American Century Investment Trust N-CSRS Certified semi-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:	09-30-2019

ITEM 1. REPORTS TO STOCKHOLDERS.

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	27
Statement of Operations	28
Statement of Changes in Net Assets	29
Notes to Financial Statements	30
Financial Highlights	39
Approval of Management Agreement	43
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.

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics 

SEPTEMBER 30, 2019
Portfolio at a Glance
Average Duration (effective)	5.7 years
Weighted Average Life to Maturity	7.8 years
Types of Investments in Portfolio	% of net assets
U.S. Treasury Securities	28.7%
Corporate Bonds	27.3%
U.S. Government Agency Mortgage-Backed Securities	17.1%
Asset-Backed Securities	7.4%
Collateralized Mortgage Obligations	5.9%
Collateralized Loan Obligations	4.3%
Commercial Mortgage-Backed Securities	3.9%
Sovereign Governments and Agencies	1.7%
Municipal Securities	1.6%
Bank Loan Obligations	0.4%
Temporary Cash Investments	3.5%
Other Assets and Liabilities	(1.8)%

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1) 4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,051.10	$2.82	0.55%
I Class	$1,000	$1,051.60	$2.31	0.45%
A Class	$1,000	$1,049.80	$4.10	0.80%
C Class	$1,000	$1,045.90	$7.93	1.55%
R Class	$1,000	$1,048.50	$5.38	1.05%
R5 Class	$1,000	$1,052.10	$1.80	0.35%
Hypothetical
Investor Class	$1,000	$1,022.25	$2.78	0.55%
I Class	$1,000	$1,022.75	$2.28	0.45%
A Class	$1,000	$1,021.00	$4.04	0.80%
C Class	$1,000	$1,017.25	$7.82	1.55%
R Class	$1,000	$1,019.75	$5.30	1.05%
R5 Class	$1,000	$1,023.25	$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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount/Shares		Value
U.S. TREASURY SECURITIES — 28.7%
U.S. Treasury Bonds, 3.50%, 2/15/39	$	300,000	$	376,154
U.S. Treasury Bonds, 4.375%, 11/15/39(1)	600,000		842,461
U.S. Treasury Bonds, 3.125%, 11/15/41	400,000		477,172
U.S. Treasury Bonds, 3.125%, 2/15/42	300,000		358,014
U.S. Treasury Bonds, 3.00%, 5/15/42	1,900,000		2,223,965
U.S. Treasury Bonds, 2.875%, 5/15/43	450,000		516,437
U.S. Treasury Bonds, 3.125%, 8/15/44(1)	200,000		239,867
U.S. Treasury Bonds, 3.00%, 11/15/44	400,000		470,273
U.S. Treasury Bonds, 2.50%, 2/15/45	900,000		969,451
U.S. Treasury Bonds, 3.00%, 5/15/45	1,200,000		1,414,195
U.S. Treasury Bonds, 3.00%, 11/15/45	300,000		354,193
U.S. Treasury Bonds, 3.375%, 11/15/48	800,000		1,020,312
U.S. Treasury Bonds, 2.25%, 8/15/49	2,600,000		2,677,238
U.S. Treasury Notes, 1.625%, 10/15/20	1,000,000		998,164
U.S. Treasury Notes, 1.50%, 9/30/21	1,500,000		1,496,426
U.S. Treasury Notes, 2.625%, 12/15/21	1,400,000		1,431,008
U.S. Treasury Notes, 1.875%, 1/31/22	3,000,000		3,017,051
U.S. Treasury Notes, 2.375%, 3/15/22	2,500,000		2,548,047
U.S. Treasury Notes, 1.75%, 6/15/22	1,400,000		1,406,562
U.S. Treasury Notes, 1.50%, 9/15/22	4,000,000		3,992,969
U.S. Treasury Notes, 1.875%, 9/30/22	3,000,000		3,027,246
U.S. Treasury Notes, 2.00%, 11/30/22	1,100,000		1,114,137
U.S. Treasury Notes, 2.00%, 5/31/24	2,000,000		2,040,508
U.S. Treasury Notes, 1.25%, 8/31/24	5,500,000		5,424,375
U.S. Treasury Notes, 1.625%, 9/30/26	500,000		500,166
U.S. Treasury Notes, 3.125%, 11/15/28	2,000,000		2,246,211
U.S. Treasury Notes, 2.375%, 5/15/29	900,000		956,145
U.S. Treasury Notes, 1.625%, 8/15/29	1,400,000		1,394,094
TOTAL U.S. TREASURY SECURITIES (Cost $41,829,716)			43,532,841
CORPORATE BONDS — 27.3%
Aerospace and Defense — 0.2%
Lockheed Martin Corp., 3.80%, 3/1/45	90,000		100,537
United Technologies Corp., 6.05%, 6/1/36	95,000		127,967
			228,504
Air Freight and Logistics — 0.1%
United Parcel Service, Inc., 2.80%, 11/15/24	150,000		155,169
Auto Components — 0.1%
ZF North America Capital, Inc., 4.00%, 4/29/20(2)	150,000		150,994
Automobiles — 0.8%
Ford Motor Credit Co. LLC, 8.125%, 1/15/20	100,000		101,661
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	270,000		282,883

6

	Principal Amount/Shares		Value
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	$	200,000	$	198,097
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	200,000		200,361
General Motors Co., 4.20%, 10/1/27	70,000		71,445
General Motors Co., 5.15%, 4/1/38	100,000		101,152
General Motors Financial Co., Inc., 3.20%, 7/6/21	210,000		212,207
General Motors Financial Co., Inc., 5.25%, 3/1/26	75,000		81,491
			1,249,297
Banks — 5.2%
Banco Santander SA, 3.50%, 4/11/22	200,000		205,337
Bank of America Corp., MTN, 4.20%, 8/26/24	30,000		32,200
Bank of America Corp., MTN, 4.00%, 1/22/25	250,000		265,743
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28	150,000		161,323
Bank of America Corp., MTN, VRN, 3.19%, 7/23/30	230,000		237,642
Bank of America Corp., MTN, VRN, 4.44%, 1/20/48	30,000		35,845
Bank of America Corp., VRN, 3.00%, 12/20/23	325,000		332,098
Bank of America N.A., 6.00%, 10/15/36	250,000		343,092
BPCE SA, 5.15%, 7/21/24(2)	200,000		219,165
Citibank N.A., 3.65%, 1/23/24	250,000		264,994
Citigroup, Inc., 2.90%, 12/8/21	340,000		345,239
Citigroup, Inc., 4.05%, 7/30/22	80,000		83,781
Citigroup, Inc., 4.45%, 9/29/27	510,000		556,901
Citigroup, Inc., VRN, 3.52%, 10/27/28	180,000		188,712
Cooperatieve Rabobank UA, 3.95%, 11/9/22	250,000		260,558
Fifth Third BanCorp., 4.30%, 1/16/24	80,000		85,871
HSBC Holdings plc, 2.95%, 5/25/21	200,000		202,112
HSBC Holdings plc, 4.30%, 3/8/26	200,000		216,747
HSBC Holdings plc, 4.375%, 11/23/26	200,000		214,658
HSBC Holdings plc, VRN, 3.26%, 3/13/23	200,000		203,565
Huntington Bancshares, Inc., 2.30%, 1/14/22	140,000		140,809
JPMorgan Chase & Co., 4.625%, 5/10/21	230,000		239,312
JPMorgan Chase & Co., 3.875%, 9/10/24	350,000		373,134
JPMorgan Chase & Co., 3.125%, 1/23/25	250,000		259,212
JPMorgan Chase & Co., VRN, 3.54%, 5/1/28	100,000		105,426
JPMorgan Chase & Co., VRN, 3.70%, 5/6/30	70,000		75,150
JPMorgan Chase & Co., VRN, 3.88%, 7/24/38	80,000		87,988
JPMorgan Chase & Co., VRN, 3.96%, 11/15/48	140,000		156,753
JPMorgan Chase & Co., VRN, 3.90%, 1/23/49	30,000		33,382
PNC Financial Services Group, Inc. (The), 4.375%, 8/11/20	70,000		71,451
Regions Financial Corp., 2.75%, 8/14/22	100,000		101,570
Regions Financial Corp., 3.80%, 8/14/23	100,000		105,558
Royal Bank of Canada, 2.15%, 10/26/20	210,000		210,405
SunTrust Bank, 3.30%, 5/15/26	200,000		207,732
U.S. Bancorp, MTN, 3.60%, 9/11/24	70,000		74,543
U.S. Bank N.A., 2.80%, 1/27/25	250,000		257,966
UniCredit SpA, VRN, 5.86%, 6/19/32(2)	200,000		206,367
Wells Fargo & Co., 3.07%, 1/24/23	80,000		81,531
Wells Fargo & Co., 3.00%, 4/22/26	190,000		195,018

7

	Principal Amount/Shares		Value
Wells Fargo & Co., MTN, 4.10%, 6/3/26	$	300,000	$	321,815
Wells Fargo & Co., MTN, 4.65%, 11/4/44	115,000		133,163
			7,893,868
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	270,000		321,692
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	150,000		174,814
Constellation Brands, Inc., 4.75%, 12/1/25	140,000		157,014
			653,520
Biotechnology — 1.0%
AbbVie, Inc., 3.60%, 5/14/25	280,000		291,389
AbbVie, Inc., 4.70%, 5/14/45	90,000		96,310
Amgen, Inc., 4.66%, 6/15/51	108,000		125,942
Biogen, Inc., 3.625%, 9/15/22	210,000		218,642
Celgene Corp., 3.25%, 8/15/22	200,000		206,146
Celgene Corp., 3.875%, 8/15/25	110,000		118,836
Gilead Sciences, Inc., 4.40%, 12/1/21	100,000		104,347
Gilead Sciences, Inc., 3.65%, 3/1/26	230,000		246,650
Gilead Sciences, Inc., 4.15%, 3/1/47	50,000		55,834
			1,464,096
Building Products — 0.1%
Masco Corp., 4.45%, 4/1/25	100,000		108,391
Capital Markets — 1.3%
Goldman Sachs Group, Inc. (The), 2.30%, 12/13/19	310,000		310,041
Goldman Sachs Group, Inc. (The), 3.50%, 1/23/25	100,000		104,401
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26	360,000		374,761
Goldman Sachs Group, Inc. (The), 5.15%, 5/22/45	40,000		47,645
Goldman Sachs Group, Inc. (The), VRN, 2.88%, 10/31/22	70,000		70,828
Goldman Sachs Group, Inc. (The), VRN, 3.81%, 4/23/29	120,000		127,323
Morgan Stanley, 5.00%, 11/24/25	180,000		201,839
Morgan Stanley, 4.375%, 1/22/47	40,000		47,094
Morgan Stanley, MTN, 3.70%, 10/23/24	60,000		63,604
Morgan Stanley, MTN, 4.00%, 7/23/25	440,000		474,908
Morgan Stanley, MTN, VRN, 3.77%, 1/24/29	180,000		192,523
			2,014,967
Chemicals — 0.1%
Westlake Chemical Corp., 4.375%, 11/15/47	90,000		88,670
Commercial Services and Supplies — 0.4%
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(2)	80,000		80,624
Republic Services, Inc., 3.55%, 6/1/22	190,000		196,782
Waste Connections, Inc., 3.50%, 5/1/29	120,000		128,154
Waste Management, Inc., 4.75%, 6/30/20	70,000		71,375
Waste Management, Inc., 4.15%, 7/15/49	90,000		105,371
			582,306
Communications Equipment — 0.1%
Motorola Solutions, Inc., 4.60%, 5/23/29	170,000		185,459

8

	Principal Amount/Shares		Value
Consumer Finance — 0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	$	150,000	$	157,755
American Express Co., 3.00%, 10/30/24	50,000		51,675
American Express Credit Corp., MTN, 2.20%, 3/3/20	100,000		100,029
American Express Credit Corp., MTN, 2.25%, 5/5/21	270,000		271,034
Capital One Bank USA N.A., 3.375%, 2/15/23	250,000		257,808
Capital One Financial Corp., 3.80%, 1/31/28	130,000		137,676
Discover Financial Services, 3.75%, 3/4/25	200,000		209,377
Synchrony Financial, 2.85%, 7/25/22	130,000		131,197
Synchrony Financial, 3.95%, 12/1/27	100,000		102,622
			1,419,173
Containers and Packaging — 0.2%
Berry Global, Inc., 4.875%, 7/15/26(2)	150,000		155,422
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(2)	130,000		133,413
			288,835
Diversified Financial Services — 0.4%
Credit Suisse Group Funding Guernsey Ltd., 3.45%, 4/16/21	250,000		254,183
UBS Group Funding Switzerland AG, 3.49%, 5/23/23(2)	200,000		205,412
Voya Financial, Inc., 5.70%, 7/15/43	90,000		115,475
			575,070
Diversified Telecommunication Services — 1.0%
AT&T, Inc., 3.875%, 8/15/21	180,000		185,713
AT&T, Inc., 3.40%, 5/15/25	130,000		135,849
AT&T, Inc., 2.95%, 7/15/26	190,000		193,004
AT&T, Inc., 3.80%, 2/15/27	100,000		106,128
AT&T, Inc., 4.10%, 2/15/28	160,000		173,409
AT&T, Inc., 5.15%, 11/15/46	160,000		185,886
Orange SA, 4.125%, 9/14/21	100,000		104,029
Telefonica Emisiones SA, 5.46%, 2/16/21	100,000		104,414
Verizon Communications, Inc., 2.625%, 8/15/26	70,000		70,969
Verizon Communications, Inc., 4.75%, 11/1/41	100,000		119,079
Verizon Communications, Inc., 5.01%, 8/21/54	120,000		151,370
			1,529,850
Electric Utilities — 1.0%
AEP Transmission Co. LLC, 3.75%, 12/1/47	50,000		54,675
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	70,000		76,012
Duke Energy Corp., 3.55%, 9/15/21	80,000		81,901
Duke Energy Corp., 2.65%, 9/1/26	50,000		50,279
Duke Energy Florida LLC, 6.35%, 9/15/37	70,000		99,884
Duke Energy Progress LLC, 3.70%, 10/15/46	50,000		53,837
Exelon Corp., 5.15%, 12/1/20	130,000		133,507
Exelon Corp., 4.45%, 4/15/46	60,000		68,124
Exelon Generation Co. LLC, 5.60%, 6/15/42	80,000		95,364
FirstEnergy Corp., 4.25%, 3/15/23	100,000		105,840
FirstEnergy Transmission LLC, 4.55%, 4/1/49(2)	70,000		82,527

9

	Principal Amount/Shares		Value
Florida Power & Light Co., 4.125%, 2/1/42	$	50,000	$	58,098
Florida Power & Light Co., 3.15%, 10/1/49	70,000		71,249
Georgia Power Co., 4.30%, 3/15/42	70,000		77,138
MidAmerican Energy Co., 4.40%, 10/15/44	140,000		168,243
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(2)	100,000		102,625
Oncor Electric Delivery Co. LLC, 3.10%, 9/15/49(2)	70,000		69,917
Progress Energy, Inc., 3.15%, 4/1/22	80,000		81,681
Xcel Energy, Inc., 3.35%, 12/1/26	30,000		31,672
			1,562,573
Energy Equipment and Services — 0.1%
Halliburton Co., 4.85%, 11/15/35	60,000		66,701
Entertainment — 0.2%
Activision Blizzard, Inc., 2.30%, 9/15/21	80,000		80,226
Viacom, Inc., 3.125%, 6/15/22	50,000		50,529
Viacom, Inc., 4.25%, 9/1/23	140,000		148,559
Viacom, Inc., 4.375%, 3/15/43	50,000		51,630
			330,944
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp., 3.375%, 10/15/26	50,000		52,103
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/28	100,000		104,494
Boston Properties LP, 3.65%, 2/1/26	180,000		190,663
Crown Castle International Corp., 5.25%, 1/15/23	200,000		218,352
Essex Portfolio LP, 3.625%, 8/15/22	170,000		175,973
Essex Portfolio LP, 3.25%, 5/1/23	50,000		51,444
GLP Capital LP / GLP Financing II, Inc., 5.75%, 6/1/28	140,000		159,773
Kilroy Realty LP, 3.80%, 1/15/23	44,000		45,993
Kimco Realty Corp., 2.80%, 10/1/26	130,000		130,852
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29	120,000		123,825
Public Storage, 3.39%, 5/1/29	100,000		107,365
Service Properties Trust, 4.65%, 3/15/24	80,000		82,360
Simon Property Group LP, 2.45%, 9/13/29	110,000		107,790
VEREIT Operating Partnership LP, 4.125%, 6/1/21	50,000		51,325
			1,602,312
Food and Staples Retailing — 0.1%
Kroger Co. (The), 3.875%, 10/15/46	100,000		95,634
Walmart, Inc., 4.05%, 6/29/48	90,000		108,269
			203,903
Food Products — 0.2%
Conagra Brands, Inc., 4.60%, 11/1/25	130,000		143,090
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(2)	170,000		179,758
			322,848
Health Care Equipment and Supplies — 0.2%
Becton Dickinson and Co., 3.73%, 12/15/24	190,000		201,192
Medtronic, Inc., 3.50%, 3/15/25	67,000		71,972
Medtronic, Inc., 4.375%, 3/15/35	72,000		86,815
			359,979

10

	Principal Amount/Shares		Value
Health Care Providers and Services — 1.3%
Aetna, Inc., 2.75%, 11/15/22	$	60,000	$	60,742
Anthem, Inc., 3.65%, 12/1/27	60,000		63,197
Anthem, Inc., 4.65%, 1/15/43	49,000		54,307
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(2)	200,000		208,000
CommonSpirit Health, 2.95%, 11/1/22	100,000		101,826
CVS Health Corp., 3.50%, 7/20/22	70,000		72,299
CVS Health Corp., 4.30%, 3/25/28	250,000		270,629
CVS Health Corp., 4.78%, 3/25/38	60,000		66,250
CVS Health Corp., 5.05%, 3/25/48	70,000		79,732
HCA, Inc., 5.00%, 3/15/24	30,000		32,794
HCA, Inc., 5.375%, 2/1/25	150,000		164,250
HCA, Inc., 4.125%, 6/15/29	130,000		136,385
Northwell Healthcare, Inc., 4.26%, 11/1/47	50,000		55,964
Tenet Healthcare Corp., 4.875%, 1/1/26(2)	150,000		154,125
UnitedHealth Group, Inc., 2.875%, 12/15/21	80,000		81,579
UnitedHealth Group, Inc., 3.75%, 7/15/25	140,000		150,774
UnitedHealth Group, Inc., 4.75%, 7/15/45	60,000		72,953
Universal Health Services, Inc., 4.75%, 8/1/22(2)	100,000		101,000
			1,926,806
Health Care Technology — 0.1%
IQVIA, Inc., 5.00%, 5/15/27(2)	200,000		210,000
Hotels, Restaurants and Leisure — 0.3%
1011778 BC ULC / New Red Finance, Inc., 4.625%, 1/15/22(2)	80,000		80,208
McDonald's Corp., MTN, 3.375%, 5/26/25	160,000		169,567
McDonald's Corp., MTN, 3.625%, 9/1/49	70,000		71,145
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22	70,000		75,870
			396,790
Household Durables — 0.2%
Lennar Corp., 4.75%, 11/29/27	100,000		107,750
Toll Brothers Finance Corp., 4.35%, 2/15/28	100,000		103,750
Toll Brothers Finance Corp., 3.80%, 11/1/29	150,000		148,032
			359,532
Independent Power and Renewable Electricity Producers — 0.2%
Cometa Energia SA de CV, 6.375%, 4/24/35(2)	292,500		312,244
Insurance — 1.1%
Allstate Corp. (The), VRN, 5.75%, 8/15/53	120,000		128,282
American International Group, Inc., 4.125%, 2/15/24	350,000		374,814
Berkshire Hathaway Finance Corp., 4.20%, 8/15/48	40,000		46,942
Chubb INA Holdings, Inc., 3.15%, 3/15/25	60,000		63,035
Chubb INA Holdings, Inc., 3.35%, 5/3/26	40,000		42,760
Hartford Financial Services Group, Inc. (The), 5.95%, 10/15/36	60,000		78,544
Liberty Mutual Group, Inc., 4.50%, 6/15/49(2)	50,000		55,785
Markel Corp., 4.90%, 7/1/22	212,000		226,802
Markel Corp., 4.15%, 9/17/50	100,000		101,717
MetLife, Inc., 4.125%, 8/13/42	110,000		122,712
Prudential Financial, Inc., 3.94%, 12/7/49	160,000		173,142

11

	Principal Amount/Shares		Value
Prudential Financial, Inc., MTN, 5.70%, 12/14/36	$	45,000	$	59,486
Prudential Financial, Inc., VRN, 5.875%, 9/15/42	100,000		107,904
WR Berkley Corp., 4.625%, 3/15/22	100,000		105,704
			1,687,629
IT Services — 0.3%
Fidelity National Information Services, Inc., 3.00%, 8/15/26	160,000		164,955
Fiserv, Inc., 3.50%, 7/1/29	70,000		73,812
Global Payments, Inc., 3.20%, 8/15/29	140,000		142,095
Mastercard, Inc., 3.65%, 6/1/49	70,000		79,618
			460,480
Life Sciences Tools and Services — 0.2%
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21	50,000		51,271
Thermo Fisher Scientific, Inc., 2.95%, 9/19/26	160,000		164,967
			216,238
Media — 1.0%
CBS Corp., 4.85%, 7/1/42	60,000		66,783
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25	290,000		318,946
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45	210,000		256,251
Comcast Corp., 4.40%, 8/15/35	30,000		35,069
Comcast Corp., 6.40%, 5/15/38	80,000		113,734
Comcast Corp., 4.60%, 10/15/38	210,000		252,062
Comcast Corp., 4.75%, 3/1/44	150,000		183,526
Globo Comunicacao e Participacoes SA, 4.84%, 6/8/25	200,000		208,500
TEGNA, Inc., 5.00%, 9/15/29(2)	140,000		141,750
			1,576,621
Metals and Mining — 0.2%
Minera Mexico SA de CV, 4.50%, 1/26/50(2)	300,000		296,250
Multi-Utilities — 0.7%
Black Hills Corp., 3.875%, 10/15/49(3)	100,000		101,061
CenterPoint Energy, Inc., 4.25%, 11/1/28	110,000		121,003
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43	110,000		120,365
Consumers Energy Co., 3.10%, 8/15/50	70,000		70,296
Dominion Energy, Inc., 2.75%, 9/15/22	130,000		131,365
Dominion Energy, Inc., 4.90%, 8/1/41	100,000		118,551
NiSource, Inc., 5.65%, 2/1/45	80,000		103,291
Sempra Energy, 2.875%, 10/1/22	130,000		131,631
Sempra Energy, 3.25%, 6/15/27	70,000		71,966
Sempra Energy, 4.00%, 2/1/48	40,000		42,447
			1,011,976
Oil, Gas and Consumable Fuels — 3.5%
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.50%, 10/15/19	100,000		100,106
Antero Resources Corp., 5.125%, 12/1/22	130,000		114,725
BP Capital Markets America, Inc., 4.50%, 10/1/20	80,000		81,971
Cimarex Energy Co., 4.375%, 6/1/24	150,000		157,729
CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24	70,000		74,927

12

	Principal Amount/Shares		Value
Concho Resources, Inc., 4.375%, 1/15/25	$	110,000	$	114,025
Continental Resources, Inc., 3.80%, 6/1/24	100,000		102,019
Continental Resources, Inc., 4.375%, 1/15/28	120,000		124,201
Diamondback Energy, Inc., 5.375%, 5/31/25	100,000		104,606
Encana Corp., 6.50%, 2/1/38	80,000		96,530
Energy Transfer Operating LP, 5.25%, 4/15/29	130,000		146,770
Energy Transfer Operating LP, 6.50%, 2/1/42	140,000		168,176
Energy Transfer Operating LP, 6.00%, 6/15/48	70,000		82,872
EnLink Midstream LLC, 5.375%, 6/1/29	170,000		162,775
EnLink Midstream Partners LP, 4.85%, 7/15/26	110,000		104,913
Enterprise Products Operating LLC, 4.85%, 3/15/44	150,000		172,570
Exxon Mobil Corp., 3.04%, 3/1/26	100,000		105,005
Hess Corp., 6.00%, 1/15/40	50,000		58,054
Kinder Morgan Energy Partners LP, 5.30%, 9/15/20	60,000		61,726
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	130,000		164,841
Marathon Oil Corp., 3.85%, 6/1/25	190,000		197,732
MPLX LP, 4.875%, 6/1/25	180,000		198,189
MPLX LP, 4.25%, 12/1/27(2)	50,000		53,118
MPLX LP, 4.50%, 4/15/38	50,000		51,941
MPLX LP, 5.20%, 3/1/47	40,000		44,279
Newfield Exploration Co., 5.75%, 1/30/22	70,000		74,826
Newfield Exploration Co., 5.375%, 1/1/26	100,000		108,785
Occidental Petroleum Corp., 3.50%, 8/15/29	70,000		71,132
ONEOK, Inc., 3.40%, 9/1/29	110,000		109,092
Petroleos Mexicanos, 6.00%, 3/5/20	67,000		67,955
Petroleos Mexicanos, 4.875%, 1/24/22	50,000		52,125
Petroleos Mexicanos, 6.625%, 6/15/35	50,000		49,113
Petroleos Mexicanos, 5.50%, 6/27/44	80,000		68,612
Phillips 66, 4.30%, 4/1/22	60,000		63,292
Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 6/1/22	160,000		164,187
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	255,000		286,741
Sinopec Group Overseas Development 2015 Ltd., 2.50%, 4/28/20(2)	200,000		200,146
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23	230,000		235,162
Sunoco Logistics Partners Operations LP, 4.00%, 10/1/27	50,000		51,806
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	150,000		152,070
Tullow Oil plc, 7.00%, 3/1/25(2)	200,000		203,800
Williams Cos., Inc. (The), 4.125%, 11/15/20	280,000		284,444
Williams Cos., Inc. (The), 4.55%, 6/24/24	105,000		113,125
Williams Cos., Inc. (The), 5.10%, 9/15/45	80,000		87,770
			5,287,983
Paper and Forest Products — 0.1%
Georgia-Pacific LLC, 5.40%, 11/1/20(2)	180,000		186,223
Pharmaceuticals — 0.6%
Allergan Finance LLC, 3.25%, 10/1/22	60,000		61,320
Allergan Funding SCS, 3.85%, 6/15/24	100,000		105,593
Allergan Funding SCS, 4.55%, 3/15/35	100,000		106,394

13

	Principal Amount/Shares		Value
Bausch Health Cos., Inc., 7.00%, 3/15/24(2)	$	150,000	$	158,019
Bristol-Myers Squibb Co., 4.25%, 10/26/49(2)	50,000		58,312
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/21	140,000		140,690
Teva Pharmaceutical Finance Netherlands III BV, 2.20%, 7/21/21	100,000		91,750
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26	100,000		70,250
Zoetis, Inc., 3.00%, 9/12/27	70,000		71,903
			864,231
Road and Rail — 0.6%
Ashtead Capital, Inc., 4.125%, 8/15/25(2)	200,000		204,500
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41	100,000		124,323
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43	120,000		142,854
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	50,000		57,645
CSX Corp., 3.25%, 6/1/27	150,000		157,667
Union Pacific Corp., 3.60%, 9/15/37	50,000		52,946
Union Pacific Corp., 4.05%, 11/15/45	110,000		121,557
Union Pacific Corp., MTN, 3.55%, 8/15/39	60,000		63,075
			924,567
Semiconductors and Semiconductor Equipment — 0.1%
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(2)	200,000		206,722
Software — 0.4%
Microsoft Corp., 2.70%, 2/12/25	150,000		155,799
Microsoft Corp., 3.45%, 8/8/36	100,000		110,703
Microsoft Corp., 4.25%, 2/6/47	150,000		186,479
Oracle Corp., 3.25%, 11/15/27	170,000		180,446
			633,427
Specialty Retail — 0.3%
Home Depot, Inc. (The), 3.00%, 4/1/26	150,000		157,336
Home Depot, Inc. (The), 5.95%, 4/1/41	170,000		243,829
			401,165
Technology Hardware, Storage and Peripherals — 0.8%
Apple, Inc., 2.75%, 1/13/25	60,000		62,136
Apple, Inc., 2.50%, 2/9/25	130,000		133,169
Apple, Inc., 2.45%, 8/4/26	90,000		91,419
Apple, Inc., 2.90%, 9/12/27	250,000		260,766
Dell International LLC / EMC Corp., 6.02%, 6/15/26(2)	270,000		304,706
Dell International LLC / EMC Corp., 4.90%, 10/1/26(2)	130,000		139,375
Hewlett Packard Enterprise Co., 3.60%, 10/15/20	270,000		273,516
			1,265,087
Trading Companies and Distributors — 0.1%
International Lease Finance Corp., 5.875%, 8/15/22	100,000		109,601
Wireless Telecommunication Services†
America Movil SAB de CV, 3.125%, 7/16/22	55,000		56,350
TOTAL CORPORATE BONDS (Cost $39,246,915)			41,427,351

14

	Principal Amount/Shares		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 17.1%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.6%
FHLMC, VRN, 4.75%, (12-month LIBOR plus 1.81%), 2/1/38	$	59,478	$	62,839
FHLMC, VRN, 4.89%, (12-month LIBOR plus 1.84%), 6/1/38	44,804		47,342
FHLMC, VRN, 4.06%, (12-month LIBOR plus 1.78%), 9/1/40	49,192		51,435
FHLMC, VRN, 4.77%, (12-month LIBOR plus 1.88%), 5/1/41	21,544		22,608
FHLMC, VRN, 3.69%, (12-month LIBOR plus 1.89%), 7/1/41	142,740		148,245
FHLMC, VRN, 4.73%, (12-month LIBOR plus 1.64%), 2/1/43	25,631		26,485
FHLMC, VRN, 4.43%, (12-month LIBOR plus 1.65%), 6/1/43	20,609		21,328
FHLMC, VRN, 4.50%, (12-month LIBOR plus 1.62%), 6/1/43	475		491
FHLMC, VRN, 3.06%, (12-month LIBOR plus 1.64%), 9/1/47	228,550		233,575
FNMA, VRN, 4.19%, (6-month LIBOR plus 1.57%), 6/1/35	23,647		24,524
FNMA, VRN, 4.82%, (12-month LIBOR plus 1.69%), 1/1/40	12,658		13,403
FNMA, VRN, 3.92%, (12-month LIBOR plus 1.77%), 10/1/40	88,439		92,454
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47	103,742		106,424
			851,153
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 16.5%
FHLMC, 4.50%, 6/1/21	1,956		2,015
FHLMC, 5.50%, 1/1/38	5,285		5,880
FHLMC, 5.50%, 4/1/38	34,848		39,352
FHLMC, 3.00%, 2/1/43	487,119		502,493
FHLMC, 3.00%, 7/1/49	2,061,038		2,093,587
FNMA, 5.00%, 7/1/20	4,050		4,179
FNMA, 5.00%, 7/1/31	285,726		306,225
FNMA, 4.50%, 10/1/33	148,151		159,336
FNMA, 5.00%, 11/1/33	330,389		365,021
FNMA, 6.00%, 12/1/33	222,687		256,118
FNMA, 3.50%, 3/1/34	855,184		892,374
FNMA, 5.50%, 4/1/34	255,977		289,671
FNMA, 5.50%, 4/1/34	85,108		95,891
FNMA, 5.00%, 8/1/34	41,418		45,755
FNMA, 5.50%, 8/1/34	81,901		92,646
FNMA, 5.00%, 4/1/35	201,036		222,090
FNMA, 5.00%, 8/1/35	12,943		14,280
FNMA, 4.50%, 9/1/35	15,531		16,806
FNMA, 5.50%, 7/1/36	12,093		13,436
FNMA, 5.50%, 12/1/36	21,521		24,327
FNMA, 6.00%, 7/1/37	55,124		63,355
FNMA, 6.00%, 8/1/37	36,813		42,323
FNMA, 6.50%, 8/1/37	2,153		2,392
FNMA, 6.00%, 9/1/37	42,010		47,457
FNMA, 6.00%, 11/1/37	46,099		52,993
FNMA, 5.00%, 3/1/38	74,418		82,065
FNMA, 6.50%, 9/1/38	127,634		145,318
FNMA, 5.50%, 1/1/39	86,023		97,126
FNMA, 5.00%, 2/1/39	193,229		213,163
FNMA, 4.50%, 4/1/39	70,548		76,940

15

	Principal Amount/Shares		Value
FNMA, 4.50%, 5/1/39	$	178,702	$	194,499
FNMA, 6.50%, 5/1/39	2,762		3,191
FNMA, 4.50%, 10/1/39	312,607		342,263
FNMA, 4.00%, 10/1/40	321,723		345,290
FNMA, 4.50%, 11/1/40	285,447		309,478
FNMA, 4.00%, 8/1/41	476,523		509,467
FNMA, 4.50%, 9/1/41	268,386		290,994
FNMA, 3.50%, 5/1/42	386,843		406,572
FNMA, 3.50%, 6/1/42	450,386		473,356
FNMA, 3.50%, 9/1/42	334,640		351,709
FNMA, 3.50%, 5/1/45	907,528		946,620
FNMA, 3.50%, 5/1/46	776,305		807,424
FNMA, 3.00%, 11/1/46	1,747,998		1,791,331
FNMA, 3.50%, 2/1/47	2,281,836		2,379,251
FNMA, 6.50%, 8/1/47	765		824
FNMA, 6.50%, 9/1/47	1,550		1,663
FNMA, 6.50%, 9/1/47	74		80
FNMA, 6.50%, 9/1/47	815		874
FNMA, 3.00%, 4/1/48	1,094,489		1,124,158
FNMA, 4.00%, 6/1/48	2,562,089		2,672,972
FNMA, 3.50%, 5/1/49	531,984		547,331
GNMA, 3.00%, TBA	650,000		667,126
GNMA, 4.00%, TBA	1,250,000		1,300,073
GNMA, 5.50%, 12/15/32	92,837		105,419
GNMA, 6.00%, 9/20/38	25,710		29,579
GNMA, 5.50%, 12/20/38	61,776		69,209
GNMA, 4.50%, 6/15/39	392,530		429,912
GNMA, 4.50%, 1/15/40	165,045		179,821
GNMA, 4.50%, 4/15/40	248,717		272,336
GNMA, 4.00%, 11/20/40	519,115		553,363
GNMA, 3.50%, 6/20/42	552,895		587,436
GNMA, 2.50%, 7/20/46	473,859		478,564
GNMA, 2.50%, 2/20/47	563,966		569,556
			25,006,355
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $25,228,394)			25,857,508
ASSET-BACKED SECURITIES — 7.4%
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(2)	250,000		252,061
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(2)	110,828		111,876
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(2)	293,827		310,413
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(2)	70,681		70,412
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(2)	101,640		101,952
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(2)	166,319		166,709

16

	Principal Amount/Shares		Value
Invitation Homes Trust, Series 2018-SFR1, Class B, VRN, 2.97%, (1-month LIBOR plus 0.95%), 3/17/37(2)	$	725,000	$	717,908
Invitation Homes Trust, Series 2018-SFR2, Class C, VRN, 3.31%, (1-month LIBOR plus 1.28%), 6/17/37(2)	575,000		573,792
Invitation Homes Trust, Series 2018-SFR3, Class B, VRN, 3.17%, (1-month LIBOR plus 1.15%), 7/17/37(2)	550,000		550,010
Mill City Mortgage Loan Trust, Series 2017-2, Class A1, VRN, 2.75%, 7/25/59(2)	137,753		138,527
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(2)	53,869		53,773
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(2)	53,171		53,158
MVW Owner Trust, Series 2017-1A, Class B, 2.75%, 12/20/34(2)	741,150		740,948
MVW Owner Trust, Series 2018-1A, Class B, 3.60%, 1/21/36(2)	337,487		347,168
Progress Residential Trust, Series 2017-SFR1, Class A SEQ, 2.77%, 8/17/34(2)	373,632		374,886
Progress Residential Trust, Series 2017-SFR2, Class A SEQ, 2.90%, 12/17/34(2)	850,000		856,541
Progress Residential Trust, Series 2018-SFR1, Class B, 3.48%, 3/17/35(2)	325,000		327,244
Progress Residential Trust, Series 2018-SFR2, Class C, 4.04%, 8/17/35(2)	675,000		690,264
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(2)	1,000,000		1,025,230
Progress Residential Trust, Series 2018-SFR3, Class C, 4.18%, 10/17/35(2)	675,000		694,526
Sierra Timeshare 2019-2 Receivables Funding LLC, Series 2019-2A, Class C, 3.12%, 5/20/36(2)	482,158		484,607
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(2)	84,507		85,376
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(2)	103,892		103,859
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(2)	79,301		79,816
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(2)	77,705		77,540
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(2)	333,490		340,458
Towd Point Mortgage Trust, Series 2017-3, Class M1, VRN, 3.50%, 7/25/57(2)	300,000		303,833
Towd Point Mortgage Trust, Series 2017-6, Class A1, VRN, 2.75%, 10/25/57(2)	553,062		558,676
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(2)	222,157		228,678
US Airways Pass-Through Trust, Series 2013-1, Class A, 3.95%, 5/15/27	68,730		72,460
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(2)	169,098		168,858
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35(2)	238,888		239,315
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(2)	268,521		276,207
TOTAL ASSET-BACKED SECURITIES (Cost $11,045,041)			11,177,081

17

	Principal Amount/Shares		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9%
Private Sponsor Collateralized Mortgage Obligations — 3.9%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.28%, 2/25/35	$	59,411	$	60,735
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	103,123		106,118
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.36%, 8/25/34	24,673		24,030
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.63%, 8/25/35	120,792		124,850
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-4, Class A19, 5.25%, 5/25/34	80,658		83,460
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	1,187		1,174
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Series 2005-3, Class 1A1, VRN, 5.48%, 7/25/35	132,878		142,369
Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3 SEQ, VRN, 3.50%, 6/25/47(2)	173,504		176,031
Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3 SEQ, VRN, 3.50%, 10/25/47(2)	156,795		160,062
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 4.24%, 10/25/34	49,091		49,438
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.99%, 8/25/35	65,277		68,370
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.71%, 1/25/37	85,008		75,337
Flagstar Mortgage Trust, Series 2017-1, Class 1A5 SEQ, VRN, 3.50%, 3/25/47(2)	183,194		187,022
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.48%, 9/25/35	83,085		85,718
JPMorgan Mortgage Trust, Series 2005-A4, Class 2A1, VRN, 4.34%, 7/25/35	44,726		45,085
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.26%, 8/25/35	189,431		187,243
JPMorgan Mortgage Trust, Series 2005-S2, Class 3A1, VRN, 7.16%, 2/25/32	14,031		14,492
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 4.73%, 11/21/34	50,919		52,524
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 4.37%, 11/25/35	109,048		110,657
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(2)	140,687		147,428
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.52%, (1-month LIBOR plus 1.50%), 6/25/57(2)	260,117		264,730
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(2)	308,513		317,595
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(2)	363,677		368,449
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(2)	97,869		99,119
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.38%, 7/25/34	60,329		61,445
Thornburg Mortgage Securities Trust, Series 2006-4, Class A2B, VRN, 4.47%, 7/25/36	116,459		113,469
WaMu Mortgage Pass-Through Certificates, Series 2005-AR7, Class A3, VRN, 4.27%, 8/25/35	78,320		80,096

18

	Principal Amount/Shares		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 2A1, 5.50%, 1/25/36	$	91,654	$	94,363
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-18, Class 1A1, 5.50%, 1/25/36	75,190		75,817
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR4, Class 2A1, VRN, 5.09%, 4/25/35	27,793		28,395
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	120,929		121,837
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-4, Class 2A1, 6.00%, 4/25/36	255,631		257,157
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-6, Class 1A16 SEQ, 5.75%, 5/25/36	7,123		7,019
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	308,540		311,471
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 1A1, VRN, 4.98%, 7/25/36	1,949		1,992
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 2A1, VRN, 4.99%, 7/25/36	1,631		1,678
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 4A1, VRN, 5.18%, 7/25/36	4,159		4,236
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A6 SEQ, VRN, 5.02%, 7/25/36	2,006		2,050
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR12, Class 1A1, VRN, 4.71%, 9/25/36	109,990		112,439
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.64%, 10/25/36	40,812		40,764
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.50%, 10/25/36	97,211		97,535
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR19, Class A1, VRN, 4.85%, 12/25/36	61,095		60,969
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 5.19%, 4/25/36	96,585		97,186
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-10, Class 2A9, 6.00%, 7/25/37	92,659		90,901
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A3 SEQ, 6.00%, 8/25/37	89,367		91,224
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	97,920		99,955
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	105,154		105,488
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	10,359		10,563
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	27,330		27,423
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 1A5 SEQ, 6.00%, 7/25/37	5,342		5,427
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 4.89%, 1/25/38	57,744		56,231
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR7, Class A1, VRN, 4.67%, 12/28/37	386,526		384,434
Wells Fargo Mortgage-Backed Securities Trust, Series 2018-1, Class A3, VRN, 3.50%, 7/25/47(2)	440,689		450,467
			5,844,067
U.S. Government Agency Collateralized Mortgage Obligations — 2.0%
FHLMC, Series 2015-HQ2, Class M3, VRN, 5.27%, (1-month LIBOR plus 3.25%), 5/25/25	175,000		183,950

19

	Principal Amount/Shares		Value
FHLMC, Series 2017-DNA2, Class M1, VRN, 3.22%, (1-month LIBOR plus 1.20%), 10/25/29	$	319,573	$	320,735
FHLMC, Series 2018-DNA1, Class M2, VRN, 3.82%, (1-month LIBOR plus 1.80%), 7/25/30	100,000		100,111
FHLMC, Series 3397, Class GF, VRN, 2.53%, (1-month LIBOR plus 0.50%), 12/15/37	89,594		89,907
FNMA, Series 2014-C02, Class 1M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	336,449		351,064
FNMA, Series 2014-C02, Class 2M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	361,930		375,396
FNMA, Series 2016-C03, Class 2M2, VRN, 7.92%, (1-month LIBOR plus 5.90%), 10/25/28	166,989		180,415
FNMA, Series 2017-C03, Class 1M2, VRN, 5.02%, (1-month LIBOR plus 3.00%), 10/25/29	225,000		234,130
FNMA, Series 2017-C05, Class 1M2, VRN, 4.22%, (1-month LIBOR plus 2.20%), 1/25/30	300,000		304,158
FNMA, Series 2017-C06, Class 2M2, VRN, 4.82%, (1-month LIBOR plus 2.80%), 2/25/30	750,000		765,508
FNMA, Series 2017-C07, Class 1M2, VRN, 4.42%, (1-month LIBOR plus 2.40%), 5/25/30	150,000		151,950
			3,057,324
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $8,779,368)			8,901,391
COLLATERALIZED LOAN OBLIGATIONS — 4.3%
Ares XLI CLO Ltd., Series 2016-41A, Class AR, VRN, 3.50%, (3-month LIBOR plus 1.20%), 1/15/29(2)	650,000		650,000
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 3.71%, (3-month LIBOR plus 1.55%), 5/15/30(2)	175,000		172,375
Bean Creek CLO Ltd., Series 2015-1A, Class BR, VRN, 3.73%, (3-month LIBOR plus 1.45%), 4/20/31(2)	250,000		245,354
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A3, VRN, 3.66%, (3-month LIBOR plus 1.50%), 5/15/31(2)	200,000		197,351
CBAM Ltd., Series 2018-5A, Class B1, VRN, 3.70%, (3-month LIBOR plus 1.40%), 4/17/31(2)	200,000		196,015
CIFC Funding Ltd., Series 2016-1A, Class BR, VRN, 0.00%, (3-month LIBOR plus 1.95%), 10/21/31(2)	250,000		250,000
Dryden 64 CLO Ltd., Series 2018-64A, Class B, VRN, 3.70%, (3-month LIBOR plus 1.40%), 4/18/31(2)	450,000		439,275
Gilbert Parl CLO Ltd., Series 2017-1A, Class B, VRN, 3.90%, (3-month LIBOR plus 1.60%), 10/15/30(2)	175,000		174,081
Goldentree Loan Management US CLO 3 Ltd., Series 2018-3A, Class B1, VRN, 3.83%, (3-month LIBOR plus 1.55%), 4/20/30(2)	300,000		297,497
Goldentree Loan Management US CLO 5 Ltd., Series 2019-5A, Class A, VRN, 3.49%, (3-month LIBOR plus 1.30%), 10/20/32(2)	575,000		575,527
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 3.40%, (3-month LIBOR plus 1.12%), 7/20/31(2)	150,000		149,815
KKR CLO Ltd., Series 2022A, Class A, VRN, 3.43%, (3-month LIBOR plus 1.15%), 7/20/31(2)	200,000		199,109
KKR CLO Ltd., Series 2022A, Class B, VRN, 3.88%, (3-month LIBOR plus 1.60%), 7/20/31(2)	150,000		148,429
LCM XIV LP, Series 2014A, Class BR, VRN, 3.86%, (3-month LIBOR plus 1.58%), 7/20/31(2)	500,000		495,857
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, VRN, 3.25%, (3-month LIBOR plus 0.95%), 4/19/30(2)	175,000		174,832
Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, VRN, 3.80%, (3-month LIBOR plus 1.50%), 4/19/30(2)	275,000		273,301

20

	Principal Amount/Shares		Value
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.28%, (3-month LIBOR plus 0.98%), 4/15/31(2)	$	250,000	$	249,101
Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 3.80%, (3-month LIBOR plus 1.50%), 4/15/31(2)	350,000		347,659
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, VRN, 3.45%, (3-month LIBOR plus 1.15%), 4/18/31(2)	150,000		149,088
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 4.05%, (3-month LIBOR plus 1.75%), 4/18/31(2)	200,000		197,209
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.28%, (3-month LIBOR plus 0.96%), 4/16/31(2)	350,000		345,630
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 3.35%, (3-month LIBOR plus 1.07%), 10/20/28(2)	150,000		150,274
Voya CLO Ltd., Series 2013-2A, Class A2AR, VRN, 3.68%, (3-month LIBOR plus 1.40%), 4/25/31(2)	350,000		342,155
Voya CLO Ltd., Series 2013-3A, Class A2RR, VRN, 4.00%, (3-month LIBOR plus 1.70%), 10/18/31(2)	150,000		149,137
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $6,614,550)			6,569,071
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.9%
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class B, VRN, 4.49%, 10/10/47	400,000		430,321
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class B, VRN, 4.80%, 2/10/49	300,000		331,860
Commercial Mortgage Trust, Series 2015-CR22, Class B, VRN, 3.93%, 3/10/48	400,000		424,185
Commercial Mortgage Trust, Series 2017-PANW, Class A SEQ, 3.24%, 10/10/29(2)	325,000		339,023
Core Industrial Trust, Series 2015-CALW, Class C, 3.56%, 2/10/34(2)	310,000		317,819
Core Industrial Trust, Series 2015-TEXW, Class B, 3.33%, 2/10/34(2)	250,000		255,197
GS Mortgage Securities Trust, Series 2016-GS2, Class B, VRN, 3.76%, 5/10/49	400,000		424,518
Hudson Yards Mortgage Trust, Series 2016-10HY, Class B, VRN, 3.08%, 8/10/38(2)	525,000		541,280
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	320,000		339,264
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class C, VRN, 5.19%, 12/15/46	260,000		282,100
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class B, 3.46%, 8/15/49	779,000		809,122
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class A3 SEQ, 3.28%, 11/15/52	500,000		532,131
UBS Commercial Mortgage Trust, Series 2017-C1, Class A3 SEQ, 3.20%, 6/15/50	400,000		421,287
Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4 SEQ, 3.19%, 7/15/50	500,000		528,455
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $5,776,377)			5,976,562
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.7%
Brazil — 0.1%
Brazilian Government International Bond, 4.875%, 1/22/21	190,000		196,889
Colombia — 0.2%
Colombia Government International Bond, 4.375%, 7/12/21	330,000		342,131
Dominican Republic — 0.2%
Dominican Republic International Bond, 5.95%, 1/25/27	200,000		217,002

21

	Principal Amount/Shares		Value
Jordan — 0.1%
Jordan Government International Bond, 7.375%, 10/10/47	$	200,000	$	211,268
Namibia — 0.1%
Namibia International Bonds, 5.25%, 10/29/25	200,000		202,611
Nigeria — 0.2%
Nigeria Government International Bond, 7.625%, 11/21/25	200,000		220,101
Peru — 0.1%
Peruvian Government International Bond, 5.625%, 11/18/50	90,000		132,076
Philippines — 0.1%
Philippine Government International Bond, 4.00%, 1/15/21	100,000		102,336
Poland — 0.1%
Republic of Poland Government International Bond, 5.125%, 4/21/21	60,000		63,019
Republic of Poland Government International Bond, 3.00%, 3/17/23	100,000		103,473
			166,492
Russia — 0.2%
Russian Foreign Bond - Eurobond, 5.25%, 6/23/47	200,000		238,615
Tunisia — 0.1%
Banque Centrale de Tunisie International Bond, 5.75%, 1/30/25	200,000		179,783
Turkey — 0.1%
Turkey Government International Bond, 6.875%, 3/17/36	200,000		199,698
Uruguay — 0.1%
Uruguay Government International Bond, 4.125%, 11/20/45	80,000		85,801
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,392,288)			2,494,803
MUNICIPAL SECURITIES — 1.6%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	180,000		272,767
Chicago GO, 7.05%, 1/1/29	50,000		55,714
Houston GO, 3.96%, 3/1/47	50,000		58,148
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	80,000		115,198
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	50,000		72,407
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	50,000		62,885
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	40,000		62,818
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	80,000		95,529
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	65,000		91,636
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	75,000		101,577
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	175,000		239,153
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	150,000		209,202
Salt River Project Agricultural Improvement & Power District Rev., 4.84%, 1/1/41	85,000		110,070
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	50,000		71,029
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	50,000		68,227
San Francisco Public Utilities Commission Water Rev., 6.95%, 11/1/50	35,000		57,146
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	100,000		125,536
State of California GO, 6.65%, 3/1/22	40,000		43,631
State of California GO, 4.60%, 4/1/38	10,000		11,150

22

	Principal Amount/Shares		Value
State of California GO, 7.55%, 4/1/39	$	130,000	$	215,345
State of California GO, 7.30%, 10/1/39	5,000		7,835
State of California GO, 7.60%, 11/1/40	25,000		42,348
State of Illinois GO, 5.10%, 6/1/33	40,000		43,360
State of Kansas Department of Transportation Rev., 4.60%, 9/1/35	45,000		54,829
State of Oregon Department of Transportation Rev., 5.83%, 11/15/34	40,000		55,328
State of Washington GO, 5.14%, 8/1/40	90,000		119,047
TOTAL MUNICIPAL SECURITIES (Cost $1,830,073)			2,461,915
BANK LOAN OBLIGATIONS(4) — 0.4%
Diversified Telecommunication Services — 0.1%
Zayo Group, LLC, 2017 Incremental Term Loan, 4.29%, (1-month LIBOR plus 2.25%), 1/19/24	190,000		190,654
Health Care Providers and Services — 0.2%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 4.54%, (1-month LIBOR plus 2.50%), 2/16/23	198,472		199,015
Hotels, Restaurants and Leisure†
Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 4.79%, (1-month LIBOR plus 2.75%), 12/22/24	38,799		38,588
Pharmaceuticals — 0.1%
Bausch Health Companies Inc., 2018 Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 6/2/25	134,085		134,784
TOTAL BANK LOAN OBLIGATIONS (Cost $561,897)			563,041
TEMPORARY CASH INVESTMENTS — 3.5%
Credit Agricole Corporate and Investment Bank, 1.89%, 10/1/19(2)(5)	3,155,000		3,154,815
Crown Point Capital Co. LLC, 1.99%, 10/1/19(2)(5)	2,105,000		2,104,885
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.375% - 2.875%, 6/30/20 - 2/15/29, valued at $43,655), in a joint trading account at 1.80%, dated 9/30/19, due 10/1/19 (Delivery value $42,787)			42,785
State Street Institutional U.S. Government Money Market Fund, Premier Class	22,646		22,646
TOTAL TEMPORARY CASH INVESTMENTS (Cost $5,325,430)			5,325,131
TOTAL INVESTMENT SECURITIES — 101.8% (Cost $148,630,049)			154,286,695
OTHER ASSETS AND LIABILITIES — (1.8)%			(2,697,563		)
TOTAL NET ASSETS — 100.0%			$	151,589,132

23

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	1,632,723	USD	1,122,807	UBS AG	12/18/19	$	(18,106	)
USD	352,594	AUD	521,150	UBS AG	12/18/19	(16		)
BRL	4,682,587	USD	1,147,355	Goldman Sachs & Co.	12/18/19	(25,619		)
CHF	369,373	USD	376,527	UBS AG	12/18/19	(3,912		)
USD	381,356	CLP	272,189,146	Goldman Sachs & Co.	12/18/19	7,478
COP	1,288,788,889	USD	380,651	Goldman Sachs & Co.	12/18/19	(11,644		)
CZK	16,978,151	USD	721,768	UBS AG	12/18/19	(3,274		)
USD	347,550	CZK	8,167,355	UBS AG	12/18/19	1,918
EUR	338,283	USD	374,754	JPMorgan Chase Bank N.A.	12/18/19	(3,847		)
EUR	337,755	USD	376,597	JPMorgan Chase Bank N.A.	12/18/19	(6,269		)
USD	753,983	EUR	676,030	JPMorgan Chase Bank N.A.	12/18/19	12,757
HUF	336,343,556	USD	1,120,398	UBS AG	12/18/19	(20,429		)
HUF	225,932,470	USD	759,641	UBS AG	12/18/19	(20,758		)
HUF	111,850,839	USD	370,244	UBS AG	12/18/19	(4,450		)
USD	2,237,988	HUF	674,126,865	UBS AG	12/18/19	33,342
USD	364,376	ILS	1,282,896	UBS AG	12/18/19	(6,186		)
USD	373,075	JPY	40,050,423	Bank of America N.A.	12/18/19	646
MXN	12,039,247	USD	605,925	Morgan Stanley	12/18/19	(3,283		)
NOK	19,696,577	USD	2,198,107	Goldman Sachs & Co.	12/18/19	(30,436		)
USD	338,071	NOK	3,026,092	Goldman Sachs & Co.	12/18/19	5,040
USD	341,213	NOK	3,095,226	Goldman Sachs & Co.	12/18/19	574
NZD	1,096,906	USD	691,020	UBS AG	12/18/19	(2,937		)
USD	1,088,586	NZD	1,692,874	UBS AG	12/18/19	26,654
PEN	122,899	USD	36,873	Goldman Sachs & Co.	12/18/19	(525		)
PEN	1,127,599	USD	332,910	Goldman Sachs & Co.	12/18/19	586
USD	1,502,808	PEN	5,025,991	Goldman Sachs & Co.	12/18/19	16,333
PLN	2,937,707	USD	738,043	Goldman Sachs & Co.	12/18/19	(4,641		)
PLN	1,482,625	USD	370,721	Goldman Sachs & Co.	12/18/19	(582		)
USD	1,112,776	PLN	4,400,919	Goldman Sachs & Co.	12/18/19	14,082
USD	756,644	PLN	3,021,167	Goldman Sachs & Co.	12/18/19	2,406
RUB	50,112,848	USD	757,135	Goldman Sachs & Co.	12/18/19	7,843
USD	778,627	RUB	50,112,848	Goldman Sachs & Co.	12/18/19	13,650
USD	935,893	THB	28,610,236	Goldman Sachs & Co.	12/18/19	(938		)
						$	(24,543	)

24

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	18	December 2019	$	1,800,000	$	2,345,625	$	(8,697	)
U.S. Treasury 10-Year Ultra Notes	9	December 2019	$	900,000	1,281,656		14,060
U.S. Treasury 2-Year Notes	38	December 2019	$	7,600,000	8,189,000		(23,521		)
U.S. Treasury 5-Year Notes	8	December 2019	$	800,000	953,187		(7,362		)
U.S. Treasury Long Bonds	4	December 2019	$	400,000	649,250		10,491
U.S. Treasury Ultra Bonds	2	December 2019	$	200,000	383,813		(12,504		)
					$	13,802,531	$	(27,533	)

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 32	Sell	1.00%	6/20/24	$	1,500,000	$	25,835	$	6,229	$	32,064

‡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.

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	1.78%	8/5/24	$	1,500,000	$	(496	)	$	(14,001	)	$	(14,497	)

25

NOTES TO SCHEDULE OF INVESTMENTS
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CDX	-	Credit Derivatives Indexes
CHF	-	Swiss Franc
CLP	-	Chilean Peso
COP	-	Colombian 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
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
PEN	-	Peruvian Sol
PLN	-	Polish Zloty
RUB	-	Russian Ruble
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.

†    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 forward commitments, forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $217,882.

(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 $31,418,121, which represented 20.7% 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) 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.

26

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (cost of $148,630,049)	$	154,286,695
Receivable for investments sold	2,740,943
Receivable for capital shares sold	827,269
Unrealized appreciation on forward foreign currency exchange contracts	143,309
Interest receivable	861,899
	158,860,115
Liabilities
Foreign currency overdraft payable, at value (cost of $10)	10
Payable for investments purchased	6,860,129
Payable for capital shares redeemed	160,221
Payable for variation margin on futures contracts	3,644
Payable for variation margin on swap agreements	1,122
Unrealized depreciation on forward foreign currency exchange contracts	167,852
Accrued management fees	62,487
Distribution and service fees payable	6,936
Dividends payable	8,582
	7,270,983
Net Assets	$	151,589,132
Net Assets Consist of:
Capital paid in	$	150,213,088
Distributable earnings	1,376,044
	$	151,589,132

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$88,824,906	8,118,621	$10.94
I Class		$30,661,236	2,802,734	$10.94
A Class		$16,726,111	1,528,548	$10.94*
C Class		$3,949,254	360,967	$10.94
R Class		$666,530	60,920	$10.94
R5 Class		$10,761,095	984,021	$10.94

*Maximum offering price $11.46 (net asset value divided by 0.955).

See Notes to Financial Statements.

27

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	2,514,708
Expenses:
Management fees	447,082
Distribution and service fees:
A Class	20,258
C Class	18,299
R Class	1,599
Trustees' fees and expenses	5,389
Other expenses	1,662
	494,289
Fees waived(1)	(73,051		)
	421,238
Net investment income (loss)	2,093,470
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	809,796
Forward foreign currency exchange contract transactions	(155,986		)
Futures contract transactions	737,479
Swap agreement transactions	(32,846		)
Foreign currency translation transactions	(38		)
	1,358,405
Change in net unrealized appreciation (depreciation) on:
Investments	4,054,875
Forward foreign currency exchange contracts	(133,117		)
Futures contracts	(183,952		)
Swap agreements	6,626
Translation of assets and liabilities in foreign currencies	20
	3,744,452
Net realized and unrealized gain (loss)	5,102,857
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,196,327

(1) Amount consists of $45,070, $12,527, $8,103, $1,830, $320 and $5,201 for Investor Class, I Class, A Class, C Class, R Class and R5 Class, respectively.

See Notes to Financial Statements.

28

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	2,093,470		$	4,456,494
Net realized gain (loss)	1,358,405			(2,014,905		)
Change in net unrealized appreciation (depreciation)	3,744,452			2,451,259
Net increase (decrease) in net assets resulting from operations	7,196,327			4,892,848
Distributions to Shareholders
From earnings:
Investor Class	(1,311,459		)	(4,155,744		)
I Class	(374,243		)	(154,831		)
A Class	(214,906		)	(515,469		)
C Class	(34,756		)	(113,890		)
R Class	(7,680		)	(18,805		)
R5 Class	(161,380		)	(383,124		)
Decrease in net assets from distributions	(2,104,424		)	(5,341,863		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	856,362			(5,088,125		)
Net increase (decrease) in net assets	5,948,265			(5,537,140		)
Net Assets
Beginning of period	145,640,867			151,178,007
End of period	$	151,589,132		$	145,640,867

See Notes to Financial Statements.

29

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the 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.

30

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.

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.

31

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 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 September 30, 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, 2020 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 September 30, 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%	0.54%
I Class		0.1500% to 0.2100%	0.54%	0.44%
A Class		0.2500% to 0.3100%	0.64%	0.54%
C Class		0.2500% to 0.3100%	0.64%	0.54%
R Class		0.2500% to 0.3100%	0.64%	0.54%
R5 Class		0.0500% to 0.1100%	0.44%	0.34%

32

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 September 30, 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 September 30, 2019 totaled $56,892,569, of which $46,050,762 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2019 totaled $55,150,653, of which $36,717,916 represented U.S. Treasury and Government Agency obligations.

33

5. Capital Share Transactions

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

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	1,002,272		$	10,780,898		3,567,664		$	36,936,228
Issued in reinvestment of distributions	116,551		1,257,147			384,507		3,987,347
Redeemed	(3,392,351	)	(35,962,704		)	(4,737,909	)	(49,084,300		)
	(2,273,528	)	(23,924,659		)	(785,738	)	(8,160,725		)
I Class
Sold	2,481,424		26,313,399			441,715		4,590,990
Issued in reinvestment of distributions	34,590		374,147			14,325		148,384
Redeemed	(307,009	)	(3,308,287		)	(187,407	)	(1,948,190		)
	2,209,005		23,379,259			268,633		2,791,184
A Class
Sold	236,000		2,531,447			428,625		4,450,885
Issued in reinvestment of distributions	19,486		210,427			48,810		505,965
Redeemed	(206,592	)	(2,217,891		)	(333,272	)	(3,462,658		)
	48,894		523,983			144,163		1,494,192
C Class
Sold	71,084		764,783			16,872		175,567
Issued in reinvestment of distributions	3,050		32,929			9,998		103,642
Redeemed	(40,492	)	(433,088		)	(188,805	)	(1,960,272		)
	33,642		364,624			(161,935	)	(1,681,063		)
R Class
Sold	9,257		99,716			31,923		331,978
Issued in reinvestment of distributions	709		7,659			1,760		18,262
Redeemed	(7,305	)	(78,525		)	(48,598	)	(505,905		)
	2,661		28,850			(14,915	)	(155,665		)
R5 Class
Sold	83,434		894,304			256,751		2,670,346
Issued in reinvestment of distributions	14,952		161,369			36,883		382,195
Redeemed	(53,138	)	(571,368		)	(235,302	)	(2,428,589		)
	45,248		484,305			58,332		623,952
Net increase (decrease)	65,922		$	856,362		(491,460	)	$	(5,088,125	)

34

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
U.S. Treasury Securities	—		$	43,532,841	—
Corporate Bonds	—		41,427,351		—
U.S. Government Agency Mortgage-Backed Securities	—		25,857,508		—
Asset-Backed Securities	—		11,177,081		—
Collateralized Mortgage Obligations	—		8,901,391		—
Collateralized Loan Obligations	—		6,569,071		—
Commercial Mortgage-Backed Securities	—		5,976,562		—
Sovereign Governments and Agencies	—		2,494,803		—
Municipal Securities	—		2,461,915		—
Bank Loan Obligations	—		563,041		—
Temporary Cash Investments	$	22,646	5,302,485		—
	$	22,646	$	154,264,049	—
Other Financial Instruments
Futures Contracts	$	24,551	—		—
Swap Agreements	—		$	32,064	—
Forward Foreign Currency Exchange Contracts	—		143,309		—
	$	24,551	$	175,373	—
Liabilities
Other Financial Instruments
Futures Contracts	$	52,084	—		—
Swap Agreements	—		$	14,497	—
Forward Foreign Currency Exchange Contracts	—		167,852		—
	$	52,084	$	182,349	—

35

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 $1,950,000.

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 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 $61,886,381.

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 these interest rate risk derivative instruments held during the period was $20,400,000 futures contracts purchased and $1,300,000 futures contracts sold.

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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 $1,500,000.

Value of Derivative Instruments as of September 30, 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*	$	1,122
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	143,309	Unrealized depreciation on forward foreign currency exchange contracts	167,852
Interest Rate Risk	Receivable for variation margin on futures contracts*	–		Payable for variation margin on futures contracts*	3,644
		$	143,309		$	172,618

* 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 Six Months Ended September 30, 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	$	(32,846	)	Change in net unrealized appreciation (depreciation) on swap agreements	$	20,627
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	(155,986		)	Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	(133,117		)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	737,479			Change in net unrealized appreciation (depreciation) on futures contracts	(183,952		)
Other Contracts	Net realized gain (loss) on swap agreement transactions	—			Change in net unrealized appreciation (depreciation) on swap agreements	(14,001		)
		$	548,647			$	(310,443	)

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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'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 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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	148,647,752
Gross tax appreciation of investments	$	5,959,644
Gross tax depreciation of investments	(320,701		)
Net tax appreciation (depreciation) of investments	$	5,638,943

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

As of March 31, 2019, the fund had accumulated short-term capital losses of $(3,308,094) and accumulated long-term capital losses of $(1,424,478), 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.

As of March 31, 2019, the fund had late-year ordinary loss deferrals of $(546,258), which 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. The adoption of ASU 2017-08 did not materially impact 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(3)	$10.56	0.16	0.38	0.54	(0.16)	$10.94	5.11%	0.55%(4)	0.65%(4)	2.90%(4)	2.80%(4)	38%		$88,825
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(3)	$10.56	0.16	0.38	0.54	(0.16)	$10.94	5.16%	0.45%(4)	0.55%(4)	3.00%(4)	2.90%(4)	38%		$30,661
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(5)	$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%(6)		$3,441

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)
A Class
2019(3)	$10.56	0.14	0.38	0.52	(0.14)	$10.94	4.98%	0.80%(4)	0.90%(4)	2.65%(4)	2.55%(4)	38%		$16,726
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
C Class
2019(3)	$10.56	0.10	0.38	0.48	(0.10)	$10.94	4.59%	1.55%(4)	1.65%(4)	1.90%(4)	1.80%(4)	38%		$3,949
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

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)
R Class
2019(3)	$10.56	0.13	0.38	0.51	(0.13)	$10.94	4.85%	1.05%(4)	1.15%(4)	2.40%(4)	2.30%(4)	38%		$667
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(3)	$10.56	0.17	0.38	0.55	(0.17)	$10.94	5.21%	0.35%(4)	0.45%(4)	3.10%(4)	3.00%(4)	38%		$10,761
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) Six months ended September 30, 2019 (unaudited).

(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.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of

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the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above its benchmark for the three-, five-, and ten-year periods and below its benchmark for the one-year period reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

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Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.10% (e.g., the Investor Class unified fee will be reduced from 0.64% to 0.54%) for at least one year, beginning August 1, 2019. The Board concluded that the management fee paid by the

45

Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

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-SAN-90813 1911

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	26
Statement of Operations	27
Statement of Changes in Net Assets	28
Notes to Financial Statements	29
Financial Highlights	37
Approval of Management Agreement	41
Additional Information	45

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 semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics

SEPTEMBER 30, 2019
Portfolio at a Glance
Average Duration (effective)	5.7 years
Weighted Average Life to Maturity	7.4 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	30.0%
U.S. Treasury Securities	25.3%
U.S. Government Agency Mortgage-Backed Securities	21.0%
Asset-Backed Securities	7.4%
Commercial Mortgage-Backed Securities	4.0%
Collateralized Mortgage Obligations	3.9%
Collateralized Loan Obligations	2.4%
Municipal Securities	1.8%
Sovereign Governments and Agencies	0.6%
U.S. Government Agency Securities	0.2%
Bank Loan Obligations	0.2%
Temporary Cash Investments	4.3%
Other Assets and Liabilities	(1.1)%

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1) 4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,053.60	$3.08	0.60%
I Class	$1,000	$1,053.60	$2.05	0.40%
Y Class	$1,000	$1,053.80	$1.90	0.37%
A Class	$1,000	$1,051.30	$4.36	0.85%
C Class	$1,000	$1,047.40	$8.19	1.60%
R Class	$1,000	$1,051.00	$5.64	1.10%
R5 Class	$1,000	$1,053.60	$2.05	0.40%
R6 Class	$1,000	$1,053.90	$1.80	0.35%
Hypothetical
Investor Class	$1,000	$1,022.00	$3.03	0.60%
I Class	$1,000	$1,023.00	$2.02	0.40%
Y Class	$1,000	$1,023.15	$1.87	0.37%
A Class	$1,000	$1,020.75	$4.29	0.85%
C Class	$1,000	$1,017.00	$8.07	1.60%
R Class	$1,000	$1,019.50	$5.55	1.10%
R5 Class	$1,000	$1,023.00	$2.02	0.40%
R6 Class	$1,000	$1,023.25	$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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount		Value
CORPORATE BONDS — 30.0%
Aerospace and Defense — 0.1%
United Technologies Corp., 6.05%, 6/1/36	$	1,868,000	$	2,516,242
Automobiles — 1.2%
Ford Motor Credit Co. LLC, 2.68%, 1/9/20	6,190,000		6,189,980
Ford Motor Credit Co. LLC, 8.125%, 1/15/20	3,500,000		3,558,139
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	5,810,000		6,087,221
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	3,820,000		3,783,659
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	2,730,000		2,734,934
General Motors Co., 5.15%, 4/1/38	1,350,000		1,365,547
General Motors Financial Co., Inc., 3.15%, 1/15/20	6,350,000		6,359,768
General Motors Financial Co., Inc., 3.20%, 7/6/21	4,620,000		4,668,561
General Motors Financial Co., Inc., 5.25%, 3/1/26	2,760,000		2,998,872
			37,746,681
Banks — 6.2%
Banco Santander SA, 3.50%, 4/11/22	4,200,000		4,312,066
Bank of America Corp., MTN, 4.20%, 8/26/24	9,400,000		10,089,275
Bank of America Corp., MTN, 4.00%, 1/22/25	5,000,000		5,314,865
Bank of America Corp., MTN, VRN, 2.37%, 7/21/21	6,270,000		6,281,343
Bank of America Corp., MTN, VRN, 3.19%, 7/23/30	5,137,000		5,307,673
Bank of America Corp., MTN, VRN, 4.44%, 1/20/48	2,450,000		2,927,303
Bank of America Corp., VRN, 3.00%, 12/20/23	3,772,000		3,854,384
Bank of America N.A., 6.00%, 10/15/36	3,330,000		4,569,990
Barclays Bank plc, 5.14%, 10/14/20	3,230,000		3,303,428
BNP Paribas SA, 4.375%, 9/28/25(1)	2,950,000		3,138,301
BPCE SA, 3.00%, 5/22/22(1)	4,760,000		4,833,867
BPCE SA, 5.15%, 7/21/24(1)	2,380,000		2,608,061
Citigroup, Inc., 2.90%, 12/8/21	6,200,000		6,295,531
Citigroup, Inc., 2.75%, 4/25/22	5,530,000		5,614,374
Citigroup, Inc., 3.20%, 10/21/26	6,500,000		6,716,196
Citigroup, Inc., 4.45%, 9/29/27	13,315,000		14,539,489
Citigroup, Inc., VRN, 3.52%, 10/27/28	2,240,000		2,348,410
Cooperatieve Rabobank UA, 3.95%, 11/9/22	4,970,000		5,179,885
Discover Bank, 3.35%, 2/6/23	2,200,000		2,269,374
Discover Bank, 3.45%, 7/27/26	5,790,000		5,976,322
Fifth Third Bank, 2.875%, 10/1/21	2,210,000		2,238,600
HSBC Holdings plc, 4.30%, 3/8/26	2,680,000		2,904,413
HSBC Holdings plc, 4.375%, 11/23/26	4,800,000		5,151,803
HSBC Holdings plc, VRN, 3.26%, 3/13/23	4,900,000		4,987,355
Huntington Bancshares, Inc., 2.30%, 1/14/22	3,480,000		3,500,108
JPMorgan Chase & Co., 4.625%, 5/10/21	6,700,000		6,971,255
JPMorgan Chase & Co., 3.25%, 9/23/22	5,020,000		5,191,764
JPMorgan Chase & Co., 3.875%, 9/10/24	3,575,000		3,811,298

6

	Principal Amount		Value
JPMorgan Chase & Co., 3.125%, 1/23/25	$	10,400,000	$	10,783,237
JPMorgan Chase & Co., VRN, 3.70%, 5/6/30	1,580,000		1,696,237
JPMorgan Chase & Co., VRN, 3.96%, 11/15/48	3,300,000		3,694,902
PNC Bank N.A., 3.80%, 7/25/23	3,100,000		3,269,041
PNC Financial Services Group, Inc. (The), 4.375%, 8/11/20	2,400,000		2,449,732
Regions Financial Corp., 2.75%, 8/14/22	3,690,000		3,747,937
Regions Financial Corp., 3.80%, 8/14/23	3,100,000		3,272,303
Synchrony Bank, 3.00%, 6/15/22	2,330,000		2,362,898
U.S. Bancorp, MTN, 3.60%, 9/11/24	2,820,000		3,003,033
Wells Fargo & Co., 3.07%, 1/24/23	3,770,000		3,842,137
Wells Fargo & Co., 4.125%, 8/15/23	2,170,000		2,303,972
Wells Fargo & Co., 3.00%, 4/22/26	1,550,000		1,590,939
Wells Fargo & Co., 5.61%, 1/15/44	3,300,000		4,274,162
Wells Fargo & Co., MTN, 4.10%, 6/3/26	2,850,000		3,057,242
			189,584,505
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	5,320,000		6,338,529
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	4,610,000		5,372,606
			11,711,135
Biotechnology — 1.5%
AbbVie, Inc., 2.90%, 11/6/22	5,270,000		5,374,734
AbbVie, Inc., 3.60%, 5/14/25	3,970,000		4,131,475
AbbVie, Inc., 4.40%, 11/6/42	810,000		837,598
AbbVie, Inc., 4.70%, 5/14/45	2,325,000		2,488,010
Amgen, Inc., 2.65%, 5/11/22	6,080,000		6,161,117
Amgen, Inc., 4.66%, 6/15/51	2,070,000		2,413,887
Celgene Corp., 3.25%, 8/15/22	5,180,000		5,339,193
Celgene Corp., 3.875%, 8/15/25	7,450,000		8,048,437
Gilead Sciences, Inc., 4.40%, 12/1/21	6,230,000		6,500,791
Gilead Sciences, Inc., 3.65%, 3/1/26	5,710,000		6,123,355
			47,418,597
Capital Markets — 1.7%
Credit Suisse Group AG, VRN, 2.59%, 9/11/25(1)	2,020,000		2,002,375
Goldman Sachs Group, Inc. (The), 3.50%, 1/23/25	5,710,000		5,961,278
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26	8,120,000		8,452,954
Goldman Sachs Group, Inc. (The), VRN, 3.27%, 9/29/25	3,000,000		3,098,550
Goldman Sachs Group, Inc. (The), VRN, 3.81%, 4/23/29	3,600,000		3,819,684
Morgan Stanley, 2.75%, 5/19/22	5,110,000		5,185,349
Morgan Stanley, 5.00%, 11/24/25	2,830,000		3,173,352
Morgan Stanley, MTN, 3.70%, 10/23/24	9,830,000		10,420,535
Morgan Stanley, MTN, 4.00%, 7/23/25	6,130,000		6,616,334
Morgan Stanley, VRN, 3.97%, 7/22/38	1,880,000		2,067,537
			50,797,948
Chemicals — 0.1%
Westlake Chemical Corp., 4.375%, 11/15/47	2,030,000		1,999,992

7

	Principal Amount		Value
Commercial Services and Supplies — 0.2%
Republic Services, Inc., 3.55%, 6/1/22	$	2,170,000	$	2,247,460
Waste Connections, Inc., 3.50%, 5/1/29	2,670,000		2,851,424
Waste Management, Inc., 4.15%, 7/15/49	1,960,000		2,294,751
			7,393,635
Consumer Finance — 0.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	6,320,000		6,646,757
Ally Financial, Inc., 3.875%, 5/21/24	2,150,000		2,230,195
Capital One Bank USA N.A., 3.375%, 2/15/23	4,900,000		5,053,027
Capital One Financial Corp., 3.80%, 1/31/28	4,210,000		4,458,565
Synchrony Financial, 2.85%, 7/25/22	2,730,000		2,755,143
			21,143,687
Diversified Consumer Services — 0.1%
George Washington University (The), 3.55%, 9/15/46	1,805,000		1,962,119
Leland Stanford Junior University (The), 3.46%, 5/1/47	1,600,000		1,791,275
			3,753,394
Diversified Financial Services — 0.7%
Credit Suisse Group Funding Guernsey Ltd., 3.125%, 12/10/20	6,090,000		6,148,644
Credit Suisse Group Funding Guernsey Ltd., 3.45%, 4/16/21	5,500,000		5,592,028
UBS Group Funding Switzerland AG, 3.49%, 5/23/23(1)	8,150,000		8,370,533
Voya Financial, Inc., 5.70%, 7/15/43	1,900,000		2,437,807
			22,549,012
Diversified Telecommunication Services — 0.9%
AT&T, Inc., 3.875%, 8/15/21	3,160,000		3,260,296
AT&T, Inc., 3.40%, 5/15/25	3,530,000		3,688,825
AT&T, Inc., 2.95%, 7/15/26	3,500,000		3,555,343
AT&T, Inc., 5.15%, 11/15/46	4,971,000		5,775,248
Verizon Communications, Inc., 2.625%, 8/15/26	6,150,000		6,235,089
Verizon Communications, Inc., 4.75%, 11/1/41	800,000		952,628
Verizon Communications, Inc., 5.01%, 8/21/54	2,250,000		2,838,192
			26,305,621
Electric Utilities — 1.5%
AEP Transmission Co. LLC, 3.75%, 12/1/47	1,020,000		1,115,367
American Electric Power Co., Inc., 3.20%, 11/13/27	2,050,000		2,142,044
Berkshire Hathaway Energy Co., 3.50%, 2/1/25	3,900,000		4,130,710
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	2,700,000		2,931,897
Duke Energy Corp., 3.55%, 9/15/21	2,686,000		2,749,833
Duke Energy Florida LLC, 6.35%, 9/15/37	307,000		438,062
Duke Energy Florida LLC, 3.85%, 11/15/42	2,070,000		2,260,641
Duke Energy Progress LLC, 4.15%, 12/1/44	1,100,000		1,261,551
Duke Energy Progress LLC, 3.70%, 10/15/46	2,280,000		2,454,989
Exelon Corp., 5.15%, 12/1/20	1,700,000		1,745,869
Exelon Corp., 4.45%, 4/15/46	1,842,000		2,091,399
Exelon Generation Co. LLC, 5.60%, 6/15/42	710,000		846,353
FirstEnergy Corp., 4.25%, 3/15/23	1,810,000		1,915,702

8

	Principal Amount		Value
FirstEnergy Transmission LLC, 4.55%, 4/1/49(1)	$	1,570,000	$	1,850,956
Florida Power & Light Co., 3.15%, 10/1/49	1,450,000		1,475,866
MidAmerican Energy Co., 4.40%, 10/15/44	2,100,000		2,523,646
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27	1,860,000		1,973,461
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1)	3,340,000		3,427,675
Oncor Electric Delivery Co. LLC, 3.10%, 9/15/49(1)	1,450,000		1,448,290
Potomac Electric Power Co., 3.60%, 3/15/24	1,700,000		1,797,928
Southern Co. Gas Capital Corp., 3.95%, 10/1/46	1,570,000		1,652,064
Southwestern Public Service Co., 3.70%, 8/15/47	1,880,000		2,047,734
Xcel Energy, Inc., 3.35%, 12/1/26	780,000		823,468
			45,105,505
Energy Equipment and Services — 0.1%
Halliburton Co., 4.85%, 11/15/35	2,030,000		2,256,703
Entertainment — 0.2%
Viacom, Inc., 3.125%, 6/15/22	1,690,000		1,707,870
Viacom, Inc., 4.25%, 9/1/23	2,100,000		2,228,394
Viacom, Inc., 4.375%, 3/15/43	2,230,000		2,302,714
			6,238,978
Equity Real Estate Investment Trusts (REITs) — 1.3%
American Tower Corp., 3.375%, 10/15/26	1,330,000		1,385,937
Boston Properties LP, 3.65%, 2/1/26	4,900,000		5,190,276
Crown Castle International Corp., 5.25%, 1/15/23	3,240,000		3,537,303
Essex Portfolio LP, 3.625%, 8/15/22	3,120,000		3,229,623
Essex Portfolio LP, 3.25%, 5/1/23	1,712,000		1,761,439
GLP Capital LP / GLP Financing II, Inc., 5.75%, 6/1/28	1,860,000		2,122,707
Kilroy Realty LP, 3.80%, 1/15/23	3,380,000		3,533,113
Kimco Realty Corp., 2.80%, 10/1/26	3,910,000		3,935,618
Public Storage, 3.39%, 5/1/29	2,160,000		2,319,077
Service Properties Trust, 4.65%, 3/15/24	1,870,000		1,925,175
Simon Property Group LP, 2.45%, 9/13/29	2,380,000		2,332,180
Ventas Realty LP, 4.125%, 1/15/26	2,600,000		2,814,258
VEREIT Operating Partnership LP, 4.125%, 6/1/21	4,538,000		4,658,253
			38,744,959
Food and Staples Retailing — 0.1%
Kroger Co. (The), 3.30%, 1/15/21	1,235,000		1,251,507
Kroger Co. (The), 3.875%, 10/15/46	2,080,000		1,989,191
			3,240,698
Health Care Equipment and Supplies — 0.3%
Becton Dickinson and Co., 3.73%, 12/15/24	4,671,000		4,946,142
Medtronic, Inc., 3.50%, 3/15/25	2,043,000		2,194,629
Medtronic, Inc., 4.375%, 3/15/35	2,154,000		2,597,209
			9,737,980
Health Care Providers and Services — 1.4%
Aetna, Inc., 2.75%, 11/15/22	1,540,000		1,559,034
Anthem, Inc., 3.65%, 12/1/27	2,800,000		2,949,180
Anthem, Inc., 4.65%, 1/15/43	1,155,000		1,280,101

