NPORT-EX 2 ahjg_selecthighyieldetf.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
American Century® Select High Yield ETF (AHYB)
May 31, 2023


Select High Yield ETF - Schedule of Investments
MAY 31, 2023 (UNAUDITED)
Principal
Amount ($)/ Shares
Value ($)
CORPORATE BONDS — 95.5%
Aerospace and Defense — 2.4%
Bombardier, Inc., 7.875%, 4/15/27(1)(2)
50,000 49,494 
Howmet Aerospace, Inc., 5.95%, 2/1/37
50,000 50,067 
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)
47,000 46,480 
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1)
37,000 39,456 
TransDigm, Inc., 6.25%, 3/15/26(1)
117,000 116,304 
TransDigm, Inc., 6.375%, 6/15/26
70,000 69,253 
TransDigm, Inc., 7.50%, 3/15/27
47,000 46,936 
TransDigm, Inc., 5.50%, 11/15/27
186,000 175,048 
TransDigm, Inc., 4.875%, 5/1/29
95,000 84,554 
677,592 
Air Freight and Logistics — 0.2%
Rand Parent LLC, 8.50%, 2/15/30(1)(2)
50,000 43,219 
Western Global Airlines LLC, 10.375%, 8/15/25(1)
47,000 3,172 
46,391 
Automobile Components — 1.7%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)
200,000 189,508 
Clarios Global LP, 6.75%, 5/15/25(1)
47,000 47,157 
Clarios Global LP / Clarios US Finance Co., 6.25%, 5/15/26(1)
50,000 49,540 
Goodyear Tire & Rubber Co., 9.50%, 5/31/25
70,000 71,632 
Goodyear Tire & Rubber Co., 5.00%, 5/31/26(2)
70,000 68,331 
Patrick Industries, Inc., 4.75%, 5/1/29(1)
47,000 40,198 
466,366 
Automobiles — 2.6%
Ford Motor Co., 3.25%, 2/12/32
122,000 92,814 
Ford Motor Co., 6.10%, 8/19/32
103,000 96,912 
Ford Motor Credit Co. LLC, 4.13%, 8/4/25
200,000 189,581 
Ford Motor Credit Co. LLC, 3.82%, 11/2/27
200,000 177,766 
Ford Motor Credit Co. LLC, 5.11%, 5/3/29
200,000 183,303 
740,376 
Beverages — 0.1%
Primo Water Holdings, Inc., 4.375%, 4/30/29(1)
47,000 40,494 
Broadline Retail — 0.2%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)
47,000 41,608 
Building Products — 1.4%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)
117,000 100,629 
Griffon Corp., 5.75%, 3/1/28
100,000 92,345 
Masonite International Corp., 3.50%, 2/15/30(1)
47,000 39,552 
PGT Innovations, Inc., 4.375%, 10/1/29(1)(2)
47,000 42,960 
Standard Industries, Inc., 4.375%, 7/15/30(1)
93,000 78,622 
Standard Industries, Inc., 3.375%, 1/15/31(1)
47,000 36,763 
390,871 
Capital Markets — 1.5%
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)
47,000 41,564 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24(2)
70,000 65,579 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26
70,000 61,420 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27
117,000 96,552 
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)
47,000 39,251 


MSCI, Inc., 3.625%, 9/1/30(1)
126,000 108,224 
412,590 
Chemicals — 2.1%
Avient Corp., 5.75%, 5/15/25(1)
47,000 46,824 
Chemours Co., 5.75%, 11/15/28(1)
50,000 44,072 
FXI Holdings, Inc., 12.25%, 11/15/26(1)(2)
47,000 43,357 
NOVA Chemicals Corp., 4.875%, 6/1/24(1)
70,000 68,438 
NOVA Chemicals Corp., 5.25%, 6/1/27(1)
47,000 42,485 
Olin Corp., 5.00%, 2/1/30
47,000 42,885 
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)
47,000 41,692 
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)
47,000 38,983 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)
70,000 55,197 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1)
47,000 25,481 
Tronox, Inc., 4.625%, 3/15/29(1)
47,000 38,204 
WR Grace Holdings LLC, 4.875%, 6/15/27(1)
67,000 62,223 
WR Grace Holdings LLC, 5.625%, 8/15/29(1)
47,000 39,073 
588,914 
Commercial Services and Supplies — 2.2%
ADT Security Corp., 4.125%, 8/1/29(1)
47,000 41,075 
ADT Security Corp., 4.875%, 7/15/32(1)
103,000 87,903 
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)
70,000 65,822 
Brink's Co., 4.625%, 10/15/27(1)
70,000 65,377 
GFL Environmental, Inc., 4.00%, 8/1/28(1)(2)
50,000 44,693 
Matthews International Corp., 5.25%, 12/1/25(1)
117,000 111,562 
Metis Merger Sub LLC, 6.50%, 5/15/29(1)
47,000 39,660 
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)
47,000 41,325 
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)(2)
