CenterPoint Energy, Inc., 3.60%, 11/1/21	2,000,000		2,030,895
Sempra Energy, 2.85%, 11/15/20	1,500,000		1,497,727
			3,528,622
Oil, Gas and Consumable Fuels — 1.9%
Anadarko Petroleum Corp., 4.85%, 3/15/21	1,632,000		1,692,614
Antero Resources Corp., 5.375%, 11/1/21	930,000		936,975
Continental Resources, Inc., 5.00%, 9/15/22	400,000		403,433
Encana Corp., 3.90%, 11/15/21	930,000		947,405
Energy Transfer Operating LP, 4.15%, 10/1/20	1,179,000		1,198,504
Energy Transfer Operating LP, 7.50%, 10/15/20	450,000		479,279
Williams Cos., Inc. (The), 4.125%, 11/15/20	1,000,000		1,016,292
Williams Cos., Inc. (The), 7.875%, 9/1/21	1,000,000		1,105,803
			7,780,305
Pharmaceuticals — 0.4%
Allergan Funding SCS, 3.00%, 3/12/20	1,000,000		999,693
Mylan NV, 2.50%, 6/7/19	550,000		549,612
			1,549,305
Semiconductors and Semiconductor Equipment — 0.7%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.20%, 1/15/21	2,000,000		1,969,678
NXP BV / NXP Funding LLC, 4.125%, 6/15/20(1)	750,000		761,332
			2,731,010
Software — 0.7%
Microsoft Corp., 1.85%, 2/6/20	3,000,000		2,982,626
Specialty Retail — 0.1%
United Rentals North America, Inc., 4.625%, 7/15/23	390,000		397,556
Technology Hardware, Storage and Peripherals — 0.7%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	500,000		509,576
EMC Corp., 2.65%, 6/1/20	1,000,000		992,739
Hewlett Packard Enterprise Co., 2.10%, 10/4/19(1)	670,000		667,243

13

	Principal Amount		Value
Seagate HDD Cayman, 4.25%, 3/1/22	$	500,000	$	501,728
			2,671,286
TOTAL CORPORATE BONDS (Cost $134,071,164)			133,895,476
U.S. TREASURY SECURITIES — 25.4%
U.S. Treasury Bills, 2.56%, 1/30/20(4)	1,000,000		980,350
U.S. Treasury Bills, 2.54%, 2/27/20(4)	10,000,000		9,785,845
U.S. Treasury Notes, 1.375%, 10/31/20(2)	800,000		788,141
U.S. Treasury Notes, 2.625%, 5/15/21	9,500,000		9,569,766
U.S. Treasury Notes, 2.75%, 9/15/21	22,000,000		22,266,836
U.S. Treasury Notes, 2.625%, 12/15/21	20,000,000		20,209,765
U.S. Treasury Notes, 1.875%, 1/31/22	24,000,000		23,768,437
U.S. Treasury Notes, 2.375%, 3/15/22	7,900,000		7,937,803
U.S. Treasury Notes, 1.875%, 4/30/22	4,500,000		4,453,682
U.S. Treasury Notes, 2.00%, 11/30/22	3,000,000		2,977,031
TOTAL U.S. TREASURY SECURITIES (Cost $101,770,028)			102,737,656
ASSET-BACKED SECURITIES — 14.8%
Argent Securities, Inc., Series 2004-W8, Class M1, VRN, 3.31%, (1-month LIBOR plus 0.83%), 5/25/34	2,338,980		2,336,667
Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A SEQ, 2.46%, 7/20/20(1)	1,666,667		1,665,370
Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A SEQ, 2.50%, 7/20/21(1)	4,420,000		4,400,385
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(1)	675,000		674,326
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(1)	317,804		313,729
Colony Starwood Homes, Series 2016-2A, Class A, VRN, 3.73%, (1-month LIBOR plus 1.25%), 12/17/33(1)	994,605		995,511
Enterprise Fleet Financing LLC, Series 2016-2, Class A2 SEQ, 1.74%, 2/22/22(1)	336,035		335,270
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	809,807		828,536
Hertz Vehicle Financing II LP, Series 2015-1A, Class A SEQ, 2.73%, 3/25/21(1)	2,550,000		2,542,705
Hertz Vehicle Financing II LP, Series 2016-3A, Class A SEQ, 2.27%, 7/25/20(1)	1,729,000		1,725,521
Hilton Grand Vacations Trust, Series 2013-A, Class A SEQ, 2.28%, 1/25/26(1)	290,634		289,905
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(1)	240,897		238,503
Hilton Grand Vacations Trust, Series 2014-AA, Class B, 2.07%, 11/25/26(1)	170,045		167,824
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(1)	353,708		351,187
Hilton Grand Vacations Trust, Series 2018-AA, Class B, 3.70%, 2/25/32(1)	2,036,673		2,069,978
Invitation Homes Trust, Series 2017-SFR2, Class B, VRN, 3.63%, (1-month LIBOR plus 1.15%), 12/17/36(1)	1,300,000		1,301,138
Invitation Homes Trust, Series 2018-SFR1, Class B, VRN, 3.43%, (1-month LIBOR plus 0.95%), 3/17/37(1)	2,575,000		2,546,039
Invitation Homes Trust, Series 2018-SFR1, Class C, VRN, 3.73%, (1-month LIBOR plus 1.25%), 3/17/37(1)	2,000,000		1,997,856
Invitation Homes Trust, Series 2018-SFR2, Class C, VRN, 3.76%, (1-month LIBOR plus 1.28%), 6/17/37(1)	1,450,000		1,442,778

14

	Principal Amount		Value
Invitation Homes Trust, Series 2018-SFR3, Class B, VRN, 3.63%, (1-month LIBOR plus 1.15%), 7/17/37(1)	$	1,450,000	$	1,453,451
Invitation Homes Trust, Series 2018-SFR4, Class B, VRN, 3.73%, (1-month LIBOR plus 1.25%), 1/17/38(1)	2,475,000		2,482,999
Marriott Vacation Club Owner Trust, Series 2012-1A, Class A SEQ, 2.51%, 5/20/30(1)	238,321		237,336
Mill City Mortgage Loan Trust, Series 2017-2, Class A1, VRN, 2.75%, 7/25/59(1)	1,164,500		1,153,572
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(1)	357,003		354,320
MVW Owner Trust, Series 2014-1A, Class B, 2.70%, 9/22/31(1)	711,132		697,924
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(1)	384,585		380,738
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(1)	295,257		290,265
MVW Owner Trust, Series 2017-1A, Class B, 2.75%, 12/20/34(1)	1,477,659		1,455,298
MVW Owner Trust, Series 2018-1A, Class B, 3.60%, 1/21/36(1)	1,773,360		1,798,986
Progress Residential Trust, Series 2016-SFR2, Class A SEQ, VRN, 3.88%, (1-month LIBOR plus 1.40%), 1/17/34(1)	599,409		601,292
Progress Residential Trust, Series 2017-SFR1, Class A SEQ, 2.77%, 8/17/34(1)	1,071,558		1,063,362
Progress Residential Trust, Series 2017-SFR2, Class A SEQ, 2.90%, 12/17/34(1)	2,375,000		2,357,717
Progress Residential Trust, Series 2018-SFR1, Class C, 3.68%, 3/17/35(1)	1,250,000		1,259,016
Progress Residential Trust, Series 2018-SFR2, Class C, 4.04%, 8/17/35(1)	1,775,000		1,798,260
Progress Residential Trust, Series 2018-SFR2, Class D, 4.34%, 8/17/35(1)	1,075,000		1,086,897
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(1)	2,700,000		2,751,163
Progress Residential Trust, Series 2018-SFR3, Class C, 4.18%, 10/17/35(1)	1,775,000		1,806,340
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	319,361		317,101
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(1)	344,506		343,057
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(1)	337,829		336,428
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(1)	281,063		280,677
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(1)	257,478		254,012
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(1)	2,131,723		2,152,774
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class B, 3.87%, 9/20/35(1)	627,978		638,215
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class C, 4.17%, 9/20/35(1)	1,746,563		1,783,117
Towd Point Mortgage Trust, Series 2017-6, Class A1, VRN, 2.75%, 10/25/57(1)	1,406,221		1,381,634
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(1)	471,647		467,789
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	1,232,784		1,219,703
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35(1)	807,763		794,940
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	835,269		847,444
TOTAL ASSET-BACKED SECURITIES (Cost $59,906,847)			60,069,055

15

	Principal Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 13.0%
Private Sponsor Collateralized Mortgage Obligations — 7.4%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.34%, 2/25/35	$	269,733	$	273,161
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	546,830		552,948
Citicorp Mortgage Securities Trust, Series 2007-8, Class 1A3, 6.00%, 9/25/37	441,975		465,083
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.45%, 8/25/34	252,247		246,758
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.43%, 8/25/34	819,786		817,160
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.48%, 8/25/35	241,232		244,871
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2, VRN, 4.24%, (1-year H15T1Y plus 2.15%), 9/25/35	300,785		305,896
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-4, Class A19, 5.25%, 5/25/34	125,726		128,117
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-5, Class 2A4, 5.50%, 5/25/34	99,829		101,132
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	3,046		2,968
Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3 SEQ, VRN, 3.50%, 6/25/47(1)	396,203		397,702
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.39%, 8/25/35	226,268		228,223
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.68%, 1/25/37	987,551		884,421
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 4.44%, 5/25/34	106,217		108,891
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 4.02%, 1/25/35	97,432		96,591
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.52%, 9/25/35	566,413		579,279
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.32%, 8/25/35	289,718		281,263
JPMorgan Mortgage Trust, Series 2014-5, Class A1, VRN, 2.98%, 10/25/29(1)	419,861		419,796
JPMorgan Mortgage Trust, Series 2018-6, Class 1A4 SEQ, VRN, 3.50%, 12/25/48(1)	758,987		763,119
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 4.47%, 11/21/34	353,098		364,460
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 4.45%, 2/25/35	312,393		317,381
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(1)	1,781,739		1,828,516
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.99%, (1-month LIBOR plus 1.50%), 6/25/57(1)	1,842,433		1,876,031
Sequoia Mortgage Trust, Series 2017-7, Class A4 SEQ, VRN, 3.50%, 10/25/47(1)	646,153		648,198
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(1)	1,112,706		1,134,004
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(1)	1,563,926		1,582,434
Sequoia Mortgage Trust, Series 2018-2, Class A4 SEQ, VRN, 3.50%, 2/25/48(1)	905,165		909,255

16

	Principal Amount		Value
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(1)	$	602,582	$	611,981
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.47%, 7/25/34	112,670		113,545
Thornburg Mortgage Securities Trust, Series 2006-4, Class A2B, VRN, 4.72%, 7/25/36	661,667		641,298
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.47%, 3/25/35	290,998		287,314
WaMu Mortgage Pass-Through Certificates, Series 2005-AR7, Class A3, VRN, 4.10%, 8/25/35	472,962		478,683
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.01%, 2/25/34	536,056		558,535
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-H, Class A1, VRN, 4.44%, 6/25/34	240,868		247,209
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1, VRN, 4.62%, 9/25/34	158,268		163,010
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 4.98%, 12/25/34	203,042		207,697
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 2A1, 5.50%, 1/25/36	530,949		536,660
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-18, Class 1A1, 5.50%, 1/25/36	511,127		509,270
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 1A1, VRN, 4.73%, 6/25/35	200,381		212,293
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 2A15, VRN, 4.80%, 6/25/35	229,400		238,223
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR13, Class A1, SEQ, VRN, 2.79%, (1-month LIBOR plus 0.30%), 5/25/35	343,234		328,658
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 4.97%, 3/25/35	275,279		281,225
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 4A8, VRN, 4.54%, 10/25/35	1,260,000		1,283,542
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR4, Class 2A1, VRN, 5.09%, 4/25/35	221,464		224,800
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	77,204		76,841
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-4, Class 2A1, 6.00%, 4/25/36	688,647		679,734
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-6, Class 1A16 SEQ, 5.75%, 5/25/36	483,223		471,145
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-8, Class A10 SEQ, 6.00%, 7/25/36	199,880		200,250
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-8, Class A9 SEQ, 6.00%, 7/25/36	186,554		186,900
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR1, Class 2A5 SEQ, VRN, 5.10%, 3/25/36	746,997		738,757
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 1A1, VRN, 4.70%, 7/25/36	142,692		143,690
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 2A1, VRN, 4.66%, 7/25/36	297,463		301,278
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A6 SEQ, VRN, 4.54%, 7/25/36	375,429		377,306
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR12, Class 1A1, VRN, 4.71%, 9/25/36	130,060		131,318
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Class 2A1, VRN, 4.75%, 10/25/36	73,674		73,043
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.73%, 10/25/36	61,305		60,705

17

	Principal Amount		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.70%, 10/25/36	$	396,201	$	392,083
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR19, Class A1, VRN, 4.86%, 12/25/36	655,366		644,843
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Class 2A3, VRN, 4.95%, 3/25/36	225,086		229,133
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 5.08%, 4/25/36	485,279		483,615
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A3 SEQ, 6.00%, 8/25/37	143,311		143,098
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	594,451		593,566
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-12, Class A7, 5.50%, 9/25/37	86,290		86,963
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	242,820		242,088
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	18,372		18,680
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-15, Class A1, 6.00%, 11/25/37	107,453		107,457
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	80,946		80,518
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 1A5 SEQ, 6.00%, 7/25/37	539,049		535,983
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 2A2, 6.00%, 7/25/37	509,104		505,270
Wells Fargo Mortgage-Backed Securities Trust, Series 2008-1, Class 4A1, 5.75%, 2/25/38	42,798		45,090
			30,030,955
U.S. Government Agency Collateralized Mortgage Obligations — 5.6%
FHLMC, Series 2015-HQ2, Class M3, VRN, 5.74%, (1-month LIBOR plus 3.25%), 5/25/25	550,000		596,432
FHLMC, Series 2017-DNA2, Class M1, VRN, 3.69%, (1-month LIBOR plus 1.20%), 10/25/29	2,892,764		2,909,397
FNMA, Series 2006-60, Class KF, VRN, 2.79%, (1-month LIBOR plus 0.30%), 7/25/36	689,393		688,188
FNMA, Series 2009-33, Class FB, VRN, 3.31%, (1-month LIBOR plus 0.82%), 3/25/37	789,731		808,081
FNMA, Series 2014-C02, Class 1M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	507,000		531,958
FNMA, Series 2014-C02, Class 2M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	1,583,980		1,645,351
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	22,830,119		4,028,354
FNMA, Series 2016-C03, Class 2M2, VRN, 8.39%, (1-month LIBOR plus 5.90%), 10/25/28	473,222		535,778
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	15,633,547		3,657,909
FNMA, Series 2017-C03, Class 1M2, VRN, 5.49%, (1-month LIBOR plus 3.00%), 10/25/29	1,200,000		1,267,667
FNMA, Series 2017-C05, Class 1M2, VRN, 4.69%, (1-month LIBOR plus 2.20%), 1/25/30	750,000		759,871
FNMA, Series 2018-C02, Class 2M1, VRN, 3.14%, (1-month LIBOR plus 0.65%), 8/25/30	1,664,931		1,664,563
FNMA, Series 417, Class C5, IO, 3.50%, 2/25/43	19,402,089		3,540,267
			22,633,816
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $52,485,660)			52,664,771

18

	Principal Amount		Value
COLLATERALIZED LOAN OBLIGATIONS — 3.8%
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 4.23%, (3-month LIBOR plus 1.55%), 5/15/30(1)	$	725,000	$	715,951
Bean Creek CLO Ltd., Series 2015-1A, Class BR, VRN, 4.21%, (3-month LIBOR plus 1.45%), 4/20/31(1)	600,000		587,386
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A3, VRN, 4.18%, (3-month LIBOR plus 1.50%), 5/15/31(1)	725,000		712,709
CBAM Ltd., Series 2018-5A, Class A, VRN, 3.79%, (3-month LIBOR plus 1.02%), 4/17/31(1)	575,000		565,546
CBAM Ltd., Series 2018-5A, Class B1, VRN, 4.17%, (3-month LIBOR plus 1.40%), 4/17/31(1)	1,200,000		1,161,626
CIFC Funding Ltd., Series 2013-3RA, Class A2, VRN, 4.18%, (3-month LIBOR plus 1.40%), 4/24/31(1)	575,000		563,446
Dryden 64 CLO Ltd., Series 2018-64A, Class B, VRN, 4.18%, (3-month LIBOR plus 1.40%), 4/18/31(1)	1,500,000		1,466,284
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 3.88%, (3-month LIBOR plus 1.12%), 7/20/31(1)	300,000		297,572
KKR CLO Ltd., Series 22A, Class A, VRN, 3.91%, (3-month LIBOR plus 1.15%), 7/20/31(1)	400,000		397,025
KKR CLO Ltd., Series 22A, Class B, VRN, 4.36%, (3-month LIBOR plus 1.60%), 7/20/31(1)	750,000		736,755
LCM XIV LP, Series 14A, Class AR, VRN, 3.82%, (3-month LIBOR plus 1.04%), 7/20/31(1)	375,000		370,472
LCM XIV LP, Series 2014A, Class BR, VRN, 4.34%, (3-month LIBOR plus 1.58%), 7/20/31(1)	1,250,000		1,237,499
LoanCore Issuer Ltd., Series 2018-CRE1, Class AS, VRN, 3.98%, (1-month LIBOR plus 1.50%), 5/15/28(1)	500,000		500,624
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, VRN, 3.71%, (3-month LIBOR plus 0.95%), 4/19/30(1)	650,000		645,158
Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, VRN, 4.26%, (3-month LIBOR plus 1.50%), 4/19/30(1)	750,000		742,809
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.77%, (3-month LIBOR plus 0.98%), 4/15/31(1)	1,000,000		988,739
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.74%, (3-month LIBOR plus 0.96%), 4/16/31(1)	1,500,000		1,475,883
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 3.83%, (3-month LIBOR plus 1.07%), 10/20/28(1)	500,000		499,321
Voya CLO Ltd., Series 2013-2A, Class A2AR, VRN, 4.17%, (3-month LIBOR plus 1.40%), 4/25/31(1)	1,000,000		979,752
Voya CLO Ltd., Series 2013-3A, Class A2RR, VRN, 4.48%, (3-month LIBOR plus 1.70%), 10/18/31(1)	750,000		747,725
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $15,608,577)			15,392,282
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.5%
Commercial Mortgage Trust, Series 2017-PANW, Class A SEQ, 3.24%, 10/10/29(1)	1,000,000		1,009,593
Core Industrial Trust, Series 2015-CALW, Class B, 3.25%, 2/10/34(1)	1,925,000		1,936,308
Core Industrial Trust, Series 2015-TEXW, Class B, 3.33%, 2/10/34(1)	1,000,000		1,007,965
DBCG Mortgage Trust, Series 2017-BBG, Class A, VRN, 3.18%, (1-month LIBOR plus 0.70%), 6/15/34(1)	1,880,000		1,874,304
Irvine Core Office Trust, Series 2013-IRV, Class A2 SEQ, VRN, 3.17%, 5/15/48(1)	2,000,000		2,036,082
Morgan Stanley Capital I Trust, Series 2014-CPT, Class AM, VRN, 3.40%, 7/13/29(1)	1,400,000		1,412,577

19

	Principal Amount		Value
Morgan Stanley Capital I Trust, Series 2014-CPT, Class C, VRN, 3.45%, 7/13/29(1)	$	1,000,000	$	1,005,781
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $10,383,184)			10,282,610
BANK LOAN OBLIGATIONS(3) — 1.6%
Diversified Telecommunication Services — 0.3%
Level 3 Financing Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	400,000		395,874
Zayo Group, LLC, 2017 Incremental Term Loan, 4.75%, (1-month LIBOR plus 2.25%), 1/19/24	750,000		746,925
			1,142,799
Health Care Providers and Services — 0.4%
DaVita, Inc., Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 6/24/21	994,778		995,559
HCA Inc., 2018 Term Loan B10, 4.50%, (1-month LIBOR plus 2.00%), 3/13/25	740,500		740,563
			1,736,122
Hotels, Restaurants and Leisure — 0.6%
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	466,074		459,470
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	578,151		569,959
Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 12/22/24	7,870		7,778
Hilton Worldwide Finance, LLC, Term Loan B2, 4.24%, (1-month LIBOR plus 1.75%), 10/25/23	682,262		681,464
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 3/21/25	692,857		684,508
			2,403,179
IT Services†
First Data Corporation, 2024 USD Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 4/26/24	180,000		179,682
Pharmaceuticals — 0.2%
Catalent Pharma Solutions Inc., USD Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 5/20/24	533,447		531,866
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 5.48%, (1-month LIBOR plus 3.00%), 6/2/25	327,848		326,122
			857,988
Technology Hardware, Storage and Peripherals — 0.1%
Western Digital Corporation, 2018 Term Loan B4, 4.25%, (1-month LIBOR plus 1.75%), 4/29/23	317,374		309,571
TOTAL BANK LOAN OBLIGATIONS (Cost $6,695,015)			6,629,341
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.0%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 1.0%
FHLMC, VRN, 4.62%, (1-year H15T1Y plus 2.25%), 9/1/35	339,309		357,359
FHLMC, VRN, 4.51%, (12-month LIBOR plus 1.87%), 7/1/36	40,612		42,611
FHLMC, VRN, 4.63%, (12-month LIBOR plus 1.88%), 7/1/40	188,802		197,775
FHLMC, VRN, 4.14%, (12-month LIBOR plus 1.78%), 9/1/40	100,986		104,628
FHLMC, VRN, 3.81%, (12-month LIBOR plus 1.78%), 2/1/41	326,051		335,439
FHLMC, VRN, 4.23%, (12-month LIBOR plus 1.88%), 5/1/41	91,035		95,090
FHLMC, VRN, 4.08%, (12-month LIBOR plus 1.87%), 7/1/41	179,782		186,583
FHLMC, VRN, 4.76%, (12-month LIBOR plus 1.88%), 10/1/41	167,809		174,483

20

	Principal Amount/Shares		Value
FHLMC, VRN, 2.07%, (12-month LIBOR plus 1.65%), 12/1/42	$	486,196	$	497,470
FHLMC, VRN, 2.32%, (12-month LIBOR plus 1.65%), 2/1/43	385,203		384,321
FHLMC, VRN, 4.70%, (12-month LIBOR plus 1.64%), 2/1/43	83,054		86,063
FHLMC, VRN, 4.06%, (12-month LIBOR plus 1.63%), 5/1/43	53,109		54,672
FHLMC, VRN, 4.25%, (12-month LIBOR plus 1.62%), 6/1/43	27,571		28,501
FHLMC, VRN, 4.27%, (12-month LIBOR plus 1.65%), 6/1/43	58,129		60,133
FNMA, VRN, 4.25%, (6-month LIBOR plus 1.57%), 6/1/35	257,494		266,615
FNMA, VRN, 4.27%, (6-month LIBOR plus 1.57%), 6/1/35	117,591		121,499
FNMA, VRN, 4.70%, (12-month LIBOR plus 1.71%), 12/1/37	4,486		4,705
FNMA, VRN, 4.44%, (12-month LIBOR plus 1.69%), 8/1/39	64,140		67,161
FNMA, VRN, 4.82%, (12-month LIBOR plus 1.69%), 1/1/40	29,991		31,556
FNMA, VRN, 3.32%, (12-month LIBOR plus 1.82%), 9/1/41	380,881		388,134
FNMA, VRN, 3.00%, (12-month LIBOR plus 1.82%), 11/1/41	398,282		403,266
			3,888,064
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities†
FHLMC, 5.50%, 12/1/36	1,828		2,000
FNMA, 5.00%, 7/1/20	3,748		3,837
FNMA, 5.50%, 7/1/36	1,988		2,177
			8,014
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $3,901,782)			3,896,078
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%
Argentina — 0.2%
Argentine Republic Government International Bond, 6.25%, 4/22/19 (Cost $1,000,000)	1,000,000		1,001,750
TEMPORARY CASH INVESTMENTS — 4.2%
Bennington Stark Capital Co. LLC, 2.55%, 4/1/19 (LOC: Societe Generale SA)(1)(4)	10,703,000		10,700,770
Societe Generale SA, 2.50%, 4/1/19(1)(4)	1,600,000		1,599,679
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.875%, 9/30/19 - 2/15/44, valued at $4,124,036), in a joint trading account at 2.35%, dated 3/29/19, due 4/1/19 (Delivery value $4,042,443)			4,041,652
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 6/30/25, valued at $693,097), at 1.25%, dated 3/29/19, due 4/1/19 (Delivery value $675,070)			675,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	26,388		26,388
TOTAL TEMPORARY CASH INVESTMENTS (Cost $17,046,040)			17,043,489
TOTAL INVESTMENT SECURITIES — 99.5% (Cost $402,868,297)			403,612,508
OTHER ASSETS AND LIABILITIES — 0.5%			1,917,240
TOTAL NET ASSETS — 100.0%			$	405,529,748

21

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes	746	June 2019	$	149,200,000	$	158,967,937	$	511,197

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	12	June 2019	$	1,200,000	$	1,490,625	$	(10,402	)
U.S. Treasury 5-Year Notes	202	June 2019	$	20,200,000	23,397,281		(221,908		)
					$	24,887,906	$	(232,310	)

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type‡	Fixed Rate Received (Paid)	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America Investment Grade Index Series 30	Sell	1.00%	6/20/23	$	6,000,000	$	82,135	$	38,191	$	120,326

‡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 serve 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
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
LOC	-	Letter of Credit
MTN	-	Medium Term Note
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.

