NPORT-EX 2 ahjg_selecthighyieldetf.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
American Century® Select High Yield ETF (AHYB)
May 31, 2022


American Century Select High Yield ETF - Schedule of Investments
MAY 31, 2022 (UNAUDITED)
Shares/
Principal Amount ($)		Value ($)
CORPORATE BONDS — 95.2%


Aerospace and Defense — 1.7%
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)
50,000 50,488 
TransDigm, Inc., 6.25%, 3/15/26(1)
125,000 127,310 
TransDigm, Inc., 6.375%, 6/15/2675,000 74,569 
TransDigm, Inc., 7.50%, 3/15/2750,000 50,973 
TransDigm, Inc., 5.50%, 11/15/27200,000 191,737 
TransDigm, Inc., 4.875%, 5/1/2950,000 44,979 
540,056 
Air Freight and Logistics — 0.2%
Western Global Airlines LLC, 10.375%, 8/15/25(1)
50,000 50,719 
Airlines — 1.6%
Air Canada, 3.875%, 8/15/26(1)
50,000 46,671 
American Airlines, Inc., 11.75%, 7/15/25(1)
150,000 170,475 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
75,000 74,273 
Delta Air Lines, Inc., 7.00%, 5/1/25(1)
75,000 80,294 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1)
50,000 49,722 
United Airlines, Inc., 4.375%, 4/15/26(1)
50,000 48,328 
United Airlines, Inc., 4.625%, 4/15/29(1)
50,000 46,975 
516,738 
Auto Components — 1.7%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)
200,000 186,400 
Clarios Global LP, 6.75%, 5/15/25(1)
50,000 50,422 
Goodyear Tire & Rubber Co., 9.50%, 5/31/2575,000 78,516 
Goodyear Tire & Rubber Co., 5.00%, 5/31/26(2)
75,000 73,687 
Patrick Industries, Inc., 4.75%, 5/1/29(1)
50,000 40,220 
Tenneco, Inc., 5.00%, 7/15/26125,000 117,429 
546,674 
Automobiles — 1.7%
Ford Motor Co., 9.00%, 4/22/2575,000 84,141 
Ford Motor Co., 3.25%, 2/12/3250,000 42,345 
Ford Motor Credit Co. LLC, 4.13%, 8/4/25200,000 195,215 
Ford Motor Credit Co. LLC, 5.11%, 5/3/29(2)
200,000 195,212 
PM General Purchaser LLC, 9.50%, 10/1/28(1)
50,000 42,081 
558,994 
Beverages — 0.1%
Primo Water Holdings, Inc., 4.375%, 4/30/29(1)
50,000 43,897 
Building Products — 1.3%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)
125,000 111,646 
Griffon Corp., 5.75%, 3/1/2875,000 72,508 
Masonite International Corp., 3.50%, 2/15/30(1)
50,000 43,365 
PGT Innovations, Inc., 4.375%, 10/1/29(1)
50,000 44,832 
Standard Industries, Inc., 4.375%, 7/15/30(1)
100,000 90,250 
Standard Industries, Inc., 3.375%, 1/15/31(1)
50,000 42,045 
404,646 
Capital Markets — 1.4%
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)
50,000 45,199 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/2475,000 74,895 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/2675,000 75,481 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27125,000 120,893 


LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)
50,000 42,713 
MSCI, Inc., 3.625%, 9/1/30(1)
100,000 91,740 
450,921 
Chemicals — 2.6%
Avient Corp., 5.75%, 5/15/25(1)
50,000 50,607 
Consolidated Energy Finance SA, 6.50%, 5/15/26(1)
150,000 150,283 
FXI Holdings, Inc., 12.25%, 11/15/26(1)
50,000 49,640 
NOVA Chemicals Corp., 4.875%, 6/1/24(1)
75,000 73,640 
NOVA Chemicals Corp., 5.25%, 6/1/27(1)
50,000 48,724 
Olin Corp., 5.00%, 2/1/3050,000 48,838 
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)(2)
50,000 46,537 
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)(2)
50,000 44,854 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)
75,000 71,482 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1)(2)
50,000 41,845 
Tronox, Inc., 4.625%, 3/15/29(1)
50,000 45,936 
WR Grace Holdings LLC, 4.875%, 6/15/27(1)
125,000 117,002 
WR Grace Holdings LLC, 5.625%, 8/15/29(1)
50,000 41,125 
830,513 
Commercial Services and Supplies — 1.6%
ADT Security Corp., 4.125%, 8/1/29(1)
50,000 44,567 
ADT Security Corp., 4.875%, 7/15/32(1)
75,000 65,317 
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)
75,000 74,461 
Brink's Co., 4.625%, 10/15/27(1)
75,000 71,196 
Matthews International Corp., 5.25%, 12/1/25(1)
125,000 119,453 
Metis Merger Sub LLC, 6.50%, 5/15/29(1)
50,000 41,980 
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)
50,000 44,826 
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)
50,000 46,128 
507,928 
Communications Equipment — 0.2%
CommScope, Inc., 6.00%, 3/1/26(1)
75,000 73,444 
Construction and Engineering — 0.5%
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)
175,000 155,193 
Construction Materials — 0.8%
Cemex SAB de CV, 5.20%, 9/17/30(1)
200,000 188,120 
SRM Escrow Issuer LLC, 6.00%, 11/1/28(1)
75,000 70,151 
258,271 
Consumer Finance — 1.7%
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(3)
150,000 121,388 
Navient Corp., 7.25%, 9/25/2370,000 71,736 
Navient Corp., 5.875%, 10/25/2450,000 50,263 
Navient Corp., 6.75%, 6/25/2550,000 50,390 
Navient Corp., 5.50%, 3/15/2950,000 43,756 
OneMain Finance Corp., 6.125%, 3/15/2475,000 75,853 
OneMain Finance Corp., 6.875%, 3/15/25125,000 127,192 
540,578 
Containers and Packaging — 2.1%
Ball Corp., 3.125%, 9/15/3150,000 43,750 
Berry Global, Inc., 4.50%, 2/15/26(1)(2)
75,000 73,309 
Berry Global, Inc., 4.875%, 7/15/26(1)
50,000 49,233 
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)
125,000 123,617 
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)
75,000 72,619 
OI European Group BV, 4.75%, 2/15/30(1)
50,000 44,033 
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)
150,000 151,832 
Sealed Air Corp., 5.125%, 12/1/24(1)
75,000 75,545 


TriMas Corp., 4.125%, 4/15/29(1)
50,000 45,112 
679,050 
Distributors — 0.3%
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1)
50,000 45,578 
Performance Food Group, Inc., 4.25%, 8/1/29(1)
50,000 44,522 
90,100 
Diversified Consumer Services — 0.4%
Adtalem Global Education, Inc., 5.50%, 3/1/28(1)(2)
39,000 36,246 
Service Corp. International, 3.375%, 8/15/3050,000 43,825 
Service Corp. International, 4.00%, 5/15/3150,000 46,563 
126,634 
Diversified Financial Services — 0.5%
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1)
50,000 46,989 
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)
75,000 70,698 
Paysafe Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)(2)
50,000 39,110 
156,797 
Diversified Telecommunication Services — 3.3%
Altice France SA, 5.125%, 7/15/29(1)
200,000 174,960 
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1)
200,000 192,191 
Embarq Corp., 8.00%, 6/1/3675,000 63,324 
Level 3 Financing, Inc., 4.25%, 7/1/28(1)
100,000 87,946 
Lumen Technologies, Inc., 6.75%, 12/1/2375,000 76,964 
Lumen Technologies, Inc., 7.50%, 4/1/2450,000 51,860 
Lumen Technologies, Inc., 5.125%, 12/15/26(1)
75,000 69,510 
Lumen Technologies, Inc., 4.50%, 1/15/29(1)
50,000 41,172 
Sprint Capital Corp., 8.75%, 3/15/3275,000 97,522 
Telecom Italia Capital SA, 6.00%, 9/30/3450,000 44,285 
Telecom Italia Capital SA, 7.20%, 7/18/3650,000 45,284 
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1)
75,000 35,766 
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)
75,000 65,771 
1,046,555 
Electric Utilities — 1.7%
FirstEnergy Corp., 4.40%, 7/15/2750,000 49,693 
FirstEnergy Corp., 5.35%, 7/15/4750,000 46,520 
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)
75,000 72,297 
NRG Energy, Inc., 6.625%, 1/15/2750,000 51,426 
NRG Energy, Inc., 3.625%, 2/15/31(1)
50,000 44,080 
PG&E Corp., 5.00%, 7/1/28(2)
50,000 47,311 
PG&E Corp., 5.25%, 7/1/3050,000 46,218 
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)
75,000 75,136 
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)
75,000 73,468 
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)
50,000 46,704 
552,853 
Electrical Equipment — 0.5%
Atkore, Inc., 4.25%, 6/1/31(1)
75,000 68,627 
WESCO Distribution, Inc., 7.125%, 6/15/25(1)
25,000 25,987 
WESCO Distribution, Inc., 7.25%, 6/15/28(1)
50,000 52,564 
147,178 
Electronic Equipment, Instruments and Components — 0.8%
Imola Merger Corp., 4.75%, 5/15/29(1)
150,000 141,006 
Sensata Technologies, Inc., 4.375%, 2/15/30(1)
125,000 119,008 
260,014 
Energy Equipment and Services — 1.2%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)
50,000 49,671 
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)
75,000 73,257 


