American Century Investments®
Quarterly Portfolio Holdings
American Century® Select High Yield ETF (AHYB)
May 31, 2026


Select High Yield ETF - Schedule of Investments 
MAY 31, 2026 (UNAUDITED)
Principal
Amount ($)/Shares
Value ($)
CORPORATE BONDS — 95.9%
 
 
Aerospace and Defense — 2.7%
 
 
ATI, Inc., 5.875%, 12/1/27
50,000 50,252 
ATI, Inc., 4.875%, 10/1/29
75,000 74,212 
ATI, Inc., 5.125%, 10/1/31
50,000 49,601 
Axon Enterprise, Inc., 6.125%, 3/15/30(1)
75,000 76,633 
Bombardier, Inc., 7.00%, 6/1/32(1)
150,000 156,412 
Bombardier, Inc., 6.75%, 6/15/33(1)
50,000 52,140 
OneSky Flight LLC, 8.875%, 12/15/29(1)
50,000 52,774 
TransDigm, Inc., 6.75%, 8/15/28(1)
200,000 202,719 
TransDigm, Inc., 4.625%, 1/15/29
175,000 172,559 
TransDigm, Inc., 4.875%, 5/1/29
150,000 148,372 
TransDigm, Inc., 6.625%, 3/1/32(1)
50,000 51,489 
TransDigm, Inc., 6.00%, 1/15/33(1)
100,000 101,200 
TransDigm, Inc., 6.375%, 5/31/33(1)
275,000 277,973 
TransDigm, Inc., 6.75%, 1/31/34(1)
75,000 76,946 
TransDigm, Inc., 6.125%, 7/31/34(1)
75,000 74,784 
 
1,618,066 
Automobile Components — 1.9%
 
 
Adient Global Holdings Ltd., 8.25%, 4/15/31(1)
75,000 78,251 
Adient Global Holdings Ltd., 7.50%, 2/15/33(1)(2)
100,000 103,770 
American Axle & Manufacturing, Inc., 6.375%, 10/15/32(1)
50,000 50,218 
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 9/15/32(1)
175,000 179,405 
Cyprium Corp./Cyprium Holdings Luxembourg SARL, 6.375%, 4/15/34(1)
75,000 75,034 
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 5/31/32(1)
50,000 52,433 
Goodyear Tire & Rubber Co., 5.25%, 7/15/31
250,000 222,082 
Patrick Industries, Inc., 4.75%, 5/1/29(1)
47,000 46,052 
Phinia, Inc., 6.625%, 10/15/32(1)
150,000 154,003 
Tenneco, Inc., 8.00%, 11/17/28(1)
175,000 175,461 
ZF North America Capital, Inc., 7.50%, 3/24/31(1)
25,000 25,269 
 
1,161,978 
Automobiles — 0.4%
 
 
Nissan Motor Co. Ltd., 4.81%, 9/17/30(1)
225,000 210,888 
Thor Industries, Inc., 4.00%, 10/15/29(1)
50,000 47,311 
 
258,199 
Banks — 1.0%
 
 
Freedom Mortgage Holdings LLC, 9.25%, 2/1/29(1)
200,000 208,423 
Freedom Mortgage Holdings LLC, 7.875%, 4/1/33(1)
100,000 97,727 
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/1/31(1)
78,000 72,539 
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.00%, 10/15/33(1)
128,000 114,998 
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)
100,000 95,583 
 
589,270 
Beverages — 0.2%
 
 
Primo Water Holdings, Inc./Triton Water Holdings, Inc., 4.375%, 4/30/29(1)
97,000 95,341 
Biotechnology — 0.4%
 
 
Genmab AS/Genmab Finance LLC, 7.25%, 12/15/33(1)
225,000 234,419 
Broadline Retail — 0.1%
 
 
Macy's Retail Holdings LLC, 7.375%, 8/1/33(1)(2)
75,000 78,396 
Building Products — 2.3%
 
 
APi Group DE, Inc., 4.125%, 7/15/29(1)
75,000 72,504 


Builders FirstSource, Inc., 4.25%, 2/1/32(1)
150,000 138,150 
Builders FirstSource, Inc., 6.375%, 3/1/34(1)
125,000 125,050 
Cornerstone Building Brands, Inc., 9.50%, 8/15/29(1)
150,000 91,598 
EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30(1)
125,000 127,950 
Griffon Corp., 5.75%, 3/1/28
94,000 94,117 
JELD-WEN Holding, Inc., 7.00%, 9/1/32(1)(2)
200,000 123,694 
JH North America Holdings, Inc., 5.875%, 1/31/31(1)
50,000 50,028 
JH North America Holdings, Inc., 6.125%, 7/31/32(1)
25,000 25,084 
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 4/1/32(1)
75,000 73,791 
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30(1)(2)
50,000 46,748 
Standard Building Solutions, Inc., 6.25%, 8/1/33(1)
50,000 50,112 
Standard Industries, Inc., 4.375%, 7/15/30(1)
300,000 285,980 
Standard Industries, Inc., 3.375%, 1/15/31(1)
100,000 91,096 
 
1,395,902 
Capital Markets — 2.0%
 
 
Coinbase Global, Inc., 3.375%, 10/1/28(1)
125,000 120,032 
Coinbase Global, Inc., 3.625%, 10/1/31(1)
300,000 264,913 
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)
50,405 48,281 
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27
150,000 148,465 
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/29
150,000 148,945 
Iliad Holding SAS, 7.00%, 10/15/28(1)
50,000 50,398 
Iliad Holding SAS, 7.00%, 4/15/32(1)
200,000 203,690 
Jane Street Group/JSG Finance, Inc., 6.125%, 11/1/32(1)
50,000 50,153 
Jane Street Group/JSG Finance, Inc., 6.75%, 5/1/33(1)
50,000 51,455 
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)
100,000 97,672 
Osaic Holdings, Inc., 6.75%, 8/1/32(1)
50,000 50,513 
 