128,000 117,698 
615,115 
Communications Equipment — 0.3%
CommScope, Inc., 6.00%, 3/1/26(1)
70,000 65,822 
CommScope, Inc., 4.75%, 9/1/29(1)
36,000 28,400 
94,222 
Construction and Engineering — 0.3%
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)
88,000 77,988 
Construction Materials — 0.2%
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1)
70,000 65,199 
Consumer Finance — 2.0%
Castlelake Aviation Finance DAC, 5.00%, 4/15/27(1)(2)
50,000 44,281 
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)
144,723 129,323 
Navient Corp., 7.25%, 9/25/23
65,000 64,958 
Navient Corp., 5.875%, 10/25/24
47,000 46,013 
Navient Corp., 6.75%, 6/25/25
47,000 45,528 
Navient Corp., 5.50%, 3/15/29
47,000 38,947 
OneMain Finance Corp., 6.125%, 3/15/24
70,000 68,466 
OneMain Finance Corp., 6.875%, 3/15/25
117,000 112,885 
550,401 
Consumer Staples Distribution & Retail — 0.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)
47,000 44,731 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)
47,000 45,978 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.50%, 2/15/28(1)
50,000 49,738 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1)
47,000 40,946 
181,393 
Containers and Packaging — 1.4%
Ball Corp., 4.875%, 3/15/26
50,000 48,963 


Ball Corp., 3.125%, 9/15/31
47,000 38,771 
Berry Global, Inc., 4.50%, 2/15/26(1)(2)
70,000 67,487 
Berry Global, Inc., 4.875%, 7/15/26(1)
47,000 45,532 
LABL, Inc., 9.50%, 11/1/28(1)
50,000 50,284 
OI European Group BV, 4.75%, 2/15/30(1)
47,000 42,536 
Sealed Air Corp., 5.125%, 12/1/24(1)
70,000 69,466 
TriMas Corp., 4.125%, 4/15/29(1)
47,000 41,794 
404,833 
Distributors — 0.3%
Performance Food Group, Inc., 5.50%, 10/15/27(1)
47,000 45,269 
Performance Food Group, Inc., 4.25%, 8/1/29(1)
47,000 41,550 
86,819 
Diversified Consumer Services — 0.4%
Adtalem Global Education, Inc., 5.50%, 3/1/28(1)
37,000 34,622 
Service Corp. International, 3.375%, 8/15/30
47,000 39,178 
Service Corp. International, 4.00%, 5/15/31
47,000 40,168 
113,968 
Diversified REITs — 1.7%
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1)
47,000 40,474 
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1)
47,000 41,179 
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29
108,000 80,747 
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31
50,000 33,812 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 7.50%, 6/1/25(1)
70,000 70,080 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.875%, 10/1/28(1)
47,000 43,005 
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)
47,000 42,876 
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)(2)
47,000 39,364 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 2/15/28(1)
50,000 48,556 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1)
47,000 37,733 
477,826 
Diversified Telecommunication Services — 2.6%
Altice France SA, 5.125%, 7/15/29(1)
200,000 142,595 
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)
50,000 48,093 
Connect Finco Sarl / Connect US Finco LLC, 6.75%, 10/1/26(1)
127,000 122,604 
Embarq Corp., 8.00%, 6/1/36
70,000 34,888 
Level 3 Financing, Inc., 4.25%, 7/1/28(1)
93,000 53,596 
Level 3 Financing, Inc., 3.625%, 1/15/29(1)
122,000 66,031 
Level 3 Financing, Inc., 3.75%, 7/15/29(1)
96,000 52,092 
Sprint Capital Corp., 6.875%, 11/15/28
47,000 50,288 
Sprint Capital Corp., 8.75%, 3/15/32
35,000 42,554 
Telecom Italia Capital SA, 6.00%, 9/30/34
47,000 39,603 
Telecom Italia Capital SA, 7.20%, 7/18/36
47,000 41,939 
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)(2)
70,000 48,977 
743,260 
Electric Utilities — 1.6%
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)
85,000 78,642 
NRG Energy, Inc., 6.625%, 1/15/27
19,000 18,969 
NRG Energy, Inc., 3.625%, 2/15/31(1)
133,000 104,981 
PG&E Corp., 5.00%, 7/1/28(2)
47,000 43,396 
PG&E Corp., 5.25%, 7/1/30
47,000 42,524 
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)
70,000 67,399 
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)
70,000 65,855 
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)