†     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 $125,604,038, which represented 31.0% 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 futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $530,170.

(3) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate 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.

(4) The rate indicated is the yield to maturity at purchase.

See Notes to Financial Statements.

22

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (cost of $402,868,297)	$	403,612,508
Receivable for investments sold	1,220,782
Receivable for capital shares sold	214,615
Receivable for variation margin on swap agreements	6,281
Interest receivable	2,210,717
	407,264,903
Liabilities
Payable for capital shares redeemed	1,372,209
Payable for variation margin on futures contracts	116,690
Accrued management fees	177,372
Distribution and service fees payable	12,666
Dividends payable	56,218
	1,735,155
Net Assets	$	405,529,748
Net Assets Consist of:
Capital paid in	$	416,224,698
Distributable earnings	(10,694,950		)
	$	405,529,748

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$226,340,739	22,305,898	$10.15
I Class		$56,264,410	5,544,613	$10.15
A Class		$21,709,241	2,139,652	$10.15*
C Class		$9,045,964	891,100	$10.15
R Class		$755,775	74,431	$10.15
R5 Class		$20,661,727	2,036,324	$10.15
R6 Class		$70,751,892	6,978,162	$10.14

*Maximum offering price $10.38 (net asset value divided by 0.9775).

See Notes to Financial Statements.

23

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	11,626,133
Expenses:
Management fees	2,032,598
Distribution and service fees:
A Class	52,432
C Class	95,360
R Class	2,468
Trustees' fees and expenses	26,949
Other expenses	12,058
	2,221,865
Net investment income (loss)	9,404,268
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(2,180,490		)
Forward foreign currency exchange contract transactions	1,291,294
Futures contract transactions	(697,556		)
Swap agreement transactions	173,862
Foreign currency translation transactions	(46,894		)
	(1,459,784		)
Change in net unrealized appreciation (depreciation) on:
Investments	2,471,689
Forward foreign currency exchange contracts	(104,029		)
Futures contracts	631,480
Swap agreements	79,242
Translation of assets and liabilities in foreign currencies	(120		)
	3,078,262
Net realized and unrealized gain (loss)	1,618,478
Net Increase (Decrease) in Net Assets Resulting from Operations	$	11,022,746

See Notes to Financial Statements.

24

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	9,404,268		$	7,630,817
Net realized gain (loss)	(1,459,784		)	(1,372,774		)
Change in net unrealized appreciation (depreciation)	3,078,262			(3,052,454		)
Net increase (decrease) in net assets resulting from operations	11,022,746			3,205,589
Distributions to Shareholders
From earnings:
Investor Class	(5,957,493		)	(5,193,289		)
I Class	(1,326,168		)	(585,101		)
A Class	(501,382		)	(588,698		)
C Class	(156,404		)	(125,994		)
R Class	(10,725		)	(7,153		)
R5 Class	(596,220		)	(907,349		)
R6 Class	(1,832,621		)	(683,301		)
Decrease in net assets from distributions	(10,381,013		)	(8,090,885		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	19,284,513			5,375,109
Net increase (decrease) in net assets	19,926,246			489,813
Net Assets
Beginning of period	385,603,502			385,113,689
End of period	$	405,529,748		$	385,603,502

See Notes to Financial Statements.

25

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Short Duration Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek to maximize total return. As a secondary objective, the fund seeks a high level of income.

The fund offers the Investor Class, I Class, A Class, C Class, R Class, R5 Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the I Class and R6 Class commenced on April 10, 2017 and July 28, 2017, respectively.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, convertible bonds, bank loan obligations, municipal securities, 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.

Open-end management investment companies are valued at the reported net asset value 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

26

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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

27

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 7% of the shares of the fund.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended March 31, 2019 are as follows:

	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
Investor Class	0.2825% to 0.4000%*	0.2500% to 0.3100%	0.59%
I Class		0.1500% to 0.2100%	0.49%
A Class		0.2500% to 0.3100%	0.59%
C Class		0.2500% to 0.3100%	0.59%
R Class		0.2500% to 0.3100%	0.59%
R5 Class		0.0500% to 0.1100%	0.39%
R6 Class		0.0000% to 0.0600%	0.34%

*Prior to August 1, 2018, the Investment Category Fee range was 0.2925% to 0.4100%.

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2019 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

28

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $274,006,876, of which $183,427,244 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $281,147,670, of which $134,272,658 represented U.S. Treasury and Government Agency obligations.

5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
Investor Class
Sold	8,078,384		$	81,587,050		14,129,656		$	144,704,883
Issued in reinvestment of distributions	560,546		5,663,161			482,115		4,926,670
Redeemed	(9,331,853	)	(94,229,239		)	(16,442,496	)	(168,132,709		)
	(692,923	)	(6,979,028		)	(1,830,725	)	(18,501,156		)
I Class
Sold	5,652,905		57,084,211			6,792,067		69,571,697
Issued in reinvestment of distributions	116,253		1,174,307			50,386		513,857
Redeemed	(4,415,843	)	(44,605,117		)	(2,651,155	)	(27,088,710		)
	1,353,315		13,653,401			4,191,298		42,996,844
A Class
Sold	659,617		6,654,085			445,592		4,564,821
Issued in reinvestment of distributions	35,909		362,717			46,451		474,806
Redeemed	(619,036	)	(6,250,405		)	(3,497,498	)	(35,762,511		)
	76,490		766,397			(3,005,455	)	(30,722,884		)
C Class
Sold	601,676		6,062,410			217,421		2,227,369
Issued in reinvestment of distributions	13,709		138,520			10,706		109,486
Redeemed	(657,711	)	(6,639,749		)	(782,038	)	(8,010,992		)
	(42,326	)	(438,819		)	(553,911	)	(5,674,137		)
R Class
Sold	42,731		432,212			8,772		89,667
Issued in reinvestment of distributions	1,051		10,623			688		7,035
Redeemed	(8,703	)	(87,842		)	(20,990	)	(214,740		)
	35,079		354,993			(11,530	)	(118,038		)
R5 Class
Sold	413,496		4,176,159			720,356		7,393,228
Issued in reinvestment of distributions	58,849		594,533			83,490		854,886
Redeemed	(577,709	)	(5,832,918		)	(4,792,710	)	(49,148,126		)
	(105,364	)	(1,062,226		)	(3,988,864	)	(40,900,012		)
R6 Class
Sold	2,623,219		26,458,826			5,983,832		61,266,395
Issued in reinvestment of distributions	181,110		1,828,198			67,597		683,301
Redeemed	(1,518,965	)	(15,297,229		)	(358,631	)	(3,655,204		)
	1,285,364		12,989,795			5,692,798		58,294,492
Net increase (decrease)	1,909,635		$	19,284,513		493,611		$	5,375,109

(1) April 10, 2017 (commencement of sale) through March 31, 2018 for the I Class and July 28, 2017 (commencement of sale) through March 31, 2018 for the R6 Class.

29

6. 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	—		$	133,895,476	—
U.S. Treasury Securities	—		102,737,656		—
Asset-Backed Securities	—		60,069,055		—
Collateralized Mortgage Obligations	—		52,664,771		—
Collateralized Loan Obligations	—		15,392,282		—
Commercial Mortgage-Backed Securities	—		10,282,610		—
Bank Loan Obligations	—		6,629,341		—
U.S. Government Agency Mortgage-Backed Securities	—		3,896,078		—
Sovereign Governments and Agencies	—		1,001,750		—
Temporary Cash Investments	$	26,388	17,017,101		—
	$	26,388	$	403,586,120	—
Other Financial Instruments
Futures Contracts	$	511,197	—		—
Swap Agreements	—		$	120,326	—
	$	511,197	$	120,326	—
Liabilities
Other Financial Instruments
Futures Contracts	$	232,310	—		—

30

7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $9,962,500.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $45,698,801.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $117,841,667 futures contracts purchased and $36,690,956 futures contracts sold.

31

Value of Derivative Instruments as of March 31, 2019

	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Credit Risk	Receivable for variation margin on swap agreements*	$	6,281	Payable for variation margin on swap agreements*	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	$	116,690
		$	6,281		$	116,690

* Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2019

	Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value			Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	173,862		Change in net unrealized appreciation (depreciation) on swap agreements	$	79,242
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	1,291,294			Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	(104,029		)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(697,556		)	Change in net unrealized appreciation (depreciation) on futures contracts	631,480
		$	767,600			$	606,693

8. Risk Factors

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	10,381,013	$	8,090,885
Long-term capital gains	—		—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

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As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	402,897,866
Gross tax appreciation of investments	$	2,446,450
Gross tax depreciation of investments	(1,731,808		)
Net tax appreciation (depreciation) of investments	714,642
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	36,191
Net tax appreciation (depreciation)	$	750,833
Other book-to-tax adjustments	$	(544,068	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(5,354,971	)
Accumulated long-term capital losses	$	(4,910,904	)
Late-year ordinary loss deferral	$	(635,840	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization for tax purposes of unrealized gains (losses) on futures contracts. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

10. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

33

Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019	$10.13	0.24	0.05	0.29	(0.27)	$10.15	2.87%	0.60%	2.39%	72%		$226,341
2018	$10.25	0.20	(0.11)	0.09	(0.21)	$10.13	0.88%	0.60%	1.94%	89%		$233,033
2017	$10.25	0.16	0.01	0.17	(0.17)	$10.25	1.65%	0.60%	1.56%	85%		$254,540
2016	$10.33	0.14	(0.05)	0.09	(0.17)	$10.25	0.87%	0.60%	1.37%	73%		$224,708
2015	$10.42	0.17	(0.06)	0.11	(0.20)	$10.33	1.02%	0.60%	1.61%	56%		$217,035
I Class
2019	$10.13	0.26	0.04	0.30	(0.28)	$10.15	2.97%	0.50%	2.49%	72%		$56,264
2018(3)	$10.25	0.21	(0.12)	0.09	(0.21)	$10.13	0.92%	0.50%(4)	2.10%(4)	89%(5)		$42,466
A Class
2019	$10.13	0.22	0.04	0.26	(0.24)	$10.15	2.61%	0.85%	2.14%	72%		$21,709
2018	$10.25	0.17	(0.11)	0.06	(0.18)	$10.13	0.62%	0.85%	1.69%	89%		$20,903
2017	$10.25	0.13	0.01	0.14	(0.14)	$10.25	1.40%	0.85%	1.31%	85%		$51,956
2016	$10.33	0.11	(0.05)	0.06	(0.14)	$10.25	0.62%	0.85%	1.12%	73%		$61,261
2015	$10.42	0.14	(0.06)	0.08	(0.17)	$10.33	0.77%	0.85%	1.36%	56%		$56,703

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2019	$10.14	0.14	0.04	0.18	(0.17)	$10.15	1.75%	1.60%	1.39%	72%		$9,046
2018	$10.26	0.09	(0.10)	(0.01)	(0.11)	$10.14	(0.13)%	1.60%	0.94%	89%		$9,462
2017	$10.26	0.06	0.01	0.07	(0.07)	$10.26	0.64%	1.60%	0.56%	85%		$15,254
2016	$10.34	0.04	(0.05)	(0.01)	(0.07)	$10.26	(0.13)%	1.60%	0.37%	73%		$18,919
2015	$10.43	0.06	(0.06)	—	(0.09)	$10.34	0.02%	1.60%	0.61%	56%		$23,414
R Class
2019	$10.14	0.19	0.04	0.23	(0.22)	$10.15	2.26%	1.10%	1.89%	72%		$756
2018	$10.26	0.15	(0.11)	0.04	(0.16)	$10.14	0.37%	1.10%	1.44%	89%		$399
2017	$10.26	0.11	0.01	0.12	(0.12)	$10.26	1.15%	1.10%	1.06%	85%		$522
2016	$10.34	0.09	(0.05)	0.04	(0.12)	$10.26	0.37%	1.10%	0.87%	73%		$658
2015	$10.43	0.11	(0.06)	0.05	(0.14)	$10.34	0.52%	1.10%	1.11%	56%		$1,199
R5 Class
2019	$10.13	0.26	0.05	0.31	(0.29)	$10.15	3.08%	0.40%	2.59%	72%		$20,662
2018	$10.25	0.21	(0.10)	0.11	(0.23)	$10.13	1.08%	0.40%	2.14%	89%		$21,699
2017	$10.25	0.18	0.01	0.19	(0.19)	$10.25	1.85%	0.40%	1.76%	85%		$62,843
2016	$10.33	0.16	(0.05)	0.11	(0.19)	$10.25	1.07%	0.40%	1.57%	73%		$64,283
2015	$10.42	0.19	(0.06)	0.13	(0.22)	$10.33	1.22%	0.40%	1.81%	56%		$50,715

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2019	$10.13	0.27	0.03	0.30	(0.29)	$10.14	3.03%	0.35%	2.64%	72%		$70,752
2018(6)	$10.27	0.16	(0.14)	0.02	(0.16)	$10.13	0.22%	0.35%(4)	2.31%(4)	89%(5)		$57,642

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3) April 10, 2017 (commencement of sale) through March 31, 2018.

(4) Annualized.

(5) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

(6) July 28, 2017 (commencement of sale) through March 31, 2018.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of Short Duration Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Short Duration Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

37

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

38

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

39

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

40

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

41

Notes

42

Notes

43

Notes

44

Notes

45

Notes

46

Notes

47

Notes

48

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92285 1905

Annual Report

March 31, 2019

Short Duration Inflation Protection Bond Fund

Investor Class (APOIX)

I Class (APOHX)

Y Class (APOYX)

A Class (APOAX)

C Class (APOCX)

R Class (APORX)

R5 Class (APISX)

R6 Class (APODX)

G Class (APOGX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President’s Letter	2
Performance	3
Portfolio Commentary	5
Fund Characteristics	7
Shareholder Fee Example	8
Schedule of Investments	10
Statement of Assets and Liabilities	18
Statement of Operations	19
Statement of Changes in Net Assets	20
Notes to Financial Statements	21
Financial Highlights	31
Report of Independent Registered Public Accounting Firm	35
Management	36
Additional Information	39

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	APOIX	1.79%	0.71%	2.48%	—	5/31/05
Bloomberg Barclays U.S. 1-5 Year Treasury Inflation Protected Securities (TIPS) Index	—	2.04%	0.91%	1.99%	—	—
I Class	APOHX	1.87%	—	—	1.06%	4/10/17
Y Class	APOYX	1.98%	—	—	1.14%	4/10/17
A Class	APOAX					5/31/05
No sales charge		1.55%	0.47%	2.22%	—
With sales charge		-0.72%	0.02%	1.98%	—
C Class	APOCX	0.80%	-0.30%	1.46%	—	5/31/05
R Class	APORX	1.26%	0.22%	1.97%	—	5/31/05
R5 Class	APISX	1.98%	0.91%	2.69%	—	5/31/05
R6 Class	APODX	2.03%	0.97%	—	0.87%	7/26/13
G Class	APOGX	2.34%	—	—	1.79%	7/28/17

Average annual returns since inception are presented when ten years of performance history is not available.

Fund returns would have been lower if a portion of the fees had not been waived. Prior to August 31, 2011, the A Class had a maximum initial sales charge of 4.50%. The maximum initial sales charge is now 2.25%. Performance prior to that date has been adjusted to reflect this change in the initial sales charge.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 2.25% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

3

Growth of $10,000 Over 10 Years

$10,000 investment made March 31, 2009

Performance for other share classes will vary due to differences in fee structure.

Value on March 31, 2019
	Investor Class — $12,777
	Bloomberg Barclays U.S. 1-5 Year Treasury Inflation Protected Securities (TIPS) Index — $12,178

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class	G Class
0.57%	0.47%	0.37%	0.82%	1.57%	1.07%	0.37%	0.32%	0.32%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

4

Portfolio Commentary

Portfolio Managers: Bob Gahagan, Brian Howell, Jim Platz and Miguel Castillo

Performance Summary

Short Duration Inflation Protection Bond returned 1.79%* for the 12 months ended March 31, 2019. By comparison, the Bloomberg Barclays U.S. 1-5 Year Treasury Inflation Protected Securities (TIPS) Index gained 2.04%. Fund returns reflect operating expenses, while index returns do not.

Performance reflects the positive, yet challenging, backdrop for short-duration (less price sensitivity to interest rate changes) TIPS as interest rates and inflation expectations declined overall. The 12-month period witnessed a marked shift in growth and inflation trends, Federal Reserve (Fed) policy and investor sentiment, which influenced performance in the fixed-income market. In the first several months of the period, robust economic growth, rising inflation and the Fed’s steady rate-tightening strategy drove Treasury yields higher. Investment-grade bond returns were generally flat to slightly negative, while risk remained in favor. The environment reversed sharply in late 2018, as worries about future economic and corporate earnings growth, U.S.-China trade negotiations and a surprisingly bullish Fed outlook triggered severe volatility in the equity markets. Treasury yields plunged, as investors fled risk assets in favor of perceived safe-haven investments.

The new year brought a new sense of stability to the financial markets. Progress with U.S.-China trade negotiations and better-than-feared U.S. economic and earnings data helped restore some investor optimism. Additionally, the Fed paused its rate-hike campaign in January. Investors responded enthusiastically to this backdrop, and risk assets returned to favor. Meanwhile, Treasury yields moved modestly lower. Then, at its March monetary policy meeting, the Fed held rates steady again and suggested additional tightening was likely off the table for 2019. This news triggered another rally among Treasuries.

Overall, the Treasury market rally of late 2018 and early 2019 supported broad U.S. fixed-income gains for the entire 12-month period. TIPS advanced but underperformed the broad Treasury market as current inflation weakened and inflation expectations declined. The trailing 12-month headline inflation rate (as measured by the Consumer Price Index, or CPI) started the period at 2.4%, reached a reporting-period high of 2.9% in June and July, and ended the period at 1.9%. Annual core CPI (excluding food and energy prices) started the period at 2.0% and ended March 2019 at 1.8%. Longer-term inflation expectations, as measured by the 10-year breakeven rate (the yield difference between nominal 10-year Treasuries and 10-year TIPS), generally tracked headline inflation, rising early in the period before retreating to close the fiscal year at 187 basis points (one basis point equals 0.01%), 18 basis points lower than in March 2018. Theoretically, this rate indicates the market’s expectations for inflation for the next 10 years and also reflects the inflation rate required for TIPS to outperform nominal Treasuries during that period (1.87% or higher).

Duration Was a Modest Detractor

The dramatic decline in short-maturity interest rates coupled with significant flattening of the yield curve in late 2018 and early 2019 created challenges for shorter-duration assets and strategies. In this environment, our slightly shorter-than-index duration modestly detracted from relative results.

* All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.

5

Exposure to Corporate, Securitized Bonds Aided Relative Results

Approximately 84% of the portfolio was invested in TIPS at the end of the reporting period. The remainder included out-of-index allocations to securitized bonds, investment-grade and high-yield corporate bonds, and select U.S. dollar-denominated emerging markets bonds. The portfolio’s position in high-yield corporate bonds was a prominent contributor to performance, particularly in early 2019. Securitized bonds also contributed to performance, largely due to our focus on credit-sensitive securities, including non-agency collateralized mortgage obligations and commercial mortgage-backed securities, asset-backed securities and collateralized loan obligations. Our investment-grade corporate bonds were modest contributors, while our position in U.S. dollar-denominated emerging markets bonds detracted slightly.

To diversify inflation protection, we used inflation swaps to create an inflation overlay for the non-inflation-linked corporate and securitized securities. Inflation swaps are fixed-maturity instruments, negotiated through a counterparty (investment bank), that return the rate of inflation (CPI). All swaps bear counterparty credit risk, but American Century Investments applies stringent controls and oversight with regard to this risk. Overall, this strategy, combined with the portfolio’s corporate and securitized bonds, contributed modestly to results for the 12-month period.

Portfolio Positioning

Our portfolio positioning reflects our expectations for year-over-year headline and core inflation to converge near the Fed’s 2% target over the next several months. We expect the U.S. economy to continue to grow, but at a more moderate pace (2.0% to 2.5% annualized). However, we expect U.S. economic growth to remain more robust than growth in Europe and Japan. These factors should enable the Fed to remain on hold throughout the remainder of 2019. Meanwhile, market-based inflation expectations, including breakeven rates, remain below historic averages, suggesting TIPS and other inflation-linked securities still offer value. Although we have reduced risk in our out-of-index allocations, we will continue to look for opportunities among corporate bonds, securitized securities, emerging markets bonds and inflation swaps wherever value is apparent.

6

Fund Characteristics 

MARCH 31, 2019
Portfolio at a Glance
Average Duration (effective)	2.9 years
Weighted Average Life to Maturity	3.1 years
Types of Investments in Portfolio	% of net assets
U.S. Treasury Securities	83.5%
Asset-Backed Securities	4.2%
Collateralized Loan Obligations	2.6%
Corporate Bonds	2.5%
Collateralized Mortgage Obligations	2.5%
Bank Loan Obligations	0.9%
Commercial Mortgage-Backed Securities	0.5%
Sovereign Governments and Agencies	0.1%
Temporary Cash Investments	3.0%
Other Assets and Liabilities	0.2%

7

Shareholder Fee Example 

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1)  10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,013.00	$2.86	0.57%
I Class	$1,000	$1,013.50	$2.36	0.47%
Y Class	$1,000	$1,013.00	$1.86	0.37%
A Class	$1,000	$1,011.80	$4.11	0.82%
C Class	$1,000	$1,007.90	$7.86	1.57%
R Class	$1,000	$1,010.20	$5.36	1.07%
R5 Class	$1,000	$1,014.00	$1.86	0.37%
R6 Class	$1,000	$1,014.30	$1.61	0.32%
G Class	$1,000	$1,014.90	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,022.09	$2.87	0.57%
I Class	$1,000	$1,022.59	$2.37	0.47%
Y Class	$1,000	$1,023.09	$1.87	0.37%
A Class	$1,000	$1,020.84	$4.13	0.82%
C Class	$1,000	$1,017.10	$7.90	1.57%
R Class	$1,000	$1,019.60	$5.39	1.07%
R5 Class	$1,000	$1,023.09	$1.87	0.37%
R6 Class	$1,000	$1,023.34	$1.61	0.32%
G Class	$1,000	$1,024.88	$0.05	0.01%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9

Schedule of Investments

MARCH 31, 2019

	Principal Amount		Value
U.S. TREASURY SECURITIES — 83.5%
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/20(1)	$	62,556,852	$	62,275,258
U.S. Treasury Inflation Indexed Notes, 1.125%, 1/15/21	71,341,540		72,274,963
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/21	355,783,400		353,082,257
U.S. Treasury Inflation Indexed Notes, 0.625%, 7/15/21	50,256,450		50,722,198
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/22	121,387,898		120,469,009
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/22	101,431,960		100,421,849
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/22	6,129,648		6,100,379
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/23	191,928,000		189,850,099
U.S. Treasury Inflation Indexed Notes, 0.625%, 4/15/23	84,413,721		85,045,817
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/23	40,560,750		40,685,529
U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/24	200,653,080		202,709,921
U.S. Treasury Inflation Indexed Notes, 0.25%, 1/15/25	47,504,031		47,032,708
TOTAL U.S. TREASURY SECURITIES (Cost $1,331,255,506)			1,330,669,987
ASSET-BACKED SECURITIES — 4.2%
Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A SEQ, 2.46%, 7/20/20(2)	3,466,667		3,463,970
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(2)	2,625,000		2,622,378
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(2)	1,285,663		1,269,176
Colony Starwood Homes, Series 2016-2A, Class A, VRN, 3.73%, (1-month LIBOR plus 1.25%), 12/17/33(2)	3,543,724		3,546,951
Enterprise Fleet Financing LLC, Series 2016-2, Class A2 SEQ, 1.74%, 2/22/22(2)	1,148,475		1,145,858
Hilton Grand Vacations Trust, Series 2013-A, Class A SEQ, 2.28%, 1/25/26(2)	171,474		171,044
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(2)	703,796		696,803
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(2)	1,387,623		1,377,735
Invitation Homes Trust, Series 2018-SFR1, Class B, VRN, 3.43%, (1-month LIBOR plus 0.95%), 3/17/37(2)	3,875,000		3,831,418
Invitation Homes Trust, Series 2018-SFR3, Class B, VRN, 3.63%, (1-month LIBOR plus 1.15%), 7/17/37(2)	6,600,000		6,615,707
Invitation Homes Trust, Series 2018-SFR4, Class B, VRN, 3.73%, (1-month LIBOR plus 1.25%), 1/17/38(2)	10,900,000		10,935,228
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(2)	666,614		659,946
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(2)	1,141,660		1,122,357
Progress Residential Trust, Series 2016-SFR2, Class A SEQ, VRN, 3.88%, (1-month LIBOR plus 1.40%), 1/17/34(2)	2,447,586		2,455,276
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(2)	7,063,000		7,271,648
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(2)	1,286,928		1,277,823
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(2)	325,188		323,821

