NPORT-EX 2 ahjg_selecthighyieldetf.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
American Century® Select High Yield ETF (AHYB)
November 30, 2022


American Century Select High Yield ETF - Schedule of Investments
NOVEMBER 30, 2022 (UNAUDITED)
Shares/
Principal Amount ($)		Value ($)
CORPORATE BONDS — 95.7%
Aerospace and Defense — 2.1%
Bombardier, Inc., 7.875%, 4/15/27(1)(2)
50,000 49,260 
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)
47,000 46,569 
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1)
50,000 52,688 
TransDigm, Inc., 6.25%, 3/15/26(1)
117,000 116,573 
TransDigm, Inc., 6.375%, 6/15/26
70,000 68,857 
TransDigm, Inc., 7.50%, 3/15/27
47,000 47,182 
TransDigm, Inc., 5.50%, 11/15/27
186,000 175,620 
TransDigm, Inc., 4.875%, 5/1/29
47,000 41,084 
597,833 
Air Freight and Logistics — 0.1%
Western Global Airlines LLC, 10.375%, 8/15/25(1)
47,000 39,212 
Airlines — 2.0%
Air Canada, 3.875%, 8/15/26(1)
47,000 43,064 
American Airlines, Inc., 11.75%, 7/15/25(1)
140,000 155,659 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
69,643 67,658 
Delta Air Lines, Inc., 7.00%, 5/1/25(1)
70,000 71,385 
Delta Air Lines, Inc., 4.375%, 4/19/28
50,000 45,750 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1)
46,429 44,060 
United Airlines, Inc., 4.375%, 4/15/26(1)
47,000 43,805 
United Airlines, Inc., 4.625%, 4/15/29(1)
97,000 86,453 
557,834 
Auto Components — 1.8%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)
200,000 186,987 
Allison Transmission, Inc., 5.875%, 6/1/29(1)
50,000 47,316 
Clarios Global LP, 6.75%, 5/15/25(1)
47,000 47,034 
Clarios Global LP / Clarios US Finance Co., 6.25%, 5/15/26(1)
50,000 49,609 
Goodyear Tire & Rubber Co., 9.50%, 5/31/25
70,000 72,908 
Goodyear Tire & Rubber Co., 5.00%, 5/31/26(2)
70,000 67,370 
Patrick Industries, Inc., 4.75%, 5/1/29(1)(2)
47,000 36,972 
508,196 
Automobiles — 2.4%
Ford Motor Co., 3.25%, 2/12/32
47,000 37,222 
Ford Motor Co., 6.10%, 8/19/32
47,000 45,156 
Ford Motor Credit Co. LLC, 4.13%, 8/4/25
200,000 189,472 
Ford Motor Credit Co. LLC, 3.82%, 11/2/27
200,000 179,510 
Ford Motor Credit Co. LLC, 5.11%, 5/3/29
200,000 186,708 
PM General Purchaser LLC, 9.50%, 10/1/28(1)
47,000 41,309 
679,377 
Beverages — 0.1%
Primo Water Holdings, Inc., 4.375%, 4/30/29(1)
47,000 40,674 
Building Products — 1.2%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)
117,000 95,041 
Griffon Corp., 5.75%, 3/1/28
70,000 65,216 
Masonite International Corp., 3.50%, 2/15/30(1)
47,000 36,729 
PGT Innovations, Inc., 4.375%, 10/1/29(1)
47,000 39,642 
Standard Industries, Inc., 4.375%, 7/15/30(1)
93,000 76,395 
Standard Industries, Inc., 3.375%, 1/15/31(1)
47,000 36,104 
349,127 


