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)
JOHN PAK 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:	09-30-2022

ITEM 1. REPORTS TO STOCKHOLDERS.

(a)Provided under separate cover.

Semiannual Report

September 30, 2022

Core Plus Fund

Investor Class (ACCNX)

I Class (ACCTX)

A Class (ACCQX)

C Class (ACCKX)

R Class (ACCPX)

R5 Class (ACCUX)

G Class (ACCYX)

Table of Contents

President’s Letter	2
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	26
Statement of Operations	27
Statement of Changes in Net Assets	28
Notes to Financial Statements	29
Financial Highlights	38
Approval of Management Agreement	42
Additional Information	46

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Types of Investments in Portfolio	% of net assets
Corporate Bonds	28.0%
U.S. Treasury Securities	25.0%
U.S. Government Agency Mortgage-Backed Securities	18.3%
Collateralized Mortgage Obligations	7.8%
Asset-Backed Securities	6.9%
Collateralized Loan Obligations	5.4%
Commercial Mortgage-Backed Securities	1.8%
Municipal Securities	1.7%
Sovereign Governments and Agencies	0.6%
Preferred Stocks	0.5%
Bank Loan Obligations	0.5%
U.S. Government Agency Securities	0.1%
Short-Term Investments	3.7%
Other Assets and Liabilities	(0.3)%

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, 2022 to September 30, 2022.

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 mutual 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 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 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 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$896.40	$2.61	0.55%
I Class	$1,000	$896.90	$2.14	0.45%
A Class	$1,000	$895.30	$3.80	0.80%
C Class	$1,000	$891.90	$7.35	1.55%
R Class	$1,000	$894.20	$4.99	1.05%
R5 Class	$1,000	$898.20	$1.67	0.35%
G Class	$1,000	$898.80	$0.05	0.01%
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%
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, 2022 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 28.0%
Aerospace and Defense — 0.3%
Raytheon Technologies Corp., 4.125%, 11/16/28	$	764,000	$	714,461
Raytheon Technologies Corp., 3.125%, 7/1/50	250,000		168,795
TransDigm, Inc., 4.625%, 1/15/29	360,000		290,705
			1,173,961
Air Freight and Logistics — 0.1%
GXO Logistics, Inc., 2.65%, 7/15/31	438,000		310,708
Airlines — 0.4%
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)	953,231		896,833
British Airways 2021-1 Class A Pass Through Trust, 2.90%, 9/15/36(1)	148,908		121,430
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)	464,000		432,784
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27	283,376		265,042
			1,716,089
Auto Components — 0.1%
Aptiv PLC, 3.10%, 12/1/51	410,000		230,409
Automobiles — 0.5%
Ford Motor Credit Co. LLC, 3.375%, 11/13/25	850,000		752,205
General Motors Co., 5.15%, 4/1/38	264,000		212,957
General Motors Financial Co., Inc., 2.75%, 6/20/25	929,000		856,748
General Motors Financial Co., Inc., 2.40%, 10/15/28	435,000		344,189
			2,166,099
Banks — 3.9%
Banco Santander SA, 5.29%, 8/18/27	176,000		166,003
Banco Santander SA, VRN, 1.72%, 9/14/27	600,000		497,082
Banco Santander SA, VRN, 4.18%, 3/24/28	200,000		180,503
Bank of America Corp., VRN, 3.38%, 4/2/26	505,000		477,277
Bank of America Corp., VRN, 2.55%, 2/4/28	303,000		263,906
Bank of America Corp., VRN, 3.42%, 12/20/28	1,402,000		1,246,680
Bank of America Corp., VRN, 2.88%, 10/22/30	947,000		777,594
Bank of America Corp., VRN, 4.57%, 4/27/33	1,775,000		1,592,228
Bank of America Corp., VRN, 2.48%, 9/21/36	440,000		318,470
Bank of Ireland Group PLC, VRN, 2.03%, 9/30/27(1)	269,000		222,838
Citigroup, Inc., VRN, 3.07%, 2/24/28	1,245,000		1,111,049
Citigroup, Inc., VRN, 3.67%, 7/24/28	270,000		243,412
Citigroup, Inc., VRN, 3.52%, 10/27/28	816,000		729,449
Citigroup, Inc., VRN, 3.79%, 3/17/33	210,000		176,306
Commonwealth Bank of Australia, VRN, 3.61%, 9/12/34(1)	625,000		519,786
Fifth Third Bancorp, VRN, 4.06%, 4/25/28	262,000		246,189
FNB Corp., 2.20%, 2/24/23	592,000		583,869
HSBC Holdings PLC, VRN, 2.80%, 5/24/32	360,000		265,078
HSBC Holdings PLC, VRN, 5.40%, 8/11/33	654,000		582,398
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28	380,000		359,387
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27	420,000		363,061
JPMorgan Chase & Co., VRN, 2.95%, 2/24/28	1,266,000		1,120,870

6

	Principal Amount/Shares		Value
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	$	1,101,000	$	893,849
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	1,200,000		950,157
Mitsubishi UFJ Financial Group, Inc., VRN, 5.35%, 9/13/28	685,000		668,544
National Australia Bank Ltd., 2.33%, 8/21/30(1)	356,000		265,575
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33	532,000		475,280
Toronto-Dominion Bank, 2.00%, 9/10/31	379,000		283,300
Toronto-Dominion Bank, 2.45%, 1/12/32	285,000		219,885
Toronto-Dominion Bank, 4.46%, 6/8/32	220,000		201,183
Truist Financial Corp., VRN, 4.12%, 6/6/28	200,000		188,106
Wells Fargo & Co., VRN, 4.54%, 8/15/26	300,000		290,390
Wells Fargo & Co., VRN, 3.35%, 3/2/33	296,000		240,433
Wells Fargo & Co., VRN, 3.07%, 4/30/41	770,000		530,279
Wells Fargo & Co., VRN, 4.61%, 4/25/53	221,000		179,880
			17,430,296
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	988,000		860,976
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	759,000		740,161
Keurig Dr Pepper, Inc., 4.05%, 4/15/32	220,000		193,348
PepsiCo, Inc., 3.90%, 7/18/32	177,000		163,869
			1,958,354
Biotechnology — 0.6%
AbbVie, Inc., 3.20%, 11/21/29	634,000		555,547
AbbVie, Inc., 4.40%, 11/6/42	920,000		766,005
Amgen, Inc., 4.05%, 8/18/29	950,000		875,167
CSL Finance PLC, 4.25%, 4/27/32(1)	317,000		289,801
			2,486,520
Building Products — 0.3%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	1,213,000		1,032,851
Fortune Brands Home & Security, Inc., 4.50%, 3/25/52	220,000		151,720
Standard Industries, Inc., 4.375%, 7/15/30(1)	514,000		394,449
			1,579,020
Capital Markets — 2.5%
Deutsche Bank AG, VRN, 4.30%, 5/24/28	1,295,000		1,155,183
FS KKR Capital Corp., 4.25%, 2/14/25(1)	151,000		140,216
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25	870,000		827,137
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27	760,000		650,884
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28	750,000		651,573
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29	131,000		116,328
Goldman Sachs Group, Inc., VRN, 3.10%, 2/24/33	285,000		226,708
Golub Capital BDC, Inc., 2.50%, 8/24/26	213,000		178,797
Moody's Corp., 2.55%, 8/18/60	370,000		201,824
Morgan Stanley, VRN, 0.53%, 1/25/24	1,562,000		1,536,795
Morgan Stanley, VRN, 2.63%, 2/18/26	2,030,000		1,892,989
Morgan Stanley, VRN, 2.70%, 1/22/31	635,000		515,475
Morgan Stanley, VRN, 2.51%, 10/20/32	1,660,000		1,270,394
Morgan Stanley, VRN, 2.48%, 9/16/36	201,000		144,326
Owl Rock Capital Corp., 3.40%, 7/15/26	87,000		74,747
Owl Rock Core Income Corp., 3.125%, 9/23/26	240,000		202,030
State Street Corp., VRN, 4.16%, 8/4/33	382,000		345,238
UBS Group AG, VRN, 1.49%, 8/10/27(1)	997,000		838,753

7

	Principal Amount/Shares		Value
UBS Group AG, VRN, 4.75%, 5/12/28(1)	$	97,000	$	91,175
			11,060,572
Chemicals — 0.3%
Albemarle Corp., 4.65%, 6/1/27	594,000		570,282
CF Industries, Inc., 5.15%, 3/15/34	410,000		369,203
CF Industries, Inc., 4.95%, 6/1/43	300,000		242,314
			1,181,799
Commercial Services and Supplies — 0.1%
Waste Connections, Inc., 3.20%, 6/1/32	505,000		423,595
Construction and Engineering — 0.1%
Quanta Services, Inc., 2.35%, 1/15/32	590,000		434,905
Construction Materials — 0.1%
Eagle Materials, Inc., 2.50%, 7/1/31	413,000		301,810
Martin Marietta Materials, Inc., 2.40%, 7/15/31	250,000		193,393
			495,203
Consumer Finance — 0.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/24	188,000		171,922
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28	408,000		327,564
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(1)	57,000		51,053
			550,539
Containers and Packaging — 0.1%
Sonoco Products Co., 2.25%, 2/1/27	564,000		500,277
Diversified Consumer Services — 0.1%
Novant Health, Inc., 3.17%, 11/1/51	325,000		225,522
Pepperdine University, 3.30%, 12/1/59	357,000		230,812
			456,334
Diversified Financial Services — 0.5%
Antares Holdings LP, 2.75%, 1/15/27(1)	366,000		291,849
Block Financial LLC, 3.875%, 8/15/30	616,000		526,906
Corebridge Financial, Inc., 3.85%, 4/5/29(1)	140,000		123,561
Corebridge Financial, Inc., VRN, 6.875%, 12/15/52(1)	395,000		362,359
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35	900,000		807,498
			2,112,173
Diversified Telecommunication Services — 1.2%
AT&T, Inc., 4.35%, 3/1/29	1,015,000		949,976
AT&T, Inc., 4.50%, 5/15/35	610,000		529,555
AT&T, Inc., 4.90%, 8/15/37	487,000		432,840
AT&T, Inc., 4.55%, 3/9/49	620,000		496,986
AT&T, Inc., 3.55%, 9/15/55	246,000		162,101
Level 3 Financing, Inc., 4.625%, 9/15/27(1)	439,000		364,388
Ooredoo International Finance Ltd., 3.25%, 2/21/23	147,000		146,165
Ooredoo International Finance Ltd., 2.625%, 4/8/31(1)	300,000		248,691
Telecom Italia Capital SA, 6.375%, 11/15/33	695,000		541,926
Telefonica Emisiones SA, 4.90%, 3/6/48	375,000		274,012
Verizon Communications, Inc., 4.33%, 9/21/28	446,000		419,971
Verizon Communications, Inc., 4.27%, 1/15/36	735,000		628,797
			5,195,408
Electric Utilities — 2.0%
AEP Texas, Inc., 2.10%, 7/1/30	432,000		337,489

8

	Principal Amount/Shares		Value
Baltimore Gas & Electric Co., 2.25%, 6/15/31	$	334,000	$	267,102
Baltimore Gas & Electric Co., 4.55%, 6/1/52	192,000		165,340
CenterPoint Energy Houston Electric LLC, 4.45%, 10/1/32	510,000		483,971
Commonwealth Edison Co., 3.20%, 11/15/49	400,000		278,246
Duke Energy Carolinas LLC, 2.55%, 4/15/31	188,000		154,636
Duke Energy Corp., 2.55%, 6/15/31	230,000		180,696
Duke Energy Corp., 5.00%, 8/15/52	310,000		264,866
Duke Energy Florida LLC, 1.75%, 6/15/30	339,000		264,690
Duke Energy Florida LLC, 3.85%, 11/15/42	147,000		115,119
Duke Energy Progress LLC, 4.15%, 12/1/44	606,000		490,565
Entergy Arkansas LLC, 2.65%, 6/15/51	232,000		140,734
Entergy Louisiana LLC, 4.75%, 9/15/52	120,000		104,723
Exelon Corp., 4.45%, 4/15/46	275,000		225,202
Exelon Corp., 4.10%, 3/15/52(1)	100,000		77,436
FEL Energy VI Sarl, 5.75%, 12/1/40(1)	753,511		517,300
Florida Power & Light Co., 2.45%, 2/3/32	294,000		239,131
Florida Power & Light Co., 4.125%, 2/1/42	310,000		259,992
MidAmerican Energy Co., 4.40%, 10/15/44	408,000		347,649
NextEra Energy Capital Holdings, Inc., 5.00%, 7/15/32	457,000		436,972
Northern States Power Co., 3.20%, 4/1/52	300,000		209,290
NRG Energy, Inc., 2.00%, 12/2/25(1)	1,020,000		901,750
NRG Energy, Inc., 3.875%, 2/15/32(1)	333,000		260,473
Pacific Gas & Electric Co., 4.20%, 6/1/41	195,000		134,325
PacifiCorp, 3.30%, 3/15/51	422,000		296,203
PECO Energy Co., 4.375%, 8/15/52	455,000		387,428
Public Service Electric & Gas Co., 3.10%, 3/15/32	351,000		299,587
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	485,000		360,160
Union Electric Co., 3.90%, 4/1/52	294,000		231,723
Xcel Energy, Inc., 3.40%, 6/1/30	436,000		378,945
Xcel Energy, Inc., 4.60%, 6/1/32	176,000		163,417
			8,975,160
Energy Equipment and Services — 0.2%
Helmerich & Payne, Inc., 2.90%, 9/29/31	688,000		540,424
Schlumberger Investment SA, 2.65%, 6/26/30	430,000		358,369
			898,793
Entertainment — 0.4%
Netflix, Inc., 4.875%, 4/15/28	644,000		604,152
Netflix, Inc., 5.875%, 11/15/28	445,000		435,335
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1)	314,000		281,328
Warnermedia Holdings, Inc., 5.05%, 3/15/42(1)	469,000		351,748
Warnermedia Holdings, Inc., 5.14%, 3/15/52(1)	216,000		157,405
			1,829,968
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp., 3.95%, 3/15/29	480,000		428,692
Broadstone Net Lease LLC, 2.60%, 9/15/31	225,000		165,963
Corporate Office Properties LP, 2.00%, 1/15/29	269,000		202,775
EPR Properties, 4.75%, 12/15/26	271,000		240,914
EPR Properties, 4.95%, 4/15/28	544,000		469,082
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	530,000		507,634
National Retail Properties, Inc., 4.80%, 10/15/48	340,000		283,668
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31	280,000		203,681

9

	Principal Amount/Shares		Value
Rexford Industrial Realty LP, 2.15%, 9/1/31	$	575,000	$	432,014
SBA Tower Trust, 3.45%, 3/15/48(1)	869,000		861,171
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)	920,000		770,256
			4,565,850
Food and Staples Retailing — 0.4%
Sysco Corp., 3.30%, 7/15/26	70,000		65,544
Sysco Corp., 5.95%, 4/1/30	916,000		928,642
United Natural Foods, Inc., 6.75%, 10/15/28(1)	710,000		650,839
			1,645,025
Food Products — 0.5%
JDE Peet's NV, 2.25%, 9/24/31(1)	667,000		489,318
Kraft Heinz Foods Co., 5.00%, 6/4/42	525,000		457,201
US Foods, Inc., 4.75%, 2/15/29(1)	690,000		592,089
US Foods, Inc., 4.625%, 6/1/30(1)	864,000		716,930
			2,255,538
Gas Utilities — 0.1%
Infraestructura Energetica Nova SAPI de CV, 4.75%, 1/15/51(1)	519,000		353,582
Health Care Equipment and Supplies — 0.2%
Baxter International, Inc., 1.92%, 2/1/27	472,000		411,354
Baxter International, Inc., 2.54%, 2/1/32	650,000		506,405
Becton Dickinson & Co., 4.30%, 8/22/32	202,000		184,573
			1,102,332
Health Care Providers and Services — 1.0%
Centene Corp., 4.625%, 12/15/29	800,000		720,756
Centene Corp., 3.375%, 2/15/30	686,000		562,297
CVS Health Corp., 4.78%, 3/25/38	362,000		318,069
CVS Health Corp., 5.05%, 3/25/48	265,000		233,996
Duke University Health System, Inc., 3.92%, 6/1/47	128,000		104,646
HCA, Inc., 2.375%, 7/15/31	325,000		240,908
Humana, Inc., 2.15%, 2/3/32	568,000		432,462
Kaiser Foundation Hospitals, 3.00%, 6/1/51	240,000		159,538
Roche Holdings, Inc., 2.61%, 12/13/51(1)	560,000		366,949
Universal Health Services, Inc., 1.65%, 9/1/26(1)	807,000		677,240
Universal Health Services, Inc., 2.65%, 10/15/30(1)	872,000		646,356
			4,463,217
Hotels, Restaurants and Leisure — 0.6%
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)	323,000		247,592
Carnival Corp., 5.75%, 3/1/27(1)	270,000		189,749
International Game Technology PLC, 5.25%, 1/15/29(1)	1,175,000		1,043,265
Marriott International, Inc., 3.50%, 10/15/32	295,000		237,771
Penn Entertainment, Inc., 4.125%, 7/1/29(1)	441,000		338,141
Scientific Games International, Inc., 7.25%, 11/15/29(1)	620,000		577,840
			2,634,358
Household Durables — 0.4%
D.R. Horton, Inc., 2.50%, 10/15/24	452,000		430,219
KB Home, 4.80%, 11/15/29	520,000		419,851
Safehold Operating Partnership LP, 2.85%, 1/15/32	630,000		470,137
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)	493,000		362,261
			1,682,468
Household Products — 0.2%
Clorox Co., 4.60%, 5/1/32	887,000		827,272

10

	Principal Amount/Shares		Value
Insurance — 0.5%
Alleghany Corp., 3.25%, 8/15/51	$	515,000	$	348,253
American International Group, Inc., 6.25%, 5/1/36	522,000		544,121
Athene Global Funding, 1.99%, 8/19/28(1)	424,000		334,747
Sammons Financial Group, Inc., 4.75%, 4/8/32(1)	209,000		170,862
SBL Holdings, Inc., 5.125%, 11/13/26(1)	390,000		356,155
SBL Holdings, Inc., VRN, 6.50%(1)(2)	535,000		403,925
			2,158,063
Interactive Media and Services — 0.1%
Meta Platforms, Inc., 3.85%, 8/15/32(1)	299,000		263,134
Internet and Direct Marketing Retail — 0.1%
Amazon.com, Inc., 3.60%, 4/13/32	725,000		659,946
IT Services — 0.1%
Fidelity National Information Services, Inc., 5.10%, 7/15/32	192,000		180,679
Fiserv, Inc., 2.65%, 6/1/30	480,000		389,638
			570,317
Life Sciences Tools and Services — 0.2%
Danaher Corp., 2.80%, 12/10/51	405,000		261,753
Illumina, Inc., 2.55%, 3/23/31	613,000		470,618
			732,371
Machinery — 0.3%
John Deere Capital Corp., 4.35%, 9/15/32	620,000		589,659
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28	601,000		556,320
			1,145,979
Media — 0.7%
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49	325,000		239,050
Comcast Corp., 5.65%, 6/15/35	89,000		89,161
Comcast Corp., 6.50%, 11/15/35	164,000		175,321
Comcast Corp., 3.75%, 4/1/40	588,000		463,753
Comcast Corp., 2.94%, 11/1/56	390,000		233,466
DISH DBS Corp., 5.25%, 12/1/26(1)	275,000		225,808
Gray Escrow II, Inc., 5.375%, 11/15/31(1)	703,000		552,952
Paramount Global, 4.95%, 1/15/31	240,000		212,089
Paramount Global, 4.375%, 3/15/43	190,000		127,008
Time Warner Cable LLC, 4.50%, 9/15/42	630,000		436,326
VTR Finance NV, 6.375%, 7/15/28(1)	822,000		462,375
			3,217,309
Metals and Mining — 0.3%
Glencore Funding LLC, 2.625%, 9/23/31(1)	580,000		435,516
Minera Mexico SA de CV, 4.50%, 1/26/50(1)	24,000		16,751
Nucor Corp., 3.125%, 4/1/32	250,000		204,463
South32 Treasury Ltd., 4.35%, 4/14/32(1)	430,000		370,623
Teck Resources Ltd., 6.25%, 7/15/41	150,000		137,418
			1,164,771
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)	827,000		620,498
Multi-Utilities — 0.6%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1)	405,000		344,361
Ameren Corp., 3.50%, 1/15/31	577,000		498,694

11

	Principal Amount/Shares		Value
Ameren Illinois Co., 3.85%, 9/1/32	$	243,000	$	219,251
CenterPoint Energy, Inc., 2.65%, 6/1/31	408,000		326,480
Dominion Energy, Inc., 4.90%, 8/1/41	378,000		333,772
Dominion Energy, Inc., 4.85%, 8/15/52	300,000		256,165
Sempra Energy, 3.25%, 6/15/27	317,000		289,808
WEC Energy Group, Inc., 1.375%, 10/15/27	680,000		561,094
			2,829,625
Multiline Retail — 0.1%
Target Corp., 4.50%, 9/15/32	542,000		517,226
Target Corp., 3.90%, 11/15/47	42,000		33,929
			551,155
Oil, Gas and Consumable Fuels — 2.6%
Aker BP ASA, 3.75%, 1/15/30(1)	619,000		527,063
Aker BP ASA, 4.00%, 1/15/31(1)	242,000		205,699
Antero Resources Corp., 7.625%, 2/1/29(1)	338,000		338,110
BP Capital Markets America, Inc., 3.06%, 6/17/41	330,000		236,135
Cenovus Energy, Inc., 2.65%, 1/15/32	340,000		262,535
Continental Resources, Inc., 2.27%, 11/15/26(1)	430,000		367,463
Continental Resources, Inc., 2.875%, 4/1/32(1)	271,000		198,819
Enbridge, Inc., 3.40%, 8/1/51	160,000		107,693
Energy Transfer LP, 5.25%, 4/15/29	773,000		727,985
Energy Transfer LP, 4.90%, 3/15/35	443,000		373,062
Enterprise Products Operating LLC, 4.85%, 3/15/44	528,000		444,484
Enterprise Products Operating LLC, 3.30%, 2/15/53	288,000		188,137
EQT Corp., 5.70%, 4/1/28(3)	432,000		424,237
Equinor ASA, 3.25%, 11/18/49	249,000		179,245
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(1)	1,014,857		774,450
Geopark Ltd., 5.50%, 1/17/27(1)	200,000		156,421
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	351,000		334,945
MEG Energy Corp., 5.875%, 2/1/29(1)	980,000		881,035
MPLX LP, 2.65%, 8/15/30	410,000		321,806
Petroleos Mexicanos, 3.50%, 1/30/23	626,000		618,535
Petroleos Mexicanos, 6.50%, 3/13/27	727,000		610,062
Petroleos Mexicanos, 6.625%, 6/15/35	50,000		31,986
SA Global Sukuk Ltd., 2.69%, 6/17/31(1)	1,135,000		959,678
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	685,000		685,067
Shell International Finance BV, 2.375%, 11/7/29	440,000		369,396
Southwestern Energy Co., 5.375%, 3/15/30	972,000		877,915
Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33(1)	407,000		317,230
			11,519,193
Paper and Forest Products — 0.1%
Georgia-Pacific LLC, 2.10%, 4/30/27(1)	475,000		421,591
Personal Products†
GSK Consumer Healthcare Capital US LLC, 4.00%, 3/24/52(1)	275,000		204,089
Pharmaceuticals — 0.3%
Bristol-Myers Squibb Co., 2.95%, 3/15/32	538,000		460,613
Bristol-Myers Squibb Co., 2.55%, 11/13/50	404,000		250,152
Merck & Co., Inc., 1.70%, 6/10/27	420,000		367,299
Viatris, Inc., 4.00%, 6/22/50	175,000		105,125
			1,183,189

12

	Principal Amount/Shares		Value
Real Estate Management and Development — 0.1%
Essential Properties LP, 2.95%, 7/15/31	$	421,000	$	308,186
Road and Rail — 0.4%
Ashtead Capital, Inc., 5.50%, 8/11/32(1)	140,000		130,162
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	347,000		285,967
Burlington Northern Santa Fe LLC, 3.30%, 9/15/51	240,000		171,660
CSX Corp., 4.10%, 11/15/32	370,000		336,249
DAE Funding LLC, 1.55%, 8/1/24(1)	256,000		234,089
Norfolk Southern Corp., 4.55%, 6/1/53	270,000		229,422
Union Pacific Corp., 3.55%, 8/15/39	654,000		519,458
			1,907,007
Semiconductors and Semiconductor Equipment — 0.3%
Broadcom, Inc., 4.00%, 4/15/29(1)	340,000		299,968
Broadcom, Inc., 4.93%, 5/15/37(1)	377,000		311,573
Intel Corp., 4.90%, 8/5/52	300,000		265,475
Intel Corp., 3.20%, 8/12/61	558,000		349,121
Qorvo, Inc., 4.375%, 10/15/29	241,000		206,782
			1,432,919
Software — 0.1%
Oracle Corp., 3.90%, 5/15/35	225,000		172,800
Oracle Corp., 3.85%, 7/15/36	169,000		126,744
Oracle Corp., 3.60%, 4/1/40	470,000		319,842
			619,386
Specialty Retail — 0.9%
Dick's Sporting Goods, Inc., 3.15%, 1/15/32	630,000		480,744
Home Depot, Inc., 4.50%, 9/15/32	930,000		889,843
Home Depot, Inc., 3.90%, 6/15/47	1,018,000		812,065
Lowe's Cos., Inc., 2.625%, 4/1/31	1,055,000		849,855
Lowe's Cos., Inc., 4.25%, 4/1/52	890,000		682,566
Michaels Cos., Inc., 5.25%, 5/1/28(1)	256,000		180,253
O'Reilly Automotive, Inc., 4.70%, 6/15/32	340,000		318,801
			4,214,127
Technology Hardware, Storage and Peripherals — 0.2%
Apple, Inc., 3.25%, 8/8/29	865,000		790,466
Dell International LLC / EMC Corp., 8.10%, 7/15/36	140,000		148,427
			938,893
Trading Companies and Distributors — 0.1%
Aircastle Ltd., 5.25%, 8/11/25(1)	464,000		437,219
Water Utilities — 0.2%
American Water Capital Corp., 4.45%, 6/1/32	630,000		585,651
Essential Utilities, Inc., 2.70%, 4/15/30	513,000		420,689
			1,006,340
Wireless Telecommunication Services — 0.9%
Sprint Corp., 7.625%, 2/15/25	1,030,000		1,057,591
T-Mobile USA, Inc., 4.75%, 2/1/28	986,000		932,534
T-Mobile USA, Inc., 3.375%, 4/15/29	860,000		744,330
T-Mobile USA, Inc., 3.50%, 4/15/31	486,000		409,173
T-Mobile USA, Inc., 5.65%, 1/15/53	292,000		276,533
Vodafone Group PLC, VRN, 4.125%, 6/4/81	585,000		406,405
			3,826,566
TOTAL CORPORATE BONDS (Cost $149,092,040)			124,627,697

13

	Principal Amount/Shares		Value
U.S. TREASURY SECURITIES — 25.0%
U.S. Treasury Bonds, 4.375%, 11/15/39	$	600,000	$	634,254
U.S. Treasury Bonds, 1.125%, 8/15/40	600,000		372,023
U.S. Treasury Bonds, 1.875%, 2/15/41	1,500,000		1,063,271
U.S. Treasury Bonds, 2.25%, 5/15/41	900,000		680,889
U.S. Treasury Bonds, 3.75%, 8/15/41	1,500,000		1,438,887
U.S. Treasury Bonds, 2.00%, 11/15/41	2,300,000		1,647,600
U.S. Treasury Bonds, 3.125%, 11/15/41	638,000		555,359
U.S. Treasury Bonds, 2.375%, 2/15/42	4,000,000		3,066,875
U.S. Treasury Bonds, 3.125%, 2/15/42	1,500,000		1,307,520
U.S. Treasury Bonds, 3.00%, 5/15/42	2,800,000		2,384,266
U.S. Treasury Bonds, 3.25%, 5/15/42	5,900,000		5,238,094
U.S. Treasury Bonds, 3.375%, 8/15/42	6,000,000		5,436,562
U.S. Treasury Bonds, 2.75%, 11/15/42	1,085,000		879,952
U.S. Treasury Bonds, 2.875%, 5/15/43	400,000		330,031
U.S. Treasury Bonds, 3.75%, 11/15/43	600,000		570,422
U.S. Treasury Bonds, 3.125%, 8/15/44	200,000		171,102
U.S. Treasury Bonds, 3.00%, 11/15/44	200,000		167,250
U.S. Treasury Bonds, 3.00%, 11/15/45	200,000		167,086
U.S. Treasury Bonds, 2.75%, 11/15/47	600,000		480,492
U.S. Treasury Bonds, 3.375%, 11/15/48	600,000		546,656
U.S. Treasury Bonds, 2.875%, 5/15/49	3,000,000		2,502,715
U.S. Treasury Bonds, 2.25%, 8/15/49	2,400,000		1,756,500
U.S. Treasury Bonds, 2.375%, 11/15/49	2,390,000		1,801,089
U.S. Treasury Bonds, 1.625%, 11/15/50	600,000		372,797
U.S. Treasury Bonds, 1.875%, 2/15/51	400,000		264,969
U.S. Treasury Bonds, 2.375%, 5/15/51	4,400,000		3,293,813
U.S. Treasury Bonds, 2.00%, 8/15/51	2,000,000		1,367,031
U.S. Treasury Bonds, 2.875%, 5/15/52	3,400,000		2,852,281
U.S. Treasury Notes, 1.125%, 1/15/25(4)	3,500,000		3,261,426
U.S. Treasury Notes, 1.75%, 3/15/25	3,000,000		2,825,391
U.S. Treasury Notes, 2.75%, 6/30/25(4)	1,700,000		1,634,324
U.S. Treasury Notes, 3.125%, 8/15/25	1,000,000		969,414
U.S. Treasury Notes, 3.50%, 9/15/25	2,000,000		1,959,375
U.S. Treasury Notes, 3.00%, 9/30/25	3,500,000		3,378,730
U.S. Treasury Notes, 2.50%, 3/31/27	8,000,000		7,474,375
U.S. Treasury Notes, 2.75%, 4/30/27	8,800,000		8,306,719
U.S. Treasury Notes, 2.625%, 5/31/27	7,000,000		6,572,617
U.S. Treasury Notes, 3.25%, 6/30/27	7,000,000		6,747,617
U.S. Treasury Notes, 2.75%, 7/31/27	1,000,000		941,797
U.S. Treasury Notes, 2.875%, 4/30/29	9,000,000		8,403,750
U.S. Treasury Notes, 3.25%, 6/30/29	5,000,000		4,779,980
U.S. Treasury Notes, 2.625%, 7/31/29	1,500,000		1,378,711
U.S. Treasury Notes, 3.125%, 8/31/29	3,800,000		3,607,328
U.S. Treasury Notes, 1.875%, 2/15/32	1,400,000		1,186,609
U.S. Treasury Notes, 2.875%, 5/15/32	6,800,000		6,288,406
TOTAL U.S. TREASURY SECURITIES (Cost $123,285,321)			111,066,355
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 18.3%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.2%
FHLMC, VRN, 3.01%, (1-year H15T1Y plus 2.26%), 4/1/37	22,937		23,406

14

	Principal Amount/Shares		Value
FHLMC, VRN, 3.60%, (12-month LIBOR plus 1.87%), 7/1/41	$	43,097	$	43,993
FHLMC, VRN, 3.76%, (12-month LIBOR plus 1.63%), 8/1/46	76,799		77,464
FHLMC, VRN, 3.11%, (12-month LIBOR plus 1.64%), 9/1/47	48,034		47,255
FNMA, VRN, 3.29%, (6-month LIBOR plus 1.57%), 6/1/35	9,311		9,529
FNMA, VRN, 2.71%, (12-month LIBOR plus 1.61%), 4/1/46	210,977		215,764
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47	19,288		18,481
FNMA, VRN, 3.19%, (12-month LIBOR plus 1.62%), 5/1/47	194,005		191,903
			627,795
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 18.1%
FHLMC, 6.00%, 9/1/35	174,127		183,327
FHLMC, 6.00%, 2/1/38	89,291		94,016
FHLMC, 2.50%, 3/1/42	1,692,059		1,449,813
FHLMC, 3.00%, 1/1/50	2,183,370		1,917,457
FHLMC, 3.50%, 5/1/50	400,595		364,332
FHLMC, 2.50%, 10/1/50	1,847,543		1,562,709
FHLMC, 2.50%, 5/1/51	2,599,561		2,204,972
FHLMC, 3.50%, 5/1/51	2,524,157		2,299,446
FHLMC, 3.00%, 7/1/51	1,712,568		1,515,079
FHLMC, 3.00%, 7/1/51	1,725,956		1,512,931
FHLMC, 2.00%, 8/1/51	2,152,487		1,752,381
FHLMC, 4.00%, 8/1/51	1,027,587		964,638
FHLMC, 2.50%, 10/1/51	1,219,819		1,032,278
FHLMC, 3.00%, 12/1/51	1,765,765		1,547,178
FHLMC, 3.50%, 5/1/52	1,411,299		1,272,696
FHLMC, 4.00%, 5/1/52	1,392,127		1,293,532
FHLMC, 4.00%, 5/1/52	2,050,559		1,907,496
FNMA, 6.00%, 12/1/33	119,943		126,136
FNMA, 3.50%, 3/1/34	432,152		409,711
FNMA, 2.00%, 6/1/36	3,921,167		3,464,134
FNMA, 6.00%, 9/1/37	130,772		137,756
FNMA, 6.00%, 11/1/37	145,304		153,242
FNMA, 4.50%, 4/1/39	146,295		143,598
FNMA, 4.50%, 5/1/39	413,704		406,158
FNMA, 6.50%, 5/1/39	60,347		63,063
FNMA, 4.50%, 10/1/39	716,318		702,438
FNMA, 4.00%, 8/1/41	620,198		591,728
FNMA, 3.50%, 10/1/41	423,540		390,334
FNMA, 3.50%, 2/1/42	313,033		288,010
FNMA, 2.50%, 3/1/42	1,573,072		1,348,836
FNMA, 3.50%, 5/1/42	199,258		183,308
FNMA, 2.50%, 6/1/42	1,326,598		1,136,870
FNMA, 3.50%, 6/1/42	1,679,473		1,544,161
FNMA, 3.50%, 8/1/42	485,402		446,286
FNMA, 3.50%, 9/1/42	152,900		140,598
FNMA, 3.50%, 5/1/45	297,636		273,112
FNMA, 4.00%, 11/1/45	321,608		305,655
FNMA, 4.00%, 11/1/45	138,742		131,731

15

	Principal Amount/Shares		Value
FNMA, 4.00%, 2/1/46	$	527,436	$	500,694
FNMA, 4.00%, 4/1/46	414,227		393,510
FNMA, 3.50%, 2/1/47	753,000		689,757
FNMA, 3.00%, 6/1/50	2,534,426		2,226,560
FNMA, 2.50%, 12/1/51	1,842,882		1,554,584
FNMA, 2.50%, 12/1/51	465,757		392,507
FNMA, 2.50%, 1/1/52	903,501		761,646
FNMA, 3.00%, 2/1/52	1,722,870		1,507,144
FNMA, 2.00%, 3/1/52	3,851,688		3,134,472
FNMA, 2.50%, 3/1/52	1,748,081		1,477,958
FNMA, 3.00%, 3/1/52	2,756,216		2,420,773
FNMA, 3.50%, 4/1/52	755,315		681,467
FNMA, 4.00%, 4/1/52	2,148,012		2,004,805
FNMA, 4.00%, 4/1/52	719,791		670,585
FNMA, 4.00%, 4/1/52	804,151		748,831
FNMA, 3.00%, 5/1/52	1,532,440		1,348,917
FNMA, 4.00%, 5/1/52	1,886,897		1,754,676
FNMA, 4.00%, 5/1/52	2,961,366		2,755,447
FNMA, 3.00%, 6/1/52	617,212		543,293
FNMA, 4.50%, 7/1/52	582,134		556,682
FNMA, 5.00%, 8/1/52	3,921,975		3,834,516
FNMA, 4.00%, 6/1/57	446,199		421,699
FNMA, 4.00%, 11/1/59	444,650		419,746
GNMA, 7.00%, 4/20/26	75		76
GNMA, 7.50%, 8/15/26	166		170
GNMA, 8.00%, 8/15/26	60		62
GNMA, 8.00%, 6/15/27	270		270
GNMA, 6.50%, 3/15/28	370		387
GNMA, 6.50%, 5/15/28	945		977
GNMA, 7.00%, 5/15/31	1,136		1,185
GNMA, 5.50%, 12/15/32	40,882		43,132
GNMA, 4.50%, 8/15/33	53,410		52,306
GNMA, 6.00%, 9/20/38	44,924		48,097
GNMA, 5.50%, 11/15/38	43,985		45,078
GNMA, 5.50%, 11/15/38	17,991		18,191
GNMA, 6.00%, 1/20/39	10,333		11,107
GNMA, 4.50%, 4/15/39	70,638		69,072
GNMA, 4.50%, 6/15/39	165,098		162,971
GNMA, 4.50%, 1/15/40	113,804		112,220
GNMA, 4.50%, 4/15/40	105,407		103,946
GNMA, 4.00%, 7/15/40	72,843		69,453
GNMA, 4.50%, 12/15/40	201,496		198,907
GNMA, 3.50%, 6/20/42	498,824		463,945
GNMA, 3.00%, 4/20/50	640,281		570,775
GNMA, 3.00%, 5/20/50	652,114		581,170
GNMA, 3.00%, 6/20/50	976,942		872,995
GNMA, 3.00%, 7/20/50	1,723,537		1,535,152
GNMA, 2.00%, 10/20/50	6,069,357		5,102,409
GNMA, 2.50%, 11/20/50	2,522,697		2,155,103
GNMA, 3.50%, 6/20/51	952,473		874,296

16

	Principal Amount/Shares		Value
GNMA, 2.50%, 9/20/51	$	1,680,096	$	1,450,888
			80,605,755
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $88,319,318)			81,233,550
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.8%
Private Sponsor Collateralized Mortgage Obligations — 7.5%
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 2.97%, 3/25/35	113,697		112,536
Arroyo Mortgage Trust, Series 2020-1, Class M1, 4.28%, 3/25/55(1)	2,166,000		2,073,338
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 3.59%, 6/25/34	60,118		58,273
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 2.40%, (1-year H15T1Y plus 2.25%), 2/25/36	33,635		32,707
Bellemeade Re Ltd., Series 2017-1, Class M2, VRN, 6.43%, (1-month LIBOR plus 3.35%), 10/25/27(1)	307,514		307,583
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 5.98%, (1-month LIBOR plus 2.90%), 4/25/28(1)	1,431,575		1,427,117
Bellemeade Re Ltd., Series 2018-3A, Class M1B, VRN, 4.93%, (1-month LIBOR plus 1.85%), 10/25/28(1)	884,027		882,411
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 5.03%, (1-month LIBOR plus 1.95%), 7/25/29(1)	309,000		305,491
Bellemeade Re Ltd., Series 2021-3A, Class M1B, VRN, 3.68%, (30-day average SOFR plus 1.40%), 9/25/31(1)	1,925,000		1,793,924
CHNGE Mortgage Trust, Series 2022-NQM1, Class A2 SEQ, VRN, 5.82%, 6/25/67(1)	1,006,398		979,075
Citigroup Mortgage Loan Trust, Series 2015-PS1, Class B3, VRN, 5.25%, 9/25/42(1)	463,335		434,869
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.93%, 8/25/34	286,288		278,749
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	2,526		2,266
Credit Suisse Mortgage Capital Certificates, Series 2020-SPT1, Class B2, VRN, 3.39%, 4/25/65(1)	1,616,300		1,554,763
Credit Suisse Mortgage Trust, Series 2019-AFC1, Class B1, VRN, 4.07%, 7/25/49(1)	1,155,243		933,587
Credit Suisse Mortgage Trust, Series 2019-NQM1, Class B1, VRN, 3.89%, 10/25/59(1)	1,070,850		917,000
Eagle RE Ltd., Series 2018-1, Class M2, VRN, 6.08%, (1-month LIBOR plus 3.00%), 11/25/28(1)	1,600,000		1,587,617
Ellington Financial Mortgage Trust, Series 2020-1, Class B1, VRN, 5.14%, 5/25/65(1)	1,000,000		980,017
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 3.12%, 10/25/34	160,925		160,238
Galton Funding Mortgage Trust, Series 2019-H1, Class B1 SEQ, VRN, 3.89%, 10/25/59(1)	2,000,000		1,892,152
GCAT Trust, Series 2019-NQM3, Class B1, VRN, 3.95%, 11/25/59(1)	1,100,000		913,920
GSR Mortgage Loan Trust, Series 2004-5, Class 3A3, VRN, 2.78%, 5/25/34	88,938		83,843
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 3.09%, 6/25/34	35,294		32,544
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.00%, 1/25/35	95,354		92,819
Home RE Ltd., Series 2018-1, Class M2, VRN, 6.08%, (1-month LIBOR plus 3.00%), 10/25/28(1)	1,480,791		1,467,298
Home RE Ltd., Series 2020-1, Class M1C, VRN, 7.23%, (1-month LIBOR plus 4.15%), 10/25/30(1)	440,521		441,665

17

	Principal Amount/Shares		Value
Home RE Ltd., Series 2022-1, Class M1A, VRN, 5.13%, (30-day average SOFR plus 2.85%), 10/25/34(1)	$	550,000	$	537,258
Homeward Opportunities Fund I Trust, Series 2020-2, Class B3, VRN, 5.49%, 5/25/65(1)	1,350,000		1,292,676
JP Morgan Mortgage Trust, Series 2005-S2, Class 3A1, VRN, 7.17%, 2/25/32	11,520		10,571
JP Morgan Mortgage Trust, Series 2019-INV1, Class B4, VRN, 4.97%, 10/25/49(1)	3,128,019		2,660,850
JP Morgan Mortgage Trust, Series 2019-LTV3, Class B4, VRN, 4.39%, 3/25/50(1)	1,132,717		968,555
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.82%, 11/21/34	65,116		61,827
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 2.99%, 11/25/35	115,281		109,940
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.77%, 2/25/35	103,134		98,139
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 2.77%, 2/25/35	51,567		49,148
Oaktown Re V Ltd., Series 2020-2A, Class M1B, VRN, 6.68%, (1-month LIBOR plus 3.60%), 10/25/30(1)	100,377		100,484
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 4.13%, (30-day average SOFR plus 1.85%), 11/25/31(1)	752,871		733,074
Radnor RE Ltd., Series 2021-2, Class M1B, VRN, 5.98%, (30-day average SOFR plus 3.70%), 11/25/31(1)	675,000		634,521
Seasoned Credit Risk Transfer Trust, Series 2021-1, Class M, 4.25%, 9/25/60(1)	2,000,000		1,737,105
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(1)	83,074		76,553
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(1)	584,000		581,218
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 3.64%, 7/25/34	122,179		119,717
Verus Securitization Trust, Series 2021-R1, Class M1 SEQ, 2.34%, 10/25/63(1)	600,000		519,281
Verus Securitization Trust, Series 2022-INV1, Class A2 SEQ, 5.80%, 8/25/67(1)	912,742		884,799
Vista Point Securitization Trust, Series 2020-1, Class B1, VRN, 5.375%, 3/25/65(1)	2,600,000		2,477,505
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S11, Class 3A5, 5.95%, 11/25/33	22,817		22,038
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	62,523		63,312
			33,484,373
U.S. Government Agency Collateralized Mortgage Obligations — 0.3%
FHLMC, Series 2020-HQA2, Class M2, VRN, 6.18%, (1-month LIBOR plus 3.10%), 3/25/50(1)	110,129		110,164
FHLMC, Series 2020-HQA3, Class M2, VRN, 6.68%, (1-month LIBOR plus 3.60%), 7/25/50(1)	7,947		7,946
FHLMC, Series 3397, Class GF, VRN, 3.32%, (1-month LIBOR plus 0.50%), 12/15/37	96,685		96,052
FHLMC, Series 5123, Class HI, IO, 5.00%, 1/25/42	28,748		5,424
FHLMC, Series 5146, Class DI, IO, 5.50%, 7/25/39	19,355		3,986
FNMA, Series 2014-C02, Class 2M2, VRN, 5.68%, (1-month LIBOR plus 2.60%), 5/25/24	178,402		178,003
FNMA, Series 2014-C04, Class 1M2, VRN, 7.98%, (1-month LIBOR plus 4.90%), 11/25/24	190,994		197,511
FNMA, Series 2015-C02, Class 1M2, VRN, 7.08%, (1-month LIBOR plus 4.00%), 5/25/25	42,572		43,248

18

		Principal Amount/Shares		Value
FNMA, Series 2015-C04, Class 1M2, VRN, 8.78%, (1-month LIBOR plus 5.70%), 4/25/28		$	431,563	$	447,409
FNMA, Series 2016-C01, Class 1M2, VRN, 9.83%, (1-month LIBOR plus 6.75%), 8/25/28		48,695		51,441
GNMA, Series 2007-5, Class FA, VRN, 3.15%, (1-month LIBOR plus 0.14%), 2/20/37		121,235		120,782
				1,261,966
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $37,650,082)				34,746,339
ASSET-BACKED SECURITIES — 6.9%
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1)		975,000		814,759
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2II SEQ, 4.72%, 6/5/49(1)		990,000		924,412
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)		2,346,455		1,767,709
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A SEQ, 4.125%, 6/15/43(1)		562,655		493,180
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A SEQ, 2.74%, 8/15/41(1)		848,984		755,581
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A SEQ, 3.47%, 1/15/46(1)		2,167,100		1,902,207
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1)		2,450,615		2,002,597
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2 SEQ, 4.94%, 1/25/52(1)	CAD	2,100,000		1,404,725
DI Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.72%, 9/15/51(1)		$	2,675,000	2,344,700
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1)		1,900,000		1,550,276
Diamond Resorts Owner Trust, Series 2021-1A, Class C, 2.70%, 11/21/33(1)		731,571		668,293
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2 SEQ, 4.25%, 3/25/52(1)		1,188,029		1,073,622
FirstKey Homes Trust, Series 2021-SFR1, Class F1, 3.24%, 8/17/38(1)		1,400,000		1,176,807
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(1)		1,639,000		1,429,086
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)		937,576		856,973
Goodgreen Trust, Series 2021-1A, Class A SEQ, 2.66%, 10/15/56(1)		641,945		563,346
Lunar Aircarft Ltd., Series 2020-1A, Class A SEQ, 3.38%, 2/15/45(1)		1,218,860		987,867
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1)		580,939		467,640
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A SEQ, 2.64%, 10/15/46(1)		1,579,660		1,308,016
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1)		1,258,993		1,035,101
Navigator Aircraft ABS Ltd., Series 2021-1, Class A SEQ, 2.77%, 11/15/46(1)		1,603,869		1,366,329
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A SEQ, 3.97%, 6/15/44(1)		1,306,326		1,175,717
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C, 3.12%, 5/20/36(1)		113,482		108,602
Slam Ltd., Series 2021-1A, Class A SEQ, 2.43%, 6/15/46(1)		1,014,090		834,001

19

	Principal Amount/Shares		Value
START II Ltd., Series 2019-1, Class A SEQ, 4.09%, 3/15/44(1)	$	1,122,130	$	995,847
Stonepeak ABS, Series 2021-1A, Class AA, 2.30%, 2/28/33(1)	671,902		597,226
Tricon American Homes, Series 2020-SFR1, Class C, 2.25%, 7/17/38(1)	500,000		430,862
Tricon American Homes, Series 2020-SFR1, Class D, 2.55%, 7/17/38(1)	1,200,000		1,031,807
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	440,178		426,124
TOTAL ASSET-BACKED SECURITIES (Cost $35,557,874)			30,493,412
COLLATERALIZED LOAN OBLIGATIONS — 5.4%
AIMCO CLO Ltd., Series 2019-10A, Class CR, VRN, 4.66%, (3-month LIBOR plus 1.90%), 7/22/32(1)	950,000		868,611
ARES L CLO Ltd., Series 2018-50A, Class CR, VRN, 4.41%, (3-month LIBOR plus 1.90%), 1/15/32(1)	850,000		779,816
ARES LII CLO Ltd., Series 2019-52A, Class CR, VRN, 4.86%, (3-month LIBOR plus 2.10%), 4/22/31(1)	700,000		645,033
Ares XL CLO Ltd., Series 2016-40A, Class CRR, VRN, 5.31%, (3-month LIBOR plus 2.80%), 1/15/29(1)	1,275,000		1,148,995
Atrium IX, Series 9A, Class BR2, VRN, 4.54%, (3-month LIBOR plus 1.50%), 5/28/30(1)	625,000		597,738
Bain Capital Credit CLO Ltd., Series 2019-2A, Class CR, VRN, 4.84%, (3-month LIBOR plus 2.10%), 10/17/32(1)	850,000		781,526
BDS Ltd., Series 2021-FL7, Class C, VRN, 4.69%, (1-month LIBOR plus 1.70%), 6/16/36(1)	1,600,000		1,525,162
BXMT Ltd., Series 2020-FL2, Class D, VRN, 4.99%, (1-month SOFR plus 2.06%), 2/15/38(1)	1,430,000		1,345,283
Dewolf Park CLO Ltd., Series 2017-1A, Class CR, VRN, 4.36%, (3-month LIBOR plus 1.85%), 10/15/30(1)	1,000,000		923,804
Dryden CLO Ltd., Series 2019-72A, Class CR, VRN, 4.76%, (3-month LIBOR plus 1.85%), 5/15/32(1)	900,000		819,295
Goldentree Loan Management US CLO Ltd., Series 2019-4A, Class CR, VRN, 4.78%, (3-month LIBOR plus 2.00%), 4/24/31(1)	1,125,000		1,035,326
Greystone CRE Notes Ltd., Series 2019-FL2, Class C, VRN, 4.82%, (1-month LIBOR plus 2.00%), 9/15/37(1)	920,500		900,504
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 5.22%, (1-month LIBOR plus 2.40%), 9/15/37(1)	801,500		778,613
KKR CLO Ltd., Series 2018, Class CR, VRN, 4.84%, (3-month LIBOR plus 2.10%), 7/18/30(1)	700,000		661,251
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 5.08%, (3-month SOFR plus 2.60%), 7/20/31(1)	725,000		693,394
Marathon CLO Ltd., Series 2021-17A, Class B1, VRN, 5.39%, (3-month LIBOR plus 2.68%), 1/20/35(1)	1,325,000		1,210,205
Nassau Ltd., Series 2019-IA, Class BR, VRN, 3.64%, (3-month LIBOR plus 2.60%), 4/15/31(1)	1,500,000		1,407,693
Octagon Investment Partners Ltd., Series 2017-1A, Class CR, VRN, 4.76%, (3-month LIBOR plus 2.05%), 7/20/30(1)	750,000		701,921
Palmer Square Loan Funding Ltd., Series 2022-1A, Class D, VRN, 7.33%, (3-month SOFR plus 5.00%), 4/15/30(1)	900,000		793,692
Palmer Square Loan Funding Ltd., Series 2022-2A, Class A2, VRN, 2.99%, (3-month SOFR plus 1.90%), 10/15/30(1)	725,000		699,396
Palmer Square Loan Funding Ltd., Series 2022-5A, Class A2 VRN, 5.17%, (3-month SOFR plus 2.65%), 1/15/31(1)	450,000		445,449
PFP Ltd., Series 2021-8, Class D, VRN, 5.09%, (1-month LIBOR plus 2.15%), 8/9/37(1)	1,100,000		1,023,948
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 5.33%, (1-month LIBOR plus 2.25%), 4/25/38(1)	759,000		721,869

20

	Principal Amount/Shares		Value
Rockford Tower CLO Ltd., Series 2020-1A, Class C, VRN, 5.06%, (3-month LIBOR plus 2.35%), 1/20/32(1)	$	1,100,000	$	1,027,243
TCI-Symphony CLO Ltd., Series 2016 -1A, Class CR2, VRN, 4.61%, (3-month LIBOR plus 2.15%), 10/13/32(1)	800,000		742,789
TCI-Symphony CLO Ltd., Series 2017-1A, Class CR, VRN, 4.31%, (3-month LIBOR plus 1.80%), 7/15/30(1)	1,300,000		1,208,847
Wellfleet CLO Ltd., Series 2022-1A, Class B1, VRN, 4.47%, (3-month SOFR plus 2.35%), 4/15/34(1)	675,000		648,111
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $25,779,723)			24,135,514
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.8%
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.66%, 3/9/44(1)	758,491		601,281
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.67%, 3/11/44(1)	825,000		618,051
BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, VRN, 5.22%, (1-month LIBOR plus 2.40%), 9/15/36(1)	1,800,000		1,661,334
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 4.97%, (1-month LIBOR plus 2.15%), 5/15/36(1)	2,555,000		2,472,147
Med Trust, Series 2021-MDLN, Class F, VRN, 6.82%, (1-month LIBOR plus 4.00%), 11/15/38(1)	1,665,150		1,540,124
One Market Plaza Trust, Series 2017-1MKT, Class B, 3.85%, 2/10/32(1)	1,097,000		1,051,504
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $8,742,786)			7,944,441
MUNICIPAL SECURITIES — 1.7%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	330,000		382,343
California State University Rev., 2.98%, 11/1/51	400,000		274,888
Chicago GO, 7.05%, 1/1/23, Prerefunded at 100% of Par(5)	5,000		5,036
Chicago GO, 7.05%, 1/1/29	35,000		34,902
Dallas Area Rapid Transit Rev., 6.00%, 12/1/44	190,000		209,039
Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 3.61%, 8/15/40 (AGM)	105,000		80,923
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	387,000		285,074
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34	910,000		716,937
Houston GO, 3.96%, 3/1/47	255,000		214,976
Los Angeles Community College District GO, 6.75%, 8/1/49	130,000		160,585
Los Angeles Unified School District GO, 5.75%, 7/1/34	300,000		307,636
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	240,000		252,715
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	185,000		198,908
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47	580,000		414,628
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	50,000		51,223
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	300,000		367,761
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	40,000		47,346
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	455,000		331,482

21

	Principal Amount/Shares		Value
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	$	160,000	$	161,209
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	240,000		254,000
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	150,000		144,061
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	225,000		147,803
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	395,000		410,708
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	355,000		389,018
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	178,000		191,095
San Diego County Regional Airport Authority Rev., 5.59%, 7/1/43	125,000		120,630
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	180,000		193,902
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	230,000		239,149
State of California GO, 4.60%, 4/1/38	140,000		131,085
State of California GO, 7.55%, 4/1/39	260,000		324,436
State of California GO, 7.30%, 10/1/39	135,000		161,884
State of California GO, 7.60%, 11/1/40	25,000		31,501
State of Washington GO, 5.14%, 8/1/40	190,000		196,904
University of California Rev., 3.07%, 5/15/51	440,000		294,345
TOTAL MUNICIPAL SECURITIES (Cost $9,511,129)			7,728,132
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.6%
Chile†
Chile Government International Bond, 3.625%, 10/30/42	153,000		110,435
Colombia — 0.1%
Colombia Government International Bond, 6.125%, 1/18/41	800,000		590,660
Jordan — 0.1%
Jordan Government International Bond, 7.75%, 1/15/28(1)	560,000		530,600
Panama — 0.1%
Panama Government International Bond, 6.70%, 1/26/36	217,000		214,098
Peru — 0.1%
Peruvian Government International Bond, 5.625%, 11/18/50	299,000		282,814
Philippines — 0.1%
Philippine Government International Bond, 6.375%, 10/23/34	235,000		246,577
Poland — 0.1%
Republic of Poland Government International Bond, 3.00%, 3/17/23	265,000		262,974
South Africa†
Republic of South Africa Government International Bond, 5.875%, 6/22/30	200,000		172,750
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,937,391)			2,410,908
PREFERRED STOCKS — 0.5%
Banks — 0.2%
ING Groep NV, 3.875%	885,000		579,542
PNC Financial Services Group, Inc., 3.40%	444,000		332,457
			911,999
Trading Companies and Distributors — 0.3%
Air Lease Corp., 4.125%	866,000		596,430

22

	Principal Amount/Shares		Value
Aircastle Ltd., 5.25%(1)	1,140,000		$	860,807
			1,457,237
TOTAL PREFERRED STOCKS (Cost $3,288,458)			2,369,236
BANK LOAN OBLIGATIONS(6) — 0.5%
Food and Staples Retailing†
United Natural Foods, Inc., Term Loan B, 6.40%, (1-month SOFR plus 3.25%), 10/22/25	$	93,119	91,929
Media†
DirecTV Financing, LLC, Term Loan, 8.12%, (1-month LIBOR plus 5.00%), 8/2/27	20		19
Pharmaceuticals — 0.2%
Horizon Therapeutics USA Inc., 2021 Term Loan B2, 4.88%, (1-month LIBOR plus 1.75%), 3/15/28	772,240		743,524
Technology Hardware, Storage and Peripherals — 0.3%
McAfee, LLC, 2022 USD Term Loan B, 6.36%, (1-month SOFR plus 3.75%), 3/1/29	1,600,988		1,464,615
TOTAL BANK LOAN OBLIGATIONS (Cost $2,460,004)			2,300,087
U.S. GOVERNMENT AGENCY SECURITIES — 0.1%
Tennessee Valley Authority, 1.50%, 9/15/31 (Cost $399,935)	400,000		319,756
SHORT-TERM INVESTMENTS — 3.7%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class	492,739		492,739
Repurchase Agreements — 3.6%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.625% - 4.625%, 1/15/25 - 5/15/47, valued at $2,720,376), in a joint trading account at 2.86%, dated 9/30/22, due 10/3/22 (Delivery value $2,674,772)			2,674,135
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.25%, 6/30/28, valued at $13,645,575), at 2.95%, dated 9/30/22, due 10/3/22 (Delivery value $13,381,289)			13,378,000
			16,052,135
TOTAL SHORT-TERM INVESTMENTS (Cost $16,544,874)			16,544,874
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $503,568,935)			445,920,301
OTHER ASSETS AND LIABILITIES — (0.3)%			(1,212,034)
TOTAL NET ASSETS — 100.0%			$	444,708,267

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,499,370	CAD	1,955,291	Goldman Sachs & Co.	12/15/22	$	83,543

23

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	130	December 2022	$	26,700,782	$	(45,078)
U.S. Treasury 5-Year Notes	14	December 2022	1,505,109		(6,652)
U.S. Treasury 10-Year Notes	66	December 2022	7,396,125		(50,914)
U.S. Treasury 10-Year Ultra Notes	171	December 2022	20,260,828		(722,286)
U.S. Treasury Long Bonds	8	December 2022	1,011,250		(14,391)
U.S. Treasury Ultra Bonds	28	December 2022	3,836,000		(185,960)
			$	60,710,094	$	(1,025,281)

^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 37	Buy	(5.00)%	12/20/26	$	9,949,500	$	(475,155)	$	510,922	$	35,767
Markit CDX North America High Yield Index Series 38	Buy	(5.00)%	6/20/27	$	18,612,000	(19,106)		425,098		405,992
						$	(494,261)	$	936,020	$	441,759

^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.

24

NOTES TO SCHEDULE OF INVESTMENTS
AGM	-	Assured Guaranty Municipal Corporation
CAD	-	Canadian Dollar
CDX	-	Credit Derivatives Indexes
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
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
SEQ	-	Sequential Payer
SOFR	-	Secured Overnight Financing 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 or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $125,800,619, which represented 28.3% of total net assets.

(2)Perpetual maturity with no stated maturity date.

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

(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $3,048,895.

(5)Escrowed to maturity in U.S. government securities or state and local government securities.

(6)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.

25

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (cost of $503,568,935)	$	445,920,301
Cash	26,240
Foreign currency holdings, at value (cost of $10)	10
Receivable for investments sold	7,138,592
Receivable for capital shares sold	140,649
Receivable for variation margin on swap agreements	42,120
Unrealized appreciation on forward foreign currency exchange contracts	83,543
Interest receivable	3,069,106
	456,420,561
Liabilities
Payable for investments purchased	11,211,806
Payable for capital shares redeemed	83,721
Payable for variation margin on futures contracts	204,696
Accrued management fees	200,481
Distribution and service fees payable	3,553
Dividends payable	8,037
	11,712,294
Net Assets	$	444,708,267
Net Assets Consist of:
Capital paid in	$	539,348,141
Distributable earnings	(94,639,874)
	$	444,708,267

	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class	$400,666,493	43,405,909	$9.23
I Class	$21,290,189	2,306,556	$9.23
A Class	$12,552,475	1,359,596	$9.23
C Class	$617,600	66,900	$9.23
R Class	$772,029	83,630	$9.23
R5 Class	$8,805,140	954,321	$9.23
G Class	$4,341	471	$9.22

*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.66 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

26

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $868)	$	8,524,381
Expenses:
Management fees	1,269,813
Distribution and service fees:
A Class	17,543
C Class	4,335
R Class	1,998
Trustees' fees and expenses	16,574
Other expenses	12,961
	1,323,224
Fees waived - G Class	(409)
	1,322,815
Net investment income (loss)	7,201,566
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(28,684,282)
Forward foreign currency exchange contract transactions	58,362
Futures contract transactions	(3,015,445)
Swap agreement transactions	2,371,302
Foreign currency translation transactions	(580)
	(29,270,643)
Change in net unrealized appreciation (depreciation) on:
Investments	(29,365,687)
Forward foreign currency exchange contracts	131,664
Futures contracts	(565,581)
Swap agreements	(375,818)
Translation of assets and liabilities in foreign currencies	(16)
	(30,175,438)
Net realized and unrealized gain (loss)	(59,446,081)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(52,244,515)

See Notes to Financial Statements.

27

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	7,201,566	$	12,743,699
Net realized gain (loss)	(29,270,643)		(4,752,632)
Change in net unrealized appreciation (depreciation)	(30,175,438)		(25,951,442)
Net increase (decrease) in net assets resulting from operations	(52,244,515)		(17,960,375)
Distributions to Shareholders
From earnings:
Investor Class	(5,903,858)		(15,222,461)
I Class	(429,966)		(1,265,395)
A Class	(176,670)		(575,824)
C Class	(7,514)		(31,511)
R Class	(9,085)		(20,848)
R5 Class	(143,542)		(378,418)
G Class	(3,852)		(1,008,956)
Decrease in net assets from distributions	(6,674,487)		(18,503,413)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(7,949,114)		47,858,837
Net increase (decrease) in net assets	(66,868,116)		11,395,049
Net Assets
Beginning of period	511,576,383		500,181,334
End of period	$	444,708,267	$	511,576,383

See Notes to Financial Statements.

28

Notes to Financial Statements

SEPTEMBER 30, 2022 (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, R5 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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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.

29

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee 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.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that ACIM 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.

30

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

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

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

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

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

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

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 76% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

31

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 funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.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, 2022 are as follows:

	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
Investor Class	0.2425% to 0.3600%	0.2500% to 0.3100%	0.54%
I Class		0.1500% to 0.2100%	0.44%
A Class		0.2500% to 0.3100%	0.54%
C Class		0.2500% to 0.3100%	0.54%
R Class		0.2500% to 0.3100%	0.54%
R5 Class		0.0500% to 0.1100%	0.34%
G Class		0.0500% to 0.1100%	0.00%(1)

(1)Effective annual management fee before waiver was 0.34%.

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended September 30, 2022 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 $1,596,000 and there were no interfund sales.

32

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended September 30, 2022 totaled $435,555,077, of which $357,073,262 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2022 totaled $463,484,749, of which $322,192,264 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, 2022			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	1,092,643	$	10,822,576	9,438,838	$	105,893,361
Issued in reinvestment of distributions	599,146	5,850,905		1,349,001	15,094,635
Redeemed	(1,208,463)	(11,958,510)		(2,147,725)	(23,883,751)
	483,326	4,714,971		8,640,114	97,104,245
I Class
Sold	341,181	3,396,999		1,671,772	18,884,353
Issued in reinvestment of distributions	43,916	429,966		113,026	1,265,380
Redeemed	(1,437,646)	(13,883,454)		(1,980,061)	(22,284,785)
	(1,052,549)	(10,056,489)		(195,263)	(2,135,052)
A Class
Sold	77,690	762,244		390,452	4,377,108
Issued in reinvestment of distributions	17,518	171,154		50,365	563,833
Redeemed	(200,601)	(1,964,348)		(699,973)	(7,616,193)
	(105,393)	(1,030,950)		(259,156)	(2,675,252)
C Class
Sold	2,059	19,772		33,535	378,542
Issued in reinvestment of distributions	767	7,514		2,811	31,508
Redeemed	(46,536)	(451,446)		(56,167)	(632,450)
	(43,710)	(424,160)		(19,821)	(222,400)
R Class
Sold	9,436	92,646		48,205	542,623
Issued in reinvestment of distributions	930	9,077		1,843	20,595
Redeemed	(5,781)	(56,827)		(23,832)	(265,640)
	4,585	44,896		26,216	297,578
R5 Class
Sold	63,110	622,098		174,971	1,944,515
Issued in reinvestment of distributions	14,662	143,196		33,838	378,407
Redeemed	(152,642)	(1,499,085)		(147,768)	(1,652,073)
	(74,870)	(733,791)		61,041	670,849
G Class
Sold	1,035	10,491		993,529	11,185,206
Issued in reinvestment of distributions	260	2,602		89,031	1,008,956
Redeemed	(49,187)	(476,684)		(5,071,908)	(57,375,293)
	(47,892)	(463,591)		(3,989,348)	(45,181,131)
Net increase (decrease)	(836,503)	$	(7,949,114)	4,263,783	$	47,858,837

33

6. Fair Value Measurements

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

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

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

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

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

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

	Level 1		Level 2		Level 3
Assets
Investment Securities
Corporate Bonds	—		$	124,627,697	—
U.S. Treasury Securities	—		111,066,355		—
U.S. Government Agency Mortgage-Backed Securities	—		81,233,550		—
Collateralized Mortgage Obligations	—		34,746,339		—
Asset-Backed Securities	—		30,493,412		—
Collateralized Loan Obligations	—		24,135,514		—
Commercial Mortgage-Backed Securities	—		7,944,441		—
Municipal Securities	—		7,728,132		—
Sovereign Governments and Agencies	—		2,410,908		—
Preferred Stocks	—		2,369,236		—
Bank Loan Obligations	—		2,300,087		—
U.S. Government Agency Securities	—		319,756		—
Short-Term Investments	$	492,739	16,052,135		—
	$	492,739	$	445,427,562	—
Other Financial Instruments
Swap Agreements	—		$	441,759	—
Forward Foreign Currency Exchange Contracts	—		83,543		—
	—		$	525,302	—
Liabilities
Other Financial Instruments
Futures Contracts	$	1,025,281	—		—

34

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 $31,759,000.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon 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 $2,030,867.

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 $40,354,504 futures contracts purchased and $18,438,672 futures contracts sold.

35

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 $16,500,000.

Value of Derivative Instruments as of September 30, 2022

	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*	$	42,120	Payable for variation margin on swap agreements*	—
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	83,543		Unrealized depreciation on forward foreign currency exchange contracts	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	$	204,696
		$	125,663		$	204,696

*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, 2022

	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	$	870,220	Change in net unrealized appreciation (depreciation) on swap agreements	$	1,432,217
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	58,362		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	131,664
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(3,015,445)		Change in net unrealized appreciation (depreciation) on futures contracts	(565,581)
Other Contracts	Net realized gain (loss) on swap agreement transactions	1,501,082		Change in net unrealized appreciation (depreciation) on swap agreements	(1,808,035)
		$	(585,781)		$	(809,735)

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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, war, 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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

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	$	504,324,799
Gross tax appreciation of investments	$	46,599
Gross tax depreciation of investments	(58,451,097)
Net tax appreciation (depreciation) of investments	$	(58,404,498)

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, 2022, the fund had post-October capital loss deferrals of $(8,501,453), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

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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
2022(3)	$10.44	0.15	(1.22)	(1.07)	(0.14)	—	(0.14)	$9.23	(10.36)%	0.55%(4)	0.55%(4)	2.99%(4)	2.99%(4)	90%	$400,666
2022	$11.18	0.25	(0.62)	(0.37)	(0.27)	(0.10)	(0.37)	$10.44	(3.55)%	0.54%	0.54%	2.20%	2.20%	238%	$448,004
2021	$10.78	0.23	0.44	0.67	(0.27)	—	(0.27)	$11.18	6.17%	0.55%	0.58%	2.01%	1.98%	285%	$383,214
2020	$10.56	0.29	0.19	0.48	(0.26)	—	(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)	—	(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)	—	(0.33)	$10.59	1.92%	0.63%	0.65%	2.80%	2.78%	144%	$118,329
I Class
2022(3)	$10.44	0.15	(1.22)	(1.07)	(0.14)	—	(0.14)	$9.23	(10.31)%	0.45%(4)	0.45%(4)	3.09%(4)	3.09%(4)	90%	$21,290
2022	$11.18	0.26	(0.62)	(0.36)	(0.28)	(0.10)	(0.38)	$10.44	(3.45)%	0.44%	0.44%	2.30%	2.30%	238%	$35,057
2021	$10.77	0.24	0.45	0.69	(0.28)	—	(0.28)	$11.18	6.26%	0.45%	0.48%	2.11%	2.08%	285%	$39,729
2020	$10.56	0.30	0.18	0.48	(0.27)	—	(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)	—	(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)	—	(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:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
A Class
2022(3)	$10.44	0.14	(1.23)	(1.09)	(0.12)	—	(0.12)	$9.23	(10.47)%	0.80%(4)	0.80%(4)	2.74%(4)	2.74%(4)	90%	$12,552
2022	$11.18	0.22	(0.62)	(0.40)	(0.24)	(0.10)	(0.34)	$10.44	(3.79)%	0.79%	0.79%	1.95%	1.95%	238%	$15,294
2021	$10.78	0.21	0.43	0.64	(0.24)	—	(0.24)	$11.18	5.91%	0.80%	0.83%	1.76%	1.73%	285%	$19,275
2020	$10.56	0.26	0.19	0.45	(0.23)	—	(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)	—	(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)	—	(0.30)	$10.59	1.67%	0.88%	0.90%	2.55%	2.53%	144%	$14,139
C Class
2022(3)	$10.44	0.10	(1.22)	(1.12)	(0.09)	—	(0.09)	$9.23	(10.81)%	1.55%(4)	1.55%(4)	1.99%(4)	1.99%(4)	90%	$618
2022	$11.18	0.13	(0.62)	(0.49)	(0.15)	(0.10)	(0.25)	$10.44	(4.51)%	1.54%	1.54%	1.20%	1.20%	238%	$1,154
2021	$10.77	0.12	0.44	0.56	(0.15)	—	(0.15)	$11.18	5.20%	1.55%	1.58%	1.01%	0.98%	285%	$1,458
2020	$10.56	0.18	0.18	0.36	(0.15)	—	(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)	—	(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)	—	(0.22)	$10.58	0.81%	1.63%	1.65%	1.80%	1.78%	144%	$5,179

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)
R Class
2022(3)	$10.44	0.12	(1.22)	(1.10)	(0.11)	—	(0.11)	$9.23	(10.58)%	1.05%(4)	1.05%(4)	2.49%(4)	2.49%(4)	90%	$772
2022	$11.18	0.19	(0.62)	(0.43)	(0.21)	(0.10)	(0.31)	$10.44	(4.03)%	1.04%	1.04%	1.70%	1.70%	238%	$825
2021	$10.77	0.18	0.44	0.62	(0.21)	—	(0.21)	$11.18	5.64%	1.05%	1.08%	1.51%	1.48%	285%	$591
2020	$10.56	0.23	0.19	0.42	(0.21)	—	(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)	—	(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)	—	(0.27)	$10.59	1.41%	1.13%	1.15%	2.30%	2.28%	144%	$775
R5 Class
2022(3)	$10.43	0.16	(1.21)	(1.05)	(0.15)	—	(0.15)	$9.23	(10.18)%	0.35%(4)	0.35%(4)	3.19%(4)	3.19%(4)	90%	$8,805
2022	$11.17	0.27	(0.62)	(0.35)	(0.29)	(0.10)	(0.39)	$10.43	(3.36)%	0.34%	0.34%	2.40%	2.40%	238%	$10,737
2021	$10.77	0.26	0.43	0.69	(0.29)	—	(0.29)	$11.17	6.38%	0.35%	0.38%	2.21%	2.18%	285%	$10,817
2020	$10.56	0.31	0.18	0.49	(0.28)	—	(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)	—	(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)	—	(0.35)	$10.58	2.03%	0.43%	0.45%	3.00%	2.98%	144%	$9,315
G Class
2022(3)	$10.43	0.17	(1.22)	(1.05)	(0.16)	—	(0.16)	$9.22	(10.12)%	0.01%(4)	0.35%(4)	3.53%(4)	3.19%(4)	90%	$4
2022	$11.17	0.30	(0.62)	(0.32)	(0.32)	(0.10)	(0.42)	$10.43	(3.04)%	0.01%	0.34%	2.73%	2.40%	238%	$504
2021(7)	$11.37	0.11	(0.16)	(0.05)	(0.15)	—	(0.15)	$11.17	(0.45)%	0.01%(4)	0.35%(4)	2.47%(4)	2.13%(4)	285%(8)	$45,097

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, 2022 (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)November 4, 2020 (commencement of sale) through March 31, 2021.