9

	Principal Amount		Value
CommonSpirit Health, 2.95%, 11/1/22	$	2,420,000	$	2,464,182
CVS Health Corp., 3.50%, 7/20/22	5,400,000		5,577,346
CVS Health Corp., 4.30%, 3/25/28	3,810,000		4,124,388
CVS Health Corp., 4.78%, 3/25/38	1,480,000		1,634,170
Duke University Health System, Inc., 3.92%, 6/1/47	3,085,000		3,588,529
HCA, Inc., 4.125%, 6/15/29	2,930,000		3,073,904
Johns Hopkins Health System Corp. (The), 3.84%, 5/15/46	1,860,000		2,135,378
Northwell Healthcare, Inc., 4.26%, 11/1/47	2,180,000		2,440,051
Stanford Health Care, 3.80%, 11/15/48	1,760,000		2,022,378
UnitedHealth Group, Inc., 2.875%, 3/15/22	4,060,000		4,136,429
UnitedHealth Group, Inc., 3.75%, 7/15/25	2,000,000		2,153,909
Universal Health Services, Inc., 4.75%, 8/1/22(1)	3,700,000		3,737,000
			42,875,979
Hotels, Restaurants and Leisure — 0.1%
McDonald's Corp., MTN, 4.70%, 12/9/35	1,270,000		1,511,782
McDonald's Corp., MTN, 3.625%, 9/1/49	1,520,000		1,544,856
			3,056,638
Household Durables — 0.4%
D.R. Horton, Inc., 2.55%, 12/1/20	2,420,000		2,427,773
Lennar Corp., 4.75%, 4/1/21	3,290,000		3,368,137
Toll Brothers Finance Corp., 6.75%, 11/1/19	2,620,000		2,634,410
Toll Brothers Finance Corp., 4.35%, 2/15/28	3,620,000		3,755,750
			12,186,070
Insurance — 1.1%
American International Group, Inc., 4.125%, 2/15/24	7,680,000		8,224,487
American International Group, Inc., 4.50%, 7/16/44	550,000		613,230
Berkshire Hathaway Finance Corp., 3.00%, 5/15/22	2,030,000		2,092,673
Berkshire Hathaway Finance Corp., 4.20%, 8/15/48	1,620,000		1,901,164
Chubb INA Holdings, Inc., 3.15%, 3/15/25	1,700,000		1,785,991
Hartford Financial Services Group, Inc. (The), 5.95%, 10/15/36	1,190,000		1,557,794
Liberty Mutual Group, Inc., 4.50%, 6/15/49(1)	1,100,000		1,227,277
Markel Corp., 4.90%, 7/1/22	3,120,000		3,337,843
Markel Corp., 4.15%, 9/17/50	2,000,000		2,034,342
MetLife, Inc., 4.875%, 11/13/43	1,075,000		1,334,609
Metropolitan Life Global Funding I, 3.00%, 1/10/23(1)	2,220,000		2,284,039
Prudential Financial, Inc., 3.94%, 12/7/49	3,500,000		3,787,482
Prudential Financial, Inc., MTN, 5.70%, 12/14/36	975,000		1,288,860
WR Berkley Corp., 4.625%, 3/15/22	1,875,000		1,981,958
			33,451,749
Interactive Media and Services — 0.1%
Tencent Holdings Ltd., 3.98%, 4/11/29(1)	3,600,000		3,864,990
Internet and Direct Marketing Retail — 0.3%
Alibaba Group Holding Ltd., 2.50%, 11/28/19	3,900,000		3,900,703
Alibaba Group Holding Ltd., 3.60%, 11/28/24	5,000,000		5,264,752
			9,165,455

10

	Principal Amount		Value
IT Services — 0.3%
Fidelity National Information Services, Inc., 3.00%, 8/15/26	$	3,050,000	$	3,144,458
Fiserv, Inc., 3.50%, 7/1/29	1,500,000		1,581,681
Global Payments, Inc., 3.20%, 8/15/29	3,040,000		3,085,496
Mastercard, Inc., 3.65%, 6/1/49	1,530,000		1,740,224
			9,551,859
Life Sciences Tools and Services — 0.1%
Thermo Fisher Scientific, Inc., 3.30%, 2/15/22	2,157,000		2,226,708
Media — 1.1%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25	9,730,000		10,701,170
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45	4,180,000		5,100,611
Comcast Corp., 6.40%, 5/15/38	2,270,000		3,227,204
Comcast Corp., 4.60%, 10/15/38	4,280,000		5,137,270
Comcast Corp., 4.75%, 3/1/44	4,540,000		5,554,723
Interpublic Group of Cos., Inc. (The), 4.00%, 3/15/22	2,370,000		2,449,774
TEGNA, Inc., 5.125%, 7/15/20	1,266,000		1,268,848
			33,439,600
Metals and Mining — 0.2%
Minera Mexico SA de CV, 4.50%, 1/26/50(1)	5,900,000		5,826,250
Steel Dynamics, Inc., 4.125%, 9/15/25	1,730,000		1,755,950
			7,582,200
Multi-Utilities — 0.6%
Black Hills Corp., 3.875%, 10/15/49(2)	1,990,000		2,011,108
CenterPoint Energy, Inc., 4.25%, 11/1/28	2,500,000		2,750,070
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43	1,530,000		1,674,173
Consumers Energy Co., 3.10%, 8/15/50	1,510,000		1,516,389
Dominion Energy, Inc., 4.90%, 8/1/41	2,920,000		3,461,702
NiSource, Inc., 5.65%, 2/1/45	2,080,000		2,685,563
Sempra Energy, 2.875%, 10/1/22	1,820,000		1,842,828
Sempra Energy, 3.25%, 6/15/27	1,700,000		1,747,742
Sempra Energy, 4.00%, 2/1/48	1,500,000		1,591,746
			19,281,321
Oil, Gas and Consumable Fuels — 3.7%
Cimarex Energy Co., 4.375%, 6/1/24	2,480,000		2,607,778
CNOOC Finance Ltd., 4.25%, 1/26/21	4,975,000		5,092,316
CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24	2,000,000		2,140,781
Concho Resources, Inc., 4.375%, 1/15/25	3,210,000		3,327,465
Continental Resources, Inc., 4.375%, 1/15/28	2,660,000		2,753,131
Ecopetrol SA, 5.875%, 5/28/45	1,220,000		1,437,587
Encana Corp., 6.50%, 2/1/38	3,450,000		4,162,832
Energy Transfer Operating LP, 7.50%, 10/15/20	2,120,000		2,228,434
Energy Transfer Operating LP, 4.25%, 3/15/23	4,740,000		4,956,245
Energy Transfer Operating LP, 5.25%, 4/15/29	3,200,000		3,612,806
Energy Transfer Operating LP, 4.90%, 3/15/35	3,470,000		3,590,151

11

	Principal Amount		Value
Energy Transfer Operating LP, 6.50%, 2/1/42	$	880,000	$	1,057,107
Energy Transfer Operating LP, 6.00%, 6/15/48	1,050,000		1,243,078
EnLink Midstream LLC, 5.375%, 6/1/29	2,200,000		2,106,500
Enterprise Products Operating LLC, 4.85%, 3/15/44	5,480,000		6,304,561
Hess Corp., 6.00%, 1/15/40	1,590,000		1,846,117
Kinder Morgan Energy Partners LP, 5.30%, 9/15/20	3,040,000		3,127,455
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	4,250,000		5,389,038
Marathon Oil Corp., 3.85%, 6/1/25	3,390,000		3,527,957
MPLX LP, 5.25%, 1/15/25(1)	2,950,000		3,114,692
MPLX LP, 4.875%, 6/1/25	3,800,000		4,183,982
MPLX LP, 4.50%, 4/15/38	2,130,000		2,212,690
MPLX LP, 5.20%, 3/1/47	1,480,000		1,638,335
Newfield Exploration Co., 5.75%, 1/30/22	1,480,000		1,582,038
Occidental Petroleum Corp., 3.50%, 8/15/29	1,500,000		1,524,252
ONEOK, Inc., 3.40%, 9/1/29	2,440,000		2,419,853
Petroleos Mexicanos, 6.00%, 3/5/20	2,291,000		2,323,647
Petroleos Mexicanos, 4.875%, 1/24/22	2,160,000		2,251,800
Petroleos Mexicanos, 6.50%, 3/13/27	800,000		834,800
Petroleos Mexicanos, 5.50%, 6/27/44	700,000		600,355
Phillips 66, 4.30%, 4/1/22	2,670,000		2,816,502
Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 6/1/22	3,440,000		3,530,028
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	6,700,000		7,533,968
Shell International Finance BV, 2.375%, 8/21/22	3,100,000		3,147,256
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23	3,750,000		3,834,169
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	1,390,000		1,409,182
Williams Cos., Inc. (The), 4.125%, 11/15/20	5,003,000		5,082,408
Williams Cos., Inc. (The), 4.55%, 6/24/24	3,330,000		3,587,677
			114,138,973
Pharmaceuticals — 0.4%
Allergan Finance LLC, 3.25%, 10/1/22	6,880,000		7,031,322
Bristol-Myers Squibb Co., 4.25%, 10/26/49(1)	1,110,000		1,294,518
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/21	4,785,000		4,808,600
			13,134,440
Road and Rail — 0.9%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	3,750,000		3,834,375
Burlington Northern Santa Fe LLC, 3.60%, 9/1/20	3,310,000		3,347,689
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41	3,850,000		4,786,431
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	1,070,000		1,233,599
CSX Corp., 3.40%, 8/1/24	2,840,000		2,992,260
CSX Corp., 3.25%, 6/1/27	3,490,000		3,668,381
Union Pacific Corp., 3.60%, 9/15/37	1,730,000		1,831,952
Union Pacific Corp., 4.75%, 9/15/41	2,480,000		2,923,383
Union Pacific Corp., 4.05%, 11/15/45	1,600,000		1,768,097
Union Pacific Corp., MTN, 3.55%, 8/15/39	1,210,000		1,272,009
			27,658,176

12

	Principal Amount		Value
Semiconductors and Semiconductor Equipment — 0.1%
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	$	3,950,000	$	4,082,763
Software — 0.6%
Microsoft Corp., 2.70%, 2/12/25	9,320,000		9,680,299
Microsoft Corp., 3.45%, 8/8/36	2,140,000		2,369,039
Microsoft Corp., 4.25%, 2/6/47	3,060,000		3,804,161
Oracle Corp., 3.625%, 7/15/23	3,070,000		3,246,954
			19,100,453
Specialty Retail — 0.3%
Home Depot, Inc. (The), 3.75%, 2/15/24	3,000,000		3,224,324
Home Depot, Inc. (The), 3.00%, 4/1/26	2,560,000		2,685,203
Home Depot, Inc. (The), 3.90%, 6/15/47	2,750,000		3,155,601
			9,065,128
Technology Hardware, Storage and Peripherals — 0.8%
Apple, Inc., 2.50%, 2/9/25	7,550,000		7,734,023
Apple, Inc., 2.45%, 8/4/26	3,780,000		3,839,600
Dell International LLC / EMC Corp., 6.02%, 6/15/26(1)	6,950,000		7,843,364
Dell International LLC / EMC Corp., 4.90%, 10/1/26(1)	3,320,000		3,559,411
Hewlett Packard Enterprise Co., 3.60%, 10/15/20	2,230,000		2,259,042
			25,235,440
Trading Companies and Distributors — 0.1%
International Lease Finance Corp., 5.875%, 8/15/22	1,670,000		1,830,342
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV, 3.125%, 7/16/22	2,230,000		2,284,732
TOTAL CORPORATE BONDS (Cost $869,134,980)			921,458,288
U.S. TREASURY SECURITIES — 25.3%
U.S. Treasury Bills, 1.98%, 6/18/20(3)	65,000,000		64,171,660
U.S. Treasury Bonds, 5.00%, 5/15/37	2,000,000		2,952,148
U.S. Treasury Bonds, 3.50%, 2/15/39	1,780,000		2,231,849
U.S. Treasury Bonds, 4.625%, 2/15/40	1,000,000		1,448,770
U.S. Treasury Bonds, 4.375%, 5/15/41	1,500,000		2,122,236
U.S. Treasury Bonds, 3.125%, 11/15/41	21,000,000		25,051,524
U.S. Treasury Bonds, 3.125%, 2/15/42	23,000,000		27,447,715
U.S. Treasury Bonds, 3.00%, 5/15/42	25,000,000		29,262,695
U.S. Treasury Bonds, 2.75%, 11/15/42	9,500,000		10,670,986
U.S. Treasury Bonds, 2.875%, 5/15/43	8,500,000		9,754,912
U.S. Treasury Bonds, 2.50%, 2/15/45	31,000,000		33,392,207
U.S. Treasury Bonds, 3.00%, 5/15/45	5,000,000		5,892,481
U.S. Treasury Bonds, 3.00%, 11/15/45	300,000		354,193
U.S. Treasury Bonds, 3.375%, 11/15/48	42,500,000		54,204,101
U.S. Treasury Bonds, 2.25%, 8/15/49	25,000,000		25,742,676
U.S. Treasury Notes, 1.50%, 5/31/20(4)	10,000,000		9,976,172
U.S. Treasury Notes, 1.125%, 8/31/21(4)	16,000,000		15,840,313
U.S. Treasury Notes, 1.50%, 9/30/21	8,000,000		7,980,938
U.S. Treasury Notes, 2.625%, 12/15/21	21,100,000		21,567,332

13

	Principal Amount		Value
U.S. Treasury Notes, 1.875%, 1/31/22	$	15,000,000	$	15,085,254
U.S. Treasury Notes, 2.375%, 3/15/22	41,000,000		41,787,969
U.S. Treasury Notes, 1.75%, 6/15/22	39,000,000		39,182,813
U.S. Treasury Notes, 1.50%, 9/15/22	43,000,000		42,924,414
U.S. Treasury Notes, 1.875%, 9/30/22	61,700,000		62,260,361
U.S. Treasury Notes, 2.00%, 11/30/22	30,000,000		30,385,547
U.S. Treasury Notes, 1.50%, 3/31/23	29,000,000		28,940,527
U.S. Treasury Notes, 2.00%, 5/31/24	7,000,000		7,141,777
U.S. Treasury Notes, 1.25%, 8/31/24	79,000,000		77,913,750
U.S. Treasury Notes, 1.625%, 9/30/26	8,000,000		8,002,656
U.S. Treasury Notes, 3.125%, 11/15/28	10,000,000		11,231,055
U.S. Treasury Notes, 2.375%, 5/15/29	19,000,000		20,185,273
U.S. Treasury Notes, 1.625%, 8/15/29	41,500,000		41,324,922
TOTAL U.S. TREASURY SECURITIES   (Cost $739,568,090)			776,431,226
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 21.0%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 1.3%
FHLMC, VRN, 4.80%, (1-year H15T1Y plus 2.25%), 4/1/37	360,172		380,653
FHLMC, VRN, 4.89%, (12-month LIBOR plus 1.84%), 6/1/38	934,949		987,916
FHLMC, VRN, 4.53%, (12-month LIBOR plus 1.88%), 7/1/40	442,416		463,954
FHLMC, VRN, 4.06%, (12-month LIBOR plus 1.78%), 9/1/40	885,458		925,836
FHLMC, VRN, 3.80%, (12-month LIBOR plus 1.79%), 2/1/41	845,582		879,849
FHLMC, VRN, 4.77%, (12-month LIBOR plus 1.88%), 5/1/41	287,254		301,435
FHLMC, VRN, 3.69%, (12-month LIBOR plus 1.89%), 7/1/41	1,998,361		2,075,434
FHLMC, VRN, 4.09%, (12-month LIBOR plus 1.87%), 7/1/41	1,206,317		1,268,523
FHLMC, VRN, 4.51%, (12-month LIBOR plus 1.63%), 5/1/43	386,060		399,163
FHLMC, VRN, 4.43%, (12-month LIBOR plus 1.65%), 6/1/43	434,213		449,362
FHLMC, VRN, 4.50%, (12-month LIBOR plus 1.62%), 6/1/43	13,072		13,508
FHLMC, VRN, 3.18%, (12-month LIBOR plus 1.62%), 6/1/44	1,879,492		1,922,531
FHLMC, VRN, 4.07%, (12-month LIBOR plus 1.59%), 10/1/44	1,583,678		1,627,422
FHLMC, VRN, 2.36%, (12-month LIBOR plus 1.63%), 8/1/46	2,821,660		2,848,458
FNMA, VRN, 4.68%, (12-month LIBOR plus 1.71%), 12/1/37	273,365		287,657
FNMA, VRN, 4.82%, (12-month LIBOR plus 1.69%), 1/1/40	276,900		293,189
FNMA, VRN, 3.61%, (12-month LIBOR plus 1.79%), 8/1/40	1,244,322		1,301,188
FNMA, VRN, 3.92%, (12-month LIBOR plus 1.77%), 10/1/40	1,964,697		2,053,893
FNMA, VRN, 4.27%, (12-month LIBOR plus 1.75%), 8/1/41	694,073		724,486
FNMA, VRN, 3.32%, (12-month LIBOR plus 1.82%), 9/1/41	472,541		485,823
FNMA, VRN, 4.53%, (12-month LIBOR plus 1.55%), 3/1/43	452,559		468,380
FNMA, VRN, 3.20%, (12-month LIBOR plus 1.58%), 1/1/45	2,808,653		2,895,081
FNMA, VRN, 2.61%, (12-month LIBOR plus 1.60%), 4/1/46	7,461,036		7,562,864
FNMA, VRN, 3.24%, (12-month LIBOR plus 1.62%), 5/1/47	8,131,064		8,322,655
			38,939,260
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.7%
FHLMC, 5.00%, 1/1/21	134,374		138,727
FHLMC, 5.00%, 4/1/21	26,609		27,471
FHLMC, 7.00%, 9/1/27	1,334		1,487

14

	Principal Amount		Value
FHLMC, 6.50%, 1/1/28	$	2,191	$	2,444
FHLMC, 7.00%, 2/1/28	348		385
FHLMC, 6.50%, 3/1/29	13,465		15,021
FHLMC, 6.50%, 6/1/29	14,536		16,215
FHLMC, 7.00%, 8/1/29	1,537		1,673
FHLMC, 5.00%, 4/1/31	2,000,775		2,151,144
FHLMC, 5.00%, 5/1/31	2,723,049		2,927,693
FHLMC, 6.50%, 5/1/31	12,344		13,768
FHLMC, 6.50%, 6/1/31	570		635
FHLMC, 6.50%, 6/1/31	1,383		1,542
FHLMC, 5.50%, 12/1/33	169,249		188,013
FHLMC, 6.00%, 9/1/35	2,649,540		3,052,848
FHLMC, 5.50%, 12/1/37	184,810		208,396
FHLMC, 5.50%, 1/1/38	294,440		327,621
FHLMC, 6.00%, 2/1/38	1,407,789		1,622,184
FHLMC, 5.50%, 4/1/38	435,598		491,896
FHLMC, 6.00%, 8/1/38	91,583		102,644
FHLMC, 3.00%, 2/1/43	14,613,580		15,074,783
FNMA, 6.50%, 1/1/26	10,779		12,016
FNMA, 7.00%, 12/1/27	2,606		2,829
FNMA, 7.50%, 4/1/28	15,899		17,420
FNMA, 7.00%, 5/1/28	14,883		15,279
FNMA, 7.00%, 6/1/28	257		261
FNMA, 6.50%, 1/1/29	2,227		2,502
FNMA, 6.50%, 4/1/29	6,581		7,338
FNMA, 7.00%, 7/1/29	1,371		1,372
FNMA, 7.50%, 7/1/29	10,703		11,000
FNMA, 7.50%, 9/1/30	4,823		5,687
FNMA, 5.00%, 6/1/31	2,121,807		2,273,042
FNMA, 5.00%, 7/1/31	3,263,232		3,497,344
FNMA, 7.00%, 9/1/31	22,603		23,750
FNMA, 6.50%, 1/1/32	7,748		8,639
FNMA, 6.50%, 8/1/32	33,967		38,783
FNMA, 5.50%, 2/1/33	1,584,826		1,768,676
FNMA, 5.00%, 6/1/33	1,784,474		1,971,182
FNMA, 5.50%, 6/1/33	104,610		117,289
FNMA, 5.50%, 7/1/33	579,354		648,458
FNMA, 5.00%, 8/1/33	246,345		272,143
FNMA, 5.50%, 8/1/33	219,169		247,723
FNMA, 5.50%, 9/1/33	330,250		373,397
FNMA, 5.00%, 11/1/33	1,134,314		1,253,214
FNMA, 6.00%, 12/1/33	872,435		1,003,407
FNMA, 5.50%, 1/1/34	296,108		333,519
FNMA, 5.50%, 2/1/34	992,025		1,119,284
FNMA, 3.50%, 3/1/34	6,511,434		6,794,605
FNMA, 5.00%, 3/1/34	665,927		735,581

15

	Principal Amount		Value
FNMA, 4.50%, 1/1/35	$	5,675,530	$	6,099,255
FNMA, 5.00%, 4/1/35	1,574,779		1,739,705
FNMA, 5.00%, 6/1/35	1,179,170		1,302,655
FNMA, 5.00%, 7/1/35	2,270,343		2,507,697
FNMA, 5.00%, 8/1/35	66,850		73,757
FNMA, 4.50%, 9/1/35	262,879		284,463
FNMA, 5.00%, 10/1/35	500,014		550,338
FNMA, 5.50%, 12/1/35	3,309,746		3,745,594
FNMA, 5.00%, 2/1/36	397,255		438,983
FNMA, 5.50%, 4/1/36	414,452		468,976
FNMA, 5.50%, 5/1/36	836,367		946,304
FNMA, 5.50%, 7/1/36	188,378		209,306
FNMA, 5.50%, 2/1/37	108,344		122,189
FNMA, 5.50%, 5/1/37	173,788		195,758
FNMA, 6.00%, 8/1/37	335,183		385,352
FNMA, 6.50%, 8/1/37	51,321		57,021
FNMA, 6.00%, 9/1/37	1,259,446		1,422,750
FNMA, 6.00%, 11/1/37	1,645,095		1,891,111
FNMA, 5.50%, 12/1/37	859,843		953,126
FNMA, 5.50%, 2/1/38	220,358		248,231
FNMA, 5.50%, 6/1/38	434,350		489,656
FNMA, 6.00%, 9/1/38	127,106		132,360
FNMA, 5.50%, 12/1/38	926,090		1,044,020
FNMA, 5.00%, 1/1/39	632,140		696,520
FNMA, 5.50%, 1/1/39	4,055,360		4,578,793
FNMA, 4.50%, 2/1/39	1,196,173		1,295,070
FNMA, 5.00%, 2/1/39	2,312,893		2,551,504
FNMA, 4.50%, 4/1/39	2,053,294		2,239,332
FNMA, 4.50%, 5/1/39	5,277,133		5,743,620
FNMA, 6.50%, 5/1/39	1,077,880		1,245,457
FNMA, 5.00%, 8/1/39	2,463,897		2,724,731
FNMA, 4.50%, 10/1/39	9,230,798		10,106,504
FNMA, 4.00%, 10/1/40	9,433,360		10,124,372
FNMA, 4.50%, 11/1/40	8,439,188		9,149,650
FNMA, 4.00%, 8/1/41	9,287,734		9,929,822
FNMA, 4.50%, 9/1/41	5,176,022		5,612,032
FNMA, 3.50%, 10/1/41	11,206,052		11,770,404
FNMA, 5.00%, 1/1/42	3,949,501		4,362,196
FNMA, 3.50%, 2/1/42	6,967,503		7,320,669
FNMA, 3.50%, 6/1/42	21,342,219		22,430,700
FNMA, 3.50%, 8/1/42	1,980,836		2,081,872
FNMA, 3.50%, 8/1/42	8,605,724		9,044,677
FNMA, 3.50%, 8/1/43	6,422,701		6,726,533
FNMA, 3.50%, 5/1/45	10,890,338		11,359,440
FNMA, 3.50%, 11/1/45	13,932,117		14,541,777
FNMA, 3.50%, 11/1/45	13,888,445		14,496,442
FNMA, 4.00%, 11/1/45	15,674,924		16,576,560

16

	Principal Amount		Value
FNMA, 4.00%, 11/1/45	$	4,445,602	$	4,690,827
FNMA, 3.50%, 2/1/46	16,745,992		17,462,013
FNMA, 4.00%, 2/1/46	12,952,250		13,652,223
FNMA, 3.50%, 3/1/46	15,203,348		15,799,080
FNMA, 4.00%, 4/1/46	17,113,054		18,067,415
FNMA, 3.50%, 5/1/46	15,526,100		16,148,475
FNMA, 3.00%, 11/1/46	46,613,291		47,768,813
FNMA, 3.50%, 2/1/47	26,241,116		27,361,390
FNMA, 6.50%, 8/1/47	18,248		19,641
FNMA, 6.50%, 9/1/47	36,946		39,644
FNMA, 6.50%, 9/1/47	1,775		1,908
FNMA, 6.50%, 9/1/47	19,424		20,841
FNMA, 3.00%, 4/1/48	31,133,665		31,977,620
FNMA, 4.00%, 6/1/48	30,472,331		31,791,123
FNMA, 4.50%, 2/1/49	13,394,850		14,182,855
GNMA, 7.00%, 11/15/22	3,891		4,022
GNMA, 7.00%, 4/20/26	1,517		1,692
GNMA, 7.50%, 8/15/26	3,229		3,593
GNMA, 8.00%, 8/15/26	1,407		1,529
GNMA, 7.50%, 5/15/27	1,719		1,745
GNMA, 8.00%, 6/15/27	8,297		8,434
GNMA, 7.00%, 2/15/28	1,694		1,697
GNMA, 7.50%, 2/15/28	1,263		1,266
GNMA, 6.50%, 3/15/28	4,288		4,747
GNMA, 7.00%, 4/15/28	1,166		1,168
GNMA, 6.50%, 5/15/28	114		126
GNMA, 6.50%, 5/15/28	19,469		21,561
GNMA, 7.00%, 12/15/28	2,114		2,118
GNMA, 7.00%, 5/15/31	16,784		19,402
GNMA, 4.50%, 8/15/33	936,993		1,008,204
GNMA, 6.00%, 9/20/38	565,628		650,736
GNMA, 5.50%, 11/15/38	1,340,286		1,507,967
GNMA, 5.50%, 11/15/38	522,805		581,849
GNMA, 6.00%, 1/20/39	171,709		197,406
GNMA, 5.00%, 3/20/39	1,200,400		1,328,647
GNMA, 4.50%, 4/15/39	1,421,771		1,548,425
GNMA, 4.50%, 11/15/39	11,056,517		12,104,334
GNMA, 4.50%, 1/15/40	825,227		899,106
GNMA, 4.00%, 7/15/40	1,794,482		1,916,339
GNMA, 4.00%, 11/20/40	15,200,620		16,203,470
GNMA, 4.50%, 12/15/40	3,562,628		3,900,634
GNMA, 4.50%, 7/20/41	5,673,255		6,204,021
GNMA, 3.50%, 6/20/42	5,501,306		5,844,986
GNMA, 3.50%, 7/20/42	8,460,405		8,988,952
GNMA, 2.50%, 7/20/46	18,225,342		18,406,295
GNMA, 2.50%, 8/20/46	11,221,322		11,332,710

17

	Principal Amount		Value
GNMA, 2.50%, 2/20/47	$	12,219,266	$	12,340,374
			604,961,037
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $629,906,469)			643,900,297
ASSET-BACKED SECURITIES — 7.4%
Argent Securities, Inc., Series 2004-W8, Class M1, VRN, 2.84%, (1-month LIBOR plus 0.83%), 5/25/34	9,491,513		9,548,515
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	5,418,258		5,469,506
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	11,753,083		12,416,535
Hertz Fleet Lease Funding LP, Series 2017-1, Class A1, VRN, 2.70%, (1-month LIBOR plus 0.65%), 4/10/31(1)	6,243,859		6,242,796
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(1)	1,979,070		1,971,547
Invitation Homes Trust, Series 2017-SFR2, Class A, VRN, 2.875%, (1-month LIBOR plus 0.85%), 12/17/36(1)	22,102,545		22,144,292
Invitation Homes Trust, Series 2018-SFR1, Class A, VRN, 2.72%, (1-month LIBOR plus 0.70%), 3/17/37(1)	29,778,527		29,453,992
Invitation Homes Trust, Series 2018-SFR2, Class B, VRN, 3.11%, (1-month LIBOR plus 1.08%), 6/17/37(1)	21,275,000		21,172,829
Invitation Homes Trust, Series 2018-SFR3, Class A, VRN, 3.02%, (1-month LIBOR plus 1.00%), 7/17/37(1)	26,429,852		26,429,807
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(1)	1,587,709		1,584,882
MVW Owner Trust, Series 2014-1A, Class A SEQ, 2.25%, 9/22/31(1)	2,883,950		2,879,877
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(1)	2,052,398		2,051,912
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(1)	3,574,304		3,553,799
MVW Owner Trust, Series 2017-1A, Class A SEQ, 2.42%, 12/20/34(1)	9,733,768		9,754,647
MVW Owner Trust, Series 2018-1A, Class A SEQ, 3.45%, 1/21/36(1)	7,874,702		8,123,476
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(1)	9,993,717		10,265,698
Progress Residential Trust, Series 2019-SFR3, Class A SEQ, 2.27%, 9/17/36(1)	4,900,000		4,850,514
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	4,430,223		4,475,752
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(1)	1,199,949		1,199,577
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(1)	3,053,107		3,072,901
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class A SEQ, 2.59%, 5/20/36(1)	8,081,881		8,126,754
Towd Point Mortgage Trust, Series 2016-1, Class A1, VRN, 3.50%, 2/25/55(1)	3,332,403		3,380,481
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(1)	3,465,657		3,567,369
US Airways Pass-Through Trust, Series 2013-1, Class A, 3.95%, 5/15/27	2,253,642		2,375,972
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	6,763,926		6,754,299
VSE VOI Mortgage LLC, Series 2017-A, Class A SEQ, 2.33%, 3/20/35(1)	6,365,669		6,362,119

18

	Principal Amount		Value
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	$	9,079,367	$	9,339,244
TOTAL ASSET-BACKED SECURITIES (Cost $224,978,196)			226,569,092
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.0%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class B, 3.49%, 4/14/33(1)	4,000,000		4,206,974
BX Trust, Series 2018-MCSF, Class A, VRN, 2.60%, (1-month LIBOR plus 0.58%), 4/15/35(1)	10,000,000		9,980,745
Commercial Mortgage Pass-Through Certificates, Series 2014-CR15, Class AM, VRN, 4.43%, 2/10/47	10,691,000		11,605,325
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class AM, VRN, 4.19%, 10/10/47	10,000,000		10,794,768
Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class AM, VRN, 4.19%, 9/10/47	14,000,000		14,976,119
Commercial Mortgage Pass-Through Certificates, Series 2015-CR22, Class AM, VRN, 3.60%, 3/10/48	15,000,000		15,852,945
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class B, VRN, 4.80%, 2/10/49	5,000,000		5,530,993
GS Mortgage Securities Trust, Series 2015-GC28, Class AS, 3.76%, 2/10/48	9,000,000		9,562,851
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	10,000,000		10,601,987
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4 SEQ, 3.41%, 3/15/50	6,250,000		6,680,887
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class AS, 3.14%, 8/15/49	10,000,000		10,335,444
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class A3 SEQ, 3.28%, 11/15/52	5,650,000		6,013,086
UBS Commercial Mortgage Trust, Series 2017-C1, Class A3 SEQ, 3.20%, 6/15/50	6,000,000		6,319,308
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES  (Cost $117,779,686)			122,461,432
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.9%
Private Sponsor Collateralized Mortgage Obligations — 3.4%
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 4.46%, 3/25/35	1,811,783		1,882,575
Agate Bay Mortgage Loan Trust, Series 2016-3, Class A3, VRN, 3.50%, 8/25/46(1)	3,264,377		3,316,960
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 4.79%, 6/25/34	1,033,827		1,046,153
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.28%, 2/25/35	1,520,932		1,554,808
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.98%, 11/25/34	1,489,863		1,485,608
Citicorp Mortgage Securities Trust, Series 2007-8, Class 1A3, 6.00%, 9/25/37	688,589		742,478
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.36%, 8/25/34	1,315,898		1,281,623
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.30%, 8/25/34	4,385,172		4,449,952
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.63%, 8/25/35	589,948		609,769
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-4, Class A19, 5.25%, 5/25/34	1,075,436		1,112,795

19

	Principal Amount		Value
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-5, Class 2A4, 5.50%, 5/25/34	$	469,323	$	481,727
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	51,030		50,477
Credit Suisse First Boston Mortgage-Backed Trust, Series 2004-AR6, Class 2A1, VRN, 4.30%, 10/25/34	187,062		188,554
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 4.24%, 10/25/34	3,149,986		3,172,265
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.99%, 8/25/35	1,087,958		1,139,501
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 4.06%, 6/25/34	942,407		942,398
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 4.60%, 5/25/34	1,576,382		1,627,186
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.91%, 1/25/35	1,732,046		1,733,129
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.48%, 9/25/35	3,653,443		3,769,210
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A1, VRN, 4.52%, 9/25/35	2,952,658		3,019,863
GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, VRN, 4.55%, 9/25/35	1,319,064		1,356,050
JPMorgan Mortgage Trust, Series 2005-A4, Class 1A1, VRN, 4.42%, 7/25/35	590,837		599,666
JPMorgan Mortgage Trust, Series 2005-A4, Class 2A1, VRN, 4.34%, 7/25/35	1,239,141		1,249,070
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.26%, 8/25/35	1,388,069		1,372,042
JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 4.65%, 4/25/35	1,037,441		1,066,471
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2 SEQ, VRN, 2.50%, 3/25/43(1)	1,199,312		1,200,811
JPMorgan Mortgage Trust, Series 2018-6, Class 1A4 SEQ, VRN, 3.50%, 12/25/48(1)	4,526,383		4,583,411
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 4.73%, 11/21/34	727,411		750,343
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 4.37%, 11/25/35	1,795,186		1,821,677
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 4.45%, 2/25/35	1,689,274		1,722,388
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 4.45%, 2/25/35	844,637		859,158
New Residential Mortgage Loan Trust, Series 2017-1A, Class A1, VRN, 4.00%, 2/25/57(1)	1,660,950		1,735,107
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(1)	3,742,274		3,921,590
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.52%, (1-month LIBOR plus 1.50%), 6/25/57(1)	3,511,580		3,573,857
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(1)	3,622,559		3,729,204
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(1)	3,636,773		3,684,490
Sequoia Mortgage Trust, Series 2018-7, Class A4 SEQ, VRN, 4.00%, 9/25/48(1)	3,204,328		3,243,244

20

	Principal Amount		Value
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(1)	$	2,936,060	$	2,973,572
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(1)	4,161,536		4,153,084
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.38%, 7/25/34	2,093,891		2,132,621
Thornburg Mortgage Securities Trust, Series 2004-3, Class A, VRN, 2.76%, (1-month LIBOR plus 0.74%), 9/25/44	3,959,466		3,983,190
WaMu Mortgage Pass-Through Certificates, Series 2003-S11, Class 3A5, 5.95%, 11/25/33	347,173		357,116
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.42%, 3/25/35	2,105,759		2,099,615
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.00%, 2/25/34	410,475		429,485
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-DD, Class 2A6, VRN, 5.01%, 1/25/35	869,420		908,351
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-H, Class A1, VRN, 4.99%, 6/25/34	1,568,313		1,624,044
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1, VRN, 4.92%, 9/25/34	1,021,383		1,064,614
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 4.97%, 12/25/34	1,498,414		1,545,356
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-9, Class 1A11, 5.50%, 10/25/35	919,618		945,570
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-9, Class 2A6, 5.25%, 10/25/35	787,301		812,870
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 1A1, VRN, 4.96%, 6/25/35	1,971,569		2,000,602
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR12, Class 2A6, VRN, 5.00%, 6/25/35	1,196,211		1,248,153
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR13, Class A1, SEQ, VRN, 2.32%, (1-month LIBOR plus 0.30%), 5/25/35	3,190,597		3,085,191
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR7, Class 1A1, VRN, 5.09%, 5/25/35	962,923		1,003,395
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	1,492,516		1,503,724
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-13, Class A5, 6.00%, 10/25/36	28,785		28,814
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.64%, 10/25/36	366,794		366,358
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	563,551		565,336
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	317,768		324,006
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	368,955		370,216
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 4.89%, 1/25/38	1,196,120		1,164,796
Wells Fargo Mortgage-Backed Securities Trust, Series 2008-1, Class 4A1, 5.75%, 2/25/38	1,047,390		1,116,157
			105,881,846
U.S. Government Agency Collateralized Mortgage Obligations — 0.5%
FHLMC, Series 3397, Class GF, VRN, 2.53%, (1-month LIBOR plus 0.50%), 12/15/37	836,213		839,135

21

	Principal Amount		Value
FNMA, Series 2014-C02, Class 1M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	$	5,320,693	$	5,551,819
FNMA, Series 2014-C02, Class 2M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	2,528,073		2,622,132
FNMA, Series 2016-C04, Class 1M1, VRN, 3.47%, (1-month LIBOR plus 1.45%), 1/25/29	1,096,426		1,098,301
FNMA, Series 2017-C03, Class 1M1, VRN, 2.97%, (1-month LIBOR plus 0.95%), 10/25/29	1,326,837		1,329,361
FNMA, Series 2018-C02, Class 2M1, VRN, 2.67%, (1-month LIBOR plus 0.65%), 8/25/30	1,041,867		1,041,955
GNMA, Series 2007-5, Class FA, VRN, 2.18%, (1-month LIBOR plus 0.14%), 2/20/37	1,767,791		1,758,848
			14,241,551
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $117,844,875)			120,123,397
COLLATERALIZED LOAN OBLIGATIONS — 2.4%
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 3.30%, (3-month LIBOR plus 1.02%), 4/20/31(1)	8,200,000		8,120,842
Carlyle Global Market Strategies CLO Ltd., Series 2014-5A, Class A1RR, VRN, 3.44%, (3-month LIBOR plus 1.14%), 7/15/31(1)	3,500,000		3,493,969
CBAM Ltd., Series 2019-9A, Class A, VRN, 4.01%, (3-month LIBOR plus 1.28%), 2/12/30(1)	6,000,000		6,009,233
CIFC Funding Ltd., Series 2013-3RA, Class A1, VRN, 3.26%, (3-month LIBOR plus 0.98%), 4/24/31(1)	3,465,000		3,423,681
CIFC Funding Ltd., Series 2015-1A, Class ARR, VRN, 3.39%, (3-month LIBOR plus 1.11%), 1/22/31(1)	3,350,000		3,336,836
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 3.27%, (3-month LIBOR plus 0.97%), 4/18/31(1)	4,400,000		4,352,364
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 3.40%, (3-month LIBOR plus 1.12%), 7/20/31(1)	6,550,000		6,541,911
KKR CLO Ltd., Series 2022A, Class A, VRN, 3.43%, (3-month LIBOR plus 1.15%), 7/20/31(1)	7,175,000		7,143,036
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, VRN, 3.25%, (3-month LIBOR plus 0.95%), 4/19/30(1)	3,775,000		3,771,376
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.28%, (3-month LIBOR plus 0.98%), 4/15/31(1)	9,305,000		9,271,545
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, VRN, 3.45%, (3-month LIBOR plus 1.15%), 4/18/31(1)	7,500,000		7,454,388
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 3.35%, (3-month LIBOR plus 1.07%), 10/20/28(1)	4,250,000		4,257,771
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 3.25%, (3-month LIBOR plus 0.97%), 4/25/31(1)	2,000,000		1,980,258
Voya CLO Ltd., Series 2013-3A, Class A1RR, VRN, 3.45%, (3-month LIBOR plus 1.15%), 10/18/31(1)	4,400,000		4,386,325
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $73,747,968)			73,543,535
MUNICIPAL SECURITIES — 1.8%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	2,189,000		3,317,145
Houston GO, 3.96%, 3/1/47	1,615,000		1,878,180
Los Angeles Community College District GO, 6.75%, 8/1/49	1,000,000		1,675,620
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	1,235,000		1,778,375
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	1,070,000		1,549,510
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	1,180,000		1,903,635

22

	Principal Amount		Value
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	$	2,330,000	$	2,782,276
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	1,385,000		1,952,545
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	1,750,000		2,370,130
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	2,715,000		3,710,292
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	2,385,000		3,326,312
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	1,000,000		1,420,580
San Diego County Regional Airport Authority Rev., 5.59%, 7/1/43	1,000,000		1,132,760
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	2,375,000		3,240,806
San Jose Redevelopment Agency Successor Agency Tax Allocation, 3.375%, 8/1/34	1,145,000		1,206,029
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	2,990,000		3,753,527
State of California GO, 6.65%, 3/1/22	1,660,000		1,810,678
State of California GO, 4.60%, 4/1/38	1,000,000		1,115,030
State of California GO, 7.55%, 4/1/39	2,000,000		3,313,000
State of California GO, 7.30%, 10/1/39	2,005,000		3,141,735
State of Illinois GO, 5.10%, 6/1/33	3,462,000		3,752,808
State of Kansas Department of Transportation Rev., 4.60%, 9/1/35	1,665,000		2,028,669
University of California Rev., 5.95%, 5/15/45	1,630,000		2,267,933
TOTAL MUNICIPAL SECURITIES (Cost $42,152,404)			54,427,575
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.6%
Chile — 0.1%
Chile Government International Bond, 3.25%, 9/14/21	1,180,000		1,208,037
Chile Government International Bond, 3.625%, 10/30/42	1,200,000		1,327,512
			2,535,549
Colombia†
Colombia Government International Bond, 4.375%, 7/12/21	1,810,000		1,876,536
Panama — 0.1%
Panama Government International Bond, 6.70%, 1/26/36	1,700,000		2,426,767
Peru — 0.1%
Peruvian Government International Bond, 5.625%, 11/18/50	1,640,000		2,406,716
Philippines — 0.1%
Philippine Government International Bond, 4.00%, 1/15/21	3,170,000		3,244,058
Philippine Government International Bond, 6.375%, 10/23/34	1,840,000		2,663,925
			5,907,983
Poland — 0.1%
Republic of Poland Government International Bond, 3.00%, 3/17/23	1,290,000		1,334,805
Republic of Poland Government International Bond, 5.125%, 4/21/21	1,400,000		1,470,451
			2,805,256
Uruguay — 0.1%
Uruguay Government International Bond, 4.375%, 10/27/27	980,000		1,078,622
Uruguay Government International Bond, 4.125%, 11/20/45	1,030,000		1,104,686
			2,183,308
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $18,050,591)			20,142,115

23

	Principal Amount/Shares		Value
U.S. GOVERNMENT AGENCY SECURITIES — 0.2%
FNMA, 6.625%, 11/15/30 (Cost $6,427,132)	$	5,200,000	$	7,623,711
BANK LOAN OBLIGATIONS(5) — 0.2%
Diversified Telecommunication Services — 0.1%
Zayo Group, LLC, 2017 Incremental Term Loan, 4.29%, (1-month LIBOR plus 2.25%), 1/19/24	3,350,000		3,361,524
Media — 0.1%
Charter Communications Operating, LLC, 2017 Term Loan B, 4.05%, (1-month LIBOR plus 2.00%), 4/30/25	3,959,698		3,988,168
TOTAL BANK LOAN OBLIGATIONS (Cost $7,338,323)			7,349,692
TEMPORARY CASH INVESTMENTS — 4.3%
Chariot Funding LLC, 1.99%, 10/1/19(1)(3)	50,000,000		49,997,259
Credit Agricole Corporate and Investment Bank, 1.89%, 10/1/19(1)(3)	29,251,000		29,249,290
Crown Point Capital Co. LLC, 1.99%, 10/1/19(1)(3)	52,379,000		52,376,151
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.375% - 2.875%, 6/30/20 - 2/15/29, valued at $402,291), in a joint trading account at 1.80%, dated 9/30/19, due 10/1/19 (Delivery value $394,291)			394,271
State Street Institutional U.S. Government Money Market Fund, Premier Class	70,157		70,157
TOTAL TEMPORARY CASH INVESTMENTS (Cost $132,094,428)			132,087,128
TOTAL INVESTMENT SECURITIES — 101.1% (Cost $2,979,023,142)			3,106,117,488
OTHER ASSETS AND LIABILITIES — (1.1)%			(34,032,283		)
TOTAL NET ASSETS — 100.0%			$	3,072,085,205

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	964	December 2019	$	96,400,000	$	125,621,250	$	(871,622	)
U.S. Treasury 10-Year Ultra Notes	266	December 2019	$	26,600,000	37,880,062		423,506
U.S. Treasury 2-Year Notes	1,112	December 2019	$	222,400,000	239,636,000		(563,858		)
U.S. Treasury 5-Year Notes	141	December 2019	$	14,100,000	16,799,930		66,167
U.S. Treasury Long Bonds	15	December 2019	$	1,500,000	2,434,688		39,341
U.S. Treasury Ultra Bonds	76	December 2019	$	7,600,000	14,584,875		(150,046		)
					$	436,956,805	$	(1,056,512	)

24

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 32	Buy	(1.00)%	6/20/24	$	180,000,000	$	(3,051,526	)	$	(796,110	)	$	(3,847,636	)

^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.

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	1.78%	8/5/24	$	6,500,000	$	(535	)	$	(62,286	)	$	(62,821	)
CPURNSA	Receive	1.77%	8/5/24	$	24,500,000	(677		)	(229,929		)	(230,606		)
						$	(1,212	)	$	(292,215	)	$	(293,427	)

NOTES TO SCHEDULE OF INVESTMENTS
CDX	-	Credit Derivatives Indexes
CPURNSA	-	U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
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
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 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 $538,462,626, which represented 17.5% of total net assets. Of these securities, 0.3% 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) The rate indicated is the yield to maturity at purchase.

(4) 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 $6,031,962.

(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.

See Notes to Financial Statements.

25

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (cost of $2,979,023,142)	$	3,106,117,488
Cash	64,531
Receivable for investments sold	3,930,606
Receivable for capital shares sold	2,449,893
Interest receivable	16,319,082
	3,128,881,600
Liabilities
Payable for investments purchased	52,435,003
Payable for capital shares redeemed	2,486,593
Payable for variation margin on futures contracts	120,703
Payable for variation margin on swap agreements	215,248
Accrued management fees	1,249,172
Distribution and service fees payable	44,690
Dividends payable	244,986
	56,796,395
Net Assets	$	3,072,085,205
Net Assets Consist of:
Capital paid in	$	3,023,976,151
Distributable earnings	48,109,054
	$	3,072,085,205

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$1,466,069,189	132,936,666	$11.03
I Class	$986,727,069	89,424,014	$11.03
Y Class	$159,102,830	14,418,768	$11.03
A Class	$114,259,674	10,357,276	$11.03*
C Class	$21,777,271	1,975,953	$11.02
R Class	$7,625,842	691,487	$11.03
R5 Class	$541,050	49,041	$11.03
R6 Class	$315,982,280	28,623,789	$11.04

*Maximum offering price $11.55 (net asset value divided by 0.955).

See Notes to Financial Statements.

26

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	49,496,049
Expenses:
Management fees	7,743,460
Distribution and service fees:
A Class	133,519
C Class	128,557
R Class	20,766
Trustees' fees and expenses	116,225
Other expenses	12,807
	8,155,334
Net investment income (loss)	41,340,715
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	19,879,222
Futures contract transactions	22,233,244
Swap agreement transactions	(420,387		)
Foreign currency translation transactions	5,031
	41,697,110
Change in net unrealized appreciation (depreciation) on:
Investments	84,583,141
Futures contracts	(4,637,932		)
Swap agreements	(1,088,325		)
Translation of assets and liabilities in foreign currencies	(2,957		)
	78,853,927
Net realized and unrealized gain (loss)	120,551,037
Net Increase (Decrease) in Net Assets Resulting from Operations	$	161,891,752

See Notes to Financial Statements.

27

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	41,340,715		$	140,067,829
Net realized gain (loss)	41,697,110			(100,018,497		)
Change in net unrealized appreciation (depreciation)	78,853,927			78,171,664
Net increase (decrease) in net assets resulting from operations	161,891,752			118,220,996
Distributions to Shareholders
From earnings:
Investor Class	(20,650,194		)	(45,125,218		)
I Class	(14,270,789		)	(50,762,670		)
Y Class	(2,301,200		)	(8,254,043		)
A Class	(1,295,518		)	(3,199,293		)
C Class	(218,550		)	(572,506		)
R Class	(91,058		)	(171,380		)
R5 Class	(6,508		)	(6,073		)
R6 Class	(4,537,027		)	(7,061,411		)
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	(43,370,844		)	(125,469,705		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(280,724,790		)	(2,947,658,348		)
Net increase (decrease) in net assets	(162,203,882		)	(2,954,907,057		)
Net Assets
Beginning of period	3,234,289,087			6,189,196,144
End of period	$	3,072,085,205		$	3,234,289,087

See Notes to Financial Statements.

28

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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. 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.

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.

29

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.

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

30

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, 22% 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 September 30, 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%

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 September 30, 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.

31

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended September 30, 2019 totaled $628,051,106, of which $501,839,349 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2019 totaled $939,374,485, of which $578,988,713 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):

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	7,463,745		$	80,948,009		31,325,261		$	324,292,830
Issued in reinvestment of distributions	1,880,387		20,414,609			4,675,136		48,466,228
Redeemed	(31,562,122	)	(339,652,646		)	(141,109,875	)	(1,467,307,574		)
	(22,217,990	)	(238,290,028		)	(105,109,478	)	(1,094,548,516		)
I Class
Sold	20,368,504		218,852,695			49,180,608		509,555,656
Issued in reinvestment of distributions	1,147,229		12,466,827			4,857,472		50,339,677
Redeemed	(25,639,905	)	(275,984,441		)	(178,388,008	)	(1,859,706,777		)
	(4,124,172	)	(44,664,919		)	(124,349,928	)	(1,299,811,444		)
Y Class
Sold	2,830,818		30,540,642			5,869,446		60,949,056
Issued in reinvestment of distributions	211,625		2,299,788			827,203		8,594,073
Redeemed	(2,974,129	)	(32,237,691		)	(49,627,198	)	(516,289,263		)
	68,314		602,739			(42,930,549	)	(446,746,134		)
A Class
Sold	2,260,854		24,466,932			2,683,206		27,891,724
Issued in reinvestment of distributions	110,991		1,206,570			316,082		3,276,539
Redeemed	(1,328,830	)	(14,329,852		)	(12,333,087	)	(127,677,174		)
	1,043,015		11,343,650			(9,333,799	)	(96,508,911		)
C Class
Sold	89,378		966,744			189,966		1,972,112
Issued in reinvestment of distributions	17,292		187,233			51,732		536,171
Redeemed	(1,098,335	)	(11,833,843		)	(1,865,057	)	(19,337,878		)
	(991,665	)	(10,679,866		)	(1,623,359	)	(16,829,595		)
R Class
Sold	79,126		856,107			262,652		2,711,815
Issued in reinvestment of distributions	8,365		90,750			18,060		187,177
Redeemed	(220,108	)	(2,387,447		)	(517,869	)	(5,367,549		)
	(132,617	)	(1,440,590		)	(237,157	)	(2,468,557		)
R5 Class
Sold	9,487		105,013			56,075		581,596
Issued in reinvestment of distributions	599		6,508			680		7,022
Redeemed	(519	)	(5,633		)	(37,363	)	(387,005		)
	9,567		105,888			19,392		201,613
R6 Class
Sold	3,530,258		38,257,473			8,078,618		83,884,165
Issued in reinvestment of distributions	413,201		4,492,867			743,782		7,709,361
Redeemed	(3,729,188	)	(40,452,004		)	(7,958,961	)	(82,540,330		)
	214,271		2,298,336			863,439		9,053,196
Net increase (decrease)	(26,131,277	)	$	(280,724,790	)	(282,701,439	)	$	(2,947,658,348	)

32

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	—		$	921,458,288	—
U.S. Treasury Securities	—		776,431,226		—
U.S. Government Agency Mortgage-Backed Securities	—		643,900,297		—
Asset-Backed Securities	—		226,569,092		—
Commercial Mortgage-Backed Securities	—		122,461,432		—
Collateralized Mortgage Obligations	—		120,123,397		—
Collateralized Loan Obligations	—		73,543,535		—
Municipal Securities	—		54,427,575		—
Sovereign Governments and Agencies	—		20,142,115		—
U.S. Government Agency Securities	—		7,623,711		—
Bank Loan Obligations	—		7,349,692		—
Temporary Cash Investments	$	70,157	132,016,971		—
	$	70,157	$	3,106,047,331	—
Other Financial Instruments
Futures Contracts	$	529,014	—		—
Liabilities
Other Financial Instruments
Futures Contracts	$	1,585,526	—		—
Swap Agreements	—		$	4,141,063	—
	$	1,585,526	$	4,141,063	—

33

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 $180,000,000.

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 $456,166,667 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 $31,000,000.

34

Value of Derivative Instruments as of September 30, 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*	$	163,850
Interest Rate Risk	Receivable for variation margin on futures contracts*	—	Payable for variation margin on futures contracts*	120,703
Other Contracts	Receivable for variation margin on swap agreements*	—	Payable for variation margin on swap agreements*	51,398
		—		$	335,951

* 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 Six Months Ended September 30, 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	$	(420,387	)	Change in net unrealized appreciation (depreciation) on swap agreements	$	(796,110	)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	22,233,244			Change in net unrealized appreciation (depreciation) on futures contracts	(4,637,932		)
Other Contracts	Net realized gain (loss) on swap agreement transactions	—			Change in net unrealized appreciation (depreciation) on swap agreements	(292,215		)
		$	21,812,857			$	(5,726,257	)

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 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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	2,980,022,798
Gross tax appreciation of investments	$	131,766,088
Gross tax depreciation of investments	(5,671,398		)
Net tax appreciation (depreciation) of investments	$	126,094,690

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

As of March 31, 2019, the fund had accumulated short-term capital losses of $(49,396,574) and accumulated long-term capital losses of $(60,384,677), 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.

35

As of March 31, 2019, the fund had late-year ordinary loss deferrals of $(2,548,278), which 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. The adoption of ASU 2017-08 did not materially impact the financial statements.

36

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(3)	$10.61	0.14	0.43	0.57	(0.15)	—	—	(0.15)	$11.03	5.36%	0.60%(4)	2.57%(4)	21%		$1,466,069
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(3)	$10.62	0.15	0.42	0.57	(0.16)	—	—	(0.16)	$11.03	5.36%	0.40%(4)	2.77%(4)	21%		$986,727
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

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)
Y Class
2019(3)	$10.62	0.15	0.42	0.57	(0.16)	—	—	(0.16)	$11.03	5.38%	0.37%(4)	2.80%(4)	21%		$159,103
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(5)	$10.70	0.26	(0.17)	0.09	(0.25)	—	—	(0.25)	$10.54	0.84%	0.37%(4)	2.52%(4)	179%(6)		$603,691
A Class
2019(3)	$10.62	0.12	0.42	0.54	(0.13)	—	—	(0.13)	$11.03	5.13%	0.85%(4)	2.32%(4)	21%		$114,260
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(3)	$10.61	0.08	0.42	0.50	(0.09)	—	—	(0.09)	$11.02	4.74%	1.60%(4)	1.57%(4)	21%		$21,777
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

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)
R Class
2019(3)	$10.61	0.11	0.43	0.54	(0.12)	—	—	(0.12)	$11.03	5.10%	1.10%(4)	2.07%(4)	21%		$7,626
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(3)	$10.62	0.15	0.42	0.57	(0.16)	—	—	(0.16)	$11.03	5.36%	0.40%(4)	2.77%(4)	21%		$541
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(5)	$10.70	0.26	(0.17)	0.09	(0.25)	—	—	(0.25)	$10.54	0.81%	0.40%(4)	2.46%(4)	179%(6)		$212
R6 Class
2019(3)	$10.63	0.15	0.42	0.57	(0.16)	—	—	(0.16)	$11.04	5.39%	0.35%(4)	2.82%(4)	21%		$315,982
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) Six months ended September 30, 2019 (unaudited).

(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.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

41

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above its benchmark for the five- and ten-year periods and below its benchmark for the one- and three-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

42

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was slightly above the median of the total expense ratios of the Fund’s peer group. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

43

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

44

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.

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-SAN-90814 1911

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	41
Statement of Operations	42
Statement of Changes in Net Assets	43
Notes to Financial Statements	44
Financial Highlights	49
Approval of Management and Subadvisory Agreements	51
Additional Information	55

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 semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics

SEPTEMBER 30, 2019
Types of Investments in Portfolio	% of net assets
Corporate Bonds	87.9%
Bank Loan Obligations	2.9%
Preferred Stocks	1.7%
Convertible Bonds	0.5%
Common Stocks	0.1%
Escrow Interests	—*
Warrants	—*
Rights	—*
Temporary Cash Investments	5.6%
Other Assets and Liabilities	1.3%

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

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1)  4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,031.40	$3.96	0.78%
I Class	$1,000	$1,030.80	$3.45	0.68%
Y Class	$1,000	$1,031.40	$2.95	0.58%
A Class	$1,000	$1,029.00	$5.22	1.03%
R5 Class	$1,000	$1,031.40	$2.95	0.58%
R6 Class	$1,000	$1,031.60	$2.69	0.53%
Hypothetical
Investor Class	$1,000	$1,021.10	$3.94	0.78%
I Class	$1,000	$1,021.60	$3.44	0.68%
Y Class	$1,000	$1,022.10	$2.93	0.58%
A Class	$1,000	$1,019.85	$5.20	1.03%
R5 Class	$1,000	$1,022.10	$2.93	0.58%
R6 Class	$1,000	$1,022.35	$2.68	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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 87.9%
Aerospace and Defense — 2.4%
Arconic, Inc., 5.125%, 10/1/24	$	650,000	$	692,715
Arconic, Inc., 5.90%, 2/1/27	770,000		863,324
Arconic, Inc., 5.95%, 2/1/37	775,000		837,403
Bombardier, Inc., 8.75%, 12/1/21(1)	125,000		135,469
Bombardier, Inc., 6.00%, 10/15/22(1)	1,250,000		1,254,687
Bombardier, Inc., 6.125%, 1/15/23(1)	575,000		587,075
Bombardier, Inc., 7.50%, 12/1/24(1)	325,000		326,950
Bombardier, Inc., 7.50%, 3/15/25(1)	327,000		327,818
Bombardier, Inc., 7.875%, 4/15/27(1)	875,000		873,556
BWX Technologies, Inc., 5.375%, 7/15/26(1)	50,000		52,813
F-Brasile SpA / F-Brasile US LLC, 7.375%, 8/15/26(1)	400,000		418,000
Pioneer Holdings LLC / Pioneer Finance Corp., 9.00%, 11/1/22(1)	100,000		105,250
TransDigm UK Holdings plc, 6.875%, 5/15/26	200,000		215,500
TransDigm, Inc., 6.00%, 7/15/22	1,625,000		1,653,437
TransDigm, Inc., 6.50%, 7/15/24	50,000		51,750
TransDigm, Inc., 6.50%, 5/15/25	375,000		390,469
TransDigm, Inc., 6.25%, 3/15/26(1)	1,225,000		1,318,406
TransDigm, Inc., 6.375%, 6/15/26	175,000		184,625
TransDigm, Inc., 7.50%, 3/15/27	375,000		408,750
Triumph Group, Inc., 4.875%, 4/1/21	25,000		25,051
Triumph Group, Inc., 6.25%, 9/15/24(1)	125,000		130,338
Triumph Group, Inc., 7.75%, 8/15/25	150,000		151,875
			11,005,261
Air Freight and Logistics — 0.3%
XPO Logistics, Inc., 6.50%, 6/15/22(1)	1,113,000		1,135,260
XPO Logistics, Inc., 6.125%, 9/1/23(1)	200,000		207,000
			1,342,260
Airlines — 0.4%
Air Canada, 7.75%, 4/15/21(1)	725,000		780,281
American Airlines Group, Inc., 4.625%, 3/1/20(1)	450,000		454,500
American Airlines Group, Inc., 5.00%, 6/1/22(1)	350,000		363,860
United Airlines Holdings, Inc., 6.00%, 12/1/20	25,000		26,070
United Airlines Holdings, Inc., 4.25%, 10/1/22	325,000		336,554
			1,961,265
Auto Components — 0.5%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)	200,000		163,500
Cooper-Standard Automotive, Inc., 5.625%, 11/15/26(1)	100,000		91,625
Dana, Inc., 6.00%, 9/15/23	375,000		385,781
Delphi Technologies plc, 5.00%, 10/1/25(1)	275,000		244,750
Exide Technologies, 11.00% Cash or 7.00% PIK, 4/30/20 (Acquired 4/30/15 - 6/1/19, Cost $231,535)(2)(3)	233,788		191,706

6

	Principal Amount/Shares		Value
Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 8.50%, 5/15/27(1)	$	700,000	$	710,500
Tenneco, Inc., 5.375%, 12/15/24	225,000		196,875
Tenneco, Inc., 5.00%, 7/15/26	150,000		123,750
			2,108,487
Automobiles — 0.4%
Tesla, Inc., 5.30%, 8/15/25(1)	1,875,000		1,689,844
Banks — 0.2%
CIT Group, Inc., 4.125%, 3/9/21	150,000		153,000
CIT Group, Inc., 5.00%, 8/15/22	200,000		212,380
CIT Group, Inc., 5.00%, 8/1/23	375,000		400,781
Royal Bank of Scotland Group plc, VRN, 4.42%, (3-month LIBOR plus 2.32%)(4)	300,000		284,364
			1,050,525
Building Products — 1.3%
Advanced Drainage Systems, Inc., 5.00%, 9/30/27(1)	175,000		177,842
BMC East LLC, 5.50%, 10/1/24(1)	725,000		756,057
Builders FirstSource, Inc., 5.625%, 9/1/24(1)	403,000		420,631
Builders FirstSource, Inc., 6.75%, 6/1/27(1)	525,000		568,313
CPG Merger Sub LLC, 8.00%, 10/1/21(1)	100,000		100,250
Griffon Corp., 5.25%, 3/1/22	1,125,000		1,139,062
James Hardie International Finance DAC, 4.75%, 1/15/25(1)	200,000		207,000
Jeld-Wen, Inc., 4.625%, 12/15/25(1)	50,000		50,314
Masonite International Corp., 5.75%, 9/15/26(1)	75,000		79,406
Masonite International Corp., 5.375%, 2/1/28(1)	125,000		130,781
Northwest Hardwoods, Inc., 7.50%, 8/1/21(1)	50,000		29,500
NWH Escrow Corp., 7.50%, 8/1/21(1)	50,000		29,125
Patrick Industries, Inc., 7.50%, 10/15/27(1)	500,000		516,300
PGT Escrow Issuer, Inc., 6.75%, 8/1/26(1)	275,000		297,688
Standard Industries, Inc., 5.375%, 11/15/24(1)	925,000		956,219
Standard Industries, Inc., 5.00%, 2/15/27(1)	300,000		311,340
Standard Industries, Inc., 4.75%, 1/15/28(1)	50,000		51,871
			5,821,699
Capital Markets — 1.3%
Credit Suisse Group AG, VRN, 6.25%(1)(4)	450,000		477,144
Donnelley Financial Solutions, Inc., 8.25%, 10/15/24	325,000		338,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.875%, 2/1/22	625,000		633,203
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 2/1/22	755,000		776,518
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.75%, 2/1/24	175,000		182,656
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24(1)	1,025,000		1,025,256
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.375%, 12/15/25	150,000		158,102
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26(1)	1,100,000		1,155,000
MSCI, Inc., 5.25%, 11/15/24(1)	500,000		518,750
MSCI, Inc., 4.75%, 8/1/26(1)	100,000		105,000

7

	Principal Amount/Shares		Value
NFP Corp., 6.875%, 7/15/25(1)	$	625,000	$	622,656
VFH Parent LLC / Orchestra Co-Issuer, Inc., 6.75%, 6/15/22(1)	75,000		77,620
			6,069,905
Chemicals — 1.7%
Atotech Alpha 2 BV, 8.75% Cash or 9.50% PIK, 6/1/23(1)(5)	400,000		400,000
Atotech Alpha 3 BV / Alpha US Bidco, Inc., 6.25%, 2/1/25(1)	200,000		202,000
Blue Cube Spinco LLC, 10.00%, 10/15/25	338,000		380,026
CF Industries, Inc., 7.125%, 5/1/20	449,000		462,470
CF Industries, Inc., 5.375%, 3/15/44	1,050,000		1,062,629
Chemours Co. (The), 7.00%, 5/15/25	150,000		142,380
Chemours Co. (The), 5.375%, 5/15/27	75,000		65,065
Consolidated Energy Finance SA, 6.50%, 5/15/26(1)	250,000		243,750
Cornerstone Chemical Co., 6.75%, 8/15/24(1)	175,000		162,480
Element Solutions, Inc., 5.875%, 12/1/25(1)	225,000		236,610
Hexion, Inc., 7.875%, 7/15/27(1)	125,000		124,063
Kissner Holdings LP / Kissner Milling Co. Ltd. / BSC Holding, Inc. / Kissner USA, 8.375%, 12/1/22(1)	100,000		104,500
Kraton Polymers LLC / Kraton Polymers Capital Corp., 7.00%, 4/15/25(1)	275,000		288,062
NOVA Chemicals Corp., 5.00%, 5/1/25(1)	100,000		102,250
NOVA Chemicals Corp., 5.25%, 6/1/27(1)	525,000		548,415
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/26(1)	75,000		74,438
OCI NV, 6.625%, 4/15/23(1)	200,000		209,940
Olin Corp., 5.50%, 8/15/22	150,000		159,000
Olin Corp., 5.625%, 8/1/29	250,000		260,700
Olin Corp., 5.00%, 2/1/30	150,000		150,803
PQ Corp., 5.75%, 12/15/25(1)	25,000		25,875
Scotts Miracle-Gro Co. (The), 6.00%, 10/15/23	250,000		258,500
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26	300,000		316,125
SPCM SA, 4.875%, 9/15/25(1)	300,000		306,750
TPC Group, Inc., 10.50%, 8/1/24(1)	375,000		392,812
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)	425,000		413,844
Tronox Finance plc, 5.75%, 10/1/25(1)	350,000		332,762
Tronox, Inc., 6.50%, 4/15/26(1)	450,000		430,875
			7,857,124
Commercial Services and Supplies — 1.3%
ADT Security Corp. (The), 6.25%, 10/15/21	125,000		133,750
Algeco Global Finance 2 plc, 10.00%, 8/15/23(1)	300,000		300,000
Aptim Corp., 7.75%, 6/15/25(1)	400,000		286,000
Clean Harbors, Inc., 4.875%, 7/15/27(1)	125,000		130,781
Clean Harbors, Inc., 5.125%, 7/15/29(1)	75,000		79,688
Covanta Holding Corp., 6.00%, 1/1/27	425,000		449,437
Garda World Security Corp., 7.25%, 11/15/21(1)	100,000		100,875
Garda World Security Corp., 8.75%, 5/15/25(1)	925,000		954,692
IAA, Inc., 5.50%, 6/15/27(1)	300,000		317,250
KAR Auction Services, Inc., 5.125%, 6/1/25(1)	175,000		182,000
Matthews International Corp., 5.25%, 12/1/25(1)	150,000		142,500

8

	Principal Amount/Shares		Value
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/1/22(1)	$	475,000	$	442,938
Nielsen Co. Luxembourg SARL (The), 5.50%, 10/1/21(1)	400,000		402,500
Nielsen Finance LLC / Nielsen Finance Co., 4.50%, 10/1/20	25,000		25,096
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	500,000		503,900
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 5/15/23(1)	786,000		827,796
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)	150,000		154,358
Ritchie Bros Auctioneers, Inc., 5.375%, 1/15/25(1)	175,000		183,531
Sotheby's, 7.375%, 10/15/27(1)(6)	200,000		204,250
TMS International Holding Corp., 7.25%, 8/15/25(1)	75,000		64,500
			5,885,842
Communications Equipment — 0.6%
CommScope Technologies LLC, 6.00%, 6/15/25(1)	525,000		476,438
CommScope Technologies LLC, 5.00%, 3/15/27(1)	400,000		332,000
CommScope, Inc., 5.00%, 6/15/21(1)	87,000		87,352
CommScope, Inc., 5.50%, 3/1/24(1)	200,000		206,750
CommScope, Inc., 6.00%, 3/1/26(1)	725,000		753,855
CommScope, Inc., 8.25%, 3/1/27(1)	375,000		366,445
Nokia of America Corp., 6.45%, 3/15/29	150,000		155,325
Nokia Oyj, 3.375%, 6/12/22	25,000		25,438
ViaSat, Inc., 5.625%, 4/15/27(1)	150,000		157,875
			2,561,478
Construction and Engineering — 0.5%
Brand Industrial Services, Inc., 8.50%, 7/15/25(1)	600,000		573,000
Great Lakes Dredge & Dock Corp., 8.00%, 5/15/22	300,000		320,490
New Enterprise Stone & Lime Co., Inc., 10.125%, 4/1/22(1)	400,000		413,000
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/26(1)	325,000		333,125
Weekley Homes LLC / Weekley Finance Corp., 6.00%, 2/1/23	475,000		475,997
Weekley Homes LLC / Weekley Finance Corp., 6.625%, 8/15/25	275,000		277,063
			2,392,675
Construction Materials — 0.3%
Cemex SAB de CV, 7.75%, 4/16/26(1)	400,000		434,504
Summit Materials LLC / Summit Materials Finance Corp., 6.125%, 7/15/23	125,000		127,812
Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 6/1/25(1)	75,000		77,063
Summit Materials LLC / Summit Materials Finance Corp., 6.50%, 3/15/27(1)	425,000		454,750
US Concrete, Inc., 6.375%, 6/1/24	450,000		470,250
			1,564,379
Consumer Finance — 4.1%
4finance SA, 10.75%, 5/1/22(1)	200,000		176,995
Ally Financial, Inc., 3.75%, 11/18/19	500,000		500,812
Ally Financial, Inc., 8.00%, 3/15/20	2,775,000		2,840,740
Ally Financial, Inc., 4.125%, 3/30/20	400,000		403,500
Ally Financial, Inc., 7.50%, 9/15/20	25,000		26,193
Ally Financial, Inc., 4.25%, 4/15/21	175,000		179,375

9

	Principal Amount/Shares		Value
Ally Financial, Inc., 4.125%, 2/13/22	$	100,000	$	102,500
Ally Financial, Inc., 4.625%, 5/19/22	200,000		208,000
Ally Financial, Inc., 3.875%, 5/21/24	175,000		181,528
Ally Financial, Inc., 5.125%, 9/30/24	300,000		327,750
Ally Financial, Inc., 8.00%, 11/1/31	775,000		1,075,312
Avolon Holdings Funding Ltd., 3.625%, 5/1/22(1)	75,000		76,099
Avolon Holdings Funding Ltd., 5.25%, 5/15/24(1)	300,000		321,960
Credit Acceptance Corp., 6.625%, 3/15/26(1)	150,000		160,875
FirstCash, Inc., 5.375%, 6/1/24(1)	50,000		51,750
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(5)	1,700,000		1,725,500
goeasy Ltd., 7.875%, 11/1/22(1)	300,000		312,750
Navient Corp., 5.00%, 10/26/20	25,000		25,375
Navient Corp., 5.875%, 3/25/21	425,000		443,063
Navient Corp., 6.625%, 7/26/21	275,000		289,438
Navient Corp., 6.50%, 6/15/22	350,000		373,625
Navient Corp., 5.50%, 1/25/23	400,000		414,500
Navient Corp., 7.25%, 9/25/23	275,000		299,956
Navient Corp., 5.875%, 10/25/24	550,000		556,875
Navient Corp., 6.75%, 6/25/25	975,000		1,007,906
Navient Corp., 6.75%, 6/15/26	675,000		692,077
Navient Corp., MTN, 8.00%, 3/25/20	950,000		971,375
Navient Corp., MTN, 6.125%, 3/25/24	550,000		573,204
Park Aerospace Holdings Ltd., 3.625%, 3/15/21(1)	100,000		100,980
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	775,000		818,710
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(1)	275,000		297,454
Springleaf Finance Corp., 8.25%, 12/15/20	25,000		26,625
Springleaf Finance Corp., 7.75%, 10/1/21	150,000		163,688
Springleaf Finance Corp., 6.125%, 5/15/22	225,000		241,875
Springleaf Finance Corp., 8.25%, 10/1/23	175,000		204,750
Springleaf Finance Corp., 6.875%, 3/15/25	873,000		964,119
Springleaf Finance Corp., 7.125%, 3/15/26	1,175,000		1,305,660
Springleaf Finance Corp., 6.625%, 1/15/28	225,000		242,505
			18,685,399
Containers and Packaging — 2.0%
ARD Finance SA, 7.125% Cash or 7.875% PIK, 9/15/23(5)	700,000		724,500
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.25%, 9/15/22(1)	450,000		456,966
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(1)	400,000		410,500
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.00%, 2/15/25(1)	400,000		419,240
Ball Corp., 4.375%, 12/15/20	250,000		255,752
Berry Global, Inc., 6.00%, 10/15/22	500,000		508,125
Berry Global, Inc., 4.875%, 7/15/26(1)	475,000		492,171
Berry Global, Inc., 5.625%, 7/15/27(1)	125,000		129,688
Cascades, Inc., 5.50%, 7/15/22(1)	25,000		25,438
Flex Acquisition Co., Inc., 6.875%, 1/15/25(1)	50,000		45,855

10

	Principal Amount/Shares		Value
Flex Acquisition Co., Inc., 7.875%, 7/15/26(1)	$	150,000	$	138,000
Graphic Packaging International LLC, 4.75%, 7/15/27(1)	125,000		131,563
Greif, Inc., 6.50%, 3/1/27(1)	200,000		212,600
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)	75,000		77,610
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)	1,325,000		1,257,491
OI European Group BV, 4.00%, 3/15/23(1)	200,000		201,750
Owens-Brockway Glass Container, Inc., 5.00%, 1/15/22(1)	50,000		51,760
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1)	125,000		128,594
Owens-Brockway Glass Container, Inc., 6.375%, 8/15/25(1)	500,000		532,500
Plastipak Holdings, Inc., 6.25%, 10/15/25(1)	75,000		62,813
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.75%, 10/15/20	969,108		972,354
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	450,000		461,812
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.00%, 7/15/24(1)	225,000		233,578
Sealed Air Corp., 5.125%, 12/1/24(1)	250,000		268,750
Trident TPI Holdings, Inc., 9.25%, 8/1/24(1)	300,000		294,750
Trident TPI Holdings, Inc., 6.625%, 11/1/25(1)	50,000		44,000
Trivium Packaging Finance BV, 5.50%, 8/15/26(1)	400,000		421,480
Trivium Packaging Finance BV, 8.50%, 8/15/27(1)	200,000		216,750
			9,176,390
Distributors — 0.6%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23(1)	125,000		129,062
Anixter, Inc., 6.00%, 12/1/25	100,000		110,750
Performance Food Group, Inc., 5.50%, 6/1/24(1)	2,000,000		2,050,000
Performance Food Group, Inc., 5.50%, 10/15/27(1)	225,000		237,375
Resideo Funding, Inc., 6.125%, 11/1/26(1)	100,000		105,750
			2,632,937
Diversified Consumer Services — 0.4%
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC, 7.125%, 7/31/26(1)	200,000		207,000
Graham Holdings Co., 5.75%, 6/1/26(1)	375,000		404,062
Service Corp. International/US, 5.125%, 6/1/29	125,000		134,219
Service Corp., International/US, 5.375%, 5/15/24	150,000		155,181
Sotheby's, 4.875%, 12/15/25(1)	340,000		345,134
WW International, Inc., 8.625%, 12/1/25(1)	375,000		390,938
			1,636,534
Diversified Financial Services — 1.0%
Allied Universal HoldCo LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)	475,000		502,906
Allied Universal HoldCo LLC / Allied Universal Finance Corp., 9.75%, 7/15/27(1)	1,375,000		1,436,352
Cardtronics, Inc. / Cardtronics USA, Inc., 5.50%, 5/1/25(1)	75,000		76,500
Fairstone Financial, Inc., 7.875%, 7/15/24(1)	350,000		366,625
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.25%, 8/15/24(1)	200,000		200,250
Jefferies Finance LLC / JFIN Co-Issuer Corp., 6.25%, 6/3/26(1)	400,000		414,000
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, 12/15/22(1)	75,000		78,188

11

	Principal Amount/Shares		Value
Refinitiv US Holdings, Inc., 6.25%, 5/15/26(1)	$	300,000	$	322,497
Refinitiv US Holdings, Inc., 8.25%, 11/15/26(1)	300,000		331,875
Verscend Escrow Corp., 9.75%, 8/15/26(1)	375,000		400,733
VistaJet Malta Finance plc / XO Management Holding, Inc., 10.50%, 6/1/24(1)	350,000		340,375
			4,470,301
Diversified Telecommunication Services — 5.8%
Altice France SA, 6.25%, 5/15/24(1)	433,000		448,480
Altice France SA, 7.375%, 5/1/26(1)	600,000		645,576
Altice France SA, 8.125%, 2/1/27(1)	1,300,000		1,438,125
Altice France SA, 5.50%, 1/15/28(1)	1,500,000		1,520,625
CenturyLink, Inc., 5.625%, 4/1/20	75,000		76,320
CenturyLink, Inc., 6.45%, 6/15/21	400,000		421,000
CenturyLink, Inc., 5.80%, 3/15/22	325,000		344,094
CenturyLink, Inc., 6.75%, 12/1/23	1,150,000		1,262,125
CenturyLink, Inc., 7.50%, 4/1/24	175,000		196,149
Cogent Communications Group, Inc., 5.625%, 4/15/21(1)	75,000		75,844
Cogent Communications Group, Inc., 5.375%, 3/1/22(1)	550,000		574,750
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1)(6)	400,000		408,000
Embarq Corp., 8.00%, 6/1/36	1,200,000		1,192,128
Frontier Communications Corp., 10.50%, 9/15/22	3,550,000		1,644,094
Frontier Communications Corp., 11.00%, 9/15/25	175,000		79,953
Frontier Communications Corp., 8.50%, 4/1/26(1)	225,000		225,540
Frontier Communications Corp., 8.00%, 4/1/27(1)	425,000		449,306
Hughes Satellite Systems Corp., 6.625%, 8/1/26	650,000		707,174
Intelsat Connect Finance SA, 9.50%, 2/15/23(1)	1,800,000		1,673,442
Intelsat Jackson Holdings SA, 8.00%, 2/15/24(1)	75,000		78,094
Intelsat Jackson Holdings SA, 8.50%, 10/15/24(1)	650,000		656,298
Intelsat Jackson Holdings SA, 9.75%, 7/15/25(1)	1,525,000		1,600,487
Intelsat Luxembourg SA, 8.125%, 6/1/23	600,000		502,314
Level 3 Financing, Inc., 5.375%, 8/15/22	189,000		190,181
Level 3 Financing, Inc., 5.625%, 2/1/23	1,050,000		1,065,750
Level 3 Financing, Inc., 5.125%, 5/1/23	250,000		253,525
Level 3 Financing, Inc., 5.375%, 1/15/24	525,000		536,734
Level 3 Parent LLC, 5.75%, 12/1/22	450,000		452,925
Qualitytech LP / QTS Finance Corp., 4.75%, 11/15/25(1)	125,000		129,375
Qwest Corp., 6.75%, 12/1/21	75,000		81,087
Sprint Capital Corp., 6.875%, 11/15/28	525,000		573,667
Sprint Capital Corp., 8.75%, 3/15/32	2,425,000		2,997,179
Telecom Italia Capital SA, 6.00%, 9/30/34	550,000		588,500
Telecom Italia Capital SA, 7.20%, 7/18/36	50,000		58,501
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1)(6)	275,000		280,500
Windstream Holding of the Midwest, Inc., 6.75%, 4/1/28(7)	50,000		44,000
Windstream Services LLC / Windstream Finance Corp., 7.75%, 10/15/20(7)(8)	275,000		57,750
Windstream Services LLC / Windstream Finance Corp., 10.50%, 6/30/24(1)(7)(8)	175,000		97,563

12

	Principal Amount/Shares		Value
Windstream Services LLC / Windstream Finance Corp., 8.625%, 10/31/25(1)(7)	$	193,000	$	197,342
Zayo Group LLC / Zayo Capital, Inc., 6.00%, 4/1/23	1,125,000		1,160,156
Zayo Group LLC / Zayo Capital, Inc., 6.375%, 5/15/25	350,000		361,742
Zayo Group LLC / Zayo Capital, Inc., 5.75%, 1/15/27(1)	725,000		742,980
			26,089,375
Electric Utilities — 1.6%
Drax Finco plc, 6.625%, 11/1/25(1)	200,000		209,000
NextEra Energy Operating Partners LP, 4.25%, 7/15/24(1)	350,000		361,375
NextEra Energy Operating Partners LP, 4.25%, 9/15/24(1)	75,000		77,625
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)	800,000		802,000
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1)	150,000		153,937
Pacific Gas & Electric Co., 3.25%, 6/15/23(7)(8)	75,000		74,813
Pacific Gas & Electric Co., 6.05%, 3/1/34(7)(8)	800,000		912,000
Pacific Gas & Electric Co., 5.80%, 3/1/37(7)(8)	300,000		339,375
Pacific Gas & Electric Co., 5.40%, 1/15/40(7)(8)	375,000		420,000
Pacific Gas & Electric Co., 5.125%, 11/15/43(7)(8)	700,000		763,000
Pacific Gas & Electric Co., 4.00%, 12/1/46(7)(8)	100,000		97,688
Talen Energy Supply LLC, 10.50%, 1/15/26(1)	400,000		346,000
Talen Energy Supply LLC, 7.25%, 5/15/27(1)	75,000		76,598
Talen Energy Supply LLC, 6.625%, 1/15/28(1)	175,000		172,812
Vistra Operations Co. LLC, 3.55%, 7/15/24(1)	325,000		327,544
Vistra Operations Co. LLC, 5.50%, 9/1/26(1)	550,000		576,785
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)	350,000		369,575
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)	725,000		748,330
Vistra Operations Co. LLC, 4.30%, 7/15/29(1)	200,000		205,490
			7,033,947
Electronic Equipment, Instruments and Components — 0.1%
MTS Systems Corp., 5.75%, 8/15/27(1)	200,000		208,500
TTM Technologies, Inc., 5.625%, 10/1/25(1)	75,000		75,187
			283,687
Energy Equipment and Services — 1.7%
Apergy Corp., 6.375%, 5/1/26	50,000		49,875
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)	225,000		239,897
Basic Energy Services, Inc., 10.75%, 10/15/23(1)	75,000		55,125
Calfrac Holdings LP, 8.50%, 6/15/26(1)	175,000		78,750
Diamond Offshore Drilling, Inc., 7.875%, 8/15/25	150,000		118,500
Ensign Drilling, Inc., 9.25%, 4/15/24(1)	625,000		585,937
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25	125,000		125,156
FTS International, Inc., 6.25%, 5/1/22	475,000		391,875
Global Marine, Inc., 7.00%, 6/1/28	25,000		22,250
KCA Deutag UK Finance plc, 9.625%, 4/1/23(1)	300,000		189,750
McDermott Technology Americas, Inc. / McDermott Technology US, Inc., 10.625%, 5/1/24(1)	725,000		175,813
Nabors Industries, Inc., 5.00%, 9/15/20	12,000		11,820
Nabors Industries, Inc., 4.625%, 9/15/21	50,000		47,500
Nabors Industries, Inc., 5.50%, 1/15/23	300,000		248,250