10

	Principal Amount		Value
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(2)	$	1,369,098	$	1,363,418
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(2)	989,859		976,534
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class B, 3.87%, 9/20/35(2)	2,982,895		3,031,520
Towd Point Mortgage Trust, Series 2017-3, Class M1, VRN, 3.50%, 7/25/57	5,000,000		4,933,478
Towd Point Mortgage Trust, Series 2018-1, Class A1 SEQ, VRN, 3.00%, 1/25/58(2)	2,034,969		2,019,193
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(2)	1,725,898		1,707,584
VSE VOI Mortgage LLC, Series 2017-A, Class A SEQ, 2.33%, 3/20/35(2)	3,820,047		3,754,541
TOTAL ASSET-BACKED SECURITIES (Cost $66,589,735)			66,573,407
COLLATERALIZED LOAN OBLIGATIONS — 2.6%
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 4.23%, (3-month LIBOR plus 1.55%), 5/15/30(2)	3,250,000		3,209,434
Bean Creek CLO Ltd., Series 2015-1A, Class BR, VRN, 4.21%, (3-month LIBOR plus 1.45%), 4/20/31(2)	3,300,000		3,230,624
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A3, VRN, 4.18%, (3-month LIBOR plus 1.50%), 5/15/31(2)	4,525,000		4,448,289
CBAM Ltd., Series 2018-5A, Class A, VRN, 3.79%, (3-month LIBOR plus 1.02%), 4/17/31(2)	2,175,000		2,139,239
CBAM Ltd., Series 2018-5A, Class B1, VRN, 4.17%, (3-month LIBOR plus 1.40%), 4/17/31(2)	2,275,000		2,202,248
CIFC Funding Ltd., Series 2013-3RA, Class A2, VRN, 4.18%, (3-month LIBOR plus 1.40%), 4/24/31(2)	2,500,000		2,449,765
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, VRN, 3.76%, (3-month LIBOR plus 0.97%), 4/15/31(2)	1,475,000		1,449,919
Goldentree Loan Management US CLO 3 Ltd., Series 2018-3A, Class B1, VRN, 4.31%, (3-month LIBOR plus 1.55%), 4/20/30(2)	3,000,000		2,958,150
KKR CLO Ltd., Series 22A, Class B, VRN, 4.36%, (3-month LIBOR plus 1.60%), 7/20/31(2)	3,325,000		3,266,280
Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, VRN, 4.26%, (3-month LIBOR plus 1.50%), 4/19/30(2)	4,150,000		4,110,212
Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 4.29%, (3-month LIBOR plus 1.50%), 4/15/31(2)	3,300,000		3,261,787
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 4.53%, (3-month LIBOR plus 1.75%), 4/18/31(2)	3,300,000		3,299,559
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.74%, (3-month LIBOR plus 0.96%), 4/16/31(2)	5,500,000		5,411,572
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $42,053,062)			41,437,078
CORPORATE BONDS — 2.5%
Auto Components†
ZF North America Capital, Inc., 4.00%, 4/29/20(2)	644,000		644,514
Banks — 0.2%
Banco de Credito del Peru, 2.25%, 10/25/19(2)	1,400,000		1,396,920
QNB Finansbank AS, MTN, 6.25%, 4/30/19	2,200,000		2,200,330
			3,597,250
Commercial Services and Supplies†
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(2)	650,000		646,750

11

	Principal Amount		Value
Containers and Packaging — 0.3%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(2)	$	2,000,000	$	2,017,500
Ball Corp., 4.375%, 12/15/20	950,000		966,625
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.75%, 10/15/20	998,181		1,000,676
			3,984,801
Health Care Providers and Services — 0.6%
DaVita, Inc., 5.75%, 8/15/22	1,515,000		1,547,194
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20(2)	1,580,000		1,594,123
HCA, Inc., 4.25%, 10/15/19	3,280,000		3,297,258
Tenet Healthcare Corp., 4.75%, 6/1/20	2,370,000		2,408,513
			8,847,088
Hotels, Restaurants and Leisure†
1011778 BC ULC / New Red Finance, Inc., 4.625%, 1/15/22(2)	580,000		584,182
Household Durables — 0.2%
Lennar Corp., 2.95%, 11/29/20	2,350,000		2,341,187
Life Sciences Tools and Services — 0.2%
IQVIA, Inc., 4.875%, 5/15/23(2)	2,530,000		2,587,178
Media — 0.3%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 2/15/23	2,380,000		2,427,600
Sirius XM Radio, Inc., 6.00%, 7/15/24(2)	2,450,000		2,548,000
			4,975,600
Metals and Mining — 0.1%
Steel Dynamics, Inc., 5.25%, 4/15/23	1,500,000		1,530,000
Multi-Utilities†
IPALCO Enterprises, Inc., 3.45%, 7/15/20	700,000		700,657
Oil, Gas and Consumable Fuels — 0.3%
Encana Corp., 3.90%, 11/15/21	1,100,000		1,120,586
Energy Transfer Operating LP, 7.50%, 10/15/20	727,000		774,303
Petroleos Mexicanos, 6.00%, 3/5/20	160,000		163,872
Petroleos Mexicanos, 6.375%, 2/4/21	2,700,000		2,806,650
			4,865,411
Semiconductors and Semiconductor Equipment — 0.1%
NXP BV / NXP Funding LLC, 4.125%, 6/15/20(2)	1,050,000		1,065,866
Technology Hardware, Storage and Peripherals — 0.2%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(2)	900,000		917,238
EMC Corp., 2.65%, 6/1/20	1,950,000		1,935,841
Seagate HDD Cayman, 4.25%, 3/1/22	667,000		669,304
			3,522,383
TOTAL CORPORATE BONDS (Cost $40,179,096)			39,892,867
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.5%
Private Sponsor Collateralized Mortgage Obligations — 2.1%
ABN Amro Mortgage Corp., Series 2003-6, Class 1A4, 5.50%, 5/25/33	53,863		56,248
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.34%, 2/25/35	404,599		409,742

12

	Principal Amount		Value
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 4.23%, 11/25/34	$	669,748	$	654,465
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	836,643		846,003
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.45%, 8/25/34	280,274		274,175
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.48%, 8/25/35	327,386		332,325
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-4, Class A19, 5.25%, 5/25/34	440,040		448,409
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.39%, 8/25/35	377,114		380,372
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.68%, 1/25/37	469,087		420,100
GSR Mortgage Loan Trust, Series 2005-6F, Class 1A5 SEQ, 5.25%, 7/25/35	507,434		530,873
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.52%, 9/25/35	339,848		347,567
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.32%, 8/25/35	686,767		666,725
JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 4.69%, 4/25/35	387,153		393,509
JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, VRN, 4.14%, 6/25/36	451,912		402,821
JPMorgan Mortgage Trust, Series 2006-S1, Class 1A2 SEQ, 6.50%, 4/25/36	314,639		339,821
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 4.45%, 2/25/35	124,957		126,952
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.99%, (1-month LIBOR plus 1.50%), 6/25/57(2)	3,070,721		3,126,719
Sequoia Mortgage Trust, Series 2014-3, Class A14, SEQ, VRN, 3.00%, 10/25/44(2)	880,242		866,998
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(2)	3,709,020		3,780,012
Sequoia Mortgage Trust, Series 2018-2, Class A4 SEQ, VRN, 3.50%, 2/25/48(2)	3,620,660		3,637,022
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.47%, 7/25/34	929,527		936,743
Thornburg Mortgage Securities Trust, Series 2004-3, Class A, VRN, 3.23%, (1-month LIBOR plus 0.74%), 9/25/44	471,758		465,909
Thornburg Mortgage Securities Trust, Series 2006-4, Class A2B, VRN, 4.72%, 7/25/36	1,323,334		1,282,596
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 4.98%, 12/25/34	111,038		113,585
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 1A1, 5.50%, 1/25/36	614,183		604,938
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 1A1, VRN, 4.73%, 6/25/35	1,011,926		1,072,078
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 4.97%, 3/25/35	429,645		438,924
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR4, Class 2A1, VRN, 5.09%, 4/25/35	461,384		468,333
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	428,760		426,741
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-13, Class A5, 6.00%, 10/25/36	401,691		397,395
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	237,517		236,955

13

	Principal Amount		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-8, Class A9 SEQ, 6.00%, 7/25/36	$	666,266	$	667,499
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-9, Class 1A9 SEQ, 6.00%, 8/25/36	296,440		293,264
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR1, Class 2A5 SEQ, VRN, 5.10%, 3/25/36	1,216,868		1,203,444
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Class 2A1, VRN, 4.75%, 10/25/36	640,646		635,156
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.73%, 10/25/36	193,928		192,030
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.70%, 10/25/36	283,001		280,059
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Class 2A3, VRN, 4.95%, 3/25/36	600,228		611,021
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR7, Class 2A1, VRN, 4.42%, 5/25/36	336,608		346,298
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A3 SEQ, 6.00%, 8/25/37	225,203		224,868
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	610,163		609,254
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-12, Class A7, 5.50%, 9/25/37	580,357		584,884
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	145,692		145,253
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	33,070		33,624
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-15, Class A1, 6.00%, 11/25/37	762,304		762,333
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	129,514		128,829
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-2, Class 3A2, SEQ, 5.25%, 3/25/37	303,639		312,137
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-4, Class A15, 6.00%, 4/25/37	345,887		346,142
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 2A2, 6.00%, 7/25/37	846,320		839,947
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 4.91%, 1/25/38	152,518		147,146
Wells Fargo Mortgage-Backed Securities Trust, Series 2008-1, Class 4A1, 5.75%, 2/25/38	267,488		281,815
WinWater Mortgage Loan Trust, Series 2014-1, Class A4 SEQ, VRN, 3.50%, 6/20/44(2)	308,494		312,051
			33,442,109
U.S. Government Agency Collateralized Mortgage Obligations — 0.4%
FNMA, Series 2014-C02, Class 1M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	1,550,000		1,626,301
FNMA, Series 2014-C02, Class 2M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	2,387,910		2,480,428
FNMA, Series 2016-C03, Class 2M2, VRN, 8.39%, (1-month LIBOR plus 5.90%), 10/25/28	1,892,886		2,143,111
			6,249,840
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $39,167,872)			39,691,949

14

	Principal Amount		Value
BANK LOAN OBLIGATIONS(3) — 0.9%
Diversified Telecommunication Services — 0.2%
Level 3 Financing Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	$	1,680,000	$	1,662,671
Zayo Group, LLC, 2017 Incremental Term Loan, 4.75%, (1-month LIBOR plus 2.25%), 1/19/24	2,350,000		2,340,365
			4,003,036
Food Products — 0.1%
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	252,943		251,146
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	817,264		811,457
			1,062,603
Health Care Providers and Services†
HCA Inc., 2018 Term Loan B10, 4.50%, (1-month LIBOR plus 2.00%), 3/13/25	329,844		329,872
Hotels, Restaurants and Leisure — 0.2%
Hilton Worldwide Finance, LLC, Term Loan B2, 4.24%, (1-month LIBOR plus 1.75%), 10/25/23	1,979,609		1,977,293
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 3/21/25	1,323,858		1,307,906
			3,285,199
Independent Power and Renewable Electricity Producers — 0.2%
NRG Energy, Inc., 2016 Term Loan B, 4.25%, (1-month LIBOR plus 1.75%), 6/30/23	2,778,571		2,750,313
Media — 0.1%
Charter Communications Operating, LLC, 2017 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 4/30/25	1,790,932		1,781,198
Technology Hardware, Storage and Peripherals — 0.1%
Dell International LLC, 2017 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 9/7/23	268,496		265,790
Western Digital Corporation, 2018 Term Loan B4, 4.25%, (1-month LIBOR plus 1.75%), 4/29/23	1,320,042		1,287,588
			1,553,378
TOTAL BANK LOAN OBLIGATIONS (Cost $14,928,968)			14,765,599
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5%
DBCG Mortgage Trust, Series 2017-BBG, Class A, VRN, 3.18%, (1-month LIBOR plus 0.70%), 6/15/34(2)	5,800,000		5,782,428
Morgan Stanley Capital I Trust, Series 2014-CPT, Class C, VRN, 3.45%, 7/13/29(2)	2,750,000		2,765,898
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $8,576,746)			8,548,326
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1%
Argentina — 0.1%
Argentine Republic Government International Bond, 6.875%, 4/22/21 (Cost $2,461,642)	2,350,000		2,151,425
TEMPORARY CASH INVESTMENTS — 3.0%
Bennington Stark Capital Co. LLC, 2.55%, 4/1/19 (LOC: Societe Generale SA)(2)(4)	46,887,000		46,877,232

15

	Shares	Value
State Street Institutional U.S. Government Money Market Fund, Premier Class	12,442	$	12,442
TOTAL TEMPORARY CASH INVESTMENTS (Cost $46,899,442)		46,889,674
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $1,592,112,069)		1,590,620,312
OTHER ASSETS AND LIABILITIES — 0.2%		3,331,731
TOTAL NET ASSETS — 100.0%		$	1,593,952,043

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes	537	June 2019	$	107,400,000	$	114,431,344	$	359,597

CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate Index	Pay/Receive Floating Rate Index	Fixed Rate	Termination Date	Notional Amount		Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Value
CPURNSA	Receive	2.24%	8/19/19	$	24,500,000	$	650		$	(1,033,878	)	$	(1,033,228	)
CPURNSA	Receive	2.06%	5/2/22	$	22,000,000	634			(210,956		)	(210,322		)
CPURNSA	Receive	2.07%	5/3/22	$	40,000,000	744			(413,790		)	(413,046		)
CPURNSA	Receive	2.02%	5/4/22	$	23,500,000	643			(178,797		)	(178,154		)
CPURNSA	Receive	1.93%	9/5/22	$	18,000,000	(610		)	57,024			56,414
						$	2,061		$	(1,780,397	)	$	(1,778,336	)

TOTAL RETURN SWAP AGREEMENTS
Counterparty	Floating Rate Index	Pay/Receive Floating Rate Index	Fixed Rate	Termination Date	Notional Amount		Value*
Bank of America N.A.(5)	CPURNSA	Receive	1.41%	8/27/20	$	40,000,000	$	712,337
Bank of America N.A.(5)	CPURNSA	Receive	1.49%	9/3/20	$	9,700,000	132,719
Barclays Bank plc	CPURNSA	Receive	1.64%	2/3/20	$	49,000,000	16,049
							$	861,105

*Amount represents value and unrealized appreciation (depreciation).

16

NOTES TO SCHEDULE OF INVESTMENTS
CPURNSA	-	U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
FNMA	-	Federal National Mortgage Association
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
LIBOR	-	London Interbank Offered Rate
LOC	-	Letter of Credit
MTN	-	Medium Term Note
SEQ	-	Sequential Payer
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.

† Category is less than 0.05% of total net assets.

(1) Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $2,899,985.

(2) 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 $184,227,638, which represented 11.6% of total net assets. Of these securities, 2.0% of total net assets were deemed illiquid under policies approved by the Board of Trustees.

(3) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate 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.

(4) The rate indicated is the yield to maturity at purchase.

(5) Collateral has been received at the custodian for collateral requirements on swap agreements. At the period end, the aggregate value of securities received was $850,566.

See Notes to Financial Statements.

17

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (cost of $1,592,112,069)	$	1,590,620,312
Receivable for investments sold	16,143
Receivable for capital shares sold	699,975
Receivable for variation margin on swap agreements	205,607
Swap agreements, at value	861,105
Interest receivable	2,515,017
	1,594,918,159
Liabilities
Payable for capital shares redeemed	334,462
Payable for variation margin on futures contracts	117,469
Accrued management fees	486,916
Distribution and service fees payable	27,269
	966,116
Net Assets	$	1,593,952,043
Net Assets Consist of:
Capital paid in	$	1,618,150,439
Distributable earnings	(24,198,396		)
	$	1,593,952,043

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$559,790,072	55,391,722	$10.11
I Class		$186,378,257	18,294,632	$10.19
Y Class		$4,471,149	438,751	$10.19
A Class		$24,987,597	2,497,321	$10.01*
C Class		$17,768,738	1,834,211	$9.69
R Class		$15,253,030	1,494,316	$10.21
R5 Class		$376,691,084	36,980,835	$10.19
R6 Class		$8,920,065	875,634	$10.19
G Class		$399,692,051	39,175,586	$10.20

*Maximum offering price $10.24 (net asset value divided by 0.9775).

See Notes to Financial Statements.

18

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	34,044,234
Expenses:
Management fees	7,285,986
Distribution and service fees:
A Class	61,567
C Class	207,159
R Class	72,077
Trustees' fees and expenses	115,358
Other expenses	36,104
	7,778,251
Fees waived - G Class	(1,339,921		)
	6,438,330
Net investment income (loss)	27,605,904
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(7,204,930		)
Forward foreign currency exchange contract transactions	(52,110		)
Futures contract transactions	988,746
Swap agreement transactions	(363,401		)
	(6,631,695		)
Change in net unrealized appreciation (depreciation) on:
Investments	10,179,087
Forward foreign currency exchange contracts	(391,811		)
Futures contracts	359,597
Swap agreements	(810,088		)
	9,336,785
Net realized and unrealized gain (loss)	2,705,090
Net Increase (Decrease) in Net Assets Resulting from Operations	$	30,310,994

See Notes to Financial Statements.

19

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	27,605,904		$	27,754,402
Net realized gain (loss)	(6,631,695		)	2,575,798
Change in net unrealized appreciation (depreciation)	9,336,785			(25,660,640		)
Net increase (decrease) in net assets resulting from operations	30,310,994			4,669,560
Distributions to Shareholders
From earnings:
Investor Class	(13,529,034		)	(8,637,793		)
I Class	(4,638,038		)	(1,750,952		)
Y Class	(57,097		)	(82		)
A Class	(494,557		)	(344,340		)
C Class	(254,024		)	(119,975		)
R Class	(254,623		)	(123,639		)
R5 Class	(9,029,513		)	(7,749,744		)
R6 Class	(251,819		)	(3,156,417		)
G Class	(11,509,794		)	(5,883,305		)
Decrease in net assets from distributions	(40,018,499		)	(27,766,247		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(54,072,974		)	152,131,675
Net increase (decrease) in net assets	(63,780,479		)	129,034,988
Net Assets
Beginning of period	1,657,732,522			1,528,697,534
End of period	$	1,593,952,043		$	1,657,732,522

See Notes to Financial Statements.

20

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Short Duration Inflation Protection Bond Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to pursue total return using a strategy that seeks to protect against U.S. inflation.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the I Class and Y Class commenced on April 10, 2017 and sale of the G Class commenced on July 28, 2017.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, convertible bonds, bank loan obligations, municipal securities, 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.

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. 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.

21

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 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly, but may be paid less frequently. Distributions from net realized gains, if any, are generally declared and paid annually.

22

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 34% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The investment advisor agreed to waive the G Class’s management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended March 31, 2019 are as follows:

	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
Investor Class	0.2625% to 0.3800%	0.2500% to 0.3100%	0.56%
I Class		0.1500% to 0.2100%	0.46%
Y Class		0.0500% to 0.1100%	0.36%
A Class		0.2500% to 0.3100%	0.56%
C Class		0.2500% to 0.3100%	0.56%
R Class		0.2500% to 0.3100%	0.56%
R5 Class		0.0500% to 0.1100%	0.36%
R6 Class		0.0000% to 0.0600%	0.31%
G Class		0.0000% to 0.0600%	0.00%(1)

(1) Effective annual management fee before waiver was 0.31%.

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2019 are detailed in the Statement of Operations.

23

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.There were no interfund transactions during the period.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $495,247,778, of which $405,297,052 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $563,243,561, of which $478,524,917 represented U.S. Treasury and Government Agency obligations.

24

5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
Investor Class
Sold	8,376,795		$	84,668,535		22,049,594		$	225,023,197
Issued in reinvestment of distributions	1,357,528		13,511,281			845,253		8,561,739
Redeemed	(15,667,583	)	(157,715,291		)	(17,720,170	)	(181,321,846		)
	(5,933,260	)	(59,535,475		)	5,174,677		52,263,090
I Class
Sold	9,647,354		98,304,633			18,475,550		190,555,472
Issued in reinvestment of distributions	413,802		4,148,760			161,705		1,648,786
Redeemed	(7,196,182	)	(72,676,457		)	(3,207,597	)	(32,799,260		)
	2,864,974		29,776,936			15,429,658		159,404,998
Y Class
Sold	453,529		4,616,406			15,085		153,944
Issued in reinvestment of distributions	5,723		57,097			8		82
Redeemed	(35,594	)	(360,515		)	—		—
	423,658		4,312,988			15,093		154,026
A Class
Sold	1,264,895		12,630,614			897,212		9,087,952
Issued in reinvestment of distributions	40,163		395,548			27,247		273,644
Redeemed	(1,200,787	)	(11,999,092		)	(3,124,155	)	(31,692,511		)
	104,271		1,027,070			(2,199,696	)	(22,330,915		)
C Class
Sold	402,028		3,900,149			349,236		3,414,166
Issued in reinvestment of distributions	23,837		227,216			10,769		104,710
Redeemed	(911,500	)	(8,833,024		)	(822,597	)	(8,065,585		)
	(485,635	)	(4,705,659		)	(462,592	)	(4,546,709		)
R Class
Sold	657,828		6,731,539			399,088		4,113,234
Issued in reinvestment of distributions	20,738		208,358			11,693		119,798
Redeemed	(463,304	)	(4,725,025		)	(288,491	)	(2,978,221		)
	215,262		2,214,872			122,290		1,254,811
R5 Class
Sold	8,934,549		91,219,008			29,643,482		305,489,110
Issued in reinvestment of distributions	880,366		8,820,400			742,898		7,592,935
Redeemed	(6,032,967	)	(61,029,129		)	(61,126,668	)	(630,575,303		)
	3,781,948		39,010,279			(30,740,288	)	(317,493,258		)
R6 Class
Sold	552,330		5,622,664			4,811,283		49,638,018
Issued in reinvestment of distributions	22,160		221,974			309,058		3,156,417
Redeemed	(507,609	)	(5,154,511		)	(23,506,883	)	(240,839,763		)
	66,881		690,127			(18,386,542	)	(188,045,328		)

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	Year ended March 31, 2019					Year ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
G Class
Sold	2,770,629		$	28,154,792		49,271,579		$	508,047,160
Issued in reinvestment of distributions	1,145,461		11,509,794			577,361		5,883,305
Redeemed	(10,462,037	)	(106,528,698		)	(4,127,407	)	(42,459,505		)
	(6,545,947	)	(66,864,112		)	45,721,533		471,470,960
Net increase (decrease)	(5,507,848	)	$	(54,072,974	)	14,674,133		$	152,131,675

(1) April 10, 2017 (commencement of sale) through March 31, 2018 for the I Class and Y Class and July 28, 2017 (commencement of sale) through March 31, 2018 for the G Class.

6. 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.

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The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1		Level 2		Level 3
Assets
Investment Securities
U.S. Treasury Securities	—		$	1,330,669,987	—
Asset-Backed Securities	—		66,573,407		—
Collateralized Loan Obligations	—		41,437,078		—
Corporate Bonds	—		39,892,867		—
Collateralized Mortgage Obligations	—		39,691,949		—
Bank Loan Obligations	—		14,765,599		—
Commercial Mortgage-Backed Securities	—		8,548,326		—
Sovereign Governments and Agencies	—		2,151,425		—
Temporary Cash Investments	$	12,442	46,877,232		—
	$	12,442	$	1,590,607,870	—
Other Financial Instruments
Futures Contracts	$	359,597	—		—
Swap Agreements	—		$	917,519	—
	$	359,597	$	917,519	—
Liabilities
Other Financial Instruments
Swap Agreements	—		$	1,834,750	—

7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $49,730,000.

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Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $188,822,835.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $51,916,667 futures contracts purchased.

Other Contracts — A fund may enter into total return swap agreements in order to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets or gain exposure to certain markets in the most economical way possible. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments, including inflationary risk. The fund's average notional amount held during the period was $228,700,000.