(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2021.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 21, 2022, 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 of 1940 (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 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.

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 and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas ofinterest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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.

42

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 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 principal investment 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 actions being taken 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

43

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.

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 fee structure 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 securities transaction expenses, 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 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.

44

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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 also 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

45

Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting 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. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

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.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90813 2211

Semiannual Report

September 30, 2022

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)

G Class (ACDOX)

Table of Contents

President’s Letter	2
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	26
Statement of Operations	27
Statement of Changes in Net Assets	28
Notes to Financial Statements	29
Financial Highlights	38
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 ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Types of Investments in Portfolio	% of net assets
U.S. Treasury Securities	30.0%
Corporate Bonds	24.6%
U.S. Government Agency Mortgage-Backed Securities	20.0%
Collateralized Loan Obligations	6.6%
Asset-Backed Securities	6.0%
Collateralized Mortgage Obligations	5.2%
Municipal Securities	1.6%
Commercial Mortgage-Backed Securities	1.5%
U.S. Government Agency Securities	0.7%
Sovereign Governments and Agencies	0.5%
Bank Loan Obligations	0.1%
Short-Term Investments	5.0%
Other Assets and Liabilities	(1.8)%

3

Shareholder Fee Example 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from April 1, 2022 to September 30, 2022 (except as noted).

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 mutual 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 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 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

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

4

	Beginning Account Value 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$901.70	$2.86	0.60%
I Class	$1,000	$903.60	$1.91	0.40%
Y Class	$1,000	$902.90	$1.77	0.37%
A Class	$1,000	$901.60	$4.05	0.85%
C Class	$1,000	$898.10	$7.61	1.60%
R Class	$1,000	$899.50	$5.24	1.10%
R5 Class	$1,000	$903.40	$1.91	0.40%
R6 Class	$1,000	$903.00	$1.67	0.35%
G Class	$1,000	$941.50	$0.04(2)	0.01%
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%
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.

(2)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 135, the number of days in the period from May 19, 2022 (commencement of sale) through September 30, 2022, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.

5

Schedule of Investments

SEPTEMBER 30, 2022 (UNAUDITED)

	Principal Amount		Value
U.S. TREASURY SECURITIES — 30.0%
U.S. Treasury Bonds, 5.00%, 5/15/37	$	5,000,000	$	5,677,051
U.S. Treasury Bonds, 4.50%, 5/15/38	18,500,000		19,951,816
U.S. Treasury Bonds, 3.50%, 2/15/39	25,000,000		23,828,125
U.S. Treasury Bonds, 1.125%, 8/15/40	3,000,000		1,860,117
U.S. Treasury Bonds, 1.375%, 11/15/40	3,000,000		1,941,152
U.S. Treasury Bonds, 2.25%, 5/15/41	8,000,000		6,052,344
U.S. Treasury Bonds, 3.75%, 8/15/41	4,000,000		3,837,031
U.S. Treasury Bonds, 2.00%, 11/15/41	9,500,000		6,805,303
U.S. Treasury Bonds, 3.125%, 11/15/41	20,762,000		18,072,672
U.S. Treasury Bonds, 2.375%, 2/15/42	19,000,000		14,567,656
U.S. Treasury Bonds, 3.125%, 2/15/42	13,700,000		11,942,012
U.S. Treasury Bonds, 3.00%, 5/15/42	44,000,000		37,467,031
U.S. Treasury Bonds, 3.25%, 5/15/42	40,000,000		35,512,500
U.S. Treasury Bonds, 3.375%, 8/15/42	90,000,000		81,548,437
U.S. Treasury Bonds, 2.75%, 11/15/42	4,000,000		3,244,062
U.S. Treasury Bonds, 2.875%, 5/15/43	6,500,000		5,363,008
U.S. Treasury Bonds, 3.75%, 11/15/43	8,000,000		7,605,625
U.S. Treasury Bonds, 3.125%, 8/15/44	1,000,000		855,508
U.S. Treasury Bonds, 2.50%, 2/15/45	7,600,000		5,800,938
U.S. Treasury Bonds, 2.50%, 2/15/46	8,000,000		6,080,625
U.S. Treasury Bonds, 2.75%, 8/15/47	5,000,000		3,999,414
U.S. Treasury Bonds, 2.75%, 11/15/47	5,000,000		4,004,102
U.S. Treasury Bonds, 3.00%, 8/15/48	2,100,000		1,777,822
U.S. Treasury Bonds, 3.375%, 11/15/48	68,000,000		61,954,375
U.S. Treasury Bonds, 2.875%, 5/15/49	14,500,000		12,096,455
U.S. Treasury Bonds, 2.25%, 8/15/49	24,600,000		18,004,125
U.S. Treasury Bonds, 2.375%, 11/15/49	16,500,000		12,434,297
U.S. Treasury Bonds, 2.00%, 2/15/50	22,000,000		15,127,578
U.S. Treasury Bonds, 1.25%, 5/15/50	4,500,000		2,520,791
U.S. Treasury Bonds, 1.625%, 11/15/50	1,000,000		621,328
U.S. Treasury Bonds, 1.875%, 2/15/51	1,500,000		993,633
U.S. Treasury Bonds, 2.375%, 5/15/51	20,000,000		14,971,875
U.S. Treasury Bonds, 2.25%, 2/15/52	13,500,000		9,812,813
U.S. Treasury Bonds, 2.875%, 5/15/52	65,500,000		54,948,359
U.S. Treasury Notes, 3.00%, 6/30/24(1)	30,000,000		29,350,195
U.S. Treasury Notes, 1.125%, 1/15/25	1,368,000		1,274,752
U.S. Treasury Notes, 1.50%, 2/15/25	30,000,000		28,127,344
U.S. Treasury Notes, 1.75%, 3/15/25	110,000,000		103,597,657
U.S. Treasury Notes, 2.75%, 5/15/25	50,000,000		48,123,047
U.S. Treasury Notes, 2.875%, 6/15/25	20,000,000		19,291,406
U.S. Treasury Notes, 2.75%, 6/30/25	30,000,000		28,841,016
U.S. Treasury Notes, 3.00%, 7/15/25	20,000,000		19,333,594
U.S. Treasury Notes, 3.125%, 8/15/25	20,000,000		19,388,281
U.S. Treasury Notes, 3.50%, 9/15/25	20,000,000		19,593,750
U.S. Treasury Notes, 3.00%, 9/30/25	20,000,000		19,307,031
U.S. Treasury Notes, 2.625%, 12/31/25	8,000,000		7,613,438
U.S. Treasury Notes, 1.75%, 12/31/26	3,500,000		3,179,668

6

	Principal Amount		Value
U.S. Treasury Notes, 1.875%, 2/28/27	$	25,000,000	$	22,773,437
U.S. Treasury Notes, 2.50%, 3/31/27	10,000,000		9,342,969
U.S. Treasury Notes, 2.625%, 5/31/27	190,000,000		178,399,609
U.S. Treasury Notes, 3.25%, 6/30/27	70,000,000		67,476,172
U.S. Treasury Notes, 2.75%, 7/31/27	10,000,000		9,417,969
U.S. Treasury Notes, 0.50%, 8/31/27	47,000,000		39,599,336
U.S. Treasury Notes, 0.625%, 11/30/27	20,000,000		16,816,406
U.S. Treasury Notes, 0.625%, 12/31/27	25,000,000		20,975,586
U.S. Treasury Notes, 1.25%, 3/31/28	42,000,000		36,223,359
U.S. Treasury Notes, 1.25%, 4/30/28	33,600,000		28,915,688
U.S. Treasury Notes, 1.25%, 6/30/28	7,000,000		6,000,859
U.S. Treasury Notes, 1.25%, 9/30/28	2,000,000		1,702,891
U.S. Treasury Notes, 1.875%, 2/28/29	15,000,000		13,205,859
U.S. Treasury Notes, 2.375%, 3/31/29	44,800,000		40,575,500
U.S. Treasury Notes, 2.875%, 4/30/29	140,000,000		130,725,000
U.S. Treasury Notes, 3.25%, 6/30/29	60,000,000		57,359,765
U.S. Treasury Notes, 2.625%, 7/31/29	200,000		183,828
U.S. Treasury Notes, 3.125%, 8/31/29	40,000,000		37,971,875
U.S. Treasury Notes, 1.875%, 2/15/32	25,000,000		21,189,453
U.S. Treasury Notes, 2.875%, 5/15/32	54,600,000		50,492,203
TOTAL U.S. TREASURY SECURITIES (Cost $1,807,937,696)			1,647,648,923
CORPORATE BONDS — 24.6%
Aerospace and Defense — 0.2%
Raytheon Technologies Corp., 4.125%, 11/16/28	8,766,000		8,197,598
Raytheon Technologies Corp., 3.125%, 7/1/50	3,150,000		2,126,811
			10,324,409
Air Freight and Logistics — 0.1%
GXO Logistics, Inc., 2.65%, 7/15/31	5,697,000		4,041,333
Airlines — 0.1%
British Airways 2021-1 Class A Pass Through Trust, 2.90%, 9/15/36(2)	3,086,357		2,516,843
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(2)	5,222,000		4,870,681
			7,387,524
Auto Components — 0.1%
Aptiv PLC, 3.10%, 12/1/51	4,860,000		2,731,192
Automobiles — 0.5%
General Motors Co., 5.15%, 4/1/38	3,276,000		2,642,603
General Motors Financial Co., Inc., 2.75%, 6/20/25	13,221,000		12,192,755
General Motors Financial Co., Inc., 2.40%, 10/15/28	5,113,000		4,045,600
Toyota Motor Credit Corp., 1.90%, 4/6/28	6,980,000		5,946,002
			24,826,960
Banks — 3.9%
Banco Santander SA, 5.29%, 8/18/27	2,507,000		2,364,603
Banco Santander SA, VRN, 1.72%, 9/14/27	6,600,000		5,467,898
Banco Santander SA, VRN, 4.18%, 3/24/28	2,200,000		1,985,538
Bank of America Corp., VRN, 3.38%, 4/2/26	6,250,000		5,906,890
Bank of America Corp., VRN, 2.55%, 2/4/28	2,618,000		2,280,216
Bank of America Corp., VRN, 3.42%, 12/20/28	17,151,000		15,250,930
Bank of America Corp., VRN, 2.88%, 10/22/30	11,410,000		9,368,898
Bank of America Corp., VRN, 4.57%, 4/27/33	22,665,000		20,331,184
Bank of America Corp., VRN, 2.48%, 9/21/36	5,400,000		3,908,492

7

	Principal Amount		Value
Bank of Ireland Group PLC, VRN, 2.03%, 9/30/27(2)	$	4,492,000	$	3,721,144
Citigroup, Inc., VRN, 0.78%, 10/30/24	1,491,000		1,416,668
Citigroup, Inc., VRN, 3.07%, 2/24/28	17,909,000		15,982,155
Citigroup, Inc., VRN, 3.67%, 7/24/28	2,100,000		1,893,202
Citigroup, Inc., VRN, 3.52%, 10/27/28	8,756,000		7,827,271
Citigroup, Inc., VRN, 3.79%, 3/17/33	2,825,000		2,371,736
Commonwealth Bank of Australia, VRN, 3.61%, 9/12/34(2)	7,045,000		5,859,025
Fifth Third Bancorp, VRN, 4.06%, 4/25/28	3,361,000		3,158,180
FNB Corp., 2.20%, 2/24/23	7,603,000		7,498,580
HSBC Holdings PLC, VRN, 0.73%, 8/17/24	5,160,000		4,921,030
HSBC Holdings PLC, VRN, 1.16%, 11/22/24	2,124,000		2,008,034
HSBC Holdings PLC, VRN, 2.80%, 5/24/32	4,440,000		3,269,295
HSBC Holdings PLC, VRN, 5.40%, 8/11/33	4,057,000		3,612,829
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28	4,839,000		4,576,512
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27	5,225,000		4,516,659
JPMorgan Chase & Co., VRN, 2.95%, 2/24/28	12,084,000		10,698,727
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	10,552,000		8,566,665
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	21,198,000		16,784,523
National Australia Bank Ltd., 2.33%, 8/21/30(2)	4,610,000		3,439,045
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33	6,703,000		5,988,354
Toronto-Dominion Bank, 2.00%, 9/10/31	4,803,000		3,590,208
Toronto-Dominion Bank, 2.45%, 1/12/32	3,585,000		2,765,921
Toronto-Dominion Bank, 4.46%, 6/8/32	2,797,000		2,557,767
Truist Financial Corp., VRN, 4.12%, 6/6/28	2,518,000		2,368,258
Wells Fargo & Co., VRN, 4.54%, 8/15/26	3,810,000		3,687,951
Wells Fargo & Co., VRN, 3.35%, 3/2/33	3,660,000		2,972,917
Wells Fargo & Co., VRN, 3.07%, 4/30/41	10,120,000		6,969,376
Wells Fargo & Co., VRN, 4.61%, 4/25/53	2,793,000		2,273,322
			212,160,003
Beverages — 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	7,777,000		6,777,138
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	11,491,000		11,205,784
Keurig Dr Pepper, Inc., 4.05%, 4/15/32	2,740,000		2,408,059
PepsiCo, Inc., 3.90%, 7/18/32	2,222,000		2,057,155
			22,448,136
Biotechnology — 0.6%
AbbVie, Inc., 3.20%, 11/21/29	9,276,000		8,128,152
AbbVie, Inc., 4.40%, 11/6/42	8,815,000		7,339,495
Amgen, Inc., 4.05%, 8/18/29	13,980,000		12,878,773
CSL Finance PLC, 4.25%, 4/27/32(2)	4,133,000		3,778,387
			32,124,807
Building Products†
Fortune Brands Home & Security, Inc., 4.50%, 3/25/52	2,760,000		1,903,399
Capital Markets — 2.5%
Deutsche Bank AG, 5.37%, 9/9/27	8,145,000		7,871,653
Deutsche Bank AG, VRN, 4.30%, 5/24/28	6,681,000		5,959,674
FS KKR Capital Corp., 4.25%, 2/14/25(2)	1,979,000		1,837,664
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25	9,706,000		9,227,810
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27	11,969,000		10,250,565
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28	11,830,000		10,277,480
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29	1,641,000		1,457,204

8

	Principal Amount		Value
Goldman Sachs Group, Inc., VRN, 3.10%, 2/24/33	$	3,860,000	$	3,070,505
Golub Capital BDC, Inc., 2.50%, 8/24/26	2,794,000		2,345,345
Moody's Corp., 2.55%, 8/18/60	4,655,000		2,539,172
Morgan Stanley, VRN, 0.53%, 1/25/24	19,727,000		19,408,681
Morgan Stanley, VRN, 1.16%, 10/21/25	10,317,000		9,408,485
Morgan Stanley, VRN, 2.63%, 2/18/26	14,569,000		13,585,692
Morgan Stanley, VRN, 2.70%, 1/22/31	8,430,000		6,843,242
Morgan Stanley, VRN, 2.51%, 10/20/32	19,570,000		14,976,873
Morgan Stanley, VRN, 2.48%, 9/16/36	2,579,000		1,851,823
Owl Rock Capital Corp., 3.40%, 7/15/26	1,084,000		931,326
Owl Rock Core Income Corp., 3.125%, 9/23/26	3,070,000		2,584,296
State Street Corp., VRN, 4.16%, 8/4/33	4,868,000		4,399,522
UBS Group AG, VRN, 1.49%, 8/10/27(2)	11,579,000		9,741,150
UBS Group AG, VRN, 4.75%, 5/12/28(2)	1,245,000		1,170,234
			139,738,396
Chemicals — 0.1%
CF Industries, Inc., 5.15%, 3/15/34	5,260,000		4,736,603
CF Industries, Inc., 4.95%, 6/1/43	3,700,000		2,988,545
			7,725,148
Commercial Services and Supplies — 0.2%
Republic Services, Inc., 2.30%, 3/1/30	4,257,000		3,500,970
Waste Connections, Inc., 3.20%, 6/1/32	6,376,000		5,348,201
			8,849,171
Construction and Engineering — 0.1%
Quanta Services, Inc., 2.35%, 1/15/32	7,748,000		5,711,265
Construction Materials — 0.1%
Eagle Materials, Inc., 2.50%, 7/1/31	5,253,000		3,838,765
Martin Marietta Materials, Inc., 2.40%, 7/15/31	3,120,000		2,413,538
			6,252,303
Consumer Finance — 0.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/24	2,133,000		1,950,578
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28	4,631,000		3,718,018
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(2)	581,000		520,379
Capital One Financial Corp., VRN, 4.99%, 7/24/26	2,540,000		2,484,596
			8,673,571
Containers and Packaging — 0.2%
Sonoco Products Co., 2.25%, 2/1/27	7,177,000		6,366,110
WRKCo, Inc., 3.00%, 9/15/24	3,525,000		3,368,731
			9,734,841
Diversified Consumer Services — 0.2%
Duke University, 3.30%, 10/1/46	3,000,000		2,279,810
Novant Health, Inc., 3.17%, 11/1/51	5,345,000		3,708,980
Pepperdine University, 3.30%, 12/1/59	6,183,000		3,997,505
			9,986,295
Diversified Financial Services — 0.6%
Antares Holdings LP, 2.75%, 1/15/27(2)	4,144,000		3,304,439
Block Financial LLC, 3.875%, 8/15/30	7,371,000		6,304,912
Corebridge Financial, Inc., 3.85%, 4/5/29(2)	1,788,000		1,578,051
Corebridge Financial, Inc., VRN, 6.875%, 12/15/52(2)	5,160,000		4,733,598
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35	11,415,000		10,241,764

9

	Principal Amount		Value
PG&E Energy Recovery Funding LLC, 2.82%, 7/15/48	$	12,625,000	$	8,632,739
			34,795,503
Diversified Telecommunication Services ��� 1.0%
AT&T, Inc., 4.35%, 3/1/29	12,602,000		11,794,680
AT&T, Inc., 4.50%, 5/15/35	7,242,000		6,286,948
AT&T, Inc., 4.90%, 8/15/37	6,055,000		5,381,620
AT&T, Inc., 4.55%, 3/9/49	7,284,000		5,838,783
AT&T, Inc., 3.55%, 9/15/55	3,106,000		2,046,697
Ooredoo International Finance Ltd., 3.25%, 2/21/23	1,933,000		1,922,016
Ooredoo International Finance Ltd., 2.625%, 4/8/31(2)	3,700,000		3,067,189
Telefonica Emisiones SA, 4.90%, 3/6/48	4,295,000		3,138,346
Verizon Communications, Inc., 4.33%, 9/21/28	5,085,000		4,788,235
Verizon Communications, Inc., 4.27%, 1/15/36	9,310,000		7,964,761
			52,229,275
Electric Utilities — 1.8%
AEP Texas, Inc., 2.10%, 7/1/30	7,288,000		5,693,567
Baltimore Gas & Electric Co., 2.25%, 6/15/31	3,947,000		3,156,448
Baltimore Gas & Electric Co., 4.55%, 6/1/52	2,217,000		1,909,161
CenterPoint Energy Houston Electric LLC, 4.45%, 10/1/32	6,380,000		6,054,383
Commonwealth Edison Co., 3.20%, 11/15/49	4,602,000		3,201,218
Duke Energy Carolinas LLC, 2.55%, 4/15/31	2,596,000		2,135,295
Duke Energy Corp., 2.55%, 6/15/31	2,920,000		2,294,056
Duke Energy Corp., 5.00%, 8/15/52	3,750,000		3,204,029
Duke Energy Florida LLC, 1.75%, 6/15/30	4,706,000		3,674,430
Duke Energy Florida LLC, 3.85%, 11/15/42	2,673,000		2,093,284
Duke Energy Progress LLC, 2.00%, 8/15/31	7,400,000		5,730,373
Duke Energy Progress LLC, 4.15%, 12/1/44	5,693,000		4,608,559
Entergy Arkansas LLC, 2.65%, 6/15/51	3,298,000		2,000,610
Entergy Louisiana LLC, 4.75%, 9/15/52	1,490,000		1,300,307
Exelon Corp., 4.45%, 4/15/46	2,647,000		2,167,672
Exelon Corp., 4.10%, 3/15/52(2)	1,207,000		934,650
Florida Power & Light Co., 2.45%, 2/3/32	3,703,000		3,011,917
Florida Power & Light Co., 4.125%, 2/1/42	3,131,000		2,625,915
MidAmerican Energy Co., 4.40%, 10/15/44	5,027,000		4,283,406
NextEra Energy Capital Holdings, Inc., 5.00%, 7/15/32	5,767,000		5,514,255
Northern States Power Co., 3.20%, 4/1/52	4,200,000		2,930,056
Pacific Gas & Electric Co., 4.20%, 6/1/41	2,695,000		1,856,440
PacifiCorp, 3.30%, 3/15/51	4,128,000		2,897,453
PECO Energy Co., 4.375%, 8/15/52	5,740,000		4,887,555
Public Service Co. of Colorado, 1.875%, 6/15/31	5,499,000		4,302,639
Public Service Electric & Gas Co., 3.10%, 3/15/32	4,354,000		3,716,246
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	6,205,000		4,607,823
Union Electric Co., 3.90%, 4/1/52	3,640,000		2,868,956
Xcel Energy, Inc., 3.40%, 6/1/30	4,854,000		4,218,807
Xcel Energy, Inc., 4.60%, 6/1/32	2,240,000		2,079,847
			99,959,357
Energy Equipment and Services — 0.1%
Schlumberger Investment SA, 2.65%, 6/26/30	5,360,000		4,467,115
Entertainment — 0.3%
Netflix, Inc., 4.875%, 4/15/28	7,813,000		7,329,570
Warnermedia Holdings, Inc., 3.76%, 3/15/27(2)	3,889,000		3,484,343
Warnermedia Holdings, Inc., 5.05%, 3/15/42(2)	5,902,000		4,426,473

10

	Principal Amount		Value
Warnermedia Holdings, Inc., 5.14%, 3/15/52(2)	$	2,687,000	$	1,958,092
			17,198,478
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp., 3.95%, 3/15/29	6,090,000		5,439,025
Broadstone Net Lease LLC, 2.60%, 9/15/31	2,721,000		2,007,053
Corporate Office Properties LP, 2.00%, 1/15/29	4,580,000		3,452,452
EPR Properties, 4.75%, 12/15/26	3,215,000		2,858,077
EPR Properties, 4.95%, 4/15/28	3,476,000		2,997,295
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	6,550,000		6,273,590
National Retail Properties, Inc., 4.80%, 10/15/48	4,265,000		3,558,371
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31	3,693,000		2,686,406
Rexford Industrial Realty LP, 2.15%, 9/1/31	7,222,000		5,426,091
SBA Tower Trust, 3.45%, 3/15/48(2)	10,000,000		9,909,906
			44,608,266
Food and Staples Retailing — 0.1%
Sysco Corp., 5.95%, 4/1/30	8,069,000		8,180,361
Food Products — 0.3%
JDE Peet's NV, 2.25%, 9/24/31(2)	7,952,000		5,833,669
Kraft Heinz Foods Co., 5.00%, 6/4/42	6,205,000		5,403,683
Mondelez International, Inc., 2.75%, 4/13/30	3,479,000		2,902,367
			14,139,719
Gas Utilities — 0.1%
Infraestructura Energetica Nova SAPI de CV, 4.75%, 1/15/51(2)	8,381,000		5,709,771
Health Care Equipment and Supplies — 0.6%
Baxter International, Inc., 1.92%, 2/1/27	8,287,000		7,222,218
Baxter International, Inc., 2.54%, 2/1/32	11,395,000		8,877,678
Becton Dickinson & Co., 4.30%, 8/22/32	2,538,000		2,319,039
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24	14,190,000		13,134,218
			31,553,153
Health Care Providers and Services — 1.1%
Centene Corp., 2.45%, 7/15/28	9,250,000		7,546,705
Centene Corp., 4.625%, 12/15/29	4,011,000		3,613,691
Centene Corp., 3.375%, 2/15/30	6,630,000		5,434,445
CVS Health Corp., 4.78%, 3/25/38	2,878,000		2,528,734
CVS Health Corp., 5.05%, 3/25/48	3,320,000		2,931,573
Duke University Health System, Inc., 3.92%, 6/1/47	2,697,000		2,204,925
HCA, Inc., 2.375%, 7/15/31	3,790,000		2,809,362
Humana, Inc., 2.15%, 2/3/32	18,866,000		14,364,139
Kaiser Foundation Hospitals, 3.00%, 6/1/51	4,160,000		2,765,320
Roche Holdings, Inc., 2.61%, 12/13/51(2)	6,740,000		4,416,498
Universal Health Services, Inc., 1.65%, 9/1/26(2)	7,147,000		5,997,809
Universal Health Services, Inc., 2.65%, 10/15/30(2)	6,358,000		4,712,769
			59,325,970
Hotels, Restaurants and Leisure — 0.1%
Marriott International, Inc., 3.50%, 10/15/32	3,656,000		2,946,746
Household Durables — 0.2%
D.R. Horton, Inc., 2.50%, 10/15/24	5,488,000		5,223,544
Safehold Operating Partnership LP, 2.85%, 1/15/32	5,511,000		4,112,576
			9,336,120
Household Products — 0.2%
Clorox Co., 4.60%, 5/1/32	11,156,000		10,404,785

11

	Principal Amount		Value
Insurance — 0.4%
Alleghany Corp., 3.25%, 8/15/51	$	6,490,000	$	4,388,664
American International Group, Inc., 6.25%, 5/1/36	4,720,000		4,920,019
Athene Global Funding, 1.99%, 8/19/28(2)	5,383,000		4,249,865
Sammons Financial Group, Inc., 4.75%, 4/8/32(2)	2,689,000		2,198,324
SBL Holdings, Inc., 5.125%, 11/13/26(2)	5,399,000		4,930,464
			20,687,336
Interactive Media and Services — 0.1%
Meta Platforms, Inc., 3.85%, 8/15/32(2)	3,776,000		3,323,060
Internet and Direct Marketing Retail — 0.2%
Amazon.com, Inc., 3.60%, 4/13/32	9,080,000		8,265,250
IT Services — 0.1%
Fidelity National Information Services, Inc., 5.10%, 7/15/32	2,428,000		2,284,831
Fiserv, Inc., 2.65%, 6/1/30	6,280,000		5,097,766
			7,382,597
Life Sciences Tools and Services — 0.2%
Danaher Corp., 2.80%, 12/10/51	5,175,000		3,344,618
Illumina, Inc., 2.55%, 3/23/31	9,210,000		7,070,790
			10,415,408
Machinery — 0.1%
John Deere Capital Corp., 4.35%, 9/15/32	7,820,000		7,437,305
Media — 0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49	4,010,000		2,949,509
Comcast Corp., 5.65%, 6/15/35	1,113,000		1,115,019
Comcast Corp., 6.50%, 11/15/35	1,998,000		2,135,923
Comcast Corp., 3.75%, 4/1/40	6,957,000		5,486,952
Comcast Corp., 2.94%, 11/1/56	4,955,000		2,966,217
Paramount Global, 4.95%, 1/15/31	3,030,000		2,677,622
Paramount Global, 4.375%, 3/15/43	2,120,000		1,417,141
Time Warner Cable LLC, 4.50%, 9/15/42	7,625,000		5,280,924
			24,029,307
Metals and Mining — 0.3%
Glencore Funding LLC, 2.625%, 9/23/31(2)	7,530,000		5,654,193
Minera Mexico SA de CV, 4.50%, 1/26/50(2)	3,817,000		2,664,113
Nucor Corp., 3.125%, 4/1/32	3,181,000		2,601,581
South32 Treasury Ltd., 4.35%, 4/14/32(2)	5,400,000		4,654,341
Teck Resources Ltd., 6.25%, 7/15/41	1,850,000		1,694,825
			17,269,053
Multi-Utilities — 0.6%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(2)	4,670,000		3,970,780
Ameren Corp., 3.50%, 1/15/31	7,733,000		6,683,531
Ameren Illinois Co., 3.85%, 9/1/32	3,015,000		2,720,335
CenterPoint Energy, Inc., 2.65%, 6/1/31	4,853,000		3,883,351
Dominion Energy, Inc., 4.90%, 8/1/41	4,957,000		4,377,011
Dominion Energy, Inc., 4.85%, 8/15/52	3,730,000		3,184,984
Sempra Energy, 3.25%, 6/15/27	4,523,000		4,135,025
WEC Energy Group, Inc., 1.375%, 10/15/27	7,970,000		6,576,351
			35,531,368
Multiline Retail — 0.1%
Target Corp., 4.50%, 9/15/32	6,774,000		6,464,368
Target Corp., 3.90%, 11/15/47	603,000		487,127
			6,951,495

12

	Principal Amount		Value
Oil, Gas and Consumable Fuels — 1.9%
Aker BP ASA, 3.75%, 1/15/30(2)	$	7,621,000	$	6,489,091
Aker BP ASA, 4.00%, 1/15/31(2)	1,868,000		1,587,797
BP Capital Markets America, Inc., 3.06%, 6/17/41	4,280,000		3,062,595
Cenovus Energy, Inc., 2.65%, 1/15/32	4,780,000		3,690,929
Continental Resources, Inc., 2.27%, 11/15/26(2)	4,850,000		4,144,638
Continental Resources, Inc., 2.875%, 4/1/32(2)	3,377,000		2,477,536
Enbridge, Inc., 3.40%, 8/1/51	1,980,000		1,332,700
Energy Transfer LP, 4.25%, 3/15/23	6,430,000		6,414,509
Energy Transfer LP, 3.75%, 5/15/30	6,980,000		5,918,586
Energy Transfer LP, 4.90%, 3/15/35	6,327,000		5,328,141
Enterprise Products Operating LLC, 4.85%, 3/15/44	7,222,000		6,079,663
Enterprise Products Operating LLC, 3.30%, 2/15/53	3,659,000		2,390,255
Equinor ASA, 3.25%, 11/18/49	2,481,000		1,785,968
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(2)	11,598,360		8,850,855
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	4,328,000		4,130,036
MPLX LP, 2.65%, 8/15/30	5,080,000		3,987,252
Petroleos Mexicanos, 3.50%, 1/30/23	3,434,000		3,393,050
Petroleos Mexicanos, 4.625%, 9/21/23	1,800,000		1,752,570
Petroleos Mexicanos, 6.50%, 3/13/27	2,099,000		1,761,376
Petroleos Mexicanos, 6.625%, 6/15/35	1,050,000		671,716
SA Global Sukuk Ltd., 2.69%, 6/17/31(2)	13,125,000		11,097,594
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	8,590,000		8,590,847
Saudi Arabian Oil Co., 1.625%, 11/24/25(2)	3,000,000		2,703,894
Shell International Finance BV, 2.375%, 11/7/29	5,500,000		4,617,449
			102,259,047
Paper and Forest Products — 0.1%
Georgia-Pacific LLC, 2.10%, 4/30/27(2)	7,095,000		6,297,234
Personal Products†
GSK Consumer Healthcare Capital US LLC, 4.00%, 3/24/52(2)	2,795,000		2,074,289
Pharmaceuticals — 0.5%
Bristol-Myers Squibb Co., 2.95%, 3/15/32	6,671,000		5,711,424
Bristol-Myers Squibb Co., 2.55%, 11/13/50	5,441,000		3,369,005
Merck & Co., Inc., 1.70%, 6/10/27	5,238,000		4,580,743
Utah Acquisition Sub, Inc., 3.95%, 6/15/26	13,870,000		12,661,459
Viatris, Inc., 4.00%, 6/22/50	2,059,000		1,236,874
			27,559,505
Real Estate Management and Development — 0.1%
Essential Properties LP, 2.95%, 7/15/31	5,160,000		3,777,291
Road and Rail — 0.4%
Ashtead Capital, Inc., 5.50%, 8/11/32(2)	1,758,000		1,634,467
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	3,073,000		2,532,496
Burlington Northern Santa Fe LLC, 3.30%, 9/15/51	3,270,000		2,338,863
CSX Corp., 4.10%, 11/15/32	4,550,000		4,134,960
DAE Funding LLC, 1.55%, 8/1/24(2)	2,949,000		2,696,599
Norfolk Southern Corp., 4.55%, 6/1/53	3,263,000		2,772,603
Union Pacific Corp., 3.55%, 8/15/39	7,826,000		6,216,019
			22,326,007
Semiconductors and Semiconductor Equipment — 0.3%
Broadcom, Inc., 4.00%, 4/15/29(2)	4,287,000		3,782,248
Broadcom, Inc., 4.93%, 5/15/37(2)	4,697,000		3,881,853
Intel Corp., 4.90%, 8/5/52	3,780,000		3,344,984

13

	Principal Amount		Value
Intel Corp., 3.20%, 8/12/61	$	6,948,000	$	4,347,116
Qorvo, Inc., 4.375%, 10/15/29	3,269,000		2,804,851
			18,161,052
Software — 0.1%
Oracle Corp., 3.90%, 5/15/35	2,810,000		2,158,083
Oracle Corp., 3.85%, 7/15/36	2,122,000		1,591,427
Oracle Corp., 3.60%, 4/1/40	5,930,000		4,035,446
			7,784,956
Specialty Retail — 0.9%
Dick's Sporting Goods, Inc., 3.15%, 1/15/32	7,897,000		6,026,091
Home Depot, Inc., 4.50%, 9/15/32	11,620,000		11,118,249
Home Depot, Inc., 3.90%, 6/15/47	14,432,000		11,512,499
Lowe's Cos., Inc., 2.625%, 4/1/31	11,420,000		9,199,381
Lowe's Cos., Inc., 4.25%, 4/1/52	11,005,000		8,440,037
O'Reilly Automotive, Inc., 4.70%, 6/15/32	4,287,000		4,019,699
			50,315,956
Technology Hardware, Storage and Peripherals — 0.2%
Apple, Inc., 3.25%, 8/8/29	10,920,000		9,979,067
Dell International LLC / EMC Corp., 8.10%, 7/15/36	1,840,000		1,950,755
			11,929,822
Trading Companies and Distributors — 0.1%
Aircastle Ltd., 5.25%, 8/11/25(2)	3,703,000		3,489,269
Water Utilities — 0.2%
American Water Capital Corp., 4.45%, 6/1/32	7,940,000		7,381,056
Essential Utilities, Inc., 2.70%, 4/15/30	6,137,000		5,032,690
			12,413,746
Wireless Telecommunication Services — 0.5%
T-Mobile USA, Inc., 4.75%, 2/1/28	13,224,000		12,506,929
T-Mobile USA, Inc., 3.375%, 4/15/29	10,165,000		8,797,807
T-Mobile USA, Inc., 5.65%, 1/15/53	3,692,000		3,496,438
Vodafone Group PLC, VRN, 4.125%, 6/4/81	7,625,000		5,297,164
			30,098,338
TOTAL CORPORATE BONDS (Cost $1,601,263,760)			1,349,252,063
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 20.0%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.2%
FHLMC, VRN, 2.94%, (1-year H15T1Y plus 2.25%), 9/1/35	212,630		217,255
FHLMC, VRN, 3.09%, (12-month LIBOR plus 1.87%), 7/1/36	584,089		593,616
FHLMC, VRN, 3.20%, (1-year H15T1Y plus 2.14%), 10/1/36	520,311		534,494
FHLMC, VRN, 3.01%, (1-year H15T1Y plus 2.26%), 4/1/37	449,741		458,937
FHLMC, VRN, 3.60%, (12-month LIBOR plus 1.87%), 7/1/41	235,287		240,182
FHLMC, VRN, 1.90%, (12-month LIBOR plus 1.65%), 12/1/42	201,827		201,770
FHLMC, VRN, 2.91%, (12-month LIBOR plus 1.63%), 1/1/44	780,362		777,882
FHLMC, VRN, 3.54%, (12-month LIBOR plus 1.60%), 6/1/45	467,455		471,454
FHLMC, VRN, 3.76%, (12-month LIBOR plus 1.63%), 8/1/46	656,402		662,083
FHLMC, VRN, 3.11%, (12-month LIBOR plus 1.64%), 9/1/47	480,339		472,551
FNMA, VRN, 3.18%, (6-month LIBOR plus 1.57%), 6/1/35	385,087		393,993
FNMA, VRN, 3.21%, (6-month LIBOR plus 1.57%), 6/1/35	685,571		701,430
FNMA, VRN, 3.25%, (6-month LIBOR plus 1.57%), 6/1/35	240,240		245,817
FNMA, VRN, 3.29%, (6-month LIBOR plus 1.57%), 6/1/35	72,056		73,739
FNMA, VRN, 3.00%, (6-month LIBOR plus 1.54%), 9/1/35	369,302		377,246
FNMA, VRN, 3.375%, (1-year H15T1Y plus 2.15%), 3/1/38	548,891		563,095

14

	Principal Amount		Value
FNMA, VRN, 2.71%, (12-month LIBOR plus 1.61%), 4/1/46	$	832,132	$	851,011
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47	1,176,569		1,127,367
FNMA, VRN, 3.11%, (12-month LIBOR plus 1.61%), 4/1/47	680,133		652,726
FNMA, VRN, 2.85%, (12-month LIBOR plus 1.62%), 5/1/47	832,092		830,807
FNMA, VRN, 3.19%, (12-month LIBOR plus 1.62%), 5/1/47	234,144		231,607
			10,679,062
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.8%
FHLMC, 6.00%, 9/1/35	1,190,507		1,253,403
FHLMC, 6.00%, 2/1/38	691,370		727,955
FHLMC, 2.50%, 3/1/42	25,657,778		21,984,442
FHLMC, 3.00%, 1/1/50	26,727,859		23,472,667
FHLMC, 3.50%, 5/1/50	5,668,986		5,155,814
FHLMC, 2.50%, 10/1/50	26,199,225		22,160,122
FHLMC, 2.50%, 5/1/51	9,482,490		8,043,136
FHLMC, 3.50%, 5/1/51	35,697,243		32,519,326
FHLMC, 3.00%, 7/1/51	19,435,250		17,194,030
FHLMC, 3.00%, 7/1/51	13,807,645		12,103,450
FHLMC, 2.00%, 8/1/51	29,128,380		23,713,972
FHLMC, 2.50%, 8/1/51	27,630,302		23,319,261
FHLMC, 4.00%, 8/1/51	12,712,478		11,933,723
FHLMC, 2.50%, 10/1/51	16,812,533		14,227,685
FHLMC, 3.00%, 12/1/51	20,028,127		17,548,811
FHLMC, 3.50%, 5/1/52	17,324,646		15,623,207
FHLMC, 4.00%, 5/1/52	21,533,880		20,008,787
FHLMC, 4.00%, 5/1/52	25,084,681		23,334,581
FNMA, 6.00%, 12/1/33	465,231		489,253
FNMA, 3.50%, 3/1/34	2,049,829		1,943,384
FNMA, 2.00%, 6/1/36	54,687,965		48,313,789
FNMA, 6.00%, 9/1/37	831,173		875,562
FNMA, 6.00%, 11/1/37	854,639		901,328
FNMA, 4.50%, 4/1/39	915,008		898,143
FNMA, 4.50%, 5/1/39	2,597,588		2,550,207
FNMA, 6.50%, 5/1/39	448,851		469,054
FNMA, 4.50%, 9/1/39	850,099		831,831
FNMA, 4.50%, 10/1/39	4,496,227		4,409,104
FNMA, 4.50%, 11/1/40	595,076		582,291
FNMA, 3.50%, 12/1/40	93,447		86,297
FNMA, 4.00%, 8/1/41	3,972,412		3,790,063
FNMA, 4.50%, 9/1/41	500,039		489,050
FNMA, 3.50%, 10/1/41	3,481,986		3,208,992
FNMA, 3.50%, 12/1/41	2,825,836		2,593,805
FNMA, 4.00%, 12/1/41	1,619,222		1,544,983
FNMA, 3.50%, 2/1/42	4,102,796		3,774,830
FNMA, 2.50%, 3/1/42	23,855,852		20,455,286
FNMA, 3.50%, 5/1/42	797,032		733,232
FNMA, 2.50%, 6/1/42	20,110,680		17,234,489
FNMA, 3.50%, 6/1/42	10,686,364		9,825,381
FNMA, 3.50%, 8/1/42	7,028,541		6,462,148
FNMA, 3.50%, 9/1/42	1,154,993		1,062,070
FNMA, 4.00%, 11/1/45	1,386,243		1,317,480
FNMA, 4.00%, 11/1/45	1,274,770		1,210,357
FNMA, 4.00%, 2/1/46	2,149,428		2,040,446

15

	Principal Amount		Value
FNMA, 4.00%, 4/1/46	$	3,466,563	$	3,293,191
FNMA, 3.00%, 5/1/50	3,899,366		3,502,418
FNMA, 3.00%, 6/1/50	22,529,154		19,792,460
FNMA, 3.00%, 6/1/51	1,882,777		1,671,484
FNMA, 2.50%, 12/1/51	4,191,811		3,532,558
FNMA, 2.50%, 12/1/51	26,133,953		22,045,591
FNMA, 2.50%, 1/1/52	7,275,558		6,133,256
FNMA, 3.00%, 2/1/52	19,813,000		17,332,151
FNMA, 3.00%, 2/1/52	35,354,390		30,892,563
FNMA, 2.00%, 3/1/52	52,136,897		42,428,582
FNMA, 2.50%, 3/1/52	32,645,420		27,600,864
FNMA, 3.00%, 3/1/52	24,496,440		21,515,117
FNMA, 3.50%, 4/1/52	9,270,547		8,364,165
FNMA, 4.00%, 4/1/52	26,246,170		24,496,352
FNMA, 4.00%, 4/1/52	8,796,002		8,194,696
FNMA, 4.00%, 4/1/52	12,468,813		11,611,049
FNMA, 3.00%, 5/1/52	18,676,070		16,439,453
FNMA, 3.50%, 5/1/52	29,173,663		26,556,616
FNMA, 4.00%, 5/1/52	23,081,378		21,463,992
FNMA, 4.00%, 5/1/52	36,218,942		33,700,445
FNMA, 3.00%, 6/1/52	7,788,027		6,855,306
FNMA, 4.50%, 7/1/52	20,949,845		20,033,893
FNMA, 5.00%, 8/1/52	60,930,093		59,571,369
FNMA, 4.00%, 6/1/57	2,813,269		2,658,798
FNMA, 4.00%, 11/1/59	2,797,189		2,640,521
GNMA, 7.00%, 4/20/26	580		592
GNMA, 7.50%, 8/15/26	1,291		1,322
GNMA, 8.00%, 8/15/26	466		478
GNMA, 8.00%, 6/15/27	2,095		2,097
GNMA, 6.50%, 3/15/28	2,857		2,990
GNMA, 6.50%, 5/15/28	7,318		7,565
GNMA, 7.00%, 5/15/31	8,809		9,193
GNMA, 6.00%, 7/15/33	299,363		320,534
GNMA, 4.50%, 8/15/33	614,156		601,457
GNMA, 6.00%, 9/20/38	226,485		242,483
GNMA, 5.50%, 11/15/38	300,772		308,250
GNMA, 5.50%, 11/15/38	122,988		124,351
GNMA, 5.50%, 1/15/39	393,485		416,858
GNMA, 6.00%, 1/20/39	83,452		89,696
GNMA, 6.00%, 2/20/39	81,126		87,176
GNMA, 4.50%, 4/15/39	482,954		472,247
GNMA, 4.50%, 6/15/39	683,904		675,093
GNMA, 5.00%, 9/15/39	21,376		21,581
GNMA, 5.50%, 9/15/39	29,831		31,404
GNMA, 5.00%, 10/15/39	325,455		328,571
GNMA, 4.50%, 1/15/40	598,340		590,011
GNMA, 4.00%, 7/15/40	498,028		474,851
GNMA, 4.00%, 11/20/40	816,585		780,641
GNMA, 4.00%, 12/15/40	339,910		323,944
GNMA, 4.50%, 12/15/40	1,377,474		1,359,777
GNMA, 4.50%, 6/15/41	252,825		250,503
GNMA, 3.50%, 4/20/42	1,850,709		1,722,152

16

	Principal Amount		Value
GNMA, 3.50%, 6/20/42	$	5,974,131	$	5,556,401
GNMA, 3.50%, 3/20/43	261,774		243,449
GNMA, 3.50%, 4/20/43	1,618,187		1,502,184
GNMA, 3.50%, 3/15/46	1,048,094		978,660
GNMA, 3.00%, 4/20/50	9,906,204		8,830,831
GNMA, 3.00%, 5/20/50	10,092,324		8,994,376
GNMA, 3.00%, 6/20/50	15,116,006		13,507,656
GNMA, 3.00%, 7/20/50	26,669,379		23,754,381
GNMA, 2.00%, 10/20/50	81,593,628		68,594,425
GNMA, 2.50%, 11/20/50	35,813,032		30,594,552
GNMA, 3.50%, 2/20/51	2,561,393		2,355,477
GNMA, 3.50%, 6/20/51	18,058,343		16,576,145
GNMA, 2.50%, 9/20/51	22,001,995		19,000,357
			1,084,478,828
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $1,187,087,854)			1,095,157,890
COLLATERALIZED LOAN OBLIGATIONS — 6.6%
ABPCI Direct Lending Fund CLO IV Ltd., Series 2017-2A, Class BR, VRN, 4.67%, (3-month LIBOR plus 1.90%), 10/27/33(2)	9,900,000		9,204,473
AIMCO CLO Ltd., Series 2019-10A, Class BR, VRN, 4.36%, (3-month LIBOR plus 1.60%), 7/22/32(2)	12,275,000		11,542,141
Arbor Realty Commercial Real Estate Notes Ltd., Series 2019-FL2, Class A, VRN, 4.16%, (1-month SOFR plus 1.31%), 9/15/34(2)	13,500,500		13,415,711
ARES LII CLO Ltd., Series 2019-52A, Class BR, VRN, 4.41%, (3-month LIBOR plus 1.65%), 4/22/31(2)	9,250,000		8,686,978
Ares XL CLO Ltd., Series 2016-40A, Class BRR, VRN, 4.31%, (3-month LIBOR plus 1.80%), 1/15/29(2)	8,900,000		8,304,765
BDS Ltd., Series 2021-FL7, Class C, VRN, 4.69%, (1-month LIBOR plus 1.70%), 6/16/36(2)	19,000,000		18,111,300
BDS Ltd., Series 2021-FL8, Class C, VRN, 4.54%, (1-month LIBOR plus 1.55%), 1/18/36(2)	5,768,000		5,453,278
BDS Ltd., Series 2021-FL8, Class D, VRN, 4.89%, (1-month LIBOR plus 1.90%), 1/18/36(2)	7,200,000		6,793,374
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 3.73%, (3-month LIBOR plus 1.02%), 4/20/31(2)	9,375,000		9,126,439
BXMT Ltd., Series 2020-FL2, Class C, VRN, 4.69%, (1-month SOFR plus 1.76%), 2/15/38(2)	11,971,000		11,427,238
Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 4.11%, (3-month LIBOR plus 1.60%), 7/15/30(2)	5,725,000		5,477,444
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 5.12%, (3-month LIBOR plus 2.20%), 8/14/30(2)	8,150,000		7,682,292
CarVal CLO III Ltd., Series 2019-2A, Class BR, VRN, 4.31%, (3-month LIBOR plus 1.60%), 7/20/32(2)	8,750,000		8,203,500
Cedar Funding X CLO Ltd., Series 2019-10A, Class BR, VRN, 4.31%, (3-month LIBOR plus 1.60%), 10/20/32(2)	7,650,000		7,181,739
Cerberus Loan Funding XXXIII LP, Series 2021-3A, Class A, VRN, 4.07%, (3-month LIBOR plus 1.56%), 7/23/33(2)	13,925,000		13,417,352
Cerberus Loan Funding XXXVI LP, Series 2021-6A, Class A, VRN, 3.91%, (3-month LIBOR plus 1.40%), 11/22/33(2)	5,840,311		5,799,306
CFIP CLO Ltd., Series 2014-1A, Class AR, VRN, 3.78%, (3-month LIBOR plus 1.32%), 7/13/29(2)	9,760,552		9,677,332
FS Rialto Issuer LLC, Series 2022-FL6, Class A SEQ, VRN, 5.60%, (1-month SOFR plus 2.58%), 8/17/37(2)	9,545,000		9,458,080
KKR CLO Ltd., Series 2018, Class BR, VRN, 4.34%, (3-month LIBOR plus 1.60%), 7/18/30(2)	9,725,000		9,385,987

17

	Principal Amount		Value
KKR CLO Ltd., Series 2022A, Class A, VRN, 3.86%, (3-month LIBOR plus 1.15%), 7/20/31(2)	$	8,425,000	$	8,194,248
KKR CLO Ltd., Series 2030A, Class BR, VRN, 4.34%, (3-month LIBOR plus 1.60%), 10/17/31(2)	12,225,000		11,572,401
KREF Ltd., Series 2021-FL2, Class B, VRN, 4.59%, (1-month LIBOR plus 1.65%), 2/15/39(2)	12,900,000		12,297,825
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, VRN, 4.16%, (3-month LIBOR plus 1.65%), 7/15/33(2)	16,550,000		15,685,739
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 4.44%, (1-month LIBOR plus 1.45%), 10/16/36(2)	17,817,000		17,056,474
Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 4.24%, (3-month LIBOR plus 1.50%), 7/19/30(2)	13,825,000		13,076,220
Palmer Square Loan Funding Ltd., Series 2022-2A, Class A2, VRN, 2.99%, (3-month SOFR plus 1.90%), 10/15/30(2)	9,325,000		8,995,680
Parallel Ltd., Series 2019-1A, Class BR, VRN, 4.51%, (3-month LIBOR plus 1.80%), 7/20/32(2)	13,875,000		13,150,704
Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class BR, VRN, 4.81%, (3-month LIBOR plus 2.10%), 10/20/31(2)	13,000,000		11,902,745
PFP Ltd., Series 2021-8, Class C, VRN, 4.74%, (1-month LIBOR plus 1.80%), 8/9/37(2)	13,851,000		13,332,613
Sound Point CLO XXII Ltd., Series 2019-1A, Class BR, VRN, 4.41%, (3-month LIBOR plus 1.70%), 1/20/32(2)	12,250,000		11,373,749
TCW CLO Ltd., Series 2018-1A, Class BR, VRN, 4.43%, (3-month LIBOR plus 1.65%), 4/25/31(2)	12,125,000		11,436,064
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 4.31%, (3-month LIBOR plus 1.57%), 10/18/30(2)	18,450,000		17,707,312
TSTAT Ltd., Series 2022-1A, Class B VRN, 5.82%, (3-month SOFR plus 3.27%), 7/20/31(2)	8,300,000		8,223,419
Wellfleet CLO Ltd., Series 2022-1A, Class B1, VRN, 4.47%, (3-month SOFR plus 2.35%), 4/15/34(2)	8,400,000		8,065,379
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $376,926,383)			360,419,301
ASSET-BACKED SECURITIES — 6.0%
Aaset Trust, Series 2021-2A, Class A SEQ, 2.80%, 1/15/47(2)	24,629,758		19,530,755
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(2)	10,582,000		8,842,846
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I SEQ, 4.19%, 6/5/49(2)	13,577,850		12,907,471
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2II SEQ, 4.72%, 6/5/49(2)	13,712,490		12,804,033
Blackbird Capital Aircraft, Series 2021-1A, Class A SEQ, 2.44%, 7/15/46(2)	12,671,552		10,252,123
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A SEQ, 2.74%, 8/15/41(2)	10,107,711		8,995,688
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A SEQ, 3.47%, 1/15/46(2)	3,210,518		2,818,084
Clsec Holdings 22t LLC, Series 2021-1, Class B, 3.46%, 5/11/37(2)	24,851,362		21,292,296
DI Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.72%, 9/15/51(2)	31,475,000		27,588,568
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2 SEQ, 4.25%, 3/25/52(2)	14,990,279		13,546,717
FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, 8/17/38(2)	15,900,000		13,487,941
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(2)	18,100,000		15,145,253
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(2)	19,850,000		17,307,721
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(2)	8,421,798		7,697,781

18

	Principal Amount		Value
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(2)	$	10,054,908	$	8,143,138
Goodgreen Trust, Series 2021-1A, Class A SEQ, 2.66%, 10/15/56(2)	7,616,195		6,683,676
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A SEQ, 2.64%, 10/15/46(2)	18,644,433		15,438,271
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(2)	22,120,505		18,186,725
Navigator Aircraft ABS Ltd., Series 2021-1, Class A SEQ, 2.77%, 11/15/46(2)	18,892,634		16,094,554
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1 SEQ, 1.91%, 10/20/61(2)	17,453,000		14,798,097
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(2)	31,825,000		26,666,728
Progress Residential Trust, Series 2020-SFR1, Class D, 2.38%, 4/17/37(2)	3,000,000		2,758,378
Progress Residential Trust, Series 2021-SFR3, Class C, 2.09%, 5/17/26(2)	9,500,000		8,165,201
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(2)	7,800,000		6,517,093
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(2)	4,416,332		4,047,305
Slam Ltd., Series 2021-1A, Class A SEQ, 2.43%, 6/15/46(2)	10,279,185		8,453,740
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(2)	3,001,947		2,906,105
TOTAL ASSET-BACKED SECURITIES (Cost $384,408,838)			331,076,288
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.2%
Private Sponsor Collateralized Mortgage Obligations — 4.5%
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 2.97%, 3/25/35	1,444,567		1,429,810
Agate Bay Mortgage Loan Trust, Series 2016-1, Class A3, VRN, 3.50%, 12/25/45(2)	320,949		296,718
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 3.59%, 6/25/34	966,978		937,304
Bellemeade Re Ltd., Series 2019-1A, Class M1B, VRN, 4.83%, (1-month LIBOR plus 1.75%), 3/25/29(2)	354,885		354,473
Bellemeade Re Ltd., Series 2019-3A, Class B1, VRN, 5.58%, (1-month LIBOR plus 2.50%), 7/25/29(2)	11,080,000		10,899,129
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 5.03%, (1-month LIBOR plus 1.95%), 7/25/29(2)	6,020,000		5,951,640
Bellemeade Re Ltd., Series 2020-2A, Class M1C, VRN, 7.08%, (1-month LIBOR plus 4.00%), 8/26/30(2)	1,486,034		1,488,541
Chase Mortgage Finance Corp., Series 2021-CL1, Class M1, VRN, 3.48%, (30-day average SOFR plus 1.20%), 2/25/50(2)	5,849,527		5,574,659
CHNGE Mortgage Trust, Series 2022-1 Class A1 SEQ, VRN, 3.01%, 1/25/67(2)	11,354,560		10,454,986
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.93%, 8/25/34	3,106,334		3,024,538
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	16,856		15,122
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class A3, VRN, 2.51%, 2/25/50(2)	1,714,317		1,592,638
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2 SEQ, VRN, 1.38%, 2/25/66(2)	3,640,015		3,178,592
Credit Suisse Mortgage Trust, Series 2021-RPL3, Class A1 SEQ, VRN, 2.00%, 1/25/60(2)	6,775,979		5,913,981
Credit Suisse Mortgage Trust, Series 2022-NQM2, Class A3 SEQ, VRN, 4.00%, 2/25/67(2)	9,275,000		7,397,125
Deephaven Residential Mortgage Trust, Series 2020-2, Class M1, VRN, 4.11%, 5/25/65(2)	9,000,000		8,515,606

19

	Principal Amount		Value
Deephaven Residential Mortgage Trust, Series 2021-3, Class A3, VRN, 1.55%, 8/25/66(2)	$	4,779,032	$	3,946,699
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 4.98%, (30-day average SOFR plus 2.70%), 10/25/33(2)	8,600,000		8,552,943
Farm Mortgage Trust, Series 2021-1, Class A, VRN, 2.18%, 1/25/51(2)	9,635,254		7,879,983
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 3.12%, 10/25/34	1,391,259		1,385,323
GCAT Trust, Series 2021-CM2, Class A1 SEQ, VRN, 2.35%, 8/25/66(2)	18,568,248		17,490,894
GCAT Trust, Series 2021-NQM1, Class A3 SEQ, VRN, 1.15%, 1/25/66(2)	3,135,824		2,692,697
GSR Mortgage Loan Trust, Series 2004-5, Class 3A3, VRN, 2.78%, 5/25/34	1,038,453		978,964
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 3.09%, 6/25/34	406,250		374,603
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.00%, 1/25/35	1,022,404		995,224
Home RE Ltd., Series 2021-1, Class M1B, VRN, 4.63%, (1-month LIBOR plus 1.55%), 7/25/33(2)	5,923,661		5,882,410
Home RE Ltd., Series 2022-1, Class M1A, VRN, 5.13%, (30-day average SOFR plus 2.85%), 10/25/34(2)	6,625,000		6,471,517
JP Morgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.45%, 1/25/47(2)	153,428		135,260
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(2)	2,343,036		2,087,068
JP Morgan Mortgage Trust, Series 2020-3, Class B1A, VRN, 3.00%, 8/25/50(2)	9,851,179		8,258,094
JP Morgan Mortgage Trust, Series 2022-4, Class A3, VRN, 3.00%, 10/25/52(2)	6,104,169		5,064,612
JP Morgan Mortgage Trust, Series 2022-LTV1, Class A3 SEQ, VRN, 3.52%, 7/25/52(2)	9,525,923		7,809,741
JPMorgan Chase Bank NA - JPMWM, Series 2021-CL1, Class M3, VRN, 4.08%, (30-day average SOFR plus 1.80%), 3/25/51(2)	2,707,022		2,533,342
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.82%, 11/21/34	767,540		728,766
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 2.99%, 11/25/35	1,288,729		1,229,028
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.77%, 2/25/35	705,128		670,972
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 2.77%, 2/25/35	770,167		734,036
MFA Trust, Series 2021-NQM1, Class A1, VRN, 1.15%, 4/25/65(2)	2,434,759		2,251,629
MFA Trust, Series 2021-NQM1, Class A3, VRN, 1.64%, 4/25/65(2)	1,739,121		1,612,606
MFA Trust, Series 2021-INV1, Class A3 SEQ, VRN, 1.26%, 1/25/56(2)	1,269,756		1,175,133
MFA Trust, Series 2021-INV2, Class A3 SEQ, VRN, 2.26%, 11/25/56(2)	12,399,831		10,744,361
MFA Trust, Series 2022-INV1, Class A1 SEQ, 3.91%, 4/25/66(2)	7,685,044		7,303,768
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, VRN, 3.83%, (1-month LIBOR plus 0.75%), 5/25/55(2)	9,000,000		8,817,400
Oceanview Mortgage Trust, Series 2021-5, Class A4 SEQ, VRN, 2.50%, 10/25/51(2)	15,673,758		13,556,418
PRMI Securitization Trust, Series 2021-1, Class A5, VRN, 2.50%, 4/25/51(2)	14,667,187		11,435,896
PSMC Trust, Series 2021-2, Class A3 SEQ, VRN, 2.50%, 5/25/51(2)	5,889,948		5,116,580
Radnor RE Ltd., Series 2021-1, Class M1B, VRN, 3.98%, (30-day average SOFR plus 1.70%), 12/27/33(2)	10,000,000		9,794,948

20

	Principal Amount		Value
Sequoia Mortgage Trust, Series 2021-5, Class A4 SEQ, VRN, 2.50%, 7/25/51(2)	$	5,968,166	$	5,155,992
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(2)	1,055,648		972,778
Starwood Mortgage Residential Trust, Series 2020-2, Class A2 SEQ, VRN, 3.97%, 4/25/60(2)	845,883		843,721
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(2)	7,888,000		7,850,419
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 3.64%, 7/25/34	861,503		844,138
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(2)	2,943,935		2,705,819
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(2)	3,473,652		3,189,828
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S11, Class 3A5, 5.95%, 11/25/33	184,608		178,308
			246,476,780
U.S. Government Agency Collateralized Mortgage Obligations — 0.7%
FHLMC, Series 2020-DNA5, Class M2, VRN, 5.08%, (30-day average SOFR plus 2.80%), 10/25/50(2)	3,233,909		3,234,695
FHLMC, Series 2020-HQA3, Class M2, VRN, 6.68%, (1-month LIBOR plus 3.60%), 7/25/50(2)	20,913		20,909
FHLMC, Series 3397, Class GF, VRN, 3.32%, (1-month LIBOR plus 0.50%), 12/15/37	1,050,825		1,043,944
FHLMC, Series 5123, Class HI, IO, 5.00%, 1/25/42	219,269		41,374
FHLMC, Series 5146, Class DI, IO, 5.50%, 7/25/39	119,399		24,591
FNMA, Series 2013-C01, Class M2, VRN, 8.33%, (1-month LIBOR plus 5.25%), 10/25/23	5,827,930		5,956,326
FNMA, Series 2014-C01, Class M2, VRN, 7.48%, (1-month LIBOR plus 4.40%), 1/25/24	5,265,528		5,340,317
FNMA, Series 2014-C02, Class 2M2, VRN, 5.68%, (1-month LIBOR plus 2.60%), 5/25/24	1,731,896		1,728,017
FNMA, Series 2014-C04, Class 1M2, VRN, 7.98%, (1-month LIBOR plus 4.90%), 11/25/24	3,032,458		3,135,928
FNMA, Series 2015-C04, Class 1M2, VRN, 8.78%, (1-month LIBOR plus 5.70%), 4/25/28	6,894,314		7,147,447
FNMA, Series 2015-C04, Class 2M2, VRN, 8.63%, (1-month LIBOR plus 5.55%), 4/25/28	10,092,287		10,341,456
FNMA, Series 2016-C01, Class 1M2, VRN, 9.83%, (1-month LIBOR plus 6.75%), 8/25/28	96,154		101,576
FNMA, Series 2017-C03, Class 1M2C, VRN, 6.08%, (1-month LIBOR plus 3.00%), 10/25/29	1,790,000		1,800,267
GNMA, Series 2007-5, Class FA, VRN, 3.15%, (1-month LIBOR plus 0.14%), 2/20/37	812,454		809,421
			40,726,268
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $312,288,529)			287,203,048
MUNICIPAL SECURITIES — 1.6%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	3,244,000		3,758,546
Bay Area Toll Authority Rev., 6.26%, 4/1/49	2,000,000		2,282,428
California State University Rev., 2.98%, 11/1/51	4,000,000		2,748,880
Dallas Area Rapid Transit Rev., 6.00%, 12/1/44	1,250,000		1,375,258
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	6,048,000		4,455,106
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34	10,765,000		8,481,123
Houston GO, 3.96%, 3/1/47	2,500,000		2,107,612
Los Angeles Community College District GO, 6.75%, 8/1/49	2,400,000		2,964,650

21

	Principal Amount		Value
Los Angeles Department of Airports Rev., 6.58%, 5/15/39	$	1,510,000	$	1,661,715
Los Angeles Unified School District GO, 5.75%, 7/1/34	2,250,000		2,307,271
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	2,465,000		2,595,593
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	1,405,000		1,510,627
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47	5,000,000		3,574,379
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	100,000		102,447
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	3,236,000		3,966,914
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	970,000		1,148,133
New York City GO, 5.97%, 3/1/36	500,000		530,555
New York City GO, 6.27%, 12/1/37	335,000		364,434
New York City Municipal Water Finance Authority Rev. (New York City Water & Sewer System), 5.95%, 6/15/42	1,425,000		1,562,414
New York State Dormitory Authority Rev. (State of New York Personal Income Tax Revenue), 3.19%, 2/15/43	500,000		367,585
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	5,645,000		4,112,565
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	550,000		554,155
Pennsylvania Turnpike Commission Rev., 5.56%, 12/1/49	1,630,000		1,725,083
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	2,300,000		2,208,943
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	4,120,000		2,706,435
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	3,070,000		3,192,088
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	1,360,000		1,490,321
San Antonio Electric & Gas Systems Rev., 5.99%, 2/1/39	1,352,000		1,451,460
San Diego County Regional Airport Authority Rev., 5.59%, 7/1/43	1,675,000		1,616,438
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	1,970,000		2,122,149
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	2,190,000		2,277,111
State of California GO, 4.60%, 4/1/38	3,035,000		2,841,738
State of California GO, 7.55%, 4/1/39	3,220,000		4,018,011
State of California GO, 7.30%, 10/1/39	2,605,000		3,123,757
State of California GO, 7.60%, 11/1/40	455,000		573,320
University of California Rev., 3.07%, 5/15/51	5,565,000		3,722,797
TOTAL MUNICIPAL SECURITIES (Cost $102,257,688)			85,602,041
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.66%, 3/9/44(2)	8,839,868		7,007,651
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.67%, 3/11/44(2)	12,817,000		9,601,896
BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, VRN, 5.22%, (1-month LIBOR plus 2.40%), 9/15/36(2)	21,200,000		19,566,826
ELP Commercial Mortgage Trust, Series 2021-ELP, Class E, VRN, 4.94%, (1-month LIBOR plus 2.12%), 11/15/38(2)	24,790,000		23,192,916
MHP Trust, Series 2022-MHIL, Class D, VRN, 4.46%, (1-month SOFR plus 1.61%), 1/15/27(2)	7,178,613		6,714,560
OPG Trust, Series 2021-PORT, Class E, VRN, 4.35%, (1-month LIBOR plus 1.53%), 10/15/36(2)	16,267,355		14,732,680
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $91,403,899)			80,816,529
U.S. GOVERNMENT AGENCY SECURITIES — 0.7%
FNMA, 0.75%, 10/8/27	29,724,000		25,280,011
FNMA, 6.625%, 11/15/30	10,000,000		11,686,148

22

	Principal Amount		Value
Tennessee Valley Authority, 1.50%, 9/15/31	$	5,000,000	$	3,996,949
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $46,762,124)			40,963,108
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.5%
Chile — 0.1%
Chile Government International Bond, 3.10%, 5/7/41	3,400,000		2,312,186
Chile Government International Bond, 3.625%, 10/30/42	1,697,000		1,224,888
			3,537,074
Mexico†
Mexico Government International Bond, 4.15%, 3/28/27	18,000		17,236
Panama — 0.1%
Panama Government International Bond, 7.125%, 1/29/26	1,400,000		1,477,184
Panama Government International Bond, 6.70%, 1/26/36	1,683,000		1,660,494
			3,137,678
Peru — 0.1%
Peruvian Government International Bond, 5.625%, 11/18/50	4,946,000		4,678,260
Philippines — 0.1%
Philippine Government International Bond, 5.50%, 3/30/26	3,000,000		3,067,916
Philippine Government International Bond, 6.375%, 10/23/34	5,735,000		6,017,533
			9,085,449
Poland†
Republic of Poland Government International Bond, 3.00%, 3/17/23	2,175,000		2,158,370
Republic of Poland Government International Bond, 4.00%, 1/22/24	230,000		227,186
			2,385,556
Uruguay — 0.1%
Uruguay Government International Bond, 4.125%, 11/20/45	1,239,000		1,077,152
Uruguay Government International Bond, 5.10%, 6/18/50	2,400,000		2,203,876
			3,281,028
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $32,327,081)			26,122,281
BANK LOAN OBLIGATIONS(3) — 0.1%
Media†
DirecTV Financing, LLC, Term Loan, 8.12%, (1-month LIBOR plus 5.00%), 8/2/27	57		55
Pharmaceuticals — 0.1%
Horizon Therapeutics USA Inc., 2021 Term Loan B2, 4.88%, (1-month LIBOR plus 1.75%), 3/15/28	8,426,912		8,113,557
TOTAL BANK LOAN OBLIGATIONS (Cost $8,435,465)			8,113,612
SHORT-TERM INVESTMENTS — 5.0%
Discount Notes(4) — 2.9%
Federal Home Loan Bank Discount Notes, 2.63%, 10/3/22	135,000,000		135,000,000
Federal Home Loan Bank Discount Notes, 2.42%, 10/11/22	20,000,000		19,986,587
			154,986,587
Repurchase Agreements — 2.1%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.625% - 4.625%, 1/15/25 - 5/15/47, valued at $19,739,264), in a joint trading account at 2.86%, dated 9/30/22, due 10/3/22 (Delivery value $19,408,360)			19,403,735

23

	Principal Amount	Value
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 2/15/28, valued at $99,020,655), at 2.95%, dated 9/30/22, due 10/3/22 (Delivery value $97,102,865)		$	97,079,000
		116,482,735
TOTAL SHORT-TERM INVESTMENTS (Cost $271,450,235)		271,469,322
TOTAL INVESTMENT SECURITIES — 101.8% (Cost $6,222,549,552)		5,583,844,406
OTHER ASSETS AND LIABILITIES — (1.8)%		(96,185,568)
TOTAL NET ASSETS — 100.0%		$	5,487,658,838

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	408	December 2022	$	45,721,500	$	(314,738)
U.S. Treasury 10-Year Ultra Notes	1,298	December 2022	153,792,719		(3,964,183)
U.S. Treasury 2-Year Notes	1,100	December 2022	225,929,689		75,872
U.S. Treasury 5-Year Notes	131	December 2022	14,083,523		80,057
U.S. Treasury Long Bonds	234	December 2022	29,579,062		(1,489,052)
U.S. Treasury Ultra Bonds	199	December 2022	27,263,000		(1,080,536)
			$	496,369,493	$	(6,692,580)

^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America High Yield Index Series 38	Buy	(5.00)%	6/20/27	$	201,861,000	$	(1,661,384)	$	6,078,661	$	4,417,277

^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.

24

NOTES TO SCHEDULE OF INVESTMENTS
CDX	-	Credit Derivatives Indexes
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
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
SEQ	-	Sequential Payer
SOFR	-	Secured Overnight Financing 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.

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

(1)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $26,904,350.

(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 $1,198,892,679, which represented 21.8% of total net assets.

(3)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.

(4)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.

