# EDGAR Filing Document

**Accession Number:** 0000924211
**File Stem:** 0000924211-23-000002
**Filing Date:** 2023-3
**Character Count:** 488755
**Document Hash:** 4f3ffa4f03c749fe5dbcabd5cc0ab015
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000924211-23-000002.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0000924211-23-000002

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**EFFECTIVENESS DATE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS INC
- **CENTRAL INDEX KEY:** 0000924211
- **IRS NUMBER:** 431677617
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08532
- **FILM NUMBER:** 23780386

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** 816-531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWENTIETH CENTURY STRATEGIC PORTFOLIOS INC /MO/
- **DATE OF NAME CHANGE:** 19951130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWENTIETH CENTURY INSTITUTIONAL PORTFILIOS INC
- **DATE OF NAME CHANGE:** 19940531

## Series and Classes Contracts Data

### STRATEGIC ALLOCATION: AGGRESSIVE FUND (Series ID: S000005931)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016318 | R CLASS        | AAARX           |
| C000016319 | INVESTOR CLASS | TWSAX           |
| C000016320 | A CLASS        | ACVAX           |
| C000016321 | I CLASS        | AAAIX           |
| C000016324 | C CLASS        | ASTAX           |
| C000131619 | R6 CLASS       | AAAUX           |
| C000189654 | R5 CLASS       | ASAUX           |

### STRATEGIC ALLOCATION: MODERATE FUND (Series ID: S000005932)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016325 | INVESTOR CLASS | TWSMX           |
| C000016326 | A CLASS        | ACOAX           |
| C000016327 | I CLASS        | ASAMX           |
| C000016330 | C CLASS        | ASTCX           |
| C000016331 | R CLASS        | ASMRX           |
| C000131620 | R6 CLASS       | ASMDX           |
| C000189655 | R5 CLASS       | ASMUX           |

### STRATEGIC ALLOCATION: CONSERVATIVE FUND (Series ID: S000005933)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016332 | R CLASS        | AACRX           |
| C000016333 | INVESTOR CLASS | TWSCX           |
| C000016334 | A CLASS        | ACCAX           |
| C000016335 | I CLASS        | ACCIX           |
| C000016338 | C CLASS        | AACCX           |
| C000131621 | R6 CLASS       | AACDX           |
| C000189656 | R5 CLASS       | AACGX           |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Company Act file number | Investment Company Act file number | **811-08532** | **811-08532** | **811-08532** |
| **AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS, INC.** | **AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS, INC.** | **AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS, INC.** | **AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS, INC.** | **AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS, INC.** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **07-31** | **07-31** | **07-31** | **07-31** |
| Date of reporting period: | **01-31-2023** | **01-31-2023** | **01-31-2023** | **01-31-2023** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) Provided under separate cover.

------

&nbsp;&nbsp;&nbsp;&nbsp;

![image12.jpg](image12.jpg)

---

| |
|:---|
| Semiannual Report |
| January 31, 2023 |
| Strategic Allocation: Aggressive Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (TWSAX) |
| &nbsp;&nbsp;&nbsp;I Class (AAAIX) |
| &nbsp;&nbsp;&nbsp;A Class (ACVAX) |
| &nbsp;&nbsp;&nbsp;C Class (ASTAX) |
| &nbsp;&nbsp;&nbsp;R Class (AAARX) |
| &nbsp;&nbsp;&nbsp;R5 Class (ASAUX) |
| &nbsp;&nbsp;&nbsp;R6 Class (AAAUX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#iad8f092d411f4e699d6c9634baf7cd74_16) |
| Fund Characteristics | [3](#iad8f092d411f4e699d6c9634baf7cd74_25) |
| Shareholder Fee Example | [4](#iad8f092d411f4e699d6c9634baf7cd74_28) |
| Schedule of Investments | [6](#iad8f092d411f4e699d6c9634baf7cd74_31) |
| Statement of Assets and Liabilities | [32](#iad8f092d411f4e699d6c9634baf7cd74_40) |
| Statement of Operations | [33](#iad8f092d411f4e699d6c9634baf7cd74_43) |
| Statement of Changes in Net Assets | [34](#iad8f092d411f4e699d6c9634baf7cd74_46) |
| Notes to Financial Statements | [35](#iad8f092d411f4e699d6c9634baf7cd74_49) |
| Financial Highlights | [46](#iad8f092d411f4e699d6c9634baf7cd74_55) |
| Proxy Voting Results | [50](#iad8f092d411f4e699d6c9634baf7cd74_70) |
| Additional Information | [51](#iad8f092d411f4e699d6c9634baf7cd74_73) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image223.jpg](image223.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending January 31, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Inflation, Rate Hikes, Volatility Led to Mixed Performance** 

Raging inflation, escalating market volatility and slowing growth weighed on financial markets early in the reporting period. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war further pressured energy markets, particularly in Europe, and global supply chains.

The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes. And those efforts finally started yielding results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased to 6.4% in January. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

By the second half of the reporting period, moderating inflation and mounting recession risk triggered expectations for central banks to change course. This sentiment fueled a rally across asset classes. However, with inflation still much higher than central bank targets, policymakers indicated a near-term course change was unlikely, and markets remained volatile.

Robust second-half performance left most non-U.S. stock indices with solid gains for the six-month period. The S&P 500 Index declined slightly, and other U.S. stock indices were mixed. Small-cap stocks outpaced large caps, and the value style outperformed growth. Rising yields left most U.S. and global bond indices with declines for the six-month period.

**Remaining Diligent in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image224.jpg](image224.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Fund Characteristics

---

| | |
|:---|:---|
| **JANUARY 31, 2023** | **JANUARY 31, 2023** |
| **Types of Investments in Portfolio** | **% of net assets** |
| Affiliated Funds | 53.3% |
| Common Stocks | 30.6% |
| U.S. Treasury Securities | 7.4% |
| Corporate Bonds | 1.4% |
| Sovereign Governments and Agencies | 1.2% |
| Collateralized Loan Obligations | 0.5% |
| Municipal Securities | 0.5% |
| Preferred Stocks | 0.3% |
| Asset-Backed Securities | 0.3% |
| Exchange-Traded Funds | 0.2% |
| Collateralized Mortgage Obligations | 0.1% |
| U.S. Government Agency Mortgage-Backed Securities | 0.1% |
| Short-Term Investments | 4.3% |
| Other Assets and Liabilities | (0.2)% |

---

------

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>8/1/22** | **Ending<br>Account Value<br>1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | **Actual** | **Actual** | **Actual** | **Actual** |
| Investor Class | $1000 | $1030.70 | $3.17 | 0.62% |
| I Class | $1000 | $1033.20 | $2.15 | 0.42% |
| A Class | $1000 | $1030.60 | $4.45 | 0.87% |
| C Class | $1000 | $1026.60 | $8.28 | 1.62% |
| R Class | $1000 | $1028.00 | $5.73 | 1.12% |
| R5 Class | $1000 | $1033.20 | $2.15 | 0.42% |
| R6 Class | $1000 | $1033.50 | $1.38 | 0.27% |
| **Hypothetical** | **Hypothetical** | **Hypothetical** | **Hypothetical** | **Hypothetical** |
| Investor Class | $1000 | $1022.08 | $3.16 | 0.62% |
| I Class | $1000 | $1023.09 | $2.14 | 0.42% |
| A Class | $1000 | $1020.82 | $4.43 | 0.87% |
| C Class | $1000 | $1017.04 | $8.24 | 1.62% |
| R Class | $1000 | $1019.56 | $5.70 | 1.12% |
| R5 Class | $1000 | $1023.09 | $2.14 | 0.42% |
| R6 Class | $1000 | $1023.84 | $1.38 | 0.27% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**JANUARY 31, 2023 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**AFFILIATED FUNDS**<sup>(1)</sup> **— 53.3%** | **Shares/<br>Principal Amount** | **Value** |
| American Century Diversified Corporate Bond ETF | 288278 | $13420177 |
| American Century Emerging Markets Bond ETF | 133102 | 5205752 |
| American Century Focused Dynamic Growth ETF<sup>(2)</sup> | 560176 | 32254822 |
| American Century Focused Large Cap Value ETF | 658209 | 39661700 |
| American Century Multisector Income ETF | 531791 | 23383169 |
| American Century Quality Diversified International ETF | 738060 | 31866995 |
| American Century Short Duration Strategic Income ETF | 70956 | 3651829 |
| American Century STOXX U.S. Quality Growth ETF | 495307 | 30902204 |
| American Century STOXX U.S. Quality Value ETF | 805916 | 40013729 |
| Avantis Emerging Markets Equity ETF | 664055 | 36523025 |
| Avantis International Equity ETF | 521374 | 30161486 |
| Avantis International Small Cap Value ETF | 141791 | 8498953 |
| Avantis U.S. Equity ETF | 575189 | 41839248 |
| Avantis U.S. Small Cap Value ETF | 119940 | 9823086 |
| **TOTAL AFFILIATED FUNDS**<br>(Cost $299,175,913) |  | **347206175** |
| **COMMON STOCKS — 30.6%** |  |  |
| **Aerospace and Defense — 0.5%** |  |  |
| Aerojet Rocketdyne Holdings, Inc.<sup>(2)</sup> | 1205 | 67384 |
| Airbus SE | 2881 | 361179 |
| CAE, Inc.<sup>(2)</sup> | 17191 | 388253 |
| Curtiss-Wright Corp. | 3949 | 654744 |
| HEICO Corp. | 3621 | 619010 |
| Hensoldt AG | 2418 | 70105 |
| Huntington Ingalls Industries, Inc. | 2492 | 549586 |
| Lockheed Martin Corp. | 1055 | 488739 |
| Mercury Systems, Inc.<sup>(2)</sup> | 2359 | 117915 |
| QinetiQ Group PLC | 16009 | 71810 |
| Thales SA | 1328 | 175640 |
|  |  | 3564365 |
| **Air Freight and Logistics — 0.1%** |  |  |
| United Parcel Service, Inc., Class B | 1944 | 360087 |
| **Airlines — 0.1%** |  |  |
| Southwest Airlines Co. | 21620 | 773347 |
| **Auto Components — 0.6%** |  |  |
| Aptiv PLC<sup>(2)</sup> | 7668 | 867174 |
| BorgWarner, Inc. | 15444 | 730192 |
| CIE Automotive SA | 2726 | 80975 |
| Cie Generale des Etablissements Michelin SCA | 8798 | 278191 |
| Continental AG | 9604 | 674347 |
| Fox Factory Holding Corp.<sup>(2)</sup> | 1278 | 150919 |
| Gentherm, Inc.<sup>(2)</sup> | 909 | 67657 |
| Hyundai Mobis Co. Ltd. | 1694 | 283249 |
| Linamar Corp. | 9870 | 504052 |
| Nifco, Inc. | 2700 | 70083 |
|  |  | 3706839 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Automobiles — 0.5%** | | |
| Bayerische Motoren Werke AG | 10427 | $1062142 |
| Ferrari NV | 2462 | 615215 |
| Mercedes-Benz Group AG | 17037 | 1267758 |
| Tesla, Inc.<sup>(2)</sup> | 1955 | 338645 |
|  |  | 3283760 |
| **Banks — 1.6%** |  |  |
| AIB Group PLC | 34982 | 146945 |
| Banco Bilbao Vizcaya Argentaria SA | 79924 | 564565 |
| Banco Bradesco SA | 214289 | 533580 |
| Banco do Brasil SA | 54200 | 435945 |
| Bancorp, Inc.<sup>(2)</sup> | 2379 | 80719 |
| Bank Central Asia Tbk PT | 1144900 | 649741 |
| Bank of America Corp. | 3715 | 131808 |
| Barclays PLC | 308024 | 708083 |
| BNP Paribas SA | 5371 | 368890 |
| Commerce Bancshares, Inc. | 941 | 62633 |
| First Hawaiian, Inc. | 25162 | 690445 |
| Fukuoka Financial Group, Inc. | 3500 | 80751 |
| HDFC Bank Ltd., ADR | 8331 | 561176 |
| HSBC Holdings PLC | 104000 | 764565 |
| JPMorgan Chase & Co. | 4482 | 627301 |
| Jyske Bank A/S<sup>(2)</sup> | 1764 | 127226 |
| Prosperity Bancshares, Inc. | 7784 | 590494 |
| Regions Financial Corp. | 24547 | 577836 |
| Standard Chartered PLC (London) | 53646 | 450606 |
| SVB Financial Group<sup>(2)</sup> | 1877 | 567680 |
| Truist Financial Corp. | 17371 | 857954 |
| U.S. Bancorp | 9050 | 450690 |
| UniCredit SpA | 27501 | 537126 |
| Westamerica Bancorporation | 3238 | 179903 |
|  |  | 10746662 |
| **Beverages — 0.3%** |  |  |
| Celsius Holdings, Inc.<sup>(2)</sup> | 7592 | 761630 |
| Duckhorn Portfolio, Inc.<sup>(2)</sup> | 5370 | 86887 |
| MGP Ingredients, Inc. | 918 | 89542 |
| PepsiCo, Inc. | 3866 | 661163 |
| Pernod Ricard SA | 1414 | 292740 |
|  |  | 1891962 |
| **Biotechnology — 0.8%** |  |  |
| AbbVie, Inc. | 3194 | 471913 |
| Abcam PLC, ADR<sup>(2)</sup> | 3187 | 44204 |
| ADMA Biologics, Inc.<sup>(2)</sup> | 4690 | 17306 |
| Alnylam Pharmaceuticals, Inc.<sup>(2)</sup> | 2396 | 542454 |
| Amgen, Inc. | 1160 | 292784 |
| Apellis Pharmaceuticals, Inc.<sup>(2)</sup> | 1015 | 53521 |
| Arcus Biosciences, Inc.<sup>(2)</sup> | 589 | 12740 |
| Arcutis Biotherapeutics, Inc.<sup>(2)</sup> | 2122 | 35161 |
| Biohaven Ltd.<sup>(2)</sup> | 1800 | 34362 |
| Blueprint Medicines Corp.<sup>(2)</sup> | 835 | 39028 |
| Celldex Therapeutics, Inc.<sup>(2)</sup> | 662 | 29168 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Centessa Pharmaceuticals PLC, ADR<sup>(2)(3)</sup> | 1732 | $6928 |
| Cerevel Therapeutics Holdings, Inc.<sup>(2)</sup> | 1154 | 39409 |
| CSL Ltd. | 3927 | 829188 |
| Cytokinetics, Inc.<sup>(2)</sup> | 9976 | 423780 |
| Halozyme Therapeutics, Inc.<sup>(2)</sup> | 1809 | 93652 |
| Horizon Therapeutics PLC<sup>(2)</sup> | 1263 | 138576 |
| Insmed, Inc.<sup>(2)</sup> | 2420 | 52103 |
| Intellia Therapeutics, Inc.<sup>(2)</sup> | 513 | 21772 |
| IVERIC bio, Inc.<sup>(2)</sup> | 18003 | 415869 |
| Karuna Therapeutics, Inc.<sup>(2)</sup> | 332 | 66197 |
| Keros Therapeutics, Inc.<sup>(2)</sup> | 472 | 27645 |
| Kymera Therapeutics, Inc.<sup>(2)</sup> | 432 | 16148 |
| Madrigal Pharmaceuticals, Inc.<sup>(2)</sup> | 125 | 36031 |
| Natera, Inc.<sup>(2)</sup> | 2160 | 92729 |
| Neurocrine Biosciences, Inc.<sup>(2)</sup> | 5120 | 567962 |
| Prometheus Biosciences, Inc.<sup>(2)</sup> | 412 | 46828 |
| Relay Therapeutics, Inc.<sup>(2)</sup> | 1119 | 24014 |
| Sarepta Therapeutics, Inc.<sup>(2)</sup> | 5180 | 647345 |
| Vertex Pharmaceuticals, Inc.<sup>(2)</sup> | 687 | 221970 |
| Vitrolife AB | 2880 | 61749 |
|  |  | 5402536 |
| **Building Products — 0.4%** |  |  |
| AZEK Co., Inc.<sup>(2)</sup> | 3246 | 78326 |
| Cie de Saint-Gobain | 11200 | 643229 |
| Hayward Holdings, Inc.<sup>(2)</sup> | 7018 | 94673 |
| Johnson Controls International PLC | 7354 | 511618 |
| Masco Corp. | 3737 | 198808 |
| Sanwa Holdings Corp. | 2300 | 24349 |
| Trane Technologies PLC | 4575 | 819474 |
| Trex Co., Inc.<sup>(2)</sup> | 1545 | 81452 |
|  |  | 2451929 |
| **Capital Markets — 1.2%** |  |  |
| Ameriprise Financial, Inc. | 1252 | 438350 |
| Ares Management Corp., Class A | 8367 | 694377 |
| Avanza Bank Holding AB<sup>(3)</sup> | 1992 | 45963 |
| Banca Generali SpA | 2462 | 90827 |
| Bank of New York Mellon Corp. | 23334 | 1180000 |
| BlackRock, Inc. | 548 | 416047 |
| Intercontinental Exchange, Inc. | 1933 | 207894 |
| Intermediate Capital Group PLC | 1299 | 22352 |
| LendingTree, Inc.<sup>(2)</sup> | 828 | 32839 |
| LPL Financial Holdings, Inc. | 2773 | 657534 |
| M&A Capital Partners Co. Ltd.<sup>(2)</sup> | 1000 | 33870 |
| Man Group PLC | 26036 | 80099 |
| Morgan Stanley | 7262 | 706810 |
| MSCI, Inc. | 1657 | 880795 |
| Northern Trust Corp. | 13736 | 1331980 |
| S&P Global, Inc. | 671 | 251585 |
| StepStone Group, Inc., Class A | 2915 | 85089 |
| T. Rowe Price Group, Inc. | 5795 | 674944 |
|  |  | 7831355 |