1,234,517 
Chemicals — 3.4%
 
 
Avient Corp., 6.25%, 11/1/31(1)
98,000 99,476 
Celanese U.S. Holdings LLC, 7.55%, 11/15/30
25,000 26,615 
Celanese U.S. Holdings LLC, 7.00%, 2/15/31
50,000 51,865 
Celanese U.S. Holdings LLC, 7.38%, 7/15/32
75,000 78,897 
Celanese U.S. Holdings LLC, 7.70%, 11/15/33
50,000 53,739 
Celanese U.S. Holdings LLC, 7.375%, 2/15/34(2)
150,000 156,763 
Chemours Co., 5.75%, 11/15/28(1)
114,000 113,867 
Chemours Co., 4.625%, 11/15/29(1)
25,000 24,009 
Chemours Co., 8.00%, 1/15/33(1)
125,000 127,789 
Chemours Co., 7.875%, 3/15/34(1)
50,000 50,753 
CompoSecure Holdings LLC, 5.625%, 2/1/33(1)
75,000 72,850 
FXI Holdings, Inc., 16.00% PIK, 11/15/29(1)
21,385 5,933 
Methanex U.S. Operations, Inc., 6.25%, 3/15/32(1)
150,000 154,532 
NOVA Chemicals Corp., 5.25%, 6/1/27(1)
120,000 120,450 
NOVA Chemicals Corp., 8.50%, 11/15/28(1)
100,000 103,900 
Olin Corp., 5.00%, 2/1/30
250,000 242,760 
Olympus Water U.S. Holding Corp., 7.25%, 2/15/33(1)
175,000 173,112 
Rain Carbon, Inc., 12.25%, 9/1/29(1)(2)
125,000 132,972 
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)
25,000 24,735 
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)
75,000 74,280 
Scotts Miracle-Gro Co., 4.00%, 4/1/31
50,000 46,559 
WR Grace Holdings LLC, 5.625%, 8/15/29(1)
100,000 95,854 
WR Grace Holdings LLC, 7.00%, 8/1/33(1)
50,000 49,625 
 
2,081,335 
Commercial Services and Supplies — 2.5%
 
 
ADT Security Corp., 4.875%, 7/15/32(1)
225,000 213,178 
Allied Universal Holdco LLC, 7.875%, 2/15/31(1)
150,000 156,959 


Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.625%, 6/1/28(1)
25,000 24,650 
Brink's Co., 4.625%, 10/15/27(1)
120,000 119,484 
Brink's Co., 6.75%, 6/15/32(1)
100,000 102,539 
Garda World Security Corp., 7.75%, 2/15/28(1)
50,000 50,931 
GFL Environmental, Inc., 4.00%, 8/1/28(1)
50,000 49,071 
GFL Environmental, Inc., 4.75%, 6/15/29(1)
150,000 147,804 
GFL Environmental, Inc., 6.75%, 1/15/31(1)
73,000 75,466 
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.375%, 8/31/27(1)
100,000 98,101 
Raven Acquisition Holdings LLC, 6.875%, 11/15/31(1)
150,000 147,200 
RR Donnelley & Sons Co., 9.50%, 8/1/29(1)
150,000 155,643 
Waste Pro USA, Inc., 7.00%, 2/1/33(1)
75,000 76,857 
Williams Scotsman, Inc., 4.625%, 8/15/28(1)
75,000 74,323 
 
1,492,206 
Construction and Engineering — 0.8%
 
 
Brand Industrial Services, Inc., 10.375%, 8/1/30(1)
100,000 88,506 
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/32(1)
150,000 154,641 
Howard Midstream Energy Partners LLC, 7.375%, 7/15/32(1)
50,000 51,709 
Howard Midstream Energy Partners LLC, 6.625%, 1/15/34(1)
75,000 75,916 
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)
100,000 99,545 
Weekley Homes LLC/Weekley Finance Corp., 6.75%, 1/15/34(1)
25,000 24,634 
 
494,951 
Construction Materials — 0.7%
 
 
Quikrete Holdings, Inc., 6.375%, 3/1/32(1)
100,000 101,893 
Quikrete Holdings, Inc., 6.75%, 3/1/33(1)
125,000 126,920 
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1)
175,000 175,555 
 
404,368 
Consumer Finance — 2.1%
 
 
FirstCash, Inc., 6.875%, 3/1/32(1)
50,000 51,473 
goeasy Ltd., 7.625%, 7/1/29(1)
125,000 117,647 
LFS Topco LLC, 8.75%, 7/15/30(1)
100,000 99,629 
Navient Corp., 5.00%, 3/15/27
50,000 49,747 
Navient Corp., 5.50%, 3/15/29(2)
100,000 96,058 
Navient Corp., 9.375%, 7/25/30
125,000 127,433 
OneMain Finance Corp., 6.625%, 1/15/28
50,000 50,870 
OneMain Finance Corp., 5.375%, 11/15/29
100,000 97,641 
OneMain Finance Corp., 7.875%, 3/15/30
100,000 104,127 
OneMain Finance Corp., 7.125%, 11/15/31
150,000 151,961 
OneMain Finance Corp., 6.75%, 3/15/32
50,000 49,783 
Phoenix Aviation Capital Ltd., 9.25%, 7/15/30(1)
75,000 77,369 
SLM Corp., 6.50%, 1/31/30
50,000 50,679 
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30(1)(2)
78,000 71,222 
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 8.75%, 1/15/32(1)
75,000 72,901 
 
1,268,540 
Consumer Staples Distribution & Retail — 0.5%
 
 
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 6.50%, 2/15/28(1)
125,000 126,406 
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.875%, 2/15/30(1)
125,000 121,814 
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.625%, 3/31/32(1)
50,000 48,852 
 
297,072 
Containers and Packaging — 1.8%
 
 
Ardagh Group SA, 9.50%, 12/1/30(1)
75,000 80,130 
Ball Corp., 6.00%, 6/15/29
25,000 25,448 
Ball Corp., 3.125%, 9/15/31
125,000 113,134 
Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/30(1)
75,000 72,125 
Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32(1)
50,000 48,109 
Mauser Packaging Solutions Holding Co., 7.875%, 4/15/30(1)
100,000 101,085 


OI European Group BV, 4.75%, 2/15/30(1)
150,000 142,828 
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31(1)(2)
75,000 73,839 
Owens-Brockway Glass Container, Inc., 7.375%, 6/1/32(1)
125,000 120,124 
Sealed Air Corp., 6.875%, 7/15/33(1)
50,000 49,170 
Sword Purchaser LLC, 8.25%, 4/15/33(1)
100,000 103,074 
Sword Purchaser LLC, 10.50%, 4/15/34(1)
50,000 52,038 
TriMas Corp., 4.125%, 4/15/29(1)
100,000 96,123 
 
1,077,227 
Distributors — 0.5%
 
 
Performance Food Group, Inc., 4.25%, 8/1/29(1)
72,000 69,800 
Performance Food Group, Inc., 6.125%, 9/15/32(1)
75,000 75,919 
RB Global Holdings, Inc., 7.75%, 3/15/31(1)
103,000 107,225 
Windsor Holdings III LLC, 8.50%, 6/15/30(1)
50,000 52,061 
 
305,005 
Diversified Consumer Services — 0.2%
 
 
Service Corp. International, 3.375%, 8/15/30
64,000 59,539 
Service Corp. International, 4.00%, 5/15/31
64,000 60,273 
 
119,812 
Diversified REITs — 1.2%
 
 
Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32(1)
50,000 48,215 
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27(2)
143,000 139,714 
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.875%, 10/1/28(1)
72,000 72,045 
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 2/1/30(1)
119,000 121,906 
RHP Hotel Properties LP/RHP Finance Corp., 6.50%, 4/1/32(1)
100,000 102,589 
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)
47,000 46,983 
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)
150,000 143,225 
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, 4/15/28(1)
75,000 74,806 
 