25

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (cost of $6,222,549,552)	$	5,583,844,406
Receivable for investments sold	65,565,003
Receivable for capital shares sold	2,042,419
Receivable for variation margin on swap agreements	315,318
Interest receivable	35,838,149
	5,687,605,295
Liabilities
Disbursements in excess of demand deposit cash	251,209
Payable for investments purchased	153,256,954
Payable for capital shares redeemed	43,961,961
Payable for variation margin on futures contracts	1,640,147
Accrued management fees	654,629
Distribution and service fees payable	22,716
Dividends payable	158,841
	199,946,457
Net Assets	$	5,487,658,838
Net Assets Consist of:
Capital paid in	$	6,422,781,121
Distributable earnings	(935,122,283)
	$	5,487,658,838

	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class	$656,003,906	71,598,145	$9.16
I Class	$622,072,907	67,874,368	$9.17
Y Class	$141,654,135	15,452,170	$9.17
A Class	$74,327,069	8,111,044	$9.16
C Class	$5,827,577	636,596	$9.15
R Class	$4,496,031	490,826	$9.16
R5 Class	$5,024	548	$9.17
R6 Class	$125,955,989	13,737,033	$9.17
G Class	$3,857,316,200	420,752,933	$9.17

*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.59 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

26

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $8,767)	$	71,009,678
Expenses:
Management fees	8,870,389
Distribution and service fees:
A Class	102,931
C Class	33,901
R Class	12,111
Trustees' fees and expenses	161,248
Other expenses	58,468
	9,239,048
Fees waived - G Class	(4,724,466)
	4,514,582
Net investment income (loss)	66,495,096
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(251,400,273)
Futures contract transactions	(27,340,239)
Swap agreement transactions	6,213,783
	(272,526,729)
Change in net unrealized appreciation (depreciation) on:
Investments	(259,249,074)
Futures contracts	(5,267,461)
Swap agreements	(2,131,366)
	(266,647,901)
Net realized and unrealized gain (loss)	(539,174,630)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(472,679,534)

See Notes to Financial Statements.

27

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	66,495,096	$	30,005,772
Net realized gain (loss)	(272,526,729)		(1,559,007)
Change in net unrealized appreciation (depreciation)	(266,647,901)		(97,708,759)
Net increase (decrease) in net assets resulting from operations	(472,679,534)		(69,261,994)
Distributions to Shareholders
From earnings:
Investor Class	(8,408,658)		(19,994,409)
I Class	(8,674,992)		(22,140,729)
Y Class	(2,031,739)		(3,770,269)
A Class	(876,750)		(2,209,990)
C Class	(46,251)		(143,761)
R Class	(45,496)		(121,811)
R5 Class	(68)		(4,048)
R6 Class	(1,665,280)		(3,599,101)
G Class	(43,204,459)		—
Decrease in net assets from distributions	(64,953,693)		(51,984,118)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	4,152,020,607		(3,286,059)
Net increase (decrease) in net assets	3,614,387,380		(124,532,171)
Net Assets
Beginning of period	1,873,271,458		1,997,803,629
End of period	$	5,487,658,838	$	1,873,271,458

See Notes to Financial Statements.

28

Notes to Financial Statements

SEPTEMBER 30, 2022 (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, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the G Class commenced on May 19, 2022.

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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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.

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.

29

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee 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.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that ACIM 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.

30

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, 43% 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 funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included. 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, 2022 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%
G Class		0.0000% to 0.0600%	0.00%(1)

(1)Effective annual management fee before waiver was 0.34%.

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, 2022 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, 2022 totaled $3,970,070,798, of which $3,271,714,959 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2022 totaled $4,288,891,015, of which $3,200,333,272 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, 2022(1)			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	5,170,252	$	50,382,535	11,426,991	$	125,195,206
Issued in reinvestment of distributions	858,912	8,301,519		1,800,254	19,754,459
Redeemed	(7,865,780)	(76,329,503)		(8,326,838)	(91,510,093)
	(1,836,616)	(17,645,449)		4,900,407	53,439,572
I Class
Sold	13,252,430	129,089,058		14,570,423	159,063,483
Issued in reinvestment of distributions	828,646	8,016,414		1,899,356	20,848,634
Redeemed	(19,270,396)	(187,861,688)		(22,875,783)	(250,953,580)
	(5,189,320)	(50,756,216)		(6,406,004)	(71,041,463)
Y Class
Sold	5,726,149	55,946,463		7,179,584	78,487,935
Issued in reinvestment of distributions	210,334	2,031,739		343,659	3,770,212
Redeemed	(4,273,044)	(40,999,470)		(4,258,146)	(47,086,529)
	1,663,439	16,978,732		3,265,097	35,171,618
A Class
Sold	432,624	4,200,786		1,238,479	13,584,288
Issued in reinvestment of distributions	83,879	810,942		188,492	2,069,402
Redeemed	(1,069,677)	(10,377,553)		(3,151,516)	(34,741,938)
	(553,174)	(5,365,825)		(1,724,545)	(19,088,248)
C Class
Sold	8,337	80,986		82,957	908,698
Issued in reinvestment of distributions	4,699	45,369		12,677	139,113
Redeemed	(135,338)	(1,325,212)		(300,522)	(3,277,754)
	(122,302)	(1,198,857)		(204,888)	(2,229,943)
R Class
Sold	47,846	466,909		112,147	1,228,216
Issued in reinvestment of distributions	4,676	45,168		10,988	120,635
Redeemed	(80,668)	(794,190)		(268,152)	(2,952,369)
	(28,146)	(282,113)		(145,017)	(1,603,518)
R5 Class
Sold	—	—		2,083	23,050
Issued in reinvestment of distributions	7	68		359	3,986
Redeemed	—	—		(59,266)	(666,793)
	7	68		(56,824)	(639,757)
R6 Class
Sold	3,753,065	36,427,665		3,343,389	36,649,917
Issued in reinvestment of distributions	169,738	1,639,999		321,582	3,531,647
Redeemed	(2,115,489)	(20,544,158)		(3,418,648)	(37,475,884)
	1,807,314	17,523,506		246,323	2,705,680
G Class				N/A
Sold	22,663,703	220,935,510
Issued in connection with reorganization (Note 10)	435,638,705	4,331,988,616
Issued in reinvestment of distributions	4,511,727	43,203,623
Redeemed	(42,061,202)	(403,360,988)
	420,752,933	4,192,766,761
Net increase (decrease)	416,494,135	$	4,152,020,607	(125,451)	$	(3,286,059)

(1)May 19, 2022 (commencement of sale) through September 30, 2022 for the G Class.

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6. Fair Value Measurements

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

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

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

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

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

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

	Level 1		Level 2		Level 3
Assets
Investment Securities
U.S. Treasury Securities	—		$	1,647,648,923	—
Corporate Bonds	—		1,349,252,063		—
U.S. Government Agency Mortgage-Backed Securities	—		1,095,157,890		—
Collateralized Loan Obligations	—		360,419,301		—
Asset-Backed Securities	—		331,076,288		—
Collateralized Mortgage Obligations	—		287,203,048		—
Municipal Securities	—		85,602,041		—
Commercial Mortgage-Backed Securities	—		80,816,529		—
U.S. Government Agency Securities	—		40,963,108		—
Sovereign Governments and Agencies	—		26,122,281		—
Bank Loan Obligations	—		8,113,612		—
Short-Term Investments	—		271,469,322		—
	—		$	5,583,844,406	—
Other Financial Instruments
Futures Contracts	$	155,929	—		—
Swap Agreements	—		$	4,417,277	—
	$	155,929	$	4,417,277	—
Liabilities
Other Financial Instruments
Futures Contracts	$	6,848,509	—		—

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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 $154,760,000.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $372,375,930 futures contracts purchased and $103,311,676 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 $176,166,667.

35

Value of Derivative Instruments as of September 30, 2022

	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*	$	315,318	Payable for variation margin on swap agreements*	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	$	1,640,147
		$	315,318		$	1,640,147

*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,  2022

	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	$	(700,456)	Change in net unrealized appreciation (depreciation) on swap agreements	$	6,494,551
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(27,340,239)		Change in net unrealized appreciation (depreciation) on futures contracts	(5,267,461)
Other Contracts	Net realized gain (loss) on swap agreement transactions	6,914,239		Change in net unrealized appreciation (depreciation) on swap agreements	(8,625,917)
		$	(21,126,456)		$	(7,398,827)

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, war, 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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

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.

36

As of period end, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	6,236,459,190
Gross tax appreciation of investments	$	1,017,610
Gross tax depreciation of investments	(653,632,394)
Net tax appreciation (depreciation) of investments	$	(652,614,784)

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, 2022, the fund had post-October capital loss deferrals of $(22,512,558), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

10. Reorganization

On December 16, 2021, the Board of Trustees approved an agreement and plan of reorganization (the reorganization), whereby the net assets of NT Diversified Bond Fund, one fund in a series issued by the trust, were transferred to Diversified Bond Fund in exchange for shares of Diversified Bond Fund. The purpose of the transaction was to combine two funds with substantially similar investment objectives and strategies. The financial statements and performance history of Diversified Bond Fund survived after the reorganization. The reorganization was effective at the close of the NYSE on May 27, 2022.

The reorganization was accomplished by a tax-free exchange of shares. On May 27, 2022, NT Diversified Bond Fund exchanged its shares for shares of Diversified Bond Fund as follows:

Original Fund/Class	Shares Exchanged	New Fund/Class	Shares Received
NT Diversified Bond Fund – G Class	427,890,190	Diversified Bond Fund – G Class	435,638,705

The net assets of NT Diversified Bond Fund and Diversified Bond Fund immediately before the reorganization were $4,331,988,616 and $1,779,254,262, respectively. NT Diversified Bond Fund's unrealized depreciation of $(309,319,355) was combined with that of Diversified Bond Fund. Immediately after the reorganization, the combined net assets were $6,111,242,878.

Assuming the reorganization had been completed on April 1, 2022, the beginning of the annual reporting period, the pro forma results of operations for the period ended September 30, 2022 are as follows:

Net investment income (loss)	$	85,913,640
Net realized and unrealized gain (loss)	(691,453,534)
Net increase (decrease) in net assets resulting from operations	$	(605,539,894)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of NT Diversified Bond Fund that have been included in the fund’s Statement of Operations since May 27, 2022.

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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	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
2022(3)	$10.28	0.12	(1.12)	(1.00)	(0.12)	—	—	(0.12)	$9.16	(9.83)%	0.60%(4)	0.60%(4)	2.53%(4)	2.53%(4)	85%	$656,004
2022	$10.96	0.15	(0.55)	(0.40)	(0.17)	(0.11)	—	(0.28)	$10.28	(3.81)%	0.59%	0.59%	1.41%	1.41%	238%	$755,003
2021	$11.10	0.17	0.17	0.34	(0.17)	(0.31)	—	(0.48)	$10.96	2.95%	0.60%	0.60%	1.42%	1.42%	238%	$750,959
2020	$10.61	0.26	0.50	0.76	(0.27)	—	—	(0.27)	$11.10	7.18%	0.60%	0.60%	2.40%	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%	0.60%	2.80%	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%	0.60%	2.19%	2.19%	179%	$2,742,374
I Class
2022(3)	$10.28	0.13	(1.11)	(0.98)	(0.13)	—	—	(0.13)	$9.17	(9.64)%	0.40%(4)	0.40%(4)	2.73%(4)	2.73%(4)	85%	$622,073
2022	$10.96	0.18	(0.56)	(0.38)	(0.19)	(0.11)	—	(0.30)	$10.28	(3.62)%	0.39%	0.39%	1.61%	1.61%	238%	$751,444
2021	$11.10	0.18	0.18	0.36	(0.19)	(0.31)	—	(0.50)	$10.96	3.06%	0.40%	0.40%	1.62%	1.62%	238%	$871,066
2020	$10.62	0.28	0.49	0.77	(0.29)	—	—	(0.29)	$11.10	7.39%	0.40%	0.40%	2.60%	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%	0.40%	3.00%	3.00%	184%	$993,543
2018	$10.68	0.25	(0.13)	0.12	(0.26)	—	—	(0.26)	$10.54	1.06%	0.40%	0.40%	2.39%	2.39%	179%	$2,296,395

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	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
2022(3)	$10.29	0.13	(1.12)	(0.99)	(0.13)	—	—	(0.13)	$9.17	(9.71)%	0.37%(4)	0.37%(4)	2.76%(4)	2.76%(4)	85%	$141,654
2022	$10.96	0.18	(0.54)	(0.36)	(0.20)	(0.11)	—	(0.31)	$10.29	(3.50)%	0.36%	0.36%	1.64%	1.64%	238%	$141,842
2021	$11.11	0.18	0.17	0.35	(0.19)	(0.31)	—	(0.50)	$10.96	3.09%	0.37%	0.37%	1.65%	1.65%	238%	$115,357
2020	$10.62	0.29	0.49	0.78	(0.29)	—	—	(0.29)	$11.11	7.42%	0.37%	0.37%	2.63%	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%	0.37%	3.03%	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)	0.37%(4)	2.52%(4)	2.52%(4)	179%(6)	$603,691
A Class
2022(3)	$10.28	0.11	(1.13)	(1.02)	(0.10)	—	—	(0.10)	$9.16	(9.84)%	0.85%(4)	0.85%(4)	2.28%(4)	2.28%(4)	85%	$74,327
2022	$10.96	0.13	(0.56)	(0.43)	(0.14)	(0.11)	—	(0.25)	$10.28	(4.05)%	0.84%	0.84%	1.16%	1.16%	238%	$89,094
2021	$11.10	0.13	0.18	0.31	(0.14)	(0.31)	—	(0.45)	$10.96	2.69%	0.85%	0.85%	1.17%	1.17%	238%	$113,848
2020	$10.62	0.23	0.49	0.72	(0.24)	—	—	(0.24)	$11.10	6.81%	0.85%	0.85%	2.15%	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%	0.85%	2.55%	2.55%	184%	$98,899
2018	$10.68	0.20	(0.13)	0.07	(0.21)	—	—	(0.21)	$10.54	0.61%	0.85%	0.85%	1.94%	1.94%	179%	$196,563

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2022(3)	$10.27	0.07	(1.12)	(1.05)	(0.07)	—	—	(0.07)	$9.15	(10.19)%	1.60%(4)	1.60%(4)	1.53%(4)	1.53%(4)	85%	$5,828
2022	$10.95	0.04	(0.55)	(0.51)	(0.06)	(0.11)	—	(0.17)	$10.27	(4.78)%	1.59%	1.59%	0.41%	0.41%	238%	$7,795
2021	$11.09	0.05	0.17	0.22	(0.05)	(0.31)	—	(0.36)	$10.95	1.93%	1.60%	1.60%	0.42%	0.42%	238%	$10,550
2020	$10.61	0.15	0.49	0.64	(0.16)	—	—	(0.16)	$11.09	6.02%	1.60%	1.60%	1.40%	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%	1.60%	1.80%	1.80%	184%	$31,481
2018	$10.68	0.13	(0.14)	(0.01)	(0.13)	—	—	(0.13)	$10.54	(0.14)%	1.60%	1.60%	1.19%	1.19%	179%	$48,386
R Class
2022(3)	$10.28	0.10	(1.13)	(1.03)	(0.09)	—	—	(0.09)	$9.16	(10.05)%	1.10%(4)	1.10%(4)	2.03%(4)	2.03%(4)	85%	$4,496
2022	$10.95	0.10	(0.54)	(0.44)	(0.12)	(0.11)	—	(0.23)	$10.28	(4.29)%	1.09%	1.09%	0.91%	0.91%	238%	$5,334
2021	$11.10	0.10	0.17	0.27	(0.11)	(0.31)	—	(0.42)	$10.95	2.44%	1.10%	1.10%	0.92%	0.92%	238%	$7,274
2020	$10.61	0.21	0.49	0.70	(0.21)	—	—	(0.21)	$11.10	6.65%	1.10%	1.10%	1.90%	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%	1.10%	2.30%	2.30%	184%	$8,748
2018	$10.68	0.18	(0.14)	0.04	(0.18)	—	—	(0.18)	$10.54	0.36%	1.10%	1.10%	1.69%	1.67%	179%	$11,186

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	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
2022(3)	$10.28	0.13	(1.12)	(0.99)	(0.12)	—	—	(0.12)	$9.17	(9.66)%	0.40%(4)	0.40%(4)	2.73%(4)	2.73%(4)	85%	$5
2022	$10.96	0.19	(0.57)	(0.38)	(0.19)	(0.11)	—	(0.30)	$10.28	(3.61)%	0.39%	0.39%	1.61%	1.61%	238%	$6
2021	$11.10	0.18	0.18	0.36	(0.19)	(0.31)	—	(0.50)	$10.96	3.15%	0.40%	0.40%	1.62%	1.62%	238%	$629
2020	$10.62	0.28	0.49	0.77	(0.29)	—	—	(0.29)	$11.10	7.29%	0.40%	0.40%	2.60%	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%	0.40%	3.00%	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)	0.40%(4)	2.46%(4)	2.46%(4)	179%(6)	$212
R6 Class
2022(3)	$10.29	0.13	(1.12)	(0.99)	(0.13)	—	—	(0.13)	$9.17	(9.70)%	0.35%(4)	0.35%(4)	2.78%(4)	2.78%(4)	85%	$125,956
2022	$10.97	0.18	(0.55)	(0.37)	(0.20)	(0.11)	—	(0.31)	$10.29	(3.57)%	0.34%	0.34%	1.66%	1.66%	238%	$122,753
2021	$11.11	0.19	0.17	0.36	(0.19)	(0.31)	—	(0.50)	$10.97	3.20%	0.35%	0.35%	1.67%	1.67%	238%	$128,121
2020	$10.63	0.29	0.48	0.77	(0.29)	—	—	(0.29)	$11.11	7.34%	0.35%	0.35%	2.65%	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%	0.35%	3.05%	3.05%	184%	$301,853
2018	$10.68	0.26	(0.14)	0.12	(0.26)	—	—	(0.26)	$10.54	1.11%	0.35%	0.35%	2.44%	2.44%	179%	$290,390
G Class
2022(7)	$9.85	0.11	(0.68)	(0.57)	(0.11)	—	—	(0.11)	$9.17	(5.85)%	0.01%(4)	0.35%(4)	3.17%(4)	2.83%(4)	85%(8)	$3,857,316

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, 2022 (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)May 19, 2022 (commencement of sale) through September 30, 2022 (unaudited).

(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the six months ended September 30, 2022.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 21, 2022, 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 of 1940 (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 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.

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 and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas ofinterest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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.

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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 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 principal investment 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 actions being taken 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

44

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.

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 fee structure 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 securities transaction expenses, 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 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.

45

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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 also 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

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. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

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.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90814 2211

Semiannual Report

September 30, 2022

High Income Fund

Investor Class (AHIVX)

I Class (AHIIX)

Y Class (NPHIX)

A Class (AHIAX)

R5 Class (AHIEX)

R6 Class (AHIDX)

G Class (ACHFX)

Table of Contents

President's Letter	2
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	40
Statement of Operations	41
Statement of Changes in Net Assets	42
Notes to Financial Statements	43
Financial Highlights	49
Approval of Management and Subadvisory Agreements	53
Additional Information	57

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 ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Types of Investments in Portfolio	% of net assets
Corporate Bonds	93.5%
Preferred Stocks	1.7%
Bank Loan Obligations	0.8%
Common Stocks	0.7%
Convertible Bonds	0.1%
Warrants	—*
Escrow Interests	—*
Rights	—*
Short-Term Investments	1.4%
Other Assets and Liabilities	1.8%

*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, 2022 to September 30, 2022 (except as noted).

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 mutual 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 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 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accountsinclude individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

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

4

	Beginning Account Value 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$887.30	$3.69	0.78%
I Class	$1,000	$888.70	$3.22	0.68%
Y Class	$1,000	$888.20	$2.75	0.58%
A Class	$1,000	$886.10	$4.87	1.03%
R5 Class	$1,000	$888.20	$2.75	0.58%
R6 Class	$1,000	$888.20	$2.51	0.53%
G Class	$1,000	$958.70	$0.00(2)	0.00%(3)
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%
G Class	$1,000	$1,025.07	$0.00	0.00%(3)

(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)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 135, the number of days in the period from May 19, 2022 (commencement of sale) through September 30, 2022, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.

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

5

Schedule of Investments

SEPTEMBER 30, 2022 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 93.5%
Aerospace and Defense — 2.1%
Bombardier, Inc., 7.50%, 12/1/24(1)	$	2,844,000	$	2,829,182
Bombardier, Inc., 7.50%, 3/15/25(1)	2,156,000		2,099,470
Bombardier, Inc., 7.125%, 6/15/26(1)	1,700,000		1,561,595
Bombardier, Inc., 7.875%, 4/15/27(1)	5,100,000		4,703,373
Bombardier, Inc., 6.00%, 2/15/28(1)	825,000		691,486
BWX Technologies, Inc., 4.125%, 4/15/29(1)	975,000		845,384
Howmet Aerospace, Inc., 5.125%, 10/1/24	1,850,000		1,810,623
Howmet Aerospace, Inc., 5.90%, 2/1/27	520,000		501,025
Howmet Aerospace, Inc., 5.95%, 2/1/37	3,075,000		2,785,581
Rolls-Royce plc, 3.625%, 10/14/25(1)	250,000		214,920
Spirit AeroSystems, Inc., 5.50%, 1/15/25(1)	725,000		686,176
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)	1,500,000		1,415,422
Spirit AeroSystems, Inc., 4.60%, 6/15/28	1,075,000		778,477
TransDigm, Inc., 6.25%, 3/15/26(1)	350,000		340,092
TransDigm, Inc., 6.375%, 6/15/26	2,100,000		1,986,511
TransDigm, Inc., 7.50%, 3/15/27	2,448,000		2,333,434
TransDigm, Inc., 5.50%, 11/15/27	11,425,000		9,962,200
TransDigm, Inc., 4.625%, 1/15/29	2,600,000		2,099,539
TransDigm, Inc., 4.875%, 5/1/29	2,600,000		2,106,000
Triumph Group, Inc., 8.875%, 6/1/24(1)	524,000		518,207
Triumph Group, Inc., 6.25%, 9/15/24(1)	400,000		365,100
			40,633,797
Air Freight and Logistics — 0.1%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(1)	1,375,000		1,186,584
Western Global Airlines LLC, 10.375%, 8/15/25(1)	1,450,000		1,302,651
			2,489,235
Airlines — 0.7%
Allegiant Travel Co., 7.25%, 8/15/27(1)	1,050,000		991,919
American Airlines, Inc., 11.75%, 7/15/25(1)	2,750,000		2,876,280
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)	1,275,000		1,199,565
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(1)	2,300,000		2,010,832
Delta Air Lines, Inc., 7.375%, 1/15/26	675,000		683,438
Delta Air Lines, Inc., 4.375%, 4/19/28	400,000		337,964
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(1)	1,100,000		1,068,381
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)	100,000		93,272
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1)	2,000,000		1,766,990
United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/29	654,890		632,701
United Airlines, Inc., 4.375%, 4/15/26(1)	825,000		737,748
United Airlines, Inc., 4.625%, 4/15/29(1)	1,775,000		1,473,197
Virgin Australia Holdings Pty Ltd., 8.125%, 11/15/24(1)(2)(3)	475,000		27,906
			13,900,193
Auto Components — 1.2%
Allison Transmission, Inc., 4.75%, 10/1/27(1)	1,025,000		904,279

6

	Principal Amount/Shares		Value
Clarios Global LP, 6.75%, 5/15/25(1)	$	918,000	$	899,906
Clarios Global LP / Clarios US Finance Co., 8.50%, 5/15/27(1)	350,000		334,880
Cooper-Standard Automotive, Inc., 13.00%, 6/1/24(1)	900,000		934,602
Dealer Tire LLC / DT Issuer LLC, 8.00%, 2/1/28(1)	1,300,000		1,147,876
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(1)	3,300,000		2,383,600
Goodyear Tire & Rubber Co., 9.50%, 5/31/25	1,410,000		1,465,194
Goodyear Tire & Rubber Co., 5.00%, 5/31/26	1,075,000		997,577
Goodyear Tire & Rubber Co., 5.00%, 7/15/29	3,500,000		2,863,437
Goodyear Tire & Rubber Co., 5.25%, 4/30/31	400,000		321,419
Goodyear Tire & Rubber Co., 5.25%, 7/15/31	3,675,000		2,944,502
Goodyear Tire & Rubber Co., 5.625%, 4/30/33	925,000		742,572
IHO Verwaltungs GmbH, 6.38% Cash or 7.13% PIK, 5/15/29(1)	900,000		776,039
Patrick Industries, Inc., 7.50%, 10/15/27(1)	1,743,000		1,590,744
Patrick Industries, Inc., 4.75%, 5/1/29(1)	1,850,000		1,381,173
Tenneco, Inc., 5.00%, 7/15/26	375,000		365,096
Tenneco, Inc., 7.875%, 1/15/29(1)	2,825,000		2,764,623
Wheel Pros, Inc., 6.50%, 5/15/29(1)	1,600,000		735,104
			23,552,623
Automobiles — 2.4%
Ford Motor Co., 3.25%, 2/12/32	3,075,000		2,220,319
Ford Motor Co., 6.10%, 8/19/32	1,275,000		1,126,208
Ford Motor Co., 4.75%, 1/15/43	3,284,000		2,184,008
Ford Motor Co., 5.29%, 12/8/46	8,075,000		5,710,357
Ford Motor Credit Co. LLC, 3.37%, 11/17/23	1,250,000		1,210,894
Ford Motor Credit Co. LLC, 3.81%, 1/9/24	500,000		484,428
Ford Motor Credit Co. LLC, 5.58%, 3/18/24	1,300,000		1,276,281
Ford Motor Credit Co. LLC, 4.69%, 6/9/25	1,400,000		1,301,069
Ford Motor Credit Co. LLC, 5.125%, 6/16/25	3,150,000		2,977,459
Ford Motor Credit Co. LLC, 4.13%, 8/4/25	1,200,000		1,090,734
Ford Motor Credit Co. LLC, 3.375%, 11/13/25	1,500,000		1,327,420
Ford Motor Credit Co. LLC, 4.54%, 8/1/26	1,200,000		1,070,179
Ford Motor Credit Co. LLC, 2.70%, 8/10/26	1,400,000		1,162,896
Ford Motor Credit Co. LLC, 4.27%, 1/9/27	800,000		701,088
Ford Motor Credit Co. LLC, 3.82%, 11/2/27	800,000		673,152
Ford Motor Credit Co. LLC, 2.90%, 2/16/28	400,000		314,958
Ford Motor Credit Co. LLC, 5.11%, 5/3/29	9,750,000		8,482,646
Ford Motor Credit Co. LLC, 4.00%, 11/13/30	2,400,000		1,877,352
Ford Motor Credit Co. LLC, 3.625%, 6/17/31	1,700,000		1,265,446
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25(1)	2,400,000		2,127,419
Jaguar Land Rover Automotive PLC, 5.875%, 1/15/28(1)	1,800,000		1,267,785
Jaguar Land Rover Automotive PLC, 5.50%, 7/15/29(1)	1,400,000		977,214
Mclaren Finance PLC, 7.50%, 8/1/26(1)	1,400,000		1,144,325
PM General Purchaser LLC, 9.50%, 10/1/28(1)	1,275,000		1,068,966
Thor Industries, Inc., 4.00%, 10/15/29(1)	925,000		696,340
Winnebago Industries, Inc., 6.25%, 7/15/28(1)	2,200,000		2,040,632
			45,779,575
Banks — 0.1%
Barclays Bank PLC, 7.625%, 11/21/22	215,000		215,017
UniCredit SpA, VRN, 5.46%, 6/30/35(1)	1,500,000		1,117,090
			1,332,107
Beverages — 0.2%
Primo Water Holdings, Inc., 4.375%, 4/30/29(1)	1,975,000		1,609,409

7

	Principal Amount/Shares		Value
Triton Water Holdings, Inc., 6.25%, 4/1/29(1)	$	2,100,000	$	1,609,283
			3,218,692
Biotechnology — 0.1%
Grifols Escrow Issuer SA, 4.75%, 10/15/28(1)	1,125,000		871,492
Building Products — 1.0%
Advanced Drainage Systems, Inc., 5.00%, 9/30/27(1)	450,000		414,540
Advanced Drainage Systems, Inc., 6.375%, 6/15/30(1)	675,000		655,580
APi Group DE, Inc., 4.125%, 7/15/29(1)	2,175,000		1,727,918
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	1,450,000		1,234,653
Builders FirstSource, Inc., 4.25%, 2/1/32(1)	5,250,000		4,038,825
Builders FirstSource, Inc., 6.375%, 6/15/32(1)	3,100,000		2,760,981
Cornerstone Building Brands, Inc., 6.125%, 1/15/29(1)	875,000		489,951
Griffon Corp., 5.75%, 3/1/28	3,350,000		2,885,439
Jeld-Wen, Inc., 6.25%, 5/15/25(1)	1,025,000		965,668
Jeld-Wen, Inc., 4.625%, 12/15/25(1)	750,000		608,906
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 2/1/30(1)	775,000		575,175
Oscar AcquisitionCo. LLC / Oscar Finance, Inc., 9.50%, 4/15/30(1)	1,400,000		1,174,264
PGT Innovations, Inc., 4.375%, 10/1/29(1)	1,625,000		1,336,020
Standard Industries, Inc., 4.375%, 7/15/30(1)	1,550,000		1,189,486
			20,057,406
Capital Markets — 2.1%
AG Issuer LLC, 6.25%, 3/1/28(1)	3,375,000		2,924,397
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/27(1)	350,000		329,406
Coinbase Global, Inc., 3.375%, 10/1/28(1)	925,000		580,428
Coinbase Global, Inc., 3.625%, 10/1/31(1)	2,625,000		1,460,789
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)	1,775,000		1,395,354
Compass Group Diversified Holdings LLC, 5.00%, 1/15/32(1)	1,025,000		754,279
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24	6,204,000		5,814,110
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.375%, 12/15/25	1,575,000		1,494,650
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26	4,800,000		4,492,896
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27	5,567,000		4,886,462
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.375%, 2/1/29	1,525,000		1,231,285
Iliad Holding SASU, 6.50%, 10/15/26(1)	1,800,000		1,576,899
Iliad Holding SASU, 7.00%, 10/15/28(1)	1,000,000		858,360
Jane Street Group / JSG Finance, Inc., 4.50%, 11/15/29(1)	1,825,000		1,572,064
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)	3,600,000		2,793,100
MSCI, Inc., 4.00%, 11/15/29(1)	4,325,000		3,744,369
MSCI, Inc., 3.625%, 11/1/31(1)	2,050,000		1,647,399
NFP Corp., 4.875%, 8/15/28(1)	775,000		662,346
NFP Corp., 6.875%, 8/15/28(1)	2,700,000		2,110,469
NFP Corp., 7.50%, 10/1/30(1)	525,000		498,851
			40,827,913
Chemicals — 2.1%
ASP Unifrax Holdings, Inc., 5.25%, 9/30/28(1)	200,000		154,049
ASP Unifrax Holdings, Inc., 7.50%, 9/30/29(1)	375,000		248,237
Avient Corp., 5.75%, 5/15/25(1)	1,275,000		1,231,937
Avient Corp., 7.125%, 8/1/30(1)	1,350,000		1,249,040

8

	Principal Amount/Shares		Value
Chemours Co., 5.375%, 5/15/27	$	400,000	$	349,142
Chemours Co., 4.625%, 11/15/29(1)	400,000		297,996
Cornerstone Chemical Co., 6.75%, 8/15/24(1)	750,000		637,297
Diamond BC BV, 4.625%, 10/1/29(1)	550,000		383,790
FXI Holdings, Inc., 7.875%, 11/1/24(1)	839,000		663,674
FXI Holdings, Inc., 12.25%, 11/15/26(1)	1,645,000		1,305,719
Herens Holdco Sarl, 4.75%, 5/15/28(1)	1,400,000		1,124,550
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 7/1/28(1)	525,000		436,766
Innophos Holdings, Inc., 9.375%, 2/15/28(1)	1,375,000		1,325,191
Iris Holdings, Inc., 8.75% Cash or 9.50% PIK, 2/15/26(1)	1,600,000		1,482,192
LSB Industries, Inc., 6.25%, 10/15/28(1)	1,025,000		881,182
Methanex Corp., 5.125%, 10/15/27	750,000		631,271
Minerals Technologies, Inc., 5.00%, 7/1/28(1)	1,075,000		938,032
NOVA Chemicals Corp., 5.00%, 5/1/25(1)	100,000		89,727
NOVA Chemicals Corp., 5.25%, 6/1/27(1)	1,600,000		1,363,480
NOVA Chemicals Corp., 4.25%, 5/15/29(1)	725,000		567,320
OCI NV, 4.625%, 10/15/25(1)	628,000		584,032
Olin Corp., 5.625%, 8/1/29	3,150,000		2,802,067
Olympus Water US Holding Corp., 6.25%, 10/1/29(1)	1,725,000		1,185,023
Polar US Borrower LLC / Schenectady International Group, Inc., 6.75%, 5/15/26(1)	1,725,000		952,071
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)	2,400,000		1,986,468
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)	2,425,000		1,867,527
SCIL IV LLC / SCIL USA Holdings LLC, 5.375%, 11/1/26(1)	1,650,000		1,276,704
Scotts Miracle-Gro Co., 4.00%, 4/1/31	2,975,000		2,100,930
SPCM SA, 3.125%, 3/15/27(1)	1,275,000		1,098,291
TPC Group, Inc., 10.50%, 8/1/24(1)(2)(3)	550,000		297,000
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)	2,816,000		2,284,100
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1)	3,250,000		1,923,756
Tronox, Inc., 4.625%, 3/15/29(1)	3,050,000		2,263,420
WR Grace Holdings LLC, 4.875%, 6/15/27(1)	1,575,000		1,355,886
WR Grace Holdings LLC, 5.625%, 8/15/29(1)	3,400,000		2,558,500
			39,896,367
Commercial Services and Supplies — 1.7%
ADT Security Corp., 4.125%, 8/1/29(1)	2,125,000		1,768,255
ADT Security Corp., 4.875%, 7/15/32(1)	850,000		687,172
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)	3,075,000		2,746,190
Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 7/15/27(1)	4,225,000		3,478,551
Allied Universal Holdco LLC / Allied Universal Finance Corp., 4.625%, 6/1/28(1)	2,200,000		1,698,543
Allied Universal Holdco LLC / Allied Universal Finance Corp., 4.625%, 6/1/28(1)	1,300,000		983,392
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.00%, 6/1/29(1)	2,872,000		1,859,559
APi Group, Inc., 4.75%, 10/15/29(1)	1,000,000		829,837
APX Group, Inc., 5.75%, 7/15/29(1)	575,000		455,826
Covanta Holding Corp., 5.00%, 9/1/30	1,200,000		943,110
Garda World Security Corp., 4.625%, 2/15/27(1)	600,000		515,892
Garda World Security Corp., 6.00%, 6/1/29(1)	3,600,000		2,646,514

9

	Principal Amount/Shares		Value
GEO Group, Inc., 6.00%, 4/15/26	$	125,000	$	102,490
IAA, Inc., 5.50%, 6/15/27(1)	1,475,000		1,347,833
KAR Auction Services, Inc., 5.125%, 6/1/25(1)	379,000		366,283
Madison IAQ LLC, 4.125%, 6/30/28(1)	900,000		724,211
Madison IAQ LLC, 5.875%, 6/30/29(1)	1,125,000		785,565
Matthews International Corp., 5.25%, 12/1/25(1)	1,000,000		907,985
Metis Merger Sub LLC, 6.50%, 5/15/29(1)	3,275,000		2,559,134
Nielsen Co. Luxembourg Sarl, 5.00%, 2/1/25(1)	350,000		343,643
Nielsen Finance LLC / Nielsen Finance Co., 5.625%, 10/1/28(1)	2,074,000		2,062,982
Nielsen Finance LLC / Nielsen Finance Co., 5.875%, 10/1/30(1)	675,000		673,718
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)	425,000		410,692
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)	1,825,000		1,537,179
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)	575,000		491,620
Sotheby's/Bidfair Holdings, Inc., 5.875%, 6/1/29(1)	800,000		662,380
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1)	1,100,000		1,015,426
			32,603,982
Communications Equipment — 0.6%
Ciena Corp., 4.00%, 1/31/30(1)	1,450,000		1,212,759
CommScope Technologies LLC, 6.00%, 6/15/25(1)	2,511,000		2,234,614
CommScope Technologies LLC, 5.00%, 3/15/27(1)	535,000		404,639
CommScope, Inc., 6.00%, 3/1/26(1)	2,350,000		2,167,405
CommScope, Inc., 8.25%, 3/1/27(1)	725,000		600,104
CommScope, Inc., 7.125%, 7/1/28(1)	1,275,000		986,978
CommScope, Inc., 4.75%, 9/1/29(1)	825,000		674,479
Nokia of America Corp., 6.45%, 3/15/29	3,631,000		3,359,274
			11,640,252
Construction and Engineering — 0.4%
Brand Industrial Services, Inc., 8.50%, 7/15/25(1)	925,000		669,584
Howard Midstream Energy Partners LLC, 6.75%, 1/15/27(1)	1,375,000		1,227,149
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)	2,050,000		1,698,507
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/28(1)	2,650,000		2,240,282
Weekley Homes LLC / Weekley Finance Corp., 4.875%, 9/15/28(1)	2,025,000		1,639,398
			7,474,920
Construction Materials — 0.6%
Cemex SAB de CV, 5.45%, 11/19/29(1)	3,400,000		3,044,938
Cemex SAB de CV, 5.20%, 9/17/30(1)	1,200,000		1,038,024
Cemex SAB de CV, 3.875%, 7/11/31(1)	2,400,000		1,894,544
Cemex SAB de CV, VRN, 5.125%(1)(4)	1,425,000		1,143,562
SRM Escrow Issuer LLC, 6.00%, 11/1/28(1)	3,225,000		2,627,633
Summit Materials LLC / Summit Materials Finance Corp., 6.50%, 3/15/27(1)	875,000		839,872
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 1/15/29(1)	1,725,000		1,520,148
			12,108,721
Consumer Finance — 2.1%
Acuris Finance US, Inc./Acuris Finance Sarl, 5.00%, 5/1/28(1)	1,075,000		902,092
FirstCash, Inc., 4.625%, 9/1/28(1)	1,625,000		1,364,033
FirstCash, Inc., 5.625%, 1/1/30(1)	975,000		835,151
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)	6,204,489		4,679,301

10

	Principal Amount/Shares		Value
LFS Topco LLC, 5.875%, 10/15/26(1)	$	775,000	$	617,607
Navient Corp., 5.50%, 1/25/23	280,000		278,788
Navient Corp., 7.25%, 9/25/23	165,000		164,583
Navient Corp., 6.125%, 3/25/24	2,160,000		2,106,346
Navient Corp., 5.875%, 10/25/24	4,730,000		4,487,962
Navient Corp., 6.75%, 6/25/25	4,575,000		4,289,406
Navient Corp., 6.75%, 6/15/26	2,575,000		2,340,726
Navient Corp., 5.00%, 3/15/27	300,000		245,780
Navient Corp., 5.50%, 3/15/29	4,700,000		3,579,085
OneMain Finance Corp., 8.25%, 10/1/23	325,000		329,088
OneMain Finance Corp., 6.125%, 3/15/24	712,000		686,916
OneMain Finance Corp., 6.875%, 3/15/25	1,342,000		1,263,500
OneMain Finance Corp., 7.125%, 3/15/26	4,100,000		3,702,123
OneMain Finance Corp., 6.625%, 1/15/28	1,765,000		1,518,456
OneMain Finance Corp., 5.375%, 11/15/29	750,000		582,469
PROG Holdings, Inc., 6.00%, 11/15/29(1)	900,000		721,170
SLM Corp., 3.125%, 11/2/26	2,700,000		2,238,840
VistaJet Malta Finance PLC / XO Management Holding, Inc., 7.875%, 5/1/27(1)	1,675,000		1,509,661
VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.375%, 2/1/30(1)	1,400,000		1,147,965
World Acceptance Corp., 7.00%, 11/1/26(1)	2,100,000		1,308,088
			40,899,136
Containers and Packaging — 1.2%
ARD Finance SA, 6.50% Cash or 7.25% PIK, 6/30/27(1)	4,352,586		2,989,051
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.00%, 6/15/27(1)	1,000,000		944,054
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 5.25%, 8/15/27(1)	1,500,000		941,797
Ball Corp., 4.875%, 3/15/26	1,000,000		950,025
Ball Corp., 3.125%, 9/15/31	750,000		566,948
Clydesdale Acquisition Holdings, Inc., 6.625%, 4/15/29(1)	225,000		205,202
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 2/1/26	700,000		653,237
Intelligent Packaging Holdco Issuer LP, 9.00% Cash or 9.75% PIK, 1/15/26(1)	925,000		747,478
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co.-Issuer LLC, 6.00%, 9/15/28(1)	1,650,000		1,316,353
LABL, Inc., 5.875%, 11/1/28(1)	600,000		487,065
LABL, Inc., 8.25%, 11/1/29(1)	1,500,000		1,093,111
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)	990,000		942,025
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)	425,000		374,461
OI European Group BV, 4.75%, 2/15/30(1)	2,675,000		2,132,951
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)	217,000		214,505
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1)	500,000		461,790
Owens-Brockway Glass Container, Inc., 6.375%, 8/15/25(1)	325,000		306,119
Owens-Brockway Glass Container, Inc., 6.625%, 5/13/27(1)	856,000		777,342
Sealed Air Corp., 4.00%, 12/1/27(1)	1,614,000		1,400,145
Sealed Air Corp., 5.00%, 4/15/29(1)	1,800,000		1,608,903
Trident TPI Holdings, Inc., 9.25%, 8/1/24(1)	1,000,000		922,734
Trident TPI Holdings, Inc., 6.625%, 11/1/25(1)	500,000		432,630
TriMas Corp., 4.125%, 4/15/29(1)	2,050,000		1,734,843
Trivium Packaging Finance BV, 5.50%, 8/15/26(1)	1,800,000		1,612,241
			23,815,010

11

	Principal Amount/Shares		Value
Distributors — 0.4%
American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28(1)	$	600,000	$	525,714
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1)	2,900,000		2,518,222
Performance Food Group, Inc., 5.50%, 10/15/27(1)	850,000		774,520
Performance Food Group, Inc., 4.25%, 8/1/29(1)	1,700,000		1,418,769
Resideo Funding, Inc., 4.00%, 9/1/29(1)	825,000		666,625
Univar Solutions USA, Inc., 5.125%, 12/1/27(1)	2,725,000		2,430,891
			8,334,741
Diversified Consumer Services — 0.5%
Adtalem Global Education, Inc., 5.50%, 3/1/28(1)	1,733,000		1,563,417
Carriage Services, Inc., 4.25%, 5/15/29(1)	1,825,000		1,446,877
Graham Holdings Co., 5.75%, 6/1/26(1)	1,275,000		1,238,146
Service Corp. International, 5.125%, 6/1/29	500,000		455,093
Service Corp. International, 3.375%, 8/15/30	800,000		626,836
Service Corp. International, 4.00%, 5/15/31	3,075,000		2,477,973
Sotheby's, 7.375%, 10/15/27(1)	1,200,000		1,103,724
			8,912,066
Diversified Financial Services — 0.7%
Burford Capital Global Finance LLC, 6.25%, 4/15/28(1)	1,000,000		878,119
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 8/15/28(1)	800,000		591,588
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1)	2,004,000		1,680,063
Kinetik Holdings LP, 5.875%, 6/15/30(1)	1,675,000		1,537,255
Midcap Financial Issuer Trust, 6.50%, 5/1/28(1)	1,200,000		1,027,332
Midcap Financial Issuer Trust, 5.625%, 1/15/30(1)	1,000,000		767,270
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)	600,000		496,128
MPH Acquisition Holdings LLC, 5.75%, 11/1/28(1)	1,975,000		1,487,195
Paysafe Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)	1,475,000		1,033,274
Sabre GLBL, Inc., 9.25%, 4/15/25(1)	1,475,000		1,414,178
Sabre GLBL, Inc., 7.375%, 9/1/25(1)	750,000		672,736
Scientific Games Holdings LP / Scientific Games US FinCo, Inc., 6.625%, 3/1/30(1)	650,000		522,090
Verscend Escrow Corp., 9.75%, 8/15/26(1)	1,350,000		1,304,620
			13,411,848
Diversified Telecommunication Services — 2.8%
Altice France Holding SA, 10.50%, 5/15/27(1)	4,550,000		3,574,232
Altice France Holding SA, 6.00%, 2/15/28(1)	4,950,000		3,150,316
Altice France SA, 8.125%, 2/1/27(1)	4,325,000		3,875,178
Altice France SA, 5.50%, 1/15/28(1)	1,850,000		1,467,873
Altice France SA, 5.125%, 1/15/29(1)	1,950,000		1,442,376
Altice France SA, 5.125%, 7/15/29(1)	4,525,000		3,391,352
Altice France SA, 5.50%, 10/15/29(1)	3,600,000		2,717,654
Cablevision Lightpath LLC, 3.875%, 9/15/27(1)	800,000		670,097
Cablevision Lightpath LLC, 5.625%, 9/15/28(1)	800,000		641,004
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)	2,100,000		1,977,573
Connect Finco Sarl / Connect US Finco LLC, 6.75%, 10/1/26(1)	1,550,000		1,357,633
Embarq Corp., 8.00%, 6/1/36	3,740,000		1,878,378
Frontier Communications Holdings LLC, 5.875%, 10/15/27(1)	425,000		381,867
Frontier Communications Holdings LLC, 5.00%, 5/1/28(1)	1,150,000		988,851
Frontier Communications Holdings LLC, 6.75%, 5/1/29(1)	825,000		682,518
Frontier Communications Holdings LLC, 5.875%, 11/1/29	760,398		605,292

12

	Principal Amount/Shares		Value
Frontier Communications Holdings LLC, 6.00%, 1/15/30(1)	$	875,000	$	689,238
Hughes Satellite Systems Corp., 6.625%, 8/1/26	1,225,000		1,113,576
Level 3 Financing, Inc., 4.625%, 9/15/27(1)	1,025,000		850,791
Level 3 Financing, Inc., 4.25%, 7/1/28(1)	3,900,000		3,050,892
Level 3 Financing, Inc., 3.75%, 7/15/29(1)	2,300,000		1,690,051
Lumen Technologies, Inc., 6.75%, 12/1/23	1,075,000		1,096,678
Lumen Technologies, Inc., 5.125%, 12/15/26(1)	1,750,000		1,508,351
Lumen Technologies, Inc., 4.50%, 1/15/29(1)	2,375,000		1,672,154
Lumen Technologies, Inc., 5.375%, 6/15/29(1)	1,450,000		1,080,944
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 4.75%, 4/30/27(1)	725,000		632,392
Sprint Capital Corp., 6.875%, 11/15/28	1,250,000		1,286,594
Sprint Capital Corp., 8.75%, 3/15/32	3,550,000		4,121,994
Telecom Italia Capital SA, 6.375%, 11/15/33	1,825,000		1,423,044
Telecom Italia Capital SA, 6.00%, 9/30/34	3,577,000		2,671,429
Telecom Italia Capital SA, 7.20%, 7/18/36	325,000		255,447
Telecom Italia SpA, 5.30%, 5/30/24(1)	375,000		354,692
Telesat Canada / Telesat LLC, 5.625%, 12/6/26(1)	2,350,000		1,127,647
Telesat Canada / Telesat LLC, 4.875%, 6/1/27(1)	500,000		235,781
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1)	800,000		297,544
			53,961,433
Electric Utilities — 1.0%
Drax Finco PLC, 6.625%, 11/1/25(1)	1,750,000		1,688,566
FirstEnergy Corp., 5.35%, 7/15/47	540,000		456,859
Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29(1)	900,000		726,480
NextEra Energy Operating Partners LP, 4.25%, 9/15/24(1)	57,000		54,705
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)	2,475,000		2,257,373
NRG Energy, Inc., 6.625%, 1/15/27	196,000		192,409
NRG Energy, Inc., 3.375%, 2/15/29(1)	675,000		547,472
NRG Energy, Inc., 3.625%, 2/15/31(1)	960,000		750,864
NRG Energy, Inc., 3.875%, 2/15/32(1)	1,100,000		860,420
Pacific Gas & Electric Co., 4.55%, 7/1/30	800,000		686,482
PG&E Corp., 5.00%, 7/1/28	3,150,000		2,716,470
Talen Energy Supply LLC, 6.50%, 6/1/25(2)(3)	175,000		140,743
Talen Energy Supply LLC, 7.25%, 5/15/27(1)(2)(3)	75,000		76,858
Talen Energy Supply LLC, 6.625%, 1/15/28(1)(2)(3)	1,192,000		1,208,527
Vistra Operations Co. LLC, 5.50%, 9/1/26(1)	2,555,000		2,373,199
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)	1,200,000		1,125,942
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)	2,950,000		2,671,181
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)	400,000		333,596
			18,868,146
Electrical Equipment — 0.1%
WESCO Distribution, Inc., 7.25%, 6/15/28(1)	1,375,000		1,349,681
Electronic Equipment, Instruments and Components — 0.9%
Coherent Corp., 5.00%, 12/15/29(1)	1,150,000		954,063
Imola Merger Corp., 4.75%, 5/15/29(1)	9,150,000		7,741,083
Likewize Corp., 9.75%, 10/15/25(1)	975,000		904,117
Sensata Technologies BV, 4.00%, 4/15/29(1)	4,075,000		3,381,005
Sensata Technologies BV, 5.875%, 9/1/30(1)	1,200,000		1,125,360
Sensata Technologies, Inc., 3.75%, 2/15/31(1)	750,000		592,365
TTM Technologies, Inc., 4.00%, 3/1/29(1)	2,425,000		1,957,945
			16,655,938

13

	Principal Amount/Shares		Value
Energy Equipment and Services — 2.0%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)	$	875,000	$	785,221
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)	2,700,000		2,378,808
Basic Energy Services, Inc., 10.75%, 10/15/23(1)(2)(3)	275,000		21,635
Bristow Group, Inc., 6.875%, 3/1/28(1)	2,800,000		2,478,686
Ensign Drilling, Inc., 9.25%, 4/15/24(1)	1,125,000		998,948
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25	1,790,000		1,814,290
Global Marine, Inc., 7.00%, 6/1/28	25,000		13,374
Nabors Industries Ltd., 7.25%, 1/15/26(1)	550,000		479,630
Nabors Industries Ltd., 7.50%, 1/15/28(1)	1,700,000		1,391,000
Nabors Industries, Inc., 5.75%, 2/1/25	3,425,000		3,105,693
Nabors Industries, Inc., 7.375%, 5/15/27(1)	1,550,000		1,433,750
Nine Energy Service, Inc., 8.75%, 11/1/23(1)	1,500,000		1,142,991
Noble Finance Co., 11.00% Cash or 6.50% Cash and 6.50% PIK or 15.00% PIK, 2/15/28(1)	25,850		28,616
Precision Drilling Corp., 7.125%, 1/15/26(1)	1,375,000		1,291,648
Precision Drilling Corp., 6.875%, 1/15/29(1)	2,100,000		1,858,059
Shelf Drilling Holdings Ltd., 8.875%, 11/15/24(1)	1,525,000		1,482,208
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(1)	2,150,000		1,724,622
Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25(1)	1,300,000		1,284,090
Transocean Guardian Ltd., 5.875%, 1/15/24(1)	1,669,093		1,575,780
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	721,875		661,912
Transocean Sentry Ltd., 5.375%, 5/15/23(1)	952,866		929,030
Transocean, Inc., 7.25%, 11/1/25(1)	2,275,000		1,745,494
Transocean, Inc., 11.50%, 1/30/27(1)	2,598,000		2,407,943
Transocean, Inc., 8.00%, 2/1/27(1)	2,500,000		1,742,275
Transocean, Inc., 7.50%, 4/15/31	925,000		482,813
Transocean, Inc., 9.35%, 12/15/41	400,000		208,051
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26	1,500,000		1,382,363
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27	825,000		751,121
Weatherford International Ltd., 11.00%, 12/1/24(1)	307,000		312,824
Weatherford International Ltd., 8.625%, 4/30/30(1)	3,575,000		3,121,507
			39,034,382
Entertainment — 1.0%
Allen Media LLC/Allen Media Co.-Issuer, Inc., 10.50%, 2/15/28(1)	1,050,000		521,671
AMC Entertainment Holdings, Inc., 5.875%, 11/15/26	375,000		218,438
AMC Entertainment Holdings, Inc., 10.00% Cash or 12.00% PIK or 5.00% Cash plus 6.00% PIK, 6/15/26(1)	8,970,980		6,137,451
Cinemark USA, Inc., 5.875%, 3/15/26(1)	1,800,000		1,507,107
Cinemark USA, Inc., 5.25%, 7/15/28(1)	3,900,000		3,006,100
Live Nation Entertainment, Inc., 5.625%, 3/15/26(1)	3,025,000		2,889,934
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)	500,000		435,115
Live Nation Entertainment, Inc., 3.75%, 1/15/28(1)	1,025,000		871,250
Netflix, Inc., 6.375%, 5/15/29	750,000		746,321
Playtika Holding Corp., 4.25%, 3/15/29(1)	2,425,000		1,942,607
			18,275,994
Equity Real Estate Investment Trusts (REITs) — 2.7%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 4/1/27(1)	600,000		492,954

14

	Principal Amount/Shares		Value
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1)	$	675,000	$	556,568
Diversified Healthcare Trust, 9.75%, 6/15/25	913,000		827,799
Diversified Healthcare Trust, 4.375%, 3/1/31	2,675,000		1,736,369
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1)	1,350,000		1,085,042
HAT Holdings I LLC / HAT Holdings II LLC, 3.75%, 9/15/30(1)	475,000		346,406
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 4/15/25(1)	900,000		848,606
Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32(1)	4,500,000		3,489,696
Iron Mountain, Inc., 5.25%, 3/15/28(1)	1,400,000		1,229,991
Iron Mountain, Inc., 5.00%, 7/15/28(1)	650,000		560,326
Iron Mountain, Inc., 5.25%, 7/15/30(1)	3,825,000		3,173,449
Iron Mountain, Inc., 4.50%, 2/15/31(1)	2,875,000		2,227,866
Iron Mountain, Inc., 5.625%, 7/15/32(1)	175,000		140,235
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27	925,000		800,902
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29	1,100,000		886,639
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31	725,000		506,307
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 7.50%, 6/1/25(1)	2,275,000		2,263,853
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 5.875%, 10/1/28(1)	750,000		643,511
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 4.875%, 5/15/29(1)	1,750,000		1,420,230
RHP Hotel Properties LP / RHP Finance Corp., 4.50%, 2/15/29(1)	1,200,000		997,123
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)	2,225,000		1,903,321
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)	2,750,000		2,160,320
Service Properties Trust, 4.35%, 10/1/24	3,500,000		3,103,152
Service Properties Trust, 7.50%, 9/15/25	725,000		678,781
Service Properties Trust, 5.25%, 2/15/26	2,175,000		1,735,965
Service Properties Trust, 4.75%, 10/1/26	1,850,000		1,398,471
Service Properties Trust, 4.95%, 2/15/27	650,000		483,501
Service Properties Trust, 5.50%, 12/15/27	1,150,000		935,547
Service Properties Trust, 3.95%, 1/15/28	250,000		170,455
Service Properties Trust, 4.95%, 10/1/29	1,650,000		1,133,187
Service Properties Trust, 4.375%, 2/15/30	625,000		411,314
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.875%, 2/15/25(1)	1,300,000		1,270,750
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 1/15/30(1)	800,000		509,464
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1)	1,775,000		1,406,368
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.50%, 2/15/29(1)	1,175,000		789,992
VICI Properties LP / VICI Note Co., Inc., 3.50%, 2/15/25(1)	500,000		462,798
VICI Properties LP / VICI Note Co., Inc., 4.625%, 6/15/25(1)	955,000		899,904
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/1/26(1)	1,783,000		1,611,652
VICI Properties LP / VICI Note Co., Inc., 3.75%, 2/15/27(1)	1,825,000		1,602,222
VICI Properties LP / VICI Note Co., Inc., 4.625%, 12/1/29(1)	1,825,000		1,587,294
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)	525,000		439,548
XHR LP, 6.375%, 8/15/25(1)	1,325,000		1,274,484
XHR LP, 4.875%, 6/1/29(1)	1,075,000		888,509
			51,090,871

15

	Principal Amount/Shares		Value
Food and Staples Retailing — 0.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.25%, 3/15/26(1)	$	775,000	$	681,757
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 7.50%, 3/15/26(1)	575,000		579,267
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)	2,325,000		2,083,238
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)	650,000		600,977
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.875%, 2/15/30(1)	575,000		487,243
Ingles Markets, Inc., 4.00%, 6/15/31(1)	2,550,000		2,085,898
Rite Aid Corp., 7.50%, 7/1/25(1)	721,000		550,170
Rite Aid Corp., 8.00%, 11/15/26(1)	312,000		221,551
SEG Holding LLC / SEG Finance Corp., 5.625%, 10/15/28(1)	2,850,000		2,629,747
United Natural Foods, Inc., 6.75%, 10/15/28(1)	625,000		572,922
			10,492,770
Food Products — 1.0%
C&S Group Enterprises LLC, 5.00%, 12/15/28(1)	1,175,000		875,241
Darling Ingredients, Inc., 5.25%, 4/15/27(1)	1,100,000		1,039,041
Darling Ingredients, Inc., 6.00%, 6/15/30(1)	550,000		524,683
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)	2,300,000		2,088,170
HLF Financing Sarl LLC / Herbalife International, Inc., 4.875%, 6/1/29(1)	425,000		303,832
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)	1,700,000		1,573,333
Lamb Weston Holdings, Inc., 4.125%, 1/31/30(1)	1,450,000		1,229,477
Lamb Weston Holdings, Inc., 4.375%, 1/31/32(1)	1,450,000		1,200,680
Post Holdings, Inc., 5.75%, 3/1/27(1)	857,000		818,975
Post Holdings, Inc., 5.625%, 1/15/28(1)	1,100,000		1,006,027
Post Holdings, Inc., 5.50%, 12/15/29(1)	2,400,000		2,078,453
Post Holdings, Inc., 4.50%, 9/15/31(1)	1,200,000		968,490
Sigma Holdco BV, 7.875%, 5/15/26(1)	800,000		517,544
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)	2,825,000		2,315,822
US Foods, Inc., 6.25%, 4/15/25(1)	575,000		565,766
US Foods, Inc., 4.75%, 2/15/29(1)	3,250,000		2,788,825
			19,894,359
Gas Utilities — 0.1%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.50%, 5/20/25	625,000		581,231
AmeriGas Partners LP / AmeriGas Finance Corp., 5.75%, 5/20/27	1,645,000		1,481,027
			2,062,258
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 4.625%, 7/15/28(1)	3,075,000		2,743,361
Avantor Funding, Inc., 3.875%, 11/1/29(1)	2,975,000		2,422,141
Medline Borrower LP, 3.875%, 4/1/29(1)	3,525,000		2,831,791
Medline Borrower LP, 5.25%, 10/1/29(1)	5,200,000		3,936,036
			11,933,329
Health Care Providers and Services — 4.9%
Acadia Healthcare Co., Inc., 5.50%, 7/1/28(1)	1,800,000		1,644,840
Acadia Healthcare Co., Inc., 5.00%, 4/15/29(1)	1,100,000		976,253
AHP Health Partners, Inc., 5.75%, 7/15/29(1)	1,100,000		855,619

16

	Principal Amount/Shares		Value
Air Methods Corp., 8.00%, 5/15/25(1)	$	2,700,000	$	1,360,155
Centene Corp., 4.25%, 12/15/27	3,950,000		3,621,459
Centene Corp., 2.45%, 7/15/28	1,075,000		877,049
Centene Corp., 4.625%, 12/15/29	3,003,000		2,705,538
Centene Corp., 3.375%, 2/15/30	1,525,000		1,250,004
Centene Corp., 3.00%, 10/15/30	8,500,000		6,749,595
Centene Corp., 2.50%, 3/1/31	350,000		264,569
Centene Corp., 2.625%, 8/1/31	2,312,000		1,747,244
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)	3,225,000		2,797,550
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)	1,400,000		1,079,708
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)	3,042,000		2,413,721
CHS / Community Health Systems, Inc., 6.875%, 4/1/28(1)	1,971,000		905,743
CHS / Community Health Systems, Inc., 6.00%, 1/15/29(1)	1,925,000		1,419,200
CHS / Community Health Systems, Inc., 6.875%, 4/15/29(1)	3,775,000		1,831,790
CHS / Community Health Systems, Inc., 6.125%, 4/1/30(1)	2,850,000		1,350,187
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1)	2,453,000		1,652,942
CHS/Community Health Systems, Inc., 5.25%, 5/15/30(1)	3,375,000		2,357,522
DaVita, Inc., 4.625%, 6/1/30(1)	8,175,000		6,345,476
DaVita, Inc., 3.75%, 2/15/31(1)	1,500,000		1,072,267
Encompass Health Corp., 4.75%, 2/1/30	1,790,000		1,475,427
Envision Healthcare Corp., 8.75%, 10/15/26(1)	1,925,000		620,466
HCA, Inc., 5.375%, 2/1/25	1,250,000		1,236,526
HCA, Inc., 7.69%, 6/15/25	1,020,000		1,057,467
HCA, Inc., 7.58%, 9/15/25	1,250,000		1,304,509
HCA, Inc., 5.375%, 9/1/26	300,000		291,039
HCA, Inc., 3.50%, 9/1/30	750,000		620,921
HealthEquity, Inc., 4.50%, 10/1/29(1)	1,025,000		867,140
IQVIA, Inc., 5.00%, 5/15/27(1)	575,000		537,404
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1)	1,175,000		1,113,171
Legacy LifePoint Health LLC, 4.375%, 2/15/27(1)	175,000		144,836
LifePoint Health, Inc., 5.375%, 1/15/29(1)	1,375,000		961,320
ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(1)	1,000,000		814,475
Molina Healthcare, Inc., 4.375%, 6/15/28(1)	3,128,000		2,829,651
Molina Healthcare, Inc., 3.875%, 11/15/30(1)	1,250,000		1,050,831
Molina Healthcare, Inc., 3.875%, 5/15/32(1)	3,675,000		3,015,490
Owens & Minor, Inc., 4.50%, 3/31/29(1)	2,450,000		1,926,521
Owens & Minor, Inc., 6.625%, 4/1/30(1)	1,100,000		970,750
Pediatrix Medical Group, Inc., 5.375%, 2/15/30(1)	325,000		269,782
Prime Healthcare Services, Inc., 7.25%, 11/1/25(1)	2,025,000		1,810,107
RP Escrow Issuer LLC, 5.25%, 12/15/25(1)	1,150,000		951,901
Select Medical Corp., 6.25%, 8/15/26(1)	1,900,000		1,790,085
Tenet Healthcare Corp., 4.625%, 7/15/24	175,000		169,417
Tenet Healthcare Corp., 4.625%, 9/1/24(1)	1,650,000		1,598,586
Tenet Healthcare Corp., 4.875%, 1/1/26(1)	3,050,000		2,838,315
Tenet Healthcare Corp., 5.125%, 11/1/27(1)	3,725,000		3,350,218
Tenet Healthcare Corp., 4.625%, 6/15/28(1)	504,000		441,054
Tenet Healthcare Corp., 6.125%, 10/1/28(1)	10,550,000		9,259,775
Tenet Healthcare Corp., 4.25%, 6/1/29(1)	2,525,000		2,094,349
Tenet Healthcare Corp., 4.375%, 1/15/30(1)	1,150,000		962,389
Tenet Healthcare Corp., 6.125%, 6/15/30(1)	3,425,000		3,146,291
Tenet Healthcare Corp., 6.875%, 11/15/31	350,000		311,672
			95,110,316

17

	Principal Amount/Shares		Value
Health Care Technology — 0.2%
AthenaHealth Group, Inc., 6.50%, 2/15/30(1)	$	5,000,000	$	3,962,250
Hotels, Restaurants and Leisure — 10.6%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)	1,300,000		1,128,211
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)	7,625,000		6,022,835
Affinity Gaming, 6.875%, 12/15/27(1)	1,850,000		1,511,700
Aramark Services, Inc., 5.00%, 4/1/25(1)	820,000		783,966
Aramark Services, Inc., 6.375%, 5/1/25(1)	2,225,000		2,183,782
Aramark Services, Inc., 5.00%, 2/1/28(1)	1,350,000		1,205,280
Boyd Gaming Corp., 4.75%, 6/15/31(1)	1,900,000		1,541,432
Boyne USA, Inc., 4.75%, 5/15/29(1)	1,900,000		1,594,403
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)	1,025,000		989,556
Caesars Entertainment, Inc., 8.125%, 7/1/27(1)	1,800,000		1,723,338
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)	7,975,000		6,113,137
Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 7/1/25(1)	1,775,000		1,715,005
Carnival Corp., 10.50%, 2/1/26(1)	2,675,000		2,650,805
Carnival Corp., 7.625%, 3/1/26(1)	7,500,000		5,711,362
Carnival Corp., 5.75%, 3/1/27(1)	30,550,000		21,469,776
Carnival Corp., 6.65%, 1/15/28	1,375,000		920,391
Carnival Corp., 6.00%, 5/1/29(1)	11,375,000		7,487,992
Carnival Corp., 10.50%, 6/1/30(1)	6,325,000		5,071,005
Carrols Restaurant Group, Inc., 5.875%, 7/1/29(1)	1,525,000		1,020,896
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)	2,325,000		2,034,166
CEC Entertainment LLC, 6.75%, 5/1/26(1)	775,000		698,557
Cedar Fair LP, 5.25%, 7/15/29	725,000		623,486
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 5/1/25(1)	900,000		866,984
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.50%, 10/1/28	2,000,000		1,853,820
Churchill Downs, Inc., 5.50%, 4/1/27(1)	2,625,000		2,431,852
Churchill Downs, Inc., 4.75%, 1/15/28(1)	675,000		585,014
Empire Resorts, Inc., 7.75%, 11/1/26(1)	1,400,000		1,178,884
Everi Holdings, Inc., 5.00%, 7/15/29(1)	925,000		760,178
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1)	1,200,000		994,920
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30(1)	2,075,000		1,580,901
Full House Resorts, Inc., 8.25%, 2/15/28(1)	3,000,000		2,704,320
Golden Entertainment, Inc., 7.625%, 4/15/26(1)	4,525,000		4,467,759
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1)	2,850,000		1,799,061
Hilton Domestic Operating Co., Inc., 5.375%, 5/1/25(1)	1,525,000		1,494,275
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)	2,200,000		2,061,884
Hilton Domestic Operating Co., Inc., 3.75%, 5/1/29(1)	600,000		496,734
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30	1,250,000		1,090,144
Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31(1)	3,275,000		2,652,586
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)	5,900,000		4,528,537
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1)	3,600,000		2,910,870
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1)	2,950,000		2,256,071
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27	600,000		551,805

18

	Principal Amount/Shares		Value
International Game Technology PLC, 4.125%, 4/15/26(1)	$	3,550,000	$	3,249,191
IRB Holding Corp., 7.00%, 6/15/25(1)	1,400,000		1,392,888
Jacobs Entertainment, Inc., 6.75%, 2/15/29(1)	3,075,000		2,635,039
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 4.75%, 6/1/27(1)	775,000		721,169
Life Time, Inc., 5.75%, 1/15/26(1)	4,875,000		4,443,416
Life Time, Inc., 8.00%, 4/15/26(1)	9,025,000		7,726,438
Lindblad Expeditions LLC, 6.75%, 2/15/27(1)	500,000		440,895
Merlin Entertainments Ltd., 5.75%, 6/15/26(1)	425,000		396,410
MGM China Holdings Ltd., 5.375%, 5/15/24(1)	1,000,000		878,990
MGM Resorts International, 6.00%, 3/15/23	3,475,000		3,480,456
MGM Resorts International, 6.75%, 5/1/25	1,350,000		1,331,458
MGM Resorts International, 5.75%, 6/15/25	825,000		789,253
MGM Resorts International, 5.50%, 4/15/27	1,064,000		957,988
MGM Resorts International, 4.75%, 10/15/28	850,000		713,331
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)	1,700,000		1,403,010
Mohegan Gaming & Entertainment, 7.875%, 10/15/24(1)	1,835,000		1,875,948
Mohegan Gaming & Entertainment, 8.00%, 2/1/26(1)	2,375,000		1,985,654
Motion Bondco DAC, 6.625%, 11/15/27(1)	2,075,000		1,760,005
Nathan's Famous, Inc., 6.625%, 11/1/25(1)	697,000		693,989
NCL Corp. Ltd., 3.625%, 12/15/24(1)	750,000		631,557
NCL Corp. Ltd., 5.875%, 3/15/26(1)	6,400,000		4,878,720
NCL Corp. Ltd., 7.75%, 2/15/29(1)	900,000		680,355
NCL Finance Ltd., 6.125%, 3/15/28(1)	1,500,000		1,109,138
Penn Entertainment, Inc., 4.125%, 7/1/29(1)	3,125,000		2,396,125
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1)	2,385,000		1,654,284
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1)	1,975,000		1,335,722
Royal Caribbean Cruises Ltd., 11.50%, 6/1/25(1)	383,000		407,523
Royal Caribbean Cruises Ltd., 4.25%, 7/1/26(1)	1,150,000		847,567
Royal Caribbean Cruises Ltd., 5.50%, 8/31/26(1)	1,750,000		1,340,990
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)	4,450,000		3,279,516
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27	700,000		549,673
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28	1,970,000		1,284,420
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)	3,250,000		2,284,165
Royal Caribbean Cruises Ltd., 8.25%, 1/15/29(1)(8)	800,000		780,024
Royal Caribbean Cruises Ltd., 9.25%, 1/15/29(1)(8)	1,025,000		1,011,552
Scientific Games International, Inc., 8.625%, 7/1/25(1)	225,000		230,630
Scientific Games International, Inc., 7.00%, 5/15/28(1)	4,175,000		3,944,957
Scientific Games International, Inc., 7.25%, 11/15/29(1)	1,250,000		1,165,000
SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(1)	3,375,000		2,810,362
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1)	2,975,000		2,639,792
Station Casinos LLC, 4.625%, 12/1/31(1)	550,000		416,218
Studio City Finance Ltd., 6.00%, 7/15/25(1)	1,400,000		782,959
Studio City Finance Ltd., 5.00%, 1/15/29(1)	875,000		390,069
TKC Holdings, Inc., 10.50%, 5/15/29(1)	1,550,000		1,188,569
Travel & Leisure Co., 6.625%, 7/31/26(1)	2,450,000		2,298,312
Travel & Leisure Co., 4.625%, 3/1/30(1)	600,000		475,229
Viking Cruises Ltd., 6.25%, 5/15/25(1)	1,800,000		1,564,884
Viking Cruises Ltd., 13.00%, 5/15/25(1)	900,000		933,610

