NPORT-EX 2 acla_acaltmktneutralvalue.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
AC Alternatives® Market Neutral Value Fund
December 31, 2021



AC Alternatives Market Neutral Value - Schedule of Investments
DECEMBER 31, 2021 (UNAUDITED)
Shares/
Principal Amount ($)
Value ($)
COMMON STOCKS — 63.2%


Aerospace and Defense — 5.4%
HEICO Corp., Class A(1)
12,363 1,588,893 
Raytheon Technologies Corp.(1)
3,766 324,102 
Spirit AeroSystems Holdings, Inc., Class A(1)
1,271 54,767 
1,967,762 
Airlines — 0.4%
Delta Air Lines, Inc.(2)
1,953 76,323 
Southwest Airlines Co.(2)
1,760 75,399 
151,722 
Auto Components — 0.2%
Continental AG(2)
727 76,383 
Automobiles — 1.6%
Ford Motor Co.2,334 48,477 
General Motors Co.(2)
817 47,901 
Toyota Motor Corp., ADR964 178,629 
Volkswagen AG, Preference Shares1,510 303,334 
578,341 
Banks — 3.2%
Commerce Bancshares, Inc.2,558 175,837 
First Hawaiian, Inc.3,926 107,298 
JPMorgan Chase & Co.2,675 423,586 
Prosperity Bancshares, Inc.1,815 131,225 
Royal Bank of Canada1,922 203,983 
U.S. Bancorp2,566 144,132 
1,186,061 
Beverages — 2.4%
Heineken Holding NV9,620 887,011 
Biotechnology — 0.3%
Amgen, Inc.422 94,937 
Building Products — 1.4%
AO Smith Corp.(1)
1,737 149,121 
Johnson Controls International plc(1)
2,499 203,194 
Masco Corp.(1)
2,334 163,894 
516,209 
Capital Markets — 1.4%
AllianceBernstein Holding LP4,013 195,995 
Bank of New York Mellon Corp. (The)1,620 94,090 
Morgan Stanley2,416 237,154 
527,239 
Chemicals — 0.5%
Akzo Nobel NV1,578 173,367 
Commercial Services and Supplies — 0.9%
Republic Services, Inc.2,281 318,085 
Communications Equipment — 0.6%
Cisco Systems, Inc.3,501 221,858 
Containers and Packaging — 1.2%
Amcor plc10,038 120,556 
Packaging Corp. of America697 94,897 
Sonoco Products Co.3,704 214,425 
429,878 



Diversified Financial Services — 0.4%
Berkshire Hathaway, Inc., Class B(2)
504 150,696 
Diversified Telecommunication Services — 0.2%
Verizon Communications, Inc.1,365 70,925 
Electric Utilities — 2.1%
Duke Energy Corp.1,455 152,629 
Edison International1,939 132,337 
Evergy, Inc.2,532 173,721 
Iberdrola SA12,220 144,684 
Xcel Energy, Inc.2,377 160,923 
764,294 
Electrical Equipment — 0.4%
Emerson Electric Co.(1)
1,528 142,058 
Electronic Equipment, Instruments and Components — 0.2%
Anritsu Corp.5,500 84,942 
Energy Equipment and Services — 0.8%
Baker Hughes Co.11,487 276,377 
Equity Real Estate Investment Trusts (REITs) — 1.3%
Crown Castle International Corp.1,023 213,541 
Equinix, Inc.58 49,059 
VICI Properties, Inc.2,431 73,197 
Welltower, Inc.1,730 148,382 
484,179 
Food and Staples Retailing — 1.5%
Koninklijke Ahold Delhaize NV3,462 118,803 
Kroger Co. (The)836 37,837 
Sysco Corp.3,722 292,363 
Walmart, Inc.617 89,274 
538,277 
Food Products — 0.9%
Conagra Brands, Inc.3,188 108,870 
JDE Peet's NV4,466 138,232 
Mondelez International, Inc., Class A1,272 84,346 
331,448 
Gas Utilities — 1.9%
Atmos Energy Corp.2,116 221,693 
ONE Gas, Inc.4,426 343,413 
Spire, Inc.1,848 120,527 
685,633 
Health Care Equipment and Supplies — 1.0%
Becton Dickinson and Co.371 93,299 
Medtronic plc2,689 278,177 
371,476 
Health Care Providers and Services — 0.5%
Centene Corp.(2)
2,338 192,651 
Health Care Technology — 0.9%
Cerner Corp.3,676 341,390 
Household Durables — 5.6%
Electrolux AB, B Shares4,190 101,480 
Lennar Corp., Class B20,525 1,962,601 
2,064,081 
Industrial Conglomerates — 0.6%
Siemens AG(1)
647 112,062 
Siemens AG, ADR(1)
1,291 111,801 
223,863 