---

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| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Chemicals — 0.7%** | | |
| Air Liquide SA | 3355 | $534204 |
| Air Products and Chemicals, Inc. | 817 | 261857 |
| Akzo Nobel NV | 6872 | 511861 |
| Albemarle Corp. | 661 | 186038 |
| Avient Corp. | 10972 | 444585 |
| Axalta Coating Systems Ltd.<sup>(2)</sup> | 15634 | 470583 |
| Diversey Holdings Ltd.<sup>(2)</sup> | 7136 | 43316 |
| Ecolab, Inc. | 1083 | 167681 |
| Element Solutions, Inc. | 29483 | 603812 |
| Koninklijke DSM NV | 4467 | 574465 |
| Linde PLC | 1675 | 554324 |
| Perimeter Solutions SA<sup>(2)</sup> | 6712 | 62422 |
| Sika AG | 1379 | 391838 |
| Tokyo Ohka Kogyo Co. Ltd. | 1700 | 83787 |
|  |  | 4890773 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| Adecco Group AG | 17029 | 632469 |
| Clean Harbors, Inc.<sup>(2)</sup> | 1082 | 140985 |
| Driven Brands Holdings, Inc.<sup>(2)</sup> | 5135 | 149891 |
| Elis SA | 7307 | 128335 |
| GFL Environmental, Inc. | 11021 | 340108 |
| Korn Ferry | 1222 | 65976 |
| Republic Services, Inc. | 5899 | 736313 |
| SPIE SA | 4356 | 118920 |
| TechnoPro Holdings, Inc. | 1200 | 37362 |
|  |  | 2350359 |
| **Communications Equipment — 0.5%** |  |  |
| Arista Networks, Inc.<sup>(2)</sup> | 10628 | 1339341 |
| Ciena Corp.<sup>(2)</sup> | 1319 | 68614 |
| Cisco Systems, Inc. | 15630 | 760712 |
| Credo Technology Group Holding Ltd.<sup>(2)</sup> | 2334 | 40448 |
| Extreme Networks, Inc.<sup>(2)</sup> | 2316 | 41758 |
| F5, Inc.<sup>(2)</sup> | 3344 | 493775 |
| Juniper Networks, Inc. | 11337 | 366185 |
|  |  | 3110833 |
| **Construction and Engineering — 0.1%** |  |  |
| Balfour Beatty PLC | 12034 | 54495 |
| Construction Partners, Inc., Class A<sup>(2)</sup> | 2911 | 82352 |
| Eiffage SA | 3724 | 397763 |
| Vinci SA | 3995 | 451393 |
|  |  | 986003 |
| **Construction Materials**<sup>†</sup> |  |  |
| Eagle Materials, Inc. | 373 | 54488 |
| Summit Materials, Inc., Class A<sup>(2)</sup> | 2905 | 95458 |
|  |  | 149946 |
| **Consumer Finance**<sup>†</sup> |  |  |
| American Express Co. | 1330 | 232657 |
| **Containers and Packaging — 0.4%** |  |  |
| Amcor PLC | 38326 | 462212 |
| AptarGroup, Inc. | 441 | 50997 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Avery Dennison Corp. | 3180 | $602419 |
| Ball Corp. | 3827 | 222884 |
| Graphic Packaging Holding Co. | 3556 | 85664 |
| Huhtamaki Oyj | 1725 | 64520 |
| Packaging Corp. of America | 5424 | 774005 |
| Sonoco Products Co. | 3879 | 237046 |
|  |  | 2499747 |
| **Distributors**<sup>†</sup> |  |  |
| Bapcor Ltd. | 2632 | 11903 |
| D'ieteren Group | 783 | 149643 |
|  |  | 161546 |
| **Diversified Consumer Services**<sup>†</sup> |  |  |
| European Wax Center, Inc., Class A<sup>(3)</sup> | 4252 | 80108 |
| IDP Education Ltd. | 4653 | 103545 |
|  |  | 183653 |
| **Diversified Telecommunication Services — 0.2%** |  |  |
| Cellnex Telecom SA<sup>(2)</sup> | 11639 | 456109 |
| IHS Holding Ltd.<sup>(2)</sup> | 5127 | 39375 |
| Internet Initiative Japan, Inc. | 5800 | 108842 |
| Verizon Communications, Inc. | 12497 | 519500 |
|  |  | 1123826 |
| **Electric Utilities — 0.6%** |  |  |
| Acciona SA | 207 | 40386 |
| Duke Energy Corp. | 4276 | 438076 |
| Edison International | 14668 | 1010625 |
| Evergy, Inc. | 3666 | 229675 |
| Eversource Energy | 2515 | 207060 |
| Iberdrola SA | 47562 | 557986 |
| IDACORP, Inc. | 570 | 60312 |
| NextEra Energy, Inc. | 9820 | 732867 |
| Pinnacle West Capital Corp. | 4668 | 347999 |
|  |  | 3624986 |
| **Electrical Equipment — 0.8%** |  |  |
| Alfen NV<sup>(2)</sup> | 409 | 37946 |
| AMETEK, Inc. | 5420 | 785466 |
| Atkore, Inc.<sup>(2)</sup> | 905 | 117876 |
| Eaton Corp. PLC | 3528 | 572277 |
| Emerson Electric Co. | 7322 | 660591 |
| Generac Holdings, Inc.<sup>(2)</sup> | 520 | 62712 |
| Hexatronic Group AB | 8193 | 100843 |
| Legrand SA | 4332 | 386259 |
| Nexans SA | 454 | 48144 |
| nVent Electric PLC | 10696 | 425166 |
| Plug Power, Inc.<sup>(2)(3)</sup> | 6605 | 112417 |
| Regal Rexnord Corp. | 4787 | 666350 |
| Schneider Electric SE | 5594 | 907434 |
| Sensata Technologies Holding PLC | 1842 | 93666 |
|  |  | 4977147 |
| **Electronic Equipment, Instruments and Components — 0.7%** | **Electronic Equipment, Instruments and Components — 0.7%** |  |
| CDW Corp. | 2100 | 411663 |
| Cognex Corp. | 13145 | 719557 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Corning, Inc. | 4320 | $149515 |
| Hexagon AB, B Shares | 32527 | 372873 |
| Jabil, Inc. | 905 | 71160 |
| Keyence Corp. | 1600 | 736590 |
| Keysight Technologies, Inc.<sup>(2)</sup> | 8970 | 1608770 |
| National Instruments Corp. | 1931 | 104274 |
| Sesa SpA | 297 | 40415 |
| Taiyo Yuden Co. Ltd. | 2200 | 74724 |
| TE Connectivity Ltd. | 4014 | 510380 |
|  |  | 4799921 |
| **Energy Equipment and Services — 0.3%** |  |  |
| Aker Solutions ASA | 15797 | 62450 |
| Baker Hughes Co. | 15477 | 491240 |
| Expro Group Holdings NV<sup>(2)</sup> | 3751 | 70856 |
| Schlumberger Ltd. | 17527 | 998689 |
| Weatherford International PLC<sup>(2)</sup> | 1798 | 102270 |
|  |  | 1725505 |
| **Entertainment — 0.3%** |  |  |
| Electronic Arts, Inc. | 3177 | 408816 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(2)</sup> | 1604 | 113563 |
| ROBLOX Corp., Class A<sup>(2)</sup> | 3022 | 112449 |
| Spotify Technology SA<sup>(2)</sup> | 4263 | 480525 |
| Universal Music Group NV | 25474 | 651176 |
| Walt Disney Co.<sup>(2)</sup> | 2963 | 321456 |
|  |  | 2087985 |
| **Equity Real Estate Investment Trusts (REITs) — 1.9%** |  |  |
| Agree Realty Corp. | 1014 | 75675 |
| Alexandria Real Estate Equities, Inc. | 754 | 121198 |
| American Homes 4 Rent, Class A | 2411 | 82673 |
| Assura PLC | 62345 | 42910 |
| Big Yellow Group PLC | 4087 | 60958 |
| Brixmor Property Group, Inc. | 3295 | 77531 |
| Canadian Apartment Properties REIT | 2414 | 89263 |
| CapitaLand China Trust | 29000 | 27653 |
| CapitaLand Integrated Commercial Trust | 63800 | 104385 |
| Comforia Residential REIT, Inc.<sup>(3)</sup> | 18 | 39995 |
| Corporate Office Properties Trust | 2052 | 57600 |
| Digital Realty Trust, Inc. | 1216 | 139378 |
| Equinix, Inc. | 1198 | 884280 |
| Equity LifeStyle Properties, Inc. | 807 | 57926 |
| Essential Properties Realty Trust, Inc. | 5429 | 138331 |
| Essex Property Trust, Inc. | 2178 | 492380 |
| Gaming & Leisure Properties, Inc. | 3168 | 169678 |
| Goodman Group | 13707 | 195511 |
| Healthpeak Properties, Inc. | 28690 | 788401 |
| Host Hotels & Resorts, Inc. | 6076 | 114533 |
| Invincible Investment Corp. | 474 | 202147 |
| Iron Mountain, Inc. | 3001 | 163795 |
| Japan Hotel REIT Investment Corp. | 344 | 217988 |
| Kite Realty Group Trust | 5197 | 112775 |
| Land Securities Group PLC | 16180 | 141750 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Link REIT | 23300 | $186502 |
| Mid-America Apartment Communities, Inc. | 1008 | 168054 |
| NETSTREIT Corp. | 1950 | 39254 |
| Orix JREIT, Inc. | 36 | 49531 |
| Prologis, Inc. | 12967 | 1676374 |
| Public Storage | 2578 | 784589 |
| Realty Income Corp. | 13247 | 898544 |
| Regency Centers Corp. | 8886 | 592074 |
| Region RE Ltd. | 21646 | 41536 |
| Rexford Industrial Realty, Inc. | 9609 | 609883 |
| Ryman Hospitality Properties, Inc. | 811 | 75334 |
| Sabra Health Care REIT, Inc. | 3908 | 52758 |
| SBA Communications Corp. | 757 | 225230 |
| Scentre Group | 52548 | 114019 |
| Segro PLC | 46520 | 478858 |
| Simon Property Group, Inc. | 1912 | 245616 |
| Sun Communities, Inc. | 840 | 131762 |
| Tritax Big Box REIT PLC | 64211 | 123720 |
| UDR, Inc. | 6245 | 265975 |
| Ventas, Inc. | 5003 | 259205 |
| VICI Properties, Inc. | 3835 | 131080 |
| Vicinity Ltd. | 54003 | 79009 |
| Welltower, Inc. | 1822 | 136723 |
| Weyerhaeuser Co. | 3747 | 129009 |
| WP Carey, Inc. | 3082 | 263603 |
|  |  | 12356956 |
| **Food and Staples Retailing — 0.4%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(2)</sup> | 945 | 68484 |
| Costco Wholesale Corp. | 512 | 261704 |
| Grocery Outlet Holding Corp.<sup>(2)</sup> | 2607 | 79227 |
| Koninklijke Ahold Delhaize NV | 29085 | 868099 |
| Kroger Co. | 5853 | 261219 |
| MARR SpA | 622 | 8178 |
| MatsukiyoCocokara & Co. | 2500 | 124711 |
| Sendas Distribuidora SA | 73100 | 281957 |
| Sysco Corp. | 5837 | 452134 |
|  |  | 2405713 |
| **Food Products — 0.5%** |  |  |
| a2 Milk Co. Ltd.<sup>(2)</sup> | 16804 | 81251 |
| Conagra Brands, Inc. | 21439 | 797316 |
| Freshpet, Inc.<sup>(2)</sup> | 1467 | 92905 |
| Hershey Co. | 5888 | 1322445 |
| J.M. Smucker Co. | 2712 | 414394 |
| Mondelez International, Inc., Class A | 5225 | 341924 |
| Sovos Brands, Inc.<sup>(2)</sup> | 5162 | 69997 |
| SunOpta, Inc.<sup>(2)</sup> | 17463 | 142673 |
| Tate & Lyle PLC | 4534 | 42221 |
| Toyo Suisan Kaisha Ltd. | 1600 | 66113 |
| Vital Farms, Inc.<sup>(2)</sup> | 1987 | 34931 |
|  |  | 3406170 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Gas Utilities — 0.2%** | | |
| Atmos Energy Corp. | 997 | $117187 |
| Brookfield Infrastructure Corp., Class A | 2363 | 104492 |
| Nippon Gas Co. Ltd.<sup>(3)</sup> | 5600 | 89383 |
| Spire, Inc. | 12493 | 902245 |
|  |  | 1213307 |
| **Health Care Equipment and Supplies — 1.1%** |  |  |
| Alcon, Inc. | 7202 | 543452 |
| Baxter International, Inc. | 4168 | 190436 |
| Becton Dickinson and Co. | 522 | 131659 |
| ConvaTec Group PLC | 35127 | 101885 |
| DENTSPLY SIRONA, Inc. | 9233 | 340051 |
| DexCom, Inc.<sup>(2)</sup> | 9093 | 973769 |
| Edwards Lifesciences Corp.<sup>(2)</sup> | 3950 | 302965 |
| Embecta Corp. | 12034 | 317577 |
| Envista Holdings Corp.<sup>(2)</sup> | 6616 | 257958 |
| EssilorLuxottica SA | 3106 | 569887 |
| Establishment Labs Holdings, Inc.<sup>(2)(3)</sup> | 1101 | 74912 |
| Hologic, Inc.<sup>(2)</sup> | 1824 | 148419 |
| IDEXX Laboratories, Inc.<sup>(2)</sup> | 1888 | 907184 |
| Inari Medical, Inc.<sup>(2)</sup> | 1492 | 85118 |
| Inmode Ltd.<sup>(2)</sup> | 3155 | 110583 |
| Lantheus Holdings, Inc.<sup>(2)</sup> | 1294 | 74405 |
| Medtronic PLC | 730 | 61094 |
| Menicon Co. Ltd. | 1600 | 35355 |
| ResMed, Inc. | 372 | 84954 |
| SI-BONE, Inc.<sup>(2)</sup> | 4734 | 80620 |
| Silk Road Medical, Inc.<sup>(2)</sup> | 2010 | 109263 |
| TransMedics Group, Inc.<sup>(2)</sup> | 1585 | 99887 |
| Zimmer Biomet Holdings, Inc. | 10541 | 1342291 |
|  |  | 6943724 |
| **Health Care Providers and Services — 1.0%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(2)</sup> | 1057 | 88809 |
| AdaptHealth Corp.<sup>(2)</sup> | 2270 | 48646 |
| AmerisourceBergen Corp. | 3321 | 561116 |
| Amvis Holdings, Inc. | 3400 | 91032 |
| Cardinal Health, Inc. | 3114 | 240557 |
| Cigna Corp. | 2118 | 670707 |
| CVS Health Corp. | 4590 | 404930 |
| Ensign Group, Inc. | 1117 | 104160 |
| HealthEquity, Inc.<sup>(2)</sup> | 1775 | 108009 |
| Henry Schein, Inc.<sup>(2)</sup> | 8810 | 758981 |
| Humana, Inc. | 423 | 216449 |
| Laboratory Corp. of America Holdings | 2046 | 515838 |
| Progyny, Inc.<sup>(2)</sup> | 1764 | 60664 |
| Quest Diagnostics, Inc. | 4188 | 621834 |
| R1 RCM, Inc.<sup>(2)</sup> | 29010 | 415133 |
| Surgery Partners, Inc.<sup>(2)</sup> | 1747 | 58000 |
| UnitedHealth Group, Inc. | 1500 | 748785 |
| Universal Health Services, Inc., Class B | 4437 | 657608 |
|  |  | 6371258 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Health Care Technology — 0.1%** | | |
| Evolent Health, Inc., Class A<sup>(2)</sup> | 2825 | $91022 |
| Schrodinger, Inc.<sup>(2)</sup> | 1996 | 48263 |
| Veeva Systems, Inc., Class A<sup>(2)</sup> | 3497 | 596413 |
|  |  | 735698 |
| **Hotels, Restaurants and Leisure — 1.0%** |  |  |
| Airbnb, Inc., Class A<sup>(2)</sup> | 8971 | 996768 |
| Basic-Fit NV<sup>(2)(3)</sup> | 2390 | 78534 |
| Booking Holdings, Inc.<sup>(2)</sup> | 87 | 211767 |
| Chipotle Mexican Grill, Inc.<sup>(2)</sup> | 848 | 1396130 |
| Churchill Downs, Inc. | 530 | 131493 |
| Compass Group PLC | 23016 | 549806 |
| Greggs PLC | 2666 | 89023 |
| H World Group Ltd., ADR | 11117 | 527835 |
| Hilton Worldwide Holdings, Inc. | 10264 | 1489204 |
| Hyatt Hotels Corp., Class A<sup>(2)</sup> | 610 | 66563 |
| Planet Fitness, Inc., Class A<sup>(2)</sup> | 2128 | 180135 |
| Sands China Ltd.<sup>(2)</sup> | 21200 | 79502 |
| Sodexo SA | 4008 | 397324 |
| Trainline PLC<sup>(2)</sup> | 24133 | 84489 |
| Wingstop, Inc. | 680 | 107760 |
|  |  | 6386333 |
| **Household Durables — 0.2%** |  |  |
| Barratt Developments PLC | 90762 | 515866 |
| Man Wah Holdings Ltd. | 35600 | 41159 |
| Taylor Wimpey PLC | 358924 | 520770 |
|  |  | 1077795 |
| **Household Products — 0.3%** |  |  |
| Colgate-Palmolive Co. | 2278 | 169779 |
| Henkel AG & Co. KGaA, Preference Shares | 6327 | 451117 |
| Kimberly-Clark Corp. | 4439 | 577115 |
| Procter & Gamble Co. | 3211 | 457182 |
|  |  | 1655193 |
| **Independent Power and Renewable Electricity Producers**<sup>†</sup> | **Independent Power and Renewable Electricity Producers**<sup>†</sup> |  |
| West Holdings Corp.<sup>(3)</sup> | 1800 | 53974 |
| **Industrial Conglomerates — 0.1%** |  |  |
| Honeywell International, Inc. | 1832 | 381935 |
| **Insurance — 0.8%** |  |  |
| Aegon NV | 56213 | 310059 |
| Aflac, Inc. | 4045 | 297308 |
| AIA Group Ltd. | 61800 | 698812 |
| Allstate Corp. | 7398 | 950421 |
| ASR Nederland NV | 2167 | 102567 |
| Chubb Ltd. | 435 | 98958 |
| Hanover Insurance Group, Inc. | 2746 | 369557 |
| Kinsale Capital Group, Inc. | 470 | 130867 |
| Marsh & McLennan Cos., Inc. | 1950 | 341074 |
| Prudential Financial, Inc. | 2878 | 302017 |
| Reinsurance Group of America, Inc. | 3349 | 508278 |
| RLI Corp. | 856 | 113377 |
| Skyward Specialty Insurance Group Inc.<sup>(2)</sup> | 2092 | 38723 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Steadfast Group Ltd. | 21808 | $81021 |
| Storebrand ASA | 9292 | 80892 |
| Travelers Cos., Inc. | 1583 | 302543 |
| Willis Towers Watson PLC | 1072 | 272492 |
|  |  | 4998966 |
| **Interactive Media and Services — 0.7%** |  |  |
| Alphabet, Inc., Class A<sup>(2)</sup> | 16174 | 1598638 |
| Autohome, Inc., ADR | 10624 | 370353 |
| Baidu, Inc., Class A<sup>(2)</sup> | 28650 | 481607 |
| carsales.com Ltd. | 4834 | 78264 |
| Eventbrite, Inc., Class A<sup>(2)(3)</sup> | 6329 | 56265 |
| Match Group, Inc.<sup>(2)</sup> | 9048 | 489678 |
| QuinStreet, Inc.<sup>(2)</sup> | 4978 | 76313 |
| Tencent Holdings Ltd. | 28800 | 1403392 |
|  |  | 4554510 |
| **Internet and Direct Marketing Retail — 0.4%** |  |  |
| Alibaba Group Holding Ltd.<sup>(2)</sup> | 41300 | 567820 |
| Amazon.com, Inc.<sup>(2)</sup> | 9631 | 993245 |
| ASOS PLC<sup>(2)</sup> | 28568 | 309083 |
| Chewy, Inc., Class A<sup>(2)(3)</sup> | 6941 | 312761 |
| Etsy, Inc.<sup>(2)</sup> | 1558 | 214350 |
| JD.com, Inc., Class A | 10316 | 306317 |
| Meituan, Class B<sup>(2)</sup> | 1450 | 32416 |
|  |  | 2735992 |
| **IT Services — 0.8%** |  |  |
| Accenture PLC, Class A | 1550 | 432527 |
| Adyen NV<sup>(2)</sup> | 312 | 471715 |
| Alten SA | 700 | 107559 |
| Amdocs Ltd. | 5591 | 513981 |
| Capgemini SE | 3445 | 653811 |
| Cloudflare, Inc., Class A<sup>(2)</sup> | 10428 | 551745 |
| Endava PLC, ADR<sup>(2)</sup> | 1052 | 92439 |
| EPAM Systems, Inc.<sup>(2)</sup> | 2064 | 686590 |
| Mastercard, Inc., Class A | 1396 | 517358 |
| NEXTDC Ltd.<sup>(2)</sup> | 12798 | 90444 |
| Perficient, Inc.<sup>(2)</sup> | 601 | 44558 |
| TDCX, Inc., ADR<sup>(2)</sup> | 1370 | 18057 |
| Visa, Inc., Class A | 3403 | 783405 |
| Wise PLC, Class A<sup>(2)</sup> | 7117 | 47710 |
|  |  | 5011899 |
| **Leisure Products**<sup>†</sup> |  |  |
| Brunswick Corp. | 1055 | 88968 |
| Topgolf Callaway Brands Corp.<sup>(2)</sup> | 4188 | 102564 |
|  |  | 191532 |
| **Life Sciences Tools and Services — 0.9%** |  |  |
| Agilent Technologies, Inc. | 7947 | 1208580 |
| Avantor, Inc.<sup>(2)</sup> | 17510 | 418489 |
| Bio-Techne Corp. | 6456 | 514285 |
| ICON PLC<sup>(2)</sup> | 2916 | 672750 |
| IQVIA Holdings, Inc.<sup>(2)</sup> | 4338 | 995181 |
| Lonza Group AG | 1285 | 733017 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| MaxCyte, Inc.<sup>(2)</sup> | 7139 | $41692 |
| Mettler-Toledo International, Inc.<sup>(2)</sup> | 473 | 725071 |
| Tecan Group AG | 245 | 102820 |
| Thermo Fisher Scientific, Inc. | 764 | 435732 |
|  |  | 5847617 |
| **Machinery — 0.6%** |  |  |
| Astec Industries, Inc. | 1772 | 78216 |
| ATS Corp.<sup>(2)(3)</sup> | 3250 | 131607 |
| Cummins, Inc. | 2425 | 605134 |
| Deere & Co. | 419 | 177170 |
| Georg Fischer AG | 925 | 63776 |
| Graco, Inc. | 6222 | 425087 |
| Greenbrier Cos., Inc. | 930 | 28756 |
| IHI Corp. | 2300 | 69885 |
| IMI PLC | 19578 | 350546 |
| Interpump Group SpA | 1356 | 70715 |
| Interroll Holding AG | 21 | 65413 |
| Metso Outotec Oyj | 11135 | 127973 |
| Oshkosh Corp. | 8708 | 877592 |
| Parker-Hannifin Corp. | 1957 | 637982 |
| Stabilus SE | 568 | 39178 |
| Trelleborg AB, B Shares | 3694 | 92367 |
| Xylem, Inc. | 1851 | 192523 |
|  |  | 4033920 |
| **Media — 0.4%** |  |  |
| Fox Corp., Class B | 16982 | 538330 |
| Omnicom Group, Inc. | 4483 | 385493 |
| Publicis Groupe SA | 5528 | 389943 |
| Trade Desk, Inc., Class A<sup>(2)</sup> | 11286 | 572200 |
| WPP PLC | 59560 | 695883 |
|  |  | 2581849 |
| **Metals and Mining — 0.1%** |  |  |
| Alamos Gold, Inc., Class A | 7502 | 82770 |
| Allkem Ltd.<sup>(2)</sup> | 4592 | 42632 |
| AMG Advanced Metallurgical Group NV | 2604 | 101719 |
| APERAM SA | 1049 | 41397 |
| Champion Iron Ltd. | 7636 | 38856 |
| ERO Copper Corp.<sup>(2)</sup> | 31995 | 525415 |
| Lynas Rare Earths Ltd.<sup>(2)</sup> | 3670 | 24567 |
| MMC Norilsk Nickel PJSC<sup>(4)</sup> | 2446 |  |
|  |  | 857356 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>†</sup> |  |  |
| AGNC Investment Corp.<sup>(3)</sup> | 9920 | 115072 |
| **Multiline Retail — 0.2%** |  |  |
| B&M European Value Retail SA | 6971 | 38552 |
| Dollar Tree, Inc.<sup>(2)</sup> | 4872 | 731677 |
| Isetan Mitsukoshi Holdings Ltd. | 8300 | 90310 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(2)</sup> | 940 | 51474 |
| Target Corp. | 975 | 167837 |
|  |  | 1079850 |
| **Multi-Utilities — 0.1%** |  |  |
| NorthWestern Corp. | 12038 | 683758 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Oil, Gas and Consumable Fuels — 0.7%** | | |
| ConocoPhillips | 8137 | $991656 |
| Devon Energy Corp. | 2502 | 158226 |
| Diamondback Energy, Inc. | 2051 | 299692 |
| Enterprise Products Partners LP | 22271 | 570138 |
| EQT Corp. | 8492 | 277434 |
| Euronav NV<sup>(2)</sup> | 2542 | 40029 |
| Excelerate Energy, Inc., Class A | 7795 | 181623 |
| Golar LNG Ltd.<sup>(2)</sup> | 1773 | 41559 |
| Hess Corp. | 9553 | 1434478 |
| Kosmos Energy Ltd.<sup>(2)</sup> | 24582 | 194444 |
| Matador Resources Co. | 1248 | 82568 |
| Phillips 66 | 1411 | 141481 |
| Transocean Ltd.<sup>(2)</sup> | 6862 | 46250 |
| Whitecap Resources, Inc.<sup>(3)</sup> | 29268 | 243946 |
|  |  | 4703524 |
| **Paper and Forest Products — 0.1%** |  |  |
| Smurfit Kappa Group PLC | 14724 | 618180 |
| **Personal Products**<sup>†</sup> |  |  |
| Estee Lauder Cos., Inc., Class A | 262 | 72595 |
| Rohto Pharmaceutical Co. Ltd. | 6200 | 114399 |
|  |  | 186994 |
| **Pharmaceuticals — 1.3%** |  |  |
| Arvinas, Inc.<sup>(2)</sup> | 814 | 26675 |
| AstraZeneca PLC | 6009 | 787254 |
| AstraZeneca PLC, ADR | 8161 | 533484 |
| Bristol-Myers Squibb Co. | 7472 | 542841 |
| Catalent, Inc.<sup>(2)</sup> | 6264 | 335437 |
| Edgewise Therapeutics, Inc.<sup>(2)(3)</sup> | 2306 | 23590 |
| Eli Lilly & Co. | 447 | 153835 |
| Euroapi SA<sup>(2)</sup> | 1376 | 22122 |
| GSK PLC | 51604 | 906425 |
| Harmony Biosciences Holdings, Inc.<sup>(2)</sup> | 584 | 28131 |
| Hikma Pharmaceuticals PLC | 20827 | 440576 |
| Intra-Cellular Therapies, Inc.<sup>(2)</sup> | 1404 | 67280 |
| Merck & Co., Inc. | 3770 | 404936 |
| Novartis AG | 4455 | 402772 |
| Novo Nordisk A/S, B Shares | 10670 | 1476619 |