Bristow Group, Inc., 6.875%, 3/1/28(1)
75,000 71,320 
Precision Drilling Corp., 6.875%, 1/15/29(1)
50,000 48,341 
Transocean Guardian Ltd., 5.875%, 1/15/24(1)
15,161 14,526 
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)
23,438 22,310 
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/2750,000 48,258 
Weatherford International Ltd., 8.625%, 4/30/30(1)
50,000 47,890 
375,573 
Entertainment — 0.9%
Cinemark USA, Inc., 5.875%, 3/15/26(1)(2)
50,000 47,574 
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2)
50,000 45,015 
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)
75,000 71,727 
Playtika Holding Corp., 4.25%, 3/15/29(1)
50,000 43,901 
WMG Acquisition Corp., 3.875%, 7/15/30(1)
50,000 46,087 
WMG Acquisition Corp., 3.00%, 2/15/31(1)(2)
50,000 42,925 
297,229 
Equity Real Estate Investment Trusts (REITs) — 4.0%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 4/1/27(1)
50,000 46,749 
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1)
50,000 45,626 
Diversified Healthcare Trust, 9.75%, 6/15/2575,000 78,837 
Diversified Healthcare Trust, 4.375%, 3/1/3150,000 39,326 
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1)
50,000 46,328 
Iron Mountain, Inc., 5.25%, 3/15/28(1)
150,000 146,061 
Iron Mountain, Inc., 4.875%, 9/15/29(1)
75,000 71,025 
Iron Mountain, Inc., 4.50%, 2/15/31(1)
50,000 44,922 
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/2975,000 70,949 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.50%, 6/1/25(1)
75,000 77,898 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/1/28(1)
50,000 49,479 
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)
50,000 48,224 
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)
50,000 45,376 
SBA Communications Corp., 3.875%, 2/15/27125,000 122,381 
Service Properties Trust, 4.35%, 10/1/2475,000 68,554 
Service Properties Trust, 5.25%, 2/15/2650,000 42,582 
Service Properties Trust, 4.95%, 2/15/27(2)
75,000 62,480 
Service Properties Trust, 4.95%, 10/1/29(2)
75,000 59,157 
Service Properties Trust, 4.375%, 2/15/3050,000 36,865 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1)
50,000 44,765 
VICI Properties LP / VICI Note Co., Inc., 4.625%, 6/15/25(1)
50,000 48,869 
1,296,453 
Food and Staples Retailing — 0.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)
50,000 48,635 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)
50,000 49,101 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1)
50,000 43,590 
141,326 
Food Products — 1.1%
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)
50,000 46,279 
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29(1)
75,000 76,216 
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)
75,000 72,848 
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)
75,000 76,872 
Post Holdings, Inc., 5.75%, 3/1/27(1)
28,000 28,602 
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)
50,000 45,057 
345,874 
Health Care Equipment and Supplies — 0.5%
Avantor Funding, Inc., 3.875%, 11/1/29(1)
50,000 46,484 
Mozart Debt Merger Sub, Inc., 3.875%, 4/1/29(1)
75,000 67,804 


Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29(1)(2)
50,000 44,355 
158,643 
Health Care Providers and Services — 4.7%
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1)
50,000 44,981 
Centene Corp., 4.25%, 12/15/2750,000 49,826 
Centene Corp., 4.625%, 12/15/2976,000 75,010 
Centene Corp., 3.375%, 2/15/3050,000 45,955 
Centene Corp., 3.00%, 10/15/3050,000 44,555 
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)
75,000 75,285 
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)
50,000 46,664 
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)(2)
50,000 50,100 
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1)
50,000 40,429 
DaVita, Inc., 4.625%, 6/1/30(1)
150,000 130,608 
DaVita, Inc., 3.75%, 2/15/31(1)
50,000 41,080 
HCA, Inc., 5.375%, 2/1/2575,000 77,625 
HCA, Inc., 5.875%, 2/15/2650,000 52,563 
HCA, Inc., 5.375%, 9/1/2675,000 78,190 
HCA, Inc., 5.625%, 9/1/28125,000 131,257 
HealthEquity, Inc., 4.50%, 10/1/29(1)
50,000 46,687 
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1)
50,000 51,065 
Molina Healthcare, Inc., 3.875%, 5/15/32(1)
50,000 45,617 
Owens & Minor, Inc., 4.50%, 3/31/29(1)(2)
50,000 45,298 
Tenet Healthcare Corp., 4.875%, 1/1/26(1)
150,000 149,854 
Tenet Healthcare Corp., 6.25%, 2/1/27(1)
75,000 75,096 
Tenet Healthcare Corp., 5.125%, 11/1/27(1)
50,000 49,687 
Tenet Healthcare Corp., 4.25%, 6/1/29(1)
50,000 47,045 
1,494,477 
Hotels, Restaurants and Leisure — 8.4%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)
50,000 47,118 
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)
125,000 110,375 
Affinity Gaming, 6.875%, 12/15/27(1)
125,000 111,361 
Aramark Services, Inc., 6.375%, 5/1/25(1)
125,000 128,262 
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)
50,000 50,711 
Carnival Corp., 10.50%, 2/1/26(1)
75,000 80,869 
Carnival Corp., 7.625%, 3/1/26(1)(2)
75,000 70,458 
Carnival Corp., 5.75%, 3/1/27(1)
175,000 155,570 
Carnival Corp., 9.875%, 8/1/27(1)
50,000 53,094 
Carnival Corp., 4.00%, 8/1/28(1)
50,000 45,399 
Carnival Corp., 6.00%, 5/1/29(1)
100,000 84,673 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1)
75,000 68,379 
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1)(2)
50,000 32,092 
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)
50,000 51,049 
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/3050,000 49,140 
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)
50,000 43,450 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1)
75,000 69,843 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1)
50,000 44,161 
Life Time, Inc., 8.00%, 4/15/26(1)(2)
125,000 122,866 
MGM Resorts International, 6.75%, 5/1/25100,000 101,842 
MGM Resorts International, 4.75%, 10/15/2850,000 45,625 
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)
50,000 42,367 
Mohegan Gaming & Entertainment, 8.00%, 2/1/26(1)
75,000 69,469 
NCL Corp. Ltd., 3.625%, 12/15/24(1)
75,000 67,456 
NCL Corp. Ltd., 5.875%, 3/15/26(1)
50,000 45,135 
NCL Corp. Ltd., 5.875%, 2/15/27(1)
49,000 45,732 
NCL Finance Ltd., 6.125%, 3/15/28(1)
50,000 42,129 


Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1)
50,000 39,740 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1)
50,000 39,254 
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22(2)
50,000 50,218 
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)
25,000 21,273 
Royal Caribbean Cruises Ltd., 7.50%, 10/15/2775,000 68,766 
Royal Caribbean Cruises Ltd., 3.70%, 3/15/2850,000 39,092 
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)
150,000 126,856 
Scientific Games International, Inc., 7.25%, 11/15/29(1)
50,000 49,770 
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1)
50,000 41,078 
Travel + Leisure Co., 6.625%, 7/31/26(1)
50,000 51,453 
Viking Cruises Ltd., 6.25%, 5/15/25(1)
75,000 67,090 
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)
75,000 64,639 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)
100,000 97,732 
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1)
50,000 51,009 
2,686,595 
Household Durables — 2.2%
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1)
50,000 42,218 
Beazer Homes USA, Inc., 6.75%, 3/15/2575,000 73,829 
Beazer Homes USA, Inc., 5.875%, 10/15/27(2)
50,000 44,469 
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1)
75,000 63,540 
Century Communities, Inc., 6.75%, 6/1/27125,000 127,337 
KB Home, 4.00%, 6/15/3150,000 43,312 
Mattamy Group Corp., 4.625%, 3/1/30(1)
50,000 41,951 
Newell Brands, Inc., 4.45%, 4/1/2675,000 74,784 
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1)
50,000 46,198 
Tempur Sealy International, Inc., 4.00%, 4/15/29(1)(2)
50,000 43,738 
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)(2)
50,000 41,778 
Tri Pointe Homes, Inc., 5.25%, 6/1/2775,000 71,628 
714,782 
Independent Power and Renewable Electricity Producers — 1.1%
Calpine Corp., 5.25%, 6/1/26(1)
37,000 36,159 
Calpine Corp., 4.50%, 2/15/28(1)
75,000 71,791 
Calpine Corp., 5.125%, 3/15/28(1)
75,000 70,137 
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)
75,000 71,720 
Sunnova Energy Corp., 5.875%, 9/1/26(1)(2)
50,000 44,984 
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)
50,000 48,055 
342,846 
Insurance — 0.2%
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1)
75,000 66,539 
Interactive Media and Services — 0.4%
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1)
50,000 43,730 
Twitter, Inc., 5.00%, 3/1/30(1)(2)
50,000 49,688 
Ziff Davis, Inc., 4.625%, 10/15/30(1)
50,000 43,770 
137,188 
Internet and Direct Marketing Retail — 0.3%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1)
25,000 23,118 
Match Group Holdings II LLC, 3.625%, 10/1/31(1)(2)
50,000 42,611 
Millennium Escrow Corp., 6.625%, 8/1/26(1)
50,000 44,070 
109,799 
IT Services — 0.3%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/2550,000 49,500 
Presidio Holdings, Inc., 4.875%, 2/1/27(1)
50,000 48,966 
98,466 
Leisure Products — 0.2%
Mattel, Inc., 5.45%, 11/1/4150,000 48,154 