Capital Markets — 1.2%
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)
47,000 41,147 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24
70,000 67,461 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26
70,000 69,181 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27
117,000 107,897 
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)
47,000 39,384 
325,070 
Chemicals — 1.9%
Avient Corp., 5.75%, 5/15/25(1)
47,000 45,881 
FXI Holdings, Inc., 12.25%, 11/15/26(1)(2)
47,000 38,540 
NOVA Chemicals Corp., 4.875%, 6/1/24(1)
70,000 68,206 
NOVA Chemicals Corp., 5.25%, 6/1/27(1)
47,000 42,244 
Olin Corp., 5.00%, 2/1/30(2)
47,000 42,711 
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)
47,000 42,032 
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)(2)
47,000 39,321 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)
70,000 56,202 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1)
47,000 29,982 
Tronox, Inc., 4.625%, 3/15/29(1)
47,000 37,899 
WR Grace Holdings LLC, 4.875%, 6/15/27(1)
67,000 60,112 
WR Grace Holdings LLC, 5.625%, 8/15/29(1)
47,000 38,866 
541,996 
Commercial Services and Supplies — 2.0%
ADT Security Corp., 4.125%, 8/1/29(1)
47,000 41,081 
ADT Security Corp., 4.875%, 7/15/32(1)
70,000 60,690 
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)
70,000 66,625 
Brink's Co., 4.625%, 10/15/27(1)
70,000 64,439 
GFL Environmental, Inc., 4.00%, 8/1/28(1)
50,000 42,969 
Matthews International Corp., 5.25%, 12/1/25(1)
117,000 108,883 
Metis Merger Sub LLC, 6.50%, 5/15/29(1)
47,000 38,780 
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)
47,000 41,414 
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)(2)
97,000 90,357 
555,238 
Communications Equipment — 0.2%
CommScope, Inc., 6.00%, 3/1/26(1)
70,000 67,811 
Construction and Engineering — 0.3%
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)
88,000 79,777 
Construction Materials — 0.2%
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1)
70,000 62,427 
Consumer Finance — 1.8%
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)
144,723 121,057 
Navient Corp., 7.25%, 9/25/23
65,000 65,095 
Navient Corp., 5.875%, 10/25/24
47,000 45,720 
Navient Corp., 6.75%, 6/25/25
47,000 45,837 
Navient Corp., 5.50%, 3/15/29
47,000 38,447 
OneMain Finance Corp., 6.125%, 3/15/24
70,000 68,358 
OneMain Finance Corp., 6.875%, 3/15/25
117,000 113,782 
498,296 
Containers and Packaging — 1.7%
Ball Corp., 3.125%, 9/15/31
47,000 37,398 
Berry Global, Inc., 4.50%, 2/15/26(1)
70,000 67,267 
Berry Global, Inc., 4.875%, 7/15/26(1)
47,000 45,157 
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)
117,000 115,555 
OI European Group BV, 4.75%, 2/15/30(1)
47,000 40,634 
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)
68,000 67,671 
Sealed Air Corp., 5.125%, 12/1/24(1)
70,000 69,970 


TriMas Corp., 4.125%, 4/15/29(1)
47,000 40,150 
483,802 
Distributors — 0.3%
Performance Food Group, Inc., 5.50%, 10/15/27(1)
47,000 45,422 
Performance Food Group, Inc., 4.25%, 8/1/29(1)
47,000 41,830 
87,252 
Diversified Consumer Services — 0.4%
Adtalem Global Education, Inc., 5.50%, 3/1/28(1)
37,000 34,448 
Service Corp. International, 3.375%, 8/15/30
47,000 39,188 
Service Corp. International, 4.00%, 5/15/31
47,000 40,326 
113,962 
Diversified Financial Services — 0.5%
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1)
47,000 39,148 
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)
70,000 55,992 
Paysafe Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)(2)
47,000 35,089 
130,229 
Diversified Telecommunication Services — 3.4%
Altice France SA, 5.125%, 7/15/29(1)
200,000 157,828 
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)
50,000 48,805 
Connect Finco Sarl / Connect US Finco LLC, 6.75%, 10/1/26(1)
200,000 189,327 
Embarq Corp., 8.00%, 6/1/36
70,000 29,861 
Level 3 Financing, Inc., 4.25%, 7/1/28(1)(2)
93,000 72,927 
Level 3 Financing, Inc., 3.625%, 1/15/29(1)
72,000 53,255 
Level 3 Financing, Inc., 3.75%, 7/15/29(1)
47,000 34,050 
Lumen Technologies, Inc., 4.50%, 1/15/29(1)(2)
47,000 31,914 
Sprint Capital Corp., 6.875%, 11/15/28
47,000 49,863 
Sprint Capital Corp., 8.75%, 3/15/32
70,000 83,788 
Telecom Italia Capital SA, 6.00%, 9/30/34
47,000 36,371 
Telecom Italia Capital SA, 7.20%, 7/18/36
47,000 39,035 
T-Mobile USA, Inc., 3.375%, 4/15/29
93,000 82,338 
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)
70,000 50,252 
959,614 
Electric Utilities — 1.9%
FirstEnergy Corp., 4.40%, 7/15/27
47,000 44,379 
FirstEnergy Corp., 5.35%, 7/15/47
47,000 41,500 
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)
70,000 65,784 
NRG Energy, Inc., 6.625%, 1/15/27
47,000 47,416 
NRG Energy, Inc., 3.625%, 2/15/31(1)
97,000 77,681 
PG&E Corp., 5.00%, 7/1/28(2)
47,000 43,434 
PG&E Corp., 5.25%, 7/1/30(2)
47,000 42,634 
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)
70,000 67,799 
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)
70,000 65,789 
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)
47,000 42,102 
538,518 
Electrical Equipment — 0.3%
WESCO Distribution, Inc., 7.125%, 6/15/25(1)
25,000 25,344 
WESCO Distribution, Inc., 7.25%, 6/15/28(1)
47,000 47,666 
73,010 
Electronic Equipment, Instruments and Components — 1.0%
Atkore, Inc., 4.25%, 6/1/31(1)
70,000 59,051 
Imola Merger Corp., 4.75%, 5/15/29(1)
140,000 125,112 
Sensata Technologies, Inc., 4.375%, 2/15/30(1)
117,000 103,756 
287,919 
Energy Equipment and Services — 1.4%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)
47,000 45,552 


Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)
70,000 65,037 
Bristow Group, Inc., 6.875%, 3/1/28(1)
70,000 65,601 
Nabors Industries, Inc., 7.375%, 5/15/27(1)
47,000 45,766 
Precision Drilling Corp., 6.875%, 1/15/29(1)
47,000 44,487 
Transocean Guardian Ltd., 5.875%, 1/15/24(1)
13,571 13,236 
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)
21,875 21,302 
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27
47,000 44,949 
Weatherford International Ltd., 8.625%, 4/30/30(1)
47,000 45,129 
391,059 
Entertainment — 0.9%
Cinemark USA, Inc., 5.875%, 3/15/26(1)(2)
47,000 41,206 
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2)
47,000 37,595 
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)(2)
70,000 63,282 
Playtika Holding Corp., 4.25%, 3/15/29(1)
47,000 38,174 
WMG Acquisition Corp., 3.875%, 7/15/30(1)
47,000 40,815 
WMG Acquisition Corp., 3.00%, 2/15/31(1)(2)
47,000 39,025 
260,097 
Equity Real Estate Investment Trusts (REITs) — 3.6%
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1)
47,000 40,227 
Diversified Healthcare Trust, 9.75%, 6/15/25
35,000 33,776 
Diversified Healthcare Trust, 4.375%, 3/1/31
47,000 32,784 
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1)
47,000 40,943 
Iron Mountain, Inc., 5.25%, 3/15/28(1)(2)
140,000 131,077 
Iron Mountain, Inc., 4.875%, 9/15/29(1)
70,000 61,646 
Iron Mountain, Inc., 4.50%, 2/15/31(1)
47,000 39,412 
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29
70,000 55,158 
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 7.50%, 6/1/25(1)
70,000 70,623 
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 5.875%, 10/1/28(1)
47,000 43,588 
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)
47,000 42,801 
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)
47,000 39,471 
SBA Communications Corp., 3.875%, 2/15/27
117,000 108,166 
Service Properties Trust, 4.35%, 10/1/24
70,000 65,437 
Service Properties Trust, 5.25%, 2/15/26
47,000 40,331 
Service Properties Trust, 4.95%, 2/15/27
70,000 57,736 
Service Properties Trust, 4.95%, 10/1/29(2)
70,000 51,010 
Service Properties Trust, 4.375%, 2/15/30
47,000 33,057 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1)
47,000 39,336 
1,026,579 
Food and Staples Retailing — 0.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)
47,000 43,535 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)
47,000 45,002 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1)
47,000 39,209 
Lamb Weston Holdings, Inc., 4.375%, 1/31/32(1)
50,000 44,312 
172,058 
Food Products — 1.0%
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)
47,000 42,864 
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)
70,000 67,241 
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)
70,000 69,274 
Post Holdings, Inc., 5.75%, 3/1/27(1)
26,000 25,378 
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)
47,000 38,950 
US Foods, Inc., 4.75%, 2/15/29(1)
50,000 44,625 
288,332 
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 3.875%, 11/1/29(1)(2)
47,000 40,361 