749,483 
Diversified Telecommunication Services — 2.1%
 
 
APLD ComputeCo LLC, 9.25%, 12/15/30(1)
125,000 135,003 
Black Pearl Compute LLC, 6.125%, 2/15/31(1)
50,000 50,933 
Cipher Compute LLC, 7.125%, 11/15/30(1)
25,000 26,093 
Flash Compute LLC, 7.25%, 12/31/30(1)
150,000 154,827 
Level 3 Financing, Inc., 8.50%, 1/15/36(1)
100,000 108,218 
Level 3 Financing, Inc., 7.50%, 2/15/37(1)
50,000 51,582 
Meridian Arc Holdco LLC, 6.25%, 4/30/31(1)
225,000 226,279 
SV RNO Property Owner 1 LLC, 5.875%, 3/1/31(1)
150,000 148,207 
Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/1/31(1)
150,000 158,370 
WULF Compute LLC, 7.75%, 10/15/30(1)
175,000 183,985 
Zayo Group Holdings, Inc., 5.75% Cash plus 0.50% PIK, 3/9/30(1)
45,557 45,657 
 
1,289,154 
Electric Utilities — 3.6%
 
 
Alpha Generation LLC, 6.75%, 10/15/32(1)
100,000 102,396 
Constellation Energy Generation LLC, 5.00%, 2/1/31(1)
150,000 150,327 
NRG Energy, Inc., 5.25%, 6/15/29(1)
100,000 99,534 
NRG Energy, Inc., 5.75%, 7/15/29(1)
125,000 125,162 
NRG Energy, Inc., 3.625%, 2/15/31(1)
100,000 92,786 
NRG Energy, Inc., 6.00%, 2/1/33(1)
50,000 50,398 
NRG Energy, Inc., 7.00%, 3/15/33(1)
25,000 27,150 
NRG Energy, Inc., 5.75%, 1/15/34(1)
50,000 49,481 
NRG Energy, Inc., 6.25%, 11/1/34(1)
175,000 176,607 
NRG Energy, Inc., 6.00%, 1/15/36(1)
100,000 99,397 
PG&E Corp., 5.00%, 7/1/28
125,000 124,463 
PG&E Corp., 5.25%, 7/1/30
47,000 46,531 
Talen Energy Supply LLC, 6.375%, 5/1/33(1)
150,000 149,541 


Talen Energy Supply LLC, 6.25%, 2/1/34(1)
75,000 74,789 
Talen Energy Supply LLC, 6.50%, 2/1/36(1)
200,000 201,283 
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)
75,000 74,982 
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)
100,000 98,131 
Vistra Operations Co. LLC, 7.75%, 10/15/31(1)
125,000 131,106 
Vistra Operations Co. LLC, 6.875%, 4/15/32(1)
50,000 52,054 
VoltaGrid LLC, 7.375%, 11/1/30(1)
50,000 52,090 
XPLR Infrastructure Operating Partners LP, 4.50%, 9/15/27(1)
50,000 49,693 
XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/33(1)
75,000 80,646 
XPLR Infrastructure Operating Partners LP, 7.75%, 4/15/34(1)
75,000 79,248 
 
2,187,795 
Electrical Equipment — 0.3%
 
 
Atkore, Inc., 4.25%, 6/1/31(1)(2)
100,000 95,513 
WESCO Distribution, Inc., 7.25%, 6/15/28(1)
75,000 75,179 
 
170,692 
Electronic Equipment, Instruments and Components — 1.1%
 
 
Coherent Corp., 5.00%, 12/15/29(1)
69,000 68,332 
Ingram Micro, Inc., 4.75%, 5/15/29(1)
200,000 196,706 
Sensata Technologies BV, 4.00%, 4/15/29(1)
50,000 48,976 
Sensata Technologies, Inc., 4.375%, 2/15/30(1)
125,000 121,862 
Sensata Technologies, Inc., 6.625%, 7/15/32(1)
100,000 103,647 
TTM Technologies, Inc., 4.00%, 3/1/29(1)
100,000 96,910 
Zebra Technologies Corp., 6.50%, 6/1/32(1)
50,000 50,749 
 
687,182 
Energy Equipment and Services — 1.4%
 
 
Helix Energy Solutions Group, Inc., 9.75%, 3/1/29(1)
98,000 103,118 
Kodiak Gas Services LLC, 6.75%, 10/1/35(1)
50,000 51,420 
Nabors Industries, Inc., 7.625%, 11/15/32(1)
50,000 52,157 
Noble Finance II LLC, 8.00%, 4/15/30(1)
122,000 126,912 
Precision Drilling Corp., 6.875%, 1/15/29(1)
100,000 101,045 
Transocean International Ltd., 8.75%, 2/15/30(1)
73,500 77,057 
Transocean International Ltd., 7.50%, 4/15/31
75,000 77,007 
Transocean International Ltd., 6.80%, 3/15/38
50,000 47,765 
USA Compression Partners LP/USA Compression Finance Corp., 7.125%, 3/15/29(1)
100,000 103,074 
Valaris Ltd., 8.375%, 4/30/30(1)
75,000 78,146 
 
 
817,701 
Entertainment — 0.7%
 
 
Cinemark USA, Inc., 5.25%, 7/15/28(1)
75,000 74,642 
Cinemark USA, Inc., 7.00%, 8/1/32(1)
50,000 51,782 
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)
70,000 69,767 
OAK-Eagle Acquireco, Inc., 7.25%, 7/1/33(1)
75,000 78,258 
OAK-Eagle Acquireco, Inc., 8.75%, 7/1/34(1)
125,000 132,174 
Playtika Holding Corp., 4.25%, 3/15/29(1)
47,000 42,260 
 
 
448,883 
Financial Services — 2.5%
 
 
Block, Inc., 5.625%, 8/15/30(1)
25,000 25,122 
Block, Inc., 6.50%, 5/15/32
175,000 178,471 
Block, Inc., 6.00%, 8/15/33(1)
25,000 25,027 
Kinetik Holdings LP, 5.875%, 6/15/30(1)
50,000 50,269 
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)
70,000 47,600 
NCR Atleos Corp., 9.50%, 4/1/29(1)
100,000 106,985 
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 6/15/29(1)(2)
100,000 87,519 
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)
75,000 71,672 
PennyMac Financial Services, Inc., 7.875%, 12/15/29(1)
100,000 103,911 
PennyMac Financial Services, Inc., 6.875%, 5/15/32(1)
25,000 24,500 


PennyMac Financial Services, Inc., 6.75%, 2/15/34(1)
150,000 143,924 
Rocket Cos., Inc., 7.125%, 2/1/32(1)
150,000 155,498 
Rocket Cos., Inc., 6.375%, 8/1/33(1)
100,000 101,675 
Stonebriar ABF Issuer LLC, 8.125%, 12/15/30(1)
150,000 157,595 
WEX, Inc., 6.50%, 3/15/33(1)
200,000 199,283 
 