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Value of Derivative Instruments as of March 31, 2019

	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Other Contracts	Receivable for variation margin on swap agreements*	$	205,607	Payable for variation margin on swap agreements*	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	$	117,469
Other Contracts	Swap agreements	861,105		Swap agreements	—
		$	1,066,712		$	117,469

* Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2019

	Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value			Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	697,222		Change in net unrealized appreciation (depreciation) on swap agreements	$	611,988
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	(52,110		)	Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	(391,811		)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	988,746			Change in net unrealized appreciation (depreciation) on futures contracts	359,597
Other Contracts	Net realized gain (loss) on swap agreement transactions	(1,060,623		)	Change in net unrealized appreciation (depreciation) on swap agreements	(1,422,076		)
		$	573,235			$	(842,302	)

8. Risk Factors

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	40,018,499	$	27,766,247
Long-term capital gains	—		—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

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As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	1,592,143,372
Gross tax appreciation of investments	$	6,874,169
Gross tax depreciation of investments	(8,397,229		)
Net tax appreciation (depreciation) of investments	(1,523,060		)
Net tax appreciation (depreciation) on derivatives	(919,292		)
Net tax appreciation (depreciation)	$	(2,442,352	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(6,485,719	)
Accumulated long-term capital losses	$	(14,670,377	)
Late-year ordinary loss deferral	$	(599,948	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization for tax purposes of unrealized gains (losses) on futures contracts.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

10. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

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Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019	$10.16	0.15	0.03	0.18	(0.23)	$10.11	1.79%	0.57%	0.57%	1.49%	1.49%	31%		$559,790
2018	$10.31	0.16	(0.16)	—	(0.15)	$10.16	0.05%	0.57%	0.57%	1.52%	1.52%	31%		$622,940
2017	$10.14	0.17	0.04	0.21	(0.04)	$10.31	2.11%	0.57%	0.57%	1.69%	1.69%	48%		$578,775
2016	$10.06	0.05	0.03	0.08	—	$10.14	0.80%	0.57%	0.57%	0.61%	0.61%	36%		$507,940
2015	$10.29	0.05	(0.17)	(0.12)	(0.11)	$10.06	(1.13)%	0.57%	0.57%	0.35%	0.35%	56%		$434,166
I Class
2019	$10.24	0.15	0.04	0.19	(0.24)	$10.19	1.87%	0.47%	0.47%	1.59%	1.59%	31%		$186,378
2018(3)	$10.38	0.15	(0.13)	0.02	(0.16)	$10.24	0.22%	0.47%(4)	0.47%(4)	1.51%(4)	1.51%(4)	31%(5)		$157,963
Y Class
2019	$10.24	0.15	0.05	0.20	(0.25)	$10.19	1.98%	0.37%	0.37%	1.69%	1.69%	31%		$4,471
2018(3)	$10.38	0.18	(0.15)	0.03	(0.17)	$10.24	0.29%	0.37%(4)	0.37%(4)	1.76%(4)	1.76%(4)	31%(5)		$155
A Class
2019	$10.06	0.11	0.04	0.15	(0.20)	$10.01	1.55%	0.82%	0.82%	1.24%	1.24%	31%		$24,988
2018	$10.21	0.13	(0.15)	(0.02)	(0.13)	$10.06	(0.21)%	0.82%	0.82%	1.27%	1.27%	31%		$24,073
2017	$10.04	0.15	0.04	0.19	(0.02)	$10.21	1.87%	0.82%	0.82%	1.44%	1.44%	48%		$46,885
2016	$9.98	0.10	(0.04)	0.06	—	$10.04	0.60%	0.82%	0.82%	0.36%	0.36%	36%		$53,748
2015	$10.20	0.05	(0.20)	(0.15)	(0.07)	$9.98	(1.43)%	0.82%	0.82%	0.10%	0.10%	56%		$117,032

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2019	$9.74	0.05	0.03	0.08	(0.13)	$9.69	0.80%	1.57%	1.57%	0.49%	0.49%	31%		$17,769
2018	$9.89	0.05	(0.15)	(0.10)	(0.05)	$9.74	(0.99)%	1.57%	1.57%	0.52%	0.52%	31%		$22,600
2017	$9.78	0.07	0.04	0.11	—	$9.89	1.12%	1.57%	1.57%	0.69%	0.69%	48%		$27,511
2016	$9.80	(0.02)	—	(0.02)	—	$9.78	(0.20)%	1.57%	1.57%	(0.39)%	(0.39)%	36%		$31,482
2015	$10.05	(0.03)	(0.19)	(0.22)	(0.03)	$9.80	(2.18)%	1.57%	1.57%	(0.65)%	(0.65)%	56%		$40,247
R Class
2019	$10.26	0.08	0.05	0.13	(0.18)	$10.21	1.26%	1.07%	1.07%	0.99%	0.99%	31%		$15,253
2018	$10.41	0.11	(0.16)	(0.05)	(0.10)	$10.26	(0.45)%	1.07%	1.07%	1.02%	1.02%	31%		$13,120
2017	$10.25	0.13	0.03	0.16	—	$10.41	1.56%	1.07%	1.07%	1.19%	1.19%	48%		$12,039
2016	$10.21	—(6)	0.04	0.04	—	$10.25	0.39%	1.07%	1.07%	0.11%	0.11%	36%		$13,658
2015	$10.44	0.01	(0.18)	(0.17)	(0.06)	$10.21	(1.63)%	1.07%	1.07%	(0.15)%	(0.15)%	56%		$17,466
R5 Class
2019	$10.24	0.16	0.04	0.20	(0.25)	$10.19	1.98%	0.37%	0.37%	1.69%	1.69%	31%		$376,691
2018	$10.39	0.18	(0.16)	0.02	(0.17)	$10.24	0.25%	0.37%	0.37%	1.72%	1.72%	31%		$339,844
2017	$10.22	0.19	0.04	0.23	(0.06)	$10.39	2.30%	0.37%	0.37%	1.89%	1.89%	48%		$664,148
2016	$10.11	0.08	0.03	0.11	—(6)	$10.22	1.10%	0.37%	0.37%	0.81%	0.81%	36%		$575,649
2015	$10.36	0.03	(0.13)	(0.10)	(0.15)	$10.11	(1.01)%	0.37%	0.37%	0.55%	0.55%	56%		$543,717

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2019	$10.24	0.16	0.04	0.20	(0.25)	$10.19	2.03%	0.32%	0.32%	1.74%	1.74%	31%		$8,920
2018	$10.38	0.18	(0.14)	0.04	(0.18)	$10.24	0.29%	0.32%	0.32%	1.77%	3.54%	31%		$8,280
2017	$10.22	0.20	0.03	0.23	(0.07)	$10.38	2.35%	0.32%	0.32%	1.94%	1.94%	48%		$199,340
2016	$10.11	0.06	0.06	0.12	(0.01)	$10.22	1.15%	0.32%	0.32%	0.86%	0.86%	36%		$166,472
2015	$10.36	(0.07)(7)	(0.03)	(0.10)	(0.15)	$10.11	(0.94)%	0.32%	0.32%	0.60%	0.60%	56%		$13,937
G Class
2019	$10.25	0.22	0.01	0.23	(0.28)	$10.20	2.34%	0.01%	0.32%	2.05%	1.74%	31%		$399,692
2018(8)	$10.31	0.14	(0.07)	0.07	(0.13)	$10.25	0.66%	0.01%(4)	0.32%(4)	2.02%(4)	1.71%(4)	31%(5)		$468,758

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3) April 10, 2017 (commencement of sale) through March 31, 2018.

(4) Annualized.

(5) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

(6) Per-share amount was less than $0.005.

(7) Per-share amount was affected by certain income adjustments and timing of capital share transactions.

(8) July 28, 2017 (commencement of sale) through March 31, 2018.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of Short Duration Inflation Protection Bond Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Short Duration Inflation Protection Bond Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

35

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

36

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

37

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

38

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

39

Notes

40

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92282 1905

Annual Report

March 31, 2019

Short Duration Strategic Income Fund

Investor Class (ASDVX)

I Class (ASDHX)

Y Class (ASYDX)

A Class (ASADX)

C Class (ASCDX)

R Class (ASDRX)

R5 Class (ASDJX)

R6 Class (ASXDX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President’s Letter	2
Performance	3
Portfolio Commentary	5
Fund Characteristics	7
Shareholder Fee Example	8
Schedule of Investments	10
Statement of Assets and Liabilities	21
Statement of Operations	22
Statement of Changes in Net Assets	23
Notes to Financial Statements	24
Financial Highlights	32
Report of Independent Registered Public Accounting Firm	35
Management	36
Additional Information	39

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
Investor Class	ASDVX	2.75%	1.85%	7/28/14
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index	—	3.03%	1.25%	—
I Class	ASDHX	2.75%	2.10%	4/10/17
Y Class	ASYDX	2.92%	2.24%	4/10/17
A Class	ASADX			7/28/14
No sales charge		2.50%	1.60%
With sales charge		0.19%	1.10%
C Class	ASCDX	1.73%	0.84%	7/28/14
R Class	ASDRX	2.24%	1.34%	7/28/14
R5 Class	ASDJX	2.96%	2.05%	7/28/14
R6 Class	ASXDX	3.01%	2.10%	7/28/14

Fund returns would have been lower if a portion of the fees had not been waived.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 2.25% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

3

Growth of $10,000 Over Life of Class

$10,000 investment made July 28, 2014

Performance for other share classes will vary due to differences in fee structure.

Value on March 31, 2019
	Investor Class — $10,894
	Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index — $10,599

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class
0.64%	0.54%	0.44%	0.89%	1.64%	1.14%	0.44%	0.39%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

4

Portfolio Commentary

Portfolio Managers: Kevin Akioka, Jeff Houston, Bob Gahagan, Brian Howell and Margé Karner

Performance Summary

Short Duration Strategic Income returned 2.75%* for the 12 months ended March 31, 2019. The investment-grade Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index gained 3.03% for the same period. Fund returns reflect operating expenses, while index returns do not.

The fund’s results reflect the positive performance of higher-yielding securities during the 12 months. The reporting period witnessed a marked shift in Federal Reserve (Fed) policy and investor sentiment toward the U.S. and global economic growth outlook, which influenced performance in the fixed-income market. In the first several months of the period, robust economic growth, rising inflation and the Fed’s steady rate-tightening strategy drove Treasury yields higher. Investment-grade bond returns were generally flat to slightly negative. Meanwhile, risk-on investing remained in favor, and higher-yielding securities outperformed. The environment reversed sharply in late 2018, as worries about future economic and corporate earnings growth, U.S.-China trade negotiations and a surprisingly bullish Fed outlook triggered severe volatility in the equity markets. Investors fled risk assets in favor of U.S. Treasuries and other perceived safe-haven investments.

The new year brought a new sense of stability to the financial markets. Progress with U.S.-China trade negotiations and better-than-feared U.S. economic and earnings data helped restore some investor optimism. Additionally, the Fed paused its rate-hike campaign in January, seemingly acknowledging its December plan for two rate hikes in 2019 may have been too aggressive. Investors responded enthusiastically to this backdrop, and risk assets returned to favor. Meanwhile, Treasury yields moved modestly lower. Then, at its March monetary policy meeting, the Fed held rates steady and suggested additional tightening was likely off the table for 2019. While this news triggered a sharp rally among Treasuries, it also extended the rally among higher-risk assets. Overall, the broad U.S. fixed-income market advanced for the entire 12-month period, and higher-yielding securities generally outperformed higher-quality bonds.

The portfolio provided diversified exposure to higher-yielding segments of the fixed-income market, including investment-grade corporate bonds, out-of-index high-yield corporate bonds, mortgage-backed and other securitized bonds, and out-of-index emerging markets debt. Higher-yielding bond sectors generally outperformed higher-quality sectors, which are more prevalent in the Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index.

Corporate Bonds Were Top Contributors

We invested a large portion of the portfolio in corporate bonds (approximately 42% as of March 31, 2019), including investment-grade and high-yield securities. The portfolio’s investment-grade corporate bonds were top contributors to performance. We generally favored the higher-yielding, lower-quality end of the investment-grade corporate bond spectrum (credits with BBB ratings), which rallied on favorable corporate and economic fundamentals during the first several months of the reporting period and again in early 2019. Our out-of-index position in high-yield corporate bonds also added value. Favorable fundamentals and investor preferences for risk throughout most of the period helped high-yield bonds outperform their investment-grade counterparts.

* All fund returns referenced in this commentary are for Investor Class shares. Fund returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.

5

Securitized Sector Aided Performance

Our position in securitized bonds (approximately 38% of the portfolio as of March 31, 2019) also contributed to performance. Our positions in non-agency collateralized mortgage obligations, non-agency commercial mortgage-backed securities and collateralized loan obligations added value compared with the conventional agency-backed mortgage-backed securities represented in the index. In addition, our asset-backed securities lifted results.

Emerging Markets Bonds Were Modest Contributors

Our out-of-index position in emerging markets corporate and sovereign securities was a modest contributor to performance. For much of the period, emerging markets bonds struggled due to slowing growth in China, trade policy concerns, country-specific events and Fed tightening. However, attractive valuations within the asset class, combined with falling U.S. Treasury yields, a dovish Fed and the return of risk-on investing, helped emerging markets bounce back in early 2019 and aid portfolio results.

Portfolio Positioning

We expect the U.S. economy to continue to grow, but at a more moderate pace (2.0% to 2.5% annualized). However, we expect U.S. economic growth to remain more robust than growth in Europe and Japan. We expect headline inflation to eventually converge with core inflation near 2%. These factors should enable the Fed to remain on hold throughout the remainder of 2019. Against a backdrop of slowing global growth, geopolitical uncertainties (mainly Brexit) and a dovish Fed, we expect the 10-year Treasury yield to fluctuate within a near-term range of 2.35% to 2.80%.

In light of the first-quarter 2019 rally among credit and other higher-yielding sectors, we took profits in and reduced exposure to high-yield corporate bonds, and we purchased higher-quality bonds within the securitized sector. We also purchased Treasury securities, which gives us the ability to take advantage of attractive investment opportunities as they arise. Given our outlook for continued economic growth, albeit slower, and healthy corporate fundamentals, we believe credit sectors still offer value. We continue to favor corporate and securitized bonds and select emerging markets securities, adding exposure as valuations, fundamentals and market conditions dictate. Overall, we favor a bottom-up approach, emphasizing careful security selection. We believe our focus on higher-yielding securities with low correlation to Treasuries positions the portfolio favorably if rates eventually move higher.

6

Fund Characteristics

MARCH 31, 2019
Portfolio at a Glance
Average Duration (effective)	1.3 years
Weighted Average Life to Maturity	2.5 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	42.4%
Asset-Backed Securities	16.4%
Collateralized Mortgage Obligations	12.0%
U.S. Treasury Securities	11.1%
Collateralized Loan Obligations	6.6%
Commercial Mortgage-Backed Securities	3.4%
Bank Loan Obligations	3.1%
Sovereign Governments and Agencies	2.3%
Temporary Cash Investments	2.1%
Other Assets and Liabilities	0.6%

7

Shareholder Fee Example 

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1) 10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,017.60	$2.67	0.53%
I Class	$1,000	$1,017.00	$2.16	0.43%
Y Class	$1,000	$1,018.40	$1.66	0.33%
A Class	$1,000	$1,016.30	$3.92	0.78%
C Class	$1,000	$1,012.50	$7.68	1.53%
R Class	$1,000	$1,015.10	$5.17	1.03%
R5 Class	$1,000	$1,017.50	$1.66	0.33%
R6 Class	$1,000	$1,018.80	$1.41	0.28%
Hypothetical
Investor Class	$1,000	$1,022.29	$2.67	0.53%
I Class	$1,000	$1,022.79	$2.17	0.43%
Y Class	$1,000	$1,023.29	$1.66	0.33%
A Class	$1,000	$1,021.04	$3.93	0.78%
C Class	$1,000	$1,017.30	$7.70	1.53%
R Class	$1,000	$1,019.80	$5.19	1.03%
R5 Class	$1,000	$1,023.29	$1.66	0.33%
R6 Class	$1,000	$1,023.54	$1.41	0.28%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9

Schedule of Investments

MARCH 31, 2019

	Principal Amount		Value
CORPORATE BONDS — 42.4%
Aerospace and Defense — 0.6%
United Technologies Corp., 1.50%, 11/1/19	$	800,000	$	793,991
Airlines — 0.4%
United Continental Holdings, Inc., 4.25%, 10/1/22	500,000		502,030
Auto Components — 0.5%
ZF North America Capital, Inc., 4.00%, 4/29/20(1)	650,000		650,519
Automobiles — 1.3%
Fiat Chrysler Automobiles NV, 4.50%, 4/15/20	250,000		253,125
Ford Motor Credit Co. LLC, 2.68%, 1/9/20	800,000		796,740
General Motors Financial Co., Inc., 3.15%, 1/15/20	700,000		701,102
			1,750,967
Banks — 7.0%
Banco Santander SA, 3.50%, 4/11/22	600,000		606,163
Banistmo SA, 3.65%, 9/19/22	200,000		197,500
Bank of America Corp., MTN, VRN, 2.33%, 10/1/21	1,000,000		991,095
Bank of America Corp., VRN, 3.00%, 12/20/23	271,000		270,417
Barclays Bank plc, 5.14%, 10/14/20	1,000,000		1,027,218
Citigroup, Inc., 2.70%, 3/30/21	600,000		599,710
Citigroup, Inc., 2.90%, 12/8/21	800,000		799,850
Discover Bank, 3.10%, 6/4/20	1,000,000		1,002,491
ICICI Bank Ltd., 5.75%, 11/16/20	200,000		207,504
JPMorgan Chase & Co., 4.625%, 5/10/21	500,000		518,969
PNC Financial Services Group, Inc. (The), 4.375%, 8/11/20	800,000		819,100
Regions Financial Corp., 2.75%, 8/14/22	1,000,000		993,126
Wells Fargo & Co., 3.07%, 1/24/23	1,000,000		1,002,149
Zenith Bank plc, MTN, 6.25%, 4/22/19	200,000		200,575
			9,235,867
Beverages — 0.5%
Constellation Brands, Inc., 2.00%, 11/7/19	700,000		696,271
Biotechnology — 2.3%
AbbVie, Inc., 2.50%, 5/14/20	600,000		598,310
Biogen, Inc., 3.625%, 9/15/22	575,000		584,570
Celgene Corp., 3.25%, 8/15/22	1,075,000		1,086,987
Gilead Sciences, Inc., 4.40%, 12/1/21	750,000		779,838
			3,049,705
Chemicals — 0.8%
Ashland LLC, 4.75%, 8/15/22	500,000		516,250
Sherwin-Williams Co. (The), 2.25%, 5/15/20	600,000		596,605
			1,112,855

10

	Principal Amount		Value
Commercial Services and Supplies — 1.1%
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	$	400,000	$	398,000
Republic Services, Inc., 3.55%, 6/1/22	1,000,000		1,022,946
			1,420,946
Communications Equipment — 0.4%
HTA Group Ltd., 9.125%, 3/8/22	400,000		418,325
IHS Netherlands Holdco BV, 9.50%, 10/27/21(1)	100,000		103,670
			521,995
Consumer Finance — 1.5%
American Express Credit Corp., MTN, 2.20%, 3/3/20	950,000		945,832
Capital One N.A., 2.35%, 1/31/20	1,000,000		995,178
			1,941,010
Containers and Packaging — 0.8%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(1)	200,000		201,750
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23	450,000		455,625
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	400,000		407,000
			1,064,375
Diversified Financial Services — 1.0%
Credit Suisse Group Funding Guernsey Ltd., 3.45%, 4/16/21	400,000		404,389
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20	400,000		395,150
UBS Group Funding Switzerland AG, 2.95%, 9/24/20(1)	500,000		500,078
			1,299,617
Diversified Telecommunication Services — 1.3%
AT&T, Inc., 2.45%, 6/30/20	200,000		199,187
AT&T, Inc., 3.875%, 8/15/21	800,000		820,897
Orange SA, 4.125%, 9/14/21	500,000		517,373
Turk Telekomunikasyon AS, 3.75%, 6/19/19	200,000		199,228
			1,736,685
Electric Utilities — 1.2%
American Electric Power Co., Inc., 2.15%, 11/13/20	600,000		594,677
Duke Energy Corp., 3.55%, 9/15/21	250,000		254,023
Progress Energy, Inc., 3.15%, 4/1/22	700,000		705,417
			1,554,117
Energy Equipment and Services — 0.1%
Transocean, Inc., 9.00%, 7/15/23(1)	75,000		80,250
Entertainment — 2.1%
Activision Blizzard, Inc., 2.30%, 9/15/21	1,075,000		1,060,653
Netflix, Inc., 5.375%, 2/1/21	450,000		468,422
Viacom, Inc., 3.125%, 6/15/22	900,000		898,657
VTR Finance BV, 6.875%, 1/15/24	359,000		369,321
			2,797,053
Equity Real Estate Investment Trusts (REITs) — 0.9%
Equinix, Inc., 5.375%, 4/1/23	350,000		357,437
Essex Portfolio LP, 3.625%, 8/15/22	600,000		610,876

11

	Principal Amount		Value
VEREIT Operating Partnership LP, 4.125%, 6/1/21	$	200,000	$	203,431
			1,171,744
Food Products — 0.5%
Conagra Brands, Inc., 3.80%, 10/22/21	600,000		611,412
Gas Utilities — 0.8%
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.50%, 10/15/19	100,000		101,012
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21	950,000		987,387
			1,088,399
Health Care Providers and Services — 3.5%
Anthem, Inc., 2.50%, 11/21/20	900,000		895,864
CHS / Community Health Systems, Inc., 5.125%, 8/1/21	300,000		296,430
Cigna Corp., 3.20%, 9/17/20(1)	900,000		904,653
CVS Health Corp., 3.35%, 3/9/21	500,000		504,262
DaVita, Inc., 5.75%, 8/15/22	150,000		153,187
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20(1)	600,000		605,363
HCA, Inc., 5.00%, 3/15/24	200,000		212,011
UnitedHealth Group, Inc., 2.875%, 12/15/21	1,000,000		1,005,722
			4,577,492
Hotels, Restaurants and Leisure — 0.8%
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24	300,000		300,186
International Game Technology plc, 6.25%, 2/15/22(1)	175,000		182,656
MGM Resorts International, 6.625%, 12/15/21	300,000		321,375
Royal Caribbean Cruises Ltd., 2.65%, 11/28/20	300,000		299,798
			1,104,015
Household Durables — 0.4%
Lennar Corp., 2.95%, 11/29/20	500,000		498,125
Insurance — 1.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.625%, 10/30/20	500,000		512,056
American International Group, Inc., 4.125%, 2/15/24	235,000		242,780
Prudential Financial, Inc., MTN, 5.375%, 6/21/20	700,000		722,782
			1,477,618
Internet and Direct Marketing Retail — 0.2%
Alibaba Group Holding Ltd., 2.50%, 11/28/19	200,000		199,800
Life Sciences Tools and Services — 0.6%
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21	775,000		788,097
Media — 2.9%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 9/30/22	400,000		408,250
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.58%, 7/23/20	600,000		604,530
Comcast Corp., 3.30%, 10/1/20	1,000,000		1,009,908
CSC Holdings LLC, 6.75%, 11/15/21	410,000		439,213
DISH DBS Corp., 5.125%, 5/1/20	300,000		302,625
Liquid Telecommunications Financing plc, 8.50%, 7/13/22(1)	400,000		412,808
TBG Global Pte Ltd., 5.25%, 2/10/22	200,000		200,359
TEGNA, Inc., 5.125%, 7/15/20	400,000		401,500
			3,779,193

12

	Principal Amount		Value
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Starwood Property Trust, Inc., 5.00%, 12/15/21	$	460,000	$	473,800
Multi-Utilities — 0.6%
Sempra Energy, 2.875%, 10/1/22	825,000		813,722
Oil, Gas and Consumable Fuels — 3.3%
Anadarko Petroleum Corp., 4.85%, 3/15/21	558,000		578,725
Antero Resources Corp., 5.375%, 11/1/21	500,000		503,750
Energy Transfer Operating LP, 4.15%, 10/1/20	500,000		508,271
Energy Transfer Operating LP, 7.50%, 10/15/20	500,000		532,532
Gazprom OAO Via Gaz Capital SA, 9.25%, 4/23/19	200,000		200,807
Kinder Morgan Energy Partners LP, 5.30%, 9/15/20	500,000		516,926
Petroleos Mexicanos, 4.875%, 1/24/22	200,000		202,202
Ras Laffan Liquefied Natural Gas Co. Ltd. II, 5.30%, 9/30/20(1)	55,150		55,847
Southwestern Energy Co., 4.10%, 3/15/22	500,000		487,600
Williams Cos., Inc. (The), 4.125%, 11/15/20	700,000		711,405
			4,298,065
Paper and Forest Products — 0.5%
Georgia-Pacific LLC, 5.40%, 11/1/20(1)	600,000		624,008
Pharmaceuticals — 1.1%
Allergan Funding SCS, 3.00%, 3/12/20	900,000		899,724
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/21	575,000		568,702
			1,468,426
Semiconductors and Semiconductor Equipment — 0.8%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.20%, 1/15/21	900,000		886,355
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	200,000		203,326
			1,089,681
Software — 0.2%
Symantec Corp., 4.20%, 9/15/20	300,000		304,653
Specialty Retail — 0.3%
United Rentals North America, Inc., 4.625%, 7/15/23	400,000		407,750
Technology Hardware, Storage and Peripherals — 0.4%
Hewlett Packard Enterprise Co., 3.60%, 10/15/20	300,000		302,903
Seagate HDD Cayman, 4.25%, 3/1/22	242,000		242,836
			545,739
Trading Companies and Distributors — 0.2%
International Lease Finance Corp., 4.625%, 4/15/21	235,000		240,574
TOTAL CORPORATE BONDS (Cost $55,485,043)			55,770,566
ASSET-BACKED SECURITIES — 16.4%
Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A SEQ, 2.46%, 7/20/20(1)	233,333		233,152
Avis Budget Rental Car Funding AESOP LLC, Series 2014-2A, Class A SEQ, 2.50%, 2/20/21(1)	300,000		299,178
Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A SEQ, 2.50%, 7/20/21(1)	1,015,000		1,010,496
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A SEQ, 3.45%, 3/20/23(1)	770,000		779,118
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	260,022		258,100