19

	Principal Amount/Shares		Value
Viking Cruises Ltd., 5.875%, 9/15/27(1)	$	2,600,000	$	1,987,999
Viking Cruises Ltd., 7.00%, 2/15/29(1)	1,050,000		785,630
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)	975,000		759,949
VOC Escrow Ltd., 5.00%, 2/15/28(1)	1,800,000		1,467,774
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	1,075,000		1,008,006
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)	1,225,000		1,080,915
Wynn Macau Ltd., 5.625%, 8/26/28(1)	400,000		267,224
Wynn Macau Ltd., 5.125%, 12/15/29(1)	650,000		423,859
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 5.125%, 10/1/29(1)	3,428,000		2,778,240
Yum! Brands, Inc., 5.375%, 4/1/32	3,700,000		3,288,351
			205,503,077
Household Durables — 2.3%
Adams Homes, Inc., 7.50%, 2/15/25(1)	1,225,000		1,012,861
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.625%, 1/15/28(1)	1,525,000		1,280,858
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 8/1/29(1)	700,000		509,633
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1)	1,700,000		1,220,846
Beazer Homes USA, Inc., 6.75%, 3/15/25	1,102,000		1,024,111
Beazer Homes USA, Inc., 5.875%, 10/15/27	425,000		329,080
Beazer Homes USA, Inc., 7.25%, 10/15/29	2,500,000		1,977,925
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1)	1,900,000		1,408,802
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.875%, 2/15/30(1)	875,000		649,486
Century Communities, Inc., 6.75%, 6/1/27	1,475,000		1,380,541
Century Communities, Inc., 3.875%, 8/15/29(1)	1,000,000		768,750
Empire Communities Corp., 7.00%, 12/15/25(1)	1,350,000		1,121,769
Installed Building Products, Inc., 5.75%, 2/1/28(1)	1,450,000		1,306,587
K Hovnanian Enterprises, Inc., 5.00%, 2/1/40(1)	26,000		16,250
KB Home, 7.625%, 5/15/23	250,000		250,108
KB Home, 6.875%, 6/15/27	1,300,000		1,234,840
KB Home, 7.25%, 7/15/30	800,000		727,000
KB Home, 4.00%, 6/15/31	1,775,000		1,307,039
LGI Homes, Inc., 4.00%, 7/15/29(1)	800,000		593,856
Mattamy Group Corp., 4.625%, 3/1/30(1)	1,400,000		1,071,420
Meritage Homes Corp., 6.00%, 6/1/25	2,575,000		2,501,436
Newell Brands, Inc., 4.45%, 4/1/26	5,075,000		4,676,308
Newell Brands, Inc., 6.375%, 9/15/27	1,000,000		992,650
Newell Brands, Inc., 6.625%, 9/15/29	1,000,000		980,120
Newell Brands, Inc., 5.625%, 4/1/36	3,000,000		2,477,785
Newell Brands, Inc., 5.75%, 4/1/46	925,000		725,052
Picasso Finance Sub, Inc., 6.125%, 6/15/25(1)	729,000		715,288
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 2/15/28(1)	1,400,000		1,142,449
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 4/1/29(1)	2,625,000		2,047,670
STL Holding Co. LLC, 7.50%, 2/15/26(1)	1,850,000		1,576,699
SWF Escrow Issuer Corp., 6.50%, 10/1/29(1)	1,000,000		594,465
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(1)	1,225,000		1,077,730
Tempur Sealy International, Inc., 4.00%, 4/15/29(1)	275,000		217,185
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)	1,075,000		789,921

20

	Principal Amount/Shares		Value
TopBuild Corp., 4.125%, 2/15/32(1)	$	1,075,000	$	820,802
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24	1,280,000		1,256,403
Tri Pointe Homes, Inc., 5.25%, 6/1/27	700,000		606,886
Tri Pointe Homes, Inc., 5.70%, 6/15/28	600,000		511,749
Williams Scotsman International, Inc., 4.625%, 8/15/28(1)	1,325,000		1,161,786
			44,064,146
Household Products — 0.2%
Central Garden & Pet Co., 4.125%, 10/15/30	475,000		379,079
Central Garden & Pet Co., 4.125%, 4/30/31(1)	1,300,000		1,024,822
Energizer Holdings, Inc., 6.50%, 12/31/27(1)	725,000		645,018
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/26(1)	525,000		461,357
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 7.00%, 12/31/27(1)	900,000		690,314
Spectrum Brands, Inc., 5.75%, 7/15/25	79,000		74,768
Spectrum Brands, Inc., 5.50%, 7/15/30(1)	500,000		392,126
Spectrum Brands, Inc., 3.875%, 3/15/31(1)	1,050,000		717,869
			4,385,353
Independent Power and Renewable Electricity Producers — 0.6%
Atlantica Sustainable Infrastructure PLC, 4.125%, 6/15/28(1)	800,000		675,852
Calpine Corp., 4.50%, 2/15/28(1)	2,800,000		2,472,904
Calpine Corp., 5.125%, 3/15/28(1)	1,725,000		1,485,124
Calpine Corp., 4.625%, 2/1/29(1)	1,550,000		1,266,048
Calpine Corp., 5.00%, 2/1/31(1)	1,000,000		796,007
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)	1,825,000		1,627,746
Clearway Energy Operating LLC, 3.75%, 1/15/32(1)	850,000		660,433
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)	800,000		705,908
TerraForm Power Operating LLC, 4.75%, 1/15/30(1)	1,325,000		1,127,502
			10,817,524
Insurance — 0.5%
Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25(1)	3,600,000		3,295,980
Acrisure LLC / Acrisure Finance, Inc., 10.125%, 8/1/26(1)	800,000		770,932
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1)	2,950,000		2,318,671
AssuredPartners, Inc., 7.00%, 8/15/25(1)	625,000		578,337
AssuredPartners, Inc., 5.625%, 1/15/29(1)	900,000		700,641
BroadStreet Partners, Inc., 5.875%, 4/15/29(1)	1,200,000		947,490
Genworth Holdings, Inc., VRN, 4.91%, 11/15/66	450,000		243,000
HUB International Ltd., 5.625%, 12/1/29(1)	625,000		523,109
MBIA Insurance Corp., VRN, 13.77%, (3-month LIBOR plus 11.26%), 1/15/33(1)(2)(3)	125,000		15,000
Ryan Specialty Group LLC, 4.375%, 2/1/30(1)	625,000		530,867
			9,924,027
Interactive Media and Services — 0.2%
Arches Buyer, Inc., 4.25%, 6/1/28(1)	875,000		684,412
Twitter, Inc., 3.875%, 12/15/27(1)	750,000		704,903
Twitter, Inc., 5.00%, 3/1/30(1)	2,700,000		2,593,093
Ziff Davis, Inc., 4.625%, 10/15/30(1)	843,000		693,081
			4,675,489
Internet and Direct Marketing Retail — 0.4%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/1/27(1)	2,750,000		2,536,822

21

	Principal Amount/Shares		Value
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1)	$	1,275,000	$	1,045,902
Match Group Holdings II LLC, 5.00%, 12/15/27(1)	1,375,000		1,229,353
Match Group Holdings II LLC, 4.625%, 6/1/28(1)	550,000		481,731
Match Group Holdings II LLC, 4.125%, 8/1/30(1)	450,000		370,190
Millennium Escrow Corp., 6.625%, 8/1/26(1)	1,500,000		1,189,078
QVC, Inc., 4.75%, 2/15/27	1,050,000		789,478
			7,642,554
IT Services — 0.5%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25	1,075,000		1,017,034
CDW LLC / CDW Finance Corp., 3.25%, 2/15/29	1,100,000		894,746
Endurance International Group Holdings, Inc., 6.00%, 2/15/29(1)	1,175,000		782,384
Exela Intermediate LLC / Exela Finance, Inc., 11.50%, 7/15/26(1)	2,741,000		808,595
Presidio Holdings, Inc., 4.875%, 2/1/27(1)	1,925,000		1,704,645
Presidio Holdings, Inc., 8.25%, 2/1/28(1)	2,150,000		1,857,032
Twilio, Inc., 3.875%, 3/15/31	1,050,000		826,426
Vericast Corp., 11.00%, 9/15/26(1)	2,048,750		2,020,580
			9,911,442
Leisure Products — 0.2%
MajorDrive Holdings IV LLC, 6.375%, 6/1/29(1)	2,075,000		1,433,306
Mattel, Inc., 3.375%, 4/1/26(1)	1,100,000		983,073
Mattel, Inc., 5.875%, 12/15/27(1)	425,000		407,879
Mattel, Inc., 6.20%, 10/1/40	200,000		189,187
Mattel, Inc., 5.45%, 11/1/41	575,000		483,504
			3,496,949
Life Sciences Tools and Services — 0.1%
Charles River Laboratories International, Inc., 4.25%, 5/1/28(1)	750,000		654,701
Charles River Laboratories International, Inc., 4.00%, 3/15/31(1)	500,000		403,852
PRA Health Sciences, Inc., 2.875%, 7/15/26(1)	1,200,000		1,058,276
			2,116,829
Machinery — 0.7%
Granite US Holdings Corp., 11.00%, 10/1/27(1)	300,000		283,363
Husky III Holding Ltd., 13.00% Cash or 13.75% PIK, 2/15/25(1)	1,175,000		1,108,160
JPW Industries Holding Corp., 9.00%, 10/1/24(1)	825,000		720,897
Manitowoc Co., Inc., 9.00%, 4/1/26(1)	475,000		432,908
OT Merger Corp., 7.875%, 10/15/29(1)	650,000		442,748
Terex Corp., 5.00%, 5/15/29(1)	3,200,000		2,752,803
Titan Acquisition Ltd. / Titan Co.-Borrower LLC, 7.75%, 4/15/26(1)	2,550,000		2,018,558
Titan International, Inc., 7.00%, 4/30/28	1,225,000		1,113,991
TK Elevator Holdco GmbH, 7.625%, 7/15/28(1)	238,000		199,802
TK Elevator U.S. Newco, Inc., 5.25%, 7/15/27(1)	1,000,000		852,605
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 7/15/25(1)	3,100,000		2,647,462
			12,573,297
Marine — 0.1%
Seaspan Corp., 5.50%, 8/1/29(1)	3,550,000		2,742,237
Media — 8.4%
Altice Financing SA, 5.00%, 1/15/28(1)	3,000,000		2,317,320
AMC Networks, Inc., 4.25%, 2/15/29	2,125,000		1,576,039
Audacy Capital Corp., 6.75%, 3/31/29(1)	1,175,000		285,298
Cable One, Inc., 4.00%, 11/15/30(1)	425,000		331,581
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)	75,000		67,811

22

	Principal Amount/Shares		Value
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/28(1)	$	1,975,000	$	1,706,331
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)	300,000		263,250
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)	4,575,000		4,208,725
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)	3,950,000		3,214,154
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)	350,000		277,657
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)	4,650,000		3,574,641
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 2/1/32(1)	12,525,000		9,774,823
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32	10,925,000		8,351,725
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1)	7,200,000		5,336,064
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 1/15/34(1)	4,975,000		3,572,672
Clear Channel International BV, 6.625%, 8/1/25(1)	2,000,000		1,860,777
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)	4,000,000		3,385,509
Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28(1)	2,400,000		1,816,092
Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29(1)	1,200,000		871,902
CSC Holdings LLC, 7.50%, 4/1/28(1)	1,000,000		817,280
CSC Holdings LLC, 6.50%, 2/1/29(1)	2,700,000		2,388,865
CSC Holdings LLC, 5.75%, 1/15/30(1)	4,029,000		2,871,065
CSC Holdings LLC, 4.625%, 12/1/30(1)	3,375,000		2,301,159
CSC Holdings LLC, 4.50%, 11/15/31(1)	4,600,000		3,462,880
CSC Holdings LLC, 5.00%, 11/15/31(1)	2,650,000		1,755,375
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 8/15/26(1)	3,950,000		791,185
Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 8/15/27(1)	1,960,000		144,550
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)	7,725,000		6,677,297
DISH DBS Corp., 5.875%, 11/15/24	625,000		558,697
DISH DBS Corp., 5.25%, 12/1/26(1)	3,850,000		3,161,319
DISH DBS Corp., 7.375%, 7/1/28	2,650,000		1,787,706
DISH DBS Corp., 5.75%, 12/1/28(1)	3,025,000		2,291,785
DISH DBS Corp., 5.125%, 6/1/29	2,225,000		1,310,748
GCI LLC, 4.75%, 10/15/28(1)	1,800,000		1,498,086
Gray Escrow II, Inc., 5.375%, 11/15/31(1)	2,675,000		2,104,048
Gray Television, Inc., 5.875%, 7/15/26(1)	75,000		69,292
Gray Television, Inc., 7.00%, 5/15/27(1)	1,175,000		1,107,802
Gray Television, Inc., 4.75%, 10/15/30(1)	4,135,000		3,105,044
iHeartCommunications, Inc., 6.375%, 5/1/26	976,342		907,632
iHeartCommunications, Inc., 5.25%, 8/15/27(1)	2,125,000		1,819,582
iHeartCommunications, Inc., 4.75%, 1/15/28(1)	924,000		771,346
Lamar Media Corp., 3.75%, 2/15/28	950,000		831,155
Lamar Media Corp., 4.00%, 2/15/30	1,325,000		1,113,000
Lamar Media Corp., 3.625%, 1/15/31	200,000		157,585
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(1)	1,080,000		897,885
McGraw-Hill Education, Inc., 8.00%, 8/1/29(1)	1,875,000		1,541,813
Midcontinent Communications / Midcontinent Finance Corp., 5.375%, 8/15/27(1)	1,875,000		1,672,717

23

	Principal Amount/Shares		Value
News Corp., 3.875%, 5/15/29(1)	$	3,725,000	$	3,169,770
News Corp., 5.125%, 2/15/32(1)	2,775,000		2,440,626
Nexstar Media, Inc., 5.625%, 7/15/27(1)	2,025,000		1,865,789
Nexstar Media, Inc., 4.75%, 11/1/28(1)	2,100,000		1,789,221
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)	4,450,000		3,892,838
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.25%, 1/15/29(1)	2,675,000		2,104,797
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 3/15/30(1)	1,300,000		1,014,661
Scripps Escrow II, Inc., 3.875%, 1/15/29(1)	200,000		159,720
Scripps Escrow II, Inc., 5.375%, 1/15/31(1)	625,000		474,218
Scripps Escrow, Inc., 5.875%, 7/15/27(1)	1,025,000		893,713
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)	1,625,000		1,347,162
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)	1,525,000		1,099,364
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)	2,200,000		1,659,020
Sirius XM Radio, Inc., 3.125%, 9/1/26(1)	3,100,000		2,726,450
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)	1,850,000		1,701,658
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)	2,650,000		2,259,629
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)	2,075,000		1,870,815
Sirius XM Radio, Inc., 3.875%, 9/1/31(1)	7,050,000		5,482,926
TEGNA, Inc., 4.625%, 3/15/28	3,050,000		2,822,432
TEGNA, Inc., 5.00%, 9/15/29	1,025,000		945,839
Univision Communications, Inc., 5.125%, 2/15/25(1)	1,650,000		1,568,977
Univision Communications, Inc., 6.625%, 6/1/27(1)	3,550,000		3,358,114
Univision Communications, Inc., 4.50%, 5/1/29(1)	4,450,000		3,638,921
Univision Communications, Inc., 7.375%, 6/30/30(1)	1,725,000		1,650,049
UPC Broadband Finco BV, 4.875%, 7/15/31(1)	5,400,000		4,199,283
UPC Holding BV, 5.50%, 1/15/28(1)	1,000,000		841,220
Videotron Ltd., 5.375%, 6/15/24(1)	375,000		367,980
Videotron Ltd., 5.125%, 4/15/27(1)	600,000		552,012
Videotron Ltd., 3.625%, 6/15/29(1)	600,000		487,287
Virgin Media Finance PLC, 5.00%, 7/15/30(1)	1,600,000		1,179,000
Virgin Media Secured Finance PLC, 4.50%, 8/15/30(1)	400,000		312,888
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28(1)	1,300,000		1,053,936
Ziggo Bond Co. BV, 6.00%, 1/15/27(1)	2,700,000		2,257,524
Ziggo Bond Co. BV, 5.125%, 2/28/30(1)	400,000		286,756
			162,183,864
Metals and Mining — 2.9%
Alcoa Nederland Holding BV, 6.125%, 5/15/28(1)	1,800,000		1,704,927
Alcoa Nederland Holding BV, 4.125%, 3/31/29(1)	600,000		504,420
ArcelorMittal SA, 4.55%, 3/11/26	550,000		527,061
ArcelorMittal SA, 7.00%, 10/15/39	700,000		659,551
Arconic Corp., 6.00%, 5/15/25(1)	1,600,000		1,544,105
Arconic Corp., 6.125%, 2/15/28(1)	450,000		398,504
ATI, Inc., 5.875%, 12/1/27	1,550,000		1,412,902
ATI, Inc., 4.875%, 10/1/29	1,075,000		895,299
ATI, Inc., 5.125%, 10/1/31	1,750,000		1,432,803
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, 8.75%, 7/15/26(1)	1,325,000		1,172,019
Big River Steel LLC / BRS Finance Corp., 6.625%, 1/31/29(1)	1,920,000		1,771,565
Carpenter Technology Corp., 6.375%, 7/15/28	2,694,000		2,504,073
Cleveland-Cliffs, Inc., 5.875%, 6/1/27	2,615,000		2,359,011

24

	Principal Amount/Shares		Value
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)	$	600,000	$	505,266
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)	1,900,000		1,572,240
Coeur Mining, Inc., 5.125%, 2/15/29(1)	1,275,000		965,985
Commercial Metals Co., 4.125%, 1/15/30	775,000		638,880
Commercial Metals Co., 4.375%, 3/15/32	775,000		613,866
Compass Minerals International, Inc., 4.875%, 7/15/24(1)	575,000		541,642
Compass Minerals International, Inc., 6.75%, 12/1/27(1)	700,000		658,728
Constellium SE, 5.625%, 6/15/28(1)	1,050,000		863,099
Constellium SE, 3.75%, 4/15/29(1)	2,800,000		2,047,867
First Quantum Minerals Ltd., 6.50%, 3/1/24(1)	6,575,000		6,451,587
First Quantum Minerals Ltd., 7.50%, 4/1/25(1)	2,450,000		2,361,273
FMG Resources August Pty Ltd., 5.875%, 4/15/30(1)	2,800,000		2,439,598
FMG Resources August Pty Ltd., 6.125%, 4/15/32(1)	725,000		624,051
Freeport-McMoRan, Inc., 4.375%, 8/1/28	2,200,000		1,984,289
Hudbay Minerals, Inc., 4.50%, 4/1/26(1)	1,550,000		1,290,251
IAMGOLD Corp., 5.75%, 10/15/28(1)	1,200,000		568,199
Kaiser Aluminum Corp., 4.625%, 3/1/28(1)	1,916,000		1,566,711
Mineral Resources Ltd., 8.125%, 5/1/27(1)	1,625,000		1,576,997
Mineral Resources Ltd., 8.00%, 11/1/27(1)	875,000		843,675
Mineral Resources Ltd., 8.50%, 5/1/30(1)	1,250,000		1,210,737
Northwest Acquisitions ULC / Dominion Finco, Inc., 7.125%, 11/1/22(1)(2)(3)	475,000		29
Novelis Corp., 3.25%, 11/15/26(1)	475,000		397,098
Novelis Corp., 4.75%, 1/30/30(1)	1,625,000		1,336,611
Novelis Corp., 3.875%, 8/15/31(1)	1,150,000		860,258
Park-Ohio Industries, Inc., 6.625%, 4/15/27	1,950,000		1,466,185
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1)	3,825,000		2,945,281
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(1)	1,275,000		1,077,043
Taseko Mines Ltd., 7.00%, 2/15/26(1)	1,100,000		876,502
TMS International Corp., 6.25%, 4/15/29(1)	1,050,000		747,390
United States Steel Corp., 6.875%, 3/1/29	244,000		222,345
			56,139,923
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)	3,075,000		2,526,448
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 2/1/27(1)	1,150,000		927,760
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)	900,000		675,270
Starwood Property Trust, Inc., 3.75%, 12/31/24(1)	500,000		453,837
			4,583,315
Multiline Retail — 0.2%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)	2,075,000		1,668,092
Macy's Retail Holdings LLC, 5.875%, 3/15/30(1)	175,000		138,771
Macy's Retail Holdings LLC, 6.125%, 3/15/32(1)	225,000		172,763
Macy's Retail Holdings LLC, 4.50%, 12/15/34	250,000		163,823
Macy's Retail Holdings LLC, 6.375%, 3/15/37	775,000		588,705
Macy's Retail Holdings LLC, 5.125%, 1/15/42	3,175,000		1,963,118
			4,695,272
Oil, Gas and Consumable Fuels — 14.0%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1)	2,375,000		2,298,050
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1)	2,475,000		2,490,667

25

	Principal Amount/Shares		Value
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 3/1/27(1)	$	1,950,000	$	1,807,498
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 6/15/29(1)	750,000		663,698
Antero Resources Corp., 7.625%, 2/1/29(1)	1,480,000		1,480,481
Antero Resources Corp., 5.375%, 3/1/30(1)	575,000		518,245
Apache Corp., 4.25%, 1/15/30	1,850,000		1,621,664
Apache Corp., 5.10%, 9/1/40	1,175,000		951,233
Apache Corp., 4.75%, 4/15/43	500,000		373,952
Apache Corp., 4.25%, 1/15/44	130,000		92,446
Apache Corp., 7.375%, 8/15/47	600,000		628,791
Apache Corp., 5.35%, 7/1/49	2,275,000		1,795,703
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 9.00%, 11/1/27(1)	2,150,000		2,626,663
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 8.25%, 12/31/28(1)	600,000		577,676
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)	280,000		249,704
Athabasca Oil Corp., 9.75%, 11/1/26(1)	2,590,000		2,750,944
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)	1,625,000		1,562,470
Callon Petroleum Co., 8.25%, 7/15/25	893,000		872,271
Callon Petroleum Co., 8.00%, 8/1/28(1)	100,000		92,448
Callon Petroleum Co., 7.50%, 6/15/30(1)	1,375,000		1,206,494
Cheniere Energy Partners LP, 4.00%, 3/1/31	4,825,000		4,055,364
Cheniere Energy Partners LP, 3.25%, 1/31/32	6,025,000		4,638,527
Cheniere Energy, Inc., 4.625%, 10/15/28	2,200,000		2,023,307
Chesapeake Energy Corp., 5.50%, 2/1/26(1)	500,000		479,383
Chesapeake Energy Corp., 5.875%, 2/1/29(1)	3,000,000		2,786,230
Chesapeake Energy Corp., 6.75%, 4/15/29(1)	1,600,000		1,537,160
Chord Energy Corp., 6.375%, 6/1/26(1)	1,025,000		978,752
Citgo Holding, Inc., 9.25%, 8/1/24(1)	6,700,000		6,657,321
CITGO Petroleum Corp., 7.00%, 6/15/25(1)	1,475,000		1,411,782
CITGO Petroleum Corp., 6.375%, 6/15/26(1)	2,250,000		2,105,543
Civitas Resources, Inc., 5.00%, 10/15/26(1)	2,650,000		2,410,122
CNX Midstream Partners LP, 4.75%, 4/15/30(1)	700,000		550,578
CNX Resources Corp., 7.25%, 3/14/27(1)	2,061,000		2,009,083
CNX Resources Corp., 6.00%, 1/15/29(1)	1,850,000		1,692,334
CNX Resources Corp., 7.375%, 1/15/31(1)	1,325,000		1,298,845
Colgate Energy Partners III LLC, 5.875%, 7/1/29(1)	700,000		626,441
Comstock Resources, Inc., 6.75%, 3/1/29(1)	2,050,000		1,895,620
Comstock Resources, Inc., 5.875%, 1/15/30(1)	3,150,000		2,751,005
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 6/15/31(1)	6,250,000		5,299,062
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1)	4,100,000		3,675,076
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)	2,275,000		2,181,566
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)	725,000		641,515
DCP Midstream Operating LP, 5.375%, 7/15/25	350,000		340,401
DCP Midstream Operating LP, 5.625%, 7/15/27	950,000		919,734
DCP Midstream Operating LP, 5.125%, 5/15/29	3,325,000		3,122,686
Delek Logistics Partners LP / Delek Logistics Finance Corp., 6.75%, 5/15/25	909,000		859,124

26

	Principal Amount/Shares		Value
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1)	$	1,875,000	$	1,651,163
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 1/30/28(1)	1,150,000		1,096,358
Energean Israel Finance Ltd., 5.375%, 3/30/28(1)	875,000		741,793
Energean Israel Finance Ltd., 5.875%, 3/30/31(1)	1,000,000		816,858
EnLink Midstream LLC, 5.625%, 1/15/28(1)	275,000		257,554
EnLink Midstream LLC, 5.375%, 6/1/29	2,350,000		2,155,302
EnLink Midstream LLC, 6.50%, 9/1/30(1)	1,775,000		1,737,441
EnLink Midstream Partners LP, 4.85%, 7/15/26	3,075,000		2,827,922
EnLink Midstream Partners LP, 5.60%, 4/1/44	1,625,000		1,241,454
EnLink Midstream Partners LP, 5.05%, 4/1/45	1,200,000		843,509
EnLink Midstream Partners LP, 5.45%, 6/1/47	2,125,000		1,556,455
EQM Midstream Partners LP, 4.00%, 8/1/24	400,000		372,837
EQM Midstream Partners LP, 6.00%, 7/1/25(1)	1,100,000		1,018,507
EQM Midstream Partners LP, 7.50%, 6/1/27(1)	1,200,000		1,145,724
EQM Midstream Partners LP, 6.50%, 7/1/27(1)	750,000		694,158
EQM Midstream Partners LP, 5.50%, 7/15/28	1,626,000		1,393,254
EQM Midstream Partners LP, 4.50%, 1/15/29(1)	2,225,000		1,796,349
EQM Midstream Partners LP, 7.50%, 6/1/30(1)	1,225,000		1,159,543
EQM Midstream Partners LP, 4.75%, 1/15/31(1)	2,675,000		2,129,567
EQM Midstream Partners LP, 6.50%, 7/15/48	1,075,000		822,182
EQT Corp., 6.125%, 2/1/25	225,000		225,617
EQT Corp., 3.125%, 5/15/26(1)	825,000		752,290
EQT Corp., 3.90%, 10/1/27	1,475,000		1,345,307
EQT Corp., 7.00%, 2/1/30	1,354,000		1,400,503
Genesis Energy LP / Genesis Energy Finance Corp., 6.50%, 10/1/25	125,000		113,152
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27	900,000		790,848
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28	600,000		522,714
Gulfport Energy Corp., 8.00%, 5/17/26	42,013		41,864
Gulfport Energy Corp., 8.00%, 5/17/26(1)	2,944,641		2,934,232
Harbour Energy PLC, 5.50%, 10/15/26(1)	775,000		695,346
Harvest Midstream I LP, 7.50%, 9/1/28(1)	2,775,000		2,600,447
Hess Midstream Operations LP, 5.625%, 2/15/26(1)	1,050,000		998,125
Hess Midstream Operations LP, 5.125%, 6/15/28(1)	3,345,000		2,933,397
Hess Midstream Operations LP, 5.50%, 10/15/30(1)	1,475,000		1,268,139
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1)	675,000		624,254
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 4/15/30(1)	1,450,000		1,266,954
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)	2,475,000		2,153,587
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 4/15/32(1)	1,450,000		1,286,542
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1)	975,000		932,524
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)	2,075,000		1,832,215
Ithaca Energy North Sea PLC, 9.00%, 7/15/26(1)	2,600,000		2,459,626
ITT Holdings LLC, 6.50%, 8/1/29(1)	2,275,000		1,770,063
Laredo Petroleum, Inc., 9.50%, 1/15/25	6,825,000		6,775,177
Laredo Petroleum, Inc., 10.125%, 1/15/28	425,000		409,026
Leviathan Bond Ltd., 6.125%, 6/30/25(1)	1,100,000		1,038,233
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26(1)	2,359,000		2,264,215

27

	Principal Amount/Shares		Value
Matador Resources Co., 5.875%, 9/15/26	$	3,425,000	$	3,308,841
MEG Energy Corp., 7.125%, 2/1/27(1)	625,000		635,584
MEG Energy Corp., 5.875%, 2/1/29(1)	450,000		404,557
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(1)	1,900,000		1,660,249
Murphy Oil Corp., 5.75%, 8/15/25	1,626,000		1,570,136
Murphy Oil Corp., 6.375%, 7/15/28	3,225,000		3,052,285
Murphy Oil Corp., 7.05%, 5/1/29	375,000		360,511
Murray Energy Corp., 9.00% Cash plus 3.00% PIK, 4/15/24(1)(2)(3)	5,425,447		27,670
New Fortress Energy, Inc., 6.50%, 9/30/26(1)	825,000		763,480
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1)	3,775,000		3,363,733
Northern Oil & Gas, Inc., 8.125%, 3/1/28(1)	4,475,000		4,204,531
NuStar Logistics LP, 5.75%, 10/1/25	575,000		533,683
NuStar Logistics LP, 6.00%, 6/1/26	550,000		504,625
NuStar Logistics LP, 6.375%, 10/1/30	475,000		407,489
Occidental Petroleum Corp., 6.95%, 7/1/24	595,000		612,213
Occidental Petroleum Corp., 8.00%, 7/15/25	450,000		477,630
Occidental Petroleum Corp., 5.875%, 9/1/25	650,000		652,844
Occidental Petroleum Corp., 5.50%, 12/1/25	1,025,000		1,031,381
Occidental Petroleum Corp., 5.55%, 3/15/26	4,550,000		4,561,102
Occidental Petroleum Corp., 8.50%, 7/15/27	2,175,000		2,332,611
Occidental Petroleum Corp., 7.125%, 10/15/27	525,000		543,433
Occidental Petroleum Corp., 6.375%, 9/1/28	1,250,000		1,247,738
Occidental Petroleum Corp., 8.875%, 7/15/30	950,000		1,059,792
Occidental Petroleum Corp., 6.625%, 9/1/30	325,000		330,653
Occidental Petroleum Corp., 6.125%, 1/1/31	400,000		394,972
Occidental Petroleum Corp., 7.50%, 5/1/31	5,092,000		5,332,648
Occidental Petroleum Corp., 7.875%, 9/15/31	2,600,000		2,779,439
Occidental Petroleum Corp., 6.45%, 9/15/36	2,450,000		2,456,027
Occidental Petroleum Corp., 7.95%, 6/15/39	460,000		516,513
Occidental Petroleum Corp., 4.30%, 8/15/39	275,000		224,613
Occidental Petroleum Corp., 6.20%, 3/15/40	3,250,000		3,149,461
Occidental Petroleum Corp., 4.625%, 6/15/45	575,000		477,411
Occidental Petroleum Corp., 6.60%, 3/15/46	3,925,000		4,051,797
Occidental Petroleum Corp., 4.10%, 2/15/47	725,000		579,296
Occidental Petroleum Corp., 4.20%, 3/15/48	700,000		561,474
Ovintiv, Inc., 8.125%, 9/15/30	1,250,000		1,351,237
Parkland Corp., 5.875%, 7/15/27(1)	1,350,000		1,253,306
Parkland Corp., 4.50%, 10/1/29(1)	4,125,000		3,339,809
Parkland Corp., 4.625%, 5/1/30(1)	1,625,000		1,319,939
PBF Holding Co. LLC / PBF Finance Corp., 7.25%, 6/15/25	800,000		765,368
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28	4,625,000		4,015,910
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23	2,875,000		2,872,297
PDC Energy, Inc., 5.75%, 5/15/26	1,550,000		1,436,036
Penn Virginia Holdings LLC, 9.25%, 8/15/26(1)	1,925,000		1,811,906
Permian Resources Operating LLC, 5.375%, 1/15/26(1)	2,275,000		2,084,184
Range Resources Corp., 8.25%, 1/15/29	2,195,000		2,238,077
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)	1,725,000		1,514,310
Rockies Express Pipeline LLC, 3.60%, 5/15/25(1)	350,000		315,511
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1)	700,000		601,839
Rockies Express Pipeline LLC, 4.80%, 5/15/30(1)	725,000		596,240

28

	Principal Amount/Shares		Value
Rockies Express Pipeline LLC, 7.50%, 7/15/38(1)	$	250,000	$	213,723
Rockies Express Pipeline LLC, 6.875%, 4/15/40(1)	1,200,000		979,284
SM Energy Co., 5.625%, 6/1/25	3,475,000		3,340,778
SM Energy Co., 6.75%, 9/15/26	1,025,000		988,115
SM Energy Co., 6.625%, 1/15/27	550,000		529,185
Southwestern Energy Co., 5.70%, 1/23/25	508,000		498,031
Southwestern Energy Co., 8.375%, 9/15/28	750,000		778,405
Southwestern Energy Co., 5.375%, 2/1/29	1,850,000		1,681,483
Southwestern Energy Co., 5.375%, 3/15/30	1,500,000		1,354,808
Southwestern Energy Co., 4.75%, 2/1/32	800,000		672,240
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27	1,775,000		1,695,152
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30	2,250,000		1,842,660
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.50%, 10/1/25(1)	1,050,000		1,033,200
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)	1,625,000		1,385,491
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)	1,850,000		1,567,681
Talos Production, Inc., 12.00%, 1/15/26	950,000		992,057
Tap Rock Resources LLC, 7.00%, 10/1/26(1)	3,350,000		3,068,633
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	1,950,000		1,807,952
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.875%, 1/15/29	975,000		959,982
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.50%, 3/1/30	1,250,000		1,124,681
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31	2,525,000		2,175,691
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32	525,000		434,033
Teine Energy Ltd., 6.875%, 4/15/29(1)	1,900,000		1,714,999
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1)	1,250,000		1,074,775
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/31(1)	1,900,000		1,580,078
Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33(1)	1,750,000		1,364,011
Vermilion Energy, Inc., 6.875%, 5/1/30(1)	1,825,000		1,681,975
Western Midstream Operating LP, 4.65%, 7/1/26	225,000		210,835
Western Midstream Operating LP, 4.50%, 3/1/28	1,300,000		1,178,359
Western Midstream Operating LP, 4.75%, 8/15/28	725,000		661,305
Western Midstream Operating LP, 5.45%, 4/1/44	1,050,000		862,808
Western Midstream Operating LP, 5.30%, 3/1/48	4,335,000		3,574,489
Western Midstream Operating LP, 5.50%, 8/15/48	675,000		547,293
			269,760,569
Paper and Forest Products — 0.2%
Ahlstrom-Munksjo Holding 3 Oy, 4.875%, 2/4/28(1)	800,000		640,514
Domtar Corp., 6.75%, 10/1/28(1)	1,388,000		1,069,159
Glatfelter Corp., 4.75%, 11/15/29(1)	850,000		490,433
Mercer International, Inc., 5.125%, 2/1/29	2,100,000		1,676,693
			3,876,799
Personal Products — 0.3%
BellRing Brands, Inc., 7.00%, 3/15/30(1)	2,300,000		2,108,755
Edgewell Personal Care Co., 5.50%, 6/1/28(1)	1,675,000		1,499,923
Edgewell Personal Care Co., 4.125%, 4/1/29(1)	2,250,000		1,872,079
			5,480,757

29

	Principal Amount/Shares		Value
Pharmaceuticals — 1.4%
180 Medical, Inc., 3.875%, 10/15/29(1)	$	800,000	$	664,408
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)	3,285,000		1,403,451
Bausch Health Cos., Inc., 5.50%, 11/1/25(1)	500,000		397,994
Bausch Health Cos., Inc., 9.00%, 12/15/25(1)	6,025,000		3,833,918
Bausch Health Cos., Inc., 6.125%, 2/1/27(1)	1,475,000		1,024,830
Bausch Health Cos., Inc., 7.00%, 1/15/28(1)	2,075,000		794,683
Bausch Health Cos., Inc., 5.00%, 1/30/28(1)	725,000		268,322
Bausch Health Cos., Inc., 6.25%, 2/15/29(1)	400,000		150,080
Bausch Health Cos., Inc., 7.25%, 5/30/29(1)	625,000		240,437
Bausch Health Cos., Inc., 5.25%, 1/30/30(1)	825,000		309,834
Bausch Health Cos., Inc., 5.25%, 2/15/31(1)	825,000		311,834
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 9.50%, 7/31/27(1)(2)(3)	3,986,000		597,900
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 6/30/28(1)(3)	3,737,000		214,878
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc., 6.125%, 4/1/29(1)(3)	1,650,000		1,305,061
Jazz Securities DAC, 4.375%, 1/15/29(1)	2,300,000		1,991,708
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 10.00%, 4/15/25(1)	2,425,000		2,210,157
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 10.00%, 6/15/29(1)	1,716,000		943,800
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.125%, 4/30/28(1)	3,025,000		2,593,136
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31(1)	2,600,000		2,134,158
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/25(1)	1,950,000		1,466,010
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)(3)	4,106,000		3,253,508
Perrigo Finance Unlimited Co., 4.90%, 12/15/44	200,000		137,982
Prestige Brands, Inc., 5.125%, 1/15/28(1)	800,000		721,376
Prestige Brands, Inc., 3.75%, 4/1/31(1)	1,125,000		875,199
			27,844,664
Professional Services — 0.5%
AMN Healthcare, Inc., 4.625%, 10/1/27(1)	1,550,000		1,394,004
AMN Healthcare, Inc., 4.00%, 4/15/29(1)	5,225,000		4,413,296
ASGN, Inc., 4.625%, 5/15/28(1)	2,875,000		2,481,029
Dun & Bradstreet Corp., 5.00%, 12/15/29(1)	425,000		351,505
Science Applications International Corp., 4.875%, 4/1/28(1)	1,875,000		1,671,581
			10,311,415
Real Estate Management and Development — 0.7%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)	800,000		743,816
Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, 11/15/25(1)	500,000		398,287
Forestar Group, Inc., 3.85%, 5/15/26(1)	1,775,000		1,463,871
Forestar Group, Inc., 5.00%, 3/1/28(1)	1,350,000		1,085,859
Greystar Real Estate Partners LLC, 5.75%, 12/1/25(1)	1,050,000		986,790
Howard Hughes Corp., 5.375%, 8/1/28(1)	3,000,000		2,494,065
Howard Hughes Corp., 4.125%, 2/1/29(1)	1,775,000		1,375,137
Howard Hughes Corp., 4.375%, 2/1/31(1)	1,150,000		827,839
Kennedy-Wilson, Inc., 4.75%, 2/1/30	1,250,000		930,000
Realogy Group LLC / Realogy Co.-Issuer Corp., 4.875%, 6/1/23(1)	200,000		195,452
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1)	2,260,000		1,632,963

30

	Principal Amount/Shares		Value
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.25%, 4/15/30(1)	$	575,000	$	391,457
			12,525,536
Road and Rail — 1.4%
Ahern Rentals, Inc., 7.375%, 5/15/23(1)	5,013,000		3,402,063
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)	750,000		659,531
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)	2,625,000		2,144,783
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 3/1/29(1)	1,250,000		1,028,125
Hertz Corp., 4.625%, 12/1/26(1)	275,000		223,707
Hertz Corp., 5.00%, 12/1/29(1)	3,175,000		2,366,105
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)	1,750,000		1,460,848
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29(1)	1,625,000		1,191,561
Uber Technologies, Inc., 7.50%, 5/15/25(1)	800,000		799,176
Uber Technologies, Inc., 8.00%, 11/1/26(1)	2,728,000		2,727,550
Uber Technologies, Inc., 7.50%, 9/15/27(1)	1,800,000		1,766,745
Uber Technologies, Inc., 6.25%, 1/15/28(1)	2,300,000		2,142,117
Uber Technologies, Inc., 4.50%, 8/15/29(1)	2,350,000		1,979,875
United Rentals North America, Inc., 5.25%, 1/15/30	1,700,000		1,540,948
United Rentals North America, Inc., 4.00%, 7/15/30	2,700,000		2,234,277
United Rentals North America, Inc., 3.875%, 2/15/31	500,000		407,695
United Rentals North America, Inc., 3.75%, 1/15/32	1,625,000		1,279,111
XPO Logistics, Inc., 6.25%, 5/1/25(1)	345,000		346,452
			27,700,669
Semiconductors and Semiconductor Equipment — 0.2%
Amkor Technology, Inc., 6.625%, 9/15/27(1)	625,000		607,028
ams-OSRAM AG, 7.00%, 7/31/25(1)	1,350,000		1,223,287
ON Semiconductor Corp., 3.875%, 9/1/28(1)	1,000,000		857,337
Synaptics, Inc., 4.00%, 6/15/29(1)	1,750,000		1,413,903
			4,101,555
Software — 1.8%
Boxer Parent Co., Inc., 7.125%, 10/2/25(1)	675,000		662,303
Boxer Parent Co., Inc., 9.125%, 3/1/26(1)	1,200,000		1,157,478
Camelot Finance SA, 4.50%, 11/1/26(1)	2,350,000		2,129,335
Castle US Holding Corp., 9.50%, 2/15/28(1)	2,375,000		1,762,796
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)	1,325,000		1,127,246
Elastic NV, 4.125%, 7/15/29(1)	1,400,000		1,107,638
Fair Isaac Corp., 4.00%, 6/15/28(1)	1,150,000		982,319
GoTo Group, Inc., 5.50%, 9/1/27(1)	3,425,000		2,108,042
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 4.625%, 5/1/28(1)	1,400,000		1,051,400
NCR Corp., 5.75%, 9/1/27(1)	3,175,000		2,884,448
NCR Corp., 5.00%, 10/1/28(1)	1,350,000		1,064,783
NCR Corp., 5.125%, 4/15/29(1)	3,950,000		2,970,558
NCR Corp., 6.125%, 9/1/29(1)	3,075,000		2,652,805
NCR Corp., 5.25%, 10/1/30(1)	900,000		680,893
NortonLifeLock, Inc., 6.75%, 9/30/27(1)	1,575,000		1,515,016
NortonLifeLock, Inc., 7.125%, 9/30/30(1)	1,975,000		1,914,555
Open Text Corp., 3.875%, 2/15/28(1)	1,525,000		1,263,287
Open Text Corp., 3.875%, 12/1/29(1)	2,425,000		1,871,445
Open Text Holdings, Inc., 4.125%, 2/15/30(1)	1,650,000		1,320,495
Open Text Holdings, Inc., 4.125%, 12/1/31(1)	3,275,000		2,471,635

31

	Principal Amount/Shares		Value
Rocket Software, Inc., 6.50%, 2/15/29(1)	$	525,000	$	389,571
SS&C Technologies, Inc., 5.50%, 9/30/27(1)	2,620,000		2,395,424
			35,483,472
Specialty Retail — 2.9%
Abercrombie & Fitch Management Co., 8.75%, 7/15/25(1)	1,075,000		1,049,560
Arko Corp., 5.125%, 11/15/29(1)	875,000		684,180
Asbury Automotive Group, Inc., 4.50%, 3/1/28	745,000		631,235
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1)	825,000		661,563
Asbury Automotive Group, Inc., 4.75%, 3/1/30	425,000		332,600
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)	825,000		636,702
Bath & Body Works, Inc., 9.375%, 7/1/25(1)	303,000		314,059
Bath & Body Works, Inc., 5.25%, 2/1/28	50,000		43,444
Bath & Body Works, Inc., 7.50%, 6/15/29	943,000		864,377
Bath & Body Works, Inc., 6.625%, 10/1/30(1)	2,325,000		2,026,807
Bath & Body Works, Inc., 6.875%, 11/1/35	895,000		749,827
Bath & Body Works, Inc., 6.75%, 7/1/36	5,675,000		4,685,422
BCPE Ulysses Intermediate, Inc., 7.75% Cash or 8.50% PIK, 4/1/27(1)	1,175,000		801,794
eG Global Finance PLC, 6.75%, 2/7/25(1)	1,900,000		1,716,080
eG Global Finance PLC, 8.50%, 10/30/25(1)	1,000,000		875,649
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1)	3,425,000		3,017,956
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1)	4,750,000		3,906,637
Gap, Inc., 3.625%, 10/1/29(1)	1,150,000		749,323
Gap, Inc., 3.875%, 10/1/31(1)	500,000		318,981
Ken Garff Automotive LLC, 4.875%, 9/15/28(1)	800,000		655,366
LBM Acquisition LLC, 6.25%, 1/15/29(1)	1,975,000		1,342,289
Lithia Motors, Inc., 4.625%, 12/15/27(1)	2,875,000		2,501,544
Lithia Motors, Inc., 3.875%, 6/1/29(1)	3,600,000		2,894,994
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1)	2,825,000		2,524,886
Michaels Cos., Inc., 5.25%, 5/1/28(1)	425,000		299,249
Michaels Cos., Inc., 7.875%, 5/1/29(1)	325,000		188,128
Murphy Oil USA, Inc., 5.625%, 5/1/27	150,000		143,674
Murphy Oil USA, Inc., 4.75%, 9/15/29	1,275,000		1,131,116
Park River Holdings, Inc., 5.625%, 2/1/29(1)	600,000		390,521
Party City Holdings, Inc., 8.75%, 2/15/26(1)	900,000		523,215
PetSmart, Inc. / PetSmart Finance Corp., 4.75%, 2/15/28(1)	2,200,000		1,887,268
PetSmart, Inc. / PetSmart Finance Corp., 7.75%, 2/15/29(1)	1,250,000		1,119,425
Sonic Automotive, Inc., 4.625%, 11/15/29(1)	1,225,000		963,077
Sonic Automotive, Inc., 4.875%, 11/15/31(1)	1,950,000		1,480,284
Specialty Building Products Holdings LLC / SBP Finance Corp., 6.375%, 9/30/26(1)	1,850,000		1,532,820
SRS Distribution, Inc., 4.625%, 7/1/28(1)	1,025,000		881,695
SRS Distribution, Inc., 6.00%, 12/1/29(1)	750,000		599,359
Staples, Inc., 7.50%, 4/15/26(1)	4,355,000		3,662,795
Staples, Inc., 10.75%, 4/15/27(1)	3,450,000		2,561,780
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 6/1/31(1)	1,325,000		1,089,183
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1)	1,750,000		1,448,317
Victoria's Secret & Co., 4.625%, 7/15/29(1)	650,000		492,136
White Cap Buyer LLC, 6.875%, 10/15/28(1)	1,350,000		1,104,253

32

	Principal Amount/Shares		Value
White Cap Parent LLC, 8.25% Cash or 9.00% PIK, 3/15/26(1)	$	1,608,000	$	1,365,411
			56,848,981
Technology Hardware, Storage and Peripherals — 0.5%
Diebold Nixdorf, Inc., 8.50%, 4/15/24	1,350,000		739,348
Diebold Nixdorf, Inc., 9.375%, 7/15/25(1)	1,525,000		1,162,812
Seagate HDD Cayman, 4.09%, 6/1/29	450,000		361,910
Seagate HDD Cayman, 3.125%, 7/15/29	250,000		183,746
Seagate HDD Cayman, 4.125%, 1/15/31	3,675,000		2,765,364
Seagate HDD Cayman, 3.375%, 7/15/31	1,175,000		823,011
Xerox Holdings Corp., 5.00%, 8/15/25(1)	1,775,000		1,599,293
Xerox Holdings Corp., 5.50%, 8/15/28(1)	1,400,000		1,119,994
			8,755,478
Textiles, Apparel and Luxury Goods — 0.1%
Crocs, Inc., 4.125%, 8/15/31(1)	675,000		515,086
Eagle Intermediate Global Holding BV / Eagle US Finance LLC, 7.50%, 5/1/25(1)	900,000		709,546
Kontoor Brands, Inc., 4.125%, 11/15/29(1)	1,000,000		798,279
			2,022,911
Thrifts and Mortgage Finance — 1.6%
Enact Holdings, Inc., 6.50%, 8/15/25(1)	3,350,000		3,207,039
Freedom Mortgage Corp., 7.625%, 5/1/26(1)	2,300,000		1,721,894
Freedom Mortgage Corp., 6.625%, 1/15/27(1)	2,875,000		2,054,006
MGIC Investment Corp., 5.25%, 8/15/28	5,855,000		5,242,772
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27(1)	1,075,000		918,964
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)	2,375,000		1,868,115
Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/30(1)	2,175,000		1,579,974
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31(1)	700,000		514,636
NMI Holdings, Inc., 7.375%, 6/1/25(1)	1,925,000		1,870,003
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)	2,450,000		1,750,500
PennyMac Financial Services, Inc., 5.75%, 9/15/31(1)	975,000		698,757
Provident Funding Associates LP / PFG Finance Corp., 6.375%, 6/15/25(1)	580,000		528,557
Radian Group, Inc., 4.50%, 10/1/24	950,000		900,049
Radian Group, Inc., 4.875%, 3/15/27	2,879,000		2,556,063
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 3.625%, 3/1/29(1)	2,175,000		1,678,937
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 3.875%, 3/1/31(1)	75,000		54,482
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 4.00%, 10/15/33(1)	2,450,000		1,688,219
United Wholesale Mortgage LLC, 5.75%, 6/15/27(1)	825,000		655,366
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)	2,300,000		1,752,680
			31,241,013
Trading Companies and Distributors — 0.5%
Alta Equipment Group, Inc., 5.625%, 4/15/26(1)	875,000		734,799
Beacon Roofing Supply, Inc., 4.50%, 11/15/26(1)	550,000		501,531
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)	2,100,000		1,703,530
Fly Leasing Ltd., 7.00%, 10/15/24(1)	1,500,000		1,127,895
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)	1,052,000		989,856
Fortress Transportation & Infrastructure Investors LLC, 9.75%, 8/1/27(1)	1,800,000		1,763,901
Fortress Transportation & Infrastructure Investors LLC, 5.50%, 5/1/28(1)	1,700,000		1,362,405

33

	Principal Amount/Shares		Value
Foundation Building Materials, Inc., 6.00%, 3/1/29(1)	$	1,400,000	$	1,024,481
			9,208,398
Transportation Infrastructure†
First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 7/31/29(1)	875,000		710,746
Water Utilities — 0.1%
Solaris Midstream Holdings LLC, 7.625%, 4/1/26(1)	1,500,000		1,441,703
Wireless Telecommunication Services — 1.0%
Digicel Group Holdings Ltd., 5.00% Cash plus 3.00% PIK, 4/1/25(1)	1,349,423		534,384
Digicel International Finance Ltd. / Digicel International Holdings Ltd., 8.75%, 5/25/24(1)	145,300		133,230
Sprint Corp., 7.875%, 9/15/23	2,274,000		2,300,992
Sprint Corp., 7.125%, 6/15/24	1,825,000		1,855,313
Sprint Corp., 7.625%, 3/1/26	750,000		776,994
T-Mobile USA, Inc., 2.625%, 4/15/26	425,000		385,641
T-Mobile USA, Inc., 4.75%, 2/1/28	2,000,000		1,891,550
T-Mobile USA, Inc., 2.625%, 2/15/29	1,225,000		1,013,914
T-Mobile USA, Inc., 3.375%, 4/15/29	2,800,000		2,423,400
T-Mobile USA, Inc., 3.50%, 4/15/31	500,000		420,960
Vmed O2 UK Financing I PLC, 4.25%, 1/31/31(1)	3,150,000		2,394,000
Vmed O2 UK Financing I PLC, 4.75%, 7/15/31(1)	2,800,000		2,167,035
Vodafone Group PLC, VRN, 7.00%, 4/4/79	2,425,000		2,313,050
			18,610,463
TOTAL CORPORATE BONDS (Cost $2,127,015,118)			1,805,832,230
PREFERRED STOCKS — 1.7%
Banks — 0.9%
Bank of America Corp., 5.125%	1,200,000		1,122,087
Bank of America Corp., 5.875%	50,000		42,938
Bank of America Corp., 6.25%	1,650,000		1,598,437
Bank of America Corp., 6.30%	25,000		24,683
Barclays PLC, 6.125%	600,000		506,310
Barclays PLC, 7.75%	1,950,000		1,806,187
Barclays PLC, 8.00%	2,220,000		2,064,933
Citigroup, Inc., 4.00%	1,050,000		887,250
Citigroup, Inc., 4.70%	2,525,000		2,035,655
Citigroup, Inc., 5.90%	425,000		421,813
Citigroup, Inc., 5.95%	375,000		371,483
Citigroup, Inc., 6.25%	1,100,000		1,054,900
JPMorgan Chase & Co., 4.60%	2,050,000		1,790,880
JPMorgan Chase & Co., 5.60%	200,000		200,000
JPMorgan Chase & Co., 6.10%	725,000		696,453
JPMorgan Chase & Co., 6.125%	1,025,000		995,582
JPMorgan Chase & Co., 6.28%	775,000		774,994
JPMorgan Chase & Co., 6.75%	31,000		30,738
JPMorgan Chase & Co., Series R, 6.00%	720,000		703,800
NatWest Group PLC, 8.00%	950,000		888,017
			18,017,140
Capital Markets — 0.2%
Credit Suisse Group AG, 5.10%(1)	600,000		368,910
Credit Suisse Group AG, 6.25%(1)	1,040,000		894,785

34

	Principal Amount/Shares		Value
Goldman Sachs Group, Inc., 4.95%	2,150,000		$	1,951,125
			3,214,820
Consumer Finance — 0.1%
Ally Financial, Inc., 4.70%	1,650,000		1,291,347
Diversified Financial Services — 0.1%
Barclays PLC, 8.00%	1,275,000		1,119,068
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp., 7.00%(1)	1,950,000		1,706,747
Oil, Gas and Consumable Fuels — 0.3%
Energy Transfer LP, 6.25%	600,000		492,750
Global Partners LP, 9.50%	64,657		1,575,691
Gulfport Energy Corp., 10.00% Cash or 15.00% PIK	113		785,350
Nine Point Energy Holdings, Inc. (Acquired 3/28/17 Cost $18,000)(5)	18		—
Plains All American Pipeline LP, 6.125%	5,075,000		4,187,443
			7,041,234
TOTAL PREFERRED STOCKS (Cost $34,714,325)			32,390,356
BANK LOAN OBLIGATIONS(6) — 0.8%
Airlines — 0.1%
United Airlines, Inc., 2021 Term Loan B, 6.53%, (3-month LIBOR plus 3.75%), 4/21/28	$	1,308,438	1,254,373
Auto Components†
Clarios Global LP, 2021 USD Term Loan B, 6.37%, (1-month LIBOR plus 3.25%), 4/30/26	333,189		316,183
Chemicals — 0.1%
Avient Corporation, Term Loan B, 6.30%, (1-month SOFR plus 3.25%), 8/29/29	150,000		149,750
Consolidated Energy Finance, S.A., Term Loan B, 5.29%, (3-month LIBOR plus 2.50%), 5/7/25	1,054,718		1,012,529
			1,162,279
Containers and Packaging†
BWAY Holding Company, 2017 Term Loan B, 5.81%, (1-month LIBOR plus 3.25%), 4/3/24	211,271		197,672
Diversified Telecommunication Services — 0.1%
Consolidated Communications, Inc., 2021 Term Loan B, 6.63%, (1-month LIBOR plus 3.50%), 10/2/27	1,925,000		1,674,750
Windstream Services, LLC, 2020 Exit Term Loan B, 9.37%, (1-month LIBOR plus 6.25%), 9/21/27	49,109		44,690
			1,719,440
Energy Equipment and Services — 0.1%
ChampionX Corporation, 2022 Term Loan B1, 6.00%, (1-month SOFR plus 3.25%), 6/7/29	1,589,966		1,589,473
Parker Drilling Co, 2nd Lien PIK Term Loan, 11.00% Cash plus 2.00% PIK, 3/26/24	219,777		218,313
			1,807,786
Entertainment†
Allen Media, LLC, 2021 Term Loan B, 9.20%, (3-month LIBOR plus 5.50%), 2/10/27	845,429		734,466
Health Care Equipment and Supplies — 0.1%
Avantor Funding, Inc., 2021 Term Loan B5, 5.37%, (1-month LIBOR plus 2.25%), 11/8/27	1,078,484		1,052,703
Embecta Corp., Term Loan B, 6.55%, (3-month SOFR plus 3.00%), 3/30/29	123,603		120,358
			1,173,061

35

	Principal Amount/Shares		Value
Hotels, Restaurants and Leisure — 0.2%
1011778 B.C. Unlimited Liability Company, Term Loan B4, 4.87%, (1-month LIBOR plus 1.75%), 11/19/26	$	308,924	$	296,153
Scientific Games Holdings LP, 2022 USD Term Loan B, 5.62%, (3-month SOFR plus 3.50%), 4/4/29	1,950,000		1,811,063
UFC Holdings, LLC, 2021 Term Loan B, 5.52%, (3-month LIBOR plus 2.75%), 4/29/26	760,973		733,387
			2,840,603
Insurance†
Asurion, LLC, 2020 Term Loan B8, 6.37%, (1-month LIBOR plus 3.25%), 12/23/26	53,474		45,487
Asurion, LLC, 2022 Term Loan B10, 7.13% - 7.70%, (3-month SOFR plus 4.00%), 8/19/28	325,009		278,086
Hub International Limited, 2018 Term Loan B, 5.77%, (3-month LIBOR plus 3.00%), 4/25/25	221,831		213,708
			537,281
Media†
Diamond Sports Group, LLC, 2022 2nd Lien Term Loan, 5.95%, (1-month SOFR plus 3.25%), 8/24/26	607,883		121,358
DirecTV Financing, LLC, Term Loan, 8.12%, (1-month LIBOR plus 5.00%), 8/2/27	620,086		579,201
Univision Communications, Inc., 2022 First Lien Term Loan B, 7.79%, (3-month SOFR plus 4.25%), 6/24/29	75,000		73,312
			773,871
Oil, Gas and Consumable Fuels — 0.1%
Ascent Resources - Utica, 2020 Fixed 2nd Lien Term Loan, 11.46%, (3-month LIBOR plus 9.00%), 11/1/25	2,381,000		2,509,967
Specialty Retail†
Staples, Inc., 7 Year Term Loan, 7.78%, (3-month LIBOR plus 5.00%), 4/16/26	913,990		805,928
TOTAL BANK LOAN OBLIGATIONS (Cost $17,049,969)			15,832,910
COMMON STOCKS — 0.7%
Auto Components†
Exide Technologies(2)	3,465		35
Building Products†
Hardwood Holdings, Inc. (Acquired 4/27/21, Cost $12,630)(2)(5)	1,684		143,140
Diversified Telecommunication Services†
Colt, Class B (Acquired 5/18/16, Cost $338)(2)(5)	676		—
Intelsat Emergence SA(2)	32,303		932,749
			932,749
Electrical Equipment†
Exide Technologies (Acquired 5/14/15, Cost $—)(2)(5)	162		1
Energy Equipment and Services — 0.2%
Diamond Offshore Drilling, Inc.(2)	91,573		607,129
Noble Corp. PLC(2)	1,938		57,326
Parker Drilling Co.(2)	11,530		74,945
Superior Energy Services (Acquired 2/16/21, Cost $1,781,815)(2)(5)	31,903		2,169,404
			2,908,804
Gas Utilities†
Ferrellgas Partners LP, Class B	364		56,420
IT Services — 0.3%
Carnelian Point Holdings LP (Acquired 2/3/15 - 4/27/21, Cost $5,024,155)(2)(5)	2,222		5,277,628

36

	Principal Amount/Shares		Value
Machinery†
UC Holdings, Inc. (Acquired 9/21/15 - 9/30/15, Cost $103,222)(2)(5)	4,088		$	22,484
Media†
Cumulus Media, Inc., Class A(2)	1		7
iHeartMedia, Inc., Class A(2)	342		2,507
			2,514
Metals and Mining†
Petra Diamonds Ltd.(2)	108,200		129,267
Oil, Gas and Consumable Fuels — 0.1%
Bruin Blocker LLC (Acquired 7/23/18 - 9/19/19, Cost $29,473)(2)(5)	1,651		1,420
Chaparral Energy, Inc. (Acquired 6/26/18 - 7/1/22, Cost $1,472,667)(5)	29,188		1,393,727
Gulfport Energy Corp.(2)	5,598		494,247
Nine Point Energy (Acquired 6/19/17 - 4/4/18, Cost $12,544)(2)(5)	1,082		—
Sabine Oil & Gas Holdings, Inc. (Acquired 5/30/17, Cost $578)(5)	13		182
Summit Midstream Partners LP(2)	45,521		683,726
Warren Resources, Inc. (Acquired 10/19/16, Cost $4,800)(2)(5)	960		—
			2,573,302
Pharmaceuticals — 0.1%
Mallinckrodt PLC(2)	60,311		1,025,287
TOTAL COMMON STOCKS (Cost $16,033,800)			13,071,631
CONVERTIBLE BONDS — 0.1%
IT Services — 0.1%
Carnelian Point Holdings LP, 5.00% PIK, 6/30/28(1)	$	235,339	2,353,391
Wireless Telecommunication Services†
Digicel Group Holdings Ltd., 7.00% PIK(1)(4)	171,674		30,043
TOTAL CONVERTIBLE BONDS (Cost $2,386,035)			2,383,434
WARRANTS†
Diversified Telecommunication Services†
Intelsat Emergence SA(2)	6		11
Hotels, Restaurants and Leisure†
CWT Travel Holdings, Inc.(2)	7,905		3,265
CWT Travel Holdings, Inc.(2)	8,321		6,237
			9,502
Independent Power and Renewable Electricity Producers†
Vistra Corp.(2)	1,215		276
Oil, Gas and Consumable Fuels†
California Resources Corp.(2)	66		686
Denbury, Inc.(2)	8,187		443,408
			444,094
TOTAL WARRANTS (Cost $2,454,786)			453,883
ESCROW INTERESTS(7)†
Diversified Financial Services†
Denver Parent, Escrow(2)	$	63,341	—
Diversified Telecommunication Services†
Intelsat Jackson Holdings SA(2)	2,950,000		295

37

	Principal Amount/Shares		Value
Intelsat Jackson Holdings SA(2)	$	400,000	$	40
			335
Electric Utilities†
GenOn Energy, Inc.(2)	450,000		—
Hertz Corp.(2)	1,075,000		80,625
RRI Energy, Inc.(2)	75,000		—
			80,625
Oil, Gas and Consumable Fuels†
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp.(2)	950,000		5,700
Gulfport Energy Corp.(2)	1,020,000		3,188
Gulfport Energy Corp.(2)	1,402,000		4,381
Gulfport Energy Corp.(2)	800,000		2,500
Sanchez Energy Corp.(2)	3,990,000		39,900
Sanchez Energy Corp.(2)	2,475,000		24,750
			80,419
Paper and Forest Products†
Appvion, Inc., Escrow(2)	200,000		—
Thrifts and Mortgage Finance†
Washington Mutual Bank, Escrow(2)	250,000		3,125
TOTAL ESCROW INTERESTS (Cost $5,750,846)			164,504
RIGHTS†
Diversified Telecommunication Services†
Intelsat Jackson Holdings SA(2)	3,381		17,327
Intelsat Jackson Holdings SA(2)	3,381		17,328
			34,655
Independent Power and Renewable Electricity Producers†
Vistra Corp.	3,425		4,410
TOTAL RIGHTS (Cost $—)			39,065
SHORT-TERM INVESTMENTS — 1.4%
Money Market Funds — 1.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $27,268,932)	27,268,932		27,268,932
TOTAL INVESTMENT SECURITIES — 98.2% (Cost $2,232,673,811)			1,897,436,945
OTHER ASSETS AND LIABILITIES — 1.8%			34,274,483
TOTAL NET ASSETS — 100.0%			$	1,931,711,428

38

NOTES TO SCHEDULE OF INVESTMENTS
LIBOR	-	London Interbank Offered Rate
PIK	-	Payment in Kind. Security may elect to pay a cash rate and/or an in kind rate.
SOFR	-	Secured Overnight Financing 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 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 $1,349,464,677, which represented 69.9% of total net assets.

(2)Non-income producing.

(3)Security is in default.

(4)Perpetual maturity with no stated maturity date.

(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 $9,007,986, which represented 0.5% of total net assets.

(6)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.

(7)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.

(8)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.

See Notes to Financial Statements.

39

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (cost of $2,232,673,811)	$	1,897,436,945
Cash	857,784
Receivable for investments sold	876,462
Receivable for capital shares sold	2,782,247
Interest and dividends receivable	34,950,384
	1,936,903,822
Liabilities
Payable for investments purchased	2,030,420
Payable for capital shares redeemed	1,759,047
Accrued management fees	560,276
Distribution and service fees payable	974
Dividends payable	841,677
	5,192,394
Net Assets	$	1,931,711,428
Net Assets Consist of:
Capital paid in	$	2,278,844,558
Distributable earnings	(347,133,130)
	$	1,931,711,428

	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class	$123,690,513	15,768,660	$7.84
I Class	$378,904,873	48,322,865	$7.84
Y Class	$324,042,370	41,323,524	$7.84
A Class	$4,749,095	605,331	$7.85
R5 Class	$151,383	19,303	$7.84
R6 Class	$226,316,528	28,874,508	$7.84
G Class	$873,856,666	111,458,276	$7.84

*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $8.22 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of Class A.

See Notes to Financial Statements.

40

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	48,442,533
Dividends	175,347
	48,617,880
Expenses:
Management fees	4,335,655
Distribution and service fees - A Class	5,965
Trustees' fees and expenses	52,392
Other expenses	575
	4,394,587
Fees waived - G Class	(1,636,017)
	2,758,570
Net investment income (loss)	45,859,310
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(9,113,444)
Change in net unrealized appreciation (depreciation) on investments	(227,197,659)
Net realized and unrealized gain (loss)	(236,311,103)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(190,451,793)

See Notes to Financial Statements.

41

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	45,859,310	$	54,628,327
Net realized gain (loss)	(9,113,444)		20,859,563
Change in net unrealized appreciation (depreciation)	(227,197,659)		(69,293,689)
Net increase (decrease) in net assets resulting from operations	(190,451,793)		6,194,201
Distributions to Shareholders
From earnings:
Investor Class	(3,210,623)		(3,483,523)
I Class	(6,248,488)		(12,058,789)
Y Class	(11,936,395)		(34,173,571)
A Class	(143,640)		(321,642)
R5 Class	(5,135)		(8,628)
R6 Class	(6,784,153)		(16,182,933)
G Class	(21,081,814)		—
Decrease in net assets from distributions	(49,410,248)		(66,229,086)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	1,278,039,528		(117,591,464)
Net increase (decrease) in net assets	1,038,177,487		(177,626,349)
Net Assets
Beginning of period	893,533,941		1,071,160,290
End of period	$	1,931,711,428	$	893,533,941

See Notes to Financial Statements.

42

Notes to Financial Statements

SEPTEMBER 30, 2022 (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, R6 Class and G Class. The A Class may incur an initial sales charge and may be subject to a contingent deferred sales charge. Sale of the G Class commenced on May 19, 2022.

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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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 NAV per share.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

43

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee 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. For convertible bonds, the premiums attributable only to the debt instrument are amortized. 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. 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. 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.

44

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. 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 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	I Class	Y Class	A Class	R5 Class	R6 Class	G Class
0.775%	0.675%	0.575%	0.775%	0.575%	0.525%	0.000%(1)

(1)Effective annual management fee before waiver was 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, 2022 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, 2022 were $404,196,943 and $191,834,393, respectively.

45

5. Capital Share Transactions

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

	Six months ended September 30, 2022(1)			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	3,806,173	$	31,191,644	11,280,954	$	108,245,608
Issued in connection with reorganization (Note 9)	9,811,652	85,242,558		—	—
Issued in reinvestment of distributions	374,645	3,084,183		341,140	3,281,864
Redeemed	(4,875,932)	(40,327,926)		(9,167,809)	(87,486,644)
	9,116,538	79,190,459		2,454,285	24,040,828
I Class
Sold	36,670,671	306,188,180		18,006,378	175,661,516
Issued in reinvestment of distributions	751,122	6,181,231		1,253,489	12,058,667
Redeemed	(10,699,635)	(90,976,666)		(10,822,367)	(104,389,523)
	26,722,158	221,392,745		8,437,500	83,330,660
Y Class
Sold	6,982,741	58,963,700		22,158,408	216,138,407
Issued in reinvestment of distributions	699,881	5,818,100		1,348,978	13,010,723
Redeemed	(12,520,263)	(105,524,103)		(40,778,166)	(394,865,725)
	(4,837,641)	(40,742,303)		(17,270,780)	(165,716,595)
A Class
Sold	132,816	1,123,201		198,259	1,922,932
Issued in reinvestment of distributions	14,896	123,971		32,580	313,533
Redeemed	(207,853)	(1,851,679)		(55,905)	(540,450)
	(60,141)	(604,507)		174,934	1,696,015
R5 Class
Sold	825	7,029		7,465	72,363
Issued in reinvestment of distributions	617	5,135		898	8,628
Redeemed	(281)	(2,301)		(4,817)	(47,047)
	1,161	9,863		3,546	33,944
R6 Class
Sold	7,301,771	61,246,837		5,896,148	57,186,768
Issued in reinvestment of distributions	817,208	6,780,622		1,674,561	16,165,715
Redeemed	(2,074,503)	(17,291,968)		(13,856,051)	(134,328,799)
	6,044,476	50,735,491		(6,285,342)	(60,976,316)
G Class				N/A
Sold	2,468,919	20,655,261
Issued in connection with reorganization (Note 9)	111,810,857	971,606,241
Issued in reinvestment of distributions	2,592,153	21,081,129
Redeemed	(5,413,653)	(45,284,851)
	111,458,276	968,057,780
Net increase (decrease)	148,444,827	$	1,278,039,528	(12,485,857)	$	(117,591,464)

(1)May 19, 2022 (commencement of sale) through September 30, 2022 for the G Class.

46

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	—		$	1,805,832,230	—
Preferred Stocks	$	1,575,691	30,814,665		—
Bank Loan Obligations	—		15,832,910		—
Common Stocks	2,926,649		10,144,982		—
Convertible Bonds	—		2,383,434		—
Warrants	444,370		9,513		—
Escrow Interests	—		164,504		—
Rights	—		39,065		—
Short-Term Investments	27,268,932		—		—
	$	32,215,642	$	1,865,221,303	—

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, war, 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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

47

8. Federal Tax Information

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

As of period end, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	2,234,714,941
Gross tax appreciation of investments	$	10,150,595
Gross tax depreciation of investments	(347,428,591)
Net tax appreciation (depreciation) of investments	$	(337,277,996)

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

9. Reorganization

On December 16, 2021, the Board of Trustees approved an agreement and plan of reorganization (the reorganization), whereby the net assets of NT High Income Fund, one fund in a series issued by the trust, were transferred to High Income Fund in exchange for shares of High Income Fund. The purpose of the transaction was to combine two funds with substantially similar investment objectives and strategies. The financial statements and performance history of High Income Fund survived after the reorganization. The reorganization was effective at the close of the NYSE on May 27, 2022.

The reorganization was accomplished by a tax-free exchange of shares. On May 27, 2022, NT High Income Fund exchanged its shares for shares of High Income Fund as follows:

Original Fund/Class	Shares Exchanged	New Fund/Class	Shares Received
NT High Income Fund - Investor Class	9,547,957	High Income Fund - Investor Class	9,811,652
NT High Income Fund - G Class	108,805,862	High Income Fund – G Class	111,810,857

The net assets of NT High Income Fund and High Income Fund immediately before the reorganization were $1,056,848,799 and $796,025,363, respectively. NT High Income Fund’s unrealized depreciation of $(82,568,854) was combined with that of High Income Fund. Immediately after the reorganization, the combined net assets were $1,852,874,162.

Assuming the reorganization had been completed on April 1, 2022, the beginning of the annual reporting period, the pro forma results of operations for the period ended September 30, 2022 are as follows:

Net investment income (loss)	$	56,677,014
Net realized and unrealized gain (loss)	(285,265,015)
Net increase (decrease) in net assets resulting from operations	$	(228,588,001)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of NT High Income Fund that have been included in the fund’s Statement of Operations since May 27, 2022.

