American Century Investments®
Quarterly Portfolio Holdings
American Century® Multisector Income ETF (MUSI)
May 31, 2026


Multisector Income ETF - Schedule of Investments
MAY 31, 2026 (UNAUDITED)
Principal
Amount ($)/Shares
Value ($)
CORPORATE BONDS — 45.3%
Aerospace and Defense — 0.6%
Boeing Co., 5.71%, 5/1/40
525,000 535,483 
Carpenter Technology Corp., 5.625%, 3/1/34(1)
280,000 278,532 
Honeywell Aerospace, Inc., 4.95%, 3/16/36(1)
409,000 404,720 
TransDigm, Inc., 4.625%, 1/15/29
95,000 93,675 
 
1,312,410 
Automobile Components — 0.4%
 
 
American Axle & Manufacturing, Inc., 7.75%, 10/15/33(1)
870,000 872,985 
Automobiles — 0.5%
 
 
Ford Motor Credit Co. LLC, 7.20%, 6/10/30
310,000 328,790 
Nissan Motor Acceptance Co. LLC, 6.125%, 9/30/30(1)
875,000 864,638 
 
1,193,428 
Banks — 5.1%
 
 
ABN AMRO Bank NV, VRN, 3.32%, 3/13/37(1)
600,000 542,210 
Banco Nacional de Mexico SA, VRN, 6.70%, 8/7/36(1)
424,000 423,640 
Bank of America Corp., VRN, 5.49%, 4/23/37
425,000 423,209 
Bank of Montreal, VRN, 5.30%, 6/2/37(2)
325,000 325,869 
Bank of Montreal, VRN, 7.70%, 5/26/84
1,656,000 1,739,088 
Bank of Nova Scotia, VRN, 4.90%, 6/5/32(2)
285,000 285,385 
Bank of Nova Scotia, VRN, 8.00%, 1/27/84
1,110,000 1,174,615 
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.40%, 6/3/31(1)(2)
200,000 200,516 
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VRN, 5.125%, 1/18/33(1)
400,000 391,502 
Dresdner Funding Trust I, 8.15%, 6/30/31(1)
797,000 859,826 
Fifth Third Bank NA, VRN, 5.33%, 8/25/33
645,000 646,964 
FNB Corp., VRN, 5.72%, 12/11/30
542,000 546,181 
Freedom Mortgage Corp., 6.625%, 1/15/27(1)
400,000 401,348 
Freedom Mortgage Holdings LLC, 9.25%, 2/1/29(1)
409,000 426,225 
Freedom Mortgage Holdings LLC, 6.875%, 5/1/31(1)
500,000 484,917 
JPMorgan Chase & Co., VRN, 4.26%, 2/22/48
365,000 303,210 
Morgan Stanley Bank NA, VRN, 4.79%, 5/10/30(3)
250,000 250,743 
Toronto-Dominion Bank, VRN, 8.125%, 10/31/82
810,000 841,334 
Western Alliance Bancorp, VRN, 3.00%, 6/15/31
595,000 577,864 
Zions Bancorp NA, 3.25%, 10/29/29
910,000 857,565 
 
11,702,211 
Beverages — 0.3%
 
 
Maple Parent Holdings Corp., 4.75%, 3/26/29(1)
255,000 255,002 
Maple Parent Holdings Corp., 5.05%, 3/26/31(1)
540,000 540,519 
 
795,521 
Biotechnology — 0.1%
 
 
BioMarin Pharmaceutical, Inc., 5.50%, 2/15/34(1)
210,000 207,573 
Broadline Retail — 0.5%
 
 
Amazon.com, Inc., 4.55%, 3/13/33
1,200,000 1,187,623 
Building Products — 0.8%
 
 
Builders FirstSource, Inc., 5.00%, 3/1/30(1)
522,000 509,240 
Builders FirstSource, Inc., 4.25%, 2/1/32(1)
845,000 778,242 
Standard Building Solutions, Inc., 6.50%, 8/15/32(1)
205,000 208,258 
Standard Industries, Inc., 4.375%, 7/15/30(1)
250,000 238,316 
 
1,734,056 


Capital Markets — 4.0%
 
 
Apollo Debt Solutions BDC, 5.20%, 12/8/28(1)
450,000 445,401 
Ares Strategic Income Fund, 5.70%, 3/15/28
308,000 308,378 
Blackstone Private Credit Fund, 3.25%, 3/15/27
840,000 828,223 
Blackstone Private Credit Fund, 5.95%, 7/16/29
533,000 533,743 
Blue Owl Capital Corp., 3.40%, 7/15/26
840,000 838,797 
Blue Owl Credit Income Corp., 7.75%, 9/16/27
285,000 291,072 
Blue Owl Credit Income Corp., 7.75%, 1/15/29
1,010,000 1,044,445 
Charles Schwab Corp., VRN, 5.49%, 5/21/37
250,000 253,636 
Citadel Finance LLC, 5.90%, 2/10/30(1)
433,000 437,390 
Citadel Finance LLC, 5.15%, 2/14/31(1)
285,000 278,900 
Goldman Sachs BDC, Inc., 5.10%, 1/28/29
251,000 245,619 
Goldman Sachs Private Credit Corp., 5.05%, 2/23/28
455,000 452,316 
Golub Capital BDC, Inc., 2.05%, 2/15/27
328,000 320,597 
Golub Capital BDC, Inc., 7.05%, 12/5/28
470,000 483,902 
Golub Capital Private Credit Fund, 5.45%, 8/15/28(1)
440,000 436,518 
HPS Corporate Lending Fund, 4.90%, 9/11/28
255,000 250,662 
HPS Corporate Lending Fund, 6.25%, 9/30/29
359,000 362,281 
North Haven Private Income Fund LLC, 5.125%, 9/25/28(1)
647,000 633,452 
Oaktree Strategic Credit Fund, 6.50%, 7/23/29
685,000 692,309 
 
9,137,641 
Chemicals — 0.9%
 
 
Celanese U.S. Holdings LLC, 7.00%, 2/15/31
720,000 746,853 
CompoSecure Holdings LLC, 5.625%, 2/1/33(1)
570,000 553,658 
Ecolab, Inc., 5.15%, 6/15/33
370,000 375,766 
Ecolab, Inc., 5.35%, 6/15/36
300,000 305,145 
 