13

	Principal Amount/Shares		Value
Nabors Industries, Inc., 5.75%, 2/1/25	$	800,000	$	596,000
Nine Energy Service, Inc., 8.75%, 11/1/23(1)	125,000		101,875
Noble Holding International Ltd., 7.75%, 1/15/24	113,000		74,580
Noble Holding International Ltd., 7.875%, 2/1/26(1)	650,000		471,250
Noble Holding International Ltd., 6.20%, 8/1/40	25,000		11,063
Noble Holding International Ltd., 8.95%, 4/1/45	100,000		50,000
Precision Drilling Corp., 5.25%, 11/15/24	25,000		22,063
Precision Drilling Corp., 7.125%, 1/15/26(1)	100,000		93,000
SESI LLC, 7.125%, 12/15/21	250,000		171,563
SESI LLC, 7.75%, 9/15/24	150,000		87,750
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(1)	375,000		320,625
Transocean Guardian Ltd., 5.875%, 1/15/24(1)	756,500		764,065
Transocean Pontus Ltd., 6.125%, 8/1/25(1)	89,000		90,780
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	225,000		232,875
Transocean Sentry Ltd., 5.375%, 5/15/23(1)	275,000		275,687
Transocean, Inc., 5.80%, 10/15/22	225,000		219,937
Transocean, Inc., 9.00%, 7/15/23(1)	300,000		312,375
Transocean, Inc., 7.25%, 11/1/25(1)	150,000		132,750
Transocean, Inc., 7.50%, 4/15/31	125,000		88,750
Transocean, Inc., 6.80%, 3/15/38	50,000		31,000
Transocean, Inc., 9.35%, 12/15/41	100,000		72,500
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26	700,000		729,750
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27(1)	275,000		285,312
Weatherford International Ltd., 8.25%, 6/15/23(7)(8)	175,000		63,000
Weatherford International Ltd., 9.875%, 2/15/24(7)(8)	575,000		208,438
Weatherford International Ltd., 7.00%, 3/15/38(7)(8)	75,000		26,625
			7,874,111
Entertainment — 1.3%
AMC Entertainment Holdings, Inc., 5.75%, 6/15/25	75,000		71,768
AMC Entertainment Holdings, Inc., 5.875%, 11/15/26	825,000		753,569
AMC Entertainment Holdings, Inc., 6.125%, 5/15/27	850,000		773,500
Cinemark USA, Inc., 5.125%, 12/15/22	225,000		228,656
Cinemark USA, Inc., 4.875%, 6/1/23	150,000		152,625
Lions Gate Capital Holdings LLC, 6.375%, 2/1/24(1)	650,000		688,922
Lions Gate Capital Holdings LLC, 5.875%, 11/1/24(1)	300,000		309,750
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		533,125
Netflix, Inc., 5.375%, 2/1/21	583,000		602,530
Netflix, Inc., 5.50%, 2/15/22	225,000		238,500
Netflix, Inc., 5.875%, 11/15/28	425,000		462,740
Netflix, Inc., 6.375%, 5/15/29(1)	700,000		773,500
Netflix, Inc., 5.375%, 11/15/29(1)	100,000		104,250
WMG Acquisition Corp., 5.00%, 8/1/23(1)	50,000		51,313
			5,795,498

14

	Principal Amount/Shares		Value
Equity Real Estate Investment Trusts (REITs) — 1.6%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 5.75%, 5/15/26(1)	$	300,000	$	314,625
CyrusOne LP / CyrusOne Finance Corp., 5.00%, 3/15/24	25,000		25,938
CyrusOne LP / CyrusOne Finance Corp., 5.375%, 3/15/27	25,000		26,781
Equinix, Inc., 5.375%, 1/1/22	875,000		896,875
Equinix, Inc., 5.375%, 4/1/23	350,000		358,645
Equinix, Inc., 5.75%, 1/1/25	125,000		130,397
Equinix, Inc., 5.875%, 1/15/26	275,000		293,263
ESH Hospitality, Inc., 5.25%, 5/1/25(1)	350,000		362,687
ESH Hospitality, Inc., 4.625%, 10/1/27(1)	375,000		376,875
FelCor Lodging LP, 6.00%, 6/1/25	750,000		790,312
GEO Group, Inc. (The), 5.875%, 10/15/24	25,000		21,625
GEO Group, Inc. (The), 6.00%, 4/15/26	50,000		40,600
GLP Capital LP / GLP Financing II, Inc., 5.25%, 6/1/25	75,000		82,802
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	50,000		55,188
HAT Holdings I LLC / HAT Holdings II LLC, 5.25%, 7/15/24(1)	450,000		474,187
Iron Mountain, Inc., 5.75%, 8/15/24	125,000		126,563
Iron Mountain, Inc., 4.875%, 9/15/29(1)	575,000		585,235
iStar, Inc., 4.625%, 9/15/20	75,000		75,891
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.75%, 2/1/27(1)	75,000		84,304
MPT Operating Partnership LP / MPT Finance Corp., 5.50%, 5/1/24	150,000		154,125
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29	750,000		773,906
RHP Hotel Properties LP / RHP Finance Corp., 5.00%, 4/15/23	25,000		25,625
SBA Communications Corp., 4.875%, 7/15/22	400,000		406,340
SBA Communications Corp., 4.00%, 10/1/22	450,000		461,250
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.125%, 12/15/24(1)	50,000		43,625
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.00%, 4/15/23(1)	75,000		72,703
			7,060,367
Food and Staples Retailing — 0.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.625%, 6/15/24	125,000		131,562
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 3/15/25	425,000		439,875
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)	325,000		344,805
Ingles Markets, Inc., 5.75%, 6/15/23	125,000		127,969
Rite Aid Corp., 6.125%, 4/1/23(1)	125,000		99,638
Rite Aid Corp., 7.70%, 2/15/27	25,000		13,250
			1,157,099
Food Products — 1.4%
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 4/15/25(1)	325,000		312,813
Clearwater Seafoods, Inc., 6.875%, 5/1/25(1)	75,000		77,344
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22(1)	225,000		219,938
Darling Ingredients, Inc., 5.25%, 4/15/27(1)	125,000		131,719

15

	Principal Amount/Shares		Value
HLF Financing Sarl LLC / Herbalife International, Inc., 7.25%, 8/15/26(1)	$	150,000	$	151,688
JBS Investments II GmbH, 7.00%, 1/15/26(1)	200,000		216,298
JBS Investments II GmbH, 5.75%, 1/15/28(1)	200,000		208,750
JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 7/15/24(1)	75,000		77,394
JBS USA LUX SA / JBS USA Finance, Inc., 5.75%, 6/15/25(1)	125,000		130,696
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29(1)	950,000		1,056,875
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)	550,000		584,364
KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/26(1)	200,000		204,375
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	525,000		544,687
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)	477,000		514,087
Post Holdings, Inc., 5.50%, 3/1/25(1)	350,000		367,937
Post Holdings, Inc., 5.00%, 8/15/26(1)	241,000		250,845
Post Holdings, Inc., 5.75%, 3/1/27(1)	775,000		825,530
Post Holdings, Inc., 5.625%, 1/15/28(1)	350,000		372,312
US Foods, Inc., 5.875%, 6/15/24(1)	300,000		310,125
			6,557,777
Gas Utilities — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.50%, 5/20/25	625,000		674,219
AmeriGas Partners LP / AmeriGas Finance Corp., 5.75%, 5/20/27	100,000		108,250
Rockpoint Gas Storage Canada Ltd., 7.00%, 3/31/23(1)	75,000		75,750
			858,219
Health Care Equipment and Supplies — 0.1%
Hill-Rom Holdings, Inc., 4.375%, 9/15/27(1)	175,000		179,349
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 6.625%, 5/15/22(1)	400,000		392,680
			572,029
Health Care Providers and Services — 4.6%
ASP AMC Merger Sub, Inc., 8.00%, 5/15/25(1)	550,000		376,750
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1)	100,000		104,000
Centene Corp., 5.625%, 2/15/21	200,000		202,942
Centene Corp., 4.75%, 5/15/22	375,000		383,981
Centene Corp., 6.125%, 2/15/24	2,650,000		2,766,467
Centene Corp., 5.375%, 6/1/26(1)	875,000		918,750
CHS / Community Health Systems, Inc., 6.875%, 2/1/22	571,000		436,101
CHS / Community Health Systems, Inc., 8.625%, 1/15/24(1)	125,000		129,375
CHS / Community Health Systems, Inc., 8.125%, 6/30/24(1)	71,000		56,800
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)	850,000		850,000
CHS / Community Health Systems, Inc., VRN, 9.875%, 6/30/23(1)	125,000		106,875
DaVita, Inc., 5.125%, 7/15/24	325,000		331,094
Eagle Holding Co. II LLC, 7.625% Cash or 8.375% PIK, 5/15/22(1)(5)	550,000		555,500
Eagle Holding Co. II LLC, 7.75% Cash or 8.50% PIK, 5/15/22(1)(5)	50,000		50,500
Encompass Health Corp., 5.75%, 11/1/24	248,000		251,522
Encompass Health Corp., 4.75%, 2/1/30	300,000		303,870
Envision Healthcare Corp., 8.75%, 10/15/26(1)	900,000		553,500

16

	Principal Amount/Shares		Value
HCA Healthcare, Inc., 6.25%, 2/15/21	$	775,000	$	813,440
HCA, Inc., 7.50%, 2/15/22	1,275,000		1,416,270
HCA, Inc., 5.875%, 5/1/23	450,000		496,125
HCA, Inc., 5.375%, 2/1/25	300,000		328,500
HCA, Inc., 7.69%, 6/15/25	250,000		301,250
HCA, Inc., 5.875%, 2/15/26	450,000		504,225
HCA, Inc., 5.375%, 9/1/26	800,000		880,960
HCA, Inc., 5.625%, 9/1/28	650,000		725,920
HCA, Inc., 4.125%, 6/15/29	75,000		78,684
HCA, Inc., MTN, 7.58%, 9/15/25	1,250,000		1,487,500
MEDNAX, Inc., 6.25%, 1/15/27(1)	125,000		124,366
MPH Acquisition Holdings LLC, 7.125%, 6/1/24(1)	775,000		717,844
Polaris Intermediate Corp., 8.50% Cash or 9.25% PIK, 12/1/22(1)(5)	575,000		491,625
Select Medical Corp., 6.25%, 8/15/26(1)	225,000		235,687
Surgery Center Holdings, Inc., 10.00%, 4/15/27(1)	50,000		50,875
Syneos Health, Inc. / inVentiv Health, Inc. / inVentiv Health Clinical, Inc., 7.50%, 10/1/24(1)	202,000		209,323
Tenet Healthcare Corp., 8.125%, 4/1/22	275,000		298,719
Tenet Healthcare Corp., 6.75%, 6/15/23	350,000		368,875
Tenet Healthcare Corp., 4.625%, 7/15/24	425,000		438,379
Tenet Healthcare Corp., 4.625%, 9/1/24(1)	250,000		257,482
Tenet Healthcare Corp., 4.875%, 1/1/26(1)	750,000		770,625
Tenet Healthcare Corp., 6.25%, 2/1/27(1)	225,000		234,259
Tenet Healthcare Corp., 5.125%, 11/1/27(1)	475,000		491,435
WellCare Health Plans, Inc., 5.375%, 8/15/26(1)	25,000		26,745
West Street Merger Sub, Inc., 6.375%, 9/1/25(1)	525,000		485,625
			20,612,765
Health Care Technology — 0.2%
IQVIA, Inc., 5.00%, 10/15/26(1)	200,000		210,250
IQVIA, Inc., 5.00%, 5/15/27(1)	475,000		498,750
			709,000
Hotels, Restaurants and Leisure — 7.7%
1011778 BC ULC / New Red Finance, Inc., 4.625%, 1/15/22(1)	625,000		626,625
1011778 BC ULC / New Red Finance, Inc., 4.25%, 5/15/24(1)	125,000		128,901
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(1)	1,900,000		1,967,450
Aramark Services, Inc., 5.125%, 1/15/24	763,000		789,705
Aramark Services, Inc., 5.00%, 4/1/25(1)	100,000		103,500
Aramark Services, Inc., 5.00%, 2/1/28(1)	565,000		587,600
Arrow Bidco LLC, 9.50%, 3/15/24(1)	75,000		75,375
Boyd Gaming Corp., 6.875%, 5/15/23	850,000		885,062
Boyd Gaming Corp., 6.375%, 4/1/26	1,325,000		1,409,469
Boyd Gaming Corp., 6.00%, 8/15/26	850,000		899,859
Boyne USA, Inc., 7.25%, 5/1/25(1)	225,000		246,285
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	335,000		343,342
Carlson Travel, Inc., 9.50%, 12/15/24(1)	202,000		204,525

17

	Principal Amount/Shares		Value
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp., 5.375%, 6/1/24	$	400,000	$	412,500
Churchill Downs, Inc., 5.50%, 4/1/27(1)	175,000		185,500
Churchill Downs, Inc., 4.75%, 1/15/28(1)	200,000		206,000
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 2/15/23(1)	250,000		267,500
Eldorado Resorts, Inc., 7.00%, 8/1/23	150,000		157,125
Eldorado Resorts, Inc., 6.00%, 4/1/25	1,250,000		1,321,875
Eldorado Resorts, Inc., 6.00%, 9/15/26	250,000		275,000
Enterprise Development Authority (The), 12.00%, 7/15/24(1)	250,000		275,000
Gateway Casinos & Entertainment Ltd., 8.25%, 3/1/24(1)	380,000		396,150
Golden Entertainment, Inc., 7.625%, 4/15/26(1)	350,000		366,625
Golden Nugget, Inc., 6.75%, 10/15/24(1)	1,275,000		1,310,062
Golden Nugget, Inc., 8.75%, 10/1/25(1)	1,150,000		1,201,750
Hilton Domestic Operating Co., Inc., 5.125%, 5/1/26	700,000		736,750
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30(1)	350,000		370,422
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.625%, 4/1/25	200,000		206,500
Inn of the Mountain Gods Resort & Casino, 9.25% Cash or 9.25% PIK, 11/30/20(5)	159,811		159,411
IRB Holding Corp., 6.75%, 2/15/26(1)	275,000		277,063
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 6.75%, 11/15/21(1)	725,000		742,219
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 10.25%, 11/15/22(1)	225,000		238,781
Jacobs Entertainment, Inc., 7.875%, 2/1/24(1)	405,000		433,350
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.00%, 6/1/24(1)	1,275,000		1,326,000
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.25%, 6/1/26(1)	105,000		111,405
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 4.75%, 6/1/27(1)	725,000		756,719
LTF Merger Sub, Inc., 8.50%, 6/15/23(1)	2,336,000		2,400,240
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28(1)(6)	175,000		177,188
Marriott Ownership Resorts, Inc. / ILG LLC, 6.50%, 9/15/26	150,000		162,375
Melco Resorts Finance Ltd., 5.25%, 4/26/26(1)	525,000		535,521
Melco Resorts Finance Ltd., 5.625%, 7/17/27(1)	200,000		208,070
Merlin Entertainments plc, 5.75%, 6/15/26(1)	800,000		830,500
MGM China Holdings Ltd., 5.375%, 5/15/24(1)	400,000		416,000
MGM China Holdings Ltd., 5.875%, 5/15/26(1)	200,000		210,000
MGM Resorts International, 5.25%, 3/31/20	650,000		658,937
MGM Resorts International, 6.75%, 10/1/20	400,000		416,000
MGM Resorts International, 6.625%, 12/15/21	575,000		625,025
MGM Resorts International, 7.75%, 3/15/22	750,000		840,945
MGM Resorts International, 6.00%, 3/15/23	1,325,000		1,463,065
MGM Resorts International, 5.50%, 4/15/27	400,000		439,340
Mohegan Gaming & Entertainment, 7.875%, 10/15/24(1)	625,000		601,562
Nathan's Famous, Inc., 6.625%, 11/1/25(1)	200,000		200,000
NCL Corp. Ltd., 4.75%, 12/15/21(1)	521,000		531,920
Scientific Games International, Inc., 6.25%, 9/1/20	100,000		100,750

18

	Principal Amount/Shares		Value
Silversea Cruise Finance Ltd., 7.25%, 2/1/25(1)	$	125,000	$	134,063
Station Casinos LLC, 5.00%, 10/1/25(1)	150,000		152,595
Twin River Worldwide Holdings, Inc., 6.75%, 6/1/27(1)	100,000		105,250
Viking Cruises Ltd., 6.25%, 5/15/25(1)	25,000		26,250
Viking Cruises Ltd., 5.875%, 9/15/27(1)	600,000		637,260
VOC Escrow Ltd., 5.00%, 2/15/28(1)	25,000		25,940
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	125,000		131,563
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)	600,000		617,250
Wynn Macau Ltd., 4.875%, 10/1/24(1)	200,000		199,750
Wynn Macau Ltd., 5.50%, 10/1/27(1)	425,000		431,375
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 5.125%, 10/1/29(1)	275,000		288,688
Yum! Brands, Inc., 3.875%, 11/1/23	525,000		545,685
Yum! Brands, Inc., 4.75%, 1/15/30(1)	500,000		516,875
			34,631,387
Household Durables — 2.2%
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.75%, 8/1/25(1)	325,000		325,812
Beazer Homes USA, Inc., 6.75%, 3/15/25	477,000		488,329
Beazer Homes USA, Inc., 7.25%, 10/15/29(1)	350,000		356,562
Brookfield Residential Properties, Inc., 6.375%, 5/15/25(1)	100,000		102,500
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.125%, 7/1/22(1)	75,000		76,358
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.25%, 9/15/27(1)	100,000		100,750
Century Communities, Inc., 5.875%, 7/15/25	325,000		336,651
Century Communities, Inc., 6.75%, 6/1/27(1)	600,000		645,900
Installed Building Products, Inc., 5.75%, 2/1/28(1)	300,000		310,125
K Hovnanian Enterprises, Inc., 13.50%, 2/1/26(1)	26,000		25,220
K Hovnanian Enterprises, Inc., 5.00%, 2/1/40(1)	26,000		11,180
KB Home, 7.00%, 12/15/21	125,000		135,131
KB Home, 7.625%, 5/15/23	50,000		56,875
KB Home, 6.875%, 6/15/27	650,000		732,875
Lennar Corp., 6.25%, 12/15/21	50,000		53,063
Lennar Corp., 4.125%, 1/15/22	725,000		744,937
Lennar Corp., 5.00%, 6/15/27	200,000		214,750
Mattamy Group Corp., 6.50%, 10/1/25(1)	25,000		26,375
Meritage Homes Corp., 7.15%, 4/15/20	25,000		25,628
Meritage Homes Corp., 7.00%, 4/1/22	275,000		301,469
Meritage Homes Corp., 6.00%, 6/1/25	550,000		610,500
Shea Homes LP / Shea Homes Funding Corp., 5.875%, 4/1/23(1)	275,000		282,563
Shea Homes LP / Shea Homes Funding Corp., 6.125%, 4/1/25(1)	400,000		412,000
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(1)	225,000		244,688
Toll Brothers Finance Corp., 5.875%, 2/15/22	525,000		560,437
TopBuild Corp., 5.625%, 5/1/26(1)	350,000		365,316
TRI Pointe Group, Inc., 5.25%, 6/1/27	550,000		554,125
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24	390,000		416,325

19

	Principal Amount/Shares		Value
William Lyon Homes, Inc., 7.00%, 8/15/22	$	18,000	$	18,056
William Lyon Homes, Inc., 6.00%, 9/1/23	150,000		156,750
William Lyon Homes, Inc., 5.875%, 1/31/25	125,000		126,875
William Lyon Homes, Inc., 6.625%, 7/15/27(1)	150,000		156,375
Williams Scotsman International, Inc., 7.875%, 12/15/22(1)	175,000		183,313
Williams Scotsman International, Inc., 6.875%, 8/15/23(1)	575,000		603,750
			9,761,563
Household Products — 0.6%
Central Garden & Pet Co., 6.125%, 11/15/23	75,000		78,000
Central Garden & Pet Co., 5.125%, 2/1/28	75,000		76,875
Energizer Holdings, Inc., 5.50%, 6/15/25(1)	1,000,000		1,037,830
Energizer Holdings, Inc., 6.375%, 7/15/26(1)	325,000		348,933
Energizer Holdings, Inc., 7.75%, 1/15/27(1)	175,000		195,422
Prestige Brands, Inc., 5.375%, 12/15/21(1)	225,000		226,969
Prestige Brands, Inc., 6.375%, 3/1/24(1)	100,000		104,500
Spectrum Brands, Inc., 6.125%, 12/15/24	225,000		234,619
Spectrum Brands, Inc., 5.75%, 7/15/25	275,000		288,335
Spectrum Brands, Inc., 5.00%, 10/1/29(1)	75,000		76,500
			2,667,983
Independent Power and Renewable Electricity Producers — 2.3%
Calpine Corp., 6.00%, 1/15/22(1)	1,125,000		1,132,988
Calpine Corp., 5.375%, 1/15/23	1,300,000		1,319,500
Calpine Corp., 5.875%, 1/15/24(1)	200,000		205,000
Calpine Corp., 5.50%, 2/1/24	575,000		582,906
Calpine Corp., 5.75%, 1/15/25	575,000		591,531
Calpine Corp., 5.25%, 6/1/26(1)	150,000		155,813
Clearway Energy Operating LLC, 5.375%, 8/15/24	175,000		180,031
Clearway Energy Operating LLC, 5.75%, 10/15/25(1)	525,000		554,531
Clearway Energy Operating LLC, 5.00%, 9/15/26	400,000		411,000
NRG Energy, Inc., 6.625%, 1/15/27	700,000		760,970
NRG Energy, Inc., 5.25%, 6/15/29(1)	200,000		215,810
Pattern Energy Group, Inc., 5.875%, 2/1/24(1)	100,000		102,875
TerraForm Power Operating LLC, 4.25%, 1/31/23(1)	350,000		358,750
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)	175,000		182,875
TerraForm Power Operating LLC, VRN, 6.625%, 6/15/25(1)	525,000		555,980
Vistra Energy Corp., 5.875%, 6/1/23	2,800,000		2,870,700
Vistra Energy Corp., 7.625%, 11/1/24	60,000		62,625
			10,243,885
Industrial Conglomerates†
Amsted Industries, Inc., 5.625%, 7/1/27(1)	125,000		132,188
Insurance — 1.0%
Acrisure LLC / Acrisure Finance, Inc., 8.125%, 2/15/24(1)	400,000		431,750
Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25(1)	525,000		492,083
Acrisure LLC / Acrisure Finance, Inc., 10.125%, 8/1/26(1)	175,000		183,313
Ardonagh Midco 3 plc, 8.625%, 7/15/23(1)	450,000		436,500
Ardonagh Midco 3 plc, 8.625%, 7/15/23(1)	200,000		192,000
AssuredPartners, Inc., 7.00%, 8/15/25(1)	475,000		477,375

20

	Principal Amount/Shares		Value
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 5/1/25(1)	$	500,000	$	538,750
Genworth Holdings, Inc., 7.70%, 6/15/20	575,000		590,812
Genworth Holdings, Inc., 7.625%, 9/24/21	75,000		78,031
Genworth Holdings, Inc., 4.80%, 2/15/24	100,000		92,500
GTCR AP Finance, Inc., 8.00%, 5/15/27(1)	100,000		103,000
HUB International Ltd., 7.00%, 5/1/26(1)	725,000		747,656
MBIA Insurance Corp., VRN, 13.56%, (3-month LIBOR plus 11.26%), 1/15/33(1)(7)(8)	125,000		88,906
MBIA, Inc., 7.15%, 7/15/27	25,000		25,375
Prudential Financial, Inc., VRN, 5.70%, 9/15/48	25,000		27,748
USI, Inc., 6.875%, 5/1/25(1)	250,000		254,370
			4,760,169
Interactive Media and Services — 0.4%
Match Group, Inc., 6.375%, 6/1/24	1,185,000		1,250,175
Match Group, Inc., 5.00%, 12/15/27(1)	75,000		78,188
Match Group, Inc., 5.625%, 2/15/29(1)	200,000		215,250
Rackspace Hosting, Inc., 8.625%, 11/15/24(1)	325,000		300,592
			1,844,205
Internet and Direct Marketing Retail — 0.2%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/1/27(1)	600,000		633,000
GrubHub Holdings, Inc., 5.50%, 7/1/27(1)	150,000		153,375
			786,375
IT Services — 0.6%
Banff Merger Sub, Inc., 9.75%, 9/1/26(1)	225,000		215,887
CDW LLC / CDW Finance Corp., 5.00%, 9/1/23	25,000		25,648
CDW LLC / CDW Finance Corp., 5.00%, 9/1/25	275,000		287,375
CDW LLC / CDW Finance Corp., 4.25%, 4/1/28	250,000		255,650
Exela Intermediate LLC / Exela Finance, Inc., 10.00%, 7/15/23(1)	225,000		126,562
Gartner, Inc., 5.125%, 4/1/25(1)	225,000		235,969
Harland Clarke Holdings Corp., 6.875%, 3/1/20(1)	16,000		15,840
Harland Clarke Holdings Corp., 9.25%, 3/1/21(1)	25,000		23,438
Harland Clarke Holdings Corp., 8.375%, 8/15/22(1)	1,025,000		845,625
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.75%, 6/1/25(1)	725,000		750,375
			2,782,369
Leisure Products — 0.1%
Constellation Merger Sub, Inc., 8.50%, 9/15/25(1)	100,000		84,250
Mattel, Inc., 6.75%, 12/31/25(1)	250,000		261,485
Mattel, Inc., 5.45%, 11/1/41	75,000		58,875
			404,610
Life Sciences Tools and Services — 0.3%
Avantor, Inc., 6.00%, 10/1/24(1)	100,000		107,403
Avantor, Inc., 9.00%, 10/1/25(1)	550,000		619,437
Charles River Laboratories International, Inc., 5.50%, 4/1/26(1)	450,000		479,804
			1,206,644
Machinery — 1.1%
BCD Acquisition, Inc., 9.625%, 9/15/23(1)	50,000		51,250

21

	Principal Amount/Shares		Value
Cleaver-Brooks, Inc., 7.875%, 3/1/23(1)	$	50,000	$	47,500
Cloud Crane LLC, 10.125%, 8/1/24(1)	300,000		321,750
Colfax Corp., 6.00%, 2/15/24(1)	225,000		238,972
Colfax Corp., 6.375%, 2/15/26(1)	125,000		134,648
EnPro Industries, Inc., 5.75%, 10/15/26	150,000		160,312
Granite Holdings US Acquisition Co., 11.00%, 10/1/27(1)	275,000		266,750
JB Poindexter & Co., Inc., 7.125%, 4/15/26(1)	125,000		130,000
JPW Industries Holding Corp., 9.00%, 10/1/24(1)	75,000		71,250
Manitowoc Co., Inc. (The), 9.00%, 4/1/26(1)	100,000		98,250
Mueller Water Products, Inc., 5.50%, 6/15/26(1)	75,000		78,563
Navistar International Corp., 6.625%, 11/1/25(1)	475,000		484,500
RBS Global, Inc. / Rexnord LLC, 4.875%, 12/15/25(1)	125,000		129,050
SPX FLOW, Inc., 5.625%, 8/15/24(1)	50,000		51,875
SPX FLOW, Inc., 5.875%, 8/15/26(1)	375,000		393,750
Stevens Holding Co., Inc., 6.125%, 10/1/26(1)	150,000		160,313
Tennant Co., 5.625%, 5/1/25	150,000		156,750
Titan International, Inc., 6.50%, 11/30/23	425,000		340,000
Vertiv Group Corp., 9.25%, 10/15/24(1)	425,000		411,719
Vertiv Intermediate Holding Corp., 12.00% Cash or 13.00% PIK, 2/15/22(1)(5)	1,075,000		968,844
Wabash National Corp., 5.50%, 10/1/25(1)	200,000		197,500
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 7/15/25(1)	200,000		172,000
			5,065,546
Media — 8.9%
Altice Financing SA, 7.50%, 5/15/26(1)	700,000		745,493
Altice Luxembourg SA, 7.75%, 5/15/22(1)	742,000		759,622
Altice Luxembourg SA, 10.50%, 5/15/27(1)	1,400,000		1,581,300
AMC Networks, Inc., 4.75%, 12/15/22	525,000		533,694
AMC Networks, Inc., 5.00%, 4/1/24	350,000		361,375
Block Communications, Inc., 6.875%, 2/15/25(1)	100,000		104,750
Cablevision Systems Corp., 8.00%, 4/15/20	100,000		103,125
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 3/15/21	3,050,000		3,054,346
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 9/30/22	225,000		228,004
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 2/15/23	700,000		713,125
CCO Holdings LLC / CCO Holdings Capital Corp., 4.00%, 3/1/23(1)	600,000		611,250
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/23(1)	925,000		950,197
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 9/1/23	725,000		741,312
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 1/15/24	7,000		7,175
CCO Holdings LLC / CCO Holdings Capital Corp., 5.875%, 4/1/24(1)	550,000		575,278
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 5/1/25(1)	425,000		442,000
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	1,750,000		1,850,625
CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 5/1/26(1)	375,000		393,713
CCO Holdings LLC / CCO Holdings Capital Corp., 5.875%, 5/1/27(1)	350,000		371,000
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)(6)	75,000		76,219
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24(1)	563,000		619,953
Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27(1)	1,325,000		1,383,764
CSC Holdings LLC, 6.75%, 11/15/21	50,000		54,000

22

	Principal Amount/Shares		Value
CSC Holdings LLC, 5.125%, 12/15/21(1)	$	560,000	$	560,812
CSC Holdings LLC, 5.125%, 12/15/21(1)	25,000		25,036
CSC Holdings LLC, 5.375%, 7/15/23(1)	200,000		205,750
CSC Holdings LLC, 6.50%, 2/1/29(1)	1,600,000		1,781,360
CSC Holdings LLC, 5.75%, 1/15/30(1)	2,250,000		2,354,332
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 8/15/26(1)	650,000		676,000
Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 8/15/27(1)	675,000		701,021
DISH DBS Corp., 5.125%, 5/1/20	150,000		152,063
DISH DBS Corp., 5.875%, 7/15/22	50,000		52,188
DISH DBS Corp., 5.00%, 3/15/23	75,000		76,054
DISH DBS Corp., 5.875%, 11/15/24	600,000		597,000
DISH DBS Corp., 7.75%, 7/1/26	225,000		229,838
EW Scripps Co. (The), 5.125%, 5/15/25(1)	275,000		276,375
GCI LLC, 6.625%, 6/15/24(1)	350,000		378,438
Gray Television, Inc., 5.125%, 10/15/24(1)	830,000		862,162
Gray Television, Inc., 5.875%, 7/15/26(1)	475,000		495,187
Gray Television, Inc., 7.00%, 5/15/27(1)	700,000		771,715
iHeartCommunications, Inc., 6.375%, 5/1/26	601,300		652,410
iHeartCommunications, Inc., 8.375%, 5/1/27	2,438		2,645
iHeartCommunications, Inc., 5.25%, 8/15/27(1)	550,000		573,375
Lamar Media Corp., 5.00%, 5/1/23	250,000		255,938
Lamar Media Corp., 5.375%, 1/15/24	300,000		309,375
Lamar Media Corp., 5.75%, 2/1/26	50,000		53,050
Midcontinent Communications / Midcontinent Finance Corp., 5.375%, 8/15/27(1)	350,000		369,250
Nexstar Broadcasting, Inc., 6.125%, 2/15/22(1)	50,000		50,750
Nexstar Broadcasting, Inc., 5.625%, 8/1/24(1)	550,000		573,842
Nexstar Escrow, Inc., 5.625%, 7/15/27(1)	700,000		735,000
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)	475,000		499,937
Quebecor Media, Inc., 5.75%, 1/15/23	425,000		464,312
Radiate Holdco LLC / Radiate Finance, Inc., 6.625%, 2/15/25(1)	200,000		202,420
Salem Media Group, Inc., 6.75%, 6/1/24(1)	175,000		152,250
Scripps Escrow, Inc., 5.875%, 7/15/27(1)	75,000		76,313
Sinclair Television Group, Inc., 6.125%, 10/1/22	725,000		740,827
Sinclair Television Group, Inc., 5.875%, 3/15/26(1)	225,000		236,250
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)	75,000		75,750
Sirius XM Radio, Inc., 3.875%, 8/1/22(1)	539,000		550,454
Sirius XM Radio, Inc., 4.625%, 5/15/23(1)	250,000		256,025
Sirius XM Radio, Inc., 4.625%, 7/15/24(1)	825,000		857,447
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)	200,000		207,040
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)	300,000		321,000
TEGNA, Inc., 4.875%, 9/15/21(1)	25,000		25,094
TEGNA, Inc., 6.375%, 10/15/23	50,000		51,688
TEGNA, Inc., 5.00%, 9/15/29(1)	425,000		430,312
Townsquare Media, Inc., 6.50%, 4/1/23(1)	375,000		375,469

23

	Principal Amount/Shares		Value
Univision Communications, Inc., 6.75%, 9/15/22(1)	$	436,000	$	444,175
Univision Communications, Inc., 5.125%, 2/15/25(1)	100,000		97,750
UPC Holding BV, 5.50%, 1/15/28(1)	200,000		208,000
UPCB Finance IV Ltd., 5.375%, 1/15/25(1)	500,000		516,250
Videotron Ltd., 5.375%, 6/15/24(1)	500,000		548,450
Virgin Media Finance plc, 6.00%, 10/15/24(1)	400,000		413,500
Virgin Media Finance plc, 5.75%, 1/15/25(1)	400,000		413,500
Virgin Media Secured Finance plc, 5.25%, 1/15/26(1)	700,000		721,875
Virgin Media Secured Finance plc, 5.50%, 5/15/29(1)	600,000		627,000
Ziggo Bond Co. BV, 6.00%, 1/15/27(1)	500,000		524,375
Ziggo BV, 5.50%, 1/15/27(1)	300,000		314,250
			40,383,999
Metals and Mining — 2.9%
Alcoa Nederland Holding BV, 6.75%, 9/30/24(1)	400,000		421,500
Alcoa Nederland Holding BV, 7.00%, 9/30/26(1)	200,000		218,006
Alcoa Nederland Holding BV, 6.125%, 5/15/28(1)	400,000		426,960
Aleris International, Inc., 10.75%, 7/15/23(1)	250,000		263,750
Anglo American Capital plc, 4.125%, 9/27/22(1)	250,000		260,499
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, 8.75%, 7/15/26(1)	150,000		154,357
Big River Steel LLC / BRS Finance Corp., 7.25%, 9/1/25(1)	150,000		158,625
Cleveland-Cliffs, Inc., 5.75%, 3/1/25	163,000		160,555
Cleveland-Cliffs, Inc., 5.875%, 6/1/27(1)	600,000		569,760
Coeur Mining, Inc., 5.875%, 6/1/24	200,000		201,000
Commercial Metals Co., 5.75%, 4/15/26	75,000		77,437
Commercial Metals Co., 5.375%, 7/15/27	50,000		50,750
Compass Minerals International, Inc., 4.875%, 7/15/24(1)	75,000		74,250
Constellium SE, 5.75%, 5/15/24(1)	250,000		257,500
Constellium SE, 6.625%, 3/1/25(1)	500,000		522,500
First Quantum Minerals Ltd., 7.00%, 2/15/21(1)	40,000		40,400
First Quantum Minerals Ltd., 7.25%, 4/1/23(1)	250,000		247,500
First Quantum Minerals Ltd., 6.50%, 3/1/24(1)	2,000,000		1,917,500
First Quantum Minerals Ltd., 7.50%, 4/1/25(1)	400,000		396,000
First Quantum Minerals Ltd., 6.875%, 3/1/26(1)	225,000		215,437
FMG Resources August 2006 Pty Ltd., 4.75%, 5/15/22(1)	50,000		51,500
Freeport-McMoRan, Inc., 3.55%, 3/1/22	421,000		423,105
Freeport-McMoRan, Inc., 3.875%, 3/15/23	500,000		505,000
Freeport-McMoRan, Inc., 4.55%, 11/14/24	100,000		102,730
Freeport-McMoRan, Inc., 5.00%, 9/1/27	325,000		324,594
Freeport-McMoRan, Inc., 5.25%, 9/1/29	275,000		274,942
Freeport-McMoRan, Inc., 5.45%, 3/15/43	600,000		543,228
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.375%, 12/15/23(1)	200,000		192,000
Hecla Mining Co., 6.875%, 5/1/21	400,000		398,000
Hillman Group, Inc. (The), 6.375%, 7/15/22(1)	25,000		23,563
Hudbay Minerals, Inc., 7.25%, 1/15/23(1)	50,000		51,813
Hudbay Minerals, Inc., 7.625%, 1/15/25(1)	175,000		178,281
IAMGOLD Corp., 7.00%, 4/15/25(1)	75,000		78,937

24

	Principal Amount/Shares		Value
Kinross Gold Corp., 5.125%, 9/1/21	$	50,000	$	52,000
Kinross Gold Corp., 4.50%, 7/15/27	50,000		52,562
Mineral Resources Ltd., 8.125%, 5/1/27(1)	350,000		361,130
Mountain Province Diamonds, Inc., 8.00%, 12/15/22(1)	75,000		73,594
Northwest Acquisitions ULC / Dominion Finco, Inc., 7.125%, 11/1/22(1)	75,000		44,438
Novelis Corp., 6.25%, 8/15/24(1)	365,000		382,337
Novelis Corp., 5.875%, 9/30/26(1)	600,000		630,750
Park-Ohio Industries, Inc., 6.625%, 4/15/27	275,000		264,000
Petra Diamonds US Treasury plc, 7.25%, 5/1/22(1)	200,000		159,000
Steel Dynamics, Inc., 5.125%, 10/1/21	100,000		100,481
Taseko Mines Ltd., 8.75%, 6/15/22(1)	575,000		529,000
Teck Resources Ltd., 4.50%, 1/15/21	425,000		431,826
Teck Resources Ltd., 4.75%, 1/15/22	200,000		207,036
Teck Resources Ltd., 3.75%, 2/1/23	25,000		25,525
Teck Resources Ltd., 5.20%, 3/1/42	25,000		24,916
Teck Resources Ltd., 5.40%, 2/1/43	25,000		25,669
United States Steel Corp., 6.25%, 3/15/26	25,000		21,094
Warrior Met Coal, Inc., 8.00%, 11/1/24(1)	123,000		127,997
			13,295,334
Multiline Retail — 0.1%
Cumberland Farms, Inc., 6.75%, 5/1/25(1)	350,000		375,725
JC Penney Corp., Inc., 8.625%, 3/15/25(1)	250,000		157,520
JC Penney Corp., Inc., 6.375%, 10/15/36	125,000		41,250
Neiman Marcus Group Ltd. LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG, 8.75%, 10/25/24(1)	103,452		31,294
			605,789
Oil, Gas and Consumable Fuels — 8.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 9/15/24	200,000		180,940
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 3/1/27(1)	550,000		460,614
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 1/15/28(1)	75,000		62,625
Antero Resources Corp., 5.375%, 11/1/21	275,000		267,094
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 10.00%, 4/1/22(1)	111,000		111,522
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22(1)	40,000		40,412
Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp., 6.875%, 2/1/25	275,000		238,563
Bruin E&P Partners LLC, 8.875%, 8/1/23(1)	875,000		658,437
California Resources Corp., 8.00%, 12/15/22(1)	1,200,000		600,000
Callon Petroleum Co., 6.125%, 10/1/24	775,000		767,250
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23	275,000		261,938
Centennial Resource Production LLC, 5.375%, 1/15/26(1)	250,000		240,000
Centennial Resource Production LLC, 6.875%, 4/1/27(1)	200,000		200,500
Chaparral Energy, Inc., 8.75%, 7/15/23(1)	350,000		141,750
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24	650,000		748,312
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25	50,000		55,750

25

	Principal Amount/Shares		Value
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27	$	200,000	$	219,500
Cheniere Energy Partners LP, 5.25%, 10/1/25	200,000		208,800
Chesapeake Energy Corp., 6.875%, 11/15/20	550,000		551,375
Chesapeake Energy Corp., 5.75%, 3/15/23	175,000		134,750
Chesapeake Energy Corp., 8.00%, 1/15/25	1,375,000		1,000,312
Chesapeake Energy Corp., 8.00%, 6/15/27	225,000		152,438
Citgo Holding, Inc., 9.25%, 8/1/24(1)	825,000		878,625
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 12.00%, 11/1/21(7)(8)	33,000		8,415
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 6.375%, 3/15/24(7)(8)	500,000		6,250
CNX Resources Corp., 5.875%, 4/15/22	250,000		241,250
CNX Resources Corp., 7.25%, 3/14/27(1)	275,000		229,625
CONSOL Energy, Inc., 11.00%, 11/15/25(1)	25,000		25,000
Covey Park Energy LLC / Covey Park Finance Corp., 7.50%, 5/15/25(1)	350,000		281,750
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23	885,000		912,656
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	100,000		103,250
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.625%, 5/1/27(1)	325,000		332,618
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)	525,000		530,239
DCP Midstream Operating LP, 5.35%, 3/15/20(1)	450,000		454,500
DCP Midstream Operating LP, 4.75%, 9/30/21(1)	295,000		303,112
DCP Midstream Operating LP, 3.875%, 3/15/23	700,000		709,625
DCP Midstream Operating LP, 5.375%, 7/15/25	450,000		480,375
DCP Midstream Operating LP, 5.125%, 5/15/29	525,000		535,500
Delek Logistics Partners LP / Delek Logistics Finance Corp., 6.75%, 5/15/25	75,000		74,625
Denbury Resources, Inc., 9.00%, 5/15/21(1)	1,130,000		1,053,725
Denbury Resources, Inc., 9.25%, 3/31/22(1)	86,000		75,680
Energy Transfer Operating LP, 7.50%, 10/15/20	1,250,000		1,313,935
Energy Transfer Operating LP, 4.25%, 3/15/23	525,000		548,951
EnLink Midstream Partners LP, 4.40%, 4/1/24	175,000		169,190
EnLink Midstream Partners LP, 4.85%, 7/15/26	925,000		882,219
EnLink Midstream Partners LP, 5.60%, 4/1/44	50,000		41,125
EnLink Midstream Partners LP, 5.05%, 4/1/45	50,000		40,250
EnLink Midstream Partners LP, 5.45%, 6/1/47	150,000		123,000
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/20(7)(8)	537,000		3,356
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/24(1)(7)(8)	592,000		19,240
EP Energy LLC / Everest Acquisition Finance, Inc., 8.00%, 2/15/25(1)(7)(8)	50,000		1,375
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(1)	150,000		99,000
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(1)	375,000		231,563
Gulfport Energy Corp., 6.00%, 10/15/24	125,000		91,044
Gulfport Energy Corp., 6.375%, 5/15/25	442,000		316,030
Gulfport Energy Corp., 6.375%, 1/15/26	175,000		123,375

26

	Principal Amount/Shares		Value
Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp., 5.625%, 2/15/26(1)	$	475,000	$	498,750
HighPoint Operating Corp., 7.00%, 10/15/22	50,000		45,250
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1)	400,000		374,000
Holly Energy Partners LP / Holly Energy Finance Corp., 6.00%, 8/1/24(1)	75,000		78,656
Indigo Natural Resources LLC, 6.875%, 2/15/26(1)	300,000		271,875
Jagged Peak Energy LLC, 5.875%, 5/1/26	350,000		352,625
Lonestar Resources America, Inc., 11.25%, 1/1/23(1)	100,000		82,250
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26(1)	250,000		251,250
Martin Midstream Partners LP / Martin Midstream Finance Corp., 7.25%, 2/15/21	300,000		280,128
Matador Resources Co., 5.875%, 9/15/26	225,000		226,553
MEG Energy Corp., 6.375%, 1/30/23(1)	375,000		363,281
MEG Energy Corp., 7.00%, 3/31/24(1)	550,000		533,500
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(1)	450,000		333,562
Murphy Oil Corp., 6.875%, 8/15/24	650,000		682,500
Murphy Oil Corp., 5.75%, 8/15/25	250,000		255,000
Murray Energy Corp., 9.00% Cash plus 3.00% PIK, 4/15/24(1)(7)(8)	879,713		10,996
NGPL PipeCo LLC, 4.375%, 8/15/22(1)	375,000		388,980
NGPL PipeCo LLC, 4.875%, 8/15/27(1)	150,000		161,066
NuStar Logistics LP, 6.00%, 6/1/26	200,000		216,960
Oasis Petroleum, Inc., 6.50%, 11/1/21	376,000		372,007
Oasis Petroleum, Inc., 6.875%, 1/15/23	250,000		230,000
Oasis Petroleum, Inc., 6.25%, 5/1/26(1)	275,000		224,125
Parkland Fuel Corp., 6.00%, 4/1/26(1)	50,000		53,000
Parkland Fuel Corp., 5.875%, 7/15/27(1)	775,000		815,153
Parsley Energy LLC / Parsley Finance Corp., 6.25%, 6/1/24(1)	225,000		233,438
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23	675,000		697,356
PDC Energy, Inc., 6.125%, 9/15/24	75,000		75,000
Plains All American Pipeline LP / PAA Finance Corp., 3.55%, 12/15/29	75,000		73,888
Range Resources Corp., 5.75%, 6/1/21	700,000		698,250
Range Resources Corp., 5.875%, 7/1/22	375,000		360,937
Range Resources Corp., 5.00%, 8/15/22	375,000		353,437
Rockies Express Pipeline LLC, 7.50%, 7/15/38(1)	250,000		280,748
Rockies Express Pipeline LLC, 6.875%, 4/15/40(1)	100,000		109,330
Sanchez Energy Corp., 7.75%, 6/15/21(7)	475,000		30,875
Sanchez Energy Corp., 6.125%, 1/15/23(7)(8)	775,000		52,313
SemGroup Corp., 7.25%, 3/15/26	75,000		81,563
SemGroup Corp. / Rose Rock Finance Corp., 5.625%, 7/15/22	375,000		382,504
Seven Generations Energy Ltd., 6.75%, 5/1/23(1)	200,000		203,000
Seven Generations Energy Ltd., 6.875%, 6/30/23(1)	425,000		436,687
Seven Generations Energy Ltd., 5.375%, 9/30/25(1)	175,000		173,906
SM Energy Co., 5.625%, 6/1/25	250,000		215,575
Southwestern Energy Co., 6.20%, 1/23/25	196,000		174,440
SRC Energy, Inc., 6.25%, 12/1/25	675,000		671,611

27

	Principal Amount/Shares		Value
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.50%, 8/15/22	$	425,000	$	389,937
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.75%, 4/15/25	50,000		42,460
Sunoco LP / Sunoco Finance Corp., 4.875%, 1/15/23	681,000		700,579
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	50,000		52,309
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27	375,000		398,437
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 4.75%, 10/1/23(1)	200,000		201,250
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 5.50%, 9/15/24(1)	75,000		75,000
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23	1,477,000		1,493,616
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.75%, 3/15/24	25,000		25,969
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.125%, 2/1/25	75,000		77,501
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26	425,000		450,500
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27(1)	100,000		109,359
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	300,000		304,140
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.875%, 1/15/29(1)	400,000		438,028
TransMontaigne Partners LP / TLP Finance Corp., 6.125%, 2/15/26	75,000		72,563
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 8.75%, 4/15/23(1)	225,000		103,500
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 9.75%, 4/15/23(1)	400,000		189,000
Whiting Petroleum Corp., 5.75%, 3/15/21	50,000		47,939
Whiting Petroleum Corp., 6.25%, 4/1/23	225,000		174,375
Whiting Petroleum Corp., 6.625%, 1/15/26	175,000		119,000
Williams Cos., Inc. (The), 7.875%, 9/1/21	75,000		82,590
Williams Cos., Inc. (The), 4.55%, 6/24/24	350,000		377,083
WPX Energy, Inc., 8.25%, 8/1/23	143,000		161,590
WPX Energy, Inc., 5.25%, 10/15/27	275,000		277,750
			37,314,155
Paper and Forest Products — 0.2%
Mercer International, Inc., 6.50%, 2/1/24	400,000		411,500
Mercer International, Inc., 7.375%, 1/15/25	375,000		391,537
Norbord, Inc., 5.75%, 7/15/27(1)	100,000		102,750
Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26(1)	150,000		159,000
			1,064,787
Personal Products†
Avon International Capital plc, 6.50%, 8/15/22(1)	125,000		129,844
First Quality Finance Co., Inc., 5.00%, 7/1/25(1)	25,000		25,875
Revlon Consumer Products Corp., 6.25%, 8/1/24	50,000		26,750
			182,469
Pharmaceuticals — 2.4%
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)	700,000		787,360
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)	41,000		41,666
Bausch Health Cos., Inc., 5.875%, 5/15/23(1)	572,000		581,295

28

	Principal Amount/Shares		Value
Bausch Health Cos., Inc., 7.00%, 3/15/24(1)	$	50,000	$	52,673
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	1,775,000		1,846,000
Bausch Health Cos., Inc., 5.50%, 11/1/25(1)	200,000		210,020
Bausch Health Cos., Inc., 9.00%, 12/15/25(1)	3,475,000		3,913,719
Bausch Health Cos., Inc., 5.75%, 8/15/27(1)	75,000		81,250
Bausch Health Cos., Inc., 7.00%, 1/15/28(1)	375,000		404,850
Bausch Health Cos., Inc., 7.25%, 5/30/29(1)	225,000		246,330
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 7/15/23(1)	1,023,000		632,572
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 2/1/25(1)	400,000		237,000
Horizon Pharma USA, Inc., 5.50%, 8/1/27(1)	600,000		625,500
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 4.875%, 4/15/20(1)	75,000		46,875
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.75%, 8/1/22(1)	375,000		142,500
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.625%, 10/15/23(1)	50,000		16,750
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)	450,000		410,625
Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24	400,000		346,250
Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/1/28	400,000		329,500
Vizient, Inc., 6.25%, 5/15/27(1)	100,000		107,500
			11,060,235
Professional Services — 0.3%
Dun & Bradstreet Corp. (The), 6.875%, 8/15/26(1)	175,000		191,078
Dun & Bradstreet Corp. (The), 10.25%, 2/15/27(1)	975,000		1,082,250
			1,273,328
Real Estate Management and Development — 0.6%
Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, 11/15/25(1)	50,000		50,875
Forestar Group, Inc., 8.00%, 4/15/24(1)	675,000		732,375
Greystar Real Estate Partners LLC, 5.75%, 12/1/25(1)	150,000		154,688
Howard Hughes Corp. (The), 5.375%, 3/15/25(1)	275,000		288,750
Hunt Cos., Inc., 6.25%, 2/15/26(1)	525,000		515,812
Kennedy-Wilson, Inc., 5.875%, 4/1/24	425,000		438,149
Newmark Group, Inc., 6.125%, 11/15/23	150,000		162,844
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(1)	200,000		188,000
Realogy Group LLC / Realogy Co-Issuer Corp., 9.375%, 4/1/27(1)	25,000		23,351
			2,554,844
Road and Rail — 1.1%
Ahern Rentals, Inc., 7.375%, 5/15/23(1)	325,000		278,281
Ashtead Capital, Inc., 5.625%, 10/1/24(1)	300,000		309,750
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)	350,000		361,970
Capitol Investment Merger Sub 2 LLC, 10.00%, 8/1/24(1)	100,000		104,000
DAE Funding LLC, 4.00%, 8/1/20(1)	450,000		453,937
DAE Funding LLC, 5.25%, 11/15/21(1)	575,000		599,437
DAE Funding LLC, 4.50%, 8/1/22(1)	800,000		814,000
DAE Funding LLC, 5.00%, 8/1/24(1)	400,000		418,000
Hertz Corp. (The), 5.50%, 10/15/24(1)	50,000		50,325

29

	Principal Amount/Shares		Value
Hertz Corp. (The), 7.125%, 8/1/26(1)	$	350,000	$	365,969
Uber Technologies, Inc., 7.50%, 11/1/23(1)	450,000		454,500
United Rentals North America, Inc., 5.875%, 9/15/26	175,000		187,259
United Rentals North America, Inc., 6.50%, 12/15/26	350,000		382,638
United Rentals North America, Inc., 5.50%, 5/15/27	25,000		26,594
			4,806,660
Semiconductors and Semiconductor Equipment — 1.0%
Advanced Micro Devices, Inc., 7.50%, 8/15/22	723,000		819,701
Advanced Micro Devices, Inc., 7.00%, 7/1/24	173,000		179,704
Amkor Technology, Inc., 6.625%, 9/15/27(1)	175,000		191,625
Entegris, Inc., 4.625%, 2/10/26(1)	125,000		130,000
Micron Technology, Inc., 4.64%, 2/6/24	50,000		53,198
Micron Technology, Inc., 5.50%, 2/1/25	459,000		471,799
Micron Technology, Inc., 4.98%, 2/6/26	50,000		53,901
NXP BV / NXP Funding LLC, 4.125%, 6/1/21(1)	400,000		410,563
NXP BV / NXP Funding LLC, 4.625%, 6/15/22(1)	400,000		419,231
NXP BV / NXP Funding LLC, 4.625%, 6/1/23(1)	400,000		426,510
Qorvo, Inc., 5.50%, 7/15/26	475,000		502,906
Qorvo, Inc., 4.375%, 10/15/29(1)	300,000		302,625
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	400,000		428,000
			4,389,763
Software — 1.1%
ACI Worldwide, Inc., 5.75%, 8/15/26(1)	125,000		132,969
Ascend Learning LLC, 6.875%, 8/1/25(1)	50,000		52,188
Ascend Learning LLC, 6.875%, 8/1/25(1)	150,000		155,812
Camelot Finance SA, 7.875%, 10/15/24(1)	400,000		418,000
CDK Global, Inc., 5.875%, 6/15/26	275,000		293,562
CDK Global, Inc., 5.25%, 5/15/29(1)	50,000		51,813
Infor US, Inc., 6.50%, 5/15/22	710,000		724,200
Informatica LLC, 7.125%, 7/15/23(1)	325,000		331,500
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.00%, 7/15/25(1)	450,000		476,820
Open Text Corp., 5.875%, 6/1/26(1)	350,000		374,570
RP Crown Parent LLC, 7.375%, 10/15/24(1)	150,000		156,375
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/24(1)	425,000		451,401
SS&C Technologies, Inc., 5.50%, 9/30/27(1)	850,000		889,865
Veritas US, Inc. / Veritas Bermuda Ltd., 10.50%, 2/1/24(1)	425,000		403,750
			4,912,825
Specialty Retail — 1.2%
Carvana Co., 8.875%, 10/1/23(1)	200,000		206,940
DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp., 8.00%, 6/1/21(1)	25,000		25,453
eG Global Finance plc, 6.75%, 2/7/25(1)	200,000		196,000
Ferrellgas LP / Ferrellgas Finance Corp., 6.50%, 5/1/21	75,000		64,125
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 1/15/22	25,000		21,281
Ferrellgas Partners LP / Ferrellgas Partners Finance Corp., 8.625%, 6/15/20	50,000		37,875
Ferrellgas Partners LP / Ferrellgas Partners Finance Corp., 8.625%, 6/15/20	50,000		37,875

30

	Principal Amount/Shares		Value
Group 1 Automotive, Inc., 5.00%, 6/1/22	$	275,000	$	278,094
Group 1 Automotive, Inc., 5.25%, 12/15/23(1)	25,000		25,813
L Brands, Inc., 5.25%, 2/1/28	75,000		69,968
L Brands, Inc., 7.50%, 6/15/29	425,000		423,937
L Brands, Inc., 6.75%, 7/1/36	275,000		234,671
Lithia Motors, Inc., 5.25%, 8/1/25(1)	50,000		52,313
Michaels Stores, Inc., 8.00%, 7/15/27(1)	150,000		150,750
Murphy Oil USA, Inc., 4.75%, 9/15/29	250,000		256,250
Penske Automotive Group, Inc., 3.75%, 8/15/20	225,000		226,980
Penske Automotive Group, Inc., 5.75%, 10/1/22	275,000		279,367
PetSmart, Inc., 7.125%, 3/15/23(1)	125,000		118,125
PetSmart, Inc., 5.875%, 6/1/25(1)	75,000		75,000
PriSo Acquisition Corp., 9.00%, 5/15/23(1)	75,000		70,781
Sonic Automotive, Inc., 5.00%, 5/15/23	75,000		76,313
Sonic Automotive, Inc., 6.125%, 3/15/27	450,000		459,562
Staples, Inc., 7.50%, 4/15/26(1)	900,000		929,520
Staples, Inc., 10.75%, 4/15/27(1)	875,000		901,250
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.50%, 6/1/24	325,000		333,125
Superior Plus LP / Superior General Partner, Inc., 7.00%, 7/15/26(1)	50,000		53,001
			5,604,369
Technology Hardware, Storage and Peripherals — 1.7%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	1,250,000		1,271,563
Dell International LLC / EMC Corp., 7.125%, 6/15/24(1)	1,375,000		1,453,031
Diebold Nixdorf, Inc., 8.50%, 4/15/24	175,000		165,594
EMC Corp., 2.65%, 6/1/20	1,850,000		1,850,865
Everi Payments, Inc., 7.50%, 12/15/25(1)	444,000		468,975
NCR Corp., 5.875%, 12/15/21	25,000		25,281
NCR Corp., 6.375%, 12/15/23	300,000		309,000
NCR Corp., 5.75%, 9/1/27(1)	475,000		493,406
NCR Corp., 6.125%, 9/1/29(1)	1,100,000		1,163,580
Western Digital Corp., 4.75%, 2/15/26	265,000		273,281
			7,474,576
Textiles, Apparel and Luxury Goods†
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50%, 5/1/25(1)	150,000		135,375
Thrifts and Mortgage Finance — 0.9%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.875%, 8/1/21(1)	700,000		712,845
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 3/15/22(1)	525,000		547,759
MGIC Investment Corp., 5.75%, 8/15/23	200,000		219,500
Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/23(1)	575,000		600,875
Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/26(1)	225,000		239,906
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.50%, 6/1/22	150,000		150,281
Provident Funding Associates LP / PFG Finance Corp., 6.375%, 6/15/25(1)	125,000		122,188
Radian Group, Inc., 4.50%, 10/1/24	325,000		337,187

31

	Principal Amount/Shares		Value
Radian Group, Inc., 4.875%, 3/15/27	$	950,000	$	964,250
			3,894,791
Tobacco†
Vector Group Ltd., 6.125%, 2/1/25(1)	75,000		72,187
Vector Group Ltd., 10.50%, 11/1/26(1)	75,000		76,875
			149,062
Trading Companies and Distributors — 0.5%
Aircastle Ltd., 5.125%, 3/15/21	275,000		285,104
Beacon Roofing Supply, Inc., 6.375%, 10/1/23	75,000		77,625
Beacon Roofing Supply, Inc., 4.875%, 11/1/25(1)	400,000		394,000
Beacon Roofing Supply, Inc., 4.50%, 11/15/26(1)(6)	175,000		176,531
Fly Leasing Ltd., 6.375%, 10/15/21	200,000		203,875
Fly Leasing Ltd., 5.25%, 10/15/24	200,000		207,000
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 3/15/22(1)	125,000		130,937
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)	175,000		180,250
H&E Equipment Services, Inc., 5.625%, 9/1/25	625,000		645,719
			2,301,041
Wireless Telecommunication Services — 2.1%
Digicel Group One, Ltd., 8.25%, 12/30/22(1)	989,000		593,400
Digicel Group Two Ltd., 8.25%, 9/30/22(1)	486,000		104,490
Digicel Group Two Ltd., 7.125% Cash plus 2.00% PIK, 4/1/24(1)	200,855		21,090
Sprint Communications, Inc., 7.00%, 3/1/20(1)	325,000		331,094
Sprint Communications, Inc., 9.25%, 4/15/22	350,000		407,313
Sprint Communications, Inc., 6.00%, 11/15/22	250,000		266,250
Sprint Corp., 7.25%, 9/15/21	275,000		294,140
Sprint Corp., 7.875%, 9/15/23	975,000		1,073,436
Sprint Corp., 7.125%, 6/15/24	475,000		513,142
Sprint Corp., 7.625%, 2/15/25	125,000		137,813
Sprint Corp., 7.625%, 3/1/26	425,000		470,156
T-Mobile USA, Inc., 4.00%, 4/15/22	75,000		77,063
T-Mobile USA, Inc., 6.00%, 3/1/23	1,600,000		1,633,904
T-Mobile USA, Inc., 6.00%, 4/15/24	275,000		286,000
T-Mobile USA, Inc., 6.375%, 3/1/25	1,750,000		1,817,305
T-Mobile USA, Inc., 5.125%, 4/15/25	25,000		25,969
T-Mobile USA, Inc., 6.50%, 1/15/26	225,000		242,480
T-Mobile USA, Inc., 4.50%, 2/1/26	325,000		335,741
Vodafone Group plc, VRN, 7.00%, 4/4/79	575,000		661,681
Xplornet Communications, Inc., 9.625% Cash or 10.625% PIK, 6/1/22(1)(2)	57,086		58,370
			9,350,837
TOTAL CORPORATE BONDS (Cost $397,348,235)			397,557,342
BANK LOAN OBLIGATIONS(9) — 2.9%
Chemicals†
Consolidated Energy Finance, S.A., Term Loan B, 4.55%, (3-month LIBOR plus 2.50%), 5/7/25	148,125		144,052

32

	Principal Amount/Shares		Value
Commercial Services and Supplies — 0.2%
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.29%, (1-month LIBOR plus 3.25%), 10/3/23	$	7,897	$	7,956
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.29%, (1-month LIBOR plus 3.25%), 10/3/23	4,004		4,034
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.29%, (1-month LIBOR plus 3.25%), 10/3/23	32,296		32,535
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.29%, (1-month LIBOR plus 3.25%), 10/3/23	52,409		52,797
IAA, Inc., Term Loan B, 4.31%, (1-month LIBOR plus 2.25%), 6/28/26	73,875		74,337
KAR Auction Services, Inc., 2019 Term Loan B6, 4.31%, (1-month LIBOR plus 2.25%), 9/19/26	150,000		150,891
MRO Holdings, Inc., 2019 Term Loan B, 7.10%, (3-month LIBOR plus 5.00%), 6/4/26	46,038		45,462
MRO Holdings, Inc., 2019 Term Loan B, 7.10%, (3-month LIBOR plus 5.00%), 6/4/26	22,616		22,333
MRO Holdings, Inc., 2019 Term Loan B, 7.10%, (3-month LIBOR plus 5.00%), 6/4/26	155,784		153,837
National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 5.85%, (3-month LIBOR plus 3.75%), 5/23/25	74,063		73,322
			617,504
Containers and Packaging — 0.2%
Berry Global, Inc., USD Term Loan U, 4.55%, (1-month LIBOR plus 2.50%), 7/1/26	523,688		526,822
BWAY Holding Company, 2017 Term Loan B, 5.59%, (3-month LIBOR plus 3.25%), 4/3/24	96,827		94,957
Flex Acquisition Company, Inc., 1st Lien Term Loan, 5.32%, (3-month LIBOR plus 3.00%), 12/29/23	119,451		115,390
			737,169
Distributors — 0.1%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 4.04%, (1-month LIBOR plus 2.00%), 10/31/23	24,046		24,068
HD Supply, Inc., Term Loan B5, 3.79%, (1-month LIBOR plus 1.75%), 10/17/23	198,558		199,511
			223,579
Diversified Financial Services — 0.2%
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, 5.79%, (1-month LIBOR plus 3.75%), 10/1/25	672,431		676,775
Diversified Telecommunication Services†
Level 3 Financing, Inc., 2017 Term Loan B, 4.29%, (1-month LIBOR plus 2.25%), 2/22/24	150,000		150,469
Electric Utilities — 0.1%
TEX Operations Co. LLC, Exit Term Loan B, 4.04%, (1-month LIBOR plus 2.00%), 8/4/23	323,033		324,446
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.02%, (1-month LIBOR plus 2.00%), 12/31/25	56,409		56,641
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.04%, (1-month LIBOR plus 2.00%), 12/31/25	78,967		79,291
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.04%, (1-month LIBOR plus 2.00%), 12/31/25	4,506		4,525
			464,903
Energy Equipment and Services†
Keane Group Holdings, LLC, 2018 1st Lien Term Loan, 5.81%, (1-month LIBOR plus 3.75%), 5/25/25	49,375		47,647

33

	Principal Amount/Shares		Value
Parker Drilling Co, 2nd Lien PIK Term Loan, 11.00% Cash and 2.00% PIK, 2/25/24	$	30,933	$	31,203
			78,850
Entertainment†
Lions Gate Capital Holdings LLC, 2018 Term Loan B, 4.29%, (1-month LIBOR plus 2.25%), 3/24/25	66,075		66,034
Equity Real Estate Investment Trusts (REITs) — 0.1%
RHP Hotel Properties, LP, 2017 Term Loan B, 4.33%, (3-month LIBOR plus 2.00%), 5/11/24	345,212		346,237
Health Care Providers and Services — 0.1%
21st Century Oncology Holdings, Inc., Exit Term Loan, 8.46%, (3-month LIBOR plus 6.12%), 1/16/23	24,133		21,611
Air Methods Corporation, 2017 Term Loan B, 5.60%, (3-month LIBOR plus 3.50%), 4/21/24	197,676		161,501
MPH Acquisition Holdings LLC, 2016 Term Loan B, 4.85%, (3-month LIBOR plus 2.75%), 6/7/23	297,985		284,699
Surgery Center Holdings, Inc., 2017 Term Loan B, 5.30%, (1-month LIBOR plus 3.25%), 9/2/24	49,000		48,008
Wink Holdco, Inc., 1st Lien Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 12/2/24	73,688		72,675
			588,494
Health Care Technology — 0.2%
IQVIA Inc., 2018 USD Term Loan B3, 3.85%, (3-month LIBOR plus 1.75%), 6/11/25	743,849		745,828
Hotels, Restaurants and Leisure — 0.9%
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.29%, (1-month LIBOR plus 2.25%), 2/16/24	141,586		142,223
1011778 B.C. Unlimited Liability Company, Term Loan B3, 4.29%, (1-month LIBOR plus 2.25%), 2/16/24	192,792		193,660
Aramark Services, Inc., 2018 Term Loan B3, 3.79%, (1-month LIBOR plus 1.75%), 3/11/25	321,633		322,505
Boyd Gaming Corporation, Term Loan B3, 4.17%, (1-week LIBOR plus 2.25%), 9/15/23	322,195		323,604
Caesars Entertainment Operating Company, Exit Term Loan, 4.04%, (1-month LIBOR plus 2.00%), 10/6/24	81,583		81,634
CityCenter Holdings, LLC, 2017 Term Loan B, 4.29%, (1-month LIBOR plus 2.25%), 4/18/24	469,571		471,222
Gateway Casinos & Entertainment Limited, 2018 Term Loan B, 5.10%, (3-month LIBOR plus 3.00%), 3/13/25	148,125		146,552
Golden Nugget, Inc., 2017 Incremental Term Loan B, 4.79%, (1-month LIBOR plus 2.75%), 10/4/23	135,624		135,667
Golden Nugget, Inc., 2017 Incremental Term Loan B, 4.81%, (1-month LIBOR plus 2.75%), 10/4/23	109,260		109,295
Hilton Worldwide Finance, LLC, 2019 Term Loan B2, 3.77%, (1-month LIBOR plus 1.75%), 6/22/26	875,000		881,182
Life Time Fitness, Inc., 2017 Term Loan B, 4.87%, (3-month LIBOR plus 2.75%), 6/10/22	563,780		564,646
Marriott Ownership Resorts, Inc., 2018 Term Loan B, 4.29%, (1-month LIBOR plus 2.25%), 8/29/25	124,063		124,890
NASCAR Holdings, Inc, Term Loan B, 7/27/26(10)	300,000		302,367
UFC Holdings, LLC, 2019 Term Loan, 4/29/26(10)	125,000		125,477
UFC Holdings, LLC, 2019 Term Loan, 5.30%, (1-month LIBOR plus 3.25%), 4/29/26	272,346		273,386
			4,198,310

34

	Principal Amount/Shares		Value
Insurance — 0.1%
Asurion LLC, 2017 Term Loan B4, 5.04%, (1-month LIBOR plus 3.00%), 8/4/22	$	55,125	$	55,401
Asurion LLC, 2018 Term Loan B6, 5.04%, (1-month LIBOR plus 3.00%), 11/3/23	47,432		47,669
Genworth Holdings, Inc., Term Loan, 6.67%, (2-month LIBOR plus 4.50%), 3/7/23	73,875		74,244
Hub International Limited, 2018 Term Loan B, 5.27%, (3-month LIBOR plus 3.00%), 4/25/25	272,183		269,476
			446,790
IT Services†
Tempo Acquisition LLC, Term Loan, 5.04%, (1-month LIBOR plus 3.00%), 5/1/24	73,313		73,664
Life Sciences Tools and Services†
Parexel International Corporation, Term Loan B, 4.79%, (1-month LIBOR plus 2.75%), 9/27/24	66,236		63,054
Machinery†
Altra Industrial Motion Corp., 2018 Term Loan B, 4.04%, (1-month LIBOR plus 2.00%), 10/1/25	91,791		91,791
Navistar International Corporation, 2017 1st Lien Term Loan B, 5.53%, (1-month LIBOR plus 3.50%), 11/6/24	48,005		47,885
			139,676
Media — 0.3%
Cengage Learning, Inc., 2016 Term Loan B, 6.29%, (1-month LIBOR plus 4.25%), 6/7/23	498,711		473,639
Diamond Sports Group, LLC, Term Loan, 5.30%, (1-month LIBOR plus 3.25%), 8/24/26	175,000		176,258
iHeartCommunications, Inc., Exit Term Loan, 6.10%, (1-month LIBOR plus 4.00%), 5/1/26	4,640		4,675
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 4.81%, (3-month LIBOR plus 2.75%), 9/18/26	400,000		402,280
Radiate Holdco, LLC, 1st Lien Term Loan, 5.04%, (1-month LIBOR plus 3.00%), 2/1/24	97,500		97,273
Sinclair Television Group Inc., Term Loan B2B, 4.54%, (1-month LIBOR plus 2.50%), 9/30/26	100,000		100,542
			1,254,667
Metals and Mining†
Big River Steel LLC, Term Loan B, 7.10%, (3-month LIBOR plus 5.00%), 8/23/23	48,939		48,694
Neenah Foundry Company, 2017 Term Loan, 8.59%, (2-month LIBOR plus 6.50%), 12/13/22	29,209		28,625
Neenah Foundry Company, 2017 Term Loan, 8.65%, (2-month LIBOR plus 6.50%), 12/13/22	34,809		34,112
			111,431
Oil, Gas and Consumable Fuels — 0.3%
California Resources Corporation, 2017 1st Lien Term Loan, 6.79%, (1-month LIBOR plus 4.75%), 12/31/22	525,000		469,875
California Resources Corporation, Second Out Term Loan, 12.42%, (1-month LIBOR plus 10.38%), 12/31/21	25,000		21,938
CITGO Holding Inc., 2019 Term Loan B, 9.04%, (1-month LIBOR plus 7.00%), 7/24/23	350,000		357,656
Cloud Peak Energy Inc., DIP Final Roll-Up Term Loan, 11.10%, (1-month LIBOR plus 9.00%), 2/15/20	63,435		40,681
Cloud Peak Energy Inc., DIP New Money Delayed Draw Term Loan, 11.10%, (1-month LIBOR plus 9.00%), 2/15/20	80,087		80,087

35

	Principal Amount/Shares		Value
Cloud Peak Energy Inc., DIP New Money Term Loan, 11.06%, (1-month LIBOR plus 9.00%), 2/15/20	$	42,899	$	42,899
Cloud Peak Energy Inc., DIP Roll-Up Term Loan, 11.10%, (1-month LIBOR plus 9.00%), 2/15/20	29,893		19,170
Prairie ECI Acquiror LP, Term Loan B, 6.85%, (3-month LIBOR plus 4.75%), 3/11/26	124,375		121,654
			1,153,960
Professional Services†
Dun & Bradstreet Corporation (The), Term Loan, 7.05%, (1-month LIBOR plus 5.00%), 2/6/26	75,000		75,556
Road and Rail†
USS Ultimate Holdings, Inc., 1st Lien Term Loan, 5.95%, (6-month LIBOR plus 3.75%), 8/25/24	98,185		98,418
Software†
SS&C Technologies Holdings Europe S.A.R.L., 2018 Term Loan B4, 4.29%, (1-month LIBOR plus 2.25%), 4/16/25	38,230		38,406
SS&C Technologies Inc., 2018 Term Loan B3, 4.29%, (1-month LIBOR plus 2.25%), 4/16/25	57,878		58,144
			96,550
Specialty Retail — 0.1%
Foundation Building Materials Holding Company LLC, 2018 Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 8/13/25	124,063		124,257
Priso Acquisition Corporation, 2017 Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 5/8/22	22,952		22,263
Serta Simmons Bedding, LLC, 2nd Lien Term Loan, 10.06%, (1-month LIBOR plus 8.00%), 11/8/24	94,933		32,436
Staples, Inc., 7 Year Term Loan, 7.12%, (3-month LIBOR plus 5.00%), 4/16/26	274,313		270,941
			449,897
Technology Hardware, Storage and Peripherals†
Everi Payments Inc., Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 5/9/24	95,290		95,518
Western Digital Corporation, 2018 Term Loan B4, 3.86%, (3-month LIBOR plus 1.75%), 4/29/23	20,511		20,493
			116,011
Textiles, Apparel and Luxury Goods†
ASP Unifrax Holdings Inc, Term Loan B, 5.85%, (1-month LIBOR plus 3.75%), 12/12/25	49,625		46,337
Transportation Infrastructure†
Syncreon Global Finance (US) Inc., Term Loan B, 6.08%, (3-month LIBOR plus 4.25%), 10/28/20	70,704		33,791
TOTAL BANK LOAN OBLIGATIONS (Cost $13,379,240)			13,198,006
PREFERRED STOCKS — 1.7%
Banks — 1.5%
Bank of America Corp., 5.125%	475,000		492,812
Bank of America Corp., 5.875%	225,000		243,788
Bank of America Corp., 6.25%	1,275,000		1,388,112
Bank of America Corp., 6.30%	25,000		28,146
Bank of America Corp., 6.50%	325,000		361,795
Bank of Nova Scotia (The), 4.65%	50,000		49,657
Citigroup, Inc., 5.90%	425,000		442,304

36

	Principal Amount/Shares		Value
Citigroup, Inc., 5.95%	825,000		$	858,590
Citigroup, Inc., 5.95%	25,000		25,532
Citigroup, Inc., 6.25%	150,000		167,191
Citigroup, Inc., 6.875%	1,749		49,147
JPMorgan Chase & Co., 5.42%	200,000		200,250
JPMorgan Chase & Co., 6.00%	425,000		454,446
JPMorgan Chase & Co., 6.10%	1,050,000		1,139,161
JPMorgan Chase & Co., 6.125%	400,000		433,714
JPMorgan Chase & Co., 6.75%	331,000		367,647
			6,702,292
Capital Markets — 0.1%
Charles Schwab Corp. (The), 5.00%	150,000		152,853
Goldman Sachs Group, Inc. (The), 5.375%	350,000		352,700
Goldman Sachs Group, Inc. (The), 6.07%	18,000		18,090
			523,643
Internet and Direct Marketing Retail†
MYT Holding Co., 10.00%(1)	21,052		19,578
Oil, Gas and Consumable Fuels — 0.1%
Energy Transfer Operating LP, 6.25%	150,000		139,353
Energy Transfer Operating LP, 6.625%	50,000		47,326
Nine Point Energy Holdings (Acquired 3/28/17, Cost $18,000)(3)(8)	18		3,600
Plains All American Pipeline LP, 6.125%	75,000		70,761
Summit Midstream Partners LP, 9.50%	175,000		126,125
			387,165
Trading Companies and Distributors†
General Finance Corp., 8.125%	1,116		29,474
TOTAL PREFERRED STOCKS (Cost $7,565,676)			7,662,152
CONVERTIBLE BONDS — 0.5%
Auto Components†
Exide Technologies, 7.25% PIK, 4/30/27(1)	$	10,724	2,949
Banks — 0.5%
Barclays Bank plc, 7.625%, 11/21/22	200,000		220,643
Barclays plc, VRN, 7.75%(4)	200,000		208,277
Barclays plc, VRN, 8.00%(4)	400,000		425,686
Lloyds Banking Group plc, VRN, 7.50%(4)	200,000		213,421
Royal Bank of Scotland Group plc, VRN, 8.00%(4)	600,000		663,300
Royal Bank of Scotland Group plc, VRN, 8.625%(4)	400,000		429,340
			2,160,667
Oil, Gas and Consumable Fuels†
Chesapeake Energy Corp., 5.50%, 9/15/26	25,000		15,187
Denbury Resources, Inc., 6.375%, 12/31/24(1)	218,000		129,021
			144,208
TOTAL CONVERTIBLE BONDS (Cost $2,309,258)			2,307,824

37

	Principal Amount/Shares		Value
COMMON STOCKS — 0.1%
Auto Components†
Exide Technologies (Acquired 4/30/15 - 8/12/16, Cost $734)(3)(8)	925		$	231
Chemicals — 0.1%
Hexion Holdings Corp.(8)	12,508		140,715
Diversified Telecommunication Services†
Colt, Class B (Acquired 5/18/16, Cost $338)(3)(8)	676		—
Energy Equipment and Services†
Exide Technologies (Acquired 5/14/15, Cost $—)(3)(8)	162		221
Parker Drilling Co.(8)	2,027		38,351
			38,572
Gas Utilities†
Southcross Holdings GP, LLC, Class A (Acquired 5/10/16, Cost $360)(3)(8)	4		1,075
Southcross Holdings LP, Class A (Acquired 5/10/16, Cost $360)(3)(8)	4		1,075
			2,150
Machinery†
UC Holdings, Inc. (Acquired 9/21/15 - 9/30/15, Cost $103,222)(3)(8)	4,088		82,782
Oil, Gas and Consumable Fuels†
Amplify Energy Corp.	1		6
Bonanza Creek Energy, Inc.(8)	2,593		58,057
Denbury Resources, Inc.(8)	8,180		9,734
Jones Energy II, Inc.(8)	4,722		56,074
Nine Point Energy (Acquired 6/19/17 - 4/4/18, Cost $12,544)(3)(8)	1,082		2,164
Sabine Oil & Gas Holdings, Inc. (Acquired 5/30/17, Cost $579)(3)	13		332
Warren Resources, Inc. (Acquired 10/19/16, Cost $4,800)(3)(8)	960		960
			127,327
Software†
Avaya Holdings Corp.(8)	2,096		21,442
TOTAL COMMON STOCKS (Cost $952,170)			413,219
ESCROW INTERESTS(11)†
Banks†
Washington Mutual Bank, Escrow(8)	$	250,000	3,000
Energy Equipment and Services†
Hercules Offshore, Inc., Escrow(8)	3,570		9,817
Sanjel Corp.(8)	200,000		—
			9,817
Industrial Conglomerates†
Claire's Stores, Inc., Escrow(8)	25,000		3,813
Multi-Utilities†
GenOn Energy(8)	25,000		—
GenOn Energy, Inc.(8)	75,000		—
Texas Competitive Electric Holdings Co., Escrow(8)	200,000		500
			500
Oil, Gas and Consumable Fuels†
Denver Parent, Escrow(8)	63,341		—

38

	Principal Amount/Shares		Value
Paper and Forest Products†
Appvion, Inc., Escrow(8)	$	200,000	$	9,000
TOTAL ESCROW INTERESTS (Cost $585,746)			26,130
WARRANTS†
Commercial Services and Supplies†
Appvion Holdings Corp.(8)	195		1
Appvion Holdings Corp.(8)	195		1
			2
Independent Power and Renewable Electricity Producers†
Vistra Energy Corp.(8)	1,215		2,491
Machinery†
UC Holdings, Inc.(8)	600		3,000
Media†
iHeartMedia, Inc.(8)	342		4,895
Oil, Gas and Consumable Fuels†
Amplify Energy Corp.(8)	344		1
Jones Energy II, Inc.(8)	678		501
Sabine Oil & Gas Holdings, Inc.(8)	7		21
			523
TOTAL WARRANTS (Cost $13,173)			10,911
RIGHTS†
Independent Power and Renewable Electricity Producers†
Vistra Energy Corp.(8)   (Cost $—)	3,425		2,834
TEMPORARY CASH INVESTMENTS — 5.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $25,062,309)	25,062,309		25,062,309
TOTAL INVESTMENT SECURITIES — 98.7% (Cost $447,215,807)			446,240,727
OTHER ASSETS AND LIABILITIES — 1.3%			6,061,865
TOTAL NET ASSETS — 100.0%			$	452,302,592

39

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 $231,778,830, which represented 51.2% 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) The security's rate was paid in kind or a combination of cash and in kind at the last payment date.

(3) 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 $284,146, which represented 0.1% of total net assets.

(4) Perpetual maturity with no stated maturity date.

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

(6) 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.

(7) Security is in default.

(8) Non-income producing.

(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.

40

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (cost of $447,215,807)	$	446,240,727
Cash	177,253
Receivable for investments sold	1,518,036
Receivable for capital shares sold	1,696,021
Interest and dividends receivable	6,796,321
	456,428,358
Liabilities
Payable for investments purchased	3,023,709
Payable for capital shares redeemed	153,028
Accrued management fees	211,242
Distribution and service fees payable	459
Dividends payable	737,328
	4,125,766
Net Assets	$	452,302,592
Net Assets Consist of:
Capital paid in	$	458,280,686
Distributable earnings	(5,978,094		)
	$	452,302,592

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$21,674,889	2,316,827	$9.36
I Class		$57,040,643	6,101,691	$9.35
Y Class		$268,428,644	28,701,847	$9.35
A Class		$2,461,064	263,120	$9.35*
R5 Class		$112,843	12,064	$9.35
R6 Class		$102,584,509	10,974,526	$9.35

* Maximum offering price $9.79 (net asset value divided by 0.955).

See Notes to Financial Statements.

41

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	10,334,703
Dividends	3,660
	10,338,363
Expenses:
Management fees	1,020,967
Distribution and service fees - A Class	1,689
Trustees' fees and expenses	12,590
	1,035,246
Net investment income (loss)	9,303,117
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(2,277,949		)
Change in net unrealized appreciation (depreciation) on investments	3,489,977
Net realized and unrealized gain (loss)	1,212,028
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,515,145

See Notes to Financial Statements.