47,000 41,008 
462,774 
Electrical Equipment — 0.4%
Atkore, Inc., 4.25%, 6/1/31(1)
70,000 59,927 


WESCO Distribution, Inc., 7.125%, 6/15/25(1)
25,000 25,206 
WESCO Distribution, Inc., 7.25%, 6/15/28(1)
19,000 19,437 
104,570 
Electronic Equipment, Instruments and Components — 0.8%
Imola Merger Corp., 4.75%, 5/15/29(1)
140,000 120,591 
Sensata Technologies, Inc., 4.375%, 2/15/30(1)
117,000 104,640 
225,231 
Energy Equipment and Services — 2.1%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)
47,000 44,975 
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)
70,000 65,022 
Bristow Group, Inc., 6.875%, 3/1/28(1)
70,000 65,364 
Enerflex Ltd., 9.00%, 10/15/27(1)(2)
50,000 48,697 
Nabors Industries, Inc., 7.375%, 5/15/27(1)
47,000 44,208 
Precision Drilling Corp., 6.875%, 1/15/29(1)(2)
78,000 69,934 
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(1)
50,000 45,781 
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)
20,313 19,859 
Transocean, Inc., 7.25%, 11/1/25(1)
50,000 47,053 
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27
47,000 44,071 
Weatherford International Ltd., 8.625%, 4/30/30(1)
97,000 97,565 
592,529 
Entertainment — 1.0%
Cinemark USA, Inc., 5.875%, 3/15/26(1)
47,000 44,724 
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2)
47,000 41,202 
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)
70,000 64,941 
Playtika Holding Corp., 4.25%, 3/15/29(1)
47,000 39,909 
WMG Acquisition Corp., 3.875%, 7/15/30(1)
47,000 40,208 
WMG Acquisition Corp., 3.00%, 2/15/31(1)(2)
47,000 37,957 
268,941 
Financial Services — 2.1%
Freedom Mortgage Corp., 8.125%, 11/15/24(1)
25,000 24,534 
Freedom Mortgage Corp., 7.625%, 5/1/26(1)
70,000 61,250 
Freedom Mortgage Corp., 6.625%, 1/15/27(1)
47,000 39,059 
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1)
47,000 37,881 
Kinetik Holdings LP, 5.875%, 6/15/30(1)
50,000 47,428 
MGIC Investment Corp., 5.25%, 8/15/28
70,000 66,309 
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)
70,000 55,881 
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)
47,000 40,711 
NMI Holdings, Inc., 7.375%, 6/1/25(1)
47,000 47,134 
Paysafe Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)(2)
47,000 38,158 
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)
47,000 37,841 
Radian Group, Inc., 4.875%, 3/15/27
47,000 44,943 
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)
47,000 39,301 
580,430 
Food Products — 1.3%
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)
47,000 43,309 
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)
70,000 66,568 
Lamb Weston Holdings, Inc., 4.375%, 1/31/32(1)
50,000 44,401 
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)
70,000 68,696 
Post Holdings, Inc., 5.75%, 3/1/27(1)
26,000 25,521 
Post Holdings, Inc., 4.50%, 9/15/31(1)(2)
50,000 42,377 
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)
47,000 38,242 
US Foods, Inc., 4.75%, 2/15/29(1)
50,000 45,667 
374,781 


Ground Transportation — 1.8%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)(2)
70,000 66,047 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)(2)
47,000 41,958 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 3/1/29(1)(2)
47,000 42,403 
Hertz Corp., 5.00%, 12/1/29(1)
47,000 37,786 
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)
47,000 41,596 
Uber Technologies, Inc., 7.50%, 9/15/27(1)
50,000 51,363 
Uber Technologies, Inc., 4.50%, 8/15/29(1)(2)
93,000 85,007 
United Rentals North America, Inc., 4.875%, 1/15/28
97,000 92,628 
United Rentals North America, Inc., 3.875%, 2/15/31
70,000 60,122 
518,910 
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 3.875%, 11/1/29(1)
47,000 41,062 
Medline Borrower LP, 3.875%, 4/1/29(1)
70,000 60,448 
Medline Borrower LP, 5.25%, 10/1/29(1)(2)
93,000 79,671 
181,181 
Health Care Providers and Services — 4.8%
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1)(2)
97,000 78,303 
Centene Corp., 4.25%, 12/15/27
117,000 110,060 
Centene Corp., 4.625%, 12/15/29
71,000 65,909 
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)