1,981,422 
Commercial Services and Supplies — 0.2%
 
 
Williams Scotsman, Inc., 6.625%, 6/15/29(1)
520,000 533,414 
Construction and Engineering — 0.1%
 
 
Brand Industrial Services, Inc., 10.375%, 8/1/30(1)
200,000 177,012 
Construction Materials — 0.2%
 
 
Quikrete Holdings, Inc., 6.75%, 3/1/33(1)
408,000 414,266 
Consumer Finance — 0.5%
 
 
Navient Corp., 9.375%, 10/15/31
261,000 260,067 
Stellantis Financial Services U.S. Corp., 4.95%, 9/15/28(1)
775,000 772,095 
Stellantis Financial Services U.S. Corp., 5.80%, 6/15/31(1)(2)
218,000 218,466 
 
1,250,628 
Consumer Staples Distribution & Retail — 0.2%
 
 
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.50%, 3/31/31(1)
384,000 378,587 
Containers and Packaging — 0.2%
 
 
Amcor Flexibles North America, Inc., 5.125%, 3/12/36
309,000 303,476 
Owens-Brockway Glass Container, Inc., 9.50%, 6/1/33(1)
167,000 171,801 
 
475,277 
Diversified REITs — 2.6%
 
 
American Assets Trust LP, 3.375%, 2/1/31
1,175,000 1,068,155 
Brandywine Operating Partnership LP, 8.30%, 3/15/28
664,000 691,369 
Fibra SOMA Trust F/6185, 7.125%, 5/28/36(1)
278,000 277,194 
Global Net Lease, Inc., 4.50%, 9/30/28(1)
900,000 882,271 
GLP Capital LP/GLP Financing II, Inc., 5.625%, 3/1/36
445,000 437,196 
Kilroy Realty LP, 3.05%, 2/15/30
305,000 280,912 
Kilroy Realty LP, 5.875%, 10/15/35
670,000 657,248 
Piedmont Operating Partnership LP, 6.875%, 7/15/29
127,000 133,532 
Piedmont Operating Partnership LP, 2.75%, 4/1/32
94,000 79,940 
Piedmont Operating Partnership LP, 5.625%, 1/15/33
920,000 912,952 
Trust 2401, 7.70%, 1/23/32(1)
295,000 315,274 


Vornado Realty LP, 5.75%, 2/1/33
327,000 326,070 
 
6,062,113 
Diversified Telecommunication Services — 1.4%
 
 
AT&T, Inc., 5.25%, 10/30/36
154,000 152,518 
AT&T, Inc., 6.20%, 10/30/56
246,000 247,778 
Core Scientific Finance I LLC, 7.75%, 5/15/31(1)
580,000 593,454 
Level 3 Financing, Inc., 7.00%, 3/31/34(1)
814,406 844,707 
SE Cosmos LLC, 8.875%, 5/1/31(1)
520,000 544,193 
Verizon Communications, Inc., VRN, 6.20%, 5/14/56
352,000 357,487 
Verizon Communications, Inc., VRN, 6.05%, 5/14/58
377,000 382,054 
 
3,122,191 
Electric Utilities — 2.3%
 
 
Baltimore Gas & Electric Co., 6.05%, 6/1/56
244,000 251,494 
Comision Federal de Electricidad, 6.05%, 1/28/34(1)
203,000 199,397 
Constellation Energy Generation LLC, 5.30%, 6/1/36
291,000 289,911 
COX Asset Mexico SA de CV, 7.75%, 5/8/36(1)(3)
320,000 330,400 
Emera U.S. Finance LLC, 5.20%, 4/1/33
184,000 183,211 
Emera, Inc., Series 16-A, VRN, 6.75%, 6/15/76
501,000 501,322 
Hawaiian Electric Co., Inc., 6.00%, 10/1/33(1)
508,000 504,486 
Hydro One, Inc., 4.75%, 5/30/31
147,000 147,583 
NRG Energy, Inc., 6.125%, 5/15/36(1)
301,000 300,511 
Palomino Funding Trust I, 7.23%, 5/17/28(1)
520,000 541,268 
Southern Co. Gas Capital Corp., VRN, 6.05%, 9/15/56
247,000 248,262 
Vistra Operations Co. LLC, 6.875%, 4/15/32(1)
617,000 642,349 
VoltaGrid LLC, 7.375%, 11/1/30(1)
534,000 556,316 
Xcel Energy, Inc., VRN, 5.75%, 12/3/56
560,000 555,218 
 
5,251,728 
Electrical Equipment — 0.0%
 
 
WESCO Distribution, Inc., 5.50%, 4/15/34(1)
101,000 100,518 
Financial Services — 1.9%
 
 
Antares Holdings LP, 7.95%, 8/11/28(1)
680,000 705,130 
Atlas Warehouse Lending Co. LP, 4.625%, 11/15/28(1)
620,000 612,466 
Essent Group Ltd., 6.25%, 7/1/29
820,000 847,557 
NMI Holdings, Inc., 6.00%, 8/15/29
563,000 576,180 
PennyMac Financial Services, Inc., 7.125%, 11/15/30(1)
747,000 754,979 
Rocket Cos., Inc., 6.125%, 8/1/30(1)
375,000 380,935 
Rocket Cos., Inc., 6.375%, 8/1/33(1)
235,000 238,936 
UWM Holdings LLC, 6.25%, 3/15/31(1)
210,000 192,970 
 
4,309,153 
Food Products — 0.3%
 
 
Minerva Luxembourg SA, 7.50%, 4/22/36(1)
730,000 702,078 
Gas Utilities — 0.1%
 
 
Grupo Energia Bogota SA ESP, 5.75%, 10/22/35(1)
200,000 194,445 
Ground Transportation — 0.3%
 
 
Fedex Freight Holding Co., Inc., 4.65%, 3/15/31(1)
686,000 676,049 
Health Care Equipment and Supplies — 0.6%
 