1,479,051 
Food Products — 1.9%
 
 
Darling Ingredients, Inc., 5.25%, 4/15/27(1)
70,000 70,052 
Darling Ingredients, Inc., 6.00%, 6/15/30(1)
53,000 53,539 
Industrial F&B Investments III, Inc., 7.75%, 2/11/33(1)
75,000 76,557 
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 2/15/29(1)
150,000 156,847 
Lamb Weston Holdings, Inc., 4.375%, 1/31/32(1)
150,000 140,426 
Post Holdings, Inc., 4.625%, 4/15/30(1)
50,000 48,689 
Post Holdings, Inc., 4.50%, 9/15/31(1)
75,000 70,438 
Post Holdings, Inc., 6.375%, 3/1/33(1)
75,000 74,854 
Post Holdings, Inc., 6.50%, 3/15/36(1)
75,000 74,496 
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/1/29(1)
25,000 24,202 
U.S. Foods, Inc., 6.875%, 9/15/28(1)
50,000 51,280 
U.S. Foods, Inc., 7.25%, 1/15/32(1)
200,000 208,095 
U.S. Foods, Inc., 5.75%, 4/15/33(1)
75,000 74,932 
 
1,124,407 
Gas Utilities — 0.1%
 
 
AmeriGas Partners LP/AmeriGas Finance Corp., 9.375%, 6/1/28(1)
75,000 76,872 
Ground Transportation — 2.2%
 
 
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27(1)
75,000 75,075 
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 4/1/28(1)
75,000 73,959 
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.375%, 3/1/29(1)
50,000 49,038 
FTAI Aviation Investors LLC, 5.50%, 5/1/28(1)
150,000 149,907 
FTAI Aviation Investors LLC, 5.875%, 4/15/33(1)
100,000 99,660 
Genesee & Wyoming, Inc., 6.25%, 4/15/32(1)
97,000 98,583 
Hertz Corp., 12.625%, 7/15/29(1)
150,000 136,741 
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)
150,000 149,478 
United Rentals North America, Inc., 4.875%, 1/15/28
122,000 122,135 
United Rentals North America, Inc., 3.875%, 2/15/31
195,000 184,522 
United Rentals North America, Inc., 6.125%, 3/15/34(1)
96,000 98,643 
Watco Cos. LLC/Watco Finance Corp., 7.125%, 8/1/32(1)
25,000 25,772 
XPO, Inc., 7.125%, 6/1/31(1)
71,000 73,335 
 
1,336,848 
Health Care Equipment and Supplies — 1.3%
 
 
Avantor Funding, Inc., 4.625%, 7/15/28(1)
69,000 68,319 
Avantor Funding, Inc., 3.875%, 11/1/29(1)
97,000 92,172 
Bausch & Lomb Corp., 8.375%, 10/1/28(1)
46,000 47,552 
Insulet Corp., 6.50%, 4/1/33(1)
50,000 50,920 
Medline Borrower LP, 3.875%, 4/1/29(1)
150,000 146,060 
Medline Borrower LP, 5.25%, 10/1/29(1)
225,000 224,736 
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29(1)
67,000 68,848 
Sotera Health Holdings LLC, 7.375%, 6/1/31(1)
73,000 76,034 
 
774,641 
Health Care Providers and Services — 2.9%
 
 
Accendra Health, Inc., 4.50%, 3/31/29(1)(2)
97,000 76,533 
Centene Corp., 4.625%, 12/15/29
125,000 121,815 
CHS/Community Health Systems, Inc., 5.25%, 5/15/30(1)
75,000 70,742 
CHS/Community Health Systems, Inc., 4.75%, 2/15/31(1)
111,000 102,149 
CHS/Community Health Systems, Inc., 10.875%, 1/15/32(1)
87,000 93,851 
DaVita, Inc., 4.625%, 6/1/30(1)
125,000 121,527 


DaVita, Inc., 6.75%, 7/15/33(1)
25,000 25,858 
HealthEquity, Inc., 4.50%, 10/1/29(1)
72,000 70,154 
IQVIA, Inc., 5.00%, 5/15/27(1)
45,000 45,000 
LifePoint Health, Inc., 9.875%, 8/15/30(1)
70,000 74,093 
LifePoint Health, Inc., 8.375%, 2/15/32(1)
100,000 105,088 
Molina Healthcare, Inc., 3.875%, 5/15/32(1)
72,000 64,606 
Molina Healthcare, Inc., 6.25%, 1/15/33((1)
75,000 75,036 
Radiology Partners, Inc., 8.50%, 7/15/32(1)
50,000 51,313 
Tenet Healthcare Corp., 5.125%, 11/1/27
225,000 225,308 
Tenet Healthcare Corp., 6.125%, 10/1/28
127,000 127,389 
Tenet Healthcare Corp., 4.25%, 6/1/29
97,000 94,617 
Tenet Healthcare Corp., 6.125%, 6/15/30
100,000 101,067 
Tenet Healthcare Corp., 6.75%, 5/15/31
78,000 80,374 
U.S. Acute Care Solutions LLC, 9.75%, 5/15/29(1)
50,000 47,963 
 
1,774,483 
Health Care Technology — 0.2%
 
 
AthenaHealth Group, Inc., 6.50%, 2/15/30(1)
125,000 120,604 
Hotel & Resort REITs — 0.2%
 
 
Service Properties Trust, 4.95%, 10/1/29(2)
125,000 117,714 
Hotels, Restaurants and Leisure — 8.6%
 
 
1011778 BC ULC/New Red Finance, Inc., 4.375%, 1/15/28(1)
125,000 123,781 
1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/30(1)
175,000 165,985 
Affinity Interactive, 6.875%, 12/15/27(1)
100,000 58,189 
Boyd Gaming Corp., 4.75%, 6/15/31(1)
125,000 120,581 
Brightstar Lottery PLC, 5.25%, 1/15/29(1)
100,000 99,491 
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)
175,000 168,727 
Caesars Entertainment, Inc., 7.00%, 2/15/30(1)
148,000 149,862 
Carnival Corp. Ltd., 5.875%, 6/15/31(1)
150,000 152,442 
Carnival Corp. Ltd., 6.125%, 2/15/33(1)
100,000 101,366 
Churchill Downs, Inc., 5.75%, 4/1/30(1)
125,000 125,107 
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1)
75,000 73,187 
GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 8/15/28(1)(3)(4)
47,000 22,090 
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30
150,000 148,443 
Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31(1)
75,000 71,147 
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)
75,000 68,907 
Hilton Domestic Operating Co., Inc., 6.125%, 4/1/32(1)
75,000 76,504 
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 5.00%, 6/1/29(1)(2)
175,000 170,369 
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 4.875%, 7/1/31(1)
122,000 113,870 
Jacobs Entertainment, Inc., 6.75%, 2/15/29(1)
125,000 122,960 
Life Time, Inc., 6.00%, 11/15/31(1)
125,000 127,066 
Light & Wonder International, Inc., 7.25%, 11/15/29(1)
100,000 102,510 
Marriott Ownership Resorts, Inc., 4.50%, 6/15/29(1)
75,000 72,392 
Melco Resorts Finance Ltd., 7.625%, 4/17/32(1)
200,000 206,168 
MGM Resorts International, 6.50%, 4/15/32(2)
170,000 173,324 
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)
100,000 97,386 
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30(1)
75,000 78,331 
NCL Corp. Ltd., 7.75%, 2/15/29(1)
75,000 78,546 
NCL Corp. Ltd., 6.75%, 2/1/32(1)
100,000 99,196 
Penn Entertainment, Inc., 5.625%, 1/15/27(1)
50,000 50,002 
Penn Entertainment, Inc., 4.125%, 7/1/29(1)(2)
75,000 71,855 
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)
125,000 125,460 
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27
75,000 77,900 
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28
50,000 49,254 
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)
200,000 202,305 
Royal Caribbean Cruises Ltd., 6.00%, 2/1/33(1)
175,000 177,451 


SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(1)
175,000 170,429 
Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 6.50%, 10/1/28
75,000 75,615 
Station Casinos LLC, 6.625%, 3/15/32(1)
50,000 50,770 
TKC Holdings, Inc., 8.50%, 8/15/30(1)
50,000 51,171 
TKC Holdings, Inc., 12.00%, 2/15/31(1)
50,000 52,096 
Travel & Leisure Co., 4.50%, 12/1/29(1)
47,000 45,446 
Viking Cruises Ltd., 9.125%, 7/15/31(1)
50,000 52,606 
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)
70,000 70,066 
Voyager Parent LLC, 9.25%, 7/1/32(1)
71,000 75,356 
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/28(1)
50,000 49,327 
Wyndham Hotels & Resorts, Inc., 5.625%, 3/1/33(1)
50,000 49,321 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)
141,000 141,186 
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/1/29(1)
70,000 69,511 
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 6.25%, 3/15/33(1)
100,000 100,410 
Yum! Brands, Inc., 4.625%, 1/31/32
78,000 74,946 
Yum! Brands, Inc., 5.375%, 4/1/32
153,000 152,882 
 
5,203,292 
Household Durables — 2.4%
 
 
Adams Homes, Inc., 9.25%, 10/15/28(1)
71,000 73,502 
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.625%, 4/1/30(1)
122,000 115,839 
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.875%, 8/1/33(1)
25,000 24,536 
Beazer Homes USA, Inc., 5.875%, 10/15/27(2)
72,000 72,071 
Beazer Homes USA, Inc., 7.50%, 3/15/31(1)
46,000 46,562 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 6/15/29(1)
120,000 113,713 
Dream Finders Homes, Inc., 6.875%, 9/15/30(1)
100,000 98,769 
KB Home, 4.00%, 6/15/31
100,000 93,157 
LGI Homes, Inc., 7.00%, 11/15/32(1)(2)
125,000 120,747 
Mattamy Group Corp., 4.625%, 3/1/30(1)
100,000 95,984 
Newell Brands, Inc., 6.375%, 9/15/27
50,000 50,615 
Newell Brands, Inc., 6.625%, 9/15/29(2)
150,000 150,231 
Somnigroup International, Inc., 4.00%, 4/15/29(1)
25,000 24,047 
Somnigroup International, Inc., 3.875%, 10/15/31(1)
50,000 45,799 
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1)
85,000 84,208 
TopBuild Corp., 4.125%, 2/15/32(1)
25,000 25,191 
TopBuild Corp., 5.625%, 1/31/34(1)
25,000 25,256 
Tri Pointe Homes, Inc., 5.25%, 6/1/27
75,000 74,961 
Whirlpool Corp., 5.50%, 3/1/33
125,000 104,796 
Whirlpool Corp., 4.50%, 6/1/46
50,000 31,879 
 
 
1,471,863 
Independent Power and Renewable Electricity Producers — 0.4%
 
 
Atlantica Sustainable Infrastructure Ltd., 4.125%, 6/15/28(1)
100,000 98,362 
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)
75,000 74,483 
Clearway Energy Operating LLC, 5.75%, 1/15/34(1)
50,000 49,737 
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)
25,000 24,868 
 
247,450 
Insurance — 1.0%
 
 
Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/1/29(1)
50,000 49,371 
Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29(1)
125,000 118,605 
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.875%, 11/1/29(1)
100,000 100,456 
Asurion LLC/Asurion Co-Issuer, Inc., 8.00%, 12/31/32(1)
50,000 52,174 
Asurion LLC/Asurion Co-Issuer, Inc., 8.375%, 2/1/34(1)
125,000 122,261 
CRC Insurance Group LLC, 7.125%, 6/1/31(1)
70,000 70,256 
HUB International Ltd., 7.25%, 6/15/30(1)
97,000 99,613 
 
612,736 


Interactive Media and Services — 0.4%
 
 
Arches Buyer, Inc., 4.25%, 6/1/28(1)
75,000 72,928 
Snap, Inc., 6.875%, 3/1/33(1)
150,000 148,784 
 
221,712 
IT Services — 0.8%
 
 
CoreWeave, Inc., 9.25%, 6/1/30(1)(2)
325,000 331,813 
CoreWeave, Inc., 9.75%, 10/1/31(1)
175,000 180,605 
 
512,418 
Life Sciences Tools and Services — 0.3%
 
 
Charles River Laboratories International, Inc., 4.25%, 5/1/28(1)
50,000 49,092 
Charles River Laboratories International, Inc., 4.00%, 3/15/31(1)
125,000 117,166 
 
166,258 
Machinery — 0.6%
 
 
Allison Transmission, Inc., 5.875%, 6/1/29(1)
100,000 101,028 
Allison Transmission, Inc., 5.875%, 12/1/33(1)
50,000 50,163 
Chart Industries, Inc., 9.50%, 1/1/31(1)
25,000 26,293 
Columbus McKinnon Corp., 7.125%, 2/1/33(1)
50,000 50,704 
JB Poindexter & Co., Inc., 8.75%, 12/15/31(1)
74,000 76,189 
Trinity Industries, Inc., 7.75%, 7/15/28(1)
71,000 72,824 
 