Machinery — 0.3%
Hillenbrand, Inc., 3.75%, 3/1/3150,000 44,128 
Terex Corp., 5.00%, 5/15/29(1)
50,000 46,653 
90,781 
Marine — 0.2%
Seaspan Corp., 5.50%, 8/1/29(1)
75,000 67,220 
Media — 9.6%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
75,000 74,022 
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)
75,000 72,953 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
75,000 69,295 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)
125,000 113,054 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)
125,000 110,473 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32200,000 176,230 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1)
100,000 86,187 
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)
50,000 46,035 
CSC Holdings LLC, 6.50%, 2/1/29(1)
200,000 197,293 
CSC Holdings LLC, 5.75%, 1/15/30(1)
250,000 209,400 
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
125,000 118,091 
DISH DBS Corp., 5.00%, 3/15/2375,000 73,635 
DISH DBS Corp., 7.75%, 7/1/2675,000 64,256 
DISH DBS Corp., 5.25%, 12/1/26(1)
75,000 63,594 
DISH DBS Corp., 5.75%, 12/1/28(1)
25,000 20,453 
DISH DBS Corp., 5.125%, 6/1/2950,000 35,374 
GCI LLC, 4.75%, 10/15/28(1)
50,000 45,332 
Gray Television, Inc., 7.00%, 5/15/27(1)(2)
125,000 126,542 
Gray Television, Inc., 4.75%, 10/15/30(1)
50,000 44,023 
iHeartCommunications, Inc., 5.25%, 8/15/27(1)
50,000 47,136 
iHeartCommunications, Inc., 4.75%, 1/15/28(1)
50,000 45,153 
Lamar Media Corp., 3.75%, 2/15/2850,000 47,000 
Lamar Media Corp., 4.875%, 1/15/2950,000 49,236 
Lamar Media Corp., 4.00%, 2/15/3050,000 46,415 
McGraw-Hill Education, Inc., 8.00%, 8/1/29(1)
50,000 43,391 
News Corp., 3.875%, 5/15/29(1)
75,000 69,490 
Nexstar Media, Inc., 5.625%, 7/15/27(1)
50,000 49,938 
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)
100,000 93,755 
Quebecor Media, Inc., 5.75%, 1/15/2350,000 50,601 
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)
50,000 44,001 
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)(2)
75,000 61,213 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
50,000 42,631 
Sirius XM Radio, Inc., 3.125%, 9/1/26(1)(2)
25,000 23,455 
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)
75,000 74,634 
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)
75,000 69,662 
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)
50,000 49,727 
Sirius XM Radio, Inc., 3.875%, 9/1/31(1)
50,000 44,039 
Univision Communications, Inc., 5.125%, 2/15/25(1)
75,000 74,158 
Univision Communications, Inc., 6.625%, 6/1/27(1)
50,000 50,596 
Videotron Ltd., 3.625%, 6/15/29(1)(2)
50,000 42,878 
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1)
200,000 196,929 
3,062,280 
Metals and Mining — 2.2%
Allegheny Technologies, Inc., 4.875%, 10/1/2925,000 22,562 
Allegheny Technologies, Inc., 5.125%, 10/1/3150,000 45,164 
Arconic Corp., 6.00%, 5/15/25(1)
50,000 51,250 
Arconic Corp., 6.125%, 2/15/28(1)
50,000 49,110 