 
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29(1)
837,000 860,093 
Medline Borrower LP/Medline Co-Issuer, Inc., 5.00%, 6/15/31(1)
295,000 294,852 
Medline Borrower LP/Medline Co-Issuer, Inc., 5.25%, 6/15/33(1)
210,000 210,199 
 
1,365,144 
Health Care Providers and Services — 1.3%
 
 
Acadia Healthcare Co., Inc., 5.00%, 4/15/29(1)
770,000 754,096 
Centene Corp., 4.25%, 12/15/27
518,000 516,660 
CVS Health Corp., VRN, 7.00%, 3/10/55
359,000 374,315 
HCA, Inc., 5.30%, 5/15/36
625,000 618,217 
Humana, Inc., VRN, 6.625%, 9/15/56
314,000 311,484 


Rede D'or Finance SARL, 6.55%, 4/28/36(1)
332,000 324,308 
 
2,899,080 
Hotels, Restaurants and Leisure — 1.2%
 
 
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(3)
970,000 935,230 
Caesars Entertainment, Inc., 7.00%, 2/15/30(1)
237,000 239,982 
Carnival Corp. Ltd., 6.125%, 2/15/33(1)
782,000 792,684 
Light & Wonder International, Inc., 7.25%, 11/15/29(1)
420,000 430,543 
Royal Caribbean Cruises Ltd., 6.00%, 2/1/33(1)
414,000 419,800 
 
2,818,239 
Household Durables — 0.3%
 
 
TopBuild Corp., 3.625%, 3/15/29(1)
710,000 704,619 
Independent Power and Renewable Electricity Producers — 0.2%
 
 
Greenko Wind Projects Mauritius Ltd., 7.25%, 9/27/28(1)
468,860 473,916 
Insurance — 0.9%
 
 
Allianz SE, VRN, 6.35%, 9/6/53(1)
200,000 208,546 
Asurion LLC/Asurion Co-Issuer, Inc., 8.00%, 12/31/32(1)
350,000 365,217 
Global Atlantic Fin Co., 4.40%, 10/15/29(1)
721,000 701,109 
Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51(1)
838,000 829,013 
 
2,103,885 
Interactive Media and Services — 1.0%
 
 
Alphabet, Inc., 4.40%, 2/15/33
950,000 934,929 
Meta Platforms, Inc., 4.60%, 11/15/32
1,125,000 1,111,404 
Meta Platforms, Inc., 5.25%, 5/15/36
320,000 319,852 
 
2,366,185 
IT Services — 0.0%
 
 
CoreWeave, Inc., 9.25%, 6/1/30(1)
105,000 107,201 
Machinery — 0.8%
 
 
Allison Transmission, Inc., 5.875%, 12/1/33(1)
551,000 552,796 
Chart Industries, Inc., 7.50%, 1/1/30(1)
395,000 409,421 
Chart Industries, Inc., 9.50%, 1/1/31(1)
474,000 498,514 
Flowserve Corp., 5.70%, 5/15/36
383,000 385,759 
 
1,846,490 
Media — 2.2%
 
 
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
77,000 76,988 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
585,000 553,225 
CCO Holdings LLC/CCO Holdings Capital Corp., 7.375%, 3/1/31(1)(3)
740,000 751,057 
Cox Communications, Inc., 5.70%, 6/15/33(1)
761,000 750,544 
Discovery Communications LLC, 3.95%, 3/20/28
439,000 410,281 
Discovery Communications LLC, 4.125%, 5/15/29
470,000 470,658 
Gray Media, Inc., 7.25%, 8/15/33(1)
480,000 476,387 
Nexstar Media, Inc., 6.50%, 9/15/33(1)
261,000 263,265 
Nexstar Media, Inc., 7.25%, 4/15/34(1)
326,000 328,246 
Sirius XM Radio LLC, 4.00%, 7/15/28(1)
670,000 653,017 
Univision Communications, Inc., 8.875%, 4/15/33(1)
309,000 308,133 
 
5,041,801 
Metals and Mining — 0.9%
 
 
ArcelorMittal SA, 5.375%, 5/19/36
279,000 277,595 
Cleveland-Cliffs, Inc., 7.50%, 9/15/31(1)
181,000 186,978 
Cleveland-Cliffs, Inc., 7.375%, 5/1/33(1)
464,000 476,837 
Commercial Metals Co., 5.75%, 11/15/33(1)
665,000 665,913 
Mineral Resources Ltd., 6.00%, 5/1/32(1)
412,000 410,751 
 
2,018,074 
Mortgage Real Estate Investment Trusts (REITs) — 0.9%
 
 
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29(1)
547,000 536,188 


Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31(1)
1,523,000 1,578,605 
 
2,114,793 
Multi-Utilities — 0.6%
 
 
CMS Energy Corp., VRN, 4.75%, 6/1/50
401,000 395,976 
Sempra, VRN, 4.125%, 4/1/52
1,012,000 1,003,449 
 
1,399,425 
Oil, Gas and Consumable Fuels — 4.9%
 
 
Azule Energy Finance PLC, 8.125%, 1/23/30(1)
302,000 308,719 
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29(1)
505,000 519,723 
Cheniere Energy, Inc., 5.20%, 7/30/36(1)
181,000 178,396 
Columbia Pipelines Operating Co. LLC, 5.51%, 5/15/36(1)
263,000 265,830 
Enbridge, Inc., VRN, 6.00%, 1/15/77
1,015,000 1,018,477 
Energy Transfer LP, 5.95%, 5/15/54
585,000 565,089 
Eni SpA, 5.25%, 5/18/36(1)
200,000 198,247 
Eni SpA, 6.00%, 5/18/56(1)
200,000 199,639 
Enterprise Products Operating LLC, VRN, 5.25%, 8/16/77
1,071,000 1,070,217 
Expand Energy Corp., 5.375%, 3/15/30
965,000 973,846 
Matador Resources Co., 6.50%, 4/15/32(1)
841,000 852,607 
NGPL PipeCo LLC, 5.60%, 8/15/36(1)(2)
190,000 190,268 
Occidental Petroleum Corp., 6.20%, 3/15/40
195,000 205,524 
Occidental Petroleum Corp., 4.10%, 2/15/47
175,000 135,095 
Occidental Petroleum Corp., 4.20%, 3/15/48
270,000 213,962 
Ovintiv, Inc., 7.20%, 11/1/31
407,000 449,000 
Ovintiv, Inc., 7.375%, 11/1/31
283,000 314,408 
Ovintiv, Inc., 7.10%, 7/15/53
365,000 405,295 
Permian Resources Operating LLC, 6.25%, 2/1/33(1)
1,007,000 1,035,070 
Sunoco LP, 7.00%, 5/1/29(1)
628,000 648,681 
Transcanada Trust, VRN, 5.30%, 3/15/77
199,000 198,825 
Venture Global Plaquemines LNG LLC, 6.125%, 12/15/30(1)
635,000 652,547 
Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36(1)
535,000 567,732 
 