42

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	9,303,117		$	12,637,208
Net realized gain (loss)	(2,277,949		)	(734,555		)
Change in net unrealized appreciation (depreciation)	3,489,977			(2,934,223		)
Net increase (decrease) in net assets resulting from operations	10,515,145			8,968,430
Distributions to Shareholders
From earnings:
Investor Class	(442,115		)	(508,506		)
I Class	(1,100,958		)	(1,055,650		)
Y Class	(5,252,329		)	(8,469,757		)
A Class	(34,141		)	(28,080		)
R5 Class	(3,903		)	(1,119		)
R6 Class	(2,797,094		)	(2,574,115		)
Decrease in net assets from distributions	(9,630,540		)	(12,637,227		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	186,023,666			110,962,398
Net increase (decrease) in net assets	186,908,271			107,293,601
Net Assets
Beginning of period	265,394,321			158,100,720
End of period	$	452,302,592		$	265,394,321

See Notes to Financial Statements.

43

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

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

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

44

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. 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.

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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.

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 September 30, 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 September 30, 2019 were $242,072,188 and $74,785,055, respectively.

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5. Capital Share Transactions

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

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	1,310,063		$	12,231,511		2,492,048		$	23,300,470
Issued in reinvestment of distributions	44,856		419,665			52,841		489,784
Redeemed	(839,372	)	(7,870,307		)	(892,212	)	(8,164,840		)
	515,547		4,780,869			1,652,677		15,625,414
I Class
Sold	4,685,703		43,865,582			3,242,753		30,328,252
Issued in reinvestment of distributions	117,678		1,099,646			112,632		1,045,262
Redeemed	(1,366,200	)	(12,753,171		)	(1,548,171	)	(14,267,881		)
	3,437,181		32,212,057			1,807,214		17,105,633
Y Class
Sold	16,820,498		157,305,665			7,276,212		67,726,650
Issued in reinvestment of distributions	244,333		2,284,483			617,896		5,767,299
Redeemed	(1,785,969	)	(16,712,096		)	(9,503,262	)	(86,541,386		)
	15,278,862		142,878,052			(1,609,154	)	(13,047,437		)
A Class
Sold	213,521		1,997,278			146,952		1,360,626
Issued in reinvestment of distributions	3,568		33,369			2,782		25,721
Redeemed	(53,136	)	(497,888		)	(51,098	)	(471,216		)
	163,953		1,532,759			98,636		915,131
R5 Class
Sold	2,480		23,018			15,018		139,588
Issued in reinvestment of distributions	417		3,903			120		1,119
Redeemed	(6,479	)	(60,616		)	(24	)	(223		)
	(3,582	)	(33,695		)	15,114		140,484
R6 Class
Sold	701,666		6,552,740			11,750,108		108,674,614
Issued in reinvestment of distributions	299,296		2,797,083			276,052		2,551,007
Redeemed	(503,161	)	(4,696,199		)	(2,288,877	)	(21,002,448		)
	497,801		4,653,624			9,737,283		90,223,173
Net increase (decrease)	19,889,762		$	186,023,666		11,701,770		$	110,962,398

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.

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• 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	—		$	397,557,342	—
Bank Loan Obligations	—		13,198,006		—
Preferred Stocks	$	78,621	7,583,531		—
Convertible Bonds	—		2,307,824		—
Common Stocks	268,305		144,914		—
Escrow Interests	—		26,130		—
Warrants	—		10,911		—
Rights	—		2,834		—
Temporary Cash Investments	25,062,309		—		—
	$	25,409,235	$	420,831,492	—

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 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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	448,392,242
Gross tax appreciation of investments	$	10,627,508
Gross tax depreciation of investments	(12,779,023		)
Net tax appreciation (depreciation) of investments	$	(2,151,515	)

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

As of March 31, 2019, the fund had accumulated short-term capital losses of $(471,117) and accumulated long-term capital losses of $(1,288,262), 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.

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. The adoption of ASU 2017-08 did not materially impact 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)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019(3)	$9.32	0.24	0.05	0.29	(0.25)	—	(0.25)	$9.36	3.14%	0.78%(4)	0.78%(4)	5.14%(4)	23%		$21,675
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(5)	$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(3)	$9.32	0.24	0.04	0.28	(0.25)	—	(0.25)	$9.35	3.08%	0.68%(4)	0.68%(4)	5.24%(4)	23%		$57,041
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(5)	$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(3)	$9.32	0.25	0.04	0.29	(0.26)	—	(0.26)	$9.35	3.14%	0.58%(4)	0.58%(4)	5.34%(4)	23%		$268,429
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(6)	$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%(8)	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%(8)	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%(8)	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%(8)	114%		$50,820
A Class
2019(3)	$9.32	0.23	0.04	0.27	(0.24)	—	(0.24)	$9.35	2.90%	1.03%(4)	1.03%(4)	4.89%(4)	23%		$2,461
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(5)	$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

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)
R5 Class
2019(3)	$9.32	0.25	0.04	0.29	(0.26)	—	(0.26)	$9.35	3.14%	0.58%(4)	0.58%(4)	5.34%(4)	23%		$113
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(5)	$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
R6 Class
2019(3)	$9.32	0.25	0.04	0.29	(0.26)	—	(0.26)	$9.35	3.16%	0.53%(4)	0.53%(4)	5.39%(4)	23%		$102,585
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(5)	$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) Six months ended September 30, 2019 (unaudited).

(4) Annualized.

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

(6) 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.

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

(8) 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.

See Notes to Financial Statements.

Approval of Management and Subadvisory Agreements

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. The Board also unanimously approved the renewal of the investment subadvisory agreement pursuant to which Nomura Corporate Research and Asset Management Inc. (the “Subadvisor”) acts as subadvisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement and the subadvisory agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor, the Subadvisor, and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor and the Subadvisor.

In connection with its consideration of the renewal of the management agreement and the subadvisory agreement, the Board’s review and evaluation of the services provided by the Advisor and the Subadvisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• compliance policies, procedures, and regulatory experience of the Advisor and Subadvisor;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor

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regarding the renewal of the agreements. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the Subadvisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement and subadvisory agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement and subadvisory agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services - Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor and the Subadvisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor and the Subadvisor have an obligation to seek the best execution of fund trades. In providing these services, the Advisor and the Subadvisor utilize teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor and/or the Subadvisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was

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above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor and the Subadvisor to the Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund. The Board did not consider the profitability of the Subadvisor because the Subadvisor is paid from the unified management fee of the Advisor as a result of arms’ length negotiations.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, the fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. The Board specifically noted that the subadvisory fee paid to the Subadvisor and the terms of the Subadvisory Agreement were subject to arms’ length negotiation between the Advisor and the Subadvisor and are paid by the Advisor out of its unified management fee.

Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of

53

Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer group. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement and the subadvisory agreement are fair and reasonable in light of the services provided and should be renewed.

54

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.

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-SAN-93334 1911

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	17
Statement of Operations	18
Statement of Changes in Net Assets	19
Notes to Financial Statements	20
Financial Highlights	27
Approval of Management Agreement	31
Additional Information	35

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 semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics

SEPTEMBER 30, 2019
Portfolio at a Glance
Average Duration (effective)	2.4 years
Weighted Average Life to Maturity	4.8 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	86.1%
Exchange-Traded Funds	1.0%
Bank Loan Obligations	0.7%
Asset-Backed Securities	0.3%
Temporary Cash Investments	11.0%
Temporary Cash Investments - Securities Lending Collateral	7.8%
Other Assets and Liabilities	(6.9)%*
*Amount relates primarily to payable for collateral received for securities on loan.

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1)  4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,038.40	$4.03	0.79%
I Class	$1,000	$1,038.90	$3.52	0.69%
Y Class	$1,000	$1,037.60	$3.01	0.59%
A Class	$1,000	$1,035.30	$5.29	1.04%
C Class	$1,000	$1,033.20	$9.10	1.79%
R Class	$1,000	$1,035.80	$6.57	1.29%
R5 Class	$1,000	$1,037.60	$3.01	0.59%
R6 Class	$1,000	$1,039.70	$2.75	0.54%
Hypothetical
Investor Class	$1,000	$1,021.05	$3.99	0.79%
I Class	$1,000	$1,021.55	$3.49	0.69%
Y Class	$1,000	$1,022.05	$2.98	0.59%
A Class	$1,000	$1,019.80	$5.25	1.04%
C Class	$1,000	$1,016.05	$9.02	1.79%
R Class	$1,000	$1,018.55	$6.51	1.29%
R5 Class	$1,000	$1,022.05	$2.98	0.59%
R6 Class	$1,000	$1,022.30	$2.73	0.54%

(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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount		Value
CORPORATE BONDS — 86.1%
Aerospace and Defense — 2.4%
Arconic, Inc., 6.15%, 8/15/20	$	500,000	$	515,515
Arconic, Inc., 5.40%, 4/15/21	105,000		108,663
Arconic, Inc., 5.125%, 10/1/24	175,000		186,500
Bombardier, Inc., 8.75%, 12/1/21(1)	160,000		173,400
Bombardier, Inc., 5.75%, 3/15/22(1)(2)	215,000		219,838
Bombardier, Inc., 6.00%, 10/15/22(1)	185,000		185,694
Bombardier, Inc., 7.50%, 3/15/25(1)(2)	305,000		305,762
TransDigm, Inc., 6.00%, 7/15/22	160,000		162,800
TransDigm, Inc., 6.25%, 3/15/26(1)	1,000,000		1,076,250
TransDigm, Inc., 6.375%, 6/15/26	520,000		548,600
			3,483,022
Air Freight and Logistics — 0.2%
XPO Logistics, Inc., 6.50%, 6/15/22(1)	180,000		183,600
XPO Logistics, Inc., 6.75%, 8/15/24(1)(2)	100,000		108,500
			292,100
Airlines — 0.6%
American Airlines Group, Inc., 4.625%, 3/1/20(1)	275,000		277,750
United Airlines Holdings, Inc., 5.00%, 2/1/24(2)	555,000		586,912
			864,662
Auto Components — 0.6%
American Axle & Manufacturing, Inc., 6.625%, 10/15/22	139,000		141,085
Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/23(2)	540,000		548,775
ZF North America Capital, Inc., 4.75%, 4/29/25(1)	160,000		166,935
			856,795
Automobiles — 0.2%
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	300,000		297,146
Banks — 0.3%
CIT Group, Inc., 5.00%, 8/1/23	250,000		267,187
Royal Bank of Scotland Group plc, 6.125%, 12/15/22	130,000		140,751
			407,938
Building Products — 0.5%
Builders FirstSource, Inc., 5.625%, 9/1/24(1)	252,000		263,025
Standard Industries, Inc., 6.00%, 10/15/25(1)	375,000		395,048
			658,073
Capital Markets — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.875%, 2/1/22	405,000		410,316
MSCI, Inc., 5.75%, 8/15/25(1)	500,000		526,875
			937,191
Chemicals — 1.7%
CF Industries, Inc., 3.45%, 6/1/23	413,000		420,744
CF Industries, Inc., 4.95%, 6/1/43	500,000		491,875

6

	Principal Amount		Value
Element Solutions, Inc., 5.875%, 12/1/25(1)	$	370,000	$	389,092
Huntsman International LLC, 5.125%, 11/15/22	195,000		208,047
Olin Corp., 5.125%, 9/15/27	360,000		369,900
Tronox Finance plc, 5.75%, 10/1/25(1)	680,000		646,510
			2,526,168
Commercial Services and Supplies — 2.3%
ADT Security Corp. (The), 6.25%, 10/15/21	355,000		379,850
Clean Harbors, Inc., 4.875%, 7/15/27(1)	500,000		523,125
Covanta Holding Corp., 5.875%, 3/1/24	606,000		625,695
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	555,000		559,329
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 5/15/23(1)	379,000		399,153
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)	500,000		514,525
RR Donnelley & Sons Co., 6.00%, 4/1/24	415,000		430,563
			3,432,240
Communications Equipment — 0.4%
CommScope Technologies LLC, 6.00%, 6/15/25(1)	70,000		63,525
CommScope Technologies LLC, 5.00%, 3/15/27(1)	285,000		236,550
CommScope, Inc., 5.50%, 6/15/24(1)	238,000		224,834
			524,909
Construction and Engineering — 0.2%
IHS Netherlands Holdco BV, 9.50%, 10/27/21(1)	305,000		312,747
Consumer Finance — 3.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	300,000		315,511
Ally Financial, Inc., 8.00%, 3/15/20	700,000		716,583
Ally Financial, Inc., 5.75%, 11/20/25	450,000		505,696
Ally Financial, Inc., 8.00%, 11/1/31	210,000		291,375
Navient Corp., 5.00%, 10/26/20	60,000		60,900
Navient Corp., 5.50%, 1/25/23	705,000		730,556
Navient Corp., MTN, 6.125%, 3/25/24	140,000		145,907
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	460,000		485,944
Springleaf Finance Corp., 6.125%, 3/15/24	750,000		809,062
Springleaf Finance Corp., 7.125%, 3/15/26	250,000		277,800
			4,339,334
Containers and Packaging — 4.0%
ARD Finance SA, 7.125% Cash or 7.875% PIK, 9/15/23(3)	780,000		807,300
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.00%, 2/15/25(1)	415,000		434,961
Ball Corp., 5.00%, 3/15/22	205,000		216,841
Ball Corp., 4.00%, 11/15/23	90,000		94,388
Ball Corp., 5.25%, 7/1/25	250,000		277,188
Berry Global, Inc., 5.50%, 5/15/22	100,000		101,750
Berry Global, Inc., 5.125%, 7/15/23	330,000		339,900
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23(2)	845,000		889,362
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)	480,000		496,704
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)(2)	100,000		94,905

7

	Principal Amount		Value
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)(2)	$	240,000	$	255,600
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 6.875%, 2/15/21	109,159		109,569
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	390,000		400,237
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.00%, 7/15/24(1)	785,000		814,928
Sealed Air Corp., 5.125%, 12/1/24(1)	440,000		473,000
			5,806,633
Diversified Financial Services — 0.3%
Voya Financial, Inc., VRN, 5.65%, 5/15/53	350,000		369,628
Diversified Telecommunication Services — 5.4%
Altice France SA, 7.375%, 5/1/26(1)	815,000		876,907
CenturyLink, Inc., 5.625%, 4/1/20	655,000		666,528
CenturyLink, Inc., 5.80%, 3/15/22	860,000		910,525
Cincinnati Bell, Inc., 7.00%, 7/15/24(1)(2)	195,000		181,350
Frontier Communications Corp., 10.50%, 9/15/22	235,000		108,834
Frontier Communications Corp., 7.125%, 1/15/23	555,000		248,363
Frontier Communications Corp., 6.875%, 1/15/25	450,000		201,375
Frontier Communications Corp., 11.00%, 9/15/25	55,000		25,128
Hughes Satellite Systems Corp., 5.25%, 8/1/26	480,000		515,400
Inmarsat Finance plc, 4.875%, 5/15/22(1)	175,000		178,008
Intelsat Jackson Holdings SA, 9.75%, 7/15/25(1)	560,000		587,720
Level 3 Financing, Inc., 5.375%, 8/15/22	290,000		291,813
Level 3 Financing, Inc., 5.375%, 5/1/25	185,000		192,169
Level 3 Financing, Inc., 5.25%, 3/15/26	450,000		469,058
Sprint Capital Corp., 6.875%, 11/15/28	280,000		305,956
Sprint Capital Corp., 8.75%, 3/15/32	530,000		655,053
Telecom Italia Capital SA, 6.375%, 11/15/33	750,000		828,750
Zayo Group LLC / Zayo Capital, Inc., 6.00%, 4/1/23	315,000		324,844
Zayo Group LLC / Zayo Capital, Inc., 5.75%, 1/15/27(1)	380,000		389,424
			7,957,205
Electric Utilities — 0.2%
Talen Energy Supply LLC, 6.50%, 6/1/25	390,000		298,350
Electronic Equipment, Instruments and Components — 0.2%
Sensata Technologies BV, 5.00%, 10/1/25(1)	338,000		362,928
Energy Equipment and Services — 1.3%
Nabors Industries, Inc., 4.625%, 9/15/21	360,000		342,000
Precision Drilling Corp., 5.25%, 11/15/24	375,000		330,938
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	250,000		258,750
Transocean, Inc., 9.00%, 7/15/23(1)	870,000		905,887
			1,837,575
Entertainment — 1.3%
AMC Entertainment Holdings, Inc., 5.75%, 6/15/25(2)	140,000		133,966
Cinemark USA, Inc., 5.125%, 12/15/22	165,000		167,681
Netflix, Inc., 5.875%, 11/15/28	500,000		544,400
Netflix, Inc., 5.375%, 11/15/29(1)	750,000		781,875

8

	Principal Amount		Value
Viacom, Inc., VRN, 6.25%, 2/28/57	$	200,000	$	215,975
			1,843,897
Equity Real Estate Investment Trusts (REITs) — 2.4%
Equinix, Inc., 5.375%, 5/15/27	520,000		561,925
Iron Mountain, Inc., 5.75%, 8/15/24	395,000		399,938
Iron Mountain, Inc., 4.875%, 9/15/27(1)	500,000		513,840
Iron Mountain, Inc., 4.875%, 9/15/29(1)	500,000		508,900
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24	475,000		522,500
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29	500,000		515,937
SBA Communications Corp., 4.875%, 7/15/22	415,000		421,578
			3,444,618
Food and Staples Retailing — 0.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertson's LP / Albertson's LLC, 6.625%, 6/15/24	595,000		626,237
Rite Aid Corp., 6.125%, 4/1/23(1)	335,000		267,029
			893,266
Food Products — 2.1%
B&G Foods, Inc., 5.25%, 4/1/25(2)	260,000		266,500
JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 7/15/24(1)	280,000		288,939
JBS USA LUX SA / JBS USA Finance, Inc., 5.75%, 6/15/25(1)	45,000		47,051
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(1)	460,000		486,404
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	755,000		783,312
Post Holdings, Inc., 5.00%, 8/15/26(1)	935,000		973,195
Post Holdings, Inc., 5.50%, 12/15/29(1)	250,000		261,562
			3,106,963
Health Care Equipment and Supplies — 0.5%
Hologic, Inc., 4.375%, 10/15/25(1)	500,000		515,000
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 6.625%, 5/15/22(1)	175,000		171,798
			686,798
Health Care Providers and Services — 5.6%
Acadia Healthcare Co., Inc., 5.125%, 7/1/22	100,000		101,125
Acadia Healthcare Co., Inc., 5.625%, 2/15/23	290,000		296,888
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1)	50,000		52,000
Centene Corp., 4.75%, 1/15/25	700,000		720,300
CHS / Community Health Systems, Inc., 5.125%, 8/1/21(2)	270,000		270,338
CHS / Community Health Systems, Inc., 6.875%, 2/1/22	180,000		137,475
CHS / Community Health Systems, Inc., 6.25%, 3/31/23	575,000		573,332
CHS / Community Health Systems, Inc., 8.125%, 6/30/24(1)	85,000		68,000
CHS / Community Health Systems, Inc., VRN, 9.875%, 6/30/23(1)(2)	315,000		269,325
DaVita, Inc., 5.125%, 7/15/24	532,000		541,975
DaVita, Inc., 5.00%, 5/1/25(2)	722,000		722,000
Encompass Health Corp., 5.75%, 11/1/24	160,000		162,272
Envision Healthcare Corp., 8.75%, 10/15/26(1)	300,000		184,500
HCA, Inc., 5.00%, 3/15/24	190,000		207,699
HCA, Inc., 5.375%, 2/1/25	695,000		761,025
HCA, Inc., 7.69%, 6/15/25	500,000		602,500

9

	Principal Amount		Value
HCA, Inc., 4.50%, 2/15/27	$	480,000	$	515,503
Team Health Holdings, Inc., 6.375%, 2/1/25(1)(2)	230,000		160,080
Tenet Healthcare Corp., 8.125%, 4/1/22	470,000		510,537
Tenet Healthcare Corp., 6.75%, 6/15/23(2)	780,000		822,065
Tenet Healthcare Corp., 5.125%, 5/1/25	500,000		508,150
			8,187,089
Health Care Technology — 0.6%
IQVIA, Inc., 5.00%, 10/15/26(1)	485,000		509,856
IQVIA, Inc., 5.00%, 5/15/27(1)	300,000		315,000
			824,856
Hotels, Restaurants and Leisure — 6.3%
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(1)	500,000		517,750
Aramark Services, Inc., 5.00%, 2/1/28(1)	400,000		416,000
Boyd Gaming Corp., 6.875%, 5/15/23	288,000		299,880
Boyd Gaming Corp., 6.375%, 4/1/26	350,000		372,313
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	600,000		614,940
Eldorado Resorts, Inc., 7.00%, 8/1/23	600,000		628,500
Golden Nugget, Inc., 6.75%, 10/15/24(1)	610,000		626,775
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24	510,000		520,837
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.625%, 4/1/25	455,000		469,787
International Game Technology plc, 6.25%, 2/15/22(1)	250,000		265,067
International Game Technology plc, 6.50%, 2/15/25(1)	585,000		652,316
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 6.75%, 11/15/21(1)	460,000		470,925
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.25%, 6/1/26(1)	250,000		265,250
MGM Resorts International, 6.00%, 3/15/23	350,000		386,470
MGM Resorts International, 4.625%, 9/1/26	280,000		293,336
Penn National Gaming, Inc., 5.625%, 1/15/27(1)(2)	680,000		703,800
Scientific Games International, Inc., 6.25%, 9/1/20	445,000		448,338
Scientific Games International, Inc., 10.00%, 12/1/22	158,000		164,913
Scientific Games International, Inc., 8.25%, 3/15/26(1)(2)	200,000		213,500
Station Casinos LLC, 5.00%, 10/1/25(1)	100,000		101,730
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	605,000		636,762
Yum! Brands, Inc., 3.75%, 11/1/21	200,000		205,500
			9,274,689
Household Durables — 3.2%
Beazer Homes USA, Inc., 5.875%, 10/15/27(2)	330,000		322,163
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.125%, 7/1/22(1)	340,000		346,155
Lennar Corp., 4.50%, 4/30/24	695,000		733,920
Meritage Homes Corp., 7.00%, 4/1/22	110,000		120,588
Meritage Homes Corp., 5.125%, 6/6/27	230,000		243,225
PulteGroup, Inc., 5.50%, 3/1/26	465,000		509,756
Shea Homes LP / Shea Homes Funding Corp., 5.875%, 4/1/23(1)	355,000		364,762
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 3/1/24(1)	715,000		768,625

10

	Principal Amount		Value
Toll Brothers Finance Corp., 4.35%, 2/15/28	$	200,000	$	207,500
Toll Brothers Finance Corp., 3.80%, 11/1/29	500,000		493,440
William Lyon Homes, Inc., 5.875%, 1/31/25	570,000		578,550
			4,688,684
Household Products — 0.5%
Energizer Holdings, Inc., 5.50%, 6/15/25(1)	365,000		378,808
Spectrum Brands, Inc., 5.75%, 7/15/25	325,000		340,759
			719,567
Independent Power and Renewable Electricity Producers — 0.8%
Calpine Corp., 5.375%, 1/15/23	645,000		654,675
NRG Energy, Inc., 7.25%, 5/15/26	530,000		582,470
			1,237,145
Insurance — 0.2%
Genworth Holdings, Inc., 7.625%, 9/24/21(2)	315,000		327,729
Interactive Media and Services — 0.3%
Rackspace Hosting, Inc., 8.625%, 11/15/24(1)(2)	520,000		480,948
IT Services — 0.2%
CDW LLC / CDW Finance Corp., 5.50%, 12/1/24	290,000		320,740
Media — 11.7%
Altice Financing SA, 6.625%, 2/15/23(1)	430,000		442,362
Altice Financing SA, 7.50%, 5/15/26(1)	505,000		537,820
Altice Luxembourg SA, 7.625%, 2/15/25(1)	470,000		491,737
AMC Networks, Inc., 4.75%, 8/1/25	730,000		755,550
Cablevision Systems Corp., 5.875%, 9/15/22	705,000		761,400
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 5/1/25(1)	625,000		650,000
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	880,000		930,600
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)	515,000		538,819
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/28(1)	500,000		518,125
CSC Holdings LLC, 6.75%, 11/15/21	565,000		610,200
CSC Holdings LLC, 5.375%, 7/15/23(1)	460,000		473,225
CSC Holdings LLC, 6.625%, 10/15/25(1)	200,000		214,560
CSC Holdings LLC, 5.50%, 5/15/26(1)	245,000		258,451
CSC Holdings LLC, 5.50%, 4/15/27(1)	735,000		779,019
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 8/15/26(1)	700,000		728,000
DISH DBS Corp., 5.125%, 5/1/20	200,000		202,750
DISH DBS Corp., 5.00%, 3/15/23	435,000		441,112
DISH DBS Corp., 5.875%, 11/15/24	630,000		626,850
Gray Television, Inc., 5.125%, 10/15/24(1)(2)	475,000		493,406
Gray Television, Inc., 5.875%, 7/15/26(1)	455,000		474,337
Lamar Media Corp., 5.00%, 5/1/23	290,000		296,888
Nexstar Broadcasting, Inc., 5.625%, 8/1/24(1)	635,000		662,527
Nexstar Escrow, Inc., 5.625%, 7/15/27(1)	400,000		420,000
Sinclair Television Group, Inc., 5.625%, 8/1/24(1)	485,000		500,156
Sirius XM Radio, Inc., 4.625%, 5/15/23(1)	315,000		322,592
Sirius XM Radio, Inc., 5.375%, 4/15/25(1)	350,000		364,000
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)	250,000		267,500
TEGNA, Inc., 5.125%, 7/15/20	41,000		41,092

11

	Principal Amount		Value
TEGNA, Inc., 5.50%, 9/15/24(1)(2)	$	415,000	$	429,525
TEGNA, Inc., 5.00%, 9/15/29(1)	260,000		263,250
Univision Communications, Inc., 5.125%, 2/15/25(1)	375,000		366,563
UPCB Finance IV Ltd., 5.375%, 1/15/25(1)	315,000		325,238
Videotron Ltd., 5.00%, 7/15/22	280,000		295,750
Virgin Media Finance plc, 5.75%, 1/15/25(1)	640,000		661,600
Ziggo Bond Co. BV, 5.875%, 1/15/25(1)	265,000		273,613
Ziggo BV, 5.50%, 1/15/27(1)	675,000		707,062
			17,125,679
Metals and Mining — 4.1%
Alcoa Nederland Holding BV, 6.75%, 9/30/24(1)	410,000		432,037
Allegheny Technologies, Inc., 5.95%, 1/15/21	715,000		734,216
Cleveland-Cliffs, Inc., 5.75%, 3/1/25	830,000		817,550
Constellium SE, 6.625%, 3/1/25(1)(2)	835,000		872,575
First Quantum Minerals Ltd., 7.25%, 5/15/22(1)(2)	305,000		303,606
Freeport-McMoRan, Inc., 3.55%, 3/1/22	371,000		372,855
Freeport-McMoRan, Inc., 5.40%, 11/14/34	655,000		625,525
Novelis Corp., 5.875%, 9/30/26(1)	780,000		819,975
Steel Dynamics, Inc., 5.00%, 12/15/26	360,000		378,000
Teck Resources Ltd., 6.25%, 7/15/41	465,000		517,988
United States Steel Corp., 6.875%, 8/15/25(2)	100,000		90,750
			5,965,077
Oil, Gas and Consumable Fuels — 9.7%
Antero Resources Corp., 5.375%, 11/1/21	200,000		194,250
Antero Resources Corp., 5.125%, 12/1/22(2)	255,000		225,038
Antero Resources Corp., 5.625%, 6/1/23	155,000		134,850
Calumet Specialty Products Partners LP / Calumet Finance Corp., 6.50%, 4/15/21(2)	235,000		235,452
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23(2)	235,000		223,838
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24	245,000		282,056
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25	85,000		94,775
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27	450,000		493,875
Cheniere Energy Partners LP, 5.25%, 10/1/25	500,000		522,000
Cheniere Energy Partners LP, 5.625%, 10/1/26	350,000		373,153
Chesapeake Energy Corp., 8.00%, 1/15/25(2)	605,000		440,137
CNX Resources Corp., 5.875%, 4/15/22(2)	429,000		413,985
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23	140,000		144,375
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	460,000		474,950
Denbury Resources, Inc., 9.00%, 5/15/21(1)	255,000		237,788
Diamondback Energy, Inc., 4.75%, 11/1/24	385,000		395,106
EnLink Midstream Partners LP, 4.85%, 7/15/26	700,000		667,625
Genesis Energy LP / Genesis Energy Finance Corp., 6.75%, 8/1/22	135,000		137,477
Genesis Energy LP / Genesis Energy Finance Corp., 5.625%, 6/15/24	810,000		779,625
Gulfport Energy Corp., 6.00%, 10/15/24	105,000		76,477
Gulfport Energy Corp., 6.375%, 5/15/25	410,000		293,150
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 10/1/25(1)	240,000		224,400

12

	Principal Amount		Value
Laredo Petroleum, Inc., 6.25%, 3/15/23(2)	$	285,000	$	251,513
Martin Midstream Partners LP / Martin Midstream Finance Corp., 7.25%, 2/15/21	525,000		490,224
MEG Energy Corp., 7.00%, 3/31/24(1)	135,000		130,950
MEG Energy Corp., 6.50%, 1/15/25(1)(2)	355,000		363,431
Murphy Oil Corp., 4.20%, 12/1/22	360,000		366,300
Newfield Exploration Co., 5.75%, 1/30/22	70,000		74,826
NuStar Logistics LP, 4.75%, 2/1/22	155,000		158,488
Oasis Petroleum, Inc., 6.875%, 3/15/22	500,000		468,750
Parsley Energy LLC / Parsley Finance Corp., 5.375%, 1/15/25(1)	580,000		590,150
QEP Resources, Inc., 5.375%, 10/1/22	565,000		542,569
Range Resources Corp., 5.75%, 6/1/21	180,000		179,550
Range Resources Corp., 5.00%, 8/15/22	415,000		391,137
SM Energy Co., 5.00%, 1/15/24	365,000		329,413
Southwestern Energy Co., 6.20%, 1/23/25	555,000		493,950
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	850,000		889,244
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23	471,000		476,299
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.125%, 2/1/25	461,000		476,374
Whiting Petroleum Corp., 5.75%, 3/15/21	260,000		249,283
WPX Energy, Inc., 8.25%, 8/1/23	235,000		265,550
			14,252,383
Personal Products — 0.2%
Avon Products, Inc., 7.00%, 3/15/23(2)	280,000		296,100
Pharmaceuticals — 2.3%
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)	236,000		239,835
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	700,000		728,000
Bausch Health Cos., Inc., 5.50%, 11/1/25(1)	800,000		840,080
Horizon Pharma USA, Inc., 5.50%, 8/1/27(1)	750,000		781,875
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.50%, 4/15/25(1)	145,000		43,543
Teva Pharmaceutical Finance Netherlands III BV, 2.20%, 7/21/21	500,000		458,750
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26	300,000		210,750
			3,302,833
Professional Services — 0.3%
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 6.375%, 8/1/23(1)	375,000		388,594
Road and Rail — 1.0%
Hertz Corp. (The), 6.25%, 10/15/22	235,000		238,231
United Rentals North America, Inc., 5.50%, 7/15/25	170,000		177,523
United Rentals North America, Inc., 5.50%, 5/15/27	555,000		590,381
United Rentals North America, Inc., 4.875%, 1/15/28	500,000		521,875
			1,528,010
Semiconductors and Semiconductor Equipment — 0.4%
Advanced Micro Devices, Inc., 7.00%, 7/1/24	99,000		102,836
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	455,000		470,293
			573,129

13

	Principal Amount		Value
Software — 0.7%
Infor US, Inc., 6.50%, 5/15/22	$	513,000	$	523,260
Symantec Corp., 4.20%, 9/15/20	500,000		506,372
			1,029,632
Specialty Retail — 1.5%
L Brands, Inc., 5.625%, 2/15/22	525,000		555,187
Party City Holdings, Inc., 6.125%, 8/15/23(1)(2)	180,000		183,375
PetSmart, Inc., 5.875%, 6/1/25(1)	180,000		180,000
Sally Holdings LLC / Sally Capital, Inc., 5.50%, 11/1/23	280,000		283,500
Sonic Automotive, Inc., 5.00%, 5/15/23	235,000		239,113
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.50%, 6/1/24	185,000		189,625
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.75%, 3/1/25	550,000		563,288
			2,194,088
Technology Hardware, Storage and Peripherals — 1.9%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	265,000		269,571
Dell International LLC / EMC Corp., 7.125%, 6/15/24(1)	335,000		354,011
Dell International LLC / EMC Corp., 4.90%, 10/1/26(1)	250,000		268,028
EMC Corp., 2.65%, 6/1/20	500,000		500,234
NCR Corp., 5.00%, 7/15/22	380,000		384,750
Western Digital Corp., 4.75%, 2/15/26	340,000		350,625
Xerox Corp., 4.50%, 5/15/21	700,000		719,250
			2,846,469
Textiles, Apparel and Luxury Goods — 0.3%
Hanesbrands, Inc., 4.625%, 5/15/24(1)	475,000		502,911
Trading Companies and Distributors — 0.3%
Beacon Roofing Supply, Inc., 4.875%, 11/1/25(1)(2)	370,000		364,450
Wireless Telecommunication Services — 2.7%
Sprint Corp., 7.25%, 9/15/21	785,000		839,636
Sprint Corp., 7.875%, 9/15/23	380,000		418,365
Sprint Corp., 7.125%, 6/15/24	550,000		594,165
Sprint Corp., 7.625%, 2/15/25	280,000		308,700
T-Mobile USA, Inc., 6.00%, 3/1/23	350,000		357,417
T-Mobile USA, Inc., 6.375%, 3/1/25	355,000		368,653
T-Mobile USA, Inc., 6.50%, 1/15/26	445,000		479,572
T-Mobile USA, Inc., 4.75%, 2/1/28	500,000		525,125
			3,891,633
TOTAL CORPORATE BONDS (Cost $123,399,213)			125,862,621

14

	Shares/Principal Amount		Value
EXCHANGE-TRADED FUNDS — 1.0%
iShares iBoxx High Yield Corporate Bond ETF	8,200		$	714,794
SPDR Bloomberg Barclays High Yield Bond ETF	6,700		728,558
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,438,052)			1,443,352
BANK LOAN OBLIGATIONS(4) — 0.7%
Diversified Telecommunication Services — 0.2%
Zayo Group, LLC, 2017 Incremental Term Loan, 4.29%, (1-month LIBOR plus 2.25%), 1/19/24	$	300,000	301,032
Health Care Providers and Services — 0.3%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 4.54%, (1-month LIBOR plus 2.50%), 2/16/23	496,180		497,537
Pharmaceuticals — 0.2%
Bausch Health Companies Inc., 2018 Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 6/2/25	235,114		236,339
TOTAL BANK LOAN OBLIGATIONS (Cost $1,031,568)			1,034,908
ASSET-BACKED SECURITIES — 0.3%
UAL Pass-Through Trust, Series 2007-1, Class A, 6.64%, 1/2/24	204,145		216,251
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.375%, 5/15/23	208,735		217,931
TOTAL ASSET-BACKED SECURITIES (Cost $414,987)			434,182
TEMPORARY CASH INVESTMENTS — 11.0%
Chariot Funding LLC, 1.99%, 10/1/19(1)(5)	3,889,000		3,888,787
Credit Agricole Corporate and Investment Bank, 1.89%, 10/1/19(1)(5)	6,892,000		6,891,597
Crown Point Capital Co. LLC, 1.99%, 10/1/19(1)(5)	2,776,000		2,775,849
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.375% - 2.875%, 6/30/20 - 2/15/29, valued at $2,240,206), in a joint trading account at 1.80%, dated 9/30/19, due 10/1/19 (Delivery value $2,195,656)			2,195,546
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45, valued at $374,287), at 0.85%, dated 9/30/19, due 10/1/19 (Delivery value $362,009)			362,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	7,342		7,342
TOTAL TEMPORARY CASH INVESTMENTS (Cost $16,121,888)			16,121,121
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(6) — 7.8%
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $11,356,060)	11,356,060		11,356,060
TOTAL INVESTMENT SECURITIES — 106.9% (Cost $153,761,768)			156,252,244
OTHER ASSETS AND LIABILITIES(7) — (6.9)%			(10,040,573		)
TOTAL NET ASSETS — 100.0%			$	146,211,671

15

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 32	Sell	5.00%	6/20/24	$	990,000	$	67,683	$	3,682	$	71,365

^‡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
MTN	-	Medium Term Note
PIK	-	Payment in Kind. Security may pay a cash rate and/or an in kind rate.
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 $66,170,897, which represented 45.3% 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 $10,992,956. 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) The security's rate was paid in cash at the last payment date.

(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.

(6) Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $11,356,060.

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

See Notes to Financial Statements.

16

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (cost of $142,405,708)	$	144,896,184
Investment made with cash collateral received for securities on loan, at value (cost of $11,356,060)	11,356,060
Total investment securities, at value (cost of $153,761,768)	156,252,244
Deposits with broker for swap agreements	50,906
Receivable for investments sold	189,985
Receivable for capital shares sold	167,919
Receivable for variation margin on swap agreements	3,318
Interest and dividends receivable	1,809,414
Securities lending receivable	5,768
	158,479,554
Liabilities
Payable for collateral received for securities on loan	11,356,060
Payable for investments purchased	521,625
Payable for capital shares redeemed	239,108
Accrued management fees	90,428
Distribution and service fees payable	6,737
Dividends payable	53,925
	12,267,883
Net Assets	$	146,211,671
Net Assets Consist of:
Capital paid in	$	183,067,959
Distributable earnings	(36,856,288		)
	$	146,211,671

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$110,715,561	19,714,095	$5.62
I Class		$4,998,432	888,137	$5.63
Y Class		$9,795,978	1,742,331	$5.62
A Class		$13,095,999	2,329,654	$5.62*
C Class		$4,397,905	782,581	$5.62
R Class		$1,030,105	183,305	$5.62
R5 Class		$1,977,382	351,674	$5.62
R6 Class		$200,309	35,672	$5.62

*Maximum offering price $5.88 (net asset value divided by 0.955).

See Notes to Financial Statements.

17

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	3,735,433
Securities lending, net	38,827
Dividends	25,663
	3,799,923
Expenses:
Management fees	574,330
Distribution and service fees:
A Class	15,662
C Class	24,705
R Class	2,281
Trustees' fees and expenses	5,310
Other expenses	1,702
	623,990
Fees waived(1)	(33,079		)
	590,911
Net investment income (loss)	3,209,012
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(728,954		)
Swap agreement transactions	51,757
	(677,197		)
Change in net unrealized appreciation (depreciation) on:
Investments	2,751,132
Swap agreements	(52,843		)
	2,698,289
Net realized and unrealized gain (loss)	2,021,092
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,230,104

(1) Amount consists of $25,632, $1,096, $1,646, $2,849, $1,204, $209, $398 and $45 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.

18

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	3,209,012		$	7,425,212
Net realized gain (loss)	(677,197		)	(2,294,661		)
Change in net unrealized appreciation (depreciation)	2,698,289			1,607,485
Net increase (decrease) in net assets resulting from operations	5,230,104			6,738,036
Distributions to Shareholders
From earnings:
Investor Class	(2,574,915		)	(5,993,988		)
I Class	(114,561		)	(154,119		)
Y Class	(187,909		)	(153,733		)
A Class	(276,890		)	(626,853		)
C Class	(91,006		)	(301,522		)
R Class	(19,032		)	(47,087		)
R5 Class	(43,357		)	(87,006		)
R6 Class	(4,806		)	(217,873		)
Decrease in net assets from distributions	(3,312,476		)	(7,582,181		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	5,367,202			(9,199,688		)
Net increase (decrease) in net assets	7,284,830			(10,043,833		)
Net Assets
Beginning of period	138,926,841			148,970,674
End of period	$	146,211,671		$	138,926,841

See Notes to Financial Statements.

19

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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.

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.

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.

20

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. 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.

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.

21

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 September 30, 2019.

Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Corporate Bonds	$	11,356,060	—	—	—	$	11,356,060
Gross amount of recognized liabilities for securities lending transactions						$	11,356,060

(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.

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. From April 1, 2019 through July 31, 2019, the investment advisor agreed to waive 0.07% of the fund's management fee. Effective August 1, 2019, the investment advisor terminated the waiver and decreased the annual management fee by 0.07%.

22

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 September 30, 2019 are as follows:

			Effective Annual Management Fee
	Investment Category Fee Range*	Complex Fee Range	Before Waiver	After Waiver
Investor Class	0.4725% to 0.5900%	0.2500% to 0.3100%	0.82%	0.78%
I Class		0.1500% to 0.2100%	0.72%	0.68%
Y Class		0.0500% to 0.1100%	0.62%	0.58%
A Class		0.2500% to 0.3100%	0.82%	0.78%
C Class		0.2500% to 0.3100%	0.82%	0.78%
R Class		0.2500% to 0.3100%	0.82%	0.78%
R5 Class		0.0500% to 0.1100%	0.62%	0.58%
R6 Class		0.0000% to 0.0600%	0.57%	0.53%

*Prior to August 1, 2019, the investment category fee range was 0.5425% to 0.6600%.

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 September 30, 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 September 30, 2019 were $16,862,256 and $20,235,433, respectively.

23

5. Capital Share Transactions

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

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	2,666,583		$	14,865,695		12,448,873		$	69,118,275
Issued in reinvestment of distributions	401,286		2,241,776			955,164		5,263,536
Redeemed	(3,318,777	)	(18,514,404		)	(13,350,485	)	(73,963,906		)
	(250,908	)	(1,406,933		)	53,552		417,905
I Class
Sold	614,810		3,442,519			90,790		506,228
Issued in reinvestment of distributions	20,464		114,561			26,689		147,594
Redeemed	(161,276	)	(904,162		)	(483,393	)	(2,695,266		)
	473,998		2,652,918			(365,914	)	(2,041,444		)
Y Class
Sold	725,815		4,054,588			1,012,561		5,600,018
Issued in reinvestment of distributions	33,572		187,909			28,019		153,678
Redeemed	(49,429	)	(275,252		)	(55,116	)	(298,822		)
	709,958		3,967,245			985,464		5,454,874
A Class
Sold	340,244		1,903,437			426,615		2,368,335
Issued in reinvestment of distributions	46,869		262,178			107,600		593,585
Redeemed	(197,313	)	(1,103,763		)	(723,224	)	(3,992,813		)
	189,800		1,061,852			(189,009	)	(1,030,893		)
C Class
Sold	27,212		152,545			87,824		483,241
Issued in reinvestment of distributions	14,741		82,404			50,386		278,026
Redeemed	(264,666	)	(1,477,204		)	(617,331	)	(3,404,093		)
	(222,713	)	(1,242,255		)	(479,121	)	(2,642,826		)
R Class
Sold	40,138		224,710			93,275		513,476
Issued in reinvestment of distributions	3,382		18,913			8,356		46,121
Redeemed	(38,489	)	(214,233		)	(109,721	)	(604,783		)
	5,031		29,390			(8,090	)	(45,186		)
R5 Class
Sold	57,593		321,243			67,739		375,160
Issued in reinvestment of distributions	7,748		43,343			15,653		86,374
Redeemed	(12,075	)	(67,744		)	(101,804	)	(566,900		)
	53,266		296,842			(18,412	)	(105,366		)
R6 Class
Sold	637		3,550			54,007		301,428
Issued in reinvestment of distributions	860		4,806			38,855		216,459
Redeemed	(38	)	(213		)	(1,737,462	)	(9,724,639		)
	1,459		8,143			(1,644,600	)	(9,206,752		)
Net increase (decrease)	959,891		$	5,367,202		(1,666,130	)	$	(9,199,688	)

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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	—		$	125,862,621	—
Exchange-Traded Funds	$	1,443,352	—		—
Bank Loan Obligations	—		1,034,908		—
Asset-Backed Securities	—		434,182		—
Temporary Cash Investments	7,342		16,113,779		—
Temporary Cash Investments - Securities Lending Collateral	11,356,060		—		—
	$	12,806,754	$	143,445,490	—
Other Financial Instruments
Swap Agreements	—		$	71,365	—

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 $1,194,000.

25

The value of credit risk derivative instruments as of September 30, 2019, is disclosed on the Statement of Assets and Liabilities as an asset of $3,318 in receivable for variation margin on swap agreements*. For the six months ended September 30, 2019, the effect of credit risk derivative instruments on the Statement of Operations was $51,757 in net realized gain (loss) on swap agreement transactions and $(52,843) 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 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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	153,804,439
Gross tax appreciation of investments	$	4,810,513
Gross tax depreciation of investments	(2,362,708		)
Net tax appreciation (depreciation) of investments	$	2,447,805

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

As of March 31, 2019, the fund had accumulated short-term capital losses of $(3,569,501) and accumulated long-term capital losses of $(34,934,837), 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.

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. The adoption of ASU 2017-08 did not materially impact the financial statements.

26

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(3)	$5.54	0.13	0.08	0.21	(0.13)	—	(0.13)	$5.62	3.84%	0.79%(4)	0.83%(4)	4.54%(4)	4.50%(4)	13%		$110,716
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)(5)	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(3)	$5.55	0.13	0.08	0.21	(0.13)	—	(0.13)	$5.63	3.89%	0.69%(4)	0.73%(4)	4.64%(4)	4.60%(4)	13%		$4,998
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(6)	$5.75	0.29	(0.17)(5)	0.12	(0.29)	—	(0.29)	$5.58	2.11%	0.73%(4)	0.76%(4)	5.22%(4)	5.19%(4)	20%(7)		$4,356
Y Class
2019(3)	$5.55	0.13	0.08	0.21	(0.14)	—	(0.14)	$5.62	3.76%	0.59%(4)	0.63%(4)	4.74%(4)	4.70%(4)	13%		$9,796
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(6)	$5.75	0.30	(0.17)(5)	0.13	(0.30)	—	(0.30)	$5.58	2.20%	0.63%(4)	0.66%(4)	5.51%(4)	5.48%(4)	20%(7)		$262

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)
A Class
2019(3)	$5.55	0.12	0.07	0.19	(0.12)	—	(0.12)	$5.62	3.53%	1.04%(4)	1.08%(4)	4.29%(4)	4.25%(4)	13%		$13,096
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)(5)	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
C Class
2019(3)	$5.54	0.10	0.08	0.18	(0.10)	—	(0.10)	$5.62	3.32%	1.79%(4)	1.83%(4)	3.54%(4)	3.50%(4)	13%		$4,398
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)(5)	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(3)	$5.54	0.11	0.09	0.20	(0.12)	—	(0.12)	$5.62	3.58%	1.29%(4)	1.33%(4)	4.04%(4)	4.00%(4)	13%		$1,030
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)(5)	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

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)
R5 Class
2019(3)	$5.55	0.13	0.08	0.21	(0.14)	—	(0.14)	$5.62	3.76%	0.59%(4)	0.63%(4)	4.74%(4)	4.70%(4)	13%		$1,977
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)(5)	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
R6 Class
2019(3)	$5.54	0.13	0.09	0.22	(0.14)	—	(0.14)	$5.62	3.97%	0.54%(4)	0.58%(4)	4.79%(4)	4.75%(4)	13%		$200
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)(5)	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) Six months ended September 30, 2019 (unaudited).

(4) Annualized.

(5) 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.

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

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

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

•

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

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Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. The Board discussed the Fund’s performance with the Advisor and was satisfied with the efforts being undertaken by the Advisor. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

32

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was slightly above the median of the total expense ratios of the Fund’s peer universe. The Board and the Advisor agreed to a permanent change to the Fund's fee schedule that should have the effect of lowering the Fund's annual unified management fee by approximately 0.07%, (e.g., the Investor Class unified fee will be reduced from 0.84% to 0.77%), beginning August 1, 2019.

33

The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

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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.

35

Notes

36

Notes

37

Notes

38

Notes

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-SAN-90815 1911

Semiannual Report

September 30, 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

Fund Characteristics	2
Shareholder Fee Example	3
Schedule of Investments	4
Statement of Assets and Liabilities	27
Statement of Operations	28
Statement of Changes in Net Assets	29
Notes to Financial Statements	30
Financial Highlights	37
Approval of Management Agreement	38
Additional Information	42

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.

Fund Characteristics

SEPTEMBER 30, 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
U.S. Treasury Securities	30.5%
Corporate Bonds	28.6%
U.S. Government Agency Mortgage-Backed Securities	23.7%
Asset-Backed Securities	5.5%
Commercial Mortgage-Backed Securities	4.6%
Collateralized Mortgage Obligations	3.9%
Collateralized Loan Obligations	2.4%
Municipal Securities	1.3%
Sovereign Governments and Agencies	0.7%
U.S. Government Agency Securities	0.3%
Bank Loan Obligations	0.2%
Temporary Cash Investments	3.4%
Other Assets and Liabilities	(5.1)%*

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

2

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 April 1, 2019 to September 30, 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 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1) 4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
G Class	$1,000	$1,056.10	$0.05	0.01%
Hypothetical
G Class	$1,000	$1,024.95	$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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

3

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount		Value
U.S. TREASURY SECURITIES — 30.5%
U.S. Treasury Bills, 1.99%, 6/18/20(1)	$	45,000,000	$	44,426,534
U.S. Treasury Bonds, 5.00%, 5/15/37	1,500,000		2,214,111
U.S. Treasury Bonds, 3.50%, 2/15/39(2)	11,480,000		14,394,171
U.S. Treasury Bonds, 3.125%, 11/15/41	29,500,000		35,191,426
U.S. Treasury Bonds, 3.00%, 5/15/42	28,500,000		33,359,473
U.S. Treasury Bonds, 2.875%, 5/15/43	16,000,000		18,362,187
U.S. Treasury Bonds, 3.125%, 8/15/44(2)	1,000,000		1,199,336
U.S. Treasury Bonds, 2.50%, 2/15/45	31,000,000		33,392,207
U.S. Treasury Bonds, 3.00%, 5/15/45	1,400,000		1,649,895
U.S. Treasury Bonds, 3.00%, 11/15/45	7,500,000		8,854,834
U.S. Treasury Bonds, 3.375%, 11/15/48	38,000,000		48,464,844
U.S. Treasury Bonds, 2.25%, 8/15/49	23,000,000		23,683,262
U.S. Treasury Notes, 1.50%, 5/31/20	10,000,000		9,976,172
U.S. Treasury Notes, 1.50%, 9/30/21	7,000,000		6,983,320
U.S. Treasury Notes, 2.625%, 12/15/21	45,900,000		46,916,613
U.S. Treasury Notes, 1.875%, 1/31/22	35,000,000		35,198,926
U.S. Treasury Notes, 2.375%, 3/15/22	46,000,000		46,884,062
U.S. Treasury Notes, 1.75%, 6/15/22	20,000,000		20,093,750
U.S. Treasury Notes, 1.50%, 9/15/22	36,000,000		35,936,719
U.S. Treasury Notes, 1.875%, 9/30/22	55,800,000		56,306,777
U.S. Treasury Notes, 2.00%, 11/30/22	15,000,000		15,192,773
U.S. Treasury Notes, 1.50%, 3/31/23	19,000,000		18,961,035
U.S. Treasury Notes, 2.375%, 2/29/24	8,000,000		8,278,750
U.S. Treasury Notes, 1.25%, 8/31/24	67,000,000		66,078,750
U.S. Treasury Notes, 2.125%, 11/30/24	9,000,000		9,246,094
U.S. Treasury Notes, 2.625%, 12/31/25	20,000,000		21,202,344
U.S. Treasury Notes, 1.625%, 9/30/26	5,000,000		5,001,660
U.S. Treasury Notes, 3.125%, 11/15/28	48,000,000		53,909,063
U.S. Treasury Notes, 2.375%, 5/15/29	13,000,000		13,810,977
U.S. Treasury Notes, 1.625%, 8/15/29	29,000,000		28,877,656
TOTAL U.S. TREASURY SECURITIES (Cost $725,049,262)			764,047,721
CORPORATE BONDS — 28.6%
Aerospace and Defense — 0.1%
United Technologies Corp., 6.05%, 6/1/36	730,000		983,328
United Technologies Corp., 5.70%, 4/15/40	1,420,000		1,897,695
			2,881,023
Automobiles — 1.0%
Ford Motor Credit Co. LLC, 2.68%, 1/9/20	5,110,000		5,109,984
Ford Motor Credit Co. LLC, 8.125%, 1/15/20	1,150,000		1,169,103
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	4,280,000		4,484,218
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	1,200,000		1,188,584

4

	Principal Amount		Value
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	$	2,220,000	$	2,224,012
General Motors Co., 4.20%, 10/1/27	1,500,000		1,530,954
General Motors Co., 5.15%, 4/1/38	1,500,000		1,517,275
General Motors Financial Co., Inc., 3.15%, 1/15/20	3,050,000		3,054,691
General Motors Financial Co., Inc., 3.20%, 7/6/21	3,110,000		3,142,689
General Motors Financial Co., Inc., 5.25%, 3/1/26	1,480,000		1,608,091
			25,029,601
Banks — 6.6%
Banco Santander SA, 3.50%, 4/11/22	2,600,000		2,669,374
Bank of America Corp., 4.10%, 7/24/23	4,160,000		4,444,677
Bank of America Corp., MTN, 4.20%, 8/26/24	4,320,000		4,636,773
Bank of America Corp., MTN, 4.00%, 1/22/25	5,140,000		5,463,681
Bank of America Corp., MTN, 5.00%, 1/21/44	830,000		1,051,851
Bank of America Corp., MTN, VRN, 2.37%, 7/21/21	3,070,000		3,075,554
Bank of America Corp., MTN, VRN, 2.33%, 10/1/21	4,310,000		4,315,402
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28	3,020,000		3,247,979
Bank of America Corp., MTN, VRN, 3.19%, 7/23/30	4,158,000		4,296,146
Bank of America Corp., MTN, VRN, 4.44%, 1/20/48	1,230,000		1,469,626
Bank of America Corp., VRN, 3.00%, 12/20/23	3,664,000		3,744,025
Bank of America N.A., 6.00%, 10/15/36	650,000		892,040
Barclays Bank plc, 5.14%, 10/14/20	2,290,000		2,342,059
BNP Paribas SA, 4.375%, 9/28/25(3)	1,550,000		1,648,938
BPCE SA, 3.00%, 5/22/22(3)	2,060,000		2,091,968
BPCE SA, 5.15%, 7/21/24(3)	1,870,000		2,049,191
Citibank N.A., 3.65%, 1/23/24	2,600,000		2,755,935
Citigroup, Inc., 2.90%, 12/8/21	4,000,000		4,061,633
Citigroup, Inc., 2.75%, 4/25/22	4,320,000		4,385,912
Citigroup, Inc., 4.05%, 7/30/22	1,400,000		1,466,169
Citigroup, Inc., 3.20%, 10/21/26	1,200,000		1,239,913
Citigroup, Inc., 4.45%, 9/29/27	9,270,000		10,122,498
Citigroup, Inc., VRN, 3.52%, 10/27/28	4,050,000		4,246,010
Cooperatieve Rabobank UA, 3.95%, 11/9/22	3,180,000		3,314,293
Discover Bank, 3.35%, 2/6/23	1,850,000		1,908,337
Discover Bank, 3.45%, 7/27/26	3,730,000		3,850,031
Fifth Third BanCorp., 4.30%, 1/16/24	750,000		805,040
Fifth Third Bank, 2.875%, 10/1/21	1,830,000		1,853,683
HSBC Bank USA N.A., 5.875%, 11/1/34	420,000		540,477
HSBC Holdings plc, 2.95%, 5/25/21	4,917,000		4,968,916
HSBC Holdings plc, 4.30%, 3/8/26	3,420,000		3,706,378
HSBC Holdings plc, 4.375%, 11/23/26	3,100,000		3,327,206
HSBC Holdings plc, VRN, 3.26%, 3/13/23	1,520,000		1,547,098
Huntington Bancshares, Inc., 2.30%, 1/14/22	2,380,000		2,393,752
JPMorgan Chase & Co., 2.55%, 3/1/21	2,850,000		2,869,204
JPMorgan Chase & Co., 4.625%, 5/10/21	4,680,000		4,869,473
JPMorgan Chase & Co., 3.25%, 9/23/22	3,880,000		4,012,758
JPMorgan Chase & Co., 3.875%, 9/10/24	1,370,000		1,460,553
JPMorgan Chase & Co., 3.125%, 1/23/25	2,750,000		2,851,337

5

	Principal Amount		Value
JPMorgan Chase & Co., VRN, 3.54%, 5/1/28	$	1,600,000	$	1,686,813
JPMorgan Chase & Co., VRN, 3.70%, 5/6/30	1,300,000		1,395,638
JPMorgan Chase & Co., VRN, 3.88%, 7/24/38	1,400,000		1,539,791
JPMorgan Chase & Co., VRN, 3.96%, 11/15/48	2,050,000		2,295,318
JPMorgan Chase & Co., VRN, 3.90%, 1/23/49	1,800,000		2,002,922
PNC Bank N.A., 3.80%, 7/25/23	1,150,000		1,212,709
PNC Bank N.A., MTN, 2.30%, 6/1/20	4,640,000		4,647,271
PNC Financial Services Group, Inc. (The), 4.375%, 8/11/20	1,820,000		1,857,714
Regions Financial Corp., 2.75%, 8/14/22	2,370,000		2,407,211
Regions Financial Corp., 3.80%, 8/14/23	1,830,000		1,931,714
Royal Bank of Canada, 2.15%, 10/26/20	2,590,000		2,594,997
Synchrony Bank, 3.00%, 6/15/22	1,400,000		1,419,767
U.S. Bancorp, MTN, 3.60%, 9/11/24	1,910,000		2,033,969
Wells Fargo & Co., 3.07%, 1/24/23	1,860,000		1,895,590
Wells Fargo & Co., 4.125%, 8/15/23	760,000		806,921
Wells Fargo & Co., 3.00%, 4/22/26	2,800,000		2,873,954
Wells Fargo & Co., 5.61%, 1/15/44	366,000		474,043
Wells Fargo & Co., MTN, 2.60%, 7/22/20	6,920,000		6,953,710
Wells Fargo & Co., MTN, 4.10%, 6/3/26	2,700,000		2,896,335
Wells Fargo & Co., MTN, 4.65%, 11/4/44	1,555,000		1,800,596
Wells Fargo & Co., MTN, 4.75%, 12/7/46	640,000		758,778
Wells Fargo & Co., MTN, VRN, 3.58%, 5/22/28	1,100,000		1,166,238
			166,647,889
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	3,860,000		4,599,008
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	3,790,000		4,416,958
			9,015,966
Biotechnology — 1.3%
AbbVie, Inc., 2.50%, 5/14/20	3,630,000		3,638,652
AbbVie, Inc., 2.90%, 11/6/22	3,240,000		3,304,390
AbbVie, Inc., 3.60%, 5/14/25	3,110,000		3,236,495
AbbVie, Inc., 4.40%, 11/6/42	1,790,000		1,850,989
AbbVie, Inc., 4.70%, 5/14/45	800,000		856,090
Amgen, Inc., 2.65%, 5/11/22	4,880,000		4,945,107
Amgen, Inc., 4.66%, 6/15/51	1,533,000		1,787,676
Celgene Corp., 3.25%, 8/15/22	2,490,000		2,566,523
Celgene Corp., 3.625%, 5/15/24	850,000		898,245
Celgene Corp., 3.875%, 8/15/25	3,650,000		3,943,194
Gilead Sciences, Inc., 4.40%, 12/1/21	1,490,000		1,554,764
Gilead Sciences, Inc., 3.65%, 3/1/26	4,230,000		4,536,216
			33,118,341
Capital Markets — 1.7%
Credit Suisse Group AG, VRN, 2.59%, 9/11/25(3)	1,610,000		1,595,952
Goldman Sachs Group, Inc. (The), 2.30%, 12/13/19	5,480,000		5,480,734
Goldman Sachs Group, Inc. (The), 3.50%, 1/23/25	2,540,000		2,651,777
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26	6,500,000		6,766,527

6

	Principal Amount		Value
Goldman Sachs Group, Inc. (The), VRN, 2.88%, 10/31/22	$	1,450,000	$	1,467,145
Goldman Sachs Group, Inc. (The), VRN, 3.27%, 9/29/25	2,000,000		2,065,700
Goldman Sachs Group, Inc. (The), VRN, 3.81%, 4/23/29	1,860,000		1,973,504
Morgan Stanley, 2.75%, 5/19/22	800,000		811,796
Morgan Stanley, 5.00%, 11/24/25	3,370,000		3,778,868
Morgan Stanley, MTN, 3.70%, 10/23/24	2,450,000		2,597,183
Morgan Stanley, MTN, 4.00%, 7/23/25	7,990,000		8,623,901
Morgan Stanley, MTN, VRN, 3.77%, 1/24/29	2,550,000		2,727,405
Morgan Stanley, VRN, 3.97%, 7/22/38	920,000		1,011,773
			41,552,265
Chemicals — 0.1%
Westlake Chemical Corp., 4.375%, 11/15/47	1,635,000		1,610,831
Commercial Services and Supplies — 0.2%
Republic Services, Inc., 3.55%, 6/1/22	1,910,000		1,978,179
Waste Connections, Inc., 3.50%, 5/1/29	2,130,000		2,274,731
Waste Management, Inc., 4.15%, 7/15/49	1,630,000		1,908,390
			6,161,300
Consumer Finance — 0.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	3,700,000		3,891,298
Ally Financial, Inc., 3.875%, 5/21/24	1,780,000		1,846,394
American Express Credit Corp., MTN, 2.20%, 3/3/20	4,500,000		4,501,316
Capital One Bank USA N.A., 3.375%, 2/15/23	1,580,000		1,629,344
Capital One Financial Corp., 3.80%, 1/31/28	3,550,000		3,759,597
Synchrony Financial, 2.85%, 7/25/22	2,230,000		2,250,538
			17,878,487
Diversified Consumer Services — 0.1%
George Washington University (The), 3.55%, 9/15/46	960,000		1,043,565
Leland Stanford Junior University (The), 3.46%, 5/1/47	670,000		750,096
			1,793,661
Diversified Financial Services — 0.7%
Credit Suisse Group Funding Guernsey Ltd., 3.125%, 12/10/20	4,550,000		4,593,815
Credit Suisse Group Funding Guernsey Ltd., 3.45%, 4/16/21	2,550,000		2,592,668
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20	1,300,000		1,297,184
UBS Group Funding Switzerland AG, 3.49%, 5/23/23(3)	4,800,000		4,929,884
UBS Group Funding Switzerland AG, 4.125%, 9/24/25(3)	950,000		1,027,274
Voya Financial, Inc., 5.70%, 7/15/43	1,900,000		2,437,807
			16,878,632
Diversified Telecommunication Services — 1.0%
AT&T, Inc., 3.875%, 8/15/21	2,780,000		2,868,235
AT&T, Inc., 3.40%, 5/15/25	4,780,000		4,995,066
AT&T, Inc., 2.95%, 7/15/26	2,650,000		2,691,903
AT&T, Inc., 3.80%, 2/15/27	1,200,000		1,273,533
AT&T, Inc., 4.10%, 2/15/28	1,300,000		1,408,949
AT&T, Inc., 5.15%, 11/15/46	2,971,000		3,451,672
Orange SA, 4.125%, 9/14/21	722,000		751,088

7

	Principal Amount		Value
Telefonica Emisiones SA, 5.46%, 2/16/21	$	1,590,000	$	1,660,183
Verizon Communications, Inc., 2.625%, 8/15/26	2,250,000		2,281,130
Verizon Communications, Inc., 4.75%, 11/1/41	1,490,000		1,774,269
Verizon Communications, Inc., 5.01%, 8/21/54	2,170,000		2,737,279
			25,893,307
Electric Utilities — 1.4%
AEP Transmission Co. LLC, 3.75%, 12/1/47	970,000		1,060,692
American Electric Power Co., Inc., 3.20%, 11/13/27	1,050,000		1,097,145
Berkshire Hathaway Energy Co., 3.50%, 2/1/25	1,550,000		1,641,692
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	1,460,000		1,585,396
Duke Energy Corp., 3.55%, 9/15/21	1,250,000		1,279,706
Duke Energy Corp., 2.65%, 9/1/26	1,540,000		1,548,593
Duke Energy Florida LLC, 6.35%, 9/15/37	463,000		660,660
Duke Energy Florida LLC, 3.85%, 11/15/42	1,410,000		1,539,857
Duke Energy Progress LLC, 3.25%, 8/15/25	1,000,000		1,055,652
Duke Energy Progress LLC, 4.15%, 12/1/44	500,000		573,432
Duke Energy Progress LLC, 3.70%, 10/15/46	515,000		554,526
Exelon Corp., 5.15%, 12/1/20	1,276,000		1,310,429
Exelon Corp., 4.45%, 4/15/46	1,400,000		1,589,554
Exelon Generation Co. LLC, 4.25%, 6/15/22	1,250,000		1,309,334
Exelon Generation Co. LLC, 5.60%, 6/15/42	410,000		488,739
FirstEnergy Corp., 4.25%, 3/15/23	1,260,000		1,333,583
FirstEnergy Transmission LLC, 4.55%, 4/1/49(3)	1,250,000		1,473,691
Florida Power & Light Co., 4.125%, 2/1/42	930,000		1,080,630
Florida Power & Light Co., 3.15%, 10/1/49	1,160,000		1,180,693
MidAmerican Energy Co., 4.40%, 10/15/44	2,100,000		2,523,646
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27	2,210,000		2,344,811
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(3)	1,520,000		1,559,900
Oncor Electric Delivery Co. LLC, 3.10%, 9/15/49(3)	1,160,000		1,158,632
Potomac Electric Power Co., 3.60%, 3/15/24	1,010,000		1,068,181
Southern Co. Gas Capital Corp., 3.95%, 10/1/46	970,000		1,020,702
Southwestern Public Service Co., 3.70%, 8/15/47	930,000		1,012,974
Virginia Electric & Power Co., 3.45%, 2/15/24	1,110,000		1,162,145
Xcel Energy, Inc., 3.35%, 12/1/26	1,000,000		1,055,728
			35,270,723
Energy Equipment and Services†
Halliburton Co., 4.85%, 11/15/35	1,090,000		1,211,727
Entertainment — 0.3%
Activision Blizzard, Inc., 2.30%, 9/15/21	1,780,000		1,785,021
Viacom, Inc., 3.125%, 6/15/22	1,260,000		1,273,323
Viacom, Inc., 4.25%, 9/1/23	1,840,000		1,952,498
Viacom, Inc., 4.375%, 3/15/43	1,500,000		1,548,911
			6,559,753
Equity Real Estate Investment Trusts (REITs) — 0.9%
American Tower Corp., 3.375%, 10/15/26	833,000		868,034
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/28	625,000		653,086
Boston Properties LP, 3.65%, 2/1/26	2,410,000		2,552,769

8

	Principal Amount		Value
Crown Castle International Corp., 5.25%, 1/15/23	$	2,474,000	$	2,701,015
Essex Portfolio LP, 3.625%, 8/15/22	710,000		734,946
Essex Portfolio LP, 3.25%, 5/1/23	1,220,000		1,255,231
GLP Capital LP / GLP Financing II, Inc., 5.75%, 6/1/28	1,140,000		1,301,014
Kilroy Realty LP, 3.80%, 1/15/23	1,670,000		1,745,650
Kimco Realty Corp., 2.80%, 10/1/26	2,130,000		2,143,956
Public Storage, 3.39%, 5/1/29	1,710,000		1,835,936
Service Properties Trust, 4.65%, 3/15/24	1,480,000		1,523,668
Simon Property Group LP, 2.45%, 9/13/29	1,880,000		1,842,226
Ventas Realty LP, 4.125%, 1/15/26	720,000		779,333
VEREIT Operating Partnership LP, 4.125%, 6/1/21	2,310,000		2,371,213
			22,308,077
Food and Staples Retailing — 0.2%
Kroger Co. (The), 3.30%, 1/15/21	2,610,000		2,644,886
Kroger Co. (The), 3.875%, 10/15/46	1,390,000		1,329,315
Walmart, Inc., 4.05%, 6/29/48	1,220,000		1,467,641
			5,441,842
Health Care Equipment and Supplies — 0.3%
Becton Dickinson and Co., 3.73%, 12/15/24	3,360,000		3,557,918
Medtronic, Inc., 3.50%, 3/15/25	1,609,000		1,728,418
Medtronic, Inc., 4.375%, 3/15/35	1,131,000		1,363,716
			6,650,052
Health Care Providers and Services — 1.1%
Anthem, Inc., 3.65%, 12/1/27	1,400,000		1,474,590
Anthem, Inc., 4.65%, 1/15/43	960,000		1,063,980
CommonSpirit Health, 2.95%, 11/1/22	860,000		875,701
CVS Health Corp., 3.50%, 7/20/22	2,820,000		2,912,614
CVS Health Corp., 2.75%, 12/1/22	1,345,000		1,362,334
CVS Health Corp., 4.30%, 3/25/28	3,250,000		3,518,179
CVS Health Corp., 4.78%, 3/25/38	1,510,000		1,667,295
Duke University Health System, Inc., 3.92%, 6/1/47	2,150,000		2,500,920
Johns Hopkins Health System Corp. (The), 3.84%, 5/15/46	895,000		1,027,507
Northwell Healthcare, Inc., 4.26%, 11/1/47	1,090,000		1,220,025
Stanford Health Care, 3.80%, 11/15/48	885,000		1,016,934
UnitedHealth Group, Inc., 2.875%, 12/15/21	1,480,000		1,509,220
UnitedHealth Group, Inc., 2.875%, 3/15/22	1,950,000		1,986,709
UnitedHealth Group, Inc., 3.75%, 7/15/25	2,640,000		2,843,160
UnitedHealth Group, Inc., 4.75%, 7/15/45	1,450,000		1,763,038
Universal Health Services, Inc., 4.75%, 8/1/22(3)	1,850,000		1,868,500
			28,610,706
Hotels, Restaurants and Leisure — 0.1%
McDonald's Corp., MTN, 4.70%, 12/9/35	1,070,000		1,273,706
McDonald's Corp., MTN, 3.625%, 9/1/49	1,230,000		1,250,114
			2,523,820
Household Durables — 0.3%
D.R. Horton, Inc., 2.55%, 12/1/20	1,260,000		1,264,047
D.R. Horton, Inc., 5.75%, 8/15/23	650,000		722,316

9

	Principal Amount		Value
Lennar Corp., 4.75%, 4/1/21	$	1,880,000	$	1,924,650
Toll Brothers Finance Corp., 6.75%, 11/1/19	720,000		723,960
Toll Brothers Finance Corp., 4.35%, 2/15/28	1,940,000		2,012,750
			6,647,723
Insurance — 1.0%
American International Group, Inc., 4.125%, 2/15/24	4,170,000		4,465,640
American International Group, Inc., 4.50%, 7/16/44	1,400,000		1,560,948
Berkshire Hathaway Finance Corp., 3.00%, 5/15/22	1,410,000		1,453,532
Berkshire Hathaway Finance Corp., 4.20%, 8/15/48	2,000,000		2,347,116
Chubb INA Holdings, Inc., 3.15%, 3/15/25	1,770,000		1,859,532
Chubb INA Holdings, Inc., 3.35%, 5/3/26	155,000		165,693
Hartford Financial Services Group, Inc. (The), 5.95%, 10/15/36	1,380,000		1,806,517
Markel Corp., 4.90%, 7/1/22	1,400,000		1,497,750
Markel Corp., 3.50%, 11/1/27	1,200,000		1,228,138
Markel Corp., 4.15%, 9/17/50	1,500,000		1,525,756
MetLife, Inc., 4.125%, 8/13/42	450,000		502,002
Metropolitan Life Global Funding I, 3.00%, 1/10/23(3)	1,790,000		1,841,636
Prudential Financial, Inc., 3.94%, 12/7/49	3,289,000		3,559,151
Prudential Financial, Inc., MTN, 5.70%, 12/14/36	170,000		224,724
WR Berkley Corp., 4.625%, 3/15/22	1,100,000		1,162,749
			25,200,884
Interactive Media and Services — 0.1%
Tencent Holdings Ltd., 3.98%, 4/11/29(3)	2,840,000		3,049,047
Internet and Direct Marketing Retail — 0.3%
Alibaba Group Holding Ltd., 2.50%, 11/28/19	2,000,000		2,000,360
Alibaba Group Holding Ltd., 3.60%, 11/28/24	3,500,000		3,685,327
eBay, Inc., 2.15%, 6/5/20	1,390,000		1,390,595
			7,076,282
IT Services — 0.4%
Fidelity National Information Services, Inc., 3.00%, 8/15/26	3,780,000		3,897,065
Fiserv, Inc., 3.50%, 7/1/29	1,235,000		1,302,251
Global Payments, Inc., 3.20%, 8/15/29	2,460,000		2,496,816
Mastercard, Inc., 3.65%, 6/1/49	1,265,000		1,438,813
			9,134,945
Life Sciences Tools and Services†
Thermo Fisher Scientific, Inc., 3.30%, 2/15/22	988,000		1,019,929
Media — 0.9%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25	5,940,000		6,532,882
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45	3,910,000		4,771,146
Comcast Corp., 6.40%, 5/15/38	790,000		1,123,124
Comcast Corp., 4.60%, 10/15/38	3,430,000		4,117,018
Comcast Corp., 4.75%, 3/1/44	3,650,000		4,465,801
Interpublic Group of Cos., Inc. (The), 4.00%, 3/15/22	1,300,000		1,343,758
TEGNA, Inc., 5.125%, 7/15/20	992,000		994,232
			23,347,961

10

	Principal Amount		Value
Metals and Mining — 0.2%
Minera Mexico SA de CV, 4.50%, 1/26/50(3)	$	4,900,000	$	4,838,750
Steel Dynamics, Inc., 4.125%, 9/15/25	1,435,000		1,456,525
			6,295,275
Multi-Utilities — 0.6%
Black Hills Corp., 3.875%, 10/15/49(4)	1,630,000		1,647,290
CenterPoint Energy, Inc., 4.25%, 11/1/28	2,030,000		2,233,057
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43	880,000		962,923
Consumers Energy Co., 3.10%, 8/15/50	1,210,000		1,215,120
Dominion Energy, Inc., 2.75%, 9/15/22	540,000		545,669
Dominion Energy, Inc., 4.90%, 8/1/41	2,210,000		2,619,987
NiSource, Inc., 5.65%, 2/1/45	1,310,000		1,691,388
Sempra Energy, 2.875%, 10/1/22	1,220,000		1,235,302
Sempra Energy, 3.25%, 6/15/27	1,700,000		1,747,742
Sempra Energy, 4.00%, 2/1/48	1,000,000		1,061,164
			14,959,642
Oil, Gas and Consumable Fuels — 3.5%
Cimarex Energy Co., 4.375%, 6/1/24	2,100,000		2,208,199
CNOOC Finance Ltd., 4.25%, 1/26/21	5,000,000		5,117,906
CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24	1,030,000		1,102,502
Concho Resources, Inc., 4.375%, 1/15/25	2,310,000		2,394,531
Continental Resources, Inc., 4.375%, 1/15/28	2,160,000		2,235,625
Ecopetrol SA, 5.875%, 5/28/45	690,000		813,062
Encana Corp., 6.50%, 2/1/38	2,280,000		2,751,089
Energy Transfer Operating LP, 4.15%, 10/1/20	1,220,000		1,238,346
Energy Transfer Operating LP, 7.50%, 10/15/20	1,090,000		1,145,751
Energy Transfer Operating LP, 4.25%, 3/15/23	2,400,000		2,509,491
Energy Transfer Operating LP, 5.25%, 4/15/29	2,500,000		2,822,504
Energy Transfer Operating LP, 4.90%, 3/15/35	1,600,000		1,655,401
Energy Transfer Operating LP, 6.50%, 2/1/42	420,000		504,528
Energy Transfer Operating LP, 6.00%, 6/15/48	860,000		1,018,140
EnLink Midstream LLC, 5.375%, 6/1/29	1,755,000		1,680,412
Enterprise Products Operating LLC, 5.20%, 9/1/20	4,180,000		4,295,651
Enterprise Products Operating LLC, 4.85%, 3/15/44	3,550,000		4,084,159
EOG Resources, Inc., 4.10%, 2/1/21	1,440,000		1,480,061
Hess Corp., 6.00%, 1/15/40	970,000		1,126,247
Kinder Morgan Energy Partners LP, 5.30%, 9/15/20	950,000		977,330
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	2,729,000		3,460,396
Marathon Oil Corp., 3.85%, 6/1/25	1,790,000		1,862,845
MPLX LP, 5.25%, 1/15/25(3)	1,900,000		2,006,073
MPLX LP, 4.875%, 6/1/25	3,280,000		3,611,437
MPLX LP, 4.50%, 4/15/38	1,080,000		1,121,928
MPLX LP, 5.20%, 3/1/47	1,270,000		1,405,869
Newfield Exploration Co., 5.75%, 1/30/22	1,180,000		1,261,354
Occidental Petroleum Corp., 3.50%, 8/15/29	1,220,000		1,239,725
ONEOK, Inc., 3.40%, 9/1/29	1,960,000		1,943,816
Petroleos Mexicanos, 6.00%, 3/5/20	306,000		310,361

11

	Principal Amount		Value
Petroleos Mexicanos, 4.875%, 1/24/22	$	870,000	$	906,975
Petroleos Mexicanos, 3.50%, 1/30/23	130,000		129,935
Petroleos Mexicanos, 4.625%, 9/21/23	1,800,000		1,856,700
Petroleos Mexicanos, 6.50%, 3/13/27	1,500,000		1,565,250
Petroleos Mexicanos, 6.625%, 6/15/35	50,000		49,113
Phillips 66, 4.30%, 4/1/22	1,981,000		2,089,697
Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 6/1/22	2,240,000		2,298,623
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	5,170,000		5,813,525
Shell International Finance BV, 2.375%, 8/21/22	1,800,000		1,827,439
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23	2,970,000		3,036,662
Sunoco Logistics Partners Operations LP, 4.00%, 10/1/27	2,650,000		2,745,730
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	570,000		577,866
Williams Cos., Inc. (The), 4.125%, 11/15/20	2,550,000		2,590,474
Williams Cos., Inc. (The), 4.55%, 6/24/24	2,090,000		2,251,725
			87,124,453
Paper and Forest Products — 0.1%
Georgia-Pacific LLC, 5.40%, 11/1/20(3)	2,100,000		2,172,597
Pharmaceuticals — 0.4%
Allergan Finance LLC, 3.25%, 10/1/22	2,210,000		2,258,608
Allergan Funding SCS, 3.85%, 6/15/24	2,557,000		2,700,005
Bristol-Myers Squibb Co., 4.25%, 10/26/49(3)	930,000		1,084,597
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/21	3,910,000		3,929,284
			9,972,494
Road and Rail — 0.7%
Ashtead Capital, Inc., 4.125%, 8/15/25(3)	2,500,000		2,556,250
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41	1,075,000		1,336,471
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43	750,000		892,840
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	2,880,000		3,320,343
CSX Corp., 3.40%, 8/1/24	1,400,000		1,475,058
CSX Corp., 3.25%, 6/1/27	2,830,000		2,974,647
Union Pacific Corp., 3.60%, 9/15/37	860,000		910,682
Union Pacific Corp., 4.75%, 9/15/41	1,190,000		1,402,752
Union Pacific Corp., 4.05%, 11/15/45	730,000		806,694
Union Pacific Corp., MTN, 3.55%, 8/15/39	980,000		1,030,222
			16,705,959
Semiconductors and Semiconductor Equipment — 0.1%
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(3)	1,950,000		2,015,541
Software — 0.6%
Microsoft Corp., 2.70%, 2/12/25	5,000,000		5,193,293
Microsoft Corp., 3.45%, 8/8/36	2,200,000		2,435,461
Microsoft Corp., 4.25%, 2/6/47	2,000,000		2,486,380
Oracle Corp., 2.50%, 10/15/22	1,635,000		1,660,804
Oracle Corp., 3.625%, 7/15/23	1,990,000		2,104,703
			13,880,641
Specialty Retail — 0.3%
Home Depot, Inc. (The), 3.75%, 2/15/24	1,500,000		1,612,162

12

	Principal Amount		Value
Home Depot, Inc. (The), 3.00%, 4/1/26	$	1,640,000	$	1,720,208
Home Depot, Inc. (The), 5.95%, 4/1/41	1,860,000		2,667,779
Home Depot, Inc. (The), 3.90%, 6/15/47	1,120,000		1,285,190
			7,285,339
Technology Hardware, Storage and Peripherals — 0.9%
Apple, Inc., 2.75%, 1/13/25	1,330,000		1,377,349
Apple, Inc., 2.50%, 2/9/25	4,970,000		5,091,138
Apple, Inc., 2.45%, 8/4/26	1,900,000		1,929,958
Apple, Inc., 2.90%, 9/12/27	2,010,000		2,096,562
Dell International LLC / EMC Corp., 6.02%, 6/15/26(3)	6,560,000		7,403,233
Dell International LLC / EMC Corp., 4.90%, 10/1/26(3)	2,010,000		2,154,945
Hewlett Packard Enterprise Co., 3.60%, 10/15/20	1,910,000		1,934,874
			21,988,059
Trading Companies and Distributors†
International Lease Finance Corp., 5.875%, 8/15/22	860,000		942,571
Wireless Telecommunication Services†
America Movil SAB de CV, 3.125%, 7/16/22	1,065,000		1,091,139
TOTAL CORPORATE BONDS (Cost $679,573,379)			716,948,484
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 23.7%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 2.3%
FHLMC, VRN, 4.73%, (1-year H15T1Y plus 2.25%), 9/1/35	390,045		412,802
FHLMC, VRN, 4.65%, (12-month LIBOR plus 1.86%), 7/1/36	1,204,396		1,268,931
FHLMC, VRN, 4.39%, (1-year H15T1Y plus 2.14%), 10/1/36	1,124,670		1,184,258
FHLMC, VRN, 4.80%, (1-year H15T1Y plus 2.25%), 4/1/37	900,429		951,632
FHLMC, VRN, 4.75%, (12-month LIBOR plus 1.81%), 2/1/38	356,868		377,033
FHLMC, VRN, 4.89%, (12-month LIBOR plus 1.84%), 6/1/38	224,021		236,712
FHLMC, VRN, 4.53%, (12-month LIBOR plus 1.88%), 7/1/40	88,483		92,791
FHLMC, VRN, 4.06%, (12-month LIBOR plus 1.78%), 9/1/40	196,768		205,741
FHLMC, VRN, 3.80%, (12-month LIBOR plus 1.79%), 2/1/41	162,611		169,200
FHLMC, VRN, 4.77%, (12-month LIBOR plus 1.88%), 5/1/41	57,451		60,287
FHLMC, VRN, 3.69%, (12-month LIBOR plus 1.89%), 7/1/41	449,631		466,973
FHLMC, VRN, 4.09%, (12-month LIBOR plus 1.87%), 7/1/41	840,578		883,924
FHLMC, VRN, 2.07%, (12-month LIBOR plus 1.65%), 12/1/42	1,164,663		1,204,404
FHLMC, VRN, 4.73%, (12-month LIBOR plus 1.64%), 2/1/43	183,076		189,176
FHLMC, VRN, 4.51%, (12-month LIBOR plus 1.63%), 5/1/43	115,818		119,749
FHLMC, VRN, 4.43%, (12-month LIBOR plus 1.65%), 6/1/43	127,399		131,844
FHLMC, VRN, 4.50%, (12-month LIBOR plus 1.62%), 6/1/43	3,672		3,795
FHLMC, VRN, 2.85%, (12-month LIBOR plus 1.63%), 1/1/44	2,091,816		2,124,288
FHLMC, VRN, 3.18%, (12-month LIBOR plus 1.62%), 6/1/44	1,165,043		1,191,722
FHLMC, VRN, 4.07%, (12-month LIBOR plus 1.59%), 10/1/44	1,461,856		1,502,235
FHLMC, VRN, 2.57%, (12-month LIBOR plus 1.60%), 6/1/45	1,600,821		1,619,992
FHLMC, VRN, 2.36%, (12-month LIBOR plus 1.63%), 8/1/46	6,156,349		6,214,816
FHLMC, VRN, 3.06%, (12-month LIBOR plus 1.64%), 9/1/47	5,713,748		5,839,372
FNMA, VRN, 4.19%, (6-month LIBOR plus 1.57%), 6/1/35	1,412,288		1,463,864
FNMA, VRN, 4.19%, (6-month LIBOR plus 1.57%), 6/1/35	171,169		177,522
FNMA, VRN, 4.19%, (6-month LIBOR plus 1.57%), 6/1/35	1,081,782		1,120,788