Carpenter Technology Corp., 6.375%, 7/15/2850,000 49,075 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)
25,000 23,287 
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)
50,000 47,265 
Coeur Mining, Inc., 5.125%, 2/15/29(1)
50,000 40,595 
Compass Minerals International, Inc., 6.75%, 12/1/27(1)
50,000 47,347 
Freeport-McMoRan, Inc., 4.25%, 3/1/3075,000 71,022 
IAMGOLD Corp., 5.75%, 10/15/28(1)
50,000 35,219 
Novelis Corp., 4.75%, 1/30/30(1)
125,000 118,774 
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1)
50,000 44,637 
Taseko Mines Ltd., 7.00%, 2/15/26(1)
50,000 48,114 
693,421 
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)
50,000 45,750 
Multiline Retail — 0.1%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2)
50,000 47,164 
Oil, Gas and Consumable Fuels — 15.9%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1)
50,000 51,115 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1)
50,000 53,002 
Apache Corp., 4.25%, 1/15/30(2)
50,000 48,393 
Apache Corp., 5.10%, 9/1/4075,000 70,074 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)
75,000 75,291 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)
50,000 47,967 
Cheniere Energy Partners LP, 4.00%, 3/1/31175,000 162,110 
Cheniere Energy, Inc., 4.625%, 10/15/2850,000 48,641 
Citgo Holding, Inc., 9.25%, 8/1/24(1)(2)
50,000 49,804 
CITGO Petroleum Corp., 7.00%, 6/15/25(1)
50,000 50,237 
CITGO Petroleum Corp., 6.375%, 6/15/26(1)
50,000 49,353 
CNX Resources Corp., 7.25%, 3/14/27(1)
75,000 78,585 
Comstock Resources, Inc., 6.75%, 3/1/29(1)
50,000 50,015 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
50,000 47,802 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/2550,000 49,686 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1)
50,000 47,276 
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)
125,000 126,127 
DCP Midstream Operating LP, 5.375%, 7/15/25125,000 128,277 
DCP Midstream Operating LP, 5.125%, 5/15/2975,000 75,181 
DCP Midstream Operating LP, 3.25%, 2/15/3250,000 43,044 
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1)
50,000 48,611 
EnLink Midstream Partners LP, 4.85%, 7/15/26(2)
75,000 75,585 
EnLink Midstream Partners LP, 5.60%, 4/1/4475,000 61,014 
EnLink Midstream Partners LP, 5.45%, 6/1/4775,000 60,212 
EQM Midstream Partners LP, 6.00%, 7/1/25(1)
50,000 50,621 
EQM Midstream Partners LP, 6.50%, 7/1/27(1)
50,000 50,062 
EQM Midstream Partners LP, 4.50%, 1/15/29(1)
50,000 44,427 
EQM Midstream Partners LP, 4.75%, 1/15/31(1)
50,000 43,472 
EQT Corp., 3.90%, 10/1/27(2)
75,000 72,398 
EQT Corp., 7.50%, 2/1/3050,000 55,630 
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27125,000 123,512 
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/2850,000 48,265 
Harvest Midstream I LP, 7.50%, 9/1/28(1)
75,000 75,375 
Hess Midstream Operations LP, 5.625%, 2/15/26(1)
75,000 76,668 
Hess Midstream Operations LP, 5.125%, 6/15/28(1)
50,000 49,483 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)
50,000 48,913 
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)
50,000 47,106 


ITT Holdings LLC, 6.50%, 8/1/29(1)
50,000 42,930 
Laredo Petroleum, Inc., 9.50%, 1/15/2575,000 77,881 
Matador Resources Co., 5.875%, 9/15/2675,000 75,841 
MEG Energy Corp., 7.125%, 2/1/27(1)
50,000 52,391 
MEG Energy Corp., 5.875%, 2/1/29(1)
75,000 74,985 
Murphy Oil Corp., 5.75%, 8/15/25125,000 127,148 
Murphy Oil Corp., 5.875%, 12/1/27(2)
50,000 50,617 
Murphy Oil Corp., 6.375%, 7/15/2850,000 51,400 
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1)
75,000 70,406 
Northern Oil and Gas, Inc., 8.125%, 3/1/28(1)
50,000 51,240 
Occidental Petroleum Corp., 5.50%, 12/1/2550,000 51,869 
Occidental Petroleum Corp., 3.40%, 4/15/2650,000 48,750 
Occidental Petroleum Corp., 8.50%, 7/15/2775,000 87,166 
Occidental Petroleum Corp., 6.375%, 9/1/2850,000 54,137 
Occidental Petroleum Corp., 8.875%, 7/15/3075,000 93,766 
Occidental Petroleum Corp., 6.625%, 9/1/3050,000 56,115 
Occidental Petroleum Corp., 6.125%, 1/1/3150,000 54,312 
Occidental Petroleum Corp., 7.50%, 5/1/3150,000 60,015 
Occidental Petroleum Corp., 4.40%, 4/15/4650,000 45,113 
Occidental Petroleum Corp., 4.10%, 2/15/4775,000 64,875 
Parkland Corp., 5.875%, 7/15/27(1)
50,000 49,080 
PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 5/15/25(1)
50,000 52,061 
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28(2)
50,000 44,415 
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23(2)
75,000 74,392 
Penn Virginia Escrow LLC, 9.25%, 8/15/26(1)
50,000 50,672 
Range Resources Corp., 8.25%, 1/15/2950,000 54,247 
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)
50,000 47,358 
SM Energy Co., 6.75%, 9/15/2675,000 76,006 
Southwestern Energy Co., 5.375%, 2/1/2950,000 50,415 
Southwestern Energy Co., 5.375%, 3/15/3050,000 50,684 
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/2750,000 51,115 
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30(1)
50,000 45,563 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)
50,000 45,146 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)
50,000 44,183 
Talos Production, Inc., 12.00%, 1/15/2650,000 54,093 
Tap Rock Resources LLC, 7.00%, 10/1/26(1)
50,000 49,799 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/2750,000 51,996 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28125,000 122,721 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/3150,000 47,997 
Teine Energy Ltd., 6.875%, 4/15/29(1)
50,000 49,745 
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1)
100,000 94,763 
Viper Energy Partners LP, 5.375%, 11/1/27(1)
75,000 74,791 
Western Midstream Operating LP, 3.60%, 2/1/2575,000 73,434 
Western Midstream Operating LP, 5.75%, 2/1/5075,000 66,786 
5,095,753 
Personal Products — 0.3%
Edgewell Personal Care Co., 5.50%, 6/1/28(1)
50,000 48,750 
Edgewell Personal Care Co., 4.125%, 4/1/29(1)
50,000 45,532 
94,282 
Pharmaceuticals — 2.0%
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)(2)
75,000 59,711 
Bausch Health Cos., Inc., 9.00%, 12/15/25(1)
100,000 85,145 
Bausch Health Cos., Inc., 7.00%, 1/15/28(1)
75,000 51,363 
Bausch Health Cos., Inc., 5.00%, 1/30/28(1)
50,000 32,000 