Medline Borrower LP, 3.875%, 4/1/29(1)
70,000 60,262 
Medline Borrower LP, 5.25%, 10/1/29(1)(2)
93,000 75,900 
176,523 
Health Care Providers and Services — 4.7%
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1)(2)
97,000 79,170 
Centene Corp., 4.25%, 12/15/27
117,000 110,005 
Centene Corp., 4.625%, 12/15/29
71,000 66,110 
Centene Corp., 3.375%, 2/15/30(2)
47,000 40,095 
Centene Corp., 3.00%, 10/15/30
47,000 38,836 
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)
70,000 64,696 
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)(2)
47,000 39,980 
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)(2)
47,000 41,712 
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1)
47,000 34,495 
DaVita, Inc., 4.625%, 6/1/30(1)
140,000 113,538 
DaVita, Inc., 3.75%, 2/15/31(1)
47,000 34,616 
HCA, Inc., 5.375%, 2/1/25
70,000 69,918 
HCA, Inc., 5.875%, 2/15/26
47,000 47,408 
HCA, Inc., 5.375%, 9/1/26
70,000 69,741 
HealthEquity, Inc., 4.50%, 10/1/29(1)
47,000 41,236 
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1)
47,000 43,172 
Molina Healthcare, Inc., 3.875%, 5/15/32(1)
47,000 39,712 
Owens & Minor, Inc., 4.50%, 3/31/29(1)(2)
47,000 38,647 
Tenet Healthcare Corp., 4.875%, 1/1/26(1)
140,000 133,069 
Tenet Healthcare Corp., 6.25%, 2/1/27(1)
70,000 67,161 
Tenet Healthcare Corp., 5.125%, 11/1/27(1)
47,000 44,311 
Tenet Healthcare Corp., 6.125%, 10/1/28(1)
50,000 44,204 
Tenet Healthcare Corp., 4.25%, 6/1/29(1)
47,000 40,834 
1,342,666 
Hotels, Restaurants and Leisure — 8.9%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)
47,000 42,833 
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)
117,000 98,698 
Affinity Gaming, 6.875%, 12/15/27(1)
117,000 100,565 
Aramark Services, Inc., 6.375%, 5/1/25(1)
117,000 116,935 
Boyd Gaming Corp., 4.75%, 6/15/31(1)
100,000 87,383 
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)
97,000 95,998 
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)
97,000 81,366 
Carnival Corp., 10.50%, 2/1/26(1)
70,000 70,948 
Carnival Corp., 7.625%, 3/1/26(1)(2)
70,000 59,112 
Carnival Corp., 5.75%, 3/1/27(1)
163,000 121,435 
Carnival Corp., 9.875%, 8/1/27(1)
47,000 45,943 
Carnival Corp., 4.00%, 8/1/28(1)
47,000 39,198 
Carnival Corp., 6.00%, 5/1/29(1)
140,000 99,578 
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)
50,000 46,444 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1)
70,000 61,884 
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1)
47,000 32,248 
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)(2)
47,000 46,125 
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30
47,000 43,559 
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)
47,000 38,745 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1)
70,000 60,702 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1)
47,000 38,848 
Life Time, Inc., 8.00%, 4/15/26(1)(2)
47,000 42,498 
MGM Resorts International, 6.75%, 5/1/25
93,000 92,690 
MGM Resorts International, 4.75%, 10/15/28
47,000 41,661 
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)
47,000 40,642 
NCL Corp. Ltd., 3.625%, 12/15/24(1)(2)
70,000 61,211 


NCL Corp. Ltd., 5.875%, 3/15/26(1)
47,000 38,616 
NCL Finance Ltd., 6.125%, 3/15/28(1)
47,000 36,302 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1)(2)
47,000 37,685 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1)
47,000 35,899 
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)(2)
25,000 20,746 
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27
70,000 61,656 
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28
47,000 35,321 
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)
140,000 114,437 
Scientific Games International, Inc., 7.25%, 11/15/29(1)
47,000 46,102 
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1)
47,000 42,293 
Travel & Leisure Co., 6.625%, 7/31/26(1)
47,000 46,111 
Travel + Leisure Co., 4.50%, 12/1/29(1)
47,000 38,181 
Viking Cruises Ltd., 6.25%, 5/15/25(1)
70,000 62,916 
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)
70,000 56,108 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)
93,000 89,407 
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1)
47,000 47,167 
2,516,196 
Household Durables — 2.6%
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1)
47,000 36,275 
Beazer Homes USA, Inc., 6.75%, 3/15/25
70,000 67,363 
Beazer Homes USA, Inc., 5.875%, 10/15/27(2)
47,000 41,149 
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1)
70,000 55,120 
Century Communities, Inc., 6.75%, 6/1/27
117,000 113,600 
KB Home, 4.00%, 6/15/31
47,000 37,550 
Mattamy Group Corp., 4.625%, 3/1/30(1)(2)
47,000 38,789 
Newell Brands, Inc., 4.45%, 4/1/26
70,000 66,123 
Newell Brands, Inc., 6.375%, 9/15/27
50,000 49,625 
Newell Brands, Inc., 6.625%, 9/15/29(2)
50,000 49,194 
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1)
47,000 41,113 
Tempur Sealy International, Inc., 4.00%, 4/15/29(1)
47,000 39,025 
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)
47,000 36,544 
Tri Pointe Homes, Inc., 5.25%, 6/1/27
70,000 63,115 
734,585 
Independent Power and Renewable Electricity Producers — 1.1%
Calpine Corp., 5.25%, 6/1/26(1)
35,000 33,574 
Calpine Corp., 4.50%, 2/15/28(1)
70,000 64,111 
Calpine Corp., 5.125%, 3/15/28(1)
70,000 62,799 
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)
70,000 64,768 
Sunnova Energy Corp., 5.875%, 9/1/26(1)(2)
47,000 42,131 
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)
47,000 43,644 
311,027 
Insurance — 0.2%
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1)
70,000 57,196 
Interactive Media and Services — 0.1%
Ziff Davis, Inc., 4.625%, 10/15/30(1)(2)
47,000 40,988 
Internet and Direct Marketing Retail — 0.5%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1)
25,000 21,158 
Match Group Holdings II LLC, 3.625%, 10/1/31(1)
47,000 35,968 
Millennium Escrow Corp., 6.625%, 8/1/26(1)
47,000 33,933 
Uber Technologies, Inc., 7.50%, 9/15/27(1)
50,000 50,337 
141,396 
IT Services — 0.3%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25
47,000 45,140 
Presidio Holdings, Inc., 4.875%, 2/1/27(1)
47,000 43,936 
89,076 