13

	Principal Amount		Value
FNMA, VRN, 4.19%, (6-month LIBOR plus 1.57%), 6/1/35	$	538,026	$	557,975
FNMA, VRN, 4.07%, (6-month LIBOR plus 1.54%), 9/1/35	1,661,854		1,721,476
FNMA, VRN, 4.45%, (1-year H15T1Y plus 2.16%), 3/1/38	1,076,479		1,135,076
FNMA, VRN, 4.82%, (12-month LIBOR plus 1.69%), 1/1/40	53,006		56,125
FNMA, VRN, 3.61%, (12-month LIBOR plus 1.79%), 8/1/40	124,432		130,119
FNMA, VRN, 3.92%, (12-month LIBOR plus 1.77%), 10/1/40	414,560		433,380
FNMA, VRN, 4.27%, (12-month LIBOR plus 1.75%), 8/1/41	146,636		153,061
FNMA, VRN, 2.72%, (12-month LIBOR plus 1.72%), 4/1/42	605,751		616,297
FNMA, VRN, 4.53%, (12-month LIBOR plus 1.55%), 3/1/43	1,053,045		1,089,860
FNMA, VRN, 2.32%, (12-month LIBOR plus 1.59%), 8/1/45	662,864		677,446
FNMA, VRN, 2.61%, (12-month LIBOR plus 1.60%), 4/1/46	2,887,888		2,927,302
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47	4,599,216		4,718,125
FNMA, VRN, 3.20%, (12-month LIBOR plus 1.61%), 3/1/47	1,658,775		1,701,846
FNMA, VRN, 3.17%, (12-month LIBOR plus 1.61%), 4/1/47	3,574,159		3,671,214
FNMA, VRN, 2.94%, (12-month LIBOR plus 1.62%), 5/1/47	1,721,661		1,755,354
FNMA, VRN, 3.24%, (12-month LIBOR plus 1.62%), 5/1/47	4,553,396		4,660,687
FNMA, VRN, 2.87%, (12-month LIBOR plus 1.61%), 10/1/47	2,734,306		2,776,850
			57,996,044
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 21.4%
FHLMC, 7.00%, 9/1/27	156		173
FHLMC, 6.50%, 1/1/28	257		286
FHLMC, 7.00%, 2/1/28	41		46
FHLMC, 6.50%, 3/1/29	1,576		1,758
FHLMC, 6.50%, 6/1/29	1,700		1,896
FHLMC, 7.00%, 8/1/29	180		196
FHLMC, 6.50%, 5/1/31	1,444		1,610
FHLMC, 6.50%, 6/1/31	70		78
FHLMC, 6.50%, 6/1/31	170		189
FHLMC, 5.50%, 12/1/33	19,803		21,999
FHLMC, 6.00%, 2/1/38	162,750		187,536
FHLMC, 5.50%, 4/1/38	87,120		98,379
FHLMC, 6.00%, 5/1/38	135,602		155,740
FHLMC, 6.00%, 8/1/38	21,064		23,608
FHLMC, 5.50%, 9/1/38	640,530		713,682
FHLMC, 3.00%, 2/1/43	9,742,387		10,049,855
FHLMC, 4.50%, 5/1/47	13,429,438		14,231,506
FHLMC, 3.50%, 12/1/47	3,808,011		3,944,578
FHLMC, 4.00%, 9/1/48	21,581,577		22,484,596
FHLMC, 4.00%, 10/1/48	3,647,269		3,796,636
FHLMC, 3.50%, 4/1/49	23,497,777		24,267,023
FNMA, 6.50%, 1/1/26	1,262		1,407
FNMA, 7.00%, 12/1/27	306		332
FNMA, 7.50%, 4/1/28	1,862		2,040
FNMA, 7.00%, 5/1/28	1,745		1,792
FNMA, 7.00%, 6/1/28	30		31
FNMA, 6.50%, 1/1/29	260		292
FNMA, 6.50%, 4/1/29	772		861

14

	Principal Amount		Value
FNMA, 7.00%, 7/1/29	$	161	$	161
FNMA, 7.50%, 7/1/29	1,254		1,289
FNMA, 7.50%, 9/1/30	564		665
FNMA, 5.00%, 7/1/31	1,507,032		1,615,150
FNMA, 7.00%, 9/1/31	2,645		2,779
FNMA, 6.50%, 1/1/32	907		1,011
FNMA, 6.50%, 8/1/32	3,976		4,540
FNMA, 5.50%, 6/1/33	12,235		13,718
FNMA, 5.50%, 7/1/33	67,816		75,905
FNMA, 5.50%, 8/1/33	25,637		28,977
FNMA, 5.50%, 9/1/33	38,673		43,726
FNMA, 5.00%, 11/1/33	148,732		164,322
FNMA, 6.00%, 12/1/33	534,449		614,682
FNMA, 5.50%, 1/1/34	34,647		39,024
FNMA, 3.50%, 3/1/34	2,315,177		2,415,860
FNMA, 5.50%, 12/1/34	42,399		47,629
FNMA, 4.50%, 1/1/35	157,654		169,424
FNMA, 5.00%, 8/1/35	57,596		63,546
FNMA, 5.00%, 2/1/36	464,256		513,022
FNMA, 5.50%, 7/1/36	25,234		28,037
FNMA, 5.50%, 2/1/37	11,737		13,237
FNMA, 6.00%, 4/1/37	115,630		132,893
FNMA, 6.00%, 7/1/37	296,824		341,139
FNMA, 6.00%, 8/1/37	216,546		248,958
FNMA, 6.50%, 8/1/37	11,953		13,281
FNMA, 6.00%, 9/1/37	189,717		214,316
FNMA, 6.00%, 11/1/37	70,744		81,323
FNMA, 5.50%, 2/1/38	450,551		505,952
FNMA, 5.50%, 2/1/38	90,736		102,213
FNMA, 5.50%, 6/1/38	188,475		212,474
FNMA, 5.00%, 1/1/39	133,448		147,039
FNMA, 4.50%, 2/1/39	399,180		432,354
FNMA, 5.50%, 3/1/39	402,038		455,044
FNMA, 4.50%, 4/1/39	288,912		315,089
FNMA, 4.50%, 5/1/39	745,886		811,821
FNMA, 6.50%, 5/1/39	103,205		119,250
FNMA, 4.50%, 6/1/39	404,995		438,737
FNMA, 5.00%, 8/1/39	406,258		449,265
FNMA, 4.50%, 9/1/39	1,410,695		1,544,568
FNMA, 4.50%, 10/1/39	1,303,511		1,427,173
FNMA, 5.00%, 4/1/40	1,142,011		1,262,281
FNMA, 5.00%, 4/1/40	2,017,781		2,230,023
FNMA, 5.00%, 6/1/40	1,806,089		1,997,301
FNMA, 4.00%, 10/1/40	1,381,946		1,483,176
FNMA, 4.50%, 11/1/40	1,198,879		1,299,808
FNMA, 4.00%, 8/1/41	2,541,458		2,717,156
FNMA, 4.50%, 9/1/41	1,150,227		1,247,118

15

	Principal Amount		Value
FNMA, 3.50%, 10/1/41	$	1,978,922	$	2,078,583
FNMA, 3.50%, 12/1/41	7,189,899		7,555,646
FNMA, 4.00%, 12/1/41	3,613,903		3,863,070
FNMA, 5.00%, 1/1/42	4,011,607		4,430,791
FNMA, 3.50%, 2/1/42	3,716,001		3,904,357
FNMA, 3.50%, 5/1/42	1,547,371		1,626,289
FNMA, 3.50%, 6/1/42	1,576,350		1,656,746
FNMA, 3.50%, 8/1/42	7,920,321		8,324,314
FNMA, 3.50%, 9/1/42	2,527,848		2,656,787
FNMA, 3.50%, 8/1/43	3,211,350		3,363,267
FNMA, 3.50%, 5/1/45	6,482,344		6,761,571
FNMA, 3.50%, 11/1/45	6,944,222		7,248,221
FNMA, 3.50%, 11/1/45	6,966,058		7,270,889
FNMA, 4.00%, 11/1/45	8,098,711		8,564,556
FNMA, 4.00%, 2/1/46	6,735,170		7,099,156
FNMA, 3.50%, 3/1/46	7,601,674		7,899,540
FNMA, 4.00%, 4/1/46	17,113,054		18,067,415
FNMA, 3.50%, 5/1/46	8,384,094		8,720,176
FNMA, 3.00%, 11/1/46	34,959,968		35,826,610
FNMA, 3.50%, 2/1/47	16,155,233		16,844,925
FNMA, 6.50%, 8/1/47	4,250		4,575
FNMA, 6.50%, 9/1/47	8,605		9,234
FNMA, 6.50%, 9/1/47	413		444
FNMA, 6.50%, 9/1/47	4,524		4,854
FNMA, 3.50%, 10/1/47	17,250,270		17,863,627
FNMA, 3.00%, 4/1/48	19,153,566		19,672,771
FNMA, 4.00%, 6/1/48	19,835,529		20,693,977
FNMA, 4.50%, 7/1/48	25,354,333		26,920,682
FNMA, 4.50%, 2/1/49	11,608,870		12,291,807
FNMA, 3.50%, 4/1/49	25,065,287		25,787,556
FNMA, 3.50%, 4/1/49	10,812,920		11,160,394
GNMA, 2.50%, TBA	25,500,000		25,747,276
GNMA, 3.00%, TBA	22,800,000		23,400,726
GNMA, 4.00%, TBA	26,240,000		27,291,138
GNMA, 7.00%, 11/15/22	454		470
GNMA, 7.00%, 4/20/26	176		196
GNMA, 7.50%, 8/15/26	377		419
GNMA, 8.00%, 8/15/26	164		178
GNMA, 7.50%, 5/15/27	202		205
GNMA, 8.00%, 6/15/27	974		990
GNMA, 7.00%, 2/15/28	199		199
GNMA, 7.50%, 2/15/28	148		149
GNMA, 6.50%, 3/15/28	501		554
GNMA, 7.00%, 4/15/28	136		137
GNMA, 6.50%, 5/15/28	2,283		2,528
GNMA, 7.00%, 12/15/28	247		247
GNMA, 7.00%, 5/15/31	1,965		2,272

16

	Principal Amount		Value
GNMA, 6.00%, 7/15/33	$	562,491	$	645,445
GNMA, 4.50%, 8/15/33	557,588		599,964
GNMA, 5.00%, 3/20/36	63,726		70,597
GNMA, 5.00%, 4/20/36	128,190		142,149
GNMA, 5.00%, 5/20/36	215,122		238,256
GNMA, 5.50%, 1/15/39	652,677		737,925
GNMA, 6.00%, 1/20/39	27,112		31,169
GNMA, 6.00%, 2/20/39	173,666		199,744
GNMA, 4.50%, 6/15/39	1,626,019		1,780,871
GNMA, 5.50%, 9/15/39	64,936		73,063
GNMA, 5.00%, 10/15/39	777,570		873,977
GNMA, 4.50%, 1/15/40	701,443		764,240
GNMA, 4.00%, 11/20/40	2,147,247		2,288,910
GNMA, 4.00%, 12/15/40	679,287		725,290
GNMA, 4.50%, 6/15/41	590,485		646,870
GNMA, 4.50%, 7/20/41	884,365		967,102
GNMA, 3.50%, 4/20/42	4,598,954		4,886,250
GNMA, 3.50%, 6/20/42	9,952,111		10,573,844
GNMA, 3.50%, 7/20/42	1,833,088		1,947,606
GNMA, 3.50%, 4/20/43	2,781,299		2,955,076
GNMA, 3.50%, 4/20/46	9,510,852		9,952,152
GNMA, 2.50%, 7/20/46	9,841,685		9,939,399
GNMA, 2.50%, 2/20/47	4,699,718		4,746,298
			536,481,292
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $587,469,787)			594,477,336
ASSET-BACKED SECURITIES — 5.5%
Argent Securities, Inc., Series 2004-W8, Class M1, VRN, 2.84%, (1-month LIBOR plus 0.83%), 5/25/34	4,745,756		4,774,257
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(3)	2,536,730		2,560,723
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(3)	5,856,953		6,187,574
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(3)	1,060,216		1,056,186
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(3)	2,152,911		2,159,535
Invitation Homes Trust, Series 2017-SFR2, Class A, VRN, 2.875%, (1-month LIBOR plus 0.85%), 12/17/36(3)	11,310,471		11,331,834
Invitation Homes Trust, Series 2018-SFR1, Class A, VRN, 2.72%, (1-month LIBOR plus 0.70%), 3/17/37(3)	16,424,778		16,245,776
Invitation Homes Trust, Series 2018-SFR2, Class B, VRN, 3.11%, (1-month LIBOR plus 1.08%), 6/17/37(3)	10,525,000		10,474,455
Invitation Homes Trust, Series 2018-SFR3, Class A, VRN, 3.02%, (1-month LIBOR plus 1.00%), 7/17/37(3)	15,814,583		15,814,556
Mill City Mortgage Loan Trust, Series 2017-2, Class A1, VRN, 2.75%, 7/25/59(3)	3,443,821		3,463,181
MVW Owner Trust, Series 2014-1A, Class A SEQ, 2.25%, 9/22/31(3)	1,081,481		1,079,954
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(3)	1,047,467		1,047,220
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(3)	1,944,486		1,933,331

17

	Principal Amount		Value
MVW Owner Trust, Series 2017-1A, Class A SEQ, 2.42%, 12/20/34(3)	$	4,817,474	$	4,827,808
MVW Owner Trust, Series 2018-1A, Class A SEQ, 3.45%, 1/21/36(3)	7,499,716		7,736,644
Progress Residential Trust, Series 2018-SFR1, Class A SEQ, 3.26%, 3/17/35(3)	7,815,489		7,864,649
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(3)	6,995,602		7,185,989
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(3)	1,218,952		1,231,478
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(3)	649,323		649,122
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(3)	1,562,239		1,572,367
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A SEQ, 3.50%, 6/20/35(3)	4,028,565		4,116,252
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class A SEQ, 2.59%, 5/20/36(3)	6,566,528		6,602,987
Towd Point Mortgage Trust, Series 2016-1, Class A1, VRN, 3.50%, 2/25/55(3)	1,789,210		1,815,023
Towd Point Mortgage Trust, Series 2017-2, Class A1, VRN, 2.75%, 4/25/57(3)	3,409,494		3,439,612
Towd Point Mortgage Trust, Series 2017-6, Class A1, VRN, 2.75%, 10/25/57(3)	6,636,741		6,704,110
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(3)	2,132,712		2,195,304
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(3)	3,381,963		3,377,149
TOTAL ASSET-BACKED SECURITIES (Cost $136,423,155)			137,447,076
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.6%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class B, 3.49%, 4/14/33(3)	4,000,000		4,206,974
BB-UBS Trust, Series 2012-SHOW, Class A SEQ, 3.43%, 11/5/36(3)	5,000,000		5,270,394
BENCHMARK Mortgage Trust, Series 2018-B1, Class AM, VRN, 3.88%, 1/15/51	5,789,000		6,320,811
Commercial Mortgage Pass-Through Certificates, Series 2014-CR15, Class AM, VRN, 4.43%, 2/10/47	5,000,000		5,427,615
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class AM, VRN, 4.19%, 10/10/47	5,500,000		5,937,122
Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class AM, VRN, 4.19%, 9/10/47	7,625,000		8,156,636
Commercial Mortgage Pass-Through Certificates, Series 2015-CR22, Class AM, VRN, 3.60%, 3/10/48	9,000,000		9,511,767
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class B, VRN, 4.80%, 2/10/49	3,000,000		3,318,596
Commercial Mortgage Trust, Series 2015-LC21, Class AM, VRN, 4.04%, 7/10/48	5,000,000		5,399,966
Commercial Mortgage Trust, Series 2017-PANW, Class A SEQ, 3.24%, 10/10/29(3)	5,000,000		5,215,733
Core Industrial Trust, Series 2015-CALW, Class C, 3.56%, 2/10/34(3)	4,000,000		4,100,890
Core Industrial Trust, Series 2015-WEST, Class A SEQ, 3.29%, 2/10/37(3)	4,907,126		5,296,789
DBCG Mortgage Trust, Series 2017-BBG, Class A, VRN, 2.73%, (1-month LIBOR plus 0.70%), 6/15/34(3)	5,000,000		4,993,455
GS Mortgage Securities Trust, Series 2016-GS2, Class B, VRN, 3.76%, 5/10/49	7,500,000		7,959,717

18

	Principal Amount		Value
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	$	6,250,000	$	6,626,242
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4 SEQ, 3.41%, 3/15/50	5,000,000		5,344,710
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4 SEQ, 2.82%, 8/15/49	5,300,000		5,480,681
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class AS, 3.14%, 8/15/49	6,300,000		6,511,330
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class A3 SEQ, 3.28%, 11/15/52	5,000,000		5,321,315
UBS Commercial Mortgage Trust, Series 2017-C1, Class A3 SEQ, 3.20%, 6/15/50	5,000,000		5,266,090
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $111,153,151)			115,666,833
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.9%
Private Sponsor Collateralized Mortgage Obligations — 3.1%
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 4.46%, 3/25/35	1,356,734		1,409,746
Agate Bay Mortgage Loan Trust, Series 2014-3, Class A2, VRN, 3.50%, 11/25/44(3)	1,595,347		1,607,639
Agate Bay Mortgage Loan Trust, Series 2016-1, Class A3, VRN, 3.50%, 12/25/45(3)	2,501,702		2,533,196
Agate Bay Mortgage Loan Trust, Series 2016-3, Class A3, VRN, 3.50%, 8/25/46(3)	3,606,484		3,664,577
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 4.79%, 6/25/34	1,188,901		1,203,076
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.28%, 2/25/35	237,646		242,939
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.98%, 11/25/34	788,503		786,251
Citicorp Mortgage Securities Trust, Series 2007-8, Class 1A3, 6.00%, 9/25/37	127,124		137,073
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.36%, 8/25/34	493,462		480,609
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.30%, 8/25/34	2,022,354		2,052,229
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.63%, 8/25/35	138,269		142,915
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2, VRN, 4.55%, (1-year H15T1Y plus 2.15%), 9/25/35	1,243,922		1,279,849
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-5, Class 2A4, 5.50%, 5/25/34	92,596		95,044
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	6,857		6,782
Credit Suisse First Boston Mortgage-Backed Trust, Series 2004-AR6, Class 2A1, VRN, 4.30%, 10/25/34	112,237		113,133
Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3 SEQ, VRN, 3.50%, 10/25/47(3)	2,547,913		2,601,005
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 4.24%, 10/25/34	1,135,222		1,143,251
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.99%, 8/25/35	326,387		341,850
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 4.06%, 6/25/34	327,859		327,856
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 4.60%, 5/25/34	973,123		1,004,485

19

	Principal Amount		Value
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.91%, 1/25/35	$	847,285	$	847,815
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.48%, 9/25/35	1,017,333		1,049,569
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A1, VRN, 4.52%, 9/25/35	1,476,329		1,509,932
GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, VRN, 4.55%, 9/25/35	1,047,431		1,076,800
JPMorgan Mortgage Trust, Series 2005-A4, Class 1A1, VRN, 4.42%, 7/25/35	95,443		96,869
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.26%, 8/25/35	202,495		200,157
JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 4.65%, 4/25/35	241,265		248,017
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2 SEQ, VRN, 2.50%, 3/25/43(3)	556,442		557,137
JPMorgan Mortgage Trust, Series 2018-6, Class 1A4 SEQ, VRN, 3.50%, 12/25/48(3)	3,879,757		3,928,638
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 4.73%, 11/21/34	887,441		915,418
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 4.37%, 11/25/35	1,777,747		1,803,981
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 4.45%, 2/25/35	844,637		859,158
New Residential Mortgage Loan Trust, Series 2017-1A, Class A1, VRN, 4.00%, 2/25/57(3)	1,453,331		1,518,218
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(3)	3,249,870		3,405,591
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.52%, (1-month LIBOR plus 1.50%), 6/25/57(3)	4,161,872		4,235,683
Sequoia Mortgage Trust, Series 2017-7, Class A4 SEQ, VRN, 3.50%, 10/25/47(3)	3,602,365		3,674,592
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(3)	3,702,155		3,811,144
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(3)	3,879,225		3,930,122
Sequoia Mortgage Trust, Series 2018-7, Class A4 SEQ, VRN, 4.00%, 9/25/48(3)	3,204,328		3,243,244
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(3)	3,001,306		3,039,652
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(3)	2,524,534		2,519,406
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.38%, 7/25/34	482,630		491,557
Thornburg Mortgage Securities Trust, Series 2004-3, Class A, VRN, 2.76%, (1-month LIBOR plus 0.74%), 9/25/44	2,262,312		2,275,867
WaMu Mortgage Pass-Through Certificates, Series 2003-S11, Class 3A5, 5.95%, 11/25/33	55,548		57,139
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.42%, 3/25/35	2,105,759		2,099,615
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.00%, 2/25/34	58,639		61,355
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-H, Class A1, VRN, 4.99%, 6/25/34	268,854		278,408
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1, VRN, 4.92%, 9/25/34	799,082		832,904

20

	Principal Amount		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 4.97%, 12/25/34	$	686,773	$	708,288
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 1A1, 5.50%, 1/25/36	155,231		155,345
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-9, Class 1A11, 5.50%, 10/25/35	400,953		412,268
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-9, Class 2A6, 5.25%, 10/25/35	1,028,614		1,062,020
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 1A1, VRN, 4.96%, 6/25/35	579,873		588,412
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR12, Class 2A6, VRN, 5.00%, 6/25/35	682,957		712,612
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR13, Class A1, SEQ, VRN, 2.32%, (1-month LIBOR plus 0.30%), 5/25/35	890,399		860,984
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 4.97%, 3/25/35	769,006		794,948
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR7, Class 1A1, VRN, 5.09%, 5/25/35	566,425		590,232
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	318,234		320,623
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-13, Class A5, 6.00%, 10/25/36	12,062		12,075
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	135,670		136,100
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	93,235		95,065
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	105,221		105,580
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 4.89%, 1/25/38	148,484		144,595
Wells Fargo Mortgage-Backed Securities Trust, Series 2008-1, Class 4A1, 5.75%, 2/25/38	455,808		485,735
			76,926,375
U.S. Government Agency Collateralized Mortgage Obligations — 0.8%
FHLMC, Series 2016-DNA3, Class M2, VRN, 4.02%, (1-month LIBOR plus 2.00%), 12/25/28	1,468,628		1,472,747
FHLMC, Series 2016-DNA4, Class M2, VRN, 3.32%, (1-month LIBOR plus 1.30%), 3/25/29	2,002,415		2,008,214
FHLMC, Series 2016-HQA3, Class M2, VRN, 3.37%, (1-month LIBOR plus 1.35%), 3/25/29	2,718,028		2,730,793
FHLMC, Series 2017-DNA2, Class M1, VRN, 3.22%, (1-month LIBOR plus 1.20%), 10/25/29	3,195,730		3,207,344
FHLMC, Series 2017-HQA2, Class M1, VRN, 2.82%, (1-month LIBOR plus 0.80%), 12/25/29	166,325		166,402
FHLMC, Series 3397, Class GF, VRN, 2.53%, (1-month LIBOR plus 0.50%), 12/15/37	1,403,643		1,408,549
FHLMC, Series KF29, Class A, VRN, 2.45%, (1-month LIBOR plus 0.36%), 2/25/24	1,111,049		1,108,023
FNMA, Series 2014-C02, Class 1M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	2,822,322		2,944,921
FNMA, Series 2014-C02, Class 2M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	2,533,511		2,627,772
FNMA, Series 2016-C04, Class 1M1, VRN, 3.47%, (1-month LIBOR plus 1.45%), 1/25/29	618,367		619,424
FNMA, Series 2017-C01, Class 1M1, VRN, 3.32%, (1-month LIBOR plus 1.30%), 7/25/29	1,408,254		1,411,383

21

	Principal Amount		Value
FNMA, Series 2017-C03, Class 1M1, VRN, 2.97%, (1-month LIBOR plus 0.95%), 10/25/29	$	594,106	$	595,236
FNMA, Series 2018-C02, Class 2M1, VRN, 2.67%, (1-month LIBOR plus 0.65%), 8/25/30	1,432,567		1,432,688
			21,733,496
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $97,650,519)			98,659,871
COLLATERALIZED LOAN OBLIGATIONS — 2.4%
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 3.30%, (3-month LIBOR plus 1.02%), 4/20/31(3)	6,275,000		6,214,425
Carlyle Global Market Strategies CLO Ltd., Series 2014-5A, Class A1RR, VRN, 3.44%, (3-month LIBOR plus 1.14%), 7/15/31(3)	2,550,000		2,545,606
CBAM Ltd., Series 2019-9A, Class A, VRN, 4.01%, (3-month LIBOR plus 1.28%), 2/12/30(3)	5,150,000		5,157,925
CIFC Funding Ltd., Series 2013-3RA, Class A1, VRN, 3.26%, (3-month LIBOR plus 0.98%), 4/24/31(3)	3,200,000		3,161,841
CIFC Funding Ltd., Series 2015-1A, Class ARR, VRN, 3.39%, (3-month LIBOR plus 1.11%), 1/22/31(3)	2,225,000		2,216,257
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, VRN, 3.27%, (3-month LIBOR plus 0.97%), 4/15/31(3)	2,300,000		2,281,242
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 3.27%, (3-month LIBOR plus 0.97%), 4/18/31(3)	2,550,000		2,522,393
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 3.40%, (3-month LIBOR plus 1.12%), 7/20/31(3)	4,000,000		3,995,060
KKR CLO Ltd., Series 2022A, Class A, VRN, 3.43%, (3-month LIBOR plus 1.15%), 7/20/31(3)	4,500,000		4,479,953
LCM XIV LP, Series 2014A, Class AR, VRN, 3.32%, (3-month LIBOR plus 1.04%), 7/20/31(3)	2,275,000		2,255,469
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, VRN, 3.25%, (3-month LIBOR plus 0.95%), 4/19/30(3)	3,000,000		2,997,120
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.28%, (3-month LIBOR plus 0.98%), 4/15/31(3)	5,875,000		5,853,877
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, VRN, 3.45%, (3-month LIBOR plus 1.15%), 4/18/31(3)	5,750,000		5,715,031
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 3.35%, (3-month LIBOR plus 1.07%), 10/20/28(3)	6,000,000		6,010,971
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 3.25%, (3-month LIBOR plus 0.97%), 4/25/31(3)	3,000,000		2,970,387
Voya CLO Ltd., Series 2013-3A, Class A1RR, VRN, 3.45%, (3-month LIBOR plus 1.15%), 10/18/31(3)	2,575,000		2,566,997
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $61,216,527)			60,944,554
MUNICIPAL SECURITIES — 1.3%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	980,000		1,485,063
Dallas Area Rapid Transit Rev., 6.00%, 12/1/44	1,000,000		1,468,530
Houston GO, 3.96%, 3/1/47	820,000		953,627
Los Angeles Community College District GO, 6.75%, 8/1/49	1,330,000		2,228,575
Los Angeles Department of Airports Rev., 6.58%, 5/15/39	1,075,000		1,458,796
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	1,165,000		1,677,577
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	470,000		680,626
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	975,000		1,572,919
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	480,000		753,816
New York City GO, 6.27%, 12/1/37	335,000		480,504
New York City Water & Sewer System Rev., 5.95%, 6/15/42	925,000		1,360,814

22

	Principal Amount		Value
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	$	420,000	$	592,108
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	400,000		541,744
Port Authority of New York & New Jersey Rev., 4.46%, 10/1/62	500,000		637,025
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	675,000		922,448
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	375,000		523,005
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	280,000		397,762
San Diego County Regional Airport Authority Rev., 5.59%, 7/1/43	750,000		849,570
San Diego County Water Authority Rev., 6.14%, 5/1/49	460,000		678,753
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	1,100,000		1,501,005
San Francisco Public Utilities Commission Water Rev., 6.95%, 11/1/50	765,000		1,249,046
San Jose Redevelopment Agency Successor Agency Tax Allocation, 3.375%, 8/1/34	1,085,000		1,142,830
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	920,000		1,154,931
State of California GO, 4.60%, 4/1/38	1,380,000		1,538,741
State of California GO, 7.55%, 4/1/39	450,000		745,425
State of California GO, 7.30%, 10/1/39	1,210,000		1,896,009
State of Illinois GO, 5.10%, 6/1/33	1,618,000		1,753,912
State of Kansas Department of Transportation Rev., 4.60%, 9/1/35	925,000		1,127,039
University of California Rev., 4.60%, 5/15/31	1,975,000		2,323,410
TOTAL MUNICIPAL SECURITIES (Cost $27,698,675)			33,695,610
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.7%
Chile — 0.1%
Chile Government International Bond, 3.25%, 9/14/21	920,000		941,859
Chile Government International Bond, 3.625%, 10/30/42	500,000		553,130
			1,494,989
Colombia — 0.1%
Colombia Government International Bond, 4.375%, 7/12/21	2,770,000		2,871,825
Mexico†
Mexico Government International Bond, 4.15%, 3/28/27	18,000		19,098
Panama — 0.1%
Panama Government International Bond, 7.125%, 1/29/26	1,400,000		1,755,320
Peru — 0.1%
Peruvian Government International Bond, 5.625%, 11/18/50	1,240,000		1,819,712
Philippines — 0.1%
Philippine Government International Bond, 4.00%, 1/15/21	1,590,000		1,627,146
Philippine Government International Bond, 5.50%, 3/30/26	3,000,000		3,600,261
Philippine Government International Bond, 6.375%, 10/23/34	730,000		1,056,883
			6,284,290
Poland — 0.1%
Republic of Poland Government International Bond, 3.00%, 3/17/23	1,050,000		1,086,470
Republic of Poland Government International Bond, 5.125%, 4/21/21	450,000		472,645
			1,559,115
Uruguay — 0.1%
Uruguay Government International Bond, 4.375%, 10/27/27	820,000		902,521

23

	Principal Amount		Value
Uruguay Government International Bond, 4.125%, 11/20/45	$	340,000	$	364,653
			1,267,174
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $15,896,198)			17,071,523
U.S. GOVERNMENT AGENCY SECURITIES — 0.3%
FNMA, 6.625%, 11/15/30 (Cost $5,562,963)	4,500,000		6,597,442
BANK LOAN OBLIGATIONS(5) — 0.2%
Diversified Telecommunication Services — 0.1%
Zayo Group, LLC, 2017 Incremental Term Loan, 4.29%, (1-month LIBOR plus 2.25%), 1/19/24	2,900,000		2,909,976
Media — 0.1%
Charter Communications Operating, LLC, 2017 Term Loan B, 4.05%, (1-month LIBOR plus 2.00%), 4/30/25	2,474,811		2,492,605
TOTAL BANK LOAN OBLIGATIONS (Cost $5,397,747)			5,402,581
TEMPORARY CASH INVESTMENTS — 3.4%
Credit Agricole Corporate and Investment Bank, 1.89%, 10/1/19(1)(3)	50,411,000		50,408,053
Crown Point Capital Co. LLC, 1.99%, 10/1/19(1)(3)	33,647,000		33,645,170
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.375% - 2.875%, 6/30/20 - 2/15/29, valued at $693,701), in a joint trading account at 1.80%, dated 9/30/19, due 10/1/19 (Delivery value $679,905)			679,871
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45, valued at $118,821), at 0.85%, dated 9/30/19, due 10/1/19 (Delivery value $112,003)			112,000
TOTAL TEMPORARY CASH INVESTMENTS (Cost $84,849,871)			84,845,094
TOTAL INVESTMENT SECURITIES — 105.1% (Cost $2,537,941,234)			2,635,804,125
OTHER ASSETS AND LIABILITIES(6) — (5.1)%			(128,595,815		)
TOTAL NET ASSETS — 100.0%			$	2,507,208,310

24

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,633,227	HUF	491,960,627	UBS AG	12/18/19	$	24,332
USD	2,246,483	MXN	44,635,816	Morgan Stanley	12/18/19	12,170
						$	36,502

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	480	December 2019	$	48,000,000	$	62,550,000	$	(497,486	)
U.S. Treasury 10-Year Ultra Notes	143	December 2019	$	14,300,000	20,364,094		223,390
U.S. Treasury 2-Year Notes	754	December 2019	$	150,800,000	162,487,000		(415,844		)
U.S. Treasury 5-Year Notes	251	December 2019	$	25,100,000	29,906,258		(146,643		)
					$	275,307,352	$	(836,583	)

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 32	Buy	(1.00)%	6/20/24	$	52,000,000	$	(795,358	)	$	(316,181	)	$	(1,111,539	)

^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.

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	1.77%	8/5/24	$	25,500,000	$	(684	)	$	(239,334	)	$	(240,018	)

25

NOTES TO SCHEDULE OF INVESTMENTS
CDX	-	Credit Derivatives Indexes
CPURNSA	-	U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
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
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) The rate indicated is the yield to maturity at purchase.

(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, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $3,095,709.

(3) Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $399,551,274, which represented 15.9% of total net assets.

(4) 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.

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

See Notes to Financial Statements.

26

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (cost of $2,537,941,234)	$	2,635,804,125
Cash	25,881
Receivable for investments sold	4,049,938
Unrealized appreciation on forward foreign currency exchange contracts	36,502
Interest receivable	13,833,528
	2,653,749,974
Liabilities
Payable for investments purchased	122,196,366
Payable for capital shares redeemed	24,178,387
Payable for variation margin on futures contracts	77,297
Payable for variation margin on swap agreements	89,614
	146,541,664
Net Assets	$	2,507,208,310
G Class Capital Shares
Shares outstanding (unlimited number of shares authorized)	227,099,464
Net Asset Value Per Share	$	11.04
Net Assets Consist of:
Capital paid in	$	2,452,254,503
Distributable earnings	54,953,807
	$	2,507,208,310

See Notes to Financial Statements.

27

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	39,124,377
Expenses:
Management fees	4,394,150
Trustees' fees and expenses	94,850
Other expenses	7,586
	4,496,586
Fees waived	(4,394,150		)
	102,436
Net investment income (loss)	39,021,941
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	18,762,563
Forward foreign currency exchange contract transactions	76,626
Futures contract transactions	10,660,911
Swap agreement transactions	(127,501		)
	29,372,599
Change in net unrealized appreciation (depreciation) on:
Investments	75,171,858
Forward foreign currency exchange contracts	19,092
Futures contracts	(3,207,176		)
Swap agreements	(555,515		)
	71,428,259
Net realized and unrealized gain (loss)	100,800,858
Net Increase (Decrease) in Net Assets Resulting from Operations	$	139,822,799

See Notes to Financial Statements.

28

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	39,021,941		$	93,337,360
Net realized gain (loss)	29,372,599			(51,474,576		)
Change in net unrealized appreciation (depreciation)	71,428,259			53,326,972
Net increase (decrease) in net assets resulting from operations	139,822,799			95,189,756
Distributions to Shareholders
From earnings	(40,544,131		)	(82,373,652		)
Capital Share Transactions
Proceeds from shares sold	142,543,345			297,773,497
Proceeds from reinvestment of distributions	40,544,131			82,083,103
Payments for shares redeemed	(346,312,805		)	(856,037,370		)
Net increase (decrease) in net assets from capital share transactions	(163,225,329		)	(476,180,770		)
Net increase (decrease) in net assets	(63,946,661		)	(463,364,666		)
Net Assets
Beginning of period	2,571,154,971			3,034,519,637
End of period	$	2,507,208,310		$	2,571,154,971
Transactions in Shares of the Fund
Sold	13,190,809			28,688,091
Issued in reinvestment of distributions	3,729,554			7,927,067
Redeemed	(31,860,303		)	(83,031,742		)
Net increase (decrease) in shares of the fund	(14,939,940		)	(46,416,584		)

See Notes to Financial Statements.

29

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the 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.

30

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 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.

31

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 September 30, 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 September 30, 2019 totaled $1,333,776,011, of which $1,250,222,635 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2019 totaled $1,495,463,312, of which $1,229,175,084 represented U.S. Treasury and Government Agency obligations.

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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.

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	—		$	764,047,721	—
Corporate Bonds	—		716,948,484		—
U.S. Government Agency Mortgage-Backed Securities	—		594,477,336		—
Asset-Backed Securities	—		137,447,076		—
Commercial Mortgage-Backed Securities	—		115,666,833		—
Collateralized Mortgage Obligations	—		98,659,871		—
Collateralized Loan Obligations	—		60,944,554		—
Municipal Securities	—		33,695,610		—
Sovereign Governments and Agencies	—		17,071,523		—
U.S. Government Agency Securities	—		6,597,442		—
Bank Loan Obligations	—		5,402,581		—
Temporary Cash Investments	—		84,845,094		—
	—		$	2,635,804,125	—
Other Financial Instruments
Futures Contracts	$	223,390	—		—
Forward Foreign Currency Exchange Contracts	—		$	36,502	—
	$	223,390	$	36,502	—
Liabilities
Other Financial Instruments
Futures Contracts	$	1,059,973	—		—
Swap Agreements	—		$	1,351,557	—
	$	1,059,973	$	1,351,557	—

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6. 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 $52,000,000.

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 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 $5,461,592.

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 $290,250,000 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

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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 $25,500,000.

Value of Derivative Instruments as of September 30, 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*	$	47,335
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	36,502	Unrealized depreciation on forward foreign currency exchange contracts	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	77,297
Other Contracts	Receivable for variation margin on swap agreements*	—		Payable for variation margin on swap agreements*	42,279
		$	36,502		$	166,911

* 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 Six Months Ended September 30, 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	$	(127,501	)	Change in net unrealized appreciation (depreciation) on swap agreements	$	(316,181	)
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	76,626			Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	19,092
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	10,660,911			Change in net unrealized appreciation (depreciation) on futures contracts	(3,207,176		)
Other Contracts	Net realized gain (loss) on swap agreement transactions	—			Change in net unrealized appreciation (depreciation) on swap agreements	(239,334		)
		$	10,610,036			$	(3,743,599	)

7. Risk Factors

The fund is owned by a relatively small number of shareholders, and in the event such shareholders redeem, the ongoing operations of the fund may be at risk.

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.

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8. Federal Tax Information

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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	2,538,027,095
Gross tax appreciation of investments	$	101,617,550
Gross tax depreciation of investments	(3,840,520		)
Net tax appreciation (depreciation) of investments	$	97,777,030

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

As of March 31, 2019, the fund had accumulated short-term capital losses of $(32,799,028) and accumulated long-term capital losses of $(33,630,736), 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.

As of March 31, 2019, the fund had late-year ordinary loss deferrals of $(243,882), which 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.

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. The adoption of ASU 2017-08 did not materially impact 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(3)	$10.62	0.17	0.42	0.59	(0.17)	—	(0.17)	$11.04	5.61%	0.01%(4)	0.35%(4)	3.06%(4)	2.72%(4)	52%		$2,507,208
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.

(3) Six months ended September 30, 2019 (unaudited).

(4) Annualized.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

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Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above its benchmark for the five-, and ten-year periods, at its benchmark for the three-year period, and below its benchmark for the one-year period reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

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Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was slightly above the median of the total expense ratios of the Fund’s peer group. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

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Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

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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.

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Notes

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Notes

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Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
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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-SAN-90826 1911

Semiannual Report

September 30, 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

Fund Characteristics	2
Shareholder Fee Example	3
Schedule of Investments	4
Statement of Assets and Liabilities	33
Statement of Operations	34
Statement of Changes in Net Assets	35
Notes to Financial Statements	36
Financial Highlights	41
Approval of Management and Subadvisory Agreements	42
Additional Information	46

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.

Fund Characteristics

SEPTEMBER 30, 2019
Types of Investments in Portfolio	% of net assets
Corporate Bonds	90.4%
Bank Loan Obligations	4.8%
Preferred Stocks	1.6%
Convertible Bonds	0.4%
Common Stocks	0.2%
Warrants	—*
Escrow Interests	—*
Temporary Cash Investments	1.7%
Other Assets and Liabilities	0.9%

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

2

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 April 1, 2019 to September 30, 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 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1)  4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,030.30	$4.01	0.79%
G Class	$1,000	$1,034.30	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,021.05	$3.99	0.79%
G Class	$1,000	$1,024.95	$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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

3

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 90.4%
Aerospace and Defense — 2.6%
Arconic, Inc., 5.125%, 10/1/24	$	1,500,000	$	1,598,572
Arconic, Inc., 5.90%, 2/1/27	250,000		280,300
Arconic, Inc., 5.95%, 2/1/37	1,225,000		1,323,637
Bombardier, Inc., 5.75%, 3/15/22(1)	1,085,000		1,109,412
Bombardier, Inc., 6.00%, 10/15/22(1)	1,005,000		1,008,769
Bombardier, Inc., 6.125%, 1/15/23(1)	475,000		484,975
Bombardier, Inc., 7.50%, 12/1/24(1)	775,000		779,650
Bombardier, Inc., 7.50%, 3/15/25(1)	495,000		496,238
Bombardier, Inc., 7.875%, 4/15/27(1)	1,775,000		1,772,071
BWX Technologies, Inc., 5.375%, 7/15/26(1)	375,000		396,094
F-Brasile SpA / F-Brasile US LLC, 7.375%, 8/15/26(1)	1,000,000		1,045,000
Pioneer Holdings LLC / Pioneer Finance Corp., 9.00%, 11/1/22(1)	575,000		605,188
TransDigm UK Holdings plc, 6.875%, 5/15/26	200,000		215,500
TransDigm, Inc., 6.00%, 7/15/22	2,240,000		2,279,200
TransDigm, Inc., 6.50%, 5/15/25	100,000		104,125
TransDigm, Inc., 6.25%, 3/15/26(1)	1,550,000		1,668,187
TransDigm, Inc., 6.375%, 6/15/26	850,000		896,750
TransDigm, Inc., 7.50%, 3/15/27	675,000		735,750
Triumph Group, Inc., 4.875%, 4/1/21	375,000		375,769
Triumph Group, Inc., 6.25%, 9/15/24(1)	200,000		208,540
Triumph Group, Inc., 7.75%, 8/15/25	225,000		227,813
			17,611,540
Air Freight and Logistics — 0.3%
XPO Logistics, Inc., 6.50%, 6/15/22(1)	1,421,000		1,449,420
XPO Logistics, Inc., 6.125%, 9/1/23(1)	600,000		621,000
			2,070,420
Airlines — 0.6%
Air Canada, 7.75%, 4/15/21(1)	975,000		1,049,344
American Airlines Group, Inc., 4.625%, 3/1/20(1)	975,000		984,750
American Airlines Group, Inc., 5.00%, 6/1/22(1)	550,000		571,780
United Airlines Holdings, Inc., 4.25%, 10/1/22	225,000		232,999
United Airlines Holdings, Inc., 5.00%, 2/1/24	1,445,000		1,528,087
			4,366,960
Auto Components — 0.5%
Dana, Inc., 6.00%, 9/15/23	1,484,000		1,526,665
Delphi Technologies plc, 5.00%, 10/1/25(1)	650,000		578,500
Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 8.50%, 5/15/27(1)	625,000		634,375
Tenneco, Inc., 5.00%, 7/15/26	975,000		804,375
			3,543,915

4

	Principal Amount/Shares		Value
Automobiles — 0.4%
Mclaren Finance plc, 5.75%, 8/1/22(1)	$	400,000	$	383,744
Tesla, Inc., 5.30%, 8/15/25(1)	2,800,000		2,523,500
			2,907,244
Banks — 0.2%
CIT Group, Inc., 4.125%, 3/9/21	275,000		280,500
CIT Group, Inc., 5.00%, 8/1/23	900,000		961,875
			1,242,375
Building Products — 1.3%
Advanced Drainage Systems, Inc., 5.00%, 9/30/27(1)	275,000		279,466
BMC East LLC, 5.50%, 10/1/24(1)	840,000		875,984
Builders FirstSource, Inc., 5.625%, 9/1/24(1)	710,000		741,063
Builders FirstSource, Inc., 6.75%, 6/1/27(1)	875,000		947,187
Griffon Corp., 5.25%, 3/1/22	1,525,000		1,544,062
James Hardie International Finance DAC, 4.75%, 1/15/25(1)	400,000		414,000
James Hardie International Finance DAC, 5.00%, 1/15/28(1)	400,000		417,000
Jeld-Wen, Inc., 4.625%, 12/15/25(1)	375,000		377,355
Masonite International Corp., 5.75%, 9/15/26(1)	275,000		291,156
Masonite International Corp., 5.375%, 2/1/28(1)	225,000		235,406
Northwest Hardwoods, Inc., 7.50%, 8/1/21(1)	275,000		162,250
Patrick Industries, Inc., 7.50%, 10/15/27(1)	800,000		826,080
PGT Escrow Issuer, Inc., 6.75%, 8/1/26(1)	525,000		568,313
USG Corp., 5.50%, 3/1/25(1)	735,000		746,944
			8,426,266
Capital Markets — 1.2%
Donnelley Financial Solutions, Inc., 8.25%, 10/15/24	375,000		390,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.875%, 2/1/22	1,355,000		1,372,784
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 2/1/22	655,000		673,668
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24(1)	1,275,000		1,275,319
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.375%, 12/15/25	1,225,000		1,291,165
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26(1)	1,550,000		1,627,500
MSCI, Inc., 5.25%, 11/15/24(1)	175,000		181,563
MSCI, Inc., 4.75%, 8/1/26(1)	150,000		157,500
NFP Corp., 6.875%, 7/15/25(1)	925,000		921,531
VFH Parent LLC / Orchestra Co-Issuer, Inc., 6.75%, 6/15/22(1)	425,000		439,843
			8,330,873
Chemicals — 2.0%
Atotech Alpha 2 BV, 8.75% Cash or 9.50% PIK, 6/1/23(1)(2)	400,000		400,000
CF Industries, Inc., 7.125%, 5/1/20	175,000		180,250
CF Industries, Inc., 5.375%, 3/15/44	1,875,000		1,897,552
Chemours Co. (The), 6.625%, 5/15/23	466,000		461,922
Consolidated Energy Finance SA, 6.50%, 5/15/26(1)	750,000		731,250
Cornerstone Chemical Co., 6.75%, 8/15/24(1)	550,000		510,653

5

	Principal Amount/Shares		Value
Element Solutions, Inc., 5.875%, 12/1/25(1)	$	525,000	$	552,090
Hexion, Inc., 7.875%, 7/15/27(1)	100,000		99,250
INEOS Group Holdings SA, 5.625%, 8/1/24(1)	1,425,000		1,474,704
Kissner Holdings LP / Kissner Milling Co. Ltd. / BSC Holding, Inc. / Kissner USA, 8.375%, 12/1/22(1)	275,000		287,375
Kraton Polymers LLC / Kraton Polymers Capital Corp., 7.00%, 4/15/25(1)	275,000		288,063
NOVA Chemicals Corp., 5.25%, 6/1/27(1)	900,000		940,140
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/26(1)	375,000		372,188
OCI NV, 6.625%, 4/15/23(1)	800,000		839,760
Olin Corp., 5.625%, 8/1/29	400,000		417,120
Olin Corp., 5.00%, 2/1/30	100,000		100,535
PQ Corp., 5.75%, 12/15/25(1)	250,000		258,750
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26	325,000		342,469
SPCM SA, 4.875%, 9/15/25(1)	300,000		306,750
TPC Group, Inc., 10.50%, 8/1/24(1)	725,000		759,437
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)	900,000		876,375
Tronox Finance plc, 5.75%, 10/1/25(1)	750,000		713,062
Tronox, Inc., 6.50%, 4/15/26(1)	425,000		406,937
			13,216,632
Commercial Services and Supplies — 1.4%
ADT Security Corp. (The), 6.25%, 10/15/21	325,000		347,750
Algeco Global Finance 2 plc, 10.00%, 8/15/23(1)	800,000		800,000
Aptim Corp., 7.75%, 6/15/25(1)	1,325,000		947,375
Clean Harbors, Inc., 4.875%, 7/15/27(1)	275,000		287,719
Clean Harbors, Inc., 5.125%, 7/15/29(1)	150,000		159,375
Covanta Holding Corp., 5.875%, 3/1/24	440,000		454,300
Garda World Security Corp., 8.75%, 5/15/25(1)	725,000		748,272
IAA, Inc., 5.50%, 6/15/27(1)	400,000		423,000
KAR Auction Services, Inc., 5.125%, 6/1/25(1)	300,000		312,000
Matthews International Corp., 5.25%, 12/1/25(1)	400,000		380,000
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/1/22(1)	775,000		722,687
Nielsen Co. Luxembourg SARL (The), 5.50%, 10/1/21(1)	550,000		553,438
Nielsen Finance LLC / Nielsen Finance Co., 4.50%, 10/1/20	740,000		742,842
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	570,000		574,446
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 5/15/23(1)	425,000		447,599
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)	425,000		437,346
Ritchie Bros Auctioneers, Inc., 5.375%, 1/15/25(1)	450,000		471,938
Sotheby's, 7.375%, 10/15/27(1)(3)	400,000		408,500
TMS International Holding Corp., 7.25%, 8/15/25(1)	375,000		322,500
			9,541,087
Communications Equipment — 0.8%
CommScope Technologies LLC, 6.00%, 6/15/25(1)	2,150,000		1,951,125
CommScope Technologies LLC, 5.00%, 3/15/27(1)	470,000		390,100
CommScope, Inc., 5.00%, 6/15/21(1)	329,000		330,332

6

	Principal Amount/Shares		Value
CommScope, Inc., 5.50%, 3/1/24(1)	$	600,000	$	620,250
CommScope, Inc., 6.00%, 3/1/26(1)	300,000		311,940
CommScope, Inc., 8.25%, 3/1/27(1)	800,000		781,750
Nokia of America Corp., 6.45%, 3/15/29	425,000		440,088
Nokia Oyj, 3.375%, 6/12/22	225,000		228,938
ViaSat, Inc., 5.625%, 4/15/27(1)	425,000		447,312
			5,501,835
Construction and Engineering — 0.8%
Aeropuertos Argentina 2000 SA, 6.875%, 2/1/27(1)	1,050,000		973,875
Brand Industrial Services, Inc., 8.50%, 7/15/25(1)	1,025,000		978,875
Great Lakes Dredge & Dock Corp., 8.00%, 5/15/22	375,000		400,613
New Enterprise Stone & Lime Co., Inc., 10.125%, 4/1/22(1)	475,000		490,437
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/26(1)	750,000		768,750
Weekley Homes LLC / Weekley Finance Corp., 6.00%, 2/1/23	900,000		901,890
Weekley Homes LLC / Weekley Finance Corp., 6.625%, 8/15/25	750,000		755,625
			5,270,065
Construction Materials — 0.4%
Summit Materials LLC / Summit Materials Finance Corp., 6.125%, 7/15/23	325,000		332,312
Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 6/1/25(1)	400,000		411,000
Summit Materials LLC / Summit Materials Finance Corp., 6.50%, 3/15/27(1)	275,000		294,250
US Concrete, Inc., 6.375%, 6/1/24	1,625,000		1,698,125
			2,735,687
Consumer Finance — 3.1%
Ally Financial, Inc., 8.00%, 3/15/20	400,000		409,476
Ally Financial, Inc., 4.125%, 3/30/20	1,125,000		1,134,844
Ally Financial, Inc., 3.875%, 5/21/24	425,000		440,853
Ally Financial, Inc., 8.00%, 11/1/31	1,325,000		1,838,437
Avolon Holdings Funding Ltd., 3.625%, 5/1/22(1)	200,000		202,930
Avolon Holdings Funding Ltd., 5.25%, 5/15/24(1)	275,000		295,130
Credit Acceptance Corp., 6.625%, 3/15/26(1)	425,000		455,813
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(2)	1,000,000		1,015,000
goeasy Ltd., 7.875%, 11/1/22(1)	525,000		547,313
Navient Corp., 5.00%, 10/26/20	990,000		1,004,850
Navient Corp., 5.875%, 3/25/21	50,000		52,125
Navient Corp., 7.25%, 9/25/23	950,000		1,036,212
Navient Corp., 5.875%, 10/25/24	375,000		379,688
Navient Corp., 6.75%, 6/25/25	3,625,000		3,747,344
Navient Corp., 6.75%, 6/15/26	675,000		692,077
Navient Corp., MTN, 6.125%, 3/25/24	360,000		375,188
Park Aerospace Holdings Ltd., 3.625%, 3/15/21(1)	550,000		555,390
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	1,515,000		1,600,446
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(1)	525,000		567,866
Springleaf Finance Corp., 8.25%, 12/15/20	125,000		133,125
Springleaf Finance Corp., 6.875%, 3/15/25	1,125,000		1,242,422

7

	Principal Amount/Shares		Value
Springleaf Finance Corp., 7.125%, 3/15/26	$	2,200,000	$	2,444,640
Springleaf Finance Corp., 6.625%, 1/15/28	575,000		619,735
			20,790,904
Containers and Packaging — 2.5%
ARD Finance SA, 7.125% Cash or 7.875% PIK, 9/15/23(2)	720,000		745,200
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(1)	400,000		410,500
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.00%, 2/15/25(1)	285,000		298,708
Berry Global, Inc., 6.00%, 10/15/22	850,000		863,812
Berry Global, Inc., 4.875%, 7/15/26(1)	625,000		647,594
Berry Global, Inc., 5.625%, 7/15/27(1)	300,000		311,250
Flex Acquisition Co., Inc., 6.875%, 1/15/25(1)	225,000		206,348
Flex Acquisition Co., Inc., 7.875%, 7/15/26(1)	600,000		552,000
Graphic Packaging International LLC, 4.75%, 7/15/27(1)	275,000		289,437
Greif, Inc., 6.50%, 3/1/27(1)	575,000		611,225
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)	250,000		258,700
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)	3,300,000		3,131,865
OI European Group BV, 4.00%, 3/15/23(1)	725,000		731,344
Owens-Brockway Glass Container, Inc., 5.00%, 1/15/22(1)	375,000		388,200
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)	625,000		665,625
Owens-Brockway Glass Container, Inc., 6.375%, 8/15/25(1)	150,000		159,750
Plastipak Holdings, Inc., 6.25%, 10/15/25(1)	275,000		230,313
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 6.875%, 2/15/21	280,695		281,748
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	1,010,000		1,036,512
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.00%, 7/15/24(1)	1,590,000		1,650,619
Sealed Air Corp., 5.125%, 12/1/24(1)	1,410,000		1,515,750
Trident TPI Holdings, Inc., 9.25%, 8/1/24(1)	500,000		491,250
Trident TPI Holdings, Inc., 6.625%, 11/1/25(1)	275,000		242,000
Trivium Packaging Finance BV, 5.50%, 8/15/26(1)	600,000		632,220
Trivium Packaging Finance BV, 8.50%, 8/15/27(1)	200,000		216,750
			16,568,720
Distributors — 0.3%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23(1)	375,000		387,187
Anixter, Inc., 6.00%, 12/1/25	350,000		387,625
Performance Food Group, Inc., 5.50%, 6/1/24(1)	975,000		999,375
Performance Food Group, Inc., 5.50%, 10/15/27(1)	350,000		369,250
			2,143,437
Diversified Consumer Services — 0.5%
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC, 7.125%, 7/31/26(1)	600,000		621,000
Graham Holdings Co., 5.75%, 6/1/26(1)	650,000		700,375
Service Corp. International/US, 5.125%, 6/1/29	275,000		295,281
Sotheby's, 4.875%, 12/15/25(1)	800,000		812,080

8

	Principal Amount/Shares		Value
WW International, Inc., 8.625%, 12/1/25(1)	$	875,000	$	912,188
			3,340,924
Diversified Financial Services — 1.1%
Allied Universal HoldCo LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)	975,000		1,032,281
Allied Universal HoldCo LLC / Allied Universal Finance Corp., 9.75%, 7/15/27(1)	1,725,000		1,801,970
Fairstone Financial, Inc., 7.875%, 7/15/24(1)	750,000		785,625
Jefferies Finance LLC / JFIN Co-Issuer Corp., 6.25%, 6/3/26(1)	600,000		621,000
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, 12/15/22(1)	650,000		677,625
Refinitiv US Holdings, Inc., 6.25%, 5/15/26(1)	325,000		349,372
Refinitiv US Holdings, Inc., 8.25%, 11/15/26(1)	525,000		580,781
Verscend Escrow Corp., 9.75%, 8/15/26(1)	800,000		854,896
VistaJet Malta Finance plc / XO Management Holding, Inc., 10.50%, 6/1/24(1)	650,000		632,125
			7,335,675
Diversified Telecommunication Services — 5.7%
Altice France SA, 6.25%, 5/15/24(1)	633,000		655,630
Altice France SA, 7.375%, 5/1/26(1)	2,560,000		2,754,458
Altice France SA, 8.125%, 2/1/27(1)	400,000		442,500
Altice France SA, 5.50%, 1/15/28(1)	1,400,000		1,419,250
CenturyLink, Inc., 5.625%, 4/1/20	1,470,000		1,495,872
CenturyLink, Inc., 6.45%, 6/15/21	200,000		210,500
CenturyLink, Inc., 5.80%, 3/15/22	550,000		582,313
CenturyLink, Inc., 6.75%, 12/1/23	350,000		384,125
CenturyLink, Inc., 7.50%, 4/1/24	550,000		616,467
Cogent Communications Group, Inc., 5.375%, 3/1/22(1)	50,000		52,250
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1)(3)	400,000		408,000
Embarq Corp., 8.00%, 6/1/36	1,675,000		1,664,012
Frontier Communications Corp., 10.50%, 9/15/22	5,250,000		2,431,406
Frontier Communications Corp., 11.00%, 9/15/25	125,000		57,109
Frontier Communications Corp., 8.50%, 4/1/26(1)	375,000		375,900
Frontier Communications Corp., 8.00%, 4/1/27(1)	550,000		581,455
Hughes Satellite Systems Corp., 5.25%, 8/1/26	795,000		853,631
Inmarsat Finance plc, 4.875%, 5/15/22(1)	455,000		462,821
Intelsat Connect Finance SA, 9.50%, 2/15/23(1)	2,650,000		2,463,678
Intelsat Jackson Holdings SA, 8.00%, 2/15/24(1)	75,000		78,094
Intelsat Jackson Holdings SA, 8.50%, 10/15/24(1)	1,500,000		1,514,535
Intelsat Jackson Holdings SA, 9.75%, 7/15/25(1)	2,300,000		2,413,850
Intelsat Luxembourg SA, 8.125%, 6/1/23	900,000		753,471
Level 3 Financing, Inc., 5.375%, 8/15/22	1,177,000		1,184,356
Level 3 Financing, Inc., 5.625%, 2/1/23	425,000		431,375
Level 3 Financing, Inc., 5.375%, 5/1/25	475,000		493,406
Level 3 Parent LLC, 5.75%, 12/1/22	800,000		805,200
Qualitytech LP / QTS Finance Corp., 4.75%, 11/15/25(1)	500,000		517,500
Qwest Corp., 6.75%, 12/1/21	450,000		486,520
Sprint Capital Corp., 6.875%, 11/15/28	350,000		382,445

9

	Principal Amount/Shares		Value
Sprint Capital Corp., 8.75%, 3/15/32	$	3,545,000	$	4,381,443
Telecom Italia Capital SA, 6.00%, 9/30/34	835,000		893,450
Telecom Italia Capital SA, 7.20%, 7/18/36	100,000		117,001
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1)(3)	425,000		433,500
Windstream Services LLC / Windstream Finance Corp., 7.75%, 10/15/20(4)(5)	890,000		186,900
Windstream Services LLC / Windstream Finance Corp., 7.75%, 10/1/21(4)(5)	88,000		18,480
Windstream Services LLC / Windstream Finance Corp., 10.50%, 6/30/24(1)(4)(5)	475,000		264,813
Windstream Services LLC / Windstream Finance Corp., 8.625%, 10/31/25(1)(5)	513,000		524,543
Zayo Group LLC / Zayo Capital, Inc., 6.00%, 4/1/23	1,970,000		2,031,562
Zayo Group LLC / Zayo Capital, Inc., 5.75%, 1/15/27(1)	2,450,000		2,510,760
			38,334,581
Electric Utilities — 1.7%
Drax Finco plc, 6.625%, 11/1/25(1)	400,000		418,000
NextEra Energy Operating Partners LP, 4.25%, 7/15/24(1)	725,000		748,562
NextEra Energy Operating Partners LP, 4.25%, 9/15/24(1)	450,000		465,750
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)	1,200,000		1,203,000
Pacific Gas & Electric Co., 3.25%, 6/15/23(4)(5)	200,000		199,500
Pacific Gas & Electric Co., 6.05%, 3/1/34(4)(5)	1,200,000		1,368,000
Pacific Gas & Electric Co., 5.80%, 3/1/37(4)(5)	825,000		933,281
Pacific Gas & Electric Co., 5.40%, 1/15/40(4)(5)	600,000		672,000
Pacific Gas & Electric Co., 5.125%, 11/15/43(4)(5)	850,000		926,500
Pacific Gas & Electric Co., 4.00%, 12/1/46(4)(5)	150,000		146,531
Talen Energy Supply LLC, 10.50%, 1/15/26(1)	550,000		475,750
Talen Energy Supply LLC, 7.25%, 5/15/27(1)	175,000		178,728
Talen Energy Supply LLC, 6.625%, 1/15/28(1)	350,000		345,625
Vistra Operations Co. LLC, 3.55%, 7/15/24(1)	775,000		781,066
Vistra Operations Co. LLC, 5.50%, 9/1/26(1)	225,000		235,958
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)	225,000		237,584
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)	1,375,000		1,419,247
Vistra Operations Co. LLC, 4.30%, 7/15/29(1)	450,000		462,353
			11,217,435
Electronic Equipment, Instruments and Components — 0.1%
MTS Systems Corp., 5.75%, 8/15/27(1)	275,000		286,688
TTM Technologies, Inc., 5.625%, 10/1/25(1)	475,000		476,187
			762,875
Energy Equipment and Services — 2.3%
Apergy Corp., 6.375%, 5/1/26	275,000		274,313
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)	550,000		586,415
Basic Energy Services, Inc., 10.75%, 10/15/23(1)	175,000		128,625
Calfrac Holdings LP, 8.50%, 6/15/26(1)	275,000		123,750
Diamond Offshore Drilling, Inc., 7.875%, 8/15/25	225,000		177,750
Ensign Drilling, Inc., 9.25%, 4/15/24(1)	1,050,000		984,375
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25	425,000		425,531

10

	Principal Amount/Shares		Value
FTS International, Inc., 6.25%, 5/1/22	$	1,360,000	$	1,122,000
KCA Deutag UK Finance plc, 9.625%, 4/1/23(1)	600,000		379,500
McDermott Technology Americas, Inc. / McDermott Technology US, Inc., 10.625%, 5/1/24(1)	1,150,000		278,875
Nabors Industries, Inc., 4.625%, 9/15/21	100,000		95,000
Nabors Industries, Inc., 5.50%, 1/15/23	125,000		103,438
Nabors Industries, Inc., 5.75%, 2/1/25	1,200,000		894,000
Nine Energy Service, Inc., 8.75%, 11/1/23(1)	300,000		244,500
Noble Holding International Ltd., 7.75%, 1/15/24	323,000		213,180
Noble Holding International Ltd., 7.875%, 2/1/26(1)	975,000		706,875
Noble Holding International Ltd., 6.20%, 8/1/40	175,000		77,438
Noble Holding International Ltd., 8.95%, 4/1/45	200,000		100,000
Precision Drilling Corp., 5.25%, 11/15/24	500,000		441,250
Precision Drilling Corp., 7.125%, 1/15/26(1)	550,000		511,500
SESI LLC, 7.125%, 12/15/21	875,000		600,469
SESI LLC, 7.75%, 9/15/24	425,000		248,625
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(1)	950,000		812,250
Transocean Guardian Ltd., 5.875%, 1/15/24(1)	734,250		741,592
Transocean Pontus Ltd., 6.125%, 8/1/25(1)	422,750		431,205
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	150,000		155,250
Transocean Sentry Ltd., 5.375%, 5/15/23(1)	375,000		375,938
Transocean, Inc., 9.00%, 7/15/23(1)	1,505,000		1,567,081
Transocean, Inc., 7.50%, 1/15/26(1)	25,000		22,313
Transocean, Inc., 7.50%, 4/15/31	250,000		177,500
Transocean, Inc., 6.80%, 3/15/38	75,000		46,500
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26	875,000		912,187
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27(1)	675,000		700,312
Weatherford International Ltd., 5.125%, 9/15/20(4)(5)	125,000		43,750
Weatherford International Ltd., 8.25%, 6/15/23(4)(5)	225,000		81,000
Weatherford International Ltd., 9.875%, 2/15/24(4)(5)	1,200,000		435,000
Weatherford International Ltd., 7.00%, 3/15/38(4)(5)	175,000		62,125
			15,281,412
Entertainment — 1.3%
AMC Entertainment Holdings, Inc., 5.75%, 6/15/25	280,000		267,932
AMC Entertainment Holdings, Inc., 5.875%, 11/15/26	1,325,000		1,210,278
AMC Entertainment Holdings, Inc., 6.125%, 5/15/27	875,000		796,250
Cinemark USA, Inc., 5.125%, 12/15/22	785,000		797,756
Cinemark USA, Inc., 4.875%, 6/1/23	300,000		305,250
Lions Gate Capital Holdings LLC, 6.375%, 2/1/24(1)	900,000		953,892
Lions Gate Capital Holdings LLC, 5.875%, 11/1/24(1)	250,000		258,125
Live Nation Entertainment, Inc., 5.625%, 3/15/26(1)	650,000		693,062
Netflix, Inc., 5.375%, 2/1/21	450,000		465,075
Netflix, Inc., 5.50%, 2/15/22	175,000		185,500
Netflix, Inc., 5.875%, 11/15/28	25,000		27,220
Netflix, Inc., 6.375%, 5/15/29(1)	1,950,000		2,154,750

11

	Principal Amount/Shares		Value
Netflix, Inc., 5.375%, 11/15/29(1)	$	525,000	$	547,313
			8,662,403
Equity Real Estate Investment Trusts (REITs) — 2.3%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 5.75%, 5/15/26(1)	482,000		505,497
CyrusOne LP / CyrusOne Finance Corp., 5.00%, 3/15/24	175,000		181,563
CyrusOne LP / CyrusOne Finance Corp., 5.375%, 3/15/27	175,000		187,469
Equinix, Inc., 5.375%, 4/1/23	2,085,000		2,136,499
Equinix, Inc., 5.75%, 1/1/25	300,000		312,952
ESH Hospitality, Inc., 5.25%, 5/1/25(1)	200,000		207,250
ESH Hospitality, Inc., 4.625%, 10/1/27(1)	550,000		552,750
FelCor Lodging LP, 6.00%, 6/1/25	1,280,000		1,348,800
GEO Group, Inc. (The), 5.875%, 10/15/24	50,000		43,250
GEO Group, Inc. (The), 6.00%, 4/15/26	50,000		40,600
GLP Capital LP / GLP Financing II, Inc., 5.375%, 11/1/23	500,000		542,745
GLP Capital LP / GLP Financing II, Inc., 5.25%, 6/1/25	150,000		165,605
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	660,000		728,475
HAT Holdings I LLC / HAT Holdings II LLC, 5.25%, 7/15/24(1)	800,000		843,000
Iron Mountain, Inc., 5.75%, 8/15/24	1,780,000		1,802,250
Iron Mountain, Inc., 4.875%, 9/15/29(1)	825,000		839,685
iStar, Inc., 4.625%, 9/15/20	475,000		480,641
iStar, Inc., 5.25%, 9/15/22	125,000		127,969
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.75%, 2/1/27(1)	200,000		224,810
MPT Operating Partnership LP / MPT Finance Corp., 5.50%, 5/1/24	400,000		411,000
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29	625,000		644,922
SBA Communications Corp., 4.875%, 7/15/22	960,000		975,216
SBA Communications Corp., 4.00%, 10/1/22	400,000		410,000
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.125%, 12/15/24(1)	1,615,000		1,409,087
			15,122,035
Food and Staples Retailing — 0.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.625%, 6/15/24	600,000		631,500
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 3/15/25	200,000		207,000
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)	550,000		583,517
Ingles Markets, Inc., 5.75%, 6/15/23	200,000		204,750
Rite Aid Corp., 6.125%, 4/1/23(1)	200,000		159,420
Rite Aid Corp., 7.70%, 2/15/27	200,000		106,000
			1,892,187
Food Products — 2.1%
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 4/15/25(1)	550,000		529,375
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22(1)	950,000		928,625
Darling Ingredients, Inc., 5.25%, 4/15/27(1)	300,000		316,125
HLF Financing Sarl LLC / Herbalife International, Inc., 7.25%, 8/15/26(1)	100,000		101,125

12

	Principal Amount/Shares		Value
JBS Investments II GmbH, 7.00%, 1/15/26(1)	$	400,000	$	432,596
JBS Investments II GmbH, 5.75%, 1/15/28(1)	400,000		417,500
JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 7/15/24(1)	955,000		985,488
JBS USA LUX SA / JBS USA Finance, Inc., 5.75%, 6/15/25(1)	1,365,000		1,427,203
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29(1)	775,000		862,187
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)	975,000		1,035,918
KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/26(1)	300,000		306,563
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	2,280,000		2,365,500
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)	525,000		565,819
Post Holdings, Inc., 5.00%, 8/15/26(1)	300,000		312,255
Post Holdings, Inc., 5.75%, 3/1/27(1)	3,100,000		3,302,120
US Foods, Inc., 5.875%, 6/15/24(1)	350,000		361,813
			14,250,212
Gas Utilities — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.75%, 5/20/27	1,045,000		1,131,213
Rockpoint Gas Storage Canada Ltd., 7.00%, 3/31/23(1)	450,000		454,500
			1,585,713
Health Care Equipment and Supplies — 0.2%
Hill-Rom Holdings, Inc., 4.375%, 9/15/27(1)	250,000		256,213
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 6.625%, 5/15/22(1)	800,000		785,360
			1,041,573
Health Care Providers and Services — 3.9%
ASP AMC Merger Sub, Inc., 8.00%, 5/15/25(1)	1,200,000		822,000
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1)	225,000		234,000
Centene Corp., 5.625%, 2/15/21	1,445,000		1,466,256
Centene Corp., 6.125%, 2/15/24	1,120,000		1,169,224
Centene Corp., 5.375%, 6/1/26(1)	25,000		26,250
CHS / Community Health Systems, Inc., 6.875%, 2/1/22	890,000		679,737
CHS / Community Health Systems, Inc., 8.625%, 1/15/24(1)	50,000		51,750
CHS / Community Health Systems, Inc., 8.125%, 6/30/24(1)	422,000		337,600
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)	850,000		850,000
CHS / Community Health Systems, Inc., VRN, 9.875%, 6/30/23(1)	1,110,000		949,050
Eagle Holding Co. II LLC, 7.625% Cash or 8.375% PIK, 5/15/22(1)(2)	1,675,000		1,691,750
Eagle Holding Co. II LLC, 7.75% Cash or 8.50% PIK, 5/15/22(1)(2)	125,000		126,250
Encompass Health Corp., 5.75%, 11/1/24	315,000		319,473
Encompass Health Corp., 4.75%, 2/1/30	200,000		202,580
Envision Healthcare Corp., 8.75%, 10/15/26(1)	1,500,000		922,500
HCA Healthcare, Inc., 6.25%, 2/15/21	125,000		131,200
HCA, Inc., 7.50%, 2/15/22	925,000		1,027,490
HCA, Inc., 5.875%, 5/1/23	325,000		358,313
HCA, Inc., 7.69%, 6/15/25	1,730,000		2,084,650
HCA, Inc., 5.875%, 2/15/26	625,000		700,312
HCA, Inc., 5.375%, 9/1/26	1,750,000		1,927,100
HCA, Inc., 5.625%, 9/1/28	1,795,000		2,004,656
HCA, Inc., 4.125%, 6/15/29	150,000		157,367

13

	Principal Amount/Shares		Value
MEDNAX, Inc., 6.25%, 1/15/27(1)	$	375,000	$	373,099
MPH Acquisition Holdings LLC, 7.125%, 6/1/24(1)	1,525,000		1,412,531
Polaris Intermediate Corp., 8.50% Cash or 9.25% PIK, 12/1/22(1)(2)	1,175,000		1,004,625
Select Medical Corp., 6.25%, 8/15/26(1)	375,000		392,813
Surgery Center Holdings, Inc., 10.00%, 4/15/27(1)	100,000		101,750
Tenet Healthcare Corp., 8.125%, 4/1/22	275,000		298,719
Tenet Healthcare Corp., 6.75%, 6/15/23	580,000		611,279
Tenet Healthcare Corp., 4.625%, 7/15/24	881,000		908,734
Tenet Healthcare Corp., 4.625%, 9/1/24(1)	425,000		437,720
Tenet Healthcare Corp., 4.875%, 1/1/26(1)	825,000		847,687
Tenet Healthcare Corp., 6.25%, 2/1/27(1)	150,000		156,173
Tenet Healthcare Corp., 5.125%, 11/1/27(1)	825,000		853,545
West Street Merger Sub, Inc., 6.375%, 9/1/25(1)	825,000		763,125
			26,401,308
Health Care Technology — 0.1%
IQVIA, Inc., 5.00%, 5/15/27(1)	425,000		446,250
Hotels, Restaurants and Leisure — 7.7%
1011778 BC ULC / New Red Finance, Inc., 4.25%, 5/15/24(1)	325,000		335,143
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(1)	3,150,000		3,261,825
Aramark Services, Inc., 5.125%, 1/15/24	1,105,000		1,143,675
Aramark Services, Inc., 5.00%, 4/1/25(1)	250,000		258,750
Aramark Services, Inc., 5.00%, 2/1/28(1)	725,000		754,000
Arrow Bidco LLC, 9.50%, 3/15/24(1)	200,000		201,000
Boyd Gaming Corp., 6.875%, 5/15/23	110,000		114,538
Boyd Gaming Corp., 6.375%, 4/1/26	350,000		372,313
Boyd Gaming Corp., 6.00%, 8/15/26	1,450,000		1,535,053
Boyne USA, Inc., 7.25%, 5/1/25(1)	346,000		378,732
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	475,000		486,828
Carlson Travel, Inc., 9.50%, 12/15/24(1)	800,000		810,000
Cedar Fair LP, 5.25%, 7/15/29(1)	50,000		53,688
Churchill Downs, Inc., 5.50%, 4/1/27(1)	475,000		503,500
Churchill Downs, Inc., 4.75%, 1/15/28(1)	750,000		772,500
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 2/15/23(1)	575,000		615,250
Eldorado Resorts, Inc., 7.00%, 8/1/23	2,315,000		2,424,962
Eldorado Resorts, Inc., 6.00%, 4/1/25	625,000		660,938
Eldorado Resorts, Inc., 6.00%, 9/15/26	125,000		137,500
Enterprise Development Authority (The), 12.00%, 7/15/24(1)	675,000		742,500
Gateway Casinos & Entertainment Ltd., 8.25%, 3/1/24(1)	1,150,000		1,198,875
Golden Entertainment, Inc., 7.625%, 4/15/26(1)	850,000		890,375
Golden Nugget, Inc., 6.75%, 10/15/24(1)	2,450,000		2,517,375
Golden Nugget, Inc., 8.75%, 10/1/25(1)	1,500,000		1,567,500
Hilton Domestic Operating Co., Inc., 5.125%, 5/1/26	1,425,000		1,499,812
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30(1)	325,000		343,964
Inn of the Mountain Gods Resort & Casino, 9.25% Cash or 9.25% PIK, 11/30/20(2)	345,501		344,637
IRB Holding Corp., 6.75%, 2/15/26(1)	975,000		982,312

14

	Principal Amount/Shares		Value
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 6.75%, 11/15/21(1)	$	1,190,000	$	1,218,262
Jacobs Entertainment, Inc., 7.875%, 2/1/24(1)	550,000		588,500
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.00%, 6/1/24(1)	250,000		260,000
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 4.75%, 6/1/27(1)	850,000		887,187
LTF Merger Sub, Inc., 8.50%, 6/15/23(1)	2,775,000		2,851,312
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28(1)(3)	275,000		278,438
Marriott Ownership Resorts, Inc. / ILG LLC, 6.50%, 9/15/26	100,000		108,250
Melco Resorts Finance Ltd., 5.25%, 4/26/26(1)	800,000		816,031
Melco Resorts Finance Ltd., 5.625%, 7/17/27(1)	400,000		416,140
Merlin Entertainments plc, 5.75%, 6/15/26(1)	1,000,000		1,038,125
MGM China Holdings Ltd., 5.375%, 5/15/24(1)	400,000		416,000
MGM China Holdings Ltd., 5.875%, 5/15/26(1)	400,000		420,000
MGM Resorts International, 5.25%, 3/31/20	1,340,000		1,358,425
MGM Resorts International, 6.75%, 10/1/20	250,000		260,000
MGM Resorts International, 6.625%, 12/15/21	800,000		869,600
MGM Resorts International, 7.75%, 3/15/22	980,000		1,098,835
MGM Resorts International, 6.00%, 3/15/23	1,975,000		2,180,795
MGM Resorts International, 5.75%, 6/15/25	100,000		110,625
MGM Resorts International, 5.50%, 4/15/27	175,000		192,211
Mohegan Gaming & Entertainment, 7.875%, 10/15/24(1)	1,475,000		1,419,687
Nathan's Famous, Inc., 6.625%, 11/1/25(1)	825,000		825,000
NCL Corp. Ltd., 4.75%, 12/15/21(1)	442,000		451,264
Scientific Games International, Inc., 6.25%, 9/1/20	1,410,000		1,420,575
Silversea Cruise Finance Ltd., 7.25%, 2/1/25(1)	475,000		509,438
Station Casinos LLC, 5.00%, 10/1/25(1)	325,000		330,623
Twin River Worldwide Holdings, Inc., 6.75%, 6/1/27(1)	225,000		236,813
Viking Cruises Ltd., 6.25%, 5/15/25(1)	600,000		630,000
Viking Cruises Ltd., 5.875%, 9/15/27(1)	425,000		451,393
VOC Escrow Ltd., 5.00%, 2/15/28(1)	25,000		25,940
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	250,000		263,125
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)	950,000		977,312
Wynn Macau Ltd., 4.875%, 10/1/24(1)	800,000		799,000
Wynn Macau Ltd., 5.50%, 10/1/27(1)	800,000		812,000
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 5.125%, 10/1/29(1)	400,000		419,910
Yum! Brands, Inc., 3.875%, 11/1/23	1,625,000		1,689,025
Yum! Brands, Inc., 4.75%, 1/15/30(1)	400,000		413,500
			51,950,886
Household Durables — 3.3%
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.75%, 8/1/25(1)	475,000		476,188
Beazer Homes USA, Inc., 6.75%, 3/15/25	300,000		307,125
Beazer Homes USA, Inc., 7.25%, 10/15/29(1)	350,000		356,563
Brookfield Residential Properties, Inc., 6.375%, 5/15/25(1)	1,000,000		1,025,000

15

	Principal Amount/Shares		Value
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.125%, 7/1/22(1)	$	1,235,000	$	1,257,358
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.25%, 9/15/27(1)	125,000		125,938
Century Communities, Inc., 6.75%, 6/1/27(1)	975,000		1,049,587
Installed Building Products, Inc., 5.75%, 2/1/28(1)	475,000		491,031
KB Home, 8.00%, 3/15/20	360,000		369,612
KB Home, 7.00%, 12/15/21	565,000		610,793
KB Home, 7.625%, 5/15/23	150,000		170,625
KB Home, 6.875%, 6/15/27	425,000		479,187
Lennar Corp., 4.50%, 4/30/24	1,805,000		1,906,080
Lennar Corp., 5.00%, 6/15/27	625,000		671,094
Mattamy Group Corp., 6.50%, 10/1/25(1)	300,000		316,500
Meritage Homes Corp., 7.00%, 4/1/22	540,000		591,975
Meritage Homes Corp., 6.00%, 6/1/25	750,000		832,500
Shea Homes LP / Shea Homes Funding Corp., 5.875%, 4/1/23(1)	920,000		945,300
Shea Homes LP / Shea Homes Funding Corp., 6.125%, 4/1/25(1)	50,000		51,500
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(1)	450,000		489,375
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 3/1/24(1)	1,137,000		1,222,275
Toll Brothers Finance Corp., 6.75%, 11/1/19	490,000		492,695
Toll Brothers Finance Corp., 5.875%, 2/15/22	225,000		240,188
TopBuild Corp., 5.625%, 5/1/26(1)	675,000		704,538
TRI Pointe Group, Inc., 5.25%, 6/1/27	625,000		629,687
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24	2,015,000		2,151,012
William Lyon Homes, Inc., 6.00%, 9/1/23	525,000		548,625
William Lyon Homes, Inc., 5.875%, 1/31/25	1,480,000		1,502,200
William Lyon Homes, Inc., 6.625%, 7/15/27(1)	325,000		338,813
Williams Scotsman International, Inc., 7.875%, 12/15/22(1)	700,000		733,250
Williams Scotsman International, Inc., 6.875%, 8/15/23(1)	850,000		892,500
			21,979,114
Household Products — 0.4%
Central Garden & Pet Co., 5.125%, 2/1/28	200,000		205,000
Energizer Holdings, Inc., 5.50%, 6/15/25(1)	350,000		363,241
Energizer Holdings, Inc., 6.375%, 7/15/26(1)	475,000		509,979
Energizer Holdings, Inc., 7.75%, 1/15/27(1)	100,000		111,670
Prestige Brands, Inc., 6.375%, 3/1/24(1)	200,000		209,000
Spectrum Brands, Inc., 5.75%, 7/15/25	845,000		885,974
Spectrum Brands, Inc., 5.00%, 10/1/29(1)	100,000		102,000
			2,386,864
Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp., 6.00%, 1/15/22(1)	200,000		201,420
Calpine Corp., 5.375%, 1/15/23	3,315,000		3,364,725
Calpine Corp., 5.875%, 1/15/24(1)	450,000		461,250
Calpine Corp., 5.50%, 2/1/24	360,000		364,950
Calpine Corp., 5.25%, 6/1/26(1)	800,000		831,000
Clearway Energy Operating LLC, 5.375%, 8/15/24	550,000		565,812