11,167,197 
Passenger Airlines — 1.1%
 
 
American Airlines Pass-Through Trust, Class B, 3.85%, 8/15/29
755,558 739,694 
American Airlines, Inc., 7.25%, 2/15/28(1)
606,000 615,061 
AS Mileage Plan IP Ltd., 5.02%, 10/20/29(1)
359,000 355,913 
AS Mileage Plan IP Ltd., 5.31%, 10/20/31(1)
235,000 230,942 
JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 9/20/31(1)
75,000 69,081 
United Airlines Holdings, Inc., 5.375%, 3/1/31
580,000 574,355 
 
2,585,046 
Personal Care Products — 0.5%
 
 
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 5.60%, 1/15/31(1)
1,095,000 1,064,707 
Pharmaceuticals — 0.3%
 
 
1261229 BC Ltd., 10.00%, 4/15/32(1)
245,000 251,067 
Merck & Co., Inc., 5.20%, 5/22/36
280,000 283,628 
Merck & Co., Inc., 5.85%, 5/22/56
207,000 212,561 
 
747,256 
Professional Services — 0.2%
 
 
Automatic Data Processing, Inc., 5.00%, 5/7/36
315,000 314,277 
Broadridge Financial Solutions, Inc., 5.75%, 5/15/36
215,000 215,756 
 
530,033 
Real Estate Management and Development — 0.1%
 
 
CBRE Services, Inc., 5.25%, 6/1/36
310,000 305,362 
Semiconductors and Semiconductor Equipment — 0.4%
 
 
Foundry JV Holdco LLC, 6.25%, 1/25/35(1)
145,000 153,482 


Foundry JV Holdco LLC, 6.10%, 1/25/36(1)
200,000 210,395 
Intel Corp., 5.30%, 5/15/36
305,000 304,731 
Kioxia Holdings Corp., 6.25%, 7/24/30(1)
200,000 206,098 
 
874,706 
Software — 1.9%
 
 
AppLovin Corp., 5.375%, 12/1/31
560,000 570,086 
Oracle Corp., 4.45%, 9/26/30
380,000 368,512 
Oracle Corp., 4.95%, 2/4/31
395,000 388,510 
Oracle Corp., 4.80%, 9/26/32
564,000 542,150 
Oracle Corp., 5.35%, 5/4/33
500,000 492,306 
Salesforce, Inc., 4.90%, 9/15/31
880,000 880,686 
ServiceNow, Inc., 5.05%, 5/15/33
185,000 185,937 
ServiceNow, Inc., 5.40%, 5/15/36
160,000 161,264 
ServiceNow, Inc., 6.30%, 5/15/56
157,000 162,229 
SS&C Technologies, Inc., 6.50%, 6/1/32(1)
650,000 656,136 
 
4,407,816 
Specialized REITs — 0.2%
 
 
Crown Castle, Inc., 2.90%, 4/1/41
210,000 154,046 
Crown Castle, Inc., 4.00%, 11/15/49
91,000 68,482 
Crown Castle, Inc., 4.15%, 7/1/50
135,000 104,369 
Crown Castle, Inc., 3.25%, 1/15/51
165,000 109,331 
 
436,228 
Specialty Retail — 0.9%
 
 
Advance Auto Parts, Inc., 7.00%, 8/1/30(1)
219,000 225,180 
Advance Auto Parts, Inc., 7.375%, 8/1/33(1)
435,000 452,850 
PetSmart LLC/PetSmart Finance Corp., 7.50%, 9/15/32(1)
610,000 615,205 
Wayfair LLC, 6.75%, 11/15/32(1)
690,000 701,516 
 
1,994,751 
Trading Companies and Distributors — 0.4%
 
 
Herc Holdings, Inc., 7.25%, 6/15/33(1)
840,000 877,109 
TOTAL CORPORATE BONDS
(Cost $103,793,244)
 
104,021,392 
ASSET-BACKED SECURITIES — 14.1%
 
 
ACM Auto Trust, Series 2025-2A, Class A, SEQ, 5.55%, 6/20/28(1)
317,252 317,759 
ACM Auto Trust, Series 2025-2A, Class B, 7.25%, 2/20/32(1)
439,000 443,104 
ACM Auto Trust, Series 2025-3A, Class B, 6.08%, 7/20/32(1)
900,000 898,236 
ACM Auto Trust, Series 2025-4A, Class A, SEQ, 5.87%, 5/20/30(1)
270,626 271,204 
AMCR ABS Trust, Series 2026-A, Class A, SEQ, 5.52%, 5/18/33(1)
412,506 413,399 
Aqua Finance Issuer Trust, Series 2025-B, Class D, 6.16%, 5/17/51(1)
504,574 506,883 
Avant Credit Card Master Trust, Series 2024-1A, Class B, 5.55%, 4/15/30(1)
474,000 474,863 
Avant Loans Funding Trust, Series 2026-REV1, Class D, 5.56%, 5/15/36(1)
723,000 716,227 
Barclays Mortgage Loan Trust, Series 2026-CES1, Class A2, 5.15%, 1/25/56(1)
817,000 803,347 
BHG Owner Loan Trust, Series 2026-1CON, Class D, 6.37%, 6/17/36(1)
600,000 603,295 
Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class B, 3.45%, 7/15/46(1)
304,575 291,440 
Bluepeak ABS Issuer LLC, Series 2025-1A, Class A2, SEQ, 5.86%, 12/20/55(1)
450,516 455,377 
Canon Music Issuer Trust, Series 2026-1A, Class A, SEQ, 5.52%, 5/1/76(1)
561,000 561,972 
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, SEQ, 4.125%, 6/15/43(1)
72,299 71,597 
Centersquare Issuer LLC, Series 2025-3A, Class A2, SEQ, 5.00%, 8/25/55(1)
754,706 727,100 
Cherry Securitization Trust, Series 2025-1A, Class B, 6.53%, 11/15/32(1)
800,000 808,765 
CLI Funding VIII LLC, Series 2022-1A, Class B, 3.12%, 1/18/47(1)
642,866 583,154 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)
CAD350,000 251,083 
Compass Datacenters Issuer III LLC, Series 2026-1A, Class A23, SEQ, 5.44%, 2/25/56(1)
747,437 738,768 
Concord Music Royalties LLC, Series 2025-1A, Class A2, SEQ, 5.51%, 7/20/75(1)
570,000 572,092 
CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, SEQ, 4.50%, 5/20/49(1)
350,000 340,080 
DataBank Issuer LLC, Series 2023-1A, Class A2, SEQ, 5.12%, 2/25/53(1)
678,000 671,177 