 
377,201 
Marine Transportation — 0.2%
 
 
Seaspan Corp., 5.50%, 8/1/29(1)
100,000 95,725 
Media — 8.4%
 
 
AMC Global Media, Inc., 4.25%, 2/15/29
27,000 23,970 
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
16,000 15,998 
CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29(1)
150,000 147,331 
CCO Holdings LLC/CCO Holdings Capital Corp., 6.375%, 9/1/29(1)
100,000 100,519 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
75,000 70,926 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30(1)
125,000 116,425 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/1/31(1)
175,000 158,546 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 2/1/32(1)(2)
100,000 89,222 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32
150,000 131,727 
CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, 2/1/33(1)
50,000 48,907 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33(1)(2)
100,000 85,614 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/34(1)(2)
250,000 209,077 
Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30(1)
48,000 50,052 
Directv Financing LLC, 8.875%, 2/1/30(1)
75,000 76,994 
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
7,000 7,023 
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, 2/15/31(1)
225,000 235,604 
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 9.25%, 6/1/32(1)
50,000 51,365 
Discovery Communications LLC, 4.125%, 5/15/29
25,000 25,035 
Discovery Global Holdings, Inc., 4.05%, 3/15/29
50,000 49,867 
Discovery Global Holdings, Inc., 4.28%, 3/15/32
175,000 158,156 
Discovery Global Holdings, Inc., 5.05%, 3/15/42
250,000 183,437 
EchoStar Corp., 10.75%, 11/30/29
125,000 135,923 
EW Scripps Co., 9.875%, 8/15/30(1)
50,000 47,780 
GCI LLC, 4.75%, 10/15/28(1)
125,000 120,719 
Gray Media, Inc., 7.25%, 8/15/33(1)
100,000 99,247 
iHeartCommunications, Inc., 9.125%, 5/1/29(1)
50,000 48,507 
Lamar Media Corp., 4.875%, 1/15/29
100,000 99,319 
Lamar Media Corp., 4.00%, 2/15/30
100,000 96,082 
Neptune Bidco U.S., Inc., 9.29%, 4/15/29(1)
125,000 127,890 
Neptune Bidco U.S., Inc., 10.375%, 5/15/31(1)
50,000 52,281 
Neptune Bidco U.S., Inc., 9.50%, 2/15/33(1)
50,000 51,210 
News Corp., 5.125%, 2/15/32(1)
50,000 49,060 


Nexstar Media, Inc., 6.50%, 9/15/33(1)
50,000 50,434 
Nexstar Media, Inc., 7.25%, 4/15/34(1)
50,000 50,344 
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 8/15/27(1)
150,000 150,014 
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.625%, 3/15/30(1)
75,000 72,939 
Paramount Global, 4.20%, 6/1/29
50,000 47,707 
Paramount Global, 4.95%, 1/15/31
150,000 139,956 
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)
67,000 59,504 
Sinclair Television Group, Inc., 4.375%, 12/31/32(1)
225,000 180,563 
Sirius XM Radio LLC, 3.125%, 9/1/26(1)
75,000 74,642 
Sirius XM Radio LLC, 5.00%, 8/1/27(1)
121,000 120,878 
Sirius XM Radio LLC, 4.00%, 7/15/28(1)
175,000 170,564 
Sirius XM Radio LLC, 5.50%, 7/1/29(1)
88,000 87,706 
Sirius XM Radio LLC, 3.875%, 9/1/31(1)
75,000 68,367 
Sirius XM Radio LLC, 5.875%, 4/15/32(1)
50,000 49,812 
Sunrise FinCo I BV, 4.875%, 7/15/31(1)
75,000 71,064 
Univision Communications, Inc., 4.50%, 5/1/29(1)
50,000 47,566 
Univision Communications, Inc., 7.375%, 6/30/30(1)
150,000 149,498 
Univision Communications, Inc., 8.50%, 7/31/31(1)
125,000 125,948 
Univision Communications, Inc., 9.375%, 8/1/32(1)
50,000 51,248 
Univision Communications, Inc., 8.875%, 4/15/33(1)
75,000 74,790 
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1)
250,000 240,455 
Ziggo BV, 4.875%, 1/15/30(1)
39,000 36,493 
 
 
5,084,305 
Metals and Mining — 2.3%
 
 
Champion Iron Canada, Inc., 7.875%, 7/15/32(1)
50,000 52,376 
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)
72,000 67,005 
Cleveland-Cliffs, Inc., 7.375%, 5/1/33(1)
100,000 102,767 
Commercial Metals Co., 6.00%, 12/15/35(1)
100,000 100,258 
Constellium SE, 3.75%, 4/15/29(1)
75,000 72,651 
Fortescue Treasury Pty. Ltd., 5.875%, 4/15/30(1)
50,000 50,906 
Fortescue Treasury Pty. Ltd., 4.375%, 4/1/31(1)
117,000 111,803 
Hudbay Minerals, Inc., 6.125%, 4/1/29(1)
72,000 72,546 
Mineral Resources Ltd., 8.50%, 5/1/30(1)
100,000 103,341 
Mineral Resources Ltd., 6.25%, 5/1/34(1)
75,000 74,590 
Novelis Corp., 4.75%, 1/30/30(1)
250,000 241,446 
Novelis Corp., 6.375%, 8/15/33(1)
75,000 75,772 
PLS Group Ltd., 6.875%, 5/1/31(1)
50,000 51,329 
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(1)
75,000 73,467 
Taseko Mines Ltd., 8.25%, 5/1/30(1)
125,000 130,692 
 
1,380,949 
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
 
 
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 2/1/27(1)
100,000 99,233 
Rithm Capital Corp., 8.50%, 6/1/31(1)
100,000 99,946 
Starwood Property Trust, Inc., 6.00%, 4/15/30(1)
175,000 176,609 
 
375,788 
Oil, Gas and Consumable Fuels — 11.2%
 
 
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/29(1)
147,000 146,990 
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/29(1)
72,000 71,942 
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.625%, 10/15/32(1)
50,000 51,336 
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29(1)
50,000 51,458 
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, 7/15/32(1)
50,000 52,153 
Buckeye Partners LP, 6.75%, 2/1/30(1)
50,000 51,813 
Buckeye Partners LP, 5.85%, 11/15/43
175,000 160,426 
California Resources Corp., 8.25%, 6/15/29(1)
61,000 63,891 
CITGO Petroleum Corp., 8.375%, 1/15/29(1)
71,000 73,183 