Insurance — 2.3%
Chubb Ltd.575 111,153 
Marsh & McLennan Cos., Inc.759 131,929 
MetLife, Inc.6,736 420,933 
Reinsurance Group of America, Inc.1,744 190,951 
854,966 
Interactive Media and Services — 0.4%
Alphabet, Inc., Class C(2)
56 162,041 
IT Services — 0.4%
Automatic Data Processing, Inc.550 135,619 
Machinery — 6.4%
Alfa Laval AB(1)
1,745 70,096 
Atlas Copco AB, B Shares(1)
31,196 1,832,460 
Deere & Co.(1)
854 292,828 
PACCAR, Inc.(1)
416 36,716 
Schindler Holding AG, Bearer Participation Certificate(1)
425 114,083 
2,346,183 
Media — 4.5%
Fox Corp., Class B48,159 1,650,409 
Metals and Mining — 3.7%
BHP Group plc, ADR22,011 1,315,598 
Freeport-McMoRan, Inc.1,140 47,572 
1,363,170 
Multi-Utilities — 0.3%
CMS Energy Corp.1,864 121,253 
Oil, Gas and Consumable Fuels — 1.2%
Enterprise Products Partners LP2,456 53,934 
Exxon Mobil Corp.1,454 88,970 
Galp Energia SGPS SA9,380 91,015 
TotalEnergies SE, ADR4,008 198,236 
432,155 
Paper and Forest Products — 0.3%
Mondi plc4,098 101,646 
Personal Products — 1.5%
Unilever plc, ADR10,445 561,837 
Pharmaceuticals — 1.3%
Johnson & Johnson1,008 172,438 
Merck & Co., Inc.1,516 116,186 
Roche Holding AG, ADR3,572 184,637 
473,261 
Road and Rail — 1.1%
Heartland Express, Inc.5,191 87,313 
Norfolk Southern Corp.473 140,817 
Union Pacific Corp.611 153,929 
382,059 
Semiconductors and Semiconductor Equipment — 0.8%
Texas Instruments, Inc.1,539 290,055 
Software — 0.6%
Microsoft Corp.634 213,227 
Specialty Retail — 0.4%
TJX Cos., Inc. (The)1,704 129,368 
Textiles, Apparel and Luxury Goods — 0.2%
LVMH Moet Hennessy Louis Vuitton SE105 86,776 
TOTAL COMMON STOCKS
(Cost $16,953,786)
23,155,168 



EXCHANGE-TRADED FUNDS — 5.9%


Consumer Discretionary Select Sector SPDR Fund(1)
1,544 315,655 
iShares Russell 1000 Value ETF(1)
11,127 1,868,557 
TOTAL EXCHANGE-TRADED FUNDS
(Cost $1,223,320)
2,184,212 
CONVERTIBLE BONDS — 4.6%


Semiconductors and Semiconductor Equipment — 4.6%
Microchip Technology, Inc., 0.125%, 11/15/24
(Cost $1,411,100)
1,355,000 1,683,588 
TEMPORARY CASH INVESTMENTS — 24.1%


Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 2.375%, 4/30/24 - 5/15/51, valued at $1,731,602), in a joint trading account at 0.01%, dated 12/31/21, due 1/3/22 (Delivery value $1,697,272)1,697,271 
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.25%, 5/15/41, valued at $5,771,254), at 0.01%, dated 12/31/21, due 1/3/22 (Delivery value $5,658,005)5,658,000 
State Street Institutional U.S. Government Money Market Fund, Premier Class1,470,032 1,470,032 
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $8,825,303)
8,825,303 
TOTAL INVESTMENT SECURITIES BEFORE SECURITIES SOLD SHORT — 97.8%
(Cost $28,413,509)