Bausch Health Cos., Inc., 5.00%, 2/15/29(1)
50,000 29,969 
Bausch Health Cos., Inc., 6.25%, 2/15/29(1)
50,000 31,162 
Bausch Health Cos., Inc., 7.25%, 5/30/29(1)
50,000 33,176 
Bausch Health Cos., Inc., 5.25%, 1/30/30(1)
50,000 29,340 
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 6/30/28(1)
75,000 5,250 
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31(1)
200,000 192,555 
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/25(1)
50,000 42,001 
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)
75,000 58,819 
650,491 
Professional Services — 0.2%
ASGN, Inc., 4.625%, 5/15/28(1)
75,000 70,387 
Real Estate Management and Development — 0.9%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)
75,000 75,615 
Forestar Group, Inc., 3.85%, 5/15/26(1)
50,000 45,961 
Howard Hughes Corp., 5.375%, 8/1/28(1)
50,000 48,834 
Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29(1)(2)
50,000 44,646 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.25%, 4/15/30(1)
75,000 65,367 
280,423 
Road and Rail — 1.4%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)(2)
75,000 72,765 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)
50,000 45,469 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 3/1/29(1)(2)
50,000 45,845 
Hertz Corp., 5.00%, 12/1/29(1)
50,000 43,970 
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)
50,000 45,211 
Uber Technologies, Inc., 4.50%, 8/15/29(1)(2)
50,000 45,315 
United Rentals North America, Inc., 4.875%, 1/15/2850,000 49,940 
United Rentals North America, Inc., 3.875%, 2/15/3175,000 68,221 
XPO Logistics, Inc., 6.25%, 5/1/25(1)
34,000 35,115 
451,851 
Semiconductors and Semiconductor Equipment — 0.3%
ON Semiconductor Corp., 3.875%, 9/1/28(1)
50,000 47,562 
Synaptics, Inc., 4.00%, 6/15/29(1)
50,000 45,128 
92,690 
Software — 2.5%
Camelot Finance SA, 4.50%, 11/1/26(1)
50,000 47,502 
Castle US Holding Corp., 9.50%, 2/15/28(1)
75,000 66,273 
Consensus Cloud Solutions, Inc., 6.00%, 10/15/26(1)
50,000 46,898 
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)
50,000 45,221 
LogMeIn, Inc., 5.50%, 9/1/27(1)
50,000 40,118 
NCR Corp., 5.75%, 9/1/27(1)
50,000 48,519 
NCR Corp., 5.125%, 4/15/29(1)
75,000 71,625 
NCR Corp., 6.125%, 9/1/29(1)
50,000 47,610 
NCR Corp., 5.25%, 10/1/30(1)
75,000 69,078 
Open Text Corp., 3.875%, 12/1/29(1)
75,000 68,752 
Open Text Holdings, Inc., 4.125%, 2/15/30(1)
50,000 46,325 
Open Text Holdings, Inc., 4.125%, 12/1/31(1)
50,000 45,220 
SS&C Technologies, Inc., 5.50%, 9/30/27(1)
75,000 75,150 
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25(1)
100,000 88,125 
806,416 
Specialty Retail — 2.3%
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1)
50,000 46,235 
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)(2)
50,000 45,375 
Bath & Body Works, Inc., 6.625%, 10/1/30(1)
50,000 50,000 
Bath & Body Works, Inc., 6.75%, 7/1/3675,000 67,102 


Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1)
50,000 45,978 
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1)
75,000 65,305 
Gap, Inc., 3.875%, 10/1/31(1)
50,000 35,757 
Lithia Motors, Inc., 3.875%, 6/1/29(1)
50,000 46,247 
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1)
75,000 61,628 
Michaels Cos., Inc., 7.875%, 5/1/29(1)(2)
50,000 35,915 
Sonic Automotive, Inc., 4.875%, 11/15/31(1)(2)
50,000 43,375 
Staples, Inc., 7.50%, 4/15/26(1)
125,000 115,669 
Staples, Inc., 10.75%, 4/15/27(1)(2)
50,000 41,089 
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1)
50,000 46,800 
746,475 
Technology Hardware, Storage and Peripherals — 0.4%
Seagate HDD Cayman, 3.375%, 7/15/3150,000 43,035 
Xerox Holdings Corp., 5.00%, 8/15/25(1)
50,000 49,127 
Xerox Holdings Corp., 5.50%, 8/15/28(1)
50,000 45,615 
137,777 
Thrifts and Mortgage Finance — 1.4%
Freedom Mortgage Corp., 8.125%, 11/15/24(1)
25,000 23,839 
Freedom Mortgage Corp., 7.625%, 5/1/26(1)
75,000 66,421 
Freedom Mortgage Corp., 6.625%, 1/15/27(1)
50,000 43,015 
MGIC Investment Corp., 5.25%, 8/15/2875,000 72,738 
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)
50,000 47,277 
NMI Holdings, Inc., 7.375%, 6/1/25(1)
50,000 52,498 
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)
50,000 41,365 
Radian Group, Inc., 4.875%, 3/15/2750,000 48,652 
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)(2)
50,000 44,015 
439,820 
Trading Companies and Distributors — 0.6%
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)(2)
50,000 44,182 
Fly Leasing Ltd., 7.00%, 10/15/24(1)
75,000 62,113 
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/1/25(1)
50,000 48,963 
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 5/1/28(1)
50,000 43,071 
198,329 
Wireless Telecommunication Services — 1.9%
Sprint Corp., 7.875%, 9/15/2375,000 78,654 
Sprint Corp., 7.125%, 6/15/2475,000 79,778 
T-Mobile USA, Inc., 2.25%, 2/15/2650,000 46,929 
T-Mobile USA, Inc., 3.375%, 4/15/29(1)
50,000 46,396 
T-Mobile USA, Inc., 3.375%, 4/15/2950,000 46,397 
T-Mobile USA, Inc., 3.50%, 4/15/31(1)
50,000 45,719 
Vmed O2 UK Financing I PLC, 4.25%, 1/31/31(1)
200,000 177,320 
Vodafone Group PLC, VRN, 7.00%, 4/4/7975,000 78,712 
599,905 
TOTAL CORPORATE BONDS
(Cost $33,374,708)
30,522,912 
PREFERRED STOCKS — 0.6%


Banks — 0.6%
Bank of America Corp., 6.25%75,000 75,000 
Citigroup, Inc., 4.70%75,000 67,003 
JPMorgan Chase & Co., 6.125%50,000 49,478 
TOTAL PREFERRED STOCKS
(Cost $210,185)
191,481 
SHORT-TERM INVESTMENTS — 8.4%


Money Market Funds — 8.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,302,514 1,302,514 


State Street Navigator Securities Lending Government Money Market Portfolio(4)
1,395,473 1,395,473 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,697,987)
2,697,987 
TOTAL INVESTMENT SECURITIES — 104.2%
(Cost $36,282,880)

33,412,380 
OTHER ASSETS AND LIABILITIES — (4.2)%

(1,347,527)
TOTAL NET ASSETS — 100.0%

$32,064,853 

NOTES TO SCHEDULE OF INVESTMENTS
PIK-Payment in Kind. Security may pay a cash rate and/or an in kind rate.
VRN-Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A 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 $21,341,509, which represented 66.6% 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 $1,370,543. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)The security's rate was paid in kind or a combination of cash and in kind at the last payment date.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,416,057, which includes securities collateral of $20,584.



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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

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

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

Open-end management investment companies are valued at the reported NAV per share.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

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 1 ($)Level 2 ($)Level 3 ($)
Assets
Investment Securities
Corporate Bonds— 30,522,912 — 
Preferred Stocks— 191,481 — 
Short-Term Investments2,697,987 — — 
2,697,987 30,714,393 — 
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 shareholder report.