| Option Care Health, Inc.<sup>(2)</sup> | 2254 | 65073 |
| Sanofi, ADR | 20397 | 1002309 |
| Takeda Pharmaceutical Co. Ltd. | 15300 | 480992 |
| UCB SA | 4843 | 397633 |
| Ventyx Biosciences, Inc.<sup>(2)</sup> | 1063 | 44646 |
| Zoetis, Inc. | 1978 | 327339 |
|  |  | 8469969 |
| **Professional Services — 0.5%** |  |  |
| ALS Ltd. | 13376 | 124102 |
| BayCurrent Consulting, Inc.<sup>(3)</sup> | 14700 | 624890 |
| Bureau Veritas SA | 23208 | 663551 |
| CACI International, Inc., Class A<sup>(2)</sup> | 102 | 31425 |
| DKSH Holding AG | 981 | 83576 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| IPH Ltd. | 5000 | $30243 |
| Jacobs Solutions, Inc. | 6085 | 751802 |
| Verisk Analytics, Inc. | 2964 | 538826 |
| Visional, Inc.<sup>(2)</sup> | 1500 | 108688 |
|  |  | 2957103 |
| **Real Estate Management and Development — 0.1%** |  |  |
| Altus Group Ltd. | 1185 | 50711 |
| Capitaland Investment Ltd. | 28600 | 86647 |
| DigitalBridge Group, Inc. | 3571 | 52851 |
| Fabege AB | 6398 | 60469 |
| FirstService Corp.<sup>(3)</sup> | 537 | 76743 |
| Hang Lung Properties Ltd. | 17000 | 32054 |
| PSP Swiss Property AG | 1020 | 127157 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(3)</sup> | 21171 | 38677 |
| Tokyu Fudosan Holdings Corp. | 7500 | 38057 |
| Tricon Residential, Inc. (Toronto) | 760 | 6597 |
| Vonovia SE | 3590 | 101410 |
| Wharf Real Estate Investment Co. Ltd. | 6000 | 34348 |
|  |  | 705721 |
| **Road and Rail — 0.4%** |  |  |
| Canadian Pacific Railway Ltd. | 10793 | 851889 |
| Heartland Express, Inc. | 18898 | 317864 |
| Lyft, Inc., Class A<sup>(2)</sup> | 13346 | 216873 |
| Nagoya Railroad Co. Ltd. | 5100 | 84328 |
| Norfolk Southern Corp. | 4373 | 1074927 |
| Saia, Inc.<sup>(2)</sup> | 332 | 90563 |
| Uber Technologies, Inc.<sup>(2)</sup> | 2789 | 86264 |
| Union Pacific Corp. | 628 | 128231 |
|  |  | 2850939 |
| **Semiconductors and Semiconductor Equipment — 1.2%** |  |  |
| Advanced Micro Devices, Inc.<sup>(2)</sup> | 3712 | 278957 |
| AIXTRON SE | 2374 | 70735 |
| Ambarella, Inc.<sup>(2)</sup> | 371 | 33331 |
| Analog Devices, Inc. | 2681 | 459711 |
| Applied Materials, Inc. | 6107 | 680869 |
| ASML Holding NV | 448 | 296418 |
| Enphase Energy, Inc.<sup>(2)</sup> | 2302 | 509617 |
| GLOBALFOUNDRIES, Inc.<sup>(2)</sup> | 1770 | 104926 |
| Infineon Technologies AG | 16863 | 607244 |
| Lattice Semiconductor Corp.<sup>(2)</sup> | 2104 | 159462 |
| MACOM Technology Solutions Holdings, Inc.<sup>(2)</sup> | 993 | 66551 |
| Marvell Technology, Inc. | 6283 | 271111 |
| Monolithic Power Systems, Inc. | 1355 | 577989 |
| Nova Ltd.<sup>(2)</sup> | 873 | 79181 |
| NVIDIA Corp. | 3348 | 654099 |
| Onto Innovation, Inc.<sup>(2)</sup> | 934 | 73459 |
| Power Integrations, Inc. | 1341 | 115447 |
| Samsung Electronics Co. Ltd. | 9839 | 490083 |
| SOITEC<sup>(2)</sup> | 388 | 58846 |
| SUMCO Corp. | 24700 | 365974 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 38000 | 670578 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Teradyne, Inc. | 11013 | $1120022 |
|  |  | 7744610 |
| **Software — 1.6%** |  |  |
| Adobe, Inc.<sup>(2)</sup> | 304 | 112583 |
| Box, Inc., Class A<sup>(2)</sup> | 3623 | 115900 |
| Cadence Design Systems, Inc.<sup>(2)</sup> | 11184 | 2044771 |
| CyberArk Software Ltd.<sup>(2)</sup> | 369 | 51985 |
| Datadog, Inc., Class A<sup>(2)</sup> | 7904 | 591298 |
| Descartes Systems Group, Inc.<sup>(2)(3)</sup> | 975 | 71153 |
| DocuSign, Inc.<sup>(2)</sup> | 2821 | 171065 |
| Five9, Inc.<sup>(2)</sup> | 1195 | 94142 |
| HubSpot, Inc.<sup>(2)</sup> | 2100 | 728721 |
| JFrog Ltd.<sup>(2)</sup> | 3852 | 99035 |
| Kinaxis, Inc.<sup>(2)</sup> | 764 | 88800 |
| Manhattan Associates, Inc.<sup>(2)</sup> | 7889 | 1028410 |
| Microsoft Corp. | 11485 | 2846098 |
| m-up Holdings, Inc. | 4200 | 40192 |
| nCino, Inc.<sup>(2)</sup> | 2504 | 71614 |
| Palo Alto Networks, Inc.<sup>(2)</sup> | 6395 | 1014503 |
| Paycor HCM, Inc.<sup>(2)</sup> | 2572 | 64583 |
| Paylocity Holding Corp.<sup>(2)</sup> | 420 | 87482 |
| Salesforce, Inc.<sup>(2)</sup> | 1498 | 251619 |
| ServiceNow, Inc.<sup>(2)</sup> | 230 | 104680 |
| Sprout Social, Inc., Class A<sup>(2)</sup> | 865 | 55334 |
| SPS Commerce, Inc.<sup>(2)</sup> | 720 | 97978 |
| TeamViewer AG<sup>(2)</sup> | 5233 | 73717 |
| Tenable Holdings, Inc.<sup>(2)</sup> | 3852 | 154966 |
| Workday, Inc., Class A<sup>(2)</sup> | 466 | 84546 |
|  |  | 10145175 |
| **Specialty Retail — 0.5%** |  |  |
| Advance Auto Parts, Inc. | 2916 | 444049 |
| Aritzia, Inc.<sup>(2)(3)</sup> | 2346 | 84615 |
| Burlington Stores, Inc.<sup>(2)</sup> | 1432 | 329117 |
| Fast Retailing Co. Ltd. | 800 | 485887 |
| Five Below, Inc.<sup>(2)</sup> | 1345 | 265140 |
| Home Depot, Inc. | 2214 | 717712 |
| Kingfisher PLC | 92750 | 319980 |
| Leslie's, Inc.<sup>(2)</sup> | 2884 | 44673 |
| Nextage Co. Ltd.<sup>(3)</sup> | 2000 | 44986 |
| Pets at Home Group PLC | 7702 | 33505 |
| TJX Cos., Inc. | 5223 | 427555 |
| Tractor Supply Co. | 642 | 146370 |
| Watches of Switzerland Group PLC<sup>(2)</sup> | 8755 | 102776 |
| WH Smith PLC | 3851 | 76048 |
|  |  | 3522413 |
| **Technology Hardware, Storage and Peripherals — 0.3%** |  |  |
| Apple, Inc. | 12021 | 1734510 |
| HP, Inc. | 13062 | 380627 |
| Pure Storage, Inc., Class A<sup>(2)</sup> | 2177 | 63002 |
|  |  | 2178139 |
| **Textiles, Apparel and Luxury Goods — 0.6%** |  |  |
| Asics Corp. | 4900 | 116623 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Crocs, Inc.<sup>(2)</sup> | 1290 | $157083 |
| Deckers Outdoor Corp.<sup>(2)</sup> | 454 | 194076 |
| HUGO BOSS AG | 832 | 56501 |
| Li Ning Co. Ltd. | 81500 | 805682 |
| lululemon athletica, Inc.<sup>(2)</sup> | 2857 | 876756 |
| LVMH Moet Hennessy Louis Vuitton SE | 952 | 831073 |
| NIKE, Inc., Class B | 1418 | 180554 |
| Puma SE | 7083 | 483687 |
| Tod's SpA<sup>(2)</sup> | 591 | 23109 |
|  |  | 3725144 |
| **Thrifts and Mortgage Finance**<sup>†</sup> |  |  |
| Capitol Federal Financial, Inc. | 19317 | 161683 |
| **Trading Companies and Distributors — 0.4%** |  |  |
| AddTech AB, B Shares | 3523 | 56260 |
| Beacon Roofing Supply, Inc.<sup>(2)</sup> | 5260 | 299189 |
| Beijer Ref AB<sup>(3)</sup> | 3734 | 57604 |
| Diploma PLC | 2282 | 77194 |
| Finning International, Inc. | 3732 | 105294 |
| H&E Equipment Services, Inc. | 2197 | 111805 |
| MonotaRO Co. Ltd. | 25400 | 384768 |
| MRC Global, Inc.<sup>(2)</sup> | 4844 | 65879 |
| MSC Industrial Direct Co., Inc., Class A | 8165 | 675246 |
| NOW, Inc.<sup>(2)</sup> | 7279 | 102197 |
| Rexel SA<sup>(2)</sup> | 23572 | 521469 |
| RS GROUP PLC | 3669 | 42655 |
| Yamazen Corp. | 5400 | 44232 |
|  |  | 2543792 |
| **Transportation Infrastructure**<sup>†</sup> |  |  |
| Japan Airport Terminal Co. Ltd.<sup>(2)</sup> | 2300 | 119886 |
| **Water Utilities**<sup>†</sup> |  |  |
| SJW Group | 1413 | 109380 |
| **TOTAL COMMON STOCKS**<br>(Cost $157,966,329) |  | **199340758** |
| **U.S. TREASURY SECURITIES — 7.4%** |  |  |
| U.S. Treasury Bonds, 2.00%, 11/15/41 | $3150000 | 2394738 |
| U.S. Treasury Bonds, 2.375%, 2/15/42 | 5000000 | 4046484 |
| U.S. Treasury Bonds, 3.00%, 5/15/42 | 250000 | 223701 |
| U.S. Treasury Bonds, 3.75%, 11/15/43 | 40000 | 39834 |
| U.S. Treasury Bonds, 3.125%, 8/15/44 | 350000 | 315520 |
| U.S. Treasury Bonds, 3.00%, 5/15/45 | 100000 | 88102 |
| U.S. Treasury Bonds, 3.00%, 11/15/45 | 50000 | 43996 |
| U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/25 | 789700 | 793419 |
| U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/27 | 295254 | 304668 |
| U.S. Treasury Inflation Indexed Bonds, 2.50%, 1/15/29 | 2981276 | 3173092 |
| U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/40 | 495864 | 545972 |
| U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/42 | 869570 | 760466 |
| U.S. Treasury Inflation Indexed Bonds, 0.625%, 2/15/43 | 401419 | 339740 |
| U.S. Treasury Inflation Indexed Bonds, 1.375%, 2/15/44 | 1469022 | 1427341 |
| U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 | 2996296 | 2557795 |
| U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 | 493324 | 426682 |
| U.S. Treasury Inflation Indexed Bonds, 0.125%, 2/15/51 | 628925 | 435094 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| U.S. Treasury Inflation Indexed Bonds, 0.125%, 2/15/52 |  | $1069460 | $739385 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/25 |  | 2132255 | 2044702 |
| U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/26 |  | 1503516 | 1454800 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/26 |  | 3405660 | 3236236 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/27 |  | 2388261 | 2256306 |
| U.S. Treasury Inflation Indexed Notes, 0.875%, 1/15/29 |  | 412664 | 401818 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/32 |  | 1643189 | 1484886 |
| U.S. Treasury Notes, 2.00%, 5/31/24 |  | 4000000 | 3866484 |
| U.S. Treasury Notes, 1.875%, 8/31/24 |  | 4000000 | 3844453 |
| U.S. Treasury Notes, 2.75%, 7/31/27 |  | 311000 | 299404 |
| U.S. Treasury Notes, 2.25%, 8/15/27 |  | 200000 | 188461 |
| U.S. Treasury Notes, 3.875%, 11/30/27 |  | 3895000 | 3940036 |
| U.S. Treasury Notes, 1.50%, 11/30/28<sup>(5)</sup> |  | 6900000 | 6142887 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $51,133,705) |  |  | **47816502** |
| **CORPORATE BONDS — 1.4%** |  |  |  |
| **Aerospace and Defense**<sup>†</sup> |  |  |  |
| TransDigm, Inc., 6.375%, 6/15/26 |  | 50000 | 49440 |
| TransDigm, Inc., 4.625%, 1/15/29 |  | 190000 | 171680 |
|  |  |  | 221120 |
| **Airlines**<sup>†</sup> |  |  |  |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(6)</sup> |  | 163077 | 160053 |
| **Auto Components**<sup>†</sup> |  |  |  |
| ZF North America Capital, Inc., 4.75%, 4/29/25<sup>(6)</sup> |  | 110000 | 106224 |
| **Automobiles — 0.1%** |  |  |  |
| Ford Motor Credit Co. LLC, 3.625%, 6/17/31 |  | 370000 | 308240 |
| General Motors Co., 5.15%, 4/1/38 |  | 120000 | 109039 |
|  |  |  | 417279 |
| **Banks — 0.4%** |  |  |  |
| Avi Funding Co. Ltd., 3.80%, 9/16/25<sup>(6)</sup> |  | 143000 | 138680 |
| Banco Santander SA, 2.50%, 3/18/25 | EUR | 100000 | 106209 |
| Bank of America Corp., 2.30%, 7/25/25 | GBP | 100000 | 117532 |
| CaixaBank SA, VRN, 2.75%, 7/14/28 | EUR | 100000 | 107696 |
| CaixaBank SA, VRN, 2.25%, 4/17/30 | EUR | 100000 | 101377 |
| Commerzbank AG, 4.00%, 3/23/26 | EUR | 150000 | 161978 |
| Credit Agricole SA, 7.375%, 12/18/23 | GBP | 50000 | 63040 |
| European Financial Stability Facility, 2.125%, 2/19/24 | EUR | 93000 | 100266 |
| European Financial Stability Facility, 0.40%, 5/31/26 | EUR | 200000 | 201311 |
| European Union, 0.00%, 7/4/31<sup>(7)</sup> | EUR | 1450000 | 1243053 |
| ING Groep NV, 2.125%, 1/10/26 | EUR | 200000 | 209762 |
| Lloyds Bank PLC, 7.625%, 4/22/25 | GBP | 20000 | 26320 |
|  |  |  | 2577224 |
| **Biotechnology — 0.1%** |  |  |  |
| AbbVie, Inc., 4.40%, 11/6/42 |  | $280000 | 258956 |
| **Chemicals**<sup>†</sup> |  |  |  |
| Equate Petrochemical BV, 4.25%, 11/3/26<sup>(6)</sup> |  | 46000 | 44914 |
| Olin Corp., 5.125%, 9/15/27 |  | 70000 | 67990 |
|  |  |  | 112904 |
| **Commercial Services and Supplies**<sup>†</sup> |  |  |  |
| Clean Harbors, Inc., 6.375%, 2/1/31<sup>(6)</sup> |  | 190000 | 193771 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Containers and Packaging**<sup>†</sup> | | |
| Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24<sup>(6)</sup> | $40000 | $40018 |
| Sealed Air Corp., 5.125%, 12/1/24<sup>(6)</sup> | 105000 | 104327 |
|  |  | 144345 |
| **Diversified Financial Services**<sup>†</sup> |  |  |
| Allen C Stonecipher Life Insurance Trust, VRDN, 4.39%, 2/7/23 (LOC: FHLB) | 5000 | 5000 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| AT&T, Inc., 4.90%, 8/15/37 | 59000 | 57295 |
| Level 3 Financing, Inc., 4.625%, 9/15/27<sup>(6)</sup> | 136000 | 115449 |
| Turk Telekomunikasyon AS, 4.875%, 6/19/24<sup>(6)</sup> | 115000 | 108939 |
|  |  | 281683 |
| **Electric Utilities**<sup>†</sup> |  |  |
| Duke Energy Florida LLC, 3.85%, 11/15/42 | 40000 | 34249 |
| Duke Energy Progress LLC, 4.15%, 12/1/44 | 40000 | 35619 |
| Exelon Corp., 4.45%, 4/15/46 | 20000 | 18104 |
| Israel Electric Corp. Ltd., 6.875%, 6/21/23<sup>(6)</sup> | 57000 | 57321 |
| MidAmerican Energy Co., 4.40%, 10/15/44 | 60000 | 56160 |
|  |  | 201453 |
| **Health Care Providers and Services — 0.1%** |  |  |
| CVS Health Corp., 4.78%, 3/25/38 | 40000 | 38328 |
| DaVita, Inc., 4.625%, 6/1/30<sup>(6)</sup> | 270000 | 227764 |
| Kaiser Foundation Hospitals, 3.00%, 6/1/51 | 70000 | 52144 |
|  |  | 318236 |
| **Hotels, Restaurants and Leisure — 0.2%** |  |  |
| Caesars Entertainment, Inc., 4.625%, 10/15/29<sup>(6)</sup> | 110000 | 94205 |
| Caesars Entertainment, Inc., 7.00%, 2/15/30<sup>(6)(8)</sup> | 142000 | 144663 |
| MGM Resorts International, 6.00%, 3/15/23 | 135000 | 135099 |
| MGM Resorts International, 4.625%, 9/1/26 | 39000 | 36785 |
| Penn Entertainment, Inc., 5.625%, 1/15/27<sup>(6)</sup> | 175000 | 164675 |
| Penn Entertainment, Inc., 4.125%, 7/1/29<sup>(6)</sup> | 43000 | 35531 |
| Station Casinos LLC, 4.625%, 12/1/31<sup>(6)</sup> | 530000 | 447336 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27<sup>(6)</sup> | 200000 | 189194 |
|  |  | 1247488 |
| **Household Durables — 0.1%** |  |  |
| KB Home, 4.80%, 11/15/29 | 253000 | 227321 |
| Meritage Homes Corp., 5.125%, 6/6/27 | 190000 | 182310 |
| Tempur Sealy International, Inc., 3.875%, 10/15/31<sup>(6)</sup> | 136000 | 112222 |
|  |  | 521853 |
| **Interactive Media and Services**<sup>†</sup> |  |  |
| Tencent Holdings Ltd., 3.80%, 2/11/25<sup>(6)</sup> | 86000 | 83952 |
| **Media**<sup>†</sup> |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49 | 85000 | 70519 |
| DISH DBS Corp., 7.75%, 7/1/26 | 165000 | 134223 |
|  |  | 204742 |
| **Metals and Mining — 0.1%** |  |  |
| ATI, Inc., 4.875%, 10/1/29 | 240000 | 219881 |
| Cleveland-Cliffs, Inc., 4.625%, 3/1/29<sup>(6)</sup> | 235000 | 219419 |
| Freeport-McMoRan, Inc., 5.40%, 11/14/34 | 215000 | 214206 |
|  |  | 653506 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>†</sup> | | | |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29<sup>(6)</sup> |  | $113000 | $94031 |
| **Multi-Utilities**<sup>†</sup> |  |  |  |
| Dominion Energy, Inc., 4.90%, 8/1/41 |  | 30000 | 28179 |
| **Oil, Gas and Consumable Fuels — 0.1%** |  |  |  |
| Antero Resources Corp., 7.625%, 2/1/29<sup>(6)</sup> |  | 65000 | 66561 |
| Crescent Energy Finance LLC, 9.25%, 2/15/28<sup>(6)(8)</sup> |  | 150000 | 149965 |
| Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 |  | 90000 | 88822 |
| Enterprise Products Operating LLC, 4.85%, 3/15/44 |  | 130000 | 124017 |
| Kinder Morgan Energy Partners LP, 6.50%, 9/1/39 |  | 60000 | 64422 |
| MEG Energy Corp., 5.875%, 2/1/29<sup>(6)</sup> |  | 120000 | 114743 |
| Petroleos Mexicanos, 6.70%, 2/16/32 |  | 50000 | 41572 |
| Southwestern Energy Co., 5.70%, 1/23/25 |  | 21000 | 20846 |
|  |  |  | 670948 |
| **Road and Rail**<sup>†</sup> |  |  |  |
| Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 |  | 12000 | 11487 |
| Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 |  | 80000 | 73239 |
|  |  |  | 84726 |
| **Wireless Telecommunication Services — 0.1%** |  |  |  |
| C&W Senior Financing DAC, 6.875%, 9/15/27<sup>(6)</sup> |  | 130000 | 123873 |
| Sprint LLC, 7.875%, 9/15/23 |  | 70000 | 71118 |
| Sprint LLC, 7.125%, 6/15/24 |  | 315000 | 322091 |
| T-Mobile USA, Inc., 4.75%, 2/1/28 |  | 240000 | 238007 |
| T-Mobile USA, Inc., 3.50%, 4/15/31 |  | 15000 | 13442 |
|  |  |  | 768531 |
| **TOTAL CORPORATE BONDS**<br>(Cost $10,228,782) |  |  | **9356204** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 1.2%** | **SOVEREIGN GOVERNMENTS AND AGENCIES — 1.2%** |  |  |
| **Australia**<sup>†</sup> |  |  |  |
| Australia Government Bond, 3.00%, 3/21/47 | AUD | 120000 | 72074 |
| New South Wales Treasury Corp., 3.00%, 3/20/28 | AUD | 110000 | 75021 |
|  |  |  | 147095 |
| **Austria**<sup>†</sup> |  |  |  |
| Republic of Austria Government Bond, 0.75%, 10/20/26<sup>(6)</sup> | EUR | 41000 | 41750 |
| Republic of Austria Government Bond, 4.15%, 3/15/37<sup>(6)</sup> | EUR | 29000 | 35950 |
|  |  |  | 77700 |
| **Belgium**<sup>†</sup> |  |  |  |
| Kingdom of Belgium Government Bond, 4.25%, 3/28/41<sup>(6)</sup> | EUR | 27000 | 33886 |
| **Canada — 0.2%** |  |  |  |
| Canadian Government Bond, 0.25%, 3/1/26 | CAD | 850000 | 581664 |
| Province of British Columbia Canada, 2.85%, 6/18/25 | CAD | 201000 | 148018 |
| Province of Quebec Canada, 3.00%, 9/1/23 | CAD | 215000 | 160168 |
| Province of Quebec Canada, 5.75%, 12/1/36 | CAD | 108000 | 97029 |
| Province of Quebec Canada, 3.50%, 12/1/48 | CAD | 20000 | 13835 |
|  |  |  | 1000714 |
| **China — 0.5%** |  |  |  |
| China Government Bond, 2.88%, 11/5/23 | CNY | 19000000 | 2830808 |
| China Government Bond, 3.25%, 6/6/26 | CNY | 400000 | 60570 |
| China Government Bond, 3.29%, 5/23/29 | CNY | 300000 | 45990 |
|  |  |  | 2937368 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| **Denmark**<sup>†</sup> | | | |
| Denmark Government Bond, 0.50%, 11/15/27 | DKK | 245000 | $32650 |
| Denmark Government Bond, 4.50%, 11/15/39 | DKK | 62000 | 11465 |
|  |  |  | 44115 |
| **Finland — 0.1%** |  |  |  |
| Finland Government Bond, 4.00%, 7/4/25<sup>(6)</sup> | EUR | 58000 | 65312 |
| Finland Government Bond, 0.125%, 4/15/36<sup>(6)</sup> | EUR | 350000 | 265545 |
|  |  |  | 330857 |
| **France — 0.1%** |  |  |  |
| French Republic Government Bond OAT, 0.00%, 11/25/31<sup>(7)</sup> | EUR | 1050000 | 904738 |
| **Germany**<sup>†</sup> |  |  |  |
| Bundesrepublik Deutschland Bundesanleihe, 0.00%, 8/15/52<sup>(7)</sup> | EUR | 40000 | 23255 |
| **Ireland**<sup>†</sup> |  |  |  |
| Ireland Government Bond, 3.40%, 3/18/24 | EUR | 74000 | 81204 |
| **Italy — 0.1%** |  |  |  |
| Italy Buoni Poliennali Del Tesoro, 1.50%, 6/1/25 | EUR | 35000 | 36657 |
| Italy Buoni Poliennali Del Tesoro, 2.00%, 12/1/25 | EUR | 223000 | 234175 |
|  |  |  | 270832 |
| **Malaysia**<sup>†</sup> |  |  |  |
| Malaysia Government Bond, 3.96%, 9/15/25 | MYR | 250000 | 59407 |
| **Mexico**<sup>†</sup> |  |  |  |
| Mexico Government International Bond, 4.15%, 3/28/27 |  | $200000 | 197990 |
| **Netherlands**<sup>†</sup> |  |  |  |
| Netherlands Government Bond, 0.50%, 7/15/26<sup>(6)</sup> | EUR | 100000 | 101611 |
| Netherlands Government Bond, 2.75%, 1/15/47<sup>(6)</sup> | EUR | 27000 | 31025 |
|  |  |  | 132636 |
| **Norway**<sup>†</sup> |  |  |  |
| Norway Government Bond, 2.00%, 5/24/23<sup>(6)</sup> | NOK | 85000 | 8491 |
| Norway Government Bond, 1.75%, 2/17/27<sup>(6)</sup> | NOK | 510000 | 48887 |
|  |  |  | 57378 |
| **Peru**<sup>†</sup> |  |  |  |
| Peruvian Government International Bond, 5.625%, 11/18/50 |  | $60000 | 61116 |
| **Poland**<sup>†</sup> |  |  |  |
| Republic of Poland Government Bond, 4.00%, 10/25/23 | PLN | 215000 | 49023 |
| **Switzerland**<sup>†</sup> |  |  |  |
| Swiss Confederation Government Bond, 1.25%, 5/28/26 | CHF | 147000 | 161627 |
| Swiss Confederation Government Bond, 2.50%, 3/8/36 | CHF | 3000 | 3741 |
|  |  |  | 165368 |
| **Thailand**<sup>†</sup> |  |  |  |
| Thailand Government Bond, 3.625%, 6/16/23 | THB | 1150000 | 35119 |
| Thailand Government Bond, 3.85%, 12/12/25 | THB | 3200000 | 102419 |
|  |  |  | 137538 |
| **United Kingdom — 0.2%** |  |  |  |
| United Kingdom Gilt, 0.125%, 1/30/26 | GBP | 1100000 | 1241693 |
| **Uruguay**<sup>†</sup> |  |  |  |
| Uruguay Government International Bond, 4.125%, 11/20/45 |  | $30000 | 28376 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $9,039,391) | **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $9,039,391) | **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $9,039,391) | **7982289** |