48

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
2022(3)	$9.13	0.23	(1.25)	(1.02)	(0.25)	(0.02)	(0.27)	$7.84	(11.27)%	0.78%(5)	0.78%(5)	5.67%(5)	5.67%(5)	13%	$123,691
2022	$9.71	0.47	(0.47)	—	(0.48)	(0.10)	(0.58)	$9.13	(0.19)%	0.78%	0.78%	4.84%	4.84%	49%	$60,727
2021	$8.15	0.48	1.57	2.05	(0.49)	—	(0.49)	$9.71	25.69%	0.78%	0.78%	5.21%	5.21%	52%	$40,746
2020	$9.32	0.48	(1.16)	(0.68)	(0.49)	—	(0.49)	$8.15	(7.76)%	0.78%	0.78%	5.14%	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%	5.73%	43%	$16,796
2018(4)	$9.68	0.27	(0.24)	0.03	(0.28)	—	(0.28)	$9.43	0.29%	0.78%(5)	0.78%(5)	5.70%(5)	5.70%(5)	26%	$1,401
I Class
2022(3)	$9.12	0.24	(1.25)	(1.01)	(0.25)	(0.02)	(0.27)	$7.84	(11.13)%	0.68%(5)	0.68%(5)	5.77%(5)	5.77%(5)	13%	$378,905
2022	$9.70	0.48	(0.47)	0.01	(0.49)	(0.10)	(0.59)	$9.12	(0.10)%	0.68%	0.68%	4.94%	4.94%	49%	$197,087
2021	$8.15	0.49	1.56	2.05	(0.50)	—	(0.50)	$9.70	25.68%	0.68%	0.68%	5.31%	5.31%	52%	$127,684
2020	$9.32	0.48	(1.15)	(0.67)	(0.50)	—	(0.50)	$8.15	(7.66)%	0.68%	0.68%	5.24%	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%	5.83%	43%	$24,825
2018(4)	$9.68	0.27	(0.25)	0.02	(0.28)	—	(0.28)	$9.42	0.23%	0.68%(5)	0.68%(5)	5.80%(5)	5.80%(5)	26%	$8,078

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)
Y Class
2022(3)	$9.13	0.25	(1.27)	(1.02)	(0.25)	(0.02)	(0.27)	$7.84	(11.18)%	0.58%(5)	0.58%(5)	5.87%(5)	5.87%(5)	13%	$324,042
2022	$9.70	0.49	(0.46)	0.03	(0.50)	(0.10)	(0.60)	$9.13	0.11%	0.58%	0.58%	5.04%	5.04%	49%	$421,257
2021	$8.15	0.50	1.56	2.06	(0.51)	—	(0.51)	$9.70	25.81%	0.58%	0.58%	5.41%	5.41%	52%	$615,479
2020	$9.32	0.49	(1.15)	(0.66)	(0.51)	—	(0.51)	$8.15	(7.57)%	0.58%	0.58%	5.34%	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%	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%(5)	0.58%(5)	5.90%(5)	5.90%(5)	26%	$141,643
A Class
2022(3)	$9.13	0.23	(1.25)	(1.02)	(0.24)	(0.02)	(0.26)	$7.85	(11.39)%	1.03%(5)	1.03%(5)	5.42%(5)	5.42%(5)	13%	$4,749
2022	$9.71	0.45	(0.47)	(0.02)	(0.46)	(0.10)	(0.56)	$9.13	(0.44)%	1.03%	1.03%	4.59%	4.59%	49%	$6,075
2021	$8.15	0.46	1.57	2.03	(0.47)	—	(0.47)	$9.71	25.38%	1.03%	1.03%	4.96%	4.96%	52%	$4,761
2020	$9.32	0.45	(1.15)	(0.70)	(0.47)	—	(0.47)	$8.15	(7.99)%	1.03%	1.03%	4.89%	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%	5.48%	43%	$924
2018(4)	$9.68	0.26	(0.25)	0.01	(0.27)	—	(0.27)	$9.42	0.06%	1.03%(5)	1.03%(5)	5.45%(5)	5.45%(5)	26%	$5

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R5 Class
2022(3)	$9.13	0.25	(1.27)	(1.02)	(0.25)	(0.02)	(0.27)	$7.84	(11.18)%	0.58%(5)	0.58%(5)	5.87%(5)	5.87%(5)	13%	$151
2022	$9.70	0.49	(0.46)	0.03	(0.50)	(0.10)	(0.60)	$9.13	0.12%	0.58%	0.58%	5.04%	5.04%	49%	$166
2021	$8.15	0.50	1.56	2.06	(0.51)	—	(0.51)	$9.70	25.81%	0.58%	0.58%	5.41%	5.41%	52%	$142
2020	$9.32	0.50	(1.16)	(0.66)	(0.51)	—	(0.51)	$8.15	(7.56)%	0.58%	0.58%	5.34%	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%	5.93%	43%	$146
2018(4)	$9.68	0.28	(0.25)	0.03	(0.29)	—	(0.29)	$9.42	0.27%	0.58%(5)	0.58%(5)	5.90%(5)	5.90%(5)	26%	$5
R6 Class
2022(3)	$9.12	0.25	(1.25)	(1.00)	(0.26)	(0.02)	(0.28)	$7.84	(11.18)%	0.53%(5)	0.53%(5)	5.92%(5)	5.92%(5)	13%	$226,317
2022	$9.70	0.49	(0.47)	0.02	(0.50)	(0.10)	(0.60)	$9.12	0.05%	0.53%	0.53%	5.09%	5.09%	49%	$208,223
2021	$8.14	0.50	1.58	2.08	(0.52)	—	(0.52)	$9.70	25.87%	0.53%	0.53%	5.46%	5.46%	52%	$282,349
2020	$9.32	0.50	(1.16)	(0.66)	(0.52)	—	(0.52)	$8.14	(7.53)%	0.53%	0.53%	5.39%	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%	5.98%	43%	$97,599
2018(4)	$9.68	0.26	(0.23)	0.03	(0.29)	—	(0.29)	$9.42	0.31%	0.53%(5)	0.53%(5)	5.95%(5)	5.95%(5)	26%	$6,969
G Class
2022(7)	$8.41	0.19	(0.53)	(0.34)	(0.21)	(0.02)	(0.23)	$7.84	(4.13)%	0.00%(5)(8)	0.53%(5)	6.48%(5)	5.95%(5)	13%(9)	$873,857

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, 2022 (unaudited).

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

(5)Annualized.

(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.

(7)May 19, 2022 (commencement of sale) through September 30, 2022 (unaudited).

(8)Ratio was less than 0.005%.

(9)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the six months ended September 30, 2022.

See Notes to Financial Statements.

Approval of Management and Subadvisory Agreements

At a meeting held on June 21, 2022, 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 of 1940 (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 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.

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, the Advisor’s affiliates, 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 and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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;

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•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 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 principal investment 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

54

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 actions being taken 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 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.

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 fee structure 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 securities transaction expenses, 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 Investment Company Act Rule 12b-1. 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

55

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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, 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 terms of the management agreement and the subadvisory agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement and subadvisory agreement should be renewed for an additional one-year period.

56

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. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

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Notes

58

Notes

59

Notes

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Contact Us	americancentury.com
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American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-93334 2211

Semiannual Report

September 30, 2022

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)

Table of Contents

President’s Letter	2
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Notes to Financial Statements	16
Financial Highlights	23
Approval of Management Agreement	28
Additional Information	32

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 ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Types of Investments in Portfolio	% of net assets
Corporate Bonds	83.4%
Exchange-Traded Funds	4.4%
Preferred Stocks	2.8%
Bank Loan Obligations	1.1%
Short-Term Investments	15.2%
Other Assets and Liabilities	(6.9)%

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, 2022 to September 30, 2022.

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 mutual 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 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 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 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$893.10	$3.70	0.78%
I Class	$1,000	$893.80	$3.23	0.68%
Y Class	$1,000	$892.40	$2.75	0.58%
A Class	$1,000	$892.00	$4.89	1.03%
C Class	$1,000	$888.60	$8.43	1.78%
R Class	$1,000	$890.90	$6.07	1.28%
R5 Class	$1,000	$892.40	$2.75	0.58%
R6 Class	$1,000	$894.30	$2.52	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 underlying fund fees and expenses.

5

Schedule of Investments

SEPTEMBER 30, 2022 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 83.4%
Aerospace and Defense — 1.4%
Bombardier, Inc., 7.50%, 3/15/25(1)	$	261,000	$	254,157
Rolls-Royce PLC, 5.75%, 10/15/27(1)	250,000		217,715
TransDigm, Inc., 6.375%, 6/15/26	520,000		491,898
TransDigm, Inc., 4.625%, 1/15/29	500,000		403,757
			1,367,527
Air Freight and Logistics — 0.2%
GXO Logistics, Inc., 2.65%, 7/15/31	280,000		198,626
Airlines — 0.4%
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)	262,846		247,295
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27	193,428		180,913
			428,208
Auto Components — 0.2%
ZF North America Capital, Inc., 4.75%, 4/29/25(1)	160,000		145,801
Automobiles — 1.7%
Ford Motor Co., 6.10%, 8/19/32	500,000		441,650
Ford Motor Credit Co. LLC, 4.95%, 5/28/27	500,000		447,465
Ford Motor Credit Co. LLC, 2.90%, 2/10/29	418,000		317,354
Ford Motor Credit Co. LLC, 3.625%, 6/17/31	500,000		372,190
			1,578,659
Biotechnology — 0.8%
Emergent BioSolutions, Inc., 3.875%, 8/15/28(1)	569,000		379,435
Grifols Escrow Issuer SA, 4.75%, 10/15/28(1)	520,000		402,823
			782,258
Building Products — 0.7%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	120,000		102,178
Standard Industries, Inc., 4.375%, 7/15/30(1)	750,000		575,558
			677,736
Capital Markets — 0.9%
Deutsche Bank AG, VRN, 4.30%, 5/24/28	910,000		811,750
Chemicals — 3.0%
Celanese US Holdings LLC, 6.17%, 7/15/27	750,000		710,757
Chemours Co., 5.75%, 11/15/28(1)	400,000		328,084
Chemours Co., 4.625%, 11/15/29(1)	400,000		297,996
Olin Corp., 5.125%, 9/15/27	360,000		326,045
Olin Corp., 5.625%, 8/1/29	500,000		444,773
Tronox, Inc., 4.625%, 3/15/29(1)	490,000		363,631
Valvoline, Inc., 3.625%, 6/15/31(1)	500,000		368,945
			2,840,231
Commercial Services and Supplies — 1.6%
Clean Harbors, Inc., 4.875%, 7/15/27(1)	500,000		456,928
GFL Environmental, Inc., 4.00%, 8/1/28(1)	700,000		584,846
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.25%, 4/15/24(1)	500,000		483,167
			1,524,941

6

	Principal Amount/Shares		Value
Consumer Finance — 0.6%
Navient Corp., 5.50%, 1/25/23	$	302,000	$	300,693
Navient Corp., 6.125%, 3/25/24	240,000		234,038
			534,731
Containers and Packaging — 3.3%
ARD Finance SA, 6.50% Cash or 7.25% PIK, 6/30/27(1)	800,000		549,384
Graphic Packaging International LLC, 4.125%, 8/15/24	800,000		769,000
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)	480,000		456,739
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)(2)	100,000		88,109
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1)	530,000		489,498
Sealed Air Corp., 5.125%, 12/1/24(1)	440,000		425,504
Sealed Air Corp., 5.00%, 4/15/29(1)(2)	380,000		339,657
			3,117,891
Diversified Telecommunication Services — 3.8%
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)	775,000		729,818
Frontier Communications Holdings LLC, 8.75%, 5/15/30(1)	350,000		350,795
Hughes Satellite Systems Corp., 5.25%, 8/1/26	480,000		439,144
Level 3 Financing, Inc., 3.40%, 3/1/27(1)	600,000		503,685
Level 3 Financing, Inc., 4.625%, 9/15/27(1)	852,000		707,194
Telecom Italia Capital SA, 6.375%, 11/15/33	1,080,000		842,130
			3,572,766
Electric Utilities — 0.3%
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62	330,000		259,023
Electronic Equipment, Instruments and Components — 0.5%
Sensata Technologies BV, 5.875%, 9/1/30(1)	505,000		473,589
Entertainment — 1.6%
Live Nation Entertainment, Inc., 3.75%, 1/15/28(1)	750,000		637,500
Netflix, Inc., 4.875%, 4/15/28	977,000		916,548
			1,554,048
Equity Real Estate Investment Trusts (REITs) — 2.1%
EPR Properties, 4.75%, 12/15/26	281,000		249,804
EPR Properties, 4.95%, 4/15/28	156,000		134,516
Iron Mountain, Inc., 4.875%, 9/15/29(1)	1,300,000		1,069,848
iStar, Inc., 4.75%, 10/1/24	52,000		51,361
VICI Properties LP / VICI Note Co., Inc., 3.50%, 2/15/25(1)	500,000		462,797
			1,968,326
Food and Staples Retailing — 1.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1)	350,000		282,858
Rite Aid Corp., 7.50%, 7/1/25(1)	579,000		441,815
Rite Aid Corp., 8.00%, 11/15/26(1)(2)	169,000		120,007
United Natural Foods, Inc., 6.75%, 10/15/28(1)	550,000		504,171
			1,348,851
Food Products — 1.7%
Kraft Heinz Foods Co., 4.375%, 6/1/46	500,000		389,771
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)	500,000		409,880
US Foods, Inc., 4.75%, 2/15/29(1)	500,000		429,050
US Foods, Inc., 4.625%, 6/1/30(1)(2)	436,000		361,784
			1,590,485
Health Care Equipment and Supplies — 0.7%
Avantor Funding, Inc., 3.875%, 11/1/29(1)	260,000		211,683

7

	Principal Amount/Shares		Value
Garden Spinco Corp., 8.625%, 7/20/30(1)	$	200,000	$	207,063
Medline Borrower LP, 5.25%, 10/1/29(1)	350,000		264,925
			683,671
Health Care Providers and Services — 7.5%
Acadia Healthcare Co., Inc., 5.50%, 7/1/28(1)	485,000		443,193
AHP Health Partners, Inc., 5.75%, 7/15/29(1)	450,000		350,026
Centene Corp., 4.625%, 12/15/29	320,000		288,302
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)	400,000		308,488
CHS / Community Health Systems, Inc., 6.875%, 4/15/29(1)	750,000		363,932
DaVita, Inc., 4.625%, 6/1/30(1)	650,000		504,533
HCA, Inc., 7.69%, 6/15/25	500,000		518,366
LifePoint Health, Inc., 5.375%, 1/15/29(1)	800,000		559,313
Molina Healthcare, Inc., 4.375%, 6/15/28(1)	420,000		379,941
Molina Healthcare, Inc., 3.875%, 11/15/30(1)	100,000		84,067
Option Care Health, Inc., 4.375%, 10/31/29(1)	500,000		423,445
Owens & Minor, Inc., 4.50%, 3/31/29(1)(2)	350,000		275,217
Owens & Minor, Inc., 6.625%, 4/1/30(1)	500,000		441,250
Surgery Center Holdings, Inc., 10.00%, 4/15/27(1)(2)	1,100,000		1,071,120
Tenet Healthcare Corp., 6.125%, 10/1/28(1)	610,000		535,399
Tenet Healthcare Corp., 6.125%, 6/15/30(1)	650,000		597,106
			7,143,698
Health Care Technology — 0.3%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 3/1/25(1)	325,000		323,508
Hotels, Restaurants and Leisure — 10.9%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)	1,090,000		945,962
Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.125%, 4/15/29(1)	300,000		250,384
Boyd Gaming Corp., 4.75%, 12/1/27	400,000		354,800
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)	929,000		712,113
Carnival Corp., 5.75%, 3/1/27(1)	600,000		421,665
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)	380,000		332,466
Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31(1)	670,000		542,667
International Game Technology PLC, 5.25%, 1/15/29(1)	1,070,000		950,037
MGM Resorts International, 6.00%, 3/15/23	350,000		350,550
MGM Resorts International, 4.625%, 9/1/26	215,000		190,395
Penn Entertainment, Inc., 5.625%, 1/15/27(1)(2)	680,000		602,570
Penn Entertainment, Inc., 4.125%, 7/1/29(1)(2)	888,000		680,883
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)	1,000,000		736,970
Scientific Games International, Inc., 7.25%, 11/15/29(1)(2)	1,010,000		941,320
Six Flags Entertainment Corp., 4.875%, 7/31/24(1)	500,000		476,890
Station Casinos LLC, 4.625%, 12/1/31(1)(2)	1,170,000		885,409
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)(2)	1,075,000		948,559
			10,323,640
Household Durables — 1.0%
KB Home, 7.25%, 7/15/30	550,000		499,813
Meritage Homes Corp., 5.125%, 6/6/27	230,000		204,553
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)	325,000		238,813
			943,179
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp., 4.625%, 2/1/29(1)	200,000		163,361

8

	Principal Amount/Shares		Value
Insurance — 1.0%
SBL Holdings, Inc., 5.125%, 11/13/26(1)	$	646,000	$	589,939
SBL Holdings, Inc., VRN, 6.50%(1)(3)	503,000		379,765
			969,704
Life Sciences Tools and Services — 0.5%
Charles River Laboratories International, Inc., 4.25%, 5/1/28(1)	500,000		436,467
Machinery — 0.6%
GrafTech Finance, Inc., 4.625%, 12/15/28(1)	750,000		562,365
Media — 10.4%
AMC Networks, Inc., 4.75%, 8/1/25	730,000		653,632
AMC Networks, Inc., 4.25%, 2/15/29(2)	750,000		556,249
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)	500,000		459,970
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)	2,402,000		1,846,513
CSC Holdings LLC, 5.375%, 2/1/28(1)	350,000		306,149
CSC Holdings LLC, 7.50%, 4/1/28(1)	680,000		555,750
CSC Holdings LLC, 4.50%, 11/15/31(1)	365,000		274,772
DISH DBS Corp., 7.75%, 7/1/26	655,000		503,390
DISH DBS Corp., 5.25%, 12/1/26(1)	495,000		406,455
Gray Escrow II, Inc., 5.375%, 11/15/31(1)	496,000		390,134
Gray Television, Inc., 5.875%, 7/15/26(1)	455,000		420,372
iHeartCommunications, Inc., 8.375%, 5/1/27(2)	505,000		425,778
Nexstar Media, Inc., 5.625%, 7/15/27(1)	400,000		368,551
Paramount Global, VRN, 6.25%, 2/28/57	355,000		306,196
Paramount Global, VRN, 6.375%, 3/30/62	290,000		251,031
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)	845,000		637,215
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)	500,000		426,345
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)	749,000		675,297
Univision Communications, Inc., 5.125%, 2/15/25(1)	375,000		356,586
			9,820,385
Metals and Mining — 2.9%
ATI, Inc., 4.875%, 10/1/29	690,000		574,657
Cleveland-Cliffs, Inc., 7.00%, 3/15/27	400,000		354,159
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)	875,000		736,846
Kaiser Aluminum Corp., 4.50%, 6/1/31(1)(2)	800,000		587,280
Novelis Corp., 3.875%, 8/15/31(1)	251,000		187,761
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(1)	250,000		211,185
United States Steel Corp., 6.875%, 3/1/29(2)	109,000		99,326
			2,751,214
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1)	426,000		392,478
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)	312,000		234,094
			626,572
Multi-Utilities — 0.5%
Sempra Energy, VRN, 4.125%, 4/1/52	650,000		512,347
Multiline Retail — 0.3%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2)	250,000		200,975
Macy's Retail Holdings LLC, 5.875%, 3/15/30(1)	95,000		75,333
			276,308

9

	Principal Amount/Shares		Value
Oil, Gas and Consumable Fuels — 9.9%
Antero Resources Corp., 7.625%, 2/1/29(1)	$	244,000	$	244,079
Antero Resources Corp., 5.375%, 3/1/30(1)	370,000		333,479
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)	750,000		721,140
Callon Petroleum Co., 7.50%, 6/15/30(1)	250,000		219,363
CNX Resources Corp., 7.375%, 1/15/31(1)	1,000,000		980,260
Comstock Resources, Inc., 5.875%, 1/15/30(1)	740,000		646,268
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	460,000		437,083
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)	800,000		707,879
EnLink Midstream LLC, 6.50%, 9/1/30(1)	1,000,000		978,840
EnLink Midstream Partners LP, 4.85%, 7/15/26	350,000		321,877
EQM Midstream Partners LP, 7.50%, 6/1/27(1)	360,000		343,717
EQM Midstream Partners LP, 4.50%, 1/15/29(1)	365,000		294,682
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1)	300,000		286,930
MEG Energy Corp., 5.875%, 2/1/29(1)	375,000		337,131
Occidental Petroleum Corp., 6.375%, 9/1/28	1,200,000		1,197,828
Occidental Petroleum Corp., 6.45%, 9/15/36	500,000		501,230
Southwestern Energy Co., 5.70%, 1/23/25	76,000		74,509
Southwestern Energy Co., 5.375%, 3/15/30	850,000		767,724
			9,394,019
Pharmaceuticals — 3.4%
1375209 BC Ltd., 9.00%, 1/30/28	89,032		88,809
180 Medical, Inc., 3.875%, 10/15/29(1)	700,000		581,357
AdaptHealth LLC, 4.625%, 8/1/29(1)	375,000		301,299
Bausch Health Cos., Inc., 5.00%, 1/30/28(1)	135,000		49,964
Bausch Health Cos., Inc., 4.875%, 6/1/28(1)	300,000		193,914
Bausch Health Cos., Inc., 11.00%, 9/30/28	158,158		128,108
Bausch Health Cos., Inc., 14.00%, 10/15/30	31,659		17,412
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(1)	750,000		702,683
Jazz Securities DAC, 4.375%, 1/15/29(1)	367,000		317,807
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31(1)	750,000		615,623
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26	300,000		246,554
			3,243,530
Road and Rail — 1.0%
Ashtead Capital, Inc., 5.50%, 8/11/32(1)	140,000		130,162
United Rentals North America, Inc., 4.875%, 1/15/28	500,000		459,523
United Rentals North America, Inc., 3.875%, 2/15/31	500,000		407,695
			997,380
Software — 0.4%
NortonLifeLock, Inc., 6.75%, 9/30/27(1)	140,000		134,668
NortonLifeLock, Inc., 7.125%, 9/30/30(1)(2)	250,000		242,349
			377,017
Specialty Retail — 0.8%
PetSmart, Inc. / PetSmart Finance Corp., 7.75%, 2/15/29(1)	750,000		671,655
Sonic Automotive, Inc., 4.625%, 11/15/29(1)	100,000		78,618
			750,273
Technology Hardware, Storage and Peripherals — 1.0%
Condor Merger Sub, Inc., 7.375%, 2/15/30(1)	590,000		483,487

10

	Principal Amount/Shares		Value
Seagate HDD Cayman, 3.125%, 7/15/29	$	635,000	$	466,716
			950,203
Trading Companies and Distributors — 0.1%
Aircastle Ltd., 5.25%, 8/11/25(1)	150,000		141,342
Wireless Telecommunication Services — 3.1%
Sprint Corp., 7.125%, 6/15/24	550,000		559,136
Sprint Corp., 7.625%, 2/15/25	280,000		287,500
T-Mobile USA, Inc., 4.75%, 2/1/28	1,067,000		1,009,142
T-Mobile USA, Inc., 3.50%, 4/15/31	994,000		836,868
Vodafone Group PLC, VRN, 4.125%, 6/4/81	290,000		201,466
			2,894,112
TOTAL CORPORATE BONDS (Cost $93,007,728)			79,059,742
EXCHANGE-TRADED FUNDS — 4.4%
iShares Broad USD High Yield Corporate Bond ETF(2)	30,600		1,028,772
iShares iBoxx High Yield Corporate Bond ETF(2)	13,400		956,626
SPDR Blackstone Senior Loan ETF(2)	27,500		1,123,925
SPDR Bloomberg Short Term High Yield Bond ETF(2)	44,700		1,062,966
TOTAL EXCHANGE-TRADED FUNDS (Cost $4,620,314)			4,172,289
PREFERRED STOCKS — 2.8%
Banks — 0.8%
Barclays PLC, 4.375%	289,000		178,833
BNP Paribas SA, 7.75%(1)	265,000		245,205
ING Groep NV, 3.875%	465,000		304,505
			728,543
Capital Markets — 0.6%
Bank of New York Mellon Corp., 3.75%	755,000		585,125
Insurance — 0.3%
Allianz SE, 3.20%(1)	400,000		259,140
Trading Companies and Distributors — 1.1%
Air Lease Corp., 4.125%	745,000		513,094
Aircastle Ltd., 5.25%(1)	750,000		566,321
			1,079,415
TOTAL PREFERRED STOCKS (Cost $3,592,471)			2,652,223
BANK LOAN OBLIGATIONS(4) — 1.1%
Food and Staples Retailing — 0.3%
United Natural Foods, Inc., Term Loan B, 6.40%, (1-month SOFR plus 3.25%), 10/22/25	$	325,916	321,750
Media†
DirecTV Financing, LLC, Term Loan, 8.12%, (1-month LIBOR plus 5.00%), 8/2/27	67		64
Pharmaceuticals — 0.5%
Horizon Therapeutics USA Inc., 2021 Term Loan B2, 4.88%, (1-month LIBOR plus 1.75%), 3/15/28	454,250		437,359
Technology Hardware, Storage and Peripherals — 0.3%
McAfee, LLC, 2022 USD Term Loan B, 6.36%, (1-month SOFR plus 3.75%), 3/1/29	355,000		324,761
TOTAL BANK LOAN OBLIGATIONS (Cost $1,131,196)			1,083,934
SHORT-TERM INVESTMENTS — 15.2%
Money Market Funds — 8.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class	13,097		13,097

11

	Principal Amount/Shares	Value
State Street Navigator Securities Lending Government Money Market Portfolio(5)	7,820,940	$	7,820,940
		7,834,037
Repurchase Agreements — 6.9%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.625% - 4.625%, 1/15/25 - 5/15/47, valued at $1,111,516), in a joint trading account at 2.86%, dated 9/30/22, due 10/3/22 (Delivery value $1,092,883)		1,092,623
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.25%, 6/30/29, valued at $5,572,308), at 2.95%, dated 9/30/22, due 10/3/22 (Delivery value $5,464,343)		5,463,000
		6,555,623
TOTAL SHORT-TERM INVESTMENTS (Cost $14,389,660)		14,389,660
TOTAL INVESTMENT SECURITIES — 106.9% (Cost $116,741,369)		101,357,848
OTHER ASSETS AND LIABILITIES — (6.9)%		(6,530,780)
TOTAL NET ASSETS — 100.0%		$	94,827,068

NOTES TO SCHEDULE OF INVESTMENTS
LIBOR	-	London Interbank Offered Rate
PIK	-	Payment in Kind. Security may elect to pay a cash rate and/or an in kind rate.
SOFR	-	Secured Overnight Financing 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 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 $55,744,478, which represented 58.8% 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 $8,344,049. 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)Perpetual maturity with no stated maturity date.

(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)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $8,662,353, which includes securities collateral of $841,413.

See Notes to Financial Statements.

12

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (cost of $108,920,429) — including $8,344,049 of securities on loan	$	93,536,908
Investment made with cash collateral received for securities on loan, at value (cost of $7,820,940)	7,820,940
Total investment securities, at value (cost of $116,741,369)	101,357,848
Receivable for investments sold	830,444
Receivable for capital shares sold	6,393
Interest and dividends receivable	1,281,338
Securities lending receivable	9,999
	103,486,022
Liabilities
Payable for collateral received for securities on loan	7,820,940
Payable for investments purchased	655,635
Payable for capital shares redeemed	63,692
Accrued management fees	61,690
Distribution and service fees payable	3,128
Dividends payable	53,869
	8,658,954
Net Assets	$	94,827,068
Net Assets Consist of:
Capital paid in	$	151,402,361
Distributable earnings	(56,575,293)
	$	94,827,068

	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class	$77,141,773	16,350,189	$4.72
I Class	$5,686,740	1,202,535	$4.73
Y Class	$5,367	1,136	$4.72
A Class	$9,367,465	1,983,522	$4.72
C Class	$715,966	151,646	$4.72
R Class	$1,092,832	231,463	$4.72
R5 Class	$508,528	107,664	$4.72
R6 Class	$308,397	65,382	$4.72

*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $4.94 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

13

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	2,613,914
Dividends	104,724
Securities lending, net	50,300
	2,768,938
Expenses:
Management fees	397,253
Distribution and service fees:
A Class	13,412
C Class	3,725
R Class	2,756
Trustees' fees and expenses	3,621
	420,767
Net investment income (loss)	2,348,171
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(3,023,433)
Change in net unrealized appreciation (depreciation) on investments	(11,142,635)
Net realized and unrealized gain (loss)	(14,166,068)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(11,817,897)

See Notes to Financial Statements.

14

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	2,348,171	$	5,534,697
Net realized gain (loss)	(3,023,433)		2,535,163
Change in net unrealized appreciation (depreciation)	(11,142,635)		(8,886,842)
Net increase (decrease) in net assets resulting from operations	(11,817,897)		(816,982)
Distributions to Shareholders
From earnings:
Investor Class	(1,961,245)		(3,978,645)
I Class	(167,153)		(286,588)
Y Class	(138)		(792,613)
A Class	(236,498)		(482,843)
C Class	(13,638)		(31,668)
R Class	(22,996)		(40,695)
R5 Class	(13,130)		(24,677)
R6 Class	(7,846)		(15,606)
Decrease in net assets from distributions	(2,422,644)		(5,653,335)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(9,056,027)		(15,577,018)
Net increase (decrease) in net assets	(23,296,568)		(22,047,335)
Net Assets
Beginning of period	118,123,636		140,170,971
End of period	$	94,827,068	$	118,123,636

See Notes to Financial Statements.

15

Notes to Financial Statements

SEPTEMBER 30, 2022 (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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, convertible bonds, bank loan obligations, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.

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

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.

16

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee 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 ACIM 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.

17

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, 2022.

Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Corporate Bonds	$	4,876,460	—	—	—	$	4,876,460
Exchange-Traded Funds	2,944,480		—	—	—	2,944,480
Total Borrowings	$	7,820,940	—	—	—	$	7,820,940
Gross amount of recognized liabilities for securities lending transactions						$	7,820,940

(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.

18

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 funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended September 30, 2022 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, 2022 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, 2022 were $17,977,023 and $26,424,221, respectively.

19

5. Capital Share Transactions

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

	Six months ended September 30, 2022			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	1,497,680	$	7,505,066	5,014,658	$	28,633,607
Issued in reinvestment of distributions	335,450	1,670,181		598,483	3,406,113
Redeemed	(2,151,944)	(10,829,427)		(5,914,336)	(33,537,797)
	(318,814)	(1,654,180)		(301,195)	(1,498,077)
I Class
Sold	252,583	1,318,126		2,069,782	11,516,094
Issued in reinvestment of distributions	33,347	167,153		50,499	286,587
Redeemed	(1,521,706)	(7,975,034)		(605,533)	(3,395,355)
	(1,235,776)	(6,489,755)		1,514,748	8,407,326
Y Class
Sold	—	—		879,316	5,060,291
Issued in reinvestment of distributions	28	138		137,966	792,603
Redeemed	(1)	(4)		(4,720,979)	(26,756,348)
	27	134		(3,703,697)	(20,903,454)
A Class
Sold	31,323	157,187		187,232	1,062,588
Issued in reinvestment of distributions	44,218	220,360		79,549	453,079
Redeemed	(295,981)	(1,489,085)		(482,228)	(2,760,039)
	(220,440)	(1,111,538)		(215,447)	(1,244,372)
C Class
Sold	17,079	86,994		1,539	8,850
Issued in reinvestment of distributions	2,738	13,625		5,549	31,648
Redeemed	(19,027)	(95,177)		(71,211)	(407,297)
	790	5,442		(64,123)	(366,799)
R Class
Sold	61,805	314,569		98,160	561,378
Issued in reinvestment of distributions	4,593	22,840		7,044	40,088
Redeemed	(31,860)	(161,552)		(120,018)	(680,417)
	34,538	175,857		(14,814)	(78,951)
R5 Class
Sold	3,360	17,009		34,072	194,531
Issued in reinvestment of distributions	2,634	13,130		4,335	24,677
Redeemed	(6,956)	(35,268)		(16,328)	(93,543)
	(962)	(5,129)		22,079	125,665
R6 Class
Sold	3,628	18,248		21,910	124,880
Issued in reinvestment of distributions	1,577	7,846		2,744	15,606
Redeemed	(591)	(2,952)		(27,941)	(158,842)
	4,614	23,142		(3,287)	(18,356)
Net increase (decrease)	(1,736,023)	$	(9,056,027)	(2,765,736)	$	(15,577,018)

20

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	—		$	79,059,742	—
Exchange-Traded Funds	$	4,172,289	—		—
Preferred Stocks	—		2,652,223		—
Bank Loan Obligations	—		1,083,934		—
Short-Term Investments	7,834,037		6,555,623		—
	$	12,006,326	$	89,351,522	—

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, war, 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.

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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

21

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	$	116,771,233
Gross tax appreciation of investments	$	204,921
Gross tax depreciation of investments	(15,618,306)
Net tax appreciation (depreciation) of investments	$	(15,413,385)

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, 2022, the fund had accumulated short-term capital losses of $(3,279,961) and accumulated long-term capital losses of $(34,791,500), 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.

22

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
2022(3)	$5.41	0.11	(0.68)	(0.57)	(0.12)	$4.72	(10.69)%	0.78%(4)	0.78%(4)	4.52%(4)	4.52%(4)	19%	$77,142
2022	$5.70	0.22	(0.28)	(0.06)	(0.23)	$5.41	(1.23)%	0.77%	0.77%	3.90%	3.90%	83%	$90,165
2021	$5.02	0.23	0.69	0.92	(0.24)	$5.70	18.52%	0.78%	0.78%	4.25%	4.25%	100%	$96,679
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
I Class
2022(3)	$5.42	0.12	(0.69)	(0.57)	(0.12)	$4.73	(10.62)%	0.68%(4)	0.68%(4)	4.62%(4)	4.62%(4)	19%	$5,687
2022	$5.71	0.23	(0.29)	(0.06)	(0.23)	$5.42	(1.12)%	0.67%	0.67%	4.00%	4.00%	83%	$13,220
2021	$5.03	0.24	0.68	0.92	(0.24)	$5.71	18.61%	0.68%	0.68%	4.35%	4.35%	100%	$5,273
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
2022(3)	$5.42	0.12	(0.70)	(0.58)	(0.12)	$4.72	(10.76)%	0.58%(4)	0.58%(4)	4.72%(4)	4.72%(4)	19%	$5
2022	$5.70	0.23	(0.27)	(0.04)	(0.24)	$5.42	(0.85)%	0.57%	0.57%	4.10%	4.10%	83%	$6
2021	$5.02	0.25	0.68	0.93	(0.25)	$5.70	18.76%	0.58%	0.58%	4.45%	4.45%	100%	$21,131
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
2022(3)	$5.41	0.11	(0.69)	(0.58)	(0.11)	$4.72	(10.80)%	1.03%(4)	1.03%(4)	4.27%(4)	4.27%(4)	19%	$9,367
2022	$5.70	0.21	(0.29)	(0.08)	(0.21)	$5.41	(1.47)%	1.02%	1.02%	3.65%	3.65%	83%	$11,933
2021	$5.02	0.22	0.68	0.90	(0.22)	$5.70	18.23%	1.03%	1.03%	4.00%	4.00%	100%	$13,798
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

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2022(3)	$5.41	0.09	(0.69)	(0.60)	(0.09)	$4.72	(11.14)%	1.78%(4)	1.78%(4)	3.52%(4)	3.52%(4)	19%	$716
2022	$5.70	0.17	(0.29)	(0.12)	(0.17)	$5.41	(2.21)%	1.77%	1.77%	2.90%	2.90%	83%	$816
2021	$5.02	0.18	0.68	0.86	(0.18)	$5.70	17.35%	1.78%	1.78%	3.25%	3.25%	100%	$1,225
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
R Class
2022(3)	$5.41	0.10	(0.69)	(0.59)	(0.10)	$4.72	(10.91)%	1.28%(4)	1.28%(4)	4.02%(4)	4.02%(4)	19%	$1,093
2022	$5.70	0.19	(0.28)	(0.09)	(0.20)	$5.41	(1.72)%	1.27%	1.27%	3.40%	3.40%	83%	$1,066
2021	$5.02	0.21	0.68	0.89	(0.21)	$5.70	17.94%	1.28%	1.28%	3.75%	3.75%	100%	$1,207
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

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)
R5 Class
2022(3)	$5.42	0.12	(0.70)	(0.58)	(0.12)	$4.72	(10.76)%	0.58%(4)	0.58%(4)	4.72%(4)	4.72%(4)	19%	$509
2022	$5.70	0.23	(0.27)	(0.04)	(0.24)	$5.42	(0.85)%	0.57%	0.57%	4.10%	4.10%	83%	$588
2021	$5.02	0.25	0.68	0.93	(0.25)	$5.70	18.76%	0.58%	0.58%	4.45%	4.45%	100%	$494
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
R6 Class
2022(3)	$5.41	0.12	(0.69)	(0.57)	(0.12)	$4.72	(10.57)%	0.53%(4)	0.53%(4)	4.77%(4)	4.77%(4)	19%	$308
2022	$5.69	0.24	(0.28)	(0.04)	(0.24)	$5.41	(0.81)%	0.52%	0.52%	4.15%	4.15%	83%	$329
2021	$5.02	0.25	0.67	0.92	(0.25)	$5.69	18.61%	0.53%	0.53%	4.50%	4.50%	100%	$365
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

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, 2022 (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 21, 2022, 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 of 1940 (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 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.

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 and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas ofinterest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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.

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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 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 principal investment 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 actions being taken to improve performance. The Fund’s performance was at its benchmark for the one-year period and below its benchmark for the three-, five-, and ten-year periods reviewed by the Board. The Board

29

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.

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 fee structure 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 securities transaction expenses, 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 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.

30

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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 also 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

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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.

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. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

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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.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90815 2211

Semiannual Report

September 30, 2022

Prime Money Market Fund

Investor Class (BPRXX)

A Class (ACAXX)

C Class (ARCXX)

Table of Contents

President’s Letter	2
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Notes to Financial Statements	14
Financial Highlights	18
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 ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Yields	Investor Class	A Class	C Class
7-Day Current Yield	2.56%	2.31%	1.81%
7-Day Effective Yield	2.60%	2.34%	1.83%

Portfolio at a Glance
Weighted Average Maturity	53 days
Weighted Average Life	89 days
Portfolio Composition by Maturity	% of fund investments
1-30 days	68%
31-90 days	12%
91-180 days	9%
More than 180 days	11%

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, 2022 to September 30, 2022.

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 mutual 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 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 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 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,005.30	$2.92	0.58%
A Class	$1,000	$1,004.30	$3.92	0.78%
C Class	$1,000	$1,002.70	$5.52	1.10%
Hypothetical
Investor Class	$1,000	$1,022.16	$2.94	0.58%
A Class	$1,000	$1,021.16	$3.95	0.78%
C Class	$1,000	$1,019.55	$5.57	1.10%

(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, 2022 (UNAUDITED)

	Principal Amount		Value
COMMERCIAL PAPER(1) — 46.6%
Alinghi Funding Co. LLC, 3.96%, 3/21/23 (LOC: UBS AG)(2)	$	10,800,000	$	10,604,034
Alinghi Funding Co. LLC, 3.12%, 5/17/23 (LOC: UBS AG)(2)	9,750,000		9,565,985
ANZ New Zealand International Ltd., VRN, 3.54%, (SOFR plus 0.53%), 2/27/23(2)	16,000,000		15,999,745
Australia & New Zealand Banking Group Ltd., VRN, 3.37%, (SOFR plus 0.41%), 12/2/22(2)	12,500,000		12,500,000
Australia & New Zealand Banking Group Ltd., VRN, 3.39%, (SOFR plus 0.43%), 12/23/22(2)	7,750,000		7,750,000
Banco Santander SA, 2.20%, 11/22/22(2)	7,000,000		7,000,000
Banco Santander SA, 3.34%, 12/1/22(2)	6,000,000		5,966,857
Banco Santander SA, VRN, 3.43%, (SOFR plus 0.45%), 11/10/22(2)	8,000,000		8,000,000
Bank of Montreal, 0.45%, 11/28/22	7,500,000		7,500,000
Bank of Montreal, 2.85%, 5/24/23	5,000,000		5,000,000
Bank of Montreal, VRN, 3.21%, (SOFR plus 0.25%), 1/12/23(2)	7,500,000		7,500,000
Barclays Bank PLC, 3.30%, 1/6/23(2)	25,000,000		24,784,444
Barclays Capital, Inc., 2.12%, 11/10/22(2)	10,000,000		9,977,000
Bedford Row Funding Corp., VRN, 3.46%, (SOFR plus 0.42%), 11/28/22 (LOC: Royal Bank of Canada)(2)	14,400,000		14,399,308
Bedford Row Funding Corp., VRN, 3.43%, (SOFR plus 0.47%), 4/18/23 (LOC: Royal Bank of Canada)(2)	15,000,000		15,000,000
BNP Paribas SA, VRN, 3.37%, (SOFR plus 0.41%), 12/13/22	32,500,000		32,500,000
CAFCO LLC, 3.09%, 11/8/22 (LOC: Citibank N.A.)	9,000,000		8,971,310
Canadian Imperial Bank of Commerce, 0.22%, 11/4/22(2)	9,000,000		9,000,000
Canadian Imperial Bank of Commerce, 3.66%, 5/2/23(2)	305,000		298,666
Canadian Imperial Bank of Commerce, VRN, 3.52%, (SOFR plus 0.56%), 7/7/23(2)	13,300,000		13,300,000
Charta LLC, 2.98%, 11/2/22 (LOC: Citibank N.A.)	17,500,000		17,454,733
Charta LLC, 4.02%, 1/9/23 (LOC: Citibank N.A.)	31,000,000		30,662,444
Chesham Finance Ltd. / Chesham Finance LLC, 3.10%, 10/3/22 (LOC: Nordea Bank Abp)(2)	10,500,000		10,498,215
Chesham Finance Ltd. / Chesham Finance LLC, 3.10%, 10/3/22 (LOC: Societe Generale SA)(2)	37,500,000		37,493,625
Chesham Finance Ltd. / Chesham Finance LLC, 3.10%, 10/3/22 (LOC: HSBC Bank PLC)(2)	60,000,000		59,989,800
Collateralized Commercial Paper FLEX Co. LLC, VRN, 3.16%, (SOFR plus 0.20%), 10/3/22 (LOC: J.P. Morgan Securities LLC)(2)	25,000,000		25,000,000
Collateralized Commercial Paper FLEX Co. LLC, VRN, 3.33%, (SOFR plus 0.37%), 3/14/23 (LOC: J.P. Morgan Securities LLC)(2)	10,000,000		10,000,000
Collateralized Commercial Paper V Co. LLC, VRN, 3.35%, (SOFR plus 0.39%), 10/12/22 (LOC: J.P. Morgan Securities LLC)	30,000,000		30,000,000
Commonwealth Bank of Australia, VRN, 3.31%, (SOFR plus 0.35%), 10/21/22(2)	10,000,000		10,000,000
Fairway Finance Co. LLC, VRN, 3.43%, (SOFR plus 0.47%), 1/27/23 (LOC: Bank of Montreal)(2)	21,000,000		21,000,000
Glencove Funding LLC, 2.62%, 10/6/22 (LOC: Standard Chartered Bank)(2)	11,100,000		11,096,038
Glencove Funding LLC, 3.22%, 11/30/22 (LOC: Standard Chartered Bank)(2)	6,500,000		6,465,875
GTA Funding LLC, 4.11%, 1/25/23 (LOC: Toronto-Dominion Bank)	2,500,000		2,467,778
GTA Funding LLC, 3.79%, 2/28/23 (LOC: Toronto-Dominion Bank)	5,599,000		5,513,382
JP Morgan Securities LLC, 4.07%, 6/6/23(2)	8,200,000		7,979,693

6

	Principal Amount		Value
Legacy Capital Co. LLC, Series A, VRN, 3.23%, (SOFR plus 0.27%), 12/28/22 (LOC: Macquarie Bank Ltd.)(2)	$	18,500,000	$	18,500,000
LMA-Americas LLC, 3.10%, 11/15/22 (LOC: Credit Agricole Corporate and Investment Bank)(2)	1,294,000		1,289,099
MetLife Short Term Funding LLC, 3.35%, 2/22/23	20,500,000		20,233,500
National Australia Bank Ltd., Series CPIB, VRN, 3.35%, (SOFR plus 0.39%), 11/10/22(2)	7,850,000		7,850,000
National Australia Bank Ltd., Series CPIB, VRN, 3.37%, (SOFR plus 0.41%), 12/5/22(2)	5,650,000		5,650,000
National Australia Bank Ltd., Series CPIB, VRN, 3.44%, (SOFR plus 0.48%), 12/29/22(2)	22,000,000		22,000,000
National Australia Bank Ltd., Series CPIB, VRN, 3.44%, (SOFR plus 0.48%), 1/3/23(2)	5,000,000		5,000,000
Nordea Bank Abp, 0.27%, 10/21/22	10,000,000		9,998,500
Nordea Bank Abp, 0.44%, 11/21/22	12,500,000		12,492,297
Old Line Funding LLC, 1.97%, 11/2/22 (LOC: Royal Bank of Canada)(2)	11,500,000		11,480,271
Royal Bank of Canada, 0.24%, 10/12/22(2)	9,750,000		9,749,285
Royal Bank of Canada, VRN, 3.21%, (SOFR plus 0.25%), 12/1/22(2)	4,980,000		4,980,000
Royal Bank of Canada, VRN, 3.39%, (SOFR plus 0.43%), 3/1/23(2)	15,000,000		15,000,000
Skandinaviska Enskilda Banken AB, Series GLOB, VRN, 3.42%, (SOFR plus 0.44%), 12/27/22(2)	17,250,000		17,250,000
Svenska Handelsbanken AB, 0.35%, 11/1/22(2)	16,990,000		16,985,026
Svenska Handelsbanken AB, VRN, 3.38%, (SOFR plus 0.40%), 3/1/23(2)	27,000,000		27,000,000
Svenska Handelsbanken AB, VRN, 3.51%, (SOFR plus 0.53%), 5/19/23(2)	5,000,000		5,000,000
Toronto-Dominion Bank, 2.09%, 11/9/22(2)	5,000,000		4,988,950
Toronto-Dominion Bank, VRN, 3.48%, 3/6/23(2)	11,500,000		11,500,000
Toyota Credit de Puerto Rico Corp., VRN, 3.38%, (SOFR plus 0.40%), 10/28/22	21,000,000		21,000,000
UBS AG, VRN, 3.16%, (SOFR plus 0.20%), 10/14/22(2)	10,000,000		10,000,000
UBS AG, VRN, 3.61%, (SOFR plus 0.65%), 6/29/23(2)	20,500,000		20,500,000
UBS AG, VRN, 3.54%, (SOFR plus 0.58%), 9/22/23(2)	18,600,000		18,600,000
Versailles Commercial Paper LLC, VRN, 3.41%, (SOFR plus 0.45%), 10/11/22 (LOC: Natixis)(2)	10,000,000		10,000,000
Washington Morgan Capital Co. LLC, 2.65%, 10/27/22 (LOC: Goldman Sachs & Co.)(2)	15,000,000		14,971,833
Westpac Banking Corp., 0.27%, 10/12/22	15,500,000		15,498,721
Westpac Banking Corp., VRN, 3.51%, (SOFR plus 0.55%), 2/23/23(2)	7,500,000		7,499,981
TOTAL COMMERCIAL PAPER			856,256,395
CERTIFICATES OF DEPOSIT — 19.9%
Banco Santander SA, 3.34%, 12/21/22(2)	10,000,000		10,000,000
Bank of Montreal, VRN, 3.21%, (SOFR plus 0.25%), 3/1/23	7,000,000		7,000,000
Bank of Montreal, VRN, 3.57%, (SOFR plus 0.61%), 7/21/23	5,000,000		5,000,000
Bank of Montreal, VRN, 3.71%, (SOFR plus 0.75%), 8/1/23	17,500,000		17,500,000
Bank of Nova Scotia, VRN, 3.11%, (SOFR plus 0.15%), 10/21/22	15,000,000		14,999,666
Bank of Nova Scotia, VRN, 3.11%, (SOFR plus 0.15%), 10/28/22	9,000,000		8,999,662
Bank of Nova Scotia, VRN, 3.36%, (SOFR plus 0.40%), 12/5/22	13,500,000		13,500,000
Bayerische Landesbank, 3.19%, 11/3/22	150,000		150,007
Canadian Imperial Bank of Commerce, 3.96%, 8/15/23(2)	12,500,000		12,500,000
Canadian Imperial Bank of Commerce, 4.02%, 9/13/23(2)	18,500,000		18,500,000
Cooperatieve Rabobank UA, 3.71%, 5/31/23(2)	19,900,000		19,910,378
Cooperatieve Rabobank UA, VRN, 3.35%, (SOFR plus 0.39%), 12/29/22	36,000,000		36,000,000

7

	Principal Amount		Value
Credit Agricole Corporate & Investment Bank SA, 3.06%, 10/3/22 (LOC: Credit Agricole SA)(2)	$	33,410,000	$	33,410,000
Natixis SA, 0.30%, 10/21/22	1,000,000		998,617
Natixis SA, 3.21%, 1/4/23	334,000		331,791
Natixis SA, 3.81%, 3/6/23	19,000,000		19,000,000
Nordea Bank Abp, VRN, 3.30%, (SOFR plus 0.34%), 10/17/22	7,900,000		7,900,000
Royal Bank of Canada, 4.02%, 7/14/23(2)	18,100,000		18,100,000
Royal Bank of Canada, 4.22%, 9/1/23(2)	5,000,000		5,000,000
Royal Bank of Canada, 4.10%, 9/6/23(2)	20,000,000		20,000,000
Skandinaviska Enskilda Banken AB, 3.27%, 12/19/22	1,500,000		1,499,999
Sumitomo Mitsui Trust Bank Ltd., 2.87%, 11/1/22(2)	17,750,000		17,750,000
Svenska Handelsbanken AB, VRN, 3.18%, (SOFR plus 0.20%), 1/25/23(2)	10,000,000		10,000,000
Svenska Handelsbanken AB, VRN, 3.45%, (SOFR plus 0.47%), 5/3/23(2)	10,000,000		10,000,000
Toronto-Dominion Bank, 0.39%, 12/14/22	10,500,000		10,500,000
Toronto-Dominion Bank, 0.40%, 12/16/22	5,500,000		5,500,000
Toronto-Dominion Bank, 3.75%, 6/16/23	7,500,000		7,500,000
Toronto-Dominion Bank, 4.07%, 7/18/23	340,000		337,983
Toronto-Dominion Bank, 4.00%, 8/14/23	12,500,000		12,500,000
Toronto-Dominion Bank, 4.25%, 9/8/23(2)	10,000,000		10,000,000
Toronto-Dominion Bank, 4.35%, 9/13/23(2)	5,500,000		5,500,000
Toronto-Dominion Bank, VRN, 3.44%, 2/24/23	6,000,000		6,000,000
TOTAL CERTIFICATES OF DEPOSIT			365,888,103
CORPORATE BONDS — 15.6%
12th & Yesler Owner LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	27,000,000		27,000,000
412 Madison LLC, VRDN, 3.15%, 10/7/22 (LOC: FNMA)	1,000,000		1,000,000
500 Columbia Place LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	7,000,000		7,000,000
Allen C Stonecipher Life Insurance Trust, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	17,880,000		17,880,000
Anton Santa Cruz LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	5,990,000		5,990,000
Bellevue 10 Apartments LLC, VRDN, 3.18%, 10/10/22 (LOC: Northern Trust Company)	12,670,000		12,670,000
Canadian Imperial Bank of Commerce, VRN, 3.76%, (SOFR plus 0.80%), 3/17/23(2)	4,215,000		4,215,814
CG-USA Simi Valley LP, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	8,500,000		8,500,000
Champion Insurance Trust, VRDN, 3.17%, 10/7/22 (LOC: FHLB)	4,320,000		4,320,000
Cypress Bend Real Estate Development Co. LLC, VRDN, 3.20%, 10/7/22 (LOC: FHLB)	15,090,000		15,090,000
DNB Bank ASA, VRN, 3.72%, (3-month LIBOR plus 0.62%), 12/2/22(2)	500,000		500,291
Fiore Capital LLC, VRDN, 3.35%, 10/7/22 (LOC: Wells Fargo Bank N.A.)	13,975,000		13,975,000
Foothill Garden NV Investors LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	10,950,000		10,950,000
General Secretariat of the Organization of American States, VRDN, 3.25%, 11/15/22 (LOC: Bank of America N.A.)	12,910,000		12,910,000
Gold River 659 LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	12,000,000		12,000,000
Hartsfield Family Trust 2021, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	5,210,000		5,210,000
JL Irrevocable Trust, VRDN, 3.20%, 10/7/22 (LOC: FHLB)	2,000,000		2,000,000
KDF Glenview LP, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	8,000,000		8,000,000
Krawitz Family Insurance Trust, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	4,000,000		4,000,000
Labcon North America, VRDN, 3.25%, 10/7/22 (LOC: Bank of the West)	1,980,000		1,980,000

8

	Principal Amount		Value
Labcon North America, VRDN, 3.25%, 10/7/22 (LOC: Bank of the West)	$	5,910,000	$	5,910,000
Ness Family Partners LP, VRDN, 3.25%, 10/7/22 (LOC: Bank of the West)	5,240,000		5,240,000
New Village Green LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	6,410,000		6,410,000
Nicholas David Nurse 2020 Irrevocable Trust, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	8,175,000		8,175,000
Nuveen Credit Strategies Income Fund, VRDN, 3.22%, 10/7/22 (LOC: Societe Generale SA)(2)	16,000,000		16,000,000
Nuveen Preferred & Income Opportunities Fund, VRDN, 3.22%, 10/7/22 (LOC: Sumitomo Mitsui Banking Corp.)(2)	20,000,000		20,000,000
Nuveen Variable Rate Preferred & Income Fund, VRDN, 3.22%, 10/7/22 (LOC: Toronto-Dominion Bank)(2)	21,250,000		21,250,000
Shil Park Irrevocable Life Insurance Trust, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	6,000,000		6,000,000
Skandinaviska Enskilda Banken AB, VRN, 3.88%, (3-month LIBOR plus 0.65%), 12/12/22(2)	4,000,000		4,000,740
Uptown Newport Building Owner LP, VRDN, 3.17%, 10/7/22 (LOC: Landesbank Hessen-Thuringen Girozentrale)	17,355,000		17,355,000
TOTAL CORPORATE BONDS			285,531,845
MUNICIPAL SECURITIES — 12.4%
Akron Bath Copley Joint Township Hospital District Rev., (Concordia Lutheran Ministries Obligated Group), VRDN, 3.15%, 10/7/22 (LOC: Truist Bank)	5,855,000		5,855,000
Alaska Housing Finance Corp. Rev., VRDN, 3.18%, 10/7/22	15,045,000		15,045,000
Commonwealth of Massachusetts GO, 0.28%, 11/1/22	800,000		798,135
Illinois Housing Development Authority Rev., VRDN, 3.10%, 10/7/22 (LOC: FHLB)(LIQ FAC: FHLB)	7,795,000		7,795,000
Illinois Housing Development Authority Rev., VRDN, 3.70%, 10/7/22 (SBBPA: FHLB)	12,700,000		12,700,000
Kansas City Rev., VRDN, 3.25%, 10/7/22 (LOC: JPMorgan Chase Bank N.A.)	1,875,000		1,875,000
Los Angeles Community College District GO, 3.80%, 2/1/23	8,500,000		8,500,000
Memphis Health Educational & Housing Facility Board Rev., (Pedcor Investments 2007-CIII LP), VRDN, 3.13%, 10/7/22 (LOC: U.S. Bank N.A.)	1,095,000		1,095,000
Metropolitan Water District of Southern California Rev., VRDN, 3.08%, 10/7/22 (SBBPA: PNC Bank N.A.)	14,625,000		14,625,000
Michigan Finance Authority Rev., (School Loan Revolving Fund), VRDN, 3.08%, 10/7/22 (LOC: PNC Bank N.A.)	8,000,000		8,000,000
Mizuho Floater/Residual Trust Rev., VRDN, 3.34%, 11/4/22 (LOC: Mizuho Bank Ltd.)(LIQ FAC: Mizuho Capital Markets LLC)(2)	2,340,000		2,340,000
Mizuho Floater/Residual Trust Rev., VRDN, 3.34%, 11/4/22 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)(2)	1,675,000		1,675,000
Mizuho Floater/Residual Trust Rev., VRDN, 3.34%, 11/4/22 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)(2)	15,823,353		15,823,353
New York GO, 0.45%, 11/1/22	1,785,000		1,781,112
New York State Housing Finance Agency Rev., (29 Flatbush Associates LLC), VRDN, 3.43%, 10/7/22 (LOC: Landesbank Hessen-Thuringen Girozentrale)	6,635,000		6,635,000
New York State Housing Finance Agency Rev., (L&M 93rd Street LLC), VRDN, 3.15%, 10/7/22 (LOC: Landesbank Hessen-Thuringen Girozentrale)	1,100,000		1,100,000
Pasadena Public Financing Authority Rev., VRDN, 3.34%, 10/7/22 (SBBPA: Bank of the West)	11,935,000		11,935,000
South Dakota Housing Development Authority Rev., VRDN, 3.22%, 10/7/22 (SBBPA: South Dakota Housing Development Authority)	19,105,000		19,105,000

9

	Principal Amount		Value
St. Charles Parish Rev., (Randa Properties LLC), VRDN, 3.31%, 10/7/22 (LOC: Capital One N.A. and FHLB)	$	1,345,000	$	1,345,000
State of California Department of Water Resources, 2.85%, 10/6/22	1,293,000		1,292,963
Taxable Municipal Funding Trust Rev., VRDN, 3.30%, 11/4/22 (LOC: Barclays Bank PLC)(2)	31,240,000		31,240,000
Taxable Municipal Funding Trust Rev., VRDN, 3.30%, 11/4/22 (LOC: Barclays Bank PLC)(2)	16,327,000		16,327,000
Tender Option Bond Trust Receipts/Certificates COP, VRDN, 3.25%, 10/7/22 (LOC: Royal Bank of Canada)(2)	13,395,000		13,395,000
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 3.16%, 10/7/22 (LOC: Barclays Bank PLC)(2)	18,020,000		18,020,000
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 3.25%, 10/7/22 (LOC: Royal Bank of Canada)(2)	3,750,000		3,750,000
University of Massachusetts Building Authority Rev., 3.95%, 11/1/22	5,500,000		5,503,735
TOTAL MUNICIPAL SECURITIES			227,556,298
U.S. TREASURY SECURITIES(1) — 5.7%
U.S. Treasury Bills, 2.78%, 11/22/22	5,000,000		4,966,095
U.S. Treasury Bills, 2.75%, 11/29/22	8,750,000		8,712,732
U.S. Treasury Bills, 2.99%, 1/19/23	8,500,000		8,425,795
U.S. Treasury Bills, 1.30%, 1/26/23	4,925,000		4,905,075
U.S. Treasury Bills, 2.93%, 2/2/23	4,000,000		3,961,367
U.S. Treasury Bills, 3.58%, 3/16/23	9,000,000		8,857,935
U.S. Treasury Bills, 1.64%, 3/23/23	17,500,000		17,367,831
U.S. Treasury Bills, 1.93%, 4/20/23	17,500,000		17,319,104
U.S. Treasury Bills, 3.09%, 7/13/23	7,500,000		7,317,671
U.S. Treasury Bills, 3.32%, 7/13/23	12,500,000		12,196,119
U.S. Treasury Bills, 3.64%, 9/7/23	10,750,000		10,399,747
TOTAL U.S. TREASURY SECURITIES			104,429,471
TOTAL INVESTMENT SECURITIES — 100.2%			1,839,662,112
OTHER ASSETS AND LIABILITIES — (0.2)%			(4,240,948)
TOTAL NET ASSETS — 100.0%			$	1,835,421,164

NOTES TO SCHEDULE OF INVESTMENTS
COP	-	Certificates of Participation
FHLB	-	Federal Home Loan Bank
FNMA	-	Federal National Mortgage Association
GO	-	General Obligation
LIBOR	-	London Interbank Offered Rate
LIQ FAC	-	Liquidity Facilities
LOC	-	Letter of Credit
SBBPA	-	Standby Bond Purchase Agreement
SOFR	-	Secured Overnight Financing Rate
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 $996,171,306, which represented 54.3% of total net assets.

See Notes to Financial Statements.

10

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	1,839,662,112
Receivable for investments sold	1,305,000
Receivable for capital shares sold	3,296,051
Interest receivable	3,652,509
	1,847,915,672
Liabilities
Disbursements in excess of demand deposit cash	53,664
Payable for investments purchased	10,000,000
Payable for capital shares redeemed	1,580,582
Accrued management fees	852,484
Distribution and service fees payable	7,778
	12,494,508
Net Assets	$	1,835,421,164
Net Assets Consist of:
Capital paid in	$	1,835,451,506
Distributable earnings	(30,342)
	$	1,835,421,164

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$1,808,310,056	1,808,488,289	$1.00
A Class	$21,567,912	21,556,816	$1.00
C Class	$5,543,196	5,541,545	$1.00

See Notes to Financial Statements.

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Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	14,685,050
Expenses:
Management fees	5,114,816
Distribution and service fees:
A Class	26,498
C Class	23,393
Trustees' fees and expenses	60,698
Other expenses	14,852
	5,240,257
Fees waived	(73,066)
	5,167,191
Net investment income (loss)	9,517,859
Net realized gain (loss) on investment transactions	(9,668)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,508,191

See Notes to Financial Statements.

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Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	9,517,859	$	168,539
Net realized gain (loss)	(9,668)		(15,353)
Net increase (decrease) in net assets resulting from operations	9,508,191		153,186
Distributions to Shareholders
From earnings:
Investor Class	(9,411,626)		(166,191)
A Class	(90,367)		(2,036)
C Class	(15,678)		(312)
Decrease in net assets from distributions	(9,517,671)		(168,539)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 4)	99,584,554		20,976,515
Net increase (decrease) in net assets	99,575,074		20,961,162
Net Assets
Beginning of period	1,735,846,090		1,714,884,928
End of period	$	1,835,421,164	$	1,735,846,090

See Notes to Financial Statements.

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Notes to Financial Statements

SEPTEMBER 30, 2022 (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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually. Investments are generally valued at amortized cost, which approximates fair value. If the valuation designee determines that the amortized cost does not reflect an investment’s fair value, such investment is valued as determined in good faith by the valuation designee.

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.

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Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. The fund may make capital gains distributions to comply with the distribution requirements of the Internal Revenue Code.

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

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust’s investment advisor, 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 funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included. 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, 2022 was $59,999, $758 and $238 for Investor Class, A Class, and C Class, respectively. The effective annual management fee before and after waiver for each class for the period ended September 30, 2022 was 0.57%.

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 0.75%, of which 0.25% is paid for individual shareholder services and 0.50% is paid for distribution services. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended September 30, 2022 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, 2022 was $4,899 and $7,172 for the A Class and C Class, respectively. The effective annual distribution and service fee after waiver was 0.20% for the A Class and 0.52% 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.

15

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 $23,670,000 and $9,180,000, respectively.The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

4. Capital Share Transactions

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

	Six months ended September 30, 2022			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	482,219,527	$	482,219,527	877,620,928	$	877,620,928
Issued in reinvestment of distributions	9,411,626	9,411,626		154,372	154,372
Redeemed	(390,900,819)	(390,900,819)		(862,412,849)	(862,412,849)
	100,730,334	100,730,334		15,362,451	15,362,451
A Class
Sold	3,221,810	3,221,810		6,447,835	6,447,835
Issued in reinvestment of distributions	90,367	90,367		1,954	1,954
Redeemed	(3,183,193)	(3,183,193)		(5,032,216)	(5,032,216)
	128,984	128,984		1,417,573	1,417,573
C Class
Sold	1,344,337	1,344,337		6,961,958	6,961,958
Issued in reinvestment of distributions	15,678	15,678		301	301
Redeemed	(2,634,779)	(2,634,779)		(2,765,768)	(2,765,768)
	(1,274,764)	(1,274,764)		4,196,491	4,196,491
Net increase (decrease)	99,584,554	$	99,584,554	20,976,515	$	20,976,515

5. Fair Value Measurements

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

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

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

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

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

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

16

6. 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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

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, 2022, the fund had accumulated short-term capital losses of $(20,841), 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.

17

Financial Highlights

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			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
2022(2)	$1.00	0.01	—(3)	0.01	(0.01)	—	(0.01)	$1.00	0.53%	0.58%(4)	0.58%(4)	1.07%(4)	1.07%(4)	$1,808,310
2022	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.01%	0.18%	0.58%	0.01%	(0.39)%	$1,707,589
2021	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.10%	0.35%	0.58%	0.09%	(0.14)%	$1,692,242
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)	0.00	(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
A Class
2022(2)	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.43%	0.78%(4)	0.83%(4)	0.87%(4)	0.82%(4)	$21,568
2022	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.01%	0.18%	0.83%	0.01%	(0.64)%	$21,439
2021	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.05%	0.40%	0.83%	0.04%	(0.39)%	$20,022
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

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
2022(2)	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.27%	1.10%(4)	1.33%(4)	0.55%(4)	0.32%(4)	$5,543
2022	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.01%	0.21%	1.33%	(0.02)%	(1.14)%	$6,818
2021	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.01%	0.60%	1.33%	(0.16)%	(0.89)%	$2,622
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

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, 2022 (unaudited).

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

(4)Annualized.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 21, 2022, 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 of 1940 (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 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.

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 and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas ofinterest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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.

20

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 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 principal investment 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 actions being taken to improve performance. The Fund’s performance was above the median of its peer group for the one-, three- and five-year periods, and below the median of its peer group for the ten-year period

21

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.

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 fee structure 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 securities transaction expenses, 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 minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. Given the broad proliferation of fee waivers to support positive money market fund yields and the wide variance of expenses waived, the Board recognized that net fee comparisons may not be a reliable analysis of fund expenses. With that in mind, the Board reviewed peer data both on a gross basis and net of applicable waivers. The Board concluded that the management fee paid by the

22

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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 also 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

23

Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting 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 first and third quarters of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

24

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Service for the Deaf	711
American Century Investment Trust
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90818 2211

Semiannual Report

September 30, 2022

Short Duration Fund

Investor Class (ACSNX)

I Class (ASHHX)

A Class (ACSQX)

C Class (ACSKX)

R Class (ACSPX)

R5 Class (ACSUX)

R6 Class (ASDDX)

G Class (ASDOX)

Table of Contents

President’s Letter	2
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	19
Statement of Operations	20
Statement of Changes in Net Assets	21
Notes to Financial Statements	22
Financial Highlights	31
Approval of Management Agreement	36
Additional Information	40

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Types of Investments in Portfolio	% of net assets
Corporate Bonds	35.5%
U.S. Treasury Securities	26.7%
Collateralized Mortgage Obligations	7.7%
Asset-Backed Securities	7.5%
Collateralized Loan Obligations	7.1%
Commercial Mortgage-Backed Securities	2.3%
Bank Loan Obligations	2.1%
U.S. Government Agency Mortgage-Backed Securities	—*
Short-Term Investments	10.9%
Other Assets and Liabilities	0.2%

*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, 2022 to September 30, 2022.