35,848,271 
SECURITIES SOLD SHORT — (72.6)%
COMMON STOCKS SOLD SHORT — (63.5)%
Aerospace and Defense — (5.4)%
Boeing Co. (The)(276)(55,564)
HEICO Corp.(11,030)(1,590,747)
Lockheed Martin Corp.(899)(319,513)
(1,965,824)
Airlines — (0.4)%
American Airlines Group, Inc.(8,094)(145,368)
Auto Components — (0.2)%
Vitesco Technologies Group AG(1,550)(76,013)
Automobiles — (1.6)%
Honda Motor Co. Ltd., ADR(4,590)(130,586)
Tesla, Inc.(208)(219,810)
Volkswagen AG(830)(242,637)
(593,033)
Banks — (3.2)%
Bank of America Corp.(5,584)(248,432)
Bank of Hawaii Corp.(1,269)(106,291)
Bank OZK(3,767)(175,278)
Citigroup, Inc.(2,940)(177,547)
First Financial Bankshares, Inc.(2,624)(133,404)
M&T Bank Corp.(953)(146,362)
National Bank of Canada(2,551)(194,489)
(1,181,803)
Beverages — (2.4)%
Coca-Cola Co. (The)(2,949)(174,610)
Heineken NV(6,283)(707,087)
(881,697)
Biotechnology — (0.3)%
Gilead Sciences, Inc.(1,326)(96,281)
Building Products — (1.0)%
Carrier Global Corp.(1,698)(92,099)
Daikin Industries Ltd.(500)(113,260)
Fortune Brands Home & Security, Inc.(1,514)(161,847)
(367,206)



Capital Markets — (1.4)%
Franklin Resources, Inc.(5,773)(193,338)
Goldman Sachs Group, Inc. (The)(609)(232,973)
State Street Corp.(966)(89,838)
(516,149)
Chemicals — (0.5)%
PPG Industries, Inc.(1,009)(173,992)
Commercial Services and Supplies — (0.9)%
Waste Management, Inc.(1,961)(327,291)
Communications Equipment — (0.6)%
Arista Networks, Inc.(1,499)(215,481)
Containers and Packaging — (1.2)%
Graphic Packaging Holding Co.(6,295)(122,753)
International Paper Co.(1,982)(93,114)
Sealed Air Corp.(3,238)(218,468)
(434,335)
Diversified Telecommunication Services — (0.2)%
Lumen Technologies, Inc.(6,105)(76,618)
Electric Utilities — (1.2)%
American Electric Power Co., Inc.(3,130)(278,476)
Southern Co. (The)(2,291)(157,117)
(435,593)
Electrical Equipment — (0.3)%
Mitsubishi Electric Corp.(8,400)(106,621)
Electronic Equipment, Instruments and Components — (0.2)%
Keysight Technologies, Inc.(442)(91,277)
Energy Equipment and Services — (0.8)%
Schlumberger NV(9,227)(276,349)
Entertainment — (0.2)%
Walt Disney Co. (The)(419)(64,899)
Equity Real Estate Investment Trusts (REITs) — (1.1)%
American Tower Corp.(725)(212,063)
SL Green Realty Corp.(699)(50,118)
Ventas, Inc.(3,007)(153,718)
(415,899)
Food and Staples Retailing — (1.2)%
Albertsons Cos., Inc., Class A(5,016)(151,433)
US Foods Holding Corp.(8,355)(291,005)
(442,438)
Food Products — (0.9)%
Hormel Foods Corp.(2,279)(111,238)
J.M. Smucker Co. (The)(999)(135,684)
McCormick & Co., Inc.(867)(83,761)
(330,683)
Health Care Equipment and Supplies — (1.0)%
Abbott Laboratories(674)(94,859)
Stryker Corp.(1,086)(290,418)
(385,277)
Health Care Providers and Services — (0.6)%
Anthem, Inc.(437)(202,567)
Household Durables — (5.7)%
Lennar Corp., Class A(16,806)(1,952,185)
Whirlpool Corp.(648)(152,060)
(2,104,245)