---

------

---

| | | |
|:---|:---|:---|
|<br>**COLLATERALIZED LOAN OBLIGATIONS — 0.5%** | **Shares/<br>Principal Amount** | **Value** |
| Cerberus Loan Funding XXVIII LP, Series 2020-1A, Class A, VRN, 6.64%, (3-month LIBOR plus 1.85%), 10/15/31<sup>(6)</sup> | $266838 | $265137 |
| Cook Park CLO Ltd., Series 2018-1A, Class C, VRN, 6.54%, (3-month LIBOR plus 1.75%), 4/17/30<sup>(6)</sup> | 250000 | 234853 |
| Dewolf Park CLO Ltd., Series 2017-1A, Class CR, VRN, 6.64%, (3-month LIBOR plus 1.85%), 10/15/30<sup>(6)</sup> | 200000 | 189682 |
| Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 5.93%, (3-month LIBOR plus 1.12%), 7/20/31<sup>(6)</sup> | 175000 | 173843 |
| KKR CLO Ltd., Series 2018, Class CR, VRN, 6.89%, (3-month LIBOR plus 2.10%), 7/18/30<sup>(6)</sup> | 175000 | 170230 |
| KKR CLO Ltd., Series 2022A, Class B, VRN, 6.41%, (3-month LIBOR plus 1.60%), 7/20/31<sup>(6)</sup> | 300000 | 293720 |
| Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 6.29%, (3-month LIBOR plus 1.50%), 4/15/31<sup>(6)</sup> | 300000 | 295552 |
| Magnetite XXV Ltd., Series 2020-25A, Class C, VRN, 6.92%, (3-month LIBOR plus 2.10%), 1/25/32<sup>(6)</sup> | 300000 | 291643 |
| Marathon CLO Ltd., Series 2021-17A, Class B1, VRN, 7.49%, (3-month LIBOR plus 2.68%), 1/20/35<sup>(6)</sup> | 200000 | 188362 |
| MF1 Ltd., Series 2021-FL7, Class AS, VRN, 5.92%, (1-month LIBOR plus 1.45%), 10/16/36<sup>(6)</sup> | 398000 | 380833 |
| Palmer Square Loan Funding Ltd., Series 2022-1A, Class B, VRN, 6.63%, (3-month SOFR plus 2.00%), 4/15/30<sup>(6)</sup> | 175000 | 168063 |
| Rockford Tower CLO Ltd., Series 2020-1A, Class C, VRN, 7.16%, (3-month LIBOR plus 2.35%), 1/20/32<sup>(6)</sup> | 250000 | 240789 |
| Symphony CLO XXII Ltd., Series 2020-22A, Class B, VRN, 6.49%, (3-month LIBOR plus 1.70%), 4/18/33<sup>(6)</sup> | 500000 | 491412 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $3,483,435) |  | **3384119** |
| **MUNICIPAL SECURITIES — 0.5%** |  |  |
| Bay Area Toll Authority Rev., 6.92%, 4/1/40  | 100000 | 121912 |
| Harris County Industrial Development Corp. Rev., (Exxon Mobil Corp.) VRDN, 1.19%, 2/1/23  | 2450000 | 2450000 |
| Metropolitan Transportation Authority Rev., 6.69%, 11/15/40  | 15000 | 16272 |
| Metropolitan Transportation Authority Rev., 6.81%, 11/15/40  | 10000 | 11059 |
| New Jersey Turnpike Authority Rev., 7.41%, 1/1/40  | 40000 | 52352 |
| New Jersey Turnpike Authority Rev., 7.10%, 1/1/41  | 30000 | 38210 |
| New York City GO, 6.27%, 12/1/37  | 5000 | 5726 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34  | 80000 | 81895 |
| Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51  | 35000 | 35777 |
| Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60  | 100000 | 73186 |
| Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40  | 90000 | 96703 |
| Sacramento Municipal Utility District Rev., 6.16%, 5/15/36  | 140000 | 158474 |
| San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40  | 10000 | 11173 |
| State of California GO, 4.60%, 4/1/38  | 30000 | 29654 |
| State of California GO, 7.55%, 4/1/39  | 20000 | 26688 |
| State of California GO, 7.30%, 10/1/39  | 25000 | 31917 |
| State of California GO, 7.60%, 11/1/40  | 40000 | 54340 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| State of Washington GO, 5.14%, 8/1/40  | $20000 | $21278 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $3,271,040) |  | **3316616** |
| **PREFERRED STOCKS — 0.3%** |  |  |
| **Automobiles — 0.1%** |  |  |
| Volkswagen International Finance NV, 3.875% | 300000 | 285788 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| Telefonica Europe BV, 3.00% | 300000 | 324581 |
| **Electric Utilities**<sup>†</sup> |  |  |
| Electricite de France SA, 3.375% | 200000 | 172857 |
| Enel SpA, 2.25% | 100000 | 94759 |
|  |  | 267616 |
| **Insurance — 0.1%** |  |  |
| Allianz SE, 2.625% | 200000 | 164460 |
| Allianz SE, 4.75% | 100000 | 108672 |
| Assicurazioni Generali SpA, 4.60% | 100000 | 106803 |
| Intesa Sanpaolo Vita SpA, 4.75% | 100000 | 106903 |
|  |  | 486838 |
| **Oil, Gas and Consumable Fuels**<sup>†</sup> |  |  |
| Eni SpA, 3.375% | 200000 | 186865 |
| **Trading Companies and Distributors**<sup>†</sup> |  |  |
| Aircastle Ltd., 5.25%<sup>(6)</sup> | 174000 | 143550 |
| **TOTAL PREFERRED STOCKS**<br>(Cost $2,177,807) |  | **1695238** |
| **ASSET-BACKED SECURITIES — 0.3%** |  |  |
| Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46<sup>(6)</sup> | $210620 | 179046 |
| BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A, SEQ, 2.94%, 5/25/29<sup>(6)</sup> | 33565 | 32525 |
| FirstKey Homes Trust, Series 2020-SFR1, Class C, 1.94%, 8/17/37<sup>(6)</sup> | 300000 | 274384 |
| FirstKey Homes Trust, Series 2020-SFR2, Class E, 2.67%, 10/19/37<sup>(6)</sup> | 300000 | 272617 |
| Lunar Aircarft Ltd., Series 2020-1A, Class A, SEQ, 3.38%, 2/15/45<sup>(6)</sup> | 344079 | 286456 |
| MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46<sup>(6)</sup> | 581402 | 498541 |
| VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36<sup>(6)</sup> | 91331 | 88445 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $1,869,279) |  | **1632014** |
| **EXCHANGE-TRADED FUNDS — 0.2%** |  |  |
| iShares Core S&P 500 ETF | 1306 | 533253 |
| iShares Russell Mid-Cap Value ETF<sup>(3)</sup> | 7372 | 839302 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $1,282,742) |  | **1372555** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 0.1%** | **Private Sponsor Collateralized Mortgage Obligations — 0.1%** |  |
| ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | $2556 | 2317 |
| Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 3.96%, 3/25/35 | 7161 | 7061 |
| Banc of America Mortgage Trust, Series 2004-E, Class 2A6, SEQ, VRN, 3.59%, 6/25/34 | 27087 | 25877 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Shares/<br>Principal Amount** | **Value** |
| Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.26%, 8/25/34 | $| 24576 | $23671 |
| First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 4.01%, 10/25/34 | 13968 | 13968 | 13781 |
| GSR Mortgage Loan Trust, Series 2004-5, Class 3A3, VRN, 2.82%, 5/25/34 | 17236 | 17236 | 16052 |
| GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 3.15%, 6/25/34 | 6646 | 6646 | 5952 |
| GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.78%, 1/25/35 | 14477 | 14477 | 13687 |
| MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.87%, 11/21/34 | 34711 | 34711 | 31479 |
| Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 3.70%, 11/25/35 | 11635 | 11635 | 11055 |
| Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 4.08%, 2/25/35 | 13006 | 13006 | 12228 |
| Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 4.08%, 2/25/35 | 5202 | 5202 | 4896 |
| Radnor RE Ltd., Series 2021-1, Class M1B, VRN, 6.01%, (30-day average SOFR plus 1.70%), 12/27/33<sup>(6)</sup> | 550000 | 550000 | 545196 |
| Sofi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46<sup>(6)</sup> | 8944 | 8944 | 8209 |
| Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 5.23%, 7/25/34 | 8176 | 8176 | 7926 |
| WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S11, Class 3A5, 5.95%, 11/25/33 | 10475 | 10475 | 9599 |
|  |  |  | 738986 |
| **U.S. Government Agency Collateralized Mortgage Obligations**<sup>†</sup> | **U.S. Government Agency Collateralized Mortgage Obligations**<sup>†</sup> | **U.S. Government Agency Collateralized Mortgage Obligations**<sup>†</sup> |  |
| FNMA, Series 2014-C02, Class 2M2, VRN, 7.11%, (1-month LIBOR plus 2.60%), 5/25/24 | 100409 | 100409 | 101704 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $855,706) |  |  | **840690** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.1%** |  |
| **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities**<sup>†</sup> | **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities**<sup>†</sup> | **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities**<sup>†</sup> |  |
| FHLMC, VRN, 3.55%, (12-month LIBOR plus 1.87%), 7/1/36 | 9102 | 9102 | 9240 |
| FHLMC, VRN, 4.20%, (1-year H15T1Y plus 2.14%), 10/1/36 | 13626 | 13626 | 13928 |
| FHLMC, VRN, 3.43%, (1-year H15T1Y plus 2.26%), 4/1/37 | 17240 | 17240 | 17541 |
| FHLMC, VRN, 4.09%, (12-month LIBOR plus 1.89%), 7/1/41 | 5685 | 5685 | 5708 |
| FNMA, VRN, 5.17%, (6-month LIBOR plus 1.57%), 6/1/35 | 12246 | 12246 | 12323 |
| FNMA, VRN, 5.31%, (6-month LIBOR plus 1.57%), 6/1/35 | 8500 | 8500 | 8535 |
| FNMA, VRN, 4.10%, (6-month LIBOR plus 1.54%), 9/1/35 | 2953 | 2953 | 3000 |
| FNMA, VRN, 3.85%, (1-year H15T1Y plus 2.15%), 3/1/38 | 18243 | 18243 | 18647 |
|  |  |  | **88922** |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%** | **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%** | **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%** |  |
| FNMA, 3.50%, 3/1/34 | 22634 | 22634 | 22116 |
| GNMA, 7.50%, 10/15/25 | 393 | 393 | 393 |
| GNMA, 6.00%, 3/15/26 | 1409 | 1409 | 1449 |
| GNMA, 7.00%, 12/15/27 | 1698 | 1698 | 1696 |
| GNMA, 7.00%, 5/15/31 | 4325 | 4325 | 4536 |
| GNMA, 5.50%, 11/15/32 | 6790 | 6790 | 7199 |
| GNMA, 6.50%, 10/15/38 | 124781 | 124781 | 134318 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| GNMA, 4.50%, 6/15/41 | $109365 | $111041 |
|  |  | **282748** |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $370,591) | **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $370,591) | **371670** |
| **SHORT-TERM INVESTMENTS — 4.3%** |  |  |
| **Certificates of Deposit — 0.7%** |  |  |
| Bank of Montreal, VRN, 4.93%, (SOFR plus 0.63%), 9/12/23 | 3500000 | 3507805 |
| Nordea Bank Abp, VRN, 4.90%, (SOFR plus 0.60%), 10/11/23 | 1000000 | 1002126 |
|  |  | 4509931 |
| **Commercial Paper**<sup>(9)</sup> **— 1.2%** |  |  |
| Alinghi Funding Co. LLC, 3.96%, 3/21/23 (LOC: UBS AG)<sup>(6)</sup> | 600000 | 596220 |
| Alinghi Funding Co. LLC, 5.43%, 7/13/23 (LOC: UBS AG)<sup>(6)</sup> | 700000 | 684406 |
| Chesham Finance Ltd / Chesham Finance LLC, 4.42%, 2/1/23 (LOC: HSBC Bank PLC)<sup>(6)</sup> | 1090000 | 1089869 |
| Liberty Street Funding LLC, 4.86%, 2/7/23 (LOC: Bank of Nova Scotia)<sup>(6)</sup> | 1450000 | 1448741 |
| Svenska Handelsbanken AB, VRN, 4.83%, (SOFR plus 0.53%), 5/19/23<sup>(6)</sup> | 800000 | 800716 |
| Svenska Handelsbanken AB, VRN, 5.09%, (SOFR plus 0.79%), 11/1/23<sup>(6)</sup> | 1000000 | 1000000 |
| UBS AG, VRN, 4.97%, (SOFR plus 0.65%), 6/29/23<sup>(6)</sup> | 700000 | 700000 |
| UBS AG, VRN, 4.90%, (SOFR plus 0.58%), 9/22/23<sup>(6)</sup> | 600000 | 600000 |
| Washington Morgan Capital Co. LLC, 5.08%, 4/27/23 (LOC: Goldman Sachs & Co.)<sup>(6)</sup> | 1200000 | 1201358 |
|  |  | 8121310 |
| **Money Market Funds — 1.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 10777394 | 10777394 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(10)</sup> | 877596 | 877596 |
|  |  | 11654990 |
| **Treasury Bills**<sup>(9)</sup> **— 0.6%** |  |  |
| U.S. Treasury Bills, 4.42%, 3/7/23 | $300000 | 298724 |
| U.S. Treasury Bills, 4.61%, 5/4/23 | 600000 | 593018 |
| U.S. Treasury Bills, 4.72%, 6/1/23 | 350000 | 344691 |
| U.S. Treasury Bills, 4.70%, 6/15/23 | 1500000 | 1474910 |
| U.S. Treasury Bills, 4.87%, 7/20/23 | 500000 | 489240 |
| U.S. Treasury Bills, 4.73%, 11/2/23 | 650000 | 627855 |
|  |  | 3828438 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $28,102,495) |  | **28114669** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $568,957,215) |  | **652429499** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(1020648)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**651408851** |