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 mutual 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 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 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 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$977.00	$2.87	0.58%
I Class	$1,000	$977.50	$2.38	0.48%
A Class	$1,000	$976.70	$4.11	0.83%
C Class	$1,000	$973.10	$7.82	1.58%
R Class	$1,000	$975.50	$5.35	1.08%
R5 Class	$1,000	$977.90	$1.88	0.38%
R6 Class	$1,000	$978.20	$1.64	0.33%
G Class	$1,000	$980.70	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,022.16	$2.94	0.58%
I Class	$1,000	$1,022.66	$2.43	0.48%
A Class	$1,000	$1,020.91	$4.20	0.83%
C Class	$1,000	$1,017.15	$7.99	1.58%
R Class	$1,000	$1,019.65	$5.47	1.08%
R5 Class	$1,000	$1,023.16	$1.93	0.38%
R6 Class	$1,000	$1,023.41	$1.67	0.33%
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, 2022 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 35.5%
Aerospace and Defense — 0.1%
Boeing Co., 1.43%, 2/4/24	$	2,200,000	$	2,091,172
Airlines — 0.4%
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)	3,165,385		2,978,105
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27	3,980,000		3,722,496
			6,700,601
Automobiles — 3.2%
American Honda Finance Corp., 0.55%, 7/12/24	6,000,000		5,574,848
Ford Motor Credit Co. LLC, 2.30%, 2/10/25	5,500,000		4,880,795
Ford Motor Credit Co. LLC, 3.375%, 11/13/25	1,000,000		884,947
General Motors Financial Co., Inc., 3.70%, 5/9/23	5,000,000		4,965,430
General Motors Financial Co., Inc., 1.05%, 3/8/24	5,000,000		4,689,593
General Motors Financial Co., Inc., 1.20%, 10/15/24	5,000,000		4,594,004
Hyundai Capital America, 1.00%, 9/17/24(1)	7,000,000		6,400,665
Mercedes-Benz Finance North America LLC, 0.75%, 3/1/24(1)	5,500,000		5,183,858
Toyota Motor Credit Corp., 2.50%, 3/22/24	2,821,000		2,735,802
Toyota Motor Credit Corp., 3.95%, 6/30/25	3,000,000		2,930,556
Volkswagen Group of America Finance LLC, 0.75%, 11/23/22(1)	4,000,000		3,981,703
			46,822,201
Banks — 5.6%
Banco Santander SA, VRN, 1.72%, 9/14/27	3,384,000		2,803,540
Bank of America Corp., VRN, 3.38%, 4/2/26	1,630,000		1,540,517
Bank of America Corp., VRN, 1.32%, 6/19/26	4,375,000		3,887,172
Bank of America Corp., VRN, 1.73%, 7/22/27	1,356,000		1,164,661
Bank of America Corp., VRN, 4.95%, 7/22/28	3,325,000		3,198,222
Bank of Ireland Group PLC, VRN, 2.03%, 9/30/27(1)	1,947,000		1,612,882
BPCE SA, 4.625%, 7/11/24(1)	4,683,000		4,538,084
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25	1,600,000		1,546,271
Citigroup, Inc., VRN, 2.01%, 1/25/26	3,036,000		2,792,309
Citigroup, Inc., VRN, 3.11%, 4/8/26	2,700,000		2,532,557
Citigroup, Inc., VRN, 5.61%, 9/29/26	3,690,000		3,672,206
Discover Bank, VRN, 4.68%, 8/9/28	5,000,000		4,796,047
DNB Bank ASA, VRN, 2.97%, 3/28/25(1)	3,265,000		3,151,412
Fifth Third Bancorp, VRN, 4.06%, 4/25/28	862,000		809,983
First-Citizens Bank & Trust Co., VRN, 3.93%, 6/19/24	785,000		774,668
FNB Corp., 2.20%, 2/24/23	530,000		522,721
HSBC Holdings PLC, VRN, 1.16%, 11/22/24	5,262,000		4,974,707
HSBC Holdings PLC, VRN, 4.18%, 12/9/25	2,325,000		2,225,465
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28	2,270,000		2,146,865
JPMorgan Chase & Co., VRN, 1.56%, 12/10/25	3,820,000		3,505,756
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27	2,362,000		2,009,572
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27	3,260,000		2,818,050
JPMorgan Chase & Co., VRN, 1.47%, 9/22/27	1,844,000		1,561,434
Lloyds Banking Group PLC, VRN, 4.72%, 8/11/26	2,265,000		2,177,810
Mitsubishi UFJ Financial Group, Inc., VRN, 5.35%, 9/13/28	4,090,000		3,991,745

6

	Principal Amount/Shares		Value
NatWest Group PLC, VRN, 5.52%, 9/30/28	$	2,270,000	$	2,157,297
Nordea Bank Abp, 4.75%, 9/22/25(1)	3,075,000		3,027,143
Skandinaviska Enskilda Banken AB, 3.70%, 6/9/25(1)	2,322,000		2,236,166
Synchrony Bank, 5.40%, 8/22/25	4,425,000		4,318,279
Toronto-Dominion Bank, 4.11%, 6/8/27	2,325,000		2,195,060
UniCredit SpA, VRN, 2.57%, 9/22/26(1)	4,455,000		3,821,285
Wells Fargo & Co., VRN, 4.54%, 8/15/26	871,000		843,099
			83,352,985
Beverages — 0.2%
Keurig Dr Pepper, Inc., 0.75%, 3/15/24	2,744,000		2,586,541
Biotechnology — 0.8%
AbbVie, Inc., 2.30%, 11/21/22	4,670,000		4,658,999
AbbVie, Inc., 2.60%, 11/21/24	5,000,000		4,761,850
CSL Finance PLC, 3.85%, 4/27/27(1)	2,500,000		2,369,155
			11,790,004
Capital Markets — 2.0%
Bank of New York Mellon Corp., VRN, 4.41%, 7/24/26	4,020,000		3,930,847
Deutsche Bank AG, VRN, 4.30%, 5/24/28	4,500,000		4,014,150
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25	8,190,000		7,786,500
Goldman Sachs Group, Inc., VRN, 4.39%, 6/15/27	2,709,000		2,582,516
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27	1,033,000		884,688
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28	1,025,000		890,483
Golub Capital BDC, Inc., 2.50%, 8/24/26	1,181,000		991,357
Morgan Stanley, VRN, 0.79%, 5/30/25	1,570,000		1,445,979
Morgan Stanley, VRN, 1.16%, 10/21/25	3,118,000		2,843,429
Morgan Stanley, VRN, 2.63%, 2/18/26	2,538,000		2,366,702
Owl Rock Capital Corp., 3.40%, 7/15/26	461,000		396,071
Owl Rock Core Income Corp., 3.125%, 9/23/26	791,000		665,856
UBS Group AG, VRN, 1.49%, 8/10/27(1)	1,672,000		1,406,616
			30,205,194
Chemicals — 0.2%
Sherwin-Williams Co., 4.25%, 8/8/25	2,944,000		2,876,438
Construction and Engineering — 0.2%
Quanta Services, Inc., 0.95%, 10/1/24	4,000,000		3,655,687
Consumer Finance — 1.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.15%, 10/29/23	2,002,000		1,902,911
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/24	1,891,000		1,729,274
American Express Co., 3.95%, 8/1/25	4,730,000		4,584,063
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(1)	838,000		750,565
BOC Aviation USA Corp., 1.625%, 4/29/24(1)	3,030,000		2,862,838
Capital One Financial Corp., VRN, 4.99%, 7/24/26	610,000		596,694
OneMain Finance Corp., 8.25%, 10/1/23	4,005,000		4,055,379
			16,481,724
Containers and Packaging — 0.9%
Amcor Flexibles North America, Inc., 4.00%, 5/17/25	1,045,000		1,009,992
Berry Global, Inc., 0.95%, 2/15/24	5,200,000		4,889,243
Graphic Packaging International LLC, 0.82%, 4/15/24(1)	8,500,000		7,899,618
			13,798,853
Diversified Financial Services — 0.1%
Antares Holdings LP, 2.75%, 1/15/27(1)	1,091,000		869,967

7

	Principal Amount/Shares		Value
Diversified Telecommunication Services — 0.7%
AT&T, Inc., 4.10%, 2/15/28	$	3,000,000	$	2,799,895
Level 3 Financing, Inc., 3.40%, 3/1/27(1)	4,040,000		3,391,479
Telecom Italia SpA, 5.30%, 5/30/24(1)	4,225,000		3,996,195
			10,187,569
Electric Utilities — 2.7%
American Electric Power Co., Inc., 0.75%, 11/1/23	5,000,000		4,790,997
American Electric Power Co., Inc., 2.03%, 3/15/24	5,000,000		4,788,591
Black Hills Corp., 1.04%, 8/23/24	7,000,000		6,470,737
Emera US Finance LP, 0.83%, 6/15/24	6,000,000		5,563,277
Entergy Louisiana LLC, 0.62%, 11/17/23	3,023,000		2,892,514
NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/23	7,000,000		6,894,292
NextEra Energy Capital Holdings, Inc., 4.26%, 9/1/24	3,000,000		2,958,958
NextEra Energy Capital Holdings, Inc., 4.45%, 6/20/25	5,280,000		5,193,997
			39,553,363
Electronic Equipment, Instruments and Components — 0.3%
Teledyne Technologies, Inc., 0.95%, 4/1/24	5,250,000		4,905,899
Energy Equipment and Services — 0.3%
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 1.23%, 12/15/23	4,000,000		3,837,373
Entertainment — 0.3%
Netflix, Inc., 5.875%, 11/15/28	1,465,000		1,433,180
Warnermedia Holdings, Inc., 3.79%, 3/15/25(1)	1,215,000		1,148,287
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1)	2,017,000		1,807,128
			4,388,595
Equity Real Estate Investment Trusts (REITs) — 1.9%
American Tower Corp., 3.65%, 3/15/27	889,000		814,101
Brixmor Operating Partnership LP, 3.65%, 6/15/24	5,200,000		5,025,650
Mid-America Apartments LP, 3.60%, 6/1/27	5,420,000		5,034,624
Sabra Health Care LP, 5.125%, 8/15/26	4,200,000		3,945,832
SBA Tower Trust, 3.45%, 3/15/48(1)	6,138,000		6,082,700
VICI Properties LP, 4.375%, 5/15/25	7,000,000		6,673,450
			27,576,357
Food and Staples Retailing — 0.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1)	1,000,000		990,100
Food Products — 0.4%
Conagra Brands, Inc., 4.60%, 11/1/25	3,000,000		2,932,912
Mondelez International Holdings Netherlands BV, 4.25%, 9/15/25(1)	2,476,000		2,425,052
Mondelez International, Inc., 2.125%, 3/17/24	904,000		868,654
			6,226,618
Gas Utilities — 0.6%
Atmos Energy Corp., 0.625%, 3/9/23	3,750,000		3,691,036
CenterPoint Energy Resources Corp., 0.70%, 3/2/23	5,000,000		4,909,142
			8,600,178
Health Care Equipment and Supplies — 0.7%
Baxter International, Inc., 1.32%, 11/29/24	7,000,000		6,468,625
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24	3,920,000		3,628,339
			10,096,964
Health Care Providers and Services — 1.4%
Centene Corp., 4.25%, 12/15/27	8,370,000		7,673,825
HCA, Inc., 5.00%, 3/15/24	2,800,000		2,783,400

8

	Principal Amount/Shares		Value
Humana, Inc., 0.65%, 8/3/23	$	6,725,000	$	6,496,115
Universal Health Services, Inc., 1.65%, 9/1/26(1)	4,387,000		3,681,599
			20,634,939
Hotels, Restaurants and Leisure — 0.5%
Hyatt Hotels Corp., 1.30%, 10/1/23	5,000,000		4,812,085
International Game Technology PLC, 6.50%, 2/15/25(1)	2,061,000		2,058,918
			6,871,003
Insurance — 1.5%
Athene Global Funding, 2.51%, 3/8/24(1)	3,750,000		3,584,959
Equitable Financial Life Global Funding, 1.30%, 7/12/26(1)	2,482,000		2,158,627
GA Global Funding Trust, 0.80%, 9/13/24(1)	3,200,000		2,898,482
Jackson National Life Global Funding, 1.75%, 1/12/25(1)	2,326,000		2,139,772
Met Tower Global Funding, 1.25%, 9/14/26(1)	2,741,000		2,360,425
SBL Holdings, Inc., 5.125%, 11/13/26(1)	9,875,000		9,018,028
			22,160,293
IT Services — 0.2%
Global Payments, Inc., 3.75%, 6/1/23	689,000		682,948
International Business Machines Corp., 3.30%, 5/15/26	2,310,000		2,178,213
			2,861,161
Leisure Products — 0.2%
Brunswick Corp., 0.85%, 8/18/24	4,000,000		3,686,667
Life Sciences Tools and Services — 1.0%
Illumina, Inc., 0.55%, 3/23/23	5,000,000		4,897,556
PerkinElmer, Inc., 0.85%, 9/15/24	5,000,000		4,640,912
Thermo Fisher Scientific, Inc., 1.22%, 10/18/24	5,250,000		4,886,655
			14,425,123
Machinery — 1.3%
Caterpillar Financial Services Corp., 3.40%, 5/13/25	5,580,000		5,398,714
CNH Industrial Capital LLC, 3.95%, 5/23/25	4,543,000		4,386,426
John Deere Capital Corp., 3.40%, 6/6/25	4,660,000		4,509,253
Parker-Hannifin Corp., 3.65%, 6/15/24	5,000,000		4,893,955
			19,188,348
Media — 0.1%
Cox Communications, Inc., 3.15%, 8/15/24(1)	966,000		925,535
Metals and Mining — 0.1%
Nucor Corp., 3.95%, 5/23/25	2,016,000		1,956,103
Multi-Utilities — 0.9%
DTE Energy Co., 2.25%, 11/1/22	1,500,000		1,497,597
DTE Energy Co., VRN, 4.22%, 11/1/24	3,006,000		2,950,930
Public Service Enterprise Group, Inc., 0.84%, 11/8/23	7,000,000		6,678,777
Sempra Energy, 3.30%, 4/1/25	3,006,000		2,863,320
			13,990,624
Multiline Retail — 0.4%
7-Eleven, Inc., 0.80%, 2/10/24(1)	6,000,000		5,676,205
Oil, Gas and Consumable Fuels — 1.1%
Enbridge, Inc., VRN, 3.30%, 2/16/24	5,500,000		5,442,473
Energy Transfer LP, 4.25%, 3/15/23	5,552,000		5,538,624
HF Sinclair Corp., 2.625%, 10/1/23(1)	1,350,000		1,307,217
Petroleos Mexicanos, 3.50%, 1/30/23	2,050,000		2,025,554
SA Global Sukuk Ltd., 0.95%, 6/17/24(1)	1,140,000		1,065,257
Saudi Arabian Oil Co., 1.25%, 11/24/23(1)	750,000		721,463
			16,100,588

9

	Principal Amount/Shares		Value
Paper and Forest Products — 0.3%
Georgia-Pacific LLC, 0.625%, 5/15/24(1)	$	5,000,000	$	4,646,378
Personal Products — 0.2%
GSK Consumer Healthcare Capital UK PLC, 3.125%, 3/24/25(1)	3,236,000		3,057,442
Pharmaceuticals — 0.7%
Royalty Pharma PLC, 0.75%, 9/2/23	6,220,000		5,959,223
Viatris, Inc., 1.65%, 6/22/25	5,000,000		4,450,577
			10,409,800
Road and Rail — 0.7%
DAE Funding LLC, 1.55%, 8/1/24(1)	2,618,000		2,393,929
DAE Funding LLC, 2.625%, 3/20/25(1)	3,925,000		3,603,146
SMBC Aviation Capital Finance DAC, 4.125%, 7/15/23(1)	2,700,000		2,669,268
XPO Logistics, Inc., 6.25%, 5/1/25(1)	2,261,000		2,270,519
			10,936,862
Semiconductors and Semiconductor Equipment — 0.2%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27	1,680,000		1,547,726
Intel Corp., 3.75%, 8/5/27	2,270,000		2,158,152
			3,705,878
Specialty Retail — 0.2%
Lowe's Cos., Inc., 4.40%, 9/8/25	2,487,000		2,450,868
Technology Hardware, Storage and Peripherals — 0.1%
Dell International LLC / EMC Corp., 6.02%, 6/15/26	2,285,000		2,296,512
Thrifts and Mortgage Finance — 0.3%
Nationwide Building Society, 4.85%, 7/27/27(1)	5,196,000		4,940,406
Trading Companies and Distributors — 0.4%
Air Lease Corp., 2.75%, 1/15/23	3,745,000		3,724,077
Aircastle Ltd., 5.25%, 8/11/25(1)	1,695,000		1,597,167
			5,321,244
Transportation Infrastructure — 0.2%
Adani Ports & Special Economic Zone Ltd., 3.375%, 7/24/24	2,500,000		2,378,653
Wireless Telecommunication Services — 0.7%
Sprint Corp., 7.125%, 6/15/24	3,975,000		4,041,025
Sprint Corp., 7.625%, 2/15/25	3,455,000		3,547,550
T-Mobile USA, Inc., 4.75%, 2/1/28	2,255,000		2,132,722
			9,721,297
TOTAL CORPORATE BONDS (Cost $557,537,039)			525,936,312
U.S. TREASURY SECURITIES — 26.7%
U.S. Treasury Notes, 1.50%, 2/29/24	20,000,000		19,237,109
U.S. Treasury Notes, 2.25%, 3/31/24	10,000,000		9,701,562
U.S. Treasury Notes, 3.00%, 6/30/24	40,000,000		39,133,594
U.S. Treasury Notes, 0.375%, 9/15/24	10,000,000		9,277,734
U.S. Treasury Notes, 1.50%, 9/30/24	40,000,000		37,927,344
U.S. Treasury Notes, 1.75%, 12/31/24	5,000,000		4,738,477
U.S. Treasury Notes, 1.125%, 1/15/25	40,000,000		37,273,438
U.S. Treasury Notes, 1.50%, 2/15/25(2)	85,000,000		79,694,140
U.S. Treasury Notes, 1.75%, 3/15/25	10,000,000		9,417,969
U.S. Treasury Notes, 2.625%, 4/15/25	10,000,000		9,605,078
U.S. Treasury Notes, 2.875%, 6/15/25	25,000,000		24,114,258
U.S. Treasury Notes, 2.75%, 6/30/25	60,000,000		57,682,031
U.S. Treasury Notes, 3.125%, 8/15/25	10,000,000		9,694,141

10

	Principal Amount/Shares		Value
U.S. Treasury Notes, 3.50%, 9/15/25	$	15,000,000	$	14,695,312
U.S. Treasury Notes, 3.00%, 9/30/25	35,000,000		33,787,305
TOTAL U.S. TREASURY SECURITIES (Cost $408,348,397)			395,979,492
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.7%
Private Sponsor Collateralized Mortgage Obligations — 5.3%
Angel Oak Mortgage Trust, Series 2019-4, Class A3 SEQ, VRN, 3.30%, 7/26/49(1)	196,001		194,775
Angel Oak Mortgage Trust, Series 2019-6, Class A2 SEQ, VRN, 2.83%, 11/25/59(1)	394,573		383,674
Angel Oak Mortgage Trust, Series 2021-3, Class A3, VRN, 1.46%, 5/25/66(1)	3,096,918		2,583,799
Angel Oak Mortgage Trust LLC, Series 2019-1, Class B1 SEQ, VRN, 5.40%, 11/25/48(1)	4,700,000		4,508,685
Angel Oak Mortgage Trust LLC, Series 2019-1, Class M1 SEQ, VRN, 4.50%, 11/25/48(1)	1,971,000		1,931,588
Arroyo Mortgage Trust, Series 2021-1R, Class A2, VRN, 1.48%, 10/25/48(1)	1,374,097		1,190,786
Arroyo Mortgage Trust, Series 2021-1R, Class A3, VRN, 1.64%, 10/25/48(1)	1,087,827		945,921
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 2.40%, (1-year H15T1Y plus 2.25%), 2/25/36	145,589		141,573
Bellemeade Re Ltd., Series 2017-1, Class B1 SEQ, VRN, 7.83%, (1-month LIBOR plus 4.75%), 10/25/27(1)	500,000		500,473
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 5.98%, (1-month LIBOR plus 2.90%), 4/25/28(1)	2,662,730		2,654,438
BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1, VRN, 2.29%, 3/25/60(1)	3,475,000		3,117,527
BRAVO Residential Funding Trust, Series 2022-NQM3, Class A2 SEQ, VRN, 5.50%, 7/25/62(1)	3,950,000		3,843,635
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A2 SEQ, 3.08%, 7/25/49(1)	773,050		722,986
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.93%, 8/25/34	343,868		334,814
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	822		737
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class A3, VRN, 2.51%, 2/25/50(1)	734,708		682,559
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A3 SEQ, VRN, 1.59%, 7/25/66(1)	3,392,673		2,669,537
Deephaven Residential Mortgage Trust, Series 2021-3, Class A3, VRN, 1.55%, 8/25/66(1)	3,739,319		3,088,066
Flagstar Mortgage Trust, Series 2020-1INV, Class B4, VRN, 4.22%, 3/25/50(1)	2,236,813		1,777,916
GCAT Trust, Series 2021-CM2, Class A1 SEQ, VRN, 2.35%, 8/25/66(1)	4,898,798		4,614,563
GSR Mortgage Loan Trust, Series 2004-5, Class 3A3, VRN, 2.78%, 5/25/34	39,829		37,547
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.00%, 1/25/35	31,635		30,794
Home RE Ltd., Series 2018-1, Class M2, VRN, 6.08%, (1-month LIBOR plus 3.00%), 10/25/28(1)	3,678,095		3,644,579
Home RE Ltd., Series 2020-1, Class M1C, VRN, 7.23%, (1-month LIBOR plus 4.15%), 10/25/30(1)	1,287,676		1,291,021
Home RE Ltd., Series 2022-1, Class M1A, VRN, 5.13%, (30-day average SOFR plus 2.85%), 10/25/34(1)	1,675,000		1,636,195
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3 SEQ, VRN, 1.62%, 6/25/56(1)	1,392,256		1,164,337

11

	Principal Amount/Shares		Value
JP Morgan Mortgage Trust, Series 2014-5, Class A1, VRN, 2.82%, 10/25/29(1)	$	114,039	$	107,652
JP Morgan Mortgage Trust, Series 2019-5, Class A15, VRN, 4.00%, 11/25/49(1)	428,135		412,120
JP Morgan Mortgage Trust, Series 2020-5, Class A15, VRN, 3.00%, 12/25/50(1)	3,344,087		2,828,026
JP Morgan Mortgage Trust, Series 2021-LTV2, Class A2, VRN, 2.77%, 5/25/52(1)	5,952,111		4,668,680
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.82%, 11/21/34	130,103		123,530
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.77%, 2/25/35	134,710		128,185
PRKCM Trust, Series 2021-AFC1, Class A3 SEQ, VRN, 2.07%, 8/25/56(1)	6,228,240		5,191,676
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 4.13%, (30-day average SOFR plus 1.85%), 11/25/31(1)	3,852,927		3,751,613
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 3.64%, 7/25/34	36,009		35,283
Traingle Re Ltd., Series 2020-1, Class M2, VRN, 8.68%, (1-month LIBOR plus 5.60%), 10/25/30(1)	2,098,258		2,104,174
Traingle Re Ltd., Series 2021-1, Class M1C, VRN, 6.48%, (1-month LIBOR plus 3.40%), 8/25/33(1)	2,532,004		2,531,782
Traingle Re Ltd., Series 2021-1, Class M2, VRN, 6.98%, (1-month LIBOR plus 3.90%), 8/25/33(1)	4,000,000		3,985,507
Verus Securitization Trust, Series 2019-INV2, Class A1, VRN, 2.91%, 7/25/59(1)	323,991		319,272
Verus Securitization Trust, Series 2019-INV3, Class A3 SEQ, VRN, 3.10%, 11/25/59(1)	4,632,919		4,448,173
Verus Securitization Trust, Series 2020-1, Class A3 SEQ, 2.72%, 1/25/60(1)	3,447,992		3,335,741
Vista Point Securitization Trust, Series 2020-1, Class A2 SEQ, VRN, 2.77%, 3/25/65(1)	1,285,279		1,276,084
			78,940,023
U.S. Government Agency Collateralized Mortgage Obligations — 2.4%
FHLMC, Series 2018-HRP1, Class M2, VRN, 4.73%, (1-month LIBOR plus 1.65%), 4/25/43(1)	405,202		404,415
FHLMC, Series 2019-DNA3, Class M2, VRN, 5.13%, (1-month LIBOR plus 2.05%), 7/25/49(1)	1,944,958		1,918,610
FHLMC, Series 2019-HQA3, Class M2, VRN, 4.93%, (1-month LIBOR plus 1.85%), 9/25/49(1)	2,409,323		2,364,643
FHLMC, Series 2020-HQA3, Class M2, VRN, 6.68%, (1-month LIBOR plus 3.60%), 7/25/50(1)	543,726		543,638
FHLMC, Series 2020-HQA4, Class M2, VRN, 6.23%, (1-month LIBOR plus 3.15%), 9/25/50(1)	130,372		130,543
FHLMC, Series 2021-HQA3, Class M1, VRN, 3.13%, (30-day average SOFR plus 0.85%), 9/25/41(1)	6,599,454		6,368,264
FHLMC, Series 2022-DNA3, Class M1A, VRN, 4.28%, (30-day average SOFR plus 2.00%), 4/25/42(1)	3,454,011		3,421,272
FHLMC, Series 2022-DNA6, Class M1A, VRN, 4.44%, (30-day average SOFR plus 2.15%), 9/25/42(1)	3,200,000		3,182,251
FNMA, Series 2006-60, Class KF, VRN, 3.38%, (1-month LIBOR plus 0.30%), 7/25/36	353,071		348,966
FNMA, Series 2009-33, Class FB, VRN, 3.90%, (1-month LIBOR plus 0.82%), 3/25/37	344,241		347,623
FNMA, Series 2014-C01, Class M2, VRN, 7.48%, (1-month LIBOR plus 4.40%), 1/25/24	4,772,902		4,840,694
FNMA, Series 2014-C02, Class 2M2, VRN, 5.68%, (1-month LIBOR plus 2.60%), 5/25/24	423,726		422,777
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	10,753,014		2,063,395
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	7,696,649		1,478,850

12

	Principal Amount/Shares		Value
FNMA, Series 2017-C07, Class 1EB2, VRN, 4.08%, (1-month LIBOR plus 1.00%), 5/25/30	$	1,842,619	$	1,827,890
FNMA, Series 2022-R03, Class 1M1, VRN, 4.38%, (30-day average SOFR plus 2.10%), 3/25/42(1)	2,305,293		2,279,288
FNMA, Series 2022-R09, Class 2M1, VRN, 4.78%, (30-day average SOFR plus 2.50%), 9/25/42(1)	2,350,000		2,351,236
FNMA, Series 413, Class C27, IO, 4.00%, 7/25/42	3,625,133		546,431
			34,840,786
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $120,344,545)			113,780,809
ASSET-BACKED SECURITIES — 7.5%
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1)	8,725,000		7,291,044
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I SEQ, 4.19%, 6/5/49(1)	4,074,840		3,873,653
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)	2,346,455		1,767,709
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A SEQ, 2.74%, 8/15/41(1)	2,562,969		2,280,998
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1)	6,296,045		5,145,012
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.30%, 12/26/51(1)	1,254,000		1,120,511
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1)	8,825,000		7,200,624
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II SEQ, 4.47%, 10/25/45(1)	2,591,875		2,481,871
FirstKey Homes Trust, Series 2020-SFR2, Class C, 1.67%, 10/19/37(1)	2,300,000		2,049,321
FirstKey Homes Trust, Series 2020-SFR2, Class E, 2.67%, 10/19/37(1)	3,100,000		2,773,919
FirstKey Homes Trust, Series 2021-SFR1, Class F1, 3.24%, 8/17/38(1)	4,300,000		3,614,480
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(1)	5,900,000		5,144,360
Global SC Finance VII Srl, Series 2020-1A, Class A SEQ, 2.17%, 10/17/40(1)	3,460,496		3,095,199
Global SC Finance VII Srl, Series 2021-2A, Class A SEQ, 1.95%, 8/17/41(1)	2,782,688		2,408,434
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)	389,121		355,668
Hilton Grand Vacations Trust, Series 2018-AA, Class B, 3.70%, 2/25/32(1)	683,899		660,732
Lunar Aircarft Ltd., Series 2020-1A, Class A SEQ, 3.38%, 2/15/45(1)	6,261,119		5,074,538
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1)	5,720,015		4,604,457
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1)	4,726,874		3,886,275
MVW LLC, Series 2019-2A, Class B, 2.44%, 10/20/38(1)	951,547		892,844
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A SEQ, 3.97%, 6/15/44(1)	2,612,652		2,351,434
Progress Residential Trust, Series 2020-SFR1, Class C, 2.18%, 4/17/37(1)	1,250,000		1,150,262
Progress Residential Trust, Series 2020-SFR3, Class B SEQ, 1.50%, 10/17/27(1)	2,937,000		2,623,460
Progress Residential Trust, Series 2020-SFR3, Class D SEQ, 1.90%, 10/17/27(1)	7,550,000		6,685,528
Progress Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1)	2,600,000		2,188,393

13

	Principal Amount/Shares		Value
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(1)	$	2,000,000	$	1,671,050
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class C, 4.17%, 9/20/35(1)	343,044		334,006
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class D, 4.54%, 5/20/36(1)	216,157		208,074
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class D, 4.18%, 8/20/36(1)	265,303		248,912
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D, 3.17%, 11/20/37(1)	848,458		778,438
Slam Ltd., Series 2021-1A, Class A SEQ, 2.43%, 6/15/46(1)	3,056,099		2,513,376
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2 SEQ, 4.54%, 2/25/44(1)	7,733,581		7,640,635
START II Ltd., Series 2019-1, Class A SEQ, 4.09%, 3/15/44(1)	3,316,518		2,943,280
Start Ltd., Series 2018-1, Class A SEQ, 4.09%, 5/15/43(1)	6,711,642		5,365,791
Stonepeak ABS, Series 2021-1A, Class AA, 2.30%, 2/28/33(1)	3,077,744		2,735,681
Tricon American Homes, Series 2020-SFR1, Class C, 2.25%, 7/17/38(1)	4,000,000		3,446,898
Tricon American Homes Trust, Series 2020-SFR2, Class C, 2.03%, 11/17/39(1)	1,800,000		1,492,704
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	217,397		210,457
TOTAL ASSET-BACKED SECURITIES (Cost $127,713,306)			110,310,028
COLLATERALIZED LOAN OBLIGATIONS — 7.1%
AMMC CLO Ltd., Series 2015-16A, Class CR2, VRN, 4.43%, (3-month LIBOR plus 1.95%), 4/14/29(1)	5,300,000		5,092,615
AMMC CLO XIII Ltd., Series 2013-13A, Class A3R2, VRN, 5.03%, (3-month LIBOR plus 2.25%), 7/24/29(1)	7,500,000		7,158,698
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 6.38%, (3-month LIBOR plus 3.60%), 7/25/29(1)	2,500,000		2,288,929
BDS Ltd., Series 2020-FL6, Class E, VRN, 5.65%, (30-day average SOFR plus 3.36%), 9/15/35(1)	3,186,000		3,039,149
BDS Ltd., Series 2021-FL7, Class C, VRN, 4.69%, (1-month LIBOR plus 1.70%), 6/16/36(1)	4,800,000		4,575,486
BXMT Ltd., Series 2020-FL2, Class D, VRN, 4.99%, (1-month SOFR plus 2.06%), 2/15/38(1)	3,995,000		3,758,325
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 5.12%, (3-month LIBOR plus 2.20%), 8/14/30(1)	2,150,000		2,026,617
Cerberus Loan Funding XXXVI LP, Series 2021-6A, Class A, VRN, 3.91%, (3-month LIBOR plus 1.40%), 11/22/33(1)	1,647,267		1,635,702
CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 4.59%, (3-month LIBOR plus 1.85%), 11/16/30(1)	3,000,000		2,796,704
Eaton Vance CLO Ltd., Series 2015-1A, Class CR, VRN, 4.61%, (3-month LIBOR plus 1.90%), 1/20/30(1)	11,000,000		10,150,012
KVK CLO Ltd., Series 2013-1A, Class DR, VRN, 5.43%, (3-month LIBOR plus 2.95%), 1/14/28(1)	2,195,000		2,121,694
Palmer Square Loan Funding Ltd., Series 2020-1A, Class D, VRN, 7.83%, (3-month LIBOR plus 4.85%), 2/20/28(1)	5,500,000		5,500,275
Palmer Square Loan Funding Ltd., Series 2021-3A, Class B, VRN, 4.46%, (3-month LIBOR plus 1.75%), 7/20/29(1)	5,000,000		4,628,485
Palmer Square Loan Funding Ltd., Series 2022-2A, Class A2, VRN, 2.99%, (3-month SOFR plus 1.90%), 10/15/30(1)	2,350,000		2,267,008
PFP Ltd., Series 2021-8, Class D, VRN, 5.09%, (1-month LIBOR plus 2.15%), 8/9/37(1)	3,500,000		3,258,016
Ready Capital Mortgage Financing LLC, Series 2020-FL4, Class B, VRN, 6.93%, (1-month LIBOR plus 3.85%), 2/25/35(1)	4,250,000		4,206,193
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class B, VRN, 4.68%, (1-month LIBOR plus 1.60%), 7/25/36(1)	8,400,000		7,956,679

14

	Principal Amount/Shares		Value
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 4.98%, (1-month LIBOR plus 1.90%), 7/25/36(1)	$	2,000,000	$	1,876,514
Stratus CLO Ltd., Series 2021-2A, Class C, VRN, 4.61%, (3-month LIBOR plus 1.90%), 12/28/29(1)	5,175,000		4,741,292
TCI-Symphony CLO Ltd., Series 2016 -1A, Class CR2, VRN, 4.61%, (3-month LIBOR plus 2.15%), 10/13/32(1)	3,000,000		2,785,460
TCP Waterman CLO LLC, Series 2017-1A, Class BR, VRN, 4.88%, (3-month LIBOR plus 1.90%), 8/20/33(1)	8,400,000		7,888,026
TICP CLO I-2 Ltd., Series 2018-IA, Class C, VRN, 5.81%, (3-month LIBOR plus 3.04%), 4/26/28(1)	1,500,000		1,436,905
TRTX Issuer Ltd., Series 2019-FL3, Class A, VRN, 4.19%, (1-month SOFR plus 1.26%), 10/15/34(1)	842,425		840,463
Vibrant CLO VII Ltd., Series 2017-7A, Class B, VRN, 5.11%, (3-month LIBOR plus 2.40%), 9/15/30(1)	2,000,000		1,879,682
Wellfleet CLO Ltd., Series 2015-1A, Class CR4, VRN, 4.81%, (3-month LIBOR plus 2.10%), 7/20/29(1)	10,000,000		9,576,227
Wellfleet CLO Ltd., Series 2022-1A, Class B1, VRN, 4.47%, (3-month SOFR plus 2.35%), 4/15/34(1)	2,125,000		2,040,349
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $111,323,359)			105,525,505
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.3%
BBCMS Mortgage Trust, Series 2019-BWAY, Class D, VRN, 4.98%, (1-month LIBOR plus 2.16%), 11/15/34(1)	4,370,000		3,936,180
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 4.97%, (1-month LIBOR plus 2.15%), 5/15/36(1)	3,703,000		3,582,920
DBWF Mortgage Trust, Series 2018-GLKS, Class A, VRN, 4.02%, (1-month LIBOR plus 1.03%), 12/19/30(1)	4,189,000		4,077,993
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A SEQ, 4.13%, 7/5/31(1)	3,575,000		3,493,647
Life Mortgage Trust, Series 2021-BMR, Class F, VRN, 5.17%, (1-month LIBOR plus 2.35%), 3/15/38(1)	3,088,492		2,841,638
Morgan Stanley Capital I Trust, Series 2017-CLS, Class E, VRN, 4.77%, (1-month LIBOR plus 1.95%), 11/15/34(1)	2,326,000		2,304,506
One Market Plaza Trust, Series 2017-1MKT, Class B, 3.85%, 2/10/32(1)	3,533,000		3,386,476
One Market Plaza Trust, Series 2017-1MKT, Class E, 4.14%, 2/10/32(1)	6,380,762		5,880,293
SMRT, Series 2022-MINI, Class C, VRN, 4.40%, (1-month SOFR plus 1.55%), 1/15/39(1)	4,500,000		4,253,056
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $35,318,114)			33,756,709
BANK LOAN OBLIGATIONS(3) — 2.1%
Food and Staples Retailing — 0.4%
United Natural Foods, Inc., Term Loan B, 6.40%, (1-month SOFR plus 3.25%), 10/22/25	6,380,401		6,298,827
Health Care Equipment and Supplies — 0.2%
Avantor Funding, Inc., 2021 Term Loan B5, 5.37%, (1-month LIBOR plus 2.25%), 11/8/27	3,428,708		3,346,745
Health Care Providers and Services — 0.6%
Change Healthcare Holdings LLC, 2017 Term Loan B, 7.75%, (Prime rate plus 1.50%), 3/1/24	8,459,468		8,444,199
Media†
DirecTV Financing, LLC, Term Loan, 8.12%, (1-month LIBOR plus 5.00%), 8/2/27	98		94
Pharmaceuticals — 0.9%
Horizon Therapeutics USA Inc., 2021 Term Loan B2, 4.88%, (1-month LIBOR plus 1.75%), 3/15/28	5,292,525		5,095,722

15

	Principal Amount/Shares		Value
Jazz Financing Lux S.a.r.l., USD Term Loan, 6.62%, (1-month LIBOR plus 3.50%), 5/5/28	$	7,773,981	$	7,528,946
			12,624,668
TOTAL BANK LOAN OBLIGATIONS (Cost $31,341,364)			30,714,533
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES†
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities†
FHLMC, VRN, 2.94%, (1-year H15T1Y plus 2.25%), 9/1/35	127,578		130,353
FHLMC, VRN, 3.09%, (12-month LIBOR plus 1.87%), 7/1/36	16,688		16,961
FHLMC, VRN, 3.60%, (12-month LIBOR plus 1.87%), 7/1/41	47,057		48,036
FHLMC, VRN, 1.90%, (12-month LIBOR plus 1.65%), 12/1/42	60,548		60,531
FNMA, VRN, 3.25%, (6-month LIBOR plus 1.57%), 6/1/35	85,800		87,792
FNMA, VRN, 3.29%, (6-month LIBOR plus 1.57%), 6/1/35	39,905		40,837
			384,510
Fixed-Rate U.S. Government Agency Mortgage-Backed Security†
FNMA, 3.50%, 3/1/34	94,714		89,795
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $487,508)			474,305
SHORT-TERM INVESTMENTS — 10.9%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class	528,975		528,975
Repurchase Agreements — 4.3%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.625% - 4.625%, 1/15/25 - 5/15/47, valued at $10,868,502), in a joint trading account at 2.86%, dated 9/30/22, due 10/3/22 (Delivery value $10,686,305)			10,683,759
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.00% - 2.875%, 7/31/28 - 5/31/29, valued at $54,520,061), at 2.95%, dated 9/30/22, due 10/3/22 (Delivery value $53,464,140)			53,451,000
			64,134,759
Treasury Bills(4) — 6.5%
U.S. Treasury Bills, 3.25%, 7/13/23	$	10,000,000	9,708,844
U.S. Treasury Bills, 4.01%, 9/7/23	90,000,000		86,740,304
			96,449,148
TOTAL SHORT-TERM INVESTMENTS (Cost $161,182,491)			161,112,882
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $1,553,596,123)			1,477,590,575
OTHER ASSETS AND LIABILITIES — 0.2%			2,734,244
TOTAL NET ASSETS — 100.0%			$	1,480,324,819

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	1,275	December 2022	$	261,873,048	$	(2,202,133)

^Amount represents value and unrealized appreciation (depreciation).

16

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	122	December 2022	$	13,671,625	$	428,497
U.S. Treasury 10-Year Ultra Notes	99	December 2022	11,729,953		442,412
U.S. Treasury 5-Year Notes	1,234	December 2022	132,664,641		3,063,014
U.S. Treasury Long Bonds	63	December 2022	7,963,594		374,908
U.S. Treasury Ultra Bonds	6	December 2022	822,000		41,051
			$	166,851,813	$	4,349,882

^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 37	Buy	(5.00)%	12/20/26	$	60,390,000	$	(2,891,686)	$	3,108,614	$	216,928
Markit CDX North America High Yield Index Series 38	Buy	(5.00)%	6/20/27	$	30,195,000	(31,297)		689,954		658,657
						$	(2,922,983)	$	3,798,568	$	875,585

^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.

17

NOTES TO SCHEDULE OF INVESTMENTS
CDX	-	Credit Derivatives Indexes
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
SEQ	-	Sequential Payer
SOFR	-	Secured Overnight Financing 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 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 $486,369,707, which represented 32.9% of total net assets.

(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $8,245,999.

(3)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.

(4)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.

18

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (cost of $1,553,596,123)	$	1,477,590,575
Cash	57,129
Receivable for investments sold	3,603,235
Receivable for capital shares sold	499,909
Receivable for variation margin on futures contracts	286,790
Receivable for variation margin on swap agreements	126,359
Interest receivable	6,203,251
	1,488,367,248
Liabilities
Payable for investments purchased	4,290,054
Payable for capital shares redeemed	3,428,916
Accrued management fees	279,206
Distribution and service fees payable	7,691
Dividends payable	36,562
	8,042,429
Net Assets	$	1,480,324,819
Net Assets Consist of:
Capital paid in	$	1,591,289,938
Distributable earnings	(110,965,119)
	$	1,480,324,819

	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class	$353,211,973	36,291,299	$9.73
I Class	$220,096,919	22,618,859	$9.73
A Class	$20,861,384	2,143,961	$9.73
C Class	$3,718,339	381,917	$9.74
R Class	$734,457	75,418	$9.74
R5 Class	$15,569,852	1,599,993	$9.73
R6 Class	$48,355,802	4,973,465	$9.72
G Class	$817,776,093	84,094,621	$9.72

*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.95 (net asset value divided by 0.9775). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

19

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	21,842,182
Expenses:
Management fees	3,218,333
Distribution and service fees:
A Class	25,531
C Class	22,275
R Class	1,644
Trustees' fees and expenses	53,199
Other expenses	24,141
	3,345,123
Fees waived(1)	(1,460,392)
	1,884,731
Net investment income (loss)	19,957,451
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(45,928,184)
Futures contract transactions	8,699,701
Swap agreement transactions	4,179,296
	(33,049,187)
Change in net unrealized appreciation (depreciation) on:
Investments	(19,105,437)
Futures contracts	(1,975,642)
Swap agreements	1,979,850
	(19,101,229)
Net realized and unrealized gain (loss)	(52,150,416)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(32,192,965)

(1)Amount consists of $12,180, $7,395, $684, $132, $25, $529, $1,570 and $1,437,877 for Investor Class, I Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class, respectively.

See Notes to Financial Statements.

20

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	19,957,451	$	29,539,338
Net realized gain (loss)	(33,049,187)		3,162,420
Change in net unrealized appreciation (depreciation)	(19,101,229)		(63,519,815)
Net increase (decrease) in net assets resulting from operations	(32,192,965)		(30,818,057)
Distributions to Shareholders
From earnings:
Investor Class	(3,760,284)		(7,378,142)
I Class	(2,318,795)		(4,722,948)
A Class	(181,281)		(366,225)
C Class	(22,048)		(41,642)
R Class	(5,063)		(11,891)
R5 Class	(180,586)		(384,301)
R6 Class	(551,192)		(1,780,399)
G Class	(11,374,294)		(24,442,079)
Decrease in net assets from distributions	(18,393,543)		(39,127,627)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(113,278,313)		30,371,269
Net increase (decrease) in net assets	(163,864,821)		(39,574,415)
Net Assets
Beginning of period	1,644,189,640		1,683,764,055
End of period	$	1,480,324,819	$	1,644,189,640

See Notes to Financial Statements.

21

Notes to Financial Statements

SEPTEMBER 30, 2022 (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, 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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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.

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.

22

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee 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 ACIM 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.

23

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, 47% 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 funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.Effective August 1, 2022, the investment advisor agreed to waive 0.02% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2023 and cannot terminate it prior to such date without the approval of the Board of Trustees. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

The 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, 2022 are as follows:

			Effective Annual Management Fee
	Investment Category Fee Range	Complex Fee Range	Before Waiver	After Waiver
Investor Class	0.2825% to 0.4000%	0.2500% to 0.3100%	0.58%	0.57%
I Class		0.1500% to 0.2100%	0.48%	0.47%
A Class		0.2500% to 0.3100%	0.58%	0.57%
C Class		0.2500% to 0.3100%	0.58%	0.57%
R Class		0.2500% to 0.3100%	0.58%	0.57%
R5 Class		0.0500% to 0.1100%	0.38%	0.37%
R6 Class		0.0000% to 0.0600%	0.33%	0.32%
G Class		0.0000% to 0.0600%	0.33%	0.00%

24

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, 2022 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, 2022 totaled $1,178,936,281, of which $820,304,465 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2022 totaled $1,425,392,104, of which $913,975,345 represented U.S. Treasury and Government Agency obligations.

25

5. Capital Share Transactions

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

	Six months ended September 30, 2022			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	2,307,473	$	22,920,215	7,051,165	$	73,588,309
Issued in reinvestment of distributions	374,273	3,705,000		700,524	7,280,412
Redeemed	(5,022,593)	(49,807,710)		(5,773,347)	(59,996,138)
	(2,340,847)	(23,182,495)		1,978,342	20,872,583
I Class
Sold	6,310,106	62,651,678		19,744,816	205,656,508
Issued in reinvestment of distributions	227,285	2,249,054		438,958	4,558,769
Redeemed	(8,058,003)	(80,390,609)		(12,504,878)	(129,285,038)
	(1,520,612)	(15,489,877)		7,678,896	80,930,239
A Class
Sold	303,122	2,993,362		639,216	6,677,597
Issued in reinvestment of distributions	13,678	135,315		24,100	250,323
Redeemed	(288,322)	(2,867,951)		(783,186)	(8,164,118)
	28,478	260,726		(119,870)	(1,236,198)
C Class
Sold	47,995	478,178		256,773	2,674,724
Issued in reinvestment of distributions	2,083	20,622		3,791	39,381
Redeemed	(175,013)	(1,739,268)		(184,905)	(1,918,299)
	(124,935)	(1,240,468)		75,659	795,806
R Class
Sold	23,768	235,630		37,430	390,376
Issued in reinvestment of distributions	506	5,000		1,117	11,632
Redeemed	(15,096)	(150,558)		(61,803)	(643,383)
	9,178	90,072		(23,256)	(241,375)
R5 Class
Sold	228,875	2,282,205		360,415	3,761,509
Issued in reinvestment of distributions	18,242	180,571		36,916	383,854
Redeemed	(270,826)	(2,691,933)		(1,001,778)	(10,455,468)
	(23,709)	(229,157)		(604,447)	(6,310,105)
R6 Class
Sold	447,082	4,392,841		1,154,309	12,006,142
Issued in reinvestment of distributions	55,718	551,187		171,275	1,780,330
Redeemed	(789,634)	(7,843,213)		(4,232,685)	(43,487,481)
	(286,834)	(2,899,185)		(2,907,101)	(29,701,009)
G Class
Sold	2,375,691	23,482,780		10,764,498	112,593,899
Issued in reinvestment of distributions	1,149,122	11,373,856		2,352,956	24,442,079
Redeemed	(10,656,974)	(105,444,565)		(16,577,488)	(171,774,650)
	(7,132,161)	(70,587,929)		(3,460,034)	(34,738,672)
Net increase (decrease)	(11,391,442)	$	(113,278,313)	2,618,189	$	30,371,269

26

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	—		$	525,936,312	—
U.S. Treasury Securities	—		395,979,492		—
Collateralized Mortgage Obligations	—		113,780,809		—
Asset-Backed Securities	—		110,310,028		—
Collateralized Loan Obligations	—		105,525,505		—
Commercial Mortgage-Backed Securities	—		33,756,709		—
Bank Loan Obligations	—		30,714,533		—
U.S. Government Agency Mortgage-Backed Securities	—		474,305		—
Short-Term Investments	$	528,975	160,583,907		—
	$	528,975	$	1,477,061,600	—
Other Financial Instruments
Futures Contracts	$	4,349,882	—		—
Swap Agreements	—		$	875,585	—
	$	4,349,882	$	875,585	—
Liabilities
Other Financial Instruments
Futures Contracts	$	2,202,133	—		—

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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 $92,524,167.

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 $216,856,420 futures contracts purchased and $205,569,861 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 $34,000,000.

28

Value of Derivative Instruments as of September 30, 2022

	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*	$	126,359	Payable for variation margin on swap agreements*	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	286,790		Payable for variation margin on futures contracts*	—
		$	413,149		—

*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, 2022

	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	$	900,346	Change in net unrealized appreciation (depreciation) on swap agreements	$	5,711,381
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	8,699,701		Change in net unrealized appreciation (depreciation) on futures contracts	(1,975,642)
Other Contracts	Net realized gain (loss) on swap agreement transactions	3,278,950		Change in net unrealized appreciation (depreciation) on swap agreements	(3,731,531)
		$	12,878,997		$	4,208

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, war, 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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

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.

29

As of period end, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	1,555,992,662
Gross tax appreciation of investments	$	1,389,170
Gross tax depreciation of investments	(79,791,257)
Net tax appreciation (depreciation) of investments	$	(78,402,087)

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, 2022, the fund had post-October capital loss deferrals of $(3,952,439), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

30

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
2022(3)	$10.06	0.11	(0.34)	(0.23)	(0.10)	—	(0.10)	$9.73	(2.30)%	0.58%(4)	0.59%(4)	2.23%(4)	2.22%(4)	79%	$353,212
2022	$10.47	0.14	(0.36)	(0.22)	(0.15)	(0.04)	(0.19)	$10.06	(2.13)%	0.58%	0.58%	1.31%	1.31%	178%	$388,521
2021	$10.05	0.11	0.45	0.56	(0.14)	—	(0.14)	$10.47	5.62%	0.59%	0.59%	1.03%	1.03%	183%	$383,653
2020	$10.15	0.20	(0.07)	0.13	(0.23)	—	(0.23)	$10.05	1.31%	0.59%	0.59%	1.98%	1.98%	156%	$155,169
2019	$10.13	0.24	0.05	0.29	(0.27)	—	(0.27)	$10.15	2.87%	0.60%	0.60%	2.39%	2.39%	72%	$226,341
2018	$10.25	0.20	(0.11)	0.09	(0.21)	—	(0.21)	$10.13	0.88%	0.60%	0.60%	1.94%	1.94%	89%	$233,033
I Class
2022(3)	$10.06	0.12	(0.35)	(0.23)	(0.10)	—	(0.10)	$9.73	(2.25)%	0.48%(4)	0.49%(4)	2.33%(4)	2.32%(4)	79%	$220,097
2022	$10.47	0.15	(0.36)	(0.21)	(0.16)	(0.04)	(0.20)	$10.06	(2.03)%	0.48%	0.48%	1.41%	1.41%	178%	$242,736
2021	$10.05	0.13	0.44	0.57	(0.15)	—	(0.15)	$10.47	5.73%	0.49%	0.49%	1.13%	1.13%	183%	$172,271
2020	$10.15	0.21	(0.07)	0.14	(0.24)	—	(0.24)	$10.05	1.41%	0.49%	0.49%	2.08%	2.08%	156%	$127,684
2019	$10.13	0.26	0.04	0.30	(0.28)	—	(0.28)	$10.15	2.97%	0.50%	0.50%	2.49%	2.49%	72%	$56,264
2018(5)	$10.25	0.21	(0.12)	0.09	(0.21)	—	(0.21)	$10.13	0.92%	0.50%(4)	0.50%(4)	2.10%(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:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
A Class
2022(3)	$10.05	0.10	(0.33)	(0.23)	(0.09)	—	(0.09)	$9.73	(2.33)%	0.83%(4)	0.84%(4)	1.98%(4)	1.97%(4)	79%	$20,861
2022	$10.46	0.11	(0.35)	(0.24)	(0.13)	(0.04)	(0.17)	$10.05	(2.38)%	0.83%	0.83%	1.06%	1.06%	178%	$21,270
2021	$10.05	0.09	0.44	0.53	(0.12)	—	(0.12)	$10.46	5.26%	0.84%	0.84%	0.78%	0.78%	183%	$23,393
2020	$10.15	0.18	(0.07)	0.11	(0.21)	—	(0.21)	$10.05	1.05%	0.84%	0.84%	1.73%	1.73%	156%	$16,411
2019	$10.13	0.22	0.04	0.26	(0.24)	—	(0.24)	$10.15	2.61%	0.85%	0.85%	2.14%	2.14%	72%	$21,709
2018	$10.25	0.17	(0.11)	0.06	(0.18)	—	(0.18)	$10.13	0.62%	0.85%	0.85%	1.69%	1.69%	89%	$20,903
C Class
2022(3)	$10.06	0.06	(0.33)	(0.27)	(0.05)	—	(0.05)	$9.74	(2.69)%	1.58%(4)	1.59%(4)	1.23%(4)	1.22%(4)	79%	$3,718
2022	$10.47	0.03	(0.35)	(0.32)	(0.05)	(0.04)	(0.09)	$10.06	(3.10)%	1.58%	1.58%	0.31%	0.31%	178%	$5,099
2021	$10.05	0.02	0.44	0.46	(0.04)	—	(0.04)	$10.47	4.57%	1.59%	1.59%	0.03%	0.03%	183%	$4,514
2020	$10.15	0.10	(0.07)	0.03	(0.13)	—	(0.13)	$10.05	0.30%	1.59%	1.59%	0.98%	0.98%	156%	$6,163
2019	$10.14	0.14	0.04	0.18	(0.17)	—	(0.17)	$10.15	1.75%	1.60%	1.60%	1.39%	1.39%	72%	$9,046
2018	$10.26	0.09	(0.10)	(0.01)	(0.11)	—	(0.11)	$10.14	(0.13)%	1.60%	1.60%	0.94%	0.94%	89%	$9,462

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)
R Class
2022(3)	$10.06	0.09	(0.34)	(0.25)	(0.07)	—	(0.07)	$9.74	(2.45)%	1.08%(4)	1.09%(4)	1.73%(4)	1.72%(4)	79%	$734
2022	$10.47	0.08	(0.35)	(0.27)	(0.10)	(0.04)	(0.14)	$10.06	(2.62)%	1.08%	1.08%	0.81%	0.81%	178%	$667
2021	$10.06	0.07	0.43	0.50	(0.09)	—	(0.09)	$10.47	4.99%	1.09%	1.09%	0.53%	0.53%	183%	$937
2020	$10.15	0.15	(0.06)	0.09	(0.18)	—	(0.18)	$10.06	0.90%	1.09%	1.09%	1.48%	1.48%	156%	$764
2019	$10.14	0.19	0.04	0.23	(0.22)	—	(0.22)	$10.15	2.26%	1.10%	1.10%	1.89%	1.89%	72%	$756
2018	$10.26	0.15	(0.11)	0.04	(0.16)	—	(0.16)	$10.14	0.37%	1.10%	1.10%	1.44%	1.44%	89%	$399
R5 Class
2022(3)	$10.06	0.12	(0.34)	(0.22)	(0.11)	—	(0.11)	$9.73	(2.21)%	0.38%(4)	0.39%(4)	2.43%(4)	2.42%(4)	79%	$15,570
2022	$10.47	0.16	(0.36)	(0.20)	(0.17)	(0.04)	(0.21)	$10.06	(1.93)%	0.38%	0.38%	1.51%	1.51%	178%	$16,327
2021	$10.05	0.14	0.44	0.58	(0.16)	—	(0.16)	$10.47	5.83%	0.39%	0.39%	1.23%	1.23%	183%	$23,320
2020	$10.15	0.22	(0.07)	0.15	(0.25)	—	(0.25)	$10.05	1.51%	0.39%	0.39%	2.18%	2.18%	156%	$23,612
2019	$10.13	0.26	0.05	0.31	(0.29)	—	(0.29)	$10.15	3.08%	0.40%	0.40%	2.59%	2.59%	72%	$20,662
2018	$10.25	0.21	(0.10)	0.11	(0.23)	—	(0.23)	$10.13	1.08%	0.40%	0.40%	2.14%	2.14%	89%	$21,699

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2022(3)	$10.05	0.12	(0.34)	(0.22)	(0.11)	—	(0.11)	$9.72	(2.18)%	0.33%(4)	0.34%(4)	2.48%(4)	2.47%(4)	79%	$48,356
2022	$10.46	0.16	(0.35)	(0.19)	(0.18)	(0.04)	(0.22)	$10.05	(1.89)%	0.33%	0.33%	1.56%	1.56%	178%	$52,851
2021	$10.04	0.15	0.44	0.59	(0.17)	—	(0.17)	$10.46	5.89%	0.34%	0.34%	1.28%	1.28%	183%	$85,404
2020	$10.14	0.23	(0.07)	0.16	(0.26)	—	(0.26)	$10.04	1.56%	0.34%	0.34%	2.23%	2.23%	156%	$63,905
2019	$10.13	0.27	0.03	0.30	(0.29)	—	(0.29)	$10.14	3.03%	0.35%	0.35%	2.64%	2.64%	72%	$70,752
2018(7)	$10.27	0.16	(0.14)	0.02	(0.16)	—	(0.16)	$10.13	0.22%	0.35%(4)	0.35%(4)	2.31%(4)	2.31%(4)	89%(6)	$57,642
G Class
2022(3)	$10.05	0.14	(0.34)	(0.20)	(0.13)	—	(0.13)	$9.72	(1.93)%	0.01%(4)	0.34%(4)	2.80%(4)	2.47%(4)	79%	$817,776
2022	$10.46	0.20	(0.36)	(0.16)	(0.21)	(0.04)	(0.25)	$10.05	(1.57)%	0.01%	0.33%	1.88%	1.56%	178%	$916,720
2021(8)	$10.37	0.06	0.10	0.16	(0.07)	—	(0.07)	$10.46	1.57%	0.01%(4)	0.34%(4)	1.48%(4)	1.15%(4)	183%(9)	$990,271

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, 2022 (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.

(8)November 4, 2020 (commencement of sale) through March 31, 2021.

(9)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2021.

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 21, 2022, 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 of 1940 (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 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.

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 and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas ofinterest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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.

36

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 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 principal investment 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 actions being taken 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

37

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.

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 fee structure 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 securities transaction expenses, 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 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 and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.02% (e.g., the Investor Class unified fee will be reduced from 0.57% to 0.55%) for at least one year, beginning August 1, 2022. The Board

38

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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 also 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

39

Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting 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. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

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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.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90819 2211

Semiannual Report

September 30, 2022

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)

Table of Contents

President’s Letter	2
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Notes to Financial Statements	14
Financial Highlights	22
Approval of Management Agreement	27
Additional Information	31

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Types of Investments in Portfolio	% of net assets
U.S. Treasury Securities	86.0%
Corporate Bonds	3.8%
Asset-Backed Securities	1.8%
Collateralized Loan Obligations	1.7%
Commercial Mortgage-Backed Securities	1.2%
Collateralized Mortgage Obligations	0.6%
Short-Term Investments	4.8%
Other Assets and Liabilities	0.1%

3

Shareholder Fee Example 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from April 1, 2022 to September 30, 2022.

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 mutual 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 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 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 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$949.60	$2.93	0.60%
I Class	$1,000	$950.50	$2.44	0.50%
Y Class	$1,000	$950.10	$1.96	0.40%
A Class	$1,000	$948.00	$4.15	0.85%
C Class	$1,000	$944.20	$7.80	1.60%
R Class	$1,000	$947.00	$5.37	1.10%
R5 Class	$1,000	$950.90	$1.96	0.40%
R6 Class	$1,000	$951.10	$1.71	0.35%
G Class	$1,000	$952.60	$0.20	0.04%
Hypothetical
Investor Class	$1,000	$1,022.06	$3.04	0.60%
I Class	$1,000	$1,022.56	$2.54	0.50%
Y Class	$1,000	$1,023.06	$2.03	0.40%
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%
G Class	$1,000	$1,024.87	$0.20	0.04%

(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, 2022 (UNAUDITED)

	Principal Amount/ Shares		Value
U.S. TREASURY SECURITIES — 86.0%
U.S. Treasury Inflation Indexed Bonds, 1.75%, 1/15/28	$	7,071,000	$	7,005,187
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/23	29,521,420		29,227,024
U.S. Treasury Inflation Indexed Notes, 0.625%, 4/15/23	191,197,825		188,339,720
U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/24	67,296,220		65,723,767
U.S. Treasury Inflation Indexed Notes, 0.50%, 4/15/24	10,278,625		9,989,174
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/24	67,377,420		65,083,322
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/24	95,266,875		91,629,676
U.S. Treasury Inflation Indexed Notes, 0.25%, 1/15/25	230,969,453		221,073,737
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/25	181,224,420		171,938,979
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/25	118,060,740		112,850,443
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/25	239,782,200		226,577,804
U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/26	188,900,805		180,362,430
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/26	262,208,012		244,950,380
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/26	34,607,720		32,365,362
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/26(1)	297,073,540		276,835,506
U.S. Treasury Inflation Indexed Notes, 0.375%, 1/15/27	57,645,030		53,868,990
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/27	356,083,349		328,457,779
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/27	12,111,500		11,305,083
U.S. Treasury Inflation Indexed Notes, 0.50%, 1/15/28	90,082,500		83,644,885
TOTAL U.S. TREASURY SECURITIES (Cost $2,617,619,176)			2,401,229,248
CORPORATE BONDS — 3.8%
Automobiles — 0.3%
General Motors Financial Co., Inc., 3.80%, 4/7/25	7,570,000		7,217,228
Banks — 1.1%
Bank of America Corp., VRN, 3.38%, 4/2/26	2,605,000		2,461,992
Bank of America Corp., VRN, 2.55%, 2/4/28	1,960,000		1,707,114
Bank of America Corp., VRN, 4.95%, 7/22/28	1,465,000		1,409,141
Bank of Ireland Group PLC, VRN, 2.03%, 9/30/27(2)	1,912,000		1,583,888
BPCE SA, 4.625%, 7/11/24(2)	1,650,000		1,598,941
Fifth Third Bancorp, VRN, 4.06%, 4/25/28	1,350,000		1,268,534
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27	3,687,000		3,136,872
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27	2,520,000		2,178,370
NatWest Group PLC, VRN, 5.52%, 9/30/28	4,260,000		4,048,496
Royal Bank of Canada, 4.24%, 8/3/27	5,945,000		5,676,196
Swedbank AB, 3.36%, 4/4/25(2)	700,000		669,805
UniCredit SpA, 7.83%, 12/4/23(2)	2,665,000		2,687,824
Wells Fargo & Co., VRN, 3.35%, 3/2/33	1,602,000		1,301,260
			29,728,433
Biotechnology — 0.1%
AbbVie, Inc., 2.95%, 11/21/26	4,180,000		3,833,628
Capital Markets — 0.3%
Golub Capital BDC, Inc., 2.50%, 8/24/26	756,000		634,603
Morgan Stanley, VRN, 2.63%, 2/18/26	4,326,000		4,034,025
Owl Rock Core Income Corp., 3.125%, 9/23/26	1,223,000		1,029,509
UBS Group AG, VRN, 1.49%, 8/10/27(2)	3,277,000		2,756,866
			8,455,003

6

	Principal Amount/ Shares		Value
Consumer Finance — 0.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/24	$	1,845,000	$	1,687,209
Avolon Holdings Funding Ltd., 5.50%, 1/15/26(2)	3,190,000		3,003,769
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(2)	1,240,000		1,110,621
			5,801,599
Diversified Financial Services — 0.1%
Corebridge Financial, Inc., 3.50%, 4/4/25(2)	3,832,000		3,644,392
Entertainment — 0.1%
Warnermedia Holdings, Inc., 3.79%, 3/15/25(2)	1,455,000		1,375,110
Warnermedia Holdings, Inc., 3.76%, 3/15/27(2)	1,497,000		1,341,234
			2,716,344
Equity Real Estate Investment Trusts (REITs) — 0.3%
American Tower Corp., 3.65%, 3/15/27	1,446,000		1,324,173
SBA Tower Trust, 3.45%, 3/15/48(2)	6,090,000		6,035,133
			7,359,306
Food and Staples Retailing — 0.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(2)	3,100,000		3,069,310
Gas Utilities — 0.1%
East Ohio Gas Co., 1.30%, 6/15/25(2)	3,740,000		3,362,466
Household Durables — 0.2%
Lennar Corp., 4.75%, 5/30/25	4,460,000		4,396,883
Insurance — 0.1%
GA Global Funding Trust, 0.80%, 9/13/24(2)	2,800,000		2,536,172
SBL Holdings, Inc., 5.125%, 11/13/26(2)	1,959,000		1,788,994
			4,325,166
IT Services†
Global Payments, Inc., 3.75%, 6/1/23	1,124,000		1,114,128
Multi-Utilities — 0.1%
Sempra Energy, 3.30%, 4/1/25	3,333,000		3,174,799
Personal Products — 0.2%
GSK Consumer Healthcare Capital UK PLC, 3.125%, 3/24/25(2)	5,325,000		5,031,174
Pharmaceuticals — 0.3%
Royalty Pharma PLC, 1.20%, 9/2/25	5,380,000		4,761,122
Viatris, Inc., 1.65%, 6/22/25	2,940,000		2,616,939
			7,378,061
Road and Rail — 0.1%
DAE Funding LLC, 1.55%, 8/1/24(2)	2,556,000		2,337,235
Semiconductors and Semiconductor Equipment — 0.1%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27	2,609,000		2,403,581
Qorvo, Inc., 4.375%, 10/15/29	1,197,000		1,027,044
			3,430,625
TOTAL CORPORATE BONDS (Cost $114,374,200)			106,375,780
ASSET-BACKED SECURITIES — 1.8%
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I SEQ, 4.19%, 6/5/49(2)	7,425,000		7,058,405
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(2)	1,591,934		1,537,894
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class B, 3.24%, 5/25/29(2)	440,101		424,013

7

	Principal Amount/ Shares		Value
CARS-DB5 LP, Series 2021-1A, Class A3 SEQ, 1.92%, 8/15/51(2)	$	3,946,708	$	3,349,795
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.30%, 12/26/51(2)	7,825,000		6,992,023
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/37(2)	6,600,000		5,877,360
Global SC Finance VII Srl, Series 2021-1A, Class A, SEQ, 1.86%, 4/17/41(2)	7,438,293		6,396,832
Mosaic Solar Loan Trust, Series 2020-1A, Class A SEQ, 2.10%, 4/20/46(2)	1,551,118		1,339,990
Mosaic Solar Loan Trust, Series 2021-1A, Class A SEQ, 1.51%, 12/20/46(2)	7,503,091		5,866,149
Progress Residential Trust, Series 2020-SFR1, Class B, 2.03%, 4/17/37(2)	4,900,000		4,531,283
Tricon Residential Trust, Series 2022-SFR1, Class D, 4.75%, 4/17/39(2)	6,000,000		5,529,258
TOTAL ASSET-BACKED SECURITIES (Cost $54,326,173)			48,903,002
COLLATERALIZED LOAN OBLIGATIONS — 1.7%
BlueMountain CLO Ltd., Series 2016-2A, Class BR2, VRN, 5.23%, (3-month LIBOR plus 2.25%), 8/20/32(2)	1,875,000		1,726,016
BXMT Ltd., Series 2020-FL2, Class B, VRN, 4.44%, (1-month SOFR plus 1.51%), 2/15/38(2)	2,970,000		2,865,151
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class CR3, VRN, 5.36%, (3-month LIBOR plus 2.60%), 4/22/32(2)	6,550,000		6,047,303
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 5.12%, (3-month LIBOR plus 2.20%), 8/14/30(2)	4,625,000		4,359,583
KKR CLO Ltd., Series 2022A, Class B, VRN, 4.31%, (3-month LIBOR plus 1.60%), 7/20/31(2)	4,425,000		4,196,057
Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 4.01%, (3-month LIBOR plus 1.50%), 4/15/31(2)	2,200,000		2,112,365
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 4.44%, (1-month LIBOR plus 1.45%), 10/16/36(2)	3,141,000		3,006,925
Palmer Square Loan Funding Ltd., Series 2021-3A, Class C, VRN, 5.21%, (3-month LIBOR plus 2.50%), 7/20/29(2)	8,500,000		7,799,250
Palmer Square Loan Funding Ltd., Series 2022-1A, Class B, VRN, 4.33%, (3-month SOFR plus 2.00%), 4/15/30(2)	4,000,000		3,705,405
Shelter Growth Issuer Ltd., Series 2022-FL4, Class A, VRN, 5.32%, (1-month SOFR plus 2.30%), 6/17/37(2)	7,580,000		7,497,739
THL Credit Wind River CLO Ltd., Series 2019-3A, Class CR, VRN, 4.71%, (3-month LIBOR plus 2.20%), 4/15/31(2)	6,000,000		5,516,083
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $51,743,117)			48,831,877
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.2%
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 4.82%, (1-month LIBOR plus 2.00%), 9/15/36(2)	7,200,000		6,662,236
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, VRN, 4.42%, (1-month LIBOR plus 1.60%), 5/15/36(2)	5,741,000		5,575,002
Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 5.67%, (1-month LIBOR plus 2.85%), 7/15/38(2)	8,953,893		8,532,965
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A SEQ, 4.13%, 7/5/31(2)	6,718,000		6,565,125
OPG Trust, Series 2021-PORT, Class E, VRN, 4.35%, (1-month LIBOR plus 1.53%), 10/15/36(2)	6,563,828		5,944,591
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $34,897,253)			33,279,919

8

	Principal Amount/ Shares		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.6%
Private Sponsor Collateralized Mortgage Obligations — 0.5%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 2.40%, (1-year H15T1Y plus 2.25%), 2/25/36	$	244,267	$	237,529
Bellemeade Re Ltd., Series 2021-3A, Class M1A, VRN, 3.28%, (30-day average SOFR plus 1.00%), 9/25/31(2)	3,535,595		3,485,368
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A3 SEQ, VRN, 1.59%, 7/25/66(2)	5,294,922		4,166,329
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3 SEQ, VRN, 1.62%, 6/25/56(2)	2,133,784		1,784,473
JP Morgan Mortgage Trust, Series 2006-A4, Class 3A1, VRN, 3.27%, 6/25/36	178,280		132,763
JP Morgan Mortgage Trust, Series 2006-S1, Class 1A2 SEQ, 6.50%, 4/25/36	161,906		159,518
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.82%, 11/21/34	6,505		6,177
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.77%, 2/25/35	53,884		51,274
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 3.64%, 7/25/34	297,976		291,970
Verus Securitization Trust, Series 2020-4, Class A2 SEQ, 1.91%, 5/25/65(2)	1,932,049		1,849,410
Verus Securitization Trust, Series 2021-5, Class A3, VRN, 1.37%, 9/25/66(2)	3,112,211		2,531,192
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	42,203		42,736
			14,738,739
U.S. Government Agency Collateralized Mortgage Obligations — 0.1%
FHLMC, Series 2015-SC02, Class M3, VRN, 3.66%, 9/25/45	1,109,667		1,089,516
FNMA, Series 2014-C02, Class 2M2, VRN, 5.68%, (1-month LIBOR plus 2.60%), 5/25/24	724,706		723,083
			1,812,599
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $18,823,058)			16,551,338
SHORT-TERM INVESTMENTS — 4.8%
Discount Notes(3) — 2.7%
Federal Home Loan Bank Discount Notes, 2.60%, 10/3/22	55,000,000		55,000,000
Federal Home Loan Bank Discount Notes, 2.42%, 10/11/22	20,000,000		19,986,587
			74,986,587
Money Market Funds†
State Street Institutional U.S. Government Money Market Fund, Premier Class	140,730		140,730
Repurchase Agreements — 2.1%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.625% - 4.625%, 1/15/25 - 5/15/47, valued at $9,796,810), in a joint trading account at 2.86%, dated 9/30/22, due 10/3/22 (Delivery value $9,632,578)			9,630,283
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75% - 3.25%, 5/31/29 - 6/30/29, valued at $49,145,684), at 2.95%, dated 9/30/22, due 10/3/22 (Delivery value $48,193,845)			48,182,000
			57,812,283
TOTAL SHORT-TERM INVESTMENTS (Cost $132,932,069)			132,939,600
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $3,024,715,046)			2,788,110,764
OTHER ASSETS AND LIABILITIES — 0.1%			2,628,468
TOTAL NET ASSETS — 100.0%			$	2,790,739,232

9

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 5-Year Notes	435	December 2022	$	46,765,899	$	(1,494,604)

^Amount represents value and unrealized appreciation (depreciation).

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	$	585	$	2,896,640	$	2,897,225
CPURNSA	Receive	2.18%	1/15/24	$	50,000,000	670		4,848,119		4,848,789
CPURNSA	Receive	2.17%	1/19/24	$	50,000,000	670		4,849,310		4,849,980
CPURNSA	Receive	2.21%	1/19/24	$	20,000,000	568		1,915,612		1,916,180
CPURNSA	Receive	2.25%	2/1/24	$	50,000,000	670		4,732,289		4,732,959
CPURNSA	Receive	2.25%	2/1/24	$	25,000,000	585		2,367,752		2,368,337
CPURNSA	Receive	2.29%	2/8/24	$	50,000,000	670		4,674,171		4,674,841
CPURNSA	Receive	1.71%	6/20/24	$	30,000,000	(740)		3,430,362		3,429,622
CPURNSA	Receive	1.86%	7/30/24	$	26,500,000	(714)		2,824,544		2,823,830
CPURNSA	Receive	1.86%	8/1/24	$	23,700,000	(692)		2,528,502		2,527,810
CPURNSA	Receive	1.85%	8/1/24	$	43,000,000	(848)		4,598,954		4,598,106
CPURNSA	Receive	1.67%	10/21/24	$	45,000,000	(864)		5,318,852		5,317,988
CPURNSA	Receive	1.70%	11/26/24	$	25,000,000	(703)		2,939,140		2,938,437
CPURNSA	Receive	1.79%	12/13/24	$	16,000,000	(630)		1,794,627		1,793,997
CPURNSA	Receive	1.85%	8/26/25	$	16,000,000	597		2,008,209		2,008,806
CPURNSA	Receive	2.24%	1/12/26	$	20,000,000	622		1,959,147		1,959,769
						$	446	$	53,686,230	$	53,686,676

NOTES TO SCHEDULE OF INVESTMENTS
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
SEQ	-	Sequential Payer
SOFR	-	Secured Overnight Financing 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.

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

(1)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $11,177,491.

(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 $188,764,504, which represented 6.8% of total net assets.

(3)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.

10

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (cost of $3,024,715,046)	$	2,788,110,764
Receivable for investments sold	452,823
Receivable for capital shares sold	2,733,890
Interest receivable	3,642,460
	2,794,939,937
Liabilities
Payable for capital shares redeemed	2,713,919
Payable for variation margin on futures contracts	115,549
Payable for variation margin on swap agreements	428,666
Accrued management fees	914,336
Distribution and service fees payable	28,235
	4,200,705
Net Assets	$	2,790,739,232
Net Assets Consist of:
Capital paid in	$	2,846,194,529
Distributable earnings	(55,455,297)
	$	2,790,739,232

	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class	$760,163,980	73,821,740	$10.30
I Class	$1,205,224,787	116,054,057	$10.39
Y Class	$13,345,212	1,284,240	$10.39
A Class	$59,059,127	5,795,336	$10.19
C Class	$9,865,629	1,005,181	$9.81
R Class	$17,414,925	1,673,581	$10.41
R5 Class	$111,238,574	10,710,441	$10.39
R6 Class	$21,488,429	2,068,881	$10.39
G Class	$592,938,569	56,987,923	$10.40

*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $10.42 (net asset value divided by 0.9775). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

11

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	115,146,184
Expenses:
Management fees	6,251,628
Distribution and service fees:
A Class	72,762
C Class	46,261
R Class	50,753
Trustees' fees and expenses	95,014
Interest expenses	487,153
Other expenses	139
	7,003,710
Fees waived - G Class	(978,491)
	6,025,219
Net investment income (loss)	109,120,965
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(11,225,717)
Futures contract transactions	(4,531,998)
Swap agreement transactions	16,554,154
	796,439
Change in net unrealized appreciation (depreciation) on:
Investments	(236,316,932)
Futures contracts	527,171
Swap agreements	(19,577,895)
	(255,367,656)
Net realized and unrealized gain (loss)	(254,571,217)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(145,450,252)

See Notes to Financial Statements.