Household Products — (1.6)%
Procter & Gamble Co. (The)(3,499)(572,366)
Industrial Conglomerates — (0.3)%
General Electric Co.(1,144)(108,074)
Insurance — (2.3)%
Aon plc, Class A(423)(127,137)
Prudential Financial, Inc.(3,841)(415,750)
Travelers Cos., Inc. (The)(716)(112,004)
Unum Group(7,812)(191,940)
(846,831)
Interactive Media and Services — (0.5)%
Meta Platforms, Inc., Class A(516)(173,557)
Internet and Direct Marketing Retail — (0.6)%
Amazon.com, Inc.(61)(203,395)
IT Services — (0.4)%
Paychex, Inc.(999)(136,363)
Leisure Products — (0.2)%
Peloton Interactive, Inc., Class A(1,990)(71,162)
Machinery — (7.1)%
AGCO Corp.(2,598)(301,420)
Atlas Copco AB, A Shares(27,525)(1,902,000)
Caterpillar, Inc.(697)(144,098)
Husqvarna AB, B Shares(6,473)(103,496)
Kone Oyj, B Shares(1,682)(120,698)
Volvo AB, B Shares(1,533)(35,453)
(2,607,165)
Media — (4.5)%
Fox Corp., Class A(44,724)(1,650,316)
Metals and Mining — (3.7)%
Antofagasta plc(2,452)(44,595)
BHP Group Ltd., ADR(21,776)(1,314,182)
(1,358,777)
Multi-Utilities — (0.9)%
Ameren Corp.(1,957)(174,193)
RWE AG(3,569)(144,603)
(318,796)
Multiline Retail — (0.2)%
Target Corp.(386)(89,336)
Oil, Gas and Consumable Fuels — (1.0)%
Chevron Corp.(1,566)(183,770)
Valero Energy Corp.(2,629)(197,464)
(381,234)
Paper and Forest Products — (0.3)%
UPM-Kymmene Oyj(2,700)(102,731)
Pharmaceuticals — (1.3)%
AstraZeneca plc, ADR(897)(52,250)
Bristol-Myers Squibb Co.(3,481)(217,040)
Pfizer, Inc.(1,993)(117,687)
Sanofi(913)(91,614)
(478,591)
Road and Rail — (1.0)%
CSX Corp.(7,664)(288,167)
Werner Enterprises, Inc.(2,005)(95,558)
(383,725)



Semiconductors and Semiconductor Equipment — (4.0)%
Intel Corp.(11,493)(591,889)
Microchip Technology, Inc.(9,959)(867,031)
(1,458,920)
Specialty Retail — (0.9)%
Burlington Stores, Inc.(432)(125,932)
Carvana Co.(555)(128,644)
Signet Jewelers Ltd.(699)(60,834)
(315,410)
Textiles, Apparel and Luxury Goods — (0.2)%
VF Corp.(1,189)(87,058)
TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $15,593,806)
(23,250,746)
EXCHANGE-TRADED FUNDS SOLD SHORT — (9.1)%
Alerian MLP ETF(1,710)(55,986)
ARK Innovation ETF(666)(62,997)
Health Care Select Sector SPDR Fund(2,466)(347,435)
iShares Russell 1000 Growth ETF(6,483)(1,981,140)
iShares U.S. Real Estate ETF(642)(74,562)
Utilities Select Sector SPDR Fund(11,373)(814,079)
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT
(Proceeds $1,991,837)
(3,336,199)
TOTAL SECURITIES SOLD SHORT — (72.6)%
(Proceeds $17,585,643)
(26,586,945)
OTHER ASSETS AND LIABILITIES — 74.8%