DataBank Issuer LLC, Series 2026-1A, Class A2, SEQ, 5.81%, 2/25/56(1)
687,000 686,995 
EDI ABS Issuer 1 LLC, Series 2025-1A, Class B, 4.55%, 7/25/55(1)
306,000 283,322 
FinBe USA Trust, Series 2025-1A, Class B, 6.60%, 12/16/30(1)
667,000 658,607 
FIP Master Funding LLC, Series 2026-1A, Class A5, SEQ, 5.39%, 3/15/56(1)
671,976 657,760 
Flexential Issuer LLC, Series 2025-1A, Class A2, SEQ, 6.03%, 10/25/60(1)
247,853 247,677 
GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, SEQ, 1.93%, 7/20/48(1)
247,397 203,017 
GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, VRN, 5.21%, (30-day average SOFR plus 1.60%), 8/25/54(1)
279,040 280,037 
Hilton Grand Vacations Trust, Series 2024-2A, Class D, 6.91%, 3/25/38(1)
167,474 170,828 
JP Morgan Mortgage Trust, Series 2025-CES7, Class A1A, 5.06%, 4/25/56(1)
832,831 828,737 
JP Morgan Mortgage Trust, Series 2025-CES7, Class A1B, 5.21%, 4/25/56(1)
1,057,920 1,052,744 
Kobalt Music Assets LP, Series 2024-1A, Class A2, SEQ, 6.625%, 4/7/64(1)
310,542 313,450 
LMRK Issuer Co. 2 LLC, Series 2025-1A, Class A, SEQ, 5.52%, 9/15/55(1)
611,000 606,562 
Luxury Lease Partners Auto Lease Trust, Series 2025-A, Class A, SEQ, 5.51%, 3/15/32(1)
311,920 311,535 
Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, SEQ, 5.76%, 12/22/64(1)
639,986 643,839 
Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, SEQ, 5.60%, 9/20/65(1)
299,151 300,267 
M&T Bank RV Trust, Series 2026-1A, Class A, SEQ, 4.35%, 1/15/46(1)
984,631 974,530 
Mission Lane Credit Card Master Trust, Series 2025-B, Class C, 5.41%, 9/15/31(1)
544,000 540,281 
Mission Lane Credit Card Master Trust, Series 2026-A, Class C, 5.69%, 7/15/32(1)
476,000 476,576 
Mosaic Solar Loan Trust, Series 2021-3A, Class B, 1.92%, 6/20/52(1)
624,184 447,712 
Mosaic Solar Loan Trust, Series 2023-2A, Class A, SEQ, 5.36%, 9/22/53(1)
207,336 196,466 
New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(1)
1,286,500 802,454 
NP SPE IX LP, Series 2019-1A, Class A1, SEQ, 2.57%, 9/20/49(1)
13,401 13,288 
Oportun Issuance Trust, Series 2026-A, Class D, 6.28%, 1/9/34(1)
742,000 739,601 
Pawneee Equipment Receivables LLC, Series 2022-1, Class D, 7.23%, 7/17/28(1)
428,000 428,483 
Purchasing Power Funding LLC, Series 2026-A, Class D, 5.40%, 8/15/30(1)
733,000 726,175 
RCKT Mortgage Trust, Series 2024-CES4, Class A3, SEQ, 6.67%, 6/25/44(1)
850,000 857,801 
RCKT Trust, Series 2025-1A, Class D, 5.42%, 7/25/34(1)
286,000 284,342 
Regional Management Issuance Trust, Series 2025-1, Class B, 5.53%, 4/17/34(1)
300,000 301,699 
Research-Driven Pagaya Motor Asset Trust, Series 2026-1A, Class C, 5.69%, 1/25/35(1)
447,400 440,578 
RNL PH Owner LLC, Series 2026-1A, Class C, 5.59%, 3/20/56(1)
667,117 650,890 
Scalelogix ABS U.S. Issuer LLC, Series 2025-1A, Class B, 6.16%, 7/25/55(1)
562,000 549,835 
SEB Funding LLC, Series 2024-1A, Class A2, SEQ, 7.39%, 4/30/54(1)
502,740 511,179 
Stack Infrastructure Issuer LLC, Series 2026-1A, Class A2, SEQ, 5.00%, 3/27/56(1)
649,721 630,823 
Subway Funding LLC, Series 2024-1A, Class A2I, SEQ, 6.03%, 7/30/54(1)
410,745 413,523 
Towd Point Mortgage Trust, Series 2026-CES2, Class A1B, 4.92%, 2/25/66(1)
530,170 523,499 
United Auto Credit Securitization Trust, Series 2026-1, Class D, 5.65%, 7/10/31(1)
709,000 707,206 
Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55(1)
625,963 634,199 
VB-S1 Issuer LLC, Series 2024-1A, Class F, 8.87%, 5/15/54(1)
475,000 489,000 
Vertical Bridge CC LLC, Series 2025-1A, Class C, 7.45%, 8/16/55(1)
526,972 536,803 
Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 5/25/54(1)
318,409 321,228 
Westgate Resorts LLC, Series 2026-1A, Class C, 6.08%, 10/20/39(1)
372,786 372,836 
TOTAL ASSET-BACKED SECURITIES
(Cost $32,614,565)
 