63,000 58,896 
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)
77,000 65,987 
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)(2)
47,000 43,789 
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1)
47,000 33,834 
DaVita, Inc., 4.625%, 6/1/30(1)
140,000 120,086 
DaVita, Inc., 3.75%, 2/15/31(1)(2)
47,000 37,355 
HCA, Inc., 5.375%, 2/1/25
70,000 69,549 
HCA, Inc., 5.875%, 2/15/26
47,000 47,237 
HCA, Inc., 5.375%, 9/1/26
70,000 69,732 
HealthEquity, Inc., 4.50%, 10/1/29(1)
47,000 41,793 
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1)(2)
47,000 41,970 
Molina Healthcare, Inc., 3.875%, 5/15/32(1)(2)
47,000 39,222 
Owens & Minor, Inc., 4.50%, 3/31/29(1)
47,000 38,610 
Tenet Healthcare Corp., 4.875%, 1/1/26
140,000 135,551 
Tenet Healthcare Corp., 6.25%, 2/1/27
70,000 69,017 
Tenet Healthcare Corp., 5.125%, 11/1/27
47,000 44,954 
Tenet Healthcare Corp., 6.125%, 10/1/28(2)
50,000 47,438 
Tenet Healthcare Corp., 4.25%, 6/1/29
47,000 42,258 
Tenet Healthcare Corp., 6.125%, 6/15/30(1)
44,000 42,566 
1,344,116 
Health Care REITs — 0.2%
Diversified Healthcare Trust, 9.75%, 6/15/25
35,000 33,886 
Diversified Healthcare Trust, 4.375%, 3/1/31
47,000 33,690 
67,576 
Hotel & Resort REITs — 0.9%
Service Properties Trust, 4.35%, 10/1/24
70,000 67,245 
Service Properties Trust, 5.25%, 2/15/26
47,000 41,962 
Service Properties Trust, 4.95%, 2/15/27
70,000 58,370 
Service Properties Trust, 4.95%, 10/1/29
70,000 53,108 
Service Properties Trust, 4.375%, 2/15/30
47,000 34,175 
254,860 
Hotels, Restaurants and Leisure — 10.1%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)
47,000 43,217 
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)
117,000 100,560 


Affinity Interactive, 6.875%, 12/15/27(1)
117,000 102,504 
Aramark Services, Inc., 6.375%, 5/1/25(1)
117,000 116,228 
Boyd Gaming Corp., 4.75%, 6/15/31(1)
100,000 89,027 
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)(2)
97,000 96,795 
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)
97,000 83,746 
Carnival Corp., 10.50%, 2/1/26(1)
70,000 72,806 
Carnival Corp., 7.625%, 3/1/26(1)(2)
70,000 66,433 
Carnival Corp., 5.75%, 3/1/27(1)
196,000 168,009 
Carnival Corp., 9.875%, 8/1/27(1)
47,000 48,558 
Carnival Corp., 4.00%, 8/1/28(1)
79,000 68,974 
Carnival Corp., 6.00%, 5/1/29(1)
174,000 144,841 
Carnival Holdings Bermuda Ltd., 10.375%, 5/1/28(1)
24,000 26,001 
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)
50,000 46,914 
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.50%, 10/1/28
50,000 49,262 
Everi Holdings, Inc., 5.00%, 7/15/29(1)(2)
50,000 44,392 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1)
70,000 61,181 
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1)
47,000 29,540 
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30
47,000 43,743 
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)
47,000 38,905 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1)
118,000 105,109 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1)
47,000 39,934 
Life Time, Inc., 8.00%, 4/15/26(1)(2)
47,000 46,399 
MGM Resorts International, 6.75%, 5/1/25
93,000 93,438 
MGM Resorts International, 4.75%, 10/15/28(2)
47,000 42,876 
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)
47,000 41,490 
NCL Corp. Ltd., 3.625%, 12/15/24(1)
26,000 24,886 
NCL Corp. Ltd., 5.875%, 3/15/26(1)
47,000 42,688 
NCL Finance Ltd., 6.125%, 3/15/28(1)(2)
47,000 40,115 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1)(2)
47,000 33,418 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1)
47,000 32,355 
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)
25,000 23,063 
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27
70,000 68,795 
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28
47,000 40,007 
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)
140,000 128,761 
Royal Caribbean Cruises Ltd., 8.25%, 1/15/29(1)
50,000 52,656 
Scientific Games International, Inc., 7.25%, 11/15/29(1)
47,000 46,773 
SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(1)(2)