12

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	109,120,965	$	126,695,687
Net realized gain (loss)	796,439		41,246,515
Change in net unrealized appreciation (depreciation)	(255,367,656)		(38,882,147)
Net increase (decrease) in net assets resulting from operations	(145,450,252)		129,060,055
Distributions to Shareholders
From earnings:
Investor Class	(3,017,125)		(18,377,213)
I Class	(5,052,210)		(49,288,277)
Y Class	(68,659)		(628,667)
A Class	(169,841)		(1,795,871)
C Class	—		(302,613)
R Class	(34,092)		(650,573)
R5 Class	(582,829)		(6,599,316)
R6 Class	(113,464)		(668,999)
G Class	(4,158,474)		(30,850,587)
Decrease in net assets from distributions	(13,196,694)		(109,162,116)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	308,399,562		308,866,026
Net increase (decrease) in net assets	149,752,616		328,763,965
Net Assets
Beginning of period	2,640,986,616		2,312,222,651
End of period	$	2,790,739,232	$	2,640,986,616

See Notes to Financial Statements.

13

Notes to Financial Statements

SEPTEMBER 30, 2022 (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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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 NAV per share. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 ACIM 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. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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. 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.

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3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 17% 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 funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.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, 2022 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, 2022 are detailed in the Statement of Operations.

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

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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, 2022 totaled $709,050,639, of which $599,501,998 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2022 totaled $342,812,996, of which $201,926,682 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, 2022			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	23,642,011	$	254,868,650	48,781,308	$	534,951,356
Issued in reinvestment of distributions	282,671	3,013,269		1,694,882	18,350,122
Redeemed	(14,138,091)	(151,771,535)		(17,802,459)	(196,122,488)
	9,786,591	106,110,384		32,673,731	357,178,990
I Class
Sold	47,863,326	518,707,976		91,832,421	1,023,616,159
Issued in reinvestment of distributions	442,666	4,758,662		4,374,386	47,753,917
Redeemed	(27,433,132)	(296,030,228)		(63,511,866)	(692,877,282)
	20,872,860	227,436,410		32,694,941	378,492,794
Y Class
Sold	96,026	1,042,728		292,230	3,235,741
Issued in reinvestment of distributions	6,387	68,659		57,572	628,667
Redeemed	(177,867)	(1,927,105)		(368,876)	(4,075,884)
	(75,454)	(815,718)		(19,074)	(211,476)
A Class
Sold	1,884,947	20,025,972		2,246,384	24,522,123
Issued in reinvestment of distributions	9,064	95,714		92,624	992,421
Redeemed	(987,972)	(10,474,840)		(1,040,820)	(11,293,734)
	906,039	9,646,846		1,298,188	14,220,810
C Class
Sold	347,895	3,570,378		897,672	9,531,882
Issued in reinvestment of distributions	—	—		25,562	264,565
Redeemed	(139,020)	(1,426,171)		(357,243)	(3,713,481)
	208,875	2,144,207		565,991	6,082,966
R Class
Sold	408,786	4,437,918		581,567	6,478,314
Issued in reinvestment of distributions	3,157	34,065		59,397	650,532
Redeemed	(535,802)	(5,753,397)		(624,015)	(6,948,096)
	(123,859)	(1,281,414)		16,949	180,750
R5 Class
Sold	712,088	7,719,243		3,756,791	41,688,125
Issued in reinvestment of distributions	51,497	553,591		579,209	6,334,559
Redeemed	(1,179,327)	(12,773,133)		(39,947,285)	(456,718,806)
	(415,742)	(4,500,299)		(35,611,285)	(408,696,122)
R6 Class
Sold	861,881	9,337,215		959,923	10,632,052
Issued in reinvestment of distributions	9,569	102,772		56,775	619,384
Redeemed	(507,567)	(5,488,572)		(499,622)	(5,498,149)
	363,883	3,951,415		517,076	5,753,287
G Class
Sold	1,944,656	21,138,070		6,647,729	74,207,804
Issued in reinvestment of distributions	386,835	4,158,474		2,823,976	30,850,587
Redeemed	(5,497,671)	(59,588,813)		(13,334,825)	(149,194,364)
	(3,166,180)	(34,292,269)		(3,863,120)	(44,135,973)
Net increase (decrease)	28,357,013	$	308,399,562	28,273,397	$	308,866,026

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6. Fair Value Measurements

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

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

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

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

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

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

	Level 1		Level 2		Level 3
Assets
Investment Securities
U.S. Treasury Securities	—		$	2,401,229,248	—
Corporate Bonds	—		106,375,780		—
Asset-Backed Securities	—		48,903,002		—
Collateralized Loan Obligations	—		48,831,877		—
Commercial Mortgage-Backed Securities	—		33,279,919		—
Collateralized Mortgage Obligations	—		16,551,338		—
Short-Term Investments	$	140,730	132,798,870		—
	$	140,730	$	2,787,970,034	—
Other Financial Instruments
Swap Agreements	—		$	53,686,676	—
Liabilities
Other Financial Instruments
Futures Contracts	$	1,494,604	—		—

7. Derivative Instruments

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 $39,580,529 futures contracts purchased and $42,655,000 futures contracts sold.

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Other Contracts — A fund may enter into total return swap agreements in order to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets or gain exposure to certain markets in the most economical way possible. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments, including inflationary risk. The fund's average notional amount held during the period was $595,533,333.

Value of Derivative Instruments as of September 30, 2022

	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*	$	115,549
Other Contracts	Receivable for variation margin on swap agreements*	—	Payable for variation margin on swap agreements*	428,666
		—		$	544,215

*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, 2022

	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
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	$	(4,531,998)	Change in net unrealized appreciation (depreciation) on futures contracts	$	527,171
Other Contracts	Net realized gain (loss) on swap agreement transactions	16,554,154		Change in net unrealized appreciation (depreciation) on swap agreements	(19,577,895)
		$	12,022,156		$	(19,050,724)

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, war, 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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

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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	$	3,024,756,095
Gross tax appreciation of investments	$	8,669
Gross tax depreciation of investments	(236,654,000)
Net tax appreciation (depreciation) of investments	$	(236,645,331)

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:						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
2022(3)	$10.89	0.41	(0.96)	(0.55)	(0.04)	$10.30	(5.04)%	0.60%(4)	0.60%(4)	7.66%(4)	7.66%(4)	13%	$760,164
2022	$10.79	0.49	0.04	0.53	(0.43)	$10.89	4.92%	0.56%	0.56%	4.48%	4.48%	71%	$697,335
2021	$10.01	0.09	0.78	0.87	(0.09)	$10.79	8.68%	0.57%	0.57%	0.95%	0.95%	29%	$338,427
2020	$10.11	0.21	(0.14)	0.07	(0.17)	$10.01	0.69%	0.57%	0.57%	2.13%	2.13%	50%	$572,935
2019	$10.16	0.15	0.03	0.18	(0.23)	$10.11	1.79%	0.57%	0.57%	1.49%	1.49%	31%	$559,790
2018	$10.31	0.16	(0.16)	—	(0.15)	$10.16	0.05%	0.57%	0.57%	1.52%	1.52%	31%	$622,940
I Class
2022(3)	$10.98	0.42	(0.96)	(0.54)	(0.05)	$10.39	(4.95)%	0.50%(4)	0.50%(4)	7.76%(4)	7.76%(4)	13%	$1,205,225
2022	$10.88	0.50	0.04	0.54	(0.44)	$10.98	4.98%	0.46%	0.46%	4.58%	4.58%	71%	$1,045,280
2021	$10.09	0.10	0.79	0.89	(0.10)	$10.88	8.82%	0.47%	0.47%	1.05%	1.05%	29%	$679,719
2020	$10.19	0.23	(0.15)	0.08	(0.18)	$10.09	0.79%	0.47%	0.47%	2.23%	2.23%	50%	$150,405
2019	$10.24	0.15	0.04	0.19	(0.24)	$10.19	1.87%	0.47%	0.47%	1.59%	1.59%	31%	$186,378
2018(5)	$10.38	0.15	(0.13)	0.02	(0.16)	$10.24	0.22%	0.47%(4)	0.47%(4)	1.51%(4)	1.51%(4)	31%(6)	$157,963

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
2022(3)	$10.99	0.43	(0.98)	(0.55)	(0.05)	$10.39	(4.99)%	0.40%(4)	0.40%(4)	7.86%(4)	7.86%(4)	13%	$13,345
2022	$10.88	0.52	0.04	0.56	(0.45)	$10.99	5.18%	0.36%	0.36%	4.68%	4.68%	71%	$14,941
2021	$10.09	0.12	0.78	0.90	(0.11)	$10.88	8.92%	0.37%	0.37%	1.15%	1.15%	29%	$15,006
2020	$10.19	0.22	(0.13)	0.09	(0.19)	$10.09	0.89%	0.37%	0.37%	2.33%	2.33%	50%	$10,494
2019	$10.24	0.15	0.05	0.20	(0.25)	$10.19	1.98%	0.37%	0.37%	1.69%	1.69%	31%	$4,471
2018(5)	$10.38	0.18	(0.15)	0.03	(0.17)	$10.24	0.29%	0.37%(4)	0.37%(4)	1.76%(4)	1.76%(4)	31%(6)	$155
A Class
2022(3)	$10.78	0.40	(0.96)	(0.56)	(0.03)	$10.19	(5.20)%	0.85%(4)	0.85%(4)	7.41%(4)	7.41%(4)	13%	$59,059
2022	$10.68	0.45	0.05	0.50	(0.40)	$10.78	4.70%	0.81%	0.81%	4.23%	4.23%	71%	$52,695
2021	$9.91	0.07	0.76	0.83	(0.06)	$10.68	8.39%	0.82%	0.82%	0.70%	0.70%	29%	$38,361
2020	$10.01	0.18	(0.13)	0.05	(0.15)	$9.91	0.44%	0.82%	0.82%	1.88%	1.88%	50%	$29,951
2019	$10.06	0.11	0.04	0.15	(0.20)	$10.01	1.55%	0.82%	0.82%	1.24%	1.24%	31%	$24,988
2018	$10.21	0.13	(0.15)	(0.02)	(0.13)	$10.06	(0.21)%	0.82%	0.82%	1.27%	1.27%	31%	$24,073

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2022(3)	$10.39	0.34	(0.92)	(0.58)	—	$9.81	(5.58)%	1.60%(4)	1.60%(4)	6.66%(4)	6.66%(4)	13%	$9,866
2022	$10.32	0.34	0.06	0.40	(0.33)	$10.39	3.92%	1.56%	1.56%	3.48%	3.48%	71%	$8,274
2021	$9.59	(0.03)	0.76	0.73	—(7)	$10.32	7.62%	1.57%	1.57%	(0.05)%	(0.05)%	29%	$2,378
2020	$9.69	0.17	(0.20)	(0.03)	(0.07)	$9.59	(0.33)%	1.57%	1.57%	1.13%	1.13%	50%	$6,571
2019	$9.74	0.05	0.03	0.08	(0.13)	$9.69	0.80%	1.57%	1.57%	0.49%	0.49%	31%	$17,769
2018	$9.89	0.05	(0.15)	(0.10)	(0.05)	$9.74	(0.99)%	1.57%	1.57%	0.52%	0.52%(4)	31%	$22,600
R Class
2022(3)	$11.01	0.40	(0.98)	(0.58)	(0.02)	$10.41	(5.30)%	1.10%(4)	1.10%(4)	7.16%(4)	7.16%(4)	13%	$17,415
2022	$10.90	0.45	0.03	0.48	(0.37)	$11.01	4.44%	1.06%	1.06%	3.98%	3.98%	71%	$19,782
2021	$10.11	0.05	0.77	0.82	(0.03)	$10.90	8.15%	1.07%	1.07%	0.45%	0.45%	29%	$19,408
2020	$10.21	0.16	(0.14)	0.02	(0.12)	$10.11	0.18%	1.07%	1.07%	1.63%	1.63%	50%	$18,099
2019	$10.26	0.08	0.05	0.13	(0.18)	$10.21	1.26%	1.07%	1.07%	0.99%	0.99%	31%	$15,253
2018	$10.41	0.11	(0.16)	(0.05)	(0.10)	$10.26	(0.45)%	1.07%	1.07%	1.02%	1.02%	31%	$13,120

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)
R5 Class
2022(3)	$10.98	0.43	(0.97)	(0.54)	(0.05)	$10.39	(4.91)%	0.40%(4)	0.40%(4)	7.86%(4)	7.86%(4)	13%	$111,239
2022	$10.88	0.54	0.01	0.55	(0.45)	$10.98	5.09%	0.36%	0.36%	4.68%	4.68%	71%	$122,195
2021	$10.09	0.12	0.78	0.90	(0.11)	$10.88	8.93%	0.37%	0.37%	1.15%	1.15%	29%	$508,447
2020	$10.19	0.24	(0.15)	0.09	(0.19)	$10.09	0.89%	0.37%	0.37%	2.33%	2.33%	50%	$417,564
2019	$10.24	0.16	0.04	0.20	(0.25)	$10.19	1.98%	0.37%	0.37%	1.69%	1.69%	31%	$376,691
2018	$10.39	0.18	(0.16)	0.02	(0.17)	$10.24	0.25%	0.37%	0.37%	1.72%	1.72%	31%	$339,844
R6 Class
2022(3)	$10.98	0.43	(0.96)	(0.53)	(0.06)	$10.39	(4.89)%	0.35%(4)	0.35%(4)	7.91%(4)	7.91%(4)	13%	$21,488
2022	$10.88	0.52	0.03	0.55	(0.45)	$10.98	5.14%	0.31%	0.31%	4.73%	4.73%	71%	$18,725
2021	$10.09	0.12	0.78	0.90	(0.11)	$10.88	8.98%	0.32%	0.32%	1.20%	1.20%	29%	$12,923
2020	$10.19	0.25	(0.15)	0.10	(0.20)	$10.09	0.94%	0.32%	0.32%	2.38%	2.38%	50%	$10,261
2019	$10.24	0.16	0.04	0.20	(0.25)	$10.19	2.03%	0.32%	0.32%	1.74%	1.74%	31%	$8,920
2018	$10.38	0.18	(0.14)	0.04	(0.18)	$10.24	0.29%	0.32%	0.32%	1.77%	1.77%	31%	$8,280

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)
G Class
2022(3)	$11.00	0.45	(0.98)	(0.53)	(0.07)	$10.40	(4.74)%	0.04%(4)	0.35%(4)	8.22%(4)	7.91%(4)	13%	$592,939
2022	$10.90	0.56	0.03	0.59	(0.49)	$11.00	5.46%	0.01%	0.31%	5.03%	4.73%	71%	$661,759
2021	$10.10	0.18	0.77	0.95	(0.15)	$10.90	9.41%	0.01%	0.32%	1.51%	1.20%	29%	$697,554
2020	$10.20	0.29	(0.16)	0.13	(0.23)	$10.10	1.25%	0.01%	0.32%	2.69%	2.38%	50%	$343,192
2019	$10.25	0.22	0.01	0.23	(0.28)	$10.20	2.34%	0.01%	0.32%	2.05%	1.74%	31%	$399,692
2018(8)	$10.31	0.14	(0.07)	0.07	(0.13)	$10.25	0.66%	0.01%(4)	0.32%(4)	2.02%(4)	1.71%(4)	31%(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, 2022 (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)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 21, 2022, 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 of 1940 (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 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.

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 and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas ofinterest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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.

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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 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 principal investment 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 actions being taken 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

28

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.

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 fee structure 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 securities transaction expenses, 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 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.

29

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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 also 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

30

Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting 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. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

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
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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.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90816 2211

Semiannual Report

September 30, 2022

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)

Table of Contents

President’s Letter	2
Fund Characteristics	3
Shareholder Fee Example	4
Schedule of Investments	6
Statement of Assets and Liabilities	20
Statement of Operations	21
Statement of Changes in Net Assets	22
Notes to Financial Statements	23
Financial Highlights	32
Approval of Management Agreement	37
Additional Information	41

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Types of Investments in Portfolio	% of net assets
Corporate Bonds	43.6%
U.S. Treasury Securities	18.2%
Collateralized Mortgage Obligations	9.0%
Asset-Backed Securities	8.1%
Collateralized Loan Obligations	7.3%
U.S. Government Agency Mortgage-Backed Securities	6.7%
Commercial Mortgage-Backed Securities	3.5%
Bank Loan Obligations	2.0%
Preferred Stocks	1.7%
Sovereign Governments and Agencies	0.4%
Short-Term Investments	0.6%
Other Assets and Liabilities	(1.1)%

3

Shareholder Fee Example 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from April 1, 2022 to September 30, 2022.

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 mutual 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 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 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 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$962.60	$2.56	0.52%
I Class	$1,000	$963.00	$2.07	0.42%
Y Class	$1,000	$963.40	$1.58	0.32%
A Class	$1,000	$961.40	$3.79	0.77%
C Class	$1,000	$957.80	$7.46	1.52%
R Class	$1,000	$960.20	$5.01	1.02%
R5 Class	$1,000	$963.60	$1.58	0.32%
R6 Class	$1,000	$963.80	$1.33	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, 2022 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 43.6%
Aerospace and Defense — 0.2%
Boeing Co., 1.43%, 2/4/24	$	1,410,000	$	1,340,251
Air Freight and Logistics — 0.3%
GXO Logistics, Inc., 1.65%, 7/15/26	3,000,000		2,454,258
Airlines — 0.5%
American Airlines, Inc., 11.75%, 7/15/25(1)	2,040,000		2,133,677
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)	955,231		898,714
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)	973,000		907,540
			3,939,931
Automobiles — 1.5%
Ford Motor Credit Co. LLC, 2.30%, 2/10/25	2,500,000		2,218,543
Ford Motor Credit Co. LLC, 4.95%, 5/28/27	1,540,000		1,378,192
General Motors Financial Co., Inc., 1.20%, 10/15/24	2,000,000		1,837,602
General Motors Financial Co., Inc., 3.80%, 4/7/25	3,000,000		2,860,196
Toyota Motor Credit Corp., 3.95%, 6/30/25	3,000,000		2,930,556
			11,225,089
Banks — 9.7%
Banco Santander SA, VRN, 1.72%, 9/14/27	1,400,000		1,159,857
Bank of America Corp., VRN, 3.38%, 4/2/26	985,000		930,926
Bank of America Corp., VRN, 1.32%, 6/19/26	2,625,000		2,332,303
Bank of America Corp., VRN, 1.73%, 7/22/27	417,000		358,159
Bank of America Corp., VRN, 4.95%, 7/22/28	1,125,000		1,082,105
Bank of Ireland Group PLC, VRN, 2.03%, 9/30/27(1)	1,495,000		1,238,448
BNP Paribas SA, VRN, 2.22%, 6/9/26(1)	2,600,000		2,339,838
BPCE SA, 1.625%, 1/14/25(1)	1,500,000		1,378,390
BPCE SA, 4.50%, 3/15/25(1)	1,574,000		1,496,137
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25	1,945,000		1,879,686
Citigroup, Inc., VRN, 2.01%, 1/25/26	2,106,000		1,936,958
Citigroup, Inc., VRN, 3.11%, 4/8/26	800,000		750,387
Citigroup, Inc., VRN, 5.61%, 9/29/26	2,490,000		2,477,992
Discover Bank, VRN, 4.68%, 8/9/28	3,830,000		3,673,772
DNB Bank ASA, VRN, 2.97%, 3/28/25(1)	2,265,000		2,186,201
Fifth Third Bancorp, VRN, 4.06%, 4/25/28	1,081,000		1,015,767
First-Citizens Bank & Trust Co., VRN, 3.93%, 6/19/24	795,000		784,537
First-Citizens Bank & Trust Co., VRN, 2.97%, 9/27/25	2,525,000		2,384,177
FNB Corp., 2.20%, 2/24/23	1,062,000		1,047,414
HSBC Holdings PLC, VRN, 0.73%, 8/17/24	3,200,000		3,051,802
HSBC Holdings PLC, VRN, 1.16%, 11/22/24	606,000		572,914
HSBC Holdings PLC, VRN, 4.18%, 12/9/25	1,775,000		1,699,011
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28	2,465,000		2,331,288
Intesa Sanpaolo SpA, 3.375%, 1/12/23(1)	1,015,000		1,009,496
JPMorgan Chase & Co., VRN, 1.56%, 12/10/25	1,180,000		1,082,930
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27	715,000		608,317
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27	895,000		773,667
JPMorgan Chase & Co., VRN, 1.47%, 9/22/27	781,000		661,323
Lloyds Banking Group PLC, VRN, 2.91%, 11/7/23	1,935,000		1,930,589

6

	Principal Amount/Shares		Value
Lloyds Banking Group PLC, VRN, 4.72%, 8/11/26	$	1,955,000	$	1,879,743
Mitsubishi UFJ Financial Group, Inc., VRN, 5.06%, 9/12/25	566,000		560,276
Mitsubishi UFJ Financial Group, Inc., VRN, 5.35%, 9/13/28	3,285,000		3,206,083
NatWest Group PLC, 4.80%, 4/5/26	1,000,000		959,901
NatWest Group PLC, VRN, 5.52%, 9/30/28	2,735,000		2,599,210
Nordea Bank Abp, 4.75%, 9/22/25(1)	1,870,000		1,840,897
Royal Bank of Canada, 4.24%, 8/3/27	2,630,000		2,511,084
Skandinaviska Enskilda Banken AB, 3.70%, 6/9/25(1)	1,160,000		1,117,120
Societe Generale SA, 4.35%, 6/13/25(1)	1,040,000		1,012,986
Societe Generale SA, VRN, 2.23%, 1/21/26(1)	2,200,000		1,984,814
Synchrony Bank, 5.40%, 8/22/25	2,980,000		2,908,129
Toronto-Dominion Bank, 4.11%, 6/8/27	1,790,000		1,689,960
UniCredit SpA, 7.83%, 12/4/23(1)	2,660,000		2,682,781
UniCredit SpA, VRN, 2.57%, 9/22/26(1)	2,545,000		2,182,979
			71,310,354
Beverages — 0.2%
PepsiCo, Inc., 3.60%, 2/18/28	1,363,000		1,289,654
Biotechnology — 0.2%
CSL Finance PLC, 3.85%, 4/27/27(1)	1,667,000		1,579,753
Capital Markets — 3.1%
Bank of New York Mellon Corp., VRN, 4.41%, 7/24/26	2,100,000		2,053,428
Deutsche Bank AG, 5.37%, 9/9/27	1,235,000		1,193,553
Deutsche Bank AG, VRN, 4.30%, 5/24/28	3,199,000		2,853,614
FS KKR Capital Corp., 4.25%, 2/14/25(1)	1,406,000		1,305,587
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25	3,337,000		3,172,595
Goldman Sachs Group, Inc., VRN, 4.39%, 6/15/27	1,541,000		1,469,050
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27	1,472,000		1,260,659
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28	1,455,000		1,264,052
Golub Capital BDC, Inc., 2.50%, 8/24/26	1,976,000		1,658,698
Morgan Stanley, VRN, 0.79%, 5/30/25	875,000		805,880
Morgan Stanley, VRN, 1.16%, 10/21/25	1,560,000		1,422,626
Morgan Stanley, VRN, 2.63%, 2/18/26	1,132,000		1,055,598
Owl Rock Capital Corp., 3.40%, 7/15/26	1,380,000		1,185,637
Owl Rock Core Income Corp., 3.125%, 9/23/26	438,000		368,704
UBS Group AG, VRN, 1.49%, 8/10/27(1)	1,404,000		1,181,153
UBS Group AG, VRN, 4.75%, 5/12/28(1)	258,000		242,506
			22,493,340
Chemicals — 0.4%
Celanese US Holdings LLC, 5.90%, 7/5/24	1,600,000		1,579,067
Sherwin-Williams Co., 4.25%, 8/8/25	1,500,000		1,465,577
			3,044,644
Consumer Finance — 1.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/24	610,000		557,830
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, 7/15/25	1,374,000		1,372,498
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26	1,500,000		1,267,267
American Express Co., 3.95%, 8/1/25	3,123,000		3,026,645
Avolon Holdings Funding Ltd., 5.50%, 1/15/26(1)	700,000		659,134
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(1)	750,000		671,747

7

	Principal Amount/Shares		Value
BOC Aviation USA Corp., 1.625%, 4/29/24(1)	$	1,774,000	$	1,676,130
Capital One Financial Corp., VRN, 4.99%, 7/24/26	263,000		257,263
Navient Corp., 6.125%, 3/25/24	1,725,000		1,682,151
OneMain Finance Corp., 8.25%, 10/1/23	1,995,000		2,020,095
			13,190,760
Containers and Packaging — 1.3%
Amcor Flexibles North America, Inc., 4.00%, 5/17/25	2,690,000		2,599,884
Berry Global, Inc., 0.95%, 2/15/24	1,300,000		1,222,311
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1)	2,750,000		2,539,845
Sealed Air Corp., 1.57%, 10/15/26(1)	3,500,000		2,934,626
			9,296,666
Diversified Financial Services — 0.6%
Antares Holdings LP, 6.00%, 8/15/23(1)	1,840,000		1,821,914
Antares Holdings LP, 3.95%, 7/15/26(1)	1,200,000		1,027,443
Antares Holdings LP, 2.75%, 1/15/27(1)	1,531,000		1,220,824
			4,070,181
Diversified Telecommunication Services — 1.6%
AT&T, Inc., 4.10%, 2/15/28	3,000,000		2,799,894
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)	1,500,000		1,412,552
Level 3 Financing, Inc., 3.40%, 3/1/27(1)	3,460,000		2,904,584
Level 3 Financing, Inc., 4.625%, 9/15/27(1)	1,072,000		889,803
Telecom Italia SpA, 5.30%, 5/30/24(1)	3,865,000		3,655,691
			11,662,524
Electric Utilities — 2.4%
American Electric Power Co., Inc., 2.03%, 3/15/24	2,000,000		1,915,436
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62	2,600,000		2,040,789
Duke Energy Corp., VRN, 3.25%, 1/15/82	1,580,000		1,159,844
FEL Energy VI Sarl, 5.75%, 12/1/40(1)	2,072,154		1,422,576
Jersey Central Power & Light Co., 4.30%, 1/15/26(1)	2,500,000		2,402,192
NextEra Energy Capital Holdings, Inc., 4.26%, 9/1/24	2,000,000		1,972,639
NextEra Energy Capital Holdings, Inc., 4.45%, 6/20/25	2,720,000		2,675,695
NextEra Energy Operating Partners LP, 4.25%, 7/15/24(1)	1,643,000		1,575,605
Vistra Operations Co. LLC, 5.125%, 5/13/25(1)	2,500,000		2,423,701
			17,588,477
Entertainment — 0.9%
Netflix, Inc., 4.875%, 4/15/28	275,000		257,984
Netflix, Inc., 5.875%, 11/15/28	2,665,000		2,607,116
Warnermedia Holdings, Inc., 3.79%, 3/15/25(1)	1,950,000		1,842,931
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1)	1,838,000		1,646,753
			6,354,784
Equity Real Estate Investment Trusts (REITs) — 2.7%
American Tower Corp., 3.65%, 3/15/27	780,000		714,284
Duke Realty LP, 3.25%, 6/30/26	1,520,000		1,404,153
EPR Properties, 4.75%, 12/15/26	1,233,000		1,096,115
EPR Properties, 4.95%, 4/15/28	906,000		781,228
Federal Realty Investment Trust, 2.75%, 6/1/23	2,250,000		2,223,386
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	2,740,000		2,624,372
iStar, Inc., 4.75%, 10/1/24	340,000		335,820
Mid-America Apartments LP, 3.60%, 6/1/27	3,720,000		3,455,498
Sabra Health Care LP, 5.125%, 8/15/26	1,100,000		1,033,432
SITE Centers Corp., 3.625%, 2/1/25	1,500,000		1,419,370

8

	Principal Amount/Shares		Value
VICI Properties LP, 4.375%, 5/15/25	$	1,890,000	$	1,801,832
VICI Properties LP / VICI Note Co., Inc., 3.50%, 2/15/25(1)	3,000,000		2,776,785
			19,666,275
Health Care Providers and Services — 0.4%
HCA, Inc., 3.125%, 3/15/27(1)	1,395,000		1,236,922
Universal Health Services, Inc., 1.65%, 9/1/26(1)	2,333,000		1,957,869
			3,194,791
Hotels, Restaurants and Leisure — 0.3%
Hyatt Hotels Corp., 1.80%, 10/1/24	2,000,000		1,876,837
Household Durables — 0.4%
Meritage Homes Corp., 6.00%, 6/1/25	3,014,000		2,927,894
Insurance — 1.6%
Athene Global Funding, 2.51%, 3/8/24(1)	2,600,000		2,485,571
Equitable Financial Life Global Funding, 1.30%, 7/12/26(1)	801,000		696,640
GA Global Funding Trust, 3.85%, 4/11/25(1)	1,966,000		1,875,078
Jackson National Life Global Funding, 1.75%, 1/12/25(1)	712,000		654,995
Met Tower Global Funding, 1.25%, 9/14/26(1)	885,000		762,122
Protective Life Global Funding, 1.17%, 7/15/25(1)	1,525,000		1,364,093
SBL Holdings, Inc., 5.125%, 11/13/26(1)	2,833,000		2,587,147
SBL Holdings, Inc., VRN, 6.50%(1)(2)	1,935,000		1,460,925
			11,886,571
IT Services — 0.7%
Fidelity National Information Services, Inc., 4.70%, 7/15/27	2,500,000		2,410,151
Global Payments, Inc., 3.75%, 6/1/23	890,000		882,183
International Business Machines Corp., 3.30%, 5/15/26	2,185,000		2,060,344
			5,352,678
Leisure Products — 0.1%
Brunswick Corp., 0.85%, 8/18/24	750,000		691,250
Machinery — 0.6%
CNH Industrial Capital LLC, 3.95%, 5/23/25	2,207,000		2,130,936
John Deere Capital Corp., 3.40%, 6/6/25	2,340,000		2,264,303
			4,395,239
Media — 1.3%
Cox Communications, Inc., 3.15%, 8/15/24(1)	2,075,000		1,988,080
DISH DBS Corp., 7.75%, 7/1/26	1,500,000		1,152,802
DISH DBS Corp., 5.25%, 12/1/26(1)	850,000		697,953
iHeartCommunications, Inc., 8.375%, 5/1/27	1,365,000		1,150,866
Paramount Global, VRN, 6.25%, 2/28/57	2,095,000		1,806,988
Paramount Global, VRN, 6.375%, 3/30/62	1,735,000		1,501,857
WPP Finance 2010, 3.75%, 9/19/24	1,605,000		1,557,844
			9,856,390
Metals and Mining — 0.9%
First Quantum Minerals Ltd., 6.50%, 3/1/24(1)	700,000		686,861
GUSAP III LP, 4.25%, 1/21/30(1)	1,500,000		1,318,223
Novelis Corp., 3.25%, 11/15/26(1)	1,000,000		835,995
Nucor Corp., 3.95%, 5/23/25	984,000		954,764
Steel Dynamics, Inc., 2.80%, 12/15/24	3,000,000		2,868,733
			6,664,576
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1)	2,359,000		2,173,370

9

	Principal Amount/Shares		Value
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)	$	1,492,000	$	1,119,448
			3,292,818
Multi-Utilities — 0.7%
Ameren Corp., 1.75%, 3/15/28	1,500,000		1,239,656
DTE Energy Co., VRN, 4.22%, 11/1/24	1,556,000		1,527,494
Sempra Energy, VRN, 4.125%, 4/1/52	2,560,000		2,017,861
			4,785,011
Multiline Retail — 0.1%
Nordstrom, Inc., 2.30%, 4/8/24	1,000,000		931,170
Oil, Gas and Consumable Fuels — 2.7%
Ecopetrol SA, 5.875%, 9/18/23	1,900,000		1,888,153
Enbridge, Inc., VRN, 3.30%, 2/16/24	2,000,000		1,979,081
Energy Transfer LP, 4.25%, 4/1/24	1,500,000		1,469,131
Enterprise Products Operating LLC, 3.70%, 2/15/26	3,000,000		2,864,626
EQT Corp., 5.68%, 10/1/25(3)	2,000,000		1,990,180
Geopark Ltd., 5.50%, 1/17/27(1)	800,000		625,686
Hess Corp., 3.50%, 7/15/24	2,200,000		2,128,276
HF Sinclair Corp., 2.625%, 10/1/23(1)	1,750,000		1,694,541
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1)	1,315,000		1,257,712
Petroleos Mexicanos, 3.50%, 1/30/23	2,100,000		2,074,957
Petroleos Mexicanos, 6.50%, 3/13/27	1,700,000		1,426,555
			19,398,898
Pharmaceuticals — 0.2%
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(1)	1,700,000		1,592,747
Road and Rail — 0.9%
DAE Funding LLC, 1.55%, 8/1/24(1)	875,000		800,110
DAE Funding LLC, 2.625%, 3/20/25(1)	1,910,000		1,753,378
SMBC Aviation Capital Finance DAC, 4.125%, 7/15/23(1)	2,000,000		1,977,235
Triton Container International Ltd., 1.15%, 6/7/24(1)	2,250,000		2,050,851
			6,581,574
Semiconductors and Semiconductor Equipment — 0.4%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27	1,203,000		1,108,282
Intel Corp., 3.75%, 8/5/27	2,000,000		1,901,456
			3,009,738
Software — 0.4%
NortonLifeLock, Inc., 6.75%, 9/30/27(1)	1,860,000		1,789,162
NortonLifeLock, Inc., 7.125%, 9/30/30(1)	795,000		770,669
			2,559,831
Technology Hardware, Storage and Peripherals — 0.6%
Condor Merger Sub, Inc., 7.375%, 2/15/30(1)	2,470,000		2,024,091
Dell International LLC / EMC Corp., 6.02%, 6/15/26	2,620,000		2,633,200
			4,657,291
Thrifts and Mortgage Finance — 0.4%
Nationwide Building Society, 1.00%, 8/28/25(1)	1,690,000		1,486,558
Nationwide Building Society, 4.85%, 7/27/27(1)	1,594,000		1,515,590
			3,002,148
Trading Companies and Distributors — 0.7%
Air Lease Corp., 2.75%, 1/15/23	3,565,000		3,545,082
Air Lease Corp., 2.875%, 1/15/26	852,000		763,495

10

	Principal Amount/Shares		Value
Aircastle Ltd., 5.25%, 8/11/25(1)	$	766,000	$	721,788
			5,030,365
Transportation Infrastructure — 0.2%
Adani Ports & Special Economic Zone Ltd., 4.00%, 7/30/27	2,000,000		1,738,645
Wireless Telecommunication Services — 2.1%
Kenbourne Invest SA, 6.875%, 11/26/24(1)	690,000		650,860
Kenbourne Invest SA, 4.70%, 1/22/28(1)	645,000		491,518
Sprint Corp., 7.875%, 9/15/23	2,500,000		2,529,675
Sprint Corp., 7.125%, 6/15/24	3,605,000		3,664,879
Sprint Corp., 7.625%, 2/15/25	3,780,000		3,881,255
T-Mobile USA, Inc., 4.75%, 2/1/28	3,995,000		3,778,371
			14,996,558
TOTAL CORPORATE BONDS (Cost $343,237,153)			318,929,961
U.S. TREASURY SECURITIES — 18.2%
U.S. Treasury Notes, 3.50%, 9/15/25	4,000,000		3,918,750
U.S. Treasury Notes, 3.25%, 6/30/29	1,000,000		955,996
U.S. Treasury Notes, 3.125%, 8/15/25	19,000,000		18,418,867
U.S. Treasury Notes, 0.25%, 4/15/23	200,000		196,122
U.S. Treasury Notes, 0.125%, 12/15/23	500,000		475,859
U.S. Treasury Notes, 1.50%, 9/30/24	11,000,000		10,430,020
U.S. Treasury Notes, 0.75%, 11/15/24	12,500,000		11,616,211
U.S. Treasury Notes, 1.00%, 12/15/24	10,500,000		9,785,918
U.S. Treasury Notes, 1.125%, 1/15/25(4)	25,000,000		23,295,899
U.S. Treasury Notes, 1.50%, 2/15/25	10,000,000		9,375,781
U.S. Treasury Notes, 1.75%, 3/15/25	8,000,000		7,534,375
U.S. Treasury Notes, 2.625%, 4/15/25	19,000,000		18,249,648
U.S. Treasury Notes, 2.75%, 5/15/25	2,000,000		1,924,922
U.S. Treasury Notes, 2.875%, 6/15/25	5,000,000		4,822,852
U.S. Treasury Notes, 3.00%, 6/30/24	12,650,000		12,375,999
TOTAL U.S. TREASURY SECURITIES (Cost $139,253,050)			133,377,219
COLLATERALIZED MORTGAGE OBLIGATIONS — 9.0%
Private Sponsor Collateralized Mortgage Obligations — 8.2%
Angel Oak Mortgage Trust, Series 2019-4, Class A3 SEQ, VRN, 3.30%, 7/26/49(1)	46,328		46,038
Angel Oak Mortgage Trust, Series 2019-5, Class A3, VRN, 2.92%, 10/25/49(1)	1,234,458		1,183,559
Angel Oak Mortgage Trust, Series 2019-6, Class M1, VRN, 3.39%, 11/25/59(1)	1,750,000		1,637,907
Angel Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%, 1/26/65(1)	1,236,615		1,158,232
Angel Oak Mortgage Trust LLC, Series 2019-1, Class B1 SEQ, VRN, 5.40%, 11/25/48(1)	2,300,000		2,206,378
Arroyo Mortgage Trust, Series 2019-1, Class M1, VRN, 4.10%, 1/25/49(1)	632,000		553,922
Arroyo Mortgage Trust, Series 2019-3, Class M1, VRN, 4.20%, 10/25/48(1)	4,390,000		3,690,555
Arroyo Mortgage Trust, Series 2020-1, Class M1, 4.28%, 3/25/55(1)	1,250,000		1,196,525
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 3.59%, 6/25/34	11,779		11,417
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 2.40%, (1-year H15T1Y plus 2.25%), 2/25/36	5,569		5,415

11

	Principal Amount/Shares		Value
Bellemeade Re Ltd., Series 2017-1, Class B1 SEQ, VRN, 7.83%, (1-month LIBOR plus 4.75%), 10/25/27(1)	$	1,500,000	$	1,501,418
Bellemeade Re Ltd., Series 2017-1, Class M2, VRN, 6.43%, (1-month LIBOR plus 3.35%), 10/25/27(1)	318,214		318,285
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 5.98%, (1-month LIBOR plus 2.90%), 4/25/28(1)	2,061,468		2,055,049
Bellemeade Re Ltd., Series 2018-3A, Class M1B, VRN, 4.93%, (1-month LIBOR plus 1.85%), 10/25/28(1)	734,817		733,474
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 5.03%, (1-month LIBOR plus 1.95%), 7/25/29(1)	2,350,000		2,323,315
Bellemeade Re Ltd., Series 2020-4A, Class M2B, VRN, 6.68%, (1-month LIBOR plus 3.60%), 6/25/30(1)	2,177,952		2,175,008
BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1, VRN, 2.29%, 3/25/60(1)	887,000		795,754
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.93%, 8/25/34	25,790		25,111
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class M1, VRN, 2.84%, 2/25/50(1)	3,008,500		2,518,581
Credit Suisse Mortgage Trust, Series 2021-NQM1, Class M1, VRN, 2.13%, 5/25/65(1)	2,475,168		1,969,130
Credit Suisse Mortgage Trust, Series 2021-NQM8, Class M1, VRN, 3.26%, 10/25/66(1)	2,500,000		1,754,661
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.24%, 7/25/51(1)	2,335,819		1,684,682
Flagstar Mortgage Trust, Series 2020-1INV, Class B4, VRN, 4.22%, 3/25/50(1)	2,145,327		1,705,199
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class M1, VRN, 3.29%, 9/27/60(1)	1,600,000		1,433,331
Home RE Ltd., Series 2020-1, Class B1, VRN, 10.08%, (1-month LIBOR plus 7.00%), 10/25/30(1)	1,275,000		1,285,412
Home RE Ltd., Series 2022-1, Class M1A, VRN, 5.13%, (30-day average SOFR plus 2.85%), 10/25/34(1)	750,000		732,625
Homeward Opportunities Fund I Trust, Series 2020-2, Class B3, VRN, 5.49%, 5/25/65(1)	2,150,000		2,058,707
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class M1, VRN, 2.38%, 6/25/56(1)	1,000,000		722,182
J.P. Morgan Wealth Management, Series 2021-CL1, Class M5, VRN, 5.93%, (30-day average SOFR plus 3.65%), 3/25/51(1)	609,080		571,146
JP Morgan Mortgage Trust, Series 2019-INV1, Class B4, VRN, 4.97%, 10/25/49(1)	1,876,999		1,596,669
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 2.77%, 2/25/35	10,777		10,271
MFA Trust, Series 2020-NQM1, Class A3 SEQ, VRN, 2.30%, 8/25/49(1)	216,341		210,277
Radnor RE Ltd., Series 2019-1, Class M1B, VRN, 5.03%, (1-month LIBOR plus 1.95%), 2/25/29(1)	1,947,512		1,925,085
Radnor RE Ltd., Series 2021-1, Class M1B, VRN, 3.98%, (30-day average SOFR plus 1.70%), 12/27/33(1)	1,500,000		1,469,242
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 4.13%, (30-day average SOFR plus 1.85%), 11/25/31(1)	752,871		733,074
Radnor RE Ltd., Series 2021-2, Class M1B, VRN, 5.98%, (30-day average SOFR plus 3.70%), 11/25/31(1)	1,500,000		1,410,047
Residential Mortgage Loan Trust, Series 2020-2, Class M1 SEQ, VRN, 3.57%, 5/25/60(1)	1,800,000		1,749,377
Traingle Re Ltd., Series 2020-1, Class M2, VRN, 8.68%, (1-month LIBOR plus 5.60%), 10/25/30(1)	639,015		640,817
Traingle Re Ltd., Series 2021-1, Class M1C, VRN, 6.48%, (1-month LIBOR plus 3.40%), 8/25/33(1)	1,253,342		1,253,232
Traingle Re Ltd., Series 2021-1, Class M2, VRN, 6.98%, (1-month LIBOR plus 3.90%), 8/25/33(1)	850,000		846,920

12

		Principal Amount/Shares		Value
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 4.18%, (30-day average SOFR plus 1.90%), 2/25/34(1)		$	2,389,417	$	2,372,080
Triangle Re Ltd., Series 2021-2, Class M1A, VRN, 5.13%, (1-month LIBOR plus 2.05%), 10/25/33(1)		3,333,591		3,326,660
Verus Securitization Trust, Series 2020-4, Class A3 SEQ, 2.32%, 5/25/65(1)		314,852		302,383
Verus Securitization Trust, Series 2020-INV1, Class M1 SEQ, VRN, 5.50%, 3/25/60(1)		1,450,000		1,403,424
Verus Securitization Trust, Series 2021-R1, Class M1 SEQ, 2.34%, 10/25/63(1)		1,025,000		887,105
Verus Securitization Trust, Series 2021-R3, Class A3, VRN, 1.38%, 4/25/64(1)		653,342		603,328
Vista Point Securitization Trust, Series 2020-1, Class B1, VRN, 5.375%, 3/25/65(1)		1,000,000		952,887
				59,745,896
U.S. Government Agency Collateralized Mortgage Obligations — 0.8%
FHLMC, Series 2017-HRP1, Class M2, VRN, 5.53%, (1-month LIBOR plus 2.45%), 12/25/42		928,587		920,604
FHLMC, Series 2019-CS03, Class M1, VRN, 3.08%, 10/25/32(1)		907,833		905,856
FHLMC, Series 2020-HQA3, Class M2, VRN, 6.68%, (1-month LIBOR plus 3.60%), 7/25/50(1)		5,333		5,332
FHLMC, Series 2022-DNA3, Class M1A, VRN, 4.28%, (30-day average SOFR plus 2.00%), 4/25/42(1)		1,461,312		1,447,461
FHLMC, Series 2022-DNA5, Class M1A, VRN, 5.23%, (30-day average SOFR plus 2.95%), 6/25/42(1)		1,637,061		1,638,835
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46		1,660,901		318,710
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47		1,291,072		248,069
FNMA, Series 413, Class C27, IO, 4.00%, 7/25/42		1,641,972		247,501
				5,732,368
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $70,750,451)				65,478,264
ASSET-BACKED SECURITIES — 8.1%
Aaset Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1)		1,386,395		1,047,681
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I SEQ, 4.19%, 6/5/49(1)		2,673,000		2,541,026
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)		1,642,519		1,237,396
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class AA SEQ, 2.49%, 12/16/41(1)		1,443,334		1,317,677
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1)		1,291,604		1,204,611
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A SEQ, 2.74%, 8/15/41(1)		640,742		570,250
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A SEQ, 3.47%, 1/15/46(1)		2,215,258		1,944,478
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1)		1,937,245		1,583,081
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2 SEQ, 4.94%, 1/25/52(1)	CAD	2,650,000		1,772,629
Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)	CAD	1,850,000		1,247,677
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.30%, 12/26/51(1)		$	2,950,000	2,635,970
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1)		2,875,000		2,345,812
Diamond Resorts Owner Trust, Series 2021-1A, Class C, 2.70%, 11/21/33(1)		424,783		388,041

13

	Principal Amount/Shares		Value
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II SEQ, 4.47%, 10/25/45(1)	$	1,272,375	$	1,218,373
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2 SEQ, 4.25%, 3/25/52(1)	1,702,875		1,538,888
Falcon Aerospace Ltd., Series 2019-1, Class A SEQ, 3.60%, 9/15/39(1)	1,363,924		1,086,361
FirstKey Homes Trust, Series 2020-SFR2, Class E, 2.67%, 10/19/37(1)	1,500,000		1,342,219
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1)	3,300,000		2,761,289
FirstKey Homes Trust, Series 2021-SFR1, Class F1, 3.24%, 8/17/38(1)	1,000,000		840,577
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(1)	3,025,000		2,637,575
GAIA Aviation Ltd., Series 2019-1, Class A, 3.97%, 12/15/44(1)	483,189		392,366
Lunar Aircarft Ltd., Series 2020-1A, Class A SEQ, 3.38%, 2/15/45(1)	1,733,182		1,404,716
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1)	2,614,226		2,104,381
MAPS Ltd., Series 2018-1A, Class A SEQ, 4.21%, 5/15/43(1)	880,057		785,297
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1)	1,694,625		1,393,263
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A SEQ, 3.97%, 6/15/44(1)	2,702,116		2,431,953
Progress Residential Trust, Series 2020-SFR2, Class D, 3.87%, 6/17/37(1)	1,250,000		1,165,275
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1)	1,500,000		1,264,827
Progress Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1)	400,000		336,676
SBA Tower Trust, Series 2014-2A, Class C SEQ, 3.87%, 10/15/49(1)	2,335,000		2,259,584
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class D, 4.54%, 5/20/36(1)	216,157		208,074
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class D, 4.18%, 8/20/36(1)	144,711		135,770
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1)	1,613,325		1,283,815
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2 SEQ, 4.54%, 2/25/44(1)	3,762,178		3,716,963
START II Ltd., Series 2019-1, Class A SEQ, 4.09%, 3/15/44(1)	1,383,960		1,228,211
Start Ltd., Series 2018-1, Class A SEQ, 4.09%, 5/15/43(1)	2,957,927		2,364,789
Stonepeak ABS, Series 2021-1A, Class AA, 2.30%, 2/28/33(1)	2,600,911		2,311,843
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1)	2,500,000		2,194,657
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(1)	25,881		25,054
Wingstop Funding LLC, Series 2020-1A, Class A2 SEQ, 2.84%, 12/5/50(1)	870,423		743,276
TOTAL ASSET-BACKED SECURITIES (Cost $67,360,816)			59,012,401
COLLATERALIZED LOAN OBLIGATIONS — 7.3%
AMMC CLO XIII Ltd., Series 2013-13A, Class A3R2, VRN, 5.03%, (3-month LIBOR plus 2.25%), 7/24/29(1)	1,500,000		1,431,740
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 6.38%, (3-month LIBOR plus 3.60%), 7/25/29(1)	3,000,000		2,746,715

14

	Principal Amount/Shares		Value
Ares XLIX CLO Ltd., Series 2018-49A, Class C, VRN, 4.71%, (3-month LIBOR plus 1.95%), 7/22/30(1)	$	1,600,000	$	1,477,218
ARES XLVII CLO Ltd., Series 2018-47A, Class C, VRN, 4.26%, (3-month LIBOR plus 1.75%), 4/15/30(1)	1,000,000		920,261
BDS Ltd., Series 2020-FL6, Class E, VRN, 5.65%, (30-day average SOFR plus 3.36%), 9/15/35(1)	1,425,000		1,359,318
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 5.12%, (3-month LIBOR plus 2.20%), 8/14/30(1)	1,050,000		989,743
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 6.36%, (3-month LIBOR plus 3.65%), 7/20/30(1)	1,750,000		1,594,536
Cook Park CLO Ltd., Series 2018-1A, Class C, VRN, 4.49%, (3-month LIBOR plus 1.75%), 4/17/30(1)	2,000,000		1,833,093
Eaton Vance CLO Ltd., Series 2015-1A, Class CR, VRN, 4.61%, (3-month LIBOR plus 1.90%), 1/20/30(1)	2,500,000		2,306,821
KKR CLO 10 Ltd., Series 10, Class BR, VRN, 4.99%, (3-month LIBOR plus 1.70%), 9/15/29(1)	2,750,000		2,679,710
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 5.08%, (3-month SOFR plus 2.60%), 7/20/31(1)	2,300,000		2,199,734
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 7.11%, (3-month LIBOR plus 4.35%), 1/22/28(1)	2,500,000		2,181,408
Marathon CLO V Ltd., Series 2013-5A, Class A1R, VRN, 3.85%, (3-month LIBOR plus 0.87%), 11/21/27(1)	1,498,643		1,495,347
MF1 Ltd., Series 2020-FL4, Class D, VRN, 7.06%, (1-month SOFR plus 4.21%), 11/15/35(1)	2,395,000		2,383,286
Nassau Ltd., Series 2019-IA, Class BR, VRN, 3.64%, (3-month LIBOR plus 2.60%), 4/15/31(1)	1,500,000		1,407,693
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class BR2, VRN, 4.88%, (3-month LIBOR plus 2.15%), 10/21/30(1)	1,725,000		1,592,663
Palmer Square Loan Funding Ltd., Series 2020-1A, Class D, VRN, 7.83%, (3-month LIBOR plus 4.85%), 2/20/28(1)	2,500,000		2,500,125
Palmer Square Loan Funding Ltd., Series 2022-5A, Class A2 VRN, 5.17%, (3-month SOFR plus 2.65%), 1/15/31(1)	1,500,000		1,484,830
PFP Ltd., Series 2021-8, Class D, VRN, 5.09%, (1-month LIBOR plus 2.15%), 8/9/37(1)	900,000		837,775
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 5.33%, (1-month LIBOR plus 2.25%), 4/25/38(1)	1,000,000		951,079
Rockford Tower CLO Ltd., Series 2020-1A, Class C, VRN, 5.06%, (3-month LIBOR plus 2.35%), 1/20/32(1)	700,000		653,700
Shelter Growth Issuer Ltd., Series 2022-FL4, Class A, VRN, 5.32%, (1-month SOFR plus 2.30%), 6/17/37(1)	2,099,000		2,076,221
Sound Point CLO Ltd., Series 2014-3RA, Class C, VRN, 5.03%, (3-month LIBOR plus 2.25%), 10/23/31(1)	2,000,000		1,820,220
Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 4.31%, (3-month LIBOR plus 1.80%), 1/15/30(1)	2,970,000		2,733,657
Stratus CLO Ltd., Series 2021-2A, Class C, VRN, 4.61%, (3-month LIBOR plus 1.90%), 12/28/29(1)	1,775,000		1,626,240
Symphony CLO XIV Ltd., Series 2014-14A, Class CR, VRN, 4.58%, (3-month LIBOR plus 2.10%), 7/14/26(1)	2,725,000		2,672,864
TCI-Symphony CLO Ltd., Series 2016 -1A, Class CR2, VRN, 4.61%, (3-month LIBOR plus 2.15%), 10/13/32(1)	1,500,000		1,392,730
TICP CLO I-2 Ltd., Series 2018-IA, Class C, VRN, 5.81%, (3-month LIBOR plus 3.04%), 4/26/28(1)	2,100,000		2,011,666
Vibrant CLO VII Ltd., Series 2017-7A, Class B, VRN, 5.11%, (3-month LIBOR plus 2.40%), 9/15/30(1)	3,450,000		3,242,452
Wellfleet CLO Ltd., Series 2022-1A, Class B1, VRN, 4.47%, (3-month SOFR plus 2.35%), 4/15/34(1)	1,100,000		1,056,181
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $56,628,562)			53,659,026

15

	Principal Amount/Shares		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 6.7%
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 6.7%
FHLMC, 3.50%, 5/1/50	$	1,591,604	$	1,447,528
FHLMC, 2.50%, 10/1/50	3,045,927		2,576,341
FHLMC, 3.50%, 5/1/51	10,020,169		9,128,131
FNMA, 4.00%, 3/1/50	5,947,526		5,597,265
FNMA, 4.00%, 3/1/51	5,869,764		5,521,478
FNMA, 4.00%, 3/1/51	4,942,662		4,641,002
FNMA, 2.50%, 12/1/51	3,038,392		2,563,070
FNMA, 3.50%, 12/1/51	7,939,902		7,164,188
FNMA, 2.50%, 3/1/52	12,382,243		10,468,869
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $52,361,677)			49,107,872
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.5%
BBCMS Mortgage Trust, Series 2019-BWAY, Class D, VRN, 4.98%, (1-month LIBOR plus 2.16%), 11/15/34(1)	1,683,000		1,515,924
BBCMS Mortgage Trust, Series 2019-BWAY, Class E, VRN, 5.67%, (1-month LIBOR plus 2.85%), 11/15/34(1)	1,581,000		1,395,264
BXHPP Trust, Series 2021-FILM, Class D, VRN, 4.32%, (1-month LIBOR plus 1.50%), 8/15/36(1)	1,700,000		1,556,926
BXHPP Trust, Series 2021-FILM, Class E, VRN, 4.82%, (1-month LIBOR plus 2.00%), 8/15/36(1)	1,400,000		1,258,964
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 4.97%, (1-month LIBOR plus 2.15%), 5/15/36(1)	2,504,000		2,422,801
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 4.45%, (1-month LIBOR plus 1.63%), 12/15/36(1)	1,615,000		1,542,904
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A SEQ, 4.13%, 7/5/31(1)	1,853,000		1,810,833
Life Mortgage Trust, Series 2021-BMR, Class F, VRN, 5.17%, (1-month LIBOR plus 2.35%), 3/15/38(1)	1,445,949		1,330,378
Med Trust, Series 2021-MDLN, Class F, VRN, 6.82%, (1-month LIBOR plus 4.00%), 11/15/38(1)	1,994,100		1,844,375
MHP Trust, Series 2022-MHIL, Class D, VRN, 4.46%, (1-month SOFR plus 1.61%), 1/15/27(1)	3,102,506		2,901,948
Morgan Stanley Capital I Trust, Series 2017-CLS, Class F, VRN, 5.42%, (1-month LIBOR plus 2.60%), 11/15/34(1)	1,883,000		1,847,336
One Market Plaza Trust, Series 2017-1MKT, Class E, 4.14%, 2/10/32(1)	2,018,137		1,859,846
One New York Plaza Trust, Series 2020-1NYP, Class B, VRN, 4.32%, (1-month LIBOR plus 1.50%), 1/15/36(1)	1,512,000		1,430,257
SMRT, Series 2022-MINI, Class F, VRN, 6.20%, (1-month SOFR plus 3.35%), 1/15/39(1)	3,254,000		2,981,887
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $27,047,724)			25,699,643
BANK LOAN OBLIGATIONS(5) — 2.0%
Food and Staples Retailing — 0.2%
United Natural Foods, Inc., Term Loan B, 6.40%, (1-month SOFR plus 3.25%), 10/22/25	1,503,098		1,483,881
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 2021 Term Loan B5, 5.37%, (1-month LIBOR plus 2.25%), 11/8/27	2,571,531		2,510,059
Medline Borrower LP, USD Term Loan B, 6.37%, (1-month LIBOR plus 3.25%), 10/23/28	1,995,000		1,838,203
			4,348,262

16

	Principal Amount/Shares		Value
Health Care Providers and Services — 0.4%
Change Healthcare Holdings LLC, 2017 Term Loan B, 7.75%, (Prime rate plus 1.50%), 3/1/24	$	2,971,994	$	2,966,630
Pharmaceuticals — 0.6%
Horizon Therapeutics USA Inc., 2021 Term Loan B2, 4.88%, (1-month LIBOR plus 1.75%), 3/15/28	995,400		958,386
Jazz Financing Lux S.a.r.l., USD Term Loan, 6.62%, (1-month LIBOR plus 3.50%), 5/5/28	3,272,707		3,169,551
			4,127,937
Technology Hardware, Storage and Peripherals — 0.2%
McAfee, LLC, 2022 USD Term Loan B, 6.36%, (1-month SOFR plus 3.75%), 3/1/29	2,100,000		1,921,122
TOTAL BANK LOAN OBLIGATIONS (Cost $15,403,730)			14,847,832
PREFERRED STOCKS — 1.7%
Banks — 0.8%
Barclays PLC, 4.375%	851,000		526,599
ING Groep NV, 3.875%	2,400,000		1,571,640
JPMorgan Chase & Co., 4.60%	2,265,000		1,978,704
PNC Financial Services Group, Inc., 3.40%	2,199,000		1,646,562
			5,723,505
Capital Markets — 0.3%
Bank of New York Mellon Corp., 3.75%	2,895,000		2,243,625
Insurance — 0.1%
Allianz SE, 3.20%(1)	1,360,000		881,077
Oil, Gas and Consumable Fuels — 0.1%
BP Capital Markets PLC, 4.375%	600,000		556,500
Trading Companies and Distributors — 0.4%
Air Lease Corp., 4.125%	1,491,000		1,026,878
Aircastle Ltd., 5.25%(1)	2,875,000		2,170,895
			3,197,773
TOTAL PREFERRED STOCKS (Cost $16,625,985)			12,602,480
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.4%
Oman — 0.2%
Oman Government International Bond, 4.125%, 1/17/23	$	1,250,000	1,243,021
Trinidad — 0.2%
Trinidad & Tobago Government International Bond, 4.50%, 8/4/26	1,400,000		1,356,112
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,702,895)			2,599,133
SHORT-TERM INVESTMENTS — 0.6%
Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class	2,322,980		2,322,980
Repurchase Agreements — 0.3%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.625% - 4.625%, 1/15/25 - 5/15/47, valued at $405,418), in a joint trading account at 2.86%, dated 9/30/22, due 10/3/22 (Delivery value $398,621)			398,526

17

	Principal Amount/Shares	Value
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.25%, 6/30/29, valued at $2,028,873), at 2.95%, dated 9/30/22, due 10/3/22 (Delivery value $1,989,489)		$	1,989,000
		2,387,526
TOTAL SHORT-TERM INVESTMENTS (Cost $4,710,506)		4,710,506
TOTAL INVESTMENT SECURITIES — 101.1% (Cost $796,082,549)		740,024,337
OTHER ASSETS AND LIABILITIES — (1.1)%		(8,252,904)
TOTAL NET ASSETS — 100.0%		$	731,771,433

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	3,221,447	CAD	4,201,008	Goldman Sachs & Co.	12/15/22	$	179,494

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	360	December 2022	$	73,940,626	$	(738,457)

^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	1	December 2022	$	112,062	$	2,654
U.S. Treasury 10-Year Ultra Notes	139	December 2022	16,469,328		887,972
U.S. Treasury 5-Year Notes	462	December 2022	49,668,610		1,435,465
U.S. Treasury Long Bonds	138	December 2022	17,444,063		1,283,102
U.S. Treasury Ultra Bonds	14	December 2022	1,918,000		139,275
			$	85,612,063	$	3,748,468

^Amount represents value and unrealized appreciation (depreciation).

18

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 37	Buy	(5.00)%	12/20/26	$	13,860,000	$	(628,156)	$	677,981	$	49,825
Markit CDX North America High Yield Index Series 38	Buy	(5.00)%	6/20/27	$	30,987,000	(32,130)		708,064		675,934
						$	(660,286)	$	1,386,045	$	725,759

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

NOTES TO SCHEDULE OF INVESTMENTS
CAD	-	Canadian Dollar
CDX	-	Credit Derivatives Indexes
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
SEQ	-	Sequential Payer
SOFR	-	Secured Overnight Financing 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.

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $314,441,849, which represented 43.0% of total net assets.

(2)Perpetual maturity with no stated maturity date.

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

(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $4,641,475.

(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.

See Notes to Financial Statements.

19

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (cost of $796,082,549)	$	740,024,337
Cash	16,429
Receivable for investments sold	3,515,190
Receivable for capital shares sold	1,260,305
Receivable for variation margin on futures contracts	252,489
Receivable for variation margin on swap agreements	66,578
Unrealized appreciation on forward foreign currency exchange contracts	179,494
Interest receivable	4,871,284
	750,186,106
Liabilities
Payable for investments purchased	7,034,495
Payable for capital shares redeemed	11,099,004
Accrued management fees	272,663
Distribution and service fees payable	5,310
Dividends payable	3,201
	18,414,673
Net Assets	$	731,771,433
Net Assets Consist of:
Capital paid in	$	800,812,029
Distributable earnings	(69,040,596)
	$	731,771,433

	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class	$226,539,224	25,547,680	$8.87
I Class	$483,103,643	54,504,767	$8.86
Y Class	$5,426	612	$8.87
A Class	$12,036,350	1,357,452	$8.87
C Class	$3,158,548	356,223	$8.87
R Class	$406,674	45,861	$8.87
R5 Class	$288,087	32,493	$8.87
R6 Class	$6,233,481	702,704	$8.87

*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.07 (net asset value divided by 0.9775). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

20

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	13,418,510
Expenses:
Management fees	1,706,913
Distribution and service fees:
A Class	18,337
C Class	17,014
R Class	666
Trustees' fees and expenses	26,169
Other expenses	14,322
	1,783,421
Net investment income (loss)	11,635,089
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(23,465,870)
Forward foreign currency exchange contract transactions	69,684
Futures contract transactions	8,115,898
Swap agreement transactions	484,848
Foreign currency translation transactions	(1,532)
	(14,796,972)
Change in net unrealized appreciation (depreciation) on:
Investments	(27,631,647)
Forward foreign currency exchange contracts	254,896
Futures contracts	(405,656)
Swap agreements	2,437,256
Translation of assets and liabilities in foreign currencies	(41)
	(25,345,192)
Net realized and unrealized gain (loss)	(40,142,164)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(28,507,075)

See Notes to Financial Statements.

21

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	11,635,089	$	12,155,016
Net realized gain (loss)	(14,796,972)		464,451
Change in net unrealized appreciation (depreciation)	(25,345,192)		(29,017,509)
Net increase (decrease) in net assets resulting from operations	(28,507,075)		(16,398,042)
Distributions to Shareholders
From earnings:
Investor Class	(3,378,618)		(6,784,297)
I Class	(7,040,933)		(10,545,801)
Y Class	(80)		(70,316)
A Class	(178,016)		(533,414)
C Class	(28,938)		(79,249)
R Class	(3,085)		(6,200)
R5 Class	(3,856)		(2,165)
R6 Class	(70,291)		(134,492)
Decrease in net assets from distributions	(10,703,817)		(18,155,934)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	60,977,806		428,901,961
Net increase (decrease) in net assets	21,766,914		394,347,985
Net Assets
Beginning of period	710,004,519		315,656,534
End of period	$	731,771,433	$	710,004,519

See Notes to Financial Statements.

22

Notes to Financial Statements

SEPTEMBER 30, 2022 (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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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.

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.

23

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee 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 ACIM 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.

24

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 annual management fee for each class is as follows:

Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class
0.51%	0.41%	0.31%	0.51%	0.51%	0.51%	0.31%	0.26%

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended September 30, 2022 are detailed in the Statement of Operations.

25

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, 2022 totaled $610,294,788, of which $269,003,342 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2022 totaled $527,488,766, of which $220,286,246 represented U.S. Treasury and Government Agency obligations.

26

5. Capital Share Transactions

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

	Six months ended September 30, 2022			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	7,492,961	$	68,656,534	24,251,606	$	236,473,152
Issued in reinvestment of distributions	368,564	3,348,085		692,849	6,726,985
Redeemed	(9,643,614)	(87,973,746)		(9,772,002)	(94,589,941)
	(1,782,089)	(15,969,127)		15,172,453	148,610,196
I Class
Sold	25,143,429	230,771,671		44,887,743	436,859,518
Issued in reinvestment of distributions	775,949	7,040,748		1,087,763	10,544,761
Redeemed	(17,575,530)	(160,275,666)		(16,788,584)	(162,636,110)
	8,343,848	77,536,753		29,186,922	284,768,169
Y Class
Sold	—	—		63,792	629,268
Issued in reinvestment of distributions	9	80		6,548	64,651
Redeemed	—	—		(649,161)	(6,412,951)
	9	80		(578,821)	(5,719,032)
A Class
Sold	180,194	1,658,910		472,225	4,621,527
Issued in reinvestment of distributions	19,555	177,822		54,340	528,541
Redeemed	(668,415)	(6,089,378)		(778,056)	(7,620,183)
	(468,666)	(4,252,646)		(251,491)	(2,470,115)
C Class
Sold	35,531	325,605		200,584	1,961,445
Issued in reinvestment of distributions	3,078	27,935		8,094	78,673
Redeemed	(62,629)	(569,995)		(126,394)	(1,225,831)
	(24,020)	(216,455)		82,284	814,287
R Class
Sold	32,561	297,125		20,639	201,557
Issued in reinvestment of distributions	337	3,044		618	6,032
Redeemed	(7,070)	(65,079)		(38,202)	(375,262)
	25,828	235,090		(16,945)	(167,673)
R5 Class
Sold	31,162	285,985		13,588	131,295
Issued in reinvestment of distributions	425	3,850		224	2,165
Redeemed	(13,118)	(119,100)		(2,462)	(23,428)
	18,469	170,735		11,350	110,032
R6 Class
Sold	426,326	3,889,999		869,985	8,540,028
Issued in reinvestment of distributions	7,755	70,291		13,779	133,979
Redeemed	(53,345)	(486,914)		(589,003)	(5,717,910)
	380,736	3,473,376		294,761	2,956,097
Net increase (decrease)	6,494,115	$	60,977,806	43,900,513	$	428,901,961

27

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	—		$	318,929,961	—
U.S. Treasury Securities	—		133,377,219		—
Collateralized Mortgage Obligations	—		65,478,264		—
Asset-Backed Securities	—		59,012,401		—
Collateralized Loan Obligations	—		53,659,026		—
U.S. Government Agency Mortgage-Backed Securities	—		49,107,872		—
Commercial Mortgage-Backed Securities	—		25,699,643		—
Bank Loan Obligations	—		14,847,832		—
Preferred Stocks	—		12,602,480		—
Sovereign Governments and Agencies	—		2,599,133		—
Short-Term Investments	$	2,322,980	2,387,526		—
	$	2,322,980	$	737,701,357	—
Other Financial Instruments
Futures Contracts	$	3,748,468	—		—
Swap Agreements	—		$	725,759	—
Forward Foreign Currency Exchange Contracts	—		179,494		—
	$	3,748,468	$	905,253	—
Liabilities
Other Financial Instruments
Futures Contracts	$	738,457	—		—

28

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 $52,966,833.

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 $3,498,444.

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 $41,300,811 futures contracts purchased and $113,708,507 futures contracts sold.

29

Value of Derivative Instruments as of September 30, 2022

	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*	$	66,578	Payable for variation margin on swap agreements*	—
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	179,494		Unrealized depreciation on forward foreign currency exchange contracts	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	252,489		Payable for variation margin on futures contracts*	—
		$	498,561		—

*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, 2022

	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	$	484,848	Change in net unrealized appreciation (depreciation) on swap agreements	$	2,437,256
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	69,684		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	254,896
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	8,115,898		Change in net unrealized appreciation (depreciation) on futures contracts	(405,656)
		$	8,670,430		$	2,286,496

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, war, 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.

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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

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.

30

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	$	796,656,858
Gross tax appreciation of investments	$	268,539
Gross tax depreciation of investments	(56,901,060)
Net tax appreciation (depreciation) of investments	$	(56,632,521)

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, 2022, the fund had late-year ordinary loss deferrals of $(63,312) and post-October capital loss deferrals of $(133,463), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

31

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
2022(3)	$9.34	0.14	(0.49)	(0.35)	(0.12)	—	(0.12)	$8.87	(3.74)%	0.52%(4)	0.52%(4)	2.97%(4)	2.97%(4)	71%	$226,539
2022	$9.82	0.22	(0.38)	(0.16)	(0.24)	(0.08)	(0.32)	$9.34	(1.72)%	0.52%	0.52%	2.28%	2.28%	120%	$255,208
2021	$9.19	0.23	0.66	0.89	(0.26)	—	(0.26)	$9.82	9.74%	0.52%	0.55%	2.36%	2.33%	193%	$119,380
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
I Class
2022(3)	$9.33	0.14	(0.48)	(0.34)	(0.13)	—	(0.13)	$8.86	(3.70)%	0.42%(4)	0.42%(4)	3.07%(4)	3.07%(4)	71%	$483,104
2022	$9.82	0.23	(0.39)	(0.16)	(0.25)	(0.08)	(0.33)	$9.33	(1.62)%	0.42%	0.42%	2.38%	2.38%	120%	$430,865
2021	$9.19	0.24	0.66	0.90	(0.27)	—	(0.27)	$9.82	9.73%	0.42%	0.45%	2.46%	2.43%	193%	$166,606
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

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)
Y Class
2022(3)	$9.34	0.14	(0.48)	(0.34)	(0.13)	—	(0.13)	$8.87	(3.66)%	0.32%(4)	0.32%(4)	3.17%(4)	3.17%(4)	71%	$5
2022	$9.82	0.25	(0.39)	(0.14)	(0.26)	(0.08)	(0.34)	$9.34	(1.52)%	0.32%	0.32%	2.48%	2.48%	120%	$6
2021	$9.19	0.26	0.65	0.91	(0.28)	—	(0.28)	$9.82	9.93%	0.32%	0.35%	2.56%	2.53%	193%	$5,691
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
A Class
2022(3)	$9.34	0.12	(0.48)	(0.36)	(0.11)	—	(0.11)	$8.87	(3.86)%	0.77%(4)	0.77%(4)	2.72%(4)	2.72%(4)	71%	$12,036
2022	$9.82	0.20	(0.39)	(0.19)	(0.21)	(0.08)	(0.29)	$9.34	(1.96)%	0.77%	0.77%	2.03%	2.03%	120%	$17,050
2021	$9.19	0.21	0.66	0.87	(0.24)	—	(0.24)	$9.82	9.46%	0.77%	0.80%	2.11%	2.08%	193%	$20,397
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

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2022(3)	$9.34	0.09	(0.48)	(0.39)	(0.08)	—	(0.08)	$8.87	(4.22)%	1.52%(4)	1.52%(4)	1.97%(4)	1.97%(4)	71%	$3,159
2022	$9.82	0.13	(0.39)	(0.26)	(0.14)	(0.08)	(0.22)	$9.34	(2.70)%	1.52%	1.52%	1.28%	1.28%	120%	$3,550
2021	$9.19	0.14	0.65	0.79	(0.16)	—	(0.16)	$9.82	8.65%	1.52%	1.55%	1.36%	1.33%	193%	$2,926
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
R Class
2022(3)	$9.34	0.12	(0.49)	(0.37)	(0.10)	—	(0.10)	$8.87	(3.98)%	1.02%(4)	1.02%(4)	2.47%(4)	2.47%(4)	71%	$407
2022	$9.82	0.18	(0.39)	(0.21)	(0.19)	(0.08)	(0.27)	$9.34	(2.21)%	1.02%	1.02%	1.78%	1.78%	120%	$187
2021	$9.19	0.18	0.66	0.84	(0.21)	—	(0.21)	$9.82	9.20%	1.02%	1.05%	1.86%	1.83%	193%	$363
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

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R5 Class
2022(3)	$9.34	0.15	(0.49)	(0.34)	(0.13)	—	(0.13)	$8.87	(3.64)%	0.32%(4)	0.32%(4)	3.17%(4)	3.17%(4)	71%	$288
2022	$9.82	0.24	(0.38)	(0.14)	(0.26)	(0.08)	(0.34)	$9.34	(1.52)%	0.32%	0.32%	2.48%	2.48%	120%	$131
2021	$9.19	0.24	0.67	0.91	(0.28)	—	(0.28)	$9.82	9.84%	0.32%	0.35%	2.56%	2.53%	193%	$26
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
R6 Class
2022(3)	$9.34	0.15	(0.49)	(0.34)	(0.13)	—	(0.13)	$8.87	(3.62)%	0.27%(4)	0.27%(4)	3.22%(4)	3.22%(4)	71%	$6,233
2022	$9.82	0.25	(0.39)	(0.14)	(0.26)	(0.08)	(0.34)	$9.34	(1.47)%	0.27%	0.27%	2.53%	2.53%	120%	$3,008
2021	$9.19	0.27	0.64	0.91	(0.28)	—	(0.28)	$9.82	10.01%	0.27%	0.30%	2.61%	2.58%	193%	$267
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

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, 2022 (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 21, 2022, 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 of 1940 (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 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.