32,337,306 
U.S. TREASURY SECURITIES — 13.4%
 
 
U.S. Treasury Bonds, 4.625%, 11/15/55
2,565,000 2,421,921 
U.S. Treasury Bonds, 4.75%, 2/15/56
7,015,000 6,762,899 
U.S. Treasury Notes, 4.625%, 9/15/26(4)
505,000 506,273 
U.S. Treasury Notes, 1.625%, 10/31/26(4)
478,000 473,784 
U.S. Treasury Notes, 4.375%, 12/31/29(4)
695,000 701,624 
U.S. Treasury Notes, 3.625%, 8/31/30
325,000 318,779 
U.S. Treasury Notes, 3.625%, 9/30/30
405,000 397,129 
U.S. Treasury Notes, 3.50%, 2/28/31
1,000,000 973,125 
U.S. Treasury Notes, 3.875%, 3/31/31
7,150,000 7,069,004 
U.S. Treasury Notes, 3.875%, 4/30/31
2,010,000 1,986,916 


U.S. Treasury Notes, 4.125%, 5/31/31(2)
4,105,000 4,102,618 
U.S. Treasury Notes, 4.25%, 3/31/33
5,005,000 4,997,962 
TOTAL U.S. TREASURY SECURITIES
(Cost $31,014,494)
 
30,712,034 
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.6%
 
 
Private Sponsor Collateralized Mortgage Obligations — 7.2%
 
 
A&D Mortgage Trust, Series 2026-NQM2, Class A2, 5.01%, 3/25/71(1)
441,511 436,926 
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65(1)
179,234 174,244 
Angel Oak Mortgage Trust, Series 2021-5, Class A1, VRN, 0.95%, 7/25/66(1)
341,335 296,782 
Aspire Mortgage Trust, Series 2026-1, Class A2, 5.06%, 1/25/66(1)
572,893 568,962 
Barclays Mortgage Loan Trust, Series 2026-NQM2, Class A1, VRN, 4.70%, 12/25/65(1)
891,810 882,914 
BRAVO Residential Funding Trust, Series 2025-NQM5, Class A3, 5.80%, 2/25/65(1)
396,730 397,705 
Chase Home Lending Mortgage Trust, Series 2024-6, Class A9A, VRN, 6.00%, 5/25/55(1)
193,478 194,440 
Chase Home Lending Mortgage Trust, Series 2024-7, Class A4, VRN, 6.00%, 6/25/55(1)
349,112 350,451 
Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55(1)
150,327 150,586 
Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54(1)
270,714 271,092 
COLT Mortgage Loan Trust, Series 2026-1, Class A2, 4.96%, 2/25/71(1)
635,676 629,497 
Cross Mortgage Trust, Series 2026-NQM3, Class A2, 5.36%, 3/25/71(1)
758,841 755,887 
Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, VRN, 1.19%, 8/25/66(1)
181,371 160,886 
Ellington Financial Mortgage Trust, Series 2024-CES1, Class A2, 5.80%, 1/26/60(1)
406,000 408,651 
GS Mortgage-Backed Securities Trust, Series 2026-PJ7, Class A4, SEQ, VRN, 5.50%, 10/25/56(1)
625,000 625,665 
JP Morgan Mortgage Trust, Series 2023-6, Class A4, SEQ, VRN, 6.00%, 12/26/53(1)
293,315 294,643 
JP Morgan Mortgage Trust, Series 2023-7, Class A4A, SEQ, VRN, 5.50%, 2/25/54(1)
636,856 637,345 
JP Morgan Mortgage Trust, Series 2023-8, Class A4, SEQ, VRN, 6.00%, 2/25/54(1)
521,875 524,250 
JP Morgan Mortgage Trust, Series 2024-1, Class A4, SEQ, VRN, 6.00%, 6/25/54(1)
197,531 198,068 
JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55(1)
208,387 208,246 
JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55(1)
128,898 128,867 
JP Morgan Mortgage Trust, Series 2024-6, Class A6, SEQ, VRN, 6.00%, 12/25/54(1)
2,631 2,624 
JP Morgan Mortgage Trust, Series 2025-11, Class A4, SEQ, VRN, 5.50%, 5/25/56(1)
543,287 542,325 
JP Morgan Mortgage Trust, Series 2025-5MPR, Class A3, 6.16%, 11/25/55(1)
407,178 407,163 
JP Morgan Mortgage Trust, Series 2026-ACES1, Class A2, VRN, 5.16%, 4/25/66(1)
865,000 854,260 
JP Morgan Mortgage Trust, Series 2026-NQM2, Class A2, 5.61%, 9/25/66(1)
1,042,797 1,042,337 
JP Morgan Mortgage Trust, Series 2026-NQM3, Class A3, 5.84%, 10/25/66(1)
650,000 649,998 
OBX Trust, Series 2025-NQM21, Class A1B, 4.99%, 10/25/65(1)
133,441 132,686 
OBX Trust, Series 2025-NQM21, Class A2, 5.19%, 10/25/65(1)
1,002,585 997,373 
PMT Loan Trust, Series 2025-CNF1, Class A8, SEQ, VRN, 5.00%, 10/25/56(1)
1,291,087 1,279,235 
PMT Loan Trust, Series 2025-J5, Class A5, VRN, 5.50%, 1/25/57(1)
576,003 575,156 
Radian Mortgage Capital Trust, Series 2025-J4, Class A15, SEQ, VRN, 5.00%, 3/25/56(1)
733,388 729,158 
Sequoia Mortgage Trust, Series 2023-5, Class A1, VRN, 5.47%, 12/25/53(1)
695,435 684,934 
Sequoia Mortgage Trust, Series 2025-6, Class A5, SEQ, VRN, 5.50%, 7/25/55(1)
363,944 363,360 
Triangle Re Ltd., Series 2023-1, Class M1A, VRN, 7.01%, (30-day average SOFR plus 3.40%), 11/25/33(1)
60,127 60,422 
 