50,000 44,877 
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1)
47,000 44,095 
Travel & Leisure Co., 6.625%, 7/31/26(1)
47,000 46,617 
Travel & Leisure Co., 4.50%, 12/1/29(1)
47,000 39,892 
Viking Cruises Ltd., 6.25%, 5/15/25(1)
70,000 68,345 
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)
70,000 61,159 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)
93,000 91,263 
2,840,647 
Household Durables — 2.7%
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1)
47,000 38,871 
Beazer Homes USA, Inc., 6.75%, 3/15/25
70,000 69,630 
Beazer Homes USA, Inc., 5.875%, 10/15/27(2)
47,000 43,411 
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1)
70,000 53,839 
Century Communities, Inc., 6.75%, 6/1/27
117,000 117,095 
KB Home, 4.00%, 6/15/31
47,000 39,964 
Mattamy Group Corp., 4.625%, 3/1/30(1)
47,000 40,465 
Newell Brands, Inc., 4.70%, 4/1/26
70,000 65,013 
Newell Brands, Inc., 6.375%, 9/15/27(2)
50,000 47,680 


Newell Brands, Inc., 6.625%, 9/15/29(2)
50,000 47,281 
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1)
47,000 43,774 
Tempur Sealy International, Inc., 4.00%, 4/15/29(1)
47,000 40,061 
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)(2)
47,000 37,656 
Tri Pointe Homes, Inc., 5.25%, 6/1/27
70,000 66,431 
751,171 
Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp., 5.25%, 6/1/26(1)
35,000 33,972 
Calpine Corp., 4.50%, 2/15/28(1)
85,000 77,427 
Calpine Corp., 5.125%, 3/15/28(1)
118,000 105,840 
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)
70,000 65,250 
Sunnova Energy Corp., 5.875%, 9/1/26(1)
47,000 41,324 
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)
47,000 44,129 
367,942 
Insurance — 0.2%
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1)
70,000 59,002 
Interactive Media and Services — 0.2%
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1)
47,000 18,750 
Ziff Davis, Inc., 4.625%, 10/15/30(1)
47,000 40,114 
58,864 
IT Services — 0.3%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25
47,000 45,431 
Presidio Holdings, Inc., 4.875%, 2/1/27(1)
47,000 43,983 
89,414 
Leisure Products — 0.1%
Mattel, Inc., 5.45%, 11/1/41
47,000 39,171 
Life Sciences Tools and Services — 0.2%
Charles River Laboratories International, Inc., 4.00%, 3/15/31(1)
50,000 43,024 
Machinery — 0.3%
Hillenbrand, Inc., 3.75%, 3/1/31
47,000 39,061 
Terex Corp., 5.00%, 5/15/29(1)
47,000 43,610 
82,671 
Media — 8.7%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
70,000 64,936 
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)
70,000 63,097 
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2)
47,000 43,890 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
70,000 59,120 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)
117,000 96,419 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)
117,000 93,832 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32
140,000 109,709 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1)
93,000 71,078 
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)(2)
47,000 41,495 
CSC Holdings LLC, 6.50%, 2/1/29(1)
200,000 157,712 
CSC Holdings LLC, 5.75%, 1/15/30(1)
200,000 88,309 
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
117,000 103,187 
DISH DBS Corp., 7.75%, 7/1/26
70,000 40,251 
DISH DBS Corp., 5.25%, 12/1/26(1)
161,000 127,479 
DISH DBS Corp., 5.75%, 12/1/28(1)
25,000 18,180 
DISH DBS Corp., 5.125%, 6/1/29
47,000 21,367 
GCI LLC, 4.75%, 10/15/28(1)
47,000 39,741 
Gray Television, Inc., 7.00%, 5/15/27(1)(2)
117,000 96,505 
Gray Television, Inc., 4.75%, 10/15/30(1)(2)
47,000 30,508 
iHeartCommunications, Inc., 5.25%, 8/15/27(1)(2)
47,000 33,070 
iHeartCommunications, Inc., 4.75%, 1/15/28(1)(2)
47,000 32,655 


Lamar Media Corp., 3.75%, 2/15/28
47,000 42,456 
Lamar Media Corp., 4.875%, 1/15/29
47,000 43,528 
Lamar Media Corp., 4.00%, 2/15/30
47,000 41,196 
News Corp., 3.875%, 5/15/29(1)
70,000 61,561 
Nexstar Media, Inc., 5.625%, 7/15/27(1)
47,000 43,180 
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)
93,000 83,434 