16

	Principal Amount/Shares		Value
Clearway Energy Operating LLC, 5.75%, 10/15/25(1)	$	650,000	$	686,562
Clearway Energy Operating LLC, 5.00%, 9/15/26	175,000		179,813
NRG Energy, Inc., 7.25%, 5/15/26	320,000		351,680
NRG Energy, Inc., 5.25%, 6/15/29(1)	125,000		134,881
TerraForm Power Operating LLC, 4.25%, 1/31/23(1)	700,000		717,500
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)	825,000		862,125
Vistra Energy Corp., 5.875%, 6/1/23	175,000		179,419
Vistra Energy Corp., 7.625%, 11/1/24	60,000		62,625
			8,963,762
Industrial Conglomerates†
Amsted Industries, Inc., 5.625%, 7/1/27(1)	250,000		264,375
Insurance — 1.2%
Acrisure LLC / Acrisure Finance, Inc., 8.125%, 2/15/24(1)	425,000		458,734
Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25(1)	1,600,000		1,499,680
Acrisure LLC / Acrisure Finance, Inc., 10.125%, 8/1/26(1)	325,000		340,438
Ardonagh Midco 3 plc, 8.625%, 7/15/23(1)	1,600,000		1,552,000
AssuredPartners, Inc., 7.00%, 8/15/25(1)	700,000		703,500
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 5/1/25(1)	925,000		996,688
Genworth Holdings, Inc., 7.625%, 9/24/21	820,000		853,136
Genworth Holdings, Inc., VRN, 4.16%, (3-month LIBOR plus 2.00%), 11/15/66	450,000		279,000
GTCR AP Finance, Inc., 8.00%, 5/15/27(1)	250,000		257,500
HUB International Ltd., 7.00%, 5/1/26(1)	925,000		953,906
			7,894,582
Interactive Media and Services — 0.3%
Match Group, Inc., 6.375%, 6/1/24	700,000		738,500
Match Group, Inc., 5.00%, 12/15/27(1)	400,000		417,000
Match Group, Inc., 5.625%, 2/15/29(1)	425,000		457,406
Rackspace Hosting, Inc., 8.625%, 11/15/24(1)	685,000		633,557
			2,246,463
Internet and Direct Marketing Retail — 0.2%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/1/27(1)	875,000		923,125
GrubHub Holdings, Inc., 5.50%, 7/1/27(1)	325,000		332,313
			1,255,438
IT Services — 0.8%
Banff Merger Sub, Inc., 9.75%, 9/1/26(1)	500,000		479,750
CDW LLC / CDW Finance Corp., 5.00%, 9/1/23	615,000		630,928
CDW LLC / CDW Finance Corp., 5.50%, 12/1/24	230,000		254,380
CDW LLC / CDW Finance Corp., 4.25%, 4/1/28	300,000		306,780
Exela Intermediate LLC / Exela Finance, Inc., 10.00%, 7/15/23(1)	650,000		365,625
Gartner, Inc., 5.125%, 4/1/25(1)	225,000		235,969
Harland Clarke Holdings Corp., 9.25%, 3/1/21(1)	810,000		759,375
Harland Clarke Holdings Corp., 8.375%, 8/15/22(1)	1,450,000		1,196,250
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.75%, 6/1/25(1)	850,000		879,750
			5,108,807

17

	Principal Amount/Shares		Value
Leisure Products — 0.1%
Constellation Merger Sub, Inc., 8.50%, 9/15/25(1)	$	300,000	$	252,750
Mattel, Inc., 6.75%, 12/31/25(1)	325,000		339,931
Mattel, Inc., 5.45%, 11/1/41	75,000		58,875
			651,556
Life Sciences Tools and Services — 0.3%
Avantor, Inc., 6.00%, 10/1/24(1)	425,000		456,463
Avantor, Inc., 9.00%, 10/1/25(1)	750,000		844,687
Charles River Laboratories International, Inc., 5.50%, 4/1/26(1)	525,000		559,771
			1,860,921
Machinery — 1.6%
Cleaver-Brooks, Inc., 7.875%, 3/1/23(1)	350,000		332,500
Cloud Crane LLC, 10.125%, 8/1/24(1)	575,000		616,687
Colfax Corp., 6.00%, 2/15/24(1)	325,000		345,183
Colfax Corp., 6.375%, 2/15/26(1)	200,000		215,438
EnPro Industries, Inc., 5.75%, 10/15/26	500,000		534,375
Granite Holdings US Acquisition Co., 11.00%, 10/1/27(1)	425,000		412,250
JB Poindexter & Co., Inc., 7.125%, 4/15/26(1)	675,000		702,000
JPW Industries Holding Corp., 9.00%, 10/1/24(1)	400,000		380,000
Manitowoc Co., Inc. (The), 9.00%, 4/1/26(1)	275,000		270,188
Mueller Water Products, Inc., 5.50%, 6/15/26(1)	200,000		209,500
Navistar International Corp., 6.625%, 11/1/25(1)	75,000		76,500
RBS Global, Inc. / Rexnord LLC, 4.875%, 12/15/25(1)	725,000		748,490
SPX FLOW, Inc., 5.625%, 8/15/24(1)	150,000		155,625
Stevens Holding Co., Inc., 6.125%, 10/1/26(1)	300,000		320,625
Tennant Co., 5.625%, 5/1/25	300,000		313,500
Titan International, Inc., 6.50%, 11/30/23	950,000		760,000
Vertiv Group Corp., 9.25%, 10/15/24(1)	375,000		363,281
Vertiv Intermediate Holding Corp., 12.00% Cash or 13.00% PIK, 2/15/22(1)(2)	2,625,000		2,365,781
Wabash National Corp., 5.50%, 10/1/25(1)	575,000		567,812
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 7/15/25(1)	1,050,000		903,000
			10,592,735
Media — 7.6%
Altice Financing SA, 6.625%, 2/15/23(1)	740,000		761,275
Altice Financing SA, 7.50%, 5/15/26(1)	1,445,000		1,538,911
Altice Finco SA, 7.625%, 2/15/25(1)	940,000		978,775
Altice Luxembourg SA, 7.75%, 5/15/22(1)	862,000		882,473
Altice Luxembourg SA, 10.50%, 5/15/27(1)	1,200,000		1,355,400
AMC Networks, Inc., 5.00%, 4/1/24	125,000		129,063
Cablevision Systems Corp., 8.00%, 4/15/20	300,000		309,375
Cablevision Systems Corp., 5.875%, 9/15/22	300,000		324,000
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 9/30/22	700,000		709,345
CCO Holdings LLC / CCO Holdings Capital Corp., 4.00%, 3/1/23(1)	725,000		738,594
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/23(1)	500,000		513,620
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 1/15/24	15,000		15,375
CCO Holdings LLC / CCO Holdings Capital Corp., 5.875%, 4/1/24(1)	375,000		392,235

18

	Principal Amount/Shares		Value
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 5/1/25(1)	$	950,000	$	988,000
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	3,615,000		3,822,862
CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 5/1/26(1)	375,000		393,713
CCO Holdings LLC / CCO Holdings Capital Corp., 5.875%, 5/1/27(1)	325,000		344,500
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24(1)	325,000		357,877
Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27(1)	1,575,000		1,644,851
CSC Holdings LLC, 5.125%, 12/15/21(1)	1,775,000		1,777,574
CSC Holdings LLC, 5.375%, 7/15/23(1)	600,000		617,250
CSC Holdings LLC, 5.50%, 5/15/26(1)	630,000		664,587
CSC Holdings LLC, 6.50%, 2/1/29(1)	1,500,000		1,670,025
CSC Holdings LLC, 5.75%, 1/15/30(1)	2,525,000		2,642,084
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 8/15/26(1)	1,200,000		1,248,000
Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 8/15/27(1)	1,250,000		1,298,187
DISH DBS Corp., 5.875%, 7/15/22	100,000		104,375
DISH DBS Corp., 5.00%, 3/15/23	1,170,000		1,186,438
DISH DBS Corp., 5.875%, 11/15/24	600,000		597,000
EW Scripps Co. (The), 5.125%, 5/15/25(1)	350,000		351,750
GCI LLC, 6.625%, 6/15/24(1)	350,000		378,438
Gray Television, Inc., 5.125%, 10/15/24(1)	2,250,000		2,337,187
Gray Television, Inc., 5.875%, 7/15/26(1)	400,000		417,000
Gray Television, Inc., 7.00%, 5/15/27(1)	475,000		523,664
iHeartCommunications, Inc., 6.375%, 5/1/26	525,000		569,625
iHeartCommunications, Inc., 5.25%, 8/15/27(1)	925,000		964,312
Lamar Media Corp., 5.75%, 2/1/26	100,000		106,100
Midcontinent Communications / Midcontinent Finance Corp., 5.375%, 8/15/27(1)	350,000		369,250
Nexstar Broadcasting, Inc., 5.625%, 8/1/24(1)	1,440,000		1,502,424
Nexstar Escrow, Inc., 5.625%, 7/15/27(1)	850,000		892,500
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)	875,000		920,938
Quebecor Media, Inc., 5.75%, 1/15/23	250,000		273,125
Salem Media Group, Inc., 6.75%, 6/1/24(1)	325,000		282,750
Scripps Escrow, Inc., 5.875%, 7/15/27(1)	150,000		152,625
Sinclair Television Group, Inc., 5.875%, 3/15/26(1)	300,000		315,000
Sirius XM Radio, Inc., 3.875%, 8/1/22(1)	1,025,000		1,046,781
Sirius XM Radio, Inc., 4.625%, 5/15/23(1)	1,185,000		1,213,558
Sirius XM Radio, Inc., 4.625%, 7/15/24(1)	500,000		519,665
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)	550,000		588,500
TEGNA, Inc., 5.00%, 9/15/29(1)	525,000		531,563
Townsquare Media, Inc., 6.50%, 4/1/23(1)	1,075,000		1,076,344
Univision Communications, Inc., 6.75%, 9/15/22(1)	315,000		320,906
Univision Communications, Inc., 5.125%, 2/15/25(1)	150,000		146,625
UPC Holding BV, 5.50%, 1/15/28(1)	600,000		624,000
UPCB Finance IV Ltd., 5.375%, 1/15/25(1)	810,000		836,325
Videotron Ltd., 5.375%, 6/15/24(1)	225,000		246,803
Virgin Media Finance plc, 5.75%, 1/15/25(1)	1,660,000		1,716,025

19

	Principal Amount/Shares		Value
Virgin Media Secured Finance plc, 5.25%, 1/15/26(1)	$	1,330,000	$	1,371,562
Virgin Media Secured Finance plc, 5.50%, 8/15/26(1)	655,000		688,765
Ziggo Bond Co. BV, 5.875%, 1/15/25(1)	745,000		769,213
Ziggo BV, 5.50%, 1/15/27(1)	1,025,000		1,073,687
			51,132,774
Metals and Mining — 3.7%
Alcoa Nederland Holding BV, 6.75%, 9/30/24(1)	1,060,000		1,116,975
Alcoa Nederland Holding BV, 6.125%, 5/15/28(1)	600,000		640,440
Aleris International, Inc., 10.75%, 7/15/23(1)	700,000		738,500
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, 8.75%, 7/15/26(1)	625,000		643,156
Big River Steel LLC / BRS Finance Corp., 7.25%, 9/1/25(1)	625,000		660,937
Cleveland-Cliffs, Inc., 5.75%, 3/1/25	497,000		489,545
Cleveland-Cliffs, Inc., 5.875%, 6/1/27(1)	700,000		664,720
Coeur Mining, Inc., 5.875%, 6/1/24	450,000		452,250
Constellium SE, 6.625%, 3/1/25(1)	2,165,000		2,262,425
First Quantum Minerals Ltd., 7.00%, 2/15/21(1)	60,000		60,600
First Quantum Minerals Ltd., 7.25%, 4/1/23(1)	295,000		292,050
First Quantum Minerals Ltd., 6.50%, 3/1/24(1)	3,000,000		2,876,250
First Quantum Minerals Ltd., 7.50%, 4/1/25(1)	400,000		396,000
First Quantum Minerals Ltd., 6.875%, 3/1/26(1)	400,000		383,000
Freeport-McMoRan, Inc., 3.55%, 3/1/22	223,000		224,115
Freeport-McMoRan, Inc., 3.875%, 3/15/23	425,000		429,250
Freeport-McMoRan, Inc., 5.00%, 9/1/27	425,000		424,469
Freeport-McMoRan, Inc., 5.25%, 9/1/29	475,000		474,900
Freeport-McMoRan, Inc., 5.45%, 3/15/43	800,000		724,304
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.375%, 12/15/23(1)	125,000		120,000
Hecla Mining Co., 6.875%, 5/1/21	175,000		174,125
Hudbay Minerals, Inc., 7.625%, 1/15/25(1)	350,000		356,562
IAMGOLD Corp., 7.00%, 4/15/25(1)	175,000		184,188
Kinross Gold Corp., 5.125%, 9/1/21	360,000		374,400
Kinross Gold Corp., 4.50%, 7/15/27	525,000		551,896
Mineral Resources Ltd., 8.125%, 5/1/27(1)	850,000		877,030
Mountain Province Diamonds, Inc., 8.00%, 12/15/22(1)	350,000		343,438
Northwest Acquisitions ULC / Dominion Finco, Inc., 7.125%, 11/1/22(1)	400,000		237,000
Novelis Corp., 6.25%, 8/15/24(1)	685,000		717,537
Novelis Corp., 5.875%, 9/30/26(1)	2,025,000		2,128,781
Park-Ohio Industries, Inc., 6.625%, 4/15/27	275,000		264,000
Petra Diamonds US Treasury plc, 7.25%, 5/1/22(1)	200,000		159,000
Taseko Mines Ltd., 8.75%, 6/15/22(1)	1,175,000		1,081,000
Teck Resources Ltd., 4.75%, 1/15/22	1,510,000		1,563,124
Teck Resources Ltd., 5.20%, 3/1/42	1,150,000		1,146,150
Teck Resources Ltd., 5.40%, 2/1/43	25,000		25,669
United States Steel Corp., 6.25%, 3/15/26	150,000		126,563
Warrior Met Coal, Inc., 8.00%, 11/1/24(1)	387,000		402,722
			24,787,071

20

	Principal Amount/Shares		Value
Multiline Retail — 0.2%
Cumberland Farms, Inc., 6.75%, 5/1/25(1)	$	375,000	$	402,562
JC Penney Corp., Inc., 8.625%, 3/15/25(1)	600,000		378,048
JC Penney Corp., Inc., 6.375%, 10/15/36	625,000		206,250
Neiman Marcus Group Ltd. LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG, 8.75%, 10/25/24(1)	455,189		137,695
			1,124,555
Oil, Gas and Consumable Fuels — 8.0%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 9/15/24	500,000		452,350
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 3/1/27(1)	700,000		586,236
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 1/15/28(1)	125,000		104,375
Antero Resources Corp., 5.375%, 11/1/21	450,000		437,062
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22(1)	25,000		25,258
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.625%, 7/15/26(1)	100,000		99,250
Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp., 6.875%, 2/1/25	1,075,000		932,562
Bruin E&P Partners LLC, 8.875%, 8/1/23(1)	1,425,000		1,072,312
California Resources Corp., 8.00%, 12/15/22(1)	1,355,000		677,500
Callon Petroleum Co., 6.125%, 10/1/24	625,000		618,750
Callon Petroleum Co., 6.375%, 7/1/26	350,000		343,298
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23	390,000		371,475
Centennial Resource Production LLC, 5.375%, 1/15/26(1)	750,000		720,000
Chaparral Energy, Inc., 8.75%, 7/15/23(1)	1,000,000		405,000
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24	630,000		725,287
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25	615,000		685,725
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27	75,000		82,313
Chesapeake Energy Corp., 6.625%, 8/15/20	286,000		288,860
Chesapeake Energy Corp., 6.875%, 11/15/20	1,050,000		1,052,625
Chesapeake Energy Corp., 5.75%, 3/15/23	250,000		192,500
Chesapeake Energy Corp., 8.00%, 1/15/25	1,500,000		1,091,250
Citgo Holding, Inc., 9.25%, 8/1/24(1)	1,200,000		1,278,000
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 12.00%, 11/1/21(4)(5)	418,000		106,590
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 6.375%, 3/15/24(4)(5)	450,000		5,625
CNX Resources Corp., 5.875%, 4/15/22	425,000		410,125
CNX Resources Corp., 7.25%, 3/14/27(1)	475,000		396,625
CONSOL Energy, Inc., 11.00%, 11/15/25(1)	425,000		425,000
Covey Park Energy LLC / Covey Park Finance Corp., 7.50%, 5/15/25(1)	550,000		442,750
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23	820,000		845,625
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	765,000		789,862
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.625%, 5/1/27(1)	700,000		716,408

21

	Principal Amount/Shares		Value
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)	$	775,000	$	782,734
DCP Midstream Operating LP, 5.35%, 3/15/20(1)	300,000		303,000
DCP Midstream Operating LP, 5.375%, 7/15/25	825,000		880,687
DCP Midstream Operating LP, 5.125%, 5/15/29	1,300,000		1,326,000
Denbury Resources, Inc., 9.00%, 5/15/21(1)	1,645,000		1,533,962
Denbury Resources, Inc., 9.25%, 3/31/22(1)	650,000		572,000
Energy Transfer Operating LP, 7.50%, 10/15/20	525,000		551,853
Energy Transfer Operating LP, 4.25%, 3/15/23	700,000		731,935
EnLink Midstream Partners LP, 4.85%, 7/15/26	375,000		357,656
EnLink Midstream Partners LP, 5.60%, 4/1/44	200,000		164,500
EnLink Midstream Partners LP, 5.05%, 4/1/45	225,000		181,125
EnLink Midstream Partners LP, 5.45%, 6/1/47	375,000		307,500
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/20(4)(5)	1,725,000		10,781
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/24(1)(4)(5)	1,075,000		34,938
EP Energy LLC / Everest Acquisition Finance, Inc., 8.00%, 2/15/25(1)(4)(5)	180,000		4,950
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(1)	175,000		115,500
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(1)	700,000		432,250
Gulfport Energy Corp., 6.00%, 10/15/24	395,000		287,698
Gulfport Energy Corp., 6.375%, 5/15/25	465,000		332,475
Gulfport Energy Corp., 6.375%, 1/15/26	200,000		141,000
Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp., 5.625%, 2/15/26(1)	1,577,000		1,655,850
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1)	1,150,000		1,075,250
Holly Energy Partners LP / Holly Energy Finance Corp., 6.00%, 8/1/24(1)	125,000		131,094
Indigo Natural Resources LLC, 6.875%, 2/15/26(1)	450,000		407,813
Jagged Peak Energy LLC, 5.875%, 5/1/26	450,000		453,375
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26(1)	450,000		452,250
Martin Midstream Partners LP / Martin Midstream Finance Corp., 7.25%, 2/15/21	660,000		616,282
Matador Resources Co., 5.875%, 9/15/26	350,000		352,415
MEG Energy Corp., 6.375%, 1/30/23(1)	575,000		557,031
MEG Energy Corp., 7.00%, 3/31/24(1)	550,000		533,500
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(1)	775,000		574,469
Murphy Oil Corp., 6.875%, 8/15/24	375,000		393,750
Murphy Oil Corp., 5.75%, 8/15/25	485,000		494,700
Murray Energy Corp., 9.00% Cash plus 3.00% PIK, 4/15/24(1)(4)(5)	3,592,071		44,901
NGPL PipeCo LLC, 4.375%, 8/15/22(1)	800,000		829,824
NGPL PipeCo LLC, 4.875%, 8/15/27(1)	50,000		53,689
NuStar Logistics LP, 6.00%, 6/1/26	275,000		298,320
Oasis Petroleum, Inc., 6.50%, 11/1/21	475,000		469,955
Oasis Petroleum, Inc., 6.25%, 5/1/26(1)	675,000		550,125
Parkland Fuel Corp., 6.00%, 4/1/26(1)	275,000		291,500
Parkland Fuel Corp., 5.875%, 7/15/27(1)	550,000		578,495
Parsley Energy LLC / Parsley Finance Corp., 6.25%, 6/1/24(1)	100,000		103,750

22

	Principal Amount/Shares		Value
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23	$	550,000	$	568,216
PDC Energy, Inc., 6.125%, 9/15/24	150,000		150,000
Plains All American Pipeline LP / PAA Finance Corp., 3.55%, 12/15/29	125,000		123,147
Range Resources Corp., 5.75%, 6/1/21	570,000		568,575
Range Resources Corp., 5.00%, 8/15/22	1,010,000		951,925
Range Resources Corp., 5.00%, 3/15/23	325,000		285,188
Rockies Express Pipeline LLC, 6.875%, 4/15/40(1)	175,000		191,328
Sanchez Energy Corp., 7.75%, 6/15/21(5)	2,855,000		185,575
Sanchez Energy Corp., 6.125%, 1/15/23(4)(5)	1,275,000		86,063
SemGroup Corp., 7.25%, 3/15/26	400,000		435,000
SemGroup Corp. / Rose Rock Finance Corp., 5.625%, 7/15/22	475,000		484,505
Seven Generations Energy Ltd., 5.375%, 9/30/25(1)	850,000		844,687
SM Energy Co., 5.625%, 6/1/25	650,000		560,495
Southwestern Energy Co., 6.20%, 1/23/25	221,000		196,690
SRC Energy, Inc., 6.25%, 12/1/25	675,000		671,611
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.50%, 8/15/22	1,000,000		917,500
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.75%, 4/15/25	425,000		360,910
Sunoco LP / Sunoco Finance Corp., 4.875%, 1/15/23	1,700,000		1,748,875
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	150,000		156,926
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27	400,000		425,000
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 4.75%, 10/1/23(1)	650,000		654,062
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 5.50%, 1/15/28(1)	300,000		294,720
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23	1,215,000		1,228,669
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.125%, 2/1/25	1,205,000		1,245,187
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26	225,000		238,500
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27(1)	75,000		82,019
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	300,000		304,140
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.875%, 1/15/29(1)	325,000		355,898
TransMontaigne Partners LP / TLP Finance Corp., 6.125%, 2/15/26	450,000		435,375
Tullow Oil plc, 7.00%, 3/1/25(1)	200,000		203,800
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 8.75%, 4/15/23(1)	475,000		218,500
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 9.75%, 4/15/23(1)	1,000,000		472,500
Whiting Petroleum Corp., 6.25%, 4/1/23	75,000		58,125
Whiting Petroleum Corp., 6.625%, 1/15/26	350,000		238,000
Williams Cos., Inc. (The), 4.55%, 6/24/24	1,170,000		1,260,535
WPX Energy, Inc., 5.25%, 10/15/27	250,000		252,500
			53,806,226
Paper and Forest Products — 0.3%
Mercer International, Inc., 6.50%, 2/1/24	550,000		565,812
Mercer International, Inc., 7.375%, 1/15/25	450,000		469,845

23

	Principal Amount/Shares		Value
Norbord, Inc., 5.75%, 7/15/27(1)	$	100,000	$	102,750
Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26(1)	550,000		583,000
			1,721,407
Personal Products — 0.1%
Avon International Capital plc, 6.50%, 8/15/22(1)	275,000		285,656
First Quality Finance Co., Inc., 5.00%, 7/1/25(1)	225,000		232,875
			518,531
Pharmaceuticals — 1.9%
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)	725,000		815,480
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)	80,000		81,300
Bausch Health Cos., Inc., 5.875%, 5/15/23(1)	1,335,000		1,356,694
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	3,760,000		3,910,400
Bausch Health Cos., Inc., 5.50%, 11/1/25(1)	250,000		262,525
Bausch Health Cos., Inc., 9.00%, 12/15/25(1)	1,650,000		1,858,312
Bausch Health Cos., Inc., 5.75%, 8/15/27(1)	225,000		243,749
Bausch Health Cos., Inc., 7.00%, 1/15/28(1)	775,000		836,690
Bausch Health Cos., Inc., 7.25%, 5/30/29(1)	450,000		492,660
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 7/15/23(1)	680,000		420,478
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 2/1/25(1)	1,165,000		690,263
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 4.875%, 4/15/20(1)	125,000		78,125
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.75%, 8/1/22(1)	630,000		239,400
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.625%, 10/15/23(1)	230,000		77,050
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)	400,000		365,000
Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24	200,000		173,125
Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/1/28	400,000		329,500
Vizient, Inc., 6.25%, 5/15/27(1)	200,000		215,000
			12,445,751
Professional Services — 0.3%
Dun & Bradstreet Corp. (The), 6.875%, 8/15/26(1)	525,000		573,234
Dun & Bradstreet Corp. (The), 10.25%, 2/15/27(1)	1,600,000		1,776,000
			2,349,234
Real Estate Management and Development — 0.6%
Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, 11/15/25(1)	375,000		381,563
Forestar Group, Inc., 8.00%, 4/15/24(1)	975,000		1,057,875
Greystar Real Estate Partners LLC, 5.75%, 12/1/25(1)	725,000		747,656
Howard Hughes Corp. (The), 5.375%, 3/15/25(1)	250,000		262,500
Hunt Cos., Inc., 6.25%, 2/15/26(1)	825,000		810,562
Kennedy-Wilson, Inc., 5.875%, 4/1/24	250,000		257,735
Newmark Group, Inc., 6.125%, 11/15/23	500,000		542,814
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(1)	50,000		47,000
Realogy Group LLC / Realogy Co-Issuer Corp., 9.375%, 4/1/27(1)	50,000		46,701
			4,154,406
Road and Rail — 1.6%
Ahern Rentals, Inc., 7.375%, 5/15/23(1)	1,373,000		1,175,631

24

	Principal Amount/Shares		Value
Algeco Global Finance plc, 8.00%, 2/15/23(1)	$	600,000	$	601,680
Ashtead Capital, Inc., 5.625%, 10/1/24(1)	1,195,000		1,233,837
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)	275,000		284,405
DAE Funding LLC, 4.00%, 8/1/20(1)	725,000		731,344
DAE Funding LLC, 5.25%, 11/15/21(1)	1,175,000		1,224,937
DAE Funding LLC, 4.50%, 8/1/22(1)	1,275,000		1,297,312
DAE Funding LLC, 5.00%, 8/1/24(1)	1,250,000		1,306,250
Hertz Corp. (The), 5.50%, 10/15/24(1)	75,000		75,488
Hertz Corp. (The), 7.125%, 8/1/26(1)	625,000		653,516
Uber Technologies, Inc., 7.50%, 11/1/23(1)	525,000		530,250
United Rentals North America, Inc., 6.50%, 12/15/26	350,000		382,638
United Rentals North America, Inc., 5.50%, 5/15/27	1,420,000		1,510,525
			11,007,813
Semiconductors and Semiconductor Equipment — 1.1%
Advanced Micro Devices, Inc., 7.50%, 8/15/22	1,215,000		1,377,506
Advanced Micro Devices, Inc., 7.00%, 7/1/24	79,000		82,061
Amkor Technology, Inc., 6.625%, 9/15/27(1)	275,000		301,125
Entegris, Inc., 4.625%, 2/10/26(1)	650,000		676,000
Micron Technology, Inc., 4.64%, 2/6/24	125,000		132,994
Micron Technology, Inc., 5.50%, 2/1/25	675,000		693,822
Micron Technology, Inc., 4.98%, 2/6/26	150,000		161,703
NXP BV / NXP Funding LLC, 4.125%, 6/1/21(1)	800,000		821,126
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	1,645,000		1,700,290
NXP BV / NXP Funding LLC, 4.625%, 6/1/23(1)	200,000		213,255
Qorvo, Inc., 5.50%, 7/15/26	275,000		291,156
Qorvo, Inc., 4.375%, 10/15/29(1)	475,000		479,156
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	425,000		454,750
			7,384,944
Software — 1.6%
ACI Worldwide, Inc., 5.75%, 8/15/26(1)	350,000		372,312
Ascend Learning LLC, 6.875%, 8/1/25(1)	200,000		208,750
Ascend Learning LLC, 6.875%, 8/1/25(1)	250,000		259,688
Camelot Finance SA, 7.875%, 10/15/24(1)	750,000		783,750
CDK Global, Inc., 5.875%, 6/15/26	625,000		667,187
CDK Global, Inc., 5.25%, 5/15/29(1)	150,000		155,438
Infor US, Inc., 6.50%, 5/15/22	1,195,000		1,218,900
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.00%, 7/15/25(1)	1,150,000		1,218,540
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/24(1)	2,655,000		2,819,929
SS&C Technologies, Inc., 5.50%, 9/30/27(1)	1,625,000		1,701,212
Veritas US, Inc. / Veritas Bermuda Ltd., 10.50%, 2/1/24(1)	1,200,000		1,140,000
			10,545,706
Specialty Retail — 1.6%
Carvana Co., 8.875%, 10/1/23(1)	500,000		517,350
eG Global Finance plc, 6.75%, 2/7/25(1)	800,000		784,000
Ferrellgas LP / Ferrellgas Finance Corp., 6.50%, 5/1/21	720,000		615,600
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 1/15/22	745,000		634,181

25

	Principal Amount/Shares		Value
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 6/15/23	$	155,000	$	131,363
L Brands, Inc., 7.50%, 6/15/29	400,000		399,000
L Brands, Inc., 6.75%, 7/1/36	75,000		64,001
Michaels Stores, Inc., 8.00%, 7/15/27(1)	225,000		226,125
Murphy Oil USA, Inc., 4.75%, 9/15/29	275,000		281,875
Penske Automotive Group, Inc., 3.75%, 8/15/20	425,000		428,740
PetSmart, Inc., 7.125%, 3/15/23(1)	175,000		165,375
PetSmart, Inc., 5.875%, 6/1/25(1)	100,000		100,000
PriSo Acquisition Corp., 9.00%, 5/15/23(1)	1,525,000		1,439,219
Sonic Automotive, Inc., 6.125%, 3/15/27	400,000		408,500
Staples, Inc., 7.50%, 4/15/26(1)	1,300,000		1,342,640
Staples, Inc., 10.75%, 4/15/27(1)	875,000		901,250
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.50%, 6/1/24	1,005,000		1,030,125
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.75%, 3/1/25	809,000		828,545
Superior Plus LP / Superior General Partner, Inc., 7.00%, 7/15/26(1)	250,000		265,005
			10,562,894
Technology Hardware, Storage and Peripherals — 1.0%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	325,000		330,606
Dell International LLC / EMC Corp., 7.125%, 6/15/24(1)	1,582,000		1,671,778
Diebold Nixdorf, Inc., 8.50%, 4/15/24	150,000		141,938
EMC Corp., 2.65%, 6/1/20	420,000		420,196
Everi Payments, Inc., 7.50%, 12/15/25(1)	900,000		950,625
NCR Corp., 5.00%, 7/15/22	895,000		906,188
NCR Corp., 5.75%, 9/1/27(1)	800,000		831,000
NCR Corp., 6.125%, 9/1/29(1)	1,025,000		1,084,245
Western Digital Corp., 4.75%, 2/15/26	450,000		464,063
			6,800,639
Textiles, Apparel and Luxury Goods — 0.1%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50%, 5/1/25(1)	600,000		541,500
Thrifts and Mortgage Finance — 1.0%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.875%, 8/1/21(1)	925,000		941,974
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 3/15/22(1)	1,567,000		1,634,929
MGIC Investment Corp., 5.75%, 8/15/23	200,000		219,500
Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/23(1)	500,000		522,500
Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/26(1)	550,000		586,438
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.50%, 7/1/21	831,000		835,155
Provident Funding Associates LP / PFG Finance Corp., 6.375%, 6/15/25(1)	200,000		195,500
Radian Group, Inc., 4.50%, 10/1/24	625,000		648,437
Radian Group, Inc., 4.875%, 3/15/27	825,000		837,375
			6,421,808
Trading Companies and Distributors — 0.6%
Aircastle Ltd., 5.125%, 3/15/21	150,000		155,511
Beacon Roofing Supply, Inc., 4.875%, 11/1/25(1)	600,000		591,000

26

	Principal Amount/Shares		Value
Beacon Roofing Supply, Inc., 4.50%, 11/15/26(1)(3)	$	275,000	$	277,406
Fly Leasing Ltd., 6.375%, 10/15/21	200,000		203,875
Fly Leasing Ltd., 5.25%, 10/15/24	600,000		621,000
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 3/15/22(1)	150,000		157,125
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)	650,000		669,500
H&E Equipment Services, Inc., 5.625%, 9/1/25	1,350,000		1,394,753
			4,070,170
Wireless Telecommunication Services — 1.7%
Digicel Group One, Ltd., 8.25%, 12/30/22(1)	1,486,000		891,600
Digicel Group Two Ltd., 8.25%, 9/30/22(1)	1,803,000		387,645
Digicel Ltd., 6.00%, 4/15/21(1)	300,000		213,003
Sprint Communications, Inc., 7.00%, 3/1/20(1)	225,000		229,219
Sprint Communications, Inc., 9.25%, 4/15/22	675,000		785,531
Sprint Communications, Inc., 6.00%, 11/15/22	100,000		106,500
Sprint Corp., 7.875%, 9/15/23	3,335,000		3,671,702
Sprint Corp., 7.125%, 6/15/24	150,000		162,045
Sprint Corp., 7.625%, 3/1/26	250,000		276,562
T-Mobile USA, Inc., 6.00%, 3/1/23	1,000,000		1,021,190
T-Mobile USA, Inc., 6.00%, 4/15/24	550,000		572,000
T-Mobile USA, Inc., 6.375%, 3/1/25	1,150,000		1,194,229
T-Mobile USA, Inc., 4.50%, 2/1/26	700,000		723,135
T-Mobile USA, Inc., 4.75%, 2/1/28	150,000		157,538
Vodafone Group plc, VRN, 7.00%, 4/4/79	825,000		949,369
Xplornet Communications, Inc., 9.625% Cash or 10.625% PIK, 6/1/22(1)(6)	78,984		80,761
			11,422,029
TOTAL CORPORATE BONDS (Cost $619,178,482)			605,895,504
BANK LOAN OBLIGATIONS(7) — 4.8%
Chemicals — 0.1%
Consolidated Energy Finance, S.A., Term Loan B, 4.55%, (3-month LIBOR plus 2.50%), 5/7/25	814,688		792,284
Commercial Services and Supplies — 0.3%
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.29%, (1-month LIBOR plus 3.25%), 10/3/23	10,001		10,075
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.29%, (1-month LIBOR plus 3.25%), 10/3/23	80,660		81,257
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.29%, (1-month LIBOR plus 3.25%), 10/3/23	19,724		19,870
Camelot UK Holdco Limited, 2017 Repriced Term Loan, 5.29%, (1-month LIBOR plus 3.25%), 10/3/23	130,893		131,862
IAA, Inc., Term Loan B, 4.31%, (1-month LIBOR plus 2.25%), 6/28/26	197,000		198,231
KAR Auction Services, Inc., 2019 Term Loan B6, 4.31%, (1-month LIBOR plus 2.25%), 9/19/26	250,000		251,485
MRO Holdings, Inc., 2019 Term Loan B, 7.10%, (3-month LIBOR plus 5.00%), 6/4/26	112,537		111,130
MRO Holdings, Inc., 2019 Term Loan B, 7.10%, (3-month LIBOR plus 5.00%), 6/4/26	55,283		54,592

27

	Principal Amount/Shares		Value
MRO Holdings, Inc., 2019 Term Loan B, 7.10%, (3-month LIBOR plus 5.00%), 6/4/26	$	380,805	$	376,045
National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 5.85%, (3-month LIBOR plus 3.75%), 5/23/25	395,004		391,054
			1,625,601
Containers and Packaging — 0.2%
Berry Global, Inc., USD Term Loan U, 4.55%, (1-month LIBOR plus 2.50%), 7/1/26	1,097,250		1,103,817
Distributors — 0.1%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 4.04%, (1-month LIBOR plus 2.00%), 10/31/23	271,947		272,201
HD Supply, Inc., Term Loan B5, 3.79%, (1-month LIBOR plus 1.75%), 10/17/23	496,427		498,807
			771,008
Diversified Financial Services — 0.2%
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, 5.79%, (1-month LIBOR plus 3.75%), 10/1/25	1,468,302		1,477,787
Diversified Telecommunication Services — 0.1%
Level 3 Financing, Inc., 2017 Term Loan B, 4.29%, (1-month LIBOR plus 2.25%), 2/22/24	425,000		426,328
Electric Utilities — 0.2%
TEX Operations Co. LLC, Exit Term Loan B, 4.04%, (1-month LIBOR plus 2.00%), 8/4/23	679,802		682,776
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.02%, (1-month LIBOR plus 2.00%), 12/31/25	159,830		160,485
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.04%, (1-month LIBOR plus 2.00%), 12/31/25	223,747		224,664
Vistra Operations Company LLC, 1st Lien Term Loan B3, 4.04%, (1-month LIBOR plus 2.00%), 12/31/25	12,768		12,820
			1,080,745
Energy Equipment and Services — 0.1%
Keane Group Holdings, LLC, 2018 1st Lien Term Loan, 5.81%, (1-month LIBOR plus 3.75%), 5/25/25	246,875		238,234
Parker Drilling Co, 2nd Lien PIK Term Loan, 11.00% Cash and 2.00% PIK, 2/25/24	175,183		176,716
			414,950
Entertainment — 0.1%
Lions Gate Capital Holdings LLC, 2018 Term Loan B, 4.29%, (1-month LIBOR plus 2.25%), 3/24/25	396,450		396,202
Health Care Providers and Services — 0.2%
Air Methods Corporation, 2017 Term Loan B, 5.60%, (3-month LIBOR plus 3.50%), 4/21/24	198,982		162,568
MPH Acquisition Holdings LLC, 2016 Term Loan B, 4.85%, (3-month LIBOR plus 2.75%), 6/7/23	255,223		243,844
Surgery Center Holdings, Inc., 2017 Term Loan B, 5.30%, (1-month LIBOR plus 3.25%), 9/2/24	392,495		384,547
Wink Holdco, Inc., 1st Lien Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 12/2/24	393,000		387,598
			1,178,557
Health Care Technology — 0.1%
IQVIA Inc., 2018 USD Term Loan B3, 3.85%, (3-month LIBOR plus 1.75%), 6/11/25	843,593		845,837

28

	Principal Amount/Shares		Value
Hotels, Restaurants and Leisure — 1.3%
Aramark Services, Inc., 2018 Term Loan B3, 3.79%, (1-month LIBOR plus 1.75%), 3/11/25	$	256,482	$	257,177
Boyd Gaming Corporation, Term Loan B3, 4.17%, (1-week LIBOR plus 2.25%), 9/15/23	932,862		936,944
Gateway Casinos & Entertainment Limited, 2018 Term Loan B, 5.10%, (3-month LIBOR plus 3.00%), 3/13/25	715,938		708,334
Golden Nugget, Inc., 2017 Incremental Term Loan B, 4.79%, (1-month LIBOR plus 2.75%), 10/4/23	277,260		277,347
Golden Nugget, Inc., 2017 Incremental Term Loan B, 4.81%, (1-month LIBOR plus 2.75%), 10/4/23	223,363		223,434
Hilton Worldwide Finance, LLC, 2019 Term Loan B2, 3.77%, (1-month LIBOR plus 1.75%), 6/22/26	1,800,000		1,812,717
Life Time Fitness, Inc., 2017 Term Loan B, 4.87%, (3-month LIBOR plus 2.75%), 6/10/22	3,122,437		3,127,230
Marriott Ownership Resorts, Inc., 2018 Term Loan B, 4.29%, (1-month LIBOR plus 2.25%), 8/29/25	570,688		574,494
NASCAR Holdings, Inc, Term Loan B, 7/27/26(8)	550,000		554,340
UFC Holdings, LLC, 2019 Term Loan, 4/29/26(8)	200,000		200,764
UFC Holdings, LLC, 2019 Term Loan, 5.30%, (1-month LIBOR plus 3.25%), 4/29/26	248,718		249,668
			8,922,449
Insurance — 0.2%
Asurion LLC, 2018 Term Loan B6, 5.04%, (1-month LIBOR plus 3.00%), 11/3/23	521,753		524,361
Genworth Holdings, Inc., Term Loan, 6.67%, (2-month LIBOR plus 4.50%), 3/7/23	394,000		395,970
Hub International Limited, 2018 Term Loan B, 5.27%, (3-month LIBOR plus 3.00%), 4/25/25	271,563		268,862
			1,189,193
Machinery — 0.1%
Altra Industrial Motion Corp., 2018 Term Loan B, 4.04%, (1-month LIBOR plus 2.00%), 10/1/25	321,269		321,269
Navistar International Corporation, 2017 1st Lien Term Loan B, 5.53%, (1-month LIBOR plus 3.50%), 11/6/24	561,706		560,301
			881,570
Media — 0.3%
Cengage Learning, Inc., 2016 Term Loan B, 6.29%, (1-month LIBOR plus 4.25%), 6/7/23	847,809		805,186
Diamond Sports Group, LLC, Term Loan, 5.30%, (1-month LIBOR plus 3.25%), 8/24/26	325,000		327,337
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 4.81%, (3-month LIBOR plus 2.75%), 9/18/26	850,000		854,845
Sinclair Television Group Inc., Term Loan B2B, 4.54%, (1-month LIBOR plus 2.50%), 9/30/26	275,000		276,490
			2,263,858
Metals and Mining — 0.1%
Big River Steel LLC, Term Loan B, 7.10%, (3-month LIBOR plus 5.00%), 8/23/23	244,632		243,408
Neenah Foundry Company, 2017 Term Loan, 8.59%, (2-month LIBOR plus 6.50%), 12/13/22	194,728		190,834
Neenah Foundry Company, 2017 Term Loan, 8.65%, (2-month LIBOR plus 6.50%), 12/13/22	232,057		227,416
			661,658

29

	Principal Amount/Shares		Value
Oil, Gas and Consumable Fuels — 0.8%
California Resources Corporation, 2017 1st Lien Term Loan, 6.79%, (1-month LIBOR plus 4.75%), 12/31/22	$	2,025,000	$	1,812,375
CITGO Holding Inc., 2019 Term Loan B, 9.04%, (1-month LIBOR plus 7.00%), 7/24/23	675,000		689,766
Cloud Peak Energy Inc., DIP Final Roll-Up Term Loan, 11.10%, (1-month LIBOR plus 9.00%), 2/15/20	811,964		520,712
Cloud Peak Energy Inc., DIP New Money Delayed Draw Term Loan, 11.10%, (1-month LIBOR plus 9.00%), 2/15/20	1,025,104		1,025,104
Cloud Peak Energy Inc., DIP New Money Term Loan, 11.06%, (1-month LIBOR plus 9.00%), 2/15/20	549,108		549,108
Cloud Peak Energy Inc., DIP Roll-Up Term Loan, 11.10%, (1-month LIBOR plus 9.00%), 2/15/20	382,631		245,381
Prairie ECI Acquiror LP, Term Loan B, 6.85%, (3-month LIBOR plus 4.75%), 3/11/26	323,375		316,301
			5,158,747
Professional Services†
Dun & Bradstreet Corporation (The), Term Loan, 7.05%, (1-month LIBOR plus 5.00%), 2/6/26	275,000		277,038
Road and Rail — 0.1%
USS Ultimate Holdings, Inc., 1st Lien Term Loan, 5.95%, (6-month LIBOR plus 3.75%), 8/25/24	466,055		467,162
Software†
SS&C Technologies Holdings Europe S.A.R.L., 2018 Term Loan B4, 4.29%, (1-month LIBOR plus 2.25%), 4/16/25	105,132		105,616
SS&C Technologies Inc., 2018 Term Loan B3, 4.29%, (1-month LIBOR plus 2.25%), 4/16/25	159,165		159,897
			265,513
Specialty Retail — 0.2%
Foundation Building Materials Holding Company LLC, 2018 Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 8/13/25	595,500		596,432
Staples, Inc., 7 Year Term Loan, 7.12%, (3-month LIBOR plus 5.00%), 4/16/26	698,250		689,669
			1,286,101
Technology Hardware, Storage and Peripherals†
Western Digital Corporation, 2018 Term Loan B4, 3.86%, (3-month LIBOR plus 1.75%), 4/29/23	184,595		184,441
Textiles, Apparel and Luxury Goods†
ASP Unifrax Holdings Inc, Term Loan B, 5.85%, (1-month LIBOR plus 3.75%), 12/12/25	198,500		185,349
TOTAL BANK LOAN OBLIGATIONS (Cost $32,347,020)			31,856,195
PREFERRED STOCKS — 1.6%
Banks — 1.0%
Bank of America Corp., 5.125%	325,000		337,188
Bank of America Corp., 5.875%	200,000		216,700
Bank of America Corp., 6.25%	1,775,000		1,932,469
Bank of Nova Scotia (The), 4.65%	325,000		322,772
Citigroup, Inc., 5.90%	700,000		728,501
Citigroup, Inc., 6.25%	675,000		752,358
JPMorgan Chase & Co., 5.74%	986,000		992,120
JPMorgan Chase & Co., 6.10%	1,100,000		1,193,406

30

	Principal Amount/Shares		Value
JPMorgan Chase & Co., 6.125%	275,000		$	298,178
			6,773,692
Capital Markets — 0.2%
Charles Schwab Corp. (The), 5.00%	825,000		840,692
Goldman Sachs Group, Inc. (The), 5.375%	750,000		755,786
			1,596,478
Internet and Direct Marketing Retail†
MYT Holding Co., 10.00%(1)	92,632		86,148
Oil, Gas and Consumable Fuels — 0.4%
Energy Transfer Operating LP, 6.25%	1,050,000		975,471
Energy Transfer Operating LP, 6.625%	350,000		331,282
Plains All American Pipeline LP, 6.125%	425,000		400,979
Summit Midstream Partners LP, 9.50%	1,000,000		720,715
			2,428,447
TOTAL PREFERRED STOCKS (Cost $11,256,895)			10,884,765
CONVERTIBLE BONDS — 0.4%
Banks — 0.4%
Barclays Bank plc, 7.625%, 11/21/22	$	830,000	915,669
Barclays plc, VRN, 7.75%(9)	200,000		208,277
Barclays plc, VRN, 8.00%(9)	200,000		212,843
Lloyds Banking Group plc, VRN, 7.50%(9)	200,000		213,421
Royal Bank of Scotland Group plc, VRN, 8.00%(9)	200,000		221,100
Royal Bank of Scotland Group plc, VRN, 8.625%(9)	600,000		644,010
			2,415,320
Oil, Gas and Consumable Fuels†
Chesapeake Energy Corp., 5.50%, 9/15/26	175,000		106,312
Denbury Resources, Inc., 6.375%, 12/31/24(1)	359,000		212,470
			318,782
TOTAL CONVERTIBLE BONDS (Cost $2,813,368)			2,734,102
COMMON STOCKS — 0.2%
Chemicals — 0.1%
Hexion Holdings Corp.(4)	54,930		617,962
Energy Equipment and Services†
Parker Drilling Co.(4)	11,731		221,951
Media†
Cumulus Media, Inc., Class A(4)	2,563		37,266
Oil, Gas and Consumable Fuels†
Denbury Resources, Inc.(4)	60,827		72,384
Jones Energy II, Inc.(4)	15,461		183,600
			255,984
Software — 0.1%
Avaya Holdings Corp.(4)	25,228		258,082
TOTAL COMMON STOCKS (Cost $3,453,639)			1,391,245

31

	Principal Amount/Shares		Value
WARRANTS†
Oil, Gas and Consumable Fuels†
Jones Energy II, Inc.(4)   (Cost $11,372)	4,374		$	3,237
ESCROW INTERESTS(10)†
Multi-Utilities†
GenOn Energy(4)   (Cost $123,420)	$	425,000	—
TEMPORARY CASH INVESTMENTS — 1.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $11,463,582)	11,463,582		11,463,582
TOTAL INVESTMENT SECURITIES — 99.1% (Cost $680,647,778)			664,228,630
OTHER ASSETS AND LIABILITIES — 0.9%			5,985,226
TOTAL NET ASSETS — 100.0%			$	670,213,856

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 $383,605,193, which represented 57.2% 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) The security's rate was paid in cash at the last payment date.

(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) Non-income producing.

(5) Security is in default.

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

(7) 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.

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

(9) Perpetual maturity with no stated maturity date.

(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.

32

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (cost of $680,647,778)	$	664,228,630
Cash	381,800
Receivable for investments sold	3,029,409
Interest receivable	10,595,963
	678,235,802
Liabilities
Payable for investments purchased	4,383,128
Payable for capital shares redeemed	3,560,029
Accrued management fees	78,789
	8,021,946
Net Assets	$	670,213,856
Net Assets Consist of:
Capital paid in	$	699,988,074
Distributable earnings	(29,774,218		)
	$	670,213,856

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$123,850,431	12,844,753	$9.64
G Class		$546,363,425	56,657,771	$9.64

See Notes to Financial Statements.

33

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	21,982,384
Expenses:
Management fees	2,171,611
Trustees' fees and expenses	25,808
	2,197,419
Fees waived(1)	(1,640,710		)
	556,709
Net investment income (loss)	21,425,675
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(6,770,917		)
Change in net unrealized appreciation (depreciation) on investments	7,869,231
Net realized and unrealized gain (loss)	1,098,314
Net Increase (Decrease) in Net Assets Resulting from Operations	$	22,523,989

(1) Amount consists of $35,382 and $1,605,328 for Investor Class and G Class, respectively.

See Notes to Financial Statements.

34

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	21,425,675		$	47,274,852
Net realized gain (loss)	(6,770,917		)	(4,366,803		)
Change in net unrealized appreciation (depreciation)	7,869,231			(7,326,650		)
Net increase (decrease) in net assets resulting from operations	22,523,989			35,581,399
Distributions to Shareholders
From earnings:
Investor Class	(3,798,647		)	(8,018,143		)
G Class	(17,635,166		)	(39,257,606		)
Decrease in net assets from distributions	(21,433,813		)	(47,275,749		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(33,671,975		)	(98,062,493		)
Net increase (decrease) in net assets	(32,581,799		)	(109,756,843		)
Net Assets
Beginning of period	702,795,655			812,552,498
End of period	$	670,213,856		$	702,795,655

See Notes to Financial Statements.

35

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

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

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

36

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. 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

37

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 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. From April 1, 2019 through July 31, 2019, the investment advisor agreed to waive 0.075% of the fund's management fee. Effective August 1, 2019, the investment advisor terminated this waiver and decreased the annual management fee by 0.075%. 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 before and after waiver for each class for the period ended September 30, 2019 are as follows:

	Annual Management Fee*	Effective Annual Management Fee
		Before Waiver	After Waiver
Investor Class	0.775%	0.83%	0.78%
G Class	0.525%	0.58%	0.00%

*Prior to August 1, 2019, the annual management fee was 0.85% for the Investor Class and 0.60% for the G Class.

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 September 30, 2019 were $177,653,760 and $202,847,398, respectively.

38

5. Capital Share Transactions

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

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	—		—			167,178		$	1,527,094
Issued in reinvestment of distributions	393,824		$	3,798,647		829,340		7,997,254
Redeemed	(2,108,087	)	(20,141,401		)	(1,007,451	)	(9,475,324		)
	(1,714,263	)	(16,342,754		)	(10,933	)	49,024
G Class
Sold	931,307		8,988,496			1,868,631		17,837,972
Issued in reinvestment of distributions	1,828,383		17,635,166			4,055,073		39,145,079
Redeemed	(4,571,243	)	(43,952,883		)	(16,067,893	)	(155,094,568		)
	(1,811,553	)	(17,329,221		)	(10,144,189	)	(98,111,517		)
Net increase (decrease)	(3,525,816	)	$	(33,671,975	)	(10,155,122	)	$	(98,062,493	)

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	—		$	605,895,504	—
Bank Loan Obligations	—		31,856,195		—
Preferred Stocks	—		10,884,765		—
Convertible Bonds	—		2,734,102		—
Common Stocks	$	1,207,645	183,600		—
Warrants	—		3,237		—
Escrow Interests	—		—		—
Temporary Cash Investments	11,463,582		—		—
	$	12,671,227	$	651,557,403	—

39

7. Risk Factors

The fund is owned by a relatively small number of shareholders, and in the event such shareholders redeem, the ongoing operations of the fund may be at risk.

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 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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	682,348,226
Gross tax appreciation of investments	$	17,247,393
Gross tax depreciation of investments	(35,366,989		)
Net tax appreciation (depreciation) of investments	$	(18,119,596	)

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

As of March 31, 2019, the fund had accumulated short-term capital losses of $(1,782,470) and accumulated long-term capital losses of $(3,651,209), 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.

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. The adoption of ASU 2017-08 did not materially impact the financial statements.

40

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(3)	$9.62	0.27	0.02	0.29	(0.27)	—	(0.27)	$9.64	3.03%	0.79%(4)	0.84%(4)	5.55%(4)	5.50%(4)	26%		$123,850
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(5)	$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(3)	$9.62	0.31	0.02	0.33	(0.31)	—	(0.31)	$9.64	3.43%	0.01%(4)	0.59%(4)	6.33%(4)	5.75%(4)	26%		$546,363
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(5)	$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) Six months ended September 30, 2019 (unaudited).

(4) Annualized.

(5) May 19, 2017 (fund inception) through March 31, 2018.

See Notes to Financial Statements.

Approval of Management and Subadvisory Agreements

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. The Board also unanimously approved the renewal of the investment subadvisory agreement pursuant to which Nomura Corporate Research and Asset Management Inc. (the “Subadvisor”) acts as subadvisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement and the subadvisory agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor, the Subadvisor, and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor and the Subadvisor.

In connection with its consideration of the renewal of the management agreement and the subadvisory agreement, the Board’s review and evaluation of the services provided by the Advisor and the Subadvisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• compliance policies, procedures, and regulatory experience of the Advisor and Subadvisor;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor

42

regarding the renewal of the agreements. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the Subadvisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement and subadvisory agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement and subadvisory agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services - Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor and the Subadvisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor and the Subadvisor have an obligation to seek the best execution of fund trades. In providing these services, the Advisor and the Subadvisor utilize teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor and/or the Subadvisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was

43

above its benchmark for the one-year period reviewed by the Board. The Board found the investment management services provided by the Advisor and the Subadvisor to the Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund. The Board did not consider the profitability of the Subadvisor because the Subadvisor is paid from the unified management fee of the Advisor as a result of arms’ length negotiations.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, the fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. The Board specifically noted that the subadvisory fee paid to the Subadvisor and the terms of the Subadvisory Agreement were subject to arms’ length negotiation between the Advisor and the Subadvisor and are paid by the Advisor out of its unified management fee.

Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of

44

Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer group. The Board and the Advisor agreed to a permanent change to the Fund's fee schedule that should have the effect of lowering the Fund's annual unified management fee by approximately 0.075%, (e.g., the Investor Class unified fee will be reduced from 0.855% to 0.78%), beginning August 1, 2019. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement and the subadvisory agreement are fair and reasonable in light of the services provided and should be renewed.

45

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.

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-SAN-93336 1911

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
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
Approval of Management Agreement	19
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 semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics

SEPTEMBER 30, 2019
Yields	Investor Class	A Class	C Class
7-Day Current Yield	1.58%	1.33%	0.83%
7-Day Effective Yield	1.60%	1.34%	0.84%

Portfolio at a Glance
Weighted Average Maturity	31 days
Weighted Average Life	95 days
Portfolio Composition by Maturity	% of fund investments
1-30 days	67%
31-90 days	22%
91-180 days	11%
More than 180 days	—

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1)  4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,009.50	$2.91	0.58%
A Class	$1,000	$1,008.20	$4.17	0.83%
C Class	$1,000	$1,005.70	$6.67	1.33%
Hypothetical
Investor Class	$1,000	$1,022.10	$2.93	0.58%
A Class	$1,000	$1,020.85	$4.19	0.83%
C Class	$1,000	$1,018.35	$6.71	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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount		Value
COMMERCIAL PAPER(1) — 47.3%
Bank of Nova Scotia (The), VRN, 2.20%, (1-month LIBOR plus 0.16%), 5/29/20(2)	$	20,000,000	$	20,000,000
Bennington Stark Capital Co. LLC, 2.17%, 11/21/19 (LOC: Societe Generale SA)(2)	5,000,000		4,984,912
Bennington Stark Capital Co. LLC, 2.14%, 12/16/19 (LOC: Societe Generale SA)(2)	63,000,000		62,720,700
Canadian Imperial Bank of Commerce, VRN, 2.18%, (1-month LIBOR plus 0.13%), 1/21/20(2)	30,000,000		30,000,000
Canadian Imperial Bank of Commerce, VRN, 2.30%, (1-month LIBOR plus 0.26%), 6/19/20(2)	25,000,000		25,000,000
Chariot Funding LLC, 2.09%, 1/15/20 (LOC: JPMorgan Chase Bank N.A.)(2)	30,000,000		29,818,917
Chariot Funding LLC, VRN, 2.21%, (3-month LIBOR), 11/7/19 (LOC: JPMorgan Chase Bank N.A.)(2)	7,000,000		7,000,000
Chariot Funding LLC, VRN, 2.26%, (1-month LIBOR plus 0.19%), 2/5/20 (LOC: JPMorgan Chase Bank N.A.)(2)	25,000,000		25,003,944
Chesham Finance Ltd./Chesham Finance LLC, 2.08%, 10/1/19 (LOC: Societe Generale SA)(2)	32,000,000		32,000,000
Coca-Cola Co. (The), 1.94%, 1/27/20(2)	12,000,000		11,925,267
CRC Funding LLC, 2.24%, 10/21/19 (LOC: Citibank N.A.)(2)	5,100,000		5,093,767
CRC Funding LLC, 2.14%, 11/8/19 (LOC: Citibank N.A.)(2)	10,800,000		10,776,060
CRC Funding LLC, 2.14%, 11/12/19 (LOC: Citibank N.A.)(2)	16,000,000		15,960,800
Crown Point Capital Co. LLC, Series A, VRN, 2.18%, (1-month LIBOR plus 0.14%), 3/9/20 (LOC: Credit Suisse AG)(2)	40,000,000		40,000,000
Crown Point Capital Co. LLC, Series A, VRN, 2.19%, (1-month LIBOR plus 0.14%), 3/23/20 (LOC: Credit Suisse AG)(2)	25,000,000		25,000,000
Fairway Finance Co. LLC, VRN, 2.19%, (1-month LIBOR plus 0.09%), 11/4/19 (LOC: Bank of Montreal)(2)	10,000,000		10,000,000
Fairway Finance Co. LLC, VRN, 2.21%, (1-month LIBOR plus 0.15%), 1/21/20 (LOC: Bank of Montreal)(2)	20,000,000		20,000,000
Liberty Street Funding LLC, 2.11%, 1/6/20 (LOC: Bank of Nova Scotia)(2)	17,000,000		16,905,182
Liberty Street Funding LLC, 2.12%, 1/21/20 (LOC: Bank of Nova Scotia)(2)	21,000,000		20,864,107
LMA-Americas LLC, 2.17%, 10/3/19 (LOC: Credit Agricole Corporate and Investment Bank)(2)	11,000,000		10,998,698
LMA-Americas LLC, 2.35%, 10/7/19 (LOC: Credit Agricole Corporate and Investment Bank)(2)	3,000,000		2,998,850
LMA-Americas LLC, 2.14%, 12/10/19 (LOC: Credit Agricole Corporate and Investment Bank)(2)	25,000,000		24,897,917
Nestle Finance International Ltd., 1.94%, 2/13/20 (LOC: Nestle S.A.)	22,153,000		21,995,160
Old Line Funding LLC, 2.08%, 11/6/19 (LOC: Royal Bank of Canada)(2)	10,126,000		10,105,242
Old Line Funding LLC, 2.15%, 12/2/19 (LOC: Royal Bank of Canada)(2)	9,250,000		9,216,386
Old Line Funding LLC, VRN, 2.09%, (1-month LIBOR plus 0.05%), 10/24/19 (LOC: Royal Bank of Canada)(2)	25,000,000		25,000,000
Ridgefield Funding Co. LLC, 2.16%, 11/15/19 (LOC: BNP Paribas)(2)	39,000,000		38,896,650
Ridgefield Funding Co. LLC, 2.13%, 12/6/19 (LOC: BNP Paribas)(2)	25,000,000		24,904,208

6

	Principal Amount		Value
Royal Bank of Canada, VRN, 2.11%, (Daily EFFR plus 0.28%), 6/12/20(2)	$	25,000,000	$	25,000,000
Societe Generale SA, VRN, 2.56%, (3-month LIBOR plus 0.41%), 12/18/19 (LOC: Societe Generale SA)(2)	9,450,000		9,458,225
Toyota Credit de Puerto Rico Corp., 2.24%, 10/1/19 (LOC: Toyota Financial Services Corp.)	9,000,000		9,000,000
Toyota Credit de Puerto Rico Corp., 2.24%, 10/1/19 (LOC: Toyota Financial Services Corp.)	21,000,000		21,000,000
Toyota Motor Credit Corp., VRN, 2.21%, (1-month LIBOR plus 0.17%), 2/24/20	25,000,000		25,000,000
TOTAL COMMERCIAL PAPER			671,524,992
CERTIFICATES OF DEPOSIT — 18.6%
Bank of Montreal VRN, 2.37%, (3-month LIBOR plus 0.07%), 4/14/20	19,000,000		19,000,000
Bank of Montreal VRN, 2.27%, (1-month LIBOR plus 0.18%), 5/1/20	10,000,000		10,000,000
Bank of Montreal VRN, 2.24%, (3-month LIBOR plus 0.03%), 2/7/20	30,000,000		30,000,000
Bank of Montreal VRN, 2.21%, (Daily EFFR plus 0.38%), 9/9/20	10,000,000		10,000,000
Bank of Nova Scotia/Houston VRN, 2.27%, (1-month LIBOR plus 0.23%), 4/24/20	20,000,000		20,000,000
Credit Agricole Corporate and Investment Bank VRN, 1.97%, (SOFR plus 0.15%), 2/12/20 (LOC: Credit Agricole SA)	20,000,000		20,000,000
MUFG Union Bank N.A., 2.32%, 10/15/19	14,500,000		14,500,000
MUFG Union Bank N.A., 1.98%, 1/10/20	25,000,000		25,000,000
MUFG Union Bank N.A., 2.00%, 1/16/20	25,000,000		25,000,000
Toronto-Dominion Bank VRN, 2.10%, (Daily EFFR plus 0.27%), 3/13/20	20,000,000		20,000,000
Toronto-Dominion Bank VRN, 2.18%, (3-month LIBOR plus 0.07%), 6/8/20 (LOC: Toronto-Dominion Bank)	25,000,000		25,000,000
Toronto-Dominion Bank VRN, 2.24%, (SOFR plus 0.42%), 9/30/20 (LOC: Toronto-Dominion Bank)	20,000,000		20,000,000
Wells Fargo Bank N.A. VRN, 2.13%, (Daily EFFR plus 0.30%), 3/3/20	25,000,000		25,000,000
TOTAL CERTIFICATES OF DEPOSIT			263,500,000
CORPORATE BONDS — 13.6%
CHS Properties, Inc., VRDN, 2.15%, 10/7/19 (LOC: Wells Fargo Bank N.A.)	554,000		554,000
Cypress Bend Real Estate Development Co. LLC, VRDN, 2.04%, 10/7/19 (LOC: FHLB)	19,885,000		19,885,000
D & I Properties LLC, VRDN, 2.30%, 10/7/19 (LOC: Wells Fargo Bank N.A.)	3,250,000		3,250,000
East Grand Office Park LP, VRDN, 2.08%, 10/7/19 (LOC: FHLB)	3,720,000		3,720,000
Fiore Capital LLC, VRDN, 2.13%, 10/7/19 (LOC: Wells Fargo Bank N.A.)	13,530,000		13,530,000
First Baptist Church of Opelika, VRDN, 2.09%, 10/7/19 (LOC: FHLB)	985,000		985,000
General Secretariat of the Organization of American States, VRDN, 2.12%, 10/7/19 (LOC: Bank of America N.A.)	15,330,000		15,330,000
HHH Investment Co. LLC, VRDN, 2.40%, 10/7/19 (LOC: Bank of the West)	13,160,000		13,160,000
Labcon North America, VRDN, 2.10%, 10/7/19 (LOC: Bank of the West)	2,160,000		2,160,000
Lakeport Group LLC, VRDN, 2.10%, 10/7/19 (LOC: MUFG Union Bank N.A.)	2,985,000		2,985,000
Ness Family Partners LP, VRDN, 2.10%, 10/7/19 (LOC: Bank of the West)	5,545,000		5,545,000
Partisan Property, Inc., Series 2014, VRDN, 2.10%, 10/7/19 (LOC: Wells Fargo Bank N.A.)	6,380,000		6,380,000

7

	Principal Amount		Value
Providence Health & Services Obligated Group, VRDN, 2.16%, 10/7/19 (LOC: U.S. Bank N.A.)	$	39,630,000	$	39,630,000
Relay Relay LLC, VRDN, 2.04%, 10/7/19 (LOC: FHLB)	6,635,000		6,635,000
Sidal Realty Co. LP, VRDN, 1.98%, 10/7/19 (LOC: Wells Fargo Bank N.A.)	5,860,000		5,860,000
Westpac Banking Corp., 4.88%, 11/19/19	7,425,000		7,445,803
World Wildlife Fund, Inc., VRDN, 2.10%, 10/7/19 (LOC: JPMorgan Chase Bank N.A.)	46,640,000		46,640,000
TOTAL CORPORATE BONDS			193,694,803
MUNICIPAL SECURITIES — 10.5%
Alameda Public Financing Authority Rev., (Alameda Point Improvement Project), VRDN, 2.17%, 10/7/19 (LOC: MUFG Union Bank N.A.)	2,950,000		2,950,000
Alaska Housing Finance Corp. Rev., VRDN, 2.10%, 10/7/19	15,000,000		15,000,000
California Infrastructure & Economic Development Bank Rev., VRDN, 2.40%, 10/7/19 (LOC: Bank of the West)	3,365,000		3,365,000
City of Philadelphia, PA, 2.12%, 11/14/19 (LOC: TD Bank N.A.)	10,000,000		10,000,000
City of Wilkes-Barre, PA, GO, VRDN, 2.15%, 10/7/19 (LOC: PNC Bank N.A.)	1,560,000		1,560,000
Columbia County Industrial Development Agency Rev., (Columbia Memorial Hospital), VRDN, 2.27%, 10/7/19 (LOC: HSBC Bank USA N.A.)	1,380,000		1,380,000
Hesperia Public Financing Authority Rev., VRDN, 2.14%, 10/7/19 (LOC: Bank of the West)	3,205,000		3,205,000
Illinois Housing Development Authority Rev., VRDN, 2.05%, 10/7/19 (LIQ FAC: FHLB)	7,230,000		7,230,000
Illinois Housing Development Authority Rev., VRDN, 2.10%, 10/7/19 (SBBPA: FHLB)	2,700,000		2,700,000
Illinois Housing Development Authority Rev., VRDN, 2.11%, 10/7/19 (SBBPA: FHLB)	5,000,000		5,000,000
Macon-Bibb County Industrial Authority Rev., (Bass Pro Outdoor World LLC), VRDN, 2.11%, 10/7/19 (LOC: Bank of America N.A.)(2)	11,970,000		11,970,000
Massachusetts Educational Financing Authority, 2.10%, 11/5/19 (LOC: Royal Bank of Canada)	18,500,000		18,500,000
Memphis Health Educational & Housing Facility Board Rev., (Pedcor Investments 2007-CIII LP), VRDN, 2.08%, 10/7/19 (LOC: U.S. Bank N.A.)	1,305,000		1,305,000
Missouri Development Finance Board Rev., (St. Louis Center), VRDN, 2.10%, 10/7/19 (LOC: U.S. Bank N.A.)	2,230,000		2,230,000
Pasadena Public Financing Authority Rev., VRDN, 2.13%, 10/7/19 (SBBPA: Bank of the West)	7,450,000		7,450,000
South Dakota Housing Development Authority Rev., VRDN, 2.12%, 10/7/19 (SBBPA: South Dakota Housing Development Authority)	25,000,000		25,000,000
State of New York Mortgage Agency Rev., VRDN, 2.03%, 10/7/19 (SBBPA: Barclays Bank plc)	7,000,000		7,000,000
State of Texas GO, VRDN, 2.08%, 10/7/19 (SBBPA: U.S. Bank N.A.)	14,750,000		14,750,000
Traer Creek Metropolitan District Rev., VRDN, 2.10%, 10/7/19 (LOC: BNP Paribas)	7,013,000		7,013,000
Westmoreland County Industrial Development Authority Rev., (Excela Health), VRDN, 2.15%, 10/7/19 (LOC: PNC Bank N.A.)	1,425,000		1,425,000
TOTAL MUNICIPAL SECURITIES			149,033,000
U.S. TREASURY SECURITIES(1) — 9.0%
U.S. Treasury Bills, 1.96%, 10/15/19	40,000,000		39,968,302
U.S. Treasury Bills, 1.97%, 10/22/19	15,000,000		14,982,981
U.S. Treasury Notes, 3.38%, 11/15/19	7,500,000		7,508,480

8

	Principal Amount		Value
U.S. Treasury Notes, VRN, 1.91%, (3-month USBMMY), 1/31/20	$	5,000,000	$	4,999,731
U.S. Treasury Notes, VRN, 1.95%, (3-month USBMMY plus 0.03%), 4/30/20	15,000,000		15,000,671
U.S. Treasury Notes, VRN, 1.96%, (3-month USBMMY plus 0.04%), 7/31/20	30,000,000		29,999,802
U.S. Treasury Notes, VRN, 1.96%, (3-month USBMMY plus 0.05%), 10/31/20	10,000,000		9,999,417
U.S. Treasury Notes, VRN, 2.03%, (3-month USBMMY plus 0.12%), 1/31/21	5,000,000		4,996,010
TOTAL U.S. TREASURY SECURITIES			127,455,394
TOTAL INVESTMENT SECURITIES — 99.0%			1,405,208,189
OTHER ASSETS AND LIABILITIES — 1.0%			13,592,798
TOTAL NET ASSETS — 100.0%			$	1,418,800,987

NOTES TO SCHEDULE OF INVESTMENTS
EFFR	-	Effective Federal Funds Rate
FHLB	-	Federal Home Loan Bank
GO	-	General Obligation
LIBOR	-	London Interbank Offered Rate
LIQ FAC	-	Liquidity Facilities
LOC	-	Letter of Credit
SBBPA	-	Standby Bond Purchase Agreement
SOFR	-	Secured Overnight Financing Rate
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 $606,499,832, which represented 42.7% of total net assets.

See Notes to Financial Statements.

9

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	1,405,208,189
Cash	3,154,378
Receivable for investments sold	1,396,000
Receivable for capital shares sold	9,280,489
Interest receivable	2,210,660
	1,421,249,716
Liabilities
Payable for capital shares redeemed	1,762,711
Accrued management fees	661,813
Distribution and service fees payable	14,680
Dividends payable	9,525
	2,448,729
Net Assets	$	1,418,800,987
Net Assets Consist of:
Capital paid in	$	1,418,791,841
Distributable earnings	9,146
	$	1,418,800,987

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$1,380,362,606	1,380,502,496	$1.00
A Class		$21,932,368	21,920,691	$1.00
C Class		$16,506,013	16,503,798	$1.00

See Notes to Financial Statements.

10

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	16,990,092
Expenses:
Management fees	3,950,573
Distribution and service fees:
A Class	25,137
C Class	55,682
Trustees' fees and expenses	51,010
Other expenses	3,237
	4,085,639
Net investment income (loss)	12,904,453
Net realized gain (loss) on investment transactions	2,022
Net Increase (Decrease) in Net Assets Resulting from Operations	$	12,906,475

See Notes to Financial Statements.

11

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	12,904,453		$	23,235,481
Net realized gain (loss)	2,022			9,143
Net increase (decrease) in net assets resulting from operations	12,906,475			23,244,624
Distributions to Shareholders
From earnings:
Investor Class	(12,658,691		)	(22,779,012		)
A Class	(162,732		)	(328,127		)
C Class	(83,030		)	(128,342		)
Decrease in net assets from distributions	(12,904,453		)	(23,235,481		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 4)	49,323,871			95,857,128
Net increase (decrease) in net assets	49,325,893			95,866,271
Net Assets
Beginning of period	1,369,475,094			1,273,608,823
End of period	$	1,418,800,987		$	1,369,475,094

See Notes to Financial Statements.

12

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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.

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 September 30, 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 September 30, 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.

14

4. Capital Share Transactions

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

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	335,822,165		$	335,822,165		656,576,136		$	656,576,136
Issued in reinvestment of distributions	12,517,234		12,517,234			22,511,234		22,511,234
Redeemed	(304,763,908	)	(304,763,908		)	(579,840,725	)	(579,840,725		)
	43,575,491		43,575,491			99,246,645		99,246,645
A Class
Sold	7,144,228		7,144,228			8,916,930		8,916,930
Issued in reinvestment of distributions	160,787		160,787			324,537		324,537
Redeemed	(5,219,942	)	(5,219,942		)	(13,406,255	)	(13,406,255		)
	2,085,073		2,085,073			(4,164,788	)	(4,164,788		)
C Class
Sold	5,202,730		5,202,730			5,388,586		5,388,586
Issued in reinvestment of distributions	83,023		83,023			127,980		127,980
Redeemed	(1,622,446	)	(1,622,446		)	(4,741,295	)	(4,741,295		)
	3,663,307		3,663,307			775,271		775,271
Net increase (decrease)	49,323,871		$	49,323,871		95,857,128		$	95,857,128

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.

6. Federal Tax Information

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.

15

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. The adoption of ASU 2017-08 did not materially impact the financial statements.

16

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(2)	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.95%	0.58%(4)	0.58%(4)	1.88%(4)	1.88%(4)		$1,380,363
2019	$1.00	0.02	—(3)	0.02	(0.02)	$1.00	1.79%	0.58%	0.58%	1.78%	1.78%		$1,336,785
2018	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.78%	0.58%	0.58%	0.77%	0.77%		$1,237,530
2017	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.19%	0.58%	0.58%	0.17%	0.17%		$1,268,148
2016	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.30%	0.58%	0.02%	(0.26)%		$1,563,574
2015	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.15%	0.58%	0.01%	(0.42)%		$1,813,054
A Class
2019(2)	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.82%	0.83%(4)	0.83%(4)	1.63%(4)	1.63%(4)		$21,932
2019	$1.00	0.02	—(3)	0.02	(0.02)	$1.00	1.54%	0.83%	0.83%	1.53%	1.53%		$19,847
2018	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.65%	0.70%	0.83%	0.65%	0.52%		$24,012
2017	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.19%	0.58%	0.83%	0.17%	(0.08)%		$25,649
2016	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.32%	0.83%	0.00%(5)	(0.51)%		$209,165
2015	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.15%	0.83%	0.01%	(0.67)%		$186,961

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)
C Class
2019(2)	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.57%	1.33%(4)	1.33%(4)	1.13%(4)	1.13%(4)		$16,506
2019	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	1.03%	1.33%	1.33%	1.03%	1.03%		$12,843
2018	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.40%	0.96%	1.33%	0.39%	0.02%		$12,067
2017	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.19%	0.58%	1.33%	0.17%	(0.58)%		$9,958
2016	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.32%	1.33%	0.00%(5)	(1.01)%		$9,526
2015	$1.00	—(3)	—(3)	—(3)	—(3)	$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) Six months ended September 30, 2019 (unaudited).

(3) Per-share amount was less than $0.005.

(4) Annualized.