---

------

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| USD | 142772 | AUD | 211483 | Bank of America N.A. | 3/15/23 | $(6744) |
| CAD | 8636 | USD | 6352 | Goldman Sachs & Co. | 3/31/23 | 142 |
| CAD | 7641 | USD | 5646 | Goldman Sachs & Co. | 3/31/23 | 99 |
| USD | 975246 | CAD | 1325912 | Morgan Stanley | 3/15/23 | (21568) |
| USD | 231751 | CAD | 316850 | Goldman Sachs & Co. | 3/31/23 | (6486) |
| USD | 351967 | CAD | 481210 | Goldman Sachs & Co. | 3/31/23 | (9850) |
| USD | 11791 | CAD | 16043 | Goldman Sachs & Co. | 3/31/23 | (272) |
| USD | 13861 | CAD | 18847 | Goldman Sachs & Co. | 3/31/23 | (309) |
| USD | 12794 | CAD | 17447 | Goldman Sachs & Co. | 3/31/23 | (325) |
| USD | 5649 | CAD | 7641 | Goldman Sachs & Co. | 3/31/23 | (96) |
| USD | 5718 | CAD | 7758 | Goldman Sachs & Co. | 3/31/23 | (115) |
| USD | 14823 | CAD | 19892 | Goldman Sachs & Co. | 3/31/23 | (134) |
| USD | 6687 | CAD | 8934 | Goldman Sachs & Co. | 3/31/23 | (30) |
| USD | 9884 | CAD | 13204 | Goldman Sachs & Co. | 3/31/23 | (44) |
| USD | 9654 | CAD | 12930 | Goldman Sachs & Co. | 3/31/23 | (69) |
| USD | 10512 | CAD | 14094 | Goldman Sachs & Co. | 3/31/23 | (85) |
| USD | 11883 | CAD | 15870 | Goldman Sachs & Co. | 3/31/23 | (49) |
| USD | 6805 | CAD | 9051 | Goldman Sachs & Co. | 3/31/23 | (1) |
| USD | 167057 | CHF | 155071 | Morgan Stanley | 3/15/23 | (3080) |
| USD | 5973537 | CNY | 41247274 | Morgan Stanley | 3/15/23 | (150936) |
| EUR | 6740 | USD | 7210 | JPMorgan Chase Bank N.A. | 3/31/23 | 144 |
| EUR | 4760 | USD | 5094 | JPMorgan Chase Bank N.A. | 3/31/23 | 100 |
| EUR | 5369 | USD | 5847 | JPMorgan Chase Bank N.A. | 3/31/23 | 12 |
| EUR | 72693 | USD | 79273 | JPMorgan Chase Bank N.A. | 3/31/23 | 42 |
| USD | 5647050 | EUR | 5337830 | Goldman Sachs & Co. | 3/15/23 | (171237) |
| USD | 220391 | EUR | 205822 | JPMorgan Chase Bank N.A. | 3/31/23 | (4182) |
| USD | 10765 | EUR | 10167 | JPMorgan Chase Bank N.A. | 3/31/23 | (328) |
| USD | 5964 | EUR | 5522 | JPMorgan Chase Bank N.A. | 3/31/23 | (61) |
| USD | 14417 | EUR | 13366 | JPMorgan Chase Bank N.A. | 3/31/23 | (166) |
| USD | 7505 | EUR | 6892 | JPMorgan Chase Bank N.A. | 3/31/23 | (16) |
| USD | 3033168 | EUR | 2832661 | JPMorgan Chase Bank N.A. | 3/31/23 | (57557) |
| USD | 74069 | EUR | 69528 | JPMorgan Chase Bank N.A. | 3/31/23 | (1793) |
| USD | 98599 | EUR | 93124 | JPMorgan Chase Bank N.A. | 3/31/23 | (3009) |
| USD | 92399 | EUR | 84863 | JPMorgan Chase Bank N.A. | 3/31/23 | (195) |
| USD | 10152 | EUR | 9292 | JPMorgan Chase Bank N.A. | 3/31/23 | 14 |
| GBP | 9101 | USD | 11089 | Bank of America N.A. | 3/31/23 | 145 |
| GBP | 8478 | USD | 10249 | Bank of America N.A. | 3/31/23 | 215 |
| GBP | 9426 | USD | 11373 | Bank of America N.A. | 3/31/23 | 263 |
| GBP | 10768 | USD | 13020 | Bank of America N.A. | 3/31/23 | 272 |
| GBP | 13404 | USD | 16072 | Bank of America N.A. | 3/31/23 | 475 |
| GBP | 7765 | USD | 9394 | Bank of America N.A. | 3/31/23 | 191 |
| GBP | 6058 | USD | 7227 | Bank of America N.A. | 3/31/23 | 251 |
| GBP | 6223 | USD | 7690 | Bank of America N.A. | 3/31/23 | (9) |
| GBP | 10971 | USD | 13609 | Bank of America N.A. | 3/31/23 | (66) |
| USD | 1458546 | GBP | 1191895 | Bank of America N.A. | 3/15/23 | (12216) |
| USD | 376290 | GBP | 308656 | Bank of America N.A. | 3/31/23 | (4720) |
| USD | 109 | GBP | 90 | Bank of America N.A. | 3/31/23 | (2) |
| USD | 11685 | GBP | 9600 | Bank of America N.A. | 3/31/23 | (166) |
| USD | 10458 | GBP | 8534 | Bank of America N.A. | 3/31/23 | (76) |
| NOK | 45629 | USD | 4637 | UBS AG | 3/31/23 | (53) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| NOK | 63557 | USD | 6450 | UBS AG | 3/31/23 | $(65) |
| NOK | 30095 | USD | 3061 | UBS AG | 3/31/23 | (38) |
| NOK | 42641 | USD | 4340 | UBS AG | 3/31/23 | (56) |
| NOK | 76682 | USD | 7845 | UBS AG | 3/31/23 | (142) |
| USD | 26212 | NOK | 258603 | UBS AG | 3/31/23 | 234 |
| USD | 140621 | THB | 4850729 | Bank of America N.A. | 3/15/23 | (6945) |
|  |  |  |  |  |  | $(460692) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional <br>Amount** | **Unrealized Appreciation <br>(Depreciation)^** |
| Korean Treasury 10-Year Bonds | 3 | March 2023 | $278373 | $2893 |
| U.K. Gilt 10-Year Bonds | 3 | March 2023 | 386535 | (4383) |
| U.S. Treasury 5-Year Notes | 83 | March 2023 | 9067102 | 45612 |
| U.S. Treasury 10-Year Notes | 66 | March 2023 | 7558031 | (61651) |
| U.S. Treasury 10-Year Ultra Notes | 47 | March 2023 | 5696547 | 38063 |
|  |  |  | $22986588 | $20534 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** |
| **Reference <br>Entity** | **Type**<sup>‡</sup> | **Fixed Rate <br>Received <br>(Paid)<br>Quarterly** | **Termination<br>Date** | **Notional <br>Amount** | **Premiums <br>Paid <br>(Received)** | **Unrealized <br>Appreciation <br>(Depreciation)** | **Value^** |
| Markit CDX North America High Yield Index Series 38 | Sell | 5.00% | 6/20/27 | $7227000 | $(144173) | $467838 | $323665 |

---

‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit

event occurs as defined under the terms of the agreement is the notional amount. The maximum potential

amount may be partially offset by any recovery values of the reference entities and upfront payments received

upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

------

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CDX | Credit Derivatives Indexes |
| CHF | Swiss Franc |
| CNY | Chinese Yuan |
| DKK | Danish Krone |
| EUR | Euro |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| H15T1Y | Constant Maturity U.S. Treasury Note Yield Curve Rate Index |
| LIBOR | London Interbank Offered Rate |
| LOC | Letter of Credit |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| PLN | Polish Zloty |
| SEQ | Sequential Payer |
| SOFR | Secured Overnight Financing Rate |
| THB | Thai Baht |
| USD | United States Dollar |
| VRDN | Variable Rate Demand Note. The instrument may be payable upon demand and 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 date of the demand feature is disclosed. |
| 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. |

---

†Category is less than 0.05% of total net assets.

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(2)Non-income producing.

(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,319,946. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(4)Security may be subject to resale, redemption or transferability restrictions.

(5)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,211,662.

(6)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 $17,804,685, which represented 2.7% of total net assets.

(7)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(8)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(9)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

(10)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,386,129, which includes securities collateral of $1,508,533.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | **JANUARY 31, 2023 (UNAUDITED)** |
| **Assets** | **Assets** |
| Investment securities - unaffiliated, at value (cost of $268,903,706) — including $2,319,946 of securities on loan | $304345728 |
| Investment securities - affiliated, at value (cost of $299,175,913) | 347206175 |
| Investment made with cash collateral received for securities on loan, at value (cost of $877,596) | 877596 |
| Total investment securities, at value (cost of $568,957,215) | 652429499 |
| Foreign currency holdings, at value (cost of $48,304) | 4215 |
| Foreign deposits with broker for futures contracts, at value (cost of $36,308) | 39645 |
| Receivable for investments sold | 1007740 |
| Receivable for capital shares sold | 424704 |
| Receivable for variation margin on futures contracts | 45297 |
| Receivable for variation margin on swap agreements | 37335 |
| Unrealized appreciation on forward foreign currency exchange contracts | 2599 |
| Interest and dividends receivable | 814402 |
| Securities lending receivable | 2831 |
| Other assets | 25302 |
|  | 654833569 |
| **Liabilities** | **Liabilities** |
| Disbursements in excess of demand deposit cash | 170911 |
| Payable for collateral received for securities on loan | 877596 |
| Payable for investments purchased | 1033722 |
| Payable for capital shares redeemed | 547330 |
| Payable for variation margin on futures contracts | 1601 |
| Unrealized depreciation on forward foreign currency exchange contracts | 463291 |
| Accrued management fees | 271409 |
| Distribution and service fees payable | 48995 |
| Accrued other expenses | 9863 |
|  | 3424718 |
| **Net Assets** | $651408851 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Capital (par value and paid-in surplus) | $570323328 |
| Distributable earnings (loss) | 81085523 |
|  | $651408851 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $250536663 | 35616461 | $7.03 |
| I Class, $0.01 Par Value | $60345104 | 8673795 | $6.96 |
| A Class, $0.01 Par Value | $145183814 | 20367362 | $7.13 |
| C Class, $0.01 Par Value | $15853839 | 2308366 | $6.87 |
| R Class, $0.01 Par Value | $13666955 | 1918514 | $7.12 |
| R5 Class, $0.01 Par Value | $17442 | 2506 | $6.96 |
| R6 Class, $0.01 Par Value | $165805034 | 23937659 | $6.93 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $7.56 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Income distributions from affiliated funds | $3947069 |
| Interest (net of foreign taxes withheld of $396) | 1700754 |
| Dividends (net of foreign taxes withheld of $32,594) | 1590601 |
| Securities lending, net | 36875 |
|  | 7275299 |
| **Expenses:** |  |
| Management fees | 3277943 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 174743 |
| &nbsp;&nbsp;&nbsp;C Class | 78232 |
| &nbsp;&nbsp;&nbsp;R Class | 35133 |
| Directors' fees and expenses | 9971 |
| Other expenses | 39314 |
|  | 3615336 |
| Fees waived<sup>(1)</sup> | (1699073) |
|  | 1916263 |
| **Net investment income (loss)** | 5359036 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| **Net realized gain (loss) on:** |  |
| Investment transactions (including $1,954,458 from affiliated funds) | 1463707 |
| Forward foreign currency exchange contract transactions | 972123 |
| Futures contract transactions | (959153) |
| Swap agreement transactions | 161693 |
| Foreign currency translation transactions | (304036) |
| Capital gain distributions received from affiliated funds | 1030196 |
|  | 2364530 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (including $6,429,732 from affiliated funds) | 12744180 |
| Forward foreign currency exchange contracts | (1079531) |
| Futures contracts | (292722) |
| Swap agreements | 288675 |
| Translation of assets and liabilities in foreign currencies | (9782) |
|  | 11650820 |
| **Net realized and unrealized gain (loss)** | 14015350 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $19374386 |

---

(1)Amount consists of $655,397, $157,984, $378,013, $42,310, $38,004, $43 and $427,322 for Investor Class, I Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | **Operations** | **Operations** |
| Net investment income (loss) | $5359036 | $11998704 |
| Net realized gain (loss) | 2364530 | 47630956 |
| Change in net unrealized appreciation (depreciation) | 11650820 | (137524567) |
| Net increase (decrease) in net assets resulting from operations | 19374386 | (77894907) |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (12410905) | (36011235) |
| &nbsp;&nbsp;&nbsp;I Class | (3151906) | (5941362) |
| &nbsp;&nbsp;&nbsp;A Class | (6768419) | (19836034) |
| &nbsp;&nbsp;&nbsp;C Class | (662133) | (2358549) |
| &nbsp;&nbsp;&nbsp;R Class | (609495) | (2055153) |
| &nbsp;&nbsp;&nbsp;R5 Class | (882) | (1947) |
| &nbsp;&nbsp;&nbsp;R6 Class | (8730240) | (23401758) |
| Decrease in net assets from distributions | (32333980) | (89606038) |
| **Capital Share Transactions** | **Capital Share Transactions** | **Capital Share Transactions** |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 13983942 | (41427439) |
| **Net increase (decrease) in net assets** | 1024348 | (208928384) |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | 650384503 | 859312887 |
| End of period | $651408851 | $650384503 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**JANUARY 31, 2023 (UNAUDITED)** 

**1. Organization**

American Century Strategic Asset Allocations, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Strategic Allocation: Aggressive Fund (the fund) is one fund in a series issued by the corporation. The fund may invest in varying combinations of other affiliated investment companies such as mutual funds and exchange-traded funds advised by American Century Investments (affiliated funds). The fund will assume the risks associated with the affiliated funds. The fund is an asset allocation fund and its investment objective is to seek the highest level of total return consistent with its asset mix.