Comstock Resources, Inc., 6.75%, 3/1/29(1)
100,000 98,326 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
75,000 70,934 
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 6/15/31(1)
150,000 147,761 
Crescent Energy Finance LLC, 7.75%, 7/31/29(1)
50,000 50,209 
Crescent Energy Finance LLC, 9.75%, 10/15/30(1)
50,000 53,300 
Crescent Energy Finance LLC, 7.625%, 4/1/32(1)
125,000 128,343 
Crescent Energy Finance LLC, 7.875%, 4/15/32(1)
100,000 102,551 
Crescent Energy Finance LLC, 7.375%, 1/15/33(1)
100,000 101,668 
Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, 3/15/29(1)
31,000 32,288 
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.375%, 6/30/33(1)
50,000 51,655 
DT Midstream, Inc., 4.375%, 6/15/31(1)
50,000 48,423 
Energy Transfer LP, 6.00%, 2/1/29(1)
75,000 75,700 
EQT Corp., 7.50%, 6/1/30
25,000 27,085 
EQT Corp., 4.75%, 1/15/31
175,000 174,052 
Genesis Energy LP/Genesis Energy Finance Corp., 7.875%, 5/15/32
100,000 104,040 
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 5/15/33
125,000 131,190 
Hess Midstream Operations LP, 5.125%, 6/15/28(1)
50,000 49,942 
Hess Midstream Operations LP, 4.25%, 2/15/30(1)
75,000 72,898 
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28(1)
125,000 125,554 
Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 2/1/31(1)
100,000 98,588 
Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35(1)
150,000 152,283 
Infinity Natural Resources LLC, 7.625%, 4/1/31(1)
50,000 50,537 
ITT Holdings LLC, 6.50%, 8/1/29(1)
75,000 74,590 
Kraken Oil & Gas Partners LLC, 7.625%, 8/15/29(1)
50,000 50,779 
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/1/32(1)
100,000 103,442 
Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 2/15/28(1)
50,000 51,293 
Matador Resources Co., 6.50%, 4/15/32(1)
75,000 76,035 
Matador Resources Co., 6.25%, 4/15/33(1)
50,000 50,297 
Moss Creek Resources Holdings, Inc., 8.25%, 9/1/31(1)
125,000 127,239 
Murphy Oil Corp., 6.00%, 10/1/32(2)
50,000 50,333 
NGL Energy Operating LLC/NGL Energy Finance Corp., 8.125%, 2/15/29(1)
100,000 103,945 
NGL Energy Operating LLC/NGL Energy Finance Corp., 8.375%, 2/15/32(1)
100,000 105,137 
Northern Oil & Gas, Inc., 8.75%, 6/15/31(1)
25,000 25,939 
NuStar Logistics LP, 6.375%, 10/1/30
100,000 103,878 
ONEOK, Inc., 6.50%, 9/1/30(1)
75,000 79,265 
ONEOK, Inc., 5.60%, 4/1/44
125,000 118,164 
ONEOK, Inc., 5.45%, 6/1/47
75,000 68,816 
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28
75,000 75,059 
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1)
75,000 74,350 
SM Energy Co., 8.625%, 11/1/30(1)
125,000 132,227 
SM Energy Co., 8.75%, 7/1/31(1)
150,000 157,088 
Sunoco LP, 5.875%, 7/15/27(1)
75,000 75,143 
Sunoco LP, 4.625%, 5/1/30(1)
50,000 48,536 
Sunoco LP, 7.25%, 5/1/32(1)
50,000 52,364 
Sunoco LP, 5.875%, 3/15/34(1)
175,000 174,060 
Sunoco LP/Sunoco Finance Corp., 7.00%, 9/15/28(1)
50,000 51,203 
Sunoco LP/Sunoco Finance Corp., 4.50%, 5/15/29
50,000 49,020 
Sunoco LP/Sunoco Finance Corp., 4.50%, 4/30/30
150,000 145,789 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)
75,000 75,737 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)
75,000 75,054 
Talos Production, Inc., 9.00%, 2/1/29(1)
25,000 26,118 
Talos Production, Inc., 9.375%, 2/1/31(1)
75,000 79,624 
Targa Resources Corp., 6.50%, 2/15/53
50,000 52,761 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/1/31
50,000 49,975 
Teine Energy Ltd., 6.875%, 4/15/29(1)
125,000 125,830 


TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(1)
75,000 73,916 
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1)
100,000 95,874 
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/30(1)
75,000 77,392 
Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33(1)
125,000 111,520 
Venture Global LNG, Inc., 8.125%, 6/1/28(1)
125,000 127,832 
Venture Global LNG, Inc., 9.50%, 2/1/29(1)
94,000 102,380 
Venture Global LNG, Inc., 8.375%, 6/1/31(1)
225,000 234,252 
Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34(1)
25,000 26,153 
Venture Global Plaquemines LNG LLC, 6.50%, 6/15/34(1)
50,000 52,207 
Venture Global Plaquemines LNG LLC, 7.75%, 5/1/35(1)
250,000 280,787 
Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36(1)
100,000 106,118 
Vermilion Energy, Inc., 6.875%, 5/1/30(1)
100,000 100,907 
 
6,768,947 
Passenger Airlines — 0.9%
 
 
American Airlines, Inc., 7.25%, 2/15/28(1)
50,000 50,748 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(1)
125,000 124,944 
CHC Group LLC, 11.75%, 9/1/30(1)
50,000 42,591 
JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 9/20/31(1)
150,000 138,163 
United Airlines Holdings, Inc., 5.375%, 3/1/31
75,000 74,270 
United Airlines, Inc., 4.625%, 4/15/29(1)
125,000 123,367 
 
554,083 
Personal Care Products — 0.3%
 
 
BellRing Brands, Inc., 7.00%, 3/15/30(1)
39,000 38,745 
Edgewell Personal Care Co., 5.50%, 6/1/28(1)
50,000 49,848 
Edgewell Personal Care Co., 4.125%, 4/1/29(1)
122,000 116,680 
 
205,273 
Pharmaceuticals — 1.1%
 
 
1261229 BC Ltd., 10.00%, 4/15/32(1)
200,000 204,952 
Adapthealth LLC, 5.125%, 3/1/30(1)
50,000 48,478 
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.125%, 4/30/28(1)
125,000 123,542 
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31(1)
25,000 24,794 
Perrigo Finance Unlimited Co., 6.125%, 9/30/32
75,000 71,644 
Prestige Brands, Inc., 3.75%, 4/1/31(1)
175,000 160,759 
 
634,169 
Professional Services — 0.5%
 
 
Amentum Holdings, Inc., 7.25%, 8/1/32(1)
75,000 77,686 
AMN Healthcare, Inc., 4.00%, 4/15/29(1)
50,000 48,313 
AMN Healthcare, Inc., 6.50%, 1/15/31(1)
100,000 100,594 
CACI International, Inc., 6.375%, 6/15/33(1)
50,000 51,167 
 
277,760 
Real Estate Management and Development — 1.4%
 
 
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 4/15/30(1)
44,000 44,414 
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/29(1)
125,000 123,445 
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/30(1)
100,000 107,810 
Arbor Realty SR, Inc., 8.50%, 12/15/28(1)(2)
50,000 49,528 
Arbor Realty SR, Inc., 7.875%, 7/15/30(1)(2)
50,000 46,982 
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 5/15/28(1)
122,000 122,184 
Forestar Group, Inc., 6.50%, 3/15/33(1)
100,000 100,449 
Greystar Real Estate Partners LLC, 7.75%, 9/1/30(1)
121,000 125,845 
Howard Hughes Corp., 4.125%, 2/1/29(1)
50,000 48,312 
Newmark Group, Inc., 7.50%, 1/12/29
50,000 52,507 
 
821,476 
Semiconductors and Semiconductor Equipment — 0.5%
 
 
Entegris, Inc., 5.95%, 6/15/30(1)
50,000 50,537 
ON Semiconductor Corp., 3.875%, 9/1/28(1)
25,000 24,403 