27,383,337 
TOTAL NET ASSETS — 100.0%

$36,644,663 




FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency PurchasedCurrency SoldCounterpartySettlement Date
Unrealized Appreciation
(Depreciation)
CAD1,882 USD1,463 UBS AG3/31/22$24 
CAD387 USD306 UBS AG3/31/22— 
USD3,344 CAD4,326 UBS AG3/31/22(75)
USD2,991 CAD3,867 UBS AG3/31/22(65)
USD803 CAD1,030 UBS AG3/31/22(11)
USD706 CAD906 UBS AG3/31/22(11)
USD1,716 CAD2,187 UBS AG3/31/22(13)
USD251,811 CHF231,490 Morgan Stanley3/31/22(2,822)
USD21,171 EUR18,637 Credit Suisse AG3/31/22(87)
USD853,304 EUR753,569 Credit Suisse AG3/31/22(6,201)
USD24,861 EUR21,884 Credit Suisse AG3/31/22(100)
USD382,785 GBP289,504 JPMorgan Chase Bank N.A.3/31/22(8,923)
JPY9,225,325 USD81,304 Bank of America N.A.3/31/22(1,043)
JPY355,656 USD3,117 Bank of America N.A.3/31/22(23)
JPY447,169 USD3,894 Bank of America N.A.3/31/22(4)
USD7,234 JPY821,740 Bank of America N.A.3/31/2285 
USD2,692 JPY308,632 Bank of America N.A.3/31/22
USD3,319 JPY381,893 Bank of America N.A.3/31/22(3)
SEK326,811 USD35,874 UBS AG3/31/22320 
SEK34,761 USD3,808 UBS AG3/31/2242 
SEK36,973 USD4,074 UBS AG3/31/2220 
SEK15,089 USD1,671 UBS AG3/31/22— 
USD1,753 SEK15,911 UBS AG3/31/22(9)
USD3,626 SEK33,079 UBS AG3/31/22(37)
USD4,268 SEK38,676 UBS AG3/31/22(16)
USD5,393 SEK48,818 UBS AG3/31/22(14)
$(18,959)

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
CAD-Canadian Dollar
CHF-Swiss Franc
EUR-Euro
GBP-British Pound
JPY-Japanese Yen
SEK-Swedish Krona
USD-United States Dollar
(1)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on securities sold short. At the period end, the aggregate value of securities pledged was $5,947,698.
(2)Non-income producing.



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 Directors 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.

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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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 and convertible 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.

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. Repurchase agreements are valued at cost, which approximates fair value. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the 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 Directors or its delegate, in accordance with policies and procedures adopted by the Board of Directors. 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 Directors, 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
Common Stocks
Auto Components— 76,383 — 
Automobiles275,007 303,334 — 
Banks982,078 203,983 — 
Beverages— 887,011 — 
Chemicals— 173,367 — 
Electric Utilities619,610 144,684 — 
Electronic Equipment, Instruments and Components— 84,942 — 
Food and Staples Retailing419,474 118,803 — 
Food Products193,216 138,232 — 
Household Durables1,962,601 101,480 — 
Industrial Conglomerates111,801 112,062 — 
Machinery329,544 2,016,639 — 
Oil, Gas and Consumable Fuels341,140 91,015 — 
Paper and Forest Products— 101,646 — 
Textiles, Apparel and Luxury Goods— 86,776 — 
Other Industries13,280,340 — — 
Exchange-Traded Funds2,184,212 — — 
Convertible Bonds— 1,683,588 — 
Temporary Cash Investments1,470,032 7,355,271 — 
22,169,055 13,679,216 — 
Other Financial Instruments
Forward Foreign Currency Exchange Contracts— 498 — 
Liabilities
Securities Sold Short
Common Stocks
Auto Components— 76,013 — 
Automobiles350,396 242,637 — 
Banks987,314 194,489 — 
Beverages174,610 707,087 — 
Building Products253,946 113,260 — 
Electrical Equipment— 106,621 — 
Machinery445,518 2,161,647 — 
Metals and Mining1,314,182 44,595 — 
Multi-Utilities174,193 144,603 — 
Paper and Forest Products— 102,731 — 
Pharmaceuticals386,977 91,614 — 
Other Industries15,178,313 — — 
Exchange-Traded Funds3,336,199 — — 
22,601,648 3,985,297 — 
Other Financial Instruments
Forward Foreign Currency Exchange Contracts— 19,457 — 
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.