Leisure Products — 0.3%
Carnival Holdings Bermuda Ltd., 10.375%, 5/1/28(1)
50,000 52,138 
Mattel, Inc., 5.45%, 11/1/41
47,000 37,091 
89,229 
Machinery — 0.3%
Hillenbrand, Inc., 3.75%, 3/1/31
47,000 38,240 
Terex Corp., 5.00%, 5/15/29(1)
47,000 42,582 
80,822 
Marine — 0.2%
Seaspan Corp., 5.50%, 8/1/29(1)
70,000 54,016 
Media — 9.7%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
70,000 66,333 
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)
70,000 63,608 
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2)
47,000 44,832 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
70,000 60,266 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)
117,000 98,718 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)
117,000 95,168 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32
140,000 115,685 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1)
93,000 73,912 
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)
47,000 40,575 
CSC Holdings LLC, 6.50%, 2/1/29(1)
200,000 182,500 
CSC Holdings LLC, 5.75%, 1/15/30(1)
250,000 170,639 
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
117,000 107,493 
DISH DBS Corp., 5.00%, 3/15/23
70,000 69,563 
DISH DBS Corp., 7.75%, 7/1/26
70,000 58,738 
DISH DBS Corp., 5.25%, 12/1/26(1)
70,000 60,226 
DISH DBS Corp., 5.75%, 12/1/28(1)
25,000 20,323 
DISH DBS Corp., 5.125%, 6/1/29
47,000 31,020 
GCI LLC, 4.75%, 10/15/28(1)
47,000 40,340 
Gray Television, Inc., 7.00%, 5/15/27(1)(2)
117,000 107,713 
Gray Television, Inc., 4.75%, 10/15/30(1)(2)
47,000 34,853 
iHeartCommunications, Inc., 5.25%, 8/15/27(1)
47,000 41,926 
iHeartCommunications, Inc., 4.75%, 1/15/28(1)(2)
47,000 40,592 
Lamar Media Corp., 3.75%, 2/15/28
47,000 42,533 
Lamar Media Corp., 4.875%, 1/15/29
47,000 43,516 
Lamar Media Corp., 4.00%, 2/15/30
47,000 41,125 
McGraw-Hill Education, Inc., 8.00%, 8/1/29(1)(2)
47,000 39,966 
News Corp., 3.875%, 5/15/29(1)
70,000 62,305 
Nexstar Media, Inc., 5.625%, 7/15/27(1)
47,000 44,379 
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)(2)
93,000 84,863 
Quebecor Media, Inc., 5.75%, 1/15/23
47,000 47,012 
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)(2)
47,000 39,337 
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)(2)
70,000 53,666 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
47,000 36,097 
Sirius XM Radio, Inc., 3.125%, 9/1/26(1)
25,000 22,601 
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)
70,000 65,406 
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)
70,000 61,937 
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)
47,000 43,815 
Sirius XM Radio, Inc., 3.875%, 9/1/31(1)
47,000 38,471 
Univision Communications, Inc., 5.125%, 2/15/25(1)
70,000 67,643 
Univision Communications, Inc., 6.625%, 6/1/27(1)
47,000 45,872 
Videotron Ltd., 3.625%, 6/15/29(1)(2)
47,000 39,761 
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1)
200,000 184,988 
2,730,316 