Qnity Electronics, Inc., 5.75%, 8/15/32(1)
50,000 50,388 
Qnity Electronics, Inc., 6.25%, 8/15/33(1)
100,000 102,098 
Synaptics, Inc., 4.00%, 6/15/29(1)
50,000 47,928 
 
275,354 
Software — 2.4%
 
 
Castle U.S. Holding Corp., 9.50%, 2/15/28(1)
77,000 33,880 
Cloud Software Group, Inc., 6.50%, 3/31/29(1)
200,000 198,584 
Cloud Software Group, Inc., 9.00%, 9/30/29(1)
50,000 49,449 
Cloud Software Group, Inc., 8.25%, 6/30/32(1)
100,000 98,257 
Cloud Software Group, Inc., 6.625%, 8/15/33(1)
225,000 204,993 
Fair Isaac Corp., 6.00%, 5/15/33(1)
50,000 49,548 
Gen Digital, Inc., 7.125%, 9/30/30(1)
150,000 152,952 
NCR Voyix Corp., 5.00%, 10/1/28(1)
75,000 73,757 
NCR Voyix Corp., 5.125%, 4/15/29(1)
125,000 122,465 
Open Text Corp., 3.875%, 12/1/29(1)
125,000 114,805 
Open Text Holdings, Inc., 4.125%, 2/15/30(1)
75,000 68,954 
Open Text Holdings, Inc., 4.125%, 12/1/31(1)
47,000 41,046 
SS&C Technologies, Inc., 5.50%, 9/30/27(1)
70,000 70,037 
SS&C Technologies, Inc., 6.50%, 6/1/32(1)
48,000 48,453 
UKG, Inc., 6.875%, 2/1/31(1)
100,000 98,352 
 
1,425,532 
Specialized REITs — 1.4%
 
 
Iron Mountain, Inc., 5.25%, 3/15/28(1)
190,000 190,101 
Iron Mountain, Inc., 7.00%, 2/15/29(1)
100,000 102,150 
Iron Mountain, Inc., 4.875%, 9/15/29(1)
95,000 93,388 
Iron Mountain, Inc., 5.25%, 7/15/30(1)
50,000 49,485 
Iron Mountain, Inc., 4.50%, 2/15/31(1)
125,000 119,447 
Millrose Properties, Inc., 6.25%, 9/15/32(1)
75,000 75,417 
SBA Communications Corp., 3.875%, 2/15/27
192,000 190,610 
 
820,598 
Specialty Retail — 3.1%
 
 
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1)
50,000 48,585 
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)
75,000 71,643 
Bath & Body Works, Inc., 6.625%, 10/1/30(1)
250,000 254,612 
Bath & Body Works, Inc., 6.75%, 7/1/36
175,000 172,855 
Carvana Co., 9.00%, 6/1/31(1)
128,500 142,097 
Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29(1)
75,000 73,604 
Ferrellgas LP/Ferrellgas Finance Corp., 9.25%, 1/15/31(1)
50,000 52,780 
Gap, Inc., 3.875%, 10/1/31(1)
100,000 90,919 
Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, 1/15/32(1)
100,000 93,966 
Group 1 Automotive, Inc., 4.00%, 8/15/28(1)
50,000 48,664 
Group 1 Automotive, Inc., 6.375%, 1/15/30(1)
50,000 50,856 
LBM Acquisition LLC, 6.25%, 1/15/29(1)
25,000 15,526 
LBM Acquisition LLC, 9.50%, 6/15/31(1)
100,000 84,230 
Lithia Motors, Inc., 3.875%, 6/1/29(1)
100,000 95,894 
Lithia Motors, Inc., 5.50%, 10/1/30(1)
25,000 24,802 
Match Group Holdings II LLC, 3.625%, 10/1/31(1)
175,000 156,834 
Michaels Cos., Inc., 8.50%, 3/15/33(1)
100,000 97,718 
Murphy Oil USA, Inc., 5.875%, 6/1/34(1)
75,000 75,311 
Sonic Automotive, Inc., 4.875%, 11/15/31(1)
100,000 95,762 
Specialty Building Products Holdings LLC/SBP Finance Corp., 7.75%, 10/15/29(1)
75,000 69,351 
Superior Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29(1)
47,000 45,559 
 
1,861,568 
Technology Hardware, Storage and Peripherals — 0.3%
 
 
Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32(1)
50,000 55,572 


Seagate Data Storage Technology Pte. Ltd., 5.75%, 12/1/34(1)
100,000 101,962 
 
157,534 
Textiles, Apparel and Luxury Goods — 0.3%
 
 
Champ Acquisition Corp., 8.375%, 12/1/31(1)
25,000 26,268 
Crocs, Inc., 4.125%, 8/15/31(1)
150,000 139,772 
 
166,040 
Trading Companies and Distributors — 0.8%
 
 
Alta Equipment Group, Inc., 9.00%, 6/1/29(1)(2)
50,000 47,986 
EquipmentShare.com, Inc., 8.625%, 5/15/32(1)
121,000 127,310 
EquipmentShare.com, Inc., 8.00%, 3/15/33(1)
196,000 203,976 
Herc Holdings, Inc., 6.625%, 6/15/29(1)
75,000 76,880 
 
456,152 
Wireless Telecommunication Services — 0.5%
 
 
Uniti Services LLC, 7.50%, 10/15/33(1)
100,000 105,315 
Vmed O2 U.K. Financing I PLC, 4.25%, 1/31/31(1)
37,000 30,963 
Vmed O2 U.K. Financing I PLC, 4.75%, 7/15/31(1)
40,000 33,810 
Vodafone Group PLC, VRN, 7.00%, 4/4/79
120,000 124,397 
 
294,485 
TOTAL CORPORATE BONDS
(Cost $57,961,318)
 
57,830,782 
SHORT-TERM INVESTMENTS — 6.8%
 
 
Money Market Funds — 6.8%
 
 
State Street Institutional U.S. Government Money Market Fund, Premier Class
2,093,496 2,093,496 
State Street Navigator Securities Lending Government Money Market Portfolio(5)
1,984,645 1,984,645 
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,078,141)
 
4,078,141 
TOTAL INVESTMENT SECURITIES — 102.7%
(Cost $62,039,459)
 
61,908,923 
OTHER ASSETS AND LIABILITIES — (2.7)%
 
(1,599,811)
TOTAL NET ASSETS — 100.0%
 
$60,309,112 

NOTES TO SCHEDULE OF INVESTMENTS
PIK–Payment in Kind. Security may elect to pay a cash rate and/or an in kind rate.
VRN–Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A 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 $48,821,270, which represented 81.0% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,291,070. 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)Security is in default.
(4)Non-income producing.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,382,268, which includes securities collateral of $397,623.


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS 

1. 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 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.

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 a 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 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.

2. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $57,830,782 — 
Short-Term Investments$4,078,141 — — 
$4,078,141 $57,830,782 — 
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual financial statements.