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)
36,000 29,311 
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)
137,000 79,602 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
47,000 30,785 
Sirius XM Radio, Inc., 3.125%, 9/1/26(1)
25,000 22,086 
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)
70,000 63,554 
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)
70,000 58,704 
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)
47,000 41,084 
Sirius XM Radio, Inc., 3.875%, 9/1/31(1)
47,000 34,731 
Univision Communications, Inc., 5.125%, 2/15/25(1)
70,000 67,692 
Univision Communications, Inc., 6.625%, 6/1/27(1)
47,000 44,567 
Videotron Ltd., 3.625%, 6/15/29(1)(2)
72,000 62,046 
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1)
200,000 180,023 
2,462,080 
Metals and Mining — 2.5%
Arconic Corp., 6.00%, 5/15/25(1)
47,000 47,244 
Arconic Corp., 6.125%, 2/15/28(1)
47,000 47,483 
ATI, Inc., 4.875%, 10/1/29
25,000 22,215 
ATI, Inc., 5.125%, 10/1/31
47,000 41,283 
Carpenter Technology Corp., 6.375%, 7/15/28
47,000 45,361 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)
25,000 22,250 
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)
47,000 40,232 
Coeur Mining, Inc., 5.125%, 2/15/29(1)(2)
47,000 39,651 
Compass Minerals International, Inc., 6.75%, 12/1/27(1)
47,000 44,993 
FMG Resources August Pty Ltd., 6.125%, 4/15/32(1)
50,000 47,235 
Hudbay Minerals, Inc., 6.125%, 4/1/29(1)(2)
47,000 42,271 
IAMGOLD Corp., 5.75%, 10/15/28(1)
47,000 36,732 
Novelis Corp., 4.75%, 1/30/30(1)
117,000 103,942 
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1)
96,000 81,220 
Taseko Mines Ltd., 7.00%, 2/15/26(1)
47,000 42,174 
704,286 
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)(2)
47,000 39,351 
Oil, Gas and Consumable Fuels — 15.1%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1)
47,000 45,540 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1)
47,000 47,698 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 6/15/29(1)
97,000 89,300 
Apache Corp., 4.25%, 1/15/30(2)
50,000 44,954 
Apache Corp., 5.10%, 9/1/40
70,000 57,681 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)(2)
47,000 41,316 
Callon Petroleum Co., 7.50%, 6/15/30(1)(2)
50,000 46,423 
Cheniere Energy Partners LP, 4.00%, 3/1/31
163,000 143,626 
Cheniere Energy, Inc., 4.625%, 10/15/28
47,000 44,157 
Citgo Holding, Inc., 9.25%, 8/1/24(1)
47,000 47,127 
CITGO Petroleum Corp., 7.00%, 6/15/25(1)
47,000 46,230 
CITGO Petroleum Corp., 6.375%, 6/15/26(1)
47,000 45,305 
CNX Resources Corp., 7.375%, 1/15/31(1)
50,000 48,185 
Comstock Resources, Inc., 6.75%, 3/1/29(1)
63,000 55,138 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
47,000 39,245 


Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25
47,000 46,163 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1)
47,000 43,537 
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)
117,000 114,765 
DCP Midstream Operating LP, 5.125%, 5/15/29
70,000 68,127 
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1)
47,000 42,824 
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 1/30/28(1)
100,000 98,847 
EnLink Midstream LLC, 6.50%, 9/1/30(1)
47,000 46,759 
EnLink Midstream Partners LP, 4.85%, 7/15/26
70,000 67,815 
EnLink Midstream Partners LP, 5.60%, 4/1/44
70,000 56,344 
EnLink Midstream Partners LP, 5.45%, 6/1/47
70,000 55,798 
EQM Midstream Partners LP, 6.00%, 7/1/25(1)
47,000 46,544 
EQM Midstream Partners LP, 6.50%, 7/1/27(1)
47,000 45,982 
EQM Midstream Partners LP, 4.50%, 1/15/29(1)
47,000 41,145 
EQM Midstream Partners LP, 4.75%, 1/15/31(1)
47,000 40,411 
EQT Corp., 3.90%, 10/1/27(2)
70,000 65,107 
EQT Corp., 7.00%, 2/1/30
47,000 48,694 
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27
117,000 114,093 
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28
47,000 45,228 
Harvest Midstream I LP, 7.50%, 9/1/28(1)
70,000 67,015 
Hess Midstream Operations LP, 5.625%, 2/15/26(1)
70,000 68,751 
Hess Midstream Operations LP, 5.125%, 6/15/28(1)(2)
47,000 44,071 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)