The fund offers the Investor Class, I Class, A Class, C Class, R Class, R5 Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

**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 Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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 bonds, U.S. Treasury and Government Agency securities, convertible bonds, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. Commercial paper and certificates of deposit are valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers. Fixed income 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.

------

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. Hybrid 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.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service. Investments 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.

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.

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

**Investment Income —** Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Income and capital gain distributions, if any, from the affiliated funds are recorded as of the ex-dividend date. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

------

**Income Tax Status —** It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Multiple Class —** All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

**Indemnifications —** Under the corporation's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of January 31, 2023.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and**<br>**Continuous** | **<30 days** | **Between**<br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $877596 |  |  |  | $877596 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $877596 |

---

(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

------

**3. Fees and Transactions with Related Parties**

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM serves as the investment advisor for the

affiliated funds.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets). The investment advisor will waive the portion of the fund's management fee equal to the expenses attributable to the management fees of the funds advised by American Century Investments in which the fund invests. The amount of this waiver will fluctuate depending on the fund's daily allocation to such funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Directors. During the period ended January 31, 2023, the investment advisor agreed to waive an additional 0.37% of the fund's management fee. The investment advisor expects this waiver to continue until November 30, 2023 and cannot terminate it prior to such date without the approval of the Board of Directors.

The management fee schedule range and the effective annual management fee before and after waiver for each class for the period ended January 31, 2023 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Management Fee Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** |
| | **Management Fee Schedule Range** | **Before Waiver** | **After Waiver** |
| Investor Class | 0.90% to 1.15% | 1.15% | 0.61% |
| I Class | 0.70% to 0.95% | 0.95% | 0.41% |
| A Class | 0.90% to 1.15% | 1.15% | 0.61% |
| C Class | 0.90% to 1.15% | 1.15% | 0.61% |
| R Class | 0.90% to 1.15% | 1.15% | 0.61% |
| R5 Class | 0.70% to 0.95% | 0.95% | 0.41% |
| R6 Class | 0.55% to 0.80% | 0.80% | 0.26% |

---

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended January 31, 2023 are detailed in the Statement of Operations.

**Directors' Fees and Expenses** — The Board of Directors is responsible for overseeing the investment advisor's management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

------

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $180,451 and $18,401, respectively. The effect of interfund transactions on the Statement of Operations was $(2,555) in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases of investment securities, excluding short-term investments, for the period ended January 31, 2023 totaled $95,515,259, of which $20,461,398 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended January 31, 2023 totaled $111,203,924, of which $4,225,723 represented U.S. Treasury and Government Agency obligations.

------

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 550000000 |  | 550000000 |  |
| Sold | 1261303 | $8716480 | 2192573 | $17989875 |
| Issued in reinvestment of distributions | 1868069 | 12235850 | 4266590 | 35199368 |
| Redeemed | (2369790) | (16331323) | (6356508) | (52076844) |
|  | 759582 | 4621007 | 102655 | 1112399 |
| **I Class/Shares Authorized** | 150000000 |  | 150000000 |  |
| Sold | 475997 | 3282763 | 4912186 | 37692709 |
| Issued in reinvestment of distributions | 482518 | 3126719 | 718353 | 5868942 |
| Redeemed | (830600) | (5648144) | (3234459) | (26172277) |
|  | 127915 | 761338 | 2396080 | 17389374 |
| **A Class/Shares Authorized** | 325000000 |  | 325000000 |  |
| Sold | 791676 | 5529857 | 1788632 | 14489820 |
| Issued in reinvestment of distributions | 995087 | 6607375 | 2310732 | 19317722 |
| Redeemed | (1226066) | (8562245) | (3581923) | (29008106) |
|  | 560697 | 3574987 | 517441 | 4799436 |
| **C Class/Shares Authorized** | 90000000 |  | 90000000 |  |
| Sold | 131486 | 881841 | 392416 | 3097455 |
| Issued in reinvestment of distributions | 103458 | 662133 | 292260 | 2358539 |
| Redeemed | (305901) | (2062157) | (938543) | (7504053) |
|  | (70957) | (518183) | (253867) | (2048059) |
| **R Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 128331 | 886891 | 227076 | 1836368 |
| Issued in reinvestment of distributions | 91189 | 605498 | 244500 | 2044022 |
| Redeemed | (436813) | (3007788) | (379061) | (3116489) |
|  | (217293) | (1515399) | 92515 | 763901 |
| **R5 Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 191 | 1310 | 236 | 1832 |
| Issued in reinvestment of distributions | 136 | 882 | 238 | 1947 |
| Redeemed |  |  | (3) | (23) |
|  | 327 | 2192 | 471 | 3756 |
| **R6 Class/Shares Authorized** | 455000000 |  | 455000000 |  |
| Sold | 1611400 | 10871960 | 3896466 | 31939930 |
| Issued in reinvestment of distributions | 1353526 | 8730240 | 2878445 | 23401758 |
| Redeemed | (1850512) | (12544200) | (13818845) | (118789934) |
|  | 1114414 | 7058000 | (7043934) | (63448246) |
| Net increase (decrease) | 2274685 | $13983942 | (4188639) | $(41427439) |

---

------

**6. 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** | | | |
| Affiliated Funds | $347206175 |  |  |
| Common Stocks | 142550379 | $56790379 |  |
| U.S. Treasury Securities |  | 47816502 |  |
| Corporate Bonds |  | 9356204 |  |
| Sovereign Governments and Agencies |  | 7982289 |  |
| Collateralized Loan Obligations |  | 3384119 |  |
| Municipal Securities |  | 3316616 |  |
| Preferred Stocks |  | 1695238 |  |
| Asset-Backed Securities |  | 1632014 |  |
| Exchange-Traded Funds | 1372555 |  |  |
| Collateralized Mortgage Obligations |  | 840690 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 371670 |  |
| Short-Term Investments | 11654990 | 16459679 |  |
|  | $502784099 | $149645400 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $83675 | $2893 |  |
| Swap Agreements |  | 323665 |  |
| Forward Foreign Currency Exchange Contracts |  | 2599 |  |
|  | $83675 | $329157 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $61651 | $4383 |  |
| Forward Foreign Currency Exchange Contracts |  | 463291 |  |
|  | $61651 | $467674 |  |

---

------

**7. Derivative Instruments**

**Credit Risk —** The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $7,227,000.

**Foreign Currency Risk —** The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $27,758,375.

**Interest Rate Risk —** The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $25,321,226 futures contracts purchased and $3,974,813 futures contracts sold.

------

Value of Derivative Instruments as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Type of Risk Exposure** | **Location on Statement of Assets and Liabilities** | **Value** | **Location on Statement of Assets and Liabilities** | **Value** |
| Credit Risk | Receivable for variation margin on swap agreements\* | $37335 | Payable for variation margin on swap agreements\* |  |
| Foreign Currency Risk | Unrealized appreciation on forward foreign currency exchange contracts | 2599 | Unrealized depreciation on forward foreign currency exchange contracts | $463291 |
| Interest Rate Risk | Receivable for variation margin on futures contracts\* | 45297 | Payable for variation margin on futures contracts\* | 1601 |
|  |  | $85231 |  | $464892 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Change in Net Unrealized Appreciation (Depreciation)** | **Change in Net Unrealized Appreciation (Depreciation)** |
| **Type of Risk Exposure** | **Location on Statement of Operations** | **Value** | **Location on Statement of Operations** | **Value** |
| Credit Risk | Net realized gain (loss) on swap agreement transactions | $161693 | Change in net unrealized appreciation (depreciation) on swap agreements | $288675 |
| Foreign Currency Risk | Net realized gain (loss) on forward foreign currency exchange contract transactions | 972123 | Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts | (1079531) |
| Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (959153) | Change in net unrealized appreciation (depreciation) on futures contracts | (292722) |
|  |  | $174663 |  | $(1083578) |

---

**8. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.

------

**9. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $572993861 |
| Gross tax appreciation of investments | $99972593 |
| Gross tax depreciation of investments | (20536955) |
| Net tax appreciation (depreciation) of investments | $79435638 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

**10. Investments in Affiliated Funds**

The fund does not invest in an affiliated fund for the purpose of exercising management or control; however, investments by the fund within its investment strategy may represent a significant portion of an affiliated fund's net assets. As of period end, the fund owned 25% of the total outstanding shares of American Century Focused Dynamic Growth ETF .

------

**11. Affiliated Fund Transactions**

A summary of transactions for each affiliated fund for the period ended January 31, 2023 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net <br>Unrealized <br>Appreciation <br>(Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| American Century Diversified Corporate Bond ETF | $13697 |  |  | $(277) | $13420 | 288 |  | $224 |
| American Century Emerging Markets Bond ETF | 5183 |  |  | 23 | 5206 | 133 |  | 149 |
| American Century Focused Dynamic Growth ETF<sup>(3)</sup> | 31492 | $2973 | $1586 | (624) | 32255 | 560 | $(466) |  |
| American Century Focused Large Cap Value ETF | 42099 | 1450 | 4039 | 152 | 39662 | 658 | 925 | 1511 |
| American Century Multisector Income ETF | 23858 |  |  | (475) | 23383 | 532 |  | 526 |
| American Century Quality Diversified International ETF | 28343 | 2002 | 75 | 1597 | 31867 | 738 | (15) | 435 |
| American Century Short Duration Strategic Income ETF |  | 3580 |  | 72 | 3652 | 71 |  | 29 |
| American Century STOXX U.S. Quality Growth ETF | 32960 | 531 | 2855 | 266 | 30902 | 495 | (325) | 69 |
| American Century STOXX U.S. Quality Value ETF | 43021 | 424 | 4474 | 1043 | 40014 | 806 | (203) | 586 |
| Avantis Emerging Markets Equity ETF | 38565 | 1611 | 6854 | 3201 | 36523 | 664 | (1102) | 588 |
| Avantis International Equity ETF | 28132 | 250 | 619 | 2398 | 30161 | 521 | (100) | 278 |
| Avantis International Small Cap Value ETF | 8393 | 111 | 555 | 550 | 8499 | 142 | 21 | 106 |
| Avantis U.S. Equity ETF | 44231 | 368 | 2781 | 21 | 41839 | 575 | 968 | 359 |
| Avantis U.S. Small Cap Value ETF | 16012 | 27 | 4699 | (1517) | 9823 | 120 | 2251 | 117 |
|  | $355986 | $13327 | $28537 | $6430 | $347206 | 6303 | $1954 | $4977 |

---

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at americancentury.com or avantisinvestors.com.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

Financial Highlights

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net <br>Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2023<sup>(3)</sup> | $7.20 | 0.06 | 0.13 | 0.19 | (0.11) | (0.25) | (0.36) | $7.03 | 3.07% | 0.62%<sup>(4)</sup> | 1.16%<sup>(4)</sup> | 1.70%<sup>(4)</sup> | 1.16%<sup>(4)</sup> | 16% | $250537 |
| 2022 | $9.09 | 0.13 | (0.93) | (0.80) | (0.14) | (0.95) | (1.09) | $7.20 | (10.38)% | 0.63% | 1.17% | 1.61% | 1.07% | 36% | $250891 |
| 2021 | $7.45 | 0.08 | 2.09 | 2.17 | (0.06) | (0.47) | (0.53) | $9.09 | 30.04% | 0.67% | 1.16% | 0.95% | 0.46% | 44% | $316039 |
| 2020 | $7.91 | 0.08 | 0.58 | 0.66 | (0.13) | (0.99) | (1.12) | $7.45 | 8.82% | 0.84% | 1.16% | 1.06% | 0.74% | 109% | $262987 |
| 2019 | $8.57 | 0.10 | 0.11 | 0.21 | (0.10) | (0.77) | (0.87) | $7.91 | 3.96% | 1.11% | 1.16% | 1.27% | 1.22% | 78% | $300544 |
| 2018<sup>(5)</sup> | $9.04 | 0.06 | 0.28 | 0.34 | (0.12) | (0.69) | (0.81) | $8.57 | 4.05% | 1.11%<sup>(4)</sup> | 1.16%<sup>(4)</sup> | 1.10%<sup>(4)</sup> | 1.05%<sup>(4)</sup> | 58% | $372601 |
| 2017 | $7.80 | 0.10 | 1.37 | 1.47 | (0.11) | (0.12) | (0.23) | $9.04 | 19.30% | 1.11% | 1.16% | 1.19% | 1.14% | 80% | $448081 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |
| 2023<sup>(3)</sup> | $7.13 | 0.07 | 0.14 | 0.21 | (0.13) | (0.25) | (0.38) | $6.96 | 3.32% | 0.42%<sup>(4)</sup> | 0.96%<sup>(4)</sup> | 1.90%<sup>(4)</sup> | 1.36%<sup>(4)</sup> | 16% | $60345 |
| 2022 | $9.02 | 0.15 | (0.93) | (0.78) | (0.16) | (0.95) | (1.11) | $7.13 | (10.28)% | 0.43% | 0.97% | 1.81% | 1.27% | 36% | $60934 |
| 2021 | $7.40 | 0.10 | 2.07 | 2.17 | (0.08) | (0.47) | (0.55) | $9.02 | 30.42% | 0.47% | 0.96% | 1.15% | 0.66% | 44% | $55466 |
| 2020 | $7.86 | 0.09 | 0.59 | 0.68 | (0.15) | (0.99) | (1.14) | $7.40 | 8.97% | 0.64% | 0.96% | 1.26% | 0.94% | 109% | $46105 |
| 2019 | $8.52 | 0.11 | 0.11 | 0.22 | (0.11) | (0.77) | (0.88) | $7.86 | 4.22% | 0.91% | 0.96% | 1.47% | 1.42% | 78% | $52389 |
| 2018<sup>(5)</sup> | $9.00 | 0.07 | 0.28 | 0.35 | (0.14) | (0.69) | (0.83) | $8.52 | 4.18% | 0.91%<sup>(4)</sup> | 0.96%<sup>(4)</sup> | 1.30%<sup>(4)</sup> | 1.25%<sup>(4)</sup> | 58% | $68975 |
| 2017 | $7.76 | 0.12 | 1.36 | 1.48 | (0.12) | (0.12) | (0.24) | $9.00 | 19.64% | 0.91% | 0.96% | 1.39% | 1.34% | 80% | $139110 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net <br>Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2023<sup>(3)</sup> | $7.28 | 0.05 | 0.15 | 0.20 | (0.10) | (0.25) | (0.35) | $7.13 | 3.06% | 0.87%<sup>(4)</sup> | 1.41%<sup>(4)</sup> | 1.45%<sup>(4)</sup> | 0.91%<sup>(4)</sup> | 16% | $145184 |
| 2022 | $9.18 | 0.11 | (0.94) | (0.83) | (0.12) | (0.95) | (1.07) | $7.28 | (10.64)% | 0.88% | 1.42% | 1.36% | 0.82% | 36% | $144188 |
| 2021 | $7.52 | 0.06 | 2.11 | 2.17 | (0.04) | (0.47) | (0.51) | $9.18 | 29.69% | 0.92% | 1.41% | 0.70% | 0.21% | 44% | $177147 |
| 2020 | $7.97 | 0.06 | 0.59 | 0.65 | (0.11) | (0.99) | (1.10) | $7.52 | 8.58% | 1.09% | 1.41% | 0.81% | 0.49% | 109% | $147856 |
| 2019 | $8.63 | 0.08 | 0.11 | 0.19 | (0.08) | (0.77) | (0.85) | $7.97 | 3.66% | 1.36% | 1.41% | 1.02% | 0.97% | 78% | $168774 |
| 2018<sup>(5)</sup> | $9.08 | 0.05 | 0.28 | 0.33 | (0.09) | (0.69) | (0.78) | $8.63 | 3.87% | 1.36%<sup>(4)</sup> | 1.41%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 0.80%<sup>(4)</sup> | 58% | $188883 |
| 2017 | $7.84 | 0.08 | 1.37 | 1.45 | (0.09) | (0.12) | (0.21) | $9.08 | 19.02% | 1.36% | 1.41% | 0.94% | 0.89% | 80% | $209181 |
| **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** |
| 2023<sup>(3)</sup> | $7.00 | 0.02 | 0.14 | 0.16 | (0.04) | (0.25) | (0.29) | $6.87 | 2.66% | 1.62%<sup>(4)</sup> | 2.16%<sup>(4)</sup> | 0.70%<sup>(4)</sup> | 0.16%<sup>(4)</sup> | 16% | $15854 |
| 2022 | $8.86 | 0.05 | (0.91) | (0.86) | (0.05) | (0.95) | (1.00) | $7.00 | (11.30)% | 1.63% | 2.17% | 0.61% | 0.07% | 36% | $16652 |
| 2021 | $7.29 | (0.01) | 2.05 | 2.04 |  | (0.47) | (0.47) | $8.86 | 28.76% | 1.67% | 2.16% | (0.05)% | (0.54)% | 44% | $23338 |
| 2020 | $7.75 | —<sup>(6)</sup> | 0.58 | 0.58 | (0.05) | (0.99) | (1.04) | $7.29 | 7.80% | 1.84% | 2.16% | 0.06% | (0.26)% | 109% | $29423 |
| 2019 | $8.41 | 0.02 | 0.11 | 0.13 | (0.02) | (0.77) | (0.79) | $7.75 | 2.91% | 2.11% | 2.16% | 0.27% | 0.22% | 78% | $36620 |
| 2018<sup>(5)</sup> | $8.85 | 0.01 | 0.27 | 0.28 | (0.03) | (0.69) | (0.72) | $8.41 | 3.36% | 2.11%<sup>(4)</sup> | 2.16%<sup>(4)</sup> | 0.10%<sup>(4)</sup> | 0.05%<sup>(4)</sup> | 58% | $53503 |
| 2017 | $7.64 | 0.02 | 1.34 | 1.36 | (0.03) | (0.12) | (0.15) | $8.85 | 18.07% | 2.11% | 2.16% | 0.19% | 0.14% | 80% | $66032 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net <br>Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |
| 2023<sup>(3)</sup> | $7.27 | 0.04 | 0.14 | 0.18 | (0.08) | (0.25) | (0.33) | $7.12 | 2.80% | 1.12%<sup>(4)</sup> | 1.66%<sup>(4)</sup> | 1.20%<sup>(4)</sup> | 0.66%<sup>(4)</sup> | 16% | $13667 |
| 2022 | $9.17 | 0.09 | (0.95) | (0.86) | (0.09) | (0.95) | (1.04) | $7.27 | (10.88)% | 1.13% | 1.67% | 1.11% | 0.57% | 36% | $15518 |
| 2021 | $7.51 | 0.04 | 2.11 | 2.15 | (0.02) | (0.47) | (0.49) | $9.17 | 29.58% | 1.17% | 1.66% | 0.45% | (0.04)% | 44% | $18729 |
| 2020 | $7.96 | 0.04 | 0.59 | 0.63 | (0.09) | (0.99) | (1.08) | $7.51 | 8.16% | 1.34% | 1.66% | 0.56% | 0.24% | 109% | $16353 |
| 2019 | $8.61 | 0.06 | 0.12 | 0.18 | (0.06) | (0.77) | (0.83) | $7.96 | 3.51% | 1.61% | 1.66% | 0.77% | 0.72% | 78% | $17858 |
| 2018<sup>(5)</sup> | $9.06 | 0.03 | 0.28 | 0.31 | (0.07) | (0.69) | (0.76) | $8.61 | 3.72% | 1.61%<sup>(4)</sup> | 1.66%<sup>(4)</sup> | 0.60%<sup>(4)</sup> | 0.55%<sup>(4)</sup> | 58% | $19634 |
| 2017 | $7.82 | 0.06 | 1.37 | 1.43 | (0.07) | (0.12) | (0.19) | $9.06 | 18.64% | 1.61% | 1.66% | 0.69% | 0.64% | 80% | $22514 |
| **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** |
| 2023<sup>(3)</sup> | $7.13 | 0.07 | 0.14 | 0.21 | (0.13) | (0.25) | (0.38) | $6.96 | 3.32% | 0.42%<sup>(4)</sup> | 0.96%<sup>(4)</sup> | 1.90%<sup>(4)</sup> | 1.36%<sup>(4)</sup> | 16% | $17 |
| 2022 | $9.02 | 0.15 | (0.93) | (0.78) | (0.16) | (0.95) | (1.11) | $7.13 | (10.28)% | 0.43% | 0.97% | 1.81% | 1.27% | 36% | $16 |
| 2021 | $7.40 | 0.10 | 2.07 | 2.17 | (0.08) | (0.47) | (0.55) | $9.02 | 30.24% | 0.47% | 0.96% | 1.15% | 0.66% | 44% | $15 |
| 2020 | $7.86 | 0.09 | 0.59 | 0.68 | (0.15) | (0.99) | (1.14) | $7.40 | 9.11% | 0.64% | 0.96% | 1.26% | 0.94% | 109% | $10 |
| 2019 | $8.53 | 0.11 | 0.10 | 0.21 | (0.11) | (0.77) | (0.88) | $7.86 | 4.08% | 0.91% | 0.96% | 1.47% | 1.42% | 78% | $8 |
| 2018<sup>(5)</sup> | $9.00 | 0.07 | 0.28 | 0.35 | (0.13) | (0.69) | (0.82) | $8.53 | 4.24% | 0.91%<sup>(4)</sup> | 0.96%<sup>(4)</sup> | 1.30%<sup>(4)</sup> | 1.25%<sup>(4)</sup> | 58% | $6 |
| 2017<sup>(7)</sup> | $8.05 | 0.08 | 0.87 | 0.95 |  |  |  | $9.00 | 11.80% | 0.91%<sup>(4)</sup> | 0.96%<sup>(4)</sup> | 1.46%<sup>(4)</sup> | 1.41%<sup>(4)</sup> | 80%<sup>(8)</sup> | $6 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net <br>Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** |
| 2023<sup>(3)</sup> | $7.11 | 0.07 | 0.14 | 0.21 | (0.14) | (0.25) | (0.39) | $6.93 | 3.35% | 0.27%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 2.05%<sup>(4)</sup> | 1.51%<sup>(4)</sup> | 16% | $165805 |
| 2022 | $8.99 | 0.16 | (0.92) | (0.76) | (0.17) | (0.95) | (1.12) | $7.11 | (10.05)% | 0.28% | 0.82% | 1.96% | 1.42% | 36% | $162186 |
| 2021 | $7.38 | 0.11 | 2.06 | 2.17 | (0.09) | (0.47) | (0.56) | $8.99 | 30.57% | 0.32% | 0.81% | 1.30% | 0.81% | 44% | $268579 |
| 2020 | $7.84 | 0.10 | 0.59 | 0.69 | (0.16) | (0.99) | (1.15) | $7.38 | 9.18% | 0.49% | 0.81% | 1.41% | 1.09% | 109% | $213077 |
| 2019 | $8.51 | 0.13 | 0.10 | 0.23 | (0.13) | (0.77) | (0.90) | $7.84 | 4.27% | 0.76% | 0.81% | 1.62% | 1.57% | 78% | $200468 |
| 2018<sup>(5)</sup> | $8.99 | 0.09 | 0.27 | 0.36 | (0.15) | (0.69) | (0.84) | $8.51 | 4.36% | 0.76%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 1.45%<sup>(4)</sup> | 1.40%<sup>(4)</sup> | 58% | $200589 |
| 2017 | $7.76 | 0.13 | 1.36 | 1.49 | (0.14) | (0.12) | (0.26) | $8.99 | 19.70% | 0.76% | 0.81% | 1.54% | 1.49% | 80% | $90339 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)December 1, 2017 through July 31, 2018. The fund's fiscal year end was changed from November 30 to July 31, resulting in an eight-month annual reporting period. For the years before July 31, 2018, the fund's fiscal year end was November 30.