Metals and Mining — 2.3%
Arconic Corp., 6.00%, 5/15/25(1)(2)
47,000 46,409 
Arconic Corp., 6.125%, 2/15/28(1)
47,000 44,199 
ATI, Inc., 4.875%, 10/1/29(2)
25,000 21,356 
ATI, Inc., 5.125%, 10/1/31
47,000 39,774 
Carpenter Technology Corp., 6.375%, 7/15/28
47,000 44,431 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)
25,000 21,920 
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)(2)
47,000 40,858 
Coeur Mining, Inc., 5.125%, 2/15/29(1)(2)
47,000 36,674 
Compass Minerals International, Inc., 6.75%, 12/1/27(1)
47,000 44,402 
Freeport-McMoRan, Inc., 4.25%, 3/1/30
70,000 62,433 
Hudbay Minerals, Inc., 6.125%, 4/1/29(1)
47,000 42,137 
IAMGOLD Corp., 5.75%, 10/15/28(1)
47,000 33,407 
Novelis Corp., 4.75%, 1/30/30(1)
117,000 104,170 
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1)
47,000 39,652 
Taseko Mines Ltd., 7.00%, 2/15/26(1)
47,000 39,522 
661,344 
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)
47,000 41,033 
Multiline Retail — 0.2%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2)
47,000 43,772 
Oil, Gas and Consumable Fuels — 17.3%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1)
47,000 46,826 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1)
47,000 48,011 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 6/15/29(1)
97,000 89,595 
Apache Corp., 4.25%, 1/15/30(2)
50,000 45,000 
Apache Corp., 5.10%, 9/1/40
70,000 57,669 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)
70,000 68,714 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)
47,000 42,438 
Callon Petroleum Co., 7.50%, 6/15/30(1)
100,000 95,278 
Cheniere Energy Partners LP, 4.00%, 3/1/31
163,000 142,720 
Cheniere Energy, Inc., 4.625%, 10/15/28
47,000 43,454 
Citgo Holding, Inc., 9.25%, 8/1/24(1)
47,000 47,186 
CITGO Petroleum Corp., 7.00%, 6/15/25(1)
47,000 46,374 
CITGO Petroleum Corp., 6.375%, 6/15/26(1)
47,000 45,995 
CNX Resources Corp., 7.25%, 3/14/27(1)
7,000 6,984 
CNX Resources Corp., 7.375%, 1/15/31(1)(2)
50,000 50,087 
Comstock Resources, Inc., 6.75%, 3/1/29(1)
47,000 45,957 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
47,000 43,367 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25
47,000 45,897 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1)
47,000 43,406 
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)
117,000 114,383 
DCP Midstream Operating LP, 5.375%, 7/15/25
117,000 115,698 
DCP Midstream Operating LP, 5.125%, 5/15/29
70,000 67,963 
DCP Midstream Operating LP, 3.25%, 2/15/32
47,000 39,277 
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1)
47,000 43,621 
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 1/30/28(1)
100,000 98,560 
EnLink Midstream LLC, 6.50%, 9/1/30(1)(2)
47,000 47,794 
EnLink Midstream Partners LP, 4.85%, 7/15/26
70,000 66,926 
EnLink Midstream Partners LP, 5.60%, 4/1/44
70,000 58,219 
EnLink Midstream Partners LP, 5.45%, 6/1/47
70,000 56,820 
EQM Midstream Partners LP, 6.00%, 7/1/25(1)
47,000 46,141 
EQM Midstream Partners LP, 6.50%, 7/1/27(1)(2)
47,000 45,656 
EQM Midstream Partners LP, 4.50%, 1/15/29(1)
47,000 41,364 
EQM Midstream Partners LP, 4.75%, 1/15/31(1)
47,000 39,624 