16,617,138 
U.S. Government Agency Collateralized Mortgage Obligations — 0.4%
 
 
FHLMC, Series 377, Class C4, IO, 2.00%, 1/25/51
3,920,138 519,004 
FNMA, Series 2022-R09, Class 2M1, VRN, 6.11%, (30-day average SOFR plus 2.50%), 9/25/42(1)
103,006 103,821 
FNMA, Series 2024-R01, Class 1M1, VRN, 4.66%, (30-day average SOFR plus 1.05%), 1/25/44(1)
243,663 243,642 
 
866,467 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $17,451,325)
 
17,483,605 
CONVERTIBLE PREFERRED SECURITIES — 4.6%
 
 
Banks — 4.1%
 
 
Banco Bilbao Vizcaya Argentaria SA, 6.125%
400,000 400,899 
Banco Bilbao Vizcaya Argentaria SA, 9.375%(3)
420,000 460,658 
Banco Mercantil del Norte SA, 5.875%(1)
130,000 129,036 
Banco Santander SA, 4.75%
400,000 400,244 


BNP Paribas SA, 8.50%(1)
1,120,000 1,183,299 
Commerzbank AG, 7.50%
200,000 208,943 
Credit Agricole SA, 4.75%(1)
445,000 433,364 
HSBC Holdings PLC, 6.50%
646,000 654,967 
HSBC Holdings PLC, 6.875%
400,000 411,053 
ING Groep NV, 4.875%
743,000 716,711 
ING Groep NV, 7.50%
400,000 413,454 
Lloyds Banking Group PLC, 8.00%
818,000 873,092 
Skandinaviska Enskilda Banken AB, 6.875%
1,000,000 1,017,366 
Societe Generale SA, 9.375%(1)
785,000 830,334 
Svenska Handelsbanken AB, 4.375%
200,000 198,955 
Swedbank AB, 7.625%
1,000,000 1,036,502 
 
9,368,877 
Capital Markets — 0.5%
 
 
UBS Group AG, 9.25%(1)
1,175,000 1,271,938 
TOTAL CONVERTIBLE PREFERRED SECURITIES
(Cost $10,552,570)
 
10,640,815 
PREFERRED SECURITIES — 3.6%
 
 
Banks — 1.0%
 
 
Bank of America Corp., 4.375%
385,000 382,628 
Citigroup, Inc., 7.625%
915,000 953,981 
JPMorgan Chase & Co., 3.65%
208,000 208,000 
KeyCorp, 5.00%
590,000 589,959 
M&T Bank Corp., 5.125%
240,000 240,911 
 
2,375,479 
Capital Markets — 0.2%
 
 
Charles Schwab Corp., 4.00%
584,000 584,000 
Chemicals — 0.1%
 
 
OCP SA, 6.74%(1)
237,000 235,822 
Consumer Finance — 0.7%
 
 
Capital One Financial Corp., 3.95%
570,000 567,353 
Capital One Financial Corp., 5.50%
620,000 622,895 
Sumisho Air Lease Corp., 4.65%
340,000 339,839 
 
1,530,087 
Electric Utilities — 0.3%
 
 
NRG Energy, Inc., 10.25%(1)
570,000 621,863 
Independent Power and Renewable Electricity Producers — 0.3%
 
 
Vistra Corp., 8.00%(1)
640,000 645,556 
Multi-Utilities — 0.3%
 
 
Dominion Energy, Inc., 4.35%
752,000 750,866 
Oil, Gas and Consumable Fuels — 0.7%
 
 
Energy Transfer LP, 6.50%
460,000 461,854 
Energy Transfer LP, 6.625%
1,071,000 1,084,127 
 
1,545,981 
TOTAL PREFERRED SECURITIES
(Cost $8,240,441)
 
8,289,654 
SOVEREIGN GOVERNMENTS AND AGENCIES — 3.5%
 
 
Argentina — 0.4%
 
 
Ciudad Autonoma De Buenos Aires/Government Bonds, 7.80%, 11/26/33(1)
55,000 56,913 
Ciudad Autonoma De Buenos Aires/Government Bonds, 7.05%, 5/13/36(1)
820,000 798,475 
 
855,388 
New Zealand — 1.2%
 
 
New Zealand Government Bonds, 4.25%, 5/15/36
NZD4,580,000 2,683,583 
Saudi Arabia — 0.5%
 
 
Saudi Government International Bonds, 4.875%, 1/12/36(1)
1,150,000 1,137,321 


Trinidad and Tobago — 0.2%
 
 
Trinidad & Tobago Government International Bonds, 6.50%, 1/28/36(1)
470,000 485,548 
United Kingdom — 1.2%
 
 
U.K. Gilts, 4.75%, 10/22/35
GBP2,115,000 2,836,207 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $7,842,420)
 
7,998,047 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 2.8%
 
 
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 2.8%
 
 
FHLMC, 5.00%, 6/1/52
188,207 187,025 
FHLMC, 5.00%, 11/1/54
6,338,237 6,258,997 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $6,473,307)
 
6,446,022 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.9%
 
 
Bank, Series 2020-BN26, Class D, 2.50%, 3/15/63(1)
991,000 739,016 
BBCMS Mortgage Trust, Series 2019-C4, Class D, 3.25%, 8/15/52(1)
194,000 127,720 
Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 2/15/53(1)
363,000 272,817 
BPR Commercial Mortgage Trust, Series 2025-STAR, Class B, VRN, 5.38%, 11/5/42(1)
606,000 599,981 
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(1)
400,000 371,159 
Citigroup Commercial Mortgage Trust, Series 2020-555, Class E, VRN, 3.50%, 12/10/41(1)
741,000 659,831 
Credit Suisse Mortgage Trust, Series 2021-BHAR, Class B, VRN, 5.24%, (1-month SOFR plus 1.61%), 11/15/38(1)
414,000 410,356 
CSAIL Commercial Mortgage Trust, Series 2019-C15, Class D, 3.00%, 3/15/52(1)
301,000 239,368 
THPT Mortgage Trust, Series 2023-THL, Class B, VRN, 7.67%, 12/10/34(1)
250,000 251,330 
Velocity Commercial Capital Loan Trust, Series 2025-5, Class M1, VRN, 5.94%, 12/25/55(1)
400,731 402,537 
Velocity Commercial Capital Loan Trust, Series 2026-1, Class M2, VRN, 5.89%, 2/25/56(1)
311,399 308,817 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $4,302,992)
 