13

	Principal Amount		Value
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(1)	$	28,891	$	28,521
Colony Starwood Homes, Series 2016-2A, Class A, VRN, 3.73%, (1-month LIBOR plus 1.25%), 12/17/33(1)	118,124		118,232
Enterprise Fleet Financing LLC, Series 2019-1, Class A2 SEQ, 2.98%, 10/22/24(1)	1,100,000		1,101,364
Hertz Vehicle Financing II LP, Series 2015-1A, Class A SEQ, 2.73%, 3/25/21(1)	1,525,000		1,520,637
Hertz Vehicle Financing II LP, Series 2016-3A, Class A SEQ, 2.27%, 7/25/20(1)	200,000		199,598
Hilton Grand Vacations Trust, Series 2013-A, Class A SEQ, 2.28%, 1/25/26(1)	828,306		826,229
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(1)	188,938		187,061
Hilton Grand Vacations Trust, Series 2014-AA, Class B, 2.07%, 11/25/26(1)	37,788		37,294
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(1)	1,360,415		1,350,720
Hilton Grand Vacations Trust, Series 2018-AA, Class B, 3.70%, 2/25/32(1)	709,403		721,004
Honda Auto Receivables Owner Trust, Series 2019-1, Class A3 SEQ, 2.83%, 3/20/23	700,000		704,735
Invitation Homes Trust, Series 2017-SFR2, Class A, VRN, 3.33%, (1-month LIBOR plus 0.85%), 12/17/36(1)	631,109		629,318
Invitation Homes Trust, Series 2017-SFR2, Class B, VRN, 3.63%, (1-month LIBOR plus 1.15%), 12/17/36(1)	125,000		125,109
Invitation Homes Trust, Series 2018-SFR1, Class A, VRN, 3.18%, (1-month LIBOR plus 0.70%), 3/17/37(1)	981,316		969,651
Invitation Homes Trust, Series 2018-SFR1, Class B, VRN, 3.43%, (1-month LIBOR plus 0.95%), 3/17/37(1)	325,000		321,345
Invitation Homes Trust, Series 2018-SFR1, Class C, VRN, 3.73%, (1-month LIBOR plus 1.25%), 3/17/37(1)	275,000		274,705
Invitation Homes Trust, Series 2018-SFR2, Class A, VRN, 3.38%, (1-month LIBOR plus 0.90%), 6/17/37(1)	538,998		539,452
Invitation Homes Trust, Series 2018-SFR2, Class B, VRN, 3.56%, (1-month LIBOR plus 1.08%), 6/17/37(1)	150,000		149,076
Invitation Homes Trust, Series 2018-SFR2, Class C, VRN, 3.76%, (1-month LIBOR plus 1.28%), 6/17/37(1)	175,000		174,128
Invitation Homes Trust, Series 2018-SFR3, Class A, VRN, 3.48%, (1-month LIBOR plus 1.00%), 7/17/37(1)	990,037		989,841
Invitation Homes Trust, Series 2018-SFR3, Class B, VRN, 3.63%, (1-month LIBOR plus 1.15%), 7/17/37(1)	200,000		200,476
Invitation Homes Trust, Series 2018-SFR4, Class B, VRN, 3.73%, (1-month LIBOR plus 1.25%), 1/17/38(1)	400,000		401,293
Marriott Vacation Club Owner Trust, Series 2012-1A, Class A SEQ, 2.51%, 5/20/30(1)	102,661		102,237
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(1)	93,194		92,493
MVW Owner Trust, Series 2014-1A, Class B, 2.70%, 9/22/31(1)	49,904		48,977
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(1)	19,684		19,351
MVW Owner Trust, Series 2017-1A, Class B, 2.75%, 12/20/34(1)	337,661		332,551
MVW Owner Trust, Series 2018-1A, Class B, 3.60%, 1/21/36(1)	266,004		269,848
Progress Residential Trust, Series 2019-SFR1, Class A, 3.42%, 8/17/35(1)	700,000		707,608
Progress Residential Trust, Series 2016-SFR2, Class A SEQ, VRN, 3.88%, (1-month LIBOR plus 1.40%), 1/17/34(1)	549,458		551,184

14

	Principal Amount		Value
Progress Residential Trust, Series 2017-SFR1, Class A SEQ, 2.77%, 8/17/34(1)	$	99,680	$	98,917
Progress Residential Trust, Series 2018-SFR1, Class C, 3.68%, 3/17/35(1)	125,000		125,902
Progress Residential Trust, Series 2018-SFR1, Class D, 3.88%, 3/17/35(1)	150,000		149,563
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(1)	400,000		407,580
Progress Residential Trust, Series 2018-SFR3, Class C, 4.18%, 10/17/35(1)	275,000		279,856
Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A SEQ, 3.20%, 1/20/36(1)	500,000		503,518
Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class B, 3.42%, 1/20/36(1)	800,000		805,247
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	25,296		25,117
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(1)	32,197		32,061
Sierra Timeshare Receivables Funding LLC, Series 2015-2A, Class A SEQ, 2.43%, 6/20/32(1)	36,559		36,207
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(1)	88,902		88,534
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(1)	17,165		16,934
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(1)	187,592		189,444
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class C, 4.17%, 9/20/35(1)	274,740		280,490
Verizon Owner Trust, Series 2019-A, Class A1A SEQ, 2.93%, 9/20/23	1,000,000		1,008,100
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	205,464		203,284
VSE VOI Mortgage LLC, Series 2017-A, Class A SEQ, 2.33%, 3/20/35(1)	403,882		396,956
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35(1)	84,142		82,806
VSE VOI Mortgage LLC, Series 2018-A, Class A SEQ, 3.56%, 2/20/36(1)	397,747		404,607
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	99,437		100,886
TOTAL ASSET-BACKED SECURITIES (Cost $21,403,103)			21,510,091
COLLATERALIZED MORTGAGE OBLIGATIONS — 12.0%
Private Sponsor Collateralized Mortgage Obligations — 3.9%
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 4.39%, 6/25/34	31,552		31,596
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.34%, 2/25/35	53,947		54,632
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 4.23%, 11/25/34	78,137		76,354
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	20,916		21,150
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.43%, 8/25/34	61,484		61,287
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.48%, 8/25/35	64,616		65,591
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2, VRN, 4.24%, (1-year H15T1Y plus 2.15%), 9/25/35	80,424		81,790

15

	Principal Amount		Value
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.68%, 1/25/37	$	41,971	$	37,588
Flagstar Mortgage Trust, Series 2017-1, Class 1A5 SEQ, VRN, 3.50%, 3/25/47(1)	1,614,096		1,618,194
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.52%, 9/25/35	42,481		43,446
GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, VRN, 4.41%, 9/25/35	133,156		134,984
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 4.45%, 2/25/35	24,991		25,910
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(1)	469,178		474,730
Thornburg Mortgage Securities Trust, Series 2004-3, Class A, VRN, 3.23%, (1-month LIBOR plus 0.74%), 9/25/44	92,667		91,518
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.47%, 3/25/35	49,885		49,254
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.01%, 2/25/34	6,838		7,125
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1, VRN, 4.62%, 9/25/34	23,740		24,452
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 4.97%, 3/25/35	42,964		43,892
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 4A8, VRN, 4.54%, 10/25/35	100,000		101,868
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-4, Class 2A1, 6.00%, 4/25/36	1,421,520		1,403,120
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 2A1, VRN, 4.66%, 7/25/36	41,187		41,715
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 4A1, VRN, 5.18%, 7/25/36	98,407		99,144
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A6 SEQ, VRN, 4.54%, 7/25/36	38,456		38,649
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.73%, 10/25/36	23,841		23,607
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.70%, 10/25/36	91,409		90,459
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR19, Class A1, VRN, 4.86%, 12/25/36	147,877		145,503
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 5.08%, 4/25/36	64,704		64,482
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	38,135		38,078
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	12,861		13,076
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-7, Class A1, 6.00%, 6/25/37	82,508		83,281
			5,086,475
U.S. Government Agency Collateralized Mortgage Obligations — 8.1%
FHLMC, Series 2015-HQ2, Class M3, VRN, 5.74%, (1-month LIBOR plus 3.25%), 5/25/25	100,000		108,442
FHLMC, Series 2017-DNA2, Class M1, VRN, 3.69%, (1-month LIBOR plus 1.20%), 10/25/29	289,276		290,940
FHLMC, Series 2018-DNA1, Class M2, VRN, 4.29%, (1-month LIBOR plus 1.80%), 7/25/30	1,300,000		1,271,058
FHLMC, Series 2019-DNA1, Class M1, VRN, 3.39%, (1-month LIBOR plus 0.90%), 1/25/49(1)	1,250,000		1,252,179

16

	Principal Amount		Value
FNMA, Series 2014-C02, Class 2M2, VRN, 5.09%, (1-month LIBOR plus 2.60%), 5/25/24	$	278,590	$	289,383
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	3,526,320		622,216
FNMA, Series 2016-C03, Class 2M2, VRN, 8.39%, (1-month LIBOR plus 5.90%), 10/25/28	47,322		53,578
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	2,622,445		613,595
FNMA, Series 2017-C03, Class 1M1, VRN, 3.44%, (1-month LIBOR plus 0.95%), 10/25/29	1,614,482		1,617,889
FNMA, Series 2017-C05, Class 1M2, VRN, 4.69%, (1-month LIBOR plus 2.20%), 1/25/30	350,000		354,607
FNMA, Series 2017-C07, Class 1M1, VRN, 3.14%, (1-month LIBOR plus 0.65%), 5/25/30	1,704,233		1,703,076
FNMA, Series 2018-C01, Class 1M1, VRN, 3.09%, (1-month LIBOR plus 0.60%), 7/25/30	909,165		907,433
FNMA, Series 2018-C02, Class 2M1, VRN, 3.14%, (1-month LIBOR plus 0.65%), 8/25/30	1,141,235		1,140,982
FNMA, Series 417, Class C5, IO, 3.50%, 2/25/43	2,615,463		477,239
			10,702,617
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $15,785,561)			15,789,092
U.S. TREASURY SECURITIES — 11.1%
U.S. Treasury Bills, 2.46%, 6/13/19(4)	100,000		99,521
U.S. Treasury Bills, 2.55%, 1/30/20(4)	4,000,000		3,921,399
U.S. Treasury Notes, 2.50%, 1/31/21	8,500,000		8,532,207
U.S. Treasury Notes, 2.625%, 12/15/21	2,000,000		2,020,977
TOTAL U.S. TREASURY SECURITIES (Cost $14,521,730)			14,574,104
COLLATERALIZED LOAN OBLIGATIONS — 6.6%
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 4.23%, (3-month LIBOR plus 1.55%), 5/15/30(1)	1,000,000		987,518
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, VRN, 3.74%, (3-month LIBOR plus 0.97%), 4/17/31(1)	1,370,000		1,351,092
CBAM Ltd., Series 2018-5A, Class B1, VRN, 4.17%, (3-month LIBOR plus 1.40%), 4/17/31(1)	1,000,000		968,021
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, VRN, 3.76%, (3-month LIBOR plus 0.97%), 4/15/31(1)	1,200,000		1,179,595
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 3.75%, (3-month LIBOR plus 0.97%), 4/18/31	1,500,000		1,474,507
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.77%, (3-month LIBOR plus 0.98%), 4/15/31(1)	900,000		889,866
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 4.53%, (3-month LIBOR plus 1.75%), 4/18/31(1)	350,000		349,953
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.74%, (3-month LIBOR plus 0.96%), 4/16/31(1)	1,500,000		1,475,883
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $8,710,300)			8,676,435
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.4%
BB-UBS Trust, Series 2012-SHOW, Class A SEQ, 3.43%, 11/5/36(1)	150,000		152,721
BX Commercial Mortgage Trust, Series 2018-IND, Class A, VRN, 3.23%, (1-month LIBOR plus 0.75%), 11/15/35(1)	817,768		816,617
BX Trust, Series 2018-MCSF, Class A, VRN, 3.06%, (1-month LIBOR plus 0.58%), 4/15/35(1)	600,000		591,610
Commercial Mortgage Pass-Through Certificates, Series 2014-CR15, Class B, VRN, 4.69%, 2/10/47	260,000		277,988

17

	Principal Amount		Value
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class B, VRN, 4.49%, 10/10/47	$	75,000	$	78,214
Core Industrial Trust, Series 2015-CALW, Class C, 3.56%, 2/10/34(1)	250,000		252,302
DBCG Mortgage Trust, Series 2017-BBG, Class A, VRN, 3.18%, (1-month LIBOR plus 0.70%), 6/15/34(1)	1,000,000		996,970
Irvine Core Office Trust, Series 2013-IRV, Class A2 SEQ, VRN, 3.17%, 5/15/48(1)	250,000		254,510
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	250,000		258,457
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class C, VRN, 5.03%, 12/15/46	190,000		200,996
Morgan Stanley Capital I Trust, Series 2014-CPT, Class AM, VRN, 3.40%, 7/13/29(1)	400,000		403,593
Morgan Stanley Capital I Trust, Series 2014-CPT, Class C, VRN, 3.45%, 7/13/29(1)	200,000		201,156
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,485,483)			4,485,134
BANK LOAN OBLIGATIONS(2) — 3.1%
Diversified Telecommunication Services — 0.7%
CenturyLink, Inc., 2017 Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 1/31/25	157,871		155,109
Level 3 Financing Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	230,000		227,627
Sprint Communications, Inc., 1st Lien Term Loan B, 5.00%, (1-month LIBOR plus 2.50%), 2/2/24	248,101		242,147
Zayo Group, LLC, 2017 Incremental Term Loan, 4.75%, (1-month LIBOR plus 2.25%), 1/19/24	330,000		328,647
			953,530
Food Products — 0.1%
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	137,741		136,762
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	42,631		42,328
			179,090
Health Care Providers and Services — 0.6%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 2/16/23(3)	300,000		298,125
DaVita, Inc., Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 6/24/21	298,433		298,668
HCA Inc., 2018 Term Loan B10, 4.50%, (1-month LIBOR plus 2.00%), 3/13/25	148,500		148,512
			745,305
Hotels, Restaurants and Leisure — 0.5%
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	55,062		54,282
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	44,388		43,759
Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 12/22/24	197,741		195,445
Hilton Worldwide Finance, LLC, Term Loan B2, 4.24%, (1-month LIBOR plus 1.75%), 10/25/23	200,698		200,463
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 3/21/25	217,755		215,131
			709,080

18

	Principal Amount/ Shares		Value
IT Services — 0.3%
First Data Corporation, 2024 USD Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 4/26/24	$	330,000	$	329,418
Pharmaceuticals — 0.5%
Catalent Pharma Solutions Inc., USD Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 5/20/24	309,251		308,334
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 5.48%, (1-month LIBOR plus 3.00%), 6/2/25	306,421		304,808
			613,142
Technology Hardware, Storage and Peripherals — 0.4%
Dell International LLC, 2017 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 9/7/23	308,063		304,958
Western Digital Corporation, 2018 Term Loan B4, 4.25%, (1-month LIBOR plus 1.75%), 4/29/23	187,801		183,184
			488,142
TOTAL BANK LOAN OBLIGATIONS (Cost $4,059,922)			4,017,707
SOVEREIGN GOVERNMENTS AND AGENCIES — 2.3%
Argentina — 0.1%
Argentine Republic Government International Bond, 6.875%, 4/22/21	150,000		137,325
Egypt — 0.8%
Egypt Government International Bond, 6.125%, 1/31/22	1,000,000		1,014,157
Hungary — 0.6%
Hungary Government International Bond, 6.375%, 3/29/21	800,000		853,190
Oman — 0.6%
Oman Government International Bond, 4.125%, 1/17/23	800,000		767,118
South Africa — 0.2%
Republic of South Africa Government International Bond, 5.50%, 3/9/20	200,000		203,522
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,970,657)			2,975,312
TEMPORARY CASH INVESTMENTS — 2.1%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.875%, 9/30/19 - 2/15/44, valued at $2,467,039), in a joint trading account at 2.35%, dated 3/29/19, due 4/1/19 (Delivery value $2,418,229)			2,417,756
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 6/30/25, valued at $413,789), at 1.25%, dated 3/29/19, due 4/1/19 (Delivery value $404,042)			404,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	6,190		6,190
TOTAL TEMPORARY CASH INVESTMENTS (Cost $2,827,946)			2,827,946
TOTAL INVESTMENT SECURITIES — 99.4% (Cost $130,249,745)			130,626,387
OTHER ASSETS AND LIABILITIES — 0.6%			726,169
TOTAL NET ASSETS — 100.0%			$	131,352,556

19

NOTES TO SCHEDULE OF INVESTMENTS
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
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.

(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 $39,343,694, which represented 30.0% of total net assets.

(2) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate 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.

(3) The interest rate will be determined upon settlement of the bank loan obligation after period end.

(4) The rate indicated is the yield to maturity at purchase.

See Notes to Financial Statements.

20

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (cost of $130,249,745)	$	130,626,387
Receivable for investments sold	151,291
Receivable for capital shares sold	216,625
Interest receivable	815,167
	131,809,470
Liabilities
Payable for investments purchased	298,125
Payable for capital shares redeemed	98,850
Accrued management fees	52,755
Distribution and service fees payable	2,355
Dividends payable	4,829
	456,914
Net Assets	$	131,352,556
Net Assets Consist of:
Capital paid in	$	132,485,452
Distributable earnings	(1,132,896		)
	$	131,352,556

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$109,863,495	11,568,531	$9.50
I Class		$13,462,815	1,418,415	$9.49
Y Class		$5,223	550	$9.50
A Class		$5,870,352	618,110	$9.50*
C Class		$1,089,577	114,726	$9.50
R Class		$670,758	70,614	$9.50
R5 Class		$226,490	23,836	$9.50
R6 Class		$163,846	17,247	$9.50

*Maximum offering price $9.72 (net asset value divided by 0.9775).

See Notes to Financial Statements.

21

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	2,425,259
Expenses:
Management fees	414,283
Distribution and service fees:
A Class	7,082
C Class	6,055
R Class	2,489
Trustees' fees and expenses	4,486
Other expenses	1,637
	436,032
Fees waived(1)	(51,621		)
	384,411
Net investment income (loss)	2,040,848
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(576,252		)
Forward foreign currency exchange contract transactions	5,377
Futures contract transactions	(68,107		)
Swap agreement transactions	(267		)
Foreign currency translation transactions	231
	(639,018		)
Change in net unrealized appreciation (depreciation) on:
Investments	957,070
Forward foreign currency exchange contracts	(10,585		)
Futures contracts	21,289
Swap agreements	161
Translation of assets and liabilities in foreign currencies	(6		)
	967,929
Net realized and unrealized gain (loss)	328,911
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,369,759

(1) Amount consists of $39,862, $5,854, $4, $2,197, $465, $333, $2,457 and $449 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.

22

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	2,040,848		$	903,867
Net realized gain (loss)	(639,018		)	(8,642		)
Change in net unrealized appreciation (depreciation)	967,929			(428,923		)
Net increase (decrease) in net assets resulting from operations	2,369,759			466,302
Distributions to Shareholders
From earnings:
Investor Class	(1,621,171		)	(435,683		)
I Class	(284,223		)	(156		)
Y Class	(163		)	(117		)
A Class	(82,054		)	(152,385		)
C Class	(13,047		)	(14,118		)
R Class	(13,077		)	(16,300		)
R5 Class	(94,981		)	(175,518		)
R6 Class	(19,210		)	(26,381		)
Decrease in net assets from distributions	(2,127,926		)	(820,658		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	86,266,023			13,789,319
Net increase (decrease) in net assets	86,507,856			13,434,963
Net Assets
Beginning of period	44,844,700			31,409,737
End of period	$	131,352,556		$	44,844,700

See Notes to Financial Statements.

23

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Short Duration Strategic Income Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek income. As a secondary objective, the fund seeks long-term capital appreciation.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the I Class and Y Class commenced on April 10, 2017.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, convertible bonds, bank loan obligations, municipal securities, 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.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.

24

Open-end management investment companies are valued at the reported net asset value 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 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 Trustees, or its delegate, deems appropriate. If significant fluctuations in foreign markets are identified, 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

25

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. From April 1, 2018 through July 31, 2018, the investment advisor agreed to waive 0.09% of the fund's management fee. Effective August 1, 2018, the investment advisor decreased this waiver to 0.04% and decreased the annual management fee by 0.14%. Effective December 1, 2018, the investment advisor agreed to waive 0.09% of the fund's management fee. The investment advisor expects this waiver to continue until November 30, 2019 and cannot terminate it prior to such date without the approval of the Board of Trustees.

26

The annual management fee and the effective annual management fee before and after waiver for each class for the period ended March 31, 2019 are as follows:

		Effective Annual Management Fee
	Annual Management Fee*	Before Waiver	After Waiver
Investor Class	0.60%	0.65%	0.57%
I Class	0.50%	0.55%	0.47%
Y Class	0.40%	0.45%	0.37%
A Class	0.60%	0.65%	0.57%
C Class	0.60%	0.65%	0.57%
R Class	0.60%	0.65%	0.57%
R5 Class	0.40%	0.45%	0.37%
R6 Class	0.35%	0.40%	0.32%

*Prior to August 1, 2018, the annual management fee was 0.74% for the Investor Class, A Class, C Class and R Class, 0.64% for the I Class, 0.54% for the Y Class and R5 Class and 0.49% for the R6 Class.

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2019 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $117,666,038, of which $24,100,555 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $39,216,528, of which $6,358,951 represented U.S. Treasury and Government Agency obligations.

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5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
Investor Class
Sold	11,675,445		$	110,364,198		3,129,598		$	30,049,274
Issued in reinvestment of distributions	164,600		1,556,473			44,557		427,918
Redeemed	(3,626,603	)	(34,354,138		)	(996,329	)	(9,569,215		)
	8,213,442		77,566,533			2,177,826		20,907,977
I Class
Sold	3,136,773		29,693,845			1,963		18,771
Issued in reinvestment of distributions	30,064		284,218			16		156
Redeemed	(1,750,401	)	(16,472,725		)	—		—
	1,416,436		13,505,338			1,979		18,927
Y Class
Sold	—		—			521		5,001
Issued in reinvestment of distributions	17		163			12		117
	17		163			533		5,118
A Class
Sold	667,365		6,311,533			85,309		819,847
Issued in reinvestment of distributions	8,501		80,380			15,687		150,904
Redeemed	(482,972	)	(4,587,944		)	(682,652	)	(6,545,960		)
	192,894		1,803,969			(581,656	)	(5,575,209		)
C Class
Sold	121,672		1,145,675			17,165		164,984
Issued in reinvestment of distributions	1,376		13,006			1,459		14,034
Redeemed	(50,064	)	(474,458		)	(102,493	)	(979,768		)
	72,984		684,223			(83,869	)	(800,750		)
R Class
Sold	75,683		717,329			1,805		17,454
Issued in reinvestment of distributions	1,378		13,028			1,682		16,187
Redeemed	(12,566	)	(118,977		)	(104,833	)	(1,001,686		)
	64,495		611,380			(101,346	)	(968,045		)
R5 Class
Sold	3,193		30,373			—		—
Issued in reinvestment of distributions	9,946		94,437			18,200		175,001
Redeemed	(751,573	)	(7,129,387		)	—		—
	(738,434	)	(7,004,577		)	18,200		175,001
R6 Class
Sold	5,263		49,865			—		—
Issued in reinvestment of distributions	2,016		19,129			2,736		26,300
Redeemed	(102,321	)	(970,000		)	—		—
	(95,042	)	(901,006		)	2,736		26,300
Net increase (decrease)	9,126,792		$	86,266,023		1,434,403		$	13,789,319

(1) April 10, 2017 (commencement of sale) through March 31, 2018 for the I Class and Y Class.

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6. 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	—		$	55,770,566	—
Asset-Backed Securities	—		21,510,091		—
Collateralized Mortgage Obligations	—		15,789,092		—
U.S. Treasury Securities	—		14,574,104		—
Collateralized Loan Obligations	—		8,676,435		—
Commercial Mortgage-Backed Securities	—		4,485,134		—
Bank Loan Obligations	—		4,017,707		—
Sovereign Governments and Agencies	—		2,975,312		—
Temporary Cash Investments	$	6,190	2,821,756		—
	$	6,190	$	130,620,197	—

7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.The fund's average notional amount held during the period was $1,320,000.