47,000 42,008 
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)
47,000 43,358 
ITT Holdings LLC, 6.50%, 8/1/29(1)
47,000 37,533 
Matador Resources Co., 5.875%, 9/15/26(2)
70,000 67,678 
MEG Energy Corp., 5.875%, 2/1/29(1)
70,000 66,209 
Murphy Oil Corp., 5.875%, 12/1/27(2)
47,000 45,675 
Murphy Oil Corp., 6.375%, 7/15/28(2)
47,000 46,379 
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1)
70,000 66,958 
NuStar Logistics LP, 6.375%, 10/1/30
47,000 45,306 
Occidental Petroleum Corp., 5.50%, 12/1/25
47,000 46,840 
Occidental Petroleum Corp., 3.40%, 4/15/26
47,000 43,605 
Occidental Petroleum Corp., 8.50%, 7/15/27
57,000 62,487 
Occidental Petroleum Corp., 6.375%, 9/1/28
47,000 48,407 
Occidental Petroleum Corp., 8.875%, 7/15/30
58,000 66,892 
Occidental Petroleum Corp., 6.625%, 9/1/30
47,000 49,040 
Occidental Petroleum Corp., 6.125%, 1/1/31
33,000 33,570 
Occidental Petroleum Corp., 7.50%, 5/1/31
47,000 51,098 
Occidental Petroleum Corp., 4.40%, 4/15/46
104,000 78,957 
Parkland Corp., 4.625%, 5/1/30(1)(2)
47,000 40,688 
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28
47,000 43,778 
Range Resources Corp., 8.25%, 1/15/29
47,000 49,010 
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)
47,000 43,241 
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1)
50,000 44,938 
SM Energy Co., 6.75%, 9/15/26
70,000 67,686 
Southwestern Energy Co., 5.375%, 2/1/29
47,000 43,824 
Southwestern Energy Co., 5.375%, 3/15/30
47,000 43,250 
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27
47,000 46,289 
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30
47,000 41,287 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)
47,000 40,890 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)
47,000 40,024 
Talos Production, Inc., 12.00%, 1/15/26
34,000 35,829 
Tap Rock Resources LLC, 7.00%, 10/1/26(1)
47,000 44,092 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27
47,000 47,210 


Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28
117,000 112,926 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31
47,000 43,294 
Teine Energy Ltd., 6.875%, 4/15/29(1)
47,000 43,118 
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1)
93,000 81,021 
Viper Energy Partners LP, 5.375%, 11/1/27(1)
70,000 67,410 
Vital Energy, Inc., 9.50%, 1/15/25(2)
70,000 69,312 
Western Midstream Operating LP, 3.35%, 2/1/25
70,000 66,855 
Western Midstream Operating LP, 5.50%, 2/1/50
88,000 70,341 
4,278,258 
Passenger Airlines — 1.9%
Air Canada, 3.875%, 8/15/26(1)(2)
47,000 43,681 
American Airlines, Inc., 11.75%, 7/15/25(1)
114,000 124,979 
American Airlines, Inc., 7.25%, 2/15/28(1)
29,000 28,414 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
69,643 68,411 
Delta Air Lines, Inc., 7.00%, 5/1/25(1)
70,000 71,949 
Delta Air Lines, Inc., 4.375%, 4/19/28(2)
65,000 61,021 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1)
46,429 43,216 
United Airlines, Inc., 4.375%, 4/15/26(1)
47,000 44,511 
United Airlines, Inc., 4.625%, 4/15/29(1)
50,000 45,343 
531,525 
Personal Care Products — 0.3%
Edgewell Personal Care Co., 5.50%, 6/1/28(1)
47,000 44,020 
Edgewell Personal Care Co., 4.125%, 4/1/29(1)
47,000 40,625 
84,645 
Pharmaceuticals — 0.6%
Bausch Health Cos., Inc., 6.125%, 2/1/27(1)(2)
72,000 46,874 
Bausch Health Cos., Inc., 5.75%, 8/15/27(1)(2)
86,000 54,089 
Prestige Brands, Inc., 3.75%, 4/1/31(1)
75,000 61,845 
162,808 
Professional Services — 0.2%
ASGN, Inc., 4.625%, 5/15/28(1)
70,000 63,168 
Real Estate Management and Development — 0.6%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)
70,000 62,544 
Forestar Group, Inc., 3.85%, 5/15/26(1)
47,000 43,356 
Howard Hughes Corp., 5.375%, 8/1/28(1)
47,000 41,863 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1)
47,000 34,006 
181,769 
Semiconductors and Semiconductor Equipment — 0.3%
ON Semiconductor Corp., 3.875%, 9/1/28(1)
47,000 42,507 
Synaptics, Inc., 4.00%, 6/15/29(1)(2)
47,000 39,439 
81,946 
Software — 1.9%
Castle US Holding Corp., 9.50%, 2/15/28(1)
70,000 38,433 