EQT Corp., 3.90%, 10/1/27
70,000 64,883 
EQT Corp., 7.00%, 2/1/30
47,000 49,511 
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27
117,000 111,822 
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28
47,000 44,931 
Harvest Midstream I LP, 7.50%, 9/1/28(1)
70,000 67,123 
Hess Midstream Operations LP, 5.625%, 2/15/26(1)
70,000 68,904 
Hess Midstream Operations LP, 5.125%, 6/15/28(1)
47,000 44,297 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)(2)
47,000 43,361 
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)
47,000 42,903 
ITT Holdings LLC, 6.50%, 8/1/29(1)
47,000 40,274 
Kinetik Holdings LP, 5.875%, 6/15/30(1)
50,000 47,055 
Laredo Petroleum, Inc., 9.50%, 1/15/25
70,000 70,103 
Matador Resources Co., 5.875%, 9/15/26(2)
70,000 69,436 
MEG Energy Corp., 7.125%, 2/1/27(1)
47,000 47,835 
MEG Energy Corp., 5.875%, 2/1/29(1)
70,000 66,504 
Murphy Oil Corp., 5.75%, 8/15/25
25,000 24,930 
Murphy Oil Corp., 5.875%, 12/1/27
47,000 45,458 
Murphy Oil Corp., 6.375%, 7/15/28
47,000 46,435 
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1)
70,000 63,305 
Northern Oil & Gas, Inc., 8.125%, 3/1/28(1)
47,000 45,946 
NuStar Logistics LP, 6.375%, 10/1/30
47,000 43,797 
Occidental Petroleum Corp., 5.50%, 12/1/25
47,000 46,934 
Occidental Petroleum Corp., 3.40%, 4/15/26
47,000 43,786 
Occidental Petroleum Corp., 8.50%, 7/15/27
70,000 76,389 
Occidental Petroleum Corp., 6.375%, 9/1/28
47,000 48,041 
Occidental Petroleum Corp., 8.875%, 7/15/30
70,000 80,336 
Occidental Petroleum Corp., 6.625%, 9/1/30
47,000 49,091 
Occidental Petroleum Corp., 6.125%, 1/1/31(2)
47,000 47,743 
Occidental Petroleum Corp., 7.50%, 5/1/31
47,000 51,061 
Occidental Petroleum Corp., 4.40%, 4/15/46
47,000 37,216 
Occidental Petroleum Corp., 4.10%, 2/15/47
70,000 54,728 
Parkland Corp., 4.625%, 5/1/30(1)
47,000 39,470 
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28
47,000 42,968 
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23(2)
70,000 70,095 
Range Resources Corp., 8.25%, 1/15/29
47,000 49,090 
ROCC Holdings LLC, 9.25%, 8/15/26(1)
47,000 47,082 
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)
47,000 43,180 
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1)
50,000 45,051 
SM Energy Co., 6.75%, 9/15/26
70,000 68,719 
Southwestern Energy Co., 5.375%, 2/1/29
47,000 44,415 
Southwestern Energy Co., 5.375%, 3/15/30
47,000 44,246 
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27
47,000 46,391 
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30
47,000 40,839 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)
47,000 42,594 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)
47,000 41,974 
Talos Production, Inc., 12.00%, 1/15/26
47,000 49,170 
Tap Rock Resources LLC, 7.00%, 10/1/26(1)
47,000 44,029 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27
47,000 47,316 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28
117,000 110,973 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31
47,000 42,872 
Teine Energy Ltd., 6.875%, 4/15/29(1)
47,000 42,638 
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1)
93,000 80,440 
Viper Energy Partners LP, 5.375%, 11/1/27(1)
70,000 66,468 
Western Midstream Operating LP, 3.35%, 2/1/25
70,000 67,186 


Western Midstream Operating LP, 5.50%, 2/1/50
70,000 57,188 
4,895,536 
Personal Products — 0.3%
Edgewell Personal Care Co., 5.50%, 6/1/28(1)
47,000 44,346 
Edgewell Personal Care Co., 4.125%, 4/1/29(1)
47,000 40,904 
85,250 
Pharmaceuticals — 0.7%
Bausch Health Cos., Inc., 6.125%, 2/1/27(1)
50,000 33,323 
Bausch Health Cos., Inc., 5.75%, 8/15/27(1)
50,000 32,572 
Par Pharmaceutical, Inc., 0.00%, 4/1/27(1)(3)
75,000 56,575 
Prestige Brands, Inc., 3.75%, 4/1/31(1)
75,000 63,456 
185,926 
Professional Services — 0.2%
ASGN, Inc., 4.625%, 5/15/28(1)
70,000 62,591 
Real Estate Management and Development — 0.7%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)
70,000 66,941 
Forestar Group, Inc., 3.85%, 5/15/26(1)
47,000 41,582 
Howard Hughes Corp., 5.375%, 8/1/28(1)
47,000 42,585 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1)
47,000 36,012 
187,120 
Road and Rail — 1.7%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)(2)
70,000 64,837 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)(2)
47,000 41,339 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 3/1/29(1)(2)
47,000 41,431 
Hertz Corp., 5.00%, 12/1/29(1)
47,000 37,361 
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)
47,000 41,405 
Uber Technologies, Inc., 4.50%, 8/15/29(1)
93,000 81,133 
United Rentals North America, Inc., 4.875%, 1/15/28
97,000 93,145 
United Rentals North America, Inc., 3.875%, 2/15/31(2)
70,000 60,308 
XPO Logistics, Inc., 6.25%, 5/1/25(1)(2)
16,000 16,234 
477,193 
Semiconductors and Semiconductor Equipment — 0.3%
ON Semiconductor Corp., 3.875%, 9/1/28(1)
47,000 41,732 
Synaptics, Inc., 4.00%, 6/15/29(1)(2)
47,000 39,244 
80,976 
Software — 2.2%
Castle US Holding Corp., 9.50%, 2/15/28(1)
70,000 35,471 
Consensus Cloud Solutions, Inc., 6.00%, 10/15/26(1)
47,000 43,488 
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)
47,000 42,732 
GoTo Group, Inc., 5.50%, 9/1/27(1)
47,000 27,586 
MSCI, Inc., 3.625%, 9/1/30(1)
93,000 78,215 
NCR Corp., 5.125%, 4/15/29(1)
70,000 60,297 
NCR Corp., 6.125%, 9/1/29(1)
47,000 45,673 
NCR Corp., 5.25%, 10/1/30(1)
70,000 59,162 
Open Text Corp., 3.875%, 12/1/29(1)
70,000 56,016 
Open Text Holdings, Inc., 4.125%, 2/15/30(1)(2)
47,000 38,124 
Open Text Holdings, Inc., 4.125%, 12/1/31(1)
47,000 36,530 
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1)
47,000 32,295 
SS&C Technologies, Inc., 5.50%, 9/30/27(1)
20,000 19,146 
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25(1)(2)
47,000 33,667 
608,402 
Specialty Retail — 2.3%
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1)
47,000 41,075 
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)(2)
47,000 39,765 