(5) Ratio was less than 0.005%.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of

19

the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was at or above the median of the peer group for the one-, three- and ten-year periods and below the median for the five-year period reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

20

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. Given the broad proliferation of fee waivers to support positive money market fund yields and the wide variance of expenses waived, the Board recognized that net fee comparisons may not be a reliable analysis of fund expenses. With that in mind, the Board reviewed peer data both on a gross basis and net of applicable waivers. The Board concluded that the management fee paid by the Fund to the Advisor under the

21

management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

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-SAN-90818 1911

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	19
Statement of Operations	20
Statement of Changes in Net Assets	21
Notes to Financial Statements	22
Financial Highlights	29
Approval of Management Agreement	32
Additional Information	36

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 semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics 

SEPTEMBER 30, 2019
Portfolio at a Glance
Average Duration (effective)	1.9 years
Weighted Average Life to Maturity	2.5 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	34.1%
U.S. Treasury Securities	31.2%
Asset-Backed Securities	16.4%
Collateralized Mortgage Obligations	9.7%
Collateralized Loan Obligations	3.3%
Commercial Mortgage-Backed Securities	1.9%
U.S. Government Agency Mortgage-Backed Securities	0.8%
Bank Loan Obligations	0.2%
Temporary Cash Investments	3.4%
Other Assets and Liabilities	(1.0)%

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1) 4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,019.30	$2.98	0.59%
I Class	$1,000	$1,019.80	$2.47	0.49%
A Class	$1,000	$1,018.10	$4.24	0.84%
C Class	$1,000	$1,015.20	$8.01	1.59%
R Class	$1,000	$1,017.80	$5.50	1.09%
R5 Class	$1,000	$1,020.40	$1.97	0.39%
R6 Class	$1,000	$1,020.60	$1.72	0.34%
Hypothetical
Investor Class	$1,000	$1,022.05	$2.98	0.59%
I Class	$1,000	$1,022.55	$2.48	0.49%
A Class	$1,000	$1,020.80	$4.24	0.84%
C Class	$1,000	$1,017.05	$8.02	1.59%
R Class	$1,000	$1,019.55	$5.50	1.09%
R5 Class	$1,000	$1,023.05	$1.97	0.39%
R6 Class	$1,000	$1,023.30	$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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount		Value
CORPORATE BONDS — 34.1%
Aerospace and Defense — 0.7%
Boeing Co. (The), 2.70%, 5/1/22	$	1,000,000	$	1,019,981
United Technologies Corp., 1.50%, 11/1/19	2,000,000		1,998,740
			3,018,721
Air Freight and Logistics — 0.2%
FedEx Corp., 3.40%, 1/14/22	1,000,000		1,025,699
Auto Components — 0.1%
ZF North America Capital, Inc., 4.00%, 4/29/20(1)	476,000		479,154
Automobiles — 2.1%
Daimler Finance North America LLC, 2.30%, 1/6/20(1)	1,000,000		1,000,180
Daimler Finance North America LLC, 3.40%, 2/22/22(1)	1,000,000		1,023,396
Ford Motor Credit Co. LLC, 2.68%, 1/9/20	1,000,000		999,997
Ford Motor Credit Co. LLC, 2.46%, 3/27/20	1,470,000		1,468,487
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	2,000,000		2,003,614
General Motors Financial Co., Inc., 3.20%, 7/6/21	1,500,000		1,515,767
General Motors Financial Co., Inc., 4.20%, 11/6/21	1,000,000		1,031,953
			9,043,394
Banks — 7.2%
Banco de Credito del Peru, 2.25%, 10/25/19(1)	400,000		400,936
Bank of America Corp., MTN, VRN, 2.33%, 10/1/21	1,000,000		1,001,253
Bank of America Corp., VRN, 3.00%, 12/20/23	2,713,000		2,772,255
Barclays Bank plc, 5.14%, 10/14/20	1,520,000		1,554,554
Barclays plc, 2.75%, 11/8/19	1,000,000		1,000,191
BB&T Corp., MTN, 2.20%, 3/16/23	2,000,000		1,998,963
Capital One N.A., 2.35%, 1/31/20	1,230,000		1,230,443
Capital One N.A., 2.25%, 9/13/21	1,000,000		1,001,207
CIT Group, Inc., 5.00%, 8/15/22	500,000		530,950
Citibank N.A., 2.125%, 10/20/20	1,000,000		1,001,070
Citibank N.A., VRN, 3.17%, 2/19/22	3,000,000		3,040,957
Discover Bank, 3.10%, 6/4/20	1,500,000		1,508,277
HSBC Bank plc, 4.125%, 8/12/20(1)	2,015,000		2,051,576
Huntington National Bank (The), 3.125%, 4/1/22	1,000,000		1,024,380
JPMorgan Chase & Co., VRN, 2.30%, 10/15/25	1,700,000		1,695,798
Lloyds Bank plc, 2.25%, 8/14/22	1,000,000		999,382
Royal Bank of Canada, 2.15%, 10/26/20	1,460,000		1,462,817
SunTrust Bank, 2.80%, 5/17/22	1,000,000		1,018,999
Synchrony Bank, 3.65%, 5/24/21	1,000,000		1,019,459
Wells Fargo & Co., MTN, 3.00%, 1/22/21	2,500,000		2,528,113
Wells Fargo Bank N.A., VRN, 2.08%, 9/9/22	2,000,000		1,995,796
			30,837,376
Beverages — 0.4%
Constellation Brands, Inc., 2.00%, 11/7/19	1,800,000		1,799,281

6

	Principal Amount		Value
Biotechnology — 0.2%
AbbVie, Inc., 2.50%, 5/14/20	$	1,000,000	$	1,002,384
Capital Markets — 1.1%
Credit Suisse Group AG, VRN, 2.59%, 9/11/25(1)	250,000		247,819
Goldman Sachs Group, Inc. (The), 2.30%, 12/13/19	3,000,000		3,000,402
Goldman Sachs Group, Inc. (The), MTN, 5.375%, 3/15/20	500,000		507,259
Morgan Stanley, MTN, 5.50%, 7/28/21	1,000,000		1,061,063
			4,816,543
Chemicals — 0.2%
Ashland LLC, 4.75%, 8/15/22	960,000		1,009,200
Commercial Services and Supplies — 0.1%
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	500,000		503,900
Consumer Finance — 1.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.625%, 10/30/20	1,000,000		1,023,831
American Express Co., 3.00%, 2/22/21	1,000,000		1,013,124
American Express Credit Corp., MTN, 2.25%, 5/5/21	1,500,000		1,505,745
Synchrony Financial, 2.85%, 7/25/22	1,060,000		1,069,762
			4,612,462
Containers and Packaging — 1.0%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(1)	800,000		821,000
Ball Corp., 4.375%, 12/15/20	1,000,000		1,023,010
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23	1,300,000		1,368,250
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.75%, 10/15/20	872,197		875,119
			4,087,379
Diversified Financial Services — 0.5%
Credit Suisse Group Funding Guernsey Ltd., 3.125%, 12/10/20	1,000,000		1,009,630
UBS Group Funding Switzerland AG, 2.95%, 9/24/20(1)	1,000,000		1,008,782
			2,018,412
Diversified Telecommunication Services — 1.3%
AT&T, Inc., 2.45%, 6/30/20	1,750,000		1,754,393
AT&T, Inc., 4.45%, 5/15/21	1,500,000		1,553,759
Ooredoo International Finance Ltd., 4.75%, 2/16/21	2,200,000		2,269,889
			5,578,041
Electric Utilities — 0.2%
American Electric Power Co., Inc., 2.15%, 11/13/20	1,000,000		1,000,734
Entertainment — 0.2%
Viacom, Inc., 4.50%, 3/1/21	1,000,000		1,030,446
Equity Real Estate Investment Trusts (REITs) — 1.0%
Crown Castle International Corp., 2.25%, 9/1/21	2,000,000		2,002,151
Equinix, Inc., 5.875%, 1/15/26	700,000		746,487
GLP Capital LP / GLP Financing II, Inc., 4.375%, 4/15/21	1,000,000		1,024,480
VEREIT Operating Partnership LP, 4.125%, 6/1/21	500,000		513,250
			4,286,368

7

	Principal Amount		Value
Food Products — 1.3%
Conagra Brands, Inc., 3.80%, 10/22/21	$	1,000,000	$	1,032,277
Kraft Heinz Foods Co., 5.375%, 2/10/20	1,000,000		1,009,744
Mondelez International Holdings Netherlands BV, 1.625%, 10/28/19(1)	1,370,000		1,369,454
Mondelez International Holdings Netherlands BV, 2.00%, 10/28/21(1)	2,000,000		1,996,604
			5,408,079
Health Care Equipment and Supplies — 0.1%
Becton Dickinson and Co., 2.68%, 12/15/19	267,000		267,092
Health Care Providers and Services — 2.0%
Anthem, Inc., 2.50%, 11/21/20	1,000,000		1,003,688
Cigna Corp., 3.20%, 9/17/20	2,000,000		2,019,837
CVS Health Corp., 3.35%, 3/9/21	1,594,000		1,620,351
Express Scripts Holding Co., 2.60%, 11/30/20	2,000,000		2,009,223
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20(1)	850,000		860,680
Universal Health Services, Inc., 4.75%, 8/1/22(1)	1,000,000		1,010,000
			8,523,779
Hotels, Restaurants and Leisure — 0.7%
1011778 BC ULC / New Red Finance, Inc., 4.625%, 1/15/22(1)	760,000		761,976
International Game Technology plc, 6.25%, 2/15/22(1)	1,000,000		1,060,268
Royal Caribbean Cruises Ltd., 2.65%, 11/28/20	1,000,000		1,004,283
			2,826,527
Household Durables — 0.6%
D.R. Horton, Inc., 2.55%, 12/1/20	1,000,000		1,003,212
Lennar Corp., 2.95%, 11/29/20	1,500,000		1,501,800
			2,505,012
Internet and Direct Marketing Retail — 0.1%
eBay, Inc., 2.15%, 6/5/20	400,000		400,171
IT Services — 0.5%
International Business Machines Corp., 2.85%, 5/13/22	2,000,000		2,044,620
Machinery — 0.4%
Caterpillar Financial Services Corp., MTN, 1.85%, 9/4/20	860,000		858,896
Oshkosh Corp., 5.375%, 3/1/25	1,000,000		1,041,250
			1,900,146
Media — 2.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 2/15/23	1,000,000		1,018,750
Comcast Corp., 3.30%, 10/1/20	2,000,000		2,027,545
Discovery Communications LLC, 2.95%, 3/20/23	500,000		508,377
Interpublic Group of Cos., Inc. (The), 3.50%, 10/1/20	2,000,000		2,023,808
Time Warner Cable LLC, 4.125%, 2/15/21	1,050,000		1,069,131
VTR Finance BV, 6.875%, 1/15/24	2,100,000		2,168,250
			8,815,861
Metals and Mining — 0.6%
Alcoa Nederland Holding BV, 6.75%, 9/30/24(1)	700,000		737,625
HTA Group Ltd., 9.125%, 3/8/22	1,000,000		1,045,274

8

	Principal Amount		Value
Steel Dynamics, Inc., 5.25%, 4/15/23	$	750,000	$	764,063
			2,546,962
Multi-Utilities — 0.8%
CenterPoint Energy, Inc., 3.60%, 11/1/21	2,000,000		2,053,686
Sempra Energy, 2.85%, 11/15/20	1,500,000		1,509,676
			3,563,362
Oil, Gas and Consumable Fuels — 4.2%
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.50%, 10/15/19	750,000		750,796
Antero Resources Corp., 5.375%, 11/1/21	930,000		903,263
Continental Resources, Inc., 5.00%, 9/15/22	275,000		277,611
Encana Corp., 3.90%, 11/15/21	930,000		952,983
Energy Transfer Operating LP, 4.15%, 10/1/20	1,179,000		1,196,729
Energy Transfer Operating LP, 7.50%, 10/15/20	450,000		473,017
Gazprom OAO Via Gaz Capital SA, 6.00%, 1/23/21	2,200,000		2,302,727
Lukoil International Finance BV, 6.125%, 11/9/20	2,200,000		2,290,657
MPLX LP, 5.25%, 1/15/25(1)	400,000		422,331
Occidental Petroleum Corp., 4.85%, 3/15/21	1,632,000		1,687,887
Petroleos Mexicanos, 4.875%, 1/24/22	2,050,000		2,137,125
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21	1,310,000		1,353,568
Saudi Arabian Oil Co., 2.75%, 4/16/22	1,100,000		1,109,691
Williams Cos., Inc. (The), 4.125%, 11/15/20	1,000,000		1,015,872
Williams Cos., Inc. (The), 7.875%, 9/1/21	1,000,000		1,101,194
			17,975,451
Pharmaceuticals — 0.7%
Allergan Funding SCS, 3.00%, 3/12/20	1,000,000		1,002,973
Bristol-Myers Squibb Co., 2.60%, 5/16/22(1)	2,000,000		2,030,805
			3,033,778
Road and Rail — 0.1%
United Rentals North America, Inc., 4.625%, 7/15/23	390,000		400,081
Semiconductors and Semiconductor Equipment — 0.5%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.20%, 1/15/21	2,000,000		1,993,226
Software — 0.7%
Microsoft Corp., 1.85%, 2/6/20	3,000,000		2,998,732
Technology Hardware, Storage and Peripherals — 0.5%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	500,000		508,625
EMC Corp., 2.65%, 6/1/20	1,000,000		1,000,467
Hewlett Packard Enterprise Co., 2.10%, 10/4/19(1)	670,000		669,992
Seagate HDD Cayman, 4.25%, 3/1/22	175,000		180,340
			2,359,424
Transportation Infrastructure — 0.4%
DP World plc, 3.25%, 5/18/20	1,900,000		1,905,019
Wireless Telecommunication Services — 0.3%
VEON Holdings BV, 3.95%, 6/16/21	1,100,000		1,114,916
TOTAL CORPORATE BONDS (Cost $145,826,221)			146,731,732

9

	Principal Amount		Value
U.S. TREASURY SECURITIES — 31.2%
U.S. Treasury Bills, 2.54%, 2/27/20(2)(3)	$	1,000,000	$	992,642
U.S. Treasury Notes, 1.375%, 10/31/20(2)	800,000		796,359
U.S. Treasury Notes, 1.50%, 9/30/21	13,000,000		12,969,023
U.S. Treasury Notes, 2.625%, 12/15/21	22,000,000		22,487,266
U.S. Treasury Notes, 1.875%, 1/31/22	18,000,000		18,102,305
U.S. Treasury Notes, 1.50%, 9/15/22	29,700,000		29,647,793
U.S. Treasury Notes, 1.875%, 9/30/22	29,000,000		29,263,379
U.S. Treasury Notes, 2.00%, 11/30/22	3,000,000		3,038,555
U.S. Treasury Notes, 1.50%, 3/31/23	17,000,000		16,965,137
TOTAL U.S. TREASURY SECURITIES (Cost $132,947,367)			134,262,459
ASSET-BACKED SECURITIES — 16.4%
Argent Securities, Inc., Series 2004-W8, Class M1, VRN, 2.84%, (1-month LIBOR plus 0.83%), 5/25/34	2,338,980		2,353,027
Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A SEQ, 2.50%, 7/20/21(1)	4,420,000		4,423,953
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(1)	675,000		680,566
BMW Vehicle Owner Trust, Series 2019-A, Class A2 SEQ, 2.05%, 5/25/22	2,700,000		2,700,943
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(1)	270,913		271,551
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A SEQ, 3.28%, 9/26/33(1)	1,621,556		1,653,147
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	744,362		786,381
Hertz Fleet Lease Funding LP, Series 2017-1, Class A1, VRN, 2.70%, (1-month LIBOR plus 0.65%), 4/10/31(1)	762,609		762,479
Hertz Vehicle Financing II LP, Series 2015-1A, Class A SEQ, 2.73%, 3/25/21(1)	2,550,000		2,553,870
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(1)	189,723		189,002
Hilton Grand Vacations Trust, Series 2014-AA, Class B, 2.07%, 11/25/26(1)	133,922		133,211
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(1)	300,299		301,223
Hilton Grand Vacations Trust, Series 2018-AA, Class B, 3.70%, 2/25/32(1)	1,865,699		1,915,090
Hilton Grand Vacations Trust, Series 2019-AA, Class B, 2.54%, 7/25/33(1)	2,076,125		2,075,784
Invitation Homes Trust, Series 2017-SFR2, Class B, VRN, 3.17%, (1-month LIBOR plus 1.15%), 12/17/36(1)	2,400,000		2,398,657
Invitation Homes Trust, Series 2018-SFR1, Class B, VRN, 2.97%, (1-month LIBOR plus 0.95%), 3/17/37(1)	2,575,000		2,549,812
Invitation Homes Trust, Series 2018-SFR1, Class C, VRN, 3.27%, (1-month LIBOR plus 1.25%), 3/17/37(1)	2,000,000		1,997,922
Invitation Homes Trust, Series 2018-SFR2, Class C, VRN, 3.31%, (1-month LIBOR plus 1.28%), 6/17/37(1)	1,450,000		1,446,955
Invitation Homes Trust, Series 2018-SFR3, Class B, VRN, 3.17%, (1-month LIBOR plus 1.15%), 7/17/37(1)	1,450,000		1,450,025
Invitation Homes Trust, Series 2018-SFR4, Class B, VRN, 3.27%, (1-month LIBOR plus 1.25%), 1/17/38(1)	2,475,000		2,472,410
Mill City Mortgage Loan Trust, Series 2017-2, Class A1, VRN, 2.75%, 7/25/59(1)	1,030,391		1,036,184
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(1)	282,385		281,883

10

	Principal Amount		Value
MVW Owner Trust, Series 2014-1A, Class B, 2.70%, 9/22/31(1)	$	587,090	$	588,102
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(1)	319,026		318,950
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(1)	242,052		240,664
MVW Owner Trust, Series 2017-1A, Class B, 2.75%, 12/20/34(1)	1,161,135		1,160,818
MVW Owner Trust, Series 2018-1A, Class B, 3.60%, 1/21/36(1)	1,499,943		1,542,967
Progress Residential Trust, Series 2017-SFR1, Class A SEQ, 2.77%, 8/17/34(1)	1,071,078		1,074,673
Progress Residential Trust, Series 2017-SFR2, Class A SEQ, 2.90%, 12/17/34(1)	2,125,000		2,141,351
Progress Residential Trust, Series 2018-SFR1, Class A SEQ, 3.26%, 3/17/35(1)	1,997,569		2,010,134
Progress Residential Trust, Series 2018-SFR1, Class C, 3.68%, 3/17/35(1)	1,250,000		1,262,259
Progress Residential Trust, Series 2018-SFR2, Class C, 4.04%, 8/17/35(1)	1,775,000		1,815,139
Progress Residential Trust, Series 2018-SFR2, Class D, 4.34%, 8/17/35(1)	1,075,000		1,108,855
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(1)	2,700,000		2,768,120
Progress Residential Trust, Series 2018-SFR3, Class C, 4.18%, 10/17/35(1)	1,775,000		1,826,345
Progress Residential Trust, Series 2019-SFR2, Class B, 3.45%, 5/17/36(1)	2,600,000		2,650,274
Progress Residential Trust, Series 2019-SFR3, Class B, 2.57%, 9/17/36(1)	2,100,000		2,079,074
Progress Residential Trust, Series 2019-SFR4, Class A SEQ, 2.69%, 11/17/36(1)(4)	3,650,000		3,649,914
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	258,643		261,301
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(1)	277,910		277,824
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(1)	275,698		275,866
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(1)	226,009		227,474
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(1)	205,690		205,252
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(1)	1,667,452		1,702,291
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class B, 3.87%, 9/20/35(1)	470,109		480,257
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class C, 4.17%, 9/20/35(1)	1,307,492		1,333,222
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class D, 4.54%, 5/20/36(1)	918,396		922,900
Towd Point Mortgage Trust, Series 2017-6, Class A1, VRN, 2.75%, 10/25/57(1)	1,290,477		1,303,577
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(1)	444,315		457,355
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	1,014,589		1,013,145
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35(1)	674,508		675,714
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	704,868		725,043
TOTAL ASSET-BACKED SECURITIES (Cost $69,919,344)			70,532,935

11

	Principal Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 9.7%
Private Sponsor Collateralized Mortgage Obligations — 5.4%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.28%, 2/25/35	$	237,646	$	242,939
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	446,367		459,327
Citicorp Mortgage Securities Trust, Series 2007-8, Class 1A3, 6.00%, 9/25/37	397,263		428,353
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.36%, 8/25/34	177,646		173,019
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.30%, 8/25/34	674,118		684,076
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.63%, 8/25/35	206,482		213,419
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2, VRN, 4.55%, (1-year H15T1Y plus 2.15%), 9/25/35	245,301		252,386
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-4, Class A19, 5.25%, 5/25/34	107,544		111,280
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-5, Class 2A4, 5.50%, 5/25/34	88,791		91,138
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	2,505		2,478
Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3 SEQ, VRN, 3.50%, 6/25/47(1)	347,009		352,061
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.99%, 8/25/35	195,832		205,110
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.71%, 1/25/37	850,084		753,372
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 4.60%, 5/25/34	90,079		92,982
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.91%, 1/25/35	73,323		73,369
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.48%, 9/25/35	461,585		476,211
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.26%, 8/25/35	243,320		240,511
JPMorgan Mortgage Trust, Series 2014-5, Class A1, VRN, 2.98%, 10/25/29(1)	376,814		381,938
JPMorgan Mortgage Trust, Series 2018-6, Class 1A4 SEQ, VRN, 3.50%, 12/25/48(1)	549,632		556,557
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 4.73%, 11/21/34	290,964		300,137
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 4.45%, 2/25/35	281,546		287,065
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(1)	1,603,832		1,680,681
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.52%, (1-month LIBOR plus 1.50%), 6/25/57(1)	1,560,702		1,588,381
Sequoia Mortgage Trust, Series 2017-7, Class A4 SEQ, VRN, 3.50%, 10/25/47(1)	587,342		599,118
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(1)	1,542,565		1,587,977
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(1)	606,129		614,082
Sequoia Mortgage Trust, Series 2018-2, Class A4 SEQ, VRN, 3.50%, 2/25/48(1)	813,773		826,723

12

	Principal Amount		Value
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(1)	$	489,343	$	495,595
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.38%, 7/25/34	96,526		98,311
Thornburg Mortgage Securities Trust, Series 2006-4, Class A2B, VRN, 4.47%, 7/25/36	582,295		567,346
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.42%, 3/25/35	245,672		244,955
WaMu Mortgage Pass-Through Certificates, Series 2005-AR7, Class A3, VRN, 4.27%, 8/25/35	391,599		400,482
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.00%, 2/25/34	444,388		464,969
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-H, Class A1, VRN, 4.99%, 6/25/34	168,840		174,840
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1, VRN, 4.92%, 9/25/34	120,163		125,249
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 4.97%, 12/25/34	159,831		164,838
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 2A1, 5.50%, 1/25/36	471,363		485,298
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-18, Class 1A1, 5.50%, 1/25/36	501,268		505,444
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 1A1, VRN, 4.96%, 6/25/35	173,962		176,524
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 2A15, VRN, 4.97%, 6/25/35	192,969		202,620
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR13, Class A1, SEQ, VRN, 2.32%, (1-month LIBOR plus 0.30%), 5/25/35	296,800		286,995
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 4.97%, 3/25/35	215,562		222,834
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 4A8, VRN, 4.90%, 10/25/35	1,095,481		1,129,936
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR4, Class 2A1, VRN, 5.09%, 4/25/35	166,759		170,371
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	71,284		71,820
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-4, Class 2A1, 6.00%, 4/25/36	557,276		560,601
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-6, Class 1A16 SEQ, 5.75%, 5/25/36	42,735		42,117
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR1, Class 2A5 SEQ, VRN, 5.15%, 3/25/36	656,533		655,931
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 1A1, VRN, 4.98%, 7/25/36	3,045		3,113
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 2A1, VRN, 4.99%, 7/25/36	5,890		6,059
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A6 SEQ, VRN, 5.02%, 7/25/36	7,219		7,377
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR12, Class 1A1, VRN, 4.71%, 9/25/36	111,023		113,495
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Class 2A1, VRN, 4.60%, 10/25/36	64,128		64,300
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.64%, 10/25/36	46,495		46,440
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.50%, 10/25/36	340,238		341,371

13

	Principal Amount		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR19, Class A1, VRN, 4.85%, 12/25/36	$	595,676	$	594,451
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Class 2A3, VRN, 4.99%, 3/25/36	188,882		193,871
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 5.19%, 4/25/36	386,338		388,743
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A3 SEQ, 6.00%, 8/25/37	122,661		125,209
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	508,794		519,364
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-12, Class A7, 5.50%, 9/25/37	68,880		71,009
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	208,723		209,384
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	14,799		15,090
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-15, Class A1, 6.00%, 11/25/37	96,459		98,587
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	68,325		68,558
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 1A5 SEQ, 6.00%, 7/25/37	17,897		18,180
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 2A2, 6.00%, 7/25/37	21,289		21,596
Wells Fargo Mortgage-Backed Securities Trust, Series 2008-1, Class 4A1, 5.75%, 2/25/38	38,792		41,339
			23,469,302
U.S. Government Agency Collateralized Mortgage Obligations — 4.3%
FHLMC, Series 2015-HQ2, Class M3, VRN, 5.27%, (1-month LIBOR plus 3.25%), 5/25/25	550,000		578,129
FHLMC, Series 2017-DNA2, Class M1, VRN, 3.22%, (1-month LIBOR plus 1.20%), 10/25/29	2,237,011		2,245,141
FNMA, Series 2006-60, Class KF, VRN, 2.32%, (1-month LIBOR plus 0.30%), 7/25/36	632,632		631,600
FNMA, Series 2009-33, Class FB, VRN, 2.84%, (1-month LIBOR plus 0.82%), 3/25/37	729,454		746,531
FNMA, Series 2014-C02, Class 1M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	487,370		508,541
FNMA, Series 2014-C02, Class 2M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	716,622		743,284
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	20,775,670		3,625,161
FNMA, Series 2016-C03, Class 2M2, VRN, 7.92%, (1-month LIBOR plus 5.90%), 10/25/28	417,471		451,037
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	14,273,400		3,295,941
FNMA, Series 2017-C03, Class 1M2, VRN, 5.02%, (1-month LIBOR plus 3.00%), 10/25/29	1,200,000		1,248,694
FNMA, Series 2017-C05, Class 1M2, VRN, 4.22%, (1-month LIBOR plus 2.20%), 1/25/30	750,000		760,395
FNMA, Series 2018-C02, Class 2M1, VRN, 2.67%, (1-month LIBOR plus 0.65%), 8/25/30	664,190		664,246
FNMA, Series 417, Class C5, IO, 3.50%, 2/25/43	17,950,473		2,840,437
			18,339,137
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $41,636,797)			41,808,439

14

	Principal Amount		Value
COLLATERALIZED LOAN OBLIGATIONS — 3.3%
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 3.71%, (3-month LIBOR plus 1.55%), 5/15/30(1)	$	375,000	$	369,375
Bean Creek CLO Ltd., Series 2015-1A, Class BR, VRN, 3.73%, (3-month LIBOR plus 1.45%), 4/20/31(1)	600,000		588,850
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A3, VRN, 3.66%, (3-month LIBOR plus 1.50%), 5/15/31(1)	725,000		715,399
CBAM Ltd., Series 2018-5A, Class B1, VRN, 3.70%, (3-month LIBOR plus 1.40%), 4/17/31(1)	1,200,000		1,176,092
Dryden 64 CLO Ltd., Series 2018-64A, Class B, VRN, 3.70%, (3-month LIBOR plus 1.40%), 4/18/31(1)	1,500,000		1,464,250
Gilbert Parl CLO Ltd., Series 2017-1A, Class B, VRN, 3.90%, (3-month LIBOR plus 1.60%), 10/15/30(1)	2,000,000		1,989,494
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 3.40%, (3-month LIBOR plus 1.12%), 7/20/31(1)	300,000		299,630
KKR CLO Ltd., Series 2022A, Class A, VRN, 3.43%, (3-month LIBOR plus 1.15%), 7/20/31(1)	400,000		398,218
KKR CLO Ltd., Series 2022A, Class B, VRN, 3.88%, (3-month LIBOR plus 1.60%), 7/20/31(1)	500,000		494,762
LCM XIV LP, Series 2014A, Class AR, VRN, 3.32%, (3-month LIBOR plus 1.04%), 7/20/31(1)	375,000		371,781
LCM XIV LP, Series 2014A, Class BR, VRN, 3.86%, (3-month LIBOR plus 1.58%), 7/20/31(1)	1,250,000		1,239,642
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, VRN, 3.25%, (3-month LIBOR plus 0.95%), 4/19/30(1)	325,000		324,688
Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, VRN, 3.80%, (3-month LIBOR plus 1.50%), 4/19/30(1)	750,000		745,366
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.28%, (3-month LIBOR plus 0.98%), 4/15/31(1)	1,000,000		996,405
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.28%, (3-month LIBOR plus 0.96%), 4/16/31(1)	575,000		567,822
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 3.35%, (3-month LIBOR plus 1.07%), 10/20/28(1)	500,000		500,914
Voya CLO Ltd., Series 2013-2A, Class A2AR, VRN, 3.68%, (3-month LIBOR plus 1.40%), 4/25/31(1)	1,000,000		977,587
Voya CLO Ltd., Series 2013-3A, Class A2RR, VRN, 4.00%, (3-month LIBOR plus 1.70%), 10/18/31(1)	750,000		745,684
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $14,102,857)			13,965,959
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.9%
Commercial Mortgage Trust, Series 2017-PANW, Class A SEQ, 3.24%, 10/10/29(1)	1,000,000		1,043,147
Core Industrial Trust, Series 2015-CALW, Class B, 3.25%, 2/10/34(1)	1,925,000		1,970,510
Core Industrial Trust, Series 2015-TEXW, Class B, 3.33%, 2/10/34(1)	1,000,000		1,020,786
DBCG Mortgage Trust, Series 2017-BBG, Class A, VRN, 2.73%, (1-month LIBOR plus 0.70%), 6/15/34(1)	1,880,000		1,877,539
Morgan Stanley Capital I Trust, Series 2014-CPT, Class AM, VRN, 3.52%, 7/13/29(1)	1,400,000		1,422,118
Morgan Stanley Capital I Trust, Series 2014-CPT, Class C, VRN, 3.56%, 7/13/29(1)	1,000,000		1,013,077
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $8,330,099)			8,347,177

15

	Principal Amount		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.8%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.7%
FHLMC, VRN, 4.73%, (1-year H15T1Y plus 2.25%), 9/1/35	$	292,534	$	309,602
FHLMC, VRN, 4.65%, (12-month LIBOR plus 1.86%), 7/1/36	34,411		36,255
FHLMC, VRN, 4.53%, (12-month LIBOR plus 1.88%), 7/1/40	115,028		120,628
FHLMC, VRN, 4.06%, (12-month LIBOR plus 1.78%), 9/1/40	73,788		77,153
FHLMC, VRN, 3.80%, (12-month LIBOR plus 1.79%), 2/1/41	273,186		284,257
FHLMC, VRN, 4.77%, (12-month LIBOR plus 1.88%), 5/1/41	89,767		94,199
FHLMC, VRN, 4.09%, (12-month LIBOR plus 1.87%), 7/1/41	168,116		176,785
FHLMC, VRN, 4.76%, (12-month LIBOR plus 1.88%), 10/1/41	100,011		103,963
FHLMC, VRN, 2.07%, (12-month LIBOR plus 1.65%), 12/1/42	349,399		361,321
FHLMC, VRN, 4.73%, (12-month LIBOR plus 1.64%), 2/1/43	51,261		52,969
FHLMC, VRN, 4.51%, (12-month LIBOR plus 1.63%), 5/1/43	32,815		33,929
FHLMC, VRN, 4.43%, (12-month LIBOR plus 1.65%), 6/1/43	35,597		36,839
FHLMC, VRN, 4.50%, (12-month LIBOR plus 1.62%), 6/1/43	1,188		1,228
FNMA, VRN, 4.19%, (6-month LIBOR plus 1.57%), 6/1/35	224,177		232,490
FNMA, VRN, 4.19%, (6-month LIBOR plus 1.57%), 6/1/35	101,342		105,103
FNMA, VRN, 4.68%, (12-month LIBOR plus 1.71%), 12/1/37	4,114		4,330
FNMA, VRN, 4.07%, (12-month LIBOR plus 1.69%), 8/1/39	38,126		39,982
FNMA, VRN, 4.82%, (12-month LIBOR plus 1.69%), 1/1/40	23,734		25,130
FNMA, VRN, 3.32%, (12-month LIBOR plus 1.82%), 9/1/41	349,680		359,509
FNMA, VRN, 3.01%, (12-month LIBOR plus 1.82%), 11/1/41	360,641		369,005
			2,824,677
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%
FHLMC, 5.50%, 12/1/36	1,243		1,343
FNMA, 5.00%, 7/1/20	1,869		1,929
FNMA, 3.50%, 3/1/34	369,464		385,531
FNMA, 5.50%, 7/1/36	1,941		2,157
			390,960
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $3,184,152)			3,215,637
BANK LOAN OBLIGATIONS(5) — 0.2%
Diversified Telecommunication Services — 0.1%
Zayo Group, LLC, 2017 Incremental Term Loan, 4.29%, (1-month LIBOR plus 2.25%), 1/19/24	550,000		551,892
Hotels, Restaurants and Leisure†
Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 4.79%, (1-month LIBOR plus 2.75%), 12/22/24	7,830		7,787
Pharmaceuticals — 0.1%
Bausch Health Companies, Inc., 2018 Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 6/2/25	137,668		138,385
TOTAL BANK LOAN OBLIGATIONS (Cost $699,951)			698,064
TEMPORARY CASH INVESTMENTS — 3.4%
Credit Agricole Corporate and Investment Bank, 1.89%, 10/1/19(1)(3)	8,725,000		8,724,490
Crown Point Capital Co. LLC, 1.99%, 10/1/19(1)(3)	5,824,000		5,823,683

16

	Shares	Value
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.375% - 2.875%, 6/30/20 - 2/15/29, valued at $120,776), in a joint trading account at 1.80%, dated 9/30/19, due 10/1/19 (Delivery value $118,374)		$	118,368
State Street Institutional U.S. Government Money Market Fund, Premier Class	22,585	22,585
TOTAL TEMPORARY CASH INVESTMENTS (Cost $14,689,953)		14,689,126
TOTAL INVESTMENT SECURITIES — 101.0% (Cost $431,336,741)		434,251,528
OTHER ASSETS AND LIABILITIES — (1.0)%		(4,406,811		)
TOTAL NET ASSETS — 100.0%		$	429,844,717

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	23	December 2019	$	2,300,000	$	2,997,188	$	(21,739	)
U.S. Treasury 10-Year Ultra Notes	58	December 2019	$	5,800,000	8,259,562		(122,271		)
U.S. Treasury 2-Year Notes	406	December 2019	$	81,200,000	87,493,000		(258,892		)
					$	98,749,750	$	(402,902	)

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount	Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Notes	133	December 2019	$13,300,000	$	15,846,742	$	62,287

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 32	Buy	(5.00)%	6/20/24	$	7,177,500	$	(420,865	)	$	(96,531	)	$	(517,396	)
Markit CDX North America Investment Grade Index Series 32	Sell	1.00%	6/20/24	$	6,000,000	101,981			26,273			128,254
						$	(318,884	)	$	(70,258	)	$	(389,142	)

‡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.

17

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
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 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 $129,988,490, which represented 30.2% 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 $587,479.

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

(4) 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.

(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.

See Notes to Financial Statements.

18

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (cost of $431,336,741)	$	434,251,528
Receivable for investments sold	6,939,757
Receivable for capital shares sold	489,657
Interest receivable	2,096,294
	443,777,236
Liabilities
Payable for investments purchased	13,339,259
Payable for capital shares redeemed	316,185
Payable for variation margin on futures contracts	8,761
Payable for variation margin on swap agreements	16,395
Accrued management fees	175,682
Distribution and service fees payable	11,169
Dividends payable	65,068
	13,932,519
Net Assets	$	429,844,717
Net Assets Consist of:
Capital paid in	$	437,954,525
Distributable earnings	(8,109,808		)
	$	429,844,717

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$179,990,805	17,624,456	$10.21
I Class		$123,396,726	12,082,890	$10.21
A Class		$21,664,926	2,121,634	$10.21*
C Class		$7,767,063	760,212	$10.22
R Class		$820,093	80,247	$10.22
R5 Class		$20,614,566	2,018,622	$10.21
R6 Class		$75,590,538	7,407,576	$10.20

*Maximum offering price $10.45 (net asset value divided by 0.9775).

See Notes to Financial Statements.

19

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	5,571,578
Expenses:
Management fees	1,050,301
Distribution and service fees:
A Class	26,790
C Class	42,281
R Class	1,961
Trustees' fees and expenses	15,225
Other expenses	1,664
	1,138,222
Net investment income (loss)	4,433,356
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	1,230,171
Futures contract transactions	1,025,881
Swap agreement transactions	3,440
	2,259,492
Change in net unrealized appreciation (depreciation) on:
Investments	2,170,576
Futures contracts	(619,502		)
Swap agreements	(108,449		)
	1,442,625
Net realized and unrealized gain (loss)	3,702,117
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,135,473

See Notes to Financial Statements.

20

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	4,433,356		$	9,404,268
Net realized gain (loss)	2,259,492			(1,459,784		)
Change in net unrealized appreciation (depreciation)	1,442,625			3,078,262
Net increase (decrease) in net assets resulting from operations	8,135,473			11,022,746
Distributions to Shareholders
From earnings:
Investor Class	(2,685,655		)	(5,957,493		)
I Class	(1,181,316		)	(1,326,168		)
A Class	(257,133		)	(501,382		)
C Class	(69,936		)	(156,404		)
R Class	(8,423		)	(10,725		)
R5 Class	(304,477		)	(596,220		)
R6 Class	(1,043,391		)	(1,832,621		)
Decrease in net assets from distributions	(5,550,331		)	(10,381,013		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	21,729,827			19,284,513
Net increase (decrease) in net assets	24,314,969			19,926,246
Net Assets
Beginning of period	405,529,748			385,603,502
End of period	$	429,844,717		$	405,529,748

See Notes to Financial Statements.

21

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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, bank loan obligations, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.

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.

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

22

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.

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.

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.

23

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 September 30, 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%	0.58%
I Class		0.1500% to 0.2100%	0.48%
A Class		0.2500% to 0.3100%	0.58%
C Class		0.2500% to 0.3100%	0.58%
R Class		0.2500% to 0.3100%	0.58%
R5 Class		0.0500% to 0.1100%	0.38%
R6 Class		0.0000% to 0.0600%	0.33%

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 September 30, 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 September 30, 2019 totaled $182,929,508, of which $117,798,477 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2019 totaled $145,065,863, of which $81,458,911 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):

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	1,990,605		$	20,297,716		8,078,384		$	81,587,050
Issued in reinvestment of distributions	249,647		2,546,329			560,546		5,663,161
Redeemed	(6,921,694	)	(70,509,185		)	(9,331,853	)	(94,229,239		)
	(4,681,442	)	(47,665,140		)	(692,923	)	(6,979,028		)
I Class
Sold	8,504,190		86,695,204			5,652,905		57,084,211
Issued in reinvestment of distributions	102,762		1,048,402			116,253		1,174,307
Redeemed	(2,068,675	)	(21,085,913		)	(4,415,843	)	(44,605,117		)
	6,538,277		66,657,693			1,353,315		13,653,401
A Class
Sold	377,939		3,858,900			659,617		6,654,085
Issued in reinvestment of distributions	18,205		185,651			35,909		362,717
Redeemed	(414,162	)	(4,222,824		)	(619,036	)	(6,250,405		)
	(18,018	)	(178,273		)	76,490		766,397
C Class
Sold	127,530		1,298,515			601,676		6,062,410
Issued in reinvestment of distributions	5,920		60,407			13,709		138,520
Redeemed	(264,338	)	(2,694,296		)	(657,711	)	(6,639,749		)
	(130,888	)	(1,335,374		)	(42,326	)	(438,819		)
R Class
Sold	18,995		193,440			42,731		432,212
Issued in reinvestment of distributions	812		8,288			1,051		10,623
Redeemed	(13,991	)	(142,566		)	(8,703	)	(87,842		)
	5,816		59,162			35,079		354,993
R5 Class
Sold	306,500		3,122,281			413,496		4,176,159
Issued in reinvestment of distributions	29,852		304,452			58,849		594,533
Redeemed	(354,054	)	(3,615,137		)	(577,709	)	(5,832,918		)
	(17,702	)	(188,404		)	(105,364	)	(1,062,226		)
R6 Class
Sold	708,889		7,228,522			2,623,219		26,458,826
Issued in reinvestment of distributions	102,348		1,043,391			181,110		1,828,198
Redeemed	(381,823	)	(3,891,750		)	(1,518,965	)	(15,297,229		)
	429,414		4,380,163			1,285,364		12,989,795
Net increase (decrease)	2,125,457		$	21,729,827		1,909,635		$	19,284,513

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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	—		$	146,731,732	—
U.S. Treasury Securities	—		134,262,459		—
Asset-Backed Securities	—		70,532,935		—
Collateralized Mortgage Obligations	—		41,808,439		—
Collateralized Loan Obligations	—		13,965,959		—
Commercial Mortgage-Backed Securities	—		8,347,177		—
U.S. Government Agency Mortgage-Backed Securities	—		3,215,637		—
Bank Loan Obligations	—		698,064		—
Temporary Cash Investments	$	22,585	14,666,541		—
	$	22,585	$	434,228,943	—
Other Financial Instruments
Futures Contracts	$	62,287	—		—
Swap Agreements	—		$	128,254	—
	$	62,287	$	128,254	—
Liabilities
Other Financial Instruments
Futures Contracts	$	402,902	—		—
Swap Agreements	—		$	517,396	—
	$	402,902	$	517,396	—

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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 $12,005,417.

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 $146,350,000 futures contracts purchased and $25,816,667 futures contracts sold.

Value of Derivative Instruments as of September 30, 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*	$	16,395
Interest Rate Risk	Receivable for variation margin on futures contracts*	–	Payable for variation margin on futures contracts*	8,761
		–		$	25,156

* 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 Six Months Ended September 30, 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	$	3,440	Change in net unrealized appreciation (depreciation) on swap agreements	$	(108,449	)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	1,025,881		Change in net unrealized appreciation (depreciation) on futures contracts	(619,502		)
		$	1,029,321		$	(727,951	)

8. Federal Tax Information

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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	431,344,956
Gross tax appreciation of investments	$	4,120,300
Gross tax depreciation of investments	(1,213,728		)
Net tax appreciation (depreciation) of investments	$	2,906,572

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

As of March 31, 2019, the fund had accumulated short-term capital losses of $(5,354,971) and accumulated long-term capital losses of $(4,910,904), 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.

As of March 31, 2019, the fund had late-year ordinary loss deferrals of $(635,840), which 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.

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. The adoption of ASU 2017-08 did not materially impact 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	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019(3)	$10.15	0.11	0.09	0.20	(0.14)	$10.21	1.93%	0.59%(4)	2.11%(4)	38%		$179,991
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(3)	$10.15	0.11	0.09	0.20	(0.14)	$10.21	1.98%	0.49%(4)	2.21%(4)	38%		$123,397
2019	$10.13	0.26	0.04	0.30	(0.28)	$10.15	2.97%	0.50%	2.49%	72%		$56,264
2018(5)	$10.25	0.21	(0.12)	0.09	(0.21)	$10.13	0.92%	0.50%(4)	2.10%(4)	89%(6)		$42,466
A Class
2019(3)	$10.15	0.09	0.09	0.18	(0.12)	$10.21	1.81%	0.84%(4)	1.86%(4)	38%		$21,665
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(3)	$10.15	0.06	0.09	0.15	(0.08)	$10.22	1.52%	1.59%(4)	1.11%(4)	38%		$7,767
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(3)	$10.15	0.08	0.10	0.18	(0.11)	$10.22	1.78%	1.09%(4)	1.61%(4)	38%		$820
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(3)	$10.15	0.12	0.09	0.21	(0.15)	$10.21	2.04%	0.39%(4)	2.31%(4)	38%		$20,615
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(3)	$10.14	0.12	0.09	0.21	(0.15)	$10.20	2.06%	0.34%(4)	2.36%(4)	38%		$75,591
2019	$10.13	0.27	0.03	0.30	(0.29)	$10.14	3.03%	0.35%	2.64%	72%		$70,752
2018(7)	$10.27	0.16	(0.14)	0.02	(0.16)	$10.13	0.22%	0.35%(4)	2.31%(4)	89%(6)		$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) Six months ended September 30, 2019 (unaudited).

(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) July 28, 2017 (commencement of sale) through March 31, 2018.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

32

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

33

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer universe. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

34

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

35

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.

36

Notes

37

Notes

38

Notes

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-SAN-90819 1911

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Notes to Financial Statements	16
Financial Highlights	23
Approval of Management Agreement	27
Additional Information	31

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 semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics 

SEPTEMBER 30, 2019
Portfolio at a Glance
Average Duration (effective)	3.0 years
Weighted Average Life to Maturity	2.8 years
Types of Investments in Portfolio	% of net assets
U.S. Treasury Securities	86.9%
Asset-Backed Securities	4.1%
Collateralized Mortgage Obligations	1.8%
Collateralized Loan Obligations	1.5%
Corporate Bonds	1.3%
Commercial Mortgage-Backed Securities	0.5%
Bank Loan Obligations	0.2%
Temporary Cash Investments	4.5%
Other Assets and Liabilities	(0.8)%

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1) 4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,017.80	$2.88	0.57%
I Class	$1,000	$1,018.60	$2.37	0.47%
Y Class	$1,000	$1,019.60	$1.87	0.37%
A Class	$1,000	$1,016.00	$4.13	0.82%
C Class	$1,000	$1,012.40	$7.90	1.57%
R Class	$1,000	$1,014.70	$5.39	1.07%
R5 Class	$1,000	$1,018.60	$1.87	0.37%
R6 Class	$1,000	$1,018.60	$1.61	0.32%
G Class	$1,000	$1,021.60	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,022.15	$2.88	0.57%
I Class	$1,000	$1,022.65	$2.38	0.47%
Y Class	$1,000	$1,023.15	$1.87	0.37%
A Class	$1,000	$1,020.90	$4.14	0.82%
C Class	$1,000	$1,017.15	$7.92	1.57%
R Class	$1,000	$1,019.65	$5.40	1.07%
R5 Class	$1,000	$1,023.15	$1.87	0.37%
R6 Class	$1,000	$1,023.40	$1.62	0.32%
G Class	$1,000	$1,024.95	$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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount		Value
U.S. TREASURY SECURITIES — 86.9%
U.S. Treasury Inflation Indexed Notes, 1.125%, 1/15/21	$	70,372,800	$	70,616,750
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/21	362,654,250		358,917,591
U.S. Treasury Inflation Indexed Notes, 0.625%, 7/15/21	32,580,149		32,719,427
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/22	123,731,349		122,618,478
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/22(1)	103,390,000		102,397,766
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/22	115,029,701		114,612,207
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/23	241,762,125		239,921,508
U.S. Treasury Inflation Indexed Notes, 0.625%, 4/15/23	111,866,319		112,862,746
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/23	61,740,000		62,156,360
U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/24	204,525,600		207,897,824
U.S. Treasury Inflation Indexed Notes, 0.50%, 4/15/24	74,771,550		75,768,985
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/24	21,610,800		21,616,120
U.S. Treasury Inflation Indexed Notes, 0.25%, 1/15/25	38,997,000		39,139,740
TOTAL U.S. TREASURY SECURITIES (Cost $1,561,266,806)			1,561,245,502
ASSET-BACKED SECURITIES — 4.1%
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(2)	2,625,000		2,646,645
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(2)	1,095,966		1,098,546
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(2)	554,288		552,181
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(2)	1,178,095		1,181,720
Invitation Homes Trust, Series 2018-SFR1, Class B, VRN, 2.97%, (1-month LIBOR plus 0.95%), 3/17/37(2)	3,875,000		3,837,096
Invitation Homes Trust, Series 2018-SFR3, Class B, VRN, 3.17%, (1-month LIBOR plus 1.15%), 7/17/37(2)	6,600,000		6,600,114
Invitation Homes Trust, Series 2018-SFR4, Class B, VRN, 3.27%, (1-month LIBOR plus 1.25%), 1/17/38(2)	10,900,000		10,888,594
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(2)	552,978		552,847
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(2)	935,935		930,566
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(2)	7,058,562		7,250,663
Progress Residential Trust, Series 2019-SFR2, Class A SEQ, 3.15%, 5/17/36(2)	7,200,000		7,308,914
Progress Residential Trust, Series 2019-SFR4, Class A SEQ, 2.69%, 11/17/36(2)(3)	15,700,000		15,699,633
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(2)	1,042,255		1,052,966
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(2)	262,326		262,245
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(2)	1,117,301		1,117,984
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(2)	790,765		789,079

6

	Principal Amount		Value
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class B, 3.87%, 9/20/35(2)	$	2,233,020	$	2,281,220
Towd Point Mortgage Trust, Series 2017-3, Class M1, VRN, 3.50%, 7/25/57(2)	3,800,000		3,848,550
Towd Point Mortgage Trust, Series 2018-1, Class A1 SEQ, VRN, 3.00%, 1/25/58(2)	1,836,541		1,864,773
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(2)	1,420,424		1,418,403
VSE VOI Mortgage LLC, Series 2017-A, Class A SEQ, 2.33%, 3/20/35(2)	3,189,861		3,188,082
TOTAL ASSET-BACKED SECURITIES (Cost $74,121,728)			74,370,821
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.8%
Private Sponsor Collateralized Mortgage Obligations — 1.5%
ABN Amro Mortgage Corp., Series 2003-6, Class 1A4, 5.50%, 5/25/33	39,002		41,685
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.28%, 2/25/35	356,469		364,408
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.98%, 11/25/34	591,377		589,688
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	682,937		702,765
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 4.36%, 8/25/34	197,385		192,243
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.63%, 8/25/35	280,225		289,640
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-4, Class A19, 5.25%, 5/25/34	376,403		389,478
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 4.99%, 8/25/35	326,387		341,850
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.71%, 1/25/37	403,790		357,852
GSR Mortgage Loan Trust, Series 2005-6F, Class 1A5 SEQ, 5.25%, 7/25/35	466,795		493,285
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.48%, 9/25/35	276,951		285,727
JPMorgan Mortgage Trust, Series 2005-A6, Class 7A1, VRN, 4.26%, 8/25/35	576,783		570,124
JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 4.65%, 4/25/35	352,248		362,104
JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, VRN, 4.46%, 6/25/36	402,179		360,381
JPMorgan Mortgage Trust, Series 2006-S1, Class 1A2 SEQ, 6.50%, 4/25/36	291,961		321,924
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 4.45%, 2/25/35	112,618		114,826
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 3.52%, (1-month LIBOR plus 1.50%), 6/25/57(2)	2,601,170		2,647,302
Sequoia Mortgage Trust, Series 2014-3, Class A14, SEQ, VRN, 3.00%, 10/25/44(2)	670,863		673,258
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(2)	3,085,129		3,175,953
Sequoia Mortgage Trust, Series 2018-2, Class A4 SEQ, VRN, 3.50%, 2/25/48(2)	3,255,091		3,306,893
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 4.38%, 7/25/34	796,340		811,069

7

	Principal Amount		Value
Thornburg Mortgage Securities Trust, Series 2004-3, Class A, VRN, 2.76%, (1-month LIBOR plus 0.74%), 9/25/44	$	443,460	$	446,117
Thornburg Mortgage Securities Trust, Series 2006-4, Class A2B, VRN, 4.47%, 7/25/36	1,164,590		1,134,693
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 4.97%, 12/25/34	87,407		90,146
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 1A1, 5.50%, 1/25/36	500,745		501,113
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR10, Class 1A1, VRN, 4.96%, 6/25/35	878,508		891,445
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 4.97%, 3/25/35	336,440		347,790
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR4, Class 2A1, VRN, 5.09%, 4/25/35	347,414		354,940
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	395,883		398,856
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-13, Class A5, 6.00%, 10/25/36	7,493		7,501
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	205,693		207,647
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR1, Class 2A5 SEQ, VRN, 5.15%, 3/25/36	1,069,501		1,068,519
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Class 2A1, VRN, 4.60%, 10/25/36	557,633		559,134
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.64%, 10/25/36	147,079		146,904
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.50%, 10/25/36	243,027		243,837
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Class 2A3, VRN, 4.99%, 3/25/36	503,685		516,990
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A3 SEQ, 6.00%, 8/25/37	192,753		196,757
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	522,242		533,092
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-12, Class A7, 5.50%, 9/25/37	463,261		477,583
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	125,234		125,630
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	26,638		27,162
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-15, Class A1, 6.00%, 11/25/37	684,306		699,408
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	109,320		109,694
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-4, Class A15, 6.00%, 4/25/37	14,282		14,537
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 2A2, 6.00%, 7/25/37	35,390		35,900
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 4.89%, 1/25/38	148,484		144,595
Wells Fargo Mortgage-Backed Securities Trust, Series 2008-1, Class 4A1, 5.75%, 2/25/38	242,451		258,370
WinWater Mortgage Loan Trust, Series 2014-1, Class A4 SEQ, VRN, 3.50%, 6/20/44(2)	195,869		198,156
			26,128,971

8

	Principal Amount		Value
U.S. Government Agency Collateralized Mortgage Obligations — 0.3%
FNMA, Series 2014-C02, Class 1M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	$	1,489,986	$	1,554,710
FNMA, Series 2014-C02, Class 2M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	2,171,581		2,252,376
FNMA, Series 2016-C03, Class 2M2, VRN, 7.92%, (1-month LIBOR plus 5.90%), 10/25/28	1,669,885		1,804,148
			5,611,234
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $31,254,994)			31,740,205
COLLATERALIZED LOAN OBLIGATIONS — 1.5%
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 3.71%, (3-month LIBOR plus 1.55%), 5/15/30(2)	1,625,000		1,600,626
Bean Creek CLO Ltd., Series 2015-1A, Class BR, VRN, 3.73%, (3-month LIBOR plus 1.45%), 4/20/31(2)	3,300,000		3,238,676
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A3, VRN, 3.66%, (3-month LIBOR plus 1.50%), 5/15/31(2)	4,525,000		4,465,075
Goldentree Loan Management US CLO 3 Ltd., Series 2018-3A, Class B1, VRN, 3.83%, (3-month LIBOR plus 1.55%), 4/20/30(2)	3,000,000		2,974,968
KKR CLO Ltd., Series 2022A, Class B, VRN, 3.88%, (3-month LIBOR plus 1.60%), 7/20/31(2)	1,775,000		1,756,406
Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, VRN, 3.80%, (3-month LIBOR plus 1.50%), 4/19/30(2)	4,150,000		4,124,359
Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 3.80%, (3-month LIBOR plus 1.50%), 4/15/31(2)	3,300,000		3,277,925
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 4.05%, (3-month LIBOR plus 1.75%), 4/18/31(2)	3,300,000		3,253,948
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.28%, (3-month LIBOR plus 0.96%), 4/16/31(2)	2,500,000		2,468,790
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $27,463,541)			27,160,773
CORPORATE BONDS — 1.3%
Auto Components†
ZF North America Capital, Inc., 4.00%, 4/29/20(2)	644,000		648,267
Banks — 0.1%
Banco de Credito del Peru, 2.25%, 10/25/19(2)	1,400,000		1,403,276
Commercial Services and Supplies†
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(2)	650,000		655,070
Containers and Packaging — 0.2%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(2)	2,000,000		2,052,500
Ball Corp., 4.375%, 12/15/20	950,000		971,859
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.75%, 10/15/20	998,181		1,001,525
			4,025,884
Electric Utilities — 0.1%
IPALCO Enterprises, Inc., 3.45%, 7/15/20	700,000		704,272
Health Care Providers and Services — 0.1%
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20(2)	1,580,000		1,599,852
Hotels, Restaurants and Leisure†
1011778 BC ULC / New Red Finance, Inc., 4.625%, 1/15/22(2)	580,000		581,508

9

	Principal Amount/Shares		Value
Household Durables — 0.1%
Lennar Corp., 2.95%, 11/29/20	$	2,350,000	$	2,352,820
Media — 0.1%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 2/15/23	2,380,000		2,424,625
Metals and Mining — 0.1%
Steel Dynamics, Inc., 5.25%, 4/15/23	1,500,000		1,528,125
Oil, Gas and Consumable Fuels — 0.3%
Encana Corp., 3.90%, 11/15/21	1,100,000		1,127,184
Energy Transfer Operating LP, 7.50%, 10/15/20	727,000		764,185
Petroleos Mexicanos, 6.00%, 3/5/20	160,000		162,280
Petroleos Mexicanos, 6.375%, 2/4/21	2,700,000		2,824,875
			4,878,524
Technology Hardware, Storage and Peripherals — 0.2%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(2)	900,000		915,525
EMC Corp., 2.65%, 6/1/20	1,950,000		1,950,912
Seagate HDD Cayman, 4.25%, 3/1/22	233,000		240,109
			3,106,546
TOTAL CORPORATE BONDS (Cost $23,890,640)			23,908,769
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5%
DBCG Mortgage Trust, Series 2017-BBG, Class A, VRN, 2.73%, (1-month LIBOR plus 0.70%), 6/15/34(2)	5,800,000		5,792,408
Morgan Stanley Capital I Trust, Series 2014-CPT, Class C, VRN, 3.56%, 7/13/29(2)	2,750,000		2,785,961
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $8,575,485)			8,578,369
BANK LOAN OBLIGATIONS(4) — 0.2%
Diversified Telecommunication Services — 0.1%
Zayo Group, LLC, 2017 Incremental Term Loan, 4.29%, (1-month LIBOR plus 2.25%), 1/19/24	1,720,000		1,725,917
Media — 0.1%
Charter Communications Operating, LLC, 2017 Term Loan B, 4.05%, (1-month LIBOR plus 2.00%), 4/30/25	1,781,864		1,794,675
TOTAL BANK LOAN OBLIGATIONS (Cost $3,518,439)			3,520,592
TEMPORARY CASH INVESTMENTS — 4.5%
Crown Point Capital Co. LLC, 1.99%, 10/1/19(2)(5)	80,840,000		80,835,603
State Street Institutional U.S. Government Money Market Fund, Premier Class	5,061		5,061
TOTAL TEMPORARY CASH INVESTMENTS (Cost $80,845,061)			80,840,664
TOTAL INVESTMENT SECURITIES — 100.8% (Cost $1,810,936,694)			1,811,365,695
OTHER ASSETS AND LIABILITIES — (0.8)%			(14,717,069		)
TOTAL NET ASSETS — 100.0%			$	1,796,648,626

10

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount			Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes	1,621	December 2019		$	324,200,000	$	349,325,500	$	(992,240	)

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 32	Buy	(1.00)%	6/20/24	$	79,000,000	$	(1,208,573	)	$	(480,112	)	$	(1,688,685	)

^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.

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	2.06%	5/2/22	$	22,000,000	$	635		$	(372,543	)	$	(371,908	)
CPURNSA	Receive	2.07%	5/3/22	$	40,000,000	745			(709,004		)	(708,259		)
CPURNSA	Receive	2.02%	5/4/22	$	23,500,000	643			(350,590		)	(349,947		)
CPURNSA	Receive	1.93%	9/5/22	$	18,000,000	(610		)	(94,271		)	(94,881		)
CPURNSA	Receive	1.71%	6/20/24	$	30,000,000	(698		)	(182,633		)	(183,331		)
CPURNSA	Receive	1.86%	7/30/24	$	26,500,000	(691		)	(375,819		)	(376,510		)
CPURNSA	Receive	1.86%	8/1/24	$	23,700,000	(669		)	(333,116		)	(333,785		)
CPURNSA	Receive	1.85%	8/1/24	$	43,000,000	(819		)	(592,804		)	(593,623		)
						$	(1,464	)	$	(3,010,780	)	$	(3,012,244	)

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.(6)	CPURNSA	Receive	1.41%	8/27/20	$	40,000,000	$	674,898
Bank of America N.A.(6)	CPURNSA	Receive	1.49%	9/3/20	$	9,700,000	122,728
Barclays Bank plc	CPURNSA	Receive	1.64%	2/3/20	$	49,000,000	(58,931		)
							$	738,695

*Amount represents value and unrealized appreciation (depreciation).

11

NOTES TO SCHEDULE OF INVESTMENTS
CDX	-	Credit Derivatives Indexes
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
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 $8,250,388.

(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 $208,803,126, which represented 11.6% 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) 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.

(6) Collateral has been received at the custodian for collateral requirements on swap agreements. At the period end, the aggregate value of securities received was $835,792.

See Notes to Financial Statements.

12

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (cost of $1,810,936,694)	$	1,811,365,695
Receivable for investments sold	4,534
Receivable for capital shares sold	578,637
Swap agreements, at value	797,626
Interest receivable	2,195,772
	1,814,942,264
Liabilities
Payable for investments purchased	15,699,633
Payable for capital shares redeemed	1,557,271
Payable for variation margin on futures contracts	50,654
Payable for variation margin on swap agreements	355,126
Swap agreements, at value	58,931
Accrued management fees	549,471
Distribution and service fees payable	22,552
	18,293,638
Net Assets	$	1,796,648,626
Net Assets Consist of:
Capital paid in	$	1,791,380,535
Distributable earnings	5,268,091
	$	1,796,648,626

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$624,836,356	60,731,703	$10.29
I Class		$257,920,151	24,858,701	$10.38
Y Class		$10,428,268	1,004,150	$10.39
A Class		$32,496,522	3,194,216	$10.17*
C Class		$9,793,924	998,085	$9.81
R Class		$18,430,029	1,778,230	$10.36
R5 Class		$432,300,245	41,648,351	$10.38
R6 Class		$9,933,259	956,670	$10.38
G Class		$400,509,872	38,452,935	$10.42

*Maximum offering price $10.40 (net asset value divided by 0.9775).

See Notes to Financial Statements.

13

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	32,469,942
Expenses:
Management fees	3,592,059
Distribution and service fees:
A Class	36,659
C Class	70,333
R Class	42,504
Trustees' fees and expenses	60,372
Other expenses	11,476
	3,813,403
Fees waived - G Class	(630,607		)
	3,182,796
Net investment income (loss)	29,287,146
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(717,602		)
Futures contract transactions	3,376,979
Swap agreement transactions	(1,216,052		)
	1,443,325
Change in net unrealized appreciation (depreciation) on:
Investments	1,920,758
Futures contracts	(1,351,837		)
Swap agreements	(1,832,905		)
	(1,263,984		)
Net realized and unrealized gain (loss)	179,341
Net Increase (Decrease) in Net Assets Resulting from Operations	$	29,466,487

See Notes to Financial Statements.

14

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	29,287,146		$	27,605,904
Net realized gain (loss)	1,443,325			(6,631,695		)
Change in net unrealized appreciation (depreciation)	(1,263,984		)	9,336,785
Net increase (decrease) in net assets resulting from operations	29,466,487			30,310,994
Distributions to Shareholders
From earnings:
Investor Class	—			(13,529,034		)
I Class	—			(4,638,038		)
Y Class	—			(57,097		)
A Class	—			(494,557		)
C Class	—			(254,024		)
R Class	—			(254,623		)
R5 Class	—			(9,029,513		)
R6 Class	—			(251,819		)
G Class	—			(11,509,794		)
Decrease in net assets from distributions	—			(40,018,499		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	173,230,096			(54,072,974		)
Net increase (decrease) in net assets	202,696,583			(63,780,479		)
Net Assets
Beginning of period	1,593,952,043			1,657,732,522
End of period	$	1,796,648,626		$	1,593,952,043

See Notes to Financial Statements.

15

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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.

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.

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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.

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.

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, 30% 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

17

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 September 30, 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 September 30, 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 September 30, 2019 totaled $380,755,604, of which $357,717,596 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2019 totaled $221,247,488, of which $154,685,355 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):

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	22,087,202		$	227,442,557		8,376,795		$	84,668,535
Issued in reinvestment of distributions	—		—			1,357,528		13,511,281
Redeemed	(16,747,221	)	(171,704,365		)	(15,667,583	)	(157,715,291		)
	5,339,981		55,738,192			(5,933,260	)	(59,535,475		)
I Class
Sold	13,693,603		141,507,195			9,647,354		98,304,633
Issued in reinvestment of distributions	—		—			413,802		4,148,760
Redeemed	(7,129,534	)	(73,497,804		)	(7,196,182	)	(72,676,457		)
	6,564,069		68,009,391			2,864,974		29,776,936
Y Class
Sold	596,189		6,130,195			453,529		4,616,406
Issued in reinvestment of distributions	—		—			5,723		57,097
Redeemed	(30,790	)	(316,885		)	(35,594	)	(360,515		)
	565,399		5,813,310			423,658		4,312,988
A Class
Sold	1,371,240		13,908,907			1,264,895		12,630,614
Issued in reinvestment of distributions	—		—			40,163		395,548
Redeemed	(674,345	)	(6,841,251		)	(1,200,787	)	(11,999,092		)
	696,895		7,067,656			104,271		1,027,070
C Class
Sold	20,685		201,350			402,028		3,900,149
Issued in reinvestment of distributions	—		—			23,837		227,216
Redeemed	(856,811	)	(8,400,118		)	(911,500	)	(8,833,024		)
	(836,126	)	(8,198,768		)	(485,635	)	(4,705,659		)
R Class
Sold	754,319		7,808,179			657,828		6,731,539
Issued in reinvestment of distributions	—		—			20,738		208,358
Redeemed	(470,405	)	(4,866,968		)	(463,304	)	(4,725,025		)
	283,914		2,941,211			215,262		2,214,872
R5 Class
Sold	6,853,658		71,121,031			8,934,549		91,219,008
Issued in reinvestment of distributions	—		—			880,366		8,820,400
Redeemed	(2,186,142	)	(22,608,395		)	(6,032,967	)	(61,029,129		)
	4,667,516		48,512,636			3,781,948		39,010,279
R6 Class
Sold	241,323		2,485,721			552,330		5,622,664
Issued in reinvestment of distributions	—		—			22,160		221,974
Redeemed	(160,287	)	(1,654,035		)	(507,609	)	(5,154,511		)
	81,036		831,686			66,881		690,127
G Class
Sold	736,104		7,628,838			2,770,629		28,154,792
Issued in reinvestment of distributions	—		—			1,145,461		11,509,794
Redeemed	(1,458,755	)	(15,114,056		)	(10,462,037	)	(106,528,698		)
	(722,651	)	(7,485,218		)	(6,545,947	)	(66,864,112		)
Net increase (decrease)	16,640,033		$	173,230,096		(5,507,848	)	$	(54,072,974	)

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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
U.S. Treasury Securities	—		$	1,561,245,502	—
Asset-Backed Securities	—		74,370,821		—
Collateralized Mortgage Obligations	—		31,740,205		—
Collateralized Loan Obligations	—		27,160,773		—
Corporate Bonds	—		23,908,769		—
Commercial Mortgage-Backed Securities	—		8,578,369		—
Bank Loan Obligations	—		3,520,592		—
Temporary Cash Investments	$	5,061	80,835,603		—
	$	5,061	$	1,811,360,634	—
Other Financial Instruments
Swap Agreements	—		$	797,626	—
Liabilities
Other Financial Instruments
Futures Contracts	$	992,240	—		—
Swap Agreements	—		$	4,759,860	—
	$	992,240	$	4,759,860	—

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.

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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 $79,000,000.

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 $281,566,667 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 $285,133,333.

Value of Derivative Instruments as of September 30, 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*	$	71,912
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	50,654
Other Contracts	Receivable for variation margin on swap agreements*	—		Payable for variation margin on swap agreements*	283,214
Other Contracts	Swap agreements	$	797,626	Swap agreements	58,931
		$	797,626		$	464,711

*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 Six Months Ended September 30, 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	$	(193,740	)	Change in net unrealized appreciation (depreciation) on swap agreements	$	(480,112	)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	3,376,979			Change in net unrealized appreciation (depreciation) on futures contracts	(1,351,837		)
Other Contracts	Net realized gain (loss) on swap agreement transactions	(1,022,312		)	Change in net unrealized appreciation (depreciation) on swap agreements	(1,352,793		)
		$	2,160,927			$	(3,184,742	)

8. Federal Tax Information

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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	1,810,936,694
Gross tax appreciation of investments	$	7,953,784
Gross tax depreciation of investments	(7,524,783		)
Net tax appreciation (depreciation) of investments	$	429,001

The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

As of March 31, 2019, the fund had accumulated short-term capital losses of $(6,485,719) and accumulated long-term capital losses of $(14,670,377), 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.

As of March 31, 2019, the fund had late-year ordinary loss deferrals of $(599,948), which 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.

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. The adoption of ASU 2017-08 did not materially impact 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	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2019(3)	$10.11	0.18	—(4)	0.18	—	$10.29	1.78%	0.57%(5)	3.40%(5)	14%		$624,836
2019	$10.16	0.15	0.03	0.18	(0.23)	$10.11	1.79%	0.57%	1.49%	31%		$559,790
2018	$10.31	0.16	(0.16)	—	(0.15)	$10.16	0.05%	0.57%	1.52%	31%		$622,940
2017	$10.14	0.17	0.04	0.21	(0.04)	$10.31	2.11%	0.57%	1.69%	48%		$578,775
2016	$10.06	0.05	0.03	0.08	—	$10.14	0.80%	0.57%	0.61%	36%		$507,940
2015	$10.29	0.05	(0.17)	(0.12)	(0.11)	$10.06	(1.13)%	0.57%	0.35%	56%		$434,166
I Class
2019(3)	$10.19	0.17	0.02	0.19	—	$10.38	1.86%	0.47%(5)	3.50%(5)	14%		$257,920
2019	$10.24	0.15	0.04	0.19	(0.24)	$10.19	1.87%	0.47%	1.59%	31%		$186,378
2018(6)	$10.38	0.15	(0.13)	0.02	(0.16)	$10.24	0.22%	0.47%(5)	1.51%(5)	31%(7)		$157,963
Y Class
2019(3)	$10.19	0.17	0.03	0.20	—	$10.39	1.96%	0.37%(5)	3.60%(5)	14%		$10,428
2019	$10.24	0.15	0.05	0.20	(0.25)	$10.19	1.98%	0.37%	1.69%	31%		$4,471
2018(6)	$10.38	0.18	(0.15)	0.03	(0.17)	$10.24	0.29%	0.37%(5)	1.76%(5)	31%(7)		$155

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)
A Class
2019(3)	$10.01	0.15	0.01	0.16	—	$10.17	1.60%	0.82%(5)	3.15%(5)	14%		$32,497
2019	$10.06	0.11	0.04	0.15	(0.20)	$10.01	1.55%	0.82%	1.24%	31%		$24,988
2018	$10.21	0.13	(0.15)	(0.02)	(0.13)	$10.06	(0.21)%	0.82%	1.27%	31%		$24,073
2017	$10.04	0.15	0.04	0.19	(0.02)	$10.21	1.87%	0.82%	1.44%	48%		$46,885
2016	$9.98	0.10	(0.04)	0.06	—	$10.04	0.60%	0.82%	0.36%	36%		$53,748
2015	$10.20	0.05	(0.20)	(0.15)	(0.07)	$9.98	(1.43)%	0.82%	0.10%	56%		$117,032
C Class
2019(3)	$9.69	0.14	(0.02)	0.12	—	$9.81	1.24%	1.57%(5)	2.40%(5)	14%		$9,794
2019	$9.74	0.05	0.03	0.08	(0.13)	$9.69	0.80%	1.57%	0.49%	31%		$17,769
2018	$9.89	0.05	(0.15)	(0.10)	(0.05)	$9.74	(0.99)%	1.57%	0.52%	31%		$22,600
2017	$9.78	0.07	0.04	0.11	—	$9.89	1.12%	1.57%	0.69%	48%		$27,511
2016	$9.80	(0.02)	—	(0.02)	—	$9.78	(0.20)%	1.57%	(0.39)%	36%		$31,482
2015	$10.05	(0.03)	(0.19)	(0.22)	(0.03)	$9.80	(2.18)%	1.57%	(0.65)%	56%		$40,247
R Class
2019(3)	$10.21	0.14	0.01	0.15	—	$10.36	1.47%	1.07%(5)	2.90%(5)	14%		$18,430
2019	$10.26	0.08	0.05	0.13	(0.18)	$10.21	1.26%	1.07%	0.99%	31%		$15,253
2018	$10.41	0.11	(0.16)	(0.05)	(0.10)	$10.26	(0.45)%	1.07%	1.02%	31%		$13,120
2017	$10.25	0.13	0.03	0.16	—	$10.41	1.56%	1.07%	1.19%	48%		$12,039
2016	$10.21	—(4)	0.04	0.04	—	$10.25	0.39%	1.07%	0.11%	36%		$13,658
2015	$10.44	0.01	(0.18)	(0.17)	(0.06)	$10.21	(1.63)%	1.07%	(0.15)%	56%		$17,466

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)
R5 Class
2019(3)	$10.19	0.19	—(4)	0.19	—	$10.38	1.86%	0.37%(5)	3.60%(5)	14%		$432,300
2019	$10.24	0.16	0.04	0.20	(0.25)	$10.19	1.98%	0.37%	1.69%	31%		$376,691
2018	$10.39	0.18	(0.16)	0.02	(0.17)	$10.24	0.25%	0.37%	1.72%	31%		$339,844
2017	$10.22	0.19	0.04	0.23	(0.06)	$10.39	2.30%	0.37%	1.89%	48%		$664,148
2016	$10.11	0.08	0.03	0.11	—(4)	$10.22	1.10%	0.37%	0.81%	36%		$575,649
2015	$10.36	0.03	(0.13)	(0.10)	(0.15)	$10.11	(1.01)%	0.37%	0.55%	56%		$543,717
R6 Class
2019(3)	$10.19	0.19	—(4)	0.19	—	$10.38	1.86%	0.32%(5)	3.65%(5)	14%		$9,933
2019	$10.24	0.16	0.04	0.20	(0.25)	$10.19	2.03%	0.32%	1.74%	31%		$8,920
2018	$10.38	0.18	(0.14)	0.04	(0.18)	$10.24	0.29%	0.32%	1.77%	31%		$8,280
2017	$10.22	0.20	0.03	0.23	(0.07)	$10.38	2.35%	0.32%	1.94%	48%		$199,340
2016	$10.11	0.06	0.06	0.12	(0.01)	$10.22	1.15%	0.32%	0.86%	36%		$166,472
2015	$10.36	(0.07)(8)	(0.03)	(0.10)	(0.15)	$10.11	(0.94)%	0.32%	0.60%	56%		$13,937
G Class
2019(3)	$10.20	0.21	0.01	0.22	—	$10.42	2.16%	0.01%(5)(9)	3.96%(5)(9)	14%		$400,510
2019	$10.25	0.22	0.01	0.23	(0.28)	$10.20	2.34%	0.01%(10)	2.05%(10)	31%		$399,692
2018(11)	$10.31	0.14	(0.07)	0.07	(0.13)	$10.25	0.66%	0.01%(5)(12)	2.02%(5)(12)	31%(7)		$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) Six months ended September 30, 2019 (unaudited).

(4) Per-share amount was less than $0.005.

(5) Annualized.

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

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

(8) Per-share amount was affected by certain income adjustments and timing of capital share transactions.

(9) The annualized ratio of operating expenses to average net assets before expense waiver and the annualized ratio of net investment income (loss) to average net assets before expense waiver was 0.32% and 3.65%, respectively.

(10) The ratio of operating expenses to average net assets before expense waiver and the ratio of net investment income (loss) to average net assets before expense waiver was 0.32% and 1.74%, respectively.

(11) July 28, 2017 (commencement of sale) through March 31, 2018.

(12) The annualized ratio of operating expenses to average net assets before expense waiver and the annualized ratio of net investment income (loss) to average net assets before expense waiver was 0.32% and 1.71%, respectively.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

27

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides the

28

Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer group. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees,

29

costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

30

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.

31

Notes

32

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-SAN-90816 1911

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	18
Statement of Operations	19
Statement of Changes in Net Assets	20
Notes to Financial Statements	21
Financial Highlights	28
Approval of Management Agreement	32
Additional Information	36

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 semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics

SEPTEMBER 30, 2019
Portfolio at a Glance
Average Duration (effective)	1.9 years
Weighted Average Life to Maturity	2.4 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	50.9%
Asset-Backed Securities	16.9%
U.S. Treasury Securities	11.1%
Collateralized Loan Obligations	7.8%
Collateralized Mortgage Obligations	7.3%
Commercial Mortgage-Backed Securities	2.9%
Sovereign Governments and Agencies	1.5%
Bank Loan Obligations	0.5%
Temporary Cash Investments	0.9%
Other Assets and Liabilities	0.2%

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1)  4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,021.40	$2.63	0.52%
I Class	$1,000	$1,023.00	$2.12	0.42%
Y Class	$1,000	$1,022.40	$1.62	0.32%
A Class	$1,000	$1,020.20	$3.89	0.77%
C Class	$1,000	$1,016.30	$7.66	1.52%
R Class	$1,000	$1,018.90	$5.15	1.02%
R5 Class	$1,000	$1,023.50	$1.62	0.32%
R6 Class	$1,000	$1,022.70	$1.37	0.27%
Hypothetical
Investor Class	$1,000	$1,022.40	$2.63	0.52%
I Class	$1,000	$1,022.90	$2.12	0.42%
Y Class	$1,000	$1,023.40	$1.62	0.32%
A Class	$1,000	$1,021.15	$3.89	0.77%
C Class	$1,000	$1,017.40	$7.67	1.52%
R Class	$1,000	$1,019.90	$5.15	1.02%
R5 Class	$1,000	$1,023.40	$1.62	0.32%
R6 Class	$1,000	$1,023.65	$1.37	0.27%

(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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount		Value
CORPORATE BONDS — 50.9%
Aerospace and Defense — 0.4%
United Technologies Corp., 1.50%, 11/1/19	$	800,000	$	799,496
Air Freight and Logistics — 0.5%
United Parcel Service, Inc., 2.80%, 11/15/24	1,000,000		1,034,458
Airlines — 0.4%
United Airlines Holdings, Inc., 4.25%, 10/1/22	800,000		828,440
Auto Components — 0.3%
ZF North America Capital, Inc., 4.00%, 4/29/20(1)	650,000		654,307
Automobiles — 2.2%
Fiat Chrysler Automobiles NV, 4.50%, 4/15/20	250,000		252,713
Ford Motor Credit Co. LLC, 2.68%, 1/9/20	800,000		799,997
Ford Motor Credit Co. LLC, 2.46%, 3/27/20	500,000		499,486
Ford Motor Credit Co. LLC, 3.20%, 1/15/21	400,000		400,635
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	1,000,000		1,001,807
General Motors Financial Co., Inc., 3.15%, 1/15/20	700,000		701,077
General Motors Financial Co., Inc., 3.45%, 4/10/22	500,000		508,565
			4,164,280
Banks — 9.0%
Banco Santander SA, 3.50%, 4/11/22	600,000		616,009
Banistmo SA, 3.65%, 9/19/22	200,000		201,752
Bank of America Corp., MTN, VRN, 2.33%, 10/1/21	1,000,000		1,001,253
Bank of America Corp., VRN, 3.00%, 12/20/23	271,000		276,919
Barclays Bank plc, 5.14%, 10/14/20	1,300,000		1,329,553
BB&T Corp., MTN, 2.20%, 3/16/23	1,000,000		999,482
Capital One N.A., 2.35%, 1/31/20	1,000,000		1,000,360
CIT Group, Inc., 5.00%, 8/15/22	1,000,000		1,061,900
Citigroup, Inc., 2.70%, 3/30/21	600,000		605,990
Citigroup, Inc., 2.90%, 12/8/21	800,000		812,327
Discover Bank, 3.10%, 6/4/20	1,000,000		1,005,518
ICICI Bank Ltd., 5.75%, 11/16/20	200,000		206,571
JPMorgan Chase & Co., 4.625%, 5/10/21	1,300,000		1,352,632
JPMorgan Chase & Co., VRN, 2.30%, 10/15/25	700,000		698,270
Lloyds Bank plc, 2.25%, 8/14/22	1,000,000		999,383
PNC Financial Services Group, Inc. (The), 4.375%, 8/11/20	800,000		816,577
Regions Financial Corp., 2.75%, 8/14/22	1,000,000		1,015,701
U.S. Bancorp, MTN, 3.60%, 9/11/24	1,000,000		1,064,905
Wells Fargo & Co., 3.07%, 1/24/23	1,000,000		1,019,135
Wells Fargo Bank N.A., VRN, 2.08%, 9/9/22	1,000,000		997,898
			17,082,135
Beverages — 0.4%
Constellation Brands, Inc., 2.00%, 11/7/19	700,000		699,720

6

	Principal Amount		Value
Biotechnology — 2.2%
AbbVie, Inc., 2.50%, 5/14/20	$	600,000	$	601,430
Amgen, Inc., 2.20%, 5/11/20	1,000,000		999,849
Biogen, Inc., 3.625%, 9/15/22	575,000		598,664
Celgene Corp., 3.25%, 8/15/22	1,075,000		1,108,037
Gilead Sciences, Inc., 4.40%, 12/1/21	750,000		782,599
			4,090,579
Capital Markets — 1.0%
Credit Suisse Group AG, VRN, 2.59%, 9/11/25(1)	500,000		495,637
Morgan Stanley, MTN, 5.50%, 7/28/21	1,300,000		1,379,383
			1,875,020
Chemicals — 0.4%
Ashland LLC, 4.75%, 8/15/22	800,000		841,000
Commercial Services and Supplies — 1.0%
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	750,000		755,850
Republic Services, Inc., 3.55%, 6/1/22	1,000,000		1,035,696
			1,791,546
Construction and Engineering — 0.1%
IHS Netherlands Holdco BV, 9.50%, 10/27/21(1)	100,000		102,540
Consumer Finance — 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.625%, 10/30/20	500,000		511,915
American Express Credit Corp., MTN, 2.20%, 3/3/20	950,000		950,278
Synchrony Financial, 2.85%, 7/25/22	1,000,000		1,009,210
			2,471,403
Containers and Packaging — 1.3%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.625%, 5/15/23(1)	200,000		205,250
Ball Corp., 5.00%, 3/15/22	300,000		317,328
Berry Global, Inc., 5.125%, 7/15/23	750,000		772,500
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23	750,000		789,375
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	400,000		410,500
			2,494,953
Diversified Financial Services — 0.9%
Credit Suisse Group Funding Guernsey Ltd., 3.45%, 4/16/21	700,000		711,713
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20	400,000		399,133
UBS Group Funding Switzerland AG, 2.95%, 9/24/20(1)	500,000		504,391
			1,615,237
Diversified Telecommunication Services — 1.7%
AT&T, Inc., 2.45%, 6/30/20	200,000		200,502
AT&T, Inc., 4.45%, 5/15/21	500,000		517,920
AT&T, Inc., 3.875%, 8/15/21	800,000		825,391
Ooredoo International Finance Ltd., 4.75%, 2/16/21	900,000		928,591
Orange SA, 4.125%, 9/14/21	500,000		520,144
TBG Global Pte Ltd., 5.25%, 2/10/22	200,000		203,706
			3,196,254

7

	Principal Amount		Value
Electric Utilities — 0.8%
American Electric Power Co., Inc., 2.15%, 11/13/20	$	600,000	$	600,441
Duke Energy Corp., 3.55%, 9/15/21	250,000		255,941
Progress Energy, Inc., 3.15%, 4/1/22	700,000		714,707
			1,571,089
Energy Equipment and Services†
Transocean, Inc., 9.00%, 7/15/23(1)	75,000		78,094
Entertainment — 1.5%
Activision Blizzard, Inc., 2.30%, 9/15/21	1,075,000		1,078,032
Netflix, Inc., 5.375%, 2/1/21	450,000		465,075
Netflix, Inc., 5.50%, 2/15/22	300,000		318,000
Viacom, Inc., 3.125%, 6/15/22	900,000		909,517
			2,770,624
Equity Real Estate Investment Trusts (REITs) — 1.8%
Crown Castle International Corp., 2.25%, 9/1/21	1,000,000		1,001,076
Crown Castle International Corp., 5.25%, 1/15/23	500,000		545,880
Equinix, Inc., 5.375%, 4/1/23	350,000		358,645
Equinix, Inc., 5.875%, 1/15/26	700,000		746,487
Essex Portfolio LP, 3.625%, 8/15/22	600,000		621,081
VEREIT Operating Partnership LP, 4.125%, 6/1/21	200,000		205,300
			3,478,469
Food Products — 0.9%
Conagra Brands, Inc., 3.80%, 10/22/21	600,000		619,366
Mondelez International Holdings Netherlands BV, 2.00%, 10/28/21(1)	1,000,000		998,302
			1,617,668
Health Care Providers and Services — 3.4%
Acadia Healthcare Co., Inc., 5.125%, 7/1/22	500,000		505,625
Anthem, Inc., 2.50%, 11/21/20	900,000		903,319
Cigna Corp., 3.20%, 9/17/20	900,000		908,927
CVS Health Corp., 3.35%, 3/9/21	478,000		485,902
DaVita, Inc., 5.125%, 7/15/24	500,000		509,375
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20(1)	600,000		607,538
HCA, Inc., 5.00%, 3/15/24	500,000		546,576
Tenet Healthcare Corp., 8.125%, 4/1/22	800,000		869,000
UnitedHealth Group, Inc., 2.875%, 12/15/21	1,000,000		1,019,743
			6,356,005
Hotels, Restaurants and Leisure — 1.1%
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24	600,000		612,750
International Game Technology plc, 6.25%, 2/15/22(1)	875,000		927,734
MGM Resorts International, 6.625%, 12/15/21	300,000		326,100
Royal Caribbean Cruises Ltd., 2.65%, 11/28/20	300,000		301,285
			2,167,869
Household Durables — 0.3%
Lennar Corp., 2.95%, 11/29/20	500,000		500,600
Insurance — 1.4%
American International Group, Inc., 4.125%, 2/15/24	485,000		519,385
Prudential Financial, Inc., MTN, 5.375%, 6/21/20	700,000		716,321

8

	Principal Amount		Value
WR Berkley Corp., 4.625%, 3/15/22	$	1,250,000	$	1,321,305
			2,557,011
Internet and Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd., 2.50%, 11/28/19	200,000		200,036
Life Sciences Tools and Services — 0.4%
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21	775,000		794,696
Media — 2.8%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 9/30/22	700,000		709,345
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.58%, 7/23/20	600,000		605,455
Comcast Corp., 3.30%, 10/1/20	1,000,000		1,013,773
CSC Holdings LLC, 6.75%, 11/15/21	710,000		766,800
DISH DBS Corp., 5.125%, 5/1/20	300,000		304,125
TEGNA, Inc., 5.125%, 7/15/20	207,000		207,466
Time Warner Cable LLC, 4.125%, 2/15/21	450,000		458,199
VTR Finance BV, 6.875%, 1/15/24	1,259,000		1,299,917
			5,365,080
Metals and Mining — 0.9%
Freeport-McMoRan, Inc., 3.55%, 3/1/22	792,000		795,960
HTA Group Ltd., 9.125%, 3/8/22	900,000		940,747
			1,736,707
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Starwood Property Trust, Inc., 5.00%, 12/15/21	460,000		479,550
Multi-Utilities — 0.4%
Sempra Energy, 2.875%, 10/1/22	825,000		835,348
Oil, Gas and Consumable Fuels — 6.9%
Andeavor Logistics LP / Tesoro Logistics Finance Corp., 5.50%, 10/15/19	100,000		100,106
Antero Resources Corp., 5.375%, 11/1/21	500,000		485,625
Antero Resources Corp., 5.125%, 12/1/22	450,000		397,125
Cimarex Energy Co., 4.375%, 6/1/24	1,000,000		1,051,523
Encana Corp., 3.90%, 11/15/21	600,000		614,828
Energy Transfer Operating LP, 4.15%, 10/1/20	500,000		507,519
Energy Transfer Operating LP, 7.50%, 10/15/20	500,000		525,574
Gazprom OAO Via Gaz Capital SA, 6.00%, 1/23/21	900,000		942,025
Kinder Morgan Energy Partners LP, 5.30%, 9/15/20	500,000		514,384
Lukoil International Finance BV, 6.125%, 11/9/20	800,000		832,966
MPLX LP, 3.50%, 12/1/22(1)	400,000		411,668
Occidental Petroleum Corp., 4.85%, 3/15/21	558,000		577,108
Petroleos Mexicanos, 4.875%, 1/24/22	1,910,000		1,991,175
Plains All American Pipeline LP / PAA Finance Corp., 3.60%, 11/1/24	800,000		819,682
Ras Laffan Liquefied Natural Gas Co. Ltd. II, 5.30%, 9/30/20(1)	41,700		42,221
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21	950,000		981,595
Saudi Arabian Oil Co., 2.75%, 4/16/22	900,000		907,929
Southwestern Energy Co., 4.10%, 3/15/22	700,000		675,500

9

	Principal Amount		Value
Williams Cos., Inc. (The), 4.125%, 11/15/20	$	700,000	$	711,111
			13,089,664
Paper and Forest Products — 0.3%
Georgia-Pacific LLC, 5.40%, 11/1/20(1)	600,000		620,742
Pharmaceuticals — 0.9%
Allergan Funding SCS, 3.00%, 3/12/20	900,000		902,676
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/21	875,000		879,315
			1,781,991
Road and Rail — 0.4%
United Rentals North America, Inc., 4.625%, 7/15/23	400,000		410,340
United Rentals North America, Inc., 5.50%, 7/15/25	300,000		313,275
			723,615
Semiconductors and Semiconductor Equipment — 0.8%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.20%, 1/15/21	900,000		896,952
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	500,000		516,805
			1,413,757
Software — 0.2%
Symantec Corp., 4.20%, 9/15/20	300,000		303,823
Technology Hardware, Storage and Peripherals — 0.4%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	300,000		305,175
Hewlett Packard Enterprise Co., 3.60%, 10/15/20	300,000		303,907
Seagate HDD Cayman, 4.25%, 3/1/22	85,000		87,594
			696,676
Trading Companies and Distributors — 0.3%
International Lease Finance Corp., 4.625%, 4/15/21	535,000		551,064
Transportation Infrastructure — 0.5%
DP World plc, 3.25%, 5/18/20	900,000		902,378
Wireless Telecommunication Services — 1.0%
Sprint Communications, Inc., 6.00%, 11/15/22	750,000		798,750
VEON Holdings BV, 3.95%, 6/16/21	1,000,000		1,013,560
			1,812,310
TOTAL CORPORATE BONDS (Cost $95,091,611)			96,146,234
ASSET-BACKED SECURITIES — 16.9%
Avis Budget Rental Car Funding AESOP LLC, Series 2014-2A, Class A SEQ, 2.50%, 2/20/21(1)	250,000		250,104
Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A SEQ, 2.50%, 7/20/21(1)	1,015,000		1,015,908
Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A SEQ, 2.99%, 6/20/22(1)	1,200,000		1,213,463
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A SEQ, 3.45%, 3/20/23(1)	770,000		791,848
BMW Vehicle Owner Trust, Series 2019-A, Class A2 SEQ, 2.05%, 5/25/22	1,200,000		1,200,419
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	221,656		223,753
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(1)	24,628		24,686
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A SEQ, 3.28%, 9/26/33(1)	540,519		551,049

10

	Principal Amount		Value
Enterprise Fleet Financing LLC, Series 2019-1, Class A2 SEQ, 2.98%, 10/22/24(1)	$	1,100,000	$	1,113,731
Hertz Fleet Lease Funding LP, Series 2017-1, Class A1, VRN, 2.70%, (1-month LIBOR plus 0.65%), 4/10/31(1)	238,315		238,275
Hertz Vehicle Financing II LP, Series 2015-1A, Class A SEQ, 2.73%, 3/25/21(1)	1,525,000		1,527,314
Hilton Grand Vacations Trust, Series 2014-AA, Class A SEQ, 1.77%, 11/25/26(1)	148,802		148,237
Hilton Grand Vacations Trust, Series 2014-AA, Class B, 2.07%, 11/25/26(1)	29,760		29,602
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(1)	1,154,995		1,158,549
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(1)	415,798		416,773
Hilton Grand Vacations Trust, Series 2018-AA, Class B, 3.70%, 2/25/32(1)	649,850		667,054
Hilton Grand Vacations Trust, Series 2019-AA, Class B, 2.54%, 7/25/33(1)	889,768		889,622
Honda Auto Receivables Owner Trust, Series 2019-1, Class A3 SEQ, 2.83%, 3/20/23	700,000		712,558
Invitation Homes Trust, Series 2017-SFR2, Class A, VRN, 2.875%, (1-month LIBOR plus 0.85%), 12/17/36(1)	2,073,586		2,077,503
Invitation Homes Trust, Series 2017-SFR2, Class B, VRN, 3.17%, (1-month LIBOR plus 1.15%), 12/17/36(1)	625,000		624,650
Invitation Homes Trust, Series 2018-SFR1, Class A, VRN, 2.72%, (1-month LIBOR plus 0.70%), 3/17/37(1)	950,783		940,421
Invitation Homes Trust, Series 2018-SFR1, Class B, VRN, 2.97%, (1-month LIBOR plus 0.95%), 3/17/37(1)	325,000		321,821
Invitation Homes Trust, Series 2018-SFR1, Class C, VRN, 3.27%, (1-month LIBOR plus 1.25%), 3/17/37(1)	860,000		859,106
Invitation Homes Trust, Series 2018-SFR2, Class A, VRN, 2.93%, (1-month LIBOR plus 0.90%), 6/17/37(1)	1,429,397		1,431,686
Invitation Homes Trust, Series 2018-SFR2, Class B, VRN, 3.11%, (1-month LIBOR plus 1.08%), 6/17/37(1)	150,000		149,280
Invitation Homes Trust, Series 2018-SFR2, Class C, VRN, 3.31%, (1-month LIBOR plus 1.28%), 6/17/37(1)	175,000		174,633
Invitation Homes Trust, Series 2018-SFR3, Class A, VRN, 3.02%, (1-month LIBOR plus 1.00%), 7/17/37(1)	962,836		962,835
Invitation Homes Trust, Series 2018-SFR3, Class B, VRN, 3.17%, (1-month LIBOR plus 1.15%), 7/17/37(1)	200,000		200,003
Invitation Homes Trust, Series 2018-SFR4, Class B, VRN, 3.27%, (1-month LIBOR plus 1.25%), 1/17/38(1)	400,000		399,581
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(1)	73,715		73,584
MVW Owner Trust, Series 2014-1A, Class B, 2.70%, 9/22/31(1)	41,199		41,270
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(1)	16,137		16,044
MVW Owner Trust, Series 2017-1A, Class B, 2.75%, 12/20/34(1)	265,332		265,259
MVW Owner Trust, Series 2018-1A, Class B, 3.60%, 1/21/36(1)	224,991		231,445
Progress Residential Trust, Series 2018-SFR1, Class A SEQ, 3.26%, 3/17/35(1)	998,785		1,005,067
Progress Residential Trust, Series 2018-SFR1, Class B, 3.48%, 3/17/35(1)	477,000		480,294
Progress Residential Trust, Series 2018-SFR1, Class C, 3.68%, 3/17/35(1)	125,000		126,226
Progress Residential Trust, Series 2018-SFR1, Class D, 3.88%, 3/17/35(1)	150,000		152,191

11

	Principal Amount		Value
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(1)	$	400,000	$	410,092
Progress Residential Trust, Series 2018-SFR3, Class C, 4.18%, 10/17/35(1)	275,000		282,955
Progress Residential Trust, Series 2019-SFR1, Class A SEQ, 3.42%, 8/17/35(1)	700,000		720,755
Progress Residential Trust, Series 2019-SFR2, Class A SEQ, 3.15%, 5/17/36(1)	800,000		812,102
Progress Residential Trust, Series 2019-SFR2, Class B, 3.45%, 5/17/36(1)	900,000		917,403
Progress Residential Trust, Series 2019-SFR3, Class B, 2.57%, 9/17/36(1)	1,750,000		1,732,562
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	20,487		20,697
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(1)	25,973		25,965
Sierra Timeshare Receivables Funding LLC, Series 2015-2A, Class A SEQ, 2.43%, 6/20/32(1)	30,116		30,081
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(1)	72,552		72,596
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(1)	13,713		13,683
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(1)	146,736		149,802
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class C, 4.17%, 9/20/35(1)	205,673		209,720
Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A SEQ, 3.20%, 1/20/36(1)	370,483		375,628
Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class B, 3.42%, 1/20/36(1)	592,772		603,068
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class D, 4.54%, 5/20/36(1)	918,396		922,900
Verizon Owner Trust, Series 2019-A, Class A1A SEQ, 2.93%, 9/20/23	1,000,000		1,018,500
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	169,098		168,857
VSE VOI Mortgage LLC, Series 2017-A, Class A SEQ, 2.33%, 3/20/35(1)	337,254		337,066
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35(1)	70,261		70,387
VSE VOI Mortgage LLC, Series 2018-A, Class A SEQ, 3.56%, 2/20/36(1)	335,651		347,260
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	83,913		86,315
TOTAL ASSET-BACKED SECURITIES (Cost $31,764,203)			32,034,238
U.S. TREASURY SECURITIES — 11.1%
U.S. Treasury Bills, 2.55%, 1/30/20(2)	3,000,000		2,982,094
U.S. Treasury Notes, 2.50%, 1/31/21(3)	13,400,000		13,528,504
U.S. Treasury Notes, 2.25%, 4/30/21	3,500,000		3,528,506
U.S. Treasury Notes, 2.625%, 12/15/21	1,000,000		1,022,148
TOTAL U.S. TREASURY SECURITIES (Cost $20,943,834)			21,061,252
COLLATERALIZED LOAN OBLIGATIONS — 7.8%
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 3.71%, (3-month LIBOR plus 1.55%), 5/15/30(1)	1,000,000		985,000
CBAM Ltd., Series 2018-5A, Class B1, VRN, 3.70%, (3-month LIBOR plus 1.40%), 4/17/31(1)	1,000,000		980,077

12

	Principal Amount		Value
CIFC Funding Ltd., Series 2015-1A, Class ARR, VRN, 3.39%, (3-month LIBOR plus 1.11%), 1/22/31(1)	$	1,500,000	$	1,494,106
CIFC Funding Ltd., Series 2016-1A, Class BR, VRN, 0.00%, (3-month LIBOR plus 1.95%), 10/21/31(1)	1,750,000		1,750,000
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, VRN, 3.27%, (3-month LIBOR plus 0.97%), 4/15/31(1)	1,200,000		1,190,213
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 3.27%, (3-month LIBOR plus 0.97%), 4/18/31(1)	1,500,000		1,483,760
Gilbert Parl CLO Ltd., Series 2017-1A, Class B, VRN, 3.90%, (3-month LIBOR plus 1.60%), 10/15/30(1)	1,750,000		1,740,808
Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class AR2, VRN, 3.37%, (3-month LIBOR plus 1.07%), 1/18/31(1)	1,750,000		1,746,596
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.28%, (3-month LIBOR plus 0.98%), 4/15/31(1)	1,550,000		1,544,427
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 4.05%, (3-month LIBOR plus 1.75%), 4/18/31(1)	350,000		345,116
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.28%, (3-month LIBOR plus 0.96%), 4/16/31(1)	1,500,000		1,481,274
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $14,742,706)			14,741,377
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.3%
Private Sponsor Collateralized Mortgage Obligations — 2.5%
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 4.79%, 6/25/34	25,846		26,154
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.28%, 2/25/35	47,529		48,588
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.98%, 11/25/34	68,994		68,797
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	17,073		17,569
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.30%, 8/25/34	50,559		51,306
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.63%, 8/25/35	55,308		57,166
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2, VRN, 4.55%, (1-year H15T1Y plus 2.15%), 9/25/35	65,589		67,483
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.71%, 1/25/37	36,129		32,018
Flagstar Mortgage Trust, Series 2017-1, Class 1A5 SEQ, VRN, 3.50%, 3/25/47(1)	1,465,555		1,496,176
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.48%, 9/25/35	34,619		35,716
GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, VRN, 4.55%, 9/25/35	116,831		120,107
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 4.45%, 2/25/35	22,524		22,911
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(1)	727,355		736,898
Thornburg Mortgage Securities Trust, Series 2004-3, Class A, VRN, 2.76%, (1-month LIBOR plus 0.74%), 9/25/44	87,108		87,630
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.42%, 3/25/35	42,115		41,992
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.00%, 2/25/34	5,668		5,931
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-S, Class A1, VRN, 4.92%, 9/25/34	18,024		18,787

13

	Principal Amount		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 4.97%, 3/25/35	$	33,644	$	34,779
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 4A8, VRN, 4.90%, 10/25/35	86,943		89,678
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-4, Class 2A1, 6.00%, 4/25/36	1,150,340		1,157,205
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 2A1, VRN, 4.99%, 7/25/36	815		839
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 4A1, VRN, 5.18%, 7/25/36	2,248		2,290
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.64%, 10/25/36	18,081		18,060
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.50%, 10/25/36	78,498		78,759
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR19, Class A1, VRN, 4.85%, 12/25/36	134,409		134,132
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 5.19%, 4/25/36	51,512		51,832
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	32,640		33,318
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	10,359		10,563
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-7, Class A1, 6.00%, 6/25/37	71,331		71,986
			4,618,670
U.S. Government Agency Collateralized Mortgage Obligations — 4.8%
FHLMC, Series 2015-HQ2, Class M3, VRN, 5.27%, (1-month LIBOR plus 3.25%), 5/25/25	100,000		105,114
FHLMC, Series 2017-DNA2, Class M1, VRN, 3.22%, (1-month LIBOR plus 1.20%), 10/25/29	693,474		695,994
FHLMC, Series 2018-DNA1, Class M2, VRN, 3.82%, (1-month LIBOR plus 1.80%), 7/25/30	1,300,000		1,301,439
FHLMC, Series 2019-DNA1, Class M1, VRN, 2.92%, (1-month LIBOR plus 0.90%), 1/25/49(1)	937,483		939,233
FNMA, Series 2014-C02, Class 2M2, VRN, 4.62%, (1-month LIBOR plus 2.60%), 5/25/24	253,351		262,777
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	3,208,992		559,939
FNMA, Series 2016-C03, Class 2M2, VRN, 7.92%, (1-month LIBOR plus 5.90%), 10/25/28	41,747		45,104
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	2,394,288		552,877
FNMA, Series 2017-C03, Class 1M1, VRN, 2.97%, (1-month LIBOR plus 0.95%), 10/25/29	1,188,212		1,190,472
FNMA, Series 2017-C05, Class 1M2, VRN, 4.22%, (1-month LIBOR plus 2.20%), 1/25/30	350,000		354,851
FNMA, Series 2017-C07, Class 1M1, VRN, 2.67%, (1-month LIBOR plus 0.65%), 5/25/30	1,517,090		1,517,707
FNMA, Series 2018-C01, Class 1M1, VRN, 2.62%, (1-month LIBOR plus 0.60%), 7/25/30	749,003		748,930
FNMA, Series 2018-C02, Class 2M1, VRN, 2.67%, (1-month LIBOR plus 0.65%), 8/25/30	490,980		491,021
FNMA, Series 417, Class C5, IO, 3.50%, 2/25/43	2,419,781		382,900
			9,148,358
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $13,691,108)			13,767,028

14

	Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.9%
BX Commercial Mortgage Trust, Series 2018-IND, Class A, VRN, 2.78%, (1-month LIBOR plus 0.75%), 11/15/35(1)	$	785,279	$	786,037
BX Trust, Series 2018-MCSF, Class A, VRN, 2.60%, (1-month LIBOR plus 0.58%), 4/15/35(1)	600,000		598,845
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class B, VRN, 4.49%, 10/10/47	75,000		80,685
Core Industrial Trust, Series 2015-CALW, Class C, 3.56%, 2/10/34(1)	250,000		256,306
DBCG Mortgage Trust, Series 2017-BBG, Class A, VRN, 2.73%, (1-month LIBOR plus 0.70%), 6/15/34(1)	1,000,000		998,691
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class AS SEQ, 4.00%, 8/15/47	1,750,000		1,859,564
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	250,000		265,050
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class C, VRN, 5.19%, 12/15/46	190,000		206,150
Morgan Stanley Capital I Trust, Series 2014-CPT, Class AM, VRN, 3.52%, 7/13/29(1)	400,000		406,319
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $5,411,850)			5,457,647
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.5%
Egypt — 0.5%
Egypt Government International Bond, 6.125%, 1/31/22	1,000,000		1,033,000
Hungary — 0.5%
Hungary Government International Bond, 6.375%, 3/29/21	800,000		850,001
Oman — 0.4%
Oman Government International Bond, 4.125%, 1/17/23	800,000		800,331
South Africa — 0.1%
Republic of South Africa Government International Bond, 5.50%, 3/9/20	200,000		202,351
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,804,356)			2,885,683
BANK LOAN OBLIGATIONS(4) — 0.5%
Diversified Telecommunication Services — 0.1%
Zayo Group, LLC, 2017 Incremental Term Loan, 4.29%, (1-month LIBOR plus 2.25%), 1/19/24	250,000		250,860
Health Care Providers and Services — 0.2%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 4.54%, (1-month LIBOR plus 2.50%), 2/16/23	297,708		298,523
Hotels, Restaurants and Leisure — 0.1%
Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 4.79%, (1-month LIBOR plus 2.75%), 12/22/24	196,739		195,670
Pharmaceuticals — 0.1%
Bausch Health Companies Inc., 2018 Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 6/2/25	145,651		146,409
TOTAL BANK LOAN OBLIGATIONS  (Cost $891,720)			891,462

15

	Shares	Value
TEMPORARY CASH INVESTMENTS — 0.9%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.375% - 2.875%, 6/30/20 - 2/15/29, valued at $1,541,534), in a joint trading account at 1.80%, dated 9/30/19, due 10/1/19 (Delivery value $1,510,878)		$	1,510,802
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45, valued at $255,466), at 0.85%, dated 9/30/19, due 10/1/19 (Delivery value $249,006)		249,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	1,846	1,846
TOTAL TEMPORARY CASH INVESTMENTS (Cost $1,761,648)		1,761,648
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $187,103,036)		188,746,569
OTHER ASSETS AND LIABILITIES — 0.2%		287,120
TOTAL NET ASSETS — 100.0%		$	189,033,689

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	58	December 2019	$	5,800,000	$	7,558,125	$	(85,412	)
U.S. Treasury 2-Year Notes	108	December 2019	$	21,600,000	23,274,000		(55,425		)
					$	30,832,125	$	(140,837	)

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 32	Buy	(5.00)%	6/20/24	$	3,276,900	$	(192,128	)	$	(44,090	)	$	(236,218	)

^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.

16

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
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 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 $57,699,397, which represented 30.5% of total net assets.

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

(3) 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 $277,672.

(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.

See Notes to Financial Statements.

17

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (cost of $187,103,036)	$	188,746,569
Receivable for investments sold	1,458,010
Receivable for capital shares sold	526,973
Interest receivable	1,249,673
	191,981,225
Liabilities
Payable for investments purchased	2,573,483
Payable for capital shares redeemed	278,691
Payable for variation margin on futures contracts	7,906
Payable for variation margin on swap agreements	9,979
Accrued management fees	69,708
Distribution and service fees payable	4,034
Dividends payable	3,735
	2,947,536
Net Assets	$	189,033,689
Net Assets Consist of:
Capital paid in	$	188,891,623
Distributable earnings	142,066
	$	189,033,689

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$70,133,596	7,328,023	$9.57
I Class		$105,688,937	11,048,593	$9.57
Y Class		$5,342	558	$9.57
A Class		$10,239,482	1,070,006	$9.57*
C Class		$1,850,310	193,314	$9.57
R Class		$711,647	74,339	$9.57
R5 Class		$231,214	24,146	$9.58
R6 Class		$173,161	18,087	$9.57

*Maximum offering price $9.79 (net asset value divided by 0.9775).

See Notes to Financial Statements.

18

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	2,646,058
Expenses:
Management fees	461,271
Distribution and service fees:
A Class	9,389
C Class	6,710
R Class	1,733
Trustees' fees and expenses	6,033
Other expenses	1,549
	486,685
Fees waived(1)	(75,582		)
	411,103
Net investment income (loss)	2,234,955
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	172,349
Futures contract transactions	203,436
Swap agreement transactions	(72,383		)
	303,402
Change in net unrealized appreciation (depreciation) on:
Investments	1,266,891
Futures contracts	(140,837		)
Swap agreements	(44,090		)
	1,081,964
Net realized and unrealized gain (loss)	1,385,366
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,620,321

(1) Amount consists of $33,158, $37,947, $2, $3,380, $604, $312, $103 and $76 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.

19

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	2,234,955		$	2,040,848
Net realized gain (loss)	303,402			(639,018		)
Change in net unrealized appreciation (depreciation)	1,081,964			967,929
Net increase (decrease) in net assets resulting from operations	3,620,321			2,369,759
Distributions to Shareholders
From earnings:
Investor Class	(1,025,499		)	(1,621,171		)
I Class	(1,199,761		)	(284,223		)
Y Class	(78		)	(163		)
A Class	(94,290		)	(82,054		)
C Class	(11,897		)	(13,047		)
R Class	(7,873		)	(13,077		)
R5 Class	(3,409		)	(94,981		)
R6 Class	(2,552		)	(19,210		)
Decrease in net assets from distributions	(2,345,359		)	(2,127,926		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	56,406,171			86,266,023
Net increase (decrease) in net assets	57,681,133			86,507,856
Net Assets
Beginning of period	131,352,556			44,844,700
End of period	$	189,033,689		$	131,352,556

See Notes to Financial Statements.

20

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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.

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.

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.

21

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.

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.

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.

22

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. During the period ended September 30, 2019, the investment advisor agreed to waive 0.09% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2020 and cannot terminate it prior to such date 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 September 30, 2019 are as follows:

	Annual Management Fee	Effective Annual Management Fee After Waiver
Investor Class	0.60%	0.51%
I Class	0.50%	0.41%
Y Class	0.40%	0.31%
A Class	0.60%	0.51%
C Class	0.60%	0.51%
R Class	0.60%	0.51%
R5 Class	0.40%	0.31%
R6 Class	0.35%	0.26%

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 September 30, 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 September 30, 2019 totaled $87,739,142, of which $17,285,814 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2019 totaled $30,711,565, of which $11,280,742 represented U.S. Treasury and Government Agency obligations.

23

5. Capital Share Transactions

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

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	3,841,074		$	36,615,455		11,675,445		$	110,364,198
Issued in reinvestment of distributions	105,011		1,002,487			164,600		1,556,473
Redeemed	(8,186,593	)	(77,882,536		)	(3,626,603	)	(34,354,138		)
	(4,240,508	)	(40,264,594		)	8,213,442		77,566,533
I Class
Sold	11,618,589		110,509,602			3,136,773		29,693,845
Issued in reinvestment of distributions	125,619		1,199,761			30,064		284,218
Redeemed	(2,114,030	)	(20,155,460		)	(1,750,401	)	(16,472,725		)
	9,630,178		91,553,903			1,416,436		13,505,338
Y Class
Issued in reinvestment of distributions	8		78			17		163
A Class
Sold	655,412		6,256,566			667,365		6,311,533
Issued in reinvestment of distributions	9,607		91,757			8,501		80,380
Redeemed	(213,123	)	(2,030,063		)	(482,972	)	(4,587,944		)
	451,896		4,318,260			192,894		1,803,969
C Class
Sold	146,044		1,396,955			121,672		1,145,675
Issued in reinvestment of distributions	1,245		11,897			1,376		13,006
Redeemed	(68,701	)	(657,006		)	(50,064	)	(474,458		)
	78,588		751,846			72,984		684,223
R Class
Sold	4,323		41,367			75,683		717,329
Issued in reinvestment of distributions	824		7,873			1,378		13,028
Redeemed	(1,422	)	(13,562		)	(12,566	)	(118,977		)
	3,725		35,678			64,495		611,380
R5 Class
Sold	—		—			3,193		30,373
Issued in reinvestment of distributions	357		3,409			9,946		94,437
Redeemed	(47	)	(454		)	(751,573	)	(7,129,387		)
	310		2,955			(738,434	)	(7,004,577		)
R6 Class
Sold	573		5,493			5,263		49,865
Issued in reinvestment of distributions	267		2,552			2,016		19,129
Redeemed	—		—			(102,321	)	(970,000		)
	840		8,045			(95,042	)	(901,006		)
Net increase (decrease)	5,925,037		$	56,406,171		9,126,792		$	86,266,023

24

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	—		$	96,146,234	—
Asset-Backed Securities	—		32,034,238		—
U.S. Treasury Securities	—		21,061,252		—
Collateralized Loan Obligations	—		14,741,377		—
Collateralized Mortgage Obligations	—		13,767,028		—
Commercial Mortgage-Backed Securities	—		5,457,647		—
Sovereign Governments and Agencies	—		2,885,683		—
Bank Loan Obligations	—		891,462		—
Temporary Cash Investments	$	1,846	1,759,802		—
	$	1,846	$	188,744,723	—
Liabilities
Other Financial Instruments
Futures Contracts	$	140,837	—		—
Swap Agreements	—		$	236,218	—
	$	140,837	$	236,218	—

25

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 $7,141,260.

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 $20,200,000 futures contracts purchased.

Value of Derivative Instruments as of September 30, 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*	$	9,979
Interest Rate Risk	Receivable for variation margin on futures contracts*	—	Payable for variation margin on futures contracts*	7,906
		—		$	17,885

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

26

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended September 30, 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	$	(72,383	)	Change in net unrealized appreciation (depreciation) on swap agreements	$	(44,090	)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	203,436			Change in net unrealized appreciation (depreciation) on futures contracts	(140,837		)
		$	131,053			$	(184,927	)

8. Risk Factors

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 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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	187,114,782
Gross tax appreciation of investments	$	1,917,385
Gross tax depreciation of investments	(285,598		)
Net tax appreciation (depreciation) of investments	$	1,631,787

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

As of March 31, 2019, the fund had accumulated short-term capital losses of $(471,131) and accumulated long-term capital losses of $(1,024,350), 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.

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. The adoption of ASU 2017-08 did not materially impact the financial statements.

27

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(3)	$9.50	0.13	0.07	0.20	(0.13)	—	(0.13)	$9.57	2.14%	0.52%(4)	0.61%(4)	2.64%(4)	2.55%(4)	20%		$70,134
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(5)	$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(3)	$9.49	0.13	0.09	0.22	(0.14)	—	(0.14)	$9.57	2.30%	0.42%(4)	0.51%(4)	2.74%(4)	2.65%(4)	20%		$105,689
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(6)	$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%(7)		$19
Y Class
2019(3)	$9.50	0.14	0.07	0.21	(0.14)	—	(0.14)	$9.57	2.24%	0.32%(4)	0.41%(4)	2.84%(4)	2.75%(4)	20%		$5
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(6)	$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%(7)		$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	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)
A Class
2019(3)	$9.50	0.11	0.08	0.19	(0.12)	—	(0.12)	$9.57	2.02%	0.77%(4)	0.86%(4)	2.39%(4)	2.30%(4)	20%		$10,239
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(5)	$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
C Class
2019(3)	$9.50	0.08	0.07	0.15	(0.08)	—	(0.08)	$9.57	1.63%	1.52%(4)	1.61%(4)	1.64%(4)	1.55%(4)	20%		$1,850
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(5)	$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(3)	$9.50	0.10	0.08	0.18	(0.11)	—	(0.11)	$9.57	1.89%	1.02%(4)	1.11%(4)	2.14%(4)	2.05%(4)	20%		$712
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(5)	$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

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)
R5 Class
2019(3)	$9.50	0.14	0.08	0.22	(0.14)	—	(0.14)	$9.58	2.35%	0.32%(4)	0.41%(4)	2.84%(4)	2.75%(4)	20%		$231
2019	$9.53	0.28	—(8)	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(5)	$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
R6 Class
2019(3)	$9.50	0.14	0.07	0.21	(0.14)	—	(0.14)	$9.57	2.27%	0.27%(4)	0.36%(4)	2.89%(4)	2.80%(4)	20%		$173
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(5)	$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) Six months ended September 30, 2019 (unaudited).

(4) Annualized.

(5) July 28, 2014 (fund inception) through March 31, 2015.

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

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

(8) Per-share amount was less than $0.005.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of

32

the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above its benchmark for the three-year period and below its benchmark for the one-year period reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

33

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund’s peer universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.09% (e.g., the Investor Class unified fee will be reduced from 0.60% to 0.51%) for at least one year, beginning August 1, 2019. The Board concluded that the management fee paid by the

34

Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

35

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.

36

Notes

37

Notes

38

Notes

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-SAN-90820 1911

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	16
Statement of Operations	17
Statement of Changes in Net Assets	18
Notes to Financial Statements	19
Financial Highlights	28
Approval of Management Agreement	32
Additional Information	36

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 semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics 

SEPTEMBER 30, 2019
Portfolio at a Glance
Average Duration (effective)	3.8 years
Weighted Average Life to Maturity	5.7 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	39.7%
U.S. Treasury Securities	18.1%
Asset-Backed Securities	8.3%
Collateralized Loan Obligations	7.7%
Collateralized Mortgage Obligations	7.2%
Affiliated Funds	5.2%
Commercial Mortgage-Backed Securities	3.7%
Sovereign Governments and Agencies	2.4%
Preferred Stocks	1.1%
Bank Loan Obligations	0.4%
Temporary Cash Investments	6.6%
Temporary Cash Investments - Securities Lending Collateral	1.1%
Other Assets and Liabilities	(1.5)%

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1) 4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,041.10	$3.62	0.71%
I Class	$1,000	$1,040.60	$3.11	0.61%
Y Class	$1,000	$1,042.30	$2.60	0.51%
A Class	$1,000	$1,039.80	$4.90	0.96%
C Class	$1,000	$1,035.90	$8.70	1.71%
R Class	$1,000	$1,038.50	$6.17	1.21%
R5 Class	$1,000	$1,042.10	$2.60	0.51%
R6 Class	$1,000	$1,042.40	$2.35	0.46%
Hypothetical
Investor Class	$1,000	$1,021.45	$3.59	0.71%
I Class	$1,000	$1,021.95	$3.08	0.61%
Y Class	$1,000	$1,022.45	$2.58	0.51%
A Class	$1,000	$1,020.20	$4.85	0.96%
C Class	$1,000	$1,016.45	$8.62	1.71%
R Class	$1,000	$1,018.95	$6.11	1.21%
R5 Class	$1,000	$1,022.45	$2.58	0.51%
R6 Class	$1,000	$1,022.70	$2.33	0.46%

(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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 39.7%
Aerospace and Defense — 0.3%
Lockheed Martin Corp., 3.80%, 3/1/45	$	75,000	$	83,781
Auto Components — 0.2%
American Axle & Manufacturing, Inc., 6.625%, 10/15/22	61,000		61,915
Automobiles — 1.5%
Ford Motor Co., 4.35%, 12/8/26(1)	200,000		200,481
General Motors Financial Co., Inc., 3.70%, 5/9/23	250,000		256,047
			456,528
Banks — 3.0%
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28	150,000		161,323
Barclays Bank plc, 5.14%, 10/14/20	100,000		102,273
BBVA Bancomer SA, 7.25%, 4/22/20	100,000		102,450
CIT Group, Inc., 5.00%, 8/15/22	125,000		132,737
Citigroup, Inc., VRN, 3.52%, 10/27/28	140,000		146,776
JPMorgan Chase & Co., VRN, 2.30%, 10/15/25	100,000		99,753
Regions Financial Corp., 3.80%, 8/14/23	150,000		158,337
			903,649
Biotechnology — 1.3%
AbbVie, Inc., 3.60%, 5/14/25	200,000		208,135
Amgen, Inc., 4.66%, 6/15/51	150,000		174,919
			383,054
Building Products — 0.4%
Masco Corp., 4.45%, 4/1/25	100,000		108,391
Chemicals — 0.4%
Ashland LLC, 4.75%, 8/15/22	125,000		131,406
Commercial Services and Supplies — 0.4%
Covanta Holding Corp., 5.875%, 3/1/24	125,000		129,063
Consumer Finance — 0.9%
Discover Financial Services, 3.75%, 3/4/25	75,000		78,517
Synchrony Financial, 2.85%, 7/25/22	200,000		201,842
			280,359
Containers and Packaging — 1.7%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 5.25%, 8/15/27(2)	200,000		203,000
Berry Global, Inc., 5.125%, 7/15/23	100,000		103,000
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23	125,000		131,562
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(2)	75,000		76,969
			514,531
Diversified Financial Services — 0.2%
Voya Financial, Inc., VRN, 5.65%, 5/15/53	50,000		52,804

6

	Principal Amount/Shares		Value
Diversified Telecommunication Services — 2.4%
AT&T, Inc., 4.45%, 4/1/24	$	100,000	$	108,244
AT&T, Inc., 3.80%, 2/15/27	120,000		127,353
Ooredoo International Finance Ltd., 4.75%, 2/16/21	200,000		206,354
Verizon Communications, Inc., 5.15%, 9/15/23	250,000		279,771
			721,722
Electric Utilities — 0.8%
Exelon Generation Co. LLC, 5.60%, 6/15/42	100,000		119,205
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(2)	125,000		128,281
			247,486
Energy Equipment and Services — 0.2%
Transocean, Inc., 9.00%, 7/15/23(2)	45,000		46,856
Entertainment — 1.0%
Netflix, Inc., 4.875%, 4/15/28	150,000		152,993
Viacom, Inc., 3.125%, 6/15/22	150,000		151,586
			304,579
Equity Real Estate Investment Trusts (REITs) — 2.3%
American Tower Corp., 3.375%, 10/15/26	125,000		130,257
Crown Castle International Corp., 5.25%, 1/15/23	195,000		212,893
Equinix, Inc., 5.875%, 1/15/26	100,000		106,641
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26	100,000		106,500
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29	130,000		134,144
			690,435
Food Products — 0.3%
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(2)	100,000		105,740
Health Care Providers and Services — 2.2%
Acadia Healthcare Co., Inc., 5.125%, 7/1/22	145,000		146,631
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(2)	50,000		52,000
CVS Health Corp., 4.30%, 3/25/28	100,000		108,252
DaVita, Inc., 5.125%, 7/15/24	80,000		81,500
Express Scripts Holding Co., 4.50%, 2/25/26	100,000		109,392
Tenet Healthcare Corp., 8.125%, 4/1/22	150,000		162,938
			660,713
Hotels, Restaurants and Leisure — 1.2%
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(2)	75,000		76,867
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24	75,000		76,594
International Game Technology plc, 6.25%, 2/15/22(2)	130,000		137,835
MGM Resorts International, 6.625%, 12/15/21	75,000		81,525
			372,821
Household Durables — 1.0%
Lennar Corp., 4.75%, 5/30/25	75,000		80,437
PulteGroup, Inc., 5.50%, 3/1/26	75,000		82,219
Toll Brothers Finance Corp., 3.80%, 11/1/29	150,000		148,032
			310,688

7

	Principal Amount/Shares		Value
Insurance — 0.5%
American International Group, Inc., 4.50%, 7/16/44	$	150,000	$	167,244
IT Services — 0.9%
Fidelity National Information Services, Inc., 3.00%, 8/15/26	125,000		128,871
Global Payments, Inc., 2.65%, 2/15/25	150,000		150,823
			279,694
Media — 3.6%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(2)	75,000		78,469
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25	100,000		109,981
Comcast Corp., 4.40%, 8/15/35	150,000		175,345
CSC Holdings LLC, 6.75%, 11/15/21	75,000		81,000
DISH DBS Corp., 5.125%, 5/1/20	75,000		76,031
Gray Television, Inc., 5.125%, 10/15/24(2)	125,000		129,844
Nexstar Broadcasting, Inc., 5.625%, 8/1/24(2)	75,000		78,251
TEGNA, Inc., 5.125%, 7/15/20	39,000		39,088
TEGNA, Inc., 5.00%, 9/15/29(2)	100,000		101,250
VTR Finance BV, 6.875%, 1/15/24	200,000		206,500
			1,075,759
Metals and Mining — 0.9%
Freeport-McMoRan, Inc., 3.875%, 3/15/23	75,000		75,750
HTA Group Ltd., 9.125%, 3/8/22	200,000		209,055
			284,805
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Starwood Property Trust, Inc., 5.00%, 12/15/21	75,000		78,188
Multi-Utilities — 0.1%
Black Hills Corp., 3.875%, 10/15/49(3)	20,000		20,212
Oil, Gas and Consumable Fuels — 6.3%
Antero Resources Corp., 5.375%, 11/1/21	75,000		72,844
Antero Resources Corp., 5.125%, 12/1/22	60,000		52,950
Continental Resources, Inc., 5.00%, 9/15/22	33,000		33,313
Diamondback Energy, Inc., 5.375%, 5/31/25	125,000		130,757
Gazprom OAO Via Gaz Capital SA, 6.00%, 1/23/21	200,000		209,339
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	115,000		145,821
Lukoil International Finance BV, 7.25%, 11/5/19	100,000		100,542
Newfield Exploration Co., 5.375%, 1/1/26	100,000		108,785
Occidental Petroleum Corp., 3.50%, 8/15/29	50,000		50,808
ONEOK, Inc., 3.40%, 9/1/29	200,000		198,349
Petroleos Mexicanos, 6.00%, 3/5/20	64,000		64,912
Petroleos Mexicanos, 4.875%, 1/24/22	240,000		250,200
Saudi Arabian Oil Co., 2.75%, 4/16/22	200,000		201,762
Southwestern Energy Co., 4.10%, 3/15/22	75,000		72,375
Sunoco Logistics Partners Operations LP, 3.90%, 7/15/26	125,000		129,786
Williams Cos., Inc. (The), 4.55%, 6/24/24	75,000		80,804
			1,903,347
Pharmaceuticals — 1.0%
Bausch Health Cos., Inc., 6.125%, 4/15/25(2)	120,000		124,800

8

	Principal Amount/Shares		Value
Shire Acquisitions Investments Ireland DAC, 2.40%, 9/23/21	$	150,000	$	150,740
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26	30,000		21,075
			296,615
Road and Rail — 0.8%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.50%, 4/1/23	23,000		23,431
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	180,000		207,522
			230,953
Software — 0.5%
Symantec Corp., 5.00%, 4/15/25(2)	150,000		151,769
Specialty Retail — 0.4%
Home Depot, Inc. (The), 5.95%, 4/1/41	75,000		107,572
Technology Hardware, Storage and Peripherals — 0.4%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(2)	25,000		25,431
Dell International LLC / EMC Corp., 4.90%, 10/1/26(2)	100,000		107,211
			132,642
Textiles, Apparel and Luxury Goods — 0.2%
Hanesbrands, Inc., 4.625%, 5/15/24(2)	70,000		74,113
Trading Companies and Distributors — 0.6%
International Lease Finance Corp., 5.875%, 8/15/22	180,000		197,282
Transportation Infrastructure — 0.7%
DP World plc, 3.25%, 5/18/20	200,000		200,528
Wireless Telecommunication Services — 0.8%
Sprint Communications, Inc., 6.00%, 11/15/22	50,000		53,250
VEON Holdings BV, 3.95%, 6/16/21	200,000		202,712
			255,962
TOTAL CORPORATE BONDS (Cost $11,638,117)			12,023,206
U.S. TREASURY SECURITIES — 18.1%
U.S. Treasury Bills, 2.55%, 1/30/20(4)(5)	1,000,000		994,031
U.S. Treasury Notes, 1.25%, 8/31/24	1,200,000		1,183,500
U.S. Treasury Notes, 2.625%, 2/15/29	1,850,000		2,003,095
U.S. Treasury Notes, 1.625%, 8/15/29	1,300,000		1,294,516
TOTAL U.S. TREASURY SECURITIES (Cost $5,312,589)			5,475,142
ASSET-BACKED SECURITIES — 8.3%
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(2)	25,000		25,206
Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A SEQ, 2.99%, 6/20/22(2)	150,000		151,683
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(2)	49,257		49,723
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(2)	12,314		12,343
Hilton Grand Vacations Trust, Series 2014-AA, Class B, 2.07%, 11/25/26(2)	5,952		5,920
Hilton Grand Vacations Trust, Series 2019-AA, Class B, 2.54%, 7/25/33(2)	98,863		98,847
Honda Auto Receivables Owner Trust, Series 2019-1, Class A3 SEQ, 2.83%, 3/20/23	100,000		101,794

9

	Principal Amount/Shares		Value
Invitation Homes Trust, Series 2017-SFR2, Class A, VRN, 2.875%, (1-month LIBOR plus 0.85%), 12/17/36(2)	$	278,049	$	278,574
Invitation Homes Trust, Series 2017-SFR2, Class B, VRN, 3.17%, (1-month LIBOR plus 1.15%), 12/17/36(2)	150,000		149,916
Invitation Homes Trust, Series 2018-SFR1, Class C, VRN, 3.27%, (1-month LIBOR plus 1.25%), 3/17/37(2)	100,000		99,896
Invitation Homes Trust, Series 2018-SFR2, Class C, VRN, 3.31%, (1-month LIBOR plus 1.28%), 6/17/37(2)	100,000		99,790
MVW Owner Trust, Series 2013-1A, Class A SEQ, 2.15%, 4/22/30(2)	28,352		28,301
MVW Owner Trust, Series 2014-1A, Class B, 2.70%, 9/22/31(2)	10,300		10,318
MVW Owner Trust, Series 2017-1A, Class B, 2.75%, 12/20/34(2)	49,410		49,397
Progress Residential Trust, Series 2017-SFR1, Class A SEQ, 2.77%, 8/17/34(2)	49,818		49,985
Progress Residential Trust, Series 2017-SFR2, Class A SEQ, 2.90%, 12/17/34(2)	75,000		75,577
Progress Residential Trust, Series 2018-SFR1, Class A SEQ, 3.26%, 3/17/35(2)	199,757		201,013
Progress Residential Trust, Series 2019-SFR1, Class A SEQ, 3.42%, 8/17/35(2)	100,000		102,965
Progress Residential Trust, Series 2019-SFR2, Class A SEQ, 3.15%, 5/17/36(2)	300,000		304,538
Progress Residential Trust, Series 2019-SFR3, Class B, 2.57%, 9/17/36(2)	250,000		247,509
Progress Residential Trust, Series 2019-SFR4, Class B, 2.94%, 11/17/36(2)(3)	200,000		199,999
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(2)	7,682		7,761
Sierra Timeshare Receivables Funding LLC, Series 2015-1A, Class A SEQ, 2.40%, 3/22/32(2)	10,389		10,386
Sierra Timeshare Receivables Funding LLC, Series 2015-2A, Class A SEQ, 2.43%, 6/20/32(2)	12,046		12,032
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(2)	14,510		14,519
Sierra Timeshare Receivables Funding LLC, Series 2016-2A, Class A SEQ, 2.33%, 7/20/33(2)	4,571		4,561
Towd Point Mortgage Trust, Series 2017-3, Class M1, VRN, 3.50%, 7/25/57(2)	100,000		101,278
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(2)	33,820		33,772
TOTAL ASSET-BACKED SECURITIES (Cost $2,524,168)			2,527,603
COLLATERALIZED LOAN OBLIGATIONS — 7.7%
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class A2A, VRN, 3.71%, (3-month LIBOR plus 1.55%), 5/15/30(2)	75,000		73,875
CBAM Ltd., Series 2018-5A, Class B1, VRN, 3.70%, (3-month LIBOR plus 1.40%), 4/17/31(2)	150,000		147,011
CIFC Funding Ltd., Series 2015-1A, Class ARR, VRN, 3.39%, (3-month LIBOR plus 1.11%), 1/22/31(2)	250,000		249,018
CIFC Funding Ltd., Series 2016-1A, Class BR, VRN, 0.00%, (3-month LIBOR plus 1.95%), 10/21/31(2)	275,000		275,000
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, VRN, 3.27%, (3-month LIBOR plus 0.97%), 4/15/31(2)	200,000		198,369
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 3.27%, (3-month LIBOR plus 0.97%), 4/18/31(2)	250,000		247,293
Gilbert Parl CLO Ltd., Series 2017-1A, Class B, VRN, 3.90%, (3-month LIBOR plus 1.60%), 10/15/30(2)	275,000		273,555

10

	Principal Amount/Shares		Value
Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class AR2, VRN, 3.37%, (3-month LIBOR plus 1.07%), 1/18/31(2)	$	250,000	$	249,514
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 3.28%, (3-month LIBOR plus 0.98%), 4/15/31(2)	250,000		249,101
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 4.05%, (3-month LIBOR plus 1.75%), 4/18/31(2)	125,000		123,256
Symphony CLO XIX Ltd., Series 2018-19A, Class A, VRN, 3.28%, (3-month LIBOR plus 0.96%), 4/16/31(2)	250,000		246,879
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $2,336,139)			2,332,871
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.2%
Private Sponsor Collateralized Mortgage Obligations — 2.6%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 4.28%, 2/25/35	35,647		36,441
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.98%, 11/25/34	17,741		17,691
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 4.91%, (1-year H15T1Y plus 2.25%), 2/25/36	32,098		33,030
Chase Mortgage Finance Trust, Series 2007-A2, Class 6A2 SEQ, VRN, 4.50%, 7/25/37	7,115		6,982
Citicorp Mortgage Securities Trust, Series 2007-8, Class 1A3, 6.00%, 9/25/37	25,054		27,015
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.30%, 8/25/34	50,559		51,306
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 4.63%, 8/25/35	25,810		26,677
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2, VRN, 4.55%, (1-year H15T1Y plus 2.15%), 9/25/35	18,093		18,616
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Series 2005-3, Class 1A1, VRN, 5.48%, 7/25/35	33,219		35,592
First Horizon Mortgage Pass-Through Trust, Series 2006-AR4, Class 1A2, VRN, 4.71%, 1/25/37	14,026		12,431
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 4.48%, 9/25/35	20,771		21,429
JPMorgan Mortgage Trust, Series 2005-A4, Class 1A1, VRN, 4.42%, 7/25/35	6,817		6,919
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 4.37%, 11/25/35	43,619		44,263
Sequoia Mortgage Trust, Series 2017-CH2, Class A10 SEQ, VRN, 4.00%, 12/25/47(2)	121,226		122,816
WaMu Mortgage Pass-Through Certificates, Series 2005-AR3, Class A1, VRN, 4.42%, 3/25/35	21,058		20,996
WaMu Mortgage Pass-Through Certificates, Series 2005-AR7, Class A3, VRN, 4.27%, 8/25/35	18,797		19,223
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-A, Class A1, VRN, 5.00%, 2/25/34	11,239		11,760
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-18, Class 1A1, 5.50%, 1/25/36	12,030		12,131
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR12, Class 2A6, VRN, 5.00%, 6/25/35	20,136		21,010
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 4A8, VRN, 4.90%, 10/25/35	30,430		31,387
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-6, Class 1A16 SEQ, 5.75%, 5/25/36	3,561		3,510
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	7,714		7,787

11

	Principal Amount/Shares		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR1, Class 2A5 SEQ, VRN, 5.15%, 3/25/36	$	40,839	$	40,802
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 1A1, VRN, 4.98%, 7/25/36	305		311
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 2A1, VRN, 4.99%, 7/25/36	326		335
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 4.64%, 10/25/36	3,875		3,870
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR16, Class A1, VRN, 4.50%, 10/25/36	9,721		9,753
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR19, Class A1, VRN, 4.85%, 12/25/36	39,712		39,630
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 5.19%, 4/25/36	12,878		12,958
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-11, Class A36, 6.00%, 8/25/37	26,112		26,655
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-15, Class A1, 6.00%, 11/25/37	4,410		4,507
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-4, Class A15, 6.00%, 4/25/37	714		727
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-7, Class A1, 6.00%, 6/25/37	30,910		31,194
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-8, Class 2A2, 6.00%, 7/25/37	5,487		5,566
			765,320
U.S. Government Agency Collateralized Mortgage Obligations — 4.6%
FHLMC, Series 2017-HQA2, Class M1, VRN, 2.82%, (1-month LIBOR plus 0.80%), 12/25/29	97,838		97,884
FHLMC, Series 2018-DNA1, Class M2, VRN, 3.82%, (1-month LIBOR plus 1.80%), 7/25/30	100,000		100,111
FHLMC, Series 2019-DNA1, Class M1, VRN, 2.92%, (1-month LIBOR plus 0.90%), 1/25/49(2)	149,997		150,277
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	706,344		123,250
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	566,258		130,758
FNMA, Series 2017-C03, Class 1M1, VRN, 2.97%, (1-month LIBOR plus 0.95%), 10/25/29	158,428		158,730
FNMA, Series 2017-C05, Class 1M2, VRN, 4.22%, (1-month LIBOR plus 2.20%), 1/25/30	100,000		101,386
FNMA, Series 2017-C06, Class 2M2, VRN, 4.82%, (1-month LIBOR plus 2.80%), 2/25/30	150,000		153,102
FNMA, Series 2017-C07, Class 1M1, VRN, 2.67%, (1-month LIBOR plus 0.65%), 5/25/30	55,167		55,189
FNMA, Series 2018-C01, Class 1M1, VRN, 2.62%, (1-month LIBOR plus 0.60%), 7/25/30	168,526		168,509
FNMA, Series 2018-C02, Class 2M1, VRN, 2.67%, (1-month LIBOR plus 0.65%), 8/25/30	65,117		65,122
FNMA, Series 417, Class C5, IO, 3.50%, 2/25/43	610,242		96,563
			1,400,881
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,160,511)			2,166,201
AFFILIATED FUNDS(6) — 5.2%
Emerging Markets Debt Fund R6 Class (Cost $1,507,237)	152,030		1,582,631

12

	Principal Amount/Shares		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class B, VRN, 4.49%, 10/10/47	$	50,000	$	53,790
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class B, VRN, 4.80%, 2/10/49	75,000		82,965
Commercial Mortgage Trust, Series 2015-CR22, Class B, VRN, 3.93%, 3/10/48	25,000		26,512
Commercial Mortgage Trust, Series 2016-CD1, Class AM, 2.93%, 8/10/49	25,000		25,612
Commercial Mortgage Trust, Series 2017-PANW, Class A SEQ, 3.24%, 10/10/29(2)	50,000		52,157
Core Industrial Trust, Series 2015-CALW, Class C, 3.56%, 2/10/34(2)	100,000		102,522
Core Industrial Trust, Series 2015-TEXW, Class B, 3.33%, 2/10/34(2)	25,000		25,520
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class AS, VRN, 3.67%, 11/15/50	25,000		26,843
GS Mortgage Securities Trust, Series 2015-GC28, Class AS, 3.76%, 2/10/48	50,000		53,127
GS Mortgage Securities Trust, Series 2016-GS2, Class B, VRN, 3.76%, 5/10/49	25,000		26,532
Hudson Yards Mortgage Trust, Series 2016-10HY, Class A SEQ, 2.84%, 8/10/38(2)	50,000		51,572
Hudson Yards Mortgage Trust, Series 2016-10HY, Class B, VRN, 3.08%, 8/10/38(2)	25,000		25,775
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class AS SEQ, 4.00%, 8/15/47	250,000		265,652
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class B, VRN, 4.34%, 8/15/47	60,000		63,612
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4 SEQ, 3.41%, 3/15/50	60,000		64,137
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class C, VRN, 5.19%, 12/15/46	37,000		40,145
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class B, 3.46%, 8/15/49	40,000		41,547
UBS Commercial Mortgage Trust, Series 2017-C1, Class A3 SEQ, 3.20%, 6/15/50	100,000		105,322
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,105,011)			1,133,342
SOVEREIGN GOVERNMENTS AND AGENCIES — 2.4%
Egypt — 1.0%
Egypt Government International Bond, 5.75%, 4/29/20	100,000		101,277
Egypt Government International Bond, 6.125%, 1/31/22	200,000		206,600
			307,877
Hungary — 0.7%
Hungary Government International Bond, 6.375%, 3/29/21	200,000		212,500
Oman — 0.7%
Oman Government International Bond, 4.125%, 1/17/23	200,000		200,083
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $699,739)			720,460
PREFERRED STOCKS — 1.1%
Banks — 1.0%
Bank of America Corp., 5.20%	135,000		139,484
JPMorgan Chase & Co., 5.15%	150,000		154,420
			293,904

13

	Principal Amount/Shares		Value
Equity Real Estate Investment Trusts (REITs) — 0.1%
SITE Centers Corp., 6.25%	1,400		$	36,638
TOTAL PREFERRED STOCKS (Cost $314,724)			330,542
BANK LOAN OBLIGATIONS(7) — 0.4%
Diversified Telecommunication Services — 0.2%
Zayo Group, LLC, 2017 Incremental Term Loan, 4.29%, (1-month LIBOR plus 2.25%), 1/19/24	$	50,000	50,172
Hotels, Restaurants and Leisure — 0.1%
Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 4.79%, (1-month LIBOR plus 2.75%), 12/22/24	19,649		19,542
Pharmaceuticals — 0.1%
Bausch Health Companies, Inc., 2018 Term Loan B, 5.04%, (1-month LIBOR plus 3.00%), 6/2/25	37,013		37,206
TOTAL BANK LOAN OBLIGATIONS (Cost $107,201)			106,920
TEMPORARY CASH INVESTMENTS — 6.6%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.375% - 2.875%, 6/30/20 - 2/15/29, valued at $1,750,322), in a joint trading account at 1.80%, dated 9/30/19, due 10/1/19 (Delivery value $1,715,514)			1,715,429
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45, valued at $291,112), at 0.85%, dated 9/30/19, due 10/1/19 (Delivery value $283,007)			283,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	1,834		1,834
TOTAL TEMPORARY CASH INVESTMENTS (Cost $2,000,263)			2,000,263
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(8) — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $331,988)	331,988		331,988
TOTAL INVESTMENT SECURITIES — 101.5% (Cost $30,037,687)			30,731,169
OTHER ASSETS AND LIABILITIES — (1.5)%			(448,730		)
TOTAL NET ASSETS — 100.0%			$	30,282,439

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	12,542	USD	13,894	JPMorgan Chase Bank N.A.	12/18/19	$	(143	)
MXN	170,424	USD	8,577	Morgan Stanley	12/18/19	(46		)
						$	(189	)

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Underlying Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Notes	14	December 2019	$	1,400,000	$	1,668,078	$	4,344

14

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 32	Buy	(5.00)%	6/20/24	$	673,200	$	(39,409	)	$	(9,119	)	$	(48,528	)

^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
EUR	-	Euro
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
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, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $321,519. 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.

(2) 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 $6,988,005, which represented 23.1% 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) Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $71,561.

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

(6) Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(7) 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.

(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 $331,988.

See Notes to Financial Statements.

15

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities - unaffiliated, at value (cost of $28,198,462)	$	28,816,550
Investment securities - affiliated, at value (cost of $1,507,237)	1,582,631
Investment made with cash collateral received for securities on loan, at value (cost of $331,988)	331,988
Total investment securities, at value (cost of $30,037,687)	30,731,169
Receivable for investments sold	44,661
Receivable for capital shares sold	5,054
Interest and dividends receivable	196,824
Securities lending receivable	66
	30,977,774
Liabilities
Payable for collateral received for securities on loan	331,988
Payable for investments purchased	329,432
Payable for capital shares redeemed	12,576
Payable for variation margin on futures contracts	656
Payable for variation margin on swap agreements	2,050
Unrealized depreciation on forward foreign currency exchange contracts	189
Accrued management fees	15,944
Distribution and service fees payable	554
Dividends payable	1,946
	695,335
Net Assets	$	30,282,439
Net Assets Consist of:
Capital paid in	$	29,921,760
Distributable earnings	360,679
	$	30,282,439

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$22,543,739	2,258,787	$9.98
I Class		$2,692,273	269,903	$9.97
Y Class		$5,577	559	$9.98
A Class		$1,634,803	163,814	$9.98*
C Class		$211,844	21,235	$9.98
R Class		$155,578	15,584	$9.98
R5 Class		$103,154	10,337	$9.98
R6 Class		$2,935,471	294,170	$9.98

*Maximum offering price $10.45 (net asset value divided by 0.955).

See Notes to Financial Statements.

16

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	381,947
Income distributions from affiliated funds	33,782
Dividends	1,644
Securities lending, net	165
	417,538
Expenses:
Management fees	85,259
Distribution and service fees:
A Class	1,789
C Class	937
R Class	335
Trustees' fees and expenses	844
Other expenses	661
	89,825
Fees waived(1)	(5,514		)
	84,311
Net investment income (loss)	333,227
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	77,702
Forward foreign currency exchange contract transactions	472
Swap agreement transactions	(25,608		)
Foreign currency translation transactions	(188		)
	52,378
Change in net unrealized appreciation (depreciation) on:
Investments (including $40,509 from affiliated funds)	541,504
Forward foreign currency exchange contracts	(784		)
Futures contracts	4,344
Swap agreements	(9,119		)
Translation of assets and liabilities in foreign currencies	156
	536,101
Net realized and unrealized gain (loss)	588,479
Net Increase (Decrease) in Net Assets Resulting from Operations	$	921,706

(1) Amount consists of $4,366, $531, $2, $336, $44, $31, $24 and $180 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.

17

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	333,227		$	598,716
Net realized gain (loss)	52,378			(175,500		)
Change in net unrealized appreciation (depreciation)	536,101			290,405
Net increase (decrease) in net assets resulting from operations	921,706			713,621
Distributions to Shareholders
From earnings:
Investor Class	(276,542		)	(499,842		)
I Class	(34,694		)	(42,574		)
Y Class	(88		)	(212		)
A Class	(19,497		)	(44,458		)
C Class	(1,853		)	(17,840		)
R Class	(1,656		)	(13,277		)
R5 Class	(1,611		)	(20,067		)
R6 Class	(13,649		)	(21,566		)
Decrease in net assets from distributions	(349,590		)	(659,836		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	10,786,820			1,746,930
Net increase (decrease) in net assets	11,358,936			1,800,715
Net Assets
Beginning of period	18,923,503			17,122,788
End of period	$	30,282,439		$	18,923,503

See Notes to Financial Statements.

18

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

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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.

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. 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.Securities lending income is net of fees and rebates earned by the lending agent for its services.

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.

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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.

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 September 30, 2019.

Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Corporate Bonds	$	331,988	—	—	—	$	331,988
Gross amount of recognized liabilities for securities lending transactions						$	331,988

(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.

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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.

The annual management fee and the effective annual management fee after waiver for each class for the period ended September 30, 2019 are as follows:

	Annual Management Fee	Effective Annual Management Fee After Waiver
Investor Class	0.74%	0.70%
I Class	0.64%	0.60%
Y Class	0.54%	0.50%
A Class	0.74%	0.70%
C Class	0.74%	0.70%
R Class	0.74%	0.70%
R5 Class	0.54%	0.50%
R6 Class	0.49%	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, 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 September 30, 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.

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4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended September 30, 2019 totaled $13,534,161, of which $3,560,315 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2019 totaled $4,111,231, of which $337,100 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):

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	794,901		$	7,857,135		1,104,462		$	10,560,239
Issued in reinvestment of distributions	26,821		265,530			49,179		471,880
Redeemed	(177,904)		(1,757,235		)	(794,260)		(7,633,594		)
	643,818		6,365,430			359,381		3,398,525
I Class
Sold	128,924		1,263,957			77,683		744,902
Issued in reinvestment of distributions	3,505		34,694			4,434		42,501
Redeemed	(740	)	(7,384		)	(14,448	)	(139,428		)
	131,689		1,291,267			67,669		647,975
Y Class
Issued in reinvestment of distributions	9		88			22		212
A Class
Sold	28,008		277,841			148,484		1,418,224
Issued in reinvestment of distributions	1,971		19,497			4,583		43,932
Redeemed	(2,273	)	(22,567		)	(84,968	)	(805,318		)
	27,706		274,771			68,099		656,838
C Class
Sold	2,675		26,635			805		7,587
Issued in reinvestment of distributions	187		1,853			1,805		17,350
Redeemed	(372	)	(3,658		)	(106,482	)	(1,021,900		)
	2,490		24,830			(103,872	)	(996,963		)
R Class
Sold	7,183		70,640			3,801		36,646
Issued in reinvestment of distributions	164		1,623			1,372		13,193
Redeemed	(3,285	)	(32,091		)	(78,363	)	(753,666		)
	4,062		40,172			(73,190	)	(703,827		)
R5 Class
Issued in reinvestment of distributions	163		1,611			2,080		19,986
Redeemed	—		—			(67,198	)	(637,943		)
	163		1,611			(65,118	)	(617,957		)
R6 Class
Sold	291,268		2,898,483			3,298		31,073
Issued in reinvestment of distributions	1,369		13,649			2,233		21,478
Redeemed	(12,574	)	(123,481		)	(72,382	)	(690,424		)
	280,063		2,788,651			(66,851	)	(637,873		)
Net increase (decrease)	1,090,000		$	10,786,820		186,140		$	1,746,930

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6. Affiliated Fund Transactions

A summary of transactions for each affiliated fund for the period ended September 30, 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	$	1,508	$	34	—	$	41	$	1,583	152	—	$	34

(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.

24

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	—		$	12,023,206	—
U.S. Treasury Securities	—		5,475,142		—
Asset-Backed Securities	—		2,527,603		—
Collateralized Loan Obligations	—		2,332,871		—
Collateralized Mortgage Obligations	—		2,166,201		—
Affiliated Funds	$	1,582,631	—		—
Commercial Mortgage-Backed Securities	—		1,133,342		—
Sovereign Governments and Agencies	—		720,460		—
Preferred Stocks	36,638		293,904		—
Bank Loan Obligations	—		106,920		—
Temporary Cash Investments	1,834		1,998,429		—
Temporary Cash Investments - Securities Lending Collateral	331,988		—		—
	$	1,953,091	$	28,778,078	—
Other Financial Instruments
Futures Contracts	$	4,344	—		—
Liabilities
Other Financial Instruments
Swap Agreements	—		$	48,528	—
Forward Foreign Currency Exchange Contracts	—		189		—
	—		$	48,717	—

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 $1,881,200.

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

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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 $191,637.

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 $1,400,000 futures contracts purchased.

Value of Derivative Instruments as of September 30, 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*	$	2,050
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	—	Unrealized depreciation on forward foreign currency exchange contracts	189
Interest Rate Risk	Receivable for variation margin on futures contracts*	—	Payable for variation margin on futures contracts*	656
		—		$	2,895

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended September 30, 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	$	(25,608	)	Change in net unrealized appreciation (depreciation) on swap agreements	$	(9,119	)
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	472			Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	(784		)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	—			Change in net unrealized appreciation (depreciation) on futures contracts	4,344
		$	(25,136	)		$	(5,559	)

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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.

10. Federal Tax Information

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 components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	30,037,687
Gross tax appreciation of investments	$	762,042
Gross tax depreciation of investments	(68,560		)
Net tax appreciation (depreciation) of investments	$	693,482

The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

As of March 31, 2019, the fund had accumulated short-term capital losses of $(103,904) and accumulated long-term capital losses of $(172,239), 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.

As of March 31, 2019, the fund had late-year ordinary loss deferrals of $(85,751), which 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. The adoption of ASU 2017-08 did not materially impact 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(3)	$9.73	0.14	0.26	0.40	(0.15)	$9.98	4.11%	0.71%(4)	0.75%(4)	2.83%(4)	2.79%(4)	20%		$22,544
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(5)	$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(3)	$9.73	0.14	0.25	0.39	(0.15)	$9.97	4.06%	0.61%(4)	0.65%(4)	2.93%(4)	2.89%(4)	20%		$2,692
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(6)	$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%(7)		$687
Y Class
2019(3)	$9.73	0.15	0.26	0.41	(0.16)	$9.98	4.23%	0.51%(4)	0.55%(4)	3.03%(4)	2.99%(4)	20%		$6
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(6)	$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%(7)		$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:						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)
A Class
2019(3)	$9.73	0.13	0.26	0.39	(0.14)	$9.98	3.98%	0.96%(4)	1.00%(4)	2.58%(4)	2.54%(4)	20%		$1,635
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(5)	$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
C Class
2019(3)	$9.73	0.09	0.26	0.35	(0.10)	$9.98	3.59%	1.71%(4)	1.75%(4)	1.83%(4)	1.79%(4)	20%		$212
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(5)	$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

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)
R Class
2019(3)	$9.73	0.11	0.26	0.37	(0.12)	$9.98	3.85%	1.21%(4)	1.25%(4)	2.33%(4)	2.29%(4)	20%		$156
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(5)	$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(3)	$9.73	0.15	0.26	0.41	(0.16)	$9.98	4.21%	0.51%(4)	0.55%(4)	3.03%(4)	2.99%(4)	20%		$103
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(5)	$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(3)	$9.73	0.15	0.26	0.41	(0.16)	$9.98	4.24%	0.46%(4)	0.50%(4)	3.08%(4)	3.04%(4)	20%		$2,935
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(5)	$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) Six months ended September 30, 2019 (unaudited).

(4) Annualized.

(5) July 28, 2014 (fund inception) through March 31, 2015.

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

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

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of

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the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above its benchmark for the three-year period and below its benchmark for the one-year period reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

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Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer universe. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

34

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

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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.

36

Notes

37

Notes

38

Notes

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-SAN-90821 1911

Semiannual Report

September 30, 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
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	10
Statement of Changes in Net Assets.	11
Notes to Financial Statements	12
Financial Highlights	16
Approval of Management Agreement	18
Additional Information	22

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 semiannual report for the period ended September 30, 2019. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.

Federal Reserve’s Policy Pivot Promoted Stock, Bond Gains

U.S. stocks and bonds advanced for the six-month period, and the typically uncorrelated asset classes delivered similar returns. Stocks, as measured by the S&P 500 Index, gained 6.08%, while bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.42%.

A key policy pivot from the Federal Reserve (Fed) helped set the stage for the period’s gains. In early 2019, the Fed abruptly ended its three-year rate-hike campaign and adopted a dovish tone amid weaker global growth and inflation. In light of anticipated Fed support, stock investors generally overlooked moderating economic and earnings data and trade policy uncertainty. Meanwhile, as economic data continued to slow, U.S. Treasury yields continued to fall. Muted inflation and the dovish Fed also helped drive down yields. By July, concerns about global economic risks prompted the Fed to cut short-term interest rates for the first time in 10 years. And with those global risks still looming, the Fed cut rates again in September.

Within the broad U.S. equity universe, large-cap stocks generally outperformed mid- and small-cap stocks, according to the Russell U.S. Indexes. Large- and mid-cap stocks posted gains, while small-cap stocks declined slightly. Growth stocks retained an edge over value stocks within the mid- and large-cap segments, but they declined and lagged value stocks in the small-cap universe. Within the fixed-income market, investment-grade corporate bonds and longer-maturity Treasuries were top performers. According to Bloomberg, the yield on the 10-year Treasury note plunged from 2.41% at the end of March to 1.66% six months later, which helped fuel broad bond market gains.

Looking ahead, we expect volatility to remain a formidable factor as investors react to global growth trends, U.S.-China trade policy developments, central bank policy and geopolitical forces. 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

Fund Characteristics

SEPTEMBER 30, 2019
7-Day Current Yields	Investor Class	A Class	C Class	G Class
After waiver	1.53%	1.28%	0.79%	1.98%(1)
Before waiver	1.53%	1.28%	0.79%	1.53%
7-Day Effective Yields	Investor Class	A Class	C Class	G Class
After waiver	1.54%	1.29%	0.79%	2.00%(1)
(1) Yields would have been lower if a portion of the fees had not been waived.

Portfolio at a Glance
Weighted Average Maturity	13 days
Weighted Average Life	98 days
Portfolio Composition by Maturity	% of fund investments
1-30 days	87%
31-90 days	12%
91-180 days	—
More than 180 days	1%

3

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 April 1, 2019 to September 30, 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.

4

	Beginning Account Value 4/1/19	Ending Account Value 9/30/19	Expenses Paid During Period(1)  4/1/19 - 9/30/19	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,009.50	$2.31	0.46%
A Class	$1,000	$1,008.30	$3.56	0.71%
C Class	$1,000	$1,005.80	$6.07	1.21%
G Class	$1,000	$1,011.80	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,022.70	$2.33	0.46%
A Class	$1,000	$1,021.45	$3.59	0.71%
C Class	$1,000	$1,018.95	$6.11	1.21%
G Class	$1,000	$1,024.95	$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 183, the number of days in the most recent fiscal half-year, divided by 366, 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.

5

Schedule of Investments

SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount		Value
U.S. GOVERNMENT AGENCY SECURITIES(1) — 76.7%
Adjustable-Rate U.S. Government Agency Securities — 65.7%
Federal Farm Credit Banks Funding Corp., VRN, 2.14%, (1-month LIBOR plus 0.10%), 12/30/20	$	35,000,000	$	34,995,639
Federal Home Loan Bank, VRN, 1.85%, (SOFR plus 0.03%), 10/9/19	34,000,000		34,000,000
Federal Home Loan Bank, VRN, 1.83%, (SOFR plus 0.01%), 10/10/19	45,000,000		45,000,000
Federal Home Loan Bank, VRN, 2.08%, (3-month LIBOR less 0.22%), 10/15/19	75,000,000		75,000,000
Federal Home Loan Bank, VRN, 1.99%, (1-month LIBOR less 0.03%), 11/25/19	80,000,000		80,000,000
Federal Home Loan Bank, VRN, 1.84%, (SOFR plus 0.02%), 11/27/19	202,250,000		202,250,000
Federal Home Loan Bank, VRN, 1.85%, (SOFR plus 0.03%), 12/6/19	35,000,000		35,000,000
Federal Home Loan Bank, VRN, 2.00%, (1-month LIBOR less 0.03%), 12/16/19	70,000,000		70,000,000
Federal Home Loan Bank, VRN, 2.02%, (3-month LIBOR less 0.14%), 12/19/19	31,895,000		31,901,691
Federal Home Loan Bank, VRN, 1.83%, (SOFR plus 0.01%), 12/20/19	500,000		500,009
Federal Home Loan Bank, VRN, 1.83%, (SOFR plus 0.01%), 1/17/20	45,000,000		45,000,000
Federal Home Loan Bank, VRN, 1.87%, (SOFR plus 0.05%), 1/17/20	33,000,000		33,000,000
Federal Home Loan Bank, VRN, 1.87%, (SOFR plus 0.05%), 1/17/20	3,000,000		3,000,439
Federal Home Loan Bank, VRN, 1.83%, (SOFR plus 0.01%), 1/24/20	125,000,000		125,000,000
Federal Home Loan Bank, VRN, 1.85%, (SOFR plus 0.03%), 3/6/20	57,000,000		57,000,000
Federal Home Loan Bank, VRN, 2.10%, (1-month LIBOR plus 0.05%), 3/25/20	25,000,000		25,000,000
Federal Home Loan Bank, VRN, 2.00%, (1-month LIBOR less 0.03%), 4/16/20	50,000,000		50,000,000
Federal Home Loan Bank, VRN, 1.86%, (SOFR plus 0.04%), 5/8/20	70,000,000		70,000,000
Federal Home Loan Bank, VRN, 1.84%, (SOFR plus 0.02%), 5/14/20	11,000,000		11,000,000
Federal Home Loan Bank, VRN, 1.90%, (SOFR plus 0.08%), 7/8/21	15,000,000		15,000,000
Federal Home Loan Mortgage Corp, MTN, VRN, 1.82%, (SOFR), 2/12/20	28,000,000		28,000,000
Federal Home Loan Mortgage Corp, MTN, VRN, 1.83%, (SOFR plus 0.01%), 2/21/20	20,000,000		20,000,000
Federal Home Loan Mortgage Corp, MTN, VRN, 1.83%, (SOFR plus 0.01%), 5/13/20	5,000,000		5,000,000
Federal Home Loan Mortgage Corp, MTN, VRN, 1.85%, (SOFR plus 0.03%), 6/2/20	20,000,000		20,000,000
Federal Home Loan Mortgage Corp, MTN, VRN, 1.84%, (SOFR plus 0.02%), 7/10/20	65,000,000		65,000,000
Federal Home Loan Mortgage Corp, MTN, VRN, 1.83%, (SOFR plus 0.01%), 7/22/20	60,000,000		60,000,000
			1,240,647,778

6

	Principal Amount		Value
Fixed-Rate U.S. Government Agency Securities — 11.0%
Federal Home Loan Bank, 1.90%, 10/30/19	$	6,400,000	$	6,390,359
Federal Home Loan Bank, 1.99%, 11/15/19	26,800,000		26,734,507
Federal Home Loan Bank, 1.98%, 11/19/19	125,000,000		124,668,229
Federal Home Loan Bank, 1.91%, 11/22/19	30,000,000		29,918,837
Federal Home Loan Mortgage Corp, 2.52%, 4/15/20	20,000,000		20,000,000
Tennessee Valley Authority, 1.93%, 10/2/19	500,000		499,974
			208,211,906
TOTAL U.S. GOVERNMENT AGENCY SECURITIES			1,448,859,684
CORPORATE BONDS — 7.8%
Anton Mountain View LLC, VRDN, 2.08%, 10/30/19 (LOC: FHLB)	24,855,000		24,855,000
Doghouse Properties LLC, VRDN, 2.19%, 10/7/19 (LOC: FHLB)	1,170,000		1,170,000
EPR GO Zone Holdings LLC, VRDN, 2.15%, 10/7/19 (LOC: FHLB)	24,995,000		24,995,000
Fairfield North Texas Associates LP, VRDN, 2.08%, 10/7/19 (LOC: FHLB)	9,550,000		9,550,000
Northcreek Church, VRDN, 2.40%, 10/7/19 (LOC: FHLB)	4,350,000		4,350,000
Saddleback Valley Community Church, VRDN, 2.20%, 10/7/19 (LOC: FHLB)	6,895,000		6,895,000
Santa Monica Ocean Park Partners LP, VRDN, 2.08%, 10/7/19 (LOC: FHLB)	9,370,000		9,370,000
Sendero LLC, VRDN, 2.08%, 10/7/19 (LOC: FHLB)	35,280,000		35,280,000
Sendero LLC, VRDN, 2.08%, 10/7/19 (LOC: FHLB)	21,620,000		21,620,000
Varenna Care Center LP, VRDN, 2.08%, 10/7/19 (LOC: FHLB)	8,765,000		8,765,000
TOTAL CORPORATE BONDS			146,850,000
U.S. TREASURY SECURITIES(1) — 5.7%
U.S. Treasury Bills, 2.13%, 10/1/19	100,000,000		100,000,000
U.S. Treasury Notes, VRN, 2.03%, (3-month USBMMY plus 0.12%), 1/31/21	8,000,000		7,996,375
TOTAL U.S. TREASURY SECURITIES			107,996,375
MUNICIPAL SECURITIES — 0.7%
California Statewide Communities Development Authority Rev., (Uptown Newport Building Owner LP), VRDN, 2.33%, 10/7/19 (LOC: East West Bank, Zions Bank and FHLB)	8,415,000		8,415,000
JJB Properties LLC Rev., VRDN, 2.08%, 10/7/19 (LOC: Arvest Bank and FHLB)	2,975,000		2,975,000
Mississippi Business Finance Corp. Rev., (Brown Bottling Group, Inc.), VRDN, 2.21%, 10/7/19 (LOC: Trustmark National Bank and FHLB)	750,000		750,000
New York City Housing Development Corp. Rev., (2 Gold LLC), VRDN, 2.06%, 10/7/19 (LOC: FNMA)(LIQ FAC: FNMA)	855,000		855,000
St. Tammany Parish Economic & Industrial Development District Rev., (Diversified Foods and Seasonings LLC), VRDN, 2.14%, 10/7/19 (LOC: Fidelity Homestead Assistance and FHLB)	1,160,000		1,160,000
TOTAL MUNICIPAL SECURITIES			14,155,000
TOTAL INVESTMENT SECURITIES — 90.9%			1,717,861,059
OTHER ASSETS AND LIABILITIES(2) — 9.1%			171,003,917
TOTAL NET ASSETS — 100.0%			$	1,888,864,976

7

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
SOFR	-	Secured Overnight Financing Rate
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.

8

Statement of Assets and Liabilities

SEPTEMBER 30, 2019 (UNAUDITED)
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	1,717,861,059
Cash	259,970
Receivable for investments sold	179,021,941
Receivable for capital shares sold	761,982
Interest receivable	3,892,507
	1,901,797,459
Liabilities
Payable for investments purchased	7,500,000
Payable for capital shares redeemed	5,031,420
Accrued management fees	383,382
Distribution and service fees payable	13,515
Dividends payable	4,166
	12,932,483
Net Assets	$	1,888,864,976
Net Assets Consist of:
Capital paid in	$	1,888,915,092
Distributable earnings	(50,116		)
	$	1,888,864,976

	Net Assets		Shares Outstanding	Net Asset Value Per Share
Investor Class		$971,639,359	971,803,721		$1.00
A Class		$65,295,952	65,294,913		$1.00
C Class		$102,377	102,374		$1.00
G Class		$851,827,288	851,844,244		$1.00

See Notes to Financial Statements.

9

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	21,814,771
Expenses:
Management fees	4,180,453
Distribution and service fees:
A Class	81,424
C Class	308
Trustees' fees and expenses	67,807
Other expenses	1,648
	4,331,640
Fees waived - G Class	(1,946,083		)
	2,385,557
Net investment income (loss)	19,429,214
Net realized gain (loss) on investment transactions	10,992
Net Increase (Decrease) in Net Assets Resulting from Operations	$	19,440,206

See Notes to Financial Statements.

10

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED) AND YEAR ENDED MARCH 31, 2019
Increase (Decrease) in Net Assets	September 30, 2019			March 31, 2019
Operations
Net investment income (loss)	$	19,429,214		$	35,341,625
Net realized gain (loss)	10,992			6,713
Net increase (decrease) in net assets resulting from operations	19,440,206			35,348,338
Distributions to Shareholders
From earnings:
Investor Class	(8,761,647		)	(15,302,067		)
A Class	(535,797		)	(1,007,024		)
C Class	(464		)	(698		)
G Class	(10,131,306		)	(19,031,836		)
Decrease in net assets from distributions	(19,429,214		)	(35,341,625		)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 4)	105,563,780			(95,609,086		)
Net increase (decrease) in net assets	105,574,772			(95,602,373		)
Net Assets
Beginning of period	1,783,290,204			1,878,892,577
End of period	$	1,888,864,976		$	1,783,290,204

See Notes to Financial Statements.

11

Notes to Financial Statements

SEPTEMBER 30, 2019 (UNAUDITED)

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.

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.

12

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, 55% of the shares of the fund. ACIM owns 20% 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 September 30, 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 September 30, 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):

	Six months ended September 30, 2019					Year ended March 31, 2019
	Shares		Amount			Shares		Amount
Investor Class
Sold	377,228,698		$	377,228,698		610,098,718		$	610,098,718
Issued in reinvestment of distributions	8,705,371		8,705,371			15,209,824		15,209,824
Redeemed	(265,634,447	)	(265,634,447		)	(600,775,338	)	(600,775,338		)
	120,299,622		120,299,622			24,533,204		24,533,204
A Class
Sold	15,326,509		15,326,509			38,826,325		38,826,325
Issued in reinvestment of distributions	535,797		535,797			1,005,244		1,005,244
Redeemed	(18,082,593	)	(18,082,593		)	(52,835,390	)	(52,835,390		)
	(2,220,287	)	(2,220,287		)	(13,003,821	)	(13,003,821		)
C Class
Sold	29,361		29,361			199,366		199,366
Issued in reinvestment of distributions	345		345			280		280
Redeemed	(3,939	)	(3,939		)	(151,767	)	(151,767		)
	25,767		25,767			47,879		47,879
G Class
Sold	21,202,132		21,202,132			60,813,798		60,813,798
Issued in reinvestment of distributions	10,131,244		10,131,244			18,991,237		18,991,237
Redeemed	(43,874,698	)	(43,874,698		)	(186,991,383	)	(186,991,383		)
	(12,541,322	)	(12,541,322		)	(107,186,348	)	(107,186,348		)
Net increase (decrease)	105,563,780		$	105,563,780		(95,609,086	)	$	(95,609,086	)

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 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. The adoption of ASU 2017-08 did not materially impact 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(2)	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.95%	0.46%(4)	0.46%(4)	1.90%(4)	1.90%(4)		$971,639
2019	$1.00	0.02	—(3)	0.02	(0.02)	$1.00	1.67%	0.46%	0.46%	1.65%	1.65%		$851,334
2018	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.64%	0.46%	0.46%	0.62%	0.62%		$826,798
2017	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.07%	0.44%	0.46%	0.07%	0.05%		$2,071,097
2016	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.23%	0.46%	0.01%	(0.22)%		$1,574,173
2015	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.15%	0.46%	0.01%	(0.30)%		$1,373,230
A Class
2019(2)	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.83%	0.71%(4)	0.71%(4)	1.65%(4)	1.65%(4)		$65,296
2019	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	1.41%	0.71%	0.71%	1.40%	1.40%		$67,516
2018	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.51%	0.57%	0.71%	0.51%	0.37%		$80,519
2017	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.07%	0.46%	0.71%	0.05%	(0.20)%		$93,967
2016(5)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.34%(4)	0.71%(4)	0.01%(4)	(0.35)%(4)		$52

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)
C Class
2019(2)	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.58%	1.21%(4)	1.21%(4)	1.15%(4)	1.15%(4)		$102
2019	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.91%	1.21%	1.21%	0.90%	0.90%		$77
2018	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.29%	0.74%	1.21%	0.34%	(0.13)%		$29
2017	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.07%	0.44%	1.21%	0.07%	(0.70)%		$61
2016(5)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.32%(4)	1.21%(4)	0.01%(4)	(0.88)%(4)		$25
G Class
2019(2)	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	1.18%	0.01%(4)	0.46%(4)	2.35%(4)	1.90%(4)		$851,827
2019	$1.00	0.02	—(3)	0.02	(0.02)	$1.00	2.13%	0.01%	0.46%	2.10%	1.65%		$864,364
2018(6)	$1.00	0.01	—(3)	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) Six months ended September 30, 2019 (unaudited).

(3) Per-share amount was less than $0.005.

(4) Annualized.

(5) December 1, 2015 (commencement of sale) through March 31, 2016.

(6) July 28, 2017 (commencement of sale) through March 31, 2018.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 19, 2019, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

• the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund;

• the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• the cost of owning the Fund compared to the cost of owning similar funds;

• the compliance policies, procedures, and regulatory experience of the Advisor and the Fund’s service providers;

• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

• strategic plans of the Advisor;

• any economies of scale associated with the Advisor’s management of the Fund and other accounts;

• services provided and charges to the Advisor’s other investment management clients;

• acquired fund fees and expenses;

• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

• any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

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Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

• legal services (except the independent Trustees’ counsel)

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above the median of the peer group for the three-, five-, and ten-year periods and below the median for the one-year period reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

19

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. Given the broad proliferation of fee waivers to support positive money market fund yields and the wide variance of expenses waived, the Board recognized that net fee comparisons may not be a reliable analysis of fund expenses. With that in mind, the Board reviewed peer data both on a gross basis and net of applicable waivers. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

20

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

21

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.

22

Notes

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-SAN-90817 1911

ITEM 2. CODE OF ETHICS.

Not applicable for semiannual report filings.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semiannual report filings.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semiannual report filings.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semiannual report filings.

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)    Not applicable for semiannual report filings.

(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/ Patrick Bannigan
	Name:	Patrick Bannigan
	Title:	President
Date:	November 26, 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/ Patrick Bannigan
	Name:	Patrick Bannigan
	Title:	President
		(principal executive officer)
Date:	November 26, 2019

By:	/s/ R. Wes Campbell
	Name:	R. Wes Campbell
	Title:	Treasurer and
		Chief Financial Officer
		(principal financial officer)
Date:	November 26, 2019