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Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $4,677,598.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $1,500,000 futures contracts purchased and $2,253,802 futures contracts sold.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2019

	Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value			Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	(267	)	Change in net unrealized appreciation (depreciation) on swap agreements	$	161
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	5,377			Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	(10,585		)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(68,107		)	Change in net unrealized appreciation (depreciation) on futures contracts	21,289
		$	(62,997	)		$	10,865

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8. Risk Factors

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

The fund invests in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	2,127,926	$	820,658
Long-term capital gains	—		—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	130,261,495
Gross tax appreciation of investments	$	659,334
Gross tax depreciation of investments	(294,442		)
Net tax appreciation (depreciation) of investments	$	364,892
Other book-to-tax adjustments	$	(2,307	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(471,131	)
Accumulated long-term capital losses	$	(1,024,350	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

10. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

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Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019	$9.53	0.28	(0.02)	0.26	(0.29)	—	(0.29)	$9.50	2.75%	0.58%	0.66%	2.97%	2.89%	61%		$109,863
2018	$9.60	0.23	(0.09)	0.14	(0.21)	—	(0.21)	$9.53	1.50%	0.63%	0.75%	2.43%	2.31%	57%		$31,975
2017	$9.31	0.24	0.31	0.55	(0.25)	(0.01)	(0.26)	$9.60	5.96%	0.60%	0.75%	2.54%	2.39%	29%		$11,304
2016	$9.75	0.26	(0.38)	(0.12)	(0.32)	—	(0.32)	$9.31	(1.26)%	0.60%	0.75%	2.69%	2.54%	19%		$4,927
2015(3)	$10.00	0.18	(0.20)	(0.02)	(0.23)	—	(0.23)	$9.75	(0.16)%	0.61%(4)	0.75%(4)	2.78%(4)	2.64%(4)	18%		$9,879
I Class
2019	$9.53	0.29	(0.03)	0.26	(0.30)	—	(0.30)	$9.49	2.75%	0.48%	0.56%	3.07%	2.99%	61%		$13,463
2018(5)	$9.61	0.24	(0.11)	0.13	(0.21)	—	(0.21)	$9.53	1.39%	0.53%(4)	0.65%(4)	2.56%(4)	2.44%(4)	57%(6)		$19
Y Class
2019	$9.53	0.29	(0.02)	0.27	(0.30)	—	(0.30)	$9.50	2.92%	0.38%	0.46%	3.17%	3.09%	61%		$5
2018(5)	$9.61	0.25	(0.11)	0.14	(0.22)	—	(0.22)	$9.53	1.49%	0.43%(4)	0.55%(4)	2.62%(4)	2.50%(4)	57%(6)		$5
A Class
2019	$9.53	0.26	(0.03)	0.23	(0.26)	—	(0.26)	$9.50	2.50%	0.83%	0.91%	2.72%	2.64%	61%		$5,870
2018	$9.60	0.21	(0.09)	0.12	(0.19)	—	(0.19)	$9.53	1.25%	0.88%	1.00%	2.18%	2.06%	57%		$4,052
2017	$9.31	0.22	0.31	0.53	(0.23)	(0.01)	(0.24)	$9.60	5.69%	0.85%	1.00%	2.29%	2.14%	29%		$9,669
2016	$9.75	0.23	(0.38)	(0.15)	(0.29)	—	(0.29)	$9.31	(1.50)%	0.85%	1.00%	2.44%	2.29%	19%		$9,901
2015(3)	$10.00	0.17	(0.20)	(0.03)	(0.22)	—	(0.22)	$9.75	(0.33)%	0.86%(4)	1.00%(4)	2.53%(4)	2.39%(4)	18%		$7,288

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2019	$9.53	0.19	(0.03)	0.16	(0.19)	—	(0.19)	$9.50	1.73%	1.58%	1.66%	1.97%	1.89%	61%		$1,090
2018	$9.60	0.14	(0.09)	0.05	(0.12)	—	(0.12)	$9.53	0.49%	1.63%	1.75%	1.43%	1.31%	57%		$398
2017	$9.31	0.15	0.30	0.45	(0.15)	(0.01)	(0.16)	$9.60	4.91%	1.60%	1.75%	1.54%	1.39%	29%		$1,206
2016	$9.75	0.16	(0.38)	(0.22)	(0.22)	—	(0.22)	$9.31	(2.24)%	1.60%	1.75%	1.69%	1.54%	19%		$1,104
2015(3)	$10.00	0.12	(0.20)	(0.08)	(0.17)	—	(0.17)	$9.75	(0.83)%	1.61%(4)	1.75%(4)	1.78%(4)	1.64%(4)	18%		$1,009
R Class
2019	$9.53	0.24	(0.03)	0.21	(0.24)	—	(0.24)	$9.50	2.24%	1.08%	1.16%	2.47%	2.39%	61%		$671
2018	$9.60	0.19	(0.09)	0.10	(0.17)	—	(0.17)	$9.53	1.00%	1.13%	1.25%	1.93%	1.81%	57%		$58
2017	$9.31	0.19	0.31	0.50	(0.20)	(0.01)	(0.21)	$9.60	5.43%	1.10%	1.25%	2.04%	1.89%	29%		$1,032
2016	$9.75	0.21	(0.38)	(0.17)	(0.27)	—	(0.27)	$9.31	(1.75)%	1.10%	1.25%	2.19%	2.04%	19%		$979
2015(3)	$10.00	0.15	(0.20)	(0.05)	(0.20)	—	(0.20)	$9.75	(0.49)%	1.11%(4)	1.25%(4)	2.28%(4)	2.14%(4)	18%		$995
R5 Class
2019	$9.53	0.28	—(7)	0.28	(0.31)	—	(0.31)	$9.50	2.96%	0.38%	0.46%	3.17%	3.09%	61%		$226
2018	$9.60	0.25	(0.09)	0.16	(0.23)	—	(0.23)	$9.53	1.71%	0.43%	0.55%	2.63%	2.51%	57%		$7,267
2017	$9.31	0.26	0.31	0.57	(0.27)	(0.01)	(0.28)	$9.60	6.17%	0.40%	0.55%	2.74%	2.59%	29%		$7,146
2016	$9.75	0.28	(0.38)	(0.10)	(0.34)	—	(0.34)	$9.31	(1.06)%	0.40%	0.55%	2.89%	2.74%	19%		$6,729
2015(3)	$10.00	0.20	(0.20)	—	(0.25)	—	(0.25)	$9.75	(0.02)%	0.41%(4)	0.55%(4)	2.98%(4)	2.84%(4)	18%		$7,301

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2019	$9.53	0.29	(0.01)	0.28	(0.31)	—	(0.31)	$9.50	3.01%	0.33%	0.41%	3.22%	3.14%	61%		$164
2018	$9.60	0.26	(0.09)	0.17	(0.24)	—	(0.24)	$9.53	1.76%	0.38%	0.50%	2.68%	2.56%	57%		$1,070
2017	$9.31	0.27	0.30	0.57	(0.27)	(0.01)	(0.28)	$9.60	6.22%	0.35%	0.50%	2.79%	2.64%	29%		$1,052
2016	$9.75	0.28	(0.38)	(0.10)	(0.34)	—	(0.34)	$9.31	(1.01)%	0.35%	0.50%	2.94%	2.79%	19%		$990
2015(3)	$10.00	0.20	(0.20)	—	(0.25)	—	(0.25)	$9.75	0.01%	0.36%(4)	0.50%(4)	3.03%(4)	2.89%(4)	18%		$1,000

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3) July 28, 2014 (fund inception) through March 31, 2015.

(4) Annualized.

(5) April 10, 2017 (commencement of sale) through March 31, 2018.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

(7) Per-share amount was less than $0.005.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of Short Duration Strategic Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Short Duration Strategic Income Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

35

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

36

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

37

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

38

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

39

Notes

40

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92286 1905

Annual Report

March 31, 2019

Strategic Income Fund

Investor Class (ASIEX)

I Class (ASIGX)

Y Class (ASYIX)

A Class (ASIQX)

C Class (ASIHX)

R Class (ASIWX)

R5 Class (ASIJX)

R6 Class (ASIPX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President’s Letter	2
Performance	3
Portfolio Commentary	5
Fund Characteristics	7
Shareholder Fee Example	8
Schedule of Investments	10
Statement of Assets and Liabilities	20
Statement of Operations	21
Statement of Changes in Net Assets	22
Notes to Financial Statements	23
Financial Highlights	33
Report of Independent Registered Public Accounting Firm	36
Management	37
Additional Information	40

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
Investor Class	ASIEX	3.88%	3.21%	7/28/14
Bloomberg Barclays U.S. Aggregate Bond Index	—	4.48%	2.48%	—
I Class	ASIGX	4.09%	3.41%	4/10/17
Y Class	ASYIX	4.18%	3.50%	4/10/17
A Class	ASIQX			7/28/14
No sales charge		3.62%	2.96%
With sales charge		-1.05%	1.95%
C Class	ASIHX	2.85%	2.19%	7/28/14
R Class	ASIWX	3.36%	2.70%	7/28/14
R5 Class	ASIJX	4.09%	3.42%	7/28/14
R6 Class	ASIPX	4.14%	3.47%	7/28/14

Fund returns would have been lower if a portion of the fees had not been waived.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

3

Growth of $10,000 Over Life of Class

$10,000 investment made July 28, 2014

Performance for other share classes will vary due to differences in fee structure.

Value on March 31, 2019
	Investor Class — $11,593
	Bloomberg Barclays U.S. Aggregate Bond Index — $11,215

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class
0.83%	0.73%	0.63%	1.08%	1.83%	1.33%	0.63%	0.58%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

4

Portfolio Commentary

Portfolio Managers: Kevin Akioka, Jeff Houston, Bob Gahagan, Brian Howell and Margé Karner

Performance Summary

Strategic Income returned 3.88%* for the 12 months ended March 31, 2019. By comparison, the investment-grade Bloomberg Barclays U.S. Aggregate Bond Index gained 4.48% for the same period. Fund returns reflect operating expenses, while index returns do not.

The fund’s results reflect the positive performance of higher-yielding securities for the 12 months ended March 31, 2019. The reporting period witnessed a marked shift in Federal Reserve (Fed) policy and investor sentiment toward the U.S. and global economic growth outlook, which influenced performance in the fixed-income market. In the first several months of the period, robust economic growth, rising inflation and the Fed’s steady rate-tightening strategy drove Treasury yields higher. Investment-grade bond returns were generally flat to slightly negative. Meanwhile, risk-on investing remained in favor, and higher-yielding securities outperformed. The environment reversed sharply in late 2018, as worries about future economic and corporate earnings growth, U.S.-China trade negotiations and a surprisingly bullish Fed outlook triggered severe volatility in the equity markets. Investors fled risk assets in favor of U.S. Treasuries and other perceived safe-haven investments.

The new year brought a new sense of stability to the financial markets. Progress with U.S.-China trade negotiations and better-than-feared U.S. economic and earnings data helped restore some investor optimism. Additionally, the Fed paused its rate-hike campaign in January, seemingly acknowledging its December plan for two rate hikes in 2019 may have been too aggressive. Investors responded enthusiastically to this backdrop, and risk assets returned to favor. Meanwhile, Treasury yields moved modestly lower. Then, at its March monetary policy meeting, the Fed held rates steady and suggested additional tightening was likely off the table for 2019. While this news triggered strong gains for Treasuries, it also extended the rally among higher-risk assets. Overall, the broad U.S. fixed-income market advanced for the entire 12-month period, and higher-yielding securities generally outperformed higher-quality bonds.

The portfolio provided diversified exposure to higher-yielding segments of the fixed-income market, including investment-grade corporate bonds, out-of-index high-yield corporate bonds, mortgage-backed and other securitized bonds, and out-of-index emerging markets debt. Higher-yielding bond sectors generally outperformed higher-quality sectors, which are more prevalent in the Bloomberg Barclays U.S. Aggregate Bond Index.

Corporate Bonds Were Top Contributors

Our position in corporate bonds, which comprised approximately 37% of the portfolio on March 31, 2019, was the main contributor to performance. In particular, our out-of-index allocation to high-yield corporate bonds was a key driver of results. Favorable fundamentals and investor preferences for risk throughout most of the period helped high-yield bonds outperform their investment-grade counterparts. Within the portfolio’s investment-grade corporate allocation, we focused on the higher-yielding, lower-quality end of the investment-grade corporate bond spectrum (credits with BBB ratings), which rallied on favorable corporate and economic fundamentals during the first several months of the reporting period and again in early 2019.

* All fund returns referenced in this commentary are for Investor Class shares. Fund returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.

5

Securitized Sector Aided Performance

Our allocation to securitized bonds (approximately 32% of the portfolio as of March 31, 2019) also contributed to performance. Our positions in non-agency collateralized mortgage obligations, non-agency commercial mortgage-backed securities and collateralized loan obligations added value compared with the conventional agency-backed mortgage-backed securities represented in the index. In addition, our asset-backed securities lifted results.

Emerging Markets Bonds Contributed

Our out-of-index position in U.S. dollar-denominated emerging markets corporate and sovereign securities also added value. For much of the period, emerging markets bonds struggled due to slowing growth in China, trade policy concerns, country-specific events and Fed tightening. However, attractive valuations within the asset class, combined with falling U.S. Treasury yields, a dovish Fed and the return of risk-on investing, helped emerging markets bounce back in early 2019 and aid portfolio results.

Equity Holdings Detracted

The portfolio held a small out-of-index position in preferred stock, which we owned for its dividend-paying feature. This position detracted from results in the late-2018 equity market sell-off. We exited this position during the early 2019 equity market rally.

Portfolio Positioning

We expect the U.S. economy to continue to grow, but at a more moderate pace (2.0% to 2.5% annualized). However, we expect U.S. economic growth to remain more robust than growth in Europe and Japan. We expect headline inflation to eventually converge with core inflation near 2%. These factors should enable the Fed to remain on hold throughout the remainder of 2019. Against a backdrop of slowing global growth, geopolitical uncertainties (mainly Brexit) and a dovish Fed, we expect the 10-year Treasury yield to fluctuate within a near-term range of 2.35% to 2.80%. We expect the yield curve to remain relatively flat, and we do not believe the brief inversion of the curve earlier this year indicates an impending recession.

In light of the first-quarter 2019 rally among credit and other higher-yielding sectors, we took profits in and reduced exposure to high-yield corporate bonds, and we purchased higher-quality bonds within the securitized sector. We also purchased Treasury securities, which gives us the ability to take advantage of attractive investment opportunities as they arise. Given our outlook for continued economic growth, albeit slower, and healthy corporate fundamentals, we believe credit sectors still offer value. We continue to favor corporate and securitized bonds and select emerging markets securities, adding exposure as valuations, fundamentals and market conditions dictate. Overall, we favor a bottom-up approach, emphasizing careful security selection. We believe our focus on higher-yielding securities with low correlation to Treasuries positions the portfolio favorably if rates eventually move higher.

6

Fund Characteristics 

MARCH 31, 2019
Portfolio at a Glance
Average Duration (effective)	3.5 years
Weighted Average Life to Maturity	7.2 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	36.9%
Collateralized Mortgage Obligations	14.8%
U.S. Treasury Securities	10.8%
Affiliated Funds	8.0%
Collateralized Loan Obligations	6.0%
Asset-Backed Securities	5.7%
Commercial Mortgage-Backed Securities	5.0%
Bank Loan Obligations	4.7%
Sovereign Governments and Agencies	4.3%
Preferred Stocks	2.0%
Temporary Cash Investments	0.7%
Other Assets and Liabilities	1.1%

7

Shareholder Fee Example 

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1)  10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,030.00	$3.54	0.70%
I Class	$1,000	$1,030.50	$3.04	0.60%
Y Class	$1,000	$1,030.90	$2.53	0.50%
A Class	$1,000	$1,028.70	$4.80	0.95%
C Class	$1,000	$1,024.90	$8.58	1.70%
R Class	$1,000	$1,026.30	$6.06	1.20%
R5 Class	$1,000	$1,031.00	$2.53	0.50%
R6 Class	$1,000	$1,031.30	$2.28	0.45%
Hypothetical
Investor Class	$1,000	$1,021.44	$3.53	0.70%
I Class	$1,000	$1,021.94	$3.02	0.60%
Y Class	$1,000	$1,022.44	$2.52	0.50%
A Class	$1,000	$1,020.20	$4.78	0.95%
C Class	$1,000	$1,016.46	$8.55	1.70%
R Class	$1,000	$1,018.95	$6.04	1.20%
R5 Class	$1,000	$1,022.44	$2.52	0.50%
R6 Class	$1,000	$1,022.69	$2.27	0.45%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9

Schedule of Investments

MARCH 31, 2019

	Principal Amount/Shares		Value
CORPORATE BONDS — 36.9%
Aerospace and Defense — 0.4%
Lockheed Martin Corp., 3.80%, 3/1/45	$	75,000	$	74,186
Air Freight and Logistics — 0.9%
FedEx Corp., 4.40%, 1/15/47	175,000		165,166
Auto Components — 0.3%
American Axle & Manufacturing, Inc., 6.625%, 10/15/22	61,000		62,601
Automobiles — 1.0%
Ford Motor Co., 4.35%, 12/8/26	200,000		185,971
Banks — 1.3%
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28	150,000		152,331
BBVA Bancomer SA, 7.25%, 4/22/20	100,000		103,626
			255,957
Biotechnology — 0.8%
Amgen, Inc., 4.66%, 6/15/51	150,000		151,470
Building Products — 0.5%
Masco Corp., 4.45%, 4/1/25	100,000		102,840
Capital Markets — 0.4%
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.15%, 1/23/30	80,000		73,397
Chemicals — 0.5%
NOVA Chemicals Corp., 4.875%, 6/1/24(1)	100,000		98,625
Commercial Services and Supplies — 0.4%
Covanta Holding Corp., 5.875%, 3/1/24	75,000		77,063
Consumer Finance — 0.4%
Discover Financial Services, 3.75%, 3/4/25	75,000		74,850
Containers and Packaging — 1.2%
Berry Global, Inc., 5.125%, 7/15/23	75,000		76,406
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23	75,000		75,938
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	75,000		76,312
			228,656
Diversified Financial Services — 0.3%
Voya Financial, Inc., VRN, 5.65%, 5/15/53	50,000		49,324
Diversified Telecommunication Services — 0.6%
AT&T, Inc., 4.45%, 4/1/24	100,000		104,748
Energy Equipment and Services — 0.5%
Ensco plc, 8.00%, 1/31/24	46,000		42,205
Transocean, Inc., 9.00%, 7/15/23(1)	45,000		48,150
			90,355
Entertainment — 1.7%
Netflix, Inc., 4.875%, 4/15/28	75,000		74,438
Viacom, Inc., 3.125%, 6/15/22	150,000		149,776

10

		Principal Amount/Shares		Value
Walt Disney Co. (The), 6.90%, 8/15/39(1)		$	75,000	$	106,090
				330,304
Equity Real Estate Investment Trusts (REITs) — 1.7%
American Tower Corp., 3.375%, 10/15/26		125,000		122,043
Crown Castle International Corp., 5.25%, 1/15/23		95,000		102,106
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26		100,000		97,750
				321,899
Food Products — 0.5%
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(1)		100,000		101,250
Gas Utilities — 0.7%
Sunoco Logistics Partners Operations LP, 3.90%, 7/15/26		125,000		124,554
Health Care Providers and Services — 2.7%
Acadia Healthcare Co., Inc., 5.125%, 7/1/22		25,000		25,187
Cardinal Health, Inc., 1.95%, 6/14/19		150,000		149,739
CHS / Community Health Systems, Inc., 5.125%, 8/1/21		75,000		74,107
DaVita, Inc., 5.125%, 7/15/24		80,000		79,200
Express Scripts Holding Co., 4.50%, 2/25/26		100,000		104,852
Tenet Healthcare Corp., 4.75%, 6/1/20		75,000		76,219
				509,304
Hotels, Restaurants and Leisure — 1.6%
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)		75,000		72,563
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24		75,000		75,046
International Game Technology plc, 6.25%, 2/15/22(1)		80,000		83,500
MGM Resorts International, 6.625%, 12/15/21		75,000		80,344
				311,453
Household Durables — 0.8%
Lennar Corp., 4.75%, 5/30/25		75,000		76,969
PulteGroup, Inc., 5.50%, 3/1/26		75,000		77,718
				154,687
Insurance — 2.7%
American International Group, Inc., 4.50%, 7/16/44		150,000		144,122
AXA SA, MTN, VRN, 3.375%, 7/6/47	EUR	100,000		119,805
CNP Assurances, VRN, 4.50%, 6/10/47	EUR	100,000		125,557
Liberty Mutual Group, Inc., VRN, 5.52%, (3-month LIBOR plus 2.91%), 3/7/67(1)		$	125,000	118,617
				508,101
IT Services — 0.6%
Fidelity National Information Services, Inc., 3.00%, 8/15/26		125,000		119,971
Media — 4.7%
AMC Networks, Inc., 4.75%, 8/1/25		150,000		149,250
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)		75,000		75,656
Comcast Corp., 4.40%, 8/15/35		150,000		157,053
CSC Holdings LLC, 6.75%, 11/15/21		75,000		80,344
DISH DBS Corp., 5.125%, 5/1/20		75,000		75,656
Gray Television, Inc., 5.125%, 10/15/24(1)		75,000		75,375

11

	Principal Amount/Shares		Value
Nexstar Broadcasting, Inc., 5.625%, 8/1/24(1)	$	75,000	$	76,312
TEGNA, Inc., 5.125%, 7/15/20	75,000		75,281
Warner Media LLC, 3.80%, 2/15/27	120,000		119,498
			884,425
Metals and Mining — 0.4%
Freeport-McMoRan, Inc., 3.875%, 3/15/23	75,000		74,108
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Starwood Property Trust, Inc., 5.00%, 12/15/21	75,000		77,250
Multi-Utilities — 1.0%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.875%, 8/20/26	75,000		75,187
Exelon Generation Co. LLC, 5.60%, 6/15/42	100,000		105,463
			180,650
Oil, Gas and Consumable Fuels — 3.6%
Antero Resources Corp., 5.375%, 11/1/21	75,000		75,562
Continental Resources, Inc., 5.00%, 9/15/22	48,000		48,412
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	115,000		135,160
Lukoil International Finance BV, 7.25%, 11/5/19	100,000		102,465
Newfield Exploration Co., 5.375%, 1/1/26	100,000		108,224
Petroleos Mexicanos, 6.00%, 3/5/20	64,000		65,549
Southwestern Energy Co., 4.10%, 3/15/22	75,000		73,140
Williams Cos., Inc. (The), 4.55%, 6/24/24	75,000		79,253
			687,765
Pharmaceuticals — 0.2%
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26	40,000		32,742
Road and Rail — 1.0%
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	180,000		187,937
Software — 0.8%
Symantec Corp., 5.00%, 4/15/25(1)	150,000		150,415
Specialty Retail — 0.9%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.50%, 4/1/23	75,000		75,844
Home Depot, Inc. (The), 5.95%, 4/1/41	75,000		96,484
			172,328
Textiles, Apparel and Luxury Goods — 0.4%
Hanesbrands, Inc., 4.625%, 5/15/24(1)	70,000		70,539
Trading Companies and Distributors — 1.0%
International Lease Finance Corp., 5.875%, 8/15/22	180,000		194,232
TOTAL CORPORATE BONDS (Cost $6,882,506)			6,989,123
COLLATERALIZED MORTGAGE OBLIGATIONS — 14.8%
Private Sponsor Collateralized Mortgage Obligations — 5.8%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.34%, 2/25/35	40,460		40,974
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 4.23%, 11/25/34	20,092		19,634

12

	Principal Amount/Shares		Value
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	$	39,322	$	39,762
Chase Mortgage Finance Trust, Series 2007-A2, Class 6A2 SEQ, VRN, 4.38%, 7/25/37	7,585		7,322
Citicorp Mortgage Securities Trust, Series 2007-8, Class 1A3, 6.00%, 9/25/37	27,874		29,331
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.43%, 8/25/34	61,484		61,287
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.48%, 8/25/35	30,154		30,609
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2, VRN, 4.24%, (1-year H15T1Y plus 2.15%), 9/25/35	22,186		22,563
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Series 2005-3, Class 1A1, VRN, 5.39%, 7/25/35	36,214		37,537
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.68%, 1/25/37	16,295		14,593
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.52%, 9/25/35	25,489		26,068
JPMorgan Mortgage Trust, Series 2005-A4, Class 1A1, VRN, 4.33%, 7/25/35	8,759		8,829
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 4.36%, 11/25/35	50,200		49,981
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(1)	109,475		110,770
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.47%, 3/25/35	24,162		23,856
WaMu Mortgage Pass-Through Certificates, Series 2005-AR7, Class A3, VRN, 4.10%, 8/25/35	22,267		22,536
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.01%, 2/25/34	13,558		14,126
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-18, Class 1A1, 5.50%, 1/25/36	12,267		12,223
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR12, Class 2A6, VRN, 4.88%, 6/25/35	23,621		24,338
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 4A8, VRN, 4.54%, 10/25/35	35,000		35,654
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-6, Class 1A16 SEQ, 5.75%, 5/25/36	40,269		39,262
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	8,907		8,886
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-8, Class A10 SEQ, 6.00%, 7/25/36	15,058		15,086
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR1, Class 2A5 SEQ, VRN, 5.10%, 3/25/36	46,467		45,954
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 1A1, VRN, 4.70%, 7/25/36	14,269		14,369
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 2A1, VRN, 4.66%, 7/25/36	16,475		16,686
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A6 SEQ, VRN, 4.54%, 7/25/36	31,246		31,402
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.73%, 10/25/36	5,109		5,059
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.70%, 10/25/36	11,320		11,202
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR19, Class A1, VRN, 4.86%, 12/25/36	43,691		42,990