(6)Per-share amount was less than $0.005.

(7)April 10, 2017 (commencement of sale) through November 30, 2017.

(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century Strategic Asset

Allocations, Inc.:

---

| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $723251913 | $19961799 |
| Chris H. Cheesman | $727642487 | $15571225 |
| Rajesh K. Gupta | $725037253 | $18176459 |
| Lynn M. Jenkins | $723023283 | $20190429 |
| Gary C. Meltzer | $728965558 | $14248154 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on

Form N-PORT. These portfolio holdings are available on the fund's website at

americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT

reports are available on the SEC's website at sec.gov.

------

Notes

------

------

---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Strategic Asset Allocations, Inc.** | **American Century Strategic Asset Allocations, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92640 2303** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92640 2303** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![image12.jpg](image12.jpg)

---

| |
|:---|
| Semiannual Report |
| January 31, 2023 |
| Strategic Allocation: Conservative Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (TWSCX) |
| &nbsp;&nbsp;&nbsp;I Class (ACCIX) |
| &nbsp;&nbsp;&nbsp;A Class (ACCAX) |
| &nbsp;&nbsp;&nbsp;C Class (AACCX) |
| &nbsp;&nbsp;&nbsp;R Class (AACRX) |
| &nbsp;&nbsp;&nbsp;R5 Class (AACGX) |
| &nbsp;&nbsp;&nbsp;R6 Class (AACDX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#iad8f092d411f4e699d6c9634baf7cd74_88) |
| Fund Characteristics | [3](#iad8f092d411f4e699d6c9634baf7cd74_97) |
| Shareholder Fee Example | [4](#iad8f092d411f4e699d6c9634baf7cd74_100) |
| Schedule of Investments | [6](#iad8f092d411f4e699d6c9634baf7cd74_103) |
| Statement of Assets and Liabilities | [33](#iad8f092d411f4e699d6c9634baf7cd74_112) |
| Statement of Operations | [34](#iad8f092d411f4e699d6c9634baf7cd74_115) |
| Statement of Changes in Net Assets | [35](#iad8f092d411f4e699d6c9634baf7cd74_118) |
| Notes to Financial Statements | [36](#iad8f092d411f4e699d6c9634baf7cd74_121) |
| Financial Highlights | [47](#iad8f092d411f4e699d6c9634baf7cd74_127) |
| Proxy Voting Results | [51](#iad8f092d411f4e699d6c9634baf7cd74_142) |
| Additional Information | [52](#iad8f092d411f4e699d6c9634baf7cd74_145) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image223.jpg](image223.jpg)**Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending January 31, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Inflation, Rate Hikes, Volatility Led to Mixed Performance** 

Raging inflation, escalating market volatility and slowing growth weighed on financial markets early in the reporting period. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war further pressured energy markets, particularly in Europe, and global supply chains.

The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes. And those efforts finally started yielding results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased to 6.4% in January. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

By the second half of the reporting period, moderating inflation and mounting recession risk triggered expectations for central banks to change course. This sentiment fueled a rally across asset classes. However, with inflation still much higher than central bank targets, policymakers indicated a near-term course change was unlikely, and markets remained volatile.

Robust second-half performance left most non-U.S. stock indices with solid gains for the six-month period. The S&P 500 Index declined slightly, and other U.S. stock indices were mixed. Small-cap stocks outpaced large caps, and the value style outperformed growth. Rising yields left most U.S. and global bond indices with declines for the six-month period.

**Remaining Diligent in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image224.jpg](image224.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

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Fund Characteristics

---

| | |
|:---|:---|
| **JANUARY 31, 2023** | **JANUARY 31, 2023** |
| **Types of Investments in Portfolio** | **% of net assets** |
| Affiliated Funds | 36.3% |
| Common Stocks | 19.0% |
| U.S. Treasury Securities | 18.4% |
| Sovereign Governments and Agencies | 4.6% |
| Corporate Bonds | 4.5% |
| Collateralized Loan Obligations | 2.1% |
| Municipal Securities | 0.8% |
| Asset-Backed Securities | 0.6% |
| Preferred Stocks | 0.5% |
| Collateralized Mortgage Obligations | 0.4% |
| U.S. Government Agency Mortgage-Backed Securities | 0.2% |
| Exchange-Traded Funds | 0.2% |
| Short-Term Investments | 12.3% |
| Other Assets and Liabilities | 0.1% |

---

------

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending**<br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | **Actual** | **Actual** | **Actual** | **Actual** |
| Investor Class | $1000 | $1008.80 | $3.65 | 0.72% |
| I Class | $1000 | $1009.90 | $2.63 | 0.52% |
| A Class | $1000 | $1007.50 | $4.91 | 0.97% |
| C Class | $1000 | $1003.70 | $8.69 | 1.72% |
| R Class | $1000 | $1006.20 | $6.17 | 1.22% |
| R5 Class | $1000 | $1009.80 | $2.63 | 0.52% |
| R6 Class | $1000 | $1010.70 | $1.88 | 0.37% |
| **Hypothetical** | **Hypothetical** | **Hypothetical** | **Hypothetical** | **Hypothetical** |
| Investor Class | $1000 | $1021.58 | $3.67 | 0.72% |
| I Class | $1000 | $1022.58 | $2.65 | 0.52% |
| A Class | $1000 | $1020.32 | $4.94 | 0.97% |
| C Class | $1000 | $1016.54 | $8.74 | 1.72% |
| R Class | $1000 | $1019.06 | $6.21 | 1.22% |
| R5 Class | $1000 | $1022.58 | $2.65 | 0.52% |
| R6 Class | $1000 | $1023.34 | $1.89 | 0.37% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**JANUARY 31, 2023 (UNAUDITED)**