Bath & Body Works, Inc., 6.625%, 10/1/30(1)
47,000 44,062 
Bath & Body Works, Inc., 6.75%, 7/1/36
70,000 61,556 
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1)
47,000 43,322 
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1)
70,000 59,068 
Gap, Inc., 3.875%, 10/1/31(1)
47,000 35,546 
Lithia Motors, Inc., 3.875%, 6/1/29(1)(2)
47,000 39,492 
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1)
70,000 64,697 
Sonic Automotive, Inc., 4.875%, 11/15/31(1)
47,000 37,642 
Staples, Inc., 7.50%, 4/15/26(1)
117,000 104,577 
Staples, Inc., 10.75%, 4/15/27(1)(2)
47,000 34,454 
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1)(2)
47,000 40,186 
645,442 
Technology Hardware, Storage and Peripherals — 0.4%
Seagate HDD Cayman, 3.375%, 7/15/31
47,000 36,383 
Xerox Holdings Corp., 5.00%, 8/15/25(1)
47,000 43,781 
Xerox Holdings Corp., 5.50%, 8/15/28(1)(2)
47,000 37,884 
118,048 
Thrifts and Mortgage Finance — 1.4%
Freedom Mortgage Corp., 8.125%, 11/15/24(1)
25,000 23,044 
Freedom Mortgage Corp., 7.625%, 5/1/26(1)
70,000 60,329 
Freedom Mortgage Corp., 6.625%, 1/15/27(1)
47,000 37,497 
MGIC Investment Corp., 5.25%, 8/15/28
70,000 63,778 
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)
47,000 39,481 
NMI Holdings, Inc., 7.375%, 6/1/25(1)
47,000 47,309 
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)
47,000 36,876 
Radian Group, Inc., 4.875%, 3/15/27
47,000 42,698 
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)
47,000 38,943 
389,955 
Trading Companies and Distributors — 0.6%
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)
47,000 39,605 
Fly Leasing Ltd., 7.00%, 10/15/24(1)
70,000 52,595 
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)
36,000 34,622 
Fortress Transportation & Infrastructure Investors LLC, 5.50%, 5/1/28(1)
47,000 40,949 
167,771 
Wireless Telecommunication Services — 1.2%
Sprint LLC, 7.875%, 9/15/23
70,000 71,606 
Sprint LLC, 7.125%, 6/15/24
117,000 119,630 
T-Mobile USA, Inc., 2.25%, 2/15/26
47,000 43,090 
T-Mobile USA, Inc., 3.50%, 4/15/31
47,000 41,010 
Vodafone Group PLC, VRN, 7.00%, 4/4/79
70,000 69,824 
345,160 
TOTAL CORPORATE BONDS
(Cost $30,708,387)
27,074,854 
PREFERRED STOCKS — 0.6%
Banks — 0.6%
Bank of America Corp., 6.25%
70,000 67,725 
Citigroup, Inc., 4.70%
70,000 59,176 
JPMorgan Chase & Co., 6.125%(2)
47,000 46,035 
TOTAL PREFERRED STOCKS
(Cost $196,576)
172,936 
SHORT-TERM INVESTMENTS — 9.4%
Money Market Funds — 9.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
916,217 916,217 


State Street Navigator Securities Lending Government Money Market Portfolio(4)
1,760,923 1,760,923 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,677,140)
2,677,140 
TOTAL INVESTMENT SECURITIES—105.7%
(Cost $33,582,103)
29,924,930 
OTHER ASSETS AND LIABILITIES — (5.7)%
(1,619,114)
TOTAL NET ASSETS — 100.0%
$28,305,816 

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 $18,735,229, which represented 66.2% 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 $1,726,336. 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)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,780,672, which includes security collateral of $19,749.


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.

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

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

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

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

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
— $27,074,854 — 
Preferred Stocks
— 172,936 — 
Short-Term Investments
$2,677,140 — — 
$2,677,140 $27,247,790 — 
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.