13

	Principal Amount/Shares		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 5.08%, 4/25/36	$	16,176	$	16,121
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	30,508		30,463
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-15, Class A1, 6.00%, 11/25/37	4,912		4,912
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-4, Class A15, 6.00%, 4/25/37	17,294		17,307
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-7, Class A1, 6.00%, 6/25/37	35,753		36,088
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 2A2, 6.00%, 7/25/37	131,212		130,224
			1,098,004
U.S. Government Agency Collateralized Mortgage Obligations — 9.0%
FHLMC, Series 2017-HQA2, Class M1, VRN, 3.29%, (1-month LIBOR plus 0.80%), 12/25/29	162,292		162,394
FHLMC, Series 2018-DNA1, Class M2, VRN, 4.29%, (1-month LIBOR plus 1.80%), 7/25/30	100,000		97,774
FHLMC, Series 2019-DNA1, Class M1, VRN, 3.39%, (1-month LIBOR plus 0.90%), 1/25/49(1)	200,000		200,349
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	776,192		136,958
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	620,218		145,118
FNMA, Series 2017-C03, Class 1M1, VRN, 3.44%, (1-month LIBOR plus 0.95%), 10/25/29	228,718		229,201
FNMA, Series 2017-C05, Class 1M2, VRN, 4.69%, (1-month LIBOR plus 2.20%), 1/25/30	100,000		101,316
FNMA, Series 2017-C06, Class 2M2, VRN, 5.29%, (1-month LIBOR plus 2.80%), 2/25/30	150,000		155,168
FNMA, Series 2018-C01, Class 1M1, VRN, 3.09%, (1-month LIBOR plus 0.60%), 7/25/30	204,562		204,172
FNMA, Series 2018-C02, Class 2M1, VRN, 3.14%, (1-month LIBOR plus 0.65%), 8/25/30	151,357		151,324
FNMA, Series 417, Class C5, IO, 3.50%, 2/25/43	659,591		120,354
			1,704,128
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,798,439)			2,802,132
U.S. TREASURY SECURITIES — 10.8%
U.S. Treasury Bills, 2.46%, 6/13/19(4)	200,000		199,042
U.S. Treasury Bills, 2.55%, 1/30/20(4)	1,000,000		980,349
U.S. Treasury Notes, 2.625%, 2/15/29	850,000		866,651
TOTAL U.S. TREASURY SECURITIES (Cost $2,023,817)			2,046,042
AFFILIATED FUNDS(2) — 8.0%
Emerging Markets Debt Fund R6 Class (Cost $1,473,456)	148,752		1,508,341
COLLATERALIZED LOAN OBLIGATIONS — 6.0%
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 4.23%, (3-month LIBOR plus 1.55%), 5/15/30(1)	$	75,000	74,064
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, VRN, 3.74%, (3-month LIBOR plus 0.97%), 4/17/31(1)	100,000		98,620
CBAM Ltd., Series 2018-5A, Class B1, VRN, 4.17%, (3-month LIBOR plus 1.40%), 4/17/31(1)	150,000		145,203

14

	Principal Amount/Shares		Value
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, VRN, 3.76%, (3-month LIBOR plus 0.97%), 4/15/31(1)	$	200,000	$	196,599
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 3.75%, (3-month LIBOR plus 0.97%), 4/18/31(1)	250,000		245,751
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 4.53%, (3-month LIBOR plus 1.75%), 4/18/31(1)	125,000		124,983
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.74%, (3-month LIBOR plus 0.96%), 4/16/31(1)	250,000		245,981
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $1,140,614)			1,131,201
ASSET-BACKED SECURITIES — 5.7%
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(1)	25,000		24,975
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	57,783		57,356
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(1)	14,446		14,260
Colony Starwood Homes, Series 2016-2A, Class A, VRN, 3.73%, (1-month LIBOR plus 1.25%), 12/17/33(1)	44,297		44,337
Hilton Grand Vacations Trust, Series 2014-AA, Class B, 2.07%, 11/25/26(1)	7,558		7,459
Honda Auto Receivables Owner Trust, Series 2019-1, Class A3 SEQ, 2.83%, 3/20/23	100,000		100,676
Invitation Homes Trust, Series 2017-SFR2, Class A, VRN, 3.33%, (1-month LIBOR plus 0.85%), 12/17/36(1)	48,547		48,409
Invitation Homes Trust, Series 2017-SFR2, Class B, VRN, 3.63%, (1-month LIBOR plus 1.15%), 12/17/36(1)	50,000		50,044
Invitation Homes Trust, Series 2018-SFR1, Class C, VRN, 3.73%, (1-month LIBOR plus 1.25%), 3/17/37(1)	100,000		99,893
Invitation Homes Trust, Series 2018-SFR2, Class C, VRN, 3.76%, (1-month LIBOR plus 1.28%), 6/17/37(1)	100,000		99,502
Marriott Vacation Club Owner Trust, Series 2012-1A, Class B, VRN, 3.50%, 5/20/30(1)	5,238		5,212
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(1)	35,844		35,574
MVW Owner Trust, Series 2014-1A, Class B, 2.70%, 9/22/31(1)	12,476		12,244
MVW Owner Trust, Series 2017-1A, Class B, 2.75%, 12/20/34(1)	62,879		61,927
Progress Residential Trust, Series 2019-SFR1, Class A, 3.42%, 8/17/35(1)	100,000		101,087
Progress Residential Trust, Series 2017-SFR1, Class A SEQ, 2.77%, 8/17/34(1)	49,840		49,459
Progress Residential Trust, Series 2017-SFR2, Class A SEQ, 2.90%, 12/17/34(1)	75,000		74,454
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	9,486		9,419
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(1)	12,879		12,825
Sierra Timeshare Receivables Funding LLC, Series 2015-2A, Class A SEQ, 2.43%, 6/20/32(1)	14,623		14,483
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(1)	17,780		17,707
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(1)	5,722		5,645
Towd Point Mortgage Trust, Series 2017-3, Class M1, VRN, 3.50%, 7/25/57(1)	100,000		98,669

15

	Principal Amount/Shares		Value
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	$	41,093	$	40,657
TOTAL ASSET-BACKED SECURITIES (Cost $1,091,078)			1,086,273
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.0%
Commercial Mortgage Pass-Through Certificates, Series 2014-CR15, Class B, VRN, 4.69%, 2/10/47	65,000		69,497
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class B, VRN, 4.49%, 10/10/47	50,000		52,142
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class B, VRN, 4.65%, 2/10/49	75,000		80,181
Commercial Mortgage Trust, Series 2015-CR22, Class B, VRN, 3.93%, 3/10/48	25,000		25,312
Commercial Mortgage Trust, Series 2016-CD1, Class AM, 2.93%, 8/10/49	25,000		24,165
Commercial Mortgage Trust, Series 2017-PANW, Class A SEQ, 3.24%, 10/10/29(1)	50,000		50,480
Core Industrial Trust, Series 2015-CALW, Class C, 3.56%, 2/10/34(1)	100,000		100,921
Core Industrial Trust, Series 2015-TEXW, Class B, 3.33%, 2/10/34(1)	25,000		25,199
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class AS, VRN, 3.67%, 11/15/50	25,000		25,356
GS Mortgage Securities Trust, Series 2015-GC28, Class AS, 3.76%, 2/10/48	50,000		51,294
GS Mortgage Securities Trust, Series 2016-GS2, Class B, VRN, 3.76%, 5/10/49	25,000		25,441
Hudson Yards Mortgage Trust, Series 2016-10HY, Class A SEQ, 2.84%, 8/10/38(1)	50,000		49,019
Hudson Yards Mortgage Trust, Series 2016-10HY, Class B, VRN, 2.98%, 8/10/38(1)	25,000		24,461
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	60,000		62,030
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4 SEQ, 3.41%, 3/15/50	60,000		61,260
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class C, VRN, 5.03%, 12/15/46	37,000		39,141
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class B, 3.46%, 8/15/49	40,000		39,650
Morgan Stanley Capital I Trust, Series 2014-CPT, Class C, VRN, 3.45%, 7/13/29(1)	40,000		40,231
UBS Commercial Mortgage Trust, Series 2017-C1, Class A3 SEQ, 3.20%, 6/15/50	100,000		100,208
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $951,164)			945,988
BANK LOAN OBLIGATIONS(3) — 4.7%
Diversified Telecommunication Services — 1.3%
CenturyLink, Inc., 2017 Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 1/31/25	54,336		53,386
Level 3 Financing, Inc., 2017 Term Loan B, 4.74%, (3-month LIBOR plus 2.25%), 2/22/24	70,000		69,278
Sprint Communications, Inc., 1st Lien Term Loan B, 5.00%, (1-month LIBOR plus 2.50%), 2/2/24	49,620		48,429
Zayo Group, LLC, 2017 Incremental Term Loan, 4.75%, (1-month LIBOR plus 2.25%), 1/19/24	70,000		69,713
			240,806

16

	Principal Amount/Shares		Value
Food Products — 0.2%
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	$	11,368	$	11,288
Post Holdings Inc., 2017 Series A Incremental Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 5/24/24	36,731		36,470
			47,758
Health Care Providers and Services — 0.3%
HCA Inc., 2018 Term Loan B10, 4.50%, (1-month LIBOR plus 2.00%), 3/13/25	49,500		49,504
Hotels, Restaurants and Leisure — 1.3%
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	31,072		30,631
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.75%, (1-month LIBOR plus 2.25%), 2/16/24	38,543		37,997
Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 5.25%, (1-month LIBOR plus 2.75%), 12/22/24	19,749		19,520
Hilton Worldwide Finance, LLC, Term Loan B2, 4.24%, (1-month LIBOR plus 1.75%), 10/25/23	72,981		72,896
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 3/21/25	79,184		78,229
			239,273
IT Services — 0.1%
First Data Corporation, 2024 USD Term Loan, 4.49%, (1-month LIBOR plus 2.00%), 4/26/24	20,000		19,965
Pharmaceuticals — 0.8%
Catalent Pharma Solutions Inc., USD Term Loan B, 4.75%, (1-month LIBOR plus 2.25%), 5/20/24	80,693		80,454
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 5.48%, (1-month LIBOR plus 3.00%), 6/2/25	64,750		64,409
			144,863
Technology Hardware, Storage and Peripherals — 0.7%
Dell International LLC, 2017 Term Loan B, 4.50%, (1-month LIBOR plus 2.00%), 9/7/23	79,472		78,671
Western Digital Corporation, 2018 Term Loan B4, 4.25%, (1-month LIBOR plus 1.75%), 4/29/23	59,363		57,903
			136,574
TOTAL BANK LOAN OBLIGATIONS (Cost $890,187)			878,743
SOVEREIGN GOVERNMENTS AND AGENCIES — 4.3%
Dominican Republic — 0.6%
Dominican Republic International Bond, 6.875%, 1/29/26	100,000		110,125
Egypt — 1.6%
Egypt Government International Bond, 5.75%, 4/29/20	100,000		101,325
Egypt Government International Bond, 6.125%, 1/31/22	200,000		202,831
			304,156
Hungary — 1.1%
Hungary Government International Bond, 6.375%, 3/29/21	200,000		213,297
Oman — 1.0%
Oman Government International Bond, 4.125%, 1/17/23	200,000		191,780
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $814,319)			819,358

17

	Principal Amount/Shares	Value
PREFERRED STOCKS — 2.0%
Banks — 1.5%
Bank of America Corp., 5.20%	135,000	$	135,765
JPMorgan Chase & Co., 5.15%	150,000	151,264
		287,029
Equity Real Estate Investment Trusts (REITs) — 0.5%
Kimco Realty Corp., 5.625%	1,800	44,640
SITE Centers Corp., 6.25%	1,400	36,036
		80,676
TOTAL PREFERRED STOCKS (Cost $357,348)		367,705
TEMPORARY CASH INVESTMENTS — 0.7%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.875%, 9/30/19 - 2/15/44, valued at $114,901), in a joint trading account at 2.35%, dated 3/29/19, due 4/1/19 (Delivery value $112,627)		112,605
State Street Institutional U.S. Government Money Market Fund, Premier Class	20,533	20,533
TOTAL TEMPORARY CASH INVESTMENTS (Cost $133,138)		133,138
TOTAL INVESTMENT SECURITIES — 98.9% (Cost $18,556,066)		18,708,044
OTHER ASSETS AND LIABILITIES — 1.1%		215,459
TOTAL NET ASSETS — 100.0%		$	18,923,503

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	242,226	EUR	214,029	JPMorgan Chase Bank N.A.	6/19/19	$	557
GBP	5	USD	7	Bank of America N.A.	6/19/19	—
MXN	170,424	USD	8,634	Morgan Stanley	6/19/19	38
						$	595

18

NOTES TO SCHEDULE OF INVESTMENTS
EUR	-	Euro
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
GBP	-	British Pound
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
MXN	-	Mexican Peso
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.

(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 $3,871,632, which represented 20.5% of total net assets.

(2) Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(3) The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate 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.

(4) The rate indicated is the yield to maturity at purchase.

See Notes to Financial Statements.

19

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities - unaffiliated, at value (cost of $17,082,610)	$	17,199,703
Investment securities - affiliated, at value (cost of $1,473,456)	1,508,341
Total investment securities, at value (cost of $18,556,066)	18,708,044
Receivable for investments sold	464
Receivable for capital shares sold	100,932
Unrealized appreciation on forward foreign currency exchange contracts	595
Interest and dividends receivable	140,679
	18,950,714
Liabilities
Payable for investments purchased	5,477
Payable for capital shares redeemed	8,343
Accrued management fees	10,961
Distribution and service fees payable	479
Dividends payable	1,951
	27,211
Net Assets	$	18,923,503
Net Assets Consist of:
Capital paid in	$	19,134,940
Distributable earnings	(211,437		)
	$	18,923,503

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$15,718,163	1,614,969	$9.73
I Class		$1,344,511	138,214	$9.73
Y Class		$5,350	550	$9.73
A Class		$1,324,654	136,108	$9.73*
C Class		$182,369	18,745	$9.73
R Class		$112,152	11,522	$9.73
R5 Class		$99,011	10,174	$9.73
R6 Class		$137,293	14,107	$9.73

*Maximum offering price $10.19 (net asset value divided by 0.955).

See Notes to Financial Statements.

20

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	663,481
Income distributions from affiliated funds	58,207
Dividends	3,818
	725,506
Expenses:
Management fees	122,877
Distribution and service fees:
A Class	2,989
C Class	6,307
R Class	2,000
Trustees' fees and expenses	1,178
Other expenses	1,669
	137,020
Fees waived(1)	(10,230		)
	126,790
Net investment income (loss)	598,716
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(328,239		)
Forward foreign currency exchange contract transactions	144,108
Futures contract transactions	(27,247		)
Swap agreement transactions	43,517
Foreign currency translation transactions	(7,639		)
	(175,500		)
Change in net unrealized appreciation (depreciation) on:
Investments (including $1,312 from affiliated funds)	273,588
Forward foreign currency exchange contracts	12,251
Futures contracts	9,848
Swap agreements	(4,623		)
Translation of assets and liabilities in foreign currencies	(659		)
	290,405
Net realized and unrealized gain (loss)	114,905
Net Increase (Decrease) in Net Assets Resulting from Operations	$	713,621

(1) Amount consists of $7,603, $628, $4, $719, $391, $248, $309 and $328 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.

21

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	598,716		$	479,701
Net realized gain (loss)	(175,500		)	46,353
Change in net unrealized appreciation (depreciation)	290,405			(175,397		)
Net increase (decrease) in net assets resulting from operations	713,621			350,657
Distributions to Shareholders
From earnings:
Investor Class	(499,842		)	(339,323		)
I Class	(42,574		)	(6,675		)
Y Class	(212		)	(169		)
A Class	(44,458		)	(29,684		)
C Class	(17,840		)	(25,579		)
R Class	(13,277		)	(21,820		)
R5 Class	(20,067		)	(25,042		)
R6 Class	(21,566		)	(27,317		)
Decrease in net assets from distributions	(659,836		)	(475,609		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	1,746,930			5,119,463
Net increase (decrease) in net assets	1,800,715			4,994,511
Net Assets
Beginning of period	17,122,788			12,128,277
End of period	$	18,923,503		$	17,122,788

See Notes to Financial Statements.

22

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Strategic Income Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek income. As a secondary objective, the fund seeks long-term capital appreciation.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the I Class and Y Class commenced on April 10, 2017.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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 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, convertible bonds, bank loan obligations, municipal securities, 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. 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.

23

Open-end management investment companies are valued at the reported net asset value 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 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 Trustees, or its delegate, deems appropriate. If significant fluctuations in foreign markets are identified, 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Income and capital gain distributions, if any, from the affiliated funds are recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

24

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The investment advisor will waive the portion of the fund’s management fee equal to the expenses attributable to the management fees of the American Century Investments funds in which the fund invests. The amount of this waiver will fluctuate depending on the fund’s daily allocation to other American Century Investments funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Trustees.

25

The annual management fee and the effective annual management fee after waiver for each class for the period ended March 31, 2019 are as follows:

	Annual Management Fee	Effective Annual Management Fee After Waiver
Investor Class	0.74%	0.68%
I Class	0.64%	0.58%
Y Class	0.54%	0.48%
A Class	0.74%	0.68%
C Class	0.74%	0.68%
R Class	0.74%	0.68%
R5 Class	0.54%	0.48%
R6 Class	0.49%	0.43%

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2019 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $10,783,174, of which $2,359,094 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2019 totaled $9,840,306, of which $20,451 represented U.S. Treasury and Government Agency obligations.

26

5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
Investor Class
Sold	1,104,462		$	10,560,239		1,294,139		$	12,796,254
Issued in reinvestment of distributions	49,179		471,880			32,389		319,727
Redeemed	(794,260)		(7,633,594		)	(867,846)		(8,577,550		)
	359,381		3,398,525			458,682		4,538,431
I Class
Sold	77,683		744,902			70,226		692,508
Issued in reinvestment of distributions	4,434		42,501			679		6,675
Redeemed	(14,448	)	(139,428		)	(360	)	(3,543		)
	67,669		647,975			70,545		695,640
Y Class
Sold	—		—			511		5,000
Issued in reinvestment of distributions	22		212			17		168
	22		212			528		5,168
A Class
Sold	148,484		1,418,224			18,268		180,323
Issued in reinvestment of distributions	4,583		43,932			2,984		29,499
Redeemed	(84,968	)	(805,318		)	(54,738	)	(540,111		)
	68,099		656,838			(33,486	)	(330,289		)
C Class
Sold	805		7,587			9,916		98,153
Issued in reinvestment of distributions	1,805		17,350			2,578		25,450
Redeemed	(106,482	)	(1,021,900		)	(2,219	)	(21,935		)
	(103,872	)	(996,963		)	10,275		101,668
R Class
Sold	3,801		36,646			4,126		40,482
Issued in reinvestment of distributions	1,372		13,193			2,199		21,720
Redeemed	(78,363	)	(753,666		)	(555	)	(5,511		)
	(73,190	)	(703,827		)	5,770		56,691
R5 Class
Issued in reinvestment of distributions	2,080		19,986			2,525		24,944
Redeemed	(67,198	)	(637,943		)	—		—
	(65,118	)	(617,957		)	2,525		24,944
R6 Class
Sold	3,298		31,073			—		—
Issued in reinvestment of distributions	2,233		21,478			2,755		27,210
Redeemed	(72,382	)	(690,424		)	—		—
	(66,851	)	(637,873		)	2,755		27,210
Net increase (decrease)	186,140		$	1,746,930		517,594		$	5,119,463

(1) April 10, 2017 (commencement of sale) through March 31, 2018 for the I Class and Y Class.

27

6. Affiliated Fund Transactions

A summary of transactions for each affiliated fund for the period ended March 31, 2019 follows (amounts in thousands):

Affiliated Fund(1)	Beginning Value		Purchase Cost		Sales Cost	Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)	Distributions Received(2)
Emerging Markets Debt Fund R6 Class	$	1,449	$	58	—	$	1	$	1,508	149	—	$	58

(1) Investments are funds within the American Century Investments family of funds and are considered affiliated funds. The fund does not invest in an affiliated fund for the purpose of exercising management or control; however, investments by the fund within its investment strategy may represent a significant portion of an affiliated fund's net assets. Additional information and attributes of each affiliated fund are available at americancentury.com.

(2) Distributions received includes distributions from net investment income and from capital gains, if any.

7. 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.

28

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	—		$	6,989,123	—
Collateralized Mortgage Obligations	—		2,802,132		—
U.S. Treasury Securities	—		2,046,042		—
Affiliated Funds	$	1,508,341	—		—
Collateralized Loan Obligations	—		1,131,201		—
Asset-Backed Securities	—		1,086,273		—
Commercial Mortgage-Backed Securities	—		945,988		—
Bank Loan Obligations	—		878,743		—
Sovereign Governments and Agencies	—		819,358		—
Preferred Stocks	80,676		287,029		—
Temporary Cash Investments	20,533		112,605		—
	$	1,609,550	$	17,098,494	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	595	—

8. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $942,450.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $3,192,376.

29

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts or interest rate swap agreements in order to manage its exposure to changes in market conditions. The value of bonds generally declines as interest rates rise. The risks of entering into interest rate risk derivative instruments include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. The fund's average notional exposure to these interest rate risk derivative instruments held during the period was $451,937 futures contracts purchased and $1,214,662 futures contracts sold.

A fund may enter into interest rate swap agreements to gain exposure to declines in interest rates, to protect against increases in interest rates, or to maintain its ability to generate income at prevailing interest rates. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The fund's average notional amount on interest rate swap agreements held during the period was $114,720.

Other Contracts — A fund may enter into total return swap agreements in order to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets or gain exposure to certain markets in the most economical way possible. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments, including inflationary risk. The fund's average notional amount held during the period was $550,000.

30

Value of Derivative Instruments as of March 31, 2019

	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	595	Unrealized depreciation on forward foreign currency exchange contracts	—

Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2019

	Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value			Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	37,401		Change in net unrealized appreciation (depreciation) on swap agreements	$	(2,031	)
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	144,108			Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	12,251
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(27,247		)	Change in net unrealized appreciation (depreciation) on futures contracts	9,848
Interest Rate Risk	Net realized gain (loss) on swap agreement transactions	690			Change in net unrealized appreciation (depreciation) on swap agreements	—
Other Contracts	Net realized gain (loss) on swap agreement transactions	5,426			Change in net unrealized appreciation (depreciation) on swap agreements	(2,592		)
		$	160,378			$	17,476

9. Risk Factors

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

The fund invests in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.

The fund’s investments in secured and unsecured participations in bank loan obligations and assignments of such loans may create substantial risk. The market for bank loans may not be highly liquid and the fund may have difficulty selling them. The fund’s bank loan investments typically will result in the fund having a contractual relationship only with the lender, not with the borrower. In connection with purchasing loan participations, the fund generally will have no right to enforce compliance by borrowers with loan terms nor any set off rights, and the fund may not benefit directly from any posted collateral. As a result, the fund may be subject to the credit risk of both the borrower and the lender selling the participation.

10. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	659,836	$	475,609
Long-term capital gains	—		—

31

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments	$	18,556,067
Gross tax appreciation of investments	$	274,451
Gross tax depreciation of investments	(122,474		)
Net tax appreciation (depreciation) of investments	151,977
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	(156		)
Net tax appreciation (depreciation)	$	151,821
Other book-to-tax adjustments	$	(1,364	)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(103,904	)
Accumulated long-term capital losses	$	(172,239	)
Late-year ordinary loss deferral	$	(85,751	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization for tax purposes of unrealized gains (losses) on certain foreign currency exchange contracts.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

11. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

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Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019	$9.74	0.34	0.03	0.37	(0.38)	$9.73	3.88%	0.70%	0.76%	3.55%	3.49%	60%		$15,718
2018	$9.78	0.32	(0.04)	0.28	(0.32)	$9.74	2.86%	0.69%	0.76%	3.27%	3.20%	64%		$12,228
2017	$9.45	0.33	0.33	0.66	(0.33)	$9.78	7.06%	0.65%	0.76%	3.39%	3.28%	40%		$7,791
2016	$9.81	0.33	(0.29)	0.04	(0.40)	$9.45	0.44%	0.64%	0.75%	3.52%	3.41%	25%		$2,290
2015(3)	$10.00	0.23	(0.14)	0.09	(0.28)	$9.81	0.91%	0.65%(4)	0.74%(4)	3.43%(4)	3.34%(4)	9%		$2,965
I Class
2019	$9.73	0.35	0.03	0.38	(0.38)	$9.73	4.09%	0.60%	0.66%	3.65%	3.59%	60%		$1,345
2018(5)	$9.79	0.33	(0.07)	0.26	(0.32)	$9.73	2.64%	0.59%(4)	0.66%(4)	3.37%(4)	3.30%(4)	64%(6)		$687
Y Class
2019	$9.73	0.36	0.03	0.39	(0.39)	$9.73	4.18%	0.50%	0.56%	3.75%	3.69%	60%		$5
2018(5)	$9.79	0.33	(0.06)	0.27	(0.33)	$9.73	2.73%	0.49%(4)	0.56%(4)	3.46%(4)	3.39%(4)	64%(6)		$5
A Class
2019	$9.74	0.32	0.02	0.34	(0.35)	$9.73	3.62%	0.95%	1.01%	3.30%	3.24%	60%		$1,325
2018	$9.77	0.29	(0.03)	0.26	(0.29)	$9.74	2.71%	0.94%	1.01%	3.02%	2.95%	64%		$662
2017	$9.45	0.30	0.32	0.62	(0.30)	$9.77	6.68%	0.90%	1.01%	3.14%	3.03%	40%		$992
2016	$9.81	0.31	(0.30)	0.01	(0.37)	$9.45	0.19%	0.89%	1.00%	3.27%	3.16%	25%		$1,180
2015(3)	$10.00	0.21	(0.14)	0.07	(0.26)	$9.81	0.74%	0.90%(4)	0.99%(4)	3.18%(4)	3.09%(4)	9%		$935

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2019	$9.74	0.24	0.03	0.27	(0.28)	$9.73	2.85%	1.70%	1.76%	2.55%	2.49%	60%		$182
2018	$9.77	0.22	(0.03)	0.19	(0.22)	$9.74	1.94%	1.69%	1.76%	2.27%	2.20%	64%		$1,194
2017	$9.45	0.23	0.32	0.55	(0.23)	$9.77	5.89%	1.65%	1.76%	2.39%	2.28%	40%		$1,098
2016	$9.81	0.24	(0.30)	(0.06)	(0.30)	$9.45	(0.56)%	1.64%	1.75%	2.52%	2.41%	25%		$993
2015(3)	$10.00	0.16	(0.14)	0.02	(0.21)	$9.81	0.24%	1.65%(4)	1.74%(4)	2.43%(4)	2.34%(4)	9%		$917
R Class
2019	$9.74	0.29	0.03	0.32	(0.33)	$9.73	3.36%	1.20%	1.26%	3.05%	2.99%	60%		$112
2018	$9.78	0.27	(0.04)	0.23	(0.27)	$9.74	2.45%	1.19%	1.26%	2.77%	2.70%	64%		$825
2017	$9.45	0.28	0.33	0.61	(0.28)	$9.78	6.42%	1.15%	1.26%	2.89%	2.78%	40%		$772
2016	$9.81	0.29	(0.30)	(0.01)	(0.35)	$9.45	(0.06)%	1.14%	1.25%	3.02%	2.91%	25%		$714
2015(3)	$10.00	0.19	(0.13)	0.06	(0.25)	$9.81	0.58%	1.15%(4)	1.24%(4)	2.93%(4)	2.84%(4)	9%		$704
R5 Class
2019	$9.74	0.35	0.03	0.38	(0.39)	$9.73	4.09%	0.50%	0.56%	3.75%	3.69%	60%		$99
2018	$9.77	0.34	(0.03)	0.31	(0.34)	$9.74	3.17%	0.49%	0.56%	3.47%	3.40%	64%		$733
2017	$9.45	0.35	0.32	0.67	(0.35)	$9.77	7.16%	0.45%	0.56%	3.59%	3.48%	40%		$711
2016	$9.81	0.36	(0.30)	0.06	(0.42)	$9.45	0.64%	0.44%	0.55%	3.72%	3.61%	25%		$663
2015(3)	$10.00	0.24	(0.14)	0.10	(0.29)	$9.81	1.05%	0.45%(4)	0.54%(4)	3.63%(4)	3.54%(4)	9%		$909

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2019	$9.74	0.36	0.03	0.39	(0.40)	$9.73	4.14%	0.45%	0.51%	3.80%	3.74%	60%		$137
2018	$9.78	0.35	(0.05)	0.30	(0.34)	$9.74	3.22%	0.44%	0.51%	3.52%	3.45%	64%		$789
2017	$9.45	0.35	0.33	0.68	(0.35)	$9.78	7.21%	0.40%	0.51%	3.64%	3.53%	40%		$764
2016	$9.81	0.36	(0.30)	0.06	(0.42)	$9.45	0.69%	0.39%	0.50%	3.77%	3.66%	25%		$712
2015(3)	$10.00	0.24	(0.13)	0.11	(0.30)	$9.81	1.08%	0.40%(4)	0.49%(4)	3.68%(4)	3.59%(4)	9%		$708

Notes to Financial Highlights

(1) Computed using average shares outstanding throughout the period.