Cloud Software Group, Inc., 6.50%, 3/31/29(1)
50,000 44,267 
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)(2)
47,000 41,014 
GoTo Group, Inc., 5.50%, 9/1/27(1)
47,000 26,824 
NCR Corp., 5.125%, 4/15/29(1)(2)
70,000 61,317 
NCR Corp., 6.125%, 9/1/29(1)
47,000 46,659 
NCR Corp., 5.25%, 10/1/30(1)
70,000 59,851 
Open Text Corp., 3.875%, 12/1/29(1)
70,000 58,387 
Open Text Holdings, Inc., 4.125%, 2/15/30(1)
47,000 39,860 
Open Text Holdings, Inc., 4.125%, 12/1/31(1)
47,000 38,608 
SS&C Technologies, Inc., 5.50%, 9/30/27(1)
70,000 66,881 
522,101 


Specialized REITs — 1.2%
Iron Mountain, Inc., 5.25%, 3/15/28(1)
140,000 131,184 
Iron Mountain, Inc., 4.875%, 9/15/29(1)
70,000 62,533 
Iron Mountain, Inc., 4.50%, 2/15/31(1)
47,000 40,069 
SBA Communications Corp., 3.875%, 2/15/27
117,000 107,945 
341,731 
Specialty Retail — 2.6%
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)
47,000 40,369 
Bath & Body Works, Inc., 6.625%, 10/1/30(1)
47,000 44,836 
Bath & Body Works, Inc., 6.75%, 7/1/36
70,000 62,584 
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1)
47,000 42,801 
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1)
70,000 58,374 
Gap, Inc., 3.875%, 10/1/31(1)
47,000 32,478 
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1)
25,000 21,667 
Lithia Motors, Inc., 3.875%, 6/1/29(1)
47,000 40,555 
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1)
70,000 65,010 
Match Group Holdings II LLC, 3.625%, 10/1/31(1)(2)
47,000 38,339 
Millennium Escrow Corp., 6.625%, 8/1/26(1)
47,000 32,211 
Sonic Automotive, Inc., 4.875%, 11/15/31(1)(2)
47,000 37,434 
Staples, Inc., 7.50%, 4/15/26(1)
185,000 152,263 
Staples, Inc., 10.75%, 4/15/27(1)
47,000 28,875 
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1)
47,000 41,223 
739,019 
Technology Hardware, Storage and Peripherals — 0.4%
Seagate HDD Cayman, 9.625%, 12/1/32(1)
23,000 25,122 
Xerox Holdings Corp., 5.00%, 8/15/25(1)
47,000 44,275 
Xerox Holdings Corp., 5.50%, 8/15/28(1)
47,000 40,087 
109,484 
Trading Companies and Distributors — 0.6%
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)
47,000 40,603 
Fly Leasing Ltd., 7.00%, 10/15/24(1)
70,000 62,270 
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)
36,000 35,017 
Fortress Transportation & Infrastructure Investors LLC, 5.50%, 5/1/28(1)
47,000 42,246 
180,136 
Transportation Infrastructure — 0.2%
Seaspan Corp., 5.50%, 8/1/29(1)
70,000 55,118 
Wireless Telecommunication Services — 1.1%
Sprint LLC, 7.125%, 6/15/24
117,000 118,307 
T-Mobile USA, Inc., 2.25%, 2/15/26
47,000 43,607 
T-Mobile USA, Inc., 3.375%, 4/15/29
93,000 84,263 
Vodafone Group PLC, VRN, 7.00%, 4/4/79
70,000 70,926 
317,103 
TOTAL CORPORATE BONDS
(Cost $30,443,667)
26,978,559 
PREFERRED STOCKS — 0.8%
Banks — 0.7%
Bank of America Corp., 6.25%
70,000 68,880 
Citigroup, Inc., 4.70%
103,000 89,569 
JPMorgan Chase & Co., 6.125%
47,000 46,441 
204,890 
Electric Utilities — 0.1%
NRG Energy, Inc., 10.25%(1)
25,000 23,710 
TOTAL PREFERRED STOCKS
(Cost $249,102)
228,600 


SHORT-TERM INVESTMENTS — 9.3%
Money Market Funds — 9.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
896,016 896,016 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
1,716,838 1,716,838 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,612,854)
2,612,854 
TOTAL INVESTMENT SECURITIES — 105.6%
(Cost $33,305,623)
29,820,013 
OTHER ASSETS AND LIABILITIES — (5.6)%
(1,568,250)
TOTAL NET ASSETS — 100.0%
$28,251,763 

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 $18,793,560, which represented 66.5% 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 $1,765,530. 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)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,831,372, which includes securities collateral of $114,534.


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 investment 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
— $26,978,559 — 
Preferred Stocks
— 228,600 — 
Short-Term Investments
$2,612,854 — — 
$2,612,854 $27,207,159 — 
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.