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 and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas ofinterest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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.

37

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 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 principal investment 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 actions being taken 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 discussed the Fund’s performance with the

38

Advisor and was satisfied with the efforts being undertaken by the Advisor. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

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.

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 fee structure 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 securities transaction expenses, 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 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.

39

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

40

Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting 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. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

41

Notes

42

Notes

43

Notes

44

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.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90820 2211

Semiannual Report

September 30, 2022

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)

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	35
Additional Information	39

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Types of Investments in Portfolio	% of net assets
Corporate Bonds	37.4%
U.S. Treasury Securities	18.7%
Asset-Backed Securities	9.9%
Collateralized Mortgage Obligations	9.7%
Collateralized Loan Obligations	7.4%
U.S. Government Agency Mortgage-Backed Securities	6.5%
Commercial Mortgage-Backed Securities	4.1%
Preferred Stocks	3.4%
Bank Loan Obligations	1.0%
Sovereign Governments and Agencies	0.9%
Short-Term Investments	5.6%
Other Assets and Liabilities	(4.6)%

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, 2022 to September 30, 2022.

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 mutual 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 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 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 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$928.60	$3.67	0.76%
I Class	$1,000	$929.00	$3.19	0.66%
Y Class	$1,000	$928.40	$2.71	0.56%
A Class	$1,000	$927.40	$4.88	1.01%
C Class	$1,000	$923.90	$8.49	1.76%
R Class	$1,000	$925.30	$6.08	1.26%
R5 Class	$1,000	$929.50	$2.71	0.56%
R6 Class	$1,000	$929.70	$2.47	0.51%
Hypothetical
Investor Class	$1,000	$1,021.26	$3.85	0.76%
I Class	$1,000	$1,021.76	$3.35	0.66%
Y Class	$1,000	$1,022.26	$2.84	0.56%
A Class	$1,000	$1,020.01	$5.11	1.01%
C Class	$1,000	$1,016.24	$8.90	1.76%
R Class	$1,000	$1,018.75	$6.38	1.26%
R5 Class	$1,000	$1,022.26	$2.84	0.56%
R6 Class	$1,000	$1,022.51	$2.59	0.51%

(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, 2022 (UNAUDITED)

	Principal Amount/Shares		Value
CORPORATE BONDS — 37.4%
Aerospace and Defense — 0.1%
TransDigm, Inc., 4.625%, 1/15/29	$	120,000	$	96,902
Air Freight and Logistics — 0.1%
GXO Logistics, Inc., 2.65%, 7/15/31	80,000		56,750
Airlines — 0.9%
American Airlines, Inc., 11.75%, 7/15/25(1)	280,000		292,857
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)	108,461		102,044
British Airways 2021-1 Class A Pass Through Trust, 2.90%, 9/15/36(1)	19,854		16,191
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27	244,372		228,561
			639,653
Automobiles — 0.9%
Ford Motor Co., 6.10%, 8/19/32	200,000		176,660
Ford Motor Credit Co. LLC, 4.95%, 5/28/27	200,000		178,986
General Motors Financial Co., Inc., 3.80%, 4/7/25	290,000		276,486
			632,132
Banks — 5.1%
Bank of America Corp., VRN, 4.57%, 4/27/33	295,000		264,624
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25	260,000		251,269
Citigroup, Inc., VRN, 5.61%, 9/29/26	310,000		308,505
Discover Bank, VRN, 4.68%, 8/9/28	630,000		604,302
HSBC Holdings PLC, VRN, 5.40%, 8/11/33	200,000		178,104
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28	225,000		212,795
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27	26,000		22,475
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	47,000		38,157
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	38,000		30,088
Mitsubishi UFJ Financial Group, Inc., VRN, 5.06%, 9/12/25(2)	155,000		153,432
Mitsubishi UFJ Financial Group, Inc., VRN, 5.35%, 9/13/28	425,000		414,790
NatWest Group PLC, VRN, 5.52%, 9/30/28	295,000		280,354
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33	128,000		114,353
Societe Generale SA, VRN, 3.65%, 7/8/35(1)	200,000		151,668
Synchrony Bank, 5.40%, 8/22/25	380,000		370,835
Toronto-Dominion Bank, 2.00%, 9/10/31	144,000		107,639
Toronto-Dominion Bank, 2.45%, 1/12/32	95,000		73,295
UniCredit SpA, VRN, 5.86%, 6/19/32(1)	200,000		164,965
Wells Fargo & Co., VRN, 4.54%, 8/15/26	47,000		45,495
			3,787,145
Building Products — 0.5%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	354,000		301,426
Standard Industries, Inc., 4.375%, 7/15/30(1)	120,000		92,089
			393,515
Capital Markets — 4.3%
Deutsche Bank AG, VRN, 4.30%, 5/24/28	400,000		356,813

6

	Principal Amount/Shares		Value
FS KKR Capital Corp., 4.25%, 2/14/25(1)	$	466,000	$	432,719
Goldman Sachs Group, Inc., VRN, 4.39%, 6/15/27	217,000		206,868
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27	206,000		176,424
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28	205,000		178,097
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29	23,000		20,424
Morgan Stanley, VRN, 2.63%, 2/18/26	156,000		145,471
Morgan Stanley, VRN, 2.70%, 1/22/31	560,000		454,593
Morgan Stanley, VRN, 2.51%, 10/20/32	275,000		210,457
Morgan Stanley, VRN, 2.48%, 9/16/36	56,000		40,210
Owl Rock Capital Corp., 3.40%, 7/15/26	379,000		325,621
State Street Corp., VRN, 4.16%, 8/4/33	223,000		201,539
UBS Group AG, VRN, 2.75%, 2/11/33(1)	535,000		398,181
			3,147,417
Chemicals — 0.9%
Braskem Idesa SAPI, 6.99%, 2/20/32(1)	200,000		134,000
Celanese US Holdings LLC, 5.90%, 7/5/24	310,000		305,944
Tronox, Inc., 4.625%, 3/15/29(1)	260,000		192,947
			632,891
Consumer Finance — 0.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28	152,000		122,034
Capital One Financial Corp., VRN, 4.99%, 7/24/26	54,000		52,822
Navient Corp., 5.50%, 1/25/23	169,000		168,269
Navient Corp., 6.125%, 3/25/24	215,000		209,659
			552,784
Containers and Packaging — 0.6%
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1)	290,000		267,838
Sealed Air Corp., 5.00%, 4/15/29(1)	230,000		205,582
			473,420
Diversified Financial Services — 0.4%
Block Financial LLC, 3.875%, 8/15/30	174,000		148,834
Corebridge Financial, Inc., 3.85%, 4/5/29(1)	18,000		15,886
Corebridge Financial, Inc., VRN, 6.875%, 12/15/52(1)	110,000		100,910
			265,630
Diversified Telecommunication Services — 1.6%
AT&T, Inc., 4.50%, 5/15/35	135,000		117,197
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)	365,000		343,721
Level 3 Financing, Inc., 3.40%, 3/1/27(1)	415,000		348,382
Telecom Italia SpA, 5.30%, 5/30/24(1)	410,000		387,796
			1,197,096
Electric Utilities — 0.8%
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62	300,000		235,476
FEL Energy VI Sarl, 5.75%, 12/1/40(1)	470,944		323,312
			558,788
Electronic Equipment, Instruments and Components — 0.2%
Sensata Technologies BV, 5.875%, 9/1/30(1)	195,000		182,871
Entertainment — 0.5%
Netflix, Inc., 5.875%, 11/15/28	165,000		161,416
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1)	119,000		106,618
Warnermedia Holdings, Inc., 5.14%, 3/15/52(1)	112,000		81,618
			349,652

7

	Principal Amount/Shares		Value
Equity Real Estate Investment Trusts (REITs) — 2.5%
Duke Realty LP, 3.25%, 6/30/26	$	180,000	$	166,281
EPR Properties, 4.75%, 12/15/26	110,000		97,788
EPR Properties, 4.95%, 4/15/28	103,000		88,815
iStar, Inc., 4.75%, 10/1/24	41,000		40,496
National Retail Properties, Inc., 4.30%, 10/15/28	475,000		438,162
Prologis LP, 3.25%, 6/30/26(7)	180,000		172,212
SBA Tower Trust, 3.45%, 3/15/48(1)	284,000		281,441
VICI Properties LP, 4.375%, 5/15/25	230,000		219,271
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)	450,000		376,756
			1,881,222
Food and Staples Retailing — 0.5%
United Natural Foods, Inc., 6.75%, 10/15/28(1)(2)	425,000		389,587
Health Care Equipment and Supplies — 0.2%
Medline Borrower LP, 3.875%, 4/1/29(1)	170,000		136,569
Health Care Providers and Services — 0.7%
Centene Corp., 3.375%, 2/15/30	230,000		188,525
Owens & Minor, Inc., 6.625%, 4/1/30(1)	180,000		158,850
Tenet Healthcare Corp., 6.125%, 10/1/28(1)	175,000		153,598
			500,973
Health Care Technology — 0.2%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 3/1/25(1)	171,000		170,215
Hotels, Restaurants and Leisure — 1.7%
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)	84,000		64,389
Carnival Corp., 5.75%, 3/1/27(1)	110,000		77,305
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)	230,000		201,229
Penn Entertainment, Inc., 4.125%, 7/1/29(1)(2)	273,000		209,326
Scientific Games International, Inc., 7.25%, 11/15/29(1)(2)	284,000		264,688
Station Casinos LLC, 4.625%, 12/1/31(1)(2)	300,000		227,028
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)	215,000		189,712
			1,233,677
Household Durables — 0.1%
Safehold Operating Partnership LP, 2.85%, 1/15/32	88,000		65,670
Insurance — 0.3%
Sammons Financial Group, Inc., 4.75%, 4/8/32(1)	31,000		25,343
SBL Holdings, Inc., VRN, 6.50%(1)(3)	247,000		186,485
			211,828
IT Services — 0.7%
Fidelity National Information Services, Inc., 5.10%, 7/15/32(2)	166,000		156,212
NortonLifeLock, Inc., 7.125%, 9/30/30(1)	385,000		373,217
			529,429
Media — 1.8%
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2)	195,000		179,388
DISH DBS Corp., 5.25%, 12/1/26(1)	220,000		180,647
iHeartCommunications, Inc., 8.375%, 5/1/27(2)	145,000		122,253
Paramount Global, VRN, 6.25%, 2/28/57	270,000		232,882
Paramount Global, VRN, 6.375%, 3/30/62	245,000		212,078

8

	Principal Amount/Shares		Value
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)	$	385,000	$	290,328
VTR Finance NV, 6.375%, 7/15/28(1)	200,000		112,500
			1,330,076
Metals and Mining — 1.1%
Alcoa Nederland Holding BV, 4.125%, 3/31/29(1)(2)	250,000		210,175
ATI, Inc., 4.875%, 10/1/29	180,000		149,911
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)	328,000		276,212
GUSAP III LP, 4.25%, 1/21/30(1)	200,000		175,763
			812,061
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1)	271,000		249,675
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)	237,000		177,821
			427,496
Multi-Utilities — 0.3%
Sempra Energy, VRN, 4.125%, 4/1/52	300,000		236,468
Multiline Retail — 0.1%
Macy's Retail Holdings LLC, 5.875%, 3/15/30(1)(2)	60,000		47,578
Oil, Gas and Consumable Fuels — 5.2%
Antero Resources Corp., 7.625%, 2/1/29(1)	82,000		82,027
Antero Resources Corp., 5.375%, 3/1/30(1)(2)	330,000		297,427
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)	250,000		240,380
Callon Petroleum Co., 7.50%, 6/15/30(1)	100,000		87,745
Comstock Resources, Inc., 5.875%, 1/15/30(1)(2)	260,000		227,067
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)	200,000		176,970
Ecopetrol SA, 5.875%, 9/18/23	185,000		183,847
EQM Midstream Partners LP, 7.50%, 6/1/27(1)	240,000		229,145
Geopark Ltd., 5.50%, 1/17/27(1)	600,000		469,264
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1)	145,000		138,683
MEG Energy Corp., 5.875%, 2/1/29(1)	375,000		337,131
Occidental Petroleum Corp., 6.375%, 9/1/28	350,000		349,366
Occidental Petroleum Corp., 6.125%, 1/1/31(2)	250,000		246,857
Petroleos Mexicanos, 3.50%, 1/30/23	200,000		197,615
Petroleos Mexicanos, 5.95%, 1/28/31(2)	300,000		203,105
Southwestern Energy Co., 5.375%, 3/15/30	400,000		361,282
			3,827,911
Road and Rail — 0.1%
Ashtead Capital, Inc., 5.50%, 8/11/32(1)	60,000		55,784
Semiconductors and Semiconductor Equipment — 0.3%
Broadcom, Inc., 4.00%, 4/15/29(1)	155,000		136,750
Qorvo, Inc., 4.375%, 10/15/29	92,000		78,938
			215,688
Technology Hardware, Storage and Peripherals — 0.9%
Apple, Inc., 3.25%, 8/8/29	185,000		169,059
Condor Merger Sub, Inc., 7.375%, 2/15/30(1)	350,000		286,815
Dell International LLC / EMC Corp., 6.02%, 6/15/26	180,000		180,907
			636,781
Thrifts and Mortgage Finance — 0.2%
Nationwide Building Society, 4.85%, 7/27/27(1)	200,000		190,162

9

		Principal Amount/Shares		Value
Trading Companies and Distributors — 0.6%
Air Lease Corp., 2.75%, 1/15/23		$	445,000	$	442,514
Wireless Telecommunication Services — 1.7%
Kenbourne Invest SA, 6.875%, 11/26/24(1)		135,000		127,342
Kenbourne Invest SA, 4.70%, 1/22/28(1)		300,000		228,613
Sprint Corp., 7.125%, 6/15/24		190,000		193,156
Sprint Corp., 7.625%, 2/15/25		545,000		559,599
T-Mobile USA, Inc., 5.65%, 1/15/53		120,000		113,644
				1,222,354
TOTAL CORPORATE BONDS (Cost $30,668,324)				27,530,689
U.S. TREASURY SECURITIES — 18.7%
U.S. Treasury Notes, 3.125%, 8/15/25		300,000		290,824
U.S. Treasury Notes, 1.625%, 8/15/29		50,000		43,131
U.S. Treasury Notes, 1.50%, 2/15/25(4)		6,750,000		6,328,652
U.S. Treasury Notes, 2.625%, 4/15/25		5,000,000		4,802,539
U.S. Treasury Notes, 1.50%, 9/30/24		800,000		758,547
U.S. Treasury Notes, 2.875%, 5/15/32		500,000		462,383
U.S. Treasury Notes, 2.875%, 6/15/25		600,000		578,742
U.S. Treasury Notes, 3.00%, 7/15/25		500,000		483,340
TOTAL U.S. TREASURY SECURITIES (Cost $14,326,215)				13,748,158
ASSET-BACKED SECURITIES — 9.9%
Aaset Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1)		239,034		180,635
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I SEQ, 4.19%, 6/5/49(1)		346,500		329,392
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)		234,646		176,771
Capital Automotive LLC, Series 2017-1A, Class A2 SEQ, 4.18%, 4/15/47(1)		125,631		122,198
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1)		200,000		185,475
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1)		100,000		88,401
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A SEQ, 3.47%, 1/15/46(1)		224,736		197,266
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1)		319,645		261,208
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2 SEQ, 4.94%, 1/25/52(1)	CAD	250,000		167,229
Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)	CAD	200,000		134,884
Diamond Issuer, Series 2021-1A, Class A SEQ, 2.31%, 11/20/51(1)		$	362,000	306,558
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1)		325,000		265,179
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II SEQ, 4.47%, 10/25/45(1)		94,250		90,250
Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2I SEQ, 4.12%, 7/25/48(1)		301,263		284,606
Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2II SEQ, 4.33%, 7/25/48(1)		116,463		107,648
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2 SEQ, 4.25%, 3/25/52(1)		174,271		157,489
Falcon Aerospace Ltd., Series 2019-1, Class A SEQ, 3.60%, 9/15/39(1)		299,763		238,761

10

	Principal Amount/Shares		Value
FirstKey Homes Trust, Series 2021-SFR1, Class F1, 3.24%, 8/17/38(1)	$	100,000	$	84,058
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(1)	300,000		261,578
GAIA Aviation Ltd., Series 2019-1, Class A, 3.97%, 12/15/44(1)	150,059		121,853
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1)	245,782		197,848
MACH 1 Cayman Ltd., Series 2019-1, Class A SEQ, 3.47%, 10/15/39(1)	189,854		167,180
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1)	451,900		371,537
NP SPE II LLC, Series 2019-1A, Class A1 SEQ, 2.57%, 9/20/49(1)	259,357		244,141
Progress Residential Trust, Series 2021-SFR1, Class F, 2.76%, 4/17/38(1)	300,000		254,805
Sabey Data Center Issuer LLC, Series 2020-1, Class A2 SEQ, 3.81%, 4/20/45(1)	350,000		332,420
Sabey Data Center Issuer LLC, Series 2021-1, Class A2 SEQ, 1.88%, 6/20/46(1)	195,000		165,553
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class A SEQ, 3.23%, 3/15/40(1)	190,728		158,301
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class B, 2.75%, 8/20/36(1)	48,237		45,375
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1)	230,475		183,402
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2 SEQ, 4.54%, 2/25/44(1)	357,706		353,407
START II Ltd., Series 2019-1, Class A SEQ, 4.09%, 3/15/44(1)	124,681		110,650
Start Ltd., Series 2018-1, Class A SEQ, 4.09%, 5/15/43(1)	315,312		252,084
Trinity Rail Leasing LP, Series 2009-1A, Class A SEQ, 6.66%, 11/16/39(1)	126,056		122,738
Vantage Data Centers Issuer LLC, Series 2018-2A, Class A2 SEQ, 4.20%, 11/15/43(1)	221,183		217,707
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2 SEQ, 1.65%, 9/15/45(1)	192,000		168,930
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1)	250,000		219,466
TOTAL ASSET-BACKED SECURITIES (Cost $8,294,635)			7,326,983
COLLATERALIZED MORTGAGE OBLIGATIONS — 9.7%
Private Sponsor Collateralized Mortgage Obligations — 7.6%
Agate Bay Mortgage Loan Trust, Series 2016-1, Class A3, VRN, 3.50%, 12/25/45(1)	10,220		9,449
Angel Oak Mortgage Trust, Series 2019-4, Class A3 SEQ, VRN, 3.30%, 7/26/49(1)	3,564		3,541
Angel Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%, 1/26/65(1)	129,229		121,038
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1)	400,000		294,773
Arroyo Mortgage Trust, Series 2019-1, Class M1, VRN, 4.10%, 1/25/49(1)	300,000		262,938
Arroyo Mortgage Trust, Series 2019-3, Class M1, VRN, 4.20%, 10/25/48(1)	250,000		210,168
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, VRN, 2.40%, (1-year H15T1Y plus 2.25%), 2/25/36	10,469		10,180
Bellemeade Re Ltd., Series 2017-1, Class B1 SEQ, VRN, 7.83%, (1-month LIBOR plus 4.75%), 10/25/27(1)	250,000		250,236

11

	Principal Amount/Shares		Value
Bellemeade Re Ltd., Series 2017-1, Class M2, VRN, 6.43%, (1-month LIBOR plus 3.35%), 10/25/27(1)	$	31,906	$	31,914
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 5.98%, (1-month LIBOR plus 2.90%), 4/25/28(1)	143,158		142,712
Bellemeade Re Ltd., Series 2018-3A, Class M1B, VRN, 4.93%, (1-month LIBOR plus 1.85%), 10/25/28(1)	176,805		176,482
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 5.03%, (1-month LIBOR plus 1.95%), 7/25/29(1)	200,000		197,729
Bellemeade Re Ltd., Series 2020-4A, Class M2B, VRN, 6.68%, (1-month LIBOR plus 3.60%), 6/25/30(1)	260,833		260,480
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.93%, 8/25/34	25,790		25,111
Credit Suisse Mortgage Trust, Series 2021-NQM8, Class M1, VRN, 3.26%, 10/25/66(1)	300,000		210,559
Ellington Financial Mortgage Trust, Series 2020-1, Class B1, VRN, 5.14%, 5/25/65(1)	250,000		245,004
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.24%, 7/25/51(1)	314,437		226,784
Flagstar Mortgage Trust, Series 2020-1INV, Class B4, VRN, 4.22%, 3/25/50(1)	238,370		189,467
Home RE Ltd., Series 2020-1, Class B1, VRN, 10.08%, (1-month LIBOR plus 7.00%), 10/25/30(1)	225,000		226,837
Home RE Ltd., Series 2022-1, Class M1A, VRN, 5.13%, (30-day average SOFR plus 2.85%), 10/25/34(1)	75,000		73,263
Homeward Opportunities Fund I Trust, Series 2020-2, Class B3, VRN, 5.49%, 5/25/65(1)	250,000		239,385
J.P. Morgan Wealth Management, Series 2021-CL1, Class M5, VRN, 5.93%, (30-day average SOFR plus 3.65%), 3/25/51(1)	104,897		98,364
JP Morgan Mortgage Trust, Series 2019-INV1, Class B4, VRN, 4.97%, 10/25/49(1)	281,550		239,500
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 2.99%, 11/25/35	14,871		14,182
Radnor RE Ltd., Series 2019-1, Class M1B, VRN, 5.03%, (1-month LIBOR plus 1.95%), 2/25/29(1)	258,604		255,626
Traingle Re Ltd., Series 2020-1, Class M2, VRN, 8.68%, (1-month LIBOR plus 5.60%), 10/25/30(1)	123,988		124,338
Traingle Re Ltd., Series 2021-1, Class M1C, VRN, 6.48%, (1-month LIBOR plus 3.40%), 8/25/33(1)	126,600		126,589
Traingle Re Ltd., Series 2021-1, Class M2, VRN, 6.98%, (1-month LIBOR plus 3.90%), 8/25/33(1)	150,000		149,457
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 4.18%, (30-day average SOFR plus 1.90%), 2/25/34(1)	238,942		237,208
Triangle Re Ltd., Series 2021-2, Class M1A, VRN, 5.13%, (1-month LIBOR plus 2.05%), 10/25/33(1)	398,041		397,213
Verus Securitization Trust, Series 2021-R1, Class M1 SEQ, 2.34%, 10/25/63(1)	100,000		86,547
Verus Securitization Trust, Series 2021-R3, Class M1 SEQ, VRN, 2.41%, 4/25/64(1)	315,000		270,189
Vista Point Securitization Trust, Series 2020-1, Class B1, VRN, 5.375%, 3/25/65(1)	200,000		190,577
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-7, Class 3A1 SEQ, 6.00%, 6/25/36	1,563		1,583
			5,599,423
U.S. Government Agency Collateralized Mortgage Obligations — 2.1%
FHLMC, Series 2017-HRP1, Class M2, VRN, 5.53%, (1-month LIBOR plus 2.45%), 12/25/42	114,539		113,555
FHLMC, Series 2020-HQA4, Class M2, VRN, 6.23%, (1-month LIBOR plus 3.15%), 9/25/50(1)	233,583		233,890

12

	Principal Amount/Shares		Value
FHLMC, Series 2022-DNA3, Class M1A, VRN, 4.28%, (30-day average SOFR plus 2.00%), 4/25/42(1)	$	177,129	$	175,450
FHLMC, Series 2022-DNA5, Class M1A, VRN, 5.23%, (30-day average SOFR plus 2.95%), 6/25/42(1)	233,866		234,119
FHLMC, Series 2022-DNA6, Class M1A, VRN, 4.44%, (30-day average SOFR plus 2.15%), 9/25/42(1)	175,000		174,029
FNMA, Series 2015-C02, Class 1M2, VRN, 7.08%, (1-month LIBOR plus 4.00%), 5/25/25	71,496		72,631
FNMA, Series 2016-55, Class PI, IO, 4.00%, 8/25/46	365,587		70,153
FNMA, Series 2017-7, Class AI, IO, 6.00%, 2/25/47	305,344		58,669
FNMA, Series 2018-C01, Class 1ED2, VRN, 3.93%, (1-month LIBOR plus 0.85%), 7/25/30	87,326		86,890
FNMA, Series 2019-R06, Class 2M2, VRN, 5.18%, (1-month LIBOR plus 2.10%), 9/25/39(1)	130,433		130,264
FNMA, Series 2022-R06, Class 1M1, VRN, 5.03%, (30-day average SOFR plus 2.75%), 5/25/42(1)	136,807		136,760
FNMA, Series 413, Class C27, IO, 4.00%, 7/25/42	260,971		39,337
			1,525,747
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $7,631,375)			7,125,170
COLLATERALIZED LOAN OBLIGATIONS — 7.4%
Ares XL CLO Ltd., Series 2016-40A, Class CRR, VRN, 5.31%, (3-month LIBOR plus 2.80%), 1/15/29(1)	250,000		225,293
BDS Ltd., Series 2020-FL6, Class E, VRN, 5.65%, (30-day average SOFR plus 3.36%), 9/15/35(1)	146,000		139,270
BDS Ltd., Series 2021-FL8, Class A, VRN, 3.91%, (1-month LIBOR plus 0.92%), 1/18/36(1)	148,246		144,723
BXMT Ltd., Series 2021-FL4, Class A, VRN, 3.87%, (1-month LIBOR plus 1.05%), 5/15/38(1)	265,000		260,201
Cerberus Loan Funding XXVIII LP, Series 2020-1A, Class A, VRN, 4.36%, (3-month LIBOR plus 1.85%), 10/15/31(1)	250,000		248,268
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 6.36%, (3-month LIBOR plus 3.65%), 7/20/30(1)	250,000		227,791
GPMT Ltd., Series 2019-FL2, Class B, VRN, 4.91%, (1-month LIBOR plus 1.90%), 2/22/36(1)	303,033		300,759
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 5.22%, (1-month LIBOR plus 2.40%), 9/15/37(1)	132,500		128,717
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 5.08%, (3-month SOFR plus 2.60%), 7/20/31(1)	250,000		239,101
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 7.11%, (3-month LIBOR plus 4.35%), 1/22/28(1)	275,000		239,955
Marathon CLO V Ltd., Series 2013-5A, Class A1R, VRN, 3.85%, (3-month LIBOR plus 0.87%), 11/21/27(1)	234,163		233,648
MF1 Ltd., Series 2020-FL4, Class D, VRN, 7.06%, (1-month SOFR plus 4.21%), 11/15/35(1)	356,000		354,259
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class BR2, VRN, 4.88%, (3-month LIBOR plus 2.15%), 10/21/30(1)	275,000		253,903
Octagon Investment Partners XV Ltd., Series 2013-1A, Class CRR, VRN, 4.74%, (3-month LIBOR plus 2.00%), 7/19/30(1)	175,000		162,548
Palmer Square Loan Funding Ltd., Series 2022-5A, Class A2 VRN, 5.17%, (3-month SOFR plus 2.65%), 1/15/31(1)	250,000		247,472
PFP Ltd., Series 2021-7, Class A, VRN, 3.67%, (1-month LIBOR plus 0.85%), 4/14/38(1)	83,679		81,460
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class A, VRN, 4.03%, (1-month LIBOR plus 0.95%), 7/25/36(1)	129,920		124,890

13

	Principal Amount/Shares		Value
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 4.98%, (1-month LIBOR plus 1.90%), 7/25/36(1)	$	250,000	$	234,564
Rockford Tower CLO Ltd., Series 2020-1A, Class C, VRN, 5.06%, (3-month LIBOR plus 2.35%), 1/20/32(1)	100,000		93,386
Shelter Growth Issuer Ltd., Series 2022-FL4, Class A, VRN, 5.32%, (1-month SOFR plus 2.30%), 6/17/37(1)	198,000		195,851
Silver Creek CLO Ltd., Series 2014-1A, Class CR, VRN, 5.01%, (3-month LIBOR plus 2.30%), 7/20/30(1)	300,000		285,965
Symphony CLO XIV Ltd., Series 2014-14A, Class CR, VRN, 4.58%, (3-month LIBOR plus 2.10%), 7/14/26(1)	275,000		269,739
TCI-Symphony CLO Ltd., Series 2016 -1A, Class CR2, VRN, 4.61%, (3-month LIBOR plus 2.15%), 10/13/32(1)	350,000		324,970
TICP CLO I-2 Ltd., Series 2018-IA, Class C, VRN, 5.81%, (3-month LIBOR plus 3.04%), 4/26/28(1)	250,000		239,484
Vibrant CLO VII Ltd., Series 2017-7A, Class B, VRN, 5.11%, (3-month LIBOR plus 2.40%), 9/15/30(1)	200,000		187,968
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $5,648,629)			5,444,185
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 6.5%
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 6.5%
FHLMC, 3.50%, 5/1/50	160,630		146,089
FHLMC, 2.50%, 10/1/50	285,629		241,594
FHLMC, 3.50%, 5/1/51	1,013,104		922,913
FNMA, 4.00%, 3/1/50	576,412		542,466
FNMA, 4.00%, 3/1/51	571,730		537,806
FNMA, 4.00%, 3/1/51	479,715		450,437
FNMA, 2.50%, 12/1/51	284,465		239,964
FNMA, 3.50%, 12/1/51	766,611		691,715
FNMA, 2.50%, 3/1/52	1,178,984		996,801
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $5,084,540)			4,769,785
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.1%
BBCMS Mortgage Trust, Series 2019-BWAY, Class D, VRN, 4.98%, (1-month LIBOR plus 2.16%), 11/15/34(1)	172,000		154,925
BBCMS Mortgage Trust, Series 2017-DELC, Class F, VRN, 6.44%, (1-month LIBOR plus 3.63%), 8/15/36(1)	160,000		150,007
BBCMS Mortgage Trust, Series 2019-BWAY, Class E, VRN, 5.67%, (1-month LIBOR plus 2.85%), 11/15/34(1)	183,000		161,501
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.67%, 3/11/44(1)	350,000		262,204
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 4.82%, (1-month LIBOR plus 2.00%), 9/15/36(1)	400,000		370,124
BX Trust, Series 2021-ARIA, Class G, VRN, 5.96%, (1-month LIBOR plus 3.14%), 10/15/36(1)	186,000		166,400
BXP Trust, Series 2017-CC, Class D, VRN, 3.67%, 8/13/37(1)	180,000		149,066
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class E, VRN, 4.90%, 1/10/36(1)	280,000		266,420
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 4.45%, (1-month LIBOR plus 1.63%), 12/15/36(1)	163,000		155,723
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A SEQ, 4.13%, 7/5/31(1)	175,000		171,018
Life Mortgage Trust, Series 2021-BMR, Class F, VRN, 5.17%, (1-month LIBOR plus 2.35%), 3/15/38(1)	142,531		131,139
Med Trust, Series 2021-MDLN, Class F, VRN, 6.82%, (1-month LIBOR plus 4.00%), 11/15/38(1)	219,300		202,834

14

	Principal Amount/Shares		Value
MHP Trust, Series 2022-MHIL, Class D, VRN, 4.46%, (1-month SOFR plus 1.61%), 1/15/27(1)	$	294,413	$	275,381
Morgan Stanley Capital I Trust, Series 2017-CLS, Class F, VRN, 5.42%, (1-month LIBOR plus 2.60%), 11/15/34(1)	179,000		175,610
One Market Plaza Trust, Series 2017-1MKT, Class E, 4.14%, 2/10/32(1)	121,000		111,510
One New York Plaza Trust, Series 2020-1NYP, Class B, VRN, 4.32%, (1-month LIBOR plus 1.50%), 1/15/36(1)	154,000		145,674
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $3,282,388)			3,049,536
PREFERRED STOCKS — 3.4%
Banks — 2.0%
Banco Mercantil del Norte SA, 8.375%(1)	200,000		183,420
Barclays PLC, 4.375%	200,000		123,760
BNP Paribas SA, 7.75%(1)	125,000		115,663
ING Groep NV, 3.875%	200,000		130,970
JPMorgan Chase & Co., 4.60%	850,000		742,560
PNC Financial Services Group, Inc., 3.40%	250,000		187,194
			1,483,567
Capital Markets — 0.4%
Bank of New York Mellon Corp., 3.75%	355,000		275,125
Insurance — 0.4%
Allianz SE, 3.20%(1)	455,000		294,772
Trading Companies and Distributors — 0.6%
Air Lease Corp., 4.125%	222,000		152,895
Aircastle Ltd., 5.25%(1)	425,000		320,915
			473,810
TOTAL PREFERRED STOCKS (Cost $3,165,954)			2,527,274
BANK LOAN OBLIGATIONS(5) — 1.0%
Food and Staples Retailing — 0.1%
United Natural Foods, Inc., Term Loan B, 6.40%, (1-month SOFR plus 3.25%), 10/22/25	$	46,560	45,964
Media†
DirecTV Financing, LLC, Term Loan, 8.12%, (1-month LIBOR plus 5.00%), 8/2/27	32		31
Pharmaceuticals — 0.7%
Horizon Therapeutics USA Inc., 2021 Term Loan B2, 4.88%, (1-month LIBOR plus 1.75%), 3/15/28	165,900		159,731
Jazz Financing Lux S.a.r.l., USD Term Loan, 6.62%, (1-month LIBOR plus 3.50%), 5/5/28	346,996		336,059
			495,790
Technology Hardware, Storage and Peripherals — 0.2%
McAfee, LLC, 2022 USD Term Loan B, 6.36%, (1-month SOFR plus 3.75%), 3/1/29	210,000		192,112
TOTAL BANK LOAN OBLIGATIONS (Cost $769,375)			733,897
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.9%
Colombia — 0.1%
Colombia Government International Bond, 6.125%, 1/18/41	100,000		73,832
Indonesia — 0.1%
Indonesia Government International Bond, 4.65%, 9/20/32	80,000		75,235

15

	Principal Amount/Shares		Value
South Africa — 0.7%
Republic of South Africa Government International Bond, 5.875%, 6/22/30	$	600,000	$	518,250
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $830,181)			667,317
SHORT-TERM INVESTMENTS — 5.6%
Money Market Funds — 5.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class	1,372,495		1,372,495
State Street Navigator Securities Lending Government Money Market Portfolio(6)	2,739,390		2,739,390
TOTAL SHORT-TERM INVESTMENTS (Cost $4,111,885)			4,111,885
TOTAL INVESTMENT SECURITIES — 104.6% (Cost $83,813,501)			77,034,879
OTHER ASSETS AND LIABILITIES — (4.6)%			(3,417,902)
TOTAL NET ASSETS — 100.0%			$	73,616,977

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	322,214	CAD	420,191	Goldman Sachs & Co.	12/15/22	$	17,953

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	23	December 2022	$	2,577,438	$	(49,076)
U.S. Treasury 10-Year Ultra Notes	25	December 2022	2,962,109		(145,589)
U.S. Treasury 2-Year Notes	38	December 2022	7,804,844		(101,874)
U.S. Treasury 5-Year Notes	28	December 2022	3,010,219		(66,766)
			$	16,354,610	$	(363,305)

^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury Long Bonds	15	December 2022	$	1,896,094	$	133,609
U.S. Treasury Ultra Bonds	3	December 2022	411,000		31,841
			$	2,307,094	$	165,450

^Amount represents value and unrealized appreciation (depreciation).

16

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America High Yield Index Series 38	Buy	(5.00)%	6/20/27	$	1,485,000	$	(1,082)	$	33,475	$	32,393

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

NOTES TO SCHEDULE OF INVESTMENTS
CAD	-	Canadian Dollar
CDX	-	Credit Derivatives Indexes
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
SEQ	-	Sequential Payer
SOFR	-	Secured Overnight Financing 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 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 $36,709,104, which represented 49.9% 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 $2,642,604. 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)Perpetual maturity with no stated maturity date.

(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $421,910.

(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)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,739,390.

(7)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.

See Notes to Financial Statements.

17

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (cost of $81,074,111) — including $2,642,604 of securities on loan	$	74,295,489
Investment made with cash collateral received for securities on loan, at value (cost of $2,739,390)	2,739,390
Total investment securities, at value (cost of $83,813,501)	77,034,879
Cash	1,742
Receivable for investments sold	381,217
Receivable for capital shares sold	8,307
Receivable for variation margin on swap agreements	2,320
Unrealized appreciation on forward foreign currency exchange contracts	17,953
Interest receivable	582,991
Securities lending receivable	1,753
	78,031,162
Liabilities
Payable for collateral received for securities on loan	2,739,390
Payable for investments purchased	1,531,045
Payable for capital shares redeemed	70,271
Payable for variation margin on futures contracts	19,844
Accrued management fees	44,111
Distribution and service fees payable	1,487
Dividends payable	8,037
	4,414,185
Net Assets	$	73,616,977
Net Assets Consist of:
Capital paid in	$	84,920,178
Distributable earnings	(11,303,201)
	$	73,616,977

	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class	$55,485,236	6,342,128	$8.75
I Class	$7,380,746	844,042	$8.74
Y Class	$5,562	636	$8.75
A Class	$4,602,013	525,924	$8.75
C Class	$317,883	36,351	$8.74
R Class	$609,627	69,662	$8.75
R5 Class	$504,311	57,655	$8.75
R6 Class	$4,711,599	538,606	$8.75

*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.16 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

18

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	1,584,012
Securities lending, net	9,906
	1,593,918
Expenses:
Management fees	267,269
Distribution and service fees:
A Class	5,970
C Class	1,672
R Class	1,574
Trustees' fees and expenses	2,555
Other expenses	4,074
	283,114
Net investment income (loss)	1,310,804
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(3,420,860)
Forward foreign currency exchange contract transactions	6,968
Futures contract transactions	195,539
Swap agreement transactions	214,952
Foreign currency translation transactions	(155)
	(3,003,556)
Change in net unrealized appreciation (depreciation) on:
Investments	(3,803,861)
Forward foreign currency exchange contracts	25,493
Futures contracts	(266,739)
Swap agreements	231,620
Translation of assets and liabilities in foreign currencies	(4)
	(3,813,491)
Net realized and unrealized gain (loss)	(6,817,047)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,506,243)

See Notes to Financial Statements.

19

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	1,310,804	$	2,001,052
Net realized gain (loss)	(3,003,556)		(741,805)
Change in net unrealized appreciation (depreciation)	(3,813,491)		(3,714,796)
Net increase (decrease) in net assets resulting from operations	(5,506,243)		(2,455,549)
Distributions to Shareholders
From earnings:
Investor Class	(943,641)		(2,664,801)
I Class	(120,837)		(337,667)
Y Class	(101)		(350)
A Class	(73,171)		(223,483)
C Class	(3,844)		(14,964)
R Class	(8,925)		(15,606)
R5 Class	(9,026)		(12,314)
R6 Class	(87,568)		(279,174)
Decrease in net assets from distributions	(1,247,113)		(3,548,359)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	8,122,129		27,479,194
Net increase (decrease) in net assets	1,368,773		21,475,286
Net Assets
Beginning of period	72,248,204		50,772,918
End of period	$	73,616,977	$	72,248,204

See Notes to Financial Statements.

20

Notes to Financial Statements

SEPTEMBER 30, 2022 (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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee 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. Securities lending income is net of fees and rebates earned by the lending agent for its services.

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

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that ACIM 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.

22

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

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

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

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

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of September 30, 2022.

Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Corporate Bonds	$	2,739,390	—	—	—	$	2,739,390
Gross amount of recognized liabilities for securities lending transactions						$	2,739,390

(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.

23

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 annual management fee for each class is as follows:

Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class
0.74%	0.64%	0.54%	0.74%	0.74%	0.74%	0.54%	0.49%

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, 2022 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, 2022 totaled $60,077,716, of which $25,935,782 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended September 30, 2022 totaled $52,397,558, of which $20,948,193 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, 2022			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	1,496,167	$	13,785,060	3,103,489	$	31,877,259
Issued in reinvestment of distributions	100,415	914,847		252,758	2,584,139
Redeemed	(927,874)	(8,495,289)		(1,192,920)	(12,141,023)
	668,708	6,204,618		2,163,327	22,320,375
I Class
Sold	235,094	2,146,455		991,822	10,377,228
Issued in reinvestment of distributions	13,277	120,837		32,936	335,965
Redeemed	(135,996)	(1,250,689)		(1,032,303)	(10,785,897)
	112,375	1,016,603		(7,545)	(72,704)
Y Class
Issued in reinvestment of distributions	11	101		35	350
A Class
Sold	158,863	1,458,623		200,979	2,030,909
Issued in reinvestment of distributions	6,257	57,036		20,785	212,966
Redeemed	(112,443)	(1,023,084)		(113,273)	(1,145,138)
	52,677	492,575		108,491	1,098,737
C Class
Sold	151	1,400		19,832	207,118
Issued in reinvestment of distributions	422	3,844		1,464	14,964
Redeemed	(702)	(6,556)		(1,737)	(17,738)
	(129)	(1,312)		19,559	204,344
R Class
Sold	29,044	267,435		43,790	436,288
Issued in reinvestment of distributions	961	8,748		1,515	15,500
Redeemed	(17,078)	(153,292)		(15,707)	(162,567)
	12,927	122,891		29,598	289,221
R5 Class
Sold	16,950	160,958		35,374	363,569
Issued in reinvestment of distributions	991	9,026		1,215	12,314
Redeemed	(276)	(2,583)		(1,104)	(11,060)
	17,665	167,401		35,485	364,823
R6 Class
Sold	126,366	1,179,225		586,431	6,067,561
Issued in reinvestment of distributions	9,590	87,448		27,244	277,479
Redeemed	(124,103)	(1,147,421)		(309,047)	(3,070,992)
	11,853	119,252		304,628	3,274,048
Net increase (decrease)	876,087	$	8,122,129	2,653,578	$	27,479,194

25

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	—		$	27,530,689	—
U.S. Treasury Securities	—		13,748,158		—
Asset-Backed Securities	—		7,326,983		—
Collateralized Mortgage Obligations	—		7,125,170		—
Collateralized Loan Obligations	—		5,444,185		—
U.S. Government Agency Mortgage-Backed Securities	—		4,769,785		—
Commercial Mortgage-Backed Securities	—		3,049,536		—
Preferred Stocks	—		2,527,274		—
Bank Loan Obligations	—		733,897		—
Sovereign Governments and Agencies	—		667,317		—
Short-Term Investments	$	4,111,885	—		—
	$	4,111,885	$	72,922,994	—
Other Financial Instruments
Futures Contracts	$	165,450	—		—
Swap Agreements	—		$	32,393	—
Forward Foreign Currency Exchange Contracts	—		17,953		—
	$	165,450	$	50,346	—
Liabilities
Other Financial Instruments
Futures Contracts	$	363,305	—		—

26

7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $3,591,720.

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 $349,856.

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 $10,590,690 futures contracts purchased and $1,854,810 futures contracts sold.

27

Value of Derivative Instruments as of September 30, 2022

	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*	$	2,320	Payable for variation margin on swap agreements*	—
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	17,953		Unrealized depreciation on forward foreign currency exchange contracts	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	$	19,844
		$	20,273		$	19,844

*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, 2022

	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	$	214,952	Change in net unrealized appreciation (depreciation) on swap agreements	$	231,620
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	6,968		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	25,493
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	195,539		Change in net unrealized appreciation (depreciation) on futures contracts	(266,739)
		$	417,459		$	(9,626)

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, war, 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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

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.

28

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	$	83,891,954
Gross tax appreciation of investments	$	57,398
Gross tax depreciation of investments	(6,914,473)
Net tax appreciation (depreciation) of investments	$	(6,857,075)

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, 2022, the fund had late-year ordinary loss deferrals of $(4,543) and post-October capital loss deferrals of $(1,353,423), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

29

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
2022(3)	$9.58	0.16	(0.84)	(0.68)	(0.15)	—	(0.15)	$8.75	(7.14)%	0.76%(4)	0.76%(4)	3.49%(4)	3.49%(4)	72%	$55,485
2022	$10.39	0.33	(0.59)	(0.26)	(0.34)	(0.21)	(0.55)	$9.58	(2.65)%	0.75%	0.75%	3.24%	3.24%	185%	$54,374
2021	$9.28	0.31	1.20	1.51	(0.32)	(0.08)	(0.40)	$10.39	16.47%	0.72%	0.75%	3.02%	2.99%	193%	$36,484
2020	$9.73	0.27	(0.45)	(0.18)	(0.27)	—	(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)	—	(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)	—	(0.32)	$9.74	2.86%	0.69%	0.76%	3.27%	3.20%	64%	$12,228
I Class
2022(3)	$9.58	0.17	(0.85)	(0.68)	(0.16)	—	(0.16)	$8.74	(7.10)%	0.66%(4)	0.66%(4)	3.59%(4)	3.59%(4)	72%	$7,381
2022	$10.39	0.34	(0.59)	(0.25)	(0.35)	(0.21)	(0.56)	$9.58	(2.55)%	0.65%	0.65%	3.34%	3.34%	185%	$7,009
2021	$9.28	0.32	1.20	1.52	(0.33)	(0.08)	(0.41)	$10.39	16.59%	0.62%	0.65%	3.12%	3.09%	193%	$7,679
2020	$9.73	0.28	(0.45)	(0.17)	(0.28)	—	(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)	—	(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)	—	(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:			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)
Y Class
2022(3)	$9.58	0.17	(0.84)	(0.67)	(0.16)	—	(0.16)	$8.75	(7.16)%	0.56%(4)	0.56%(4)	3.69%(4)	3.69%(4)	72%	$6
2022	$10.39	0.35	(0.59)	(0.24)	(0.36)	(0.21)	(0.57)	$9.58	(2.36)%	0.55%	0.55%	3.44%	3.44%	185%	$6
2021	$9.28	0.33	1.20	1.53	(0.34)	(0.08)	(0.42)	$10.39	16.71%	0.52%	0.55%	3.22%	3.19%	193%	$6
2020	$9.73	0.30	(0.46)	(0.16)	(0.29)	—	(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)	—	(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)	—	(0.33)	$9.73	2.73%	0.49%(4)	0.56%(4)	3.46%(4)	3.39%(4)	64%(6)	$5
A Class
2022(3)	$9.58	0.15	(0.84)	(0.69)	(0.14)	—	(0.14)	$8.75	(7.26)%	1.01%(4)	1.01%(4)	3.24%(4)	3.24%(4)	72%	$4,602
2022	$10.39	0.31	(0.59)	(0.28)	(0.32)	(0.21)	(0.53)	$9.58	(2.89)%	1.00%	1.00%	2.99%	2.99%	185%	$4,535
2021	$9.28	0.28	1.21	1.49	(0.30)	(0.08)	(0.38)	$10.39	16.18%	0.97%	1.00%	2.77%	2.74%	193%	$3,791
2020	$9.73	0.24	(0.45)	(0.21)	(0.24)	—	(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)	—	(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)	—	(0.29)	$9.74	2.71%	0.94%	1.01%	3.02%	2.95%	64%	$662

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End  of Period (in thousands)
C Class
2022(3)	$9.58	0.11	(0.85)	(0.74)	(0.10)	—	(0.10)	$8.74	(7.61)%	1.76%(4)	1.76%(4)	2.49%(4)	2.49%(4)	72%	$318
2022	$10.39	0.23	(0.59)	(0.36)	(0.24)	(0.21)	(0.45)	$9.58	(3.62)%	1.75%	1.75%	2.24%	2.24%	185%	$349
2021	$9.28	0.20	1.21	1.41	(0.22)	(0.08)	(0.30)	$10.39	15.32%	1.72%	1.75%	2.02%	1.99%	193%	$176
2020	$9.73	0.17	(0.45)	(0.28)	(0.17)	—	(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)	—	(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)	—	(0.22)	$9.74	1.94%	1.69%	1.76%	2.27%	2.20%	64%	$1,194
R Class
2022(3)	$9.59	0.14	(0.85)	(0.71)	(0.13)	—	(0.13)	$8.75	(7.47)%	1.26%(4)	1.26%(4)	2.99%(4)	2.99%(4)	72%	$610
2022	$10.40	0.28	(0.59)	(0.31)	(0.29)	(0.21)	(0.50)	$9.59	(3.13)%	1.25%	1.25%	2.74%	2.74%	185%	$544
2021	$9.28	0.26	1.21	1.47	(0.27)	(0.08)	(0.35)	$10.40	15.88%	1.22%	1.25%	2.52%	2.49%	193%	$282
2020	$9.73	0.22	(0.45)	(0.23)	(0.22)	—	(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)	—	(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)	—	(0.27)	$9.74	2.45%	1.19%	1.26%	2.77%	2.70%	64%	$825

For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End  of Period (in thousands)
R5 Class
2022(3)	$9.58	0.17	(0.84)	(0.67)	(0.16)	—	(0.16)	$8.75	(7.05)%	0.56%(4)	0.56%(4)	3.69%(4)	3.69%(4)	72%	$504
2022	$10.39	0.34	(0.57)	(0.23)	(0.37)	(0.21)	(0.58)	$9.58	(2.46)%	0.55%	0.55%	3.44%	3.44%	185%	$383
2021	$9.28	0.31	1.22	1.53	(0.34)	(0.08)	(0.42)	$10.39	16.70%	0.52%	0.55%	3.22%	3.19%	193%	$47
2020	$9.73	0.29	(0.45)	(0.16)	(0.29)	—	(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)	—	(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)	—	(0.34)	$9.74	3.17%	0.49%	0.56%	3.47%	3.40%	64%	$733
R6 Class
2022(3)	$9.58	0.17	(0.84)	(0.67)	(0.16)	—	(0.16)	$8.75	(7.03)%	0.51%(4)	0.51%(4)	3.74%(4)	3.74%(4)	72%	$4,712
2022	$10.39	0.36	(0.59)	(0.23)	(0.37)	(0.21)	(0.58)	$9.58	(2.41)%	0.50%	0.50%	3.49%	3.49%	185%	$5,047
2021	$9.28	0.33	1.21	1.54	(0.35)	(0.08)	(0.43)	$10.39	16.76%	0.47%	0.50%	3.27%	3.24%	193%	$2,308
2020	$9.73	0.28	(0.44)	(0.16)	(0.29)	—	(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)	—	(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)	—	(0.34)	$9.74	3.22%	0.44%	0.51%	3.52%	3.45%	64%	$789

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, 2022 (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 21, 2022, 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 of 1940 (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 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.

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 and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas ofinterest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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.

35

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 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 principal investment 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 actions being taken 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

36

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.

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 fee structure 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 securities transaction expenses, 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 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.

37

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

38

Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting 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. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

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.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90821 2211

Semiannual Report

September 30, 2022

U.S. Government Money Market Fund

Investor Class (TCRXX)

A Class (AGQXX)

C Class (AGHXX)

G Class (AGGXX)

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 ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
7-Day Current Yields	Investor Class	A Class	C Class	G Class
After waiver(1)	2.53%	2.28%	1.78%	2.98%
Before waiver	2.53%	2.28%	1.78%	2.53%
7-Day Effective Yields	Investor Class	A Class	C Class	G Class
After waiver(1)	2.56%	2.30%	1.79%	3.02%

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

Portfolio at a Glance
Weighted Average Maturity	46 days
Weighted Average Life	101 days
Portfolio Composition by Maturity	% of fund investments
1-30 days	72%
31-90 days	8%
91-180 days	15%
More than 180 days	5%

3

Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from April 1, 2022 to September 30, 2022.

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 mutual 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 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 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 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,004.90	$2.31	0.46%
A Class	$1,000	$1,003.90	$3.37	0.67%
C Class	$1,000	$1,002.30	$5.22	1.04%
G Class	$1,000	$1,007.20	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,022.76	$2.33	0.46%
A Class	$1,000	$1,021.71	$3.40	0.67%
C Class	$1,000	$1,019.85	$5.27	1.04%
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, 2022 (UNAUDITED)

	Principal Amount		Value
U.S. GOVERNMENT AGENCY SECURITIES(1) — 51.1%
Adjustable-Rate U.S. Government Agency Securities — 31.6%
Federal Farm Credit Banks Funding Corp., VRN, 3.02%, (SOFR plus 0.06%), 10/21/22	$	900,000	$	900,010
Federal Farm Credit Banks Funding Corp., VRN, 3.02%, (SOFR plus 0.06%), 12/13/22	250,000		250,008
Federal Farm Credit Banks Funding Corp., VRN, 3.02%, (SOFR plus 0.06%), 1/20/23	2,000,000		2,000,000
Federal Farm Credit Banks Funding Corp., VRN, 2.97%, (SOFR plus 0.01%), 1/30/23	5,200,000		5,199,782
Federal Farm Credit Banks Funding Corp., VRN, 3.02%, (SOFR plus 0.06%), 2/9/23	1,850,000		1,850,000
Federal Farm Credit Banks Funding Corp., VRN, 2.98%, (SOFR plus 0.02%), 7/13/23	15,000,000		14,998,229
Federal Farm Credit Banks Funding Corp., VRN, 2.99%, (SOFR plus 0.03%), 8/28/23	10,000,000		10,000,000
Federal Farm Credit Banks Funding Corp., VRN, 3.28%, (3-month USBMMY minus 0.02%), 1/29/24	3,000,000		3,004,616
Federal Farm Credit Banks Funding Corp., VRN, 3.01%, (SOFR plus 0.05%), 3/8/24	5,000,000		5,000,000
Federal Farm Credit Banks Funding Corp., VRN, 3.01%, (SOFR plus 0.05%), 3/11/24	5,000,000		5,000,000
Federal Farm Credit Banks Funding Corp., VRN, 3.01%, (SOFR plus 0.05%), 4/12/24	5,000,000		5,000,000
Federal Farm Credit Banks Funding Corp., VRN, 3.15%, (Prime rate minus 3.10%), 8/26/24	5,000,000		4,998,127
Federal Home Loan Bank, VRN, 2.97%, (SOFR plus 0.01%), 10/18/22	20,000,000		20,000,000
Federal Home Loan Bank, VRN, 2.99%, (SOFR plus 0.03%), 12/2/22	40,000,000		40,000,000
Federal Home Loan Bank, VRN, 2.99%, (SOFR plus 0.03%), 12/5/22	20,000,000		20,000,000
Federal Home Loan Bank, VRN, 3.02%, (SOFR plus 0.06%), 12/8/22	9,000,000		9,000,000
Federal Home Loan Bank, VRN, 2.98%, (SOFR plus 0.02%), 12/21/22	15,000,000		15,000,000
Federal Home Loan Bank, VRN, 3.02%, (SOFR plus 0.06%), 12/23/22	25,000,000		25,002,512
Federal Home Loan Bank, VRN, 2.97%, (SOFR plus 0.01%), 12/27/22	30,000,000		30,000,000
Federal Home Loan Bank, VRN, 3.06%, (SOFR plus 0.02%), 1/3/23(2)	5,000,000		5,000,000
Federal Home Loan Bank, VRN, 3.00%, (SOFR plus 0.02%), 1/6/23	10,000,000		10,000,000
Federal Home Loan Bank, VRN, 2.99%, (SOFR plus 0.03%), 1/19/23	10,000,000		10,000,000
Federal Home Loan Bank, VRN, 2.97%, (SOFR plus 0.01%), 1/23/23	10,000,000		10,000,000
Federal Home Loan Bank, VRN, 2.97%, (SOFR plus 0.01%), 1/25/23	10,000,000		10,000,000
			262,203,284
Fixed-Rate U.S. Government Agency Securities — 19.5%
Federal Farm Credit Banks Funding Corp., 0.21%, 12/2/22	10,000,000		9,999,952
Federal Farm Credit Discount Notes, 4.08%, 6/20/23	10,000,000		9,716,167
Federal Home Loan Bank, 4.05%, 4/24/23(2)	5,000,000		5,000,000

6

	Principal Amount		Value
Federal Home Loan Bank, 2.00%, 4/28/23	$	20,000,000	$	20,000,000
Federal Home Loan Bank, 2.30%, 6/16/23	5,000,000		5,000,000
Federal Home Loan Bank, 2.00%, 6/23/23	5,000,000		5,000,000
Federal Home Loan Bank, 3.07%, 6/30/23	5,000,000		5,000,000
Federal Home Loan Bank, 2.50%, 7/26/23	15,000,000		15,000,000
Federal Home Loan Bank, 3.02%, 8/10/23	5,000,000		5,000,000
Federal Home Loan Bank, 3.375%, 8/28/23	5,000,000		5,000,000
Federal Home Loan Bank, 3.75%, 9/27/23	5,000,000		5,000,000
Federal Home Loan Bank, 4.50%, 10/27/23(2)	5,000,000		5,000,000
Federal Home Loan Bank Discount Notes, 2.55%, 10/21/22	15,000,000		14,979,190
Federal Home Loan Bank Discount Notes, 3.25%, 11/18/22	15,000,000		14,936,199
Federal Home Loan Bank Discount Notes, 3.51%, 12/21/22	12,500,000		12,403,390
Federal Home Loan Bank Discount Notes, 3.16%, 2/21/23	10,000,000		9,878,052
Federal Home Loan Mortgage Corp., 1.30%, 4/12/23	15,000,000		15,000,000
			161,912,950
TOTAL U.S. GOVERNMENT AGENCY SECURITIES			424,116,234
CORPORATE BONDS — 28.9%
1450 Midvale Investors LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	9,855,000		9,855,000
1834 Bentley Investors LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	7,840,000		7,840,000
2140 Bentley Investors LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	4,225,000		4,225,000
412 Madison LLC, VRDN, 3.15%, 10/7/22 (LOC: FNMA)	9,000,000		9,000,000
500 Columbia Place LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	31,000,000		31,000,000
Anton Santa Cruz LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	9,835,000		9,835,000
CG-USA Simi Valley LP, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	22,500,000		22,500,000
Champion Insurance Trust, VRDN, 3.17%, 10/7/22 (LOC: FHLB)	4,000,000		4,000,000
Dennis Wesley Co., Inc., VRDN, 3.26%, 10/7/22 (LOC: FHLB)	1,725,000		1,725,000
EPR GO Zone Holdings LLC, VRDN, 3.27%, 10/7/22 (LOC: FHLB)	24,995,000		24,995,000
Fairfield North Texas Associates LP, VRDN, 3.15%, 10/12/22 (LOC: FHLB)	9,550,000		9,550,000
Gold River 659 LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	16,000,000		16,000,000
Jefferson Centerpointe LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	7,300,000		7,300,000
JL Irrevocable Trust, VRDN, 3.20%, 10/7/22 (LOC: FHLB)	6,275,000		6,275,000
Johnston Family Insurance LLC, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	4,035,000		4,035,000
KDF Glenview LP, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	3,950,000		3,950,000
Krawitz Family Insurance Trust, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	2,480,000		2,480,000
Marvin J Base 2019 Irrevocable Trust, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	2,985,000		2,985,000
New Village Green LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	6,000,000		6,000,000
Saddleback Valley Community Church, VRDN, 3.00%, 10/7/22 (LOC: FHLB)	6,055,000		6,055,000
Santa Monica Ocean Park Partners LP, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	9,370,000		9,370,000
Sheryl P Werner Irrevocable Trust, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	3,830,000		3,830,000
Shil Park Irrevocable Life Insurance Trust, VRDN, 3.14%, 10/7/22 (LOC: FHLB)	5,065,000		5,065,000
SRM Culver City LP, VRDN, 3.15%, 10/30/22 (LOC: FHLB)	11,900,000		11,900,000
Synergy Colgan Creek LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	1,000,000		1,000,000

7

	Principal Amount		Value
Varenna Care Center LP, VRDN, 3.15%, 10/12/22 (LOC: FHLB)	$	8,765,000	$	8,765,000
West Valley MC LLC, VRDN, 3.15%, 10/7/22 (LOC: FHLB)	10,500,000		10,500,000
TOTAL CORPORATE BONDS			240,035,000
U.S. TREASURY SECURITIES(1) — 16.9%
U.S. Treasury Bills, 2.71%, 11/1/22	5,000,000		4,989,656
U.S. Treasury Bills, 1.56%, 11/25/22	7,000,000		6,983,637
U.S. Treasury Bills, 1.62%, 12/1/22	5,000,000		4,986,614
U.S. Treasury Bills, 3.01%, 1/26/23	10,000,000		9,905,100
U.S. Treasury Bills, 3.13%, 2/9/23	15,000,000		14,834,067
U.S. Treasury Bills, 3.20%, 2/23/23	65,000,000		64,185,785
U.S. Treasury Bills, 3.34%, 3/2/23	15,000,000		14,794,800
U.S. Treasury Bills, 3.58%, 3/16/23	10,000,000		9,840,225
U.S. Treasury Bills, 3.18%, 6/15/23	5,000,000		4,891,849
U.S. Treasury Bills, 3.64%, 9/7/23	5,000,000		4,836,130
TOTAL U.S. TREASURY SECURITIES			140,247,863
MUNICIPAL SECURITIES — 4.9%
Downtown Bainbridge Development Authority Rev., (Rivertown Development LLC), VRDN, 3.26%, 10/7/22 (LOC: First Port City Bank)(SBBPA: FHLB)(3)	4,000,000		4,000,000
Massachusetts Health & Educational Facilities Authority Rev., (Massachusetts Development Finance Agency), VRDN, 3.23%, 10/7/22 (LOC: RBS Citizens N.A. and FHLB)	1,220,000		1,220,000
New York City Housing Development Corp. Rev., (155 W 21st State LLC), VRDN, 3.05%, 10/7/22 (LOC: FNMA)(LIQ FAC: FNMA)	4,900,000		4,900,000
New York City Housing Development Corp. Rev., (2 Gold LLC), VRDN, 3.05%, 10/7/22 (LOC: FNMA)(LIQ FAC: FNMA)	19,195,000		19,195,000
New York City Housing Development Corp. Rev., (BCRE-90 West Street LLC), VRDN, 3.05%, 10/7/22 (LOC: FNMA)(LIQ FAC: FNMA)	4,800,000		4,800,000
New York State Housing Finance Agency Rev., Series 2007 B, (DD 11th Avenue LLC), VRDN, 3.05%, 10/7/22 (LOC: FNMA)(LIQ FAC: FNMA)	6,800,000		6,800,000
TOTAL MUNICIPAL SECURITIES			40,915,000
REPURCHASE AGREEMENTS — 1.4%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.625% - 4.625%, 1/15/25 - 5/15/47, valued at $1,973,800), in a joint trading account at 2.86%, dated 9/30/22, due 10/3/22 (Delivery value $1,940,712)			1,940,249
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 5/31/29, valued at $9,897,094), at 2.95%, dated 9/30/22, due 10/3/22 (Delivery value $9,705,385)			9,703,000
TOTAL REPURCHASE AGREEMENTS			11,643,249
TOTAL INVESTMENT SECURITIES — 103.2%			856,957,346
OTHER ASSETS AND LIABILITIES — (3.2)%			(26,633,546)
TOTAL NET ASSETS — 100.0%			$	830,323,800

8

NOTES TO SCHEDULE OF INVESTMENTS
FHLB	-	Federal Home Loan Bank
FNMA	-	Federal National Mortgage Association
LIQ FAC	-	Liquidity Facilities
LOC	-	Letter of Credit
SBBPA	-	Standby Bond Purchase Agreement
SOFR	-	Secured Overnight Financing Rate
USBMMY	-	U.S. Treasury Bill Money Market Yield
VRDN	-	Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed.
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. 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)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 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 $4,000,000, which represented 0.5% of total net assets.

See Notes to Financial Statements.

9

Statement of Assets and Liabilities

SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	856,957,346
Cash	23,085
Receivable for investments sold	140,000
Receivable for capital shares sold	860,948
Interest receivable	1,446,511
	859,427,890
Liabilities
Payable for investments purchased	27,439,656
Payable for capital shares redeemed	1,352,198
Accrued management fees	295,090
Distribution and service fees payable	17,146
	29,104,090
Net Assets	$	830,323,800
Net Assets Consist of:
Capital paid in	$	830,377,340
Distributable earnings	(53,540)
	$	830,323,800

	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$727,324,373	727,506,906	$1.00
A Class	$84,351,093	84,352,191	$1.00
C Class	$442,971	442,978	$1.00
G Class	$18,205,363	18,205,425	$1.00

See Notes to Financial Statements.

10

Statement of Operations

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	5,615,150
Expenses:
Management fees	1,721,847
Distribution and service fees:
A Class	104,291
C Class	1,484
Trustees' fees and expenses	24,982
Other expenses	1,851
	1,854,455
Fees waived	(57,947)
	1,796,508
Net investment income (loss)	3,818,642
Net realized gain (loss) on investment transactions	(5,623)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,813,019

See Notes to Financial Statements.

11

Statement of Changes in Net Assets

SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	3,818,642	$	98,714
Net realized gain (loss)	(5,623)		6,919
Net increase (decrease) in net assets resulting from operations	3,813,019		105,633
Distributions to Shareholders
From earnings:
Investor Class	(3,366,727)		(72,049)
A Class	(321,868)		(8,090)
C Class	(1,044)		(23)
G Class	(129,003)		(18,552)
Decrease in net assets from distributions	(3,818,642)		(98,714)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 4)	150,212,388		(6,052,119)
Net increase (decrease) in net assets	150,206,765		(6,045,200)
Net Assets
Beginning of period	680,117,035		686,162,235
End of period	$	830,323,800	$	680,117,035

See Notes to Financial Statements.

12

Notes to Financial Statements

SEPTEMBER 30, 2022 (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 (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually. Investments are generally valued at amortized cost, which approximates fair value. Repurchase agreements are valued at cost, which approximates fair value. If the valuation designee determines that the valuation methods do not reflect an investment’s fair value, such investment is valued as determined in good faith by the valuation designee.

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.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that ACIM 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.

13

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. The fund may make capital gains distributions to comply with the distribution requirements of the Internal Revenue Code.

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

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, 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. ACC and its subsidiaries own 44% 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 funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.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 the period ended September 30, 2022 was $94, $12 and $40,833 for the Investor Class, A Class and G Class, respectively. The impact of this waiver to the ratio of operating expenses to average net assets was less than 0.005% for the Investor Class and A Class for the period ended September 30, 2022.

14

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, 2022 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%	0.45%	0.45%
A Class			0.45%	0.45%
C Class			0.45%	0.45%
G Class			0.45%	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, 2022 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, 2022 was $16,674 and $334 for the A Class and C Class, respectively. The effective annual distribution and service fee after waiver was 0.21% for the A Class and 0.58% 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.

4. Capital Share Transactions

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

	Six months ended September 30, 2022			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	709,589,079	$	709,589,079	1,439,360,947	$	1,439,360,947
Issued in reinvestment of distributions	3,366,727	3,366,727		71,413	71,413
Redeemed	(567,719,519)	(567,719,519)		(1,441,301,674)	(1,441,301,674)
	145,236,287	145,236,287		(1,869,314)	(1,869,314)
A Class
Sold	25,716,351	25,716,351		46,657,936	46,657,936
Issued in reinvestment of distributions	321,868	321,868		8,089	8,089
Redeemed	(20,645,759)	(20,645,759)		(56,810,253)	(56,810,253)
	5,392,460	5,392,460		(10,144,228)	(10,144,228)
C Class
Sold	280,709	280,709		101,735	101,735
Issued in reinvestment of distributions	1,044	1,044		21	21
Redeemed	(69,579)	(69,579)		(67,270)	(67,270)
	212,174	212,174		34,486	34,486
G Class
Sold	2,888,285	2,888,285		8,094,022	8,094,022
Issued in reinvestment of distributions	129,003	129,003		18,552	18,552
Redeemed	(3,645,821)	(3,645,821)		(2,185,637)	(2,185,637)
	(628,533)	(628,533)		5,926,937	5,926,937
Net increase (decrease)	150,212,388	$	150,212,388	(6,052,119)	$	(6,052,119)

15

5. Fair Value Measurements

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

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

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

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

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

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

6. Federal Tax Information

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

As of March 31, 2022, the fund had accumulated short-term capital losses of $(45,878) 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
2022(2)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.49%	0.46%(4)	0.46%(4)	1.02%(4)	1.02%(4)	$727,324
2022	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.10%	0.45%	0.01%	(0.34)%	$582,093
2021	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.02%	0.16%	0.45%	0.02%	(0.27)%	$583,956
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
A Class
2022(2)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.39%	0.67%(4)	0.71%(4)	0.81%(4)	0.77%(4)	$84,351
2022	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.10%	0.70%	0.01%	(0.59)%	$78,959
2021	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.16%	0.70%	0.02%	(0.52)%	$89,103
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

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
2022(2)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.23%	1.04%(4)	1.21%(4)	0.44%(4)	0.27%(4)	$443
2022	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.10%	1.20%	0.01%	(1.09)%	$231
2021	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.17%	1.20%	0.01%	(1.02)%	$196
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
G Class
2022(2)	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.72%	0.01%(4)	0.46%(4)	1.47%(4)	1.02%(4)	$18,205
2022	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.11%	0.00%(5)	0.45%	0.11%	(0.34)%	$18,834
2021	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.17%	0.01%	0.45%	0.17%	(0.27)%	$12,907
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(6)	$1.00	0.01	—(3)	0.01	(0.01)	$1.00	0.81%	0.01%(4)	0.46%(4)	1.20%(4)	0.75%(4)	$971,546

Notes to Financial Highlights

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

(2)Six months ended September 30, 2022 (unaudited).

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

(4)Annualized.

(5)Ratio was less than 0.005%.

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

See Notes to Financial Statements.

Approval of Management Agreement

At a meeting held on June 21, 2022, 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 of 1940 (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 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.

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 and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas ofinterest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•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.

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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 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 principal investment 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 actions being taken to improve performance. The Fund’s performance was above the median of its peer group for the one-, three-, and ten-year periods, and below the median of its peer group for the five-year period

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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.

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 fee structure 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 securities transaction expenses, 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 minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. Given the broad proliferation of fee waivers to support positive money market fund yields and the wide variance of expenses waived, the Board recognized that net fee comparisons may not be a reliable analysis of fund expenses. With that in mind, the Board reviewed peer data both on a gross basis and net of applicable waivers. The Board concluded that the management fee paid by the

22

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.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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 also 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

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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 first and third quarters 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.
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90817 2211

(b)None.

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 23, 2022

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 23, 2022

By:	/s/ R. Wes Campbell
	Name:	R. Wes Campbell
	Title:	Treasurer and
		Chief Financial Officer
		(principal financial officer)
Date:	November 23, 2022