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:	09-30-2020

ITEM 1. REPORTS TO STOCKHOLDERS.

Semiannual Report

September 30, 2020

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, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics 

SEPTEMBER 30, 2020
Portfolio at a Glance
Average Duration (effective)	6.1 years
Weighted Average Life to Maturity	9.2 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	45.0%
U.S. Government Agency Mortgage-Backed Securities	20.4%
U.S. Treasury Securities	16.2%
Collateralized Mortgage Obligations	12.9%
Collateralized Loan Obligations	4.4%
Asset-Backed Securities	3.7%
Municipal Securities	2.2%
Sovereign Governments and Agencies	1.7%
Preferred Stocks	0.7%
Bank Loan Obligations	0.4%
Temporary Cash Investments	1.0%
Other Assets and Liabilities	(8.6)%*

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

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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,062.60	$2.84	0.55%
I Class	$1,000	$1,062.20	$2.33	0.45%
A Class	$1,000	$1,061.20	$4.13	0.80%
C Class	$1,000	$1,058.10	$8.00	1.55%
R Class	$1,000	$1,059.90	$5.42	1.05%
R5 Class	$1,000	$1,063.70	$1.81	0.35%
Hypothetical
Investor Class	$1,000	$1,022.31	$2.79	0.55%
I Class	$1,000	$1,022.81	$2.28	0.45%
A Class	$1,000	$1,021.06	$4.05	0.80%
C Class	$1,000	$1,017.30	$7.84	1.55%
R Class	$1,000	$1,019.80	$5.32	1.05%
R5 Class	$1,000	$1,023.31	$1.78	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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 45.0%
Aerospace and Defense — 0.4%
Boeing Co. (The), 5.15%, 5/1/30	$	70,000	$	78,623
Boeing Co. (The), 5.81%, 5/1/50	180,000		217,950
Raytheon Technologies Corp., 4.125%, 11/16/28	220,000		260,709
			557,282
Airlines — 0.3%
Delta Air Lines, Inc., 7.375%, 1/15/26	50,000		52,486
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(1)	246,000		252,670
Southwest Airlines Co., 5.125%, 6/15/27	228,000		248,822
			553,978
Auto Components — 0.1%
BorgWarner, Inc., 2.65%, 7/1/27	90,000		95,127
Automobiles — 0.9%
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	270,000		275,569
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	200,000		197,848
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	200,000		197,272
General Motors Co., 5.15%, 4/1/38	100,000		106,163
General Motors Financial Co., Inc., 2.75%, 6/20/25	180,000		184,578
General Motors Financial Co., Inc., 2.70%, 8/20/27	225,000		224,325
Nissan Motor Co. Ltd., 4.35%, 9/17/27(1)	200,000		201,082
			1,386,837
Banks — 4.0%
Banco Santander SA, 3.50%, 4/11/22	400,000		414,979
Banistmo SA, 4.25%, 7/31/27(1)	200,000		203,652
Bank of America Corp., MTN, VRN, 1.32%, 6/19/26	390,000		392,977
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28	150,000		170,146
Bank of America Corp., MTN, VRN, 2.50%, 2/13/31	174,000		181,755
Bank of America Corp., MTN, VRN, 2.68%, 6/19/41	300,000		307,620
Bank of America Corp., VRN, 3.00%, 12/20/23	325,000		341,446
Bank of America Corp., VRN, 3.42%, 12/20/28	60,000		66,917
BNP Paribas SA, VRN, 2.59%, 8/12/35(1)	400,000		389,335
BPCE SA, 5.15%, 7/21/24(1)	200,000		224,257
BPCE SA, VRN, 1.65%, 10/6/26(1)(2)	120,000		120,106
Citigroup, Inc., 4.05%, 7/30/22	80,000		84,973
Citigroup, Inc., VRN, 3.52%, 10/27/28	180,000		200,255
Citigroup, Inc., VRN, 2.57%, 6/3/31	240,000		252,802
Cooperatieve Rabobank UA, 3.95%, 11/9/22	250,000		265,815
Fifth Third BanCorp., 4.30%, 1/16/24	80,000		88,340
FNB Corp., 2.20%, 2/24/23	180,000		181,799
JPMorgan Chase & Co., VRN, 2.18%, 6/1/28	415,000		433,617
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	354,000		377,759
Lloyds Banking Group plc, VRN, 2.44%, 2/5/26	200,000		207,565
Societe Generale SA, VRN, 3.65%, 7/8/35(1)	110,000		110,827
UniCredit SpA, VRN, 5.86%, 6/19/32(1)	200,000		213,218
UniCredit SpA, VRN, 5.46%, 6/30/35(1)	210,000		214,366
Wells Fargo & Co., 4.125%, 8/15/23	10,000		10,901

6

	Principal Amount/Shares		Value
Wells Fargo & Co., 3.00%, 10/23/26	$	332,000	$	362,909
Wells Fargo & Co., MTN, VRN, 2.39%, 6/2/28	80,000		83,559
Wells Fargo & Co., VRN, 2.19%, 4/30/26	155,000		161,223
Wells Fargo & Co., VRN, 3.07%, 4/30/41	130,000		135,480
			6,198,598
Beverages — 0.5%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	240,000		298,422
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	190,000		231,280
Coca-Cola Co. (The), 1.00%, 3/15/28	70,000		69,849
Constellation Brands, Inc., 4.75%, 12/1/25	140,000		166,592
PepsiCo, Inc., 1.625%, 5/1/30	80,000		82,296
			848,439
Biotechnology — 1.2%
AbbVie, Inc., 3.25%, 10/1/22(1)	60,000		62,764
AbbVie, Inc., 3.85%, 6/15/24(1)	100,000		109,631
AbbVie, Inc., 3.60%, 5/14/25	280,000		310,598
AbbVie, Inc., 3.20%, 11/21/29(1)	180,000		198,689
AbbVie, Inc., 4.55%, 3/15/35(1)	100,000		122,557
Amgen, Inc., 2.20%, 2/21/27	160,000		169,129
Emergent BioSolutions, Inc., 3.875%, 8/15/28(1)	284,000		285,826
Gilead Sciences, Inc., 3.65%, 3/1/26	230,000		259,883
Gilead Sciences, Inc., 1.65%, 10/1/30	347,000		346,792
Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30	60,000		58,604
			1,924,473
Building Products — 0.4%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	260,000		269,588
Lennox International, Inc., 1.70%, 8/1/27	60,000		60,015
Standard Industries, Inc., 4.75%, 1/15/28(1)	224,000		232,960
Standard Industries, Inc., 4.375%, 7/15/30(1)	30,000		30,804
Standard Industries, Inc., 3.375%, 1/15/31(1)	60,000		59,332
			652,699
Capital Markets — 2.7%
Ares Capital Corp., 3.25%, 7/15/25	288,000		286,593
Ares Finance Co. II LLC, 3.25%, 6/15/30(1)	130,000		136,220
Credit Suisse Group AG, VRN, 2.19%, 6/5/26(1)	510,000		527,422
Goldman Sachs Group, Inc. (The), 3.50%, 4/1/25	184,000		203,309
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26	434,000		480,132
Goldman Sachs Group, Inc. (The), 2.60%, 2/7/30	224,000		236,840
Goldman Sachs Group, Inc. (The), VRN, 2.88%, 10/31/22	70,000		71,696
Golub Capital BDC, Inc., 3.375%, 4/15/24(2)	240,000		239,899
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27	391,000		408,566
Intercontinental Exchange, Inc., 1.85%, 9/15/32	100,000		99,742
LPL Holdings, Inc., 4.625%, 11/15/27(1)	250,000		253,281
Morgan Stanley, MTN, 4.875%, 11/1/22	138,000		149,323
Morgan Stanley, MTN, VRN, 2.70%, 1/22/31	137,000		146,563
Morgan Stanley, VRN, 2.19%, 4/28/26	463,000		485,397
Oaktree Specialty Lending Corp., 3.50%, 2/25/25	155,000		156,039
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1)	285,000		282,199
			4,163,221

7

	Principal Amount/Shares		Value
Chemicals — 0.5%
CF Industries, Inc., 4.50%, 12/1/26(1)	$	130,000	$	151,227
CF Industries, Inc., 5.15%, 3/15/34	110,000		130,230
Dow Chemical Co. (The), 3.60%, 11/15/50	230,000		233,565
Nutrition & Biosciences, Inc., 1.83%, 10/15/27(1)	74,000		74,387
Westlake Chemical Corp., 3.375%, 6/15/30	120,000		129,036
			718,445
Commercial Services and Supplies — 0.5%
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	29,000		29,101
RELX Capital, Inc., 3.00%, 5/22/30	140,000		153,283
Republic Services, Inc., 2.30%, 3/1/30	281,000		298,830
Waste Connections, Inc., 2.60%, 2/1/30	230,000		247,905
			729,119
Communications Equipment — 0.2%
Juniper Networks, Inc., 4.50%, 3/15/24	49,000		54,801
Motorola Solutions, Inc., 4.60%, 5/23/29	190,000		224,408
Motorola Solutions, Inc., 2.30%, 11/15/30	120,000		119,306
			398,515
Construction and Engineering — 0.2%
Quanta Services, Inc., 2.90%, 10/1/30	280,000		286,199
Construction Materials — 0.4%
Cemex SAB de CV, 5.20%, 9/17/30(1)	200,000		201,230
Martin Marietta Materials, Inc., 2.50%, 3/15/30	227,000		236,726
Vulcan Materials Co., 3.50%, 6/1/30	130,000		145,788
			583,744
Consumer Finance — 1.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	150,000		154,655
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.15%, 2/15/24	150,000		148,856
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, 7/15/25	250,000		270,224
Capital One Bank USA N.A., 3.375%, 2/15/23	250,000		264,379
Navient Corp., 6.75%, 6/25/25	210,000		212,887
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	290,000		291,281
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(1)	225,000		226,575
Synchrony Financial, 2.85%, 7/25/22	230,000		236,980
			1,805,837
Containers and Packaging — 0.6%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.125%, 8/15/26(1)	200,000		203,000
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 5.25%, 8/15/27(1)	200,000		204,000
Ball Corp., 2.875%, 8/15/30	60,000		59,400
Berry Global, Inc., 5.125%, 7/15/23	55,000		55,899
Berry Global, Inc., 4.875%, 7/15/26(1)	150,000		157,469
CCL Industries, Inc., 3.05%, 6/1/30(1)	140,000		149,640
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 9/30/26	65,000		67,559
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	97,000		98,261
			995,228

8

	Principal Amount/Shares		Value
Diversified Financial Services — 0.2%
Block Financial LLC, 3.875%, 8/15/30	$	60,000	$	60,392
GE Capital Funding LLC, 4.40%, 5/15/30(1)	200,000		215,395
			275,787
Diversified Telecommunication Services — 1.3%
AT&T, Inc., 2.30%, 6/1/27	60,000		63,073
AT&T, Inc., 4.10%, 2/15/28	160,000		185,133
AT&T, Inc., 2.75%, 6/1/31	370,000		390,112
AT&T, Inc., 3.50%, 6/1/41	60,000		63,378
AT&T, Inc., 3.65%, 6/1/51	37,000		37,549
AT&T, Inc., 3.30%, 2/1/52	153,000		143,317
AT&T, Inc., 3.55%, 9/15/55(1)	35,000		33,645
Telecom Italia SpA, 5.30%, 5/30/24(1)	204,000		221,835
Telefonica Emisiones SA, 5.46%, 2/16/21	110,000		112,037
Verizon Communications, Inc., 3.15%, 3/22/30	217,000		245,649
Verizon Communications, Inc., 4.40%, 11/1/34	427,000		533,867
			2,029,595
Electric Utilities — 2.2%
AEP Texas, Inc., 2.10%, 7/1/30	140,000		144,153
AEP Transmission Co. LLC, 3.75%, 12/1/47	60,000		70,381
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	90,000		104,575
Commonwealth Edison Co., 3.20%, 11/15/49	90,000		98,907
DPL, Inc., 4.125%, 7/1/25(1)	100,000		104,770
DTE Electric Co., 2.25%, 3/1/30	130,000		138,542
Duke Energy Corp., 2.65%, 9/1/26	50,000		54,151
Duke Energy Florida LLC, 1.75%, 6/15/30	150,000		152,890
Duke Energy Florida LLC, 3.85%, 11/15/42	10,000		11,912
Duke Energy Progress LLC, 4.15%, 12/1/44	20,000		24,948
Duke Energy Progress LLC, 3.70%, 10/15/46	210,000		247,483
EDP Finance BV, 1.71%, 1/24/28(1)	210,000		209,042
Entergy Arkansas LLC, 2.65%, 6/15/51	80,000		80,774
Entergy Texas, Inc., 1.75%, 3/15/31(2)	280,000		278,171
Exelon Corp., 5.15%, 12/1/20	130,000		130,000
Exelon Corp., 4.45%, 4/15/46	60,000		72,847
FirstEnergy Transmission LLC, 4.55%, 4/1/49(1)	80,000		94,002
Florida Power & Light Co., 4.125%, 2/1/42	70,000		87,402
Florida Power & Light Co., 3.15%, 10/1/49	70,000		78,942
IPALCO Enterprises, Inc., 4.25%, 5/1/30(1)	140,000		158,921
MidAmerican Energy Co., 4.40%, 10/15/44	140,000		177,781
Nevada Power Co., 2.40%, 5/1/30	91,000		97,931
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1)	100,000		107,750
Northern States Power Co., 2.60%, 6/1/51	70,000		71,250
Oncor Electric Delivery Co. LLC, 3.10%, 9/15/49	80,000		88,006
PacifiCorp, 2.70%, 9/15/30	42,000		46,480
PacifiCorp, 3.30%, 3/15/51	150,000		168,811
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	150,000		148,769
Southern Co. Gas Capital Corp., 3.95%, 10/1/46	10,000		11,202
Xcel Energy, Inc., 3.40%, 6/1/30	140,000		161,116
			3,421,909
Energy Equipment and Services — 0.1%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.14%, 11/7/29	96,000		100,180

9

	Principal Amount/Shares		Value
Entertainment — 0.5%
Netflix, Inc., 3.625%, 6/15/25(1)	$	387,000	$	404,995
Netflix, Inc., 4.875%, 4/15/28	89,000		99,603
Netflix, Inc., 5.875%, 11/15/28	27,000		32,265
Walt Disney Co. (The), 2.20%, 1/13/28	255,000		268,533
			805,396
Equity Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities, Inc., 4.70%, 7/1/30	40,000		49,375
Alexandria Real Estate Equities, Inc., 1.875%, 2/1/33	185,000		181,217
American Tower Corp., 3.375%, 10/15/26	70,000		77,560
Brixmor Operating Partnership LP, 4.05%, 7/1/30	100,000		107,455
CubeSmart LP, 2.00%, 2/15/31(2)	165,000		163,058
Equinix, Inc., 5.375%, 5/15/27	38,000		41,467
Essex Portfolio LP, 3.25%, 5/1/23	50,000		52,672
Healthcare Realty Trust, Inc., 2.40%, 3/15/30	100,000		101,543
Healthcare Realty Trust, Inc., 2.05%, 3/15/31(2)	70,000		69,223
Highwoods Realty LP, 2.60%, 2/1/31	70,000		69,540
Host Hotels & Resorts LP, 3.75%, 10/15/23	100,000		103,297
Iron Mountain, Inc., 5.00%, 7/15/28(1)	383,000		393,050
Kilroy Realty LP, 3.80%, 1/15/23	44,000		45,822
Kilroy Realty LP, 4.25%, 8/15/29	92,000		104,339
Kilroy Realty LP, 2.50%, 11/15/32	200,000		195,281
Kimco Realty Corp., 2.80%, 10/1/26	150,000		160,462
Kimco Realty Corp., 1.90%, 3/1/28	160,000		158,268
Lexington Realty Trust, 2.70%, 9/15/30	247,000		252,161
Mid-America Apartments LP, 1.70%, 2/15/31	165,000		162,874
National Retail Properties, Inc., 2.50%, 4/15/30	217,000		216,933
Realty Income Corp., 3.25%, 1/15/31	60,000		66,241
Regency Centers LP, 3.70%, 6/15/30	200,000		219,835
Retail Properties of America, Inc., 4.00%, 3/15/25	169,000		167,783
SBA Communications Corp., 3.875%, 2/15/27(1)	170,000		172,762
Spirit Realty LP, 3.20%, 2/15/31	120,000		117,227
Ventas Realty LP, 4.40%, 1/15/29	140,000		159,176
VEREIT Operating Partnership LP, 3.40%, 1/15/28	226,000		235,675
Welltower, Inc., 2.75%, 1/15/31	150,000		154,300
			3,998,596
Food and Staples Retailing — 0.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.25%, 3/15/26(1)	50,000		49,741
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.875%, 2/15/30(1)	260,000		271,310
Costco Wholesale Corp., 1.60%, 4/20/30	180,000		183,834
Kroger Co. (The), 3.875%, 10/15/46	130,000		147,539
Sysco Corp., 3.30%, 7/15/26	70,000		76,561
Sysco Corp., 5.95%, 4/1/30	300,000		379,566
Walmart, Inc., 4.05%, 6/29/48	100,000		130,633
			1,239,184
Food Products — 0.9%
Conagra Brands, Inc., 4.60%, 11/1/25	130,000		151,055
Kraft Heinz Foods Co., 3.875%, 5/15/27(1)	25,000		26,683
Kraft Heinz Foods Co., 3.75%, 4/1/30(1)	120,000		126,874
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(1)	170,000		177,650

10

	Principal Amount/Shares		Value
Mars, Inc., 1.625%, 7/16/32(1)	$	290,000	$	287,918
Mondelez International, Inc., 2.75%, 4/13/30	321,000		350,199
Post Holdings, Inc., 4.625%, 4/15/30(1)	280,000		288,400
			1,408,779
Gas Utilities — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.75%, 5/20/27	150,000		164,686
CenterPoint Energy Resources Corp., 1.75%, 10/1/30(2)	131,000		131,424
Infraestructura Energetica Nova SAB de CV, 4.75%, 1/15/51(1)	200,000		187,750
			483,860
Health Care Equipment and Supplies — 0.8%
Becton Dickinson and Co., 3.73%, 12/15/24	140,000		154,827
Becton Dickinson and Co., 2.82%, 5/20/30	190,000		205,183
Danaher Corp., 2.60%, 10/1/50(2)	160,000		156,355
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30	140,000		152,352
Hologic, Inc., 3.25%, 2/15/29(1)	160,000		161,300
Stryker Corp., 1.95%, 6/15/30	220,000		224,508
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30	195,000		218,914
			1,273,439
Health Care Providers and Services — 2.6%
Acadia Healthcare Co., Inc., 5.625%, 2/15/23	77,000		77,682
Acadia Healthcare Co., Inc., 5.50%, 7/1/28(1)	151,000		155,589
Acadia Healthcare Co., Inc., 5.00%, 4/15/29(1)(2)	200,000		202,250
Anthem, Inc., 2.375%, 1/15/25	90,000		95,704
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1)	200,000		208,338
Centene Corp., 4.75%, 5/15/22	80,000		81,040
Centene Corp., 4.75%, 1/15/25	165,000		169,793
Centene Corp., 4.25%, 12/15/27	176,000		184,579
Centene Corp., 4.625%, 12/15/29	80,000		86,396
Cigna Corp., 2.40%, 3/15/30	130,000		134,696
CVS Health Corp., 4.30%, 3/25/28	110,000		128,843
CVS Health Corp., 1.75%, 8/21/30	130,000		127,553
CVS Health Corp., 4.78%, 3/25/38	80,000		97,051
DaVita, Inc., 4.625%, 6/1/30(1)	240,000		246,486
DaVita, Inc., 3.75%, 2/15/31(1)	49,000		47,337
IQVIA, Inc., 5.00%, 5/15/27(1)	345,000		362,435
Molina Healthcare, Inc., 5.375%, 11/15/22	200,000		209,375
Partners Healthcare System, Inc., 3.19%, 7/1/49	85,000		92,189
Tenet Healthcare Corp., 6.75%, 6/15/23	50,000		52,550
Tenet Healthcare Corp., 4.875%, 1/1/26(1)	75,000		76,218
Tenet Healthcare Corp., 6.125%, 10/1/28(1)	295,000		287,809
UnitedHealth Group, Inc., 3.75%, 7/15/25	170,000		194,208
UnitedHealth Group, Inc., 2.00%, 5/15/30	167,000		174,874
UnitedHealth Group, Inc., 4.75%, 7/15/45	70,000		94,740
Universal Health Services, Inc., 2.65%, 10/15/30(1)	455,000		454,099
			4,041,834
Hotels, Restaurants and Leisure — 0.6%
International Game Technology plc, 5.25%, 1/15/29(1)	375,000		379,821
Las Vegas Sands Corp., 3.90%, 8/8/29	200,000		200,579
Marriott International, Inc., 3.50%, 10/15/32	203,000		200,804
Yum! Brands, Inc., 3.625%, 3/15/31	100,000		100,187
			881,391

11

	Principal Amount/Shares		Value
Household Durables — 0.7%
D.R. Horton, Inc., 2.50%, 10/15/24	$	160,000	$	169,508
Lennar Corp., 4.75%, 11/29/27	100,000		114,300
Mattamy Group Corp., 4.625%, 3/1/30(1)	225,000		228,222
MDC Holdings, Inc., 3.85%, 1/15/30	410,000		430,244
Toll Brothers Finance Corp., 4.35%, 2/15/28	100,000		108,856
Toll Brothers Finance Corp., 3.80%, 11/1/29	120,000		127,350
			1,178,480
Household Products — 0.2%
Energizer Holdings, Inc., 4.75%, 6/15/28(1)	265,000		274,593
Industrial Conglomerates — 0.4%
Carlisle Cos., Inc., 2.75%, 3/1/30	255,000		271,315
General Electric Co., 3.625%, 5/1/30	230,000		239,181
General Electric Co., 4.35%, 5/1/50	70,000		71,458
			581,954
Insurance — 2.1%
American International Group, Inc., 3.40%, 6/30/30	150,000		165,872
American International Group, Inc., 4.50%, 7/16/44	127,000		149,238
Athene Global Funding, 2.50%, 1/14/25(1)	110,000		113,477
Athene Global Funding, 2.55%, 6/29/25(1)	110,000		113,293
Athene Global Funding, 2.45%, 8/20/27(1)	85,000		87,359
Belrose Funding Trust, 2.33%, 8/15/30(1)	60,000		59,383
Chubb INA Holdings, Inc., 1.375%, 9/15/30	186,000		183,592
Five Corners Funding Trust II, 2.85%, 5/15/30(1)	575,000		620,970
Globe Life, Inc., 2.15%, 8/15/30	140,000		141,033
Great-West Lifeco US Finance 2020 LP, 0.90%, 8/12/25(1)	197,000		196,748
Kemper Corp., 2.40%, 9/30/30	105,000		103,638
Liberty Mutual Group, Inc., 4.50%, 6/15/49(1)	60,000		72,791
Lincoln National Corp., 4.375%, 6/15/50	120,000		139,315
Markel Corp., 4.90%, 7/1/22	212,000		227,461
Massachusetts Mutual Life Insurance Co., 3.375%, 4/15/50(1)	200,000		204,264
Protective Life Global Funding, 1.74%, 9/21/30(1)	175,000		173,467
Prudential Financial, Inc., VRN, 5.875%, 9/15/42	100,000		105,482
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50(1)	127,000		131,373
Unum Group, 4.50%, 3/15/25	150,000		166,852
WR Berkley Corp., 4.625%, 3/15/22	110,000		116,230
			3,271,838
Internet and Direct Marketing Retail — 0.3%
Expedia Group, Inc., 3.60%, 12/15/23(1)	165,000		168,693
QVC, Inc., 4.375%, 9/1/28	250,000		254,844
			423,537
IT Services — 0.5%
Fiserv, Inc., 3.50%, 7/1/29	90,000		102,699
Global Payments, Inc., 3.20%, 8/15/29	160,000		174,994
International Business Machines Corp., 1.70%, 5/15/27	200,000		207,041
International Business Machines Corp., 1.95%, 5/15/30	100,000		103,202
PayPal Holdings, Inc., 2.30%, 6/1/30	217,000		229,538
			817,474
Life Sciences Tools and Services — 0.1%
Agilent Technologies, Inc., 2.10%, 6/4/30	150,000		154,085

12

	Principal Amount/Shares		Value
Machinery — 0.2%
Cummins, Inc., 2.60%, 9/1/50	$	170,000	$	166,841
Flowserve Corp., 3.50%, 10/1/30	160,000		158,743
Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25	60,000		63,309
			388,893
Media — 3.0%
Cable Onda SA, 4.50%, 1/30/30(1)	200,000		208,910
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	365,000		380,056
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)	190,000		197,211
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.20%, 3/15/28	65,000		73,901
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50	60,000		68,916
Comcast Corp., 1.95%, 1/15/31	170,000		175,029
Comcast Corp., 3.20%, 7/15/36	91,000		101,242
Comcast Corp., 3.75%, 4/1/40	60,000		70,287
Comcast Corp., 2.45%, 8/15/52	45,000		42,297
CSC Holdings LLC, 5.875%, 9/15/22	345,000		365,484
CSC Holdings LLC, 4.625%, 12/1/30(1)	225,000		226,376
Discovery Communications LLC, 3.625%, 5/15/30	65,000		72,418
Lamar Media Corp., 3.75%, 2/15/28(1)	305,000		304,047
Sirius XM Radio, Inc., 5.375%, 7/15/26(1)	307,000		320,262
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)	298,000		311,718
TEGNA, Inc., 4.75%, 3/15/26(1)	60,000		61,422
TEGNA, Inc., 4.625%, 3/15/28(1)	307,000		300,952
Time Warner Entertainment Co. LP, 8.375%, 3/15/23	133,000		156,398
ViacomCBS, Inc., 3.70%, 8/15/24	100,000		109,546
ViacomCBS, Inc., 4.75%, 5/15/25	180,000		206,722
ViacomCBS, Inc., 3.70%, 6/1/28	50,000		55,591
ViacomCBS, Inc., 4.20%, 5/19/32	120,000		137,355
Virgin Media Finance plc, 5.00%, 7/15/30(1)	470,000		468,238
VTR Finance NV, 6.375%, 7/15/28(1)	200,000		210,250
			4,624,628
Metals and Mining — 0.7%
Freeport-McMoRan, Inc., 4.625%, 8/1/30	100,000		105,323
Minera Mexico SA de CV, 4.50%, 1/26/50(1)	300,000		328,350
Newcrest Finance Pty Ltd., 4.20%, 5/13/50(1)	70,000		82,140
Novelis Corp., 4.75%, 1/30/30(1)	245,000		239,606
Steel Dynamics, Inc., 3.45%, 4/15/30	65,000		71,819
Steel Dynamics, Inc., 3.25%, 1/15/31	160,000		171,597
Teck Resources Ltd., 3.90%, 7/15/30(1)	60,000		62,889
			1,061,724
Multi-Utilities — 0.7%
Ameren Corp., 3.50%, 1/15/31	172,000		197,006
CenterPoint Energy, Inc., 4.25%, 11/1/28	120,000		143,084
Dominion Energy, Inc., 4.90%, 8/1/41	100,000		128,606
NiSource, Inc., 1.70%, 2/15/31	90,000		88,642
NiSource, Inc., 5.65%, 2/1/45	110,000		152,256
San Diego Gas & Electric Co., 1.70%, 10/1/30	70,000		69,526
Sempra Energy, 2.875%, 10/1/22	130,000		134,963
Sempra Energy, 3.25%, 6/15/27	100,000		109,997

13

	Principal Amount/Shares		Value
Sempra Energy, 4.00%, 2/1/48	$	50,000	$	56,361
			1,080,441
Oil, Gas and Consumable Fuels — 3.3%
Aker BP ASA, 3.75%, 1/15/30(1)	150,000		146,056
Aker BP ASA, 4.00%, 1/15/31(1)	160,000		158,104
Chevron Corp., 2.00%, 5/11/27	100,000		105,874
Chevron USA, Inc., 1.02%, 8/12/27	60,000		59,963
Concho Resources, Inc., 2.40%, 2/15/31	90,000		86,274
Diamondback Energy, Inc., 4.75%, 5/31/25	110,000		118,761
Diamondback Energy, Inc., 3.50%, 12/1/29	190,000		183,685
Energy Transfer Operating LP, 4.25%, 3/15/23	70,000		72,870
Enterprise Products Operating LLC, 4.85%, 3/15/44	200,000		227,770
Equinor ASA, 3.25%, 11/18/49	100,000		106,569
Exxon Mobil Corp., 1.57%, 4/15/23	170,000		174,998
Geopark Ltd., 6.50%, 9/21/24	200,000		188,800
Hess Corp., 3.50%, 7/15/24	120,000		122,863
HollyFrontier Corp., 4.50%, 10/1/30	160,000		155,204
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	161,000		203,035
MPLX LP, 2.65%, 8/15/30	120,000		117,936
MPLX LP, 4.50%, 4/15/38	50,000		51,232
MPLX LP, 5.20%, 3/1/47	70,000		75,400
Ovintiv, Inc., 6.50%, 2/1/38	30,000		27,293
Petroleos Mexicanos, 6.375%, 2/4/21	600,000		609,075
Petroleos Mexicanos, 4.875%, 1/24/22	350,000		354,730
Petroleos Mexicanos, 6.50%, 3/13/27	600,000		560,382
Petroleos Mexicanos, 6.625%, 6/15/35	50,000		41,600
Petroleos Mexicanos, 5.50%, 6/27/44	80,000		59,456
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 9/15/30	270,000		262,334
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	245,000		280,358
Sabine Pass Liquefaction LLC, 4.50%, 5/15/30(1)	80,000		90,243
Sunoco Logistics Partners Operations LP, 4.00%, 10/1/27	50,000		51,079
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.875%, 1/15/29	49,000		52,691
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30(1)	100,000		108,235
Valero Energy Corp., 1.20%, 3/15/24	192,000		191,346
Williams Cos., Inc. (The), 4.55%, 6/24/24	135,000		149,654
			5,193,870
Paper and Forest Products — 0.2%
Boise Cascade Co., 4.875%, 7/1/30(1)	200,000		215,000
Georgia-Pacific LLC, 2.10%, 4/30/27(1)	150,000		157,566
			372,566
Pharmaceuticals — 1.4%
AstraZeneca plc, 1.375%, 8/6/30	396,000		386,432
Bristol-Myers Squibb Co., 3.25%, 8/15/22	200,000		210,811
Bristol-Myers Squibb Co., 3.40%, 7/26/29	170,000		197,817
Elanco Animal Health, Inc., 4.91%, 8/27/21	150,000		154,312
Elanco Animal Health, Inc., 5.90%, 8/28/28	200,000		231,750
Royalty Pharma plc, 1.75%, 9/2/27(1)	255,000		255,192
Royalty Pharma plc, 2.20%, 9/2/30(1)	260,000		259,054
Upjohn, Inc., 2.70%, 6/22/30(1)	344,000		356,515

14

	Principal Amount/Shares		Value
Upjohn, Inc., 4.00%, 6/22/50(1)	$	81,000	$	86,689
			2,138,572
Professional Services — 0.2%
Jaguar Holding Co. II / PPD Development LP, 5.00%, 6/15/28(1)	340,000		355,300
Road and Rail — 0.7%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	200,000		205,765
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41	100,000		134,026
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	210,000		263,571
CSX Corp., 3.25%, 6/1/27	170,000		192,532
Norfolk Southern Corp., 3.05%, 5/15/50	80,000		85,688
Union Pacific Corp., 2.40%, 2/5/30	110,000		118,663
Union Pacific Corp., 3.60%, 9/15/37	50,000		57,813
Union Pacific Corp., MTN, 3.55%, 8/15/39	80,000		91,517
			1,149,575
Semiconductors and Semiconductor Equipment — 0.9%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.125%, 1/15/25	53,000		56,583
Broadcom, Inc., 2.25%, 11/15/23	200,000		208,070
Broadcom, Inc., 3.15%, 11/15/25	230,000		248,361
Microchip Technology, Inc., 2.67%, 9/1/23(1)	280,000		290,056
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	200,000		211,444
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	360,000		377,775
Texas Instruments, Inc., 1.75%, 5/4/30	90,000		93,047
			1,485,336
Software — 0.3%
Microsoft Corp., 2.53%, 6/1/50	170,000		178,450
Oracle Corp., 2.80%, 4/1/27	65,000		71,459
Oracle Corp., 4.00%, 7/15/46	240,000		284,616
			534,525
Specialty Retail — 0.2%
AutoNation, Inc., 4.75%, 6/1/30	50,000		59,265
Home Depot, Inc. (The), 3.90%, 6/15/47	20,000		24,681
Home Depot, Inc. (The), 3.35%, 4/15/50	218,000		252,685
			336,631
Technology Hardware, Storage and Peripherals — 0.9%
Apple, Inc., 2.55%, 8/20/60	190,000		190,451
Dell International LLC / EMC Corp., 5.45%, 6/15/23(1)	168,000		184,295
EMC Corp., 3.375%, 6/1/23	290,000		299,115
Hewlett Packard Enterprise Co., 1.45%, 4/1/24	220,000		222,983
NetApp, Inc., 2.375%, 6/22/27	225,000		234,958
Seagate HDD Cayman, 4.875%, 3/1/24	64,000		69,674
Seagate HDD Cayman, 4.75%, 1/1/25	135,000		148,357
			1,349,833
Textiles, Apparel and Luxury Goods — 0.1%
PVH Corp., 4.625%, 7/10/25(1)	110,000		114,813
Trading Companies and Distributors — 0.3%
Air Lease Corp., MTN, 2.875%, 1/15/26	120,000		118,099
Aircastle Ltd., 5.25%, 8/11/25(1)	300,000		293,851
			411,950
Transportation Infrastructure — 0.1%
Rumo Luxembourg Sarl, 5.25%, 1/10/28(1)	200,000		208,341

15

	Principal Amount/Shares		Value
Water Utilities — 0.1%
Essential Utilities, Inc., 2.70%, 4/15/30	$	220,000	$	235,724
Wireless Telecommunication Services — 0.4%
Sprint Corp., 7.625%, 2/15/25	310,000		363,281
T-Mobile USA, Inc., 2.55%, 2/15/31(1)	165,000		171,159
Vodafone Group plc, 4.375%, 2/19/43	125,000		146,407
			680,847
TOTAL CORPORATE BONDS (Cost $68,074,852)			70,283,221
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 20.4%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.3%
FHLMC, VRN, 3.70%, (12-month LIBOR plus 1.80%), 2/1/38	49,494		52,369
FHLMC, VRN, 3.80%, (12-month LIBOR plus 1.82%), 6/1/38	31,173		32,932
FHLMC, VRN, 3.02%, (12-month LIBOR plus 1.76%), 9/1/40	23,347		24,381
FHLMC, VRN, 3.65%, (12-month LIBOR plus 1.88%), 5/1/41	20,903		22,061
FHLMC, VRN, 3.64%, (12-month LIBOR plus 1.64%), 2/1/43	13,850		14,230
FHLMC, VRN, 2.50%, (12-month LIBOR plus 1.62%), 6/1/43	318		319
FHLMC, VRN, 2.83%, (12-month LIBOR plus 1.65%), 6/1/43	9,128		9,206
FHLMC, VRN, 3.05%, (12-month LIBOR plus 1.64%), 9/1/47	149,962		156,688
FNMA, VRN, 2.47%, (6-month LIBOR plus 1.57%), 6/1/35	19,559		20,333
FNMA, VRN, 3.69%, (12-month LIBOR plus 1.69%), 1/1/40	8,888		9,280
FNMA, VRN, 3.02%, (12-month LIBOR plus 1.77%), 10/1/40	33,656		34,964
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47	65,923		68,958
			445,721
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 20.1%
FHLMC, 4.50%, 6/1/21	9		9
FHLMC, 5.50%, 1/1/38	4,257		4,953
FHLMC, 5.50%, 4/1/38	28,525		33,107
FNMA, 5.00%, 7/1/31	228,959		257,481
FNMA, 4.50%, 10/1/33	121,402		133,890
FNMA, 5.00%, 11/1/33	268,551		308,817
FNMA, 6.00%, 12/1/33	166,563		196,809
FNMA, 3.50%, 3/1/34	518,290		556,366
FNMA, 5.50%, 4/1/34	207,166		239,434
FNMA, 5.50%, 4/1/34	68,763		80,875
FNMA, 5.00%, 8/1/34	33,288		38,269
FNMA, 5.50%, 8/1/34	66,078		77,817
FNMA, 5.00%, 4/1/35	162,741		187,130
FNMA, 5.00%, 8/1/35	11,944		13,717
FNMA, 5.50%, 7/1/36	9,659		11,051
FNMA, 5.50%, 12/1/36	16,748		19,456
FNMA, 6.00%, 7/1/37	43,164		50,684
FNMA, 6.00%, 8/1/37	27,456		32,386
FNMA, 6.50%, 8/1/37	2,091		2,428
FNMA, 6.00%, 9/1/37	31,944		37,426
FNMA, 6.00%, 11/1/37	37,579		44,087
FNMA, 5.00%, 3/1/38	57,392		65,828
FNMA, 6.50%, 9/1/38	115,127		130,444
FNMA, 5.50%, 1/1/39	69,047		80,251
FNMA, 5.00%, 2/1/39	164,781		189,425
FNMA, 4.50%, 4/1/39	56,320		63,800
FNMA, 4.50%, 5/1/39	144,394		163,409

16

	Principal Amount/Shares		Value
FNMA, 6.50%, 5/1/39	$	2,288	$	2,686
FNMA, 4.50%, 10/1/39	248,740		282,400
FNMA, 4.00%, 10/1/40	256,996		289,600
FNMA, 4.50%, 11/1/40	239,841		270,098
FNMA, 4.00%, 8/1/41	353,274		393,644
FNMA, 4.50%, 9/1/41	212,436		239,202
FNMA, 3.50%, 5/1/42	325,881		355,992
FNMA, 3.50%, 6/1/42	371,677		409,683
FNMA, 3.50%, 9/1/42	224,445		241,397
FNMA, 3.50%, 5/1/45	669,690		722,554
FNMA, 3.50%, 2/1/47	1,722,843		1,857,664
FNMA, 3.50%, 7/1/47	1,239,642		1,312,213
FNMA, 6.50%, 8/1/47	756		820
FNMA, 6.50%, 9/1/47	1,527		1,650
FNMA, 6.50%, 9/1/47	74		80
FNMA, 6.50%, 9/1/47	805		871
FNMA, 4.00%, 6/1/48	1,298,491		1,387,536
FNMA, 4.00%, 10/1/48	599,846		639,335
FNMA, 3.50%, 5/1/49	286,114		301,667
FNMA, 3.00%, 3/1/50	603,394		632,489
FNMA, 3.00%, 6/1/50	327,787		343,817
FNMA, 3.00%, 6/1/50	298,422		313,015
FNMA, 3.00%, 6/1/50	3,353,705		3,526,197
FNMA, 3.00%, 8/1/50	1,174,467		1,235,493
GNMA, 2.50%, TBA	2,200,000		2,310,000
GNMA, 5.50%, 12/15/32	64,394		74,893
GNMA, 6.00%, 9/20/38	20,848		23,984
GNMA, 5.50%, 12/20/38	49,374		58,600
GNMA, 4.50%, 6/15/39	317,520		357,253
GNMA, 4.50%, 1/15/40	109,432		120,650
GNMA, 4.50%, 4/15/40	187,437		207,854
GNMA, 4.00%, 11/20/40	384,014		419,240
GNMA, 3.50%, 6/20/42	416,527		452,218
GNMA, 2.50%, 7/20/46	387,577		410,394
GNMA, 2.50%, 2/20/47	463,181		490,251
UMBS, 2.00%, TBA	6,000,000		6,202,969
UMBS, 2.50%, TBA	2,350,000		2,464,930
			31,372,688
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $31,009,982)			31,818,409
U.S. TREASURY SECURITIES — 16.2%
U.S. Treasury Bonds, 3.50%, 2/15/39	300,000		421,219
U.S. Treasury Bonds, 4.375%, 11/15/39	600,000		937,617
U.S. Treasury Bonds, 1.125%, 5/15/40(3)	400,000		393,813
U.S. Treasury Bonds, 1.125%, 8/15/40	200,000		196,297
U.S. Treasury Bonds, 3.125%, 2/15/42	300,000		406,523
U.S. Treasury Bonds, 3.00%, 5/15/42	1,600,000		2,127,500
U.S. Treasury Bonds, 2.875%, 5/15/43	400,000		522,406
U.S. Treasury Bonds, 3.625%, 2/15/44	200,000		292,305
U.S. Treasury Bonds, 3.125%, 8/15/44(3)	200,000		272,203
U.S. Treasury Bonds, 3.00%, 11/15/44	200,000		267,289

17

	Principal Amount/Shares		Value
U.S. Treasury Bonds, 2.50%, 2/15/45	$	800,000	$	984,844
U.S. Treasury Bonds, 3.00%, 5/15/45	1,100,000		1,473,055
U.S. Treasury Bonds, 3.00%, 11/15/45	200,000		268,750
U.S. Treasury Bonds, 3.375%, 11/15/48	800,000		1,164,219
U.S. Treasury Bonds, 2.25%, 8/15/49	2,000,000		2,378,984
U.S. Treasury Bonds, 2.00%, 2/15/50	200,000		226,266
U.S. Treasury Inflation Indexed Notes, 0.25%, 7/15/29	1,114,223		1,246,757
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/30	2,930,653		3,259,228
U.S. Treasury Notes, 0.50%, 3/15/23	600,000		605,250
U.S. Treasury Notes, 0.25%, 6/15/23	1,500,000		1,503,926
U.S. Treasury Notes, 1.125%, 2/28/25	3,500,000		3,636,855
U.S. Treasury Notes, 0.25%, 5/31/25	700,000		699,945
U.S. Treasury Notes, 1.375%, 8/31/26	500,000		529,473
U.S. Treasury Notes, 1.625%, 9/30/26	100,000		107,426
U.S. Treasury Notes, 1.125%, 2/28/27	200,000		209,031
U.S. Treasury Notes, 0.50%, 4/30/27	400,000		401,828
U.S. Treasury Notes, 0.50%, 6/30/27	400,000		401,437
U.S. Treasury Notes, 0.625%, 5/15/30	300,000		298,969
TOTAL U.S. TREASURY SECURITIES (Cost $22,585,134)			25,233,415
COLLATERALIZED MORTGAGE OBLIGATIONS — 12.9%
Private Sponsor Collateralized Mortgage Obligations — 7.2%
Arroyo Mortgage Trust, Series 2020-1, Class M1, 4.28%, 3/25/55(1)	566,000		591,895
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 3.84%, (1-year H15T1Y plus 2.25%), 2/25/36	72,987		73,733
COLT Mortgage Loan Trust, Series 2020-2, Class M1, VRN, 5.25%, 3/25/65(1)	540,000		565,495
Connecticut Avenue Securities Trust, Series 2020-SBT1, Class 2M2, VRN, 3.80%, (1-month LIBOR plus 3.65%), 2/25/40(1)	300,000		287,355
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	841		750
Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3 SEQ, VRN, 3.50%, 6/25/47(1)	154,935		156,157
Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3 SEQ, VRN, 3.50%, 10/25/47(1)	154,673		155,885
Ellington Financial Mortgage Trust, Series 2020-1, Class M1, VRN, 5.24%, 5/25/65(1)	830,000		882,737
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 3.04%, 10/25/34	39,879		39,815
Flagstar Mortgage Trust, Series 2017-1, Class 1A5 SEQ, VRN, 3.50%, 3/25/47(1)	86,225		87,446
GCAT Trust, Series 2020-NQM2, Class A2 SEQ, 2.27%, 4/25/65(1)	720,835		731,834
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A3 SEQ, VRN, 2.35%, 9/27/60(1)	676,421		679,586
Homeward Opportunities Fund I Trust, Series 2019-3, Class A3 SEQ, VRN, 3.03%, 11/25/59(1)	823,558		824,796
JPMorgan Mortgage Trust, Series 2005-S2, Class 3A1, VRN, 7.17%, 2/25/32	13,429		13,671
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.23%, 11/21/34	38,977		39,424
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 3.07%, 11/25/35	79,588		77,369
MFA Trust, Series 2020-NQM1, Class A3 SEQ, VRN, 2.30%, 8/25/49(1)	591,892		596,311

18

	Principal Amount/Shares		Value
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(1)	$	112,702	$	122,687
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 1.65%, (1-month LIBOR plus 1.50%), 6/25/57(1)	188,902		189,478
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(1)	179,487		186,497
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(1)	44,254		44,539
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 2.95%, 7/25/34	48,908		48,928
Verus Securitization Trust, Series 2017-1A, Class B2, VRN, 5.98%, 1/25/47(1)	800,000		828,840
Verus Securitization Trust, Series 2019-4, Class A3, 3.00%, 11/25/59(1)	673,275		685,274
Verus Securitization Trust, Series 2019-4, Class M1, VRN, 3.21%, 11/25/59(1)	750,000		765,987
Verus Securitization Trust, Series 2020-1, Class A3 SEQ, VRN, 2.72%, 1/25/60(1)	308,685		315,143
Verus Securitization Trust, Series 2020-2, Class M1, VRN, 5.36%, 5/25/60(1)	800,000		831,122
Verus Securitization Trust, Series 2020-4, Class A3 SEQ, 2.32%, 5/25/65(1)	466,589		469,431
Vista Point Securitization Trust, Series 2020-1, Class A2 SEQ, VRN, 2.77%, 3/25/65(1)	750,000		758,006
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	204,550		199,920
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 2.97%, 10/25/36	150		142
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 4.00%, 4/25/36	75,025		70,481
			11,320,734
U.S. Government Agency Collateralized Mortgage Obligations — 5.7%
FHLMC, Series 2013-DN2, Class M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 11/25/23	837,370		768,430
FHLMC, Series 2014-DN2, Class M3, VRN, 3.75%, (1-month LIBOR plus 3.60%), 4/25/24	444,029		411,527
FHLMC, Series 2014-DN3, Class M3, VRN, 4.15%, (1-month LIBOR plus 4.00%), 8/25/24	304,867		311,955
FHLMC, Series 2015-DNA1, Class M3, VRN, 3.45%, (1-month LIBOR plus 3.30%), 10/25/27	171,043		174,670
FHLMC, Series 2015-HQ2, Class M3, VRN, 3.40%, (1-month LIBOR plus 3.25%), 5/25/25	175,000		175,769
FHLMC, Series 2016-DNA3, Class M3, VRN, 5.15%, (1-month LIBOR plus 5.00%), 12/25/28	322,307		333,864
FHLMC, Series 2016-DNA4, Class M3, VRN, 3.95%, (1-month LIBOR plus 3.80%), 3/25/29	404,256		420,313
FHLMC, Series 2018-DNA1, Class M2, VRN, 1.95%, (1-month LIBOR plus 1.80%), 7/25/30	87,200		85,987
FHLMC, Series 2019-DNA3, Class M2, VRN, 2.20%, (1-month LIBOR plus 2.05%), 7/25/49(1)	162,659		159,931
FHLMC, Series 2020-DNA2, Class M2, VRN, 2.00%, (1-month LIBOR plus 1.85%), 2/25/50(1)	250,000		244,708
FHLMC, Series 2020-DNA3, Class B1, VRN, 5.25%, (1-month LIBOR plus 5.10%), 6/25/50(1)	250,000		257,274
FHLMC, Series 2020-DNA3, Class M2, VRN, 3.15%, (1-month LIBOR plus 3.00%), 6/25/50(1)	200,000		201,594

19

	Principal Amount/Shares		Value
FHLMC, Series 2020-DNA4, Class M2, VRN, 3.90%, (1-month LIBOR plus 3.75%), 8/25/50(1)	$	350,000	$	356,484
FHLMC, Series 2020-HQA2, Class M2, VRN, 3.25%, (1-month LIBOR plus 3.10%), 3/25/50(1)	250,000		247,850
FHLMC, Series 2020-HQA3, Class M2, VRN, 3.75%, (1-month LIBOR plus 3.60%), 7/25/50(1)	380,000		383,803
FHLMC, Series 2020-HQA4, Class M2, VRN, 3.30%, (1-month LIBOR plus 3.15%), 9/25/50(1)	200,000		200,344
FHLMC, Series 3397, Class GF, VRN, 0.65%, (1-month LIBOR plus 0.50%), 12/15/37	69,156		70,174
FNMA, Series 2014-C02, Class 1M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	350,541		308,288
FNMA, Series 2014-C02, Class 2M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	265,503		261,791
FNMA, Series 2014-C03, Class 1M2, VRN, 3.15%, (1-month LIBOR plus 3.00%), 7/25/24	615,395		540,530
FNMA, Series 2014-C03, Class 2M2, VRN, 3.05%, (1-month LIBOR plus 2.90%), 7/25/24	71,442		70,444
FNMA, Series 2014-C04, Class 1M2, VRN, 5.05%, (1-month LIBOR plus 4.90%), 11/25/24	138,425		144,127
FNMA, Series 2014-C04, Class 2M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 11/25/24	345,067		353,923
FNMA, Series 2015-C02, Class 1M2, VRN, 4.15%, (1-month LIBOR plus 4.00%), 5/25/25	119,417		121,325
FNMA, Series 2015-C03, Class 1M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 7/25/25	180,994		185,873
FNMA, Series 2015-C04, Class 1M2, VRN, 5.85%, (1-month LIBOR plus 5.70%), 4/25/28	186,257		193,642
FNMA, Series 2016-C01, Class 1M2, VRN, 6.90%, (1-month LIBOR plus 6.75%), 8/25/28	88,789		92,448
FNMA, Series 2016-C01, Class 2M2, VRN, 7.10%, (1-month LIBOR plus 6.95%), 8/25/28	356,674		383,028
FNMA, Series 2016-C03, Class 2M2, VRN, 6.05%, (1-month LIBOR plus 5.90%), 10/25/28	93,047		98,633
FNMA, Series 2016-C06, Class 1M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 4/25/29	315,721		324,165
FNMA, Series 2017-C03, Class 1M2, VRN, 3.15%, (1-month LIBOR plus 3.00%), 10/25/29	206,666		206,493
FNMA, Series 2017-C05, Class 1M2, VRN, 2.35%, (1-month LIBOR plus 2.20%), 1/25/30	220,929		218,775
FNMA, Series 2017-C06, Class 2M2, VRN, 2.95%, (1-month LIBOR plus 2.80%), 2/25/30	469,206		470,090
FNMA, Series 2017-C07, Class 1M2, VRN, 2.55%, (1-month LIBOR plus 2.40%), 5/25/30	106,487		104,911
			8,883,163
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,089,801)			20,203,897
COLLATERALIZED LOAN OBLIGATIONS — 4.4%
Allegany Park CLO Ltd., Series 2019-1A, Class C, VRN, 2.82%, (3-month LIBOR plus 2.55%), 1/20/33(1)	200,000		200,762
Anchorage Capital CLO 16 Ltd., Series 2020-16A, Class B, VRN, 2.40%, (3-month LIBOR plus 2.20%), 10/20/31(1)(2)	1,000,000		1,000,000
Ares XLI CLO Ltd., Series 2016-41A, Class AR, VRN, 1.48%, (3-month LIBOR plus 1.20%), 1/15/29(1)	375,000		376,062
Atrium IX, Series 2009A, Class BR, VRN, 2.01%, (3-month LIBOR plus 1.75%), 5/28/30(1)	275,000		273,617
Bean Creek CLO Ltd., Series 2015-1A, Class BR, VRN, 1.72%, (3-month LIBOR plus 1.45%), 4/20/31(1)	250,000		242,117

20

	Principal Amount/Shares		Value
CBAM Ltd., Series 2018-5A, Class B1, VRN, 1.67%, (3-month LIBOR plus 1.40%), 4/17/31(1)	$	200,000	$	196,696
Deer Creek CLO Ltd., Series 2017-1A, Class A, VRN, 1.45%, (3-month LIBOR plus 1.18%), 10/20/30(1)	250,000		247,595
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A2LR, VRN, 1.93%, (3-month LIBOR plus 1.65%), 8/15/30(1)	150,000		147,394
Elmwood CLO IV Ltd., Series 2020-1A, Class B, VRN, 2.88%, (3-month LIBOR plus 1.70%), 4/15/33(1)	500,000		504,585
Elmwood CLO V Ltd., Series 2020-2A, Class B, VRN, 2.48%, (3-month LIBOR plus 2.20%), 7/24/31(1)	375,000		378,244
Goldentree Loan Management US CLO 5 Ltd., Series 2019-5A, Class A, VRN, 1.57%, (3-month LIBOR plus 1.30%), 10/20/32(1)	300,000		299,674
KKR CLO Ltd., Series 2022A, Class B, VRN, 1.87%, (3-month LIBOR plus 1.60%), 7/20/31(1)	150,000		146,990
KKR CLO Ltd., Series 2030A, Class B1, VRN, 2.22%, (3-month LIBOR plus 2.00%), 10/17/31(1)	500,000		500,001
Madison Park Funding XXII Ltd., Series 2016-22A, Class BR, VRN, 1.875%, (3-month LIBOR plus 1.60%), 1/15/33(1)	100,000		100,553
Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 1.78%, (3-month LIBOR plus 1.50%), 4/15/31(1)	100,000		98,497
Magnetite XXIV Ltd., Series 2019-24A, Class B, VRN, 2.125%, (3-month LIBOR plus 1.85%), 1/15/33(1)	350,000		353,661
Magnetite XXIV Ltd., Series 2019-24A, Class C, VRN, 2.83%, (3-month LIBOR plus 2.55%), 1/15/33(1)	250,000		249,998
Octagon Investment Partners 24 Ltd., Series 2015-1A, Class BS, VRN, 2.17%, (3-month LIBOR plus 1.90%), 4/21/31(1)	250,000		248,150
Octagon Investment Partners 45 Ltd., Series 2019-1A, Class B1, VRN, 2.125%, (3-month LIBOR plus 1.85%), 10/15/32(1)	200,000		199,540
Octagon Investment Partners 47 Ltd., Series 2020-1A, Class A1, VRN, 2.10%, (3-month LIBOR plus 1.85%), 4/20/31(1)	350,000		350,930
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, VRN, 1.42%, (3-month LIBOR plus 1.15%), 4/18/31(1)	150,000		148,562
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 2.02%, (3-month LIBOR plus 1.75%), 4/18/31(1)	200,000		199,345
Voya CLO Ltd., Series 2013-2A, Class A2AR, VRN, 1.64%, (3-month LIBOR plus 1.40%), 4/25/31(1)	350,000		339,119
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $6,801,678)			6,802,092
ASSET-BACKED SECURITIES — 3.7%
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	82,034		83,430
DT Auto Owner Trust, Series 2020-3A, Class C, 1.47%, 6/15/26(1)	800,000		802,914
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	244,066		260,010
Goodgreen, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(1)	399,370		403,468
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(1)	35,563		35,744
MVW Owner Trust, Series 2018-1A, Class B, 3.60%, 1/21/36(1)	215,759		223,285
Progress Residential Trust, Series 2018-SFR1, Class B, 3.48%, 3/17/35(1)	325,000		328,818
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(1)	1,000,000		1,033,123
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(1)	51,060		51,123
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(1)	221,297		228,593

21

	Principal Amount/Shares		Value
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C, 3.12%, 5/20/36(1)	$	291,949	$	292,502
Towd Point Mortgage Trust, Series 2017-3, Class M1, VRN, 3.50%, 7/25/57(1)	300,000		322,684
Towd Point Mortgage Trust, Series 2017-6, Class A1, VRN, 2.75%, 10/25/57(1)	479,487		498,883
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(1)	191,972		205,590
Tricon American Homes, Series 2020-SFR1, Class C, 2.25%, 7/17/38(1)	500,000		509,235
US Airways Pass-Through Trust, Series 2013-1, Class A, 3.95%, 5/15/27	61,676		50,951
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35(1)	167,927		168,235
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	194,041		201,071
TOTAL ASSET-BACKED SECURITIES (Cost $5,562,382)			5,699,659
MUNICIPAL SECURITIES — 2.2%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	180,000		278,222
California State University Rev., 2.98%, 11/1/51	225,000		236,203
Chicago GO, 7.05%, 1/1/29	50,000		54,148
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39	120,000		158,034
Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 3.61%, 8/15/40 (AGM)	105,000		110,775
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	95,000		100,943
Grand Parkway Transportation Corp. Rev., 3.24%, 10/1/52	135,000		140,468
Houston GO, 3.96%, 3/1/47	50,000		62,202
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	80,000		100,759
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	50,000		63,536
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	50,000		66,835
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	40,000		65,782
New York State Dormitory Authority Rev., 3.19%, 2/15/43	85,000		92,680
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	130,000		136,629
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	80,000		95,994
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	65,000		103,880
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	75,000		101,273
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	155,000		169,449
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	175,000		242,139
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	150,000		215,502
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	50,000		75,115
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	50,000		72,590
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	100,000		128,055
State of California GO, 4.60%, 4/1/38	10,000		11,918
State of California GO, 7.55%, 4/1/39	130,000		227,727
State of California GO, 7.30%, 10/1/39	5,000		8,220
State of California GO, 7.60%, 11/1/40	25,000		45,092
State of Washington GO, 5.14%, 8/1/40	90,000		132,190
University of Texas System Rev., 5.00%, 8/15/40	90,000		134,329
TOTAL MUNICIPAL SECURITIES (Cost $2,750,457)			3,430,689

22

	Principal Amount/Shares		Value
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.7%
Brazil — 0.1%
Brazilian Government International Bond, 4.875%, 1/22/21	$	190,000	$	192,185
Colombia — 0.2%
Colombia Government International Bond, 4.375%, 7/12/21	330,000		339,499
Dominican Republic — 0.1%
Dominican Republic International Bond, 5.95%, 1/25/27	200,000		215,100
Egypt — 0.1%
Egypt Government International Bond, 8.50%, 1/31/47	200,000		194,171
Jordan — 0.3%
Jordan Government International Bond, 7.375%, 10/10/47	200,000		199,454
Jordan Government International Bond, 7.375%, 10/10/47	200,000		199,415
			398,869
Namibia — 0.1%
Namibia International Bonds, 5.25%, 10/29/25	200,000		199,155
Peru — 0.1%
Peruvian Government International Bond, 5.625%, 11/18/50	90,000		143,712
Philippines — 0.1%
Philippine Government International Bond, 4.00%, 1/15/21	100,000		100,819
Poland — 0.1%
Republic of Poland Government International Bond, 5.125%, 4/21/21	60,000		61,575
Republic of Poland Government International Bond, 3.00%, 3/17/23	100,000		106,181
			167,756
Russia — 0.2%
Russian Foreign Bond - Eurobond, 5.25%, 6/23/47	200,000		265,412
Tunisia — 0.1%
Banque Centrale de Tunisie International Bond, 5.75%, 1/30/25	200,000		180,703
Turkey — 0.1%
Turkey Government International Bond, 6.875%, 3/17/36	200,000		188,024
Uruguay — 0.1%
Uruguay Government International Bond, 4.125%, 11/20/45	80,000		95,300
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,593,135)			2,680,705
PREFERRED STOCKS — 0.7%
Banks — 0.3%
Citigroup, Inc., 4.375%	100,000		97,854
JPMorgan Chase & Co., 4.60%	413,000		405,256
			503,110
Capital Markets — 0.3%
Goldman Sachs Group, Inc. (The), 4.17%	242,000		238,140
Morgan Stanley, 3.89%	145,000		136,847
			374,987
Oil, Gas and Consumable Fuels — 0.1%
BP Capital Markets plc, 4.375%	160,000		167,200
TOTAL PREFERRED STOCKS (Cost $987,484)			1,045,297
BANK LOAN OBLIGATIONS(4) — 0.4%
Health Care Providers and Services — 0.1%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 2.65%, (1-month LIBOR plus 2.50%), 2/16/23	193,560		192,350
Life Sciences Tools and Services — 0.2%
Avantor Funding, Inc., USD Term Loan B3, 11/21/24(5)	350,000		345,917

23

	Principal Amount/Shares		Value
Pharmaceuticals — 0.1%
Bausch Health Companies Inc., 2018 Term Loan B, 3.15%, (1-month LIBOR plus 3.00%), 6/2/25	$	119,285	$	117,148
TOTAL BANK LOAN OBLIGATIONS (Cost $659,569)			655,415
TEMPORARY CASH INVESTMENTS — 1.0%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.125% - 2.875%, 12/15/21 - 8/15/47, valued at $651,179), in a joint trading account at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $638,531)			638,530
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 7/15/23, valued at $983,296), at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $964,001)			964,000
TOTAL TEMPORARY CASH INVESTMENTS (Cost $1,602,530)			1,602,530
TOTAL INVESTMENT SECURITIES — 108.6% (Cost $162,717,004)			169,455,329
OTHER ASSETS AND LIABILITIES(6) — (8.6)%			(13,371,749)
TOTAL NET ASSETS — 100.0%			$	156,083,580

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL	2,029,652	USD	387,619	Goldman Sachs & Co.	12/16/20	$	(26,966)
CAD	265,531	USD	201,640	Morgan Stanley	12/16/20	(2,159)
USD	103,120	CAD	135,983	Morgan Stanley	12/16/20	962
USD	97,623	CAD	129,548	Morgan Stanley	12/16/20	300
USD	548,205	CLP	417,759,561	Goldman Sachs & Co.	12/16/20	15,662
COP	943,036,977	USD	243,868	Goldman Sachs & Co.	12/16/20	1,590
USD	542,793	COP	2,004,779,109	Goldman Sachs & Co.	12/16/20	20,979
USD	192,513	CZK	4,322,347	UBS AG	12/16/20	5,089
IDR	2,873,343,103	USD	191,250	Goldman Sachs & Co.	12/16/20	435
INR	56,863,583	USD	767,892	UBS AG	12/16/20	(653)
JPY	70,830,305	USD	672,977	Bank of America N.A.	12/16/20	(698)
KZT	75,334,934	USD	172,767	Goldman Sachs & Co.	12/21/20	(2,014)
MXN	11,811,622	USD	555,271	Morgan Stanley	12/16/20	(25,610)
MYR	1,138,998	USD	276,859	Goldman Sachs & Co.	12/16/20	(3,264)
USD	135,692	MYR	569,704	Goldman Sachs & Co.	12/16/20	(1,154)
NOK	1,772,646	USD	197,171	Goldman Sachs & Co.	12/16/20	(7,090)
USD	189,566	NOK	1,772,646	Goldman Sachs & Co.	12/16/20	(515)
USD	548,514	PHP	26,698,362	UBS AG	12/16/20	(904)
SEK	1,719,505	USD	194,295	Goldman Sachs & Co.	12/16/20	(2,118)
TWD	16,143,375	USD	560,089	UBS AG	12/16/20	3,317
						$	(24,811)

24

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	1	December 2020	$	220,961	$	53
U.S. Treasury 5-Year Notes	27	December 2020	3,402,844		314
U.S. Treasury 10-Year Notes	13	December 2020	1,813,906		2,299
U.S. Treasury Long Bonds	2	December 2020	352,563		1,808
U.S. Treasury Ultra Bonds	5	December 2020	1,109,062		(2,160)
			$	6,899,336	$	2,314

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Ultra Notes	78	December 2020	$	12,473,906	$	(44,107)

^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America High Yield Index Series 33	Buy	(5.00)%	12/20/24	$	3,711,300	$	169,044	$	(364,453)	$	(195,409)

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate Index	Pay/Receive Floating Rate Index at Termination	Fixed Rate	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value
CPURNSA	Receive	1.78%	8/5/24	$	1,500,000	$	(393)	$	(17,776)	$	(18,169)

25

NOTES TO SCHEDULE OF INVESTMENTS
AGM	-	Assured Guaranty Municipal Corporation
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CDX	-	Credit Derivatives Indexes
CLP	-	Chilean Peso
COP	-	Colombian Peso
CPURNSA	-	U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
CZK	-	Czech Koruna
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
IDR	-	Indonesian Rupiah
INR	-	Indian Rupee
JPY	-	Japanese Yen
KZT	-	Kazakhstani Tenge
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NOK	-	Norwegian Krone
PHP	-	Philippine Peso
SEK	-	Swedish Krona
SEQ	-	Sequential Payer
TBA	-	To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
TWD	-	Taiwanese Dollar
UMBS	-	Uniform Mortgage-Backed Securities
USD	-	United States Dollar
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(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 $48,052,934, which represented 30.8% of total net assets.

(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)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 $418,294.

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

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

(6)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, 2020 (UNAUDITED)
Assets
Investment securities, at value (cost of $162,717,004)	$	169,455,329
Receivable for investments sold	6,868,164
Receivable for capital shares sold	54,903
Receivable for variation margin on futures contracts	17,051
Receivable for variation margin on swap agreements	421
Unrealized appreciation on forward foreign currency exchange contracts	48,334
Interest receivable	911,584
	177,355,786
Liabilities
Disbursements in excess of demand deposit cash	55,575
Payable for investments purchased	20,604,014
Payable for capital shares redeemed	453,833
Payable for variation margin on swap agreements	5,258
Unrealized depreciation on forward foreign currency exchange contracts	73,145
Accrued management fees	65,230
Distribution and service fees payable	6,792
Dividends payable	8,359
	21,272,206
Net Assets	$	156,083,580
Net Assets Consist of:
Capital paid in	$	149,568,854
Distributable earnings	6,514,726
	$	156,083,580

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$92,878,785	8,192,732	$11.34
I Class	$29,579,901	2,609,573	$11.34
A Class	$19,191,485	1,692,644	$11.34*
C Class	$3,182,764	280,744	$11.34
R Class	$655,385	57,811	$11.34
R5 Class	$10,595,260	935,035	$11.33

*Maximum offering price $11.87 (net asset value divided by 0.955).

See Notes to Financial Statements.

27

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	2,063,344
Expenses:
Management fees	435,591
Distribution and service fees:
A Class	22,844
C Class	16,917
R Class	1,514
Trustees' fees and expenses	5,651
Other expenses	699
	483,216
Fees waived(1)	(49,623)
	433,593
Net investment income (loss)	1,629,751
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	2,193,283
Forward foreign currency exchange contract transactions	165,565
Futures contract transactions	(110,613)
Swap agreement transactions	166,446
Foreign currency translation transactions	10
	2,414,691
Change in net unrealized appreciation (depreciation) on:
Investments	5,329,711
Forward foreign currency exchange contracts	95,523
Futures contracts	(50,015)
Swap agreements	(402,513)
	4,972,706
Net realized and unrealized gain (loss)	7,387,397
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,017,148

(1)Amount consists of $29,212, $9,691, $5,988, $1,152, $198 and $3,382 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, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	1,629,751	$	3,895,076
Net realized gain (loss)	2,414,691		2,921,143
Change in net unrealized appreciation (depreciation)	4,972,706		(535,560)
Net increase (decrease) in net assets resulting from operations	9,017,148		6,280,659
Distributions to Shareholders
From earnings:
Investor Class	(906,719)		(2,163,108)
I Class	(311,941)		(689,767)
A Class	(161,768)		(356,726)
C Class	(16,592)		(52,918)
R Class	(4,591)		(12,206)
R5 Class	(113,357)		(277,529)
Decrease in net assets from distributions	(1,514,968)		(3,552,254)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	4,266,565		(4,054,437)
Net increase (decrease) in net assets	11,768,745		(1,326,032)
Net Assets
Beginning of period	144,314,835		145,640,867
End of period	$	156,083,580	$	144,314,835

See Notes to Financial Statements.

29

Notes to Financial Statements

SEPTEMBER 30, 2020 (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.

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.

30

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.

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.

31

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.

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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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 1940 Act. 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, 2020 through July 31, 2020, the investment advisor agreed to waive 0.10% of the fund's management fee. Effective August 1, 2020, the investment advisor terminated the waiver and decreased the annual management fee by 0.10%.

32

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, 2020 are as follows:

			Effective Annual Management Fee
	Investment Category Fee Range*	Complex Fee Range	Before Waiver	After Waiver
Investor Class	0.2425% to 0.3600%	0.2500% to 0.3100%	0.61%	0.54%
I Class		0.1500% to 0.2100%	0.51%	0.44%
A Class		0.2500% to 0.3100%	0.61%	0.54%
C Class		0.2500% to 0.3100%	0.61%	0.54%
R Class		0.2500% to 0.3100%	0.61%	0.54%
R5 Class		0.0500% to 0.1100%	0.41%	0.34%

*Prior to August 1, 2020, the Investment Category Fee range was 0.3425% to 0.4600%.

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, 2020 are detailed in the Statement of Operations.

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

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.During the period, the interfund purchases were $62,434 and there were no interfund sales.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended September 30, 2020 totaled $191,907,471, of which $108,391,873 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2020 totaled $167,245,430, of which $104,581,143 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, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	1,401,648	$	15,775,961	2,506,142	$	27,310,053
Issued in reinvestment of distributions	77,096	868,602		190,348	2,066,899
Redeemed	(1,206,346)	(13,523,292)		(5,168,305)	(55,406,182)
	272,398	3,121,271		(2,471,815)	(26,029,230)
I Class
Sold	547,545	6,125,745		3,133,903	33,458,643
Issued in reinvestment of distributions	27,689	311,847		63,351	689,594
Redeemed	(564,399)	(6,324,887)		(1,192,245)	(12,963,639)
	10,835	112,705		2,005,009	21,184,598
A Class
Sold	293,433	3,278,707		457,399	4,956,897
Issued in reinvestment of distributions	14,088	158,728		32,150	349,426
Redeemed	(161,769)	(1,814,747)		(422,311)	(4,573,516)
	145,752	1,622,688		67,238	732,807
C Class
Sold	18,831	212,455		106,541	1,152,608
Issued in reinvestment of distributions	1,435	16,179		4,631	50,273
Redeemed	(75,815)	(847,292)		(102,204)	(1,106,668)
	(55,549)	(618,658)		8,968	96,213
R Class
Sold	20,402	226,874		20,423	222,603
Issued in reinvestment of distributions	403	4,539		1,105	12,000
Redeemed	(8,180)	(91,747)		(34,601)	(378,490)
	12,625	139,666		(13,073)	(143,887)
R5 Class
Sold	102,397	1,150,131		184,585	1,999,196
Issued in reinvestment of distributions	10,073	113,357		25,541	277,519
Redeemed	(123,785)	(1,374,595)		(202,549)	(2,171,653)
	(11,315)	(111,107)		7,577	105,062
Net increase (decrease)	374,746	$	4,266,565	(396,096)	$	(4,054,437)

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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	—		$	70,283,221	—
U.S. Government Agency Mortgage-Backed Securities	—		31,818,409		—
U.S. Treasury Securities	—		25,233,415		—
Collateralized Mortgage Obligations	—		20,203,897		—
Collateralized Loan Obligations	—		6,802,092		—
Asset-Backed Securities	—		5,699,659		—
Municipal Securities	—		3,430,689		—
Sovereign Governments and Agencies	—		2,680,705		—
Preferred Stocks	—		1,045,297		—
Bank Loan Obligations	—		655,415		—
Temporary Cash Investments	—		1,602,530		—
	—		$	169,455,329	—
Other Financial Instruments
Futures Contracts	$	4,474	—		—
Forward Foreign Currency Exchange Contracts	—		$	48,334	—
	$	4,474	$	48,334	—
Liabilities
Other Financial Instruments
Futures Contracts	$	46,267	—		—
Swap Agreements	—		$	213,578	—
Forward Foreign Currency Exchange Contracts	—		73,145		—
	$	46,267	$	286,723	—

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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 $8,328,117.

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 settlement 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 $13,867,897.

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 $6,993,263 futures contracts purchased and $7,341,669 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 $2,000,000.

Value of Derivative Instruments as of September 30, 2020
	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*	$	5,258
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	48,334	Unrealized depreciation on forward foreign currency exchange contracts	73,145
Interest Rate Risk	Receivable for variation margin on futures contracts*	17,051		Payable for variation margin on futures contracts*	—
Other Contracts	Receivable for variation margin on swap agreements*	421		Payable for variation margin on swap agreements*	—
		$	65,806		$	78,403

*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, 2020
	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	$	120,219	Change in net unrealized appreciation (depreciation) on swap agreements	$	(469,793)
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	165,565		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	95,523
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(110,613)		Change in net unrealized appreciation (depreciation) on futures contracts	(50,015)
Other Contracts	Net realized gain (loss) on swap agreement transactions	46,227		Change in net unrealized appreciation (depreciation) on swap agreements	67,280
		$	221,398		$	(357,005)

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8. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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	$	162,751,158
Gross tax appreciation of investments	$	7,339,775
Gross tax depreciation of investments	(635,604)
Net tax appreciation (depreciation) of investments	$	6,704,171

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, 2020, the fund had accumulated short-term capital losses of $(2,050,453) and accumulated long-term capital losses of $(205,703), 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.

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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
2020(3)	$10.78	0.12	0.55	0.67	(0.11)	$11.34	6.26%	0.55%(4)	0.62%(4)	2.17%(4)	2.10%(4)	107%	$92,879
2020	$10.56	0.29	0.19	0.48	(0.26)	$10.78	4.57%	0.55%	0.65%	2.64%	2.54%	129%	$85,343
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
I Class
2020(3)	$10.77	0.13	0.56	0.69	(0.12)	$11.34	6.22%	0.45%(4)	0.52%(4)	2.27%(4)	2.20%(4)	107%	$29,580
2020	$10.56	0.30	0.18	0.48	(0.27)	$10.77	4.67%	0.45%	0.55%	2.74%	2.64%	129%	$27,999
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
2020(3)	$10.78	0.11	0.55	0.66	(0.10)	$11.34	6.12%	0.80%(4)	0.87%(4)	1.92%(4)	1.85%(4)	107%	$19,191
2020	$10.56	0.26	0.19	0.45	(0.23)	$10.78	4.31%	0.80%	0.90%	2.39%	2.29%	129%	$16,670
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
C Class
2020(3)	$10.77	0.07	0.56	0.63	(0.06)	$11.34	5.81%	1.55%(4)	1.62%(4)	1.17%(4)	1.10%(4)	107%	$3,183
2020	$10.56	0.18	0.18	0.36	(0.15)	$10.77	3.45%	1.55%	1.65%	1.64%	1.54%	129%	$3,623
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

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
2020(3)	$10.77	0.09	0.56	0.65	(0.08)	$11.34	5.99%	1.05%(4)	1.12%(4)	1.67%(4)	1.60%(4)	107%	$655
2020	$10.56	0.23	0.19	0.42	(0.21)	$10.77	4.05%	1.05%	1.15%	2.14%	2.04%	129%	$487
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
R5 Class
2020(3)	$10.77	0.13	0.55	0.68	(0.12)	$11.33	6.37%	0.35%(4)	0.42%(4)	2.37%(4)	2.30%(4)	107%	$10,595
2020	$10.56	0.31	0.18	0.49	(0.28)	$10.77	4.68%	0.35%	0.45%	2.84%	2.74%	129%	$10,193
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

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, 2020 (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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

43

renewal of the management agreement. 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 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

44

the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, 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

45

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 permanent change to the Fund's fee schedule that should have the effect of lowering the Fund's annual unified management fee by approximately 0.10% (e.g., the Investor Class unified fee will be reduced from 0.64% to 0.54%), beginning August 1, 2020. 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 with respect to 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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90813 2011

Semiannual Report

September 30, 2020

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	25
Statement of Operations	26
Statement of Changes in Net Assets	27
Notes to Financial Statements	28
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, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics

SEPTEMBER 30, 2020
Portfolio at a Glance
Average Duration (effective)	5.9 years
Weighted Average Life to Maturity	8.3 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	34.1%
U.S. Treasury Securities	29.9%
U.S. Government Agency Mortgage-Backed Securities	23.9%
Collateralized Mortgage Obligations	6.2%
Collateralized Loan Obligations	4.2%
Asset-Backed Securities	4.1%
Municipal Securities	2.1%
Sovereign Governments and Agencies	0.9%
U.S. Government Agency Securities	0.9%
Preferred Stocks	0.1%
Temporary Cash Investments	3.7%
Other Assets and Liabilities	(10.1)%*

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

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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,047.80	$3.08	0.60%
I Class	$1,000	$1,047.90	$2.05	0.40%
Y Class	$1,000	$1,048.00	$1.90	0.37%
A Class	$1,000	$1,046.50	$4.36	0.85%
C Class	$1,000	$1,042.60	$8.19	1.60%
R Class	$1,000	$1,045.20	$5.64	1.10%
R5 Class	$1,000	$1,048.80	$2.05	0.40%
R6 Class	$1,000	$1,049.00	$1.80	0.35%
Hypothetical
Investor Class	$1,000	$1,022.06	$3.04	0.60%
I Class	$1,000	$1,023.06	$2.03	0.40%
Y Class	$1,000	$1,023.21	$1.88	0.37%
A Class	$1,000	$1,020.81	$4.31	0.85%
C Class	$1,000	$1,017.05	$8.09	1.60%
R Class	$1,000	$1,019.55	$5.57	1.10%
R5 Class	$1,000	$1,023.06	$2.03	0.40%
R6 Class	$1,000	$1,023.31	$1.78	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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount		Value
CORPORATE BONDS — 34.1%
Aerospace and Defense — 0.4%
Boeing Co. (The), 5.15%, 5/1/30	$	1,020,000	$	1,145,657
Boeing Co. (The), 5.81%, 5/1/50	2,780,000		3,366,120
Raytheon Technologies Corp., 4.125%, 11/16/28	3,320,000		3,934,330
			8,446,107
Airlines — 0.3%
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(1)	3,760,000		3,861,954
Southwest Airlines Co., 5.125%, 6/15/27	3,071,000		3,351,465
			7,213,419
Auto Components — 0.1%
BorgWarner, Inc., 2.65%, 7/1/27	1,400,000		1,479,759
Automobiles — 0.8%
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	5,810,000		5,929,831
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	1,320,000		1,305,797
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	2,730,000		2,692,763
General Motors Co., 5.15%, 4/1/38	1,350,000		1,433,202
General Motors Financial Co., Inc., 2.75%, 6/20/25	2,850,000		2,922,480
General Motors Financial Co., Inc., 2.70%, 8/20/27	3,992,000		3,980,021
			18,264,094
Banks — 4.2%
Banco Santander SA, 3.50%, 4/11/22	4,200,000		4,357,281
Banco Santander SA, 2.75%, 5/28/25	3,380,000		3,557,249
Bank of America Corp., MTN, VRN, 1.32%, 6/19/26	4,420,000		4,453,735
Bank of America Corp., MTN, VRN, 2.50%, 2/13/31	2,612,000		2,728,410
Bank of America Corp., MTN, VRN, 2.68%, 6/19/41	4,100,000		4,204,138
Bank of America Corp., VRN, 3.00%, 12/20/23	3,772,000		3,962,882
Bank of America Corp., VRN, 3.42%, 12/20/28	4,800,000		5,353,382
Barclays plc, VRN, 2.65%, 6/24/31	1,700,000		1,698,424
BBVA Bancomer SA, 1.875%, 9/18/25(1)	3,920,000		3,834,740
BNP Paribas SA, VRN, 2.59%, 8/12/35(1)	3,860,000		3,757,083
BPCE SA, 5.15%, 7/21/24(1)	2,380,000		2,668,662
BPCE SA, VRN, 1.65%, 10/6/26(1)(2)	1,880,000		1,881,667
Citigroup, Inc., VRN, 3.11%, 4/8/26	3,212,000		3,460,753
Citigroup, Inc., VRN, 3.52%, 10/27/28	1,765,000		1,963,610
Citigroup, Inc., VRN, 2.57%, 6/3/31	2,540,000		2,675,489
Cooperatieve Rabobank UA, 3.95%, 11/9/22	4,970,000		5,284,398
DNB Bank ASA, VRN, 1.13%, 9/16/26(1)	2,400,000		2,395,728
FNB Corp., 2.20%, 2/24/23	3,330,000		3,363,277
HSBC Holdings plc, VRN, 2.01%, 9/22/28	1,886,000		1,867,643
JPMorgan Chase & Co., VRN, 4.02%, 12/5/24	5,020,000		5,524,728
JPMorgan Chase & Co., VRN, 2.18%, 6/1/28	3,330,000		3,479,384
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	4,800,000		5,122,153
Lloyds Banking Group plc, VRN, 2.44%, 2/5/26	2,898,000		3,007,625
Natwest Group plc, VRN, 2.36%, 5/22/24	846,000		868,766
Santander UK Group Holdings plc, VRN, 1.53%, 8/21/26	2,665,000		2,625,080
Societe Generale SA, VRN, 3.65%, 7/8/35(1)	806,000		812,062
Sumitomo Mitsui Trust Bank Ltd., 1.05%, 9/12/25(1)	1,060,000		1,065,098

6

	Principal Amount		Value
Wells Fargo & Co., 4.125%, 8/15/23	$	2,170,000	$	2,365,450
Wells Fargo & Co., 3.00%, 10/23/26	4,550,000		4,973,603
Wells Fargo & Co., MTN, VRN, 2.39%, 6/2/28	890,000		929,594
Wells Fargo & Co., VRN, 2.19%, 4/30/26	1,200,000		1,248,179
Wells Fargo & Co., VRN, 3.07%, 4/30/41	2,110,000		2,198,941
			97,689,214
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	2,820,000		3,506,464
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	4,610,000		5,611,575
Coca-Cola Co. (The), 1.00%, 3/15/28	750,000		748,386
PepsiCo, Inc., 1.625%, 5/1/30	500,000		514,349
			10,380,774
Biotechnology — 1.0%
AbbVie, Inc., 3.25%, 10/1/22(1)	6,880,000		7,196,915
AbbVie, Inc., 3.20%, 11/21/29(1)	3,680,000		4,062,085
AbbVie, Inc., 4.40%, 11/6/42	810,000		965,274
Gilead Sciences, Inc., 3.65%, 3/1/26	5,710,000		6,451,869
Gilead Sciences, Inc., 1.65%, 10/1/30	2,673,000		2,671,400
Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30	967,000		944,501
			22,292,044
Building Products†
Lennox International, Inc., 1.70%, 8/1/27	910,000		910,227
Capital Markets — 2.1%
Ares Capital Corp., 3.25%, 7/15/25	4,618,000		4,595,440
Ares Finance Co. II LLC, 3.25%, 6/15/30(1)	2,060,000		2,158,560
Credit Suisse Group AG, VRN, 2.59%, 9/11/25(1)	2,020,000		2,109,026
Credit Suisse Group AG, VRN, 2.19%, 6/5/26(1)	4,975,000		5,144,955
Goldman Sachs Group, Inc. (The), 3.50%, 4/1/25	1,527,000		1,687,245
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26	8,120,000		8,983,106
Goldman Sachs Group, Inc. (The), 2.60%, 2/7/30	2,285,000		2,415,975
Golub Capital BDC, Inc., 3.375%, 4/15/24(2)	3,770,000		3,768,408
Intercontinental Exchange, Inc., 1.85%, 9/15/32	1,830,000		1,825,285
Morgan Stanley, MTN, 4.875%, 11/1/22	2,185,000		2,364,282
Morgan Stanley, MTN, VRN, 2.70%, 1/22/31	1,195,000		1,278,418
Morgan Stanley, VRN, 2.19%, 4/28/26	6,509,000		6,823,865
Oaktree Specialty Lending Corp., 3.50%, 2/25/25	2,630,000		2,647,636
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1)	3,470,000		3,435,896
			49,238,097
Chemicals — 0.4%
CF Industries, Inc., 4.50%, 12/1/26(1)	2,580,000		3,001,270
CF Industries, Inc., 5.15%, 3/15/34	1,640,000		1,941,620
Dow Chemical Co. (The), 3.60%, 11/15/50	3,620,000		3,676,107
Nutrition & Biosciences, Inc., 1.83%, 10/15/27(1)	1,132,000		1,137,918
			9,756,915
Commercial Services and Supplies — 0.4%
RELX Capital, Inc., 3.00%, 5/22/30	1,505,000		1,647,787
Republic Services, Inc., 2.30%, 3/1/30	3,420,000		3,637,006
Waste Connections, Inc., 2.60%, 2/1/30	3,810,000		4,106,594
			9,391,387
Communications Equipment — 0.1%
Juniper Networks, Inc., 4.50%, 3/15/24	527,000		589,389

7

	Principal Amount		Value
Motorola Solutions, Inc., 2.30%, 11/15/30	$	1,820,000	$	1,809,473
			2,398,862
Construction and Engineering — 0.2%
Quanta Services, Inc., 2.90%, 10/1/30	4,130,000		4,221,440
Construction Materials — 0.3%
Martin Marietta Materials, Inc., 2.50%, 3/15/30	4,060,000		4,233,959
Vulcan Materials Co., 3.50%, 6/1/30	2,150,000		2,411,108
			6,645,067
Consumer Finance — 0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	6,320,000		6,516,152
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.15%, 2/15/24	2,260,000		2,242,759
Capital One Bank USA N.A., 3.375%, 2/15/23	4,900,000		5,181,819
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(1)	3,460,000		3,484,215
Synchrony Financial, 2.85%, 7/25/22	3,536,000		3,643,307
			21,068,252
Containers and Packaging†
Ball Corp., 2.875%, 8/15/30	950,000		940,500
Diversified Consumer Services — 0.1%
Pepperdine University, 3.30%, 12/1/59	2,800,000		3,082,825
Diversified Financial Services — 0.4%
Block Financial LLC, 3.875%, 8/15/30	940,000		946,137
Deutsche Bank AG, VRN, 3.55%, 9/18/31	1,290,000		1,298,999
GE Capital Funding LLC, 4.40%, 5/15/30(1)	4,100,000		4,415,598
NatWest Markets plc, 2.375%, 5/21/23(1)	1,424,000		1,466,945
			8,127,679
Diversified Telecommunication Services — 1.2%
AT&T, Inc., 2.30%, 6/1/27	930,000		977,626
AT&T, Inc., 2.75%, 6/1/31	5,145,000		5,424,668
AT&T, Inc., 3.50%, 6/1/41	800,000		845,045
AT&T, Inc., 3.65%, 6/1/51	691,000		701,253
AT&T, Inc., 3.30%, 2/1/52	2,525,000		2,365,195
AT&T, Inc., 3.55%, 9/15/55(1)	1,766,000		1,697,649
Deutsche Telekom International Finance BV, 1.95%, 9/19/21(1)	2,370,000		2,396,863
Ooredoo International Finance Ltd., MTN, 3.25%, 2/21/23	1,150,000		1,204,494
Verizon Communications, Inc., 3.15%, 3/22/30	1,890,000		2,139,524
Verizon Communications, Inc., 4.40%, 11/1/34	7,163,000		8,955,715
			26,708,032
Electric Utilities — 2.6%
AEP Texas, Inc., 2.10%, 7/1/30	2,290,000		2,357,929
AEP Transmission Co. LLC, 3.75%, 12/1/47	1,020,000		1,196,480
American Electric Power Co., Inc., 3.20%, 11/13/27	2,050,000		2,255,984
Berkshire Hathaway Energy Co., 3.50%, 2/1/25	1,900,000		2,105,457
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	2,700,000		3,137,262
Commonwealth Edison Co., 3.20%, 11/15/49	1,017,000		1,117,655
DTE Electric Co., 2.25%, 3/1/30	2,370,000		2,525,720
Duke Energy Florida LLC, 1.75%, 6/15/30	2,500,000		2,548,174
Duke Energy Florida LLC, 3.85%, 11/15/42	2,070,000		2,465,840
Duke Energy Progress LLC, 4.15%, 12/1/44	1,100,000		1,372,121
Duke Energy Progress LLC, 3.70%, 10/15/46	2,280,000		2,686,956
EDP Finance BV, 1.71%, 1/24/28(1)	3,170,000		3,155,542
Entergy Arkansas LLC, 2.65%, 6/15/51	1,190,000		1,201,507