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| | | |
|:---|:---|:---|
|<br>**AFFILIATED FUNDS**<sup>(1)</sup> **— 36.3%** | **Shares/<br>Principal Amount** | **Value** |
| American Century Diversified Corporate Bond ETF | 389060 | $18111871 |
| American Century Emerging Markets Bond ETF | 155611 | 6086102 |
| American Century Focused Dynamic Growth ETF<sup>(2)</sup> | 60110 | 3461122 |
| American Century Focused Large Cap Value ETF | 99440 | 5991956 |
| American Century Multisector Income ETF | 351777 | 15467846 |
| American Century Quality Diversified International ETF | 240240 | 10372770 |
| American Century Short Duration Strategic Income ETF | 31790 | 1636107 |
| American Century STOXX U.S. Quality Growth ETF | 180391 | 11254595 |
| American Century STOXX U.S. Quality Value ETF | 446090 | 22148369 |
| Avantis International Equity ETF | 193471 | 11192297 |
| Avantis International Small Cap Value ETF | 30148 | 1807071 |
| Avantis U.S. Equity ETF | 190173 | 13833184 |
| Avantis U.S. Small Cap Value ETF | 32550 | 2665845 |
| **TOTAL AFFILIATED FUNDS**<br>(Cost $110,400,656) |  | **124029135** |
| **COMMON STOCKS — 19.0%** |  |  |
| **Aerospace and Defense — 0.3%** |  |  |
| Aerojet Rocketdyne Holdings, Inc.<sup>(2)</sup> | 318 | 17783 |
| Airbus SE | 894 | 112077 |
| CAE, Inc.<sup>(2)</sup> | 4804 | 108497 |
| Curtiss-Wright Corp. | 1132 | 187686 |
| HEICO Corp. | 1001 | 171121 |
| Hensoldt AG | 520 | 15076 |
| Huntington Ingalls Industries, Inc. | 851 | 187679 |
| Lockheed Martin Corp. | 382 | 176965 |
| Mercury Systems, Inc.<sup>(2)</sup> | 625 | 31241 |
| QinetiQ Group PLC | 3434 | 15403 |
| Thales SA | 412 | 54491 |
|  |  | 1078019 |
| **Air Freight and Logistics**<sup>†</sup> |  |  |
| United Parcel Service, Inc., Class B | 712 | 131884 |
| **Airlines — 0.1%** |  |  |
| Southwest Airlines Co. | 7400 | 264698 |
| **Auto Components — 0.4%** |  |  |
| Aptiv PLC<sup>(2)</sup> | 2472 | 279559 |
| BorgWarner, Inc. | 5273 | 249307 |
| CIE Automotive SA | 582 | 17288 |
| Cie Generale des Etablissements Michelin SCA | 3008 | 95112 |
| Continental AG | 3335 | 234168 |
| Fox Factory Holding Corp.<sup>(2)</sup> | 345 | 40741 |
| Gentherm, Inc.<sup>(2)</sup> | 240 | 17863 |
| Hyundai Mobis Co. Ltd. | 584 | 97649 |
| Linamar Corp. | 3440 | 175678 |
| Nifco, Inc. | 700 | 18170 |
|  |  | 1225535 |
| **Automobiles — 0.3%** |  |  |
| Bayerische Motoren Werke AG | 3529 | 359480 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Ferrari NV | 706 | $176418 |
| Mercedes-Benz Group AG | 5746 | 427572 |
| Tesla, Inc.<sup>(2)</sup> | 715 | 123852 |
|  |  | 1087322 |
| **Banks — 1.0%** |  |  |
| AIB Group PLC | 7410 | 31126 |
| Banco Bilbao Vizcaya Argentaria SA | 27737 | 195928 |
| Banco Bradesco SA | 73574 | 183199 |
| Banco do Brasil SA | 18200 | 146387 |
| Bancorp, Inc.<sup>(2)</sup> | 637 | 21613 |
| Bank Central Asia Tbk PT | 354800 | 201352 |
| Bank of America Corp. | 1400 | 49672 |
| Barclays PLC | 106643 | 245150 |
| BNP Paribas SA | 1345 | 92377 |
| Commerce Bancshares, Inc. | 248 | 16507 |
| First Hawaiian, Inc. | 8591 | 235737 |
| Fukuoka Financial Group, Inc. | 800 | 18457 |
| HDFC Bank Ltd., ADR | 2577 | 173587 |
| HSBC Holdings PLC | 34000 | 249954 |
| JPMorgan Chase & Co. | 1621 | 226875 |
| Jyske Bank A/S<sup>(2)</sup> | 376 | 27118 |
| Prosperity Bancshares, Inc. | 2661 | 201864 |
| Regions Financial Corp. | 8880 | 209035 |
| Standard Chartered PLC (London) | 18602 | 156250 |
| SVB Financial Group<sup>(2)</sup> | 533 | 161201 |
| Truist Financial Corp. | 5932 | 292982 |
| U.S. Bancorp | 3090 | 153882 |
| UniCredit SpA | 9619 | 187870 |
| Westamerica Bancorporation | 1108 | 61561 |
|  |  | 3539684 |
| **Beverages — 0.2%** |  |  |
| Celsius Holdings, Inc.<sup>(2)</sup> | 2101 | 210772 |
| Duckhorn Portfolio, Inc.<sup>(2)</sup> | 1424 | 23040 |
| MGP Ingredients, Inc. | 244 | 23800 |
| PepsiCo, Inc. | 1399 | 239257 |
| Pernod Ricard SA | 469 | 97097 |
|  |  | 593966 |
| **Biotechnology — 0.5%** |  |  |
| AbbVie, Inc. | 1155 | 170651 |
| Abcam PLC, ADR<sup>(2)</sup> | 676 | 9376 |
| ADMA Biologics, Inc.<sup>(2)</sup> | 1262 | 4657 |
| Alnylam Pharmaceuticals, Inc.<sup>(2)</sup> | 658 | 148971 |
| Amgen, Inc. | 425 | 107270 |
| Apellis Pharmaceuticals, Inc.<sup>(2)</sup> | 253 | 13341 |
| Arcus Biosciences, Inc.<sup>(2)</sup> | 124 | 2682 |
| Arcutis Biotherapeutics, Inc.<sup>(2)</sup> | 564 | 9345 |
| Biohaven Ltd.<sup>(2)</sup> | 479 | 9144 |
| Blueprint Medicines Corp.<sup>(2)</sup> | 224 | 10470 |
| Celldex Therapeutics, Inc.<sup>(2)</sup> | 179 | 7887 |
| Centessa Pharmaceuticals PLC, ADR<sup>(2)(3)</sup> | 719 | 2876 |
| Cerevel Therapeutics Holdings, Inc.<sup>(2)</sup> | 288 | 9835 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| CSL Ltd. | 1304 | $275340 |
| Cytokinetics, Inc.<sup>(2)</sup> | 2806 | 119199 |
| Halozyme Therapeutics, Inc.<sup>(2)</sup> | 484 | 25057 |
| Horizon Therapeutics PLC<sup>(2)</sup> | 362 | 39719 |
| Insmed, Inc.<sup>(2)</sup> | 640 | 13779 |
| Intellia Therapeutics, Inc.<sup>(2)</sup> | 127 | 5390 |
| IVERIC bio, Inc.<sup>(2)</sup> | 5086 | 117487 |
| Karuna Therapeutics, Inc.<sup>(2)</sup> | 89 | 17746 |
| Keros Therapeutics, Inc.<sup>(2)</sup> | 125 | 7321 |
| Kymera Therapeutics, Inc.<sup>(2)</sup> | 111 | 4149 |
| Madrigal Pharmaceuticals, Inc.<sup>(2)</sup> | 33 | 9512 |
| Natera, Inc.<sup>(2)</sup> | 572 | 24556 |
| Neurocrine Biosciences, Inc.<sup>(2)</sup> | 1453 | 161181 |
| Prometheus Biosciences, Inc.<sup>(2)</sup> | 110 | 12503 |
| Relay Therapeutics, Inc.<sup>(2)</sup> | 236 | 5064 |
| Sarepta Therapeutics, Inc.<sup>(2)</sup> | 1503 | 187830 |
| Vertex Pharmaceuticals, Inc.<sup>(2)</sup> | 248 | 80129 |
| Vitrolife AB | 613 | 13143 |
|  |  | 1625610 |
| **Building Products — 0.2%** |  |  |
| AZEK Co., Inc.<sup>(2)</sup> | 862 | 20800 |
| Cie de Saint-Gobain | 3530 | 202732 |
| Hayward Holdings, Inc.<sup>(2)</sup> | 1816 | 24498 |
| Johnson Controls International PLC | 2660 | 185056 |
| Masco Corp. | 1351 | 71873 |
| Sanwa Holdings Corp. | 500 | 5293 |
| Trane Technologies PLC | 1300 | 232856 |
| Trex Co., Inc.<sup>(2)</sup> | 412 | 21721 |
|  |  | 764829 |
| **Capital Markets — 0.7%** |  |  |
| Ameriprise Financial, Inc. | 446 | 156154 |
| Ares Management Corp., Class A | 2279 | 189134 |
| Avanza Bank Holding AB<sup>(3)</sup> | 417 | 9622 |
| Banca Generali SpA | 520 | 19184 |
| Bank of New York Mellon Corp. | 7967 | 402891 |
| BlackRock, Inc. | 199 | 151083 |
| Intercontinental Exchange, Inc. | 699 | 75177 |
| Intermediate Capital Group PLC | 275 | 4732 |
| LendingTree, Inc.<sup>(2)</sup> | 220 | 8725 |
| LPL Financial Holdings, Inc. | 752 | 178314 |
| M&A Capital Partners Co. Ltd.<sup>(2)</sup> | 200 | 6774 |
| Man Group PLC | 5632 | 17327 |
| Morgan Stanley | 2643 | 257243 |
| MSCI, Inc. | 460 | 244518 |
| Northern Trust Corp. | 4690 | 454789 |
| S&P Global, Inc. | 242 | 90735 |
| StepStone Group, Inc., Class A | 794 | 23177 |
| T. Rowe Price Group, Inc. | 1981 | 230727 |
|  |  | 2520306 |
| **Chemicals — 0.5%** |  |  |
| Air Liquide SA | 1081 | 172124 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Air Products and Chemicals, Inc. | 310 | $99358 |
| Akzo Nobel NV | 2349 | 174965 |
| Albemarle Corp. | 189 | 53194 |
| Avient Corp. | 3106 | 125855 |
| Axalta Coating Systems Ltd.<sup>(2)</sup> | 5338 | 160674 |
| Diversey Holdings Ltd.<sup>(2)</sup> | 1894 | 11497 |
| Ecolab, Inc. | 392 | 60693 |
| Element Solutions, Inc. | 8132 | 166543 |
| Koninklijke DSM NV | 1321 | 169883 |
| Linde PLC | 601 | 198895 |
| Perimeter Solutions SA<sup>(2)</sup> | 1784 | 16591 |
| Sika AG | 444 | 126161 |
| Tokyo Ohka Kogyo Co. Ltd. | 400 | 19715 |
|  |  | 1556148 |
| **Commercial Services and Supplies — 0.2%** |  |  |
| Adecco Group AG | 5979 | 222064 |
| Clean Harbors, Inc.<sup>(2)</sup> | 297 | 38699 |
| Driven Brands Holdings, Inc.<sup>(2)</sup> | 1393 | 40662 |
| Elis SA | 1548 | 27188 |
| GFL Environmental, Inc. | 3448 | 106405 |
| Korn Ferry | 325 | 17547 |
| Republic Services, Inc. | 1756 | 219184 |
| SPIE SA | 928 | 25335 |
| TechnoPro Holdings, Inc. | 200 | 6227 |
|  |  | 703311 |
| **Communications Equipment — 0.3%** |  |  |
| Arista Networks, Inc.<sup>(2)</sup> | 3050 | 384361 |
| Ciena Corp.<sup>(2)</sup> | 351 | 18259 |
| Cisco Systems, Inc. | 5654 | 275180 |
| Credo Technology Group Holding Ltd.<sup>(2)</sup> | 621 | 10762 |
| Extreme Networks, Inc.<sup>(2)</sup> | 610 | 10998 |
| F5, Inc.<sup>(2)</sup> | 1144 | 168923 |
| Juniper Networks, Inc. | 3905 | 126132 |
|  |  | 994615 |
| **Construction and Engineering — 0.1%** |  |  |
| Balfour Beatty PLC | 2520 | 11411 |
| Construction Partners, Inc., Class A<sup>(2)</sup> | 754 | 21331 |
| Eiffage SA | 1251 | 133620 |
| Vinci SA | 1364 | 154118 |
|  |  | 320480 |
| **Construction Materials**<sup>†</sup> |  |  |
| Eagle Materials, Inc. | 97 | 14170 |
| Summit Materials, Inc., Class A<sup>(2)</sup> | 773 | 25401 |
|  |  | 39571 |
| **Consumer Finance**<sup>†</sup> |  |  |
| American Express Co. | 481 | 84141 |
| **Containers and Packaging — 0.2%** |  |  |
| Amcor PLC | 13086 | 157817 |
| AptarGroup, Inc. | 119 | 13761 |
| Avery Dennison Corp. | 898 | 170117 |
| Ball Corp. | 1385 | 80662 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** | **Value** |
| Graphic Packaging Holding Co. | 943 | $| 22717 |
| Huhtamaki Oyj | 366 | 13690 | 13690 |
| Packaging Corp. of America | 1852 | 264280 | 264280 |
| Sonoco Products Co. | 1326 | 81032 | 81032 |
|  |  | 804076 | 804076 |
| **Distributors**<sup>†</sup> |  |  |  |
| Bapcor Ltd. | 575 | 2601 | 2601 |
| D'ieteren Group | 166 | 31725 | 31725 |
|  |  | 34326 | 34326 |
| **Diversified Consumer Services**<sup>†</sup> |  |  |  |
| European Wax Center, Inc., Class A<sup>(3)</sup> | 1142 | 21515 | 21515 |
| IDP Education Ltd. | 988 | 21987 | 21987 |
|  |  | 43502 | 43502 |
| **Diversified Telecommunication Services — 0.1%** |  |  |  |
| Cellnex Telecom SA<sup>(2)</sup> | 4248 | 166471 | 166471 |
| IHS Holding Ltd.<sup>(2)</sup> | 2730 | 20966 | 20966 |
| Internet Initiative Japan, Inc. | 1300 | 24396 | 24396 |
| Verizon Communications, Inc. | 4576 | 190224 | 190224 |
|  |  | 402057 | 402057 |
| **Electric Utilities — 0.4%** |  |  |  |
| Acciona SA | 44 | 8584 | 8584 |
| Duke Energy Corp. | 1460 | 149577 | 149577 |
| Edison International | 5020 | 345878 | 345878 |
| Evergy, Inc. | 1252 | 78438 | 78438 |
| Eversource Energy | 860 | 70804 | 70804 |
| Iberdrola SA | 14679 | 172211 | 172211 |
| IDACORP, Inc. | 150 | 15871 | 15871 |
| NextEra Energy, Inc. | 3653 | 272623 | 272623 |
| Pinnacle West Capital Corp. | 1598 | 119131 | 119131 |
|  |  | 1233117 | 1233117 |
| **Electrical Equipment — 0.5%** |  |  |  |
| Alfen NV<sup>(2)</sup> | 87 | 8072 | 8072 |
| AMETEK, Inc. | 1523 | 220713 | 220713 |
| Atkore, Inc.<sup>(2)</sup> | 309 | 40247 | 40247 |
| Eaton Corp. PLC | 1150 | 186542 | 186542 |
| Emerson Electric Co. | 2500 | 225550 | 225550 |
| Generac Holdings, Inc.<sup>(2)</sup> | 200 | 24120 | 24120 |
| Hexatronic Group AB | 1745 | 21478 | 21478 |
| Legrand SA | 1483 | 132230 | 132230 |
| Nexans SA | 96 | 10180 | 10180 |
| nVent Electric PLC | 3652 | 145167 | 145167 |
| Plug Power, Inc.<sup>(2)(3)</sup> | 1781 | 30313 | 30313 |
| Regal Rexnord Corp. | 1320 | 183744 | 183744 |
| Schneider Electric SE | 1679 | 272360 | 272360 |
| Sensata Technologies Holding PLC | 482 | 24510 | 24510 |
|  |  | 1525226 | 1525226 |
| **Electronic Equipment, Instruments and Components — 0.4%** | **Electronic Equipment, Instruments and Components — 0.4%** | **Electronic Equipment, Instruments and Components — 0.4%** | **Electronic Equipment, Instruments and Components — 0.4%** |
| CDW Corp. | 760 | 148983 | 148983 |
| Cognex Corp. | 3699 | 202483 | 202483 |
| Corning, Inc. | 1475 | 51050 | 51050 |
| Hexagon AB, B Shares | 11025 | 126385 | 126385 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Jabil, Inc. | 241 | $18950 |
| Keyence Corp. | 400 | 184147 |
| Keysight Technologies, Inc.<sup>(2)</sup> | 2751 | 493392 |
| National Instruments Corp. | 516 | 27864 |
| Sesa SpA | 63 | 8573 |
| Taiyo Yuden Co. Ltd. | 500 | 16983 |
| TE Connectivity Ltd. | 1374 | 174704 |
|  |  | 1453514 |
| **Energy Equipment and Services — 0.2%** |  |  |
| Aker Solutions ASA | 3374 | 13339 |
| Baker Hughes Co. | 5284 | 167714 |
| Expro Group Holdings NV<sup>(2)</sup> | 998 | 18852 |
| Schlumberger Ltd. | 6284 | 358062 |
| Weatherford International PLC<sup>(2)</sup> | 478 | 27189 |
|  |  | 585156 |
| **Entertainment — 0.2%** |  |  |
| Electronic Arts, Inc. | 1115 | 143478 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(2)</sup> | 531 | 37595 |
| ROBLOX Corp., Class A<sup>(2)</sup> | 822 | 30587 |
| Spotify Technology SA<sup>(2)</sup> | 1213 | 136729 |
| Universal Music Group NV | 7952 | 203272 |
| Walt Disney Co.<sup>(2)</sup> | 1071 | 116193 |
|  |  | 667854 |
| **Equity Real Estate Investment Trusts (REITs) — 1.5%** |  |  |
| Agree Realty Corp. | 528 | 39405 |
| Alexandria Real Estate Equities, Inc. | 397 | 63814 |
| American Homes 4 Rent, Class A | 1258 | 43137 |
| Assura PLC | 33186 | 22841 |
| Big Yellow Group PLC | 2133 | 31814 |
| Brixmor Property Group, Inc. | 1733 | 40777 |
| Canadian Apartment Properties REIT | 1272 | 47035 |
| CapitaLand China Trust | 15100 | 14399 |
| CapitaLand Integrated Commercial Trust | 33400 | 54647 |
| Comforia Residential REIT, Inc.<sup>(3)</sup> | 9 | 19998 |
| Corporate Office Properties Trust | 1091 | 30624 |
| Digital Realty Trust, Inc. | 634 | 72669 |
| Equinix, Inc. | 505 | 372756 |
| Equity LifeStyle Properties, Inc. | 423 | 30363 |
| Essential Properties Realty Trust, Inc. | 2852 | 72669 |
| Essex Property Trust, Inc. | 746 | 168648 |
| Gaming & Leisure Properties, Inc. | 1662 | 89017 |
| Goodman Group | 7229 | 103111 |
| Healthpeak Properties, Inc. | 10503 | 288622 |
| Host Hotels & Resorts, Inc. | 3199 | 60301 |
| Invincible Investment Corp. | 169 | 72074 |
| Iron Mountain, Inc. | 1563 | 85309 |
| Japan Hotel REIT Investment Corp. | 108 | 68438 |
| Kite Realty Group Trust | 2720 | 59024 |
| Land Securities Group PLC | 8500 | 74467 |
| Link REIT | 12200 | 97653 |
| Mid-America Apartment Communities, Inc. | 527 | 87861 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| NETSTREIT Corp.<sup>(3)</sup> | 1018 | $20492 |
| Orix JREIT, Inc. | 19 | 26141 |
| Prologis, Inc. | 5724 | 739999 |
| Public Storage | 1095 | 333252 |
| Realty Income Corp. | 5130 | 347968 |
| Regency Centers Corp. | 3034 | 202155 |
| Region RE Ltd. | 4567 | 8764 |
| Rexford Industrial Realty, Inc. | 3279 | 208118 |
| Ryman Hospitality Properties, Inc. | 223 | 20714 |
| Sabra Health Care REIT, Inc. | 2049 | 27661 |
| SBA Communications Corp. | 274 | 81523 |
| Scentre Group | 27706 | 60117 |
| Segro PLC | 17674 | 181929 |
| Simon Property Group, Inc. | 999 | 128332 |
| Sun Communities, Inc. | 443 | 69489 |
| Tritax Big Box REIT PLC | 13591 | 26187 |
| UDR, Inc. | 3266 | 139099 |
| Ventas, Inc. | 2607 | 135069 |
| VICI Properties, Inc. | 1307 | 44673 |
| Vicinity Ltd. | 28480 | 41667 |
| Welltower, Inc. | 955 | 71663 |
| Weyerhaeuser Co. | 1281 | 44105 |
| WP Carey, Inc. | 1054 | 90149 |
|  |  | 5260739 |
| **Food and Staples Retailing — 0.2%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(2)</sup> | 254 | 18407 |
| Costco Wholesale Corp. | 185 | 94561 |
| Grocery Outlet Holding Corp.<sup>(2)</sup> | 671 | 20392 |
| Koninklijke Ahold Delhaize NV | 9931 | 296410 |
| Kroger Co. | 2212 | 98722 |
| MARR SpA | 136 | 1788 |
| MatsukiyoCocokara & Co. | 600 | 29931 |
| Sendas Distribuidora SA | 22900 | 88328 |
| Sysco Corp. | 2112 | 163596 |
|  |  | 812135 |
| **Food Products — 0.3%** |  |  |
| a2 Milk Co. Ltd.<sup>(2)</sup> | 3584 | 17329 |
| Conagra Brands, Inc. | 7320 | 272231 |
| Freshpet, Inc.<sup>(2)</sup> | 387 | 24509 |
| Hershey Co. | 1689 | 379349 |
| J.M. Smucker Co. | 926 | 141493 |
| Mondelez International, Inc., Class A | 1890 | 123682 |
| Sovos Brands, Inc.<sup>(2)</sup> | 1321 | 17913 |
| SunOpta, Inc.<sup>(2)</sup> | 4213 | 34420 |
| Tate & Lyle PLC | 961 | 8949 |
| Toyo Suisan Kaisha Ltd. | 300 | 12396 |
| Vital Farms, Inc.<sup>(2)</sup> | 740 | 13009 |
|  |  | 1045280 |
| **Gas Utilities — 0.1%** |  |  |
| Atmos Energy Corp. | 340 | 39964 |
| Brookfield Infrastructure Corp., Class A | 504 | 22287 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Nippon Gas Co. Ltd.<sup>(3)</sup> | 1400 | $22346 |
| Spire, Inc. | 4256 | 307368 |
|  |  | 391965 |
| **Health Care Equipment and Supplies — 0.6%** |  |  |
| Alcon, Inc. | 2270 | 171291 |
| Baxter International, Inc. | 1425 | 65108 |
| Becton Dickinson and Co. | 178 | 44895 |
| ConvaTec Group PLC | 7468 | 21661 |
| DENTSPLY SIRONA, Inc. | 3156 | 116235 |
| DexCom, Inc.<sup>(2)</sup> | 2599 | 278327 |
| Edwards Lifesciences Corp.<sup>(2)</sup> | 1429 | 109604 |
| Embecta Corp. | 4119 | 108700 |
| Envista Holdings Corp.<sup>(2)</sup> | 2259 | 88078 |
| EssilorLuxottica SA | 969 | 177792 |
| Establishment Labs Holdings, Inc.<sup>(2)(3)</sup> | 286 | 19459 |
| Hologic, Inc.<sup>(2)</sup> | 623 | 50694 |
| IDEXX Laboratories, Inc.<sup>(2)</sup> | 540 | 259470 |
| Inari Medical, Inc.<sup>(2)</sup> | 405 | 23105 |
| Inmode Ltd.<sup>(2)</sup> | 671 | 23519 |
| Lantheus Holdings, Inc.<sup>(2)</sup> | 339 | 19493 |
| Medtronic PLC | 282 | 23601 |
| Menicon Co. Ltd. | 400 | 8839 |
| ResMed, Inc. | 133 | 30373 |
| SI-BONE, Inc.<sup>(2)</sup> | 1219 | 20760 |
| Silk Road Medical, Inc.<sup>(2)</sup> | 536 | 29137 |
| TransMedics Group, Inc.<sup>(2)</sup> | 423 | 26657 |
| Zimmer Biomet Holdings, Inc. | 3599 | 458296 |
|  |  | 2175094 |
| **Health Care Providers and Services — 0.6%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(2)</sup> | 282 | 23694 |
| AdaptHealth Corp.<sup>(2)</sup> | 604 | 12944 |
| AmerisourceBergen Corp. | 1134 | 191601 |
| Amvis Holdings, Inc. | 800 | 21419 |
| Cardinal Health, Inc. | 1063 | 82117 |
| Cigna Corp. | 767 | 242886 |
| CVS Health Corp. | 1661 | 146533 |
| Ensign Group, Inc. | 297 | 27695 |
| HealthEquity, Inc.<sup>(2)</sup> | 485 | 29512 |
| Henry Schein, Inc.<sup>(2)</sup> | 3008 | 259139 |
| Humana, Inc. | 152 | 77778 |
| Laboratory Corp. of America Holdings | 700 | 176484 |
| Progyny, Inc.<sup>(2)</sup> | 469 | 16129 |
| Quest Diagnostics, Inc. | 1430 | 212326 |
| R1 RCM, Inc.<sup>(2)(3)</sup> | 8143 | 116526 |
| Surgery Partners, Inc.<sup>(2)</sup> | 464 | 15405 |
| UnitedHealth Group, Inc. | 540 | 269563 |
| Universal Health Services, Inc., Class B | 1524 | 225872 |
|  |  | 2147623 |
| **Health Care Technology — 0.1%** |  |  |
| Evolent Health, Inc., Class A<sup>(2)</sup> | 763 | 24584 |
| Schrodinger, Inc.<sup>(2)</sup> | 485 | 11727 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Veeva Systems, Inc., Class A<sup>(2)</sup> | 992 | $169186 |
|  |  | 205497 |
| **Hotels, Restaurants and Leisure — 0.6%** |  |  |
| Airbnb, Inc., Class A<sup>(2)</sup> | 2638 | 293108 |
| Basic-Fit NV<sup>(2)(3)</sup> | 505 | 16594 |
| Booking Holdings, Inc.<sup>(2)</sup> | 32 | 77891 |
| Chipotle Mexican Grill, Inc.<sup>(2)</sup> | 253 | 416534 |
| Churchill Downs, Inc. | 145 | 35974 |
| Compass Group PLC | 6931 | 165568 |
| Greggs PLC | 567 | 18933 |
| H World Group Ltd., ADR | 3831 | 181896 |
| Hilton Worldwide Holdings, Inc. | 2860 | 414957 |
| Hyatt Hotels Corp., Class A<sup>(2)</sup> | 318 | 34700 |
| Planet Fitness, Inc., Class A<sup>(2)</sup> | 564 | 47743 |
| Sands China Ltd.<sup>(2)</sup> | 11200 | 42001 |
| Sodexo SA | 1368 | 135614 |
| Trainline PLC<sup>(2)</sup> | 5132 | 17967 |
| Wingstop, Inc. | 180 | 28525 |
|  |  | 1928005 |
| **Household Durables — 0.1%** |  |  |
| Barratt Developments PLC | 31609 | 179657 |
| Man Wah Holdings Ltd. | 7200 | 8324 |
| Taylor Wimpey PLC | 124248 | 180274 |
|  |  | 368255 |
| **Household Products — 0.2%** |  |  |
| Colgate-Palmolive Co. | 824 | 61413 |
| Henkel AG & Co. KGaA, Preference Shares | 2156 | 153723 |
| Kimberly-Clark Corp. | 1516 | 197095 |
| Procter & Gamble Co. | 1161 | 165303 |
|  |  | 577534 |
| **Independent Power and Renewable Electricity Producers**<sup>†</sup> |  |  |
| West Holdings Corp.<sup>(3)</sup> | 400 | 11994 |
| **Industrial Conglomerates**<sup>†</sup> |  |  |
| Honeywell International, Inc. | 663 | 138222 |
| **Insurance — 0.5%** |  |  |
| Aegon NV | 18860 | 104028 |
| Aflac, Inc. | 1383 | 101650 |
| AIA Group Ltd. | 19400 | 219368 |
| Allstate Corp. | 2526 | 324515 |
| ASR Nederland NV | 461 | 21820 |
| Chubb Ltd. | 149 | 33896 |
| Hanover Insurance Group, Inc. | 937 | 126101 |
| Kinsale Capital Group, Inc. | 127 | 35362 |
| Marsh & McLennan Cos., Inc. | 705 | 123312 |
| Prudential Financial, Inc. | 1041 | 109242 |
| Reinsurance Group of America, Inc. | 1144 | 173625 |
| RLI Corp. | 229 | 30331 |
| Skyward Specialty Insurance Group Inc.<sup>(2)</sup> | 556 | 10292 |
| Steadfast Group Ltd. | 4619 | 17160 |
| Storebrand ASA | 1970 | 17150 |
| Travelers Cos., Inc. | 581 | 111041 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Willis Towers Watson PLC | 366 | $93034 |
|  |  | 1651927 |
| **Interactive Media and Services — 0.5%** |  |  |
| Alphabet, Inc., Class A<sup>(2)</sup> | 5932 | 586319 |
| Autohome, Inc., ADR | 3625 | 126367 |
| Baidu, Inc., Class A<sup>(2)</sup> | 10150 | 170