4,382,932 
MUNICIPAL SECURITIES — 1.0%
 
 
Build NYC Resource Corp. Rev., (RiverSpring Health Senior Living, Inc. Obligated Group), 7.00%, 12/15/30 (1)
1,465,000 1,446,953 
Florida Local Government Finance Commission Rev., (Ponte Vedra Pine Co. LLC Obligated Group), 6.75%, 11/15/30 (1)
705,000 704,082 
University of California College of the Law San Francisco Rev., 5.99%, 8/1/50 (BAM)
35,000 35,296 
University of California College of the Law San Francisco Rev., 6.09%, 8/1/55 (BAM)
40,000 40,262 
TOTAL MUNICIPAL SECURITIES
(Cost $2,245,000)
 
2,226,593 
BANK LOAN OBLIGATIONS(5) — 0.4%
 
 
Entertainment — 0.2%
 
 
Discovery Global Holdings, Inc., 2026 USD Term Loan B, 6/30/33(6)
525,000 526,559 
Passenger Airlines — 0.2%
 
 
American Airlines, Inc., 2024 1st Lien Term Loan B, 5.94%, (6-month SOFR plus 2.25%), 2/15/28
470,450 465,452 
TOTAL BANK LOAN OBLIGATIONS
(Cost $990,845)
 
992,011 
COLLATERALIZED LOAN OBLIGATIONS — 0.1%
 
 
BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 5.89%, (1-month SOFR plus 2.26%), 9/15/35(1)
188,668 188,691 
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 5.61%, (3-month SOFR plus 1.96%), 11/15/28(1)
11,462 11,469 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $199,165)
 
200,160 
SHORT-TERM INVESTMENTS — 2.2%
 
 
Money Market Funds — 2.2%
 
 
State Street Institutional U.S. Government Money Market Fund, Premier Class
3,832,144 3,832,144 
State Street Navigator Securities Lending Government Money Market Portfolio(7)
1,372,468 1,372,468 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,204,612)
 
5,204,612 
TOTAL INVESTMENT SECURITIES — 100.5%
(Cost $230,924,980)
 
230,935,183 
OTHER ASSETS AND LIABILITIES — (0.5)%
 
(1,223,271)
TOTAL NET ASSETS — 100.0%
 
$229,711,912 



FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency PurchasedCurrency SoldCounterpartySettlement DateUnrealized Appreciation
(Depreciation)
USD253,785 CAD346,940 Citibank NA6/17/26$1,963 
USD2,783,328 GBP2,061,753 Morgan Stanley & Co. LLC6/17/266,848 
USD2,662,266 NZD4,508,826 Goldman Sachs & Co. LLC6/17/26(39,093)
$(30,282)

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration
Date		Notional Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes119 September 2026$13,069,547 $33,041 
U.S. Treasury 10-Year Ultra Notes182 September 202620,398,219 84,851 
U.S. Treasury 2-Year Notes138 September 202628,505,625 28,846 
U.S. Treasury Long Bonds12 September 20261,346,625 7,945 
U.S. Treasury Ultra Bonds28 September 20263,203,375 17,486 
$66,523,391 $172,169 
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS§
Reference EntityTypeFixed Rate
Received
(Paid)
Quarterly		Termination
Date		Notional
Amount		Premiums
Paid
(Received)		Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America High Yield Index Series 46Buy(5.00)%6/20/31$8,860,500 $(635,457)$(188,768)$(824,225)
§Credit default swap agreements enable the fund to buy/sell protection against a credit event of a specific issuer or index. As a seller of credit protection against a security or basket of securities, the fund receives an upfront and/or periodic payment to compensate against potential default events. The fund may attempt to enhance returns by selling protection.
^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.

INTEREST RATE SWAP AGREEMENTS
CounterpartyFloating
Rate Index		Pay/Receive
Floating Rate
Index
at Termination		Fixed RateTermination
Date		Notional
Amount		Value^
Morgan StanleyBZDIOVRAPay12.98%1/2/31BRL12,000,000 $(91,092)
^Amount represents value and unrealized appreciation (depreciation).



NOTES TO SCHEDULE OF INVESTMENTS
BAM–Build America Mutual Assurance Corp.
BRL–Brazilian Real
BZDIOVRA–Brazil Interbank Deposit Rate
CAD–Canadian Dollar
CDX–Credit Derivatives Indexes
FHLMC–Federal Home Loan Mortgage Corp.
FNMA–Federal National Mortgage Association
GBP–British Pound
IO–Interest Only
NZD–New Zealand Dollar
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 $119,725,472, which represented 52.1% of total net assets.
(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,641,887. 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.
(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 $1,591,705.
(5)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(6)The interest rate will be determined upon settlement of the bank loan obligation after period end.
(7)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,688,039, which includes securities collateral of $315,571.


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, U.S. Treasury and Government Agency securities, bank loan obligations, municipal securities and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.

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

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred securities and convertible preferred securities 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.  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 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. 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.

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— $104,021,392 — 
Asset-Backed Securities— 32,337,306 — 
U.S. Treasury Securities— 30,712,034 — 
Collateralized Mortgage Obligations— 17,483,605 — 
Convertible Preferred Securities— 10,640,815 — 
Preferred Securities— 8,289,654 — 
Sovereign Governments and Agencies— 7,998,047 — 
U.S. Government Agency Mortgage-Backed Securities— 6,446,022 — 
Commercial Mortgage-Backed Securities— 4,382,932 — 
Municipal Securities— 2,226,593 — 
Bank Loan Obligations— 992,011 — 
Collateralized Loan Obligations— 200,160 — 
Short-Term Investments$5,204,612 — — 
$5,204,612 $225,730,571 — 
Other Financial Instruments
Futures Contracts$172,169 — — 
Forward Foreign Currency Exchange Contracts— $8,811 — 
$172,169 $8,811 — 
Liabilities
Other Financial Instruments
Swap Agreements— $915,317 — 
Forward Foreign Currency Exchange Contracts— 39,093 — 
— $954,410 — 
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.