(2) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3) July 28, 2014 (fund inception) through March 31, 2015.

(4) Annualized.

(5) April 10, 2017 (commencement of sale) through March 31, 2018.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of Strategic Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Income Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

36

Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

37

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

38

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

39

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

40

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92287 1905

Annual Report

March 31, 2019

U.S. Government Money Market Fund

Investor Class (TCRXX)

A Class (AGQXX)

C Class (AGHXX)

G Class (AGGXX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Table of Contents

President's Letter	2
Performance	3
Fund Characteristics	4
Shareholder Fee Example	5
Schedule of Investments	7
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets.	12
Notes to Financial Statements	13
Financial Highlights	17
Report of Independent Registered Public Accounting Firm	19
Management	20
Additional Information	23

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2019. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Markets Ended Roller-Coaster Period on Upswing

For the first half of the period, U.S. stocks climbed higher, while bond returns headed lower. Robust economic growth, bolstered by federal tax and regulatory reform, and record corporate earnings results fueled risk-on sentiment that drove stock prices higher. Meanwhile, the combination of strong economic data, the Federal Reserve’s (Fed’s) ongoing rate-hike campaign and an uptick in inflation pushed investment-grade bond returns lower.

Market trends began changing in late 2018. Mounting investor concerns about slowing global economic and earnings growth, U.S.-China trade tensions and rising interest rates triggered widespread volatility. Stock prices plunged as investors sought safe-haven investments, including U.S. Treasuries. Furthermore, the Fed issued another rate hike in December, its fourth of the year, and maintained its hawkish outlook. Investors feared the December rate increase and the Fed’s plans for two more rate hikes in 2019 were too aggressive, and risk-off investing remained in favor.

January brought a renewed sense of stability to the markets. Investors’ concerns about growth and trade eased, and the Fed changed course, pausing its rate-hike campaign amid moderating global growth and inflation. Valuations appeared attractive after the late-2018 sell-off, and risk-on investing resumed. In March, the Fed held rates steady again, hinting additional tightening was off the table for 2019. This news drove stock and bond returns higher and left both asset classes on an upward track to end the period. Overall, stocks (S&P 500 Index) overcame their late-2018 nosedive to gain 9.50% for the period. Bonds (Bloomberg Barclays U.S. Aggregate Bond Index) bounced back from losses early in the period to return 4.48%.

We expect volatility to remain a formidable factor as investors react to global growth trends, central bank policy and geopolitical developments. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Total Returns as of March 31, 2019
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TCRXX	1.67%	0.48%	0.27%	—	4/1/93
A Class	AGQXX	1.41%	—	—	0.60%	12/1/15
C Class	AGHXX	0.91%	—	—	0.38%	12/1/15
G Class	AGGXX	2.13%	—	—	1.75%	7/28/17

Average annual returns since inception are presented when ten years of performance history is not available.

Fund returns would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class	A Class	C Class	G Class
0.46%	0.71%	1.21%	0.46%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The 7-day current yield more closely reflects the current earnings of the fund than the total return.

3

Fund Characteristics

MARCH 31, 2019
7-Day Current Yields	Investor Class	A Class	C Class	G Class
After waiver(1)	2.01%	1.76%	1.26%	2.46%
Before waiver	2.01%	1.76%	1.26%	2.01%
7-Day Effective Yields	Investor Class	A Class	C Class	G Class
After waiver(1)	2.03%	1.78%	1.27%	2.49%
(1) Yields would have been lower if a portion of the fees had not been waived.

Portfolio at a Glance
Weighted Average Maturity	28 days
Weighted Average Life	84 days
Portfolio Composition by Maturity	% of fund investments
1-30 days	78%
31-90 days	20%
91-180 days	1%
More than 180 days	1%

4

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

5

	Beginning Account Value 10/1/18	Ending Account Value 3/31/19	Expenses Paid During Period(1)  10/1/18 - 3/31/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,009.40	$2.30	0.46%
A Class	$1,000	$1,008.20	$3.55	0.71%
C Class	$1,000	$1,005.70	$6.05	1.21%
G Class	$1,000	$1,011.70	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,022.64	$2.32	0.46%
A Class	$1,000	$1,021.39	$3.58	0.71%
C Class	$1,000	$1,018.90	$6.09	1.21%
G Class	$1,000	$1,024.88	$0.05	0.01%

(1) Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

6

Schedule of Investments

MARCH 31, 2019

	Principal Amount		Value
U.S. GOVERNMENT AGENCY SECURITIES(1) — 76.3%
Adjustable-Rate U.S. Government Agency Securities — 47.9%
Federal Farm Credit Banks, VRN, 2.41%, (1-month LIBOR less 0.08%), 6/20/19	$	25,000,000	$	24,996,044
Federal Home Loan Bank, VRN, 2.40%, (1-month LIBOR less 0.09%), 4/12/19	19,500,000		19,499,871
Federal Home Loan Bank, VRN, 2.44%, (1-month LIBOR less 0.05%), 5/24/19	75,000,000		75,000,000
Federal Home Loan Bank, VRN, 2.44%, (3-month LIBOR less 0.16%), 6/12/19	7,210,000		7,211,787
Federal Home Loan Bank, VRN, 2.47%, (3-month LIBOR less 0.16%), 6/20/19	45,040,000		45,047,000
Federal Home Loan Bank, VRN, 2.42%, (1-month LIBOR less 0.07%), 7/23/19	175,000,000		175,000,000
Federal Home Loan Bank, VRN, 2.51%, (3-month LIBOR less 0.26%), 7/25/19	100,000,000		100,000,000
Federal Home Loan Bank, VRN, 2.45%, (1-month LIBOR less 0.03%), 9/16/19	35,000,000		35,000,000
Federal Home Loan Bank, VRN, 2.52%, (3-month LIBOR less 0.28%), 10/9/19	60,000,000		60,000,000
Federal Home Loan Bank, VRN, 2.58%, (3-month LIBOR less 0.22%), 10/15/19	75,000,000		75,000,000
Federal Home Loan Bank, VRN, 2.46%, (3-month USBMMY plus 0.03%), 12/6/19	35,000,000		35,000,000
Federal Home Loan Bank, VRN, 2.49%, (3-month LIBOR less 0.14%), 12/19/19	31,895,000		31,917,189
Federal Home Loan Bank, VRN, 2.45%, (1-month LIBOR less 0.03%), 4/16/20	50,000,000		50,000,000
Federal Home Loan Mortgage Corp., MTN, VRN, 2.41%, 5/8/19	120,000,000		120,000,000
			853,671,891
Fixed-Rate U.S. Government Agency Securities — 28.4%
Federal Farm Credit Banks, 1.03%, 4/5/19	4,650,000		4,649,252
Federal Home Loan Bank, 2.44%, 4/15/19	1,500,000		1,498,594
Federal Home Loan Bank, 2.45%, 4/17/19	43,000,000		42,953,809
Federal Home Loan Bank, 2.45%, 4/22/19	98,000,000		97,862,057
Federal Home Loan Bank, 2.45%, 4/26/19	115,000,000		114,807,135
Federal Home Loan Bank, 2.44%, 5/1/19	125,000,000		124,749,688
Federal Home Loan Bank, 2.46%, 5/9/19	79,300,000		79,097,014
Federal Home Loan Bank, 2.50%, 8/23/19	21,000,000		20,793,108
Federal Home Loan Bank, 2.55%, 12/19/19	20,000,000		20,000,000
			506,410,657
TOTAL U.S. GOVERNMENT AGENCY SECURITIES			1,360,082,548
U.S. TREASURY SECURITIES(1) — 10.5%
U.S. Treasury Bills, 2.43%, 4/11/19	27,000,000		26,982,000
U.S. Treasury Bills, 2.43%, 4/23/19	100,000,000		99,853,333

7

	Principal Amount		Value
U.S. Treasury Notes, 3.125%, 5/15/19	$	53,000,000	$	53,042,511
U.S. Treasury Notes, VRN, 2.54%, (3-month USBMMY plus 0.12%), 1/31/21	8,000,000		7,995,016
TOTAL U.S. TREASURY SECURITIES			187,872,860
CORPORATE BONDS — 7.1%
Anton Mountain View LLC, VRDN, 2.49%, 4/28/19 (LOC: FHLB)	14,855,000		14,855,000
Doghouse Properties LLC, VRDN, 2.66%, 4/5/19 (LOC: FHLB)	1,310,000		1,310,000
EPR GO Zone Holdings LLC, VRDN, 2.44%, 4/5/19 (LOC: FHLB)	24,995,000		24,995,000
Fairfield North Texas Associates LP, VRDN, 2.49%, 4/5/19 (LOC: FHLB)	4,800,000		4,800,000
Manse on Marsh LP, VRDN, 2.49%, 4/5/19 (LOC: FHLB)	9,330,000		9,330,000
Northcreek Church, VRDN, 2.50%, 4/5/19 (LOC: FHLB)	4,950,000		4,950,000
Saddleback Valley Community Church, VRDN, 2.55%, 4/5/19 (LOC: FHLB)	7,105,000		7,105,000
Santa Monica Ocean Park Partners LP, VRDN, 2.49%, 4/5/19 (LOC: FHLB)	9,370,000		9,370,000
Sendero LLC, VRDN, 2.49%, 4/5/19 (LOC: FHLB)	25,980,000		25,980,000
Sendero LLC, VRDN, 2.49%, 4/5/19 (LOC: FHLB)	15,920,000		15,920,000
Varenna Care Center LP, VRDN, 2.49%, 4/5/19 (LOC: FHLB)	8,765,000		8,765,000
TOTAL CORPORATE BONDS			127,380,000
MUNICIPAL SECURITIES — 0.8%
ABAG Finance Authority for Nonprofit Corps. Rev., (2471 Shattuck LLC), VRDN, 2.42%, 4/5/19 (LOC: FNMA)(LIQ FAC: FNMA)	1,715,000		1,715,000
ABAG Finance Authority for Nonprofit Corps. Rev., (Berkeleyan LLC), VRDN, 2.42%, 4/5/19 (LOC: FNMA)(LIQ FAC: FNMA)	500,000		500,000
California Health Facilities Financing Authority Rev., (Ampla Health), VRDN, 2.38%, 4/5/19 (LOC: FHLB and Preferred Bank )	510,000		510,000
California Statewide Communities Development Authority Rev., (Uptown Newport Building Owner LP), VRDN, 2.74%, 4/5/19 (LOC: East West Bank, Zions Bank and FHLB)	5,100,000		5,100,000
JJB Properties LLC Rev., VRDN, 2.49%, 4/5/19 (LOC: Arvest Bank and FHLB)	3,275,000		3,275,000
New York City Housing Development Corp. Rev., (2 Gold LLC), VRDN, 2.45%, 4/5/19 (LOC: FNMA)(LIQ FAC: FNMA)	900,000		900,000
St Tammany Parish Economic & Industrial Development District Rev., (Diversified Foods and Seasonings LLC), VRDN, 2.47%, 4/5/19 (LOC: Fidelity Homestead Assistance and FHLB)	1,360,000		1,360,000
TOTAL MUNICIPAL SECURITIES			13,360,000
TOTAL INVESTMENT SECURITIES — 94.7%			1,688,695,408
OTHER ASSETS AND LIABILITIES(2) — 5.3%			94,594,796
TOTAL NET ASSETS — 100.0%			$	1,783,290,204

8

NOTES TO SCHEDULE OF INVESTMENTS
FHLB	-	Federal Home Loan Bank
FNMA	-	Federal National Mortgage Association
LIBOR	-	London Interbank Offered Rate
LIQ FAC	-	Liquidity Facilities
LOC	-	Letter of Credit
MTN	-	Medium Term Note
USBMMY	-	U.S. Treasury Bill Money Market Yield
VRDN	-	Variable Rate Demand Note. The instrument may be payable upon demand and 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 date of the demand feature is disclosed.
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.

(1) 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.

(2) Amount relates primarily to receivable for investments sold, but not settled, at period end.

See Notes to Financial Statements.

9

Statement of Assets and Liabilities

MARCH 31, 2019
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	1,688,695,408
Cash	453,021
Receivable for investments sold	109,093,357
Receivable for capital shares sold	1,816,786
Interest receivable	3,000,033
	1,803,058,605
Liabilities
Payable for investments purchased	18,500,000
Payable for capital shares redeemed	897,464
Accrued management fees	350,235
Distribution and service fees payable	14,651
Dividends payable	6,051
	19,768,401
Net Assets	$	1,783,290,204
Net Assets Consist of:
Capital paid in	$	1,783,351,312
Distributable earnings	(61,108		)
	$	1,783,290,204

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$851,334,075	851,504,099		$1.00
A Class		$67,515,877	67,515,200		$1.00
C Class		$76,609	76,607		$1.00
G Class		$864,363,643	864,385,566		$1.00

See Notes to Financial Statements.

10

Statement of Operations

YEAR ENDED MARCH 31, 2019
Investment Income (Loss)
Income:
Interest	$	40,153,650
Expenses:
Management fees	8,591,794
Distribution and service fees:
A Class	180,612
C Class	464
Trustees' fees and expenses	131,863
Other expenses	8,217
	8,912,950
Fees waived - G Class	(4,100,925		)
	4,812,025
Net investment income (loss)	35,341,625
Net realized gain (loss) on investment transactions	6,713
Net Increase (Decrease) in Net Assets Resulting from Operations	$	35,348,338

See Notes to Financial Statements.

11

Statement of Changes in Net Assets

YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2018
Increase (Decrease) in Net Assets	March 31, 2019			March 31, 2018
Operations
Net investment income (loss)	$	35,341,625		$	15,865,070
Net realized gain (loss)	6,713			(67,821		)
Net increase (decrease) in net assets resulting from operations	35,348,338			15,797,249
Distributions to Shareholders
From earnings:
Investor Class	(15,302,067		)	(7,553,922		)
A Class	(1,007,024		)	(431,740		)
C Class	(698		)	(115		)
G Class	(19,031,836		)	(7,879,293		)
Decrease in net assets from distributions	(35,341,625		)	(15,865,070		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 4)	(95,609,086		)	(286,164,479		)
Net increase (decrease) in net assets	(95,602,373		)	(286,232,300		)
Net Assets
Beginning of period	1,878,892,577			2,165,124,877
End of period	$	1,783,290,204		$	1,878,892,577

See Notes to Financial Statements.

12

Notes to Financial Statements

MARCH 31, 2019

1. Organization

American Century Investment Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. U.S. Government Money Market Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek current income while maintaining liquidity and preserving capital.

The fund offers the Investor Class, A Class, C Class and G Class. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the G Class commenced on July 28, 2017.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

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. Investments are generally valued at amortized cost, which approximates fair value. If the fund determines that the amortized cost does 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.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Treasury Roll Transactions — The fund purchases a security and at the same time makes a commitment to sell the same security at a future settlement date at a specified price. These types of transactions are known as treasury roll transactions. The difference between the purchase price and the sale price represents interest income reflective of an agreed upon rate between the fund and the counterparty.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

13

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. The fund may make capital gains distributions to comply with the distribution requirements of the Internal Revenue Code.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, American Century Investment Management, Inc. (ACIM), the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 59% of the shares of the fund.ACIM owns 14% of the shares of the fund.Related parties do not invest in the fund for the purpose of exercising management or control.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The investment advisor agreed to waive the G Class’s management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended March 31, 2019 are as follows:

	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
Investor Class	0.1170% to 0.2300%	0.2500% to 0.3100%	0.45%
A Class			0.45%
C Class			0.45%
G Class			0.00%(1)

(1) Effective annual management fee before waiver was 0.45%.

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 0.75%, of which 0.25% is paid for individual shareholder services and 0.50% is paid for distribution services. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2019 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

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4. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

	Year ended March 31, 2019					Year ended March 31, 2018(1)
	Shares		Amount			Shares		Amount
Investor Class
Sold	610,098,718		$	610,098,718		1,302,373,057		$	1,302,373,057
Issued in reinvestment of distributions	15,209,824		15,209,824			7,039,033		7,039,033
Redeemed	(600,775,338	)	(600,775,338		)	(2,553,672,005	)	(2,553,672,005		)
	24,533,204		24,533,204			(1,244,259,915	)	(1,244,259,915		)
A Class
Sold	38,826,325		38,826,325			44,219,235		44,219,235
Issued in reinvestment of distributions	1,005,244		1,005,244			431,740		431,740
Redeemed	(52,835,390	)	(52,835,390		)	(58,095,432	)	(58,095,432		)
	(13,003,821	)	(13,003,821		)	(13,444,457	)	(13,444,457		)
C Class
Sold	199,366		199,366			624		624
Issued in reinvestment of distributions	280		280			113		113
Redeemed	(151,767	)	(151,767		)	(32,758	)	(32,758		)
	47,879		47,879			(32,021	)	(32,021		)
G Class
Sold	60,813,798		60,813,798			1,022,867,471		1,022,867,471
Issued in reinvestment of distributions	18,991,237		18,991,237			7,879,293		7,879,293
Redeemed	(186,991,383	)	(186,991,383		)	(59,174,850	)	(59,174,850		)
	(107,186,348	)	(107,186,348		)	971,571,914		971,571,914
Net increase (decrease)	(95,609,086	)	$	(95,609,086	)	(286,164,479	)	$	(286,164,479	)

(1) July 28, 2017 (commencement of sale) through March 31, 2018 for the G Class.

5. 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.

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

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6. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2019 and March 31, 2018 were as follows:

	2019		2018
Distributions Paid From
Ordinary income	$	35,341,625	$	15,865,070
Long-term capital gains	—		—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of March 31, 2019, the fund had accumulated short-term capital losses of $(61,108), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

7. Recently Issued Accounting Standards

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

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Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(1)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Net Assets, End of Period (in thousands)
Investor Class
2019	$1.00	0.02	—(2)	0.02	(0.02)	$1.00	1.67%	0.46%	0.46%	1.65%	1.65%		$851,334
2018	$1.00	0.01	—(2)	0.01	(0.01)	$1.00	0.64%	0.46%	0.46%	0.62%	0.62%		$826,798
2017	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.07%	0.44%	0.46%	0.07%	0.05%		$2,071,097
2016	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.23%	0.46%	0.01%	(0.22)%		$1,574,173
2015	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.15%	0.46%	0.01%	(0.30)%		$1,373,230
A Class
2019	$1.00	0.01	—(2)	0.01	(0.01)	$1.00	1.41%	0.71%	0.71%	1.40%	1.40%		$67,516
2018	$1.00	0.01	—(2)	0.01	(0.01)	$1.00	0.51%	0.57%	0.71%	0.51%	0.37%		$80,519
2017	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.07%	0.46%	0.71%	0.05%	(0.20)%		$93,967
2016(3)	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.34%(4)	0.71%(4)	0.01%(4)	(0.35)%(4)		$52
C Class
2019	$1.00	0.01	—(2)	0.01	(0.01)	$1.00	0.91%	1.21%	1.21%	0.90%	0.90%		$77
2018	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.29%	0.74%	1.21%	0.34%	(0.13)%		$29
2017	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.07%	0.44%	1.21%	0.07%	(0.70)%		$61
2016(3)	$1.00	—(2)	—(2)	—(2)	—(2)	$1.00	0.01%	0.32%(4)	1.21%(4)	0.01%(4)	(0.88)%(4)		$25
G Class
2019	$1.00	0.02	—(2)	0.02	(0.02)	$1.00	2.13%	0.01%	0.46%	2.10%	1.65%		$864,364
2018(5)	$1.00	0.01	—(2)	0.01	(0.01)	$1.00	0.81%	0.01%(4)	0.46%(4)	1.20%(4)	0.75%(4)		$971,546

Notes to Financial Highlights

(1) Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(2) Per-share amount was less than $0.005.

(3) December 1, 2015 (commencement of sale) through March 31, 2016.

(4) Annualized.

(5) July 28, 2017 (commencement of sale) through March 31, 2018.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Investment Trust and Shareholders of U.S. Government Money Market Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of U.S. Government Money Market Fund (one of the funds constituting American Century Investment Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assetsfor each of the two years in the period ended March 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 17, 2019

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

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Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75^th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder (1955)	Trustee	Since 2011	Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)	45	CYS Investments, Inc.; Nabors Industries Ltd.
Jeremy I. Bulow (1954)	Trustee	Since 2011	Professor of Economics, Stanford University, Graduate School of Business (1979 to present)	45	None
Anne Casscells (1958)	Trustee	Since 2016	Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)	45	None
Ronald J. Gilson (1946)	Trustee and Chairman of the Board	Since 1995 (Chairman since 2005)	Charles J. Meyers Professor of Law and Business, Emeritus, Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)	50	None

20

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Trustee	Other Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer (1946)	Trustee	Since 2008	Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present); Senior Advisor, iShares by BlackRock, Inc. (investment management firm) (2013 to 2015)	45	None
Jonathan D. Levin (1972)	Trustee	Since 2016	Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present); Chair, Department of Economics, Stanford University (2011 to 2014)	45	None
Peter F. Pervere (1947)	Trustee	Since 2007	Retired	45	None
John B. Shoven (1947)	Trustee	Since 2002	Charles R. Schwab Professor of Economics, Stanford University (1973 to present)	45	Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas (1963)	Trustee and President	Since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	117	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

21

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Trustee and President since 2007	President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present) Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)

22

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund’s Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

23

Notes

24

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92283 1905

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

(f) The registrant’s Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to American Century Asset Allocation Portfolios, Inc.’s Annual Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by reference.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The registrant's board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Tanya S. Beder, Anne Casscells, Peter F. Pervere and Ronald J. Gilson are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

(b) No response required.

(c) No response required.

(d) No response required.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

FY 2018:$344,809

FY 2019:$358,679

(b) Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were as follows:

For services rendered to the registrant:

FY 2018:$0

FY 2019:$0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2018:$0

FY 2019:$0

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

FY 2018:$0

FY 2019:$0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2018:$0

FY 2019:$0

(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

FY 2018:$0

FY 2019:$0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2018:$0

FY 2019:$0

(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant’s audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant’s audit committee also pre-approves its accountant’s engagements for non-audit services with the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

FY 2018:$132,303

FY 2019:$131,797

(h) The registrant’s investment adviser and accountant have notified the registrant’s audit committee of all non-audit services that were rendered by the registrant’s accountant to the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant’s audit committee included sufficient details regarding such services to allow the registrant’s audit committee to consider the continuing independence of its principal accountant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.’s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005.

(a)(2) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	American Century Investment Trust
By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President
Date:	May 24, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President
		(principal executive officer)
Date:	May 24, 2019

By:	/s/ R. Wes Campbell
	Name:	R. Wes Campbell
	Title:	Treasurer and
		Chief Financial Officer
		(principal financial officer)
Date:	May 24, 2019