8

	Principal Amount		Value
Entergy Texas, Inc., 1.75%, 3/15/31(2)	$	4,260,000	$	4,232,168
Exelon Corp., 5.15%, 12/1/20	1,700,000		1,700,000
Exelon Corp., 4.45%, 4/15/46	1,842,000		2,236,394
FirstEnergy Transmission LLC, 4.55%, 4/1/49(1)	1,570,000		1,844,786
Florida Power & Light Co., 3.15%, 10/1/49	1,450,000		1,635,220
MidAmerican Energy Co., 4.40%, 10/15/44	2,100,000		2,666,723
Nevada Power Co., 2.40%, 5/1/30	1,690,000		1,818,716
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27	1,860,000		2,098,835
Northern States Power Co., 2.60%, 6/1/51	1,080,000		1,099,280
Oncor Electric Delivery Co. LLC, 3.10%, 9/15/49	1,450,000		1,595,114
PacifiCorp, 2.70%, 9/15/30	687,000		760,273
PacifiCorp, 3.30%, 3/15/51	2,130,000		2,397,117
Potomac Electric Power Co., 3.60%, 3/15/24	1,700,000		1,857,013
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	2,390,000		2,370,384
Southern Co. Gas Capital Corp., 3.95%, 10/1/46	1,570,000		1,758,704
Xcel Energy, Inc., 3.40%, 6/1/30	2,320,000		2,669,922
			60,867,276
Energy Equipment and Services — 0.1%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.14%, 11/7/29	1,755,000		1,831,409
Entertainment — 0.4%
Netflix, Inc., 3.625%, 6/15/25(1)	2,622,000		2,743,923
Netflix, Inc., 4.875%, 4/15/28	2,142,000		2,397,177
Netflix, Inc., 5.875%, 11/15/28	600,000		716,994
Walt Disney Co. (The), 2.20%, 1/13/28	4,050,000		4,264,935
			10,123,029
Equity Real Estate Investment Trusts (REITs) — 2.2%
Alexandria Real Estate Equities, Inc., 4.70%, 7/1/30	670,000		827,037
Alexandria Real Estate Equities, Inc., 1.875%, 2/1/33	2,870,000		2,811,321
American Tower Corp., 3.375%, 10/15/26	1,330,000		1,473,632
Brixmor Operating Partnership LP, 4.05%, 7/1/30	1,465,000		1,574,218
CubeSmart LP, 2.00%, 2/15/31(2)	2,455,000		2,426,107
Equinix, Inc., 5.375%, 5/15/27	571,000		623,095
Essex Portfolio LP, 3.25%, 5/1/23	1,712,000		1,803,497
Healthcare Realty Trust, Inc., 2.40%, 3/15/30	1,900,000		1,929,314
Healthcare Realty Trust, Inc., 2.05%, 3/15/31(2)	1,005,000		993,845
Highwoods Realty LP, 2.60%, 2/1/31	970,000		963,629
Host Hotels & Resorts LP, 3.75%, 10/15/23	1,625,000		1,678,573
Kilroy Realty LP, 3.80%, 1/15/23	3,380,000		3,519,953
Kilroy Realty LP, 2.50%, 11/15/32	2,800,000		2,733,930
Kimco Realty Corp., 2.80%, 10/1/26	3,910,000		4,182,699
Kimco Realty Corp., 1.90%, 3/1/28	1,740,000		1,721,166
Lexington Realty Trust, 2.70%, 9/15/30	3,620,000		3,695,636
Mid-America Apartments LP, 1.70%, 2/15/31	2,065,000		2,038,387
National Retail Properties, Inc., 2.50%, 4/15/30	2,666,000		2,665,183
Realty Income Corp., 3.25%, 1/15/31	935,000		1,032,260
Regency Centers LP, 3.70%, 6/15/30	1,800,000		1,978,511
Scentre Group Trust 2, VRN, 4.75%, 9/24/80(1)	2,040,000		2,026,452
Spirit Realty LP, 3.20%, 2/15/31	1,840,000		1,797,475
VEREIT Operating Partnership LP, 3.40%, 1/15/28	3,078,000		3,209,769
Welltower, Inc., 2.75%, 1/15/31	2,360,000		2,427,647
			50,133,336

9

	Principal Amount		Value
Food and Staples Retailing — 0.5%
Costco Wholesale Corp., 1.60%, 4/20/30	$	2,980,000	$	3,043,479
Kroger Co. (The), 3.875%, 10/15/46	2,080,000		2,360,623
Sysco Corp., 5.95%, 4/1/30	4,710,000		5,959,182
			11,363,284
Food Products — 0.3%
Mars, Inc., 1.625%, 7/16/32(1)	3,070,000		3,047,961
Mondelez International, Inc., 2.75%, 4/13/30	2,814,000		3,069,969
			6,117,930
Gas Utilities — 0.2%
CenterPoint Energy Resources Corp., 1.75%, 10/1/30(2)	2,031,000		2,037,570
Infraestructura Energetica Nova SAB de CV, 4.75%, 1/15/51(1)	2,500,000		2,346,875
			4,384,445
Health Care Equipment and Supplies — 0.4%
Becton Dickinson and Co., 3.73%, 12/15/24	1,181,000		1,306,074
Danaher Corp., 2.60%, 10/1/50(2)	2,360,000		2,306,238
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30	1,120,000		1,218,814
Stryker Corp., 1.95%, 6/15/30	2,390,000		2,438,971
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30	2,125,000		2,385,606
			9,655,703
Health Care Providers and Services — 1.0%
Anthem, Inc., 2.375%, 1/15/25	710,000		754,997
Cigna Corp., 2.40%, 3/15/30	2,430,000		2,517,786
CVS Health Corp., 4.30%, 3/25/28	3,810,000		4,462,651
CVS Health Corp., 1.75%, 8/21/30	2,020,000		1,981,984
CVS Health Corp., 4.78%, 3/25/38	1,480,000		1,795,445
Duke University Health System, Inc., 3.92%, 6/1/47	1,000,000		1,258,165
Partners Healthcare System, Inc., 3.19%, 7/1/49	1,695,000		1,838,361
UnitedHealth Group, Inc., 3.75%, 7/15/25	2,000,000		2,284,798
UnitedHealth Group, Inc., 2.00%, 5/15/30	1,343,000		1,406,321
Universal Health Services, Inc., 2.65%, 10/15/30(1)	4,675,000		4,665,744
			22,966,252
Hotels, Restaurants and Leisure — 0.3%
Las Vegas Sands Corp., 3.90%, 8/8/29	1,460,000		1,464,227
Marriott International, Inc., 3.50%, 10/15/32	3,227,000		3,192,094
McDonald's Corp., MTN, 4.70%, 12/9/35	1,270,000		1,626,232
			6,282,553
Household Durables — 0.4%
D.R. Horton, Inc., 2.55%, 12/1/20	2,420,000		2,428,263
D.R. Horton, Inc., 2.50%, 10/15/24	2,640,000		2,796,879
Lennar Corp., 4.75%, 4/1/21	3,290,000		3,326,272
			8,551,414
Industrial Conglomerates — 0.4%
Carlisle Cos., Inc., 2.75%, 3/1/30	4,495,000		4,782,587
General Electric Co., 3.625%, 5/1/30	2,490,000		2,589,397
General Electric Co., 4.35%, 5/1/50	1,210,000		1,235,208
			8,607,192
Insurance — 1.9%
American International Group, Inc., 3.40%, 6/30/30	2,850,000		3,151,564
American International Group, Inc., 4.50%, 7/16/44	1,782,000		2,094,037
Athene Global Funding, 2.50%, 1/14/25(1)	1,795,000		1,851,744
Athene Global Funding, 2.55%, 6/29/25(1)	1,790,000		1,843,587

10

	Principal Amount		Value
Athene Global Funding, 2.45%, 8/20/27(1)	$	1,289,000	$	1,324,781
Belrose Funding Trust, 2.33%, 8/15/30(1)	920,000		910,535
Chubb INA Holdings, Inc., 1.375%, 9/15/30	2,811,000		2,774,613
Five Corners Funding Trust II, 2.85%, 5/15/30(1)	2,755,000		2,975,255
Globe Life, Inc., 2.15%, 8/15/30	2,190,000		2,206,157
Great-West Lifeco US Finance 2020 LP, 0.90%, 8/12/25(1)	3,105,000		3,101,028
Kemper Corp., 2.40%, 9/30/30	1,570,000		1,549,636
Liberty Mutual Group, Inc., 4.50%, 6/15/49(1)	1,100,000		1,334,498
Lincoln National Corp., 4.375%, 6/15/50	3,205,000		3,720,884
Markel Corp., 4.90%, 7/1/22	3,120,000		3,347,544
Massachusetts Mutual Life Insurance Co., 3.375%, 4/15/50(1)	3,160,000		3,227,371
Protective Life Global Funding, 1.74%, 9/21/30(1)	3,600,000		3,568,463
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50(1)	1,457,000		1,507,167
Unum Group, 4.50%, 3/15/25	1,835,000		2,041,155
WR Berkley Corp., 4.625%, 3/15/22	1,875,000		1,981,186
			44,511,205
Internet and Direct Marketing Retail — 0.1%
Expedia Group, Inc., 3.60%, 12/15/23(1)	2,651,000		2,710,337
IT Services — 0.5%
Fiserv, Inc., 3.50%, 7/1/29	1,500,000		1,711,652
Global Payments, Inc., 3.20%, 8/15/29	3,040,000		3,324,876
International Business Machines Corp., 1.70%, 5/15/27	2,200,000		2,277,451
International Business Machines Corp., 1.95%, 5/15/30	1,100,000		1,135,227
PayPal Holdings, Inc., 2.30%, 6/1/30	2,661,000		2,814,751
			11,263,957
Life Sciences Tools and Services — 0.1%
Agilent Technologies, Inc., 2.10%, 6/4/30	1,200,000		1,232,676
Machinery — 0.1%
Cummins, Inc., 2.60%, 9/1/50	2,710,000		2,659,638
Media — 0.8%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50	3,775,000		4,335,985
Comcast Corp., 1.95%, 1/15/31	1,600,000		1,647,329
Comcast Corp., 3.20%, 7/15/36	1,271,000		1,414,056
Comcast Corp., 3.75%, 4/1/40	800,000		937,154
Comcast Corp., 2.45%, 8/15/52	1,300,000		1,221,906
Discovery Communications LLC, 3.625%, 5/15/30	700,000		779,885
Time Warner Entertainment Co. LP, 8.375%, 3/15/23	2,158,000		2,537,652
ViacomCBS, Inc., 4.75%, 5/15/25	2,845,000		3,267,360
ViacomCBS, Inc., 3.70%, 6/1/28	679,000		754,921
ViacomCBS, Inc., 4.20%, 5/19/32	1,400,000		1,602,476
			18,498,724
Metals and Mining — 0.4%
Minera Mexico SA de CV, 4.50%, 1/26/50(1)	5,900,000		6,457,550
Newcrest Finance Pty Ltd., 4.20%, 5/13/50(1)	1,140,000		1,337,715
Steel Dynamics, Inc., 3.45%, 4/15/30	1,330,000		1,469,532
Teck Resources Ltd., 3.90%, 7/15/30(1)	930,000		974,774
			10,239,571
Multi-Utilities — 0.8%
Ameren Corp., 3.50%, 1/15/31	2,940,000		3,367,419
CenterPoint Energy, Inc., 4.25%, 11/1/28	2,500,000		2,980,922
Dominion Energy, Inc., 4.90%, 8/1/41	1,945,000		2,501,389

11

	Principal Amount		Value
NiSource, Inc., 1.70%, 2/15/31	$	1,410,000	$	1,388,727
NiSource, Inc., 5.65%, 2/1/45	2,080,000		2,879,022
San Diego Gas & Electric Co., 1.70%, 10/1/30	1,050,000		1,042,888
Sempra Energy, 2.875%, 10/1/22	1,820,000		1,889,482
Sempra Energy, 3.25%, 6/15/27	1,700,000		1,869,956
Sempra Energy, 4.00%, 2/1/48	1,500,000		1,690,827
			19,610,632
Oil, Gas and Consumable Fuels — 2.7%
Aker BP ASA, 3.75%, 1/15/30(1)	3,600,000		3,505,354
Aker BP ASA, 4.00%, 1/15/31(1)	640,000		632,418
BP Capital Markets America, Inc., 1.75%, 8/10/30	1,750,000		1,739,358
Chevron Corp., 2.00%, 5/11/27	1,640,000		1,736,332
Chevron USA, Inc., 1.02%, 8/12/27	950,000		949,413
CNOOC Finance Ltd., 4.25%, 1/26/21	4,975,000		5,028,133
Concho Resources, Inc., 2.40%, 2/15/31	1,330,000		1,274,930
Diamondback Energy, Inc., 3.50%, 12/1/29	3,290,000		3,180,658
Ecopetrol SA, 5.875%, 5/28/45	1,220,000		1,331,325
Energy Transfer Operating LP, 4.25%, 3/15/23	4,740,000		4,934,334
Energy Transfer Operating LP, 4.90%, 3/15/35	3,470,000		3,397,752
Enterprise Products Operating LLC, 4.85%, 3/15/44	2,410,000		2,744,630
Equinor ASA, 1.75%, 1/22/26	1,630,000		1,691,851
Equinor ASA, 3.25%, 11/18/49	1,170,000		1,246,855
Exxon Mobil Corp., 1.57%, 4/15/23	2,760,000		2,841,142
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	2,740,000		3,455,384
MPLX LP, 5.25%, 1/15/25	2,950,000		3,058,532
MPLX LP, 2.65%, 8/15/30	1,920,000		1,886,980
MPLX LP, 4.50%, 4/15/38	1,130,000		1,157,830
Ovintiv, Inc., 6.50%, 2/1/38	690,000		627,736
Petroleos Mexicanos, 4.875%, 1/24/22	2,160,000		2,189,192
Petroleos Mexicanos, 6.50%, 3/13/27	800,000		747,176
Petroleos Mexicanos, 5.50%, 6/27/44	700,000		520,243
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 9/15/30	4,190,000		4,071,033
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	4,000,000		4,577,269
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30(1)	1,690,000		1,829,163
Valero Energy Corp., 1.20%, 3/15/24	2,940,000		2,929,990
			63,285,013
Paper and Forest Products — 0.1%
Georgia-Pacific LLC, 2.10%, 4/30/27(1)	2,550,000		2,678,617
Pharmaceuticals — 1.0%
AstraZeneca plc, 1.375%, 8/6/30	3,633,000		3,545,222
Bristol-Myers Squibb Co., 3.25%, 8/15/22	5,180,000		5,460,006
Bristol-Myers Squibb Co., 3.40%, 7/26/29	2,950,000		3,432,702
Royalty Pharma plc, 1.75%, 9/2/27(1)	3,281,000		3,283,467
Royalty Pharma plc, 2.20%, 9/2/30(1)	2,640,000		2,630,389
Upjohn, Inc., 2.70%, 6/22/30(1)	4,509,000		4,673,037
Upjohn, Inc., 4.00%, 6/22/50(1)	872,000		933,250
			23,958,073
Road and Rail — 0.9%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	3,750,000		3,858,103
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41	3,850,000		5,160,001
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	1,070,000		1,342,955

12

	Principal Amount		Value
CSX Corp., 3.25%, 6/1/27	$	3,490,000	$	3,952,574
Norfolk Southern Corp., 3.05%, 5/15/50	1,380,000		1,478,126
Union Pacific Corp., 2.40%, 2/5/30	1,800,000		1,941,750
Union Pacific Corp., 3.60%, 9/15/37	1,730,000		2,000,338
Union Pacific Corp., MTN, 3.55%, 8/15/39	1,210,000		1,384,193
			21,118,040
Semiconductors and Semiconductor Equipment — 0.6%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.125%, 1/15/25	846,000		903,198
Broadcom, Inc., 2.25%, 11/15/23	2,400,000		2,496,836
Broadcom, Inc., 3.15%, 11/15/25	2,770,000		2,991,137
Microchip Technology, Inc., 2.67%, 9/1/23(1)	2,645,000		2,739,990
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	3,950,000		4,176,018
Texas Instruments, Inc., 1.75%, 5/4/30	1,450,000		1,499,095
			14,806,274
Software — 0.3%
Microsoft Corp., 2.53%, 6/1/50	2,765,000		2,902,434
Oracle Corp., 4.00%, 7/15/46	3,495,000		4,144,728
			7,047,162
Specialty Retail — 0.3%
Home Depot, Inc. (The), 2.50%, 4/15/27	1,960,000		2,133,710
Home Depot, Inc. (The), 3.90%, 6/15/47	2,750,000		3,393,638
Home Depot, Inc. (The), 3.35%, 4/15/50	1,629,000		1,888,182
			7,415,530
Technology Hardware, Storage and Peripherals — 0.9%
Apple, Inc., 2.55%, 8/20/60	2,990,000		2,997,100
Dell International LLC / EMC Corp., 5.45%, 6/15/23(1)	2,446,000		2,683,252
EMC Corp., 3.375%, 6/1/23	4,650,000		4,796,149
Hewlett Packard Enterprise Co., 1.45%, 4/1/24	3,500,000		3,547,448
NetApp, Inc., 2.375%, 6/22/27	3,410,000		3,560,922
Seagate HDD Cayman, 4.875%, 3/1/24	1,007,000		1,096,273
Seagate HDD Cayman, 4.75%, 1/1/25	2,170,000		2,384,701
			21,065,845
Trading Companies and Distributors — 0.2%
Air Lease Corp., MTN, 2.875%, 1/15/26	1,770,000		1,741,954
Aircastle Ltd., 5.25%, 8/11/25(1)	3,575,000		3,501,727
			5,243,681
Water Utilities — 0.1%
Essential Utilities, Inc., 2.70%, 4/15/30	2,300,000		2,464,388
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc., 2.55%, 2/15/31(1)	2,500,000		2,593,325
Vodafone Group plc, 4.375%, 2/19/43	1,230,000		1,440,641
			4,033,966
TOTAL CORPORATE BONDS (Cost $758,740,357)			792,981,846
U.S. TREASURY SECURITIES — 29.9%
U.S. Treasury Bills, 0.14%, 9/9/21(3)	20,000,000		19,978,562
U.S. Treasury Bonds, 5.00%, 5/15/37	2,000,000		3,240,859
U.S. Treasury Bonds, 4.50%, 5/15/38	9,000,000		14,062,149
U.S. Treasury Bonds, 3.50%, 2/15/39	1,780,000		2,499,231
U.S. Treasury Bonds, 1.125%, 5/15/40	13,500,000		13,291,172
U.S. Treasury Bonds, 1.125%, 8/15/40	2,900,000		2,846,305
U.S. Treasury Bonds, 3.125%, 11/15/41	5,000,000		6,758,203

13

	Principal Amount		Value
U.S. Treasury Bonds, 3.125%, 2/15/42	$	20,000,000	$	27,101,562
U.S. Treasury Bonds, 3.00%, 5/15/42	12,800,000		17,020,000
U.S. Treasury Bonds, 2.75%, 11/15/42	8,500,000		10,886,973
U.S. Treasury Bonds, 3.625%, 2/15/44	2,000,000		2,923,047
U.S. Treasury Bonds, 2.50%, 2/15/45	13,000,000		16,003,711
U.S. Treasury Bonds, 2.50%, 2/15/46	3,400,000		4,198,602
U.S. Treasury Bonds, 3.375%, 11/15/48(4)	38,000,000		55,300,391
U.S. Treasury Bonds, 2.25%, 8/15/49	10,700,000		12,727,566
U.S. Treasury Bonds, 2.375%, 11/15/49	3,000,000		3,663,633
U.S. Treasury Inflation Indexed Notes, 0.25%, 7/15/29	15,700,415		17,567,944
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/30	21,727,255		24,163,240
U.S. Treasury Notes, 1.125%, 8/31/21(4)	1,000,000		1,008,842
U.S. Treasury Notes, 0.125%, 6/30/22	15,000,000		14,997,656
U.S. Treasury Notes, 1.625%, 12/15/22	15,000,000		15,493,066
U.S. Treasury Notes, 0.50%, 3/15/23	25,000,000		25,218,750
U.S. Treasury Notes, 1.50%, 3/31/23	10,000,000		10,337,109
U.S. Treasury Notes, 0.25%, 4/15/23	34,000,000		34,091,641
U.S. Treasury Notes, 0.125%, 5/15/23	16,000,000		15,990,625
U.S. Treasury Notes, 0.25%, 6/15/23	20,000,000		20,052,344
U.S. Treasury Notes, 0.125%, 9/15/23	45,000,000		44,959,570
U.S. Treasury Notes, 1.125%, 2/28/25	84,000,000		87,284,531
U.S. Treasury Notes, 0.50%, 3/31/25	4,000,000		4,045,938
U.S. Treasury Notes, 0.25%, 5/31/25	15,000,000		14,998,828
U.S. Treasury Notes, 0.25%, 8/31/25	35,000,000		34,968,555
U.S. Treasury Notes, 1.125%, 2/28/27	20,500,000		21,425,703
U.S. Treasury Notes, 0.625%, 3/31/27	69,000,000		69,881,367
U.S. Treasury Notes, 0.50%, 8/31/27	21,500,000		21,553,750
U.S. Treasury Notes, 0.625%, 5/15/30	4,000,000		3,986,250
TOTAL U.S. TREASURY SECURITIES (Cost $648,300,395)			694,527,675
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 23.9%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.9%
FHLMC, VRN, 3.52%, (1-year H15T1Y plus 2.26%), 4/1/37	291,384		308,695
FHLMC, VRN, 3.80%, (12-month LIBOR plus 1.82%), 6/1/38	650,491		687,215
FHLMC, VRN, 2.65%, (12-month LIBOR plus 1.88%), 7/1/40	331,742		348,442
FHLMC, VRN, 3.02%, (12-month LIBOR plus 1.76%), 9/1/40	420,245		438,856
FHLMC, VRN, 3.65%, (12-month LIBOR plus 1.88%), 5/1/41	278,701		294,149
FHLMC, VRN, 3.42%, (12-month LIBOR plus 1.86%), 7/1/41	922,161		972,082
FHLMC, VRN, 3.19%, (12-month LIBOR plus 1.63%), 5/1/43	216,132		225,215
FHLMC, VRN, 2.50%, (12-month LIBOR plus 1.62%), 6/1/43	8,732		8,785
FHLMC, VRN, 2.83%, (12-month LIBOR plus 1.65%), 6/1/43	192,329		193,973
FHLMC, VRN, 3.17%, (12-month LIBOR plus 1.62%), 6/1/44	1,087,551		1,134,207
FHLMC, VRN, 2.36%, (12-month LIBOR plus 1.63%), 8/1/46	1,996,069		2,076,416
FNMA, VRN, 3.77%, (12-month LIBOR plus 1.72%), 12/1/37	237,780		241,497
FNMA, VRN, 3.69%, (12-month LIBOR plus 1.69%), 1/1/40	194,425		202,994
FNMA, VRN, 2.54%, (12-month LIBOR plus 1.79%), 8/1/40	649,683		673,795
FNMA, VRN, 3.02%, (12-month LIBOR plus 1.77%), 10/1/40	747,669		776,721
FNMA, VRN, 2.46%, (12-month LIBOR plus 1.75%), 8/1/41	605,859		633,044
FNMA, VRN, 3.26%, (12-month LIBOR plus 1.57%), 3/1/43	166,212		172,227
FNMA, VRN, 3.56%, (12-month LIBOR plus 1.58%), 1/1/45	1,083,958		1,125,054
FNMA, VRN, 2.62%, (12-month LIBOR plus 1.60%), 4/1/46	5,833,558		6,040,525
FNMA, VRN, 3.24%, (12-month LIBOR plus 1.62%), 5/1/47	4,898,932		5,114,883
			21,668,775

14

	Principal Amount		Value
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 23.0%
FHLMC, 5.00%, 1/1/21	$	10,442	$	11,006
FHLMC, 5.00%, 4/1/21	2,301		2,425
FHLMC, 7.00%, 9/1/27	1,058		1,193
FHLMC, 6.50%, 1/1/28	1,684		1,886
FHLMC, 7.00%, 2/1/28	276		312
FHLMC, 6.50%, 3/1/29	10,537		11,911
FHLMC, 6.50%, 6/1/29	13,161		14,752
FHLMC, 7.00%, 8/1/29	1,114		1,249
FHLMC, 5.00%, 4/1/31	1,590,387		1,788,862
FHLMC, 5.00%, 5/1/31	2,212,615		2,488,710
FHLMC, 6.50%, 5/1/31	11,625		13,019
FHLMC, 6.50%, 6/1/31	1,303		1,459
FHLMC, 5.50%, 12/1/33	144,833		168,745
FHLMC, 6.00%, 9/1/35	2,188,348		2,595,422
FHLMC, 5.50%, 12/1/37	154,638		179,011
FHLMC, 5.50%, 1/1/38	237,169		275,970
FHLMC, 6.00%, 2/1/38	1,159,073		1,369,504
FHLMC, 5.50%, 4/1/38	356,563		413,836
FHLMC, 6.00%, 8/1/38	89,054		103,660
FNMA, 6.50%, 1/1/26	7,653		8,567
FNMA, 7.00%, 12/1/27	2,333		2,594
FNMA, 7.50%, 4/1/28	14,424		16,171
FNMA, 7.00%, 5/1/28	13,360		13,881
FNMA, 7.00%, 6/1/28	235		241
FNMA, 6.50%, 1/1/29	1,742		1,985
FNMA, 6.50%, 4/1/29	6,067		6,868
FNMA, 7.00%, 7/1/29	1,092		1,096
FNMA, 7.50%, 7/1/29	9,869		10,266
FNMA, 7.50%, 9/1/30	4,247		4,993
FNMA, 5.00%, 6/1/31	1,637,446		1,841,414
FNMA, 5.00%, 7/1/31	2,614,905		2,940,651
FNMA, 7.00%, 9/1/31	20,491		21,851
FNMA, 6.50%, 1/1/32	7,314		8,396
FNMA, 6.50%, 8/1/32	28,469		32,531
FNMA, 5.50%, 2/1/33	1,406,948		1,649,675
FNMA, 5.00%, 6/1/33	1,434,384		1,642,749
FNMA, 5.50%, 6/1/33	86,706		101,760
FNMA, 5.50%, 7/1/33	471,171		553,312
FNMA, 5.00%, 8/1/33	201,949		232,137
FNMA, 5.50%, 8/1/33	206,869		243,310
FNMA, 5.50%, 9/1/33	273,269		321,770
FNMA, 5.00%, 11/1/33	922,006		1,060,251
FNMA, 6.00%, 12/1/33	652,555		771,053
FNMA, 5.50%, 1/1/34	193,254		222,002
FNMA, 5.50%, 2/1/34	840,591		988,679
FNMA, 3.50%, 3/1/34	3,946,303		4,236,212
FNMA, 5.00%, 3/1/34	540,866		621,731
FNMA, 4.50%, 1/1/35	4,700,393		5,185,142
FNMA, 5.00%, 4/1/35	1,274,806		1,465,855
FNMA, 5.00%, 6/1/35	959,365		1,103,254
FNMA, 5.00%, 7/1/35	1,835,174		2,109,243

15

	Principal Amount		Value
FNMA, 5.00%, 8/1/35	$	61,690	$	70,850
FNMA, 5.00%, 10/1/35	418,190		480,298
FNMA, 5.50%, 12/1/35	2,698,973		3,177,445
FNMA, 5.00%, 2/1/36	319,571		367,759
FNMA, 5.50%, 4/1/36	337,708		395,259
FNMA, 5.50%, 5/1/36	679,937		796,018
FNMA, 5.50%, 7/1/36	150,463		172,145
FNMA, 5.50%, 2/1/37	92,396		107,488
FNMA, 5.50%, 5/1/37	135,591		157,110
FNMA, 6.00%, 8/1/37	249,987		294,877
FNMA, 6.50%, 8/1/37	49,845		57,869
FNMA, 6.00%, 9/1/37	957,686		1,122,019
FNMA, 6.00%, 11/1/37	1,341,044		1,573,301
FNMA, 5.50%, 12/1/37	661,574		763,969
FNMA, 5.50%, 2/1/38	108,316		122,960
FNMA, 5.50%, 6/1/38	296,627		338,317
FNMA, 5.50%, 12/1/38	497,381		562,337
FNMA, 5.00%, 1/1/39	452,099		510,965
FNMA, 5.50%, 1/1/39	3,255,072		3,783,245
FNMA, 4.50%, 2/1/39	853,813		956,623
FNMA, 5.00%, 2/1/39	1,972,376		2,267,360
FNMA, 4.50%, 4/1/39	1,639,184		1,856,878
FNMA, 4.50%, 5/1/39	4,263,997		4,825,520
FNMA, 6.50%, 5/1/39	893,148		1,048,341
FNMA, 5.00%, 8/1/39	1,932,453		2,227,382
FNMA, 4.50%, 10/1/39	7,344,900		8,338,850
FNMA, 4.00%, 10/1/40	7,535,492		8,491,478
FNMA, 4.50%, 11/1/40	7,090,839		7,985,377
FNMA, 4.00%, 8/1/41	6,885,521		7,672,373
FNMA, 4.50%, 9/1/41	3,186,533		3,588,037
FNMA, 3.50%, 10/1/41	7,638,499		8,203,012
FNMA, 5.00%, 1/1/42	3,128,905		3,600,797
FNMA, 3.50%, 2/1/42	5,402,795		5,842,065
FNMA, 3.50%, 6/1/42	17,612,473		19,413,465
FNMA, 3.50%, 8/1/42	1,470,525		1,581,933
FNMA, 3.50%, 8/1/42	7,235,442		7,852,263
FNMA, 4.00%, 11/1/45	8,670,828		9,372,690
FNMA, 4.00%, 11/1/45	2,896,464		3,131,078
FNMA, 4.00%, 2/1/46	8,875,414		9,629,903
FNMA, 4.00%, 4/1/46	10,055,946		10,845,133
FNMA, 6.50%, 8/1/47	18,028		19,539
FNMA, 6.50%, 9/1/47	36,391		39,339
FNMA, 6.50%, 9/1/47	1,753		1,898
FNMA, 6.50%, 9/1/47	19,197		20,753
FNMA, 4.00%, 6/1/48	15,443,665		16,502,733
FNMA, 4.50%, 2/1/49	6,908,657		7,473,490
FNMA, 4.00%, 6/1/49	4,668,764		4,976,462
FNMA, 3.00%, 12/1/49	17,708,281		18,565,946
FNMA, 3.00%, 3/1/50	9,282,980		9,730,598
FNMA, 3.00%, 3/1/50	22,281,715		23,384,831
FNMA, 3.00%, 6/1/50	5,206,035		5,460,616
FNMA, 3.00%, 6/1/50	4,828,597		5,064,725

16

	Principal Amount		Value
FNMA, 3.00%, 6/1/50	$	6,511,578	$	6,859,494
GNMA, 2.50%, TBA	22,500,000		23,625,000
GNMA, 7.00%, 11/15/22	2,541		2,579
GNMA, 7.00%, 4/20/26	1,135		1,275
GNMA, 7.50%, 8/15/26	2,630		2,978
GNMA, 8.00%, 8/15/26	1,153		1,271
GNMA, 7.50%, 5/15/27	1,505		1,530
GNMA, 8.00%, 6/15/27	2,913		2,925
GNMA, 7.00%, 2/15/28	1,150		1,155
GNMA, 7.50%, 2/15/28	694		697
GNMA, 6.50%, 3/15/28	3,867		4,274
GNMA, 6.50%, 5/15/28	104		115
GNMA, 6.50%, 5/15/28	17,336		19,177
GNMA, 7.00%, 12/15/28	1,710		1,717
GNMA, 7.00%, 5/15/31	13,516		16,118
GNMA, 4.50%, 8/15/33	739,621		817,079
GNMA, 6.00%, 9/20/38	458,663		527,646
GNMA, 5.50%, 11/15/38	957,015		1,107,902
GNMA, 5.50%, 11/15/38	222,187		245,660
GNMA, 6.00%, 1/20/39	137,722		158,445
GNMA, 5.00%, 3/20/39	975,835		1,114,775
GNMA, 4.50%, 4/15/39	981,556		1,085,714
GNMA, 4.50%, 1/15/40	547,158		603,250
GNMA, 4.00%, 7/15/40	1,259,784		1,350,456
GNMA, 4.00%, 11/20/40	11,244,635		12,276,102
GNMA, 4.50%, 12/15/40	2,833,665		3,180,199
GNMA, 4.50%, 7/20/41	4,298,655		4,774,497
GNMA, 3.50%, 6/20/42	4,144,443		4,499,572
GNMA, 2.50%, 7/20/46	14,906,805		15,784,370
GNMA, 3.00%, 4/20/50	19,523,495		20,479,292
UMBS, 2.00%, TBA	53,000,000		54,792,891
UMBS, 2.50%, TBA	54,950,000		57,637,398
UMBS, 3.00%, TBA	29,000,000		30,366,172
UMBS, 3.00%, TBA	20,000,000		20,952,344
			533,982,360
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $541,204,488)			555,651,135
COLLATERALIZED MORTGAGE OBLIGATIONS — 6.2%
Private Sponsor Collateralized Mortgage Obligations — 3.1%
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 3.61%, 3/25/35	1,498,745		1,516,535
Agate Bay Mortgage Loan Trust, Series 2016-3, Class A3, VRN, 3.50%, 8/25/46(1)	1,988,512		2,055,107
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 3.60%, 6/25/34	791,916		773,154
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.19%, 11/25/34	1,369,493		1,342,387
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.77%, 8/25/34	3,464,161		3,434,889
COLT Mortgage Loan Trust, Series 2020-1, Class A3 SEQ, VRN, 2.90%, 2/25/50(1)	2,393,822		2,419,505
COLT Mortgage Loan Trust, Series 2020-3, Class A1 SEQ, VRN, 1.51%, 4/27/65(1)	7,921,289		7,978,996

17

	Principal Amount		Value
Connecticut Avenue Securities Trust, Series 2020-R02, Class 2M2, VRN, 2.15%, (1-month LIBOR plus 2.00%), 1/25/40(1)	$	3,800,000	$	3,722,772
Connecticut Avenue Securities Trust, Series 2020-SBT1, Class 2M2, VRN, 3.80%, (1-month LIBOR plus 3.65%), 2/25/40(1)	3,950,000		3,783,510
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	36,145		32,255
Credit Suisse First Boston Mortgage-Backed Trust, Series 2004-AR6, Class 2A1, VRN, 3.125%, 10/25/34	143,137		146,696
Credit Suisse Mortgage Trust, Series 2019-AFC1, Class A1, VRN, 2.57%, 7/25/49(1)	3,152,623		3,222,450
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class A1, VRN, 2.24%, 2/25/50(1)	1,173,187		1,191,769
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 3.04%, 10/25/34	2,558,923		2,554,827
Galton Funding Mortgage Trust, Series 2020-H1, Class A1 SEQ, VRN, 2.31%, 1/25/60(1)	3,587,592		3,666,336
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 2.80%, 6/25/34	642,239		627,050
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 3.83%, 5/25/34	1,130,097		1,089,039
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.66%, 1/25/35	1,400,213		1,390,150
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A1, VRN, 3.68%, 9/25/35	2,435,803		2,442,006
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2 SEQ, VRN, 2.50%, 3/25/43(1)	790,040		799,437
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.23%, 11/21/34	567,949		574,468
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 3.07%, 11/25/35	1,310,209		1,273,669
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 3.78%, 2/25/35	1,316,122		1,350,563
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 3.78%, 2/25/35	658,061		677,473
MFA Trust, Series 2020-NQM1, Class A1 SEQ, VRN, 1.48%, 8/25/49(1)	3,099,925		3,123,648
New Residential Mortgage Loan Trust, Series 2017-1A, Class A1, VRN, 4.00%, 2/25/57(1)	1,297,403		1,414,622
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(1)	2,997,863		3,263,473
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 1.65%, (1-month LIBOR plus 1.50%), 6/25/57(1)	2,550,175		2,557,955
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(1)	2,107,531		2,189,847
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(1)	1,327,613		1,336,161
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(1)	2,970,923		3,049,679
Starwood Mortgage Residential Trust, Series 2020-2, Class A1 SEQ, VRN, 2.72%, 4/25/60(1)	4,323,157		4,350,995
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 2.95%, 7/25/34	1,697,497		1,698,195
WaMu Mortgage Pass-Through Certificates, Series 2003-S11, Class 3A5, 5.95%, 11/25/33	264,252		276,102
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR15, Class A1, VRN, 2.97%, 10/25/36	43		40
			71,325,760

18

	Principal Amount		Value
U.S. Government Agency Collateralized Mortgage Obligations — 3.1%
FHLMC, Series 2013-DN2, Class M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 11/25/23	$	3,489,584	$	3,202,291
FHLMC, Series 2014-DN2, Class M3, VRN, 3.75%, (1-month LIBOR plus 3.60%), 4/25/24	4,644,178		4,304,234
FHLMC, Series 2014-HQ3, Class M3, VRN, 4.90%, (1-month LIBOR plus 4.75%), 10/25/24	1,692,088		1,710,699
FHLMC, Series 2015-DNA3, Class M3F, VRN, 3.85%, (1-month LIBOR plus 3.70%), 4/25/28	2,073,885		2,131,203
FHLMC, Series 2015-HQ2, Class M3, VRN, 3.40%, (1-month LIBOR plus 3.25%), 5/25/25	1,150,000		1,155,054
FHLMC, Series 2016-DNA2, Class M3, VRN, 4.80%, (1-month LIBOR plus 4.65%), 10/25/28	3,088,030		3,221,701
FHLMC, Series 2016-DNA3, Class M3, VRN, 5.15%, (1-month LIBOR plus 5.00%), 12/25/28	5,962,688		6,176,482
FHLMC, Series 2016-HQA4, Class M3, VRN, 4.05%, (1-month LIBOR plus 3.90%), 4/25/29	3,470,461		3,615,835
FHLMC, Series 2017-DNA1, Class M2, VRN, 3.40%, (1-month LIBOR plus 3.25%), 7/25/29	4,933,903		5,074,325
FHLMC, Series 2017-DNA2, Class M2, VRN, 3.60%, (1-month LIBOR plus 3.45%), 10/25/29	1,430,000		1,478,344
FHLMC, Series 2018-HQA2, Class M2, VRN, 2.45%, (1-month LIBOR plus 2.30%), 10/25/48(1)	1,050,000		1,032,699
FHLMC, Series 2019-DNA2, Class M2, VRN, 2.60%, (1-month LIBOR plus 2.45%), 3/25/49(1)	2,173,690		2,146,274
FHLMC, Series 2019-DNA3, Class M2, VRN, 2.20%, (1-month LIBOR plus 2.05%), 7/25/49(1)	3,090,512		3,038,686
FHLMC, Series 3397, Class GF, VRN, 0.65%, (1-month LIBOR plus 0.50%), 12/15/37	645,459		654,955
FNMA, Series 2014-C02, Class 1M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	6,618,364		5,820,620
FNMA, Series 2014-C02, Class 2M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	2,332,435		2,299,831
FNMA, Series 2014-C04, Class 1M2, VRN, 5.05%, (1-month LIBOR plus 4.90%), 11/25/24	2,449,050		2,549,932
FNMA, Series 2014-C04, Class 2M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 11/25/24	957,171		981,737
FNMA, Series 2015-C03, Class 1M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 7/25/25	6,590,103		6,767,752
FNMA, Series 2015-C03, Class 2M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 7/25/25	2,138,266		2,196,008
FNMA, Series 2015-C04, Class 1M2, VRN, 5.85%, (1-month LIBOR plus 5.70%), 4/25/28	3,250,176		3,379,044
FNMA, Series 2016-C01, Class 2M2, VRN, 7.10%, (1-month LIBOR plus 6.95%), 8/25/28	4,021,957		4,319,125
FNMA, Series 2016-C04, Class 1M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 1/25/29	3,653,598		3,799,607
FNMA, Series 2016-C06, Class 1M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 4/25/29	1,124,951		1,155,040
GNMA, Series 2007-5, Class FA, VRN, 0.30%, (1-month LIBOR plus 0.14%), 2/20/37	1,436,697		1,432,308
			73,643,786
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $143,263,582)			144,969,546
COLLATERALIZED LOAN OBLIGATIONS — 4.2%
Anchorage Credit Opportunities CLO 1 Ltd., Series 2019-1A, Class A1, VRN, 2.22%, (3-month LIBOR plus 1.95%), 1/20/32(1)	5,500,000		5,507,116
Ares XLI CLO Ltd., Series 2016-41A, Class AR, VRN, 1.48%, (3-month LIBOR plus 1.20%), 1/15/29(1)	2,400,000		2,406,798

19

	Principal Amount		Value
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 1.29%, (3-month LIBOR plus 1.02%), 4/20/31(1)	$	6,000,000	$	5,912,933
CBAM Ltd., Series 2019-9A, Class A, VRN, 1.56%, (3-month LIBOR plus 1.28%), 2/12/30(1)	6,000,000		6,014,185
CIFC Funding Ltd., Series 2013-3RA, Class A1, VRN, 1.24%, (3-month LIBOR plus 0.98%), 4/24/31(1)	3,465,000		3,447,467
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 1.24%, (3-month LIBOR plus 0.97%), 4/18/31(1)	4,400,000		4,343,947
Elmwood CLO IV Ltd., Series 2020-1A, Class A, VRN, 2.42%, (3-month LIBOR plus 1.24%), 4/15/33(1)	6,900,000		6,902,058
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 1.39%, (3-month LIBOR plus 1.12%), 7/20/31(1)	3,500,000		3,478,255
Kayne CLO 6 Ltd., Series 2019-6A, Class A1, VRN, 1.65%, (3-month LIBOR plus 1.38%), 1/20/33(1)	4,350,000		4,372,556
KKR CLO 30 Ltd., Series 30A, Class A1, VRN, 1.74%, (3-month LIBOR plus 1.50%), 10/17/31(1)	5,825,000		5,825,009
KKR CLO Ltd., Series 2022A, Class A, VRN, 1.42%, (3-month LIBOR plus 1.15%), 7/20/31(1)	4,500,000		4,459,728
Madison Park Funding XXII Ltd., Series 2016-22A, Class A1R, VRN, 1.54%, (3-month LIBOR plus 1.26%), 1/15/33(1)	7,500,000		7,344,845
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 1.26%, (3-month LIBOR plus 0.98%), 4/15/31(1)	6,000,000		5,916,772
Octagon Investment Partners 45 Ltd., Series 2019-1A, Class A, VRN, 1.61%, (3-month LIBOR plus 1.33%), 10/15/32(1)	5,250,000		5,277,445
Parallel Ltd., Series 2020-1A, Class A1, VRN, 1.98%, (3-month LIBOR plus 1.83%), 7/20/31(1)	7,500,000		7,545,541
Rockford Tower CLO Ltd., Series 2019-2A, Class A, VRN, 1.58%, (3-month LIBOR plus 1.33%), 8/20/32(1)	4,800,000		4,815,030
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, VRN, 1.42%, (3-month LIBOR plus 1.15%), 4/18/31(1)	7,500,000		7,428,109
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 1.34%, (3-month LIBOR plus 1.07%), 10/20/28(1)	4,250,000		4,243,804
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 1.21%, (3-month LIBOR plus 0.97%), 4/25/31(1)	3,350,000		3,306,891
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $98,589,924)			98,548,489
ASSET-BACKED SECURITIES — 4.1%
Argent Securities, Inc., Series 2004-W8, Class M1, VRN, 0.97%, (1-month LIBOR plus 0.83%), 5/25/34	9,491,513		9,275,762
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	4,010,528		4,078,810
FirstKey Homes Trust, Series 2020-SFR1, Class B, 1.74%, 9/17/25(1)	4,000,000		4,010,245
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	9,762,645		10,400,394
Goodgreen, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(1)	6,240,152		6,304,181
Hertz Fleet Lease Funding LP, Series 2017-1, Class A1, VRN, 0.81%, (1-month LIBOR plus 0.65%), 4/10/31(1)	1,750,199		1,749,801
MVW Owner Trust, Series 2014-1A, Class A SEQ, 2.25%, 9/22/31(1)	1,890,978		1,895,930
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(1)	1,372,730		1,379,731
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(1)	2,332,626		2,340,292
MVW Owner Trust, Series 2017-1A, Class A SEQ, 2.42%, 12/20/34(1)	6,602,519		6,742,141
MVW Owner Trust, Series 2018-1A, Class A SEQ, 3.45%, 1/21/36(1)	5,034,365		5,224,322

20

	Principal Amount		Value
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(1)	$	9,989,555	$	10,303,145
Progress Residential Trust, Series 2019-SFR3, Class A SEQ, 2.27%, 9/17/36(1)	4,887,340		4,996,654
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(1)	2,939,856		2,992,490
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(1)	1,965,819		1,968,234
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class A SEQ, 2.59%, 5/20/36(1)	4,893,620		5,036,385
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(1)	2,994,770		3,207,205
US Airways Pass-Through Trust, Series 2013-1, Class A, 3.95%, 5/15/27	2,022,358		1,670,692
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	4,683,609		4,715,135
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	6,561,020		6,798,726
TOTAL ASSET-BACKED SECURITIES (Cost $93,259,568)			95,090,275
MUNICIPAL SECURITIES — 2.1%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	1,189,000		1,837,813
California State University Rev., 2.98%, 11/1/51	2,000,000		2,099,580
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39	1,925,000		2,535,129
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	2,285,000		2,427,950
Grand Parkway Transportation Corp. Rev., 3.24%, 10/1/52	955,000		993,677
Houston GO, 3.96%, 3/1/47	1,615,000		2,009,125
Los Angeles Community College District GO, 6.75%, 8/1/49	1,000,000		1,789,080
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	1,235,000		1,555,470
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	1,070,000		1,359,660
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	1,180,000		2,003,947
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	2,540,000		2,669,515
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	2,330,000		2,795,813
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	1,385,000		2,213,452
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	1,750,000		2,363,042
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	2,345,000		2,563,601
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	1,715,000		2,372,960
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	1,000,000		1,436,680
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	1,000,000		1,502,300
San Diego County Regional Airport Authority Rev., 5.59%, 7/1/43	1,000,000		1,062,900
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	1,000,000		1,451,800
San Jose Redevelopment Agency Successor Agency Tax Allocation, 3.375%, 8/1/34	1,145,000		1,253,305
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	1,000,000		1,280,550
State of California GO, 4.60%, 4/1/38	1,000,000		1,191,790
State of California GO, 7.55%, 4/1/39	1,000,000		1,751,750
State of California GO, 7.30%, 10/1/39	1,000,000		1,644,090
University of Texas System Rev., 5.00%, 8/15/40	1,500,000		2,238,810
TOTAL MUNICIPAL SECURITIES (Cost $38,832,547)			48,403,789

21

	Principal Amount/Shares		Value
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.9%
Chile — 0.1%
Chile Government International Bond, 3.25%, 9/14/21	$	1,180,000	$	1,207,730
Chile Government International Bond, 3.625%, 10/30/42	1,200,000		1,383,000
			2,590,730
Colombia — 0.1%
Colombia Government International Bond, 4.375%, 7/12/21	1,810,000		1,862,101
Panama — 0.1%
Panama Government International Bond, 6.70%, 1/26/36	1,700,000		2,474,426
Peru — 0.1%
Peruvian Government International Bond, 5.625%, 11/18/50	1,640,000		2,618,744
Philippines — 0.3%
Philippine Government International Bond, 4.00%, 1/15/21	3,170,000		3,195,959
Philippine Government International Bond, 6.375%, 10/23/34	1,840,000		2,668,888
			5,864,847
Poland — 0.1%
Republic of Poland Government International Bond, 5.125%, 4/21/21	1,400,000		1,436,764
Republic of Poland Government International Bond, 3.00%, 3/17/23	1,290,000		1,369,734
			2,806,498
Uruguay — 0.1%
Uruguay Government International Bond, 4.375%, 10/27/27	980,000		1,135,389
Uruguay Government International Bond, 4.125%, 11/20/45	1,030,000		1,226,987
			2,362,376
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $17,999,301)			20,579,722
U.S. GOVERNMENT AGENCY SECURITIES — 0.9%
FHLMC, 0.375%, 9/23/25	7,500,000		7,484,369
FNMA, 0.50%, 6/17/25	5,000,000		5,019,246
FNMA, 6.625%, 11/15/30	5,200,000		7,990,731
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $18,805,752)			20,494,346
PREFERRED STOCKS — 0.1%
Banks — 0.1%
JPMorgan Chase & Co., 4.60% (Cost $3,049,885)	3,385,000		3,321,531
TEMPORARY CASH INVESTMENTS — 3.7%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.125% - 2.875%, 12/15/21 - 8/15/47, valued at $34,886,997), in a joint trading account at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $34,209,377)			34,209,329
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 9/30/22 - 07/15/23,valued at $52,777,020), at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $51,742,072)			51,742,000
TOTAL TEMPORARY CASH INVESTMENTS (Cost $85,951,329)			85,951,329
TOTAL INVESTMENT SECURITIES — 110.1% (Cost $2,447,997,128)			2,560,519,683
OTHER ASSETS AND LIABILITIES(5) — (10.1)%			(235,095,387)
TOTAL NET ASSETS — 100.0%			$	2,325,424,296

22

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 5-Year Notes	355	December 2020	$	44,741,094	$	(9,306)
U.S. Treasury 10-Year Notes	110	December 2020	15,348,437		534
U.S. Treasury Long Bonds	1	December 2020	176,281		(284)
U.S. Treasury Ultra Bonds	37	December 2020	8,207,063		(50,771)
			$	68,472,875	$	(59,827)

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Ultra Notes	637	December 2020	$	101,870,234	$	(325,673)

^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America High Yield Index Series 33	Buy	(5.00)%	12/20/24	$	133,383,410	$	5,428,616	$	(12,438,631)	$	(7,010,015)

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate Index	Pay/Receive Floating Rate Index at Termination	Fixed Rate	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value
CPURNSA	Receive	1.78%	8/5/24	$	6,500,000	$	(424)	$	(78,310)	$	(78,734)
CPURNSA	Receive	1.77%	8/5/24	$	24,500,000	(537)		(289,678)		(290,215)
						$	(961)	$	(367,988)	$	(368,949)

23

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
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.
UMBS	-	Uniform Mortgage-Backed Securities
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

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

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $393,695,318, which represented 16.9% 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 forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $10,811,942.

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

See Notes to Financial Statements.

24

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (cost of $2,447,997,128)	$	2,560,519,683
Receivable for investments sold	156,736,578
Receivable for capital shares sold	1,344,021
Receivable for variation margin on futures contracts	40,915
Receivable for variation margin on swap agreements	8,697
Interest receivable	10,784,950
	2,729,434,844
Liabilities
Disbursements in excess of demand deposit cash	186,720
Payable for investments purchased	329,025,759
Payable for capital shares redeemed	73,506,791
Payable for variation margin on swap agreements	188,972
Accrued management fees	959,197
Distribution and service fees payable	40,307
Dividends payable	102,802
	404,010,548
Net Assets	$	2,325,424,296
Net Assets Consist of:
Capital paid in	$	2,161,466,603
Distributable earnings	163,957,693
	$	2,325,424,296

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$1,076,578,204	93,209,563	$11.55
I Class	$890,641,369	77,076,685	$11.56
Y Class	$85,994,807	7,442,315	$11.55
A Class	$117,287,476	10,151,638	$11.55*
C Class	$15,682,635	1,358,726	$11.54
R Class	$7,692,521	666,048	$11.55
R5 Class	$693,205	59,993	$11.55
R6 Class	$130,854,079	11,318,973	$11.56

*Maximum offering price $12.09 (net asset value divided by 0.955).

See Notes to Financial Statements.

25

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $130)	$	25,533,908
Expenses:
Management fees	5,968,821
Distribution and service fees:
A Class	145,395
C Class	85,232
R Class	18,722
Trustees' fees and expenses	88,912
Other expenses	18,821
	6,325,903
Net investment income (loss)	19,208,005
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	42,221,922
Futures contract transactions	(436,897)
Swap agreement transactions	14,922,382
	56,707,407
Change in net unrealized appreciation (depreciation) on:
Investments	55,852,226
Futures contracts	(1,374,998)
Swap agreements	(20,409,048)
	34,068,180
Net realized and unrealized gain (loss)	90,775,587
Net Increase (Decrease) in Net Assets Resulting from Operations	$	109,983,592

See Notes to Financial Statements.

26

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	19,208,005	$	74,709,110
Net realized gain (loss)	56,707,407		124,041,584
Change in net unrealized appreciation (depreciation)	34,068,180		19,166,674
Net increase (decrease) in net assets resulting from operations	109,983,592		217,917,368
Distributions to Shareholders
From earnings:
Investor Class	(8,501,890)		(36,468,092)
I Class	(6,328,005)		(24,686,714)
Y Class	(644,287)		(4,065,955)
A Class	(664,320)		(2,389,165)
C Class	(33,363)		(335,431)
R Class	(33,367)		(155,586)
R5 Class	(5,008)		(12,644)
R6 Class	(1,077,372)		(8,130,214)
Decrease in net assets from distributions	(17,287,612)		(76,243,801)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(80,060,114)		(1,063,174,224)
Net increase (decrease) in net assets	12,635,866		(921,500,657)
Net Assets
Beginning of period	2,312,788,430		3,234,289,087
End of period	$	2,325,424,296	$	2,312,788,430

See Notes to Financial Statements.

27

Notes to Financial Statements

SEPTEMBER 30, 2020 (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, 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.

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. 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.

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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 less foreign taxes withheld, if any, 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.

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.

29

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, 27% 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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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 1940 Act.. 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, 2020 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%

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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, 2020 are detailed in the Statement of Operations.

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

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.During the period, the interfund purchases were $23,703 and there were no interfund sales.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended September 30, 2020 totaled $2,714,344,533, of which $1,953,849,975 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2020 totaled $2,439,379,683, of which $1,484,775,430 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, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	10,145,232	$	116,113,226	18,765,053	$	206,095,200
Issued in reinvestment of distributions	733,051	8,422,407		3,295,335	36,095,976
Redeemed	(35,056,411)	(404,496,054)		(59,827,353)	(653,071,063)
	(24,178,128)	(279,960,421)		(37,766,965)	(410,879,887)
I Class
Sold	36,964,867	427,006,333		31,535,685	341,454,688
Issued in reinvestment of distributions	506,428	5,829,855		1,996,279	21,878,131
Redeemed	(18,821,645)	(216,291,441)		(68,653,115)	(751,331,723)
	18,649,650	216,544,747		(35,121,151)	(387,998,904)
Y Class
Sold	2,388,099	27,350,244		4,884,209	53,253,149
Issued in reinvestment of distributions	56,012	644,287		370,767	4,063,679
Redeemed	(1,538,611)	(17,609,617)		(13,068,615)	(144,792,119)
	905,500	10,384,914		(7,813,639)	(87,475,291)
A Class
Sold	939,174	10,789,386		3,934,953	42,929,142
Issued in reinvestment of distributions	54,010	621,158		202,773	2,224,086
Redeemed	(1,552,054)	(17,637,269)		(2,741,479)	(29,881,482)
	(558,870)	(6,226,725)		1,396,247	15,271,746
C Class
Sold	101,575	1,169,307		206,008	2,253,431
Issued in reinvestment of distributions	2,648	30,396		26,362	287,616
Redeemed	(384,627)	(4,410,423)		(1,560,858)	(16,944,094)
	(280,404)	(3,210,720)		(1,328,488)	(14,403,047)
R Class
Sold	133,399	1,533,049		199,266	2,190,231
Issued in reinvestment of distributions	2,885	33,175		14,155	154,920
Redeemed	(119,932)	(1,374,160)		(387,829)	(4,236,210)
	16,352	192,064		(174,408)	(1,891,059)
R5 Class
Sold	8,722	100,738		21,730	238,322
Issued in reinvestment of distributions	435	5,008		1,152	12,644
Redeemed	(4,505)	(51,641)		(7,015)	(77,024)
	4,652	54,105		15,867	173,942
R6 Class
Sold	1,869,651	21,459,563		7,834,903	86,001,628
Issued in reinvestment of distributions	92,478	1,063,802		735,316	8,066,444
Redeemed	(3,556,529)	(40,361,443)		(24,066,364)	(270,039,796)
	(1,594,400)	(17,838,078)		(15,496,145)	(175,971,724)
Net increase (decrease)	(7,035,648)	$	(80,060,114)	(96,288,682)	$	(1,063,174,224)

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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	—		$	792,981,846	—
U.S. Treasury Securities	—		694,527,675		—
U.S. Government Agency Mortgage-Backed Securities	—		555,651,135		—
Collateralized Mortgage Obligations	—		144,969,546		—
Collateralized Loan Obligations	—		98,548,489		—
Asset-Backed Securities	—		95,090,275		—
Municipal Securities	—		48,403,789		—
Sovereign Governments and Agencies	—		20,579,722		—
U.S. Government Agency Securities	—		20,494,346		—
Preferred Stocks	—		3,321,531		—
Temporary Cash Investments	—		85,951,329		—
	—		$	2,560,519,683	—
Other Financial Instruments
Futures Contracts	$	534	—		—
Liabilities
Other Financial Instruments
Futures Contracts	$	386,034	—		—
Swap Agreements	—		$	7,378,964	—
	$	386,034	$	7,378,964	—

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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 $193,409,742.

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 $73,781,852 futures contracts purchased and $51,838,966 futures contracts sold.

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 $34,333,333.

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Value of Derivative Instruments as of September 30, 2020

	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*	$	188,972
Interest Rate Risk	Receivable for variation margin on futures contracts*	$	40,915	Payable for variation margin on futures contracts*	—
Other Contracts	Receivable for variation margin on swap agreements*	8,697		Payable for variation margin on swap agreements*	—
		$	49,612		$	188,972

*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, 2020

	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	$	14,602,955	Change in net unrealized appreciation (depreciation) on swap agreements	$	(21,800,477)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(436,897)		Change in net unrealized appreciation (depreciation) on futures contracts	(1,374,998)
Other Contracts	Net realized gain (loss) on swap agreement transactions	319,427		Change in net unrealized appreciation (depreciation) on swap agreements	1,391,429
		$	14,485,485		$	(21,784,046)

8. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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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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	$	2,448,903,744
Gross tax appreciation of investments	$	117,392,721
Gross tax depreciation of investments	(5,776,782)
Net tax appreciation (depreciation) of investments	$	111,615,939

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

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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	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
2020(3)	$11.10	0.09	0.44	0.53	(0.08)	—	—	(0.08)	$11.55	4.78%	0.60%(4)	1.55%(4)	102%	$1,076,578
2020	$10.61	0.26	0.50	0.76	(0.27)	—	—	(0.27)	$11.10	7.18%	0.60%	2.40%	82%	$1,302,958
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
I Class
2020(3)	$11.10	0.10	0.45	0.55	(0.09)	—	—	(0.09)	$11.56	4.79%	0.40%(4)	1.75%(4)	102%	$890,641
2020	$10.62	0.28	0.49	0.77	(0.29)	—	—	(0.29)	$11.10	7.39%	0.40%	2.60%	82%	$648,832
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

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
2020(3)	$11.11	0.10	0.43	0.53	(0.09)	—	—	(0.09)	$11.55	4.80%	0.37%(4)	1.78%(4)	102%	$85,995
2020	$10.62	0.29	0.49	0.78	(0.29)	—	—	(0.29)	$11.11	7.42%	0.37%	2.63%	82%	$72,594
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
2020(3)	$11.10	0.07	0.45	0.52	(0.07)	—	—	(0.07)	$11.55	4.65%	0.85%(4)	1.30%(4)	102%	$117,287
2020	$10.62	0.23	0.49	0.72	(0.24)	—	—	(0.24)	$11.10	6.81%	0.85%	2.15%	82%	$118,924
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
C Class
2020(3)	$11.09	0.03	0.44	0.47	(0.02)	—	—	(0.02)	$11.54	4.26%	1.60%(4)	0.55%(4)	102%	$15,683
2020	$10.61	0.15	0.49	0.64	(0.16)	—	—	(0.16)	$11.09	6.02%	1.60%	1.40%	82%	$18,182
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

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
2020(3)	$11.10	0.06	0.44	0.50	(0.05)	—	—	(0.05)	$11.55	4.52%	1.10%(4)	1.05%(4)	102%	$7,693
2020	$10.61	0.21	0.49	0.70	(0.21)	—	—	(0.21)	$11.10	6.65%	1.10%	1.90%	82%	$7,211
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
R5 Class
2020(3)	$11.10	0.10	0.44	0.54	(0.09)	—	—	(0.09)	$11.55	4.88%	0.40%(4)	1.75%(4)	102%	$693
2020	$10.62	0.28	0.49	0.77	(0.29)	—	—	(0.29)	$11.10	7.29%	0.40%	2.60%	82%	$615
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
2020(3)	$11.11	0.10	0.44	0.54	(0.09)	—	—	(0.09)	$11.56	4.90%	0.35%(4)	1.80%(4)	102%	$130,854
2020	$10.63	0.29	0.48	0.77	(0.29)	—	—	(0.29)	$11.11	7.34%	0.35%	2.65%	82%	$143,473
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

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, 2020 (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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

41

renewal of the management agreement. 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 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-, five-, and ten-year periods and below its benchmark for the three-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.

42

Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, 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

43

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 at 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 with respect to 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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90814 2011

Semiannual Report

September 30, 2020

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	38
Statement of Operations	39
Statement of Changes in Net Assets	40
Notes to Financial Statements	41
Financial Highlights	47
Approval of Management and Subadvisory Agreements	50
Additional Information	54

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, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics

SEPTEMBER 30, 2020
Types of Investments in Portfolio	% of net assets
Corporate Bonds	90.1%
Preferred Stocks	2.3%
Bank Loan Obligations	1.1%
Common Stocks	0.2%
Convertible Bonds	—*
Escrow Interests	—*
Warrants	—*
Rights	—*
Temporary Cash Investments	4.7%
Other Assets and Liabilities	1.6%

*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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,150.60	$4.21	0.78%
I Class	$1,000	$1,149.90	$3.66	0.68%
Y Class	$1,000	$1,151.70	$3.13	0.58%
A Class	$1,000	$1,149.20	$5.55	1.03%
R5 Class	$1,000	$1,151.70	$3.13	0.58%
R6 Class	$1,000	$1,150.80	$2.86	0.53%
Hypothetical
Investor Class	$1,000	$1,021.16	$3.95	0.78%
I Class	$1,000	$1,021.66	$3.45	0.68%
Y Class	$1,000	$1,022.16	$2.94	0.58%
A Class	$1,000	$1,019.90	$5.22	1.03%
R5 Class	$1,000	$1,022.16	$2.94	0.58%
R6 Class	$1,000	$1,022.41	$2.69	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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 90.1%
Aerospace and Defense — 2.8%
Bombardier, Inc., 8.75%, 12/1/21(1)	$	175,000	$	177,552
Bombardier, Inc., 6.00%, 10/15/22(1)	1,650,000		1,532,437
Bombardier, Inc., 6.125%, 1/15/23(1)	799,000		683,944
Bombardier, Inc., 7.50%, 12/1/24(1)	575,000		442,750
Bombardier, Inc., 7.50%, 3/15/25(1)	427,000		321,317
Bombardier, Inc., 7.875%, 4/15/27(1)	1,025,000		778,969
F-Brasile SpA / F-Brasile US LLC, 7.375%, 8/15/26(1)	400,000		340,000
Howmet Aerospace, Inc., 5.125%, 10/1/24	650,000		685,750
Howmet Aerospace, Inc., 6.875%, 5/1/25	250,000		276,563
Howmet Aerospace, Inc., 5.90%, 2/1/27	695,000		750,947
Howmet Aerospace, Inc., 5.95%, 2/1/37	1,750,000		1,880,970
Spirit AeroSystems, Inc., 5.50%, 1/15/25(1)(2)	325,000		327,031
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)	625,000		633,987
TransDigm UK Holdings plc, 6.875%, 5/15/26	400,000		403,210
TransDigm, Inc., 6.50%, 7/15/24	800,000		799,952
TransDigm, Inc., 6.50%, 5/15/25	2,225,000		2,222,219
TransDigm, Inc., 8.00%, 12/15/25(1)	275,000		299,338
TransDigm, Inc., 6.25%, 3/15/26(1)	2,025,000		2,125,855
TransDigm, Inc., 6.375%, 6/15/26	900,000		905,625
TransDigm, Inc., 7.50%, 3/15/27	1,350,000		1,404,000
TransDigm, Inc., 5.50%, 11/15/27	6,100,000		5,873,995
Triumph Group, Inc., 5.25%, 6/1/22	125,000		102,813
Triumph Group, Inc., 8.875%, 6/1/24(1)	275,000		293,563
Triumph Group, Inc., 6.25%, 9/15/24(1)	125,000		106,628
Triumph Group, Inc., 7.75%, 8/15/25	425,000		274,125
			23,643,540
Air Freight and Logistics — 0.6%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(1)	325,000		329,014
Western Global Airlines LLC, 10.375%, 8/15/25(1)	575,000		589,375
XPO Logistics, Inc., 6.50%, 6/15/22(1)	763,000		766,605
XPO Logistics, Inc., 6.125%, 9/1/23(1)	625,000		639,094
XPO Logistics, Inc., 6.75%, 8/15/24(1)	775,000		822,333
XPO Logistics, Inc., 6.25%, 5/1/25(1)	2,075,000		2,213,765
			5,360,186
Airlines — 1.0%
Air Canada, 7.75%, 4/15/21(1)	725,000		728,172
American Airlines Group, Inc., 5.00%, 6/1/22(1)	1,325,000		904,312
American Airlines, Inc., 11.75%, 7/15/25(1)	1,375,000		1,329,274
Delta Air Lines, Inc., 3.40%, 4/19/21	300,000		298,902
Delta Air Lines, Inc., 3.625%, 3/15/22	525,000		516,497
Delta Air Lines, Inc., 3.80%, 4/19/23	400,000		387,206
Delta Air Lines, Inc., 7.00%, 5/1/25(1)	450,000		494,701
Delta Air Lines, Inc., 7.375%, 1/15/26	275,000		288,670
Delta Air Lines, Inc., 3.75%, 10/28/29	150,000		128,211
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(1)	500,000		513,558

6

	Principal Amount/Shares		Value
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)	$	650,000	$	675,339
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(1)	350,000		365,313
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25(1)	550,000		583,423
United Airlines Holdings, Inc., 6.00%, 12/1/20	225,000		226,378
United Airlines Holdings, Inc., 4.25%, 10/1/22	725,000		671,531
United Airlines Holdings, Inc., 5.00%, 2/1/24	50,000		43,844
Virgin Australia Holdings Ltd., 8.125%, 11/15/24(1)(3)(4)	200,000		20,000
			8,175,331
Auto Components — 1.3%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)	1,675,000		1,598,578
Adient US LLC, 9.00%, 4/15/25(1)	725,000		800,672
Clarios Global LP, 6.75%, 5/15/25(1)	1,620,000		1,707,593
Clarios Global LP / Clarios US Finance Co., 8.50%, 5/15/27(1)	3,075,000		3,195,386
Cooper-Standard Automotive, Inc., 5.625%, 11/15/26(1)	100,000		70,250
Dana, Inc., 5.625%, 6/15/28	200,000		206,827
Dealer Tire LLC / DT Issuer LLC, 8.00%, 2/1/28(1)	300,000		306,750
Exide Technologies, 11.00% Cash or 7.00% PIK, 4/30/20 (Acquired 4/30/15 - 12/1/19, Cost $234,796)(4)(5)(8)	241,970		12,099
Goodyear Tire & Rubber Co. (The), 9.50%, 5/31/25	2,550,000		2,771,608
Tenneco, Inc., 5.375%, 12/15/24	250,000		192,504
Tenneco, Inc., 5.00%, 7/15/26	525,000		390,156
			11,252,423
Automobiles — 2.2%
Ford Motor Co., 8.50%, 4/21/23	2,750,000		3,001,886
Ford Motor Co., 9.00%, 4/22/25	2,025,000		2,324,285
Ford Motor Credit Co. LLC, 5.75%, 2/1/21	525,000		530,444
Ford Motor Credit Co. LLC, 3.34%, 3/18/21	900,000		901,620
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	1,200,000		1,224,750
Ford Motor Credit Co. LLC, 4.14%, 2/15/23	200,000		202,244
Ford Motor Credit Co. LLC, 4.375%, 8/6/23	600,000		610,680
Ford Motor Credit Co. LLC, 3.37%, 11/17/23	400,000		394,750
Ford Motor Credit Co. LLC, 4.06%, 11/1/24	200,000		200,145
Ford Motor Credit Co. LLC, 4.69%, 6/9/25	400,000		405,960
Ford Motor Credit Co. LLC, 5.125%, 6/16/25	725,000		748,563
Ford Motor Credit Co. LLC, 4.13%, 8/4/25	400,000		396,916
Ford Motor Credit Co. LLC, 4.54%, 8/1/26	600,000		598,428
Ford Motor Credit Co. LLC, 4.27%, 1/9/27	1,000,000		982,975
Ford Motor Credit Co. LLC, 3.82%, 11/2/27	200,000		190,872
Ford Motor Credit Co. LLC, 5.11%, 5/3/29	2,500,000		2,571,875
Tesla, Inc., 5.30%, 8/15/25(1)	2,300,000		2,383,375
Winnebago Industries, Inc., 6.25%, 7/15/28(1)	975,000		1,028,016
			18,697,784
Banks — 0.3%
CIT Group, Inc., 4.125%, 3/9/21	150,000		150,341
CIT Group, Inc., 5.00%, 8/15/22	200,000		206,538
CIT Group, Inc., 5.00%, 8/1/23	1,175,000		1,221,266
Natwest Group plc, VRN, 2.54%, (3-month LIBOR plus 2.32%)(10)	300,000		284,634
UniCredit SpA, VRN, 5.46%, 6/30/35(1)	400,000		408,316
			2,271,095

7

	Principal Amount/Shares		Value
Building Products — 0.9%
Advanced Drainage Systems, Inc., 5.00%, 9/30/27(1)	$	175,000	$	183,498
BMC East LLC, 5.50%, 10/1/24(1)	850,000		874,969
Builders FirstSource, Inc., 6.75%, 6/1/27(1)	472,000		506,220
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	650,000		673,969
Cornerstone Building Brands, Inc., 6.125%, 1/15/29(1)	575,000		582,547
Griffon Corp., 5.75%, 3/1/28	1,425,000		1,490,878
Jeld-Wen, Inc., 6.25%, 5/15/25(1)	425,000		454,750
Jeld-Wen, Inc., 4.625%, 12/15/25(1)	300,000		302,593
Masonite International Corp., 5.75%, 9/15/26(1)	75,000		78,455
Masonite International Corp., 5.375%, 2/1/28(1)	125,000		133,736
Northwest Hardwoods, Inc., 7.50%, 8/1/21(1)(3)(4)	50,000		18,500
NWH Escrow Corp., 7.50%, 8/1/21(1)(3)(4)	50,000		18,375
Patrick Industries, Inc., 7.50%, 10/15/27(1)	993,000		1,079,887
PGT Innovations, Inc., 6.75%, 8/1/26(1)	325,000		347,282
Standard Industries, Inc., 5.00%, 2/15/27(1)	200,000		208,581
Standard Industries, Inc., 3.375%, 1/15/31(1)	825,000		815,818
			7,770,058
Capital Markets — 1.4%
AG Issuer LLC, 6.25%, 3/1/28(1)	1,425,000		1,421,437
Donnelley Financial Solutions, Inc., 8.25%, 10/15/24	175,000		184,388
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 2/1/22	755,000		764,660
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.75%, 2/1/24	175,000		180,058
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24	2,774,000		2,813,016
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.375%, 12/15/25	150,000		154,586
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26	1,725,000		1,802,349
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27	2,475,000		2,586,189
NFP Corp., 7.00%, 5/15/25(1)	175,000		186,266
NFP Corp., 6.875%, 8/15/28(1)	1,175,000		1,189,217
			11,282,166
Chemicals — 2.1%
Atotech Alpha 2 BV, 8.75% Cash or 9.50% PIK, 6/1/23(1)(6)	400,000		404,458
Atotech Alpha 3 BV / Alpha US Bidco, Inc., 6.25%, 2/1/25(1)	200,000		203,750
Avient Corp., 5.75%, 5/15/25(1)	475,000		504,094
Blue Cube Spinco LLC, 10.00%, 10/15/25	338,000		358,069
Chemours Co. (The), 7.00%, 5/15/25	350,000		352,100
Chemours Co. (The), 5.375%, 5/15/27	75,000		74,813
Consolidated Energy Finance SA, 6.50%, 5/15/26(1)	250,000		219,843
Cornerstone Chemical Co., 6.75%, 8/15/24(1)	175,000		164,391
FXI Holdings, Inc., 7.875%, 11/1/24(1)	889,000		846,772
FXI Holdings, Inc., 12.25%, 11/15/26(1)	2,005,000		2,143,776
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 7/1/28(1)	225,000		241,594
Innophos Holdings, Inc., 9.375%, 2/15/28(1)	575,000		613,453
Kraton Polymers LLC / Kraton Polymers Capital Corp., 7.00%, 4/15/25(1)	300,000		306,562
Methanex Corp., 5.125%, 10/15/27	350,000		348,687
Minerals Technologies, Inc., 5.00%, 7/1/28(1)	400,000		414,916

8

	Principal Amount/Shares		Value
NOVA Chemicals Corp., 5.00%, 5/1/25(1)	$	100,000	$	97,761
NOVA Chemicals Corp., 5.25%, 6/1/27(1)	525,000		494,812
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/26(1)	125,000		127,958
OCI NV, 6.625%, 4/15/23(1)	400,000		414,100
OCI NV, 5.25%, 11/1/24(1)	400,000		413,930
OCI NV, 4.625%, 10/15/25(1)(2)	400,000		400,625
Olin Corp., 9.50%, 6/1/25(1)	800,000		933,480
Olin Corp., 5.625%, 8/1/29	250,000		246,561
Olin Corp., 5.00%, 2/1/30	1,200,000		1,130,778
SPCM SA, 4.875%, 9/15/25(1)	1,500,000		1,557,135
TPC Group, Inc., 10.50%, 8/1/24(1)	575,000		484,138
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)	2,116,000		2,110,710
Tronox Finance plc, 5.75%, 10/1/25(1)	350,000		346,026
Tronox, Inc., 6.50%, 4/15/26(1)	725,000		726,359
WR Grace & Co-Conn, 4.875%, 6/15/27(1)	625,000		646,609
			17,328,260
Commercial Services and Supplies — 1.5%
Algeco Global Finance 2 plc, 10.00%, 8/15/23(1)	300,000		297,000
Allied Universal HoldCo LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)	2,125,000		2,265,781
Allied Universal HoldCo LLC / Allied Universal Finance Corp., 9.75%, 7/15/27(1)	2,125,000		2,312,552
Brink's Co. (The), 5.50%, 7/15/25(1)	250,000		260,781
Cimpress plc, 7.00%, 6/15/26(1)	150,000		142,659
Clean Harbors, Inc., 4.875%, 7/15/27(1)	125,000		129,899
Clean Harbors, Inc., 5.125%, 7/15/29(1)	50,000		54,390
Covanta Holding Corp., 5.00%, 9/1/30	550,000		555,802
Garda World Security Corp., 4.625%, 2/15/27(1)	325,000		327,437
IAA, Inc., 5.50%, 6/15/27(1)	300,000		312,938
KAR Auction Services, Inc., 5.125%, 6/1/25(1)	1,125,000		1,126,384
Matthews International Corp., 5.25%, 12/1/25(1)	150,000		142,297
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/1/22(1)	1,375,000		1,117,187
Nielsen Co. Luxembourg SARL (The), 5.50%, 10/1/21(1)	132,000		132,372
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	224,000		224,784
Nielsen Finance LLC / Nielsen Finance Co., 5.625%, 10/1/28(1)	900,000		927,000
Nielsen Finance LLC / Nielsen Finance Co., 5.875%, 10/1/30(1)	300,000		311,063
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)	75,000		78,703
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)	925,000		890,891
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)	225,000		228,130
Ritchie Bros Auctioneers, Inc., 5.375%, 1/15/25(1)	175,000		180,469
TMS International Holding Corp., 7.25%, 8/15/25(1)	500,000		469,375
			12,487,894
Communications Equipment — 0.7%
Avaya, Inc., 6.125%, 9/15/28(1)	625,000		640,625
CommScope Technologies LLC, 6.00%, 6/15/25(1)	1,097,000		1,113,345
CommScope Technologies LLC, 5.00%, 3/15/27(1)	650,000		625,219
CommScope, Inc., 5.50%, 3/1/24(1)	200,000		205,787

9

	Principal Amount/Shares		Value
CommScope, Inc., 6.00%, 3/1/26(1)	$	1,375,000	$	1,435,108
CommScope, Inc., 8.25%, 3/1/27(1)	925,000		963,161
CommScope, Inc., 7.125%, 7/1/28(1)	750,000		771,615
Nokia of America Corp., 6.45%, 3/15/29	150,000		162,750
ViaSat, Inc., 5.625%, 4/15/27(1)	150,000		154,594
			6,072,204
Construction and Engineering — 0.5%
Brand Industrial Services, Inc., 8.50%, 7/15/25(1)	1,450,000		1,373,875
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/26(1)	1,025,000		1,057,672
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/28(1)	325,000		352,625
Pike Corp., 5.50%, 9/1/28(1)	525,000		529,890
Weekley Homes LLC / Weekley Finance Corp., 4.875%, 9/15/28(1)	1,250,000		1,265,625
			4,579,687
Construction Materials — 0.9%
Cemex SAB de CV, 7.75%, 4/16/26(1)	400,000		422,000
Cemex SAB de CV, 7.375%, 6/5/27(1)	600,000		649,137
Cemex SAB de CV, 5.45%, 11/19/29(1)	1,600,000		1,622,000
Cemex SAB de CV, 5.20%, 9/17/30(1)	600,000		603,690
Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 6/1/25(1)	664,000		675,550
Summit Materials LLC / Summit Materials Finance Corp., 6.50%, 3/15/27(1)	725,000		774,706
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 1/15/29(1)	1,250,000		1,303,906
US Concrete, Inc., 6.375%, 6/1/24	292,000		301,673
US Concrete, Inc., 5.125%, 3/1/29(1)	875,000		879,922
			7,232,584
Consumer Finance — 2.7%
4finance SA, 10.75%, 5/1/22(1)	200,000		158,143
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, 7/15/25	675,000		729,604
Ally Financial, Inc., 3.875%, 5/21/24	175,000		186,684
Ally Financial, Inc., 5.125%, 9/30/24	300,000		334,829
Ally Financial, Inc., 8.00%, 11/1/31	1,200,000		1,646,456
Avolon Holdings Funding Ltd., 3.625%, 5/1/22(1)	75,000		73,733
Avolon Holdings Funding Ltd., 3.95%, 7/1/24(1)	2,000,000		1,901,431
Credit Acceptance Corp., 5.125%, 12/31/24(1)	275,000		273,743
Credit Acceptance Corp., 6.625%, 3/15/26	25,000		25,922
FirstCash, Inc., 4.625%, 9/1/28(1)	750,000		768,281
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(7)	2,564,718		1,439,448
Navient Corp., 5.00%, 10/26/20	25,000		25,036
Navient Corp., 5.875%, 3/25/21	625,000		630,666
Navient Corp., 6.625%, 7/26/21	275,000		279,641
Navient Corp., 6.50%, 6/15/22	350,000		357,875
Navient Corp., 5.50%, 1/25/23	400,000		404,914
Navient Corp., 7.25%, 9/25/23	275,000		285,141
Navient Corp., 5.875%, 10/25/24	1,550,000		1,545,164
Navient Corp., 6.75%, 6/25/25	2,125,000		2,154,219
Navient Corp., 6.75%, 6/15/26	675,000		676,266
Navient Corp., 5.00%, 3/15/27	100,000		94,041
Navient Corp., MTN, 7.25%, 1/25/22	1,525,000		1,569,294

10

	Principal Amount/Shares		Value
Navient Corp., MTN, 6.125%, 3/25/24	$	625,000	$	633,197
OneMain Finance Corp., 7.75%, 10/1/21	150,000		157,230
OneMain Finance Corp., 6.125%, 5/15/22	225,000		234,000
OneMain Finance Corp., 8.25%, 10/1/23	325,000		361,935
OneMain Finance Corp., 6.875%, 3/15/25	1,373,000		1,526,158
OneMain Finance Corp., 8.875%, 6/1/25	350,000		388,272
OneMain Finance Corp., 7.125%, 3/15/26	1,250,000		1,398,069
OneMain Finance Corp., 6.625%, 1/15/28	525,000		583,532
OneMain Finance Corp., 5.375%, 11/15/29	800,000		834,000
Park Aerospace Holdings Ltd., 3.625%, 3/15/21(1)	100,000		99,590
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	550,000		552,430
			22,328,944
Containers and Packaging — 1.5%
ARD Finance SA, 6.50% Cash or 7.25% PIK, 6/30/27(1)(6)	2,000,000		1,992,100
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 5.25%, 8/15/27(1)	1,025,000		1,045,500
Berry Global, Inc., 4.875%, 7/15/26(1)	400,000		419,918
Cascades, Inc. / Cascades USA, Inc., 5.125%, 1/15/26(1)	100,000		105,082
Cascades, Inc. / Cascades USA, Inc., 5.375%, 1/15/28(1)	750,000		789,844
Flex Acquisition Co., Inc., 6.875%, 1/15/25(1)	650,000		651,625
Flex Acquisition Co., Inc., 7.875%, 7/15/26(1)	150,000		151,875
Graham Packaging Co., Inc., 7.125%, 8/15/28(1)	125,000		130,391
Graphic Packaging International LLC, 3.50%, 3/1/29(1)	200,000		201,625
Greif, Inc., 6.50%, 3/1/27(1)	475,000		492,981
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 9/15/28(1)	525,000		533,360
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)	75,000		75,375
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)	2,950,000		2,780,375
OI European Group BV, 4.00%, 3/15/23(1)	200,000		203,729
Owens-Brockway Glass Container, Inc., 6.375%, 8/15/25(1)	350,000		382,594
Owens-Brockway Glass Container, Inc., 6.625%, 5/13/27(1)	200,000		217,000
Plastipak Holdings, Inc., 6.25%, 10/15/25(1)	75,000		75,141
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	243,000		246,159
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.00%, 7/15/24(1)	345,000		351,210
Sealed Air Corp., 4.00%, 12/1/27(1)	400,000		418,920
Silgan Holdings, Inc., 4.125%, 2/1/28	225,000		230,062
Trident TPI Holdings, Inc., 9.25%, 8/1/24(1)	300,000		319,215
Trident TPI Holdings, Inc., 6.625%, 11/1/25(1)	350,000		346,026
Trivium Packaging Finance BV, 5.50%, 8/15/26(1)	400,000		415,190
Trivium Packaging Finance BV, 8.50%, 8/15/27(1)	200,000		216,000
			12,791,297
Distributors — 0.4%
Performance Food Group, Inc., 5.50%, 6/1/24(1)	2,000,000		2,005,000
Performance Food Group, Inc., 5.50%, 10/15/27(1)	375,000		386,936
Resideo Funding, Inc., 6.125%, 11/1/26(1)	100,000		98,750
Univar Solutions USA, Inc., 5.125%, 12/1/27(1)	700,000		719,558
			3,210,244
Diversified Consumer Services — 0.2%
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC, 7.125%, 7/31/26(1)	200,000		198,500

11

	Principal Amount/Shares		Value
Graham Holdings Co., 5.75%, 6/1/26(1)	$	600,000	$	633,636
Service Corp. International/US, 3.375%, 8/15/30	50,000		50,156
Sotheby's, 7.375%, 10/15/27(1)	400,000		400,676
			1,282,968
Diversified Financial Services — 0.8%
Cardtronics, Inc. / Cardtronics USA, Inc., 5.50%, 5/1/25(1)	125,000		125,456
Fairstone Financial, Inc., 7.875%, 7/15/24(1)	350,000		359,807
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.25%, 8/15/24(1)	200,000		207,250
Jefferies Finance LLC / JFIN Co-Issuer Corp., 6.25%, 6/3/26(1)	400,000		408,000
MPH Acquisition Holdings LLC, 7.125%, 6/1/24(1)	1,300,000		1,337,375
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, 12/15/22(1)	175,000		171,240
Refinitiv US Holdings, Inc., 6.25%, 5/15/26(1)	575,000		614,891
Refinitiv US Holdings, Inc., 8.25%, 11/15/26(1)	750,000		823,125
Sabre GLBL, Inc., 9.25%, 4/15/25(1)	600,000		661,467
Sabre GLBL, Inc., 7.375%, 9/1/25(1)	600,000		606,900
Verscend Escrow Corp., 9.75%, 8/15/26(1)	575,000		626,629
VistaJet Malta Finance plc / XO Management Holding, Inc., 10.50%, 6/1/24(1)	750,000		705,525
			6,647,665
Diversified Telecommunication Services — 4.6%
Altice France Holding SA, 10.50%, 5/15/27(1)	1,600,000		1,781,000
Altice France Holding SA, 6.00%, 2/15/28(1)	1,925,000		1,839,617
Altice France SA, 7.375%, 5/1/26(1)	1,000,000		1,048,950
Altice France SA, 8.125%, 2/1/27(1)	2,050,000		2,236,253
Altice France SA, 5.50%, 1/15/28(1)	1,675,000		1,698,031
Altice France SA, 5.125%, 1/15/29(1)	200,000		199,935
Cablevision Lightpath LLC, 3.875%, 9/15/27(1)	200,000		200,375
Cablevision Lightpath LLC, 5.625%, 9/15/28(1)	400,000		407,190
CenturyLink, Inc., 6.45%, 6/15/21	300,000		308,175
CenturyLink, Inc., 5.80%, 3/15/22	325,000		336,984
CenturyLink, Inc., 6.75%, 12/1/23	1,225,000		1,345,969
CenturyLink, Inc., 7.50%, 4/1/24	175,000		196,149
CenturyLink, Inc., 5.125%, 12/15/26(1)	1,150,000		1,183,172
Cogent Communications Group, Inc., 5.375%, 3/1/22(1)	550,000		562,933
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1)	1,850,000		1,858,695
Consolidated Communications, Inc., 6.50%, 10/1/28(1)(2)	450,000		460,125
Embarq Corp., 8.00%, 6/1/36	1,500,000		1,778,902
Frontier Communications Corp., 10.50%, 9/15/22(3)(4)	6,250,000		2,631,344
Frontier Communications Corp., 8.50%, 4/1/26(1)(3)	425,000		429,250
Frontier Communications Corp., 8.00%, 4/1/27(1)(3)	375,000		374,297
Hughes Satellite Systems Corp., 5.25%, 8/1/26	500,000		533,360
Hughes Satellite Systems Corp., 6.625%, 8/1/26	650,000		705,744
Intelsat Jackson Holdings SA, 8.00%, 2/15/24(1)(3)	75,000		76,250
Intelsat Jackson Holdings SA, 8.50%, 10/15/24(1)(3)(4)	1,575,000		1,019,655
Intelsat Jackson Holdings SA, 9.75%, 7/15/25(1)(3)(4)	2,400,000		1,575,840
Intelsat Luxembourg SA, 7.75%, 6/1/21(3)(4)	75,000		3,563
Intelsat Luxembourg SA, 8.125%, 6/1/23(3)(4)	550,000		27,500
Level 3 Financing, Inc., 5.375%, 5/1/25	200,000		206,400
Level 3 Financing, Inc., 4.625%, 9/15/27(1)	500,000		514,647
Level 3 Financing, Inc., 4.25%, 7/1/28(1)	1,125,000		1,143,360

12

	Principal Amount/Shares		Value
QualityTech LP / QTS Finance Corp., 3.875%, 10/1/28(1)(2)	$	325,000	$	326,749
Sprint Capital Corp., 6.875%, 11/15/28	525,000		654,785
Sprint Capital Corp., 8.75%, 3/15/32	2,825,000		4,138,088
Switch Ltd., 3.75%, 9/15/28(1)	675,000		683,437
Telecom Italia Capital SA, 6.00%, 9/30/34	1,965,000		2,286,651
Telecom Italia Capital SA, 7.20%, 7/18/36	100,000		126,435
Telecom Italia SpA, 5.30%, 5/30/24(1)	200,000		217,485
Telesat Canada / Telesat LLC, 4.875%, 6/1/27(1)	500,000		503,588
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1)	450,000		453,870
Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 8/15/28(1)	550,000		541,750
Windstream Holding of the Midwest, Inc., 6.75%, 4/1/28(3)	50,000		41,781
Windstream Services LLC / Windstream Finance Corp., 10.50%, 6/30/24(1)(3)(4)	325,000		6,500
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)	1,000,000		985,530
Zayo Group Holdings, Inc., 6.125%, 3/1/28(1)	425,000		438,740
			38,089,054
Electric Utilities — 1.0%
Drax Finco plc, 6.625%, 11/1/25(1)	600,000		625,500
MTS Systems Corp., 5.75%, 8/15/27(1)	250,000		246,956
NextEra Energy Operating Partners LP, 4.25%, 9/15/24(1)	75,000		78,281
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)	1,050,000		1,088,719
NRG Energy, Inc., 7.25%, 5/15/26	1,225,000		1,306,028
NRG Energy, Inc., 6.625%, 1/15/27	1,175,000		1,244,278
PG&E Corp., 5.00%, 7/1/28	650,000		631,361
PG&E Corp., 5.25%, 7/1/30	525,000		508,594
Talen Energy Supply LLC, 6.50%, 6/1/25	100,000		65,740
Talen Energy Supply LLC, 10.50%, 1/15/26(1)	675,000		514,961
Talen Energy Supply LLC, 7.25%, 5/15/27(1)	75,000		74,873
Talen Energy Supply LLC, 6.625%, 1/15/28(1)	175,000		170,045
Vistra Operations Co. LLC, 5.50%, 9/1/26(1)	1,025,000		1,071,125
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)	650,000		683,312
			8,309,773
Electrical Equipment — 0.2%
WESCO Distribution, Inc., 7.125%, 6/15/25(1)	975,000		1,063,359
WESCO Distribution, Inc., 7.25%, 6/15/28(1)	700,000		767,956
			1,831,315
Electronic Equipment, Instruments and Components†
Sensata Technologies, Inc., 3.75%, 2/15/31(1)	300,000		298,875
Energy Equipment and Services — 1.0%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)	350,000		336,948
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)	525,000		496,125
Basic Energy Services, Inc., 10.75%, 10/15/23(1)	75,000		15,563
ChampionX Corp., 6.375%, 5/1/26	550,000		527,312
Diamond Offshore Drilling, Inc., 3.45%, 11/1/23(3)(4)	175,000		17,300
Diamond Offshore Drilling, Inc., 7.875%, 8/15/25(3)(4)	750,000		71,438
Diamond Offshore Drilling, Inc., 5.70%, 10/15/39(3)(4)	200,000		18,641
Diamond Offshore Drilling, Inc., 4.875%, 11/1/43(3)(4)	125,000		12,031
Ensign Drilling, Inc., 9.25%, 4/15/24(1)	825,000		316,070
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25	650,000		557,307

13

	Principal Amount/Shares		Value
FTS International, Inc., 6.25%, 5/1/22(3)	$	800,000	$	276,000
Global Marine, Inc., 7.00%, 6/1/28	25,000		4,493
Nabors Industries Ltd., 7.25%, 1/15/26(1)	450,000		223,313
Nabors Industries Ltd., 7.50%, 1/15/28(1)	725,000		351,172
Nabors Industries, Inc., 5.75%, 2/1/25	1,625,000		554,361
Nine Energy Service, Inc., 8.75%, 11/1/23(1)	125,000		38,008
Noble Holding International Ltd., 7.875%, 2/1/26(1)(3)(4)	800,000		196,000
Precision Drilling Corp., 7.75%, 12/15/23	50,000		38,156
Precision Drilling Corp., 5.25%, 11/15/24	425,000		286,078
Precision Drilling Corp., 7.125%, 1/15/26(1)	525,000		339,538
SESI LLC, 7.125%, 12/15/21(1)	400,000		102,000
SESI LLC, 7.75%, 9/15/24	150,000		37,500
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(1)	800,000		320,000
Transocean Guardian Ltd., 5.875%, 1/15/24(1)	663,000		430,950
Transocean Pontus Ltd., 6.125%, 8/1/25(1)	195,000		175,500
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	325,000		261,625
Transocean Sentry Ltd., 5.375%, 5/15/23(1)	275,000		188,375
Transocean, Inc., 11.50%, 1/30/27(1)	783,000		316,136
Transocean, Inc., 8.00%, 2/1/27(1)	1,175,000		334,875
Transocean, Inc., 7.50%, 4/15/31	1,150,000		161,000
Transocean, Inc., 6.80%, 3/15/38	188,000		25,850
Transocean, Inc., 9.35%, 12/15/41	150,000		20,625
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26	700,000		695,187
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27	275,000		273,160
			8,018,637
Entertainment — 0.8%
Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28(1)	675,000		652,958
AMC Entertainment Holdings, Inc., 10.50%, 4/24/26(1)	113,000		81,925
AMC Entertainment Holdings, Inc., 10.00% Cash or 12.00% PIK or 5.00% Cash plus 6.00% PIK, 6/15/26(1)(7)	1,057,000		301,245
Cinemark USA, Inc., 5.125%, 12/15/22	375,000		334,453
Cinemark USA, Inc., 4.875%, 6/1/23	700,000		599,812
Lions Gate Capital Holdings LLC, 6.375%, 2/1/24(1)	650,000		645,525
Lions Gate Capital Holdings LLC, 5.875%, 11/1/24(1)	475,000		468,419
Live Nation Entertainment, Inc., 5.625%, 3/15/26(1)	500,000		483,750
Netflix, Inc., 5.875%, 11/15/28	425,000		507,871
Netflix, Inc., 6.375%, 5/15/29	1,050,000		1,292,812
Netflix, Inc., 5.375%, 11/15/29(1)	100,000		117,990
WMG Acquisition Corp., 5.50%, 4/15/26(1)	300,000		312,318
WMG Acquisition Corp., 3.875%, 7/15/30(1)	800,000		826,240
WMG Acquisition Corp., 3.00%, 2/15/31(1)	450,000		438,638
			7,063,956
Equity Real Estate Investment Trusts (REITs) — 2.4%
Diversified Healthcare Trust, 9.75%, 6/15/25	1,250,000		1,400,200
ESH Hospitality, Inc., 5.25%, 5/1/25(1)	350,000		354,016
ESH Hospitality, Inc., 4.625%, 10/1/27(1)	925,000		908,831
FelCor Lodging LP, 6.00%, 6/1/25	1,700,000		1,680,696
GEO Group, Inc. (The), 5.875%, 10/15/24	25,000		19,203
GEO Group, Inc. (The), 6.00%, 4/15/26	50,000		35,908
GLP Capital LP / GLP Financing II, Inc., 5.25%, 6/1/25	75,000		81,624

14

	Principal Amount/Shares		Value
HAT Holdings I LLC / HAT Holdings II LLC, 5.25%, 7/15/24(1)	$	375,000	$	391,519
HAT Holdings I LLC / HAT Holdings II LLC, 3.75%, 9/15/30(1)	200,000		201,500
Iron Mountain, Inc., 5.00%, 7/15/28(1)	350,000		359,184
Iron Mountain, Inc., 4.875%, 9/15/29(1)	475,000		483,788
Iron Mountain, Inc., 5.25%, 7/15/30(1)	1,225,000		1,279,359
Iron Mountain, Inc., 4.50%, 2/15/31(1)	1,550,000		1,561,454
Iron Mountain, Inc., 5.625%, 7/15/32(1)	100,000		105,737
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.625%, 6/15/25(1)	1,930,000		1,970,530
MPT Operating Partnership LP / MPT Finance Corp., 5.50%, 5/1/24	150,000		152,110
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.50%, 6/1/25(1)	900,000		960,570
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/1/28(1)	850,000		854,250
RHP Hotel Properties LP / RHP Finance Corp., 5.00%, 4/15/23	25,000		24,544
SBA Communications Corp., 4.00%, 10/1/22	100,000		100,938
Service Properties Trust, 5.00%, 8/15/22	1,000,000		998,980
Service Properties Trust, 4.35%, 10/1/24	1,125,000		1,020,032
Service Properties Trust, 7.50%, 9/15/25	600,000		639,054
Service Properties Trust, 5.25%, 2/15/26	150,000		138,627
Service Properties Trust, 4.95%, 2/15/27	225,000		200,813
Service Properties Trust, 4.375%, 2/15/30	50,000		41,625
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.125%, 12/15/24(1)	800,000		775,200
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.875%, 2/15/25(1)	950,000		1,008,187
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.00%, 4/15/23(1)	75,000		75,563
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/1/26(1)	1,040,000		1,046,474
VICI Properties LP / VICI Note Co., Inc., 3.75%, 2/15/27(1)	225,000		221,625
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)	225,000		221,906
XHR LP, 6.375%, 8/15/25(1)	550,000		551,031
			19,865,078
Food and Staples Retailing — 0.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1)	425,000		432,544
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 3/15/25	540,000		559,005
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)	650,000		665,759
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)	125,000		133,649
Rite Aid Corp., 7.50%, 7/1/25(1)	491,000		484,506
Rite Aid Corp., 8.00%, 11/15/26(1)	587,000		588,101
			2,863,564
Food Products — 2.4%
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 4/15/25(1)	825,000		855,430
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22(1)	850,000		880,613
Darling Ingredients, Inc., 5.25%, 4/15/27(1)	125,000		131,484
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)	850,000		913,750
HLF Financing Sarl LLC / Herbalife International, Inc., 7.25%, 8/15/26(1)	150,000		154,360

15

	Principal Amount/Shares		Value
JBS Investments II GmbH, 7.00%, 1/15/26(1)	$	200,000	$	213,826
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)	38,000		38,787
JBS USA LUX SA / JBS USA Finance, Inc., 5.75%, 6/15/25(1)	400,000		413,320
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29(1)	1,500,000		1,666,830
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)	975,000		1,063,969
Kraft Heinz Foods Co., 5.00%, 7/15/35	800,000		922,336
Kraft Heinz Foods Co., 6.875%, 1/26/39	300,000		402,173
Kraft Heinz Foods Co., 6.50%, 2/9/40	825,000		1,049,778
Kraft Heinz Foods Co., 5.00%, 6/4/42	450,000		492,863
Kraft Heinz Foods Co., 5.20%, 7/15/45	1,025,000		1,121,716
Kraft Heinz Foods Co., 4.375%, 6/1/46	3,275,000		3,372,165
Kraft Heinz Foods Co., 4.875%, 10/1/49(1)	2,050,000		2,165,858
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	825,000		841,500
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)	477,000		493,099
Post Holdings, Inc., 5.00%, 8/15/26(1)	141,000		144,770
Post Holdings, Inc., 5.75%, 3/1/27(1)	1,000,000		1,054,065
Post Holdings, Inc., 5.625%, 1/15/28(1)	900,000		954,846
US Foods, Inc., 5.875%, 6/15/24(1)	625,000		630,656
US Foods, Inc., 6.25%, 4/15/25(1)	225,000		238,519
			20,425,463
Gas Utilities — 0.1%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.50%, 5/20/25	625,000		673,072
AmeriGas Partners LP / AmeriGas Finance Corp., 5.75%, 5/20/27	100,000		109,790
			782,862
Health Care Equipment and Supplies — 0.2%
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 7.375%, 6/1/25(1)	450,000		457,594
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28(1)	1,175,000		1,224,203
Varex Imaging Corp., 7.875%, 10/15/27(1)	175,000		181,562
			1,863,359
Health Care Providers and Services — 3.6%
Acadia Healthcare Co., Inc., 5.50%, 7/1/28(1)	475,000		489,434
Acadia Healthcare Co., Inc., 5.00%, 4/15/29(1)(2)	500,000		505,625
Air Methods Corp., 8.00%, 5/15/25(1)	1,150,000		906,942
Centene Corp., 4.75%, 1/15/25	625,000		643,156
Centene Corp., 5.375%, 6/1/26(1)	700,000		739,704
Centene Corp., 4.25%, 12/15/27	1,500,000		1,573,117
Centene Corp., 3.00%, 10/15/30(2)	825,000		841,500
CHS / Community Health Systems, Inc., 6.875%, 2/1/22	778,000		694,851
CHS / Community Health Systems, Inc., 6.25%, 3/31/23	350,000		342,563
CHS / Community Health Systems, Inc., 8.625%, 1/15/24(1)	550,000		548,281
CHS / Community Health Systems, Inc., 8.125%, 6/30/24(1)	1,996,000		1,462,070
CHS / Community Health Systems, Inc., 6.625%, 2/15/25(1)	1,300,000		1,260,740
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)	2,225,000		2,186,925
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)	125,000		122,500
CHS / Community Health Systems, Inc., 6.875%, 4/1/28(1)	479,000		227,226
CHS / Community Health Systems, Inc., VRN, 9.875%, 6/30/23(1)	125,000		97,331
DaVita, Inc., 4.625%, 6/1/30(1)	1,625,000		1,668,916

16

	Principal Amount/Shares		Value
DaVita, Inc., 3.75%, 2/15/31(1)	$	275,000	$	265,664
Encompass Health Corp., 4.75%, 2/1/30	665,000		675,793
Encompass Health Corp., 4.625%, 4/1/31(2)	750,000		765,937
Envision Healthcare Corp., 8.75%, 10/15/26(1)	700,000		324,492
HCA, Inc., 7.69%, 6/15/25	250,000		294,661
HCA, Inc., MTN, 7.58%, 9/15/25	1,250,000		1,496,875
IQVIA, Inc., 5.00%, 5/15/27(1)	475,000		499,004
LifePoint Health, Inc., 6.75%, 4/15/25(1)	325,000		342,875
LifePoint Health, Inc., 4.375%, 2/15/27(1)	125,000		125,469
Polaris Intermediate Corp., 8.50% Cash or 9.25% PIK, 12/1/22(1)(6)	925,000		942,344
Select Medical Corp., 6.25%, 8/15/26(1)	625,000		650,962
Tenet Healthcare Corp., 8.125%, 4/1/22	775,000		862,110
Tenet Healthcare Corp., 6.75%, 6/15/23	725,000		761,975
Tenet Healthcare Corp., 4.625%, 7/15/24	425,000		426,487
Tenet Healthcare Corp., 4.625%, 9/1/24(1)	400,000		403,624
Tenet Healthcare Corp., 7.50%, 4/1/25(1)	625,000		674,322
Tenet Healthcare Corp., 7.00%, 8/1/25	550,000		567,146
Tenet Healthcare Corp., 4.875%, 1/1/26(1)	750,000		762,180
Tenet Healthcare Corp., 6.25%, 2/1/27(1)	225,000		232,561
Tenet Healthcare Corp., 5.125%, 11/1/27(1)	225,000		231,998
Tenet Healthcare Corp., 4.625%, 6/15/28(1)	400,000		404,120
Tenet Healthcare Corp., 6.125%, 10/1/28(1)	3,100,000		3,024,437
Tenet Healthcare Corp., 6.875%, 11/15/31	275,000		270,479
West Street Merger Sub, Inc., 6.375%, 9/1/25(1)	500,000		511,145
			29,827,541
Hotels, Restaurants and Leisure — 8.8%
1011778 BC ULC / New Red Finance, Inc., 4.25%, 5/15/24(1)	125,000		127,431
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(1)	1,473,000		1,512,852
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)	775,000		791,655
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)(2)	625,000		631,381
Aramark Services, Inc., 5.00%, 4/1/25(1)	100,000		101,690
Aramark Services, Inc., 6.375%, 5/1/25(1)	875,000		912,559
Arrow Bidco LLC, 9.50%, 3/15/24(1)	75,000		62,523
Boyd Gaming Corp., 8.625%, 6/1/25(1)	720,000		790,222
Boyd Gaming Corp., 6.375%, 4/1/26	2,225,000		2,319,740
Boyd Gaming Corp., 6.00%, 8/15/26	2,600,000		2,690,506
Boyne USA, Inc., 7.25%, 5/1/25(1)	575,000		602,971
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)	1,175,000		1,226,412
Caesars Entertainment, Inc., 8.125%, 7/1/27(1)	2,825,000		2,998,187
Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 7/1/25(1)	200,000		206,500
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	1,485,000		1,438,690
Carlson Travel, Inc., 9.50% Cash plus 2.00% PIK, 12/15/26(1)	502,000		307,430
Carnival Corp., 3.95%, 10/15/20	2,525,000		2,525,000
Carnival Corp., 11.50%, 4/1/23(1)	1,800,000		2,020,383
Carnival Corp., 10.50%, 2/1/26(1)	1,050,000		1,164,844
Carnival Corp., 9.875%, 8/1/27(1)	1,100,000		1,165,439
Carnival Corp., 6.65%, 1/15/28	200,000		168,193
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp., 5.375%, 6/1/24	400,000		383,752
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 5/1/25(1)	350,000		360,063
Churchill Downs, Inc., 5.50%, 4/1/27(1)	500,000		523,058

17

	Principal Amount/Shares		Value
Churchill Downs, Inc., 4.75%, 1/15/28(1)	$	100,000	$	100,732
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 2/15/23(1)	550,000		508,005
Enterprise Development Authority (The), 12.00%, 7/15/24(1)	1,275,000		1,426,272
Gateway Casinos & Entertainment Ltd., 8.25%, 3/1/24(1)	830,000		704,375
Golden Entertainment, Inc., 7.625%, 4/15/26(1)	1,025,000		1,015,227
Golden Nugget, Inc., 6.75%, 10/15/24(1)	2,725,000		2,278,781
Golden Nugget, Inc., 8.75%, 10/1/25(1)	3,375,000		2,668,359
Hilton Domestic Operating Co., Inc., 5.375%, 5/1/25(1)	350,000		363,923
Hilton Domestic Operating Co., Inc., 5.125%, 5/1/26	1,125,000		1,158,536
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)	550,000		582,656
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.625%, 4/1/25	200,000		201,729
Inn of the Mountain Gods Resort & Casino, 9.25% Cash or 9.25% PIK, 11/30/20(6)	147,722		139,597
IRB Holding Corp., 7.00%, 6/15/25(1)	425,000		453,911
IRB Holding Corp., 6.75%, 2/15/26(1)	275,000		275,516
Jacobs Entertainment, Inc., 7.875%, 2/1/24(1)	780,000		763,990
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 4.75%, 6/1/27(1)	650,000		683,933
LTF Merger Sub, Inc., 8.50%, 6/15/23(1)	4,906,000		4,727,642
Marriott Ownership Resorts, Inc., 6.125%, 9/15/25(1)	225,000		235,751
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28	125,000		118,883
Marriott Ownership Resorts, Inc. / ILG LLC, 6.50%, 9/15/26	475,000		488,509
Melco Resorts Finance Ltd., 5.25%, 4/26/26(1)	1,525,000		1,548,349
Melco Resorts Finance Ltd., 5.625%, 7/17/27(1)	200,000		207,945
Melco Resorts Finance Ltd., 5.75%, 7/21/28(1)	400,000		407,916
Melco Resorts Finance Ltd., 5.375%, 12/4/29(1)	400,000		398,360
Merlin Entertainments Ltd., 5.75%, 6/15/26(1)	800,000		764,848
MGM China Holdings Ltd., 5.375%, 5/15/24(1)	600,000		619,863
MGM Resorts International, 7.75%, 3/15/22	750,000		791,944
MGM Resorts International, 6.00%, 3/15/23	1,500,000		1,558,920
MGM Resorts International, 6.75%, 5/1/25	400,000		419,842
MGM Resorts International, 5.50%, 4/15/27	1,131,000		1,183,484
Mohegan Gaming & Entertainment, 7.875%, 10/15/24(1)	1,850,000		1,735,531
Motion Bondco DAC, 6.625%, 11/15/27(1)	200,000		174,134
Nathan's Famous, Inc., 6.625%, 11/1/25(1)	200,000		204,000
NCL Corp. Ltd., 12.25%, 5/15/24(1)	225,000		252,281
NCL Corp. Ltd., 3.625%, 12/15/24(1)	100,000		70,188
NCL Corp. Ltd., 10.25%, 2/1/26(1)	550,000		574,750
Powdr Corp., 6.00%, 8/1/25(1)	125,000		128,281
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22	925,000		827,153
Royal Caribbean Cruises Ltd., 9.125%, 6/15/23(1)	475,000		504,094
Royal Caribbean Cruises Ltd., 11.50%, 6/1/25(1)	850,000		988,439
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28	75,000		55,251
Scientific Games International, Inc., 7.00%, 5/15/28(1)	1,500,000		1,506,206
Scientific Games International, Inc., 7.25%, 11/15/29(1)	350,000		355,842
SeaWorld Parks & Entertainment, Inc., 9.50%, 8/1/25(1)	1,400,000		1,448,972
Speedway Motorsports LLC / Speedway Funding II, Inc., 4.875%, 11/1/27(1)	175,000		168,385
Studio City Finance Ltd., 6.00%, 7/15/25(1)	600,000		616,380
Studio City Finance Ltd., 6.50%, 1/15/28(1)	600,000		630,000

18

	Principal Amount/Shares		Value
Twin River Worldwide Holdings, Inc., 6.75%, 6/1/27(1)	$	100,000	$	99,800
Viking Cruises Ltd., 6.25%, 5/15/25(1)	325,000		256,310
Viking Cruises Ltd., 13.00%, 5/15/25(1)	750,000		870,000
Viking Cruises Ltd., 5.875%, 9/15/27(1)	1,225,000		954,734
VOC Escrow Ltd., 5.00%, 2/15/28(1)	125,000		110,961
Wyndham Destinations, Inc., 6.625%, 7/31/26(1)	1,125,000		1,180,671
Wyndham Destinations, Inc., 4.625%, 3/1/30(1)	225,000		217,512
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	2,375,000		2,284,453
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)	2,400,000		2,254,500
Wynn Macau Ltd., 4.875%, 10/1/24(1)	200,000		197,771
Wynn Macau Ltd., 5.50%, 1/15/26(1)	825,000		814,584
Wynn Macau Ltd., 5.50%, 10/1/27(1)	425,000		413,313
Wynn Macau Ltd., 5.625%, 8/26/28(1)	950,000		923,875
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1)	675,000		715,702
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 5.125%, 10/1/29(1)	125,000		121,406
			73,484,758
Household Durables — 2.2%
Adams Homes, Inc., 7.50%, 2/15/25(1)	450,000		455,906
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.75%, 8/1/25(1)	650,000		662,119
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.625%, 1/15/28(1)	500,000		503,750
Beazer Homes USA, Inc., 6.75%, 3/15/25	477,000		494,241
Beazer Homes USA, Inc., 5.875%, 10/15/27	400,000		402,750
Beazer Homes USA, Inc., 7.25%, 10/15/29	350,000		375,604
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.375%, 5/15/25(1)	100,000		100,365
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 4.875%, 2/15/30(1)	450,000		421,627
Century Communities, Inc., 5.875%, 7/15/25	500,000		521,572
Century Communities, Inc., 6.75%, 6/1/27	750,000		797,179
Installed Building Products, Inc., 5.75%, 2/1/28(1)	300,000		316,818
K Hovnanian Enterprises, Inc., 13.50%, 2/1/26(1)	26,000		18,460
K Hovnanian Enterprises, Inc., 5.00%, 2/1/40(1)	26,000		14,300
KB Home, 7.00%, 12/15/21	125,000		131,148
KB Home, 7.625%, 5/15/23	50,000		55,000
KB Home, 6.875%, 6/15/27	650,000		769,314
Lennar Corp., 4.75%, 4/1/21	525,000		530,788
Mattamy Group Corp., 4.625%, 3/1/30(1)	525,000		532,518
Meritage Homes Corp., 7.00%, 4/1/22	275,000		295,217
Meritage Homes Corp., 6.00%, 6/1/25	925,000		1,034,941
Newell Brands, Inc., 4.70%, 4/1/26	3,025,000		3,228,280
Newell Brands, Inc., 5.875%, 4/1/36	1,125,000		1,299,397
Newell Brands, Inc., 6.00%, 4/1/46	225,000		252,844
Picasso Finance Sub, Inc., 6.125%, 6/15/25(1)	400,000		431,436
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 2/15/28(1)	725,000		724,888
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 4/1/29(1)	475,000		474,703
STL Holding Co. LLC, 7.50%, 2/15/26(1)	700,000		704,375

19

	Principal Amount/Shares		Value
Taylor Morrison Communities, Inc., 6.625%, 7/15/27(1)	$	150,000	$	161,496
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(1)	225,000		246,696
TopBuild Corp., 5.625%, 5/1/26(1)	700,000		725,242
TRI Pointe Group, Inc., 5.25%, 6/1/27	675,000		722,965
TRI Pointe Group, Inc., 5.70%, 6/15/28	150,000		164,625
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24	390,000		422,419
Williams Scotsman International, Inc., 4.625%, 8/15/28(1)	550,000		553,253
			18,546,236
Household Products — 0.3%
Central Garden & Pet Co., 6.125%, 11/15/23	75,000		76,680
Energizer Holdings, Inc., 6.375%, 7/15/26(1)	625,000		672,391
Energizer Holdings, Inc., 4.75%, 6/15/28(1)	300,000		310,860
Kronos Acquisition Holdings, Inc., 9.00%, 8/15/23(1)	350,000		355,687
Prestige Brands, Inc., 6.375%, 3/1/24(1)	100,000		102,687
Prestige Brands, Inc., 5.125%, 1/15/28(1)	275,000		284,625
Spectrum Brands, Inc., 6.125%, 12/15/24	225,000		231,891
Spectrum Brands, Inc., 5.75%, 7/15/25	275,000		284,212
Spectrum Brands, Inc., 5.50%, 7/15/30(1)	200,000		211,375
			2,530,408
Independent Power and Renewable Electricity Producers — 1.1%
Calpine Corp., 5.25%, 6/1/26(1)	150,000		156,292
Calpine Corp., 4.50%, 2/15/28(1)	625,000		641,138
Calpine Corp., 5.125%, 3/15/28(1)	1,600,000		1,658,264
Calpine Corp., 4.625%, 2/1/29(1)	1,775,000		1,776,109
Calpine Corp., 5.00%, 2/1/31(1)	900,000		919,057
Clearway Energy Operating LLC, 5.75%, 10/15/25	350,000		369,287
Clearway Energy Operating LLC, 5.00%, 9/15/26	1,350,000		1,408,806
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)	750,000		778,830
TerraForm Power Operating LLC, 4.25%, 1/31/23(1)	350,000		359,548
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)	175,000		191,896
TerraForm Power Operating LLC, 4.75%, 1/15/30(1)	650,000		692,062
			8,951,289
Industrial Conglomerates — 0.1%
Amsted Industries, Inc., 5.625%, 7/1/27(1)	746,000		796,265
Stena International SA, 6.125%, 2/1/25(1)	200,000		192,875
			989,140
Insurance — 0.8%
Acrisure LLC / Acrisure Finance, Inc., 8.125%, 2/15/24(1)	575,000		603,603
Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25(1)	1,350,000		1,328,737
Acrisure LLC / Acrisure Finance, Inc., 10.125%, 8/1/26(1)	175,000		194,250
AssuredPartners, Inc., 7.00%, 8/15/25(1)	475,000		485,291
Genworth Holdings, Inc., 7.625%, 9/24/21	450,000		451,150
Genworth Holdings, Inc., 4.90%, 8/15/23	1,025,000		946,203
Genworth Holdings, Inc., 4.80%, 2/15/24	250,000		230,618
HUB International Ltd., 7.00%, 5/1/26(1)	1,725,000		1,789,265
MBIA Insurance Corp., VRN, 11.54%, (3-month LIBOR plus 11.26%), 1/15/33(1)(3)(4)	125,000		46,250
MBIA, Inc., 7.15%, 7/15/27	25,000		23,339
USI, Inc., 6.875%, 5/1/25(1)	200,000		203,123
			6,301,829

20

	Principal Amount/Shares		Value
Internet and Direct Marketing Retail — 0.3%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/1/27(1)	$	1,325,000	$	1,381,690
Match Group Holdings II LLC, 5.00%, 12/15/27(1)	825,000		873,312
QVC, Inc., 4.75%, 2/15/27	400,000		411,554
			2,666,556
IT Services — 0.9%
Banff Merger Sub, Inc., 9.75%, 9/1/26(1)	1,350,000		1,428,975
Black Knight InfoServ LLC, 3.625%, 9/1/28(1)	575,000		582,188
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25	775,000		799,192
Exela Intermediate LLC / Exela Finance, Inc., 10.00%, 7/15/23(1)	1,000,000		310,000
Presidio Holdings, Inc., 4.875%, 2/1/27(1)	575,000		583,723
Presidio Holdings, Inc., 8.25%, 2/1/28(1)	775,000		814,234
Science Applications International Corp., 4.875%, 4/1/28(1)	725,000		737,332
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.75%, 6/1/25(1)	1,225,000		1,252,544
Vericast Corp., 8.375%, 8/15/22(1)	1,025,000		998,734
			7,506,922
Leisure Products — 0.1%
Mattel, Inc., 6.75%, 12/31/25(1)	450,000		475,200
Mattel, Inc., 5.875%, 12/15/27(1)	250,000		269,531
Mattel, Inc., 5.45%, 11/1/41	75,000		70,456
			815,187
Life Sciences Tools and Services†
Avantor, Inc., 6.00%, 10/1/24(1)	100,000		104,625
Charles River Laboratories International, Inc., 5.50%, 4/1/26(1)	275,000		290,125
			394,750
Machinery — 0.9%
Clark Equipment Co., 5.875%, 6/1/25(1)	150,000		155,625
Colfax Corp., 6.00%, 2/15/24(1)	375,000		390,630
Colfax Corp., 6.375%, 2/15/26(1)	75,000		79,617
EnPro Industries, Inc., 5.75%, 10/15/26	425,000		449,888
Granite US Holdings Corp., 11.00%, 10/1/27(1)	300,000		309,000
Husky III Holding Ltd., 13.00% Cash or 13.75% PIK, 2/15/25(1)(6)	400,000		415,250
JPW Industries Holding Corp., 9.00%, 10/1/24(1)	75,000		70,961
Manitowoc Co., Inc. (The), 9.00%, 4/1/26(1)	100,000		103,500
Maxim Crane Works Holdings Capital LLC, 10.125%, 8/1/24(1)	525,000		533,586
Navistar International Corp., 9.50%, 5/1/25(1)	425,000		478,138
Navistar International Corp., 6.625%, 11/1/25(1)	775,000		796,797
SPX FLOW, Inc., 5.875%, 8/15/26(1)	375,000		391,172
Stevens Holding Co., Inc., 6.125%, 10/1/26(1)	150,000		161,034
Tennant Co., 5.625%, 5/1/25	150,000		156,139
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 4/15/26(1)	675,000		673,313
Titan International, Inc., 6.50%, 11/30/23	425,000		319,453
Vertical Holdco Gmbh, 7.625%, 7/15/28(1)	400,000		423,500
Vertical U.S. Newco, Inc., 5.25%, 7/15/27(1)	400,000		416,456
Wabash National Corp., 5.50%, 10/1/25(1)	200,000		200,729
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 7/15/25(1)	1,400,000		1,338,897
			7,863,685
Media — 6.7%
Altice Financing SA, 7.50%, 5/15/26(1)	1,100,000		1,165,758
Altice Financing SA, 5.00%, 1/15/28(1)	650,000		632,167

21

	Principal Amount/Shares		Value
AMC Networks, Inc., 4.75%, 12/15/22	$	350,000	$	350,735
AMC Networks, Inc., 5.00%, 4/1/24	300,000		307,125
CCO Holdings LLC / CCO Holdings Capital Corp., 4.00%, 3/1/23(1)	275,000		278,849
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 5/1/25(1)	425,000		437,750
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	2,100,000		2,186,625
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)	550,000		579,455
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)	1,875,000		1,971,187
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)	2,150,000		2,231,592
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32(1)	1,350,000		1,410,750
Clear Channel International BV, 6.625%, 8/1/25(1)	1,075,000		1,102,896
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24	638,000		620,139
Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27(1)	1,550,000		1,490,325
CSC Holdings LLC, 6.75%, 11/15/21	50,000		52,496
CSC Holdings LLC, 6.50%, 2/1/29(1)	1,375,000		1,535,703
CSC Holdings LLC, 5.75%, 1/15/30(1)	3,275,000		3,484,485
CSC Holdings LLC, 4.125%, 12/1/30(1)	900,000		918,225
CSC Holdings LLC, 4.625%, 12/1/30(1)	400,000		402,446
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 8/15/26(1)	2,575,000		1,828,031
Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 8/15/27(1)	825,000		430,031
DISH DBS Corp., 6.75%, 6/1/21	150,000		153,900
DISH DBS Corp., 5.875%, 11/15/24	800,000		825,000
DISH DBS Corp., 7.375%, 7/1/28(1)	700,000		721,875
EW Scripps Co. (The), 5.125%, 5/15/25(1)	575,000		563,500
GCI LLC, 6.625%, 6/15/24(1)	350,000		376,285
GCI LLC, 4.75%, 10/15/28(1)(2)	825,000		837,383
Gray Television, Inc., 5.125%, 10/15/24(1)	1,130,000		1,154,719
Gray Television, Inc., 5.875%, 7/15/26(1)	1,275,000		1,325,203
Gray Television, Inc., 7.00%, 5/15/27(1)	825,000		895,445
iHeartCommunications, Inc., 6.375%, 5/1/26	601,314		627,561
iHeartCommunications, Inc., 5.25%, 8/15/27(1)	825,000		805,769
iHeartCommunications, Inc., 4.75%, 1/15/28(1)	525,000		495,672
Lamar Media Corp., 3.75%, 2/15/28(1)	275,000		274,141
Lamar Media Corp., 4.00%, 2/15/30(1)	450,000		450,844
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(1)	400,000		418,500
Midcontinent Communications / Midcontinent Finance Corp., 5.375%, 8/15/27(1)	850,000		876,401
Nexstar Broadcasting, Inc., 5.625%, 7/15/27(1)	1,050,000		1,103,041
Nexstar Broadcasting, Inc., 4.75%, 11/1/28(1)	950,000		971,375
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)	950,000		927,856
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 3/15/30(1)	50,000		48,063
Quebecor Media, Inc., 5.75%, 1/15/23	200,000		215,000
Radiate Holdco LLC / Radiate Finance, Inc., 4.50%, 9/15/26(1)	750,000		752,655
Radiate Holdco LLC / Radiate Finance, Inc., 6.50%, 9/15/28(1)	1,000,000		1,027,888
Salem Media Group, Inc., 6.75%, 6/1/24(1)	175,000		152,250
Scripps Escrow, Inc., 5.875%, 7/15/27(1)	225,000		217,406
Sinclair Television Group, Inc., 5.875%, 3/15/26(1)	625,000		617,850
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)	350,000		325,570
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)	1,150,000		1,068,568

22

	Principal Amount/Shares		Value
Sirius XM Radio, Inc., 3.875%, 8/1/22(1)	$	214,000	$	216,541
Sirius XM Radio, Inc., 4.625%, 7/15/24(1)	600,000		621,375
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)	375,000		392,263
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)	1,250,000		1,346,344
TEGNA, Inc., 4.75%, 3/15/26(1)	625,000		639,813
TEGNA, Inc., 4.625%, 3/15/28(1)	1,550,000		1,519,465
TEGNA, Inc., 5.00%, 9/15/29(1)	875,000		864,885
Townsquare Media, Inc., 6.50%, 4/1/23(1)	775,000		712,919
Univision Communications, Inc., 5.125%, 2/15/25(1)	900,000		854,438
Univision Communications, Inc., 9.50%, 5/1/25(1)	350,000		376,250
Univision Communications, Inc., 6.625%, 6/1/27(1)	800,000		783,000
UPC Holding BV, 5.50%, 1/15/28(1)	200,000		206,875
Videotron Ltd., 5.00%, 7/15/22	1,500,000		1,569,375
Videotron Ltd., 5.375%, 6/15/24(1)	500,000		546,558
Virgin Media Finance plc, 5.00%, 7/15/30(1)	600,000		597,750
Virgin Media Secured Finance plc, 5.50%, 5/15/29(1)	600,000		645,024
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28(1)	200,000		199,700
VTR Comunicaciones SpA, 5.125%, 1/15/28(1)	200,000		207,100
Ziggo Bond Co. BV, 6.00%, 1/15/27(1)	1,125,000		1,165,781
Ziggo Bond Co. BV, 5.125%, 2/28/30(1)	200,000		202,976
Ziggo BV, 5.50%, 1/15/27(1)	270,000		283,323
			55,598,245
Metals and Mining — 4.5%
Alcoa Nederland Holding BV, 7.00%, 9/30/26(1)	600,000		629,625
Alcoa Nederland Holding BV, 6.125%, 5/15/28(1)	600,000		633,375
Allegheny Technologies, Inc., 5.875%, 12/1/27	525,000		505,483
ArcelorMittal SA, 4.55%, 3/11/26	175,000		189,185
ArcelorMittal SA, 7.25%, 10/15/39	275,000		348,661
Arconic Corp., 6.00%, 5/15/25(1)	625,000		668,625
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, 8.75%, 7/15/26(1)	150,000		154,847
Big River Steel LLC / BRS Finance Corp., 6.625%, 1/31/29(1)	1,250,000		1,266,281
Carpenter Technology Corp., 6.375%, 7/15/28	800,000		838,221
Cleveland-Cliffs, Inc., 5.75%, 3/1/25	313,000		291,873
Cleveland-Cliffs, Inc., 9.875%, 10/17/25(1)	725,000		810,187
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(1)	275,000		280,074
Cleveland-Cliffs, Inc., 5.875%, 6/1/27	1,250,000		1,164,062
Coeur Mining, Inc., 5.875%, 6/1/24	200,000		200,229
Commercial Metals Co., 5.75%, 4/15/26	375,000		391,112
Commercial Metals Co., 5.375%, 7/15/27	50,000		52,913
Compass Minerals International, Inc., 4.875%, 7/15/24(1)	75,000		76,789
Compass Minerals International, Inc., 6.75%, 12/1/27(1)	375,000		405,634
Constellium SE, 5.75%, 5/15/24(1)	250,000		255,286
Constellium SE, 6.625%, 3/1/25(1)	1,000,000		1,025,000
Constellium SE, 5.625%, 6/15/28(1)	525,000		535,828
First Quantum Minerals Ltd., 7.25%, 5/15/22(1)	1,000,000		1,001,400
First Quantum Minerals Ltd., 7.25%, 4/1/23(1)	658,000		658,181
First Quantum Minerals Ltd., 6.50%, 3/1/24(1)	2,400,000		2,307,000
Freeport-McMoRan, Inc., 3.875%, 3/15/23	2,475,000		2,554,720
Freeport-McMoRan, Inc., 5.00%, 9/1/27	850,000		889,984
Freeport-McMoRan, Inc., 4.125%, 3/1/28	700,000		710,063

23

	Principal Amount/Shares		Value
Freeport-McMoRan, Inc., 4.375%, 8/1/28	$	575,000	$	595,602
Freeport-McMoRan, Inc., 4.25%, 3/1/30	1,625,000		1,667,152
Freeport-McMoRan, Inc., 4.625%, 8/1/30	1,175,000		1,237,539
Freeport-McMoRan, Inc., 5.45%, 3/15/43	4,425,000		4,921,131
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.375%, 12/15/23(1)	550,000		558,250
Hillman Group, Inc. (The), 6.375%, 7/15/22(1)	775,000		760,287
Hudbay Minerals, Inc., 7.25%, 1/15/23(1)	50,000		50,965
Hudbay Minerals, Inc., 7.625%, 1/15/25(1)	400,000		407,776
Hudbay Minerals, Inc., 6.125%, 4/1/29(1)	500,000		496,875
IAMGOLD Corp., 5.75%, 10/15/28(1)	900,000		870,750
Joseph T Ryerson & Son, Inc., 8.50%, 8/1/28(1)	175,000		184,625
Kaiser Aluminum Corp., 6.50%, 5/1/25(1)	1,800,000		1,861,047
Kaiser Aluminum Corp., 4.625%, 3/1/28(1)	300,000		280,257
Mineral Resources Ltd., 8.125%, 5/1/27(1)	650,000		707,275
Mountain Province Diamonds, Inc., 8.00%, 12/15/22(1)	75,000		57,352
New Gold, Inc., 7.50%, 7/15/27(1)	250,000		267,188
Northwest Acquisitions ULC / Dominion Finco, Inc., 7.125%, 11/1/22(1)(3)	75,000		1,294
Novelis Corp., 5.875%, 9/30/26(1)	900,000		925,875
Novelis Corp., 4.75%, 1/30/30(1)	1,450,000		1,418,078
Park-Ohio Industries, Inc., 6.625%, 4/15/27	275,000		253,688
Petra Diamonds US Treasury plc, 7.25%, 5/1/22(1)(3)(4)	200,000		75,000
Taseko Mines Ltd., 8.75%, 6/15/22(1)	850,000		812,613
			37,255,257
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.875%, 8/1/21(1)	650,000		651,544
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 3/15/22(1)	475,000		466,830
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 2/1/27(1)	325,000		281,937
			1,400,311
Multiline Retail†
JC Penney Corp., Inc., 8.625%, 3/15/25(1)(3)(4)	250,000		3,907
JC Penney Corp., Inc., 6.375%, 10/15/36(3)(4)	125,000		469
			4,376
Oil, Gas and Consumable Fuels — 10.4%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 9/15/24	675,000		578,812
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 3/1/27(1)	1,000,000		830,000
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 1/15/28(1)	125,000		103,113
Antero Resources Corp., 5.375%, 11/1/21	50,000		47,625
Antero Resources Corp., 5.625%, 6/1/23	75,000		54,469
Antero Resources Corp., 5.00%, 3/1/25	25,000		15,672
Apache Corp., 3.25%, 4/15/22	100,000		98,860
Apache Corp., 4.875%, 11/15/27	50,000		47,344
Apache Corp., 4.25%, 1/15/30	775,000		699,922
Apache Corp., 5.10%, 9/1/40	1,850,000		1,666,434
Apache Corp., 5.25%, 2/1/42	100,000		89,740
Apache Corp., 4.75%, 4/15/43	1,800,000		1,603,620

24

	Principal Amount/Shares		Value
Apache Corp., 7.375%, 8/15/47	$	250,000	$	233,125
Apache Corp., 5.35%, 7/1/49	375,000		332,411
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 10.00%, 4/1/22(1)	1,325,000		1,308,437
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)	225,000		172,688
Callon Petroleum Co., 6.25%, 4/15/23	825,000		266,570
Callon Petroleum Co., 6.125%, 10/1/24	1,050,000		302,531
Callon Petroleum Co., 8.25%, 7/15/25	68,000		18,608
Callon Petroleum Co., 6.375%, 7/1/26	125,000		31,070
Cenovus Energy, Inc., 3.00%, 8/15/22	400,000		390,742
Cenovus Energy, Inc., 5.375%, 7/15/25	575,000		554,096
Cenovus Energy, Inc., 5.25%, 6/15/37	175,000		151,947
Cenovus Energy, Inc., 6.75%, 11/15/39	600,000		602,962
Cenovus Energy, Inc., 5.40%, 6/15/47	375,000		316,705
Centennial Resource Production LLC, 5.375%, 1/15/26(1)	450,000		181,125
Centennial Resource Production LLC, 6.875%, 4/1/27(1)	200,000		82,081
Chaparral Energy, Inc., 8.75%, 7/15/23(1)(3)(4)	350,000		24,500
Cheniere Energy Partners LP, 5.25%, 10/1/25	100,000		102,400
Cheniere Energy Partners LP, 5.625%, 10/1/26	75,000		78,128
Cheniere Energy, Inc., 4.625%, 10/15/28(1)	950,000		976,719
Citgo Holding, Inc., 9.25%, 8/1/24(1)	2,500,000		2,387,500
CITGO Petroleum Corp., 6.25%, 8/15/22(1)	200,000		198,960
CITGO Petroleum Corp., 7.00%, 6/15/25(1)	1,050,000		1,037,531
CNX Midstream Partners LP / CNX Midstream Finance Corp., 6.50%, 3/15/26(1)	1,575,000		1,600,294
CNX Resources Corp., 7.25%, 3/14/27(1)	1,250,000		1,276,587
Comstock Resources, Inc., 7.50%, 5/15/25(1)	425,000		406,937
Comstock Resources, Inc., 9.75%, 8/15/26	225,000		232,020
Comstock Resources, Inc., 9.75%, 8/15/26	525,000		539,214
Continental Resources, Inc., 5.00%, 9/15/22	1,250,000		1,242,662
Continental Resources, Inc., 4.50%, 4/15/23	850,000		811,954
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23	1,360,000		1,333,092
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)	1,025,000		968,625
DCP Midstream Operating LP, 4.75%, 9/30/21(1)	370,000		373,237
DCP Midstream Operating LP, 3.875%, 3/15/23	600,000		595,020
DCP Midstream Operating LP, 5.125%, 5/15/29	900,000		888,021
Delek Logistics Partners LP / Delek Logistics Finance Corp., 6.75%, 5/15/25	384,000		349,880
Endeavor Energy Resources LP / EER Finance, Inc., 6.625%, 7/15/25(1)	450,000		463,077
Endeavor Energy Resources LP / EER Finance, Inc., 5.50%, 1/30/26(1)	200,000		198,875
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 1/30/28(1)	625,000		629,297
EnLink Midstream LLC, 5.375%, 6/1/29	1,000,000		812,500
EnLink Midstream Partners LP, 4.40%, 4/1/24	325,000		293,550
EnLink Midstream Partners LP, 4.85%, 7/15/26	1,025,000		888,019
EnLink Midstream Partners LP, 5.60%, 4/1/44	450,000		291,058
EnLink Midstream Partners LP, 5.05%, 4/1/45	50,000		32,061
EnLink Midstream Partners LP, 5.45%, 6/1/47	150,000		94,404

25

	Principal Amount/Shares		Value
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/20(4)(8)	$	537,000	$	1,396
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/24(1)(3)(4)	592,000		429
EQM Midstream Partners LP, 4.75%, 7/15/23	725,000		725,362
EQM Midstream Partners LP, 4.00%, 8/1/24	200,000		196,169
EQM Midstream Partners LP, 6.00%, 7/1/25(1)	525,000		542,062
EQM Midstream Partners LP, 6.50%, 7/1/27(1)	375,000		398,038
EQM Midstream Partners LP, 5.50%, 7/15/28	751,000		757,894
EQM Midstream Partners LP, 6.50%, 7/15/48	275,000		259,445
EQT Corp., 4.875%, 11/15/21	175,000		177,362
EQT Corp., 7.875%, 2/1/25	725,000		804,638
EQT Corp., 3.90%, 10/1/27	775,000		707,672
EQT Corp., 8.75%, 2/1/30	675,000		798,403
Genesis Energy LP / Genesis Energy Finance Corp., 6.00%, 5/15/23	200,000		182,125
Genesis Energy LP / Genesis Energy Finance Corp., 6.50%, 10/1/25	300,000		257,813
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28	800,000		695,832
Global Partners LP / GLP Finance Corp., 6.875%, 1/15/29(1)(2)	250,000		253,125
Gulfport Energy Corp., 6.00%, 10/15/24	400,000		249,250
Gulfport Energy Corp., 6.375%, 5/15/25	642,000		393,960
Gulfport Energy Corp., 6.375%, 1/15/26	275,000		170,104
Harvest Midstream I LP, 7.50%, 9/1/28(1)	1,100,000		1,097,250
Hess Midstream Operations LP, 5.625%, 2/15/26(1)	1,300,000		1,326,786
Hess Midstream Operations LP, 5.125%, 6/15/28(1)	2,300,000		2,296,895
HighPoint Operating Corp., 7.00%, 10/15/22	50,000		12,676
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1)	1,350,000		1,233,171
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)	700,000		687,312
Indigo Natural Resources LLC, 6.875%, 2/15/26(1)	825,000		805,018
Jagged Peak Energy LLC, 5.875%, 5/1/26	400,000		399,186
Laredo Petroleum, Inc., 9.50%, 1/15/25	475,000		283,509
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26(1)	250,000		247,500
Matador Resources Co., 5.875%, 9/15/26	250,000		209,456
MEG Energy Corp., 7.00%, 3/31/24(1)	360,000		335,700
MEG Energy Corp., 7.125%, 2/1/27(1)	725,000		652,014
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(1)	600,000		362,136
Moss Creek Resources Holdings, Inc., 10.50%, 5/15/27(1)	150,000		94,284
Murphy Oil Corp., 6.875%, 8/15/24	925,000		857,359
Murphy Oil Corp., 5.75%, 8/15/25	250,000		218,745
Murphy Oil Corp., 5.875%, 12/1/27	525,000		448,864
Murphy Oil Corp., 7.05%, 5/1/29	25,000		22,975
Murphy Oil Corp., 6.375%, 12/1/42	525,000		438,669
Murray Energy Corp., 9.00% Cash plus 3.00% PIK, 4/15/24(1)(3)(4)	879,713		2,771
New Fortress Energy, Inc., 6.75%, 9/15/25(1)	75,000		78,553
NuStar Logistics LP, 5.75%, 10/1/25	450,000		465,885
NuStar Logistics LP, 6.00%, 6/1/26	200,000		200,907
NuStar Logistics LP, 6.375%, 10/1/30	450,000		468,000
Occidental Petroleum Corp., 2.70%, 8/15/22	229,000		214,389
Occidental Petroleum Corp., 6.95%, 7/1/24	500,000		485,805
Occidental Petroleum Corp., 3.50%, 6/15/25	200,000		166,375
Occidental Petroleum Corp., 8.00%, 7/15/25	325,000		327,634

26

	Principal Amount/Shares		Value
Occidental Petroleum Corp., 5.875%, 9/1/25	$	1,225,000	$	1,124,960
Occidental Petroleum Corp., 5.55%, 3/15/26	1,200,000		1,088,796
Occidental Petroleum Corp., 3.40%, 4/15/26	375,000		300,000
Occidental Petroleum Corp., 3.20%, 8/15/26	425,000		337,875
Occidental Petroleum Corp., 7.50%, 10/15/26	300,000		262,814
Occidental Petroleum Corp., 8.50%, 7/15/27	575,000		580,511
Occidental Petroleum Corp., 7.125%, 10/15/27	200,000		182,000
Occidental Petroleum Corp., 6.375%, 9/1/28	775,000		718,871
Occidental Petroleum Corp., 8.875%, 7/15/30	725,000		748,109
Occidental Petroleum Corp., 6.625%, 9/1/30	475,000		439,078
Occidental Petroleum Corp., 7.50%, 5/1/31	1,627,000		1,549,717
Occidental Petroleum Corp., 7.875%, 9/15/31	575,000		560,266
Occidental Petroleum Corp., 6.45%, 9/15/36	2,850,000		2,427,901
Occidental Petroleum Corp., 7.95%, 6/15/39	150,000		140,906
Occidental Petroleum Corp., 4.30%, 8/15/39	300,000		209,261
Occidental Petroleum Corp., 6.20%, 3/15/40	250,000		205,625
Parkland Corp., 6.00%, 4/1/26(1)	50,000		52,469
Parkland Corp., 5.875%, 7/15/27(1)	775,000		816,172
Parsley Energy LLC / Parsley Finance Corp., 5.25%, 8/15/25(1)	325,000		322,563
Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/27(1)	275,000		274,141
PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 5/15/25(1)	350,000		359,256
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28(1)	500,000		336,463
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23	1,000,000		943,110
PDC Energy, Inc., 6.125%, 9/15/24	175,000		167,125
PDC Energy, Inc., 5.75%, 5/15/26	25,000		23,375
Range Resources Corp., 5.00%, 3/15/23	337,000		320,782
Range Resources Corp., 9.25%, 2/1/26(1)	625,000		643,262
Rattler Midstream LP, 5.625%, 7/15/25(1)	450,000		454,455
Rockies Express Pipeline LLC, 3.60%, 5/15/25(1)	600,000		589,620
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1)	275,000		267,781
Rockies Express Pipeline LLC, 4.80%, 5/15/30(1)	100,000		98,419
Rockies Express Pipeline LLC, 7.50%, 7/15/38(1)	100,000		106,500
Rockies Express Pipeline LLC, 6.875%, 4/15/40(1)	375,000		392,149
Seven Generations Energy Ltd., 6.875%, 6/30/23(1)	425,000		416,836
Seven Generations Energy Ltd., 5.375%, 9/30/25(1)	250,000		237,346
SM Energy Co., 6.125%, 11/15/22	300,000		234,446
SM Energy Co., 5.00%, 1/15/24	150,000		80,625
SM Energy Co., 5.625%, 6/1/25	500,000		226,823
SM Energy Co., 6.75%, 9/15/26	575,000		257,922
SM Energy Co., 6.625%, 1/15/27	325,000		145,306
Southwestern Energy Co., 6.45%, 1/23/25	821,000		798,652
Southwestern Energy Co., 8.375%, 9/15/28	325,000		319,958
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.50%, 8/15/22	1,075,000		756,279
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.75%, 4/15/25	272,000		156,256
Sunoco LP / Sunoco Finance Corp., 4.875%, 1/15/23	556,000		560,807
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	50,000		50,116
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27	950,000		977,906
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 4.75%, 10/1/23(1)	200,000		190,123

27

	Principal Amount/Shares		Value
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 5.50%, 9/15/24(1)	$	75,000	$	70,688
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.50%, 10/1/25(1)	475,000		477,814
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23	1,477,000		1,466,078
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26	2,175,000		2,237,151
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	975,000		953,062
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.875%, 1/15/29	500,000		537,662
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.50%, 3/1/30(1)	250,000		248,985
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31(1)	1,125,000		1,091,587
TransMontaigne Partners LP / TLP Finance Corp., 6.125%, 2/15/26	75,000		77,892
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 8.75%, 4/15/23(1)	1,300,000		884,000
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 9.75%, 4/15/23(1)	500,000		345,000
Western Midstream Operating LP, 4.00%, 7/1/22	225,000		226,755
Western Midstream Operating LP, 3.95%, 6/1/25	100,000		94,480
Western Midstream Operating LP, 4.65%, 7/1/26	100,000		97,500
Western Midstream Operating LP, 4.50%, 3/1/28	475,000		448,875
Western Midstream Operating LP, 4.75%, 8/15/28	275,000		265,667
Western Midstream Operating LP, 5.45%, 4/1/44	400,000		342,750
Western Midstream Operating LP, 5.30%, 3/1/48	1,375,000		1,113,750
Western Midstream Operating LP, 5.50%, 8/15/48	225,000		186,750
Western Midstream Operating LP, 6.25%, 2/1/50	25,000		23,201
WPX Energy, Inc., 5.875%, 6/15/28	875,000		915,486
WPX Energy, Inc., 4.50%, 1/15/30	250,000		247,336
			86,723,936
Paper and Forest Products — 0.1%
Clearwater Paper Corp., 4.75%, 8/15/28(1)	200,000		200,875
Mercer International, Inc., 6.50%, 2/1/24	475,000		477,919
Mercer International, Inc., 7.375%, 1/15/25	375,000		380,391
Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26(1)	150,000		158,784
			1,217,969
Personal Products — 0.1%
Avon International Capital plc, 6.50%, 8/15/22(1)	125,000		125,625
Edgewell Personal Care Co., 5.50%, 6/1/28(1)	700,000		737,531
Revlon Consumer Products Corp., 6.25%, 8/1/24	50,000		7,375
			870,531
Pharmaceuticals — 2.5%
AdaptHealth LLC, 6.125%, 8/1/28(1)	125,000		129,713
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)	625,000		687,603
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)	31,000		30,981
Bausch Health Cos., Inc., 5.875%, 5/15/23(1)	41,000		40,827
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	3,625,000		3,714,719
Bausch Health Cos., Inc., 9.00%, 12/15/25(1)	2,975,000		3,243,642
Bausch Health Cos., Inc., 7.00%, 1/15/28(1)	375,000		397,196
Bausch Health Cos., Inc., 5.00%, 1/30/28(1)	2,525,000		2,455,563
Bausch Health Cos., Inc., 6.25%, 2/15/29(1)	1,150,000		1,184,500
Bausch Health Cos., Inc., 7.25%, 5/30/29(1)	225,000		242,535

28

	Principal Amount/Shares		Value
Bausch Health Cos., Inc., 5.25%, 1/30/30(1)	$	1,350,000	$	1,331,613
Elanco Animal Health, Inc., 4.91%, 8/27/21	1,000,000		1,028,750
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 9.50%, 7/31/27(1)	1,741,000		1,822,609
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 6/30/28(1)	1,356,000		998,016
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.75%, 8/1/22(1)(3)	1,100,000		294,250
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.625%, 10/15/23(1)(3)	50,000		12,688
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)	1,898,000		1,990,983
Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24	400,000		408,930
Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/25	400,000		420,792
Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/1/46	1,000,000		834,200
			21,270,110
Professional Services — 0.2%
ASGN, Inc., 4.625%, 5/15/28(1)	525,000		528,050
Dun & Bradstreet Corp. (The), 6.875%, 8/15/26(1)	105,000		112,972
Dun & Bradstreet Corp. (The), 10.25%, 2/15/27(1)	765,000		868,134
			1,509,156
Real Estate Management and Development — 0.8%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)	300,000		312,383
Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, 11/15/25(1)	50,000		50,100
Forestar Group, Inc., 8.00%, 4/15/24(1)	675,000		712,898
Forestar Group, Inc., 5.00%, 3/1/28(1)	1,000,000		1,012,345
Greystar Real Estate Partners LLC, 5.75%, 12/1/25(1)	150,000		151,875
Howard Hughes Corp. (The), 5.375%, 3/15/25(1)	400,000		407,440
Howard Hughes Corp. (The), 5.375%, 8/1/28(1)	550,000		549,560
Hunt Cos., Inc., 6.25%, 2/15/26(1)	525,000		505,525
Kennedy-Wilson, Inc., 5.875%, 4/1/24	1,325,000		1,320,031
Newmark Group, Inc., 6.125%, 11/15/23	475,000		495,115
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(1)	100,000		99,188
Realogy Group LLC / Realogy Co-Issuer Corp., 7.625%, 6/15/25(1)	736,000		772,075
Realogy Group LLC / Realogy Co-Issuer Corp., 9.375%, 4/1/27(1)	175,000		181,580
			6,570,115
Road and Rail — 1.4%
Ahern Rentals, Inc., 7.375%, 5/15/23(1)	1,650,000		880,687
Algeco Global Finance plc, 8.00%, 2/15/23(1)	500,000		497,808
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 6.375%, 4/1/24(1)	300,000		285,840
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.25%, 3/15/25(1)	300,000		274,110
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)	375,000		338,801
DAE Funding LLC, 5.25%, 11/15/21(1)	575,000		583,625
DAE Funding LLC, 4.50%, 8/1/22(1)	800,000		793,000
DAE Funding LLC, 5.00%, 8/1/24(1)	300,000		302,250
Hertz Corp. (The), 5.50%, 10/15/24(1)(3)	1,375,000		621,328
Hertz Corp. (The), 7.125%, 8/1/26(1)(3)(4)	2,275,000		1,028,016
Hertz Corp. (The), 6.00%, 1/15/28(1)(3)(4)	1,275,000		579,328
Uber Technologies, Inc., 7.50%, 11/1/23(1)	1,975,000		2,059,826
Uber Technologies, Inc., 8.00%, 11/1/26(1)	1,050,000		1,119,300
Uber Technologies, Inc., 7.50%, 9/15/27(1)	875,000		935,156

29

	Principal Amount/Shares		Value
Uber Technologies, Inc., 6.25%, 1/15/28(1)	$	1,150,000	$	1,182,344
			11,481,419
Semiconductors and Semiconductor Equipment — 0.7%
Amkor Technology, Inc., 6.625%, 9/15/27(1)	200,000		215,037
ams AG, 7.00%, 7/31/25(1)	1,400,000		1,486,177
Entegris, Inc., 4.625%, 2/10/26(1)	450,000		461,165
Microchip Technology, Inc., 4.25%, 9/1/25(1)	775,000		804,984
ON Semiconductor Corp., 3.875%, 9/1/28(1)	675,000		685,766
Qorvo, Inc., 5.50%, 7/15/26	375,000		398,355
Qorvo, Inc., 4.375%, 10/15/29	350,000		372,477
Qorvo, Inc., 3.375%, 4/1/31(1)	800,000		815,200
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	600,000		629,625
			5,868,786
Software — 1.7%
Ascend Learning LLC, 6.875%, 8/1/25(1)	50,000		51,068
Ascend Learning LLC, 6.875%, 8/1/25(1)	150,000		154,829
Boxer Parent Co., Inc., 7.125%, 10/2/25(1)	250,000		267,375
Boxer Parent Co., Inc., 9.125%, 3/1/26(1)	1,300,000		1,382,875
BY Crown Parent LLC, 7.375%, 10/15/24(1)	150,000		152,797
BY Crown Parent LLC / BY Bond Finance, Inc., 4.25%, 1/31/26(1)	275,000		280,328
Camelot Finance SA, 4.50%, 11/1/26(1)	500,000		512,420
Castle US Holding Corp., 9.50%, 2/15/28(1)	1,175,000		1,123,412
CDK Global, Inc., 5.875%, 6/15/26	150,000		156,722
CDK Global, Inc., 5.25%, 5/15/29(1)	400,000		426,376
j2 Cloud Services LLC / j2 Cloud Co-Obligor, Inc., 6.00%, 7/15/25(1)	800,000		833,040
Logan Merger Sub, Inc., 5.50%, 9/1/27(1)	1,550,000		1,576,156
Open Text Corp., 5.875%, 6/1/26(1)	650,000		677,219
Open Text Corp., 3.875%, 2/15/28(1)	550,000		557,304
Open Text Holdings, Inc., 4.125%, 2/15/30(1)	650,000		669,682
PTC, Inc., 3.625%, 2/15/25(1)	325,000		330,484
PTC, Inc., 4.00%, 2/15/28(1)	175,000		180,198
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/24(1)	425,000		444,656
SS&C Technologies, Inc., 5.50%, 9/30/27(1)	2,000,000		2,127,940
Veritas US, Inc. / Veritas Bermuda Ltd., 10.50%, 2/1/24(1)	1,111,000		1,048,834
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25(1)	1,200,000		1,239,000
			14,192,715
Specialty Retail — 2.6%
Abercrombie & Fitch Management Co., 8.75%, 7/15/25(1)	450,000		474,705
Asbury Automotive Group, Inc., 4.50%, 3/1/28(1)	320,000		322,600
Asbury Automotive Group, Inc., 4.75%, 3/1/30(1)	200,000		201,875
Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25(1)	250,000		263,594
Carvana Co., 8.875%, 10/1/23(1)	875,000		913,832
eG Global Finance plc, 6.75%, 2/7/25(1)	200,000		205,125
eG Global Finance plc, 8.50%, 10/30/25(1)	600,000		632,625
Ferrellgas LP / Ferrellgas Finance Corp., 6.50%, 5/1/21	75,000		68,709
Ferrellgas LP / Ferrellgas Finance Corp., 10.00%, 4/15/25(1)	175,000		189,875
Gap, Inc. (The), 8.375%, 5/15/23(1)	150,000		166,031
Gap, Inc. (The), 8.625%, 5/15/25(1)	700,000		767,813
Group 1 Automotive, Inc., 4.00%, 8/15/28(1)	275,000		270,703
Ken Garff Automotive LLC, 4.875%, 9/15/28(1)	350,000		345,188
L Brands, Inc., 5.625%, 2/15/22	450,000		469,294

30

	Principal Amount/Shares		Value
L Brands, Inc., 6.875%, 7/1/25(1)	$	200,000	$	216,302
L Brands, Inc., 9.375%, 7/1/25(1)	175,000		201,031
L Brands, Inc., 5.25%, 2/1/28	75,000		72,703
L Brands, Inc., 7.50%, 6/15/29	425,000		444,843
L Brands, Inc., 6.625%, 10/1/30(1)	1,175,000		1,198,500
L Brands, Inc., 6.875%, 11/1/35	365,000		360,321
L Brands, Inc., 6.75%, 7/1/36	2,250,000		2,209,219
Lithia Motors, Inc., 5.25%, 8/1/25(1)	50,000		51,557
Lithia Motors, Inc., 4.625%, 12/15/27(1)	450,000		465,750
Lithia Motors, Inc., 4.375%, 1/15/31(1)(2)	275,000		277,750
Michaels Stores, Inc., 4.75%, 10/1/27(1)(2)	475,000		471,734
Murphy Oil USA, Inc., 5.625%, 5/1/27	50,000		53,303
Murphy Oil USA, Inc., 4.75%, 9/15/29	200,000		213,463
Penske Automotive Group, Inc., 5.75%, 10/1/22	100,000		100,000
Penske Automotive Group, Inc., 3.50%, 9/1/25	350,000		347,596
PetSmart, Inc., 7.125%, 3/15/23(1)	2,700,000		2,727,000
PriSo Acquisition Corp., 9.00%, 5/15/23(1)	1,425,000		1,375,125
Sonic Automotive, Inc., 6.125%, 3/15/27	975,000		1,010,158
Specialty Building Products Holdings LLC / SBP Finance Corp., 6.375%, 9/30/26(1)	775,000		790,016
Staples, Inc., 7.50%, 4/15/26(1)	2,175,000		2,007,808
Staples, Inc., 10.75%, 4/15/27(1)	1,925,000		1,546,016
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.50%, 6/1/24	325,000		328,050
			21,760,214
Technology Hardware, Storage and Peripherals — 1.3%
Dell International LLC / EMC Corp., 7.125%, 6/15/24(1)	2,500,000		2,603,250
Diebold Nixdorf, Inc., 8.50%, 4/15/24	725,000		661,853
Diebold Nixdorf, Inc., 9.375%, 7/15/25(1)	375,000		396,563
Everi Payments, Inc., 7.50%, 12/15/25(1)	644,000		633,467
NCR Corp., 8.125%, 4/15/25(1)	175,000		193,747
NCR Corp., 5.75%, 9/1/27(1)	1,150,000		1,204,935
NCR Corp., 5.00%, 10/1/28(1)	1,925,000		1,926,203
NCR Corp., 6.125%, 9/1/29(1)	1,100,000		1,164,141
NCR Corp., 5.25%, 10/1/30(1)	750,000		751,406
Xerox Holdings Corp., 5.00%, 8/15/25(1)	675,000		667,926
Xerox Holdings Corp., 5.50%, 8/15/28(1)	500,000		493,550
			10,697,041
Textiles, Apparel and Luxury Goods†
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50%, 5/1/25(1)	150,000		105,750
Thrifts and Mortgage Finance — 1.1%
Genworth Mortgage Holdings, Inc., 6.50%, 8/15/25(1)	1,075,000		1,125,740
MGIC Investment Corp., 5.75%, 8/15/23	475,000		505,825
MGIC Investment Corp., 5.25%, 8/15/28	1,930,000		2,000,590
Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/26(1)	225,000		241,665
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27(1)	500,000		510,540
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)	1,075,000		1,075,672
NMI Holdings, Inc., 7.375%, 6/1/25(1)	1,450,000		1,551,783
Provident Funding Associates LP / PFG Finance Corp., 6.375%, 6/15/25(1)	300,000		291,343
Radian Group, Inc., 4.50%, 10/1/24	500,000		497,600

31

	Principal Amount/Shares		Value
Radian Group, Inc., 4.875%, 3/15/27	$	1,600,000	$	1,596,000
			9,396,758
Tobacco — 0.1%
Vector Group Ltd., 6.125%, 2/1/25(1)	500,000		499,950
Vector Group Ltd., 10.50%, 11/1/26(1)	75,000		76,453
			576,403
Trading Companies and Distributors — 0.4%
Beacon Roofing Supply, Inc., 4.875%, 11/1/25(1)	325,000		319,090
Beacon Roofing Supply, Inc., 4.50%, 11/15/26(1)	175,000		180,415
Fly Leasing Ltd., 6.375%, 10/15/21	200,000		200,469
Fly Leasing Ltd., 5.25%, 10/15/24	700,000		567,000
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 3/15/22(1)	325,000		320,848
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)	175,000		172,575
Fortress Transportation & Infrastructure Investors LLC, 9.75%, 8/1/27(1)	550,000		588,156
H&E Equipment Services, Inc., 5.625%, 9/1/25	575,000		600,156
			2,948,709
Wireless Telecommunication Services — 1.4%
Digicel Group Ltd., 5.00% Cash plus 3.00% PIK or 8.00% PIK, 4/1/25(1)(7)	176,008		62,483
Digicel Group Ltd., 8.00% Cash plus 2.00% PIK or 10.00% PIK, 4/1/24(7)	2,436,474		1,873,039
Sprint Communications, Inc., 9.25%, 4/15/22	350,000		389,545
Sprint Communications, Inc., 6.00%, 11/15/22	250,000		269,688
Sprint Corp., 7.25%, 9/15/21	1,050,000		1,099,875
Sprint Corp., 7.875%, 9/15/23	1,900,000		2,180,487
Sprint Corp., 7.125%, 6/15/24	575,000		662,325
Sprint Corp., 7.625%, 3/1/26	425,000		514,208
T-Mobile USA, Inc., 6.00%, 3/1/23	1,600,000		1,606,160
T-Mobile USA, Inc., 6.00%, 4/15/24	275,000		281,102
Vmed O2 UK Financing I plc, 4.25%, 1/31/31(1)	1,600,000		1,635,000
Vodafone Group plc, VRN, 7.00%, 4/4/79	1,225,000		1,455,589
			12,029,501
TOTAL CORPORATE BONDS (Cost $756,151,045)			753,181,869
PREFERRED STOCKS — 2.3%
Banks — 1.7%
Bank of America Corp., 5.125%	475,000		489,227
Bank of America Corp., 5.875%	225,000		243,106
Bank of America Corp., 6.25%	1,775,000		1,905,310
Bank of America Corp., 6.30%	25,000		28,266
Bank of America Corp., 6.50%	325,000		361,367
Barclays plc, 6.125%	850,000		863,716
Barclays plc, 7.75%	950,000		982,023
Barclays plc, 8.00%	1,000,000		1,065,513
Citigroup, Inc., 4.375%	25,000		24,463
Citigroup, Inc., 4.70%	1,600,000		1,549,000
Citigroup, Inc., 5.90%	425,000		435,391
Citigroup, Inc., 5.95%	325,000		334,770
Citigroup, Inc., 6.25%	150,000		166,730

32

	Principal Amount/Shares		Value
Citigroup, Inc., 6.875%	1,749		$	48,325
JPMorgan Chase & Co., 3.55%	200,000		185,455
JPMorgan Chase & Co., 4.60%	2,075,000		2,036,094
JPMorgan Chase & Co., 6.00%	845,000		868,933
JPMorgan Chase & Co., 6.10%	650,000		683,932
JPMorgan Chase & Co., 6.125%	400,000		416,320
JPMorgan Chase & Co., 6.75%	31,000		33,625
Natwest Group plc, 8.00%	950,000		1,056,609
Natwest Group plc, 8.625%	400,000		410,888
			14,189,063
Capital Markets — 0.3%
Credit Suisse Group AG, 5.10%(1)	200,000		193,250
Credit Suisse Group AG, 6.25%(1)	1,050,000		1,128,054
Deutsche Bank AG, 6.00%	200,000		173,000
Goldman Sachs Group, Inc. (The), 4.17%	350,000		344,417
Goldman Sachs Group, Inc. (The), 4.95%	875,000		876,451
			2,715,172
Oil, Gas and Consumable Fuels — 0.3%
Energy Transfer Operating LP, 6.25%	150,000		98,137
Energy Transfer Operating LP, 6.625%	625,000		425,903
Nine Point Energy Holdings, Inc.(4)	18		3,600
Plains All American Pipeline LP, 6.125%	2,300,000		1,461,995
Summit Midstream Partners LP, 9.50%(4)	175,000		22,763
			2,012,398
Trading Companies and Distributors†
General Finance Corp., 8.125%	1,116		28,313
TOTAL PREFERRED STOCKS (Cost $19,728,017)			18,944,946
BANK LOAN OBLIGATIONS(9) — 1.1%
Auto Components†
Clarios Global LP, USD Term Loan B, 3.65%, (1-month LIBOR plus 3.50%), 4/30/26	$	168,761	164,859
Chemicals†
Consolidated Energy Finance, S.A., Term Loan B, 2.66%, (1-month LIBOR plus 2.50%), 5/7/25	146,625		134,895
Commercial Services and Supplies†
National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 3.97%, (3-month LIBOR plus 3.75%), 5/23/25	73,315		71,970
Construction and Engineering†
Golden Nugget, Inc., 2020 Initial Term Loan, 13.00%, (3-month LIBOR plus 12.00%), 10/4/23	100,000		114,000
Containers and Packaging†
BWAY Holding Company, 2017 Term Loan B, 3.52%, (3-month LIBOR plus 3.25%), 4/3/24	92,775		87,421
Flex Acquisition Company, Inc., 1st Lien Term Loan, 4.00%, (3-month LIBOR plus 3.00%), 12/29/23	106,278		104,186
			191,607
Diversified Financial Services — 0.1%
Refinitiv US Holdings Inc., 2018 USD Term Loan, 3.40%, (1-month LIBOR plus 3.25%), 10/1/25	935,254		926,986
Electric Utilities — 0.1%
Pacific Gas & Electric Company, 2020 Term Loan, 5.50%, (3-month LIBOR plus 4.50%), 6/23/25	498,750		489,605

33

	Principal Amount/Shares		Value
Energy Equipment and Services — 0.2%
Apergy Corporation, 2020 Term Loan, 6.00%, (3-month LIBOR plus 5.00%), 5/28/27	$	1,580,000	$	1,576,050
Parker Drilling Co, 2nd Lien PIK Term Loan, 11.00% Cash plus 2.00% PIK, 3/26/24	31,567		28,884
			1,604,934
Entertainment — 0.1%
Allen Media, LLC, 2020 Term Loan B, 5.72%, (3-month LIBOR plus 5.50%), 2/10/27	472,020		458,966
Health Care Providers and Services†
Air Methods Corporation, 2017 Term Loan B, 4.50%, (3-month LIBOR plus 3.50%), 4/22/24	195,654		172,298
Hotels, Restaurants and Leisure — 0.3%
1011778 B.C. Unlimited Liability Company, Term Loan B4, 1.90%, (1-month LIBOR plus 1.75%), 11/19/26	315,277		302,994
Boyd Gaming Corporation, Term Loan B3, 2.36%, (1 Week LIBOR plus 2.25%), 9/15/23	58,811		57,386
Gateway Casinos & Entertainment Limited, 2018 Term Loan B, 3.72%, (3-month LIBOR plus 3.50%), 3/13/25	148,095		134,840
Golden Nugget, Inc., 2017 Incremental Term Loan B, 3.25%, (1-month LIBOR plus 2.50%, 2-month LIBOR plus 2.50%), 10/4/23	285,515		256,482
Life Time Fitness Inc, 2017 Term Loan B, 3.75%, (3-month LIBOR plus 2.75%), 6/10/22	1,156,229		1,057,464
UFC Holdings, LLC, 2019 Term Loan, 4.25%, (6-month LIBOR plus 3.25%), 4/29/26	714,003		703,518
			2,512,684
Insurance — 0.1%
Asurion LLC, 2017 Term Loan B4, 3.15%, (1-month LIBOR plus 3.00%), 8/4/22	54,427		53,905
Hub International Limited, 2018 Term Loan B, 3.26%, (3-month LIBOR plus 3.00%), 4/25/25	367,399		356,023
			409,928
Media — 0.1%
Cengage Learning, Inc., 2016 Term Loan B, 5.25%, (3-month LIBOR plus 4.25%), 6/7/23	493,557		414,060
Diamond Sports Group, LLC, Term Loan, 3.40%, (1-month LIBOR plus 3.25%), 8/24/26	173,250		136,001
			550,061
Metals and Mining†
Neenah Foundry Company, 2017 Term Loan, 10.00%, (2-month LIBOR plus 9.00%), 12/13/22	60,510		52,946
Oil, Gas and Consumable Fuels — 0.1%
California Resources Corporation, 2017 1st Lien Term Loan, 5.75%, (1-month LIBOR plus 4.75%), 12/31/22(3)(4)	525,000		197,458
California Resources Corporation, Second Out Term Loan, 11.38%, (3-month LIBOR plus 10.38%), 12/31/21(3)(4)	25,000		802
CITGO Holding Inc., 2019 Term Loan B, 8.00%, (3-month LIBOR plus 7.00%), 8/1/23	346,500		326,685
Prairie ECI Acquiror LP, Term Loan B, 4.90%, (1-month LIBOR plus 4.75%), 3/11/26	68,552		62,126
			587,071
Specialty Retail†
Priso Acquisition Corporation, 2017 Term Loan B, 4.18%, (6-month LIBOR plus 3.00%), 5/8/22	20,925		20,393
Serta Simmons Bedding, LLC, 2nd Lien Term Loan, 9.00%, (3-month LIBOR plus 8.00%), 11/8/24	94,933		29,429

34

	Principal Amount/Shares		Value
Staples, Inc., 7 Year Term Loan, 5.25%, (3-month LIBOR plus 5.00%), 4/16/26	$	271,563	$	253,316
			303,138
TOTAL BANK LOAN OBLIGATIONS (Cost $9,418,158)			8,745,948
COMMON STOCKS — 0.2%
Auto Components†
Exide Technologies(4)	3,465		35
Chemicals†
Hexion Holdings Corp., Class B(4)	12,508		128,207
Diversified Telecommunication Services†
Colt, Class B (Acquired 5/18/16, Cost $338)(4)(5)	676		—
Electrical Equipment†
Exide Technologies(4)	162		2
Energy Equipment and Services†
Parker Drilling Co.(4)	963		2,889
Entertainment†
AMC Entertainment Holdings, Inc., Class A	2,850		13,423
Machinery†
UC Holdings, Inc. (Acquired 9/21/15 - 9/30/15, Cost $103,222)(4)(5)	4,088		36,792
Oil, Gas and Consumable Fuels — 0.2%
Denbury, Inc.(4)	50,723		892,720
Nine Point Energy(4)	1,082		2,164
Sabine Oil & Gas Holdings, Inc. (Acquired 5/30/17, Cost $579)(5)	13		182
Warren Resources, Inc. (Acquired 10/19/16, Cost $4,800)(4)(5)	960		960
Whiting Petroleum Corp.(4)	19,911		344,261
			1,240,287
Software†
Avaya Holdings Corp.(4)	140		2,128
Transportation Infrastructure†
syncreon (Acquired 8/1/19, Cost $11,399)(4)(5)	829		24,093
TOTAL COMMON STOCKS (Cost $3,002,596)			1,447,856
CONVERTIBLE BONDS†
Banks†
Barclays Bank plc, 7.625%, 11/21/22	$	200,000	220,062
Wireless Telecommunication Services†
Digicel Group Ltd., 7.00% PIK(1)(10)	56,390		7,331
TOTAL CONVERTIBLE BONDS (Cost $210,737)			227,393
ESCROW INTERESTS(11)†
Diversified Financial Services†
Denver Parent, Escrow(4)	63,341		—
Electric Utilities†
Bruin E&P Partners LLC(4)	875,000		5,031
GenOn Energy(4)	25,000		—
GenOn Energy, Inc.(4)	75,000		—
Texas Competitive Electric Holdings Co., Escrow(4)	200,000		550
			5,581
Energy Equipment and Services†
Hercules Offshore, Inc., Escrow(4)	3,570		9,817
Sanjel Corp.(4)	200,000		—
			9,817

35

	Principal Amount/Shares		Value
Oil, Gas and Consumable Fuels†
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp.(4)	$	500,000	$	5,500
Sanchez Energy Corp.(4)	475,000		4,750
Sanchez Energy Corp.(4)	775,000		7,750
			18,000
Paper and Forest Products†
Appvion, Inc., Escrow(4)	200,000		11,000
Specialty Retail†
Claire's Stores, Inc., Escrow(4)	25,000		3,813
Thrifts and Mortgage Finance†
Washington Mutual Bank, Escrow(4)	250,000		3,250
TOTAL ESCROW INTERESTS (Cost $2,717,423)			51,461
WARRANTS†
Independent Power and Renewable Electricity Producers†
Vistra Corp.(4)	1,215		691
Media†
iHeartMedia, Inc.(4)	342		2,650
Oil, Gas and Consumable Fuels†
Denbury, Inc.(4)	2,543		13,985
Paper and Forest Products†
Appvion Holdings Corp.(4)	195		—
Appvion Holdings Corp.(4)	195		—
			—
TOTAL WARRANTS (Cost $5,818)			17,326
RIGHTS†
Independent Power and Renewable Electricity Producers†
Vistra Energy Corp.(4)	3,425		3,768
Specialty Retail†
Claire's Stores, Inc.(4)	26,134		—
TOTAL RIGHTS (Cost $—)			3,768
TEMPORARY CASH INVESTMENTS — 4.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $39,598,055)	39,598,055		39,598,055
TOTAL INVESTMENT SECURITIES — 98.4% (Cost $830,831,849)			822,218,622
OTHER ASSETS AND LIABILITIES — 1.6%			13,362,294
TOTAL NET ASSETS — 100.0%			$	835,580,916

36

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. The security's effective maturity date may be shorter than the final maturity date shown.

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

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $496,306,374, which represented 59.4% of total net assets. Of these securities, 0.7% 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)Security is in default.

(4)Non-income producing.

(5)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 $74,126, which represented less than 0.05% of total net assets.

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

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

(8)Maturity is in default.

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

(10)Perpetual maturity with no stated maturity date.

(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.

37

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (cost of $830,831,849)	$	822,218,622
Cash	11,732
Receivable for investments sold	5,001,195
Receivable for capital shares sold	4,217,869
Interest and dividends receivable	13,062,305
	844,511,723
Liabilities
Payable for investments purchased	6,959,692
Payable for capital shares redeemed	491,439
Accrued management fees	386,498
Distribution and service fees payable	678
Dividends payable	1,092,500
	8,930,807
Net Assets	$	835,580,916
Net Assets Consist of:
Capital paid in	$	854,198,703
Distributable earnings	(18,617,787)
	$	835,580,916

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$31,508,421	3,454,542	$9.12
I Class	$101,381,785	11,124,458	$9.11
Y Class	$446,588,668	48,988,601	$9.12
A Class	$3,240,582	355,347	$9.12*
R5 Class	$129,173	14,169	$9.12
R6 Class	$252,732,287	27,738,473	$9.11

*Maximum offering price $9.55 (net asset value divided by 0.955).

See Notes to Financial Statements.

38

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	20,097,380
Dividends	2,872
	20,100,252
Expenses:
Management fees	1,875,472
Distribution and service fees - A Class	3,999
Trustees' fees and expenses	22,756
Other expenses	346
	1,902,573
Net investment income (loss)	18,197,679
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(2,451,500)
Change in net unrealized appreciation (depreciation) on investments	65,330,435
Net realized and unrealized gain (loss)	62,878,935
Net Increase (Decrease) in Net Assets Resulting from Operations	$	81,076,614

See Notes to Financial Statements.

39

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	18,197,679	$	22,951,339
Net realized gain (loss)	(2,451,500)		(3,843,211)
Change in net unrealized appreciation (depreciation)	65,330,435		(69,478,605)
Net increase (decrease) in net assets resulting from operations	81,076,614		(50,370,477)
Distributions to Shareholders
From earnings:
Investor Class	(601,772)		(1,120,993)
I Class	(2,038,216)		(2,883,230)
Y Class	(10,987,910)		(13,638,015)
A Class	(85,965)		(110,089)
R5 Class	(3,401)		(7,056)
R6 Class	(5,020,333)		(5,964,245)
Decrease in net assets from distributions	(18,737,597)		(23,723,628)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	302,220,233		279,721,450
Net increase (decrease) in net assets	364,559,250		205,627,345
Net Assets
Beginning of period	471,021,666		265,394,321
End of period	$	835,580,916	$	471,021,666

See Notes to Financial Statements.

40

Notes to Financial Statements

SEPTEMBER 30, 2020 (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.

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

41

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.

42

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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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 1940 Act. 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, 2020 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, 2020 were $431,405,774 and $179,703,511, respectively.

43

5. Capital Share Transactions

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

	Six months ended September 30, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	1,857,384	$	16,803,323	2,582,968	$	24,120,040
Issued in reinvestment of distributions	56,256	503,513		110,350	1,019,509
Redeemed	(467,907)	(4,087,690)		(2,485,789)	(21,937,345)
	1,445,733	13,219,146		207,529	3,202,204
I Class
Sold	5,132,454	46,410,201		8,352,870	78,150,692
Issued in reinvestment of distributions	228,063	2,037,676		313,010	2,880,273
Redeemed	(907,883)	(8,008,910)		(4,658,566)	(42,376,491)
	4,452,634	40,438,967		4,007,314	38,654,474
Y Class
Sold	22,027,476	192,037,471		28,658,736	267,758,192
Issued in reinvestment of distributions	540,702	4,843,276		527,541	4,858,908
Redeemed	(9,395,581)	(80,104,023)		(6,793,258)	(60,475,175)
	13,172,597	116,776,724		22,393,019	212,141,925
A Class
Sold	56,212	490,470		382,324	3,587,904
Issued in reinvestment of distributions	9,549	85,031		11,759	107,889
Redeemed	(53,189)	(474,869)		(150,475)	(1,402,229)
	12,572	100,632		243,608	2,293,564
R5 Class
Sold	1,461	12,939		3,507	32,230
Issued in reinvestment of distributions	382	3,401		763	7,056
Redeemed	(660)	(5,279)		(6,930)	(64,798)
	1,183	11,061		(2,660)	(25,512)
R6 Class
Sold	15,400,304	137,028,687		3,272,990	30,517,557
Issued in reinvestment of distributions	562,193	5,020,296		647,328	5,964,033
Redeemed	(1,180,507)	(10,375,280)		(1,440,560)	(13,026,795)
	14,781,990	131,673,703		2,479,758	23,454,795
Net increase (decrease)	33,866,709	$	302,220,233	29,328,568	$	279,721,450

44

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	—		$	753,181,869	—
Preferred Stocks	$	76,638	18,868,308		—
Bank Loan Obligations	—		8,745,948		—
Common Stocks	1,383,628		64,228		—
Convertible Bonds	—		227,393		—
Escrow Interests	—		51,461		—
Warrants	—		17,326		—
Rights	—		3,768		—
Temporary Cash Investments	39,598,055		—		—
	$	41,058,321	$	781,160,301	—

7. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

45

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	$	831,970,119
Gross tax appreciation of investments	$	23,376,547
Gross tax depreciation of investments	(33,128,044)
Net tax appreciation (depreciation) of investments	$	(9,751,497)

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, 2020, the fund had accumulated short-term capital losses of $(1,786,399) and accumulated long-term capital losses of $(4,255,647), 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.

46

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
2020(3)	$8.15	0.24	0.98	1.22	(0.25)	—	(0.25)	$9.12	15.06%	0.78%(4)	0.78%(4)	5.42%(4)	30%	$31,508
2020	$9.32	0.48	(1.16)	(0.68)	(0.49)	—	(0.49)	$8.15	(7.76)%	0.78%	0.78%	5.14%	55%	$16,377
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
2020(3)	$8.15	0.25	0.96	1.21	(0.25)	—	(0.25)	$9.11	14.99%	0.68%(4)	0.68%(4)	5.52%(4)	30%	$101,382
2020	$9.32	0.48	(1.15)	(0.67)	(0.50)	—	(0.50)	$8.15	(7.66)%	0.68%	0.68%	5.24%	55%	$54,346
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
2020(3)	$8.15	0.25	0.98	1.23	(0.26)	—	(0.26)	$9.12	15.17%	0.58%(4)	0.58%(4)	5.62%(4)	30%	$446,589
2020	$9.32	0.49	(1.15)	(0.66)	(0.51)	—	(0.51)	$8.15	(7.57)%	0.58%	0.58%	5.34%	55%	$291,873
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%(7)	81%	$127,414
2016	$8.95	0.58	0.46	1.04	(0.57)(8)	—	(0.57)	$9.42	12.15%	0.61%	1.49%	6.37%(7)	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%(7)	106%	$34,075

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)
A Class
2020(3)	$8.15	0.23	0.98	1.21	(0.24)	—	(0.24)	$9.12	14.92%	1.03%(4)	1.03%(4)	5.17%(4)	30%	$3,241
2020	$9.32	0.45	(1.15)	(0.70)	(0.47)	—	(0.47)	$8.15	(7.99)%	1.03%	1.03%	4.89%	55%	$2,793
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
R5 Class
2020(3)	$8.15	0.25	0.98	1.23	(0.26)	—	(0.26)	$9.12	15.17%	0.58%(4)	0.58%(4)	5.62%(4)	30%	$129
2020	$9.32	0.50	(1.16)	(0.66)	(0.51)	—	(0.51)	$8.15	(7.56)%	0.58%	0.58%	5.34%	55%	$106
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
2020(3)	$8.14	0.25	0.98	1.23	(0.26)	—	(0.26)	$9.11	15.08%	0.53%(4)	0.53%(4)	5.67%(4)	30%	$252,732
2020	$9.32	0.50	(1.16)	(0.66)	(0.52)	—	(0.52)	$8.14	(7.53)%	0.53%	0.53%	5.39%	55%	$105,526
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, 2020 (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)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.

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

See Notes to Financial Statements.

Approval of Management and Subadvisory Agreements

At a meeting held on June 17, 2020, 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 to 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates, the Subadvisor and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in

50

response to their request. The Board held active discussions with the Advisor regarding the renewal of the management agreement and the subadvisory agreement. 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 the 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 above its benchmark for the five-year period, 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

51

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, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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. 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 this 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

52

investment advisory fee, a transfer agency fee, an administrative fee, 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, 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 with respect to 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.

53

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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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

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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-93334 2011

Semiannual Report

September 30, 2020

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	15
Statement of Operations	16
Statement of Changes in Net Assets	17
Notes to Financial Statements	18
Financial Highlights	25
Approval of Management Agreement	30
Additional Information	34

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, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics

SEPTEMBER 30, 2020
Portfolio at a Glance
Average Duration (effective)	3.6 years
Weighted Average Life to Maturity	7.0 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	88.1%
Preferred Stocks	4.0%
Exchange-Traded Funds	2.0%
Bank Loan Obligations	1.3%
Asset-Backed Securities	0.3%
Temporary Cash Investments	3.2%
Temporary Cash Investments - Securities Lending Collateral	2.5%
Other Assets and Liabilities	(1.4)%

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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,120.40	$4.15	0.78%
I Class	$1,000	$1,120.80	$3.62	0.68%
Y Class	$1,000	$1,123.60	$3.09	0.58%
A Class	$1,000	$1,121.10	$5.48	1.03%
C Class	$1,000	$1,114.90	$9.44	1.78%
R Class	$1,000	$1,117.70	$6.80	1.28%
R5 Class	$1,000	$1,123.60	$3.09	0.58%
R6 Class	$1,000	$1,121.80	$2.82	0.53%
Hypothetical
Investor Class	$1,000	$1,021.16	$3.95	0.78%
I Class	$1,000	$1,021.66	$3.45	0.68%
Y Class	$1,000	$1,022.16	$2.94	0.58%
A Class	$1,000	$1,019.90	$5.22	1.03%
C Class	$1,000	$1,016.14	$9.00	1.78%
R Class	$1,000	$1,018.65	$6.48	1.28%
R5 Class	$1,000	$1,022.16	$2.94	0.58%
R6 Class	$1,000	$1,022.41	$2.69	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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 88.1%
Aerospace and Defense — 2.8%
Boeing Co. (The), 5.15%, 5/1/30	$	1,000,000	$	1,123,192
Bombardier, Inc., 8.75%, 12/1/21(1)	160,000		162,334
Bombardier, Inc., 5.75%, 3/15/22(1)	215,000		208,550
Bombardier, Inc., 6.00%, 10/15/22(1)	185,000		171,819
Bombardier, Inc., 7.50%, 3/15/25(1)	305,000		229,512
Howmet Aerospace, Inc., 5.125%, 10/1/24	175,000		184,625
TransDigm, Inc., 6.25%, 3/15/26(1)	1,000,000		1,049,805
TransDigm, Inc., 6.375%, 6/15/26	520,000		523,250
			3,653,087
Air Freight and Logistics — 0.1%
XPO Logistics, Inc., 6.75%, 8/15/24(1)	100,000		106,107
Airlines — 0.4%
United Airlines Holdings, Inc., 5.00%, 2/1/24(2)	555,000		486,666
Auto Components — 0.5%
Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/23	540,000		539,663
ZF North America Capital, Inc., 4.75%, 4/29/25(1)	160,000		163,990
			703,653
Automobiles — 1.7%
Ford Motor Co., 8.50%, 4/21/23	1,080,000		1,178,923
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	300,000		296,772
Nissan Motor Co. Ltd., 4.35%, 9/17/27(1)	750,000		754,058
			2,229,753
Banks — 0.2%
CIT Group, Inc., 5.00%, 8/1/23	250,000		259,844
Biotechnology — 0.4%
Emergent BioSolutions, Inc., 3.875%, 8/15/28(1)	569,000		572,659
Building Products — 0.8%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	120,000		124,425
Griffon Corp., 5.75%, 3/1/28	800,000		836,984
Standard Industries, Inc., 4.75%, 1/15/28(1)	135,000		140,400
			1,101,809
Capital Markets — 1.7%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27	787,000		822,356
LPL Holdings, Inc., 4.625%, 11/15/27(1)	380,000		384,987
MSCI, Inc., 4.00%, 11/15/29(1)	420,000		441,710
Oaktree Specialty Lending Corp., 3.50%, 2/25/25	180,000		181,207
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1)	400,000		396,069
			2,226,329
Chemicals — 2.1%
CF Industries, Inc., 3.45%, 6/1/23	413,000		424,099
CF Industries, Inc., 4.95%, 6/1/43	500,000		583,287
Huntsman International LLC, 5.125%, 11/15/22	195,000		209,857
Olin Corp., 5.125%, 9/15/27	360,000		357,075
Olin Corp., 5.625%, 8/1/29	500,000		493,123

6

	Principal Amount/Shares		Value
Tronox Finance plc, 5.75%, 10/1/25(1)	$	680,000	$	672,279
			2,739,720
Commercial Services and Supplies — 0.9%
Clean Harbors, Inc., 4.875%, 7/15/27(1)	500,000		519,595
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	199,000		199,697
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)	500,000		524,687
			1,243,979
Communications Equipment — 0.6%
CommScope Technologies LLC, 6.00%, 6/15/25(1)	65,000		65,969
CommScope Technologies LLC, 5.00%, 3/15/27(1)	325,000		312,609
CommScope, Inc., 5.50%, 3/1/24(1)	150,000		154,340
CommScope, Inc., 8.25%, 3/1/27(1)	200,000		208,251
			741,169
Consumer Finance — 2.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	300,000		309,311
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, 7/15/25	750,000		810,671
Ally Financial, Inc., 8.00%, 11/1/31	210,000		288,130
Navient Corp., 5.00%, 10/26/20	60,000		60,086
Navient Corp., 5.50%, 1/25/23	705,000		713,661
Navient Corp., MTN, 6.125%, 3/25/24	140,000		141,836
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	660,000		662,916
			2,986,611
Containers and Packaging — 3.8%
ARD Finance SA, 6.50% Cash or 7.25% PIK, 6/30/27(1)(3)	800,000		796,840
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.125%, 8/15/26(1)	600,000		609,000
Ball Corp., 4.00%, 11/15/23	90,000		95,760
Ball Corp., 5.25%, 7/1/25	250,000		283,450
Berry Global, Inc., 5.125%, 7/15/23	142,000		144,322
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23	845,000		878,800
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)	480,000		482,400
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)	100,000		94,250
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)	240,000		252,600
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	211,000		213,743
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.00%, 7/15/24(1)	638,000		649,484
Sealed Air Corp., 5.125%, 12/1/24(1)	440,000		477,950
			4,978,599
Diversified Financial Services — 0.7%
Refinitiv US Holdings, Inc., 8.25%, 11/15/26(1)	500,000		548,750
Voya Financial, Inc., VRN, 5.65%, 5/15/53	350,000		360,236
			908,986
Diversified Telecommunication Services — 3.0%
Altice France SA, 7.375%, 5/1/26(1)	815,000		854,894
CenturyLink, Inc., 5.80%, 3/15/22	860,000		891,713
Cincinnati Bell, Inc., 7.00%, 7/15/24(1)	195,000		201,338
Hughes Satellite Systems Corp., 5.25%, 8/1/26	480,000		512,026

7

	Principal Amount/Shares		Value
Level 3 Financing, Inc., 4.625%, 9/15/27(1)	$	635,000	$	653,602
Telecom Italia Capital SA, 6.375%, 11/15/33	750,000		890,764
			4,004,337
Electric Utilities — 0.6%
NRG Energy, Inc., 7.25%, 5/15/26	530,000		565,057
Talen Energy Supply LLC, 6.50%, 6/1/25	390,000		256,386
			821,443
Electronic Equipment, Instruments and Components — 0.3%
Sensata Technologies BV, 5.00%, 10/1/25(1)	338,000		363,984
Energy Equipment and Services — 0.3%
Precision Drilling Corp., 5.25%, 11/15/24	375,000		252,422
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	250,000		201,250
			453,672
Entertainment — 1.2%
Cinemark USA, Inc., 5.125%, 12/15/22	165,000		147,159
Netflix, Inc., 4.875%, 4/15/28	760,000		850,539
Netflix, Inc., 5.875%, 11/15/28	500,000		597,495
			1,595,193
Equity Real Estate Investment Trusts (REITs) — 2.7%
Equinix, Inc., 5.375%, 5/15/27	520,000		567,442
Iron Mountain, Inc., 4.875%, 9/15/27(1)	500,000		511,334
Iron Mountain, Inc., 5.00%, 7/15/28(1)	769,000		789,179
Iron Mountain, Inc., 4.875%, 9/15/29(1)	500,000		509,250
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24	475,000		504,820
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27	340,000		355,121
SBA Communications Corp., 3.875%, 2/15/27(1)	320,000		325,200
			3,562,346
Food and Staples Retailing — 1.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1)	890,000		905,797
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.25%, 3/15/26(1)	190,000		189,016
Rite Aid Corp., 7.50%, 7/1/25(1)	123,000		121,373
Rite Aid Corp., 8.00%, 11/15/26(1)	169,000		169,317
Sysco Corp., 5.65%, 4/1/25	170,000		201,205
			1,586,708
Food Products — 4.0%
B&G Foods, Inc., 5.25%, 4/1/25	260,000		267,410
JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 7/15/24(1)	140,000		142,902
JBS USA LUX SA / JBS USA Finance, Inc., 5.75%, 6/15/25(1)	45,000		46,499
Kraft Heinz Foods Co., 3.00%, 6/1/26	500,000		515,472
Kraft Heinz Foods Co., 3.875%, 5/15/27(1)	22,000		23,481
Kraft Heinz Foods Co., 3.75%, 4/1/30(1)	950,000		1,004,417
Kraft Heinz Foods Co., 4.375%, 6/1/46	500,000		514,834
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(1)	460,000		480,700
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	755,000		770,100
Post Holdings, Inc., 5.00%, 8/15/26(1)	935,000		959,997
Post Holdings, Inc., 5.50%, 12/15/29(1)	250,000		267,819
Post Holdings, Inc., 4.625%, 4/15/30(1)	250,000		257,500
			5,251,131

8

	Principal Amount/Shares		Value
Health Care Equipment and Supplies — 0.8%
Hologic, Inc., 4.375%, 10/15/25(1)	$	500,000	$	511,500
Hologic, Inc., 3.25%, 2/15/29(1)	560,000		564,550
			1,076,050
Health Care Providers and Services — 7.2%
Acadia Healthcare Co., Inc., 5.625%, 2/15/23	290,000		292,568
Acadia Healthcare Co., Inc., 5.50%, 7/1/28(1)	485,000		499,738
Acadia Healthcare Co., Inc., 5.00%, 4/15/29(1)(4)	700,000		707,875
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1)	550,000		572,930
Centene Corp., 4.75%, 5/15/22	250,000		253,250
Centene Corp., 4.75%, 1/15/25	700,000		720,335
Centene Corp., 4.625%, 12/15/29	320,000		345,586
CHS / Community Health Systems, Inc., 6.25%, 3/31/23	575,000		562,781
CHS / Community Health Systems, Inc., 8.125%, 6/30/24(1)	85,000		62,263
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)	52,000		50,960
CHS / Community Health Systems, Inc., 6.875%, 4/1/28(1)	127,000		60,246
CHS / Community Health Systems, Inc., VRN, 9.875%, 6/30/23(1)	315,000		245,273
DaVita, Inc., 4.625%, 6/1/30(1)	400,000		410,810
DaVita, Inc., 3.75%, 2/15/31(1)	203,000		196,108
HCA, Inc., 7.69%, 6/15/25	500,000		589,322
HCA, Inc., 4.50%, 2/15/27	480,000		539,604
IQVIA, Inc., 5.00%, 10/15/26(1)	485,000		507,734
IQVIA, Inc., 5.00%, 5/15/27(1)	300,000		315,161
Molina Healthcare, Inc., 4.375%, 6/15/28(1)	420,000		429,030
Team Health Holdings, Inc., 6.375%, 2/1/25(1)	230,000		158,700
Tenet Healthcare Corp., 6.75%, 6/15/23	780,000		819,780
Tenet Healthcare Corp., 5.125%, 5/1/25	500,000		501,125
Tenet Healthcare Corp., 6.125%, 10/1/28(1)	650,000		634,156
			9,475,335
Hotels, Restaurants and Leisure — 5.4%
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(1)	258,000		264,980
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)	450,000		459,671
Aramark Services, Inc., 5.00%, 2/1/28(1)(2)	400,000		403,658
Boyd Gaming Corp., 6.375%, 4/1/26	350,000		364,903
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	600,000		581,289
Golden Nugget, Inc., 6.75%, 10/15/24(1)	610,000		510,112
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.625%, 4/1/25	455,000		458,933
International Game Technology plc, 5.25%, 1/15/29(1)	810,000		820,413
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.25%, 6/1/26(1)	250,000		260,375
MGM Resorts International, 6.00%, 3/15/23	350,000		363,748
MGM Resorts International, 4.625%, 9/1/26	215,000		214,328
Penn National Gaming, Inc., 5.625%, 1/15/27(1)	680,000		706,282
Scientific Games International, Inc., 8.25%, 3/15/26(1)	200,000		209,643
Scientific Games International, Inc., 7.25%, 11/15/29(1)	500,000		508,345
Station Casinos LLC, 5.00%, 10/1/25(1)	100,000		98,543
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	605,000		581,934
Yum! Brands, Inc., 3.75%, 11/1/21(2)	200,000		203,867
Yum! Brands, Inc., 3.625%, 3/15/31	90,000		90,169
			7,101,193

9

	Principal Amount/Shares		Value
Household Durables — 4.6%
Lennar Corp., 4.50%, 4/30/24	$	695,000	$	746,690
Mattamy Group Corp., 4.625%, 3/1/30(1)	330,000		334,725
MDC Holdings, Inc., 3.85%, 1/15/30	990,000		1,038,881
Meritage Homes Corp., 7.00%, 4/1/22	110,000		118,087
Meritage Homes Corp., 5.125%, 6/6/27	230,000		255,544
Newell Brands, Inc., 4.70%, 4/1/26	500,000		533,600
PulteGroup, Inc., 5.50%, 3/1/26	465,000		531,451
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 4/1/29(1)	850,000		849,469
Toll Brothers Finance Corp., 4.35%, 2/15/28(2)	200,000		217,712
Toll Brothers Finance Corp., 3.80%, 11/1/29	500,000		530,625
TRI Pointe Group, Inc., 5.70%, 6/15/28	850,000		932,875
			6,089,659
Household Products — 0.7%
Energizer Holdings, Inc., 4.75%, 6/15/28(1)	600,000		621,720
Spectrum Brands, Inc., 5.75%, 7/15/25	325,000		335,887
			957,607
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp., 4.625%, 2/1/29(1)	200,000		200,125
Insurance — 0.2%
Genworth Holdings, Inc., 7.625%, 9/24/21(2)	315,000		315,805
Internet and Direct Marketing Retail — 0.6%
Expedia Group, Inc., 3.60%, 12/15/23(1)	300,000		306,715
QVC, Inc., 4.375%, 9/1/28	525,000		535,172
			841,887
IT Services — 0.2%
CDW LLC / CDW Finance Corp., 5.50%, 12/1/24	290,000		318,094
Life Sciences Tools and Services — 0.4%
Charles River Laboratories International, Inc., 4.25%, 5/1/28(1)	500,000		525,590
Media — 11.7%
Altice Financing SA, 7.50%, 5/15/26(1)	1,205,000		1,277,035
AMC Networks, Inc., 4.75%, 8/1/25(2)	730,000		755,696
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 5/1/25(1)	625,000		643,750
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	880,000		916,300
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)	1,523,000		1,604,564
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/28(1)	500,000		526,125
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)	322,000		334,220
CSC Holdings LLC, 5.875%, 9/15/22	705,000		746,859
CSC Holdings LLC, 5.50%, 5/15/26(1)	245,000		255,106
CSC Holdings LLC, 4.625%, 12/1/30(1)	600,000		603,669
DISH DBS Corp., 5.00%, 3/15/23	435,000		444,244
DISH DBS Corp., 5.875%, 11/15/24	630,000		649,688
Gray Television, Inc., 5.125%, 10/15/24(1)	475,000		485,391
Gray Television, Inc., 5.875%, 7/15/26(1)	455,000		472,916
Lamar Media Corp., 3.75%, 2/15/28(1)	610,000		608,094
Nexstar Broadcasting, Inc., 5.625%, 7/15/27(1)	400,000		420,206
Sinclair Television Group, Inc., 5.625%, 8/1/24(1)	485,000		483,484
Sirius XM Radio, Inc., 5.375%, 7/15/26(1)	477,000		497,606
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)	465,000		486,406
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)	250,000		269,269
TEGNA, Inc., 5.50%, 9/15/24(1)	174,000		177,477
TEGNA, Inc., 4.75%, 3/15/26(1)	80,000		81,896

10

	Principal Amount/Shares		Value
TEGNA, Inc., 4.625%, 3/15/28(1)	$	258,000	$	252,917
Univision Communications, Inc., 5.125%, 2/15/25(1)	375,000		356,016
ViacomCBS, Inc., VRN, 6.25%, 2/28/57	200,000		219,944
Videotron Ltd., 5.00%, 7/15/22	280,000		292,950
Virgin Media Finance plc, 5.00%, 7/15/30(1)	1,080,000		1,075,950
Ziggo BV, 5.50%, 1/15/27(1)	607,000		636,952
			15,574,730
Metals and Mining — 4.2%
Alcoa Nederland Holding BV, 6.75%, 9/30/24(1)	410,000		423,581
Cleveland-Cliffs, Inc., 5.75%, 3/1/25(2)	830,000		773,975
Cleveland-Cliffs, Inc., 7.00%, 3/15/27(1)	400,000		344,000
Constellium SE, 6.625%, 3/1/25(1)	835,000		855,875
First Quantum Minerals Ltd., 7.25%, 5/15/22(1)	305,000		305,427
Freeport-McMoRan, Inc., 4.125%, 3/1/28	310,000		314,456
Freeport-McMoRan, Inc., 4.625%, 8/1/30	80,000		84,258
Freeport-McMoRan, Inc., 5.40%, 11/14/34	655,000		725,822
Novelis Corp., 5.875%, 9/30/26(1)	780,000		802,425
Steel Dynamics, Inc., 5.00%, 12/15/26	360,000		384,785
Teck Resources Ltd., 6.25%, 7/15/41	465,000		538,770
United States Steel Corp., 6.875%, 8/15/25(2)	100,000		73,450
			5,626,824
Oil, Gas and Consumable Fuels — 9.2%
Aker BP ASA, 3.75%, 1/15/30(1)	500,000		486,855
Antero Resources Corp., 5.125%, 12/1/22	255,000		208,303
Antero Resources Corp., 5.625%, 6/1/23(2)	155,000		112,569
Apache Corp., 4.875%, 11/15/27	430,000		407,156
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24	245,000		282,400
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25	85,000		96,958
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27	450,000		501,708
Cheniere Energy Partners LP, 5.25%, 10/1/25	500,000		512,000
Cheniere Energy Partners LP, 5.625%, 10/1/26	350,000		364,595
CNX Resources Corp., 5.875%, 4/15/22(2)	192,000		192,480
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	460,000		419,750
EnLink Midstream Partners LP, 4.85%, 7/15/26	350,000		303,226
EQM Midstream Partners LP, 6.50%, 7/1/27(1)	400,000		424,574
Gulfport Energy Corp., 6.00%, 10/15/24	105,000		65,428
Gulfport Energy Corp., 6.375%, 5/15/25	410,000		251,594
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 10/1/25(1)	240,000		218,075
MEG Energy Corp., 7.00%, 3/31/24(1)	81,000		75,533
MEG Energy Corp., 6.50%, 1/15/25(1)	295,000		289,602
NuStar Logistics LP, 4.75%, 2/1/22	155,000		154,613
Occidental Petroleum Corp., 2.90%, 8/15/24	500,000		425,150
Occidental Petroleum Corp., 6.375%, 9/1/28	1,200,000		1,113,090
Occidental Petroleum Corp., 3.50%, 8/15/29	500,000		384,200
Occidental Petroleum Corp., 6.45%, 9/15/36	500,000		425,947
Parsley Energy LLC / Parsley Finance Corp., 5.375%, 1/15/25(1)	580,000		580,000
QEP Resources, Inc., 5.375%, 10/1/22	565,000		464,712
SM Energy Co., 5.00%, 1/15/24	365,000		196,188

11

	Principal Amount/Shares		Value
Southwestern Energy Co., 6.45%, 1/23/25	$	555,000	$	539,893
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	850,000		851,963
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 3/1/27(1)	500,000		458,750
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23	471,000		467,517
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.125%, 2/1/25	461,000		461,284
WPX Energy, Inc., 5.25%, 10/15/27	500,000		508,345
			12,244,458
Personal Products — 0.2%
Avon Products, Inc., 7.00%, 3/15/23	280,000		298,550
Pharmaceuticals — 2.5%
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)	177,000		176,889
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	700,000		717,325
Bausch Health Cos., Inc., 5.50%, 11/1/25(1)	800,000		819,800
Bausch Health Cos., Inc., 5.00%, 1/30/28(1)	150,000		145,875
Elanco Animal Health, Inc., 5.27%, 8/28/23	350,000		375,594
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(1)	750,000		797,205
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26	300,000		265,312
			3,298,000
Professional Services — 0.4%
Jaguar Holding Co. II / PPD Development LP, 5.00%, 6/15/28(1)	550,000		574,750
Road and Rail — 1.5%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	800,000		823,062
United Rentals North America, Inc., 5.50%, 5/15/27	555,000		591,422
United Rentals North America, Inc., 4.875%, 1/15/28	500,000		525,625
			1,940,109
Semiconductors and Semiconductor Equipment — 0.5%
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	650,000		682,094
Specialty Retail — 1.3%
AutoNation, Inc., 4.75%, 6/1/30	250,000		296,324
L Brands, Inc., 5.625%, 2/15/22	525,000		547,510
PetSmart, Inc., 5.875%, 6/1/25(1)	180,000		184,698
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.50%, 6/1/24	185,000		186,736
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.75%, 3/1/25	550,000		558,995
			1,774,263
Technology Hardware, Storage and Peripherals — 0.5%
Dell International LLC / EMC Corp., 7.125%, 6/15/24(1)	335,000		348,835
Western Digital Corp., 4.75%, 2/15/26	340,000		367,625
			716,460
Textiles, Apparel and Luxury Goods — 0.5%
Hanesbrands, Inc., 4.625%, 5/15/24(1)	475,000		495,138
PVH Corp., 4.625%, 7/10/25(1)	200,000		208,750
			703,888
Thrifts and Mortgage Finance — 0.3%
PennyMac Financial Services, Inc., 5.375%, 10/15/25(1)	340,000		344,675
Trading Companies and Distributors — 0.3%
Beacon Roofing Supply, Inc., 4.875%, 11/1/25(1)	370,000		363,271
Wireless Telecommunication Services — 2.4%
Sprint Corp., 7.25%, 9/15/21	785,000		822,287
Sprint Corp., 7.875%, 9/15/23	380,000		436,098

12

	Principal Amount/Shares		Value
Sprint Corp., 7.125%, 6/15/24	$	550,000	$	633,529
Sprint Corp., 7.625%, 2/15/25	280,000		328,125
T-Mobile USA, Inc., 6.50%, 1/15/26	445,000		465,581
T-Mobile USA, Inc., 4.75%, 2/1/28	500,000		535,495
			3,221,115
TOTAL CORPORATE BONDS (Cost $114,371,653)			116,842,317
PREFERRED STOCKS — 4.0%
Banks — 2.8%
BNP Paribas SA, 4.50%(1)	378,000		362,644
JPMorgan Chase & Co., 4.60%	800,000		785,000
Regions Financial Corp., 5.75%	800,000		856,000
Truist Financial Corp., 4.95%	800,000		844,000
Wells Fargo & Co., 5.875%	850,000		916,167
			3,763,811
Consumer Finance — 0.6%
Discover Financial Services, 6.125%	805,000		853,542
Diversified Financial Services — 0.6%
Equitable Holdings, Inc., 4.95%	720,000		736,200
TOTAL PREFERRED STOCKS (Cost $5,126,313)			5,353,553
EXCHANGE-TRADED FUNDS — 2.0%
iShares Broad USD High Yield Corporate Bond ETF	33,800		1,334,086
iShares iBoxx High Yield Corporate Bond ETF	15,400		1,292,060
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,577,577)			2,626,146
BANK LOAN OBLIGATIONS(5) — 1.3%
Health Care Providers and Services — 0.4%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 2.65%, (1-month LIBOR plus 2.50%), 2/16/23	$	483,899	480,875
Life Sciences Tools and Services — 0.3%
Avantor Funding, Inc., USD Term Loan B3, 11/21/24(6)	450,000		444,751
Pharmaceuticals — 0.1%
Bausch Health Companies Inc., 2018 Term Loan B, 3.15%, (1-month LIBOR plus 3.00%), 6/2/25	209,162		205,415
Technology Hardware, Storage and Peripherals — 0.5%
Dell International LLC, 2019 Term Loan B, 2.75%, (1-month LIBOR plus 2.00%), 9/19/25	615,000		613,133
TOTAL BANK LOAN OBLIGATIONS (Cost $1,747,461)			1,744,174
ASSET-BACKED SECURITIES — 0.3%
UAL Pass-Through Trust, Series 2007-1, Class A, 6.64%, 1/2/24	172,386		162,918
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.375%, 5/15/23	194,839		164,792
TOTAL ASSET-BACKED SECURITIES (Cost $368,667)			327,710
TEMPORARY CASH INVESTMENTS — 3.2%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.125% - 2.875%, 12/15/21 - 8/15/47, valued at $1,760,199), in a joint trading account at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $1,726,010)			1,726,008

13

	Shares	Value
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 7/15/23, valued at $2,662,248), at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $2,610,002)		$	2,609,999
State Street Institutional U.S. Government Money Market Fund, Premier Class	2,512	2,512
TOTAL TEMPORARY CASH INVESTMENTS (Cost $4,338,519)		4,338,519
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(7) — 2.5%
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $3,262,313)	3,262,313	3,262,313
TOTAL INVESTMENT SECURITIES — 101.4% (Cost $131,792,503)		134,494,732
OTHER ASSETS AND LIABILITIES — (1.4)%		(1,858,142)
TOTAL NET ASSETS — 100.0%		$	132,636,590

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.
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(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 $61,046,414, which represented 46.0% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,176,881. 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)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 or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.

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

(7)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,262,313.

See Notes to Financial Statements.

14

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (cost of $128,530,190) — including $3,176,881 of securities on loan	$	131,232,419
Investment made with cash collateral received for securities on loan, at value (cost of $3,262,313)	3,262,313
Total investment securities, at value (cost of $131,792,503)	134,494,732
Receivable for investments sold	1,101,003
Receivable for capital shares sold	209,181
Interest and dividends receivable	1,606,932
Securities lending receivable	908
	137,412,756
Liabilities
Payable for collateral received for securities on loan	3,262,313
Payable for investments purchased	1,210,124
Payable for capital shares redeemed	163,248
Accrued management fees	80,975
Distribution and service fees payable	5,100
Dividends payable	54,406
	4,776,166
Net Assets	$	132,636,590
Net Assets Consist of:
Capital paid in	$	173,201,603
Distributable earnings	(40,565,013)
	$	132,636,590

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$95,020,967	17,275,256	$5.50
I Class	$5,222,353	947,366	$5.51
Y Class	$15,716,975	2,854,135	$5.51
A Class	$12,118,660	2,201,035	$5.51*
C Class	$2,516,020	457,135	$5.50
R Class	$997,091	181,160	$5.50
R5 Class	$742,231	134,796	$5.51
R6 Class	$302,293	54,981	$5.50

*Maximum offering price $5.77 (net asset value divided by 0.955).

See Notes to Financial Statements.

15

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	3,366,078
Dividends	50,956
Securities lending, net	2,252
	3,419,286
Expenses:
Management fees	482,266
Distribution and service fees:
A Class	15,141
C Class	14,409
R Class	2,409
Trustees' fees and expenses	4,792
	519,017
Net investment income (loss)	2,900,269
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(2,464,993)
Change in net unrealized appreciation (depreciation) on investments	13,978,926
Net realized and unrealized gain (loss)	11,513,933
Net Increase (Decrease) in Net Assets Resulting from Operations	$	14,414,202

See Notes to Financial Statements.

16

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	2,900,269	$	6,415,757
Net realized gain (loss)	(2,464,993)		(2,138,955)
Change in net unrealized appreciation (depreciation)	13,978,926		(11,072,566)
Net increase (decrease) in net assets resulting from operations	14,414,202		(6,795,764)
Distributions to Shareholders
From earnings:
Investor Class	(2,129,650)		(4,983,213)
I Class	(101,868)		(228,569)
Y Class	(315,651)		(442,665)
A Class	(258,243)		(559,791)
C Class	(50,762)		(158,889)
R Class	(19,317)		(39,488)
R5 Class	(20,089)		(87,289)
R6 Class	(4,738)		(9,313)
Decrease in net assets from distributions	(2,900,318)		(6,509,217)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	946,767		(5,445,921)
Net increase (decrease) in net assets	12,460,651		(18,750,902)
Net Assets
Beginning of period	120,175,939		138,926,841
End of period	$	132,636,590	$	120,175,939

See Notes to Financial Statements.

17

Notes to Financial Statements

SEPTEMBER 30, 2020 (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.

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. Repurchase agreements are valued at cost, which approximates fair value.

18

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. 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.

19

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, 2020.

Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Corporate Bonds	$	3,262,313	—	—	—	$	3,262,313
Gross amount of recognized liabilities for securities lending transactions						$	3,262,313

(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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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 1940 Act. 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

20

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, 2020 are as follows:

	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
Investor Class	0.4725% to 0.5900%	0.2500% to 0.3100%	0.77%
I Class		0.1500% to 0.2100%	0.67%
Y Class		0.0500% to 0.1100%	0.57%
A Class		0.2500% to 0.3100%	0.77%
C Class		0.2500% to 0.3100%	0.77%
R Class		0.2500% to 0.3100%	0.77%
R5 Class		0.0500% to 0.1100%	0.57%
R6 Class		0.0000% to 0.0600%	0.52%

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended September 30, 2020 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, 2020 were $53,796,857 and $50,884,892, respectively.

21

5. Capital Share Transactions

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

	Six months ended September 30, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	2,489,946	$	13,324,664	4,942,542	$	27,375,119
Issued in reinvestment of distributions	335,013	1,808,604		778,790	4,321,248
Redeemed	(3,318,441)	(17,748,707)		(7,917,597)	(43,284,857)
	(493,482)	(2,615,439)		(2,196,265)	(11,588,490)
I Class
Sold	283,141	1,551,002		795,961	4,436,745
Issued in reinvestment of distributions	18,813	101,868		41,109	228,569
Redeemed	(162,511)	(863,368)		(443,286)	(2,440,782)
	139,443	789,502		393,784	2,224,532
Y Class
Sold	701,119	3,764,950		1,239,405	6,896,371
Issued in reinvestment of distributions	58,257	315,651		79,896	442,665
Redeemed	(58,661)	(313,718)		(198,254)	(1,080,041)
	700,715	3,766,883		1,121,047	6,258,995
A Class
Sold	143,112	771,647		613,504	3,434,886
Issued in reinvestment of distributions	44,328	239,516		95,214	528,748
Redeemed	(238,527)	(1,296,611)		(596,450)	(3,292,248)
	(51,087)	(285,448)		112,268	671,386
C Class
Sold	92,230	486,482		36,604	205,299
Issued in reinvestment of distributions	8,689	46,914		25,735	143,114
Redeemed	(196,420)	(1,068,452)		(514,997)	(2,837,953)
	(95,501)	(535,056)		(452,658)	(2,489,540)
R Class
Sold	54,532	291,822		82,658	458,549
Issued in reinvestment of distributions	3,555	19,201		6,991	38,799
Redeemed	(48,923)	(261,444)		(95,927)	(525,608)
	9,164	49,579		(6,278)	(28,260)
R5 Class
Sold	21,932	114,699		95,173	531,721
Issued in reinvestment of distributions	3,727	20,089		15,688	87,274
Redeemed	(92,466)	(485,400)		(207,666)	(1,101,339)
	(66,807)	(350,612)		(96,805)	(482,344)
R6 Class
Sold	28,474	157,114		1,297	7,215
Issued in reinvestment of distributions	875	4,738		1,679	9,313
Redeemed	(6,196)	(34,494)		(5,361)	(28,728)
	23,153	127,358		(2,385)	(12,200)
Net increase (decrease)	165,598	$	946,767	(1,127,292)	$	(5,445,921)

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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	—		$	116,842,317	—
Preferred Stocks	—		5,353,553		—
Exchange-Traded Funds	$	2,626,146	—		—
Bank Loan Obligations	—		1,744,174		—
Asset-Backed Securities	—		327,710		—
Temporary Cash Investments	2,512		4,336,007		—
Temporary Cash Investments - Securities Lending Collateral	3,262,313		—		—
	$	5,890,971	$	128,603,761	—

7. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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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	$	131,827,434
Gross tax appreciation of investments	$	4,762,418
Gross tax depreciation of investments	(2,095,120)
Net tax appreciation (depreciation) of investments	$	2,667,298

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, 2020, the fund had accumulated short-term capital losses of $(3,762,656) and accumulated long-term capital losses of $(36,970,572), 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.

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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
2020(3)	$5.02	0.12	0.48	0.60	(0.12)	$5.50	12.04%	0.78%(4)	0.78%(4)	4.50%(4)	4.50%(4)	41%	$95,021
2020	$5.54	0.25	(0.51)	(0.26)	(0.26)	$5.02	(5.09)%	0.78%	0.81%	4.55%	4.52%	38%	$89,168
2019	$5.57	0.29	(0.03)	0.26	(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)	$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)	$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)	$5.36	(4.30)%	0.85%	0.85%	5.36%	5.36%	24%	$344,505
I Class
2020(3)	$5.03	0.12	0.48	0.60	(0.12)	$5.51	12.08%	0.68%(4)	0.68%(4)	4.60%(4)	4.60%(4)	41%	$5,222
2020	$5.55	0.26	(0.52)	(0.26)	(0.26)	$5.03	(4.98)%	0.68%	0.71%	4.65%	4.62%	38%	$4,063
2019	$5.58	0.30	(0.03)	0.27	(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)	$5.58	2.11%	0.73%(4)	0.76%(4)	5.22%(4)	5.19%(4)	20%(7)	$4,356

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)
Y Class
2020(3)	$5.02	0.13	0.49	0.62	(0.13)	$5.51	12.36%	0.58%(4)	0.58%(4)	4.70%(4)	4.70%(4)	41%	$15,717
2020	$5.55	0.26	(0.52)	(0.26)	(0.27)	$5.02	(5.08)%	0.58%	0.61%	4.75%	4.72%	38%	$10,819
2019	$5.58	0.30	(0.02)	0.28	(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)	$5.58	2.20%	0.63%(4)	0.66%(4)	5.51%(4)	5.48%(4)	20%(7)	$262
A Class
2020(3)	$5.02	0.11	0.49	0.60	(0.11)	$5.51	12.11%	1.03%(4)	1.03%(4)	4.25%(4)	4.25%(4)	41%	$12,119
2020	$5.55	0.24	(0.53)	(0.29)	(0.24)	$5.02	(5.50)%	1.03%	1.06%	4.30%	4.27%	38%	$11,314
2019	$5.58	0.28	(0.03)	0.25	(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)	$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)	$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)	$5.36	(4.54)%	1.10%	1.10%	5.11%	5.11%	24%	$24,610
C Class
2020(3)	$5.02	0.09	0.48	0.57	(0.09)	$5.50	11.49%	1.78%(4)	1.78%(4)	3.50%(4)	3.50%(4)	41%	$2,516
2020	$5.54	0.20	(0.52)	(0.32)	(0.20)	$5.02	(6.04)%	1.78%	1.81%	3.55%	3.52%	38%	$2,775
2019	$5.57	0.23	(0.02)	0.21	(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)	$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)	$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)	$5.36	(5.25)%	1.85%	1.85%	4.36%	4.36%	24%	$9,695

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
2020(3)	$5.02	0.11	0.48	0.59	(0.11)	$5.50	11.77%	1.28%(4)	1.28%(4)	4.00%(4)	4.00%(4)	41%	$997
2020	$5.54	0.22	(0.51)	(0.29)	(0.23)	$5.02	(5.57)%	1.28%	1.31%	4.05%	4.02%	38%	$864
2019	$5.57	0.26	(0.02)	0.24	(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)	$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)	$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)	$5.36	(4.78)%	1.35%	1.35%	4.86%	4.86%	24%	$1,624
R5 Class
2020(3)	$5.02	0.13	0.49	0.62	(0.13)	$5.51	12.36%	0.58%(4)	0.58%(4)	4.70%(4)	4.70%(4)	41%	$742
2020	$5.55	0.26	(0.52)	(0.26)	(0.27)	$5.02	(5.08)%	0.58%	0.61%	4.75%	4.72%	38%	$1,013
2019	$5.58	0.30	(0.02)	0.28	(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)	$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)	$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)	$5.36	(4.11)%	0.65%	0.65%	5.56%	5.56%	24%	$473,014

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
2020(3)	$5.02	0.13	0.48	0.61	(0.13)	$5.50	12.18%	0.53%(4)	0.53%(4)	4.75%(4)	4.75%(4)	41%	$302
2020	$5.54	0.27	(0.52)	(0.25)	(0.27)	$5.02	(4.85)%	0.53%	0.56%	4.80%	4.77%	38%	$160
2019	$5.57	0.30	(0.02)	0.28	(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)	$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)	$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)	$5.36	(4.06)%	0.60%	0.60%	5.61%	5.61%	24%	$55,552

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, 2020 (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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

30

renewal of the management agreement. 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 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.

31

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, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, 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

32

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.

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 with respect to 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.

33

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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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.

34

Notes

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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90815 2011

Semiannual Report

September 30, 2020

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	26
Statement of Operations	27
Statement of Changes in Net Assets	28
Notes to Financial Statements	29
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, 2020
Portfolio at a Glance
Average Duration (effective)	6.1 years
Weighted Average Life to Maturity	8.3 years
Types of Investments in Portfolio	% of net assets
U.S. Treasury Securities	34.9%
Corporate Bonds	31.3%
U.S. Government Agency Mortgage-Backed Securities	25.4%
Collateralized Mortgage Obligations	6.0%
Collateralized Loan Obligations	4.0%
Asset-Backed Securities	2.8%
Municipal Securities	1.7%
U.S. Government Agency Securities	0.7%
Sovereign Governments and Agencies	0.5%
Preferred Stocks	0.1%
Temporary Cash Investments	1.6%
Other Assets and Liabilities	(9.0)%*

*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, 2020 to September 30, 2020.

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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
G Class	$1,000	$1,045.20	$0.05	0.01%
Hypothetical
G Class	$1,000	$1,025.02	$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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

3

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount		Value
U.S. TREASURY SECURITIES — 34.9%
U.S. Treasury Bills, 0.12%, 7/15/21(1)	$	65,000,000	$	64,950,123
U.S. Treasury Bills, 0.14%, 9/9/21(1)	10,000,000		9,989,281
U.S. Treasury Bonds, 5.00%, 5/15/37	4,000,000		6,481,719
U.S. Treasury Bonds, 3.50%, 2/15/39(2)	22,450,000		31,521,203
U.S. Treasury Bonds, 1.125%, 5/15/40	30,500,000		30,028,203
U.S. Treasury Bonds, 1.125%, 8/15/40	5,600,000		5,496,313
U.S. Treasury Bonds, 3.125%, 11/15/41	16,400,000		22,166,906
U.S. Treasury Bonds, 3.125%, 2/15/42	2,500,000		3,387,695
U.S. Treasury Bonds, 3.00%, 5/15/42	47,500,000		63,160,156
U.S. Treasury Bonds, 2.875%, 5/15/43	6,500,000		8,489,102
U.S. Treasury Bonds, 3.625%, 2/15/44	2,200,000		3,215,352
U.S. Treasury Bonds, 3.125%, 8/15/44(2)	1,000,000		1,361,016
U.S. Treasury Bonds, 2.50%, 2/15/45	32,000,000		39,393,750
U.S. Treasury Bonds, 3.00%, 5/15/45	700,000		937,398
U.S. Treasury Bonds, 2.50%, 2/15/46	7,900,000		9,755,574
U.S. Treasury Bonds, 2.25%, 8/15/46	2,000,000		2,362,422
U.S. Treasury Bonds, 3.375%, 11/15/48	50,050,000		72,836,436
U.S. Treasury Bonds, 2.25%, 8/15/49	11,900,000		14,154,957
U.S. Treasury Bonds, 2.375%, 11/15/49	7,000,000		8,548,477
U.S. Treasury Bonds, 2.00%, 2/15/50	21,000,000		23,757,891
U.S. Treasury Bonds, 1.25%, 5/15/50	3,600,000		3,412,406
U.S. Treasury Bonds, 1.375%, 8/15/50	2,000,000		1,957,188
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/25	12,037,200		12,814,014
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/25	3,277,770		3,559,300
U.S. Treasury Inflation Indexed Notes, 0.25%, 7/15/29	14,181,020		15,867,821
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/30	48,002,075		53,383,903
U.S. Treasury Notes, 1.50%, 8/31/21	5,000,000		5,061,985
U.S. Treasury Notes, 1.875%, 1/31/22	2,000,000		2,046,406
U.S. Treasury Notes, 0.375%, 3/31/22	15,000,000		15,053,320
U.S. Treasury Notes, 1.75%, 6/15/22	5,000,000		5,137,305
U.S. Treasury Notes, 1.625%, 11/15/22	24,000,000		24,755,625
U.S. Treasury Notes, 1.625%, 12/15/22	80,000,000		82,629,687
U.S. Treasury Notes, 0.50%, 3/15/23	103,000,000		103,901,250
U.S. Treasury Notes, 1.50%, 3/31/23	3,500,000		3,617,988
U.S. Treasury Notes, 0.25%, 4/15/23	11,000,000		11,029,648
U.S. Treasury Notes, 0.125%, 5/15/23	40,000,000		39,976,562
U.S. Treasury Notes, 0.25%, 6/15/23	58,000,000		58,151,797
U.S. Treasury Notes, 0.125%, 8/15/23	19,000,000		18,982,930
U.S. Treasury Notes, 0.125%, 9/15/23	15,000,000		14,986,523
U.S. Treasury Notes, 2.375%, 2/29/24	15,000,000		16,120,898
U.S. Treasury Notes, 2.125%, 11/30/24	23,500,000		25,348,789
U.S. Treasury Notes, 1.125%, 2/28/25	99,000,000		102,871,054
U.S. Treasury Notes, 0.50%, 3/31/25	21,000,000		21,241,172
U.S. Treasury Notes, 0.25%, 5/31/25	44,000,000		43,996,563
U.S. Treasury Notes, 0.25%, 8/31/25	50,000,000		49,955,078
U.S. Treasury Notes, 2.625%, 12/31/25	20,000,000		22,415,625
U.S. Treasury Notes, 1.375%, 8/31/26	13,500,000		14,295,762

4

	Principal Amount		Value
U.S. Treasury Notes, 1.75%, 12/31/26	$	3,500,000	$	3,793,672
U.S. Treasury Notes, 1.125%, 2/28/27	37,000,000		38,670,781
U.S. Treasury Notes, 0.625%, 3/31/27	69,000,000		69,881,367
U.S. Treasury Notes, 0.50%, 4/30/27	50,000,000		50,228,516
U.S. Treasury Notes, 0.50%, 6/30/27	16,100,000		16,157,859
U.S. Treasury Notes, 0.50%, 8/31/27	34,900,000		34,987,250
U.S. Treasury Notes, 3.125%, 11/15/28	800,000		963,750
U.S. Treasury Notes, 1.50%, 2/15/30	1,200,000		1,294,500
U.S. Treasury Notes, 0.625%, 5/15/30	6,500,000		6,477,656
TOTAL U.S. TREASURY SECURITIES (Cost $1,367,215,247)			1,417,019,924
CORPORATE BONDS — 31.3%
Aerospace and Defense — 0.4%
Boeing Co. (The), 5.15%, 5/1/30	1,630,000		1,830,805
Boeing Co. (The), 5.81%, 5/1/50	4,510,000		5,460,864
Lockheed Martin Corp., 3.80%, 3/1/45	430,000		512,072
Raytheon Technologies Corp., 4.125%, 11/16/28	5,470,000		6,482,164
Raytheon Technologies Corp., 5.70%, 4/15/40	2,215,000		3,127,767
			17,413,672
Airlines — 0.3%
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(3)	6,344,000		6,516,021
Southwest Airlines Co., 5.125%, 6/15/27	5,521,000		6,025,215
			12,541,236
Auto Components — 0.1%
BorgWarner, Inc., 2.65%, 7/1/27	2,270,000		2,399,323
Automobiles — 0.6%
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	5,730,000		5,848,181
Ford Motor Credit Co. LLC, 2.98%, 8/3/22	1,950,000		1,929,018
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	3,300,000		3,254,988
General Motors Co., 5.15%, 4/1/38	1,800,000		1,910,937
General Motors Financial Co., Inc., 2.75%, 6/20/25	4,630,000		4,747,748
General Motors Financial Co., Inc., 2.70%, 8/20/27	6,436,000		6,416,687
			24,107,559
Banks — 3.9%
Banco Santander SA, 3.50%, 4/11/22	7,110,000		7,376,254
Banco Santander SA, 2.75%, 5/28/25	5,550,000		5,841,045
Bank of America Corp., MTN, VRN, 1.32%, 6/19/26	7,505,000		7,562,281
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28	3,620,000		4,106,192
Bank of America Corp., MTN, VRN, 2.50%, 2/13/31	8,079,000		8,439,060
Bank of America Corp., MTN, VRN, 2.68%, 6/19/41	6,945,000		7,121,400
Bank of America Corp., VRN, 3.00%, 12/20/23	6,369,000		6,691,303
Bank of America Corp., VRN, 3.42%, 12/20/28	1,240,000		1,382,957
Barclays plc, VRN, 2.65%, 6/24/31	2,800,000		2,797,404
BBVA Bancomer SA, 1.875%, 9/18/25(3)	6,180,000		6,045,585
BNP Paribas SA, VRN, 2.59%, 8/12/35(3)	6,535,000		6,360,761
BPCE SA, 5.15%, 7/21/24(3)	2,670,000		2,993,835
BPCE SA, VRN, 1.65%, 10/6/26(3)(4)	3,190,000		3,192,829
Citigroup, Inc., 4.05%, 7/30/22	2,395,000		2,543,876
Citigroup, Inc., VRN, 3.11%, 4/8/26	5,301,000		5,711,535
Citigroup, Inc., VRN, 3.52%, 10/27/28	2,985,000		3,320,892
Citigroup, Inc., VRN, 2.57%, 6/3/31	4,305,000		4,534,638
Cooperatieve Rabobank UA, 3.95%, 11/9/22	4,130,000		4,391,260

5

	Principal Amount		Value
DNB Bank ASA, VRN, 1.13%, 9/16/26(3)	$	4,070,000	$	4,062,755
Fifth Third BanCorp., 4.30%, 1/16/24	1,125,000		1,242,278
FNB Corp., 2.20%, 2/24/23	4,790,000		4,837,867
HSBC Holdings plc, VRN, 2.01%, 9/22/28	3,169,000		3,138,154
JPMorgan Chase & Co., VRN, 4.02%, 12/5/24	5,505,000		6,058,491
JPMorgan Chase & Co., VRN, 2.18%, 6/1/28	5,665,000		5,919,133
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	11,849,000		12,644,249
Lloyds Banking Group plc, VRN, 2.44%, 2/5/26	3,744,000		3,885,627
Natwest Group plc, VRN, 2.36%, 5/22/24	1,344,000		1,380,167
Santander UK Group Holdings plc, VRN, 1.53%, 8/21/26	4,435,000		4,368,567
Societe Generale SA, VRN, 3.65%, 7/8/35(3)	1,326,000		1,335,974
Sumitomo Mitsui Trust Bank Ltd., 1.05%, 9/12/25(3)	1,800,000		1,808,657
Wells Fargo & Co., 4.125%, 8/15/23	1,170,000		1,275,381
Wells Fargo & Co., 3.00%, 10/23/26	7,709,000		8,426,705
Wells Fargo & Co., MTN, VRN, 2.39%, 6/2/28	1,390,000		1,451,839
Wells Fargo & Co., VRN, 2.19%, 4/30/26	1,895,000		1,971,082
Wells Fargo & Co., VRN, 3.07%, 4/30/41	3,575,000		3,725,694
			157,945,727
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	5,325,000		6,621,249
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	6,490,000		7,900,027
Coca-Cola Co. (The), 1.00%, 3/15/28	1,270,000		1,267,266
PepsiCo, Inc., 1.625%, 5/1/30	1,060,000		1,090,420
			16,878,962
Biotechnology — 0.8%
AbbVie, Inc., 3.25%, 10/1/22(3)	2,960,000		3,096,347
AbbVie, Inc., 3.85%, 6/15/24(3)	3,967,000		4,349,083
AbbVie, Inc., 3.60%, 5/14/25	1,125,000		1,247,937
AbbVie, Inc., 3.20%, 11/21/29(3)	6,170,000		6,810,616
AbbVie, Inc., 4.40%, 11/6/42	2,290,000		2,728,983
Gilead Sciences, Inc., 3.65%, 3/1/26	7,660,000		8,655,222
Gilead Sciences, Inc., 1.65%, 10/1/30	4,567,000		4,564,267
Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30	1,617,000		1,579,377
			33,031,832
Building Products†
Lennox International, Inc., 1.70%, 8/1/27	1,490,000		1,490,372
Capital Markets — 2.3%
Ares Capital Corp., 3.25%, 7/15/25	7,842,000		7,803,689
Ares Finance Co. II LLC, 3.25%, 6/15/30(3)	3,340,000		3,499,801
Credit Suisse Group AG, VRN, 2.59%, 9/11/25(3)	3,415,000		3,565,506
Credit Suisse Group AG, VRN, 2.19%, 6/5/26(3)	8,915,000		9,219,552
Goldman Sachs Group, Inc. (The), 3.50%, 4/1/25	5,706,000		6,304,795
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26	13,777,000		15,241,411
Goldman Sachs Group, Inc. (The), 2.60%, 2/7/30	3,895,000		4,118,259
Goldman Sachs Group, Inc. (The), VRN, 2.88%, 10/31/22	1,800,000		1,843,611
Golub Capital BDC, Inc., 3.375%, 4/15/24(4)	6,370,000		6,367,310
Intercontinental Exchange, Inc., 1.85%, 9/15/32	3,055,000		3,047,129
Morgan Stanley, MTN, 4.875%, 11/1/22	3,556,000		3,847,775
Morgan Stanley, VRN, 2.19%, 4/28/26	14,722,000		15,434,160
Morgan Stanley, VRN, 2.70%, 1/22/31	1,862,000		1,991,978

6

	Principal Amount		Value
Oaktree Specialty Lending Corp., 3.50%, 2/25/25	$	4,440,000	$	4,469,774
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(3)	5,835,000		5,777,652
UBS Group AG, 4.125%, 9/24/25(3)	1,600,000		1,826,232
			94,358,634
Chemicals — 0.4%
CF Industries, Inc., 4.50%, 12/1/26(3)	3,410,000		3,966,795
CF Industries, Inc., 5.15%, 3/15/34	2,520,000		2,983,466
Dow Chemical Co. (The), 3.60%, 11/15/50	6,000,000		6,092,995
Nutrition & Biosciences, Inc., 1.83%, 10/15/27(3)	1,918,000		1,928,026
			14,971,282
Commercial Services and Supplies — 0.4%
RELX Capital, Inc., 3.00%, 5/22/30	2,345,000		2,567,483
Republic Services, Inc., 2.30%, 3/1/30	6,940,000		7,380,357
Waste Connections, Inc., 2.60%, 2/1/30	6,500,000		7,006,000
			16,953,840
Communications Equipment — 0.1%
Juniper Networks, Inc., 4.50%, 3/15/24	860,000		961,812
Motorola Solutions, Inc., 4.60%, 5/23/29	130,000		153,543
Motorola Solutions, Inc., 2.30%, 11/15/30	3,050,000		3,032,358
			4,147,713
Construction and Engineering — 0.2%
Quanta Services, Inc., 2.90%, 10/1/30	6,990,000		7,144,762
Construction Materials — 0.2%
Martin Marietta Materials, Inc., 2.50%, 3/15/30	5,699,000		5,943,186
Vulcan Materials Co., 3.50%, 6/1/30	3,270,000		3,667,127
			9,610,313
Consumer Finance — 0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 5.00%, 10/1/21	5,250,000		5,412,943
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.15%, 2/15/24	3,850,000		3,820,629
Capital One Bank USA N.A., 3.375%, 2/15/23	3,793,000		4,011,151
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(3)	4,740,000		4,773,173
Synchrony Financial, 2.85%, 7/25/22	5,993,000		6,174,869
			24,192,765
Containers and Packaging†
Ball Corp., 2.875%, 8/15/30	1,550,000		1,534,500
Diversified Consumer Services — 0.1%
Pepperdine University, 3.30%, 12/1/59	3,740,000		4,117,774
Diversified Financial Services — 0.3%
Block Financial LLC, 3.875%, 8/15/30	1,551,000		1,561,126
Deutsche Bank AG, VRN, 3.55%, 9/18/31	2,290,000		2,305,974
GE Capital Funding LLC, 4.40%, 5/15/30(3)	6,740,000		7,258,812
NatWest Markets plc, 2.375%, 5/21/23(3)	2,205,000		2,271,499
			13,397,411
Diversified Telecommunication Services — 1.2%
AT&T, Inc., 2.30%, 6/1/27	1,460,000		1,534,768
AT&T, Inc., 4.10%, 2/15/28	1,870,000		2,163,740
AT&T, Inc., 2.75%, 6/1/31	8,580,000		9,046,384
AT&T, Inc., 3.50%, 6/1/41	1,300,000		1,373,198
AT&T, Inc., 3.65%, 6/1/51	1,143,000		1,159,960
AT&T, Inc., 3.30%, 2/1/52	4,224,000		3,956,667

7

	Principal Amount		Value
AT&T, Inc., 3.50%, 9/15/53(3)	$	149,000	$	145,863
AT&T, Inc., 3.55%, 9/15/55(3)	1,479,000		1,421,757
Deutsche Telekom International Finance BV, 1.95%, 9/19/21(3)	3,879,000		3,922,968
Ooredoo International Finance Ltd., MTN, 3.25%, 2/21/23	930,000		974,069
Telefonica Emisiones SA, 5.46%, 2/16/21	2,400,000		2,444,441
Verizon Communications, Inc., 3.15%, 3/22/30	6,455,000		7,307,210
Verizon Communications, Inc., 4.40%, 11/1/34	12,131,000		15,167,077
			50,618,102
Electric Utilities — 2.3%
AEP Texas, Inc., 2.10%, 7/1/30	3,730,000		3,840,644
AEP Transmission Co. LLC, 3.75%, 12/1/47	1,280,000		1,501,465
American Electric Power Co., Inc., 3.20%, 11/13/27	1,320,000		1,452,634
Berkshire Hathaway Energy Co., 3.50%, 2/1/25	3,460,000		3,834,147
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	2,185,000		2,538,858
Commonwealth Edison Co., 3.20%, 11/15/49	2,225,000		2,445,213
DTE Electric Co., 2.25%, 3/1/30	3,480,000		3,708,651
Duke Energy Corp., 2.65%, 9/1/26	2,980,000		3,227,423
Duke Energy Florida LLC, 1.75%, 6/15/30	4,600,000		4,688,641
Duke Energy Florida LLC, 3.85%, 11/15/42	2,740,000		3,263,963
Duke Energy Progress LLC, 4.15%, 12/1/44	4,040,000		5,039,427
Duke Energy Progress LLC, 3.70%, 10/15/46	2,890,000		3,405,834
EDP Finance BV, 1.71%, 1/24/28(3)	5,370,000		5,345,509
Entergy Arkansas LLC, 2.65%, 6/15/51	1,990,000		2,009,243
Entergy Texas, Inc., 1.75%, 3/15/31(4)	7,210,000		7,162,895
Exelon Corp., 5.15%, 12/1/20	1,476,000		1,476,000
Exelon Corp., 4.45%, 4/15/46	1,830,000		2,221,825
FirstEnergy Transmission LLC, 4.55%, 4/1/49(3)	1,840,000		2,162,042
Florida Power & Light Co., 4.125%, 2/1/42	1,540,000		1,922,852
Florida Power & Light Co., 3.15%, 10/1/49	1,730,000		1,950,986
MidAmerican Energy Co., 4.40%, 10/15/44	2,545,000		3,231,814
Nevada Power Co., 2.40%, 5/1/30	2,405,000		2,588,172
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27	3,000,000		3,385,218
Northern States Power Co., 2.60%, 6/1/51	1,740,000		1,771,062
Oncor Electric Delivery Co. LLC, 3.10%, 9/15/49	1,780,000		1,958,140
PacifiCorp, 2.70%, 9/15/30	996,000		1,102,230
PacifiCorp, 3.30%, 3/15/51	3,470,000		3,905,163
Potomac Electric Power Co., 3.60%, 3/15/24	1,510,000		1,649,465
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	3,970,000		3,937,416
Southern Co. Gas Capital Corp., 3.95%, 10/1/46	2,090,000		2,341,204
Xcel Energy, Inc., 3.40%, 6/1/30	3,300,000		3,797,734
			92,865,870
Energy Equipment and Services — 0.1%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.14%, 11/7/29	2,276,000		2,375,092
Entertainment — 0.4%
Netflix, Inc., 3.625%, 6/15/25(3)	3,731,000		3,904,492
Netflix, Inc., 4.875%, 4/15/28	3,564,000		3,988,579
Netflix, Inc., 5.875%, 11/15/28	1,000,000		1,194,990
Walt Disney Co. (The), 2.20%, 1/13/28	6,860,000		7,224,063
			16,312,124
Equity Real Estate Investment Trusts (REITs) — 2.0%
Alexandria Real Estate Equities, Inc., 4.70%, 7/1/30	1,135,000		1,401,026

8

	Principal Amount		Value
Alexandria Real Estate Equities, Inc., 1.875%, 2/1/33	$	4,745,000	$	4,647,985
American Tower Corp., 3.375%, 10/15/26	2,248,000		2,490,770
Brixmor Operating Partnership LP, 4.05%, 7/1/30	2,450,000		2,632,651
CubeSmart LP, 2.00%, 2/15/31(4)	4,150,000		4,101,158
Equinix, Inc., 5.375%, 5/15/27	969,000		1,057,406
Essex Portfolio LP, 3.25%, 5/1/23	1,770,000		1,864,597
Healthcare Realty Trust, Inc., 2.40%, 3/15/30	2,700,000		2,741,657
Healthcare Realty Trust, Inc., 2.05%, 3/15/31(4)	1,710,000		1,691,020
Highwoods Realty LP, 2.60%, 2/1/31	1,595,000		1,584,524
Host Hotels & Resorts LP, 3.75%, 10/15/23	2,725,000		2,814,837
Kilroy Realty LP, 3.80%, 1/15/23	2,070,000		2,155,711
Kilroy Realty LP, 2.50%, 11/15/32	4,600,000		4,491,456
Kimco Realty Corp., 2.80%, 10/1/26	3,580,000		3,829,683
Kimco Realty Corp., 1.90%, 3/1/28	2,975,000		2,942,798
Lexington Realty Trust, 2.70%, 9/15/30	5,977,000		6,101,884
Mid-America Apartments LP, 1.70%, 2/15/31	3,410,000		3,366,054
National Retail Properties, Inc., 2.50%, 4/15/30	5,519,000		5,517,309
Realty Income Corp., 3.25%, 1/15/31	1,535,000		1,694,674
Regency Centers LP, 3.70%, 6/15/30	3,050,000		3,352,477
Scentre Group Trust 2, VRN, 4.75%, 9/24/80(3)	3,440,000		3,417,154
Spirit Realty LP, 3.20%, 2/15/31	3,040,000		2,969,742
Ventas Realty LP, 4.40%, 1/15/29	3,620,000		4,115,843
VEREIT Operating Partnership LP, 3.40%, 1/15/28	5,032,000		5,247,419
Welltower, Inc., 2.75%, 1/15/31	3,820,000		3,929,496
			80,159,331
Food and Staples Retailing — 0.5%
Costco Wholesale Corp., 1.60%, 4/20/30	4,390,000		4,483,514
Kroger Co. (The), 3.875%, 10/15/46	3,420,000		3,881,409
Sysco Corp., 5.95%, 4/1/30	7,800,000		9,868,708
Walmart, Inc., 4.05%, 6/29/48	1,990,000		2,599,609
			20,833,240
Food Products — 0.2%
Mars, Inc., 1.625%, 7/16/32(3)	5,020,000		4,983,962
Mondelez International, Inc., 2.75%, 4/13/30	4,151,000		4,528,586
			9,512,548
Gas Utilities — 0.2%
CenterPoint Energy Resources Corp., 1.75%, 10/1/30(4)	3,477,000		3,488,248
Infraestructura Energetica Nova SAB de CV, 4.75%, 1/15/51(3)	4,500,000		4,224,375
			7,712,623
Health Care Equipment and Supplies — 0.5%
Becton Dickinson and Co., 3.73%, 12/15/24	3,200,000		3,538,897
Danaher Corp., 2.60%, 10/1/50(4)	4,000,000		3,908,878
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30	4,250,000		4,624,963
Stryker Corp., 1.95%, 6/15/30	3,700,000		3,775,812
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30	3,485,000		3,912,394
			19,760,944
Health Care Providers and Services — 1.0%
Anthem, Inc., 2.375%, 1/15/25	1,060,000		1,127,179
Cigna Corp., 2.40%, 3/15/30	3,400,000		3,522,828
CVS Health Corp., 4.30%, 3/25/28	5,010,000		5,868,210
CVS Health Corp., 1.75%, 8/21/30	3,320,000		3,257,518

9

	Principal Amount		Value
CVS Health Corp., 4.78%, 3/25/38	$	2,030,000	$	2,462,671
Duke University Health System, Inc., 3.92%, 6/1/47	1,825,000		2,296,152
Partners Healthcare System, Inc., 3.19%, 7/1/49	2,280,000		2,472,840
UnitedHealth Group, Inc., 3.75%, 7/15/25	3,780,000		4,318,267
UnitedHealth Group, Inc., 2.00%, 5/15/30	3,132,000		3,279,671
UnitedHealth Group, Inc., 4.75%, 7/15/45	1,835,000		2,483,529
Universal Health Services, Inc., 2.65%, 10/15/30(3)	7,875,000		7,859,408
			38,948,273
Hotels, Restaurants and Leisure — 0.2%
Las Vegas Sands Corp., 3.90%, 8/8/29	2,460,000		2,467,122
Marriott International, Inc., 3.50%, 10/15/32	5,321,000		5,263,445
McDonald's Corp., MTN, 4.70%, 12/9/35	1,070,000		1,370,132
			9,100,699
Household Durables — 0.2%
D.R. Horton, Inc., 2.55%, 12/1/20	1,580,000		1,585,395
D.R. Horton, Inc., 5.75%, 8/15/23	1,075,000		1,214,362
D.R. Horton, Inc., 2.50%, 10/15/24	3,490,000		3,697,389
Lennar Corp., 4.75%, 4/1/21	2,820,000		2,851,091
			9,348,237
Industrial Conglomerates — 0.3%
Carlisle Cos., Inc., 2.75%, 3/1/30	6,470,000		6,883,947
General Electric Co., 3.625%, 5/1/30	4,230,000		4,398,855
General Electric Co., 4.35%, 5/1/50	1,970,000		2,011,041
			13,293,843
Insurance — 1.7%
American International Group, Inc., 3.40%, 6/30/30	4,815,000		5,324,484
American International Group, Inc., 4.50%, 7/16/44	3,032,000		3,562,919
Athene Global Funding, 2.50%, 1/14/25(3)	2,930,000		3,022,624
Athene Global Funding, 2.55%, 6/29/25(3)	2,930,000		3,017,714
Athene Global Funding, 2.45%, 8/20/27(3)	2,156,000		2,215,848
Belrose Funding Trust, 2.33%, 8/15/30(3)	1,525,000		1,509,311
Chubb INA Holdings, Inc., 1.375%, 9/15/30	4,769,000		4,707,268
Five Corners Funding Trust II, 2.85%, 5/15/30(3)	4,689,000		5,063,873
Globe Life, Inc., 2.15%, 8/15/30	3,660,000		3,687,002
Great-West Lifeco US Finance 2020 LP, 0.90%, 8/12/25(3)	5,167,000		5,160,391
Kemper Corp., 2.40%, 9/30/30	2,670,000		2,635,367
Liberty Mutual Group, Inc., 4.50%, 6/15/49(3)	40,000		48,527
Lincoln National Corp., 4.375%, 6/15/50	5,275,000		6,124,076
Markel Corp., 4.90%, 7/1/22	2,310,000		2,478,470
Massachusetts Mutual Life Insurance Co., 3.375%, 4/15/50(3)	5,350,000		5,464,061
Protective Life Global Funding, 1.74%, 9/21/30(3)	6,200,000		6,145,686
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50(3)	2,468,000		2,552,978
Unum Group, 4.50%, 3/15/25	3,110,000		3,459,397
WR Berkley Corp., 4.625%, 3/15/22	1,440,000		1,521,551
			67,701,547
Internet and Direct Marketing Retail — 0.1%
Expedia Group, Inc., 3.60%, 12/15/23(3)	4,435,000		4,534,268
IT Services — 0.5%
Fiserv, Inc., 3.50%, 7/1/29	2,535,000		2,892,692
Global Payments, Inc., 3.20%, 8/15/29	5,130,000		5,610,728
International Business Machines Corp., 1.70%, 5/15/27	3,300,000		3,416,177

10

	Principal Amount		Value
International Business Machines Corp., 1.95%, 5/15/30	$	1,800,000	$	1,857,644
PayPal Holdings, Inc., 2.30%, 6/1/30	4,505,000		4,765,296
			18,542,537
Life Sciences Tools and Services — 0.1%
Agilent Technologies, Inc., 2.10%, 6/4/30	1,890,000		1,941,465
Machinery — 0.1%
Cummins, Inc., 2.60%, 9/1/50	4,540,000		4,455,630
Media — 0.9%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.20%, 3/15/28	2,290,000		2,603,585
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50	6,825,000		7,839,231
Comcast Corp., 1.95%, 1/15/31	2,775,000		2,857,087
Comcast Corp., 3.20%, 7/15/36	2,761,000		3,071,762
Comcast Corp., 3.75%, 4/1/40	1,285,000		1,505,303
Comcast Corp., 2.45%, 8/15/52	1,700,000		1,597,877
Discovery Communications LLC, 3.625%, 5/15/30	1,055,000		1,175,398
Time Warner Entertainment Co. LP, 8.375%, 3/15/23	3,275,000		3,851,163
ViacomCBS, Inc., 4.75%, 5/15/25	4,745,000		5,449,428
ViacomCBS, Inc., 3.70%, 6/1/28	1,675,000		1,862,286
ViacomCBS, Inc., 4.20%, 5/19/32	2,370,000		2,712,763
			34,525,883
Metals and Mining — 0.3%
Minera Mexico SA de CV, 4.50%, 1/26/50(3)	7,300,000		7,989,850
Newcrest Finance Pty Ltd., 4.20%, 5/13/50(3)	1,730,000		2,030,041
Steel Dynamics, Inc., 3.45%, 4/15/30	1,605,000		1,773,383
Teck Resources Ltd., 3.90%, 7/15/30(3)	1,520,000		1,593,178
			13,386,452
Multi-Utilities — 0.7%
Ameren Corp., 3.50%, 1/15/31	4,338,000		4,968,662
CenterPoint Energy, Inc., 4.25%, 11/1/28	3,991,000		4,758,744
Dominion Energy, Inc., 4.90%, 8/1/41	3,370,000		4,334,025
NiSource, Inc., 1.70%, 2/15/31	2,320,000		2,284,998
NiSource, Inc., 5.65%, 2/1/45	1,925,000		2,664,479
San Diego Gas & Electric Co., 1.70%, 10/1/30	1,790,000		1,777,876
Sempra Energy, 2.875%, 10/1/22	1,670,000		1,733,756
Sempra Energy, 3.25%, 6/15/27	2,840,000		3,123,927
Sempra Energy, 4.00%, 2/1/48	1,310,000		1,476,655
			27,123,122
Multiline Retail — 0.1%
Target Corp., 2.35%, 2/15/30	2,000,000		2,172,694
Oil, Gas and Consumable Fuels — 2.4%
Aker BP ASA, 3.75%, 1/15/30(3)	5,200,000		5,063,289
Aker BP ASA, 4.00%, 1/15/31(3)	1,960,000		1,936,779
BP Capital Markets America, Inc., 1.75%, 8/10/30	2,900,000		2,882,364
Chevron Corp., 2.00%, 5/11/27	2,490,000		2,636,261
Chevron USA, Inc., 1.02%, 8/12/27	1,560,000		1,559,037
CNOOC Finance Ltd., 4.25%, 1/26/21	6,000,000		6,064,080
Concho Resources, Inc., 2.40%, 2/15/31	2,180,000		2,089,735
Diamondback Energy, Inc., 3.50%, 12/1/29	4,840,000		4,679,144
Ecopetrol SA, 5.875%, 5/28/45	690,000		752,962
Energy Transfer Operating LP, 4.25%, 3/15/23	4,430,000		4,611,625
Energy Transfer Operating LP, 4.90%, 3/15/35	2,070,000		2,026,901

11

	Principal Amount		Value
Enterprise Products Operating LLC, 4.85%, 3/15/44	$	5,120,000	$	5,830,915
EOG Resources, Inc., 4.10%, 2/1/21	1,640,000		1,660,645
Equinor ASA, 1.75%, 1/22/26	2,510,000		2,605,242
Equinor ASA, 3.25%, 11/18/49	1,460,000		1,555,904
Exxon Mobil Corp., 1.57%, 4/15/23	4,030,000		4,148,480
Exxon Mobil Corp., 3.04%, 3/1/26	870,000		961,075
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	4,188,000		5,281,442
MPLX LP, 5.25%, 1/15/25	2,600,000		2,695,656
MPLX LP, 2.65%, 8/15/30	3,160,000		3,105,654
MPLX LP, 4.50%, 4/15/38	2,080,000		2,131,227
Ovintiv, Inc., 6.50%, 2/1/38	910,000		827,883
Petroleos Mexicanos, 4.875%, 1/24/22	1,420,000		1,439,191
Petroleos Mexicanos, 3.50%, 1/30/23	130,000		128,158
Petroleos Mexicanos, 4.625%, 9/21/23	1,800,000		1,791,000
Petroleos Mexicanos, 6.50%, 3/13/27	2,100,000		1,961,337
Petroleos Mexicanos, 6.625%, 6/15/35	50,000		41,600
Petroleos Mexicanos, 5.50%, 6/27/44	100,000		74,320
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 9/15/30	7,070,000		6,869,261
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	7,120,000		8,147,539
Sunoco Logistics Partners Operations LP, 4.00%, 10/1/27	3,610,000		3,687,863
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30(3)	2,550,000		2,759,979
Valero Energy Corp., 1.20%, 3/15/24	4,992,000		4,975,003
			96,981,551
Paper and Forest Products — 0.1%
Georgia-Pacific LLC, 2.10%, 4/30/27(3)	3,840,000		4,033,682
Pharmaceuticals — 0.9%
AstraZeneca plc, 1.375%, 8/6/30	5,966,000		5,821,853
Bristol-Myers Squibb Co., 3.25%, 8/15/22	4,255,000		4,485,005
Bristol-Myers Squibb Co., 3.625%, 5/15/24	1,050,000		1,157,481
Bristol-Myers Squibb Co., 3.40%, 7/26/29	5,890,000		6,853,768
Royalty Pharma plc, 1.75%, 9/2/27(3)	5,534,000		5,538,161
Royalty Pharma plc, 2.20%, 9/2/30(3)	4,450,000		4,433,801
Upjohn, Inc., 2.70%, 6/22/30(3)	7,461,000		7,732,431
Upjohn, Inc., 4.00%, 6/22/50(3)	1,411,000		1,510,109
			37,532,609
Road and Rail — 0.7%
Ashtead Capital, Inc., 4.125%, 8/15/25(3)	5,200,000		5,349,903
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41	1,075,000		1,440,779
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	6,680,000		8,384,055
CSX Corp., 3.25%, 6/1/27	4,030,000		4,564,147
Norfolk Southern Corp., 3.05%, 5/15/50	2,070,000		2,217,189
Union Pacific Corp., 2.40%, 2/5/30	2,770,000		2,988,138
Union Pacific Corp., 3.60%, 9/15/37	1,470,000		1,699,709
Union Pacific Corp., MTN, 3.55%, 8/15/39	1,630,000		1,864,657
			28,508,577
Semiconductors and Semiconductor Equipment — 0.5%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.125%, 1/15/25	1,233,000		1,316,363
Broadcom, Inc., 2.25%, 11/15/23	3,670,000		3,818,078
Broadcom, Inc., 3.15%, 11/15/25	4,690,000		5,064,416
Microchip Technology, Inc., 2.67%, 9/1/23(3)	4,475,000		4,635,710
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(3)	4,112,000		4,347,288

12

	Principal Amount		Value
Texas Instruments, Inc., 1.75%, 5/4/30	$	2,210,000	$	2,284,828
			21,466,683
Software — 0.4%
Microsoft Corp., 2.53%, 6/1/50	5,290,000		5,552,939
Oracle Corp., 2.80%, 4/1/27	1,830,000		2,011,839
Oracle Corp., 4.00%, 7/15/46	5,930,000		7,032,399
			14,597,177
Specialty Retail — 0.3%
Home Depot, Inc. (The), 2.50%, 4/15/27	2,960,000		3,222,338
Home Depot, Inc. (The), 3.90%, 6/15/47	2,090,000		2,579,165
Home Depot, Inc. (The), 3.35%, 4/15/50	4,005,000		4,642,214
			10,443,717
Technology Hardware, Storage and Peripherals — 0.8%
Apple, Inc., 2.55%, 8/20/60	4,940,000		4,951,731
Dell International LLC / EMC Corp., 5.45%, 6/15/23(3)	5,834,000		6,399,876
EMC Corp., 3.375%, 6/1/23	4,645,000		4,790,992
Hewlett Packard Enterprise Co., 1.45%, 4/1/24	5,750,000		5,827,950
NetApp, Inc., 2.375%, 6/22/27	5,725,000		5,978,380
Seagate HDD Cayman, 4.875%, 3/1/24	1,645,000		1,790,833
Seagate HDD Cayman, 4.75%, 1/1/25	3,655,000		4,016,627
			33,756,389
Trading Companies and Distributors — 0.2%
Air Lease Corp., MTN, 2.875%, 1/15/26	2,940,000		2,893,415
Aircastle Ltd., 5.25%, 8/11/25(3)	6,025,000		5,901,513
			8,794,928
Water Utilities — 0.1%
Essential Utilities, Inc., 2.70%, 4/15/30	4,310,000		4,618,050
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc., 2.55%, 2/15/31(3)	4,110,000		4,263,426
Vodafone Group plc, 4.375%, 2/19/43	2,080,000		2,436,206
			6,699,632
TOTAL CORPORATE BONDS (Cost $1,239,790,963)			1,268,895,196
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 25.4%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.9%
FHLMC, VRN, 3.44%, (1-year H15T1Y plus 2.25%), 9/1/35	364,783		386,801
FHLMC, VRN, 2.64%, (1-year H15T1Y plus 2.25%), 7/1/36	59,747		63,238
FHLMC, VRN, 3.37%, (12-month LIBOR plus 1.87%), 7/1/36	974,256		1,031,450
FHLMC, VRN, 3.26%, (1-year H15T1Y plus 2.14%), 10/1/36	841,085		889,006
FHLMC, VRN, 3.52%, (1-year H15T1Y plus 2.26%), 4/1/37	728,459		771,739
FHLMC, VRN, 3.70%, (12-month LIBOR plus 1.80%), 2/1/38	296,963		314,213
FHLMC, VRN, 3.80%, (12-month LIBOR plus 1.82%), 6/1/38	155,863		164,662
FHLMC, VRN, 2.65%, (12-month LIBOR plus 1.88%), 7/1/40	66,348		69,688
FHLMC, VRN, 3.02%, (12-month LIBOR plus 1.76%), 9/1/40	93,388		97,524
FHLMC, VRN, 3.65%, (12-month LIBOR plus 1.88%), 5/1/41	55,740		58,830
FHLMC, VRN, 3.42%, (12-month LIBOR plus 1.86%), 7/1/41	642,575		677,360
FHLMC, VRN, 3.67%, (12-month LIBOR plus 1.65%), 12/1/42	436,549		454,103
FHLMC, VRN, 3.64%, (12-month LIBOR plus 1.64%), 2/1/43	98,926		101,646
FHLMC, VRN, 3.19%, (12-month LIBOR plus 1.63%), 5/1/43	97,259		101,347
FHLMC, VRN, 2.50%, (12-month LIBOR plus 1.62%), 6/1/43	2,453		2,468
FHLMC, VRN, 2.83%, (12-month LIBOR plus 1.65%), 6/1/43	56,430		56,912
FHLMC, VRN, 2.83%, (12-month LIBOR plus 1.62%), 1/1/44	2,020,049		2,099,691

13

	Principal Amount		Value
FHLMC, VRN, 3.17%, (12-month LIBOR plus 1.62%), 6/1/44	$	900,714	$	939,355
FHLMC, VRN, 2.54%, (12-month LIBOR plus 1.59%), 10/1/44	740,883		769,509
FHLMC, VRN, 2.58%, (12-month LIBOR plus 1.60%), 6/1/45	1,838,062		1,914,696
FHLMC, VRN, 2.36%, (12-month LIBOR plus 1.63%), 8/1/46	2,177,530		2,265,181
FHLMC, VRN, 3.05%, (12-month LIBOR plus 1.64%), 9/1/47	1,499,625		1,566,876
FNMA, VRN, 2.47%, (6-month LIBOR plus 1.57%), 6/1/35	151,359		157,346
FNMA, VRN, 2.51%, (6-month LIBOR plus 1.57%), 6/1/35	444,951		462,296
FNMA, VRN, 2.53%, (6-month LIBOR plus 1.57%), 6/1/35	1,152,238		1,197,133
FNMA, VRN, 2.57%, (6-month LIBOR plus 1.57%), 6/1/35	943,790		980,684
FNMA, VRN, 2.52%, (6-month LIBOR plus 1.54%), 9/1/35	860,051		891,950
FNMA, VRN, 3.14%, (1-year H15T1Y plus 2.16%), 3/1/38	760,952		801,715
FNMA, VRN, 3.69%, (12-month LIBOR plus 1.69%), 1/1/40	37,219		38,859
FNMA, VRN, 2.54%, (12-month LIBOR plus 1.79%), 8/1/40	64,968		67,379
FNMA, VRN, 3.02%, (12-month LIBOR plus 1.77%), 10/1/40	157,761		163,892
FNMA, VRN, 2.46%, (12-month LIBOR plus 1.75%), 8/1/41	127,999		133,743
FNMA, VRN, 3.26%, (12-month LIBOR plus 1.57%), 3/1/43	259,324		268,709
FNMA, VRN, 3.56%, (12-month LIBOR plus 1.58%), 1/1/45	62,770		65,150
FNMA, VRN, 2.36%, (12-month LIBOR plus 1.59%), 8/1/45	469,179		487,828
FNMA, VRN, 2.62%, (12-month LIBOR plus 1.60%), 4/1/46	2,935,338		3,039,480
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47	4,021,289		4,206,462
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47	1,581,868		1,654,386
FNMA, VRN, 3.14%, (12-month LIBOR plus 1.61%), 4/1/47	2,625,405		2,747,203
FNMA, VRN, 2.94%, (12-month LIBOR plus 1.62%), 5/1/47	2,277,171		2,390,076
FNMA, VRN, 3.24%, (12-month LIBOR plus 1.62%), 5/1/47	754,436		787,692
			35,338,278
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 24.5%
FHLMC, 7.00%, 9/1/27	123		139
FHLMC, 6.50%, 1/1/28	197		221
FHLMC, 7.00%, 2/1/28	33		37
FHLMC, 6.50%, 3/1/29	1,233		1,394
FHLMC, 6.50%, 6/1/29	1,539		1,725
FHLMC, 7.00%, 8/1/29	131		147
FHLMC, 6.50%, 5/1/31	1,360		1,523
FHLMC, 6.50%, 6/1/31	160		179
FHLMC, 5.50%, 12/1/33	16,946		19,744
FHLMC, 6.00%, 2/1/38	133,997		158,324
FHLMC, 5.50%, 4/1/38	71,313		82,767
FHLMC, 6.00%, 5/1/38	107,079		125,906
FHLMC, 6.00%, 8/1/38	20,482		23,842
FHLMC, 5.50%, 9/1/38	509,241		586,661
FHLMC, 4.50%, 5/1/47	10,870,789		11,774,787
FHLMC, 3.50%, 12/1/47	5,853,349		6,222,217
FHLMC, 4.00%, 9/1/48	22,261,941		23,736,769
FHLMC, 4.00%, 10/1/48	3,647,671		3,891,376
FHLMC, 4.00%, 10/1/48	22,407,303		23,898,907
FHLMC, 3.50%, 4/1/49	34,323,057		36,242,685
FHLMC, 3.50%, 10/1/49	49,432,320		52,104,479
FHLMC, 3.00%, 8/1/50	19,349,859		20,296,104
FNMA, 6.50%, 1/1/26	896		1,003
FNMA, 7.00%, 12/1/27	274		304
FNMA, 7.50%, 4/1/28	1,689		1,894
FNMA, 7.00%, 5/1/28	1,567		1,628

14

	Principal Amount		Value
FNMA, 7.00%, 6/1/28	$	28	$	28
FNMA, 6.50%, 1/1/29	204		232
FNMA, 6.50%, 4/1/29	712		806
FNMA, 7.00%, 7/1/29	128		129
FNMA, 7.50%, 7/1/29	1,157		1,203
FNMA, 7.50%, 9/1/30	497		584
FNMA, 5.00%, 7/1/31	1,207,620		1,358,057
FNMA, 7.00%, 9/1/31	2,398		2,557
FNMA, 6.50%, 1/1/32	856		983
FNMA, 6.50%, 8/1/32	3,333		3,808
FNMA, 5.50%, 6/1/33	10,141		11,902
FNMA, 5.50%, 7/1/33	55,153		64,767
FNMA, 5.50%, 8/1/33	24,198		28,460
FNMA, 5.50%, 9/1/33	32,001		37,680
FNMA, 5.00%, 11/1/33	120,894		139,021
FNMA, 6.00%, 12/1/33	399,752		472,343
FNMA, 5.50%, 1/1/34	22,612		25,976
FNMA, 3.50%, 3/1/34	1,403,130		1,506,209
FNMA, 5.50%, 12/1/34	31,600		36,255
FNMA, 4.50%, 1/1/35	130,566		144,032
FNMA, 5.00%, 8/1/35	53,149		61,041
FNMA, 5.00%, 2/1/36	373,470		429,785
FNMA, 5.50%, 7/1/36	20,155		23,059
FNMA, 5.50%, 2/1/37	10,010		11,645
FNMA, 6.00%, 4/1/37	98,313		116,199
FNMA, 6.00%, 7/1/37	232,421		272,912
FNMA, 6.00%, 8/1/37	161,505		190,506
FNMA, 6.50%, 8/1/37	11,610		13,479
FNMA, 6.00%, 9/1/37	144,261		169,016
FNMA, 6.00%, 11/1/37	57,669		67,657
FNMA, 5.50%, 2/1/38	432,164		500,095
FNMA, 5.50%, 2/1/38	44,601		50,631
FNMA, 5.00%, 5/1/38	145,716		167,716
FNMA, 5.50%, 6/1/38	128,714		146,804
FNMA, 5.00%, 1/1/39	95,441		107,868
FNMA, 4.50%, 2/1/39	301,362		338,135
FNMA, 5.50%, 3/1/39	321,055		372,790
FNMA, 4.50%, 4/1/39	230,644		261,275
FNMA, 4.50%, 5/1/39	602,686		682,054
FNMA, 6.50%, 5/1/39	85,517		100,377
FNMA, 4.50%, 6/1/39	323,057		363,368
FNMA, 5.00%, 8/1/39	318,631		367,260
FNMA, 4.50%, 9/1/39	1,200,859		1,362,850
FNMA, 4.50%, 10/1/39	1,037,198		1,177,557
FNMA, 5.00%, 4/1/40	1,590,931		1,833,424
FNMA, 5.00%, 4/1/40	847,970		974,562
FNMA, 5.00%, 6/1/40	1,432,386		1,650,150
FNMA, 4.00%, 10/1/40	1,103,917		1,243,964
FNMA, 4.50%, 11/1/40	1,007,331		1,134,410
FNMA, 5.00%, 11/1/40	124,308		143,274
FNMA, 3.50%, 12/1/40	173,458		187,213
FNMA, 4.00%, 8/1/41	1,884,126		2,099,437

15

	Principal Amount		Value
FNMA, 4.50%, 9/1/41	$	910,438	$	1,025,154
FNMA, 4.50%, 9/1/41	137,544		154,904
FNMA, 3.50%, 10/1/41	1,348,913		1,448,603
FNMA, 3.50%, 12/1/41	5,960,250		6,445,673
FNMA, 4.00%, 12/1/41	2,861,950		3,159,714
FNMA, 3.50%, 1/1/42	132,787		143,404
FNMA, 5.00%, 1/1/42	3,178,108		3,657,420
FNMA, 3.50%, 2/1/42	4,322,236		4,673,652
FNMA, 3.50%, 4/1/42	286,493		312,657
FNMA, 3.50%, 5/1/42	1,303,524		1,423,970
FNMA, 3.50%, 6/1/42	1,300,868		1,433,891
FNMA, 3.50%, 8/1/42	353,967		380,783
FNMA, 3.50%, 8/1/42	7,058,726		7,660,482
FNMA, 3.50%, 9/1/42	1,695,442		1,823,495
FNMA, 3.50%, 12/1/42	534,560		580,132
FNMA, 4.00%, 1/1/44	412,270		452,952
FNMA, 4.00%, 11/1/45	868,939		939,323
FNMA, 4.00%, 11/1/45	4,768,955		5,154,979
FNMA, 4.00%, 2/1/46	4,615,215		5,007,549
FNMA, 4.00%, 4/1/46	10,737,706		11,580,396
FNMA, 6.50%, 8/1/47	4,199		4,551
FNMA, 6.50%, 9/1/47	8,476		9,163
FNMA, 6.50%, 9/1/47	408		442
FNMA, 6.50%, 9/1/47	4,471		4,834
FNMA, 3.50%, 3/1/48	7,084,792		7,502,840
FNMA, 4.00%, 6/1/48	18,849,062		20,141,659
FNMA, 4.50%, 7/1/48	16,658,080		18,068,940
FNMA, 4.00%, 8/1/48	5,139,090		5,482,734
FNMA, 4.50%, 2/1/49	11,681,246		12,636,272
FNMA, 3.50%, 4/1/49	25,239,225		26,574,985
FNMA, 4.00%, 6/1/49	24,531,842		26,148,630
FNMA, 3.50%, 7/1/49	8,713,963		9,224,980
FNMA, 3.50%, 9/1/49	1,527,408		1,609,867
FNMA, 4.50%, 9/1/49	4,015,931		4,344,140
FNMA, 3.00%, 12/1/49	22,135,351		23,207,432
FNMA, 3.00%, 3/1/50	15,316,918		16,055,487
FNMA, 3.00%, 3/1/50	77,697,878		81,544,518
FNMA, 2.50%, 4/1/50	5,297,863		5,562,605
FNMA, 3.00%, 5/1/50	6,834,886		7,341,701
FNMA, 3.00%, 6/1/50	8,414,153		8,825,615
FNMA, 3.00%, 6/1/50	7,709,231		8,086,228
FNMA, 3.00%, 6/1/50	10,655,309		11,224,627
GNMA, 2.50%, TBA	21,850,000		22,942,500
GNMA, 7.00%, 11/15/22	297		301
GNMA, 7.00%, 4/20/26	132		148
GNMA, 7.50%, 8/15/26	307		347
GNMA, 8.00%, 8/15/26	135		148
GNMA, 7.50%, 5/15/27	177		180
GNMA, 8.00%, 6/15/27	342		343
GNMA, 7.00%, 2/15/28	135		135
GNMA, 7.50%, 2/15/28	82		82
GNMA, 6.50%, 3/15/28	452		499

16

	Principal Amount		Value
GNMA, 6.50%, 5/15/28	$	2,033	$	2,249
GNMA, 7.00%, 12/15/28	199		200
GNMA, 7.00%, 5/15/31	1,583		1,887
GNMA, 6.00%, 7/15/33	412,805		484,602
GNMA, 4.50%, 8/15/33	440,135		486,229
GNMA, 5.00%, 3/20/36	49,440		56,480
GNMA, 5.00%, 4/20/36	102,584		117,189
GNMA, 5.00%, 5/20/36	163,389		186,651
GNMA, 5.50%, 1/15/39	519,808		608,337
GNMA, 6.00%, 1/20/39	21,746		25,018
GNMA, 6.00%, 2/20/39	138,649		159,511
GNMA, 4.50%, 6/15/39	1,315,297		1,479,886
GNMA, 5.00%, 9/15/39	38,206		42,846
GNMA, 5.50%, 9/15/39	50,199		57,679
GNMA, 5.00%, 10/15/39	584,453		662,354
GNMA, 4.50%, 1/15/40	465,084		512,762
GNMA, 4.00%, 11/20/40	1,588,423		1,734,128
GNMA, 4.00%, 12/15/40	617,664		670,737
GNMA, 4.50%, 6/15/41	452,813		512,468
GNMA, 4.50%, 7/20/41	670,088		744,264
GNMA, 3.50%, 4/20/42	3,551,738		3,854,820
GNMA, 3.50%, 6/20/42	7,705,749		8,366,039
GNMA, 3.50%, 3/20/43	481,895		523,192
GNMA, 3.50%, 4/20/43	3,021,519		3,280,460
GNMA, 4.50%, 11/20/43	80,070		88,976
GNMA, 3.50%, 7/20/44	227,831		245,808
GNMA, 4.00%, 9/20/45	493,415		532,151
GNMA, 3.50%, 3/15/46	1,915,311		2,024,718
GNMA, 3.50%, 4/20/46	6,766,818		7,241,545
GNMA, 2.50%, 7/20/46	8,944,083		9,470,622
GNMA, 2.50%, 8/20/46	1,108,481		1,168,910
GNMA, 2.50%, 2/20/47	501,780		531,105
GNMA, 3.00%, 4/20/50	65,403,709		68,605,630
UMBS, 2.00%, TBA	88,500,000		91,493,790
UMBS, 2.50%, TBA	134,450,000		141,025,444
UMBS, 3.00%, TBA	44,500,000		46,596,367
UMBS, 3.00%, TBA	28,500,000		29,857,090
			997,088,517
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $1,024,737,857)			1,032,426,795
COLLATERALIZED MORTGAGE OBLIGATIONS — 6.0%
Private Sponsor Collateralized Mortgage Obligations — 3.0%
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 3.61%, 3/25/35	1,122,319		1,135,641
Agate Bay Mortgage Loan Trust, Series 2014-3, Class A2, VRN, 3.50%, 11/25/44(3)	1,028,400		1,066,408
Agate Bay Mortgage Loan Trust, Series 2016-1, Class A3, VRN, 3.50%, 12/25/45(3)	1,749,539		1,776,494
Agate Bay Mortgage Loan Trust, Series 2016-3, Class A3, VRN, 3.50%, 8/25/46(3)	2,992,312		3,092,525
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 3.60%, 6/25/34	934,461		912,322

17

	Principal Amount		Value
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.19%, 11/25/34	$	849,951	$	833,128
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A1, VRN, 1.45%, 5/25/60(3)	6,164,818		6,181,608
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.77%, 8/25/34	1,792,000		1,776,857
COLT Mortgage Loan Trust, Series 2020-1, Class A3 SEQ, VRN, 2.90%, 2/25/50(3)	3,989,704		4,032,509
COLT Mortgage Loan Trust, Series 2020-3, Class A1 SEQ, VRN, 1.51%, 4/27/65(3)	13,161,526		13,257,408
Connecticut Avenue Securities Trust, Series 2020-R02, Class 2M2, VRN, 2.15%, (1-month LIBOR plus 2.00%), 1/25/40(3)	6,289,000		6,161,187
Connecticut Avenue Securities Trust, Series 2020-SBT1, Class 2M2, VRN, 3.80%, (1-month LIBOR plus 3.65%), 2/25/40(3)	6,500,000		6,226,028
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	4,857		4,334
Credit Suisse First Boston Mortgage-Backed Trust, Series 2004-AR6, Class 2A1, VRN, 3.125%, 10/25/34	91,608		93,886
Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3 SEQ, VRN, 3.50%, 10/25/47(3)	1,868,963		1,883,617
Credit Suisse Mortgage Trust, Series 2019-AFC1, Class A1, VRN, 2.57%, 7/25/49(3)	5,690,101		5,816,129
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class A1, VRN, 2.24%, 2/25/50(3)	3,156,940		3,206,942
Credit Suisse Mortgage Trust, Series 2020-NQM1, Class A1, 1.21%, 5/25/65(3)	7,000,000		6,999,885
Credit Suisse Mortgage Trust, Series 2020-NQM1, Class A2, 1.41%, 5/25/65(3)	5,000,000		4,999,952
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 3.04%, 10/25/34	935,502		934,005
Galton Funding Mortgage Trust, Series 2020-H1, Class A1 SEQ, VRN, 2.31%, 1/25/60(3)	6,019,182		6,151,297
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 2.80%, 6/25/34	383,026		373,967
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 3.83%, 5/25/34	707,311		681,614
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.66%, 1/25/35	694,179		689,190
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A1, VRN, 3.68%, 9/25/35	1,497,937		1,501,752
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2 SEQ, VRN, 2.50%, 3/25/43(3)	421,312		426,323
JPMorgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.50%, 1/25/47(3)	540,775		558,726
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.23%, 11/21/34	818,514		827,910
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 3.07%, 11/25/35	1,615,835		1,570,771
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 3.78%, 2/25/35	679,996		700,055
MFA Trust, Series 2020-NQM1, Class A1 SEQ, VRN, 1.48%, 8/25/49(3)	5,134,251		5,173,543
New Residential Mortgage Loan Trust, Series 2017-1A, Class A1, VRN, 4.00%, 2/25/57(3)	4,162,500		4,538,578
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(3)	5,984,456		6,514,678
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 1.65%, (1-month LIBOR plus 1.50%), 6/25/57(3)	4,798,106		4,812,745

18

	Principal Amount		Value
New Residential Mortgage Loan Trust, Series 2019-NQM2, Class A1 SEQ, VRN, 3.60%, 4/25/49(3)	$	2,663,562	$	2,701,574
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(3)	4,307,678		4,475,926
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(3)	2,537,217		2,553,553
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(3)	2,224,672		2,283,646
Starwood Mortgage Residential Trust, Series 2020-2, Class A1 SEQ, VRN, 2.72%, 4/25/60(3)	6,917,051		6,961,592
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 2.95%, 7/25/34	391,264		391,425
WaMu Mortgage Pass-Through Certificates, Series 2003-S11, Class 3A5, 5.95%, 11/25/33	42,280		44,176
			124,323,906
U.S. Government Agency Collateralized Mortgage Obligations — 3.0%
FHLMC, Series 2013-DN2, Class M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 11/25/23	5,304,429		4,867,722
FHLMC, Series 2014-DN2, Class M3, VRN, 3.75%, (1-month LIBOR plus 3.60%), 4/25/24	7,562,081		7,008,552
FHLMC, Series 2014-HQ3, Class M3, VRN, 4.90%, (1-month LIBOR plus 4.75%), 10/25/24	2,758,840		2,789,183
FHLMC, Series 2015-DNA3, Class M3F, VRN, 3.85%, (1-month LIBOR plus 3.70%), 4/25/28	3,487,897		3,584,296
FHLMC, Series 2015-HQ2, Class M3, VRN, 3.40%, (1-month LIBOR plus 3.25%), 5/25/25	1,910,000		1,918,394
FHLMC, Series 2016-DNA2, Class M3, VRN, 4.80%, (1-month LIBOR plus 4.65%), 10/25/28	5,491,709		5,729,428
FHLMC, Series 2016-DNA3, Class M3, VRN, 5.15%, (1-month LIBOR plus 5.00%), 12/25/28	9,105,185		9,431,654
FHLMC, Series 2016-HQA3, Class M2, VRN, 1.50%, (1-month LIBOR plus 1.35%), 3/25/29	439,191		439,408
FHLMC, Series 2016-HQA4, Class M3, VRN, 4.05%, (1-month LIBOR plus 3.90%), 4/25/29	5,784,102		6,026,392
FHLMC, Series 2017-DNA1, Class M2, VRN, 3.40%, (1-month LIBOR plus 3.25%), 7/25/29	8,736,868		8,985,524
FHLMC, Series 2017-DNA2, Class M1, VRN, 1.35%, (1-month LIBOR plus 1.20%), 10/25/29	1,380,913		1,382,115
FHLMC, Series 2017-DNA2, Class M2, VRN, 3.60%, (1-month LIBOR plus 3.45%), 10/25/29	2,400,000		2,481,137
FHLMC, Series 2018-HQA2, Class M2, VRN, 2.45%, (1-month LIBOR plus 2.30%), 10/25/48(3)	1,750,000		1,721,166
FHLMC, Series 2019-DNA2, Class M2, VRN, 2.60%, (1-month LIBOR plus 2.45%), 3/25/49(3)	3,427,742		3,384,509
FHLMC, Series 2019-DNA3, Class M2, VRN, 2.20%, (1-month LIBOR plus 2.05%), 7/25/49(3)	5,367,732		5,277,718
FHLMC, Series 3397, Class GF, VRN, 0.65%, (1-month LIBOR plus 0.50%), 12/15/37	1,083,450		1,099,388
FNMA, Series 2014-C02, Class 1M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	9,930,213		8,733,275
FNMA, Series 2014-C02, Class 2M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	3,929,441		3,874,512
FNMA, Series 2014-C04, Class 1M2, VRN, 5.05%, (1-month LIBOR plus 4.90%), 11/25/24	4,099,497		4,268,365
FNMA, Series 2014-C04, Class 2M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 11/25/24	1,618,745		1,660,290
FNMA, Series 2015-C03, Class 1M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 7/25/25	10,059,016		10,330,176

19

	Principal Amount		Value
FNMA, Series 2015-C03, Class 2M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 7/25/25	$	3,555,203	$	3,651,209
FNMA, Series 2015-C04, Class 1M2, VRN, 5.85%, (1-month LIBOR plus 5.70%), 4/25/28	5,541,132		5,760,834
FNMA, Series 2016-C01, Class 2M2, VRN, 7.10%, (1-month LIBOR plus 6.95%), 8/25/28	6,737,178		7,234,964
FNMA, Series 2016-C04, Class 1M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 1/25/29	5,613,255		5,837,578
FNMA, Series 2016-C06, Class 1M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 4/25/29	3,119,620		3,203,061
			120,680,850
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $243,418,518)			245,004,756
COLLATERALIZED LOAN OBLIGATIONS — 4.0%
Anchorage Credit Opportunities CLO 1 Ltd., Series 2019-1A, Class A1, VRN, 2.22%, (3-month LIBOR plus 1.95%), 1/20/32(3)	8,850,000		8,861,451
Ares XLI CLO Ltd., Series 2016-41A, Class AR, VRN, 1.48%, (3-month LIBOR plus 1.20%), 1/15/29(3)	4,100,000		4,111,614
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 1.29%, (3-month LIBOR plus 1.02%), 4/20/31(3)	11,000,000		10,840,378
CBAM Ltd., Series 2019-9A, Class A, VRN, 1.56%, (3-month LIBOR plus 1.28%), 2/12/30(3)	7,900,000		7,918,676
CIFC Funding Ltd., Series 2013-3RA, Class A1, VRN, 1.24%, (3-month LIBOR plus 0.98%), 4/24/31(3)	4,600,000		4,576,724
CIFC Funding Ltd., Series 2015-4A, Class A1R, VRN, 1.42%, (3-month LIBOR plus 1.15%), 10/20/27(3)	5,000,000		4,994,896
Dryden 49 Senior Loan Fund, Series 2017-49A, Class A, VRN, 1.48%, (3-month LIBOR plus 1.21%), 7/18/30(3)	3,000,000		2,969,578
Dryden 50 Senior Loan Fund, Series 2017-50A, Class A1, VRN, 1.50%, (3-month LIBOR plus 1.22%), 7/15/30(3)	3,300,000		3,294,878
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 1.24%, (3-month LIBOR plus 0.97%), 4/18/31(3)	4,800,000		4,738,851
Elmwood CLO IV Ltd., Series 2020-1A, Class A, VRN, 2.42%, (3-month LIBOR plus 1.24%), 4/15/33(3)	13,100,000		13,103,906
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 1.39%, (3-month LIBOR plus 1.12%), 7/20/31(3)	6,500,000		6,459,616
Kayne CLO 6 Ltd., Series 2019-6A, Class A1, VRN, 1.65%, (3-month LIBOR plus 1.38%), 1/20/33(3)	8,000,000		8,041,482
KKR CLO 30 Ltd., Series 30A, Class A1, VRN, 1.74%, (3-month LIBOR plus 1.50%), 10/17/31(3)	9,750,000		9,750,016
KKR CLO Ltd., Series 2022A, Class A, VRN, 1.42%, (3-month LIBOR plus 1.15%), 7/20/31(3)	7,600,000		7,531,985
Madison Park Funding XXII Ltd., Series 2016-22A, Class A1R, VRN, 1.54%, (3-month LIBOR plus 1.26%), 1/15/33(3)	12,500,000		12,241,407
Magnetite VIII Ltd., Series 2014-8A, Class AR2, VRN, 1.26%,  (3-month LIBOR plus 0.98%), 4/15/31(3)	7,725,000		7,617,844
Octagon Investment Partners 45 Ltd., Series 2019-1A, Class A, VRN, 1.61%, (3-month LIBOR plus 1.33%), 10/15/32(3)	8,700,000		8,745,481
Parallel Ltd., Series 2020-1A, Class A1, VRN, 1.98%, (3-month LIBOR plus 1.83%), 7/20/31(3)	7,250,000		7,294,023
Rockford Tower CLO Ltd., Series 2019-2A, Class A, VRN, 1.58%, (3-month LIBOR plus 1.33%), 8/20/32(3)	4,100,000		4,112,838
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, VRN, 1.42%, (3-month LIBOR plus 1.15%), 4/18/31(3)	9,585,000		9,493,123
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, VRN, 2.60%, (3-month LIBOR plus 1.29%), 4/18/33(3)	3,800,000		3,762,789

20

	Principal Amount		Value
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 1.34%, (3-month LIBOR plus 1.07%), 10/20/28(3)	$	7,000,000	$	6,989,795
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 1.21%, (3-month LIBOR plus 0.97%), 4/25/31(3)	5,000,000		4,935,659
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $162,307,625)			162,387,010
ASSET-BACKED SECURITIES — 2.8%
Argent Securities, Inc., Series 2004-W8, Class M1, VRN, 0.97%, (1-month LIBOR plus 0.83%), 5/25/34	6,440,669		6,294,267
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(3)	2,260,479		2,298,966
FirstKey Homes Trust, Series 2020-SFR1, Class C, 1.94%, 9/17/25(3)	4,000,000		4,029,523
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(3)	4,865,051		5,182,863
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(3)	10,183,929		10,288,424
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(3)	1,854,206		1,894,971
MVW Owner Trust, Series 2014-1A, Class A SEQ, 2.25%, 9/22/31(3)	709,117		710,974
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(3)	700,590		704,163
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(3)	1,338,483		1,342,882
MVW Owner Trust, Series 2017-1A, Class A SEQ, 2.42%, 12/20/34(3)	4,046,975		4,132,556
MVW Owner Trust, Series 2018-1A, Class A SEQ, 3.45%, 1/21/36(3)	6,348,574		6,588,118
Progress Residential Trust, Series 2017-SFR1, Class A SEQ, 2.77%, 8/17/34(3)	2,286,405		2,331,378
Progress Residential Trust, Series 2018-SFR1, Class A SEQ, 3.26%, 3/17/35(3)	6,267,373		6,333,391
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(3)	9,989,555		10,303,145
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(3)	7,000,000		7,231,861
Progress Residential Trust, Series 2019-SFR2, Class A SEQ, 3.15%, 5/17/36(3)	5,417,517		5,610,788
Progress Residential Trust, Series 2020-SFR1, Class D, 2.38%, 4/17/37(3)	3,000,000		3,023,026
Progress Residential Trust, Series 2020-SFR2, Class A SEQ, 2.08%, 6/17/37(3)	6,100,000		6,246,572
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(3)	953,329		970,397
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(3)	284,166		284,804
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(3)	1,108,007		1,109,368
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A SEQ, 3.50%, 6/20/35(3)	3,841,716		3,999,112
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class A SEQ, 2.59%, 5/20/36(3)	5,922,392		6,095,171
Towd Point Mortgage Trust, Series 2017-6, Class A1, VRN, 2.75%, 10/25/57(3)	7,296,546		7,591,696
Towd Point Mortgage Trust, Series 2018-1, Class A1 SEQ, VRN, 3.00%, 1/25/58(3)	1,565,398		1,634,681
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(3)	3,378,715		3,618,386

21

	Principal Amount		Value
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(3)	$	2,810,165	$	2,829,081
VSE VOI Mortgage LLC, Series 2017-A, Class A SEQ, 2.33%, 3/20/35(3)	1,017,443		1,034,400
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(3)	1,309,779		1,357,232
TOTAL ASSET-BACKED SECURITIES (Cost $113,243,991)			115,072,196
MUNICIPAL SECURITIES — 1.7%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	2,205,000		3,408,224
California State University Rev., 2.98%, 11/1/51	4,000,000		4,199,160
Dallas Area Rapid Transit Rev., 6.00%, 12/1/44	1,250,000		1,928,838
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39	2,955,000		3,891,587
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	2,475,000		2,629,836
Grand Parkway Transportation Corp. Rev., 3.24%, 10/1/52	2,335,000		2,429,568
Houston GO, 3.96%, 3/1/47	1,090,000		1,356,004
Los Angeles Community College District GO, 6.75%, 8/1/49	1,530,000		2,737,292
Los Angeles Department of Airports Rev., 6.58%, 5/15/39	1,575,000		2,156,301
Los Angeles Unified School District GO, 5.75%, 7/1/34	500,000		698,775
Metropolitan Government of Nashville & Davidson County GO, 5.71%, 7/1/34	375,000		505,425
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	1,390,000		1,750,691
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	470,000		597,234
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	100,000		133,670
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	1,406,000		2,387,754
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	970,000		1,595,223
New York City GO, 5.97%, 3/1/36	500,000		712,470
New York City GO, 6.27%, 12/1/37	335,000		496,490
New York City Water & Sewer System Rev., 5.95%, 6/15/42	1,425,000		2,236,951
New York State Dormitory Authority Rev., 3.19%, 2/15/43	500,000		545,175
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	3,430,000		3,604,896
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	420,000		671,227
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	1,000,000		1,350,310
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	3,915,000		4,279,956
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	1,575,000		2,179,249
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	490,000		703,973
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	480,000		721,104
San Diego County Regional Airport Authority Rev., 5.59%, 7/1/43	850,000		903,465
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	1,100,000		1,596,980
San Jose Redevelopment Agency Successor Agency Tax Allocation, 3.375%, 8/1/34	1,355,000		1,483,170
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	1,320,000		1,690,326
State of California GO, 4.60%, 4/1/38	2,165,000		2,580,225
State of California GO, 7.55%, 4/1/39	900,000		1,576,575
State of California GO, 7.30%, 10/1/39	1,735,000		2,852,496
State of California GO, 7.60%, 11/1/40	455,000		820,665
University of Texas System Rev., 5.00%, 8/15/40	2,180,000		3,253,737
TOTAL MUNICIPAL SECURITIES (Cost $60,701,173)			66,665,022
U.S. GOVERNMENT AGENCY SECURITIES — 0.7%
FHLMC, 0.375%, 9/23/25	14,900,000		14,868,946

22

	Principal Amount/Shares		Value
FNMA, 0.50%, 6/17/25	$	5,000,000	$	5,019,246
FNMA, 6.625%, 11/15/30	6,500,000		9,988,414
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $28,391,640)			29,876,606
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.5%
Chile†
Chile Government International Bond, 3.25%, 9/14/21	920,000		941,620
Chile Government International Bond, 3.625%, 10/30/42	650,000		749,125
			1,690,745
Colombia — 0.1%
Colombia Government International Bond, 4.375%, 7/12/21	3,170,000		3,261,248
Mexico†
Mexico Government International Bond, 4.15%, 3/28/27	18,000		20,032
Panama — 0.1%
Panama Government International Bond, 7.125%, 1/29/26	1,400,000		1,775,984
Panama Government International Bond, 6.70%, 1/26/36	200,000		291,109
			2,067,093
Peru — 0.1%
Peruvian Government International Bond, 5.625%, 11/18/50	1,315,000		2,099,785
Philippines — 0.2%
Philippine Government International Bond, 4.00%, 1/15/21	1,840,000		1,855,068
Philippine Government International Bond, 5.50%, 3/30/26	3,000,000		3,719,827
Philippine Government International Bond, 6.375%, 10/23/34	830,000		1,203,901
			6,778,796
Poland†
Republic of Poland Government International Bond, 5.125%, 4/21/21	450,000		461,817
Republic of Poland Government International Bond, 3.00%, 3/17/23	1,050,000		1,114,900
Republic of Poland Government International Bond, 4.00%, 1/22/24	230,000		256,520
			1,833,237
Uruguay†
Uruguay Government International Bond, 4.375%, 10/27/27	820,000		950,019
Uruguay Government International Bond, 4.125%, 11/20/45	340,000		405,025
			1,355,044
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $17,404,379)			19,105,980
PREFERRED STOCKS — 0.1%
Banks — 0.1%
JPMorgan Chase & Co., 4.60% (Cost $5,175,034)	5,527,000		5,423,369
TEMPORARY CASH INVESTMENTS — 1.6%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.125% - 2.875%, 12/15/21 - 8/15/47, valued at $25,567,075), in a joint trading account at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $25,070,478)			25,070,443
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 9/30/22, valued at $38,676,408), at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $37,918,053)			37,918,000
TOTAL TEMPORARY CASH INVESTMENTS (Cost $62,988,443)			62,988,443
TOTAL INVESTMENT SECURITIES — 109.0% (Cost $4,325,374,870)			4,424,865,297
OTHER ASSETS AND LIABILITIES(5) — (9.0)%			(363,893,201)
TOTAL NET ASSETS — 100.0%			$	4,060,972,096

23

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,633,064	HUF	491,960,627	UBS AG	12/16/20	$	48,161
USD	2,098,353	MXN	44,635,816	Morgan Stanley	12/16/20	96,781
						$	144,942

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	181	December 2020	$	25,255,156	$	(360)
U.S. Treasury 5-Year Notes	328	December 2020	41,338,250		(769)
U.S. Treasury Long Bonds	115	December 2020	20,272,344		(6,571)
U.S. Treasury Ultra Bonds	60	December 2020	13,308,750		(32,698)
			$	100,174,500	$	(40,398)

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Ultra Notes	899	December 2020	$	143,769,766	$	(463,861)

^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America High Yield Index Series 33	Buy	(5.00)%	12/20/24	$	123,443,000	$	1,661,210	$	(8,156,193)	$	(6,494,983)

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate Index	Pay/Receive Floating Rate Index At Termination	Fixed Rate	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value
CPURNSA	Receive	1.77%	8/5/24	$	25,500,000	$	(543)	$	(301,518)	$	(302,061)

24

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.
UMBS	-	Uniform Mortgage-Backed Securities
USD	-	United States Dollar
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

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

(1)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 $10,527,296.

(3)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 $635,702,543, which represented 15.7% of total net assets. Of these securities, 0.1% of total net assets were deemed illiquid under policies approved by the Board of Trustees.

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

See Notes to Financial Statements.

25

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (cost of $4,325,374,870)	$	4,424,865,297
Receivable for investments sold	180,821,665
Receivable for capital shares sold	936,819
Receivable for variation margin on futures contracts	215,278
Receivable for variation margin on swap agreements	7,154
Unrealized appreciation on forward foreign currency exchange contracts	144,942
Interest receivable	17,788,063
	4,624,779,218
Liabilities
Disbursements in excess of demand deposit cash	249,428
Payable for investments purchased	559,361,905
Payable for capital shares redeemed	4,020,900
Payable for variation margin on swap agreements	174,889
	563,807,122
Net Assets	$	4,060,972,096
G Class Capital Shares
Shares outstanding (unlimited number of shares authorized)	351,874,096
Net Asset Value Per Share	$	11.54
Net Assets Consist of:
Capital paid in	$	3,904,478,494
Distributable earnings	156,493,602
	$	4,060,972,096

See Notes to Financial Statements.

26

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $205)	$	24,068,538
Expenses:
Management fees	4,400,172
Trustees' fees and expenses	91,804
Other expenses	9,848
	4,501,824
Fees waived	(4,400,172)
	101,652
Net investment income (loss)	23,966,886
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	31,565,357
Forward foreign currency exchange contract transactions	(168,603)
Futures contract transactions	805,645
Swap agreement transactions	12,733,452
	44,935,851
Change in net unrealized appreciation (depreciation) on:
Investments	47,544,529
Forward foreign currency exchange contracts	(99,930)
Futures contracts	(1,700,942)
Swap agreements	(14,324,273)
	31,419,384
Net realized and unrealized gain (loss)	76,355,235
Net Increase (Decrease) in Net Assets Resulting from Operations	$	100,322,121

See Notes to Financial Statements.

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Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	23,966,886	$	71,568,315
Net realized gain (loss)	44,935,851		95,255,331
Change in net unrealized appreciation (depreciation)	31,419,384		34,174,979
Net increase (decrease) in net assets resulting from operations	100,322,121		200,998,625
Distributions to Shareholders
From earnings	(25,147,037)		(75,070,089)
Capital Share Transactions
Proceeds from shares sold	2,019,049,391		346,486,144
Proceeds from reinvestment of distributions	25,147,037		75,070,089
Payments for shares redeemed	(106,011,156)		(1,071,028,000)
Net increase (decrease) in net assets from capital share transactions	1,938,185,272		(649,471,767)
Net increase (decrease) in net assets	2,013,360,356		(523,543,231)
Net Assets
Beginning of period	2,047,611,740		2,571,154,971
End of period	$	4,060,972,096	$	2,047,611,740
Transactions in Shares of the Fund
Sold	175,209,480		31,707,990
Issued in reinvestment of distributions	2,185,773		6,841,662
Redeemed	(9,206,716)		(96,903,497)
Net increase (decrease) in shares of the fund	168,188,537		(58,353,845)

See Notes to Financial Statements.

28

Notes to Financial Statements

SEPTEMBER 30, 2020 (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, 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.

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.

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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 monitor 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 less foreign taxes withheld, if any, 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.

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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. The fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

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, 59% 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 ACIM will pay 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. 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, 2020 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.

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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 and in kind transactions, for the period ended September 30, 2020 totaled $3,797,300,380, of which $2,833,415,554 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments and in kind transactions, for the period ended September 30, 2020 totaled $2,958,897,854, of which $2,110,898,932 represented U.S. Treasury and Government Agency obligations.

On August 28, 2020, the fund received investment securities and other financial instruments valued at $1,597,998,548 from a purchase in kind from other products managed by the fund's investment advisor. A purchase in kind occurs when a fund receives securities into its portfolio in lieu of cash as payment from a purchasing shareholder.

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.

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The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1		Level 2		Level 3
Assets
Investment Securities
U.S. Treasury Securities	—		$	1,417,019,924	—
Corporate Bonds	—		1,268,895,196		—
U.S. Government Agency Mortgage-Backed Securities	—		1,032,426,795		—
Collateralized Mortgage Obligations	—		245,004,756		—
Collateralized Loan Obligations	—		162,387,010		—
Asset-Backed Securities	—		115,072,196		—
Municipal Securities	—		66,665,022		—
U.S. Government Agency Securities	—		29,876,606		—
Sovereign Governments and Agencies	—		19,105,980		—
Preferred Stocks	—		5,423,369		—
Temporary Cash Investments	—		62,988,443		—
	—		$	4,424,865,297	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	144,942	—
Liabilities
Other Financial Instruments
Futures Contracts	$	504,259	—		—
Swap Agreements	—		$	6,797,044	—
	$	504,259	$	6,797,044	—

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 $104,323,750.

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Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $3,646,751.

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 $75,347,271 futures contracts purchased and $66,755,063 futures contracts sold.

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 $28,833,333.

34

Value of Derivative Instruments as of September 30, 2020

	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*	$	174,889
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	144,942	Unrealized depreciation on forward foreign currency exchange contracts	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	215,278		Payable for variation margin on futures contracts*	—
Other Contracts	Receivable for variation margin on swap agreements*	7,154		Payable for variation margin on swap agreements*	—
		$	367,374		$	174,889

*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, 2020

	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	$	12,414,025	Change in net unrealized appreciation (depreciation) on swap agreements	$	(15,468,875)
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	(168,603)		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	(99,930)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	805,645		Change in net unrealized appreciation (depreciation) on futures contracts	(1,700,942)
Other Contracts	Net realized gain (loss) on swap agreement transactions	319,427		Change in net unrealized appreciation (depreciation) on swap agreements	1,144,602
		$	13,370,494		$	(16,125,145)

7. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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	$	4,326,396,805
Gross tax appreciation of investments	$	106,539,245
Gross tax depreciation of investments	(8,070,753)
Net tax appreciation (depreciation) of investments	$	98,468,492

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

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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
2020(3)	$11.15	0.11	0.39	0.50	(0.11)	—	(0.11)	$11.54	4.52%	0.01%(4)	0.35%(4)	1.86%(4)	1.52%(4)	106%	$4,060,972
2020	$10.62	0.32	0.54	0.86	(0.33)	—	(0.33)	$11.15	8.18%	0.01%	0.35%	2.88%	2.54%	128%	$2,047,612
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

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, 2020 (unaudited).

(4)Annualized.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

38

renewal of the management agreement. 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 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-, five-, and ten-year periods and below its benchmark for the three-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.

39

Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, 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

40

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 at 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 with respect to 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.

41

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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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.

42

Notes

43

Notes

44

Notes

45

Notes

46

Notes

47

Notes

48

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90826 2011

Semiannual Report

September 30, 2020

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	34
Statement of Operations	35
Statement of Changes in Net Assets	36
Notes to Financial Statements	37
Financial Highlights	42
Approval of Management and Subadvisory Agreements	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.

Fund Characteristics

SEPTEMBER 30, 2020
Types of Investments in Portfolio	% of net assets
Corporate Bonds	92.2%
Preferred Stocks	2.4%
Bank Loan Obligations	1.6%
Common Stocks	0.3%
Convertible Bonds	0.1%
Escrow Interests	—*
Warrants	—*
Temporary Cash Investments	1.7%
Other Assets and Liabilities	1.7%

*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, 2020 to September 30, 2020.

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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,159.80	$4.22	0.78%
G Class	$1,000	$1,164.30	$0.00	0.00%(2)
Hypothetical
Investor Class	$1,000	$1,021.16	$3.95	0.78%
G Class	$1,000	$1,025.07	$0.00	0.00%(2)

(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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

(2)Other expenses, which include directors' fees and expenses, did not exceed 0.005%.

3

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 92.2%
Aerospace and Defense — 3.0%
Bombardier, Inc., 8.75%, 12/1/21(1)	$	175,000	$	177,552
Bombardier, Inc., 6.00%, 10/15/22(1)	1,475,000		1,369,906
Bombardier, Inc., 6.125%, 1/15/23(1)	400,000		342,400
Bombardier, Inc., 7.50%, 12/1/24(1)	1,450,000		1,116,500
Bombardier, Inc., 7.50%, 3/15/25(1)	676,000		508,690
Bombardier, Inc., 7.875%, 4/15/27(1)	1,775,000		1,348,947
F-Brasile SpA / F-Brasile US LLC, 7.375%, 8/15/26(1)	1,400,000		1,190,000
Howmet Aerospace, Inc., 5.125%, 10/1/24	1,925,000		2,030,875
Howmet Aerospace, Inc., 6.875%, 5/1/25	125,000		138,281
Howmet Aerospace, Inc., 5.90%, 2/1/27	125,000		135,063
Howmet Aerospace, Inc., 5.95%, 2/1/37	1,975,000		2,122,809
Spirit AeroSystems, Inc., 5.50%, 1/15/25(1)(2)	400,000		402,500
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)	875,000		887,582
TransDigm UK Holdings plc, 6.875%, 5/15/26	600,000		604,815
TransDigm, Inc., 6.50%, 7/15/24	775,000		774,953
TransDigm, Inc., 6.50%, 5/15/25	1,450,000		1,448,187
TransDigm, Inc., 8.00%, 12/15/25(1)	750,000		816,375
TransDigm, Inc., 6.25%, 3/15/26(1)	3,200,000		3,359,376
TransDigm, Inc., 6.375%, 6/15/26	2,000,000		2,012,500
TransDigm, Inc., 7.50%, 3/15/27	1,200,000		1,248,000
TransDigm, Inc., 5.50%, 11/15/27	6,575,000		6,331,396
Triumph Group, Inc., 5.25%, 6/1/22	175,000		143,938
Triumph Group, Inc., 8.875%, 6/1/24(1)	375,000		400,313
Triumph Group, Inc., 6.25%, 9/15/24(1)	275,000		234,581
Triumph Group, Inc., 7.75%, 8/15/25	375,000		241,875
			29,387,414
Air Freight and Logistics — 0.6%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(1)	375,000		379,631
Western Global Airlines LLC, 10.375%, 8/15/25(1)	875,000		896,875
XPO Logistics, Inc., 6.50%, 6/15/22(1)	1,624,000		1,631,673
XPO Logistics, Inc., 6.125%, 9/1/23(1)	1,100,000		1,124,805
XPO Logistics, Inc., 6.75%, 8/15/24(1)	475,000		504,011
XPO Logistics, Inc., 6.25%, 5/1/25(1)	1,775,000		1,893,703
			6,430,698
Airlines — 1.0%
Air Canada, 7.75%, 4/15/21(1)	1,375,000		1,381,016
American Airlines Group, Inc., 5.00%, 6/1/22(1)	1,600,000		1,092,000
American Airlines, Inc., 11.75%, 7/15/25(1)	1,925,000		1,860,984
Delta Air Lines, Inc., 3.40%, 4/19/21	450,000		448,353
Delta Air Lines, Inc., 3.625%, 3/15/22	600,000		590,282
Delta Air Lines, Inc., 3.80%, 4/19/23	550,000		532,408
Delta Air Lines, Inc., 7.00%, 5/1/25(1)	600,000		659,601
Delta Air Lines, Inc., 7.375%, 1/15/26	400,000		419,884
Delta Air Lines, Inc., 3.75%, 10/28/29	25,000		21,368
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(1)	600,000		616,269

4

	Principal Amount/Shares		Value
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)	$	100,000	$	103,898
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25(1)	725,000		769,058
United Airlines Holdings, Inc., 6.00%, 12/1/20	350,000		352,144
United Airlines Holdings, Inc., 4.25%, 10/1/22	250,000		231,563
United Airlines Holdings, Inc., 5.00%, 2/1/24	1,370,000		1,201,319
Virgin Australia Holdings Ltd., 8.125%, 11/15/24(1)(3)(6)	275,000		27,500
			10,307,647
Auto Components — 1.2%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)	625,000		596,484
Adient US LLC, 9.00%, 4/15/25(1)	1,200,000		1,325,250
Clarios Global LP, 6.75%, 5/15/25(1)	675,000		711,497
Clarios Global LP / Clarios US Finance Co., 8.50%, 5/15/27(1)	3,425,000		3,559,089
Dana, Inc., 5.625%, 6/15/28	300,000		310,241
Dealer Tire LLC / DT Issuer LLC, 8.00%, 2/1/28(1)	550,000		562,375
Goodyear Tire & Rubber Co. (The), 9.50%, 5/31/25	3,500,000		3,804,167
Tenneco, Inc., 5.375%, 12/15/24	176,000		135,523
Tenneco, Inc., 5.00%, 7/15/26	1,300,000		966,102
			11,970,728
Automobiles — 2.3%
Ford Motor Co., 8.50%, 4/21/23	2,275,000		2,483,379
Ford Motor Co., 9.00%, 4/22/25	3,275,000		3,759,029
Ford Motor Credit Co. LLC, 5.75%, 2/1/21	600,000		606,222
Ford Motor Credit Co. LLC, 3.34%, 3/18/21	600,000		601,080
Ford Motor Credit Co. LLC, 5.875%, 8/2/21	1,200,000		1,224,750
Ford Motor Credit Co. LLC, 3.22%, 1/9/22	200,000		200,490
Ford Motor Credit Co. LLC, 4.14%, 2/15/23	600,000		606,732
Ford Motor Credit Co. LLC, 3.37%, 11/17/23	600,000		592,125
Ford Motor Credit Co. LLC, 4.69%, 6/9/25	1,000,000		1,014,900
Ford Motor Credit Co. LLC, 5.125%, 6/16/25	975,000		1,006,688
Ford Motor Credit Co. LLC, 4.13%, 8/4/25	800,000		793,832
Ford Motor Credit Co. LLC, 4.54%, 8/1/26	600,000		598,428
Ford Motor Credit Co. LLC, 4.27%, 1/9/27	400,000		393,190
Ford Motor Credit Co. LLC, 3.82%, 11/2/27	600,000		572,616
Ford Motor Credit Co. LLC, 5.11%, 5/3/29	3,600,000		3,703,500
Mclaren Finance plc, 5.75%, 8/1/22(1)	400,000		363,000
Tesla, Inc., 5.30%, 8/15/25(1)	2,734,000		2,833,107
Winnebago Industries, Inc., 6.25%, 7/15/28(1)	1,225,000		1,291,609
			22,644,677
Banks — 0.2%
CIT Group, Inc., 4.125%, 3/9/21	475,000		476,081
CIT Group, Inc., 5.00%, 8/15/22	231,000		238,551
CIT Group, Inc., 5.00%, 8/1/23	1,045,000		1,086,147
UniCredit SpA, VRN, 5.46%, 6/30/35(1)	600,000		612,473
			2,413,252
Building Products — 1.1%
Advanced Drainage Systems, Inc., 5.00%, 9/30/27(1)	375,000		393,210
BMC East LLC, 5.50%, 10/1/24(1)	1,290,000		1,327,894
Builders FirstSource, Inc., 6.75%, 6/1/27(1)	1,202,000		1,289,145
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	500,000		518,438
Cornerstone Building Brands, Inc., 6.125%, 1/15/29(1)	700,000		709,187
Griffon Corp., 5.75%, 3/1/28	1,425,000		1,490,878

5

	Principal Amount/Shares		Value
Jeld-Wen, Inc., 6.25%, 5/15/25(1)	$	600,000	$	642,000
Jeld-Wen, Inc., 4.625%, 12/15/25(1)	450,000		453,890
Masonite International Corp., 5.75%, 9/15/26(1)	400,000		418,424
Masonite International Corp., 5.375%, 2/1/28(1)	150,000		160,484
Northwest Hardwoods, Inc., 7.50%, 8/1/21(1)(3)(6)	350,000		129,500
Patrick Industries, Inc., 7.50%, 10/15/27(1)	1,300,000		1,413,750
PGT Innovations, Inc., 6.75%, 8/1/26(1)	725,000		774,706
Standard Industries, Inc., 5.00%, 2/15/27(1)	325,000		338,944
Standard Industries, Inc., 3.375%, 1/15/31(1)	475,000		469,713
			10,530,163
Capital Markets — 1.3%
AG Issuer LLC, 6.25%, 3/1/28(1)	925,000		922,687
Donnelley Financial Solutions, Inc., 8.25%, 10/15/24	325,000		342,435
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 2/1/22	645,000		653,253
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24	2,705,000		2,743,046
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.375%, 12/15/25	1,425,000		1,468,562
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26	2,475,000		2,585,979
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27	1,950,000		2,037,604
LPL Holdings, Inc., 4.625%, 11/15/27(1)	350,000		354,594
NFP Corp., 7.00%, 5/15/25(1)	300,000		319,312
NFP Corp., 6.875%, 8/15/28(1)	1,625,000		1,644,662
			13,072,134
Chemicals — 2.2%
Atotech Alpha 2 BV, 8.75% Cash or 9.50% PIK, 6/1/23(1)(4)	600,000		606,687
Avient Corp., 5.75%, 5/15/25(1)	800,000		849,000
Blue Cube Spinco LLC, 10.00%, 10/15/25	200,000		211,875
Chemours Co. (The), 7.00%, 5/15/25	125,000		125,750
Chemours Co. (The), 5.375%, 5/15/27	25,000		24,938
Consolidated Energy Finance SA, 6.50%, 5/15/26(1)	750,000		659,527
Cornerstone Chemical Co., 6.75%, 8/15/24(1)	700,000		657,562
FXI Holdings, Inc., 7.875%, 11/1/24(1)	300,000		285,750
FXI Holdings, Inc., 12.25%, 11/15/26(1)	2,365,000		2,528,693
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 7/1/28(1)	300,000		322,125
INEOS Group Holdings SA, 5.625%, 8/1/24(1)	185,000		187,465
Innophos Holdings, Inc., 9.375%, 2/15/28(1)	1,025,000		1,093,547
Kraton Polymers LLC / Kraton Polymers Capital Corp., 7.00%, 4/15/25(1)	550,000		562,031
Methanex Corp., 5.125%, 10/15/27	400,000		398,500
Minerals Technologies, Inc., 5.00%, 7/1/28(1)	575,000		596,442
NOVA Chemicals Corp., 5.00%, 5/1/25(1)	100,000		97,761
NOVA Chemicals Corp., 5.25%, 6/1/27(1)	1,350,000		1,272,375
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/26(1)	475,000		486,238
OCI NV, 6.625%, 4/15/23(1)	1,000,000		1,035,250
OCI NV, 5.25%, 11/1/24(1)	800,000		827,860
OCI NV, 4.625%, 10/15/25(1)(2)	600,000		600,937
Olin Corp., 9.50%, 6/1/25(1)	1,075,000		1,254,364
Olin Corp., 5.625%, 8/1/29	550,000		542,435
Olin Corp., 5.00%, 2/1/30	500,000		471,158

6

	Principal Amount/Shares		Value
SPCM SA, 4.875%, 9/15/25(1)	$	700,000	$	726,663
TPC Group, Inc., 10.50%, 8/1/24(1)	1,150,000		968,277
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)	1,500,000		1,496,250
Tronox Finance plc, 5.75%, 10/1/25(1)	950,000		939,213
Tronox, Inc., 6.50%, 4/15/26(1)	650,000		651,219
WR Grace & Co-Conn, 4.875%, 6/15/27(1)	950,000		982,846
			21,462,738
Commercial Services and Supplies — 1.6%
Algeco Global Finance 2 plc, 10.00%, 8/15/23(1)	800,000		792,000
Allied Universal HoldCo LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)	2,225,000		2,372,406
Allied Universal HoldCo LLC / Allied Universal Finance Corp., 9.75%, 7/15/27(1)	2,400,000		2,611,824
Brink's Co. (The), 5.50%, 7/15/25(1)	375,000		391,172
Cimpress plc, 7.00%, 6/15/26(1)	300,000		285,318
Clean Harbors, Inc., 4.875%, 7/15/27(1)	375,000		389,696
Clean Harbors, Inc., 5.125%, 7/15/29(1)	100,000		108,781
Covanta Holding Corp., 5.00%, 9/1/30	650,000		656,857
Garda World Security Corp., 4.625%, 2/15/27(1)	600,000		604,500
IAA, Inc., 5.50%, 6/15/27(1)	625,000		651,953
KAR Auction Services, Inc., 5.125%, 6/1/25(1)	900,000		901,107
Matthews International Corp., 5.25%, 12/1/25(1)	550,000		521,755
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/1/22(1)	1,925,000		1,564,062
Nielsen Co. Luxembourg SARL (The), 5.50%, 10/1/21(1)	174,000		174,490
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	242,000		242,847
Nielsen Finance LLC / Nielsen Finance Co., 5.625%, 10/1/28(1)	575,000		592,250
Nielsen Finance LLC / Nielsen Finance Co., 5.875%, 10/1/30(1)	375,000		388,828
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)	350,000		367,281
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)	900,000		866,812
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)	350,000		354,869
Ritchie Bros Auctioneers, Inc., 5.375%, 1/15/25(1)	570,000		587,813
TMS International Holding Corp., 7.25%, 8/15/25(1)	700,000		657,125
			16,083,746
Communications Equipment — 0.7%
Avaya, Inc., 6.125%, 9/15/28(1)	500,000		512,500
CommScope Technologies LLC, 6.00%, 6/15/25(1)	1,661,000		1,685,749
CommScope Technologies LLC, 5.00%, 3/15/27(1)	735,000		706,978
CommScope, Inc., 5.50%, 3/1/24(1)	775,000		797,425
CommScope, Inc., 6.00%, 3/1/26(1)	275,000		287,022
CommScope, Inc., 8.25%, 3/1/27(1)	575,000		598,722
CommScope, Inc., 7.125%, 7/1/28(1)	725,000		745,894
Nokia of America Corp., 6.45%, 3/15/29	606,000		657,510
ViaSat, Inc., 5.625%, 4/15/27(1)	575,000		592,609
			6,584,409
Construction and Engineering — 0.5%
Brand Industrial Services, Inc., 8.50%, 7/15/25(1)	1,525,000		1,444,937
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/26(1)	950,000		980,281

7

	Principal Amount/Shares		Value
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/28(1)	$	475,000	$	515,375
Pike Corp., 5.50%, 9/1/28(1)	700,000		706,521
Weekley Homes LLC / Weekley Finance Corp., 4.875%, 9/15/28(1)	1,150,000		1,164,375
			4,811,489
Construction Materials — 0.6%
Cemex SAB de CV, 7.375%, 6/5/27(1)	800,000		865,516
Cemex SAB de CV, 5.45%, 11/19/29(1)	1,800,000		1,824,750
Cemex SAB de CV, 5.20%, 9/17/30(1)	600,000		603,690
Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 6/1/25(1)	175,000		178,044
Summit Materials LLC / Summit Materials Finance Corp., 6.50%, 3/15/27(1)	550,000		587,708
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 1/15/29(1)	775,000		808,422
US Concrete, Inc., 6.375%, 6/1/24	633,000		653,968
US Concrete, Inc., 5.125%, 3/1/29(1)	575,000		578,235
			6,100,333
Consumer Finance — 2.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, 7/15/25	975,000		1,053,872
Ally Financial, Inc., 3.875%, 5/21/24	575,000		613,392
Ally Financial, Inc., 8.00%, 11/1/31	1,450,000		1,989,468
Avolon Holdings Funding Ltd., 3.625%, 5/1/22(1)	75,000		73,733
Credit Acceptance Corp., 5.125%, 12/31/24(1)	225,000		223,972
Credit Acceptance Corp., 6.625%, 3/15/26	175,000		181,453
FirstCash, Inc., 4.625%, 9/1/28(1)	875,000		896,328
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(5)	2,642,437		1,483,068
Navient Corp., 5.00%, 10/26/20	1,005,000		1,006,447
Navient Corp., 5.875%, 3/25/21	150,000		151,360
Navient Corp., 5.50%, 1/25/23	280,000		283,440
Navient Corp., 7.25%, 9/25/23	1,400,000		1,451,625
Navient Corp., 5.875%, 10/25/24	880,000		877,254
Navient Corp., 6.75%, 6/25/25	3,550,000		3,598,813
Navient Corp., 6.75%, 6/15/26	900,000		901,688
Navient Corp., 5.00%, 3/15/27	200,000		188,082
Navient Corp., MTN, 6.125%, 3/25/24	560,000		567,344
OneMain Finance Corp., 7.75%, 10/1/21	75,000		78,615
OneMain Finance Corp., 6.125%, 5/15/22	100,000		104,000
OneMain Finance Corp., 6.875%, 3/15/25	1,450,000		1,611,748
OneMain Finance Corp., 8.875%, 6/1/25	575,000		637,876
OneMain Finance Corp., 7.125%, 3/15/26	2,400,000		2,684,292
OneMain Finance Corp., 6.625%, 1/15/28	1,315,000		1,461,609
OneMain Finance Corp., 5.375%, 11/15/29	350,000		364,875
Park Aerospace Holdings Ltd., 3.625%, 3/15/21(1)	650,000		647,334
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	1,425,000		1,431,296
			24,562,984
Containers and Packaging — 2.0%
ARD Finance SA, 6.50% Cash or 7.25% PIK, 6/30/27(1)(4)	2,800,000		2,788,940
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 5.25%, 8/15/27(1)	1,525,000		1,555,500
Berry Global, Inc., 4.875%, 7/15/26(1)	800,000		839,836

8

	Principal Amount/Shares		Value
Cascades, Inc. / Cascades USA, Inc., 5.125%, 1/15/26(1)	$	175,000	$	183,894
Cascades, Inc. / Cascades USA, Inc., 5.375%, 1/15/28(1)	625,000		658,203
Flex Acquisition Co., Inc., 6.875%, 1/15/25(1)	650,000		651,625
Flex Acquisition Co., Inc., 7.875%, 7/15/26(1)	750,000		759,375
Graham Packaging Co., Inc., 7.125%, 8/15/28(1)	200,000		208,625
Graphic Packaging International LLC, 3.50%, 3/1/29(1)	275,000		277,234
Greif, Inc., 6.50%, 3/1/27(1)	944,000		979,735
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 9/15/28(1)	675,000		685,750
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)	415,000		417,075
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)	3,200,000		3,016,000
OI European Group BV, 4.00%, 3/15/23(1)	408,000		415,607
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)	720,000		757,800
Owens-Brockway Glass Container, Inc., 6.375%, 8/15/25(1)	25,000		27,328
Owens-Brockway Glass Container, Inc., 6.625%, 5/13/27(1)	275,000		298,375
Plastipak Holdings, Inc., 6.25%, 10/15/25(1)	350,000		350,656
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	54,000		54,702
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.00%, 7/15/24(1)	1,698,000		1,728,564
Sealed Air Corp., 4.00%, 12/1/27(1)	275,000		288,008
Silgan Holdings, Inc., 4.125%, 2/1/28	375,000		383,438
Trident TPI Holdings, Inc., 9.25%, 8/1/24(1)	700,000		744,835
Trident TPI Holdings, Inc., 6.625%, 11/1/25(1)	325,000		321,310
Trivium Packaging Finance BV, 5.50%, 8/15/26(1)	1,000,000		1,037,975
Trivium Packaging Finance BV, 8.50%, 8/15/27(1)	200,000		216,000
			19,646,390
Distributors — 0.3%
Performance Food Group, Inc., 5.50%, 6/1/24(1)	1,375,000		1,378,437
Performance Food Group, Inc., 5.50%, 10/15/27(1)	475,000		490,119
Resideo Funding, Inc., 6.125%, 11/1/26(1)	75,000		74,063
Univar Solutions USA, Inc., 5.125%, 12/1/27(1)	1,225,000		1,259,227
			3,201,846
Diversified Consumer Services — 0.2%
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC, 7.125%, 7/31/26(1)	550,000		545,875
Graham Holdings Co., 5.75%, 6/1/26(1)	1,075,000		1,135,264
Sotheby's, 7.375%, 10/15/27(1)	600,000		601,014
			2,282,153
Diversified Financial Services — 0.9%
Cardtronics, Inc. / Cardtronics USA, Inc., 5.50%, 5/1/25(1)	275,000		276,002
Fairstone Financial, Inc., 7.875%, 7/15/24(1)	1,025,000		1,053,720
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.25%, 8/15/24(1)	200,000		207,250
Jefferies Finance LLC / JFIN Co-Issuer Corp., 6.25%, 6/3/26(1)	800,000		816,000
MPH Acquisition Holdings LLC, 7.125%, 6/1/24(1)	1,250,000		1,285,937
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, 12/15/22(1)	850,000		831,738
Refinitiv US Holdings, Inc., 6.25%, 5/15/26(1)	725,000		775,297
Refinitiv US Holdings, Inc., 8.25%, 11/15/26(1)	725,000		795,688
Sabre GLBL, Inc., 9.25%, 4/15/25(1)	900,000		992,201
Sabre GLBL, Inc., 7.375%, 9/1/25(1)	450,000		455,175
Verscend Escrow Corp., 9.75%, 8/15/26(1)	775,000		844,587

9

	Principal Amount/Shares		Value
VistaJet Malta Finance plc / XO Management Holding, Inc., 10.50%, 6/1/24(1)	$	775,000	$	729,043
			9,062,638
Diversified Telecommunication Services — 4.4%
Altice France Holding SA, 10.50%, 5/15/27(1)	2,000,000		2,226,250
Altice France Holding SA, 6.00%, 2/15/28(1)	2,425,000		2,317,439
Altice France SA, 7.375%, 5/1/26(1)	3,250,000		3,409,087
Altice France SA, 8.125%, 2/1/27(1)	2,000,000		2,181,710
Altice France SA, 5.50%, 1/15/28(1)	800,000		811,000
Altice France SA, 5.125%, 1/15/29(1)	400,000		399,870
Cablevision Lightpath LLC, 3.875%, 9/15/27(1)	400,000		400,750
Cablevision Lightpath LLC, 5.625%, 9/15/28(1)	400,000		407,190
CenturyLink, Inc., 6.45%, 6/15/21	325,000		333,856
CenturyLink, Inc., 5.80%, 3/15/22	400,000		414,750
CenturyLink, Inc., 6.75%, 12/1/23	725,000		796,594
CenturyLink, Inc., 7.50%, 4/1/24	775,000		868,659
CenturyLink, Inc., 5.125%, 12/15/26(1)	950,000		977,403
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1)	1,600,000		1,607,520
Consolidated Communications, Inc., 6.50%, 10/1/28(1)(2)	550,000		562,375
Embarq Corp., 8.00%, 6/1/36	2,165,000		2,567,549
Frontier Communications Corp., 10.50%, 9/15/22(3)(6)	5,400,000		2,273,481
Frontier Communications Corp., 8.50%, 4/1/26(1)(3)	575,000		580,750
Frontier Communications Corp., 8.00%, 4/1/27(1)(3)	325,000		324,391
Hughes Satellite Systems Corp., 5.25%, 8/1/26	1,250,000		1,333,400
Hughes Satellite Systems Corp., 6.625%, 8/1/26	425,000		461,448
Intelsat Jackson Holdings S.A., 8.00%, 2/15/24(1)(3)	75,000		76,249
Intelsat Jackson Holdings SA, 8.50%, 10/15/24(1)(3)(6)	1,550,000		1,003,470
Intelsat Jackson Holdings SA, 9.75%, 7/15/25(1)(3)(6)	2,275,000		1,493,765
Intelsat Luxembourg SA, 7.75%, 6/1/21(3)(6)	75,000		3,563
Intelsat Luxembourg SA, 8.125%, 6/1/23(3)(6)	600,000		30,000
Level 3 Financing, Inc., 5.375%, 5/1/25	600,000		619,200
Level 3 Financing, Inc., 4.25%, 7/1/28(1)	1,225,000		1,244,992
Qualitytech LP / QTS Finance Corp., 4.75%, 11/15/25(1)	575,000		598,486
QualityTech LP / QTS Finance Corp., 3.875%, 10/1/28(1)(2)	375,000		377,017
Sprint Capital Corp., 6.875%, 11/15/28	275,000		342,983
Sprint Capital Corp., 8.75%, 3/15/32	4,875,000		7,140,949
Switch Ltd., 3.75%, 9/15/28(1)	575,000		582,187
Telecom Italia Capital SA, 6.00%, 9/30/34	1,810,000		2,106,279
Telecom Italia Capital SA, 7.20%, 7/18/36	225,000		284,479
Telecom Italia SpA, 5.30%, 5/30/24(1)	175,000		190,299
Telesat Canada / Telesat LLC, 4.875%, 6/1/27(1)	775,000		780,561
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1)	875,000		882,525
Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 8/15/28(1)	650,000		640,250
Windstream Services LLC / Windstream Finance Corp., 10.50%, 6/30/24(1)(3)(6)	475,000		9,500
Zayo Group Holdings, Inc., 6.125%, 3/1/28(1)	75,000		77,425
			43,739,651
Electric Utilities — 1.0%
Drax Finco plc, 6.625%, 11/1/25(1)	1,150,000		1,198,875
MTS Systems Corp., 5.75%, 8/15/27(1)	475,000		469,217

10

	Principal Amount/Shares		Value
NextEra Energy Operating Partners LP, 4.25%, 9/15/24(1)	$	550,000	$	574,063
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)	1,425,000		1,477,547
NRG Energy, Inc., 7.25%, 5/15/26	620,000		661,010
NRG Energy, Inc., 6.625%, 1/15/27	125,000		132,370
PG&E Corp., 5.00%, 7/1/28	900,000		874,192
PG&E Corp., 5.25%, 7/1/30	750,000		726,563
Talen Energy Supply LLC, 6.50%, 6/1/25	75,000		49,305
Talen Energy Supply LLC, 10.50%, 1/15/26(1)	1,300,000		991,776
Talen Energy Supply LLC, 7.25%, 5/15/27(1)	225,000		224,620
Talen Energy Supply LLC, 6.625%, 1/15/28(1)	475,000		461,550
Vistra Operations Co. LLC, 5.50%, 9/1/26(1)	280,000		292,600
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)	1,475,000		1,550,594
			9,684,282
Electrical Equipment — 0.2%
WESCO Distribution, Inc., 7.125%, 6/15/25(1)	1,250,000		1,363,281
WESCO Distribution, Inc., 7.25%, 6/15/28(1)	675,000		740,529
			2,103,810
Electronic Equipment, Instruments and Components — 0.1%
Sensata Technologies, Inc., 3.75%, 2/15/31(1)	425,000		423,406
TTM Technologies, Inc., 5.625%, 10/1/25(1)	575,000		588,596
			1,012,002
Energy Equipment and Services — 1.2%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)	525,000		505,423
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)	950,000		897,750
Basic Energy Services, Inc., 10.75%, 10/15/23(1)	200,000		41,500
ChampionX Corp., 6.375%, 5/1/26	925,000		886,844
Diamond Offshore Drilling, Inc., 3.45%, 11/1/23(3)(6)	250,000		24,714
Diamond Offshore Drilling, Inc., 7.875%, 8/15/25(3)(6)	850,000		80,962
Diamond Offshore Drilling, Inc., 5.70%, 10/15/39(3)(6)	400,000		37,282
Diamond Offshore Drilling, Inc., 4.875%, 11/1/43(3)(6)	75,000		7,219
Ensign Drilling, Inc., 9.25%, 4/15/24(1)	1,475,000		565,095
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25	525,000		450,132
FTS International, Inc., 6.25%, 5/1/22(3)	1,655,000		570,975
Nabors Industries Ltd., 7.25%, 1/15/26(1)	650,000		322,562
Nabors Industries Ltd., 7.50%, 1/15/28(1)	800,000		387,500
Nabors Industries, Inc., 5.75%, 2/1/25	2,350,000		801,691
Nine Energy Service, Inc., 8.75%, 11/1/23(1)	425,000		129,228
Noble Holding International Ltd., 7.875%, 2/1/26(1)(3)(6)	1,075,000		263,375
Precision Drilling Corp., 5.25%, 11/15/24	975,000		656,297
Precision Drilling Corp., 7.125%, 1/15/26(1)	650,000		420,381
SESI LLC, 7.125%, 12/15/21(1)	1,200,000		306,000
SESI LLC, 7.75%, 9/15/24	350,000		87,500
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(1)	1,550,000		620,000
Transocean Guardian Ltd., 5.875%, 1/15/24(1)	975,000		633,750
Transocean Pontus Ltd., 6.125%, 8/1/25(1)	292,500		263,250
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	500,000		402,500
Transocean Sentry Ltd., 5.375%, 5/15/23(1)	550,000		376,750
Transocean, Inc., 11.50%, 1/30/27(1)	890,000		359,337
Transocean, Inc., 8.00%, 2/1/27(1)	1,675,000		477,375

11

	Principal Amount/Shares		Value
Transocean, Inc., 7.50%, 4/15/31	$	938,000	$	131,320
Transocean, Inc., 6.80%, 3/15/38	513,000		70,538
Transocean, Inc., 9.35%, 12/15/41	250,000		34,375
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26	850,000		844,156
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27	650,000		645,651
			12,301,432
Entertainment — 0.8%
Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28(1)	950,000		918,978
AMC Entertainment Holdings, Inc., 10.50%, 4/24/26(1)	104,000		75,400
AMC Entertainment Holdings, Inc., 10.00% Cash or 12.00% PIK or 5.00% Cash plus 6.00% PIK, 6/15/26(1)(5)	1,473,000		419,805
Cinemark USA, Inc., 5.125%, 12/15/22	754,000		672,474
Cinemark USA, Inc., 4.875%, 6/1/23	575,000		492,703
Lions Gate Capital Holdings LLC, 6.375%, 2/1/24(1)	925,000		918,631
Lions Gate Capital Holdings LLC, 5.875%, 11/1/24(1)	500,000		493,073
Live Nation Entertainment, Inc., 5.625%, 3/15/26(1)	1,025,000		991,687
Netflix, Inc., 5.875%, 11/15/28	425,000		507,871
Netflix, Inc., 6.375%, 5/15/29	1,225,000		1,508,281
Netflix, Inc., 5.375%, 11/15/29(1)	450,000		530,955
WMG Acquisition Corp., 3.00%, 2/15/31(1)	550,000		536,112
			8,065,970
Equity Real Estate Investment Trusts (REITs) — 2.2%
Diversified Healthcare Trust, 9.75%, 6/15/25	1,500,000		1,680,240
ESH Hospitality, Inc., 5.25%, 5/1/25(1)	650,000		657,459
ESH Hospitality, Inc., 4.625%, 10/1/27(1)	900,000		884,268
FelCor Lodging LP, 6.00%, 6/1/25	1,805,000		1,784,504
GEO Group, Inc. (The), 5.875%, 10/15/24	75,000		57,609
GEO Group, Inc. (The), 6.00%, 4/15/26	75,000		53,862
GLP Capital LP / GLP Financing II, Inc., 5.375%, 11/1/23	150,000		160,961
GLP Capital LP / GLP Financing II, Inc., 5.25%, 6/1/25	175,000		190,456
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	5,000		5,551
HAT Holdings I LLC / HAT Holdings II LLC, 5.25%, 7/15/24(1)	775,000		809,139
HAT Holdings I LLC / HAT Holdings II LLC, 3.75%, 9/15/30(1)	275,000		277,063
Iron Mountain, Inc., 5.00%, 7/15/28(1)	300,000		307,872
Iron Mountain, Inc., 4.875%, 9/15/29(1)	750,000		763,875
Iron Mountain, Inc., 5.25%, 7/15/30(1)	1,525,000		1,592,672
Iron Mountain, Inc., 4.50%, 2/15/31(1)	1,275,000		1,284,422
Iron Mountain, Inc., 5.625%, 7/15/32(1)	75,000		79,302
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.625%, 6/15/25(1)	550,000		561,550
MPT Operating Partnership LP / MPT Finance Corp., 5.50%, 5/1/24	525,000		532,384
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.50%, 6/1/25(1)	1,375,000		1,467,537
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/1/28(1)	1,025,000		1,030,125
SBA Communications Corp., 4.00%, 10/1/22	125,000		126,172
Service Properties Trust, 5.00%, 8/15/22	625,000		624,362
Service Properties Trust, 4.35%, 10/1/24	1,650,000		1,496,047
Service Properties Trust, 7.50%, 9/15/25	475,000		505,918
Service Properties Trust, 5.25%, 2/15/26	375,000		346,568

12

	Principal Amount/Shares		Value
Service Properties Trust, 4.95%, 2/15/27	$	350,000	$	312,375
Service Properties Trust, 4.95%, 10/1/29	75,000		64,453
Service Properties Trust, 4.375%, 2/15/30	200,000		166,500
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.125%, 12/15/24(1)	1,845,000		1,787,805
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.875%, 2/15/25(1)	350,000		371,437
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.00%, 4/15/23(1)	60,000		60,450
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/1/26(1)	300,000		301,868
VICI Properties LP / VICI Note Co., Inc., 3.75%, 2/15/27(1)	375,000		369,375
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)	375,000		369,844
XHR LP, 6.375%, 8/15/25(1)	775,000		776,453
			21,860,478
Food and Staples Retailing — 0.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1)	700,000		712,425
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 3/15/25	20,000		20,704
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)	1,025,000		1,049,851
Rite Aid Corp., 7.50%, 7/1/25(1)	415,000		409,512
Rite Aid Corp., 8.00%, 11/15/26(1)	988,000		989,852
			3,182,344
Food Products — 2.9%
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 4/15/25(1)	1,225,000		1,270,184
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22(1)	1,325,000		1,372,720
Darling Ingredients, Inc., 5.25%, 4/15/27(1)	425,000		447,047
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)	1,275,000		1,370,625
HLF Financing Sarl LLC / Herbalife International, Inc., 7.25%, 8/15/26(1)	225,000		231,540
JBS Investments II GmbH, 7.00%, 1/15/26(1)	600,000		641,478
JBS Investments II GmbH, 5.75%, 1/15/28(1)	600,000		626,250
JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 7/15/24(1)	83,000		84,720
JBS USA LUX SA / JBS USA Finance, Inc., 5.75%, 6/15/25(1)	1,760,000		1,818,608
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)	1,275,000		1,391,344
Kraft Heinz Foods Co., 5.00%, 7/15/35	1,350,000		1,556,443
Kraft Heinz Foods Co., 6.875%, 1/26/39	500,000		670,288
Kraft Heinz Foods Co., 6.50%, 2/9/40	1,375,000		1,749,630
Kraft Heinz Foods Co., 5.00%, 6/4/42	625,000		684,531
Kraft Heinz Foods Co., 5.20%, 7/15/45	1,750,000		1,915,126
Kraft Heinz Foods Co., 4.375%, 6/1/46	3,825,000		3,938,482
Kraft Heinz Foods Co., 4.875%, 10/1/49(1)	2,150,000		2,271,510
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	1,780,000		1,815,600
Post Holdings, Inc., 5.00%, 8/15/26(1)	194,000		199,187
Post Holdings, Inc., 5.75%, 3/1/27(1)	2,575,000		2,714,217
Post Holdings, Inc., 5.625%, 1/15/28(1)	325,000		344,805
US Foods, Inc., 5.875%, 6/15/24(1)	1,050,000		1,059,502
US Foods, Inc., 6.25%, 4/15/25(1)	300,000		318,026
			28,491,863

13

	Principal Amount/Shares		Value
Gas Utilities — 0.1%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.75%, 5/20/27	$	1,195,000	$	1,311,996
Health Care Equipment and Supplies — 0.2%
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 7.375%, 6/1/25(1)	725,000		737,234
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28(1)	1,025,000		1,067,922
Varex Imaging Corp., 7.875%, 10/15/27(1)	200,000		207,500
			2,012,656
Health Care Providers and Services — 3.4%
Acadia Healthcare Co., Inc., 5.50%, 7/1/28(1)	725,000		747,031
Acadia Healthcare Co., Inc., 5.00%, 4/15/29(1)(2)	600,000		606,750
Air Methods Corp., 8.00%, 5/15/25(1)	1,650,000		1,301,264
Centene Corp., 4.75%, 5/15/22	1,075,000		1,088,975
Centene Corp., 4.75%, 1/15/25	1,850,000		1,903,742
Centene Corp., 5.375%, 6/1/26(1)	300,000		317,016
Centene Corp., 4.25%, 12/15/27	1,700,000		1,782,866
Centene Corp., 3.00%, 10/15/30(2)	975,000		994,500
CHS / Community Health Systems, Inc., 6.875%, 2/1/22	1,094,000		977,079
CHS / Community Health Systems, Inc., 6.25%, 3/31/23	200,000		195,750
CHS / Community Health Systems, Inc., 8.625%, 1/15/24(1)	975,000		971,953
CHS / Community Health Systems, Inc., 8.125%, 6/30/24(1)	1,183,000		866,548
CHS / Community Health Systems, Inc., 6.625%, 2/15/25(1)	1,525,000		1,478,945
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)	1,700,000		1,670,909
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)	242,000		237,160
CHS / Community Health Systems, Inc., 6.875%, 4/1/28(1)	817,000		387,564
CHS / Community Health Systems, Inc., VRN, 9.875%, 6/30/23(1)	1,290,000		1,004,452
DaVita, Inc., 4.625%, 6/1/30(1)	450,000		462,161
DaVita, Inc., 3.75%, 2/15/31(1)	325,000		313,966
Encompass Health Corp., 4.75%, 2/1/30	400,000		406,492
Encompass Health Corp., 4.625%, 4/1/31(2)	550,000		561,688
Envision Healthcare Corp., 8.75%, 10/15/26(1)	1,225,000		567,861
HCA, Inc., 7.69%, 6/15/25	770,000		907,557
IQVIA, Inc., 5.00%, 5/15/27(1)	575,000		604,058
LifePoint Health, Inc., 6.75%, 4/15/25(1)	675,000		712,125
LifePoint Health, Inc., 4.375%, 2/15/27(1)	225,000		225,844
Polaris Intermediate Corp., 8.50% Cash or 9.25% PIK, 12/1/22(1)(4)	1,200,000		1,222,500
Select Medical Corp., 6.25%, 8/15/26(1)	600,000		624,924
Tenet Healthcare Corp., 8.125%, 4/1/22	465,000		517,266
Tenet Healthcare Corp., 6.75%, 6/15/23	650,000		683,150
Tenet Healthcare Corp., 4.625%, 7/15/24	931,000		934,258
Tenet Healthcare Corp., 4.625%, 9/1/24(1)	575,000		580,210
Tenet Healthcare Corp., 5.125%, 5/1/25	900,000		902,025
Tenet Healthcare Corp., 7.00%, 8/1/25	725,000		747,602
Tenet Healthcare Corp., 4.875%, 1/1/26(1)	600,000		609,744
Tenet Healthcare Corp., 6.25%, 2/1/27(1)	200,000		206,721
Tenet Healthcare Corp., 5.125%, 11/1/27(1)	300,000		309,330
Tenet Healthcare Corp., 4.625%, 6/15/28(1)	575,000		580,923
Tenet Healthcare Corp., 6.125%, 10/1/28(1)	2,975,000		2,902,484
Tenet Healthcare Corp., 6.875%, 11/15/31	500,000		491,780
West Street Merger Sub, Inc., 6.375%, 9/1/25(1)	700,000		715,603
			33,322,776

14

	Principal Amount/Shares		Value
Hotels, Restaurants and Leisure — 8.6%
1011778 BC ULC / New Red Finance, Inc., 4.25%, 5/15/24(1)	$	450,000	$	458,753
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(1)	1,733,000		1,779,886
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)	75,000		76,612
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)(2)	650,000		656,636
Aramark Services, Inc., 5.00%, 4/1/25(1)	320,000		325,408
Aramark Services, Inc., 6.375%, 5/1/25(1)	475,000		495,389
Arrow Bidco LLC, 9.50%, 3/15/24(1)	275,000		229,252
Boyd Gaming Corp., 8.625%, 6/1/25(1)	400,000		439,012
Boyd Gaming Corp., 6.375%, 4/1/26	2,040,000		2,126,863
Boyd Gaming Corp., 6.00%, 8/15/26	2,250,000		2,328,322
Boyne USA, Inc., 7.25%, 5/1/25(1)	646,000		677,425
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)	975,000		1,017,661
Caesars Entertainment, Inc., 8.125%, 7/1/27(1)	2,550,000		2,706,328
Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 7/1/25(1)	125,000		129,063
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	1,600,000		1,550,104
Carlson Travel, Inc., 9.50% Cash plus 2.00% PIK, 12/15/26(1)	1,000,000		612,410
Carnival Corp., 3.95%, 10/15/20	300,000		300,000
Carnival Corp., 11.50%, 4/1/23(1)	2,375,000		2,665,783
Carnival Corp., 10.50%, 2/1/26(1)	1,425,000		1,580,859
Carnival Corp., 9.875%, 8/1/27(1)	1,025,000		1,085,977
Carnival Corp., 6.65%, 1/15/28	275,000		231,265
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp., 5.375%, 6/1/24	75,000		71,954
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 5/1/25(1)	550,000		565,813
Churchill Downs, Inc., 5.50%, 4/1/27(1)	725,000		758,433
Churchill Downs, Inc., 4.75%, 1/15/28(1)	575,000		579,206
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 2/15/23(1)	850,000		785,098
Enterprise Development Authority (The), 12.00%, 7/15/24(1)	1,825,000		2,041,527
Gateway Casinos & Entertainment Ltd., 8.25%, 3/1/24(1)	1,555,000		1,319,643
Golden Entertainment, Inc., 7.625%, 4/15/26(1)	1,275,000		1,262,843
Golden Nugget, Inc., 6.75%, 10/15/24(1)	4,200,000		3,512,250
Golden Nugget, Inc., 8.75%, 10/1/25(1)	3,825,000		3,024,141
Hilton Domestic Operating Co., Inc., 5.375%, 5/1/25(1)	575,000		597,874
Hilton Domestic Operating Co., Inc., 5.125%, 5/1/26	1,825,000		1,879,403
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)	575,000		609,141
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.625%, 4/1/25	75,000		75,648
Inn of the Mountain Gods Resort & Casino, 9.25% Cash or 9.25% PIK, 11/30/20(4)	434,909		410,989
IRB Holding Corp., 7.00%, 6/15/25(1)	700,000		747,617
IRB Holding Corp., 6.75%, 2/15/26(1)	650,000		651,219
Jacobs Entertainment, Inc., 7.875%, 2/1/24(1)	875,000		857,041
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 4.75%, 6/1/27(1)	1,175,000		1,236,341
LTF Merger Sub, Inc., 8.50%, 6/15/23(1)	4,562,000		4,396,148
Marriott Ownership Resorts, Inc., 6.125%, 9/15/25(1)	250,000		261,945
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28	275,000		261,542
Marriott Ownership Resorts, Inc. / ILG LLC, 6.50%, 9/15/26	400,000		411,376
Melco Resorts Finance Ltd., 5.25%, 4/26/26(1)	1,000,000		1,015,311

15

	Principal Amount/Shares		Value
Melco Resorts Finance Ltd., 5.625%, 7/17/27(1)	$	800,000	$	831,778
Melco Resorts Finance Ltd., 5.75%, 7/21/28(1)	600,000		611,875
Melco Resorts Finance Ltd., 5.375%, 12/4/29(1)	800,000		796,719
Merlin Entertainments Ltd., 5.75%, 6/15/26(1)	1,600,000		1,529,696
MGM China Holdings Ltd., 5.375%, 5/15/24(1)	600,000		619,863
MGM Resorts International, 7.75%, 3/15/22	1,305,000		1,377,982
MGM Resorts International, 6.00%, 3/15/23	3,035,000		3,154,215
MGM Resorts International, 6.75%, 5/1/25	550,000		577,283
MGM Resorts International, 5.50%, 4/15/27	158,000		165,332
Mohegan Gaming & Entertainment, 7.875%, 10/15/24(1)	2,900,000		2,720,562
Motion Bondco DAC, 6.625%, 11/15/27(1)	400,000		348,268
Nathan's Famous, Inc., 6.625%, 11/1/25(1)	750,000		765,000
NCL Corp. Ltd., 12.25%, 5/15/24(1)	300,000		336,375
NCL Corp. Ltd., 3.625%, 12/15/24(1)	150,000		105,281
NCL Corp. Ltd., 10.25%, 2/1/26(1)	800,000		836,000
Powdr Corp., 6.00%, 8/1/25(1)	200,000		205,250
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22	1,050,000		938,931
Royal Caribbean Cruises Ltd., 9.125%, 6/15/23(1)	700,000		742,875
Royal Caribbean Cruises Ltd., 11.50%, 6/1/25(1)	1,100,000		1,279,157
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28	125,000		92,085
Scientific Games International, Inc., 7.00%, 5/15/28(1)	1,700,000		1,707,034
Scientific Games International, Inc., 7.25%, 11/15/29(1)	550,000		559,180
SeaWorld Parks & Entertainment, Inc., 9.50%, 8/1/25(1)	1,650,000		1,707,717
Speedway Motorsports LLC / Speedway Funding II, Inc., 4.875%, 11/1/27(1)	350,000		336,770
Studio City Finance Ltd., 6.00%, 7/15/25(1)	800,000		821,840
Studio City Finance Ltd., 6.50%, 1/15/28(1)	325,000		341,250
Twin River Worldwide Holdings, Inc., 6.75%, 6/1/27(1)	300,000		299,400
Viking Cruises Ltd., 6.25%, 5/15/25(1)	875,000		690,064
Viking Cruises Ltd., 13.00%, 5/15/25(1)	1,125,000		1,305,000
Viking Cruises Ltd., 5.875%, 9/15/27(1)	1,150,000		896,281
VOC Escrow Ltd., 5.00%, 2/15/28(1)	150,000		133,153
Wyndham Destinations, Inc., 6.625%, 7/31/26(1)	1,325,000		1,390,568
Wyndham Destinations, Inc., 4.625%, 3/1/30(1)	375,000		362,520
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	1,875,000		1,803,516
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)	2,525,000		2,371,922
Wynn Macau Ltd., 5.50%, 1/15/26(1)	1,000,000		987,375
Wynn Macau Ltd., 5.50%, 10/1/27(1)	600,000		583,500
Wynn Macau Ltd., 5.625%, 8/26/28(1)	1,075,000		1,045,437
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1)	975,000		1,033,792
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 5.125%, 10/1/29(1)	250,000		242,813
			85,459,170
Household Durables — 2.5%
Adams Homes, Inc., 7.50%, 2/15/25(1)	775,000		785,172
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.75%, 8/1/25(1)	700,000		713,051
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.625%, 1/15/28(1)	525,000		528,937

16

	Principal Amount/Shares		Value
Beazer Homes USA, Inc., 6.75%, 3/15/25	$	625,000	$	647,591
Beazer Homes USA, Inc., 7.25%, 10/15/29	550,000		590,235
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.375%, 5/15/25(1)	1,150,000		1,154,192
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 4.875%, 2/15/30(1)	750,000		702,712
Century Communities, Inc., 5.875%, 7/15/25	775,000		808,437
Century Communities, Inc., 6.75%, 6/1/27	1,025,000		1,089,478
Installed Building Products, Inc., 5.75%, 2/1/28(1)	650,000		686,439
KB Home, 7.00%, 12/15/21	715,000		750,164
KB Home, 7.625%, 5/15/23	200,000		220,000
KB Home, 6.875%, 6/15/27	575,000		680,547
Lennar Corp., 4.75%, 4/1/21	125,000		126,378
Mattamy Group Corp., 4.625%, 3/1/30(1)	875,000		887,530
Meritage Homes Corp., 7.00%, 4/1/22	1,065,000		1,143,293
Meritage Homes Corp., 6.00%, 6/1/25	750,000		839,141
Newell Brands, Inc., 4.70%, 4/1/26	2,050,000		2,187,760
Newell Brands, Inc., 5.875%, 4/1/36	1,925,000		2,223,413
Newell Brands, Inc., 6.00%, 4/1/46	450,000		505,688
Picasso Finance Sub, Inc., 6.125%, 6/15/25(1)	500,000		539,295
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 2/15/28(1)	675,000		674,895
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 4/1/29(1)	575,000		574,641
STL Holding Co. LLC, 7.50%, 2/15/26(1)	975,000		981,094
Taylor Morrison Communities, Inc., 6.625%, 7/15/27(1)	450,000		484,487
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(1)	625,000		685,266
TopBuild Corp., 5.625%, 5/1/26(1)	1,000,000		1,036,060
TRI Pointe Group, Inc., 5.25%, 6/1/27	25,000		26,777
TRI Pointe Group, Inc., 5.70%, 6/15/28	450,000		493,875
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24	1,215,000		1,315,997
Williams Scotsman International, Inc., 4.625%, 8/15/28(1)	775,000		779,584
			24,862,129
Household Products — 0.4%
Central Garden & Pet Co., 6.125%, 11/15/23	25,000		25,560
Energizer Holdings, Inc., 6.375%, 7/15/26(1)	850,000		914,451
Energizer Holdings, Inc., 4.75%, 6/15/28(1)	425,000		440,385
Kronos Acquisition Holdings, Inc., 9.00%, 8/15/23(1)	575,000		584,344
Prestige Brands, Inc., 6.375%, 3/1/24(1)	225,000		231,047
Prestige Brands, Inc., 5.125%, 1/15/28(1)	525,000		543,375
Spectrum Brands, Inc., 5.75%, 7/15/25	1,025,000		1,059,337
Spectrum Brands, Inc., 5.50%, 7/15/30(1)	300,000		317,063
			4,115,562
Independent Power and Renewable Electricity Producers — 1.2%
Calpine Corp., 5.25%, 6/1/26(1)	975,000		1,015,896
Calpine Corp., 4.50%, 2/15/28(1)	1,250,000		1,282,275
Calpine Corp., 5.125%, 3/15/28(1)	1,475,000		1,528,712
Calpine Corp., 4.625%, 2/1/29(1)	750,000		750,469
Calpine Corp., 5.00%, 2/1/31(1)	625,000		638,234
Clearway Energy Operating LLC, 5.75%, 10/15/25	1,575,000		1,661,791
Clearway Energy Operating LLC, 5.00%, 9/15/26	795,000		829,630
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)	1,075,000		1,116,323
TerraForm Power Operating LLC, 4.25%, 1/31/23(1)	850,000		873,188

17

	Principal Amount/Shares		Value
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)	$	1,050,000	$	1,151,378
TerraForm Power Operating LLC, 4.75%, 1/15/30(1)	675,000		718,679
			11,566,575
Industrial Conglomerates — 0.1%
Amsted Industries, Inc., 5.625%, 7/1/27(1)	350,000		373,583
Stena International SA, 6.125%, 2/1/25(1)	400,000		385,750
			759,333
Insurance — 0.9%
Acrisure LLC / Acrisure Finance, Inc., 8.125%, 2/15/24(1)	1,050,000		1,102,232
Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25(1)	2,075,000		2,042,319
Acrisure LLC / Acrisure Finance, Inc., 10.125%, 8/1/26(1)	450,000		499,500
AssuredPartners, Inc., 7.00%, 8/15/25(1)	850,000		868,415
Genworth Holdings, Inc., 7.625%, 9/24/21	1,185,000		1,188,028
Genworth Holdings, Inc., 4.90%, 8/15/23	825,000		761,578
Genworth Holdings, Inc., 4.80%, 2/15/24	75,000		69,185
Genworth Holdings, Inc., VRN, 2.28%, (3-month LIBOR plus 2.00%), 11/15/66	450,000		173,250
HUB International Ltd., 7.00%, 5/1/26(1)	2,050,000		2,126,373
USI, Inc., 6.875%, 5/1/25(1)	100,000		101,562
			8,932,442
Internet and Direct Marketing Retail — 0.3%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/1/27(1)	1,425,000		1,485,969
Match Group Holdings II LLC, 5.00%, 12/15/27(1)	450,000		476,352
QVC, Inc., 4.75%, 2/15/27	650,000		668,775
			2,631,096
IT Services — 1.1%
Banff Merger Sub, Inc., 9.75%, 9/1/26(1)	1,950,000		2,064,075
Black Knight InfoServ LLC, 3.625%, 9/1/28(1)	625,000		632,813
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25	750,000		773,411
Exela Intermediate LLC / Exela Finance, Inc., 10.00%, 7/15/23(1)	1,725,000		534,750
Presidio Holdings, Inc., 4.875%, 2/1/27(1)	575,000		583,723
Presidio Holdings, Inc., 8.25%, 2/1/28(1)	1,375,000		1,444,609
Science Applications International Corp., 4.875%, 4/1/28(1)	1,150,000		1,169,561
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.75%, 6/1/25(1)	1,925,000		1,968,284
Vericast Corp., 9.25%, 3/1/21(1)	544,000		549,780
Vericast Corp., 8.375%, 8/15/22(1)	1,600,000		1,559,000
			11,280,006
Leisure Products — 0.1%
Mattel, Inc., 6.75%, 12/31/25(1)	625,000		660,000
Mattel, Inc., 5.875%, 12/15/27(1)	475,000		512,110
Mattel, Inc., 5.45%, 11/1/41	125,000		117,426
			1,289,536
Life Sciences Tools and Services — 0.1%
Avantor, Inc., 6.00%, 10/1/24(1)	575,000		601,594
Charles River Laboratories International, Inc., 5.50%, 4/1/26(1)	475,000		501,125
			1,102,719
Machinery — 1.2%
Clark Equipment Co., 5.875%, 6/1/25(1)	200,000		207,500
Cleaver-Brooks, Inc., 7.875%, 3/1/23(1)	225,000		217,945
Colfax Corp., 6.00%, 2/15/24(1)	500,000		520,840

18

	Principal Amount/Shares		Value
Colfax Corp., 6.375%, 2/15/26(1)	$	175,000	$	185,774
EnPro Industries, Inc., 5.75%, 10/15/26	625,000		661,600
Granite US Holdings Corp., 11.00%, 10/1/27(1)	450,000		463,500
Husky III Holding Ltd., 13.00% Cash or 13.75% PIK, 2/15/25(1)(4)	675,000		700,734
JPW Industries Holding Corp., 9.00%, 10/1/24(1)	475,000		449,419
Manitowoc Co., Inc. (The), 9.00%, 4/1/26(1)	375,000		388,125
Maxim Crane Works Holdings Capital LLC, 10.125%, 8/1/24(1)	850,000		863,902
Navistar International Corp., 9.50%, 5/1/25(1)	525,000		590,641
Navistar International Corp., 6.625%, 11/1/25(1)	1,075,000		1,105,234
Stevens Holding Co., Inc., 6.125%, 10/1/26(1)	425,000		456,263
Tennant Co., 5.625%, 5/1/25	400,000		416,370
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 4/15/26(1)	950,000		947,625
Titan International, Inc., 6.50%, 11/30/23	850,000		638,907
Vertical Holdco Gmbh, 7.625%, 7/15/28(1)	600,000		635,250
Vertical U.S. Newco, Inc., 5.25%, 7/15/27(1)	600,000		624,684
Wabash National Corp., 5.50%, 10/1/25(1)	725,000		727,643
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 7/15/25(1)	1,275,000		1,219,352
			12,021,308
Media — 5.8%
Altice Financing SA, 7.50%, 5/15/26(1)	1,645,000		1,743,338
Altice Financing SA, 5.00%, 1/15/28(1)	1,450,000		1,410,219
AMC Networks, Inc., 4.75%, 12/15/22	67,000		67,141
AMC Networks, Inc., 5.00%, 4/1/24	413,000		422,809
CCO Holdings LLC / CCO Holdings Capital Corp., 4.00%, 3/1/23(1)	375,000		380,248
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 5/1/25(1)	1,125,000		1,158,750
CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 5/1/26(1)	1,075,000		1,122,198
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)	125,000		135,611
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)	675,000		709,628
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)	425,000		441,129
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32(1)	1,500,000		1,567,500
Clear Channel International BV, 6.625%, 8/1/25(1)	1,050,000		1,077,247
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24	933,000		906,881
Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27(1)	2,375,000		2,283,562
CSC Holdings LLC, 6.75%, 11/15/21	50,000		52,496
CSC Holdings LLC, 5.875%, 9/15/22	300,000		317,813
CSC Holdings LLC, 6.50%, 2/1/29(1)	1,350,000		1,507,781
CSC Holdings LLC, 5.75%, 1/15/30(1)	3,025,000		3,218,494
CSC Holdings LLC, 4.125%, 12/1/30(1)	600,000		612,150
CSC Holdings LLC, 4.625%, 12/1/30(1)	200,000		201,223
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 8/15/26(1)	2,800,000		1,987,762
Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 8/15/27(1)	1,075,000		560,344
DISH DBS Corp., 6.75%, 6/1/21	300,000		307,800
DISH DBS Corp., 5.875%, 11/15/24	250,000		257,813
DISH DBS Corp., 7.375%, 7/1/28(1)	1,500,000		1,546,875
EW Scripps Co. (The), 5.125%, 5/15/25(1)	550,000		539,000
GCI LLC, 6.625%, 6/15/24(1)	550,000		591,305
GCI LLC, 4.75%, 10/15/28(1)(2)	975,000		989,635
Gray Television, Inc., 5.125%, 10/15/24(1)	2,500,000		2,554,687
Gray Television, Inc., 5.875%, 7/15/26(1)	775,000		805,516

19

	Principal Amount/Shares		Value
Gray Television, Inc., 7.00%, 5/15/27(1)	$	550,000	$	596,963
iHeartCommunications, Inc., 6.375%, 5/1/26	700,000		730,555
iHeartCommunications, Inc., 8.375%, 5/1/27	75,000		74,011
iHeartCommunications, Inc., 5.25%, 8/15/27(1)	1,300,000		1,269,697
iHeartCommunications, Inc., 4.75%, 1/15/28(1)	825,000		778,913
Lamar Media Corp., 3.75%, 2/15/28(1)	375,000		373,828
Lamar Media Corp., 4.00%, 2/15/30(1)	750,000		751,406
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(1)	800,000		837,000
Midcontinent Communications / Midcontinent Finance Corp., 5.375%, 8/15/27(1)	1,025,000		1,056,836
Nexstar Broadcasting, Inc., 5.625%, 7/15/27(1)	475,000		498,995
Nexstar Broadcasting, Inc., 4.75%, 11/1/28(1)	1,025,000		1,048,062
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)	1,250,000		1,220,862
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 3/15/30(1)	150,000		144,188
Quebecor Media, Inc., 5.75%, 1/15/23	550,000		591,250
Salem Media Group, Inc., 6.75%, 6/1/24(1)	450,000		391,500
Scripps Escrow, Inc., 5.875%, 7/15/27(1)	525,000		507,281
Sinclair Television Group, Inc., 5.875%, 3/15/26(1)	600,000		593,136
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)	25,000		23,255
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)	975,000		905,960
Sirius XM Radio, Inc., 3.875%, 8/1/22(1)	900,000		910,688
Sirius XM Radio, Inc., 4.625%, 7/15/24(1)	925,000		957,953
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)	825,000		888,587
TEGNA, Inc., 4.75%, 3/15/26(1)	375,000		383,888
TEGNA, Inc., 4.625%, 3/15/28(1)	2,575,000		2,524,272
TEGNA, Inc., 5.00%, 9/15/29(1)	500,000		494,220
Townsquare Media, Inc., 6.50%, 4/1/23(1)	1,536,000		1,412,959
Univision Communications, Inc., 5.125%, 2/15/25(1)	1,050,000		996,844
Univision Communications, Inc., 9.50%, 5/1/25(1)	600,000		645,000
Univision Communications, Inc., 6.625%, 6/1/27(1)	1,050,000		1,027,687
UPC Holding BV, 5.50%, 1/15/28(1)	800,000		827,500
Videotron Ltd., 5.00%, 7/15/22	525,000		549,281
Videotron Ltd., 5.375%, 6/15/24(1)	275,000		300,607
Virgin Media Finance plc, 5.00%, 7/15/30(1)	1,000,000		996,250
Virgin Media Secured Finance plc, 5.50%, 5/15/29(1)	200,000		215,008
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28(1)	400,000		399,400
VTR Comunicaciones SpA, 5.125%, 1/15/28(1)	200,000		207,100
Ziggo Bond Co. BV, 6.00%, 1/15/27(1)	975,000		1,010,344
Ziggo Bond Co. BV, 5.125%, 2/28/30(1)	200,000		202,976
Ziggo BV, 5.50%, 1/15/27(1)	787,000		825,835
			57,647,052
Metals and Mining — 4.7%
Alcoa Nederland Holding BV, 6.125%, 5/15/28(1)	1,000,000		1,055,625
Allegheny Technologies, Inc., 5.875%, 12/1/27	775,000		746,189
ArcelorMittal SA, 4.55%, 3/11/26	275,000		297,291
ArcelorMittal SA, 7.25%, 10/15/39	475,000		602,232
Arconic Corp., 6.00%, 5/15/25(1)	975,000		1,043,055
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, 8.75%, 7/15/26(1)	775,000		800,044
Big River Steel LLC / BRS Finance Corp., 6.625%, 1/31/29(1)	1,150,000		1,164,979

20

	Principal Amount/Shares		Value
Carpenter Technology Corp., 6.375%, 7/15/28	$	1,175,000	$	1,231,137
Cleveland-Cliffs, Inc., 5.75%, 3/1/25	669,000		623,842
Cleveland-Cliffs, Inc., 9.875%, 10/17/25(1)	475,000		530,813
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(1)	450,000		458,303
Cleveland-Cliffs, Inc., 5.875%, 6/1/27	1,575,000		1,466,719
Coeur Mining, Inc., 5.875%, 6/1/24	550,000		550,630
Commercial Metals Co., 5.75%, 4/15/26	100,000		104,297
Commercial Metals Co., 5.375%, 7/15/27	50,000		52,913
Compass Minerals International, Inc., 6.75%, 12/1/27(1)	400,000		432,676
Constellium SE, 6.625%, 3/1/25(1)	2,665,000		2,731,625
Constellium SE, 5.625%, 6/15/28(1)	525,000		535,828
First Quantum Minerals Ltd., 7.25%, 4/1/23(1)	495,000		495,136
First Quantum Minerals Ltd., 6.50%, 3/1/24(1)	4,950,000		4,758,187
First Quantum Minerals Ltd., 7.50%, 4/1/25(1)	800,000		792,288
Freeport-McMoRan, Inc., 3.875%, 3/15/23	2,000,000		2,064,420
Freeport-McMoRan, Inc., 5.00%, 9/1/27	925,000		968,512
Freeport-McMoRan, Inc., 4.125%, 3/1/28	1,175,000		1,191,891
Freeport-McMoRan, Inc., 4.375%, 8/1/28	850,000		880,455
Freeport-McMoRan, Inc., 4.25%, 3/1/30	2,000,000		2,051,880
Freeport-McMoRan, Inc., 4.625%, 8/1/30	1,000,000		1,053,225
Freeport-McMoRan, Inc., 5.45%, 3/15/43	5,475,000		6,088,857
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.375%, 12/15/23(1)	150,000		152,250
Hillman Group, Inc. (The), 6.375%, 7/15/22(1)	225,000		220,728
Hudbay Minerals, Inc., 7.625%, 1/15/25(1)	250,000		254,860
Hudbay Minerals, Inc., 6.125%, 4/1/29(1)	625,000		621,094
IAMGOLD Corp., 5.75%, 10/15/28(1)	1,150,000		1,112,625
Joseph T Ryerson & Son, Inc., 8.50%, 8/1/28(1)	275,000		290,125
Kaiser Aluminum Corp., 6.50%, 5/1/25(1)	1,600,000		1,654,264
Kaiser Aluminum Corp., 4.625%, 3/1/28(1)	600,000		560,514
Mineral Resources Ltd., 8.125%, 5/1/27(1)	1,000,000		1,088,115
Mountain Province Diamonds, Inc., 8.00%, 12/15/22(1)	425,000		324,993
New Gold, Inc., 7.50%, 7/15/27(1)	300,000		320,625
Northwest Acquisitions ULC / Dominion Finco, Inc., 7.125%, 11/1/22(1)(3)	400,000		6,900
Novelis Corp., 5.875%, 9/30/26(1)	1,265,000		1,301,369
Novelis Corp., 4.75%, 1/30/30(1)	2,150,000		2,102,668
Park-Ohio Industries, Inc., 6.625%, 4/15/27	450,000		415,125
Petra Diamonds US Treasury plc, 7.25%, 5/1/22(1)(3)(6)	200,000		75,000
Taseko Mines Ltd., 8.75%, 6/15/22(1)	1,250,000		1,195,019
			46,469,323
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.875%, 8/1/21(1)	250,000		250,594
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 3/15/22(1)	1,376,000		1,352,333
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 2/1/27(1)	575,000		498,812
			2,101,739
Multiline Retail†
JC Penney Corp., Inc., 8.625%, 3/15/25(1)(3)(6)	600,000		9,378
JC Penney Corp., Inc., 6.375%, 10/15/36(3)(6)	775,000		2,906
			12,284

21

	Principal Amount/Shares		Value
Oil, Gas and Consumable Fuels — 11.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 9/15/24	$	1,075,000	$	921,812
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 3/1/27(1)	1,100,000		913,000
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 1/15/28(1)	200,000		164,980
Antero Resources Corp., 5.375%, 11/1/21	75,000		71,438
Antero Resources Corp., 5.625%, 6/1/23	150,000		108,938
Antero Resources Corp., 5.00%, 3/1/25	75,000		47,016
Apache Corp., 3.25%, 4/15/22	200,000		197,720
Apache Corp., 4.875%, 11/15/27	200,000		189,375
Apache Corp., 4.25%, 1/15/30	975,000		880,547
Apache Corp., 5.10%, 9/1/40	2,075,000		1,869,108
Apache Corp., 5.25%, 2/1/42	175,000		157,045
Apache Corp., 4.75%, 4/15/43	1,975,000		1,759,527
Apache Corp., 7.375%, 8/15/47	350,000		326,375
Apache Corp., 5.35%, 7/1/49	350,000		310,251
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 10.00%, 4/1/22(1)	2,200,000		2,172,500
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)	125,000		95,938
Callon Petroleum Co., 6.25%, 4/15/23	1,075,000		347,349
Callon Petroleum Co., 6.125%, 10/1/24	1,400,000		403,375
Callon Petroleum Co., 8.25%, 7/15/25	50,000		13,682
Callon Petroleum Co., 6.375%, 7/1/26	625,000		155,350
Cenovus Energy, Inc., 3.00%, 8/15/22	775,000		757,063
Cenovus Energy, Inc., 5.375%, 7/15/25	475,000		457,731
Cenovus Energy, Inc., 5.25%, 6/15/37	300,000		260,480
Cenovus Energy, Inc., 6.75%, 11/15/39	775,000		778,826
Cenovus Energy, Inc., 5.40%, 6/15/47	500,000		422,273
Centennial Resource Production LLC, 5.375%, 1/15/26(1)	1,025,000		412,563
Centennial Resource Production LLC, 6.875%, 4/1/27(1)	125,000		51,301
Chaparral Energy, Inc., 8.75%, 7/15/23(1)(3)(6)	1,300,000		91,000
Cheniere Energy Partners LP, 5.25%, 10/1/25	200,000		204,800
Cheniere Energy Partners LP, 5.625%, 10/1/26	125,000		130,213
Cheniere Energy, Inc., 4.625%, 10/15/28(1)	1,000,000		1,028,125
Citgo Holding, Inc., 9.25%, 8/1/24(1)	3,125,000		2,984,375
CITGO Petroleum Corp., 6.25%, 8/15/22(1)	350,000		348,180
CITGO Petroleum Corp., 7.00%, 6/15/25(1)	1,450,000		1,432,781
CNX Midstream Partners LP / CNX Midstream Finance Corp., 6.50%, 3/15/26(1)	1,379,000		1,401,147
CNX Resources Corp., 7.25%, 3/14/27(1)	1,650,000		1,685,095
Comstock Resources, Inc., 7.50%, 5/15/25(1)	550,000		526,625
Comstock Resources, Inc., 9.75%, 8/15/26	375,000		386,700
Comstock Resources, Inc., 9.75%, 8/15/26	700,000		718,952
Continental Resources, Inc., 5.00%, 9/15/22	1,675,000		1,665,168
Continental Resources, Inc., 4.50%, 4/15/23	975,000		931,359
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23	1,670,000		1,636,959
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)	1,525,000		1,441,125
DCP Midstream Operating LP, 4.75%, 9/30/21(1)	325,000		327,844

22

	Principal Amount/Shares		Value
DCP Midstream Operating LP, 3.875%, 3/15/23	$	350,000	$	347,095
DCP Midstream Operating LP, 5.375%, 7/15/25	850,000		878,543
DCP Midstream Operating LP, 5.125%, 5/15/29	875,000		863,354
Delek Logistics Partners LP / Delek Logistics Finance Corp., 6.75%, 5/15/25	525,000		478,351
Endeavor Energy Resources LP / EER Finance, Inc., 6.625%, 7/15/25(1)	500,000		514,530
Endeavor Energy Resources LP / EER Finance, Inc., 5.50%, 1/30/26(1)	325,000		323,172
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 1/30/28(1)	1,050,000		1,057,219
EnLink Midstream LLC, 5.375%, 6/1/29	1,550,000		1,259,375
EnLink Midstream Partners LP, 4.40%, 4/1/24	325,000		293,550
EnLink Midstream Partners LP, 4.85%, 7/15/26	1,525,000		1,321,199
EnLink Midstream Partners LP, 5.60%, 4/1/44	375,000		242,548
EnLink Midstream Partners LP, 5.05%, 4/1/45	300,000		192,368
EnLink Midstream Partners LP, 5.45%, 6/1/47	525,000		330,414
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/20(6)(7)	1,725,000		4,485
EP Energy LLC / Everest Acquisition Finance, Inc., 9.375%, 5/1/24(1)(3)(6)	1,075,000		779
EQM Midstream Partners LP, 4.75%, 7/15/23	1,200,000		1,200,600
EQM Midstream Partners LP, 4.00%, 8/1/24	200,000		196,169
EQM Midstream Partners LP, 6.00%, 7/1/25(1)	800,000		826,000
EQM Midstream Partners LP, 6.50%, 7/1/27(1)	375,000		398,038
EQM Midstream Partners LP, 5.50%, 7/15/28	875,000		883,032
EQM Midstream Partners LP, 6.50%, 7/15/48	800,000		754,748
EQT Corp., 4.875%, 11/15/21	300,000		304,049
EQT Corp., 7.875%, 2/1/25	450,000		499,430
EQT Corp., 3.90%, 10/1/27	1,225,000		1,118,578
EQT Corp., 8.75%, 2/1/30	1,000,000		1,182,820
Genesis Energy LP / Genesis Energy Finance Corp., 6.00%, 5/15/23	175,000		159,359
Genesis Energy LP / Genesis Energy Finance Corp., 6.50%, 10/1/25	350,000		300,781
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28	1,375,000		1,195,961
Global Partners LP / GLP Finance Corp., 6.875%, 1/15/29(1)(2)	300,000		303,750
Gulfport Energy Corp., 6.00%, 10/15/24	620,000		386,338
Gulfport Energy Corp., 6.375%, 5/15/25	760,000		466,370
Gulfport Energy Corp., 6.375%, 1/15/26	525,000		324,744
Harvest Midstream I LP, 7.50%, 9/1/28(1)	1,325,000		1,321,687
Hess Midstream Operations LP, 5.625%, 2/15/26(1)	2,106,000		2,149,394
Hess Midstream Operations LP, 5.125%, 6/15/28(1)	1,875,000		1,872,469
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1)	1,950,000		1,781,247
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)	875,000		859,141
Indigo Natural Resources LLC, 6.875%, 2/15/26(1)	1,250,000		1,219,725
Jagged Peak Energy LLC, 5.875%, 5/1/26	700,000		698,576
Laredo Petroleum, Inc., 9.50%, 1/15/25	800,000		477,488
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26(1)	525,000		519,750
Marathon Oil Corp., 6.80%, 3/15/32	25,000		26,811
Matador Resources Co., 5.875%, 9/15/26	450,000		377,021
MEG Energy Corp., 7.00%, 3/31/24(1)	480,000		447,600

23

	Principal Amount/Shares		Value
MEG Energy Corp., 7.125%, 2/1/27(1)	$	1,050,000	$	944,296
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(1)	1,000,000		603,560
Moss Creek Resources Holdings, Inc., 10.50%, 5/15/27(1)	250,000		157,140
Murphy Oil Corp., 6.875%, 8/15/24	1,100,000		1,019,562
Murphy Oil Corp., 5.75%, 8/15/25	635,000		555,612
Murphy Oil Corp., 5.875%, 12/1/27	575,000		491,614
Murphy Oil Corp., 7.05%, 5/1/29	350,000		321,650
Murphy Oil Corp., 6.375%, 12/1/42	750,000		626,670
Murray Energy Corp., 9.00% Cash plus 3.00% PIK, 4/15/24(1)(3)(6)	4,545,734		14,319
New Fortress Energy, Inc., 6.75%, 9/15/25(1)	125,000		130,922
NuStar Logistics LP, 5.75%, 10/1/25	400,000		414,120
NuStar Logistics LP, 6.00%, 6/1/26	350,000		351,587
NuStar Logistics LP, 6.375%, 10/1/30	375,000		390,000
Occidental Petroleum Corp., 2.70%, 8/15/22	320,000		299,582
Occidental Petroleum Corp., 6.95%, 7/1/24	595,000		578,108
Occidental Petroleum Corp., 3.50%, 6/15/25	325,000		270,359
Occidental Petroleum Corp., 8.00%, 7/15/25	450,000		453,647
Occidental Petroleum Corp., 5.875%, 9/1/25	1,500,000		1,377,502
Occidental Petroleum Corp., 5.55%, 3/15/26	1,925,000		1,746,610
Occidental Petroleum Corp., 3.40%, 4/15/26	500,000		400,000
Occidental Petroleum Corp., 3.20%, 8/15/26	600,000		477,000
Occidental Petroleum Corp., 8.50%, 7/15/27	800,000		807,668
Occidental Petroleum Corp., 7.125%, 10/15/27	325,000		295,750
Occidental Petroleum Corp., 6.375%, 9/1/28	800,000		742,060
Occidental Petroleum Corp., 8.875%, 7/15/30	850,000		877,094
Occidental Petroleum Corp., 6.625%, 9/1/30	125,000		115,547
Occidental Petroleum Corp., 7.50%, 5/1/31	2,015,000		1,919,287
Occidental Petroleum Corp., 7.875%, 9/15/31	1,050,000		1,023,094
Occidental Petroleum Corp., 6.45%, 9/15/36	3,575,000		3,045,525
Occidental Petroleum Corp., 7.95%, 6/15/39	310,000		291,206
Occidental Petroleum Corp., 4.30%, 8/15/39	550,000		383,644
Occidental Petroleum Corp., 6.20%, 3/15/40	350,000		287,875
Parkland Corp., 6.00%, 4/1/26(1)	350,000		367,281
Parkland Corp., 5.875%, 7/15/27(1)	750,000		789,844
Parsley Energy LLC / Parsley Finance Corp., 5.25%, 8/15/25(1)	875,000		868,437
Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/27(1)	225,000		224,297
PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 5/15/25(1)	600,000		615,867
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28(1)	575,000		386,932
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23	1,650,000		1,556,131
PDC Energy, Inc., 6.125%, 9/15/24	325,000		310,375
PDC Energy, Inc., 5.75%, 5/15/26	75,000		70,125
Range Resources Corp., 5.00%, 3/15/23	187,000		178,001
Range Resources Corp., 9.25%, 2/1/26(1)	850,000		874,837
Rattler Midstream LP, 5.625%, 7/15/25(1)	425,000		429,208
Rockies Express Pipeline LLC, 3.60%, 5/15/25(1)	400,000		393,080
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1)	425,000		413,844
Rockies Express Pipeline LLC, 4.80%, 5/15/30(1)	150,000		147,628
Rockies Express Pipeline LLC, 7.50%, 7/15/38(1)	150,000		159,750
Rockies Express Pipeline LLC, 6.875%, 4/15/40(1)	900,000		941,157
Seven Generations Energy Ltd., 5.375%, 9/30/25(1)	1,500,000		1,424,077
SM Energy Co., 6.125%, 11/15/22	75,000		58,611

24

	Principal Amount/Shares		Value
SM Energy Co., 5.00%, 1/15/24	$	125,000	$	67,188
SM Energy Co., 5.625%, 6/1/25	1,125,000		510,351
SM Energy Co., 6.75%, 9/15/26	950,000		426,132
SM Energy Co., 6.625%, 1/15/27	550,000		245,902
Southwestern Energy Co., 6.45%, 1/23/25	1,292,000		1,256,832
Southwestern Energy Co., 7.75%, 10/1/27	150,000		145,860
Southwestern Energy Co., 8.375%, 9/15/28	425,000		418,406
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.50%, 8/15/22	1,475,000		1,037,685
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.75%, 4/15/25	313,000		179,809
Sunoco LP / Sunoco Finance Corp., 4.875%, 1/15/23	1,825,000		1,840,777
Sunoco LP / Sunoco Finance Corp., 5.50%, 2/15/26	225,000		225,520
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27	775,000		797,766
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 4.75%, 10/1/23(1)	800,000		760,492
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.50%, 10/1/25(1)	575,000		578,407
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23	1,855,000		1,841,282
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26	1,800,000		1,851,435
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	1,125,000		1,099,687
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.875%, 1/15/29	500,000		537,663
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.50%, 3/1/30(1)	550,000		547,767
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31(1)	1,400,000		1,358,420
TransMontaigne Partners LP / TLP Finance Corp., 6.125%, 2/15/26	550,000		571,208
Tullow Oil plc, 7.00%, 3/1/25(1)	400,000		188,000
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 8.75%, 4/15/23(1)	1,500,000		1,020,000
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 9.75%, 4/15/23(1)	1,075,000		741,750
Western Midstream Operating LP, 4.00%, 7/1/22	350,000		352,730
Western Midstream Operating LP, 3.95%, 6/1/25	150,000		141,720
Western Midstream Operating LP, 4.65%, 7/1/26	150,000		146,250
Western Midstream Operating LP, 4.50%, 3/1/28	825,000		779,625
Western Midstream Operating LP, 4.75%, 8/15/28	450,000		434,727
Western Midstream Operating LP, 5.45%, 4/1/44	650,000		556,969
Western Midstream Operating LP, 5.30%, 3/1/48	1,460,000		1,182,600
Western Midstream Operating LP, 5.50%, 8/15/48	375,000		311,250
Western Midstream Operating LP, 6.25%, 2/1/50	275,000		255,211
WPX Energy, Inc., 5.875%, 6/15/28	1,100,000		1,150,897
WPX Energy, Inc., 4.50%, 1/15/30	350,000		346,271
			117,073,350
Paper and Forest Products — 0.2%
Clearwater Paper Corp., 4.75%, 8/15/28(1)	275,000		276,203
Mercer International, Inc., 6.50%, 2/1/24	822,000		827,051
Mercer International, Inc., 7.375%, 1/15/25	575,000		583,266
Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26(1)	700,000		740,992
			2,427,512
Personal Products — 0.1%
Avon International Capital plc, 6.50%, 8/15/22(1)	375,000		376,875

25

	Principal Amount/Shares		Value
Edgewell Personal Care Co., 5.50%, 6/1/28(1)	$	975,000	$	1,027,275
			1,404,150
Pharmaceuticals — 2.6%
AdaptHealth LLC, 6.125%, 8/1/28(1)	200,000		207,540
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)	1,200,000		1,320,198
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)	245,000		244,847
Bausch Health Cos., Inc., 5.875%, 5/15/23(1)	117,000		116,506
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	7,305,000		7,485,799
Bausch Health Cos., Inc., 9.00%, 12/15/25(1)	2,825,000		3,080,097
Bausch Health Cos., Inc., 7.00%, 1/15/28(1)	975,000		1,032,710
Bausch Health Cos., Inc., 5.00%, 1/30/28(1)	1,475,000		1,434,438
Bausch Health Cos., Inc., 6.25%, 2/15/29(1)	725,000		746,750
Bausch Health Cos., Inc., 7.25%, 5/30/29(1)	650,000		700,658
Bausch Health Cos., Inc., 5.25%, 1/30/30(1)	375,000		369,893
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 9.50%, 7/31/27(1)	1,620,000		1,695,937
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 6/30/28(1)	2,206,000		1,623,616
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.75%, 8/1/22(1)(3)	1,340,000		358,450
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.625%, 10/15/23(1)(3)	270,000		68,513
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)	2,083,000		2,185,046
Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24	400,000		408,930
Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/25	1,200,000		1,262,376
Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/1/46	1,475,000		1,230,445
			25,572,749
Professional Services — 0.3%
ASGN, Inc., 4.625%, 5/15/28(1)	1,075,000		1,081,246
Dun & Bradstreet Corp. (The), 6.875%, 8/15/26(1)	420,000		451,888
Dun & Bradstreet Corp. (The), 10.25%, 2/15/27(1)	1,215,000		1,378,800
			2,911,934
Real Estate Management and Development — 0.8%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)	500,000		520,638
Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, 11/15/25(1)	450,000		450,900
Forestar Group, Inc., 8.00%, 4/15/24(1)	1,300,000		1,372,988
Forestar Group, Inc., 5.00%, 3/1/28(1)	450,000		455,555
Greystar Real Estate Partners LLC, 5.75%, 12/1/25(1)	900,000		911,250
Howard Hughes Corp. (The), 5.375%, 3/15/25(1)	550,000		560,230
Howard Hughes Corp. (The), 5.375%, 8/1/28(1)	775,000		774,380
Hunt Cos., Inc., 6.25%, 2/15/26(1)	1,000,000		962,905
Kennedy-Wilson, Inc., 5.875%, 4/1/24	550,000		547,937
Newmark Group, Inc., 6.125%, 11/15/23	650,000		677,526
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(1)	100,000		99,188
Realogy Group LLC / Realogy Co-Issuer Corp., 7.625%, 6/15/25(1)	575,000		603,184
Realogy Group LLC / Realogy Co-Issuer Corp., 9.375%, 4/1/27(1)	350,000		363,160
			8,299,841
Road and Rail — 0.9%
Ahern Rentals, Inc., 7.375%, 5/15/23(1)	2,298,000		1,226,557
Algeco Global Finance plc, 8.00%, 2/15/23(1)	800,000		796,492
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 6.375%, 4/1/24(1)	445,000		423,996

26

	Principal Amount/Shares		Value
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.25%, 3/15/25(1)	$	318,000	$	290,557
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)	450,000		406,562
DAE Funding LLC, 5.25%, 11/15/21(1)	350,000		355,250
DAE Funding LLC, 4.50%, 8/1/22(1)	425,000		421,281
DAE Funding LLC, 5.00%, 8/1/24(1)	1,275,000		1,284,562
Hertz Corp. (The), 5.50%, 10/15/24(1)(3)	725,000		327,609
Hertz Corp. (The), 7.125%, 8/1/26(1)(3)(6)	875,000		395,391
Hertz Corp. (The), 6.00%, 1/15/28(1)(3)(6)	1,275,000		579,328
Uber Technologies, Inc., 8.00%, 11/1/26(1)	1,325,000		1,412,450
Uber Technologies, Inc., 7.50%, 9/15/27(1)	625,000		667,969
Uber Technologies, Inc., 6.25%, 1/15/28(1)	800,000		822,500
			9,410,504
Semiconductors and Semiconductor Equipment — 0.8%
Amkor Technology, Inc., 6.625%, 9/15/27(1)	425,000		456,953
ams AG, 7.00%, 7/31/25(1)	2,000,000		2,123,110
Entegris, Inc., 4.625%, 2/10/26(1)	775,000		794,228
Microchip Technology, Inc., 4.25%, 9/1/25(1)	650,000		675,148
ON Semiconductor Corp., 3.875%, 9/1/28(1)	775,000		787,361
Qorvo, Inc., 5.50%, 7/15/26	500,000		531,140
Qorvo, Inc., 4.375%, 10/15/29	650,000		691,743
Qorvo, Inc., 3.375%, 4/1/31(1)	775,000		789,725
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	925,000		970,672
			7,820,080
Software — 1.8%
Ascend Learning LLC, 6.875%, 8/1/25(1)	350,000		361,268
Ascend Learning LLC, 6.875%, 8/1/25(1)	250,000		255,339
Boxer Parent Co., Inc., 7.125%, 10/2/25(1)	425,000		454,538
Boxer Parent Co., Inc., 9.125%, 3/1/26(1)	500,000		531,875
BY Crown Parent LLC / BY Bond Finance, Inc., 4.25%, 1/31/26(1)	425,000		433,234
Camelot Finance SA, 4.50%, 11/1/26(1)	875,000		896,735
Castle US Holding Corp., 9.50%, 2/15/28(1)	1,850,000		1,768,776
CDK Global, Inc., 5.875%, 6/15/26	250,000		261,204
CDK Global, Inc., 5.25%, 5/15/29(1)	525,000		559,619
j2 Cloud Services LLC / j2 Cloud Co-Obligor, Inc., 6.00%, 7/15/25(1)	1,775,000		1,848,307
Logan Merger Sub, Inc., 5.50%, 9/1/27(1)	1,750,000		1,779,531
Open Text Corp., 5.875%, 6/1/26(1)	225,000		234,422
Open Text Corp., 3.875%, 2/15/28(1)	775,000		785,292
Open Text Holdings, Inc., 4.125%, 2/15/30(1)	1,000,000		1,030,280
PTC, Inc., 3.625%, 2/15/25(1)	575,000		584,703
PTC, Inc., 4.00%, 2/15/28(1)	375,000		386,138
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/24(1)	890,000		931,162
SS&C Technologies, Inc., 5.50%, 9/30/27(1)	1,825,000		1,941,745
Veritas US, Inc. / Veritas Bermuda Ltd., 10.50%, 2/1/24(1)	1,800,000		1,699,281
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25(1)	900,000		929,250
			17,672,699
Specialty Retail — 2.8%
Abercrombie & Fitch Management Co., 8.75%, 7/15/25(1)	625,000		659,313
Asbury Automotive Group, Inc., 4.50%, 3/1/28(1)	425,000		428,453
Asbury Automotive Group, Inc., 4.75%, 3/1/30(1)	225,000		227,109
Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25(1)	325,000		342,672

27

	Principal Amount/Shares		Value
Carvana Co., 8.875%, 10/1/23(1)	$	350,000	$	365,533
eG Global Finance plc, 6.75%, 2/7/25(1)	800,000		820,500
eG Global Finance plc, 8.50%, 10/30/25(1)	600,000		632,625
Ferrellgas LP / Ferrellgas Finance Corp., 6.50%, 5/1/21	855,000		783,287
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 1/15/22	35,000		31,098
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 6/15/23	155,000		140,452
Ferrellgas LP / Ferrellgas Finance Corp., 10.00%, 4/15/25(1)	275,000		298,375
Gap, Inc. (The), 8.375%, 5/15/23(1)	75,000		83,016
Gap, Inc. (The), 8.625%, 5/15/25(1)	700,000		767,813
Group 1 Automotive, Inc., 4.00%, 8/15/28(1)	225,000		221,484
Ken Garff Automotive LLC, 4.875%, 9/15/28(1)	450,000		443,813
L Brands, Inc., 5.625%, 2/15/22	350,000		365,006
L Brands, Inc., 6.875%, 7/1/25(1)	300,000		324,453
L Brands, Inc., 9.375%, 7/1/25(1)	350,000		402,063
L Brands, Inc., 5.25%, 2/1/28	50,000		48,469
L Brands, Inc., 7.50%, 6/15/29	793,000		830,025
L Brands, Inc., 6.625%, 10/1/30(1)	1,150,000		1,173,000
L Brands, Inc., 6.875%, 11/1/35	630,000		621,923
L Brands, Inc., 6.75%, 7/1/36	3,000,000		2,945,625
Lithia Motors, Inc., 5.25%, 8/1/25(1)	50,000		51,557
Lithia Motors, Inc., 4.625%, 12/15/27(1)	825,000		853,875
Lithia Motors, Inc., 4.375%, 1/15/31(1)(2)	325,000		328,250
Michaels Stores, Inc., 4.75%, 10/1/27(1)(2)	575,000		571,047
Murphy Oil USA, Inc., 5.625%, 5/1/27	100,000		106,606
Murphy Oil USA, Inc., 4.75%, 9/15/29	375,000		400,243
Penske Automotive Group, Inc., 3.50%, 9/1/25	225,000		223,454
PetSmart, Inc., 7.125%, 3/15/23(1)	3,500,000		3,535,000
PriSo Acquisition Corp., 9.00%, 5/15/23(1)	1,975,000		1,905,875
Sonic Automotive, Inc., 6.125%, 3/15/27	1,175,000		1,217,370
Specialty Building Products Holdings LLC / SBP Finance Corp., 6.375%, 9/30/26(1)	500,000		509,688
Staples, Inc., 7.50%, 4/15/26(1)	1,925,000		1,777,025
Staples, Inc., 10.75%, 4/15/27(1)	2,700,000		2,168,437
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.50%, 6/1/24	160,000		161,502
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.75%, 3/1/25	944,000		959,439
			27,725,475
Technology Hardware, Storage and Peripherals — 1.1%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	375,000		376,185
Dell International LLC / EMC Corp., 7.125%, 6/15/24(1)	1,532,000		1,595,272
Diebold Nixdorf, Inc., 8.50%, 4/15/24	1,050,000		958,545
Diebold Nixdorf, Inc., 9.375%, 7/15/25(1)	550,000		581,625
Everi Payments, Inc., 7.50%, 12/15/25(1)	987,000		970,858
NCR Corp., 8.125%, 4/15/25(1)	300,000		332,137
NCR Corp., 5.75%, 9/1/27(1)	1,175,000		1,231,130
NCR Corp., 5.00%, 10/1/28(1)	775,000		775,484
NCR Corp., 6.125%, 9/1/29(1)	1,475,000		1,561,007
NCR Corp., 5.25%, 10/1/30(1)	450,000		450,844
Xerox Holdings Corp., 5.00%, 8/15/25(1)	950,000		940,044
Xerox Holdings Corp., 5.50%, 8/15/28(1)	750,000		740,325
			10,513,456

28

	Principal Amount/Shares		Value
Textiles, Apparel and Luxury Goods — 0.1%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50%, 5/1/25(1)	$	750,000	$	528,750
Thrifts and Mortgage Finance — 0.8%
Genworth Mortgage Holdings, Inc., 6.50%, 8/15/25(1)	900,000		942,480
MGIC Investment Corp., 5.75%, 8/15/23	325,000		346,091
MGIC Investment Corp., 5.25%, 8/15/28	775,000		803,346
Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/26(1)	775,000		832,400
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27(1)	575,000		587,121
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)	975,000		975,609
NMI Holdings, Inc., 7.375%, 6/1/25(1)	775,000		829,401
Provident Funding Associates LP / PFG Finance Corp., 6.375%, 6/15/25(1)	425,000		412,737
Radian Group, Inc., 4.50%, 10/1/24	675,000		671,760
Radian Group, Inc., 4.875%, 3/15/27	1,629,000		1,624,928
			8,025,873
Trading Companies and Distributors — 0.6%
Beacon Roofing Supply, Inc., 4.875%, 11/1/25(1)	700,000		687,270
Beacon Roofing Supply, Inc., 4.50%, 11/15/26(1)	375,000		386,603
Fly Leasing Ltd., 6.375%, 10/15/21	400,000		400,938
Fly Leasing Ltd., 5.25%, 10/15/24	800,000		648,000
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 3/15/22(1)	350,000		345,529
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)	825,000		813,570
Fortress Transportation & Infrastructure Investors LLC, 9.75%, 8/1/27(1)	750,000		802,031
H&E Equipment Services, Inc., 5.625%, 9/1/25	1,500,000		1,565,625
			5,649,566
Wireless Telecommunication Services — 1.3%
Digicel Group Ltd., 5.00% Cash plus 3.00% PIK or 8.00% PIK, 4/1/25(1)(5)	689,600		244,808
Digicel Group Ltd., 8.00% Cash plus 2.00% PIK or 10.00% PIK, 4/1/24(5)	1,913,994		1,471,383
Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd., 8.75%, 5/25/24(1)	145,300		146,390
Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd., 8.00%, 12/31/26(1)	58,004		44,953
Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd., 6.00% Cash plus 7.00% PIK, 12/31/25(1)	73,595		67,523
Sprint Communications, Inc., 9.25%, 4/15/22	250,000		278,246
Sprint Communications, Inc., 6.00%, 11/15/22	200,000		215,750
Sprint Corp., 7.25%, 9/15/21	200,000		209,500
Sprint Corp., 7.875%, 9/15/23	4,440,000		5,095,455
Sprint Corp., 7.125%, 6/15/24	200,000		230,374
Sprint Corp., 7.625%, 3/1/26	325,000		393,217
T-Mobile USA, Inc., 6.00%, 3/1/23	50,000		50,193
T-Mobile USA, Inc., 6.00%, 4/15/24	693,000		708,378
T-Mobile USA, Inc., 6.50%, 1/15/26	150,000		156,937
Vmed O2 UK Financing I plc, 4.25%, 1/31/31(1)	2,000,000		2,043,750
Vodafone Group plc, VRN, 7.00%, 4/4/79	1,200,000		1,425,883
			12,782,740
TOTAL CORPORATE BONDS (Cost $933,329,016)			915,713,652

29

	Principal Amount/Shares		Value
PREFERRED STOCKS — 2.4%
Banks — 1.6%
Bank of America Corp., 5.125%	725,000		$	746,714
Bank of America Corp., 5.875%	50,000		54,023
Bank of America Corp., 6.25%	3,175,000		3,408,089
Barclays plc, 6.125%	400,000		406,455
Barclays plc, 7.75%	400,000		413,483
Barclays plc, 8.00%	820,000		873,721
Citigroup, Inc., 4.70%	1,175,000		1,137,547
Citigroup, Inc., 5.90%	925,000		947,616
Citigroup, Inc., 5.95%	400,000		412,024
Citigroup, Inc., 6.25%	1,000,000		1,111,535
JPMorgan Chase & Co., 3.74%	775,000		743,605
JPMorgan Chase & Co., 4.60%	775,000		760,469
JPMorgan Chase & Co., 6.00%	75,000		77,124
JPMorgan Chase & Co., 6.10%	1,850,000		1,946,576
JPMorgan Chase & Co., 6.125%	625,000		650,500
Natwest Group plc, 8.00%	600,000		667,332
Natwest Group plc, 8.625%	1,000,000		1,027,220
			15,384,033
Capital Markets — 0.4%
Credit Suisse Group AG, 5.10%(1)	400,000		386,500
Credit Suisse Group AG, 6.25%(1)	1,400,000		1,504,072
Deutsche Bank AG, 6.00%	400,000		346,000
Goldman Sachs Group, Inc. (The), 4.17%	900,000		885,645
Goldman Sachs Group, Inc. (The), 4.95%	1,275,000		1,277,114
			4,399,331
Oil, Gas and Consumable Fuels — 0.4%
Energy Transfer Operating LP, 6.25%	1,225,000		801,450
Energy Transfer Operating LP, 6.625%	770,000		524,713
Plains All American Pipeline LP, 6.125%	3,250,000		2,065,863
Summit Midstream Partners LP, 9.50%(6)	1,200,000		156,091
			3,548,117
TOTAL PREFERRED STOCKS (Cost $25,720,225)			23,331,481
BANK LOAN OBLIGATIONS(8) — 1.6%
Auto Components†
Clarios Global LP, USD Term Loan B, 3.65%, (1-month LIBOR plus 3.50%), 4/30/26	$	221,506	216,384
Chemicals — 0.1%
Consolidated Energy Finance, S.A., Term Loan B, 2.66%, (1-month LIBOR plus 2.50%), 5/7/25	927,319		853,134
Commercial Services and Supplies†
National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 3.97%, (3-month LIBOR plus 3.75%), 5/23/25	164,145		161,136
Construction and Engineering†
Golden Nugget, Inc., 2020 Initial Term Loan, 13.00%, (3-month LIBOR plus 12.00%), 10/4/23	125,000		142,500
Containers and Packaging†
Berry Global, Inc., Term Loan Y, 2.16%, (1-month LIBOR plus 2.00%), 7/1/26	245,194		238,636
BWAY Holding Company, 2017 Term Loan B, 3.52%, (3-month LIBOR plus 3.25%), 4/3/24	122,956		115,861
			354,497

30

	Principal Amount/Shares		Value
Diversified Financial Services — 0.1%
Refinitiv US Holdings Inc., 2018 USD Term Loan, 3.40%, (1-month LIBOR plus 3.25%), 10/1/25	$	452,390	$	448,391
Electric Utilities — 0.1%
Pacific Gas & Electric Company, 2020 Term Loan, 5.50%, (3-month LIBOR plus 4.50%), 6/23/25	872,813		856,809
Energy Equipment and Services — 0.2%
Apergy Corporation, 2020 Term Loan, 6.00%, (3-month LIBOR plus 5.00%), 5/28/27	1,530,625		1,526,798
Parker Drilling Co, 2nd Lien PIK Term Loan, 11.00% Cash plus 2.00% PIK, 3/26/24	178,772		163,577
			1,690,375
Entertainment — 0.1%
Allen Media, LLC, 2020 Term Loan B, 5.72%, (3-month LIBOR plus 5.50%), 2/10/27	869,692		845,640
Health Care Providers and Services†
Air Methods Corporation, 2017 Term Loan B, 4.50%, (3-month LIBOR plus 3.50%), 4/22/24	344,656		303,513
Hotels, Restaurants and Leisure — 0.6%
Boyd Gaming Corporation, Term Loan B3, 2.36%, (1-week LIBOR plus 2.25%), 9/15/23	170,525		166,393
Gateway Casinos & Entertainment Limited, 2018 Term Loan B, 3.72%, (3-month LIBOR plus 3.50%), 3/13/25	863,886		786,568
Golden Nugget, Inc., 2017 Incremental Term Loan B, 3.25%, (1-month LIBOR plus 2.50%, 2-month LIBOR plus 2.50%), 10/4/23	793,528		712,838
Life Time Fitness Inc, 2017 Term Loan B, 3.75%, (3-month LIBOR plus 2.75%), 6/10/22	3,696,863		3,381,077
NASCAR Holdings, Inc, Term Loan B, 2.89%, (1-month LIBOR plus 2.75%), 10/19/26	12,050		11,797
UFC Holdings, LLC, 2019 Term Loan, 4.25%, (6-month LIBOR plus 3.25%), 4/29/26	837,163		824,869
			5,883,542
Insurance†
Asurion LLC, 2018 Term Loan B6, 3.15%, (1-month LIBOR plus 3.00%), 11/3/23	70,402		69,485
Hub International Limited, 2018 Term Loan B, 3.26%, (3-month LIBOR plus 3.00%), 4/25/25	265,299		257,084
			326,569
Media — 0.1%
Cengage Learning, Inc., 2016 Term Loan B, 5.25%, (3-month LIBOR plus 4.25%), 6/7/23	1,159,858		973,040
Diamond Sports Group, LLC, Term Loan, 3.40%, (1-month LIBOR plus 3.25%), 8/24/26	445,500		349,717
			1,322,757
Metals and Mining†
Neenah Foundry Company, 2017 Term Loan, 10.00%, (2-month LIBOR plus 9.00%), 12/13/22	403,400		352,975
Oil, Gas and Consumable Fuels — 0.2%
California Resources Corporation, 2017 1st Lien Term Loan, 5.75%, (1-month LIBOR plus 4.75%), 12/31/22(3)(6)	1,675,000		629,984
CITGO Holding Inc., 2019 Term Loan B, 8.00%, (3-month LIBOR plus 7.00%), 8/1/23	915,750		863,383
Prairie ECI Acquiror LP, Term Loan B, 4.90%, (1-month LIBOR plus 4.75%), 3/11/26	203,078		184,040
			1,677,407
Road and Rail†
USS Ultimate Holdings, Inc., 1st Lien Term Loan, 4.75%, (3-month LIBOR plus 3.75%), 8/25/24	168,159		166,267

31

	Principal Amount/Shares		Value
Specialty Retail — 0.1%
Staples, Inc., 7 Year Term Loan, 5.25%, (3-month LIBOR plus 5.00%), 4/16/26	$	763,125	$	711,851
TOTAL BANK LOAN OBLIGATIONS (Cost $18,125,462)			16,313,747
COMMON STOCKS — 0.3%
Chemicals — 0.1%
Hexion Holdings Corp., Class B(6)	69,388		711,227
Energy Equipment and Services†
Parker Drilling Co.(6)	10,567		31,701
Entertainment†
AMC Entertainment Holdings, Inc., Class A	2,625		12,363
Oil, Gas and Consumable Fuels — 0.2%
Denbury, Inc.(6)	63,724		1,121,542
Whiting Petroleum Corp.(6)	22,977		397,272
			1,518,814
Software†
Avaya Holdings Corp.(6)	24,115		366,548
TOTAL COMMON STOCKS (Cost $5,531,639)			2,640,653
CONVERTIBLE BONDS — 0.1%
Banks — 0.1%
Barclays Bank plc, 7.625%, 11/21/22	$	880,000	968,275
Wireless Telecommunication Services†
Digicel Group Ltd., 7.00% PIK(1)(9)	95,559		12,423
TOTAL CONVERTIBLE BONDS (Cost $930,839)			980,698
ESCROW INTERESTS(10)†
Electric Utilities†
Bruin E&P Partners LLC(6)	1,425,000		8,194
GenOn Energy(6)	425,000		—
			8,194
Oil, Gas and Consumable Fuels†
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp.(6)	450,000		4,950
Sanchez Energy Corp.(6)	3,515,000		35,150
Sanchez Energy Corp.(6)	1,700,000		17,000
			57,100
TOTAL ESCROW INTERESTS (Cost $5,499,953)			65,294
WARRANTS†
Oil, Gas and Consumable Fuels†
Denbury, Inc.(6) (Cost $—)	5,645		31,049
TEMPORARY CASH INVESTMENTS — 1.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $17,242,772)	17,242,772		17,242,772
TOTAL INVESTMENT SECURITIES — 98.3% (Cost $1,006,379,906)			976,319,346
OTHER ASSETS AND LIABILITIES — 1.7%			16,719,884
TOTAL NET ASSETS — 100.0%			$	993,039,230

32

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. The security's effective maturity date may be shorter than the final maturity date shown.

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

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $604,377,108, which represented 60.9% of total net assets. Of these securities, 0.5% 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)Security is in default.

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

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

(6)Non-income producing.

(7)Maturity is in default.

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

(9)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.

33

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (cost of $1,006,379,906)	$	976,319,346
Cash	147,265
Receivable for investments sold	8,428,915
Receivable for capital shares sold	881
Interest receivable	16,959,923
	1,001,856,330
Liabilities
Payable for investments purchased	7,354,255
Payable for capital shares redeemed	1,386,487
Accrued management fees	76,358
	8,817,100
Net Assets	$	993,039,230
Net Assets Consist of:
Capital paid in	$	1,048,071,435
Distributable earnings	(55,032,205)
	$	993,039,230

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$119,760,331	12,916,441	$9.27
G Class	$873,278,899	94,177,423	$9.27

See Notes to Financial Statements.

34

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	23,335,219
Expenses:
Management fees	1,983,894
Trustees' fees and expenses	23,933
Other expenses	97
	2,007,924
Fees waived - G Class	(1,545,962)
	461,962
Net investment income (loss)	22,873,257
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(5,546,304)
Change in net unrealized appreciation (depreciation) on investments	73,069,574
Net realized and unrealized gain (loss)	67,523,270
Net Increase (Decrease) in Net Assets Resulting from Operations	$	90,396,527

See Notes to Financial Statements.

35

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	22,873,257	$	41,116,342
Net realized gain (loss)	(5,546,304)		(12,236,986)
Change in net unrealized appreciation (depreciation)	73,069,574		(78,841,755)
Net increase (decrease) in net assets resulting from operations	90,396,527		(49,962,399)
Distributions to Shareholders
From earnings:
Investor Class	(3,340,850)		(7,216,652)
G Class	(19,624,565)		(34,400,787)
Decrease in net assets from distributions	(22,965,415)		(41,617,439)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	391,410,936		(77,018,635)
Net increase (decrease) in net assets	458,842,048		(168,598,473)
Net Assets
Beginning of period	534,197,182		702,795,655
End of period	$	993,039,230	$	534,197,182

See Notes to Financial Statements.

36

Notes to Financial Statements

SEPTEMBER 30, 2020 (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.

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 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.

37

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 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, 64% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

38

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 ACIM will pay 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. 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. 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 for each class is as follows:

Investor Class	G Class
0.775%	0.000%(1)

(1) Annual management fee before waiver was 0.525%.

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 and in kind transactions, for the period ended September 30, 2020 were $277,111,141 and $240,269,792, respectively.

On August 13, 2020, the fund received investment securities valued at $339,645,979 from a purchase in kind from other products managed by the fund's investment advisor. A purchase in kind occurs when a fund receives securities into its portfolio in lieu of cash as payment from a purchasing shareholder.

5. Capital Share Transactions

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

	Six months ended September 30, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	236,742	$	2,173,290	160,642	$	1,527,819
Issued in reinvestment of distributions	369,957	3,340,850		758,569	7,216,652
Redeemed	(966)	(8,862)		(3,167,519)	(29,788,480)
	605,733	5,505,278		(2,248,308)	(21,044,009)
G Class
Sold	42,031,126	390,178,240		2,570,023	24,417,668
Issued in reinvestment of distributions	2,162,386	19,624,565		3,615,672	34,400,787
Redeemed	(2,595,071)	(23,897,147)		(12,076,037)	(114,793,081)
	41,598,441	385,905,658		(5,890,342)	(55,974,626)
Net increase (decrease)	42,204,174	$	391,410,936	(8,138,650)	$	(77,018,635)

39

6. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1		Level 2		Level 3
Assets
Investment Securities
Corporate Bonds	—		$	915,713,652	—
Preferred Stocks	—		23,331,481		—
Bank Loan Obligations	—		16,313,747		—
Common Stocks	$	2,640,653	—		—
Convertible Bonds	—		980,698		—
Escrow Interests	—		65,294		—
Warrants	—		31,049		—
Temporary Cash Investments	17,242,772		—		—
	$	19,883,425	$	956,435,921	—

7. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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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	$	1,007,724,299
Gross tax appreciation of investments	$	23,161,991
Gross tax depreciation of investments	(54,566,944)
Net tax appreciation (depreciation) of investments	$	(31,404,953)

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, 2020, the fund had accumulated short-term capital losses of $(2,503,022) and accumulated long-term capital losses of $(15,633,277), 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.

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Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2020(3)	$8.23	0.26	1.04	1.30	(0.26)	—	(0.26)	$9.27	15.98%	0.78%(4)	0.78%(4)	5.85%(4)	5.85%(4)	35%	$119,760
2020	$9.62	0.53	(1.39)	(0.86)	(0.53)	—	(0.53)	$8.23	(9.51)%	0.78%	0.81%	5.51%	5.48%	58%	$101,337
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
2020(3)	$8.23	0.30	1.04	1.34	(0.30)	—	(0.30)	$9.27	16.43%	0.00%(4)(6)	0.53%(4)	6.63%(4)	6.10%(4)	35%	$873,279
2020	$9.62	0.60	(1.38)	(0.78)	(0.61)	—	(0.61)	$8.23	(8.80)%	0.01%	0.56%	6.28%	5.73%	58%	$432,861
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, 2020 (unaudited).

(4)Annualized.

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

(6)Ratio was less than 0.005%.

See Notes to Financial Statements.

Approval of Management and Subadvisory Agreements

At a meeting held on June 17, 2020, 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 to 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates, the Subadvisor and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in

43

response to their request. The Board held active discussions with the Advisor regarding the renewal of the management agreement and the subadvisory agreement. 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 the 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

44

below 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, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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. 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 this 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

45

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, 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, 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 with respect to 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.

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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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

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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-93336 2011

Semiannual Report

September 30, 2020

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	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Notes to Financial Statements	15
Financial Highlights	19
Approval of Management Agreement	21
Additional Information	25

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, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics

SEPTEMBER 30, 2020
7-Day Current Yields	Investor Class	A Class	C Class
After waiver(1)	0.01%	0.01%	0.01%
Before waiver	-0.33%	-0.58%	-1.08%
7-Day Effective Yields	Investor Class	A Class	C Class
After waiver(1)	0.01%	0.01%	0.01%

(1) Yields would have been lower if a portion of the fees had not been waived.

Portfolio at a Glance
Weighted Average Maturity	50 days
Weighted Average Life	77 days
Portfolio Composition by Maturity	% of fund investments
1-30 days	64%
31-90 days	18%
91-180 days	12%
More than 180 days	6%

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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,000.90	$2.36	0.47%
A Class	$1,000	$1,000.40	$2.81	0.56%
C Class	$1,000	$1,000.10	$3.36	0.67%
Hypothetical
Investor Class	$1,000	$1,022.71	$2.38	0.47%
A Class	$1,000	$1,022.26	$2.84	0.56%
C Class	$1,000	$1,021.71	$3.40	0.67%

(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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount		Value
COMMERCIAL PAPER(1) — 44.3%
Barclays Bank plc, 0.16%, 10/9/20(2)	$	17,250,000	$	17,249,387
Bennington Stark Capital Co. LLC, 0.25%, 10/27/20 (LOC: Societe Generale SA)(2)	20,000,000		19,996,389
BNP Paribas SA, 0.19%, 11/4/20	17,500,000		17,496,860
CAFCO LLC, 0.22%, 10/6/20 (LOC: Citibank N.A.)(2)	35,000,000		34,998,930
CAFCO LLC, 0.20%, 2/2/21 (LOC: Citibank N.A.)(2)	2,100,000		2,098,589
Canadian Imperial Bank of Commerce, VRN, 0.28%, (1-month LIBOR plus 0.12%), 10/21/20(2)	10,000,000		10,000,000
Canadian Imperial Bank of Commerce, VRN, 0.36%, (3-month LIBOR plus 0.11%), 6/15/21(2)	25,000,000		25,000,000
Canadian Imperial Bank of Commerce, VRN, 0.35%, (3-month LIBOR plus 0.12%), 6/18/21(2)	20,000,000		20,000,000
Chariot Funding LLC, 0.23%, 10/5/20 (LOC: JPMorgan Chase Bank N.A.)(2)	12,000,000		11,999,693
Chariot Funding LLC, 0.16%, 12/8/20 (LOC: JPMorgan Chase Bank N.A.)(2)	10,000,000		9,996,978
Chariot Funding LLC, 0.25%, 1/27/21 (LOC: JPMorgan Chase Bank N.A.)(2)	11,000,000		10,990,986
Chesham Finance Ltd. / Chesham Finance LLC, 0.10%, 10/1/20 (LOC: Societe Generale SA)(2)	27,200,000		27,200,000
CRC Funding LLC, 0.22%, 10/13/20 (LOC: Citibank N.A.)(2)	24,000,000		23,998,240
Crown Point Capital Co. LLC, 0.14%, 10/1/20 (LOC: Credit Suisse AG)(2)	12,000,000		12,000,000
Crown Point Capital Co. LLC, 0.29%, 11/5/20 (LOC: Credit Suisse AG)(2)	17,250,000		17,245,304
Crown Point Capital Co. LLC, 0.37%, 12/31/20 (LOC: Credit Suisse AG)(2)	40,000,000		40,000,000
Exxon Mobil Corp., 0.11%, 10/22/20	8,900,000		8,899,429
Exxon Mobil Corp., 0.17%, 2/1/21	6,000,000		5,996,515
Exxon Mobil Corp., 0.23%, 3/22/21	10,000,000		9,989,011
Exxon Mobil Corp., 0.19%, 3/24/21	4,500,000		4,495,867
Exxon Mobil Corp., 0.19%, 3/25/21	26,000,000		25,975,986
Fairway Finance Co. LLC, 0.31%, 11/19/20 (LOC: Bank of Montreal)(2)	6,000,000		5,997,550
Goldman Sachs International, 0.26%, 6/21/21(2)	17,500,000		17,468,038
Kaiser Foundation Hospitals, 0.18%, 2/4/21	23,225,000		23,210,368
Liberty Street Funding LLC, 0.22%, 10/7/20 (LOC: Bank of Nova Scotia)(2)	20,000,000		19,999,267
Lloyds Bank plc, 0.16%, 12/8/20	15,000,000		14,995,467
LMA-Americas LLC, 0.27%, 10/2/20 (LOC: Credit Agricole Corporate and Investment Bank)(2)	18,000,000		17,999,870
LMA-Americas LLC, 0.31%, 10/15/20 (LOC: Credit Agricole Corporate and Investment Bank)(2)	5,000,000		4,999,417
LMA-Americas LLC, 0.29%, 10/26/20 (LOC: Credit Agricole Corporate and Investment Bank)(2)	3,000,000		2,999,417
LMA-Americas LLC, 0.36%, 11/24/20 (LOC: Credit Agricole Corporate and Investment Bank)(2)	8,000,000		7,995,800
Longship Funding LLC, 0.15%, 11/6/20 (LOC: Nordea Bank)(2)	5,400,000		5,399,190
Longship Funding LLC, 0.15%, 11/23/20 (LOC: Nordea Bank)(2)	10,000,000		9,997,792

6

	Principal Amount		Value
Nordea Bank Abp, 0.20%, 11/19/20(2)	$	12,600,000	$	12,596,656
Old Line Funding LLC, 0.23%, 10/1/20 (LOC: Royal Bank of Canada)(2)	10,000,000		10,000,000
Old Line Funding LLC, 0.27%, 11/24/20 (LOC: Royal Bank of Canada)(2)	10,000,000		9,996,100
Old Line Funding LLC, VRN, 0.21%, (Daily EFFR plus 0.12%), 11/19/20 (LOC: Royal Bank of Canada)(2)	20,000,000		20,000,000
Old Line Funding LLC, VRN, 0.37%, (Daily EFFR plus 0.28%), 1/4/21 (LOC: Royal Bank of Canada)(2)	25,000,000		25,000,000
Ridgefield Funding Co. LLC, 0.20%, 11/17/20 (LOC: BNP Paribas)(2)	20,000,000		19,994,778
Ridgefield Funding Co. LLC, VRN, 0.25%, (1-month LIBOR plus 0.10%), 2/5/21 (LOC: BNP Paribas)(2)	40,000,000		40,000,000
Sheffield Receivables Co. LLC, 0.19%, 11/12/20 (LOC: Barclays Bank plc)(2)	23,000,000		22,995,036
Sheffield Receivables Co. LLC, 0.19%, 11/16/20 (LOC: Barclays Bank plc)(2)	4,750,000		4,748,847
Sheffield Receivables Co. LLC, 0.20%, 12/10/20 (LOC: Barclays Bank plc)(2)	12,750,000		12,745,042
Societe Generale SA, 0.19%, 11/19/20(2)	2,500,000		2,499,370
Thunder Bay Funding LLC, 0.32%, 1/19/21 (LOC: Royal Bank of Canada)(2)	26,550,000		26,524,851
Toronto-Dominion Bank (The), VRN, 0.42%, (3-month LIBOR plus 0.14%), 11/16/20(2)	3,000,000		3,000,000
Toronto-Dominion Bank (The), VRN, 0.45%, (3-month LIBOR plus 0.20%), 5/3/21(2)	10,000,000		10,000,000
Toyota Motor Credit Corp., 0.38%, 11/24/20	5,000,000		4,997,225
Toyota Motor Credit Corp., 0.22%, 2/16/21	10,000,000		9,991,567
Toyota Motor Credit Corp., VRN, 0.26%, (1-month LIBOR plus 0.11%), 11/18/20	25,000,000		25,000,000
Toyota Motor Credit Corp., VRN, 0.30%, (3-month LIBOR plus 0.02%), 1/4/21	12,000,000		12,000,000
TOTAL COMMERCIAL PAPER			758,779,812
MUNICIPAL SECURITIES — 23.4%
Alameda Public Financing Authority Rev., (Alameda Point Improvement Project), VRDN, 0.20%, 10/6/20 (LOC: MUFG Union Bank N.A.)	2,850,000		2,850,000
Alaska Housing Finance Corp. Rev., VRDN, 0.15%, 10/6/20	15,000,000		15,000,000
Alaska Housing Finance Corp. Rev., VRDN, 0.18%, 10/6/20	19,200,000		19,200,000
Alaska Housing Finance Corp. Rev., VRDN, 0.14%, 10/1/20 (SBBPA: FHLB)	1,400,000		1,400,000
Calcasieu Parish Public Trust Authority Rev., (WPT Corp.), VRDN, 0.18%, 10/6/20 (LOC: Bank of America N.A.)	2,885,000		2,885,000
Chicago Midway International Airport Rev., VRDN, 0.13%, 10/6/20 (LOC: Bank of Montreal)	3,880,000		3,880,000
City of Wilkes-Barre GO, VRDN, 0.21%, 10/6/20 (LOC: PNC Bank N.A.)	1,560,000		1,560,000
Colorado Housing and Finance Authority Rev., VRDN, 0.16%, 10/6/20 (SBBPA: FHLB)	1,175,000		1,175,000
Colorado Housing and Finance Authority Rev., VRDN, 0.12%, 10/6/20 (SBBPA: Royal Bank of Canada)	7,000,000		7,000,000
Connecticut State Health & Educational Facilities Authority Rev., (Kingswood Oxford School, Inc.), VRDN, 0.15%, 10/6/20 (LOC: Bank of America N.A.)	4,625,000		4,625,000
Gulf Coast Authority Rev., (Exxon Mobil Corp.), VRDN, 0.13%, 10/1/20	6,230,000		6,230,000
Hesperia Public Financing Authority Rev., VRDN, 0.23%, 10/6/20 (LOC: Bank of the West)	2,770,000		2,770,000

7

	Principal Amount		Value
Illinois Finance Authority Rev., (Advocate Health Care Network Obligated Group), VRDN, 0.13%, 10/7/20 (SBBPA: JPMorgan Chase Bank N.A.)	$	3,375,000	$	3,375,000
Illinois Housing Development Authority Rev., VRDN, 0.14%, 10/6/20 (LIQ FAC: FHLB)	7,230,000		7,230,000
Illinois Housing Development Authority Rev., VRDN, 0.17%, 10/6/20 (SBBPA: FHLB)	5,000,000		5,000,000
Illinois Housing Development Authority Rev., VRDN, 0.18%, 10/6/20 (SBBPA: FHLB)	12,700,000		12,700,000
Kansas City Rev., VRDN, 0.15%, 10/6/20 (LOC: JPMorgan Chase Bank N.A.)	2,460,000		2,460,000
Little Rock Metrocentere Improvement District No. 1 Rev., (Wehco Media, Inc.), VRDN, 0.13%, 10/1/20 (LOC: JPMorgan Chase Bank N.A.)	1,600,000		1,600,000
Lower Neches Valley Authority Industrial Development Corp. Rev., (Exxon Capital Ventures, Inc.), VRDN, 0.13%, 10/1/20 (GA: Exxon Mobil Corp.)	5,835,000		5,835,000
Macon-Bibb County Industrial Authority Rev., (Bass Pro Outdoor World LLC), VRDN, 0.17%, 10/6/20 (LOC: Bank of America N.A.)(2)	8,550,000		8,550,000
Massachusetts Educational Financing Authority, 0.18%, 12/2/20 (LOC: Royal Bank of Canada)	6,000,000		6,000,000
Memphis Health Educational & Housing Facility Board Rev., (Pedcor Investments 2007-CIII LP), VRDN, 0.18%, 10/6/20 (LOC: U.S. Bank N.A.)	1,220,000		1,220,000
Michigan Finance Authority Rev., (School Loan Revolving Fund), VRDN, 0.16%, 10/6/20 (LOC: Bank of America N.A.)	23,650,000		23,650,000
Mizuho Floater/Residual Trust Rev., VRDN, 0.27%, 10/6/20 (LOC: FHLMC) (LIQ FAC: Mizuho Capital Markets LLC)(2)	32,500,000		32,500,000
Nebraska Investment Finance Authority Rev., VRDN, 0.15%, 10/6/20 (LOC: GNMA, FNMA and FHLMC) (SBBPA: FHLB)	14,430,000		14,430,000
New Jersey Health Care Facilities Financing Authority Rev., (AHS Hospital Corp.), VRDN, 0.12%, 10/6/20 (LOC: JPMorgan Chase Bank N.A.)	7,050,000		7,050,000
New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services), VRDN, 0.15%, 10/6/20 (LOC: JPMorgan Chase Bank N.A.)	9,400,000		9,400,000
New York City GO, VRDN, 0.13%, 10/1/20 (SBBPA: JPMorgan Chase Bank N.A.)	2,820,000		2,820,000
New York City Housing Development Corp. Rev., (BX Parkview Associates LLC), VRDN, 0.15%, 10/7/20 (LOC: Citibank N.A.)	5,735,000		5,735,000
New York State Dormitory Authority Rev., 5.00%, 3/31/21	7,650,000		7,818,627
New York State Dormitory Authority Rev., (Blythedale Children's Hospital), VRDN, 0.15%, 10/6/20 (LOC: TD Bank N.A.)	500,000		500,000
Orange County Housing Finance Authority Rev., (Marbella Pointe Development Group LLLP), VRDN, 0.17%, 10/6/20 (LOC: JPMorgan Chase Bank N.A.)	4,550,000		4,550,000
Pasadena Public Financing Authority Rev., VRDN, 0.81%, 10/6/20 (SBBPA: Bank of the West)	11,860,000		11,860,000
Peralta Community College District Rev., VRDN, 0.16%, 10/6/20 (LOC: Barclays Bank plc)	8,400,000		8,400,000
Philadelphia, 0.16%, 11/5/20 (LOC: Citibank N.A.)	5,962,000		5,962,000
Port of Tacoma Rev., VRDN, 0.15%, 10/6/20 (LOC: PNC Bank N.A.)	5,000,000		5,000,000
Rhode Island Health & Educational Building Corp. Rev., (Bryant University), VRDN, 0.14%, 10/6/20 (LOC: TD Bank N.A.)	4,925,000		4,925,000
San Diego Housing Authority Rev., (Studio 15 Housing Partners LP), VRDN, 0.18%, 10/6/20 (LOC: Citibank N.A.)	3,250,000		3,250,000
South Dakota Housing Development Authority Rev., VRDN, 0.21%, 10/6/20 (SBBPA: South Dakota Housing Development Authority)	25,000,000		25,000,000
State of California, 0.17%, 11/10/20 (LOC: Royal Bank of Canada)	5,895,000		5,894,936
State of Texas GO, VRDN, 0.13%, 10/6/20 (SBBPA: U.S. Bank N.A.)	14,750,000		14,750,000

8

	Principal Amount		Value
State of Texas Rev., 4.00%, 8/26/21	$	62,460,000	$	64,577,500
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.16%, 10/6/20 (LOC: Barclays Bank plc) (LIQ FAC: Barclays Bank plc)(2)	3,420,000		3,420,000
University of California, 0.24%, 10/26/20	2,500,000		2,499,583
Westchester County Healthcare Corp. Rev., (Senior Lien), VRDN, 0.13%, 10/6/20 (LOC: TD Bank N.A.)	6,110,000		6,110,000
Westmoreland County Industrial Development Authority Rev., (Excela Health), VRDN, 0.25%, 10/6/20 (LOC: PNC Bank N.A.)	1,155,000		1,155,000
Yale University, 0.16%, 10/2/20	6,410,000		6,409,972
Yale University, 0.22%, 10/6/20	1,300,000		1,299,960
TOTAL MUNICIPAL SECURITIES			401,512,578
U.S. TREASURY SECURITIES (1) — 11.4%
U.S. Treasury Bills, 0.05%, 10/1/20	950,000		950,000
U.S. Treasury Bills, 0.09%, 10/15/20	61,382,500		61,379,584
U.S. Treasury Bills, 0.11%, 10/22/20	20,000,000		19,998,775
U.S. Treasury Bills, 0.14%, 10/29/20	35,000,000		34,996,189
U.S. Treasury Bills, 0.17%, 11/3/20	5,000,000		4,999,221
U.S. Treasury Bills, 0.09%, 11/10/20	2,300,000		2,299,779
U.S. Treasury Bills, 0.18%, 12/24/20	12,000,000		11,995,100
U.S. Treasury Bills, 0.10%, 12/31/20	10,000,000		9,997,472
U.S. Treasury Bills, 0.12%, 3/4/21	1,400,000		1,399,299
U.S. Treasury Cash Management Bills, 0.10%, 3/2/21	14,800,000		14,793,751
U.S. Treasury Notes, VRN, 0.15%, (3-month USBMMY plus 0.05%), 10/31/20	10,000,000		9,999,956
U.S. Treasury Notes, VRN, 0.22%, (3-month USBMMY plus 0.12%), 1/31/21	20,000,000		19,997,224
U.S. Treasury Notes, VRN, 0.21%, (3-month USBMMY plus 0.11%), 4/30/22	2,500,000		2,500,638
TOTAL U.S. TREASURY SECURITIES			195,306,988
CORPORATE BONDS — 10.7%
CHS Properties, Inc., VRDN, 0.26%, 10/7/20 (LOC: Wells Fargo Bank N.A.)	191,000		191,000
Cypress Bend Real Estate Development Co. LLC, VRDN, 0.18%, 10/6/20 (LOC: FHLB)	18,385,000		18,385,000
East Grand Office Park LP, VRDN, 0.19%, 10/6/20 (LOC: FHLB)	3,480,000		3,480,000
Fiore Capital LLC, VRDN, 0.35%, 10/7/20 (LOC: Wells Fargo Bank N.A.)	13,530,000		13,530,000
General Secretariat of the Organization of American States, VRDN, 0.20%, 11/13/20 (LOC: Bank of America N.A.)	14,515,000		14,515,000
HHH Investment Co. LLC, VRDN, 0.25%, 10/7/20 (LOC: Bank of the West)	12,690,000		12,690,000
Labcon North America, VRDN, 0.24%, 10/6/20 (LOC: Bank of the West)	2,100,000		2,100,000
Ness Family Partners LP, VRDN, 0.24%, 10/7/20 (LOC: Bank of the West)	5,545,000		5,545,000
Partisan Property, Inc., VRDN, 0.15%, 10/6/20 (LOC: Wells Fargo Bank N.A.)	6,122,400		6,122,400
Providence Health & Services Obligated Group, VRDN, 0.26%, 10/6/20 (LOC: U.S. Bank N.A.)	39,115,000		39,115,000
Relay Relay LLC, VRDN, 0.18%, 10/6/20 (LOC: FHLB)	6,045,000		6,045,000
Sidal Realty Co. LP, VRDN, 0.17%, 10/6/20 (LOC: Wells Fargo Bank N.A.)	5,505,000		5,505,000
Tallahassee Orthopedic Center LC, VRDN, 0.40%, 10/1/20 (LOC: Wells Fargo Bank N.A.)	1,710,000		1,710,000
Toyota Motor Credit Corp., MTN, VRN, 0.47%, (SOFR plus 0.40%), 10/23/20	10,000,000		9,996,978

9

	Principal Amount		Value
World Wildlife Fund, Inc., VRDN, 0.21%, 10/8/20 (LOC: JPMorgan Chase Bank N.A.)	$	43,425,000	$	43,425,000
TOTAL CORPORATE BONDS			182,355,378
CERTIFICATES OF DEPOSIT — 10.5%
Bank of Montreal, VRN, 0.30%, (Daily EFFR plus 0.21%), 2/8/21	30,000,000		30,000,000
Bank of Montreal, VRN, 0.27%, (1-month LIBOR plus 0.11%), 9/9/21	11,500,000		11,500,000
Bank of Montreal, VRN, 0.27%, (SOFR plus 0.20%), 9/29/21	7,500,000		7,500,000
Bank of Nova Scotia (The), VRN, 0.49%, (1-month LIBOR plus 0.33%), 10/2/20	10,000,000		10,000,000
Canadian Imperial Bank of Commerce, 0.26%, 9/29/21	10,000,000		10,000,000
Nordea Bank Abp, VRN, 0.35%, (3-month LIBOR plus 0.10%), 5/21/21	25,000,000		25,000,792
Skandinaviska Enskilda Banken AB, 0.21%, 3/19/21	25,000,000		25,000,000
Sumitomo Mitsui Banking Corp., 0.19%, 11/10/20(2)	10,000,000		10,000,000
Toronto-Dominion Bank, VRN, 0.44%, (Daily EFFR plus 0.35%), 6/4/21	20,000,000		20,000,000
Wells Fargo Bank N.A., VRN, 0.37%, (3-month LIBOR plus 0.09%), 1/15/21	30,000,000		30,000,000
TOTAL CERTIFICATES OF DEPOSIT			179,000,792
U.S. GOVERNMENT AGENCY SECURITY(1) — 0.2%
Federal Home Loan Bank, 0.09%, 10/9/20	3,900,000		3,899,922
TOTAL INVESTMENT SECURITIES — 100.5%			1,720,855,470
OTHER ASSETS AND LIABILITIES — (0.5)%			(7,710,033)
TOTAL NET ASSETS — 100.0%			$	1,713,145,437

10

NOTES TO SCHEDULE OF INVESTMENTS
EFFR	-	Effective Federal Funds Rate
FHLB	-	Federal Home Loan Bank
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
GA	-	Guaranty Agreement
GNMA	-	Government National Mortgage Association
GO	-	General Obligation
LIBOR	-	London Interbank Offered Rate
LIQ FAC	-	Liquidity Facilities
LOC	-	Letter of Credit
MTN	-	Medium Term Note
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. The security's effective maturity date may be shorter than the final maturity date shown.

(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 $650,201,517, which represented 38.0% of total net assets.

See Notes to Financial Statements.

11

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	1,720,855,470
Cash	107,668
Receivable for investments sold	3,875,000
Receivable for capital shares sold	1,629,489
Interest receivable	577,902
	1,727,045,529
Liabilities
Payable for investments purchased	9,997,479
Payable for capital shares redeemed	3,552,289
Accrued management fees	350,227
Dividends payable	97
	13,900,092
Net Assets	$	1,713,145,437
Net Assets Consist of:
Capital paid in	$	1,713,179,875
Distributable earnings	(34,438)
	$	1,713,145,437

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$1,683,762,734	1,683,945,045	$1.00
A Class	$21,214,579	21,203,500	$1.00
C Class	$8,168,124	8,166,474	$1.00

See Notes to Financial Statements.

12

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	5,491,781
Expenses:
Management fees	4,753,312
Distribution and service fees:
A Class	26,386
C Class	80,438
Trustees' fees and expenses	62,826
Other expenses	1,435
	4,924,397
Fees waived	(913,483)
	4,010,914
Net investment income (loss)	1,480,867
Net realized gain (loss) on investment transactions	74
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,480,941

See Notes to Financial Statements.

13

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	1,480,867	$	22,496,622
Net realized gain (loss)	74		(34,851)
Net increase (decrease) in net assets resulting from operations	1,480,941		22,461,771
Distributions to Shareholders
From earnings:
Investor Class	(1,469,302)		(22,095,996)
A Class	(9,214)		(273,245)
C Class	(1,991)		(134,526)
Decrease in net assets from distributions	(1,480,507)		(22,503,767)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 4)	73,952,529		269,759,376
Net increase (decrease) in net assets	73,952,963		269,717,380
Net Assets
Beginning of period	1,639,192,474		1,369,475,094
End of period	$	1,713,145,437	$	1,639,192,474

See Notes to Financial Statements.

14

Notes to Financial Statements

SEPTEMBER 30, 2020 (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.

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.

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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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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 1940 Act. 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%. In order to maintain a positive yield, ACIM may voluntarily waive a portion of the management fee on a daily basis. The fee waiver may be revised or terminated at any time by the investment advisor without notice. The total amount of the waiver for each class for the period ended September 30, 2020 was $817,057, $10,493, and $8,198 for Investor Class, A Class, and C Class, respectively. The effective annual management fee before waiver for each class for the period ended September 30, 2020 was 0.56%. The effective annual management fee after waiver for each class for the period ended September 30, 2020 was 0.46% for Investor Class, 0.46% for A Class, and 0.48% for C Class.

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class 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, 2020 are detailed in the Statement of Operations.

In order to maintain a positive yield, all or a portion of the distribution and/or service fee may voluntarily be waived on a daily basis. The fee waiver may be revised or terminated at any time without notice. The total amount of the waiver for the period ended September 30, 2020 was $16,519 and $61,216 for the A Class and C Class, respectively. The effective annual distribution and service fee after waiver was 0.09% for the A Class and 0.18% for C 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. During the period, the interfund purchases and sales were $5,445,000 and $680,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

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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, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	520,282,567	$	520,282,567	964,711,949	$	964,711,949
Issued in reinvestment of distributions	1,444,680	1,444,680		21,831,093	21,831,093
Redeemed	(432,456,308)	(432,456,308)		(728,795,941)	(728,795,941)
	89,270,939	89,270,939		257,747,101	257,747,101
A Class
Sold	4,417,706	4,417,706		13,145,308	13,145,308
Issued in reinvestment of distributions	9,141	9,141		271,097	271,097
Redeemed	(4,660,469)	(4,660,469)		(11,814,901)	(11,814,901)
	(233,622)	(233,622)		1,601,504	1,601,504
C Class
Sold	7,358,438	7,358,438		14,897,813	14,897,813
Issued in reinvestment of distributions	1,981	1,981		134,407	134,407
Redeemed	(22,445,207)	(22,445,207)		(4,621,449)	(4,621,449)
	(15,084,788)	(15,084,788)		10,410,771	10,410,771
Net increase (decrease)	73,952,529	$	73,952,529	269,759,376	$	269,759,376

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. Risk Factors

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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7. 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, 2020, the fund had accumulated short-term capital losses of $(34,872), 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.

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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)	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(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
2020(2)	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.09%	0.47%(4)	0.57%(4)	0.18%(4)	0.08%(4)	$1,683,763
2020	$1.00	0.02	—(3)	0.02	(0.02)	—(3)	(0.02)	$1.00	1.61%	0.58%	0.58%	1.58%	1.58%	$1,594,491
2019	$1.00	0.02	—(3)	0.02	(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)	—	(0.01)	$1.00	0.78%	0.58%	0.58%	0.77%	0.77%	$1,237,530
2017	$1.00	—(3)	—(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)	—	—(3)	$1.00	0.01%	0.30%	0.58%	0.02%	(0.26)%	$1,563,574
A Class
2020(2)	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.04%	0.56%(4)	0.82%(4)	0.09%(4)	(0.17)%(4)	$21,215
2020	$1.00	0.01	—(3)	0.01	(0.01)	—(3)	(0.01)	$1.00	1.36%	0.83%	0.83%	1.33%	1.33%	$21,448
2019	$1.00	0.02	—(3)	0.02	(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)	—	(0.01)	$1.00	0.65%	0.70%	0.83%	0.65%	0.52%	$24,012
2017	$1.00	—(3)	—(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)	—	—(3)	$1.00	0.01%	0.32%	0.83%	0.00%(5)	(0.51)%	$209,165

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)	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(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
2020(2)	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.01%	0.67%(4)	1.32%(4)	(0.02)%(4)	(0.67)%(4)	$8,168
2020	$1.00	0.01	—(3)	0.01	(0.01)	—(3)	(0.01)	$1.00	0.85%	1.33%	1.33%	0.83%	0.83%	$23,253
2019	$1.00	0.01	—(3)	0.01	(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)	—	—(3)	$1.00	0.40%	0.96%	1.33%	0.39%	0.02%	$12,067
2017	$1.00	—(3)	—(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)	—	—(3)	$1.00	0.01%	0.32%	1.33%	0.00%(5)	(1.01)%	$9,526

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, 2020 (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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

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renewal of the management agreement. 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 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 the median of its peer group 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

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consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, 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

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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 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 with respect to 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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. It is also available at sec.gov.

Portfolio Holdings Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) each month on Form N-MFP. The fund’s Form N-MFP reports are available on its website at americancentury.com and 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.

25

Notes

26

Notes

27

Notes

28

Notes

29

Notes

30

Notes

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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90818 2011

Semiannual Report

September 30, 2020

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	16
Statement of Operations	17
Statement of Changes in Net Assets	18
Notes to Financial Statements	19
Financial Highlights	26
Approval of Management Agreement	30
Additional Information	34

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, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics 

SEPTEMBER 30, 2020
Portfolio at a Glance
Average Duration (effective)	1.9 years
Weighted Average Life to Maturity	2.9 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	32.8%
U.S. Treasury Securities	31.5%
Collateralized Mortgage Obligations	16.1%
Asset-Backed Securities	15.1%
Collateralized Loan Obligations	3.3%
U.S. Government Agency Securities	2.7%
U.S. Government Agency Mortgage-Backed Securities	0.3%
Bank Loan Obligations	—*
Temporary Cash Investments	1.7%
Other Assets and Liabilities	(3.5)%

*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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,039.70	$3.02	0.59%
I Class	$1,000	$1,040.20	$2.51	0.49%
A Class	$1,000	$1,038.40	$4.29	0.84%
C Class	$1,000	$1,034.50	$8.11	1.59%
R Class	$1,000	$1,037.10	$5.57	1.09%
R5 Class	$1,000	$1,040.70	$2.00	0.39%
R6 Class	$1,000	$1,041.00	$1.74	0.34%
Hypothetical
Investor Class	$1,000	$1,022.11	$2.99	0.59%
I Class	$1,000	$1,022.61	$2.48	0.49%
A Class	$1,000	$1,020.86	$4.26	0.84%
C Class	$1,000	$1,017.10	$8.04	1.59%
R Class	$1,000	$1,019.60	$5.52	1.09%
R5 Class	$1,000	$1,023.11	$1.98	0.39%
R6 Class	$1,000	$1,023.36	$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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount		Value
CORPORATE BONDS — 32.8%
Aerospace and Defense — 0.2%
Boeing Co. (The), 2.70%, 5/1/22	$	1,000,000	$	1,019,925
Air Freight and Logistics — 0.2%
FedEx Corp., 3.40%, 1/14/22	1,000,000		1,036,934
Automobiles — 1.7%
American Honda Finance Corp., MTN, 1.20%, 7/8/25	760,000		766,418
Daimler Finance North America LLC, 3.40%, 2/22/22(1)	1,000,000		1,035,817
Ford Motor Credit Co. LLC, 5.09%, 1/7/21	1,200,000		1,204,500
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	2,000,000		1,972,720
General Motors Financial Co., Inc., 3.20%, 7/6/21	1,500,000		1,522,988
General Motors Financial Co., Inc., 4.20%, 11/6/21	1,000,000		1,032,682
			7,535,125
Banks — 4.7%
Bank of America Corp., MTN, VRN, 2.33%, 10/1/21	1,520,000		1,520,000
Bank of America Corp., VRN, 3.00%, 12/20/23	2,713,000		2,850,291
Bank of Montreal, MTN, 1.85%, 5/1/25	1,380,000		1,440,652
BBVA Bancomer SA, 6.75%, 9/30/22	1,100,000		1,187,175
BBVA Bancomer SA, 1.875%, 9/18/25(1)	1,000,000		978,250
Canadian Imperial Bank of Commerce, 0.95%, 6/23/23	820,000		827,841
Citigroup, Inc., VRN, 3.11%, 4/8/26	770,000		829,633
DNB Bank ASA, VRN, 1.13%, 9/16/26(1)	550,000		549,021
FNB Corp., 2.20%, 2/24/23	530,000		535,296
JPMorgan Chase & Co., VRN, 2.08%, 4/22/26	1,935,000		2,024,066
National Bank of Canada, VRN, 0.90%, 8/15/23	750,000		753,316
Natwest Group plc, VRN, 2.36%, 5/22/24	149,000		153,010
Royal Bank of Canada, MTN, 1.15%, 6/10/25	720,000		729,970
Santander UK Group Holdings plc, VRN, 1.53%, 8/21/26	610,000		600,863
Sumitomo Mitsui Trust Bank Ltd., 0.80%, 9/12/23(1)	1,200,000		1,203,072
Synchrony Bank, 3.65%, 5/24/21	1,000,000		1,015,206
Toronto-Dominion Bank (The), MTN, 0.75%, 6/12/23	840,000		845,374
Wells Fargo & Co., VRN, 2.19%, 4/30/26	1,060,000		1,102,558
Wells Fargo Bank N.A., VRN, 2.08%, 9/9/22	2,000,000		2,028,697
			21,174,291
Beverages — 0.2%
PepsiCo, Inc., 0.75%, 5/1/23	800,000		809,148
Biotechnology — 2.3%
AbbVie, Inc., 2.30%, 11/21/22(1)	4,670,000		4,834,491
Amgen, Inc., 3.625%, 5/15/22	1,500,000		1,566,894
Gilead Sciences, Inc., 3.25%, 9/1/22	1,500,000		1,573,318
Gilead Sciences, Inc., 0.75%, 9/29/23	2,110,000		2,114,608
			10,089,311
Capital Markets — 1.8%
Ares Capital Corp., 3.25%, 7/15/25	1,360,000		1,353,356
Credit Suisse Group AG, VRN, 2.59%, 9/11/25(1)	250,000		261,018
Credit Suisse Group AG, VRN, 2.19%, 6/5/26(1)	1,155,000		1,194,457
Goldman Sachs Group, Inc. (The), 3.00%, 4/26/22	850,000		862,380
Goldman Sachs Group, Inc. (The), 3.50%, 4/1/25	675,000		745,835

6

	Principal Amount		Value
Morgan Stanley, VRN, 2.19%, 4/28/26	$	2,330,000	$	2,442,711
Oaktree Specialty Lending Corp., 3.50%, 2/25/25	360,000		362,414
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1)	605,000		599,054
			7,821,225
Commercial Services and Supplies†
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	179,000		179,627
Communications Equipment†
Juniper Networks, Inc., 4.50%, 3/15/24	159,000		177,823
Consumer Finance — 0.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.15%, 2/15/24	700,000		694,660
Capital One Bank USA N.A., 3.375%, 2/15/23	1,400,000		1,480,520
			2,175,180
Diversified Financial Services — 0.3%
AIG Global Funding, 0.90%, 9/22/25(1)	1,045,000		1,038,933
NatWest Markets plc, 2.375%, 5/21/23(1)	401,000		413,094
			1,452,027
Diversified Telecommunication Services — 1.0%
Deutsche Telekom International Finance BV, 1.95%, 9/19/21(1)	2,251,000		2,276,515
Ooredoo International Finance Ltd., MTN, 4.75%, 2/16/21	2,200,000		2,234,946
			4,511,461
Electric Utilities — 0.1%
Florida Power & Light Co., 2.85%, 4/1/25	500,000		549,426
Entertainment — 1.0%
Netflix, Inc., 5.50%, 2/15/22	1,000,000		1,050,000
Netflix, Inc., 3.625%, 6/15/25(1)	1,020,000		1,067,430
TWDC Enterprises 18 Corp., MTN, 2.125%, 9/13/22	1,165,000		1,202,157
Walt Disney Co. (The), 1.75%, 1/13/26	890,000		925,790
			4,245,377
Equity Real Estate Investment Trusts (REITs) — 1.4%
Equinix, Inc., 5.375%, 5/15/27	1,800,000		1,964,222
Federal Realty Investment Trust, 3.95%, 1/15/24	910,000		986,567
Retail Properties of America, Inc., 4.00%, 3/15/25	546,000		542,069
SBA Tower Trust, 1.88%, 7/15/50(1)	2,547,000		2,611,717
			6,104,575
Food and Staples Retailing — 0.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1)	1,000,000		1,017,750
Sysco Corp., 5.65%, 4/1/25	550,000		650,957
			1,668,707
Food Products — 0.6%
Mondelez International Holdings Netherlands BV, 2.00%, 10/28/21(1)	2,000,000		2,031,943
Mondelez International, Inc., 0.625%, 7/1/22	740,000		743,002
			2,774,945
Health Care Equipment and Supplies — 0.4%
Becton Dickinson and Co., 2.89%, 6/6/22	1,000,000		1,034,768
Stryker Corp., 1.15%, 6/15/25	750,000		760,109
			1,794,877
Health Care Providers and Services — 1.1%
Centene Corp., 4.75%, 1/15/25	2,000,000		2,058,100
CVS Health Corp., 3.70%, 3/9/23	863,000		924,722
Express Scripts Holding Co., 2.60%, 11/30/20	2,000,000		2,007,098
			4,989,920

7

	Principal Amount		Value
Hotels, Restaurants and Leisure — 0.2%
Starbucks Corp., 1.30%, 5/7/22	$	710,000	$	719,584
Household Durables — 0.6%
D.R. Horton, Inc., 2.55%, 12/1/20	1,000,000		1,003,414
Lennar Corp., 2.95%, 11/29/20	1,500,000		1,503,750
			2,507,164
Insurance — 1.2%
Athene Global Funding, 2.80%, 5/26/23(1)	403,000		420,499
Athene Global Funding, 2.50%, 1/14/25(1)	1,320,000		1,361,728
Athene Global Funding, 2.55%, 6/29/25(1)	320,000		329,580
Great-West Lifeco US Finance 2020 LP, 0.90%, 8/12/25(1)	615,000		614,213
Protective Life Global Funding, 1.17%, 7/15/25(1)	1,350,000		1,361,379
Unum Group, 4.50%, 3/15/25	1,220,000		1,357,063
			5,444,462
Internet and Direct Marketing Retail — 0.1%
Expedia Group, Inc., 3.60%, 12/15/23(1)	500,000		511,191
Machinery — 0.5%
John Deere Capital Corp., MTN, 1.20%, 4/6/23	2,000,000		2,040,349
Media — 1.4%
Discovery Communications LLC, 3.95%, 6/15/25	491,000		554,060
Time Warner Entertainment Co. LP, 8.375%, 3/15/23	774,000		910,168
ViacomCBS, Inc., 3.70%, 8/15/24	1,976,000		2,164,635
ViacomCBS, Inc., 4.75%, 5/15/25	535,000		614,424
WPP Finance 2010, 3.75%, 9/19/24	1,950,000		2,142,617
			6,385,904
Metals and Mining — 0.1%
Steel Dynamics, Inc., 2.40%, 6/15/25	510,000		532,592
Multi-Utilities — 1.2%
CenterPoint Energy, Inc., 3.60%, 11/1/21	2,000,000		2,065,805
DTE Energy Co., 2.25%, 11/1/22	1,500,000		1,551,349
Sempra Energy, 2.85%, 11/15/20	1,500,000		1,501,274
			5,118,428
Oil, Gas and Consumable Fuels — 3.9%
Chevron Corp., 1.14%, 5/11/23	1,250,000		1,274,908
Energy Transfer Partners LP / Regency Energy Finance Corp., 5.875%, 3/1/22	1,500,000		1,566,297
Exxon Mobil Corp., 1.57%, 4/15/23	2,000,000		2,058,799
Gazprom PJSC Via Gaz Capital SA, 6.00%, 1/23/21	2,200,000		2,235,495
HollyFrontier Corp., 2.625%, 10/1/23	1,350,000		1,354,499
Lukoil International Finance BV, 6.125%, 11/9/20	2,200,000		2,214,461
MPLX LP, 5.25%, 1/15/25	400,000		414,716
Petroleos Mexicanos, 4.875%, 1/24/22	2,050,000		2,077,706
Phillips 66, 4.30%, 4/1/22	2,000,000		2,109,723
Saudi Arabian Oil Co., MTN, 2.75%, 4/16/22	1,100,000		1,127,583
Williams Cos., Inc. (The), 7.875%, 9/1/21	1,000,000		1,066,274
			17,500,461
Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co., 2.60%, 5/16/22	2,000,000		2,075,602
Bristol-Myers Squibb Co., 3.25%, 8/15/22	1,000,000		1,054,055
Elanco Animal Health, Inc., 4.91%, 8/27/21	1,000,000		1,028,750
Elanco Animal Health, Inc., 5.27%, 8/28/23	2,000,000		2,146,250
GlaxoSmithKline Capital plc, 0.53%, 10/1/23(2)	1,490,000		1,491,546

8

	Principal Amount		Value
Merck & Co., Inc., 0.75%, 2/24/26	$	2,000,000	$	2,007,672
Royalty Pharma plc, 0.75%, 9/2/23(1)	1,220,000		1,217,545
Upjohn, Inc., 1.125%, 6/22/22(1)	667,000		672,484
			11,693,904
Semiconductors and Semiconductor Equipment — 0.5%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.125%, 1/15/25	215,000		229,536
Broadcom, Inc., 2.25%, 11/15/23	540,000		561,788
Microchip Technology, Inc., 2.67%, 9/1/23(1)	460,000		476,520
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	1,090,000		1,152,370
			2,420,214
Software — 0.2%
Oracle Corp., 2.50%, 4/1/25	820,000		879,961
Technology Hardware, Storage and Peripherals — 1.0%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	331,000		332,046
Dell International LLC / EMC Corp., 5.45%, 6/15/23(1)	828,000		908,313
Hewlett Packard Enterprise Co., 1.45%, 4/1/24	1,090,000		1,104,776
Seagate HDD Cayman, 4.25%, 3/1/22	778,000		812,228
Seagate HDD Cayman, 4.75%, 6/1/23	763,000		830,032
Seagate HDD Cayman, 4.875%, 3/1/24	476,000		518,198
			4,505,593
Textiles, Apparel and Luxury Goods — 0.4%
NIKE, Inc., 2.40%, 3/27/25	1,500,000		1,614,387
Thrifts and Mortgage Finance — 0.5%
Nationwide Building Society, 1.00%, 8/28/25(1)	2,210,000		2,190,508
Wireless Telecommunication Services — 0.5%
T-Mobile USA, Inc., 3.50%, 4/15/25(1)	855,000		938,978
VEON Holdings BV, 3.95%, 6/16/21	1,100,000		1,114,284
			2,053,262
TOTAL CORPORATE BONDS (Cost $143,636,647)			146,227,868
U.S. TREASURY SECURITIES — 31.5%
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/23	6,680,220		7,007,709
U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/24	12,214,950		12,982,406
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/24	5,456,000		5,772,876
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/24	10,098,800		10,721,701
U.S. Treasury Notes, 1.375%, 10/31/20	800,000		800,838
U.S. Treasury Notes, 1.875%, 3/31/22(3)	1,000,000		1,026,016
U.S. Treasury Notes, 1.625%, 12/15/22	2,000,000		2,065,742
U.S. Treasury Notes, 0.50%, 3/15/23(3)	21,000,000		21,183,750
U.S. Treasury Notes, 0.25%, 4/15/23	4,000,000		4,010,781
U.S. Treasury Notes, 0.125%, 5/15/23	10,000,000		9,994,141
U.S. Treasury Notes, 0.25%, 6/15/23(3)	38,500,000		38,600,762
U.S. Treasury Notes, 0.125%, 8/15/23	26,600,000		26,576,101
TOTAL U.S. TREASURY SECURITIES (Cost $140,462,828)			140,742,823
COLLATERALIZED MORTGAGE OBLIGATIONS — 16.1%
Private Sponsor Collateralized Mortgage Obligations — 9.6%
Angel Oak Mortgage Trust, Series 2019-6, Class A2 SEQ, VRN, 2.83%, 11/25/59(1)	2,217,181		2,252,717
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 3.84%, (1-year H15T1Y plus 2.25%), 2/25/36	315,923		319,150
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A2 SEQ,VRN, 3.08%, 7/25/49(1)	2,299,865		2,367,087

9

	Principal Amount		Value
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A3 SEQ, 3.19%, 7/25/49(1)	$	1,533,243	$	1,565,598
Bunker Hill Loan Depositary Trust, Series 2019-3, Class A1 SEQ, 2.72%, 11/25/59(1)	2,095,877		2,152,716
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.77%, 8/25/34	530,963		526,476
COLT Mortgage Loan Trust, Series 2019-4, Class A2 SEQ, VRN, 2.84%, 11/25/49(1)	1,894,335		1,919,559
COLT Mortgage Loan Trust, Series 2020-1, Class A1 SEQ, VRN, 2.49%, 2/25/50(1)	1,432,304		1,451,194
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	1,775		1,584
Credit Suisse Mortgage Capital Certificates, Series 2020-SPT1, Class A1 SEQ, 1.70%, 4/25/65(1)	2,321,676		2,333,780
Credit Suisse Mortgage Trust, Series 2019-NQM1, Class A1, 2.66%, 10/25/59(1)	846,990		869,293
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class A1, VRN, 2.24%, 2/25/50(1)	1,365,163		1,386,785
Credit Suisse Mortgage Trust, Series 2020-NQM1, Class A1, 1.21%, 5/25/65(1)	3,000,000		2,999,951
Credit Suisse Mortgage Trust, Series 2020-NQM1, Class A2, 1.41%, 5/25/65(1)	3,000,000		2,999,971
GCAT Trust, Series 2019-NQM3, Class A3 SEQ, VRN, 3.04%, 11/25/59(1)	2,109,801		2,140,119
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 3.83%, 5/25/34	64,577		62,231
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.66%, 1/25/35	59,275		58,849
JPMorgan Mortgage Trust, Series 2014-5, Class A1, VRN, 2.95%, 10/25/29(1)	273,813		285,145
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.23%, 11/21/34	222,725		225,282
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 3.78%, 2/25/35	219,354		225,094
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, VRN, 4.00%, 3/25/57(1)	1,284,798		1,398,631
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 1.65%, (1-month LIBOR plus 1.50%), 6/25/57(1)	1,133,411		1,136,869
New Residential Mortgage Loan Trust, Series 2019-NQM2, Class A1 SEQ, VRN, 3.60%, 4/25/49(1)	726,426		736,793
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(1)	897,433		932,484
Sequoia Mortgage Trust, Series 2018-2, Class A4 SEQ, VRN, 3.50%, 2/25/48(1)	386,936		391,242
Sequoia Mortgage Trust, Series 2018-CH2, Class A12 SEQ, VRN, 4.00%, 6/25/48(1)	221,269		222,694
Starwood Mortgage Residential Trust, Series 2020-2, Class A1 SEQ, VRN, 2.72%, 4/25/60(1)	1,988,652		2,001,458
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 2.95%, 7/25/34	78,253		78,285
Verus Securitization Trust, Series 2017-1A, Class B2, VRN, 5.98%, 1/25/47(1)	1,326,000		1,373,802
Verus Securitization Trust, Series 2019-3, Class A1, 2.78%, 7/25/59(1)	1,283,837		1,310,736
Verus Securitization Trust, Series 2019-INV2, Class A1, VRN, 2.91%, 7/25/59(1)	1,621,308		1,664,158

10

	Principal Amount		Value
Verus Securitization Trust, Series 2020-1, Class A2 SEQ, 2.64%, 1/25/60(1)	$	2,849,402	$	2,910,673
Verus Securitization Trust, Series 2020-2, Class M1, VRN, 5.36%, 5/25/60(1)	2,175,000		2,259,614
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 4.00%, 4/25/36	300,102		281,924
			42,841,944
U.S. Government Agency Collateralized Mortgage Obligations — 6.5%
FHLMC, Series 2013-DN2, Class M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 11/25/23	2,365,489		2,170,741
FHLMC, Series 2014-DN2, Class M3, VRN, 3.75%, (1-month LIBOR plus 3.60%), 4/25/24	1,658,311		1,536,926
FHLMC, Series 2014-DN3, Class M3, VRN, 4.15%, (1-month LIBOR plus 4.00%), 8/25/24	223,414		228,608
FHLMC, Series 2014-DN4, Class M3, VRN, 4.70%, (1-month LIBOR plus 4.55%), 10/25/24	490,345		494,756
FHLMC, Series 2014-HQ2, Class M3, VRN, 3.90%, (1-month LIBOR plus 3.75%), 9/25/24	1,930,000		1,981,420
FHLMC, Series 2015-DNA1, Class M3, VRN, 3.45%, (1-month LIBOR plus 3.30%), 10/25/27	427,118		436,176
FHLMC, Series 2015-HQ2, Class M3, VRN, 3.40%, (1-month LIBOR plus 3.25%), 5/25/25	550,000		552,417
FHLMC, Series 2016-DNA3, Class M3, VRN, 5.15%, (1-month LIBOR plus 5.00%), 12/25/28	958,865		993,245
FHLMC, Series 2016-HQA4, Class M3, VRN, 4.05%, (1-month LIBOR plus 3.90%), 4/25/29	1,869,860		1,948,187
FHLMC, Series 2020-DNA4, Class M2, VRN, 3.90%, (1-month LIBOR plus 3.75%), 8/25/50(1)	350,000		356,484
FNMA, Series 2006-60, Class KF, VRN, 0.45%, (1-month LIBOR plus 0.30%), 7/25/36	527,563		528,873
FNMA, Series 2009-33, Class FB, VRN, 0.97%, (1-month LIBOR plus 0.82%), 3/25/37	581,725		594,409
FNMA, Series 2014-C02, Class 1M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	775,000		681,586
FNMA, Series 2014-C02, Class 2M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	1,338,134		1,319,429
FNMA, Series 2014-C03, Class 1M2, VRN, 3.15%, (1-month LIBOR plus 3.00%), 7/25/24	2,723,124		2,391,846
FNMA, Series 2014-C04, Class 1M2, VRN, 5.05%, (1-month LIBOR plus 4.90%), 11/25/24	383,330		399,120
FNMA, Series 2015-C01, Class 1M2, VRN, 4.45%, (1-month LIBOR plus 4.30%), 2/25/25	1,266,496		1,292,274
FNMA, Series 2015-C02, Class 1M2, VRN, 4.15%, (1-month LIBOR plus 4.00%), 5/25/25	1,253,877		1,273,917
FNMA, Series 2015-C03, Class 1M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 7/25/25	851,737		874,697
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	17,389,015		2,995,865
FNMA, Series 2016-C03, Class 2M2, VRN, 6.05%, (1-month LIBOR plus 5.90%), 10/25/28	232,617		246,582
FNMA, Series 2016-C04, Class 1M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 1/25/29	664,291		690,838
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	12,035,425		2,743,482
FNMA, Series 2017-C03, Class 1M2, VRN, 3.15%, (1-month LIBOR plus 3.00%), 10/25/29	1,102,216		1,101,296
FNMA, Series 2017-C05, Class 1M2, VRN, 2.35%, (1-month LIBOR plus 2.20%), 1/25/30	552,322		546,936
FNMA, Series 413, Class C27, IO, 4.00%, 7/25/42	5,722,141		794,170
			29,174,280
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $71,065,254)			72,016,224

11

	Principal Amount		Value
ASSET-BACKED SECURITIES — 15.1%
Argent Securities, Inc., Series 2004-W8, Class M1, VRN, 0.97%, (1-month LIBOR plus 0.83%), 5/25/34	$	2,338,980	$	2,285,813
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(1)	337,500		338,253
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A SEQ, 3.28%, 9/26/33(1)	1,302,120		1,337,804
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36%, 3/16/26	1,340,000		1,373,804
DT Auto Owner Trust, Series 2020-3A, Class C, 1.47%, 6/15/26(1)	2,200,000		2,208,012
FirstKey Homes Trust, Series 2020-SFR1, Class B, 1.74%, 9/17/25(1)	2,623,000		2,629,718
Goodgreen, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	618,301		658,692
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(1)	1,098,267		1,109,536
Hertz Fleet Lease Funding LP, Series 2017-1, Class A1, VRN, 0.81%, (1-month LIBOR plus 0.65%), 4/10/31(1)	213,765		213,716
Hilton Grand Vacations Trust, Series 2018-AA, Class B, 3.70%, 2/25/32(1)	1,397,788		1,446,027
Hilton Grand Vacations Trust, Series 2019-AA, Class B, 2.54%, 7/25/33(1)	1,664,845		1,689,503
MVW LLC, Series 2019-2A, Class B, 2.44%, 10/20/38(1)	2,246,767		2,265,951
MVW LLC, Series 2020-1A, Class A SEQ, 1.74%, 10/20/37(1)	2,516,607		2,548,899
MVW Owner Trust, Series 2014-1A, Class B, 2.70%, 9/22/31(1)	384,949		384,491
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(1)	213,378		214,466
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(1)	166,616		167,164
MVW Owner Trust, Series 2018-1A, Class B, 3.60%, 1/21/36(1)	958,927		992,379
Progress Residential Trust, Series 2017-SFR1, Class A SEQ, 2.77%, 8/17/34(1)	1,068,646		1,089,666
Progress Residential Trust, Series 2017-SFR2, Class A SEQ, 2.90%, 12/17/34(1)	2,121,052		2,132,199
Progress Residential Trust, Series 2018-SFR1, Class A SEQ, 3.26%, 3/17/35(1)	1,997,569		2,018,611
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(1)	2,700,000		2,789,432
Progress Residential Trust, Series 2019-SFR2, Class B, 3.45%, 5/17/36(1)	2,600,000		2,688,360
Progress Residential Trust, Series 2019-SFR3, Class B, 2.57%, 9/17/36(1)	2,100,000		2,147,063
Progress Residential Trust, Series 2019-SFR4, Class A SEQ, 2.69%, 10/17/36(1)	2,650,000		2,733,227
Progress Residential Trust, Series 2020-SFR1, Class C, 2.18%, 4/17/37(1)	1,250,000		1,262,106
Progress Residential Trust, Series 2020-SFR2, Class A SEQ, 2.08%, 6/17/37(1)	1,200,000		1,228,834
Progress Residential Trust, Series 2020-SFR3, Class B SEQ, 1.50%, 10/17/27(1)(2)	2,937,000		2,936,981
Progress Residential Trust, Series 2020-SFR3, Class D SEQ, 1.90%, 10/17/27(1)(2)	2,800,000		2,799,974
Santander Drive Auto Receivables Trust, Series 2020-2, Class C, 1.46%, 9/15/25	2,200,000		2,228,509
Sierra Timeshare Receivables Funding LLC, Series 2016-1A, Class A SEQ, 3.08%, 3/21/33(1)	145,522		145,700
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(1)	1,106,485		1,142,967

12

	Principal Amount		Value
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class B, 3.87%, 9/20/35(1)	$	304,303	$	316,216
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class C, 4.17%, 9/20/35(1)	846,343		870,888
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class D, 4.54%, 5/20/36(1)	556,093		548,931
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class D, 4.18%, 8/20/36(1)	700,795		681,980
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A SEQ, 1.33%, 7/20/37(1)	3,803,075		3,812,083
Tesla Auto Lease Trust, Series 2020-A, Class B, 1.18%, 1/22/24(1)	2,900,000		2,919,351
Towd Point Mortgage Trust, Series 2017-6, Class A1, VRN, 2.75%, 10/25/57(1)	1,042,364		1,084,528
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(1)	383,945		411,180
Tricon American Homes, Series 2020-SFR1, Class B, 2.05%, 7/17/38(1)	1,500,000		1,533,304
Tricon American Homes, Series 2020-SFR1, Class C, 2.25%, 7/17/38(1)	4,000,000		4,073,878
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(1)	702,541		707,270
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35(1)	474,148		475,015
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	509,358		527,812
TOTAL ASSET-BACKED SECURITIES (Cost $66,277,276)			67,170,293
COLLATERALIZED LOAN OBLIGATIONS — 3.3%
Ares LVI CLO Ltd., Series 2020-56A, Class B, VRN, 1.93%, (3-month LIBOR plus 1.70%), 10/25/31(1)(2)	2,300,000		2,300,000
CBAM Ltd., Series 2018-5A, Class B1, VRN, 1.67%, (3-month LIBOR plus 1.40%), 4/17/31(1)	3,400,000		3,343,832
KKR CLO Ltd., Series 2022A, Class B, VRN, 1.87%, (3-month LIBOR plus 1.60%), 7/20/31(1)	500,000		489,967
Magnetite XXI Ltd., Series 2019-21A, Class A, VRN, 1.55%, (3-month LIBOR plus 1.28%), 4/20/30(1)	400,000		400,369
Magnetite XXIV Ltd., Series 2019-24A, Class B, VRN, 2.125%, (3-month LIBOR plus 1.85%), 1/15/33(1)	3,250,000		3,283,993
Octagon Investment Partners 45 Ltd., Series 2019-1A, Class B1, VRN, 2.125%, (3-month LIBOR plus 1.85%), 10/15/32(1)	1,200,000		1,197,243
Octagon Investment Partners 47 Ltd., Series 2020-1A, Class A1, VRN, 2.10%, (3-month LIBOR plus 1.85%), 4/20/31(1)	1,250,000		1,253,320
Parallel Ltd., Series 2020-1A, Class A1, VRN, 1.98%, (3-month LIBOR plus 1.83%), 7/20/31(1)	1,400,000		1,408,501
Voya CLO Ltd., Series 2013-2A, Class A2AR, VRN, 1.64%, (3-month LIBOR plus 1.40%), 4/25/31(1)	1,000,000		968,912
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $14,647,832)			14,646,137
U.S. GOVERNMENT AGENCY SECURITIES — 2.7%
FHLB, 0.375%, 9/4/25	1,100,000		1,100,143
FHLMC, 0.25%, 6/26/23	10,800,000		10,814,815
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $11,867,974)			11,914,958
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.3%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.2%
FHLMC, VRN, 3.44%, (1-year H15T1Y plus 2.25%), 9/1/35	218,870		232,081
FHLMC, VRN, 3.37%, (12-month LIBOR plus 1.87%), 7/1/36	27,836		29,470

13

	Principal Amount/Shares		Value
FHLMC, VRN, 2.65%, (12-month LIBOR plus 1.88%), 7/1/40	$	86,253	$	90,595
FHLMC, VRN, 3.02%, (12-month LIBOR plus 1.76%), 9/1/40	35,020		36,571
FHLMC, VRN, 3.65%, (12-month LIBOR plus 1.88%), 5/1/41	87,094		91,921
FHLMC, VRN, 3.42%, (12-month LIBOR plus 1.86%), 7/1/41	128,515		135,472
FHLMC, VRN, 3.76%, (12-month LIBOR plus 1.88%), 10/1/41	73,287		73,909
FHLMC, VRN, 3.67%, (12-month LIBOR plus 1.65%), 12/1/42	130,965		136,231
FHLMC, VRN, 3.64%, (12-month LIBOR plus 1.64%), 2/1/43	27,699		28,461
FHLMC, VRN, 3.19%, (12-month LIBOR plus 1.63%), 5/1/43	18,371		19,143
FHLMC, VRN, 2.50%, (12-month LIBOR plus 1.62%), 6/1/43	794		799
FHLMC, VRN, 2.83%, (12-month LIBOR plus 1.65%), 6/1/43	15,767		15,902
FNMA, VRN, 2.47%, (6-month LIBOR plus 1.57%), 6/1/35	83,824		87,139
FNMA, VRN, 2.51%, (6-month LIBOR plus 1.57%), 6/1/35	158,911		165,106
FNMA, VRN, 3.77%, (12-month LIBOR plus 1.72%), 12/1/37	3,579		3,635
FNMA, VRN, 2.34%, (12-month LIBOR plus 1.69%), 8/1/39	35,625		36,224
FNMA, VRN, 3.69%, (12-month LIBOR plus 1.69%), 1/1/40	16,665		17,399
			1,200,058
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%
FHLMC, 5.50%, 12/1/36	776		863
FNMA, 3.50%, 3/1/34	223,916		240,366
FNMA, 5.50%, 7/1/36	1,550		1,773
			243,002
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $1,418,062)			1,443,060
BANK LOAN OBLIGATIONS(4)†
Pharmaceuticals†
Bausch Health Companies Inc., 2018 Term Loan B, 3.15%, (1-month LIBOR plus 3.00%), 6/2/25 (Cost $123,016)	122,472		120,278
TEMPORARY CASH INVESTMENTS — 1.7%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.125% - 2.875%, 12/15/21 - 8/15/47, valued at $3,001,227), in a joint trading account at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $2,942,933)			2,942,929
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 7/15/23, valued at $4,538,058), at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $4,449,006)			4,449,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	2,521		2,521
TOTAL TEMPORARY CASH INVESTMENTS (Cost $7,394,450)			7,394,450
TOTAL INVESTMENT SECURITIES — 103.5% (Cost $456,893,339)			461,676,091
OTHER ASSETS AND LIABILITIES — (3.5)%			(15,583,871)
TOTAL NET ASSETS — 100.0%			$	446,092,220

14

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	60	December 2020	$	13,257,656	$	1,763

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	30	December 2020	$	4,185,937	$	(8,270)
U.S. Treasury 5-Year Notes	366	December 2020	46,127,438		(48,980)
			$	50,313,375	$	(57,250)

^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
FHLB	-	Federal Home Loan Bank
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. The security's effective maturity date may be shorter than the final maturity date shown.

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

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $151,127,400, which represented 33.9% of total net assets.

(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)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $334,380.

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

See Notes to Financial Statements.

15

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (cost of $456,893,339)	$	461,676,091
Cash	123,701
Receivable for investments sold	774,433
Receivable for capital shares sold	989,929
Receivable for variation margin on futures contracts	43,165
Interest receivable	1,560,082
	465,167,401
Liabilities
Payable for investments purchased	17,149,661
Payable for capital shares redeemed	1,704,467
Accrued management fees	178,824
Distribution and service fees payable	9,512
Dividends payable	32,717
	19,075,181
Net Assets	$	446,092,220
Net Assets Consist of:
Capital paid in	$	448,935,123
Distributable earnings	(2,842,903)
	$	446,092,220

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$169,602,778	16,358,839	$10.37
I Class	$141,737,393	13,670,876	$10.37
A Class	$23,289,342	2,246,477	$10.37*
C Class	$5,473,806	527,785	$10.37
R Class	$969,194	93,412	$10.38
R5 Class	$26,475,748	2,553,575	$10.37
R6 Class	$78,543,959	7,582,014	$10.36

*Maximum offering price $10.61 (net asset value divided by 0.9775).

See Notes to Financial Statements.

16

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	4,175,065
Expenses:
Management fees	1,044,552
Distribution and service fees:
A Class	25,427
C Class	28,491
R Class	2,156
Trustees' fees and expenses	15,626
Other expenses	1,727
	1,117,979
Net investment income (loss)	3,057,086
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	3,299,107
Futures contract transactions	511,422
Swap agreement transactions	(837,745)
	2,972,784
Change in net unrealized appreciation (depreciation) on:
Investments	10,460,526
Futures contracts	(511,822)
	9,948,704
Net realized and unrealized gain (loss)	12,921,488
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,978,574

See Notes to Financial Statements.

17

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	3,057,086	$	8,563,583
Net realized gain (loss)	2,972,784		2,778,283
Change in net unrealized appreciation (depreciation)	9,948,704		(6,282,728)
Net increase (decrease) in net assets resulting from operations	15,978,574		5,059,138
Distributions to Shareholders
From earnings:
Investor Class	(1,240,458)		(4,367,095)
I Class	(1,082,736)		(2,521,756)
A Class	(128,680)		(436,163)
C Class	(14,878)		(101,636)
R Class	(4,432)		(14,630)
R5 Class	(215,504)		(541,255)
R6 Class	(639,941)		(1,876,501)
Decrease in net assets from distributions	(3,326,629)		(9,859,036)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	39,731,973		(7,021,548)
Net increase (decrease) in net assets	52,383,918		(11,821,446)
Net Assets
Beginning of period	393,708,302		405,529,748
End of period	$	446,092,220	$	393,708,302

See Notes to Financial Statements.

18

Notes to Financial Statements

SEPTEMBER 30, 2020 (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.

19

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.

20

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 7% of the shares of the fund.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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 1940 Act. 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, 2020 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, 2020 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.

21

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended September 30, 2020 totaled $395,531,419, of which $209,192,283 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2020 totaled $330,003,084, of which $138,393,766 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, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	3,463,236	$	35,594,218	4,227,797	$	43,134,067
Issued in reinvestment of distributions	116,402	1,200,675		407,010	4,152,544
Redeemed	(2,662,199)	(27,324,001)		(11,499,305)	(116,834,393)
	917,439	9,470,892		(6,864,498)	(69,547,782)
I Class
Sold	4,179,944	43,049,772		14,378,731	146,463,623
Issued in reinvestment of distributions	95,888	989,314		217,240	2,216,706
Redeemed	(3,310,753)	(34,023,522)		(7,434,787)	(75,563,445)
	965,079	10,015,564		7,161,184	73,116,884
A Class
Sold	713,915	7,338,582		771,855	7,883,708
Issued in reinvestment of distributions	7,792	80,374		29,914	305,135
Redeemed	(108,459)	(1,115,303)		(1,308,192)	(13,266,421)
	613,248	6,303,653		(506,423)	(5,077,578)
C Class
Sold	77,842	803,835		228,075	2,323,342
Issued in reinvestment of distributions	1,274	13,133		8,469	86,443
Redeemed	(164,344)	(1,691,561)		(514,631)	(5,245,654)
	(85,228)	(874,593)		(278,087)	(2,835,869)
R Class
Sold	36,787	377,390		41,308	420,918
Issued in reinvestment of distributions	425	4,385		1,409	14,387
Redeemed	(19,749)	(202,439)		(41,199)	(419,897)
	17,463	179,336		1,518	15,408
R5 Class
Sold	817,392	8,423,767		1,015,245	10,324,731
Issued in reinvestment of distributions	20,849	215,102		53,053	541,230
Redeemed	(634,297)	(6,523,285)		(754,991)	(7,714,313)
	203,944	2,115,584		313,307	3,151,648
R6 Class
Sold	1,474,323	15,181,599		1,492,435	15,200,613
Issued in reinvestment of distributions	62,078	639,941		184,038	1,876,501
Redeemed	(319,062)	(3,300,003)		(2,289,960)	(22,921,373)
	1,217,339	12,521,537		(613,487)	(5,844,259)
Net increase (decrease)	3,849,284	$	39,731,973	(786,486)	$	(7,021,548)

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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	—		$	146,227,868	—
U.S. Treasury Securities	—		140,742,823		—
Collateralized Mortgage Obligations	—		72,016,224		—
Asset-Backed Securities	—		67,170,293		—
Collateralized Loan Obligations	—		14,646,137		—
U.S. Government Agency Securities	—		11,914,958		—
U.S. Government Agency Mortgage-Backed Securities	—		1,443,060		—
Bank Loan Obligations	—		120,278		—
Temporary Cash Investments	$	2,521	7,391,929		—
	$	2,521	$	461,673,570	—
Other Financial Instruments
Futures Contracts	$	1,763	—		—
Liabilities
Other Financial Instruments
Futures Contracts	$	57,250	—		—

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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 $19,838,550.

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 $32,426,453 futures contracts purchased and $44,217,859 futures contracts sold.

Value of Derivative Instruments as of September 30, 2020

	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Interest Rate Risk	Receivable for variation margin on futures contracts*	$	43,165	Payable for variation margin on futures contracts*	—

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

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended September 30, 2020

	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	$	(837,745)	Change in net unrealized appreciation (depreciation) on swap agreements	—
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	511,422		Change in net unrealized appreciation (depreciation) on futures contracts	$	(511,822)
		$	(326,323)		$	(511,822)

24

8. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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	$	456,899,234
Gross tax appreciation of investments	$	5,590,502
Gross tax depreciation of investments	(813,645)
Net tax appreciation (depreciation) of investments	$	4,776,857

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, 2020, the fund had accumulated short-term capital losses of $(3,869,936) and accumulated long-term capital losses of $(5,297,705), 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.

25

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
2020(3)	$10.05	0.07	0.33	0.40	(0.08)	$10.37	3.97%	0.59%(4)	1.39%(4)	80%	$169,603
2020	$10.15	0.20	(0.07)	0.13	(0.23)	$10.05	1.31%	0.59%	1.98%	156%	$155,169
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
I Class
2020(3)	$10.05	0.08	0.32	0.40	(0.08)	$10.37	4.02%	0.49%(4)	1.49%(4)	80%	$141,737
2020	$10.15	0.21	(0.07)	0.14	(0.24)	$10.05	1.41%	0.49%	2.08%	156%	$127,684
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

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
2020(3)	$10.05	0.06	0.33	0.39	(0.07)	$10.37	3.84%	0.84%(4)	1.14%(4)	80%	$23,289
2020	$10.15	0.18	(0.07)	0.11	(0.21)	$10.05	1.05%	0.84%	1.73%	156%	$16,411
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
C Class
2020(3)	$10.05	0.02	0.33	0.35	(0.03)	$10.37	3.45%	1.59%(4)	0.39%(4)	80%	$5,474
2020	$10.15	0.10	(0.07)	0.03	(0.13)	$10.05	0.30%	1.59%	0.98%	156%	$6,163
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
R Class
2020(3)	$10.06	0.05	0.32	0.37	(0.05)	$10.38	3.71%	1.09%(4)	0.89%(4)	80%	$969
2020	$10.15	0.15	(0.06)	0.09	(0.18)	$10.06	0.90%	1.09%	1.48%	156%	$764
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

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
2020(3)	$10.05	0.08	0.33	0.41	(0.09)	$10.37	4.07%	0.39%(4)	1.59%(4)	80%	$26,476
2020	$10.15	0.22	(0.07)	0.15	(0.25)	$10.05	1.51%	0.39%	2.18%	156%	$23,612
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
R6 Class
2020(3)	$10.04	0.08	0.33	0.41	(0.09)	$10.36	4.10%	0.34%(4)	1.64%(4)	80%	$78,544
2020	$10.14	0.23	(0.07)	0.16	(0.26)	$10.04	1.56%	0.34%	2.23%	156%	$63,905
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, 2020 (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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

30

renewal of the management agreement. 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 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.

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Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, 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

32

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.

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 with respect to 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.

33

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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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

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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90819 2011

Semiannual Report

September 30, 2020

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	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Notes to Financial Statements	15
Financial Highlights	22
Approval of Management Agreement	26
Additional Information	30

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, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics 

SEPTEMBER 30, 2020
Portfolio at a Glance
Average Duration (effective)	3.2 years
Weighted Average Life to Maturity	3.4 years
Types of Investments in Portfolio	% of net assets
U.S. Treasury Securities	85.5%
Corporate Bonds	6.3%
Asset-Backed Securities	3.7%
Collateralized Mortgage Obligations	3.2%
Collateralized Loan Obligations	1.3%
Commercial Mortgage-Backed Securities	—*
Temporary Cash Investments	0.7%
Other Assets and Liabilities	(0.7)%

*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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,055.80	$2.94	0.57%
I Class	$1,000	$1,056.80	$2.42	0.47%
Y Class	$1,000	$1,057.30	$1.91	0.37%
A Class	$1,000	$1,055.20	$4.22	0.82%
C Class	$1,000	$1,051.10	$8.07	1.57%
R Class	$1,000	$1,053.90	$5.51	1.07%
R5 Class	$1,000	$1,057.30	$1.91	0.37%
R6 Class	$1,000	$1,057.60	$1.65	0.32%
G Class	$1,000	$1,060.00	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,022.21	$2.89	0.57%
I Class	$1,000	$1,022.71	$2.38	0.47%
Y Class	$1,000	$1,023.21	$1.88	0.37%
A Class	$1,000	$1,020.96	$4.15	0.82%
C Class	$1,000	$1,017.20	$7.94	1.57%
R Class	$1,000	$1,019.70	$5.42	1.07%
R5 Class	$1,000	$1,023.21	$1.88	0.37%
R6 Class	$1,000	$1,023.46	$1.62	0.32%
G Class	$1,000	$1,025.02	$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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount		Value
U.S. TREASURY SECURITIES — 85.5%
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/22	$	76,871,306	$	78,090,036
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/22(1)	134,506,750		136,889,650
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/23	258,626,304		266,522,142
U.S. Treasury Inflation Indexed Notes, 0.625%, 4/15/23	156,780,936		164,000,176
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/23	73,482,420		77,084,801
U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/24	226,309,710		240,528,568
U.S. Treasury Inflation Indexed Notes, 0.50%, 4/15/24	97,339,518		103,365,975
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/24	32,736,000		34,637,259
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/24	28,276,640		30,020,764
U.S. Treasury Inflation Indexed Notes, 0.25%, 1/15/25	396,494,929		423,073,534
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/25	86,266,600		91,833,768
U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/26	129,217,140		142,476,089
TOTAL U.S. TREASURY SECURITIES (Cost $1,722,206,652)			1,788,522,762
CORPORATE BONDS — 6.3%
Automobiles — 0.2%
American Honda Finance Corp., MTN, 1.20%, 7/8/25	3,530,000		3,559,811
Banks — 0.7%
Banco Santander SA, 2.75%, 5/28/25	2,770,000		2,915,260
DNB Bank ASA, VRN, 1.13%, 9/16/26(2)	2,610,000		2,605,354
Natwest Group plc, VRN, 2.36%, 5/22/24	852,000		874,928
Royal Bank of Canada, MTN, 1.15%, 6/10/25	3,410,000		3,457,220
Sumitomo Mitsui Trust Bank Ltd., 0.80%, 9/12/23(2)	3,000,000		3,007,681
Wells Fargo & Co., MTN, VRN, 2.39%, 6/2/28	750,000		783,366
Wells Fargo & Co., VRN, 2.19%, 4/30/26	1,010,000		1,050,550
			14,694,359
Biotechnology — 0.7%
AbbVie, Inc., 2.95%, 11/21/26(2)	4,180,000		4,559,666
Gilead Sciences, Inc., 0.75%, 9/29/23	9,890,000		9,911,598
			14,471,264
Capital Markets — 0.1%
Credit Suisse Group AG, VRN, 2.19%, 6/5/26(2)	1,410,000		1,458,168
Commercial Services and Supplies†
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(2)	251,000		251,879
Diversified Financial Services — 0.2%
AIG Global Funding, 0.90%, 9/22/25(2)	5,100,000		5,070,392
Entertainment — 0.2%
Walt Disney Co. (The), 1.75%, 1/13/26	4,300,000		4,472,917
Equity Real Estate Investment Trusts (REITs) — 0.6%
Equinix, Inc., 5.375%, 5/15/27	2,808,000		3,064,187
Federal Realty Investment Trust, 3.95%, 1/15/24	4,350,000		4,716,006
SBA Tower Trust, 1.88%, 7/15/50(2)	3,793,000		3,889,376
			11,669,569
Food and Staples Retailing — 0.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(2)	3,100,000		3,155,025
Food Products — 0.3%
Mondelez International, Inc., 0.625%, 7/1/22	3,550,000		3,564,403

6

	Principal Amount		Value
Nestle Holdings, Inc., 0.625%, 1/15/26(2)	$	3,000,000	$	2,977,636
			6,542,039
Gas Utilities — 0.2%
East Ohio Gas Co. (The), 1.30%, 6/15/25(2)	3,740,000		3,815,565
Health Care Equipment and Supplies — 0.2%
Stryker Corp., 1.15%, 6/15/25	3,580,000		3,628,253
Health Care Providers and Services†
UnitedHealth Group, Inc., 1.25%, 1/15/26	694,000		711,313
Hotels, Restaurants and Leisure — 0.1%
Starbucks Corp., 1.30%, 5/7/22	2,870,000		2,908,740
Household Durables — 0.1%
Lennar Corp., 2.95%, 11/29/20	2,500,000		2,506,250
Lennar Corp., 4.75%, 4/1/21	100,000		101,103
			2,607,353
Independent Power and Renewable Electricity Producers — 0.2%
TerraForm Power Operating LLC, 4.25%, 1/31/23(2)	4,350,000		4,468,668
Media — 0.8%
Discovery Communications LLC, 3.95%, 6/15/25	2,114,000		2,385,505
Time Warner Cable LLC, 4.00%, 9/1/21	3,749,000		3,829,942
WPP Finance 2010, 3.75%, 9/19/24	9,000,000		9,888,999
			16,104,446
Metals and Mining — 0.1%
Steel Dynamics, Inc., 2.40%, 6/15/25	2,490,000		2,600,303
Oil, Gas and Consumable Fuels — 0.3%
Chevron Corp., 1.14%, 5/11/23	3,125,000		3,187,270
Petroleos Mexicanos, 6.375%, 2/4/21	2,700,000		2,740,837
			5,928,107
Pharmaceuticals — 0.9%
Elanco Animal Health, Inc., 4.91%, 8/27/21	1,950,000		2,006,063
GlaxoSmithKline Capital plc, 0.53%, 10/1/23(3)	3,510,000		3,513,641
Pfizer, Inc., 0.80%, 5/28/25	5,000,000		5,029,376
Royalty Pharma plc, 1.20%, 9/2/25(2)	5,380,000		5,369,358
Upjohn, Inc., 1.65%, 6/22/25(2)	2,940,000		3,013,576
			18,932,014
Technology Hardware, Storage and Peripherals†
Dell International LLC / EMC Corp., 5.875%, 6/15/21(2)	661,000		663,089
Textiles, Apparel and Luxury Goods — 0.2%
Ralph Lauren Corp., 1.70%, 6/15/22	3,650,000		3,716,379
TOTAL CORPORATE BONDS (Cost $129,945,272)			131,429,653
ASSET-BACKED SECURITIES — 3.7%
Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class B, 3.42%, 12/20/21(2)	1,312,500		1,315,429
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(2)	3,066,231		3,118,435
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(2)	847,680		857,227
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(2)	1,383,191		1,413,601
Mosaic Solar Loan Trust, Series 2020-1A, Class A SEQ, 2.10%, 4/20/46(2)	2,755,735		2,823,822
MVW LLC, Series 2019-2A, Class A SEQ, 2.22%, 10/20/38(2)	6,342,643		6,488,259

7

	Principal Amount		Value
MVW Owner Trust, Series 2015-1A, Class A SEQ, 2.52%, 12/20/32(2)	$	369,855	$	371,741
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(2)	644,249		646,366
Progress Residential Trust, Series 2017-SFR2, Class A SEQ, 2.90%, 12/17/34(2)	7,960,184		8,002,017
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(2)	7,605,048		7,843,784
Progress Residential Trust, Series 2019-SFR2, Class A SEQ, 3.15%, 5/17/36(2)	7,157,087		7,412,418
Progress Residential Trust, Series 2019-SFR4, Class A SEQ, 2.69%, 10/17/36(2)	9,750,000		10,056,213
Progress Residential Trust, Series 2020-SFR1, Class B, 2.03%, 4/17/37(2)	4,900,000		4,957,566
Santander Drive Auto Receivables Trust, Series 2020-2, Class C, 1.46%, 9/15/25	5,100,000		5,166,090
Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A SEQ, 2.91%, 3/20/34(2)	723,918		736,879
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class A SEQ, 2.58%, 9/20/32(2)	837,274		839,156
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class B, 3.87%, 9/20/35(2)	1,559,554		1,620,605
Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class B, 3.42%, 1/20/36(2)	423,959		436,238
Towd Point Mortgage Trust, Series 2017-3, Class M1, VRN, 3.50%, 7/25/57(2)	4,100,000		4,410,017
Towd Point Mortgage Trust, Series 2018-1, Class A1 SEQ, VRN, 3.00%, 1/25/58(2)	1,759,210		1,837,070
Towd Point Mortgage Trust, Series 2018-4, Class A1, VRN, 3.00%, 6/25/58(2)	2,687,614		2,878,261
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(2)	1,039,761		1,046,760
VSE VOI Mortgage LLC, Series 2017-A, Class A SEQ, 2.33%, 3/20/35(2)	2,370,740		2,410,253
TOTAL ASSET-BACKED SECURITIES (Cost $75,045,314)			76,688,207
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.2%
Private Sponsor Collateralized Mortgage Obligations — 2.6%
Angel Oak Mortgage Trust I LLC, Series 2018-2, Class A2 SEQ, VRN, 3.78%, 7/27/48(2)	2,706,224		2,753,199
Arroyo Mortgage Trust, Series 2020-1, Class A1B SEQ, 2.10%, 3/25/55(2)	3,422,858		3,449,342
Arroyo Mortgage Trust, Series 2020-1, Class A2 SEQ, 2.93%, 3/25/55(2)	2,850,000		2,911,510
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.19%, 11/25/34	549,756		538,874
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 3.84%, (1-year H15T1Y plus 2.25%), 2/25/36	530,050		535,465
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A3 SEQ, 3.19%, 7/25/49(2)	3,066,486		3,131,196
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A1, VRN, 2.72%, 7/25/49(2)	3,973,364		4,051,915
Credit Suisse Mortgage Capital Certificates, Series 2020-SPT1, Class A2 SEQ, 2.30%, 4/25/65(2)	7,300,000		7,333,849
Credit Suisse Mortgage Trust, Series 2019-NQM1, Class A1, 2.66%, 10/25/59(2)	3,784,750		3,884,410

8

	Principal Amount		Value
Credit Suisse Mortgage Trust, Series 2020-NQM1, Class A1, 1.21%, 5/25/65(2)	$	2,000,000	$	1,999,967
GCAT Trust, Series 2019-NQM3, Class A3 SEQ, VRN, 3.04%, 11/25/59(2)	3,797,641		3,852,214
JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, VRN, 3.71%, 6/25/36	322,048		273,931
JPMorgan Mortgage Trust, Series 2006-S1, Class 1A2 SEQ, 6.50%, 4/25/36	257,374		281,888
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.23%, 11/21/34	11,136		11,264
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 3.78%, 2/25/35	87,741		90,038
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, VRN, 1.65%, (1-month LIBOR plus 1.50%), 6/25/57(2)	2,266,822		2,273,738
Sequoia Mortgage Trust, Series 2014-3, Class A14, SEQ, VRN, 3.00%, 10/25/44(2)	136,230		136,556
Sequoia Mortgage Trust, Series 2017-CH1, Class A1, VRN, 4.00%, 8/25/47(2)	2,046,147		2,126,065
Sequoia Mortgage Trust, Series 2018-2, Class A4 SEQ, VRN, 3.50%, 2/25/48(2)	2,031,412		2,054,021
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 2.95%, 7/25/34	647,541		647,808
Verus Securitization Trust, Series 2019-4, Class A3, 3.00%, 11/25/59(2)	4,990,152		5,079,087
Verus Securitization Trust, Series 2020-4, Class A2 SEQ, 1.91%, 5/25/65(2)	6,507,179		6,547,060
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	138,071		134,946
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 4.00%, 4/25/36	12,504		11,747
			54,110,090
U.S. Government Agency Collateralized Mortgage Obligations — 0.6%
FHLMC, Series 2014-DN1, Class M2, VRN, 2.35%, (1-month LIBOR plus 2.20%), 2/25/24	2,497,181		2,500,289
FHLMC, Series 2015-DNA1, Class M3, VRN, 3.45%, (1-month LIBOR plus 3.30%), 10/25/27	3,714,067		3,792,837
FNMA, Series 2014-C02, Class 1M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	1,371,682		1,206,346
FNMA, Series 2014-C02, Class 2M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	2,288,634		2,256,642
FNMA, Series 2014-C04, Class 2M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 11/25/24	1,344,262		1,378,763
FNMA, Series 2016-C03, Class 2M2, VRN, 6.05%, (1-month LIBOR plus 5.90%), 10/25/28	1,023,513		1,084,962
			12,219,839
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $65,978,939)			66,329,929
COLLATERALIZED LOAN OBLIGATIONS — 1.3%
AIMCO CLO, Series 2018-BA, Class B, VRN, 2.03%, (3-month LIBOR plus 1.75%), 1/15/32(2)	3,525,000		3,531,775
Anchorage Capital CLO 16 Ltd., Series 2020-16A, Class B, VRN, 2.40%, (3-month LIBOR plus 2.20%), 10/20/31(2)(3)	4,300,000		4,300,000
Bean Creek CLO Ltd., Series 2015-1A, Class BR, VRN, 1.72%, (3-month LIBOR plus 1.45%), 4/20/31(2)	3,750,000		3,631,755
KKR CLO Ltd., Series 2022A, Class B, VRN, 1.87%, (3-month LIBOR plus 1.60%), 7/20/31(2)	2,025,000		1,984,364
Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 1.78%, (3-month LIBOR plus 1.50%), 4/15/31(2)	2,200,000		2,166,934

9

	Principal Amount/Shares		Value
Octagon Investment Partners 24 Ltd., Series 2015-1A, Class BS, VRN, 2.17%, (3-month LIBOR plus 1.90%), 4/21/31(2)	$	3,800,000	$	3,771,873
OHA Credit Funding 7 Ltd., Series 2020-7A, Class B, VRN, 1.93%, (3-month LIBOR plus 1.70%), 10/19/32(2)(3)	4,500,000		4,500,000
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class B, VRN, 2.02%, (3-month LIBOR plus 1.75%), 4/18/31(2)	3,600,000		3,588,211
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $27,519,916)			27,474,912
COMMERCIAL MORTGAGE-BACKED SECURITIES†
BX Commercial Mortgage Trust, Series 2018-IND, Class A, VRN, 0.90%, (1-month LIBOR plus 0.75%), 11/15/35(2) (Cost $393,450)	394,446		395,163
TEMPORARY CASH INVESTMENTS — 0.7%
Credit Agricole, 0.08%, 10/1/20(2)(4)	13,787,000		13,786,968
State Street Institutional U.S. Government Money Market Fund, Premier Class	735		735
TOTAL TEMPORARY CASH INVESTMENTS (Cost $13,787,735)			13,787,703
TOTAL INVESTMENT SECURITIES — 100.7% (Cost $2,034,877,278)			2,104,628,329
OTHER ASSETS AND LIABILITIES — (0.7)%			(14,233,886)
TOTAL NET ASSETS — 100.0%			$	2,090,394,443

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America High Yield Index Series 33	Buy	(5.00)%	12/20/24	$	35,066,000	$	2,350,954	$	(4,196,904)	$	(1,845,950)

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

10

CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate Index	Pay/Receive Floating Rate Index at Termination	Fixed Rate	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value
CPURNSA	Receive	1.79%	8/26/23	$	25,000,000	$	566	$	11,463	$	12,029
CPURNSA	Receive	1.85%	8/26/25	$	16,000,000	586		7,423		8,009
CPURNSA	Receive	2.06%	5/2/22	$	22,000,000	634		(471,544)		(470,910)
CPURNSA	Receive	2.07%	5/3/22	$	40,000,000	744		(889,671)		(888,927)
CPURNSA	Receive	2.02%	5/4/22	$	23,500,000	643		(454,244)		(453,601)
CPURNSA	Receive	1.93%	9/5/22	$	18,000,000	(610)		(172,930)		(173,540)
CPURNSA	Receive	1.71%	6/20/24	$	30,000,000	(550)		(251,138)		(251,688)
CPURNSA	Receive	1.86%	7/30/24	$	26,500,000	(547)		(446,395)		(446,942)
CPURNSA	Receive	1.86%	8/1/24	$	23,700,000	(530)		(395,938)		(396,468)
CPURNSA	Receive	1.85%	8/1/24	$	43,000,000	(650)		(705,987)		(706,637)
CPURNSA	Receive	1.67%	10/21/24	$	45,000,000	(701)		(277,448)		(278,149)
CPURNSA	Receive	1.70%	11/26/24	$	25,000,000	(583)		(147,515)		(148,098)
CPURNSA	Receive	1.79%	12/13/24	$	16,000,000	(529)		(183,750)		(184,279)
						$	(1,527)	$	(4,377,674)	$	(4,379,201)

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
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. The security's effective maturity date may be shorter than the final maturity date shown.

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

(1)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on swap agreements. At the period end, the aggregate value of securities pledged was $13,036,325.

(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 $209,068,722, which represented 10.0% 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 rate indicated is the yield to maturity at purchase.

See Notes to Financial Statements.

11

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (cost of $2,034,877,278)	$	2,104,628,329
Cash	121,332
Receivable for investments sold	466,968
Receivable for capital shares sold	691,504
Receivable for variation margin on swap agreements	99,066
Interest receivable	2,265,278
	2,108,272,477
Liabilities
Payable for investments purchased	14,311,981
Payable for capital shares redeemed	2,955,800
Payable for variation margin on swap agreements	49,680
Accrued management fees	541,824
Distribution and service fees payable	18,749
	17,878,034
Net Assets	$	2,090,394,443
Net Assets Consist of:
Capital paid in	$	2,043,790,963
Distributable earnings	46,603,480
	$	2,090,394,443

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$317,803,503	30,145,141	$10.54
I Class	$601,127,877	56,566,616	$10.63
Y Class	$12,901,703	1,213,358	$10.63
A Class	$33,735,226	3,232,799	$10.44*
C Class	$4,573,874	453,748	$10.08
R Class	$19,572,315	1,838,470	$10.65
R5 Class	$467,035,155	43,942,464	$10.63
R6 Class	$12,659,536	1,191,094	$10.63
G Class	$620,985,254	58,325,213	$10.65

*Maximum offering price $10.68 (net asset value divided by 0.9775).

See Notes to Financial Statements.

12

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	11,803,690
Expenses:
Management fees	3,982,226
Distribution and service fees:
A Class	39,480
C Class	27,621
R Class	46,073
Trustees' fees and expenses	66,865
Other expenses	6,586
	4,168,851
Fees waived - G Class	(652,885)
	3,515,966
Net investment income (loss)	8,287,724
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	539,794
Swap agreement transactions	1,964,493
	2,504,287
Change in net unrealized appreciation (depreciation) on:
Investments	77,080,302
Swap agreements	9,485,187
	86,565,489
Net realized and unrealized gain (loss)	89,069,776
Net Increase (Decrease) in Net Assets Resulting from Operations	$	97,357,500

See Notes to Financial Statements.

13

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	8,287,724	$	39,037,319
Net realized gain (loss)	2,504,287		(4,027,700)
Change in net unrealized appreciation (depreciation)	86,565,489		(23,337,564)
Net increase (decrease) in net assets resulting from operations	97,357,500		11,672,055
Distributions to Shareholders
From earnings:
Investor Class	(1,982,863)		(10,573,869)
I Class	(485,621)		(2,992,390)
Y Class	(41,009)		(186,806)
A Class	(48,227)		(470,488)
C Class	—		(57,446)
R Class	(7,405)		(219,768)
R5 Class	(1,636,715)		(8,289,266)
R6 Class	(43,700)		(199,320)
G Class	(1,976,149)		(9,016,637)
Decrease in net assets from distributions	(6,221,689)		(32,005,990)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	439,787,025		(14,146,501)
Net increase (decrease) in net assets	530,922,836		(34,480,436)
Net Assets
Beginning of period	1,559,471,607		1,593,952,043
End of period	$	2,090,394,443	$	1,559,471,607

See Notes to Financial Statements.

14

Notes to Financial Statements

SEPTEMBER 30, 2020 (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. 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.

15

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, 26% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

16

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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses 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 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The investment advisor agreed to waive the G Class’s management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended September 30, 2020 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, 2020 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.

17

4. Investment Transactions

Purchases of investment securities, excluding short-term investments and in kind transactions, for the period ended September 30, 2020 totaled $525,345,570, of which $217,062,224 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2020 totaled $189,148,228, of which $11,473,799 represented U.S. Treasury and Government Agency obligations.

On August 25, 2020, the fund received investment securities and other financial instruments valued at $221,952,928 from a purchase in kind from other products managed by the fund's investment advisor. A purchase in kind occurs when a fund receives securities into its portfolio in lieu of cash as payment from a purchasing shareholder.

5. Capital Share Transactions

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

	Six months ended September 30, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	17,797,205	$	181,752,799	27,732,599	$	285,287,737
Issued in reinvestment of distributions	192,333	1,981,035		1,035,523	10,562,334
Redeemed	(45,098,760)	(469,375,535)		(26,905,481)	(273,841,011)
	(27,109,222)	(285,641,701)		1,862,641	22,009,060
I Class
Sold	45,272,983	475,286,645		15,433,169	159,501,955
Issued in reinvestment of distributions	42,126	437,264		265,593	2,730,300
Redeemed	(3,659,213)	(38,387,105)		(19,082,674)	(197,349,981)
	41,655,896	437,336,804		(3,383,912)	(35,117,726)
Y Class
Sold	232,742	2,427,107		861,559	8,877,032
Issued in reinvestment of distributions	3,951	41,009		18,172	186,806
Redeemed	(63,162)	(656,437)		(278,655)	(2,888,711)
	173,531	1,811,679		601,076	6,175,127
A Class
Sold	626,909	6,430,746		1,908,713	19,349,546
Issued in reinvestment of distributions	2,590	26,414		26,375	266,383
Redeemed	(420,157)	(4,291,650)		(1,408,952)	(14,232,206)
	209,342	2,165,510		526,136	5,383,723
C Class
Sold	5,448	54,150		45,858	447,289
Issued in reinvestment of distributions	—	—		4,966	48,663
Redeemed	(236,948)	(2,340,237)		(1,199,787)	(11,769,350)
	(231,500)	(2,286,087)		(1,148,963)	(11,273,398)
R Class
Sold	405,456	4,248,890		1,082,156	11,188,462
Issued in reinvestment of distributions	711	7,401		20,699	213,616
Redeemed	(358,341)	(3,723,058)		(806,527)	(8,313,777)
	47,826	533,233		296,328	3,088,301
R5 Class
Sold	4,639,342	47,944,477		9,930,616	102,935,457
Issued in reinvestment of distributions	155,244	1,611,433		792,451	8,146,392
Redeemed	(2,248,101)	(23,419,517)		(6,307,923)	(63,999,450)
	2,546,485	26,136,393		4,415,144	47,082,399

18

	Six months ended September 30, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
R6 Class
Sold	420,316	$	4,373,902	585,004	$	6,030,686
Issued in reinvestment of distributions	3,698	38,347		16,191	166,280
Redeemed	(250,186)	(2,606,324)		(459,563)	(4,739,293)
	173,828	1,805,925		141,632	1,457,673
G Class
Sold	26,368,322	279,336,980		2,361,950	24,597,172
Issued in reinvestment of distributions	190,380	1,976,149		877,105	9,016,637
Redeemed	(2,199,409)	(23,387,860)		(8,448,721)	(86,565,469)
	24,359,293	257,925,269		(5,209,666)	(52,951,660)
Net increase (decrease)	41,825,479	$	439,787,025	(1,899,584)	$	(14,146,501)

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	—		$	1,788,522,762	—
Corporate Bonds	—		131,429,653		—
Asset-Backed Securities	—		76,688,207		—
Collateralized Mortgage Obligations	—		66,329,929		—
Collateralized Loan Obligations	—		27,474,912		—
Commercial Mortgage-Backed Securities	—		395,163		—
Temporary Cash Investments	$	735	13,786,968		—
	$	735	$	2,104,627,594	—
Other Financial Instruments
Swap Agreements	—		$	20,038	—
Liabilities
Other Financial Instruments
Swap Agreements	—		$	6,245,189	—

19

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 $38,489,333.

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 $370,116,667.

Value of Derivative Instruments as of September 30, 2020

	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*	$	49,680
Other Contracts	Receivable for variation margin on swap agreements*	$	99,066	Payable for variation margin on swap agreements*	—
		$	99,066		$	49,680

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

20

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended September 30, 2020

	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	$	527,198	Change in net unrealized appreciation (depreciation) on swap agreements	$	(2,720,802)
Other Contracts	Net realized gain (loss) on swap agreement transactions	1,437,295		Change in net unrealized appreciation (depreciation) on swap agreements	12,205,989
		$	1,964,493		$	9,485,187

8. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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	$	2,034,877,781
Gross tax appreciation of investments	$	70,280,357
Gross tax depreciation of investments	(529,809)
Net tax appreciation (depreciation) of investments	$	69,750,548

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, 2020, the fund had accumulated short-term capital losses of $(3,989,820) and accumulated long-term capital losses of $(21,446,633), 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.

21

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	Distribution 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
2020(3)	$10.01	0.03	0.53	0.56	(0.03)	$10.54	5.58%	0.57%(4)	0.72%(4)	11%	$317,804
2020	$10.11	0.21	(0.14)	0.07	(0.17)	$10.01	0.69%	0.57%	2.13%	50%	$572,935
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
I Class
2020(3)	$10.09	0.04	0.53	0.57	(0.03)	$10.63	5.68%	0.47%(4)	0.82%(4)	11%	$601,128
2020	$10.19	0.23	(0.15)	0.08	(0.18)	$10.09	0.79%	0.47%	2.23%	50%	$150,405
2019	$10.24	0.15	0.04	0.19	(0.24)	$10.19	1.87%	0.47%	1.59%	31%	$186,378
2018(5)	$10.38	0.15	(0.13)	0.02	(0.16)	$10.24	0.22%	0.47%(4)	1.51%(4)	31%(6)	$157,963
Y Class
2020(3)	$10.09	0.05	0.53	0.58	(0.04)	$10.63	5.73%	0.37%(4)	0.92%(4)	11%	$12,902
2020	$10.19	0.22	(0.13)	0.09	(0.19)	$10.09	0.89%	0.37%	2.33%	50%	$10,494
2019	$10.24	0.15	0.05	0.20	(0.25)	$10.19	1.98%	0.37%	1.69%	31%	$4,471
2018(5)	$10.38	0.18	(0.15)	0.03	(0.17)	$10.24	0.29%	0.37%(4)	1.76%(4)	31%(6)	$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	Distribution 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
2020(3)	$9.91	0.02	0.53	0.55	(0.02)	$10.44	5.52%	0.82%(4)	0.47%(4)	11%	$33,735
2020	$10.01	0.18	(0.13)	0.05	(0.15)	$9.91	0.44%	0.82%	1.88%	50%	$29,951
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
C Class
2020(3)	$9.59	(0.03)	0.52	0.49	—	$10.08	5.11%	1.57%(4)	(0.28)%(4)	11%	$4,574
2020	$9.69	0.17	(0.20)	(0.03)	(0.07)	$9.59	(0.33)%	1.57%	1.13%	50%	$6,571
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
R Class
2020(3)	$10.11	0.01	0.53	0.54	—(7)	$10.65	5.39%	1.07%(4)	0.22%(4)	11%	$19,572
2020	$10.21	0.16	(0.14)	0.02	(0.12)	$10.11	0.18%	1.07%	1.63%	50%	$18,099
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	—(7)	0.04	0.04	—	$10.25	0.39%	1.07%	0.11%	36%	$13,658

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	Distribution 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
2020(3)	$10.09	0.04	0.54	0.58	(0.04)	$10.63	5.73%	0.37%(4)	0.92%(4)	11%	$467,035
2020	$10.19	0.24	(0.15)	0.09	(0.19)	$10.09	0.89%	0.37%	2.33%	50%	$417,564
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	—(7)	$10.22	1.10%	0.37%	0.81%	36%	$575,649
R6 Class
2020(3)	$10.09	0.05	0.53	0.58	(0.04)	$10.63	5.76%	0.32%(4)	0.97%(4)	11%	$12,660
2020	$10.19	0.25	(0.15)	0.10	(0.20)	$10.09	0.94%	0.32%	2.38%	50%	$10,261
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
G Class
2020(3)	$10.10	0.09	0.51	0.60	(0.05)	$10.65	6.00%	0.01%(4)(8)	1.28%(4)(8)	11%	$620,985
2020	$10.20	0.29	(0.16)	0.13	(0.23)	$10.10	1.25%	0.01%(9)	2.69%(9)	50%	$343,192
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%(4)(12)	2.02%(4)(12)	31%(6)	$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, 2020 (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)Per-share amount was less than $0.005.

(8)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 0.97%, respectively.

(9)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 2.38%, 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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

26

renewal of the management agreement. 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 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.

27

Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, 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

28

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 with respect to 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.

29

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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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.

30

Notes

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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90816 2011

Semiannual Report

September 30, 2020

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	17
Statement of Operations	18
Statement of Changes in Net Assets	19
Notes to Financial Statements	20
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, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics

SEPTEMBER 30, 2020
Portfolio at a Glance
Average Duration (effective)	2.4 years
Weighted Average Life to Maturity	4.3 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	52.1%
Collateralized Mortgage Obligations	19.3%
Asset-Backed Securities	8.6%
U.S. Treasury Securities	5.0%
Collateralized Loan Obligations	4.8%
Preferred Stocks	3.3%
Bank Loan Obligations	3.2%
Sovereign Governments and Agencies	0.9%
Temporary Cash Investments	5.0%
Other Assets and Liabilities	(2.2)%

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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,066.30	$2.69	0.52%
I Class	$1,000	$1,065.80	$2.18	0.42%
Y Class	$1,000	$1,067.30	$1.66	0.32%
A Class	$1,000	$1,063.90	$3.98	0.77%
C Class	$1,000	$1,059.90	$7.85	1.52%
R Class	$1,000	$1,063.70	$5.28	1.02%
R5 Class	$1,000	$1,066.30	$1.66	0.32%
R6 Class	$1,000	$1,067.70	$1.40	0.27%
Hypothetical
Investor Class	$1,000	$1,022.46	$2.64	0.52%
I Class	$1,000	$1,022.96	$2.13	0.42%
Y Class	$1,000	$1,023.46	$1.62	0.32%
A Class	$1,000	$1,021.21	$3.90	0.77%
C Class	$1,000	$1,017.45	$7.69	1.52%
R Class	$1,000	$1,019.96	$5.17	1.02%
R5 Class	$1,000	$1,023.46	$1.62	0.32%
R6 Class	$1,000	$1,023.72	$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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 52.1%
Aerospace and Defense — 0.4%
Boeing Co. (The), 4.51%, 5/1/23	$	850,000	$	895,578
Airlines — 0.7%
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(1)	516,000		529,992
Southwest Airlines Co., 4.75%, 5/4/23	850,000		908,458
			1,438,450
Automobiles — 1.3%
Ford Motor Credit Co. LLC, 5.09%, 1/7/21	800,000		803,000
Ford Motor Credit Co. LLC, 3.20%, 1/15/21	400,000		400,155
Ford Motor Credit Co. LLC, 3.35%, 11/1/22	1,000,000		986,360
General Motors Financial Co., Inc., 3.45%, 4/10/22	500,000		514,138
			2,703,653
Banks — 4.8%
Banco Bradesco SA, 2.85%, 1/27/23(1)	600,000		608,436
Banco do Brasil SA, 3.875%, 10/10/22	600,000		617,145
Banco Santander SA, 3.50%, 4/11/22	600,000		622,469
Banistmo SA, 3.65%, 9/19/22	200,000		202,875
Bank of America Corp., MTN, VRN, 1.32%, 6/19/26	586,000		590,473
Bank of America Corp., VRN, 3.00%, 12/20/23	271,000		284,714
BBVA Bancomer SA, 6.75%, 9/30/22	1,100,000		1,187,175
BBVA Bancomer SA, 1.875%, 9/18/25(1)	500,000		489,125
BPCE SA, VRN, 1.65%, 10/6/26(1)(2)	540,000		540,479
Citigroup, Inc., VRN, 3.11%, 4/8/26	490,000		527,948
FNB Corp., 2.20%, 2/24/23	510,000		515,096
Huntington Bancshares, Inc., 4.35%, 2/4/23	1,070,000		1,149,646
Itau Unibanco Holding SA, MTN, 5.65%, 3/19/22	500,000		522,630
Lloyds Banking Group plc, VRN, 2.91%, 11/7/23	369,000		383,750
Natwest Group plc, VRN, 2.36%, 5/22/24	30,000		30,807
Santander UK Group Holdings plc, VRN, 1.53%, 8/21/26	400,000		394,008
Sumitomo Mitsui Trust Bank Ltd., 0.80%, 9/12/23(1)	600,000		601,536
Wells Fargo & Co., VRN, 2.19%, 4/30/26	800,000		832,119
			10,100,431
Biotechnology — 1.1%
AbbVie, Inc., 2.30%, 11/21/22(1)	2,330,000		2,412,069
Capital Markets — 3.0%
Ares Capital Corp., 3.25%, 7/15/25	1,001,000		996,110
Credit Suisse Group AG, VRN, 3.00%, 12/14/23(1)	1,000,000		1,041,625
Credit Suisse Group AG, VRN, 2.59%, 9/11/25(1)	500,000		522,036
Credit Suisse Group AG, VRN, 2.19%, 6/5/26(1)	225,000		232,686
Golub Capital BDC, Inc., 3.375%, 4/15/24(2)	1,090,000		1,089,540
Morgan Stanley, MTN, 4.875%, 11/1/22	530,000		573,487
Morgan Stanley, VRN, 2.19%, 4/28/26	200,000		209,675
Oaktree Specialty Lending Corp., 3.50%, 2/25/25	535,000		538,588
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1)	1,190,000		1,178,304
			6,382,051
Chemicals — 0.5%
CF Industries, Inc., 3.45%, 6/1/23	1,000,000		1,026,875

6

	Principal Amount/Shares		Value
Commercial Services and Supplies — 0.1%
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(1)	$	269,000	$	269,942
Communications Equipment — 0.4%
CommScope, Inc., 5.50%, 3/1/24(1)	550,000		565,914
Juniper Networks, Inc., 4.50%, 3/15/24	173,000		193,481
			759,395
Construction and Engineering — 0.2%
IHS Netherlands Holdco BV, 7.125%, 3/18/25	500,000		512,491
Consumer Finance — 2.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.15%, 2/15/24	330,000		327,482
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, 7/15/25	540,000		583,683
Capital One Bank USA N.A., 3.375%, 2/15/23	1,100,000		1,163,266
Navient Corp., 6.75%, 6/25/25	1,135,000		1,150,606
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	968,000		972,277
Synchrony Financial, 2.85%, 7/25/22	1,000,000		1,030,347
			5,227,661
Containers and Packaging — 0.5%
Berry Global, Inc., 5.125%, 7/15/23	441,000		448,210
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	556,000		563,228
			1,011,438
Diversified Financial Services — 0.5%
AIG Global Funding, 0.90%, 9/22/25(1)	590,000		586,575
NatWest Markets plc, 2.375%, 5/21/23(1)	402,000		414,123
			1,000,698
Diversified Telecommunication Services — 1.7%
AT&T, Inc., 4.45%, 4/1/24	600,000		671,399
Deutsche Telekom International Finance BV, 1.95%, 9/19/21(1)	1,145,000		1,157,978
Level 3 Financing, Inc., 4.625%, 9/15/27(1)	1,180,000		1,214,568
Telecom Italia SpA, 5.30%, 5/30/24(1)	530,000		576,335
			3,620,280
Electric Utilities — 0.1%
DPL, Inc., 4.125%, 7/1/25(1)	200,000		209,540
Entertainment — 1.0%
Netflix, Inc., 5.50%, 2/15/22	590,000		619,500
Netflix, Inc., 3.625%, 6/15/25(1)	1,370,000		1,433,705
			2,053,205
Equity Real Estate Investment Trusts (REITs) — 3.4%
Equinix, Inc., 5.375%, 5/15/27	1,100,000		1,200,358
Federal Realty Investment Trust, 3.95%, 1/15/24	430,000		466,180
Host Hotels & Resorts LP, 3.75%, 10/15/23	1,135,000		1,172,418
Iron Mountain, Inc., 5.00%, 7/15/28(1)	1,250,000		1,282,800
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27	575,000		600,573
Retail Properties of America, Inc., 4.00%, 3/15/25	639,000		634,400
SBA Tower Trust, 1.88%, 7/15/50(1)	1,329,000		1,362,769
Scentre Group Trust 2, VRN, 4.75%, 9/24/80(1)	440,000		437,078
			7,156,576
Food and Staples Retailing — 0.7%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1)	1,100,000		1,119,525

7

	Principal Amount/Shares		Value
Sysco Corp., 5.65%, 4/1/25	$	280,000	$	331,396
			1,450,921
Food Products — 0.5%
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(1)	1,000,000		1,045,000
Gas Utilities — 0.1%
East Ohio Gas Co. (The), 1.30%, 6/15/25(1)	260,000		265,253
Health Care Equipment and Supplies — 0.9%
Becton Dickinson and Co., 2.89%, 6/6/22	1,500,000		1,552,151
Stryker Corp., 1.15%, 6/15/25	340,000		344,583
			1,896,734
Health Care Providers and Services — 2.4%
Acadia Healthcare Co., Inc., 5.625%, 2/15/23	1,120,000		1,129,918
Centene Corp., 4.75%, 5/15/22	1,000,000		1,013,000
Centene Corp., 4.75%, 1/15/25	1,250,000		1,286,312
Molina Healthcare, Inc., 5.375%, 11/15/22	500,000		523,438
Tenet Healthcare Corp., 6.75%, 6/15/23	1,000,000		1,051,000
			5,003,668
Hotels, Restaurants and Leisure — 0.5%
International Game Technology plc, 6.25%, 2/15/22(1)	1,100,000		1,125,438
Household Durables — 0.8%
D.R. Horton, Inc., 2.50%, 10/15/24	500,000		529,712
Toll Brothers Finance Corp., 4.375%, 4/15/23	1,120,000		1,174,746
			1,704,458
Independent Power and Renewable Electricity Producers — 0.3%
TerraForm Power Operating LLC, 4.25%, 1/31/23(1)	550,000		565,004
Insurance — 2.3%
Athene Global Funding, 2.80%, 5/26/23(1)	400,000		417,368
Athene Global Funding, 2.50%, 1/14/25(1)	1,499,000		1,546,387
Athene Global Funding, 2.55%, 6/29/25(1)	250,000		257,484
Great-West Lifeco US Finance 2020 LP, 0.90%, 8/12/25(1)	315,000		314,597
Protective Life Global Funding, 1.17%, 7/15/25(1)	650,000		655,479
Unum Group, 4.50%, 3/15/25	200,000		222,469
W.R. Berkley Corp., 4.625%, 3/15/22	1,250,000		1,320,791
			4,734,575
Internet and Direct Marketing Retail — 0.3%
Expedia Group, Inc., 3.60%, 12/15/23(1)	530,000		541,863
Machinery — 0.2%
Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25	400,000		422,062
Media — 5.8%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)	848,000		893,415
CSC Holdings LLC, 5.875%, 9/15/22	743,000		787,116
CSC Holdings LLC, 4.625%, 12/1/30(1)	1,135,000		1,141,941
DISH DBS Corp., 5.00%, 3/15/23	1,220,000		1,245,925
Lamar Media Corp., 3.75%, 2/15/28(1)	1,150,000		1,146,406
Sirius XM Radio, Inc., 5.375%, 7/15/26(1)	848,000		884,634
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)	842,000		880,761
TEGNA, Inc., 4.75%, 3/15/26(1)	250,000		255,925
TEGNA, Inc., 4.625%, 3/15/28(1)	798,000		782,279
Time Warner Cable LLC, 4.00%, 9/1/21	440,000		449,500
Time Warner Entertainment Co. LP, 8.375%, 3/15/23	490,000		576,204
ViacomCBS, Inc., 3.70%, 8/15/24	1,299,000		1,423,006

8

	Principal Amount/Shares		Value
ViacomCBS, Inc., 4.75%, 5/15/25	$	280,000	$	321,568
WPP Finance 2010, 3.75%, 9/19/24	1,260,000		1,384,460
			12,173,140
Metals and Mining — 0.5%
HTA Group Ltd., 7.00%, 12/18/25(1)	1,025,000		1,077,531
Multi-Utilities — 1.1%
DTE Energy Co., 2.25%, 11/1/22	1,500,000		1,551,349
Sempra Energy, 2.875%, 10/1/22	825,000		856,496
			2,407,845
Oil, Gas and Consumable Fuels — 4.6%
Energy Transfer Partners LP / Regency Energy Finance Corp., 5.875%, 3/1/22	1,000,000		1,044,198
Gazprom PJSC Via Gaz Capital SA, 6.00%, 1/23/21	900,000		914,521
Geopark Ltd., 6.50%, 9/21/24	500,000		472,000
Hess Corp., 3.50%, 7/15/24	668,000		683,937
HollyFrontier Corp., 2.625%, 10/1/23	750,000		752,499
Lukoil International Finance BV, 6.125%, 11/9/20	800,000		805,259
MPLX LP, 3.50%, 12/1/22	400,000		419,407
Petroleos Mexicanos, 4.875%, 1/24/22	2,410,000		2,442,571
Saudi Arabian Oil Co., MTN, 2.75%, 4/16/22	900,000		922,568
Southwestern Energy Co., 4.10%, 3/15/22	700,000		693,710
Valero Energy Corp., 1.20%, 3/15/24	600,000		597,957
			9,748,627
Pharmaceuticals — 1.4%
Elanco Animal Health, Inc., 4.91%, 8/27/21	1,000,000		1,028,750
Elanco Animal Health, Inc., 5.27%, 8/28/23	1,000,000		1,073,125
Royalty Pharma plc, 0.75%, 9/2/23(1)	940,000		938,109
			3,039,984
Road and Rail — 0.3%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	600,000		617,296
Semiconductors and Semiconductor Equipment — 2.5%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.125%, 1/15/25	109,000		116,369
Broadcom, Inc., 2.25%, 11/15/23	260,000		270,491
Broadcom, Inc., 3.15%, 11/15/25	300,000		323,950
Microchip Technology, Inc., 2.67%, 9/1/23(1)	570,000		590,470
Micron Technology, Inc., 4.64%, 2/6/24	1,000,000		1,115,749
NXP BV / NXP Funding LLC, 3.875%, 9/1/22(1)	1,597,000		1,688,380
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	1,130,000		1,185,794
			5,291,203
Technology Hardware, Storage and Peripherals — 2.1%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	198,000		198,626
Dell International LLC / EMC Corp., 5.45%, 6/15/23(1)	748,000		820,553
EMC Corp., 3.375%, 6/1/23	460,000		474,458
Hewlett Packard Enterprise Co., 1.45%, 4/1/24	740,000		750,032
Seagate HDD Cayman, 4.25%, 3/1/22	535,000		558,537
Seagate HDD Cayman, 4.75%, 6/1/23	852,000		926,851
Seagate HDD Cayman, 4.875%, 3/1/24	444,000		483,361
Seagate HDD Cayman, 4.75%, 1/1/25	105,000		115,389
			4,327,807
Textiles, Apparel and Luxury Goods — 0.3%
PVH Corp., 4.625%, 7/10/25(1)	220,000		229,625

9

	Principal Amount/Shares		Value
Ralph Lauren Corp., 1.70%, 6/15/22	$	350,000	$	356,365
			585,990
Thrifts and Mortgage Finance — 0.8%
Nationwide Building Society, 1.00%, 8/28/25(1)	1,035,000		1,025,871
PennyMac Financial Services, Inc., 5.375%, 10/15/25(1)	565,000		572,769
			1,598,640
Trading Companies and Distributors — 0.8%
Air Lease Corp., MTN, 2.875%, 1/15/26	370,000		364,137
Aircastle Ltd., 5.25%, 8/11/25(1)	1,290,000		1,263,561
			1,627,698
Transportation Infrastructure — 0.5%
Rumo Luxembourg Sarl, 7.375%, 2/9/24	950,000		997,500
Wireless Telecommunication Services — 0.2%
Sprint Corp., 7.625%, 2/15/25	380,000		445,313
TOTAL CORPORATE BONDS (Cost $108,021,107)			109,473,883
COLLATERALIZED MORTGAGE OBLIGATIONS — 19.3%
Private Sponsor Collateralized Mortgage Obligations — 12.3%
Angel Oak Mortgage Trust, Series 2019-5, Class A3, VRN, 2.92%, 10/25/49(1)	912,542		915,671
Angel Oak Mortgage Trust, Series 2020-3, Class A3 SEQ, VRN, 2.87%, 4/25/65(1)	1,028,148		1,035,495
Angel Oak Mortgage Trust I LLC, Series 2019-4, Class A3 SEQ, VRN, 3.30%, 7/26/49(1)	788,177		798,384
Arroyo Mortgage Trust, Series 2020-1, Class A1B SEQ, 2.10%, 3/25/55(1)	925,097		932,255
Arroyo Mortgage Trust, Series 2020-1, Class A2 SEQ, 2.93%, 3/25/55(1)	1,000,000		1,021,583
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 3.60%, 6/25/34	19,798		19,329
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.19%, 11/25/34	63,294		62,041
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 3.84%, (1-year H15T1Y plus 2.25%), 2/25/36	12,084		12,207
Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1, VRN, 1.72%, 2/25/55(1)	1,159,139		1,173,058
Bunker Hill Loan Depositary Trust, Series 2020-1, Class A2 SEQ, VRN, 2.60%, 2/25/55(1)	1,200,000		1,241,857
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.77%, 8/25/34	39,822		39,486
COLT Mortgage Loan Trust, Series 2020-2, Class A3 SEQ, VRN, 3.70%, 3/25/65(1)	1,000,000		1,041,948
COLT Mortgage Loan Trust, Series 2020-2, Class M1, VRN, 5.25%, 3/25/65(1)	900,000		942,492
Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3 SEQ, VRN, 3.50%, 6/25/47(1)	154,373		155,591
Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3 SEQ, VRN, 3.50%, 10/25/47(1)	464,018		467,656
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class A1, VRN, 2.24%, 2/25/50(1)	355,193		360,819
Ellington Financial Mortgage Trust, Series 2020-1, Class M1, VRN, 5.24%, 5/25/65(1)	1,000,000		1,063,539
Flagstar Mortgage Trust, Series 2017-1, Class 1A5 SEQ, VRN, 3.50%, 3/25/47(1)	689,798		699,566

10

	Principal Amount/Shares		Value
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A3 SEQ, VRN, 2.35%, 9/27/60(1)	$	893,842	$	898,024
Homeward Opportunities Fund I Trust, Series 2019-3, Class A3 SEQ, VRN, 3.03%, 11/25/59(1)	1,070,625		1,072,235
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 3.78%, 2/25/35	17,548		18,066
MFA Trust, Series 2020-NQM1, Class A3 SEQ, VRN, 2.30%, 8/25/49(1)	789,512		795,407
New Residential Mortgage Loan Trust, Series 2019-NQM3, Class A1 SEQ, VRN, 2.80%, 7/25/49(1)	899,557		917,196
Verus Securitization Trust, Series 2017-1A, Class B2, VRN, 5.98%, 1/25/47(1)	1,100,000		1,139,655
Verus Securitization Trust, Series 2018-INV1, Class A3, VRN, 4.05%, 3/25/58(1)	651,820		655,914
Verus Securitization Trust, Series 2019-4, Class A3, 3.00%, 11/25/59(1)	1,056,117		1,074,939
Verus Securitization Trust, Series 2019-4, Class M1, VRN, 3.21%, 11/25/59(1)	1,050,000		1,072,382
Verus Securitization Trust, Series 2020-1, Class A3 SEQ, VRN, 2.72%, 1/25/60(1)	807,331		824,220
Verus Securitization Trust, Series 2020-2, Class A3 SEQ, VRN, 4.00%, 5/25/60(1)	950,000		979,733
Verus Securitization Trust, Series 2020-2, Class M1, VRN, 5.36%, 5/25/60(1)	1,150,000		1,194,739
Verus Securitization Trust, Series 2020-4, Class A3 SEQ, VRN, 2.32%, 5/25/65(1)	1,060,429		1,066,888
Vista Point Securitization Trust, Series 2020-1, Class A2 SEQ, VRN, 2.77%, 3/25/65(1)	1,000,000		1,010,675
Vista Point Securitization Trust, Series 2020-2, Class M1 SEQ, VRN, 3.40%, 4/25/65(1)	1,000,000		1,007,124
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 4.00%, 4/25/36	40,014		37,590
			25,747,764
U.S. Government Agency Collateralized Mortgage Obligations — 7.0%
FHLMC, Series 2013-DN2, Class M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 11/25/23	1,335,882		1,225,901
FHLMC, Series 2014-DN2, Class M3, VRN, 3.75%, (1-month LIBOR plus 3.60%), 4/25/24	829,156		768,463
FHLMC, Series 2014-DN3, Class M3, VRN, 4.15%, (1-month LIBOR plus 4.00%), 8/25/24	121,016		123,829
FHLMC, Series 2014-DN4, Class M3, VRN, 4.70%, (1-month LIBOR plus 4.55%), 10/25/24	259,841		262,179
FHLMC, Series 2014-HQ2, Class M3, VRN, 3.90%, (1-month LIBOR plus 3.75%), 9/25/24	1,030,000		1,057,442
FHLMC, Series 2015-DNA1, Class M3, VRN, 3.45%, (1-month LIBOR plus 3.30%), 10/25/27	226,754		231,563
FHLMC, Series 2015-HQ2, Class M3, VRN, 3.40%, (1-month LIBOR plus 3.25%), 5/25/25	100,000		100,439
FHLMC, Series 2016-DNA3, Class M3, VRN, 5.15%, (1-month LIBOR plus 5.00%), 12/25/28	467,346		484,103
FHLMC, Series 2016-HQA4, Class M3, VRN, 4.05%, (1-month LIBOR plus 3.90%), 4/25/29	947,396		987,081
FHLMC, Series 2018-DNA1, Class M2, VRN, 1.95%, (1-month LIBOR plus 1.80%), 7/25/30	1,133,594		1,117,829
FHLMC, Series 2020-DNA3, Class B1, VRN, 5.25%, (1-month LIBOR plus 5.10%), 6/25/50(1)	1,300,000		1,337,825

11

	Principal Amount/Shares		Value
FHLMC, Series 2020-DNA4, Class M2, VRN, 3.90%, (1-month LIBOR plus 3.75%), 8/25/50(1)	$	190,000	$	193,520
FNMA, Series 2014-C02, Class 1M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	396,264		348,500
FNMA, Series 2014-C02, Class 2M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	605,346		596,884
FNMA, Series 2014-C03, Class 1M2, VRN, 3.15%, (1-month LIBOR plus 3.00%), 7/25/24	1,520,027		1,335,110
FNMA, Series 2014-C04, Class 1M2, VRN, 5.05%, (1-month LIBOR plus 4.90%), 11/25/24	214,336		223,164
FNMA, Series 2015-C01, Class 1M2, VRN, 4.45%, (1-month LIBOR plus 4.30%), 2/25/25	664,053		677,568
FNMA, Series 2015-C02, Class 1M2, VRN, 4.15%, (1-month LIBOR plus 4.00%), 5/25/25	636,890		647,069
FNMA, Series 2015-C03, Class 1M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 7/25/25	447,162		459,216
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	2,685,892		462,739
FNMA, Series 2016-C03, Class 2M2, VRN, 6.05%, (1-month LIBOR plus 5.90%), 10/25/28	23,262		24,658
FNMA, Series 2016-C04, Class 1M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 1/25/29	927,629		964,699
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	2,018,879		460,205
FNMA, Series 2017-C05, Class 1M2, VRN, 2.35%, (1-month LIBOR plus 2.20%), 1/25/30	257,750		255,237
FNMA, Series 413, Class C27, IO, 4.00%, 7/25/42	2,591,793		359,712
			14,704,935
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $39,946,693)			40,452,699
ASSET-BACKED SECURITIES — 8.6%
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	164,067		166,860
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A SEQ, 3.28%, 9/26/33(1)	434,040		445,935
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36%, 3/16/26	970,000		994,470
Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26	350,000		360,186
FirstKey Homes Trust, Series 2020-SFR1, Class B, 1.74%, 9/17/25(1)	1,225,000		1,228,137
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(1)	499,212		504,335
Hertz Fleet Lease Funding LP, Series 2017-1, Class A1, VRN, 0.81%, (1-month LIBOR plus 0.65%), 4/10/31(1)	66,802		66,786
Hilton Grand Vacations Trust, Series 2017-AA, Class A SEQ, 2.66%, 12/26/28(1)	829,251		847,483
Hilton Grand Vacations Trust, Series 2018-AA, Class B, 3.70%, 2/25/32(1)	486,870		503,672
Hilton Grand Vacations Trust, Series 2019-AA, Class B, 2.54%, 7/25/33(1)	713,505		724,073
MVW LLC, Series 2019-2A, Class B, 2.44%, 10/20/38(1)	994,145		1,002,633
MVW LLC, Series 2020-1A, Class A SEQ, 1.74%, 10/20/37(1)	1,161,511		1,176,415
MVW Owner Trust, Series 2018-1A, Class B, 3.60%, 1/21/36(1)	143,839		148,857
Progress Residential Trust, Series 2018-SFR1, Class B, 3.48%, 3/17/35(1)	477,000		482,603
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(1)	400,000		413,249

12

	Principal Amount/Shares		Value
Progress Residential Trust, Series 2019-SFR2, Class B, 3.45%, 5/17/36(1)	$	900,000	$	930,586
Progress Residential Trust, Series 2019-SFR3, Class B, 2.57%, 9/17/36(1)	1,750,000		1,789,219
Santander Drive Auto Receivables Trust, Series 2020-2, Class C, 1.46%, 9/15/25	1,000,000		1,012,959
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(1)	97,371		100,581
Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A SEQ, 3.20%, 1/20/36(1)	235,533		244,054
Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class B, 3.42%, 1/20/36(1)	376,853		387,767
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class D, 4.54%, 5/20/36(1)	556,093		548,931
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class D, 4.18%, 8/20/36(1)	382,252		371,989
Tesla Auto Lease Trust, Series 2020-A, Class B, 1.18%, 1/22/24(1)	1,400,000		1,409,342
Tricon American Homes, Series 2020-SFR1, Class C, 2.25%, 7/17/38(1)	400,000		407,388
VSE VOI Mortgage LLC, Series 2017-A, Class A SEQ, 2.33%, 3/20/35(1)	237,074		241,025
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35(1)	49,390		49,481
VSE VOI Mortgage LLC, Series 2018-A, Class A SEQ, 3.56%, 2/20/36(1)	1,455,309		1,517,643
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	60,638		62,835
TOTAL ASSET-BACKED SECURITIES (Cost $17,832,128)			18,139,494
U.S. TREASURY SECURITIES — 5.0%
U.S. Treasury Notes, 2.50%, 1/31/21	400,000		403,107
U.S. Treasury Notes, 0.50%, 3/15/23	500,000		504,375
U.S. Treasury Notes, 0.25%, 4/15/23(3)	5,000,000		5,013,477
U.S. Treasury Notes, 0.125%, 5/15/23	500,000		499,707
U.S. Treasury Notes, 0.25%, 6/15/23	2,000,000		2,005,234
U.S. Treasury Notes, 1.125%, 2/28/25	2,000,000		2,078,203
TOTAL U.S. TREASURY SECURITIES (Cost $10,413,853)			10,504,103
COLLATERALIZED LOAN OBLIGATIONS — 4.8%
Anchorage Credit Opportunities CLO 1 Ltd., Series 2019-1A, Class B1, VRN, 3.17%, (3-month LIBOR plus 2.90%), 1/20/32(1)	1,000,000		1,008,488
Ares LVI CLO Ltd., Series 2020-56A, Class D1, VRN, 3.98%, (3-month LIBOR plus 3.75%), 10/25/31(1)(2)	750,000		750,000
Ares XLIII CLO Ltd., Series 2017-43A, Class B, VRN, 2.03%, (3-month LIBOR plus 1.75%), 10/15/29(1)	1,600,000		1,597,997
CBAM Ltd., Series 2018-5A, Class B1, VRN, 1.67%, (3-month LIBOR plus 1.40%), 4/17/31(1)	1,000,000		983,480
Dryden 64 CLO Ltd., Series 2018-64A, Class A, VRN, 1.24%, (3-month LIBOR plus 0.97%), 4/18/31(1)	775,000		765,127
Elmwood CLO IV Ltd., Series 2020-1A, Class D, VRN, 4.33%, (3-month LIBOR plus 3.15%), 4/15/33(1)	650,000		628,775
Goldentree Loan Management US CLO 6 Ltd., Series 2019-6A, Class B1, VRN, 2.17%, (3-month LIBOR plus 1.90%), 1/20/33(1)	1,250,000		1,250,002
Magnetite XXIV Ltd., Series 2019-24A, Class B, VRN, 2.125%, (3-month LIBOR plus 1.85%), 1/15/33(1)	650,000		656,799

13

	Principal Amount/Shares		Value
Magnetite XXIV Ltd., Series 2019-24A, Class C, VRN, 2.83%, (3-month LIBOR plus 2.55%), 1/15/33(1)	$	325,000	$	324,998
Octagon Investment Partners 47 Ltd., Series 2020-1A, Class A1, VRN, 2.10%, (3-month LIBOR plus 1.85%), 4/20/31(1)	550,000		551,461
OHA Credit Funding 7 Ltd., Series 2020-7A, Class D, VRN, 3.88%, (3-month LIBOR plus 3.65%), 10/19/32(1)(2)	750,000		750,000
Silver Creek CLO Ltd., Series 2014-1A, Class DR, VRN, 3.62%, (3-month LIBOR plus 3.35%), 7/20/30(1)	750,000		725,399
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $9,964,185)			9,992,526
PREFERRED STOCKS — 3.3%
Banks — 1.2%
Citigroup, Inc., 4.375%	1,000,000		978,535
Huntington Bancshares, Inc., 5.70%	640,000		598,922
JPMorgan Chase & Co., 4.60%	1,000,000		981,250
			2,558,707
Capital Markets — 0.8%
Goldman Sachs Group, Inc. (The), 4.17%	1,000,000		984,050
Morgan Stanley, 3.89%	750,000		707,831
			1,691,881
Diversified Financial Services — 0.6%
Equitable Holdings, Inc., 4.95%	1,100,000		1,124,750
Multi-Utilities — 0.4%
Sempra Energy, 4.875%	850,000		875,500
Oil, Gas and Consumable Fuels — 0.3%
BP Capital Markets plc, 4.375%	600,000		627,000
TOTAL PREFERRED STOCKS (Cost $6,772,925)			6,877,838
BANK LOAN OBLIGATIONS(4) — 3.2%
Health Care Providers and Services — 1.7%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 2.65%, (1-month LIBOR plus 2.50%), 2/16/23	$	1,187,978	1,180,553
Jaguar Holding Company II, 2018 Term Loan, 3.50%, (1-month LIBOR plus 2.50%), 8/18/22	2,393,684		2,388,562
			3,569,115
Life Sciences Tools and Services — 0.4%
Avantor Funding, Inc., USD Term Loan B3, 11/21/24(5)	1,000,000		988,335
Pharmaceuticals — 0.5%
Bausch Health Companies Inc., 2018 Term Loan B, 3.15%, (1-month LIBOR plus 3.00%), 6/2/25	1,029,574		1,011,129
Technology Hardware, Storage and Peripherals — 0.6%
Dell International LLC, 2019 Term Loan B, 2.75%, (1-month LIBOR plus 2.00%), 9/19/25	1,210,000		1,206,327
TOTAL BANK LOAN OBLIGATIONS (Cost $6,776,541)			6,774,906
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.9%
Egypt — 0.5%
Egypt Government International Bond, 6.125%, 1/31/22	1,000,000		1,026,953
Oman — 0.4%
Oman Government International Bond, 4.125%, 1/17/23	800,000		786,450
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $1,777,057)			1,813,403

14

	Value
TEMPORARY CASH INVESTMENTS — 5.0%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.125% - 2.875%, 12/15/21 - 8/15/47, valued at $4,296,118), in a joint trading account at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $4,212,673)	$	4,212,667
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 9/30/22, valued at $6,498,453), at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $6,371,009)	6,371,000
TOTAL TEMPORARY CASH INVESTMENTS (Cost $10,583,667)	10,583,667
TOTAL INVESTMENT SECURITIES — 102.2% (Cost $212,088,156)	214,612,519
OTHER ASSETS AND LIABILITIES — (2.2)%	(4,682,060)
TOTAL NET ASSETS — 100.0%	$	209,930,459

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	18	December 2020	$	3,977,297	$	1,928
U.S. Treasury 5-Year Notes	52	December 2020	6,553,625		9,602
			$	10,530,922	$	11,530

^Amount represents value and unrealized appreciation (depreciation).

15

NOTES TO SCHEDULE OF INVESTMENTS
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
SEQ	-	Sequential Payer
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(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 $96,105,259, which represented 45.8% of total net assets.

(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)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $77,293.

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

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

See Notes to Financial Statements.

16

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (cost of $212,088,156)	$	214,612,519
Receivable for investments sold	1,648,443
Receivable for capital shares sold	212,560
Interest receivable	1,198,078
	217,671,600
Liabilities
Disbursements in excess of demand deposit cash	127,580
Payable for investments purchased	6,803,332
Payable for capital shares redeemed	717,219
Payable for variation margin on futures contracts	6,058
Accrued management fees	78,108
Distribution and service fees payable	5,010
Dividends payable	3,834
	7,741,141
Net Assets	$	209,930,459
Net Assets Consist of:
Capital paid in	$	208,769,735
Distributable earnings	1,160,724
	$	209,930,459

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$84,258,273	8,691,040	$9.69
I Class	$107,413,645	11,084,998	$9.69
Y Class	$5,547	572	$9.70
A Class	$15,559,651	1,605,285	$9.69*
C Class	$2,117,995	218,476	$9.69
R Class	$203,611	21,001	$9.70
R5 Class	$56,483	5,821	$9.70
R6 Class	$315,254	32,515	$9.70

*Maximum offering price $9.91 (net asset value divided by 0.9775).

See Notes to Financial Statements.

17

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	2,676,994
Expenses:
Management fees	514,802
Distribution and service fees:
A Class	18,520
C Class	9,519
R Class	485
Trustees' fees and expenses	7,473
Other expenses	3,902
	554,701
Fees waived(1)	(58,147)
	496,554
Net investment income (loss)	2,180,440
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	1,986,943
Futures contract transactions	229,884
Swap agreement transactions	(1,648,199)
	568,628
Change in net unrealized appreciation (depreciation) on:
Investments	8,555,797
Futures contracts	(185,959)
Swap agreements	1,352,500
	9,722,338
Net realized and unrealized gain (loss)	10,290,966
Net Increase (Decrease) in Net Assets Resulting from Operations	$	12,471,406

(1)Amount consists of $25,411, $27,628, $1, $4,354, $542, $57, $79 and $75 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, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	2,180,440	$	4,687,461
Net realized gain (loss)	568,628		(219,111)
Change in net unrealized appreciation (depreciation)	9,722,338		(7,563,087)
Net increase (decrease) in net assets resulting from operations	12,471,406		(3,094,737)
Distributions to Shareholders
From earnings:
Investor Class	(862,234)		(2,217,635)
I Class	(1,054,622)		(2,510,365)
Y Class	(61)		(152)
A Class	(134,355)		(235,015)
C Class	(10,271)		(25,657)
R Class	(1,514)		(12,874)
R5 Class	(2,899)		(6,621)
R6 Class	(3,726)		(5,048)
Decrease in net assets from distributions	(2,069,682)		(5,013,367)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	3,429,408		72,854,875
Net increase (decrease) in net assets	13,831,132		64,746,771
Net Assets
Beginning of period	196,099,327		131,352,556
End of period	$	209,930,459	$	196,099,327

See Notes to Financial Statements.

19

Notes to Financial Statements

SEPTEMBER 30, 2020 (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.

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. 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.

20

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.

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.

21

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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. From April 1, 2020 through July 31, 2020, the investment advisor agreed to waive 0.09% of the fund's management fee. Effective August 1, 2020, the investment advisor terminated the waiver and decreased the annual management fee by 0.09%.

The annual management fee and the effective annual management fee before and after waiver for each class for the period ended September 30, 2020 are as follows:

	Annual Management Fee*	Effective Annual Management Fee
		Before Waiver	After Waiver
Investor Class	0.51%	0.57%	0.51%
I Class	0.41%	0.47%	0.41%
Y Class	0.31%	0.37%	0.31%
A Class	0.51%	0.57%	0.51%
C Class	0.51%	0.57%	0.51%
R Class	0.51%	0.57%	0.51%
R5 Class	0.31%	0.37%	0.31%
R6 Class	0.26%	0.32%	0.26%

*Prior to August 1, 2020, the annual management fee was 0.60% for the Investor Class, A Class, C Class and R Class, 0.50% for the I Class, 0.40% for the Y Class and R5 Class and 0.35% for the R6 Class.

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended September 30, 2020 are detailed in the Statement of Operations.

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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, 2020 totaled $207,426,508, of which $32,302,480 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2020 totaled $209,248,658, of which $37,345,537 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, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	1,639,017	$	15,611,824	11,160,721	$	106,139,309
Issued in reinvestment of distributions	87,816	844,598		227,716	2,170,986
Redeemed	(3,565,774)	(33,669,014)		(12,426,987)	(117,529,153)
	(1,838,941)	(17,212,592)		(1,038,550)	(9,218,858)
I Class
Sold	4,717,300	45,207,971		15,276,503	145,480,700
Issued in reinvestment of distributions	109,620	1,054,605		263,209	2,510,354
Redeemed	(2,809,176)	(26,946,861)		(7,890,873)	(74,561,139)
	2,017,744	19,315,715		7,648,839	73,429,915
Y Class
Issued in reinvestment of distributions	6	61		16	152
A Class
Sold	177,221	1,707,588		1,269,930	12,146,904
Issued in reinvestment of distributions	13,895	133,696		24,117	229,921
Redeemed	(90,438)	(871,703)		(407,550)	(3,884,586)
	100,678	969,581		886,497	8,492,239
C Class
Sold	81,522	782,586		177,859	1,700,862
Issued in reinvestment of distributions	1,066	10,271		2,685	25,625
Redeemed	(38,686)	(372,185)		(120,696)	(1,151,240)
	43,902	420,672		59,848	575,247
R Class
Sold	2,951	28,274		9,770	92,418
Issued in reinvestment of distributions	156	1,507		1,345	12,845
Redeemed	(3,360)	(31,639)		(60,475)	(560,392)
	(253)	(1,858)		(49,360)	(455,129)
R5 Class
Sold	8,320	79,365		—	—
Issued in reinvestment of distributions	296	2,849		694	6,621
Redeemed	(27,233)	(263,713)		(92)	(838)
	(18,617)	(181,499)		602	5,783
R6 Class
Sold	33,547	322,610		2,194	20,478
Issued in reinvestment of distributions	376	3,629		529	5,048
Redeemed	(21,378)	(206,911)		—	—
	12,545	119,328		2,723	25,526
Net increase (decrease)	317,064	$	3,429,408	7,510,615	$	72,854,875

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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	—		$	109,473,883	—
Collateralized Mortgage Obligations	—		40,452,699		—
Asset-Backed Securities	—		18,139,494		—
U.S. Treasury Securities	—		10,504,103		—
Collateralized Loan Obligations	—		9,992,526		—
Preferred Stocks	—		6,877,838		—
Bank Loan Obligations	—		6,774,906		—
Sovereign Governments and Agencies	—		1,813,403		—
Temporary Cash Investments	—		10,583,667		—
	—		$	214,612,519	—
Other Financial Instruments
Futures Contracts	$	11,530	—		—

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 $10,507,970.

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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 $31,022,794 futures contracts purchased.

Value of Derivative Instruments as of September 30, 2020

	Asset Derivatives		Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value	Location on Statement of Assets and Liabilities	Value
Interest Rate Risk	Receivable for variation margin on futures contracts*	—	Payable for variation margin on futures contracts*	$	6,058

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

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended September 30, 2020

	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	(1,648,199)	Change in net unrealized appreciation (depreciation) on swap agreements	$	1,352,500
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	229,884		Change in net unrealized appreciation (depreciation) on futures contracts	(185,959)
		$	(1,418,315)		$	1,166,541

8. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund invests 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.

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The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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	$	212,088,189
Gross tax appreciation of investments	$	3,014,362
Gross tax depreciation of investments	(490,032)
Net tax appreciation (depreciation) of investments	$	2,524,330

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, 2020, the fund had accumulated short-term capital losses of $(682,908) and accumulated long-term capital losses of $(1,111,669), 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.

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Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2020(3)	$9.19	0.10	0.50	0.60	(0.10)	—	(0.10)	$9.69	6.63%	0.52%(4)	0.58%(4)	2.17%(4)	2.11%(4)	105%	$84,258
2020	$9.50	0.24	(0.30)	(0.06)	(0.25)	—	(0.25)	$9.19	(0.65)%	0.52%	0.61%	2.48%	2.39%	98%	$96,773
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
I Class
2020(3)	$9.19	0.11	0.49	0.60	(0.10)	—	(0.10)	$9.69	6.58%	0.42%(4)	0.48%(4)	2.27%(4)	2.21%(4)	105%	$107,414
2020	$9.49	0.25	(0.29)	(0.04)	(0.26)	—	(0.26)	$9.19	(0.44)%	0.42%	0.51%	2.58%	2.49%	98%	$83,287
2019	$9.53	0.29	(0.03)	0.26	(0.30)	—	(0.30)	$9.49	2.75%	0.48%	0.56%	3.07%	2.99%	61%	$13,463
2018(5)	$9.61	0.24	(0.11)	0.13	(0.21)	—	(0.21)	$9.53	1.39%	0.53%(4)	0.65%(4)	2.56%(4)	2.44%(4)	57%(6)	$19
Y Class
2020(3)	$9.19	0.11	0.51	0.62	(0.11)	—	(0.11)	$9.70	6.73%	0.32%(4)	0.38%(4)	2.37%(4)	2.31%(4)	105%	$6
2020	$9.50	0.26	(0.30)	(0.04)	(0.27)	—	(0.27)	$9.19	(0.45)%	0.32%	0.41%	2.68%	2.59%	98%	$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(5)	$9.61	0.25	(0.11)	0.14	(0.22)	—	(0.22)	$9.53	1.49%	0.43%(4)	0.55%(4)	2.62%(4)	2.50%(4)	57%(6)	$5

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
2020(3)	$9.19	0.09	0.50	0.59	(0.09)	—	(0.09)	$9.69	6.39%	0.77%(4)	0.83%(4)	1.92%(4)	1.86%(4)	105%	$15,560
2020	$9.50	0.21	(0.29)	(0.08)	(0.23)	—	(0.23)	$9.19	(0.90)%	0.77%	0.86%	2.23%	2.14%	98%	$13,826
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
C Class
2020(3)	$9.19	0.06	0.49	0.55	(0.05)	—	(0.05)	$9.69	5.99%	1.52%(4)	1.58%(4)	1.17%(4)	1.11%(4)	105%	$2,118
2020	$9.50	0.14	(0.29)	(0.15)	(0.16)	—	(0.16)	$9.19	(1.63)%	1.52%	1.61%	1.48%	1.39%	98%	$1,605
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
R Class
2020(3)	$9.19	0.08	0.50	0.58	(0.07)	—	(0.07)	$9.70	6.37%	1.02%(4)	1.08%(4)	1.67%(4)	1.61%(4)	105%	$204
2020	$9.50	0.19	(0.29)	(0.10)	(0.21)	—	(0.21)	$9.19	(1.14)%	1.02%	1.11%	1.98%	1.89%	98%	$195
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

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
2020(3)	$9.19	0.11	0.51	0.62	(0.11)	—	(0.11)	$9.70	6.63%	0.32%(4)	0.38%(4)	2.37%(4)	2.31%(4)	105%	$56
2020	$9.50	0.26	(0.30)	(0.04)	(0.27)	—	(0.27)	$9.19	(0.33)%	0.32%	0.41%	2.68%	2.59%	98%	$225
2019	$9.53	0.28	—(7)	0.28	(0.31)	—	(0.31)	$9.50	2.96%	0.38%	0.46%	3.17%	3.09%	61%	$226
2018	$9.60	0.25	(0.09)	0.16	(0.23)	—	(0.23)	$9.53	1.71%	0.43%	0.55%	2.63%	2.51%	57%	$7,267
2017	$9.31	0.26	0.31	0.57	(0.27)	(0.01)	(0.28)	$9.60	6.17%	0.40%	0.55%	2.74%	2.59%	29%	$7,146
2016	$9.75	0.28	(0.38)	(0.10)	(0.34)	—	(0.34)	$9.31	(1.06)%	0.40%	0.55%	2.89%	2.74%	19%	$6,729
R6 Class
2020(3)	$9.19	0.12	0.50	0.62	(0.11)	—	(0.11)	$9.70	6.77%	0.27%(4)	0.33%(4)	2.42%(4)	2.36%(4)	105%	$315
2020	$9.50	0.26	(0.29)	(0.03)	(0.28)	—	(0.28)	$9.19	(0.39)%	0.27%	0.36%	2.73%	2.64%	98%	$184
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

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, 2020 (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)Per-share amount was less than $0.005.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

32

renewal of the management agreement. 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 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-, and five-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, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, 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

34

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 permanent change to the Fund's fee schedule that should have the effect of lowering the Fund's annual unified management fee by approximately 0.09% (e.g., the Investor Class unified fee will be reduced from 0.60% to 0.51%), beginning August 1, 2020. 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 with respect to 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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90820 2011

Semiannual Report

September 30, 2020

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	18
Statement of Operations	19
Statement of Changes in Net Assets	20
Notes to Financial Statements	21
Financial Highlights	30
Approval of Management Agreement	34
Additional Information	38

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, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics 

SEPTEMBER 30, 2020
Portfolio at a Glance
Average Duration (effective)	4.2 years
Weighted Average Life to Maturity	7.5 years
Types of Investments in Portfolio	% of net assets
Corporate Bonds	61.4%
Collateralized Mortgage Obligations	16.0%
Preferred Stocks	5.7%
Collateralized Loan Obligations	5.2%
Asset-Backed Securities	4.6%
Affiliated Funds	4.4%
Bank Loan Obligations	1.9%
Sovereign Governments and Agencies	1.1%
U.S. Treasury Securities	0.7%
Temporary Cash Investments	3.7%
Other Assets and Liabilities	(4.7)%

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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,117.70	$3.77	0.71%
I Class	$1,000	$1,118.20	$3.24	0.61%
Y Class	$1,000	$1,119.00	$2.71	0.51%
A Class	$1,000	$1,116.30	$5.09	0.96%
C Class	$1,000	$1,112.10	$9.05	1.71%
R Class	$1,000	$1,114.80	$6.41	1.21%
R5 Class	$1,000	$1,118.80	$2.71	0.51%
R6 Class	$1,000	$1,119.10	$2.44	0.46%
Hypothetical
Investor Class	$1,000	$1,021.51	$3.60	0.71%
I Class	$1,000	$1,022.01	$3.09	0.61%
Y Class	$1,000	$1,022.51	$2.59	0.51%
A Class	$1,000	$1,020.26	$4.86	0.96%
C Class	$1,000	$1,016.50	$8.64	1.71%
R Class	$1,000	$1,019.00	$6.12	1.21%
R5 Class	$1,000	$1,022.51	$2.59	0.51%
R6 Class	$1,000	$1,022.76	$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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 61.4%
Aerospace and Defense — 0.6%
Boeing Co. (The), 4.51%, 5/1/23	$	150,000	$	158,043
Boeing Co. (The), 4.875%, 5/1/25	50,000		54,621
			212,664
Airlines — 1.0%
Delta Air Lines, Inc., 7.375%, 1/15/26	100,000		104,971
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(1)	92,000		94,495
Southwest Airlines Co., 4.75%, 5/4/23	150,000		160,316
			359,782
Auto Components — 0.3%
BorgWarner, Inc., 2.65%, 7/1/27	100,000		105,697
Automobiles — 1.0%
Ford Motor Co., 8.50%, 4/21/23	100,000		109,160
General Motors Financial Co., Inc., 3.70%, 5/9/23	250,000		261,415
			370,575
Banks — 3.6%
Banistmo SA, 4.25%, 7/31/27(1)	200,000		203,652
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28	50,000		56,715
Bank of America Corp., MTN, VRN, 2.50%, 2/13/31	31,000		32,381
BBVA Bancomer SA, 1.875%, 9/18/25(1)	200,000		195,650
BPCE SA, VRN, 1.65%, 10/6/26(1)(2)	90,000		90,080
Citigroup, Inc., VRN, 3.52%, 10/27/28	140,000		155,754
Citigroup, Inc., VRN, 2.57%, 6/3/31	40,000		42,133
JPMorgan Chase & Co., VRN, 2.18%, 6/1/28	100,000		104,486
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	50,000		53,356
UniCredit SpA, VRN, 5.46%, 6/30/35(1)	200,000		204,158
Wells Fargo & Co., 3.00%, 10/23/26	50,000		54,655
Wells Fargo & Co., MTN, VRN, 2.39%, 6/2/28	20,000		20,890
Wells Fargo & Co., VRN, 2.19%, 4/30/26	100,000		104,015
			1,317,925
Biotechnology — 0.7%
AbbVie, Inc., 3.20%, 11/21/29(1)	70,000		77,268
Emergent BioSolutions, Inc., 3.875%, 8/15/28(1)	130,000		130,836
Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30	33,000		32,232
			240,336
Building Products — 1.2%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	130,000		134,794
Griffon Corp., 5.75%, 3/1/28	200,000		209,246
Standard Industries, Inc., 4.75%, 1/15/28(1)	100,000		104,000
			448,040
Capital Markets — 2.8%
Ares Capital Corp., 3.25%, 7/15/25	138,000		137,326
Ares Finance Co. II LLC, 3.25%, 6/15/30(1)	55,000		57,631
Golub Capital BDC, Inc., 3.375%, 4/15/24(2)	190,000		189,920
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27	175,000		182,862
LPL Holdings, Inc., 4.625%, 11/15/27(1)	81,000		82,063

6

	Principal Amount/Shares		Value
Oaktree Specialty Lending Corp., 3.50%, 2/25/25	$	185,000	$	186,241
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1)	200,000		198,034
			1,034,077
Chemicals — 1.3%
Alpek SAB de CV, 4.50%, 11/20/22	200,000		206,610
CF Industries, Inc., 4.50%, 12/1/26(1)	86,000		100,043
Westlake Chemical Corp., 3.375%, 6/15/30	150,000		161,295
			467,948
Communications Equipment — 0.7%
CommScope Technologies LLC, 5.00%, 3/15/27(1)	60,000		57,713
CommScope, Inc., 8.25%, 3/1/27(1)	100,000		104,125
Juniper Networks, Inc., 4.50%, 3/15/24	27,000		30,196
Motorola Solutions, Inc., 2.30%, 11/15/30	60,000		59,653
			251,687
Construction and Engineering — 0.9%
IHS Netherlands Holdco BV, 7.125%, 3/18/25	200,000		204,996
Quanta Services, Inc., 2.90%, 10/1/30	130,000		132,878
			337,874
Construction Materials — 1.1%
Cemex SAB de CV, 5.20%, 9/17/30(1)	200,000		201,230
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 1/15/29(1)	100,000		104,312
Vulcan Materials Co., 3.50%, 6/1/30	100,000		112,145
			417,687
Consumer Finance — 2.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, 7/15/25	170,000		183,752
Navient Corp., 6.75%, 6/25/25	175,000		177,406
Park Aerospace Holdings Ltd., 5.25%, 8/15/22(1)	237,000		238,047
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(1)	80,000		80,560
Synchrony Financial, 2.85%, 7/25/22	200,000		206,070
			885,835
Containers and Packaging — 1.5%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 5.25%, 8/15/27(1)	200,000		204,000
Berry Global, Inc., 5.125%, 7/15/23	85,000		86,390
CCL Industries, Inc., 3.05%, 6/1/30(1)	150,000		160,328
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 7/15/23(1)	84,000		85,092
			535,810
Diversified Financial Services — 0.2%
Block Financial LLC, 3.875%, 8/15/30	37,000		37,242
Voya Financial, Inc., VRN, 5.65%, 5/15/53	50,000		51,462
			88,704
Diversified Telecommunication Services — 2.1%
AT&T, Inc., 2.30%, 6/1/27	25,000		26,280
AT&T, Inc., 2.75%, 6/1/31	135,000		142,338
AT&T, Inc., 3.30%, 2/1/52	40,000		37,468
Level 3 Financing, Inc., 4.625%, 9/15/27(1)	185,000		190,420
Telecom Italia SpA, 5.30%, 5/30/24(1)	200,000		217,485
Verizon Communications, Inc., 4.40%, 11/1/34	130,000		162,536
			776,527

7

	Principal Amount/Shares		Value
Electric Utilities — 0.8%
DPL, Inc., 4.125%, 7/1/25(1)	$	60,000	$	62,862
IPALCO Enterprises, Inc., 4.25%, 5/1/30(1)	100,000		113,515
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1)	125,000		134,687
			311,064
Energy Equipment and Services — 0.1%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.14%, 11/7/29	27,000		28,176
Entertainment — 0.7%
Netflix, Inc., 3.625%, 6/15/25(1)	233,000		243,834
Equity Real Estate Investment Trusts (REITs) — 4.1%
Brixmor Operating Partnership LP, 4.05%, 7/1/30	30,000		32,237
CubeSmart LP, 2.00%, 2/15/31(2)	75,000		74,117
Federal Realty Investment Trust, 3.95%, 1/15/24	70,000		75,890
Healthcare Realty Trust, Inc., 2.40%, 3/15/30	40,000		40,617
Healthcare Realty Trust, Inc., 2.05%, 3/15/31(2)	30,000		29,667
Highwoods Realty LP, 2.60%, 2/1/31	25,000		24,836
Host Hotels & Resorts LP, 3.75%, 10/15/23	175,000		180,769
Iron Mountain, Inc., 5.00%, 7/15/28(1)	200,000		205,248
Kilroy Realty LP, 2.50%, 11/15/32	70,000		68,348
Kimco Realty Corp., 1.90%, 3/1/28	85,000		84,080
Lexington Realty Trust, 2.70%, 9/15/30	85,000		86,776
Mid-America Apartments LP, 1.70%, 2/15/31	45,000		44,420
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27	85,000		88,780
National Retail Properties, Inc., 2.50%, 4/15/30	40,000		39,988
Regency Centers LP, 3.70%, 6/15/30	30,000		32,975
Retail Properties of America, Inc., 4.00%, 3/15/25	92,000		91,338
SBA Communications Corp., 3.875%, 2/15/27(1)	85,000		86,381
Spirit Realty LP, 3.20%, 2/15/31	60,000		58,613
VEREIT Operating Partnership LP, 3.40%, 1/15/28	82,000		85,511
Welltower, Inc., 2.75%, 1/15/31	60,000		61,720
			1,492,311
Food and Staples Retailing — 0.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.875%, 2/15/30(1)	184,000		192,004
Sysco Corp., 5.95%, 4/1/30	100,000		126,522
			318,526
Food Products — 0.9%
Lamb Weston Holdings, Inc., 4.625%, 11/1/24(1)	170,000		177,650
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)	150,000		153,000
			330,650
Gas Utilities — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.75%, 5/20/27	150,000		164,686
Health Care Equipment and Supplies — 0.7%
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30	60,000		65,294
Hologic, Inc., 3.25%, 2/15/29(1)	100,000		100,813
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30	90,000		101,037
			267,144
Health Care Providers and Services — 3.4%
Acadia Healthcare Co., Inc., 5.50%, 7/1/28(1)	113,000		116,434

8

	Principal Amount/Shares		Value
Acadia Healthcare Co., Inc., 5.00%, 4/15/29(1)(2)	$	100,000	$	101,125
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1)	150,000		156,254
Centene Corp., 5.375%, 6/1/26(1)	200,000		211,344
IQVIA, Inc., 5.00%, 5/15/27(1)	200,000		210,107
Molina Healthcare, Inc., 4.375%, 6/15/28(1)	150,000		153,225
Tenet Healthcare Corp., 6.125%, 10/1/28(1)	180,000		175,612
Universal Health Services, Inc., 2.65%, 10/15/30(1)	140,000		139,723
			1,263,824
Hotels, Restaurants and Leisure — 0.7%
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)	75,000		72,661
Las Vegas Sands Corp., 3.90%, 8/8/29	90,000		90,261
Marriott International, Inc., 3.50%, 10/15/32	73,000		72,210
Yum! Brands, Inc., 3.625%, 3/15/31	20,000		20,038
			255,170
Household Durables — 2.9%
D.R. Horton, Inc., 2.50%, 10/15/24	150,000		158,914
Lennar Corp., 4.75%, 5/30/25	75,000		82,049
Mattamy Group Corp., 4.625%, 3/1/30(1)	100,000		101,432
MDC Holdings, Inc., 3.85%, 1/15/30	170,000		178,394
PulteGroup, Inc., 5.50%, 3/1/26	75,000		85,718
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 4/1/29(1)	150,000		149,906
Toll Brothers Finance Corp., 3.80%, 11/1/29	150,000		159,187
TRI Pointe Group, Inc., 5.70%, 6/15/28	150,000		164,625
			1,080,225
Household Products — 0.4%
Energizer Holdings, Inc., 4.75%, 6/15/28(1)	150,000		155,430
Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp., 4.625%, 2/1/29(1)	50,000		50,031
TerraForm Power Operating LLC, 4.25%, 1/31/23(1)	100,000		102,728
			152,759
Industrial Conglomerates — 0.3%
General Electric Co., 3.625%, 5/1/30	100,000		103,992
Insurance — 2.0%
American International Group, Inc., 4.50%, 7/16/44	60,000		70,506
Athene Global Funding, 2.50%, 1/14/25(1)	165,000		170,216
Athene Global Funding, 2.55%, 6/29/25(1)	80,000		82,395
Athene Global Funding, 2.45%, 8/20/27(1)	35,000		35,972
Belrose Funding Trust, 2.33%, 8/15/30(1)	30,000		29,691
Five Corners Funding Trust II, 2.85%, 5/15/30(1)	110,000		118,794
Globe Life, Inc., 2.15%, 8/15/30	70,000		70,517
Kemper Corp., 2.40%, 9/30/30	80,000		78,962
Lincoln National Corp., 4.375%, 6/15/50	15,000		17,415
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50(1)	25,000		25,861
Unum Group, 4.50%, 3/15/25	30,000		33,370
			733,699
Internet and Direct Marketing Retail — 0.6%
Expedia Group, Inc., 3.60%, 12/15/23(1)	82,000		83,835
QVC, Inc., 4.375%, 9/1/28	125,000		127,422
			211,257
Machinery — 0.1%
Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25	50,000		52,758

9

	Principal Amount/Shares		Value
Media — 5.5%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 2/15/26(1)	$	80,000	$	83,300
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)	75,000		79,017
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)	88,000		91,340
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50	45,000		51,687
Comcast Corp., 3.20%, 7/15/36	36,000		40,052
CSC Holdings LLC, 5.875%, 9/15/22	107,000		113,353
CSC Holdings LLC, 4.625%, 12/1/30(1)	190,000		191,162
Discovery Communications LLC, 3.625%, 5/15/30	20,000		22,282
DISH DBS Corp., 5.00%, 3/15/23	180,000		183,825
Gray Television, Inc., 5.125%, 10/15/24(1)	125,000		127,734
Lamar Media Corp., 3.75%, 2/15/28(1)	175,000		174,453
Sirius XM Radio, Inc., 5.375%, 7/15/26(1)	122,000		127,270
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)	107,000		111,926
TEGNA, Inc., 4.75%, 3/15/26(1)	40,000		40,948
TEGNA, Inc., 4.625%, 3/15/28(1)	136,000		133,321
ViacomCBS, Inc., 4.75%, 5/15/25	40,000		45,938
ViacomCBS, Inc., 3.70%, 6/1/28	7,000		7,783
ViacomCBS, Inc., 4.20%, 5/19/32	40,000		45,785
Virgin Media Finance plc, 5.00%, 7/15/30(1)	150,000		149,438
VTR Finance NV, 6.375%, 7/15/28(1)	200,000		210,250
			2,030,864
Metals and Mining — 1.7%
Freeport-McMoRan, Inc., 4.625%, 8/1/30	20,000		21,065
HTA Group Ltd., 7.00%, 12/18/25(1)	275,000		289,094
Novelis Corp., 4.75%, 1/30/30(1)	105,000		102,688
Steel Dynamics, Inc., 3.45%, 4/15/30	100,000		110,491
Teck Resources Ltd., 3.90%, 7/15/30(1)	100,000		104,814
			628,152
Oil, Gas and Consumable Fuels — 5.3%
Aker BP ASA, 3.75%, 1/15/30(1)	150,000		146,056
Apache Corp., 4.875%, 11/15/27	70,000		66,281
Diamondback Energy, Inc., 4.75%, 5/31/25	100,000		107,964
Diamondback Energy, Inc., 3.50%, 12/1/29	40,000		38,671
EQM Midstream Partners LP, 6.50%, 7/1/27(1)	100,000		106,144
Geopark Ltd., 6.50%, 9/21/24	200,000		188,800
Hess Corp., 3.50%, 7/15/24	90,000		92,147
Occidental Petroleum Corp., 6.375%, 9/1/28	150,000		139,136
Petrobras Global Finance BV, 6.25%, 3/17/24	200,000		222,022
Petroleos Mexicanos, 4.875%, 1/24/22	240,000		243,244
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 9/15/30	150,000		145,741
Sabine Pass Liquefaction LLC, 4.50%, 5/15/30(1)	100,000		112,804
Southwestern Energy Co., 4.10%, 3/15/22	75,000		74,326
Sunoco Logistics Partners Operations LP, 3.90%, 7/15/26	125,000		128,649
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.875%, 1/15/29	41,000		44,088
Williams Cos., Inc. (The), 4.55%, 6/24/24	75,000		83,141
			1,939,214
Paper and Forest Products — 0.1%
Boise Cascade Co., 4.875%, 7/1/30(1)	50,000		53,750

10

	Principal Amount/Shares		Value
Pharmaceuticals — 1.4%
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	$	120,000	$	122,970
Elanco Animal Health, Inc., 5.90%, 8/28/28	250,000		289,687
Royalty Pharma plc, 1.75%, 9/2/27(1)	93,000		93,070
			505,727
Professional Services — 0.4%
Jaguar Holding Co. II / PPD Development LP, 5.00%, 6/15/28(1)	140,000		146,300
Road and Rail — 0.8%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	200,000		205,765
United Rentals North America, Inc., 3.875%, 2/15/31	100,000		101,688
			307,453
Semiconductors and Semiconductor Equipment — 1.0%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.125%, 1/15/25	16,000		17,082
Broadcom, Inc., 3.15%, 11/15/25	50,000		53,992
Microchip Technology, Inc., 2.67%, 9/1/23(1)	90,000		93,232
Sensata Technologies UK Financing Co. plc, 6.25%, 2/15/26(1)	185,000		194,134
			358,440
Software — 0.4%
NortonLifeLock, Inc., 5.00%, 4/15/25(1)	150,000		153,889
Specialty Retail — 0.2%
AutoNation, Inc., 4.75%, 6/1/30	50,000		59,265
Technology Hardware, Storage and Peripherals — 0.7%
Dell International LLC / EMC Corp., 5.875%, 6/15/21(1)	17,000		17,054
EMC Corp., 3.375%, 6/1/23	70,000		72,200
Seagate HDD Cayman, 4.75%, 6/1/23	50,000		54,393
Seagate HDD Cayman, 4.875%, 3/1/24	50,000		54,432
Seagate HDD Cayman, 4.75%, 1/1/25	50,000		54,947
			253,026
Textiles, Apparel and Luxury Goods — 0.3%
Hanesbrands, Inc., 4.625%, 5/15/24(1)	70,000		72,968
PVH Corp., 4.625%, 7/10/25(1)	50,000		52,187
			125,155
Thrifts and Mortgage Finance — 0.3%
PennyMac Financial Services, Inc., 5.375%, 10/15/25(1)	95,000		96,306
Trading Companies and Distributors — 0.8%
Air Lease Corp., MTN, 2.875%, 1/15/26	70,000		68,891
Aircastle Ltd., 5.25%, 8/11/25(1)	225,000		220,388
			289,279
Transportation Infrastructure — 0.6%
Rumo Luxembourg Sarl, 5.25%, 1/10/28(1)	200,000		208,341
Wireless Telecommunication Services — 1.0%
Millicom International Cellular SA, 6.00%, 3/15/25	200,000		205,979
Sprint Corp., 7.625%, 2/15/25	150,000		175,781
			381,760
TOTAL CORPORATE BONDS (Cost $22,051,974)			22,553,594
COLLATERALIZED MORTGAGE OBLIGATIONS — 16.0%
Private Sponsor Collateralized Mortgage Obligations — 9.8%
Agate Bay Mortgage Loan Trust, Series 2016-1, Class A3, VRN, 3.50%, 12/25/45(1)	55,713		56,571
Angel Oak Mortgage Trust, Series 2020-3, Class A3 SEQ, VRN, 2.87%, 4/25/65(1)	168,242		169,445

11

	Principal Amount/Shares		Value
Angel Oak Mortgage Trust I LLC, Series 2019-4, Class A3 SEQ, VRN, 3.30%, 7/26/49(1)	$	60,629	$	61,414
Arroyo Mortgage Trust, Series 2020-1, Class A2 SEQ, 2.93%, 3/25/55(1)	150,000		153,237
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, VRN, 3.19%, 11/25/34	16,276		15,954
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 3.84%, (1-year H15T1Y plus 2.25%), 2/25/36	22,718		22,950
Bunker Hill Loan Depositary Trust, Series 2020-1, Class M1, VRN, 4.35%, 2/25/55(1)	170,000		179,027
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.77%, 8/25/34	39,822		39,486
COLT Mortgage Loan Trust, Series 2020-2, Class A3 SEQ, VRN, 3.70%, 3/25/65(1)	150,000		156,292
COLT Mortgage Loan Trust, Series 2020-2, Class M1, VRN, 5.25%, 3/25/65(1)	160,000		167,554
Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3 SEQ, VRN, 3.50%, 10/25/47(1)	77,336		77,943
Deephaven Residential Mortgage Trust, Series 2018-2A, Class M1, VRN, 4.375%, 4/25/58(1)	160,000		163,162
Ellington Financial Mortgage Trust, Series 2020-1, Class M1, VRN, 5.24%, 5/25/65(1)	170,000		180,802
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A3 SEQ, VRN, 2.35%, 9/27/60(1)	169,105		169,896
Homeward Opportunities Fund I Trust, Series 2019-3, Class A3 SEQ, VRN, 3.03%, 11/25/59(1)	182,830		183,105
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 3.07%, 11/25/35	31,835		30,947
MFA Trust, Series 2020-NQM1, Class A3 SEQ, VRN, 2.30%, 8/25/49(1)	136,590		137,610
New Residential Mortgage Loan Trust, Series 2019-NQM2, Class A1 SEQ, VRN, 3.60%, 4/25/49(1)	175,553		178,058
New Residential Mortgage Loan Trust, Series 2019-NQM3, Class A1 SEQ, VRN, 2.80%, 7/25/49(1)	121,094		123,469
Verus Securitization Trust, Series 2017-1A, Class B2, VRN, 5.98%, 1/25/47(1)	150,000		155,407
Verus Securitization Trust, Series 2019-4, Class M1, VRN, 3.21%, 11/25/59(1)	180,000		183,837
Verus Securitization Trust, Series 2020-1, Class A3 SEQ, VRN, 2.72%, 1/25/60(1)	142,470		145,451
Verus Securitization Trust, Series 2020-2, Class A3 SEQ, VRN, 4.00%, 5/25/60(1)	150,000		154,695
Verus Securitization Trust, Series 2020-2, Class M1, VRN, 5.36%, 5/25/60(1)	200,000		207,781
Verus Securitization Trust, Series 2020-4, Class A3 SEQ, VRN, 2.32%, 5/25/65(1)	144,604		145,485
Vista Point Securitization Trust, Series 2020-1, Class A2 SEQ, VRN, 2.77%, 3/25/65(1)	150,000		151,601
Vista Point Securitization Trust, Series 2020-2, Class M1 SEQ, VRN, 3.40%, 4/25/65(1)	181,000		182,289
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	5,114		4,998
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, VRN, 4.00%, 4/25/36	10,003		9,397
			3,607,863

12

	Principal Amount/Shares		Value
U.S. Government Agency Collateralized Mortgage Obligations — 6.2%
FHLMC, Series 2013-DN2, Class M2, VRN, 4.40%, (1-month LIBOR plus 4.25%), 11/25/23	$	211,786	$	194,350
FHLMC, Series 2014-DN2, Class M3, VRN, 3.75%, (1-month LIBOR plus 3.60%), 4/25/24	140,458		130,177
FHLMC, Series 2014-DN3, Class M3, VRN, 4.15%, (1-month LIBOR plus 4.00%), 8/25/24	18,618		19,051
FHLMC, Series 2014-DN4, Class M3, VRN, 4.70%, (1-month LIBOR plus 4.55%), 10/25/24	41,910		42,287
FHLMC, Series 2014-HQ2, Class M3, VRN, 3.90%, (1-month LIBOR plus 3.75%), 9/25/24	180,000		184,796
FHLMC, Series 2015-DNA1, Class M3, VRN, 3.45%, (1-month LIBOR plus 3.30%), 10/25/27	34,209		34,934
FHLMC, Series 2016-DNA3, Class M3, VRN, 5.15%, (1-month LIBOR plus 5.00%), 12/25/28	80,577		83,466
FHLMC, Series 2016-HQA4, Class M3, VRN, 4.05%, (1-month LIBOR plus 3.90%), 4/25/29	174,520		181,831
FHLMC, Series 2018-DNA1, Class M2, VRN, 1.95%, (1-month LIBOR plus 1.80%), 7/25/30	87,200		85,987
FHLMC, Series 2020-DNA3, Class B1, VRN, 5.25%, (1-month LIBOR plus 5.10%), 6/25/50(1)	180,000		185,237
FHLMC, Series 2020-DNA4, Class M2, VRN, 3.90%, (1-month LIBOR plus 3.75%), 8/25/50(1)	40,000		40,741
FNMA, Series 2014-C02, Class 1M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	60,964		53,616
FNMA, Series 2014-C02, Class 2M2, VRN, 2.75%, (1-month LIBOR plus 2.60%), 5/25/24	55,756		54,976
FNMA, Series 2014-C03, Class 1M2, VRN, 3.15%, (1-month LIBOR plus 3.00%), 7/25/24	261,543		229,725
FNMA, Series 2014-C04, Class 1M2, VRN, 5.05%, (1-month LIBOR plus 4.90%), 11/25/24	37,268		38,803
FNMA, Series 2015-C01, Class 1M2, VRN, 4.45%, (1-month LIBOR plus 4.30%), 2/25/25	99,608		101,635
FNMA, Series 2015-C02, Class 1M2, VRN, 4.15%, (1-month LIBOR plus 4.00%), 5/25/25	99,514		101,105
FNMA, Series 2015-C03, Class 1M2, VRN, 5.15%, (1-month LIBOR plus 5.00%), 7/25/25	63,880		65,602
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	591,202		101,855
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	477,473		108,840
FNMA, Series 2017-C05, Class 1M2, VRN, 2.35%, (1-month LIBOR plus 2.20%), 1/25/30	73,643		72,925
FNMA, Series 2017-C06, Class 2M2, VRN, 2.95%, (1-month LIBOR plus 2.80%), 2/25/30	93,841		94,018
FNMA, Series 413, Class C27, IO, 4.00%, 7/25/42	411,934		57,172
			2,263,129
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $5,803,077)			5,870,992
PREFERRED STOCKS — 5.7%
Banks — 3.1%
Banco Mercantil del Norte SA, 8.375%(1)	200,000		209,300
Citigroup, Inc., 4.375%	50,000		48,927
Huntington Bancshares, Inc., 5.70%	110,000		102,940
JPMorgan Chase & Co., 4.60%	200,000		196,250
Regions Financial Corp., 5.75%	200,000		214,000
Truist Financial Corp., 4.95%	200,000		211,000
Wells Fargo & Co., 5.875%	150,000		161,676
			1,144,093

13

	Principal Amount/Shares		Value
Capital Markets — 0.7%
Goldman Sachs Group, Inc. (The), 4.17%	158,000		$	155,480
Morgan Stanley, 3.89%	105,000		99,096
			254,576
Consumer Finance — 0.6%
Discover Financial Services, 6.125%	195,000		206,759
Diversified Financial Services — 0.5%
Equitable Holdings, Inc., 4.95%	180,000		184,050
Equity Real Estate Investment Trusts (REITs) — 0.1%
SITE Centers Corp., 6.25%	1,400		34,090
Multi-Utilities — 0.4%
Sempra Energy, 4.875%	150,000		154,500
Oil, Gas and Consumable Fuels — 0.3%
BP Capital Markets plc, 4.375%	100,000		104,500
TOTAL PREFERRED STOCKS (Cost $1,995,439)			2,082,568
COLLATERALIZED LOAN OBLIGATIONS — 5.2%
Allegany Park CLO Ltd., Series 2019-1A, Class C, VRN, 2.82%, (3-month LIBOR plus 2.55%), 1/20/33(1)	$	150,000	150,572
Anchorage Credit Opportunities CLO 1 Ltd., Series 2019-1A, Class B1, VRN, 3.17%, (3-month LIBOR plus 2.90%), 1/20/32(1)	150,000		151,273
Ares LVI CLO Ltd., Series 2020-56A, Class D1, VRN, 3.98%, (3-month LIBOR plus 3.75%), 10/25/31(1)(2)	250,000		250,000
Elmwood CLO IV Ltd., Series 2020-1A, Class C, VRN, 3.23%, (3-month LIBOR plus 2.05%), 4/15/33(1)	150,000		149,308
Elmwood CLO IV Ltd., Series 2020-1A, Class D, VRN, 4.33%, (3-month LIBOR plus 3.15%), 4/15/33(1)	350,000		338,571
Magnetite XXIV Ltd., Series 2019-24A, Class B, VRN, 2.125%, (3-month LIBOR plus 1.85%), 1/15/33(1)	100,000		101,046
Magnetite XXIV Ltd., Series 2019-24A, Class C, VRN, 2.83%, (3-month LIBOR plus 2.55%), 1/15/33(1)	175,000		174,999
Octagon Investment Partners 47 Ltd., Series 2020-1A, Class A1, VRN, 2.10%, (3-month LIBOR plus 1.85%), 4/20/31(1)	100,000		100,266
OHA Credit Funding 7 Ltd., Series 2020-7A, Class D, VRN, 3.88%, (3-month LIBOR plus 3.65%), 10/19/32(1)(2)	250,000		250,000
Silver Creek CLO Ltd., Series 2014-1A, Class DR, VRN, 3.62%, (3-month LIBOR plus 3.35%), 7/20/30(1)	250,000		241,799
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $1,911,607)			1,907,834
ASSET-BACKED SECURITIES — 4.6%
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(1)	36,459		37,080
Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26	150,000		154,366
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(1)	99,842		100,867
Hilton Grand Vacations Trust, Series 2019-AA, Class B, 2.54%, 7/25/33(1)	79,278		80,453
MVW LLC, Series 2019-2A, Class B, 2.44%, 10/20/38(1)	159,063		160,421
Progress Residential Trust, Series 2018-SFR1, Class A SEQ, 3.26%, 3/17/35(1)	199,757		201,861
Progress Residential Trust, Series 2019-SFR2, Class A SEQ, 3.15%, 5/17/36(1)	149,106		154,425

14

	Principal Amount/Shares		Value
Progress Residential Trust, Series 2019-SFR3, Class B, 2.57%, 9/17/36(1)	$	250,000	$	255,603
Progress Residential Trust, Series 2019-SFR4, Class B, 2.94%, 10/17/36(1)	200,000		206,588
Progress Residential Trust, Series 2020-SFR2, Class B, 2.58%, 6/17/37(1)	100,000		102,944
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class B, 2.75%, 8/20/36(1)	127,417		129,147
Towd Point Mortgage Trust, Series 2017-3, Class M1, VRN, 3.50%, 7/25/57(1)	100,000		107,561
TOTAL ASSET-BACKED SECURITIES (Cost $1,656,804)			1,691,316
AFFILIATED FUND(3) — 4.4%
Emerging Markets Debt Fund R6 Class (Cost $1,569,352)	158,134		1,630,360
BANK LOAN OBLIGATIONS(4) — 1.9%
Health Care Providers and Services — 0.5%
Acadia Healthcare Company, Inc., 2018 Term Loan B4, 2/16/23(5)	$	100,000	99,375
Jaguar Holding Company II, 2018 Term Loan, 3.50%, (1-month LIBOR plus 2.50%), 8/18/22	99,737		99,523
			198,898
Life Sciences Tools and Services — 0.5%
Avantor Funding, Inc., USD Term Loan B3, 11/21/24(5)	200,000		197,667
Pharmaceuticals — 0.4%
Bausch Health Companies Inc., 2018 Term Loan B, 3.15%, (1-month LIBOR plus 3.00%), 6/2/25	132,928		130,546
Technology Hardware, Storage and Peripherals — 0.5%
Dell International LLC, 2019 Term Loan B, 2.75%, (1-month LIBOR plus 2.00%), 9/19/25	175,000		174,469
TOTAL BANK LOAN OBLIGATIONS (Cost $702,374)			701,580
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.1%
Egypt — 0.6%
Egypt Government International Bond, 6.125%, 1/31/22	200,000		205,391
Oman — 0.5%
Oman Government International Bond, 4.125%, 1/17/23	200,000		196,612
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $393,473)			402,003
U.S. TREASURY SECURITIES — 0.7%
U.S. Treasury Notes, 0.125%, 4/30/22	100,000		99,998
U.S. Treasury Notes, 0.25%, 4/15/23	100,000		100,269
U.S. Treasury Notes, 1.625%, 8/15/29(6)	50,000		54,430
TOTAL U.S. TREASURY SECURITIES (Cost $249,355)			254,697
TEMPORARY CASH INVESTMENTS — 3.7%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.125% - 2.875%, 12/15/21 - 8/15/47, valued at $540,329), in a joint trading account at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $529,834)			529,833
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.875%, 7/15/23 - 5/15/28, valued at $816,061), at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $800,001)			800,000

15

	Principal Amount/Shares	Value
State Street Institutional U.S. Government Money Market Fund, Premier Class	8,833	$	8,833
TOTAL TEMPORARY CASH INVESTMENTS (Cost $1,338,666)		1,338,666
TOTAL INVESTMENT SECURITIES — 104.7% (Cost $37,672,121)		38,433,610
OTHER ASSETS AND LIABILITIES — (4.7)%		(1,714,763)
TOTAL NET ASSETS — 100.0%		$	36,718,847

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	12,542	USD	14,887	JPMorgan Chase Bank N.A.	12/16/20	$	(158)
MXN	170,424	USD	8,012	Morgan Stanley	12/16/20	(369)
						$	(527)

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 5-Year Notes	23	December 2020	$	2,898,719	$	4,229

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Ultra Notes	3	December 2020	$	479,766	$	(569)

^Amount represents value and unrealized appreciation (depreciation).

16

NOTES TO SCHEDULE OF INVESTMENTS
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. The security's effective maturity date may be shorter than the final maturity date shown.

(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 $18,705,092, which represented 50.9% of total net assets.

(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)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

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

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

(6)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 and/or futures contracts. At the period end, the aggregate value of securities pledged was $28,349.

See Notes to Financial Statements.

17

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities - unaffiliated, at value (cost of $36,102,769)	$	36,803,250
Investment securities - affiliated, at value (cost of $1,569,352)	1,630,360
Total investment securities, at value (cost of $37,672,121)	38,433,610
Cash	7,218
Receivable for investments sold	279,335
Receivable for capital shares sold	19,150
Interest and dividends receivable	285,661
	39,024,974
Liabilities
Payable for investments purchased	2,049,151
Payable for capital shares redeemed	231,971
Payable for variation margin on futures contracts	930
Unrealized depreciation on forward foreign currency exchange contracts	527
Accrued management fees	20,299
Distribution and service fees payable	749
Dividends payable	2,500
	2,306,127
Net Assets	$	36,718,847
Net Assets Consist of:
Capital paid in	$	35,730,307
Distributable earnings	988,540
	$	36,718,847

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$27,950,414	2,734,153	$10.22
I Class	$3,994,440	390,949	$10.22
Y Class	$5,879	575	$10.22
A Class	$2,228,677	218,026	$10.22*
C Class	$232,643	22,766	$10.22
R Class	$249,516	24,401	$10.23
R5 Class	$5,331	520	$10.25
R6 Class	$2,051,947	200,768	$10.22

*Maximum offering price $10.70 (net asset value divided by 0.955).

See Notes to Financial Statements.

18

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	529,154
Income distributions from affiliated funds	28,721
Dividends	1,094
	558,969
Expenses:
Management fees	114,173
Distribution and service fees:
A Class	2,489
C Class	1,116
R Class	557
Trustees' fees and expenses	1,171
Other expenses	161
	119,667
Fees waived(1)	(5,565)
	114,102
Net investment income (loss)	444,867
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	539,800
Forward foreign currency exchange contract transactions	1,425
Futures contract transactions	56,148
Foreign currency translation transactions	6
	597,379
Change in net unrealized appreciation (depreciation) on:
Investments (including $194,743 from affiliated funds)	2,365,342
Forward foreign currency exchange contracts	92
Futures contracts	(47,534)
	2,317,900
Net realized and unrealized gain (loss)	2,915,279
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,360,146

(1)Amount consists of $4,123, $630, $2, $346, $39, $38, $18 and $369 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, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	444,867	$	754,586
Net realized gain (loss)	597,379		7,142
Change in net unrealized appreciation (depreciation)	2,317,900		(1,705,695)
Net increase (decrease) in net assets resulting from operations	3,360,146		(943,967)
Distributions to Shareholders
From earnings:
Investor Class	(356,312)		(573,315)
I Class	(56,133)		(70,627)
Y Class	(91)		(162)
A Class	(27,276)		(39,341)
C Class	(2,218)		(3,376)
R Class	(2,776)		(3,350)
R5 Class	(1,670)		(2,964)
R6 Class	(34,217)		(47,455)
Decrease in net assets from distributions	(480,693)		(740,590)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	5,940,161		10,660,287
Net increase (decrease) in net assets	8,819,614		8,975,730
Net Assets
Beginning of period	27,899,233		18,923,503
End of period	$	36,718,847	$	27,899,233

See Notes to Financial Statements.

20

Notes to Financial Statements

SEPTEMBER 30, 2020 (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.

21

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. 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.

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.

22

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. ACIM serves as the investment advisor for the affiliated funds.

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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees(including legal counsel fees), extraordinary expenses, 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 1940 Act. 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.

23

The annual management fee and the effective annual management fee after waiver for each class for the period ended September 30, 2020 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, 2020 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, 2020 totaled $40,992,357, of which $3,967,012 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2020 totaled $32,409,203, of which $2,468,829 represented U.S. Treasury and Government Agency obligations.

24

5. Capital Share Transactions

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

	Six months ended September 30, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	862,481	$	8,721,719	1,528,091	$	15,140,922
Issued in reinvestment of distributions	34,200	343,984		55,589	550,338
Redeemed	(407,260)	(4,076,636)		(953,917)	(9,335,916)
	489,421	4,989,067		629,763	6,355,344
I Class
Sold	74,086	732,000		182,748	1,801,940
Issued in reinvestment of distributions	5,585	56,133		7,143	70,627
Redeemed	(7,261)	(74,073)		(9,566)	(92,222)
	72,410	714,060		180,325	1,780,345
Y Class
Issued in reinvestment of distributions	9	91		16	162
A Class
Sold	26,938	272,239		82,536	823,420
Issued in reinvestment of distributions	2,713	27,276		3,979	39,341
Redeemed	(1,473)	(14,740)		(32,775)	(311,255)
	28,178	284,775		53,740	551,506
C Class
Sold	2,635	26,056		4,786	47,835
Issued in reinvestment of distributions	221	2,218		341	3,366
Redeemed	(1,875)	(18,113)		(2,087)	(20,235)
	981	10,161		3,040	30,966
R Class
Sold	5,723	56,664		14,049	139,297
Issued in reinvestment of distributions	275	2,765		334	3,302
Redeemed	(1,049)	(10,576)		(6,453)	(63,702)
	4,949	48,853		7,930	78,897
R5 Class
Issued in reinvestment of distributions	166	1,670		300	2,964
Redeemed	(10,120)	(103,427)		—	—
	(9,954)	(101,757)		300	2,964
R6 Class
Sold	32,330	315,090		306,274	3,049,089
Issued in reinvestment of distributions	3,375	33,878		4,782	47,455
Redeemed	(35,439)	(354,057)		(124,661)	(1,236,441)
	266	(5,089)		186,395	1,860,103
Net increase (decrease)	586,260	$	5,940,161	1,061,509	$	10,660,287

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6. Affiliated Fund Transactions

A summary of transactions for each affiliated fund for the period ended September 30, 2020 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	$	1,407	$	28	—	$	195	$	1,630	158	—	$	29

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. 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. Investments in 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.

8. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

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The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1		Level 2		Level 3
Assets
Investment Securities
Corporate Bonds	—		$	22,553,594	—
Collateralized Mortgage Obligations	—		5,870,992		—
Preferred Stocks	$	34,090	2,048,478		—
Collateralized Loan Obligations	—		1,907,834		—
Asset-Backed Securities	—		1,691,316		—
Affiliated Funds	1,630,360		—		—
Bank Loan Obligations	—		701,580		—
Sovereign Governments and Agencies	—		402,003		—
U.S. Treasury Securities	—		254,697		—
Temporary Cash Investments	8,833		1,329,833		—
	$	1,673,283	$	36,760,327	—
Other Financial Instruments
Futures Contracts	$	4,229	—		—
Liabilities
Other Financial Instruments
Futures Contracts	$	569	—		—
Forward Foreign Currency Exchange Contracts	—		$	527	—
	$	569	$	527	—

9. Derivative Instruments

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 settlement 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 $22,003.

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

27

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 $1,845,970 futures contracts purchased and $479,766 futures contracts sold.

Value of Derivative Instruments as of September 30, 2020

	Asset Derivatives		Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value	Location on Statement of Assets and Liabilities	Value
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	—	Unrealized depreciation on forward foreign currency exchange contracts	$	527
Interest Rate Risk	Receivable for variation margin on futures contracts*	—	Payable for variation margin on futures contracts*	930
		—		$	1,457

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

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended September 30, 2020

	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
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	$	1,425	Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	$	92
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	56,148		Change in net unrealized appreciation (depreciation) on futures contracts	(47,534)
		$	57,573		$	(47,442)

10. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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

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

The fund’s 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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11. 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	$	37,677,331
Gross tax appreciation of investments	$	892,015
Gross tax depreciation of investments	(135,736)
Net tax appreciation (depreciation) of investments	$	756,279

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, 2020, the fund had accumulated short-term capital losses of $(160,029) and accumulated long-term capital losses of $(120,846), 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.

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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
2020(3)	$9.28	0.14	0.95	1.09	(0.15)	$10.22	11.77%	0.71%(4)	0.75%(4)	2.76%(4)	2.72%(4)	102%	$27,950
2020	$9.73	0.27	(0.45)	(0.18)	(0.27)	$9.28	(2.01)%	0.71%	0.75%	2.70%	2.66%	88%	$20,836
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
I Class
2020(3)	$9.28	0.14	0.95	1.09	(0.15)	$10.22	11.82%	0.61%(4)	0.65%(4)	2.86%(4)	2.82%(4)	102%	$3,994
2020	$9.73	0.28	(0.45)	(0.17)	(0.28)	$9.28	(1.91)%	0.61%	0.65%	2.80%	2.76%	88%	$2,955
2019	$9.73	0.35	0.03	0.38	(0.38)	$9.73	4.09%	0.60%	0.66%	3.65%	3.59%	60%	$1,345
2018(5)	$9.79	0.33	(0.07)	0.26	(0.32)	$9.73	2.64%	0.59%(4)	0.66%(4)	3.37%(4)	3.30%(4)	64%(6)	$687

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)
Y Class
2020(3)	$9.28	0.15	0.95	1.10	(0.16)	$10.22	11.90%	0.51%(4)	0.55%(4)	2.96%(4)	2.92%(4)	102%	$6
2020	$9.73	0.30	(0.46)	(0.16)	(0.29)	$9.28	(1.78)%	0.51%	0.55%	2.90%	2.86%	88%	$5
2019	$9.73	0.36	0.03	0.39	(0.39)	$9.73	4.18%	0.50%	0.56%	3.75%	3.69%	60%	$5
2018(5)	$9.79	0.33	(0.06)	0.27	(0.33)	$9.73	2.73%	0.49%(4)	0.56%(4)	3.46%(4)	3.39%(4)	64%(6)	$5
A Class
2020(3)	$9.28	0.13	0.95	1.08	(0.14)	$10.22	11.63%	0.96%(4)	1.00%(4)	2.51%(4)	2.47%(4)	102%	$2,229
2020	$9.73	0.24	(0.45)	(0.21)	(0.24)	$9.28	(2.26)%	0.96%	1.00%	2.45%	2.41%	88%	$1,762
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
C Class
2020(3)	$9.28	0.09	0.95	1.04	(0.10)	$10.22	11.21%	1.71%(4)	1.75%(4)	1.76%(4)	1.72%(4)	102%	$233
2020	$9.73	0.17	(0.45)	(0.28)	(0.17)	$9.28	(2.99)%	1.71%	1.75%	1.70%	1.66%	88%	$202
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

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
2020(3)	$9.28	0.11	0.96	1.07	(0.12)	$10.23	11.48%	1.21%(4)	1.25%(4)	2.26%(4)	2.22%(4)	102%	$250
2020	$9.73	0.22	(0.45)	(0.23)	(0.22)	$9.28	(2.39)%	1.21%	1.25%	2.20%	2.16%	88%	$181
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
R5 Class
2020(3)	$9.28	0.15	0.98	1.13	(0.16)	$10.25	11.88%	0.51%(4)	0.55%(4)	2.96%(4)	2.92%(4)	102%	$5
2020	$9.73	0.29	(0.45)	(0.16)	(0.29)	$9.28	(1.82)%	0.51%	0.55%	2.90%	2.86%	88%	$97
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

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
2020(3)	$9.28	0.15	0.95	1.10	(0.16)	$10.22	11.91%	0.46%(4)	0.50%(4)	3.01%(4)	2.97%(4)	102%	$2,052
2020	$9.73	0.28	(0.44)	(0.16)	(0.29)	$9.28	(1.77)%	0.46%	0.50%	2.95%	2.91%	88%	$1,861
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

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, 2020 (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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

34

renewal of the management agreement. 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 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

35

one-, three-, and five-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, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1

36

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.

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 with respect to 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.

37

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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on Form N-PORT. The fund’s 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.

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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90821 2011

Semiannual Report

September 30, 2020

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	10
Statement of Operations	11
Statement of Changes in Net Assets.	12
Notes to Financial Statements	13
Financial Highlights	17
Approval of Management Agreement	20
Additional Information	24

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ended September 30, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Markets Bounced Back from Steep Sell-Off

The reporting period began on the heels of a massive risk asset sell-off triggered by the COVID-19 pandemic and resulting economic shutdowns. U.S. stocks, corporate bonds and other riskier assets plunged, and the resulting flight to quality drove U.S. Treasury yields to record lows. However, thanks to swift and aggressive action from the Federal Reserve (Fed) and the federal government, the financial markets rebounded quickly.

The Fed’s response included slashing interest rates to near 0%, launching quantitative easing and unveiling several lending programs for corporations and municipalities. Congress delivered a

$2 trillion aid package to employees and businesses affected by the shutdowns. These efforts helped stabilize the financial markets and Treasury yields. By the end of April, a turnaround was well underway, and the bullish sentiment generally continued through September. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the recovery.

U.S. stocks (S&P 500 Index) returned more than 31% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index gained nearly 4%, largely due to a corporate bond rally.

A Slow Return to Normal

The return to pre-pandemic life will take time and patience, but we are confident we will get there. Several drug companies are in final stages of vaccine trials, and medical professionals continue to fine-tune virus treatment protocols. In the meantime, investors likely will face periods of outbreak-related disruptions, economic and political uncertainty, and heightened market volatility. These influences can be unsettling, but they tend to be temporary.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Fund Characteristics

SEPTEMBER 30, 2020
7-Day Current Yields	Investor Class	A Class	C Class	G Class
After waiver(1)	0.01%	0.01%	0.01%	0.11%
Before waiver	-0.33%	-0.58%	-1.08%	-0.33%
7-Day Effective Yields	Investor Class	A Class	C Class	G Class
After waiver(1)	0.01%	0.01%	0.01%	0.11%
(1) Yields would have been lower if a portion of the fees had not been waived.

Portfolio at a Glance
Weighted Average Maturity	30 days
Weighted Average Life	64 days
Portfolio Composition by Maturity	% of fund investments
1-30 days	58%
31-90 days	36%
91-180 days	4%
More than 180 days	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, 2020 to September 30, 2020.

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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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 4/1/20	Ending Account Value 9/30/20	Expenses Paid During Period(1) 4/1/20 - 9/30/20	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,000.10	$1.00	0.20%
A Class	$1,000	$1,000.10	$1.05	0.21%
C Class	$1,000	$1,000.10	$1.10	0.22%
G Class	$1,000	$1,001.10	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,024.07	$1.01	0.20%
A Class	$1,000	$1,024.02	$1.07	0.21%
C Class	$1,000	$1,023.97	$1.12	0.22%
G Class	$1,000	$1,025.02	$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 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2020 (UNAUDITED)

	Principal Amount		Value
U.S. GOVERNMENT AGENCY SECURITIES(1) — 62.0%
Adjustable-Rate U.S. Government Agency Securities — 37.5%
Federal Farm Credit Banks Funding Corp., VRN, 0.13%, (3-month LIBOR less 0.12%), 11/2/20	$	650,000	$	650,009
Federal Farm Credit Banks Funding Corp., VRN, 0.25%, (1-month LIBOR plus 0.10%), 12/30/20	35,000,000		34,999,139
Federal Farm Credit Banks Funding Corp., VRN, 0.15%, (SOFR plus 0.08%), 7/9/21	3,000,000		2,998,947
Federal Farm Credit Banks Funding Corp., VRN, 0.22%, (SOFR plus 0.15%), 7/28/22	1,967,000		1,967,270
Federal Home Loan Bank, VRN, 0.09%, (SOFR plus 0.02%), 10/26/20	39,445,000		39,444,989
Federal Home Loan Bank, VRN, 0.10%, (3-month LIBOR less 0.18%), 10/29/20	73,890,000		73,889,931
Federal Home Loan Bank, VRN, 0.08%, (SOFR plus 0.01%), 11/3/20	90,560,000		90,559,725
Federal Home Loan Bank, VRN, 0.08%, (SOFR plus 0.01%), 11/12/20	37,780,000		37,779,788
Federal Home Loan Bank, VRN, 0.11%, (1-month LIBOR less 0.04%), 11/16/20	34,445,000		34,444,945
Federal Home Loan Bank, VRN, 0.08%, (SOFR plus 0.01%), 12/4/20	4,000,000		4,000,000
Federal Home Loan Bank, VRN, 0.09%, (SOFR plus 0.02%), 12/4/20	9,000,000		9,000,000
Federal Home Loan Bank, VRN, 0.16%, (SOFR plus 0.09%), 12/4/20	57,110,000		57,110,784
Federal Home Loan Bank, VRN, 0.09%, (SOFR plus 0.02%), 12/11/20	33,890,000		33,889,824
Federal Home Loan Bank, VRN, 0.09%, (SOFR plus 0.02%), 12/11/20	48,000,000		48,000,000
Federal Home Loan Bank, VRN, 0.12%, (SOFR plus 0.05%), 12/14/20	1,000,000		1,000,010
Federal Home Loan Bank, VRN, 0.09%, (SOFR plus 0.02%), 12/24/20	20,000,000		20,000,000
Federal Home Loan Bank, VRN, 0.10%, (SOFR plus 0.03%), 12/30/20	30,000,000		30,000,000
Federal Home Loan Bank, VRN, 0.10%, (3-month LIBOR less 0.17%), 1/8/21	108,110,000		108,181,583
Federal Home Loan Bank, VRN, 0.10%, (SOFR plus 0.03%), 1/14/21	9,720,000		9,719,935
Federal Home Loan Bank, VRN, 0.17%, (SOFR plus 0.10%), 1/25/21	14,490,000		14,492,975
Federal Home Loan Bank, VRN, 0.10%, (SOFR plus 0.03%), 2/19/21	100,000,000		100,000,000
Federal Home Loan Bank, VRN, 0.11%, (SOFR plus 0.04%), 2/25/21	4,945,000		4,944,993
Federal Home Loan Bank, VRN, 0.11%, (SOFR plus 0.04%), 2/26/21	34,445,000		34,445,091
Federal Home Loan Bank, VRN, 0.15%, (SOFR plus 0.08%), 3/4/21	21,445,000		21,445,769
Federal Home Loan Bank, VRN, 0.12%, (SOFR plus 0.05%), 5/26/21	23,500,000		23,500,000
Federal Home Loan Bank, VRN, 0.15%, (SOFR plus 0.08%), 7/8/21	16,890,000		16,889,820
Federal National Mortgage Association, VRN, 0.27%, (SOFR plus 0.20%), 6/15/22	15,000,000		15,000,000
			868,355,527

6

	Principal Amount		Value
Fixed-Rate U.S. Government Agency Securities — 24.5%
Federal Farm Credit Banks Funding Corp., 2.48%, 3/22/21	$	4,000,000	$	4,044,614
Federal Home Loan Bank, 2.625%, 10/1/20	1,155,000		1,155,000
Federal Home Loan Bank, 0.14%, 10/7/20	7,600,000		7,599,829
Federal Home Loan Bank, 0.14%, 10/9/20	60,000,000		59,998,160
Federal Home Loan Bank, 0.10%, 11/6/20	1,800,000		1,799,831
Federal Home Loan Bank, 0.09%, 11/20/20	25,000,000		24,997,049
Federal Home Loan Bank, 0.11%, 11/27/20	262,409,000		262,366,176
Federal Home Loan Bank, 0.12%, 12/9/20	35,000,000		34,992,285
Federal Home Loan Bank, 0.12%, 12/11/20	30,000,000		29,993,196
Federal Home Loan Bank, 0.14%, 1/20/21	29,445,000		29,433,162
Federal Home Loan Bank, 0.11%, 1/25/21	13,000,000		13,000,000
Federal Home Loan Mortgage Corp., 0.14%, 10/1/20	35,300,000		35,300,000
Federal Home Loan Mortgage Corp., MTN, 1.875%, 11/17/20	10,323,000		10,346,226
Federal National Mortgage Association, 1.63%, 10/30/20	7,243,000		7,251,731
Federal National Mortgage Association, 1.50%, 11/30/20	3,800,000		3,808,630
Federal National Mortgage Association, 1.25%, 5/6/21	43,000,000		43,287,505
			569,373,394
TOTAL U.S. GOVERNMENT AGENCY SECURITIES			1,437,728,921
U.S. TREASURY SECURITIES(1) — 29.3%
U.S. Treasury Bills, 0.18%, 10/1/20	69,445,000		69,445,000
U.S. Treasury Bills, 0.15%, 10/15/20	25,000,000		24,998,590
U.S. Treasury Bills, 0.08%, 10/22/20	29,069,000		29,067,648
U.S. Treasury Bills, 0.17%, 11/3/20	90,996,000		90,982,828
U.S. Treasury Bills, 0.10%, 11/10/20	103,850,000		103,839,180
U.S. Treasury Bills, 0.09%, 11/12/20	110,000,000		109,989,092
U.S. Treasury Bills, 0.10%, 11/17/20	144,000,000		143,982,140
U.S. Treasury Bills, 0.11%, 11/24/20	49,445,000		49,437,479
U.S. Treasury Bills, 0.12%, 12/31/20	48,000,000		47,986,047
U.S. Treasury Notes, VRN, 0.22%, (3-month USBMMY plus 0.12%), 1/31/21	9,778,000		9,777,736
TOTAL U.S. TREASURY SECURITIES			679,505,740
CORPORATE BONDS — 6.9%
Anton Mountain View LLC, VRDN, 0.19%, 10/30/20 (LOC: FHLB)	32,555,000		32,555,000
Doghouse Properties LLC, VRDN, 0.28%, 10/6/20 (LOC: FHLB)	1,025,000		1,025,000
EPR GO Zone Holdings LLC, VRDN, 0.24%, 10/7/20 (LOC: FHLB)	24,995,000		24,995,000
Fairfield North Texas Associates LP, VRDN, 0.19%, 10/8/20 (LOC: FHLB)	9,550,000		9,550,000
Northcreek Church, VRDN, 0.25%, 10/6/20 (LOC: FHLB)	3,000,000		3,000,000
Saddleback Valley Community Church, VRDN, 0.50%, 10/6/20 (LOC: FHLB)	6,550,000		6,550,000
Santa Monica Ocean Park Partners LP, VRDN, 0.19%, 10/6/20 (LOC: FHLB)	9,370,000		9,370,000
Sendero LLC, VRDN, 0.19%, 10/7/20 (LOC: FHLB)	39,000,000		39,000,000
Sendero LLC, VRDN, 0.19%, 10/7/20 (LOC: FHLB)	23,900,000		23,900,000
Varenna Care Center LP, VRDN, 0.19%, 10/8/20 (LOC: FHLB)	8,765,000		8,765,000
TOTAL CORPORATE BONDS			158,710,000
MUNICIPAL SECURITIES — 6.0%
Alachua County Housing Finance Authority Rev., (Santa Fe Apartments II Ltd.), VRDN, 0.12%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	1,400,000		1,400,000
California Municipal Finance Authority Rev., VRDN, 0.10%, 10/6/20 (LOC: FHLB)	4,250,000		4,250,000

7

	Principal Amount		Value
California Statewide Communities Development Authority Rev., (Uptown Newport Building Owner LP), VRDN, 0.19%, 10/6/20 (LOC: East West Bank, Zions Bank and FHLB)	$	8,415,000	$	8,415,000
California Statewide Communities Development Authority Rev., (Vista del Monte Housing LP), VRDN, 0.11%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	4,700,000		4,700,000
Daly City Housing Development Finance Agency Rev., (Serramonte Ridge LLC), VRDN, 0.15%, 10/6/20 (LOC: FNMA)	15,480,000		15,480,000
Florida Housing Finance Corp. Rev., (Lamson Avenue Apartments GP LLC), VRDN, 0.12%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	2,160,000		2,160,000
Harris County Housing Finance Corp. Rev., (Louetta Village Apartments LP), VRDN, 0.11%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	5,480,000		5,480,000
Hillsborough County Housing Finance Authority Rev., (RPK Associates Ltd.), VRDN, 0.15%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	7,735,000		7,735,000
Housing Development Corp. Rev., (201 Pearl LLC), VRDN, 0.10%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	2,700,000		2,700,000
Louisiana Housing Corp. Rev., (Canterbury House Sherwood LLC), VRDN, 0.14%, 10/6/20 (LOC: FNMA)	14,220,000		14,220,000
Louisiana Public Facilities Authority Rev., (Kingston Village Ltd.), VRDN, 0.18%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	8,900,000		8,900,000
Metropolitan Government Nashville & Davidson County Industrial Development Board Rev., (Starwood Properties Four LLC), VRDN, 0.12%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	750,000		750,000
Mississippi Business Finance Corp. Rev., (Brown Bottling Group, Inc.), VRDN, 0.28%, 10/6/20 (LOC: Trustmark National Bank and FHLB)	2,250,000		2,250,000
Nevada Housing Division Rev., (Cheyenne Apartments PPG LP), VRDN, 0.15%, 10/7/20 (LOC: FNMA)(LIQ FAC: FNMA)	9,465,000		9,465,000
New York City Housing Development Corp. Rev., (2 Gold LLC), VRDN, 0.10%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	760,000		760,000
New York City Housing Development Corp. Rev., (55th Clinton Associates LLC), VRDN, 0.12%, 10/7/20 (LOC: FNMA)	6,000,000		6,000,000
New York City Housing Development Corp. Rev., (89 Murray Street Associates LLC), VRDN, 0.12%, 10/6/20 (LOC: FNMA)	5,025,000		5,025,000
New York City Housing Development Corp. Rev., (Related Broadway Development LLC), VRDN, 0.11%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	2,600,000		2,600,000
New York State Housing Finance Agency Rev., VRDN, 0.14%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	2,000,000		2,000,000
Orange County Housing Finance Authority Rev., (Mid-America Apartments LP), VRDN, 0.15%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	15,035,000		15,035,000
Oregon State Facilities Authority Rev., (Quatama Housing LP), VRDN, 0.21%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	4,380,000		4,380,000
Pinellas County Housing Finance Authority Rev., (Booker Creek Apartments Ltd.), VRDN, 0.12%, 10/6/20 (LOC: FHLMC)	895,000		895,000
Rochester Rev., (Village Capital Corp.), VRDN, 0.11%, 10/6/20 (LOC: United Fidelity Bank and FHLB)	3,200,000		3,200,000
Rochester Rev., (Village Capital Corp.), VRDN, 0.11%, 10/6/20 (LOC: United Fidelity Bank and FHLB)	4,800,000		4,800,000
South Carolina State Housing Finance & Development Authority Rev., (Brookside Crossing LLC), VRDN, 0.12%, 10/6/20 (LOC: FHLMC)(LIQ FAC: FHLMC)	1,480,000		1,480,000
St. Tammany Parish Economic & Industrial Development District Rev., (Diversified Foods and Seasonings LLC), VRDN, 0.25%, 10/6/20 (LOC: Fidelity Homestead Assistance and FHLB)	760,000		760,000
Texas Department of Housing & Community Affairs Rev., (Idlewilde Apartments LP), VRDN, 0.11%, 10/6/20 (LOC: FNMA)(LIQ FAC: FNMA)	1,000,000		1,000,000

8

	Principal Amount		Value
Washington State Housing Finance Commission Rev., (Redmond Ridge Apartments LLC), VRDN, 0.10%, 10/6/20 (LOC: FHLB and East West Bank)	$	3,700,000	$	3,700,000
TOTAL MUNICIPAL SECURITIES			139,540,000
TOTAL INVESTMENT SECURITIES — 104.2%			2,415,484,661
OTHER ASSETS AND LIABILITIES — (4.2)%			(97,887,516)
TOTAL NET ASSETS — 100.0%			$	2,317,597,145

NOTES TO SCHEDULE OF INVESTMENTS
FHLB	-	Federal Home Loan Bank
FHLMC	-	Federal Home Loan Mortgage Corporation
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. The security's effective maturity date may be shorter than the final maturity date shown.

(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.

See Notes to Financial Statements.

9

Statement of Assets and Liabilities

SEPTEMBER 30, 2020 (UNAUDITED)
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	2,415,484,661
Cash	51,098
Receivable for investments sold	11,479,938
Receivable for capital shares sold	2,544,907
Interest receivable	544,115
	2,430,104,719
Liabilities
Payable for investments purchased	109,989,112
Payable for capital shares redeemed	2,428,673
Accrued management fees	89,789
	112,507,574
Net Assets	$	2,317,597,145
Net Assets Consist of:
Capital paid in	$	2,317,639,721
Distributable earnings	(42,576)
	$	2,317,597,145

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$955,398,493	955,559,085	$1.00
A Class	$92,934,407	92,933,076	$1.00
C Class	$323,161	323,158	$1.00
G Class	$1,268,941,084	1,268,954,562	$1.00

See Notes to Financial Statements.

10

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	2,024,560
Expenses:
Management fees	4,105,047
Distribution and service fees:
A Class	108,471
C Class	1,162
Trustees' fees and expenses	65,460
Other expenses	351
	4,280,491
Fees waived	(3,224,430)
	1,056,061
Net investment income (loss)	968,499
Net realized gain (loss) on investment transactions	(1,781)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	966,718

See Notes to Financial Statements.

11

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MARCH 31, 2020
Increase (Decrease) in Net Assets	September 30, 2020		March 31, 2020
Operations
Net investment income (loss)	$	968,499	$	32,086,860
Net realized gain (loss)	(1,781)		20,313
Net increase (decrease) in net assets resulting from operations	966,718		32,107,173
Distributions to Shareholders
From earnings:
Investor Class	(104,043)		(14,309,368)
A Class	(5,166)		(848,873)
C Class	(16)		(687)
G Class	(859,274)		(16,927,932)
Decrease in net assets from distributions	(968,499)		(32,086,860)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	695,437,633		(161,149,224)
Net increase (decrease) in net assets	695,435,852		(161,128,911)
Net Assets
Beginning of period	1,622,161,293		1,783,290,204
End of period	$	2,317,597,145	$	1,622,161,293

See Notes to Financial Statements.

12

Notes to Financial Statements

SEPTEMBER 30, 2020 (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.

13

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, 41% of the shares of the fund. ACIM owns 12% 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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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 1940 Act. 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. In order to maintain a positive yield, ACIM may voluntarily waive a portion of the management fee on a daily basis. The fee waiver may be revised or terminated at any time by the investment advisor without notice. The total amount of the waiver for each class for the period ended September 30, 2020 was $1,142,704, $108,472, $380 and $1,867,848 for the Investor Class, A Class,

C Class and G Class, respectively.

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, 2020 are as follows:

			Effective Annual Management Fee
	Investment Category Fee Range	Complex Fee Range	Before Waiver	After Waiver
Investor Class	0.1170% to 0.2300%	0.2500% to 0.3100%	0.44%	0.19%
A Class			0.44%	0.19%
C Class			0.44%	0.19%
G Class			0.44%	0.00%

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, 2020 are detailed in the Statement of Operations.

In order to maintain a positive yield, all or a portion of the distribution and/or service fee may voluntarily be waived on a daily basis. The fee waiver may be revised or terminated at any time without notice. The total amount of the waiver for the period ended September 30, 2020 was $103,890 and $1,136 for the A Class and C Class, respectively. The effective annual distribution and service fee after waiver was 0.01% for the A Class and 0.02% for C Class.

14

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.

4. Investment Transactions

On August 20, 2020, the fund received investment securities valued at $485,747,034 from a purchase in kind from other products managed by the fund's investment advisor. A purchase in kind occurs when a fund receives securities into its portfolio in lieu of cash as payment from a purchasing shareholder.

5. Capital Share Transactions

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

	Six months ended September 30, 2020			Year ended March 31, 2020
	Shares	Amount		Shares	Amount
Investor Class
Sold	590,776,197	$	590,776,197	815,541,146	$	815,541,146
Issued in reinvestment of distributions	103,136	103,136		14,224,509	14,224,509
Redeemed	(481,044,245)	(481,044,245)		(835,545,757)	(835,545,757)
	109,835,088	109,835,088		(5,780,102)	(5,780,102)
A Class
Sold	33,260,609	33,260,609		50,869,593	50,869,593
Issued in reinvestment of distributions	5,148	5,148		848,873	848,873
Redeemed	(22,741,382)	(22,741,382)		(36,824,965)	(36,824,965)
	10,524,375	10,524,375		14,893,501	14,893,501
C Class
Sold	239,515	239,515		394,476	394,476
Issued in reinvestment of distributions	15	15		542	542
Redeemed	(311,913)	(311,913)		(76,084)	(76,084)
	(72,383)	(72,383)		318,934	318,934
G Class
Sold	612,004,151	612,004,151		54,270,654	54,270,654
Issued in reinvestment of distributions	859,217	859,217		16,927,622	16,927,622
Redeemed	(37,712,815)	(37,712,815)		(241,779,833)	(241,779,833)
	575,150,553	575,150,553		(170,581,557)	(170,581,557)
Net increase (decrease)	695,437,633	$	695,437,633	(161,149,224)	$	(161,149,224)

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.

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.

15

7. Risk Factors

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. LIBOR will be phased out by the end of 2021. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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 March 31, 2020, the fund had accumulated short-term capital losses of $(38,756) and accumulated long-term capital losses of $(2,039), 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.

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
2020(2)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.20%(4)	0.45%(4)	0.02%(4)	(0.23)%(4)	$955,398
2020	$1.00	0.02	—(3)	0.02	(0.02)	$1.00	1.56%	0.46%	0.46%	1.56%	1.56%	$845,564
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
A Class
2020(2)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.21%(4)	0.70%(4)	0.01%(4)	(0.48)%(4)	$92,934
2020	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	1.31%	0.71%	0.71%	1.31%	1.31%	$82,410
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
2020(2)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.22%(4)	1.20%(4)	0.00%(4)(6)	(0.98)%(4)	$323
2020	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.81%	1.20%	1.21%	0.82%	0.81%	$396
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
2020(2)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.11%	0.01%(4)	0.45%(4)	0.21%(4)	(0.23)%(4)	$1,268,941
2020	$1.00	0.02	—(3)	0.02	(0.02)	$1.00	2.02%	0.01%	0.46%	2.01%	1.56%	$693,791
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(7)	$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, 2020 (unaudited).

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

(4)Annualized.

(5)December 1, 2015 (commencement of sale) through March 31, 2016.

(6)Ratio was less than 0.005%.

(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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, 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 its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans;

•the Advisor’s response to the COVID-19 pandemic;

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

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

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the

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renewal of the management agreement. 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 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 peer group median for the five- and ten-year periods, at its peer group median for the three-year period and below its peer group median for the one-year period reviewed by the Board. The Board found the investment

21

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, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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.

COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.

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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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 this 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, 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

22

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 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 with respect to 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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. It is also available at sec.gov.

Portfolio Holdings Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) each month on Form N-MFP. The fund’s Form N-MFP reports are available on its website at americancentury.com and 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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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.
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90817 2011

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 24, 2020

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 24, 2020

By:	/s/ R. Wes Campbell
	Name:	R. Wes Campbell
	Title:	Treasurer and
		Chief Financial Officer
		(principal financial officer)
Date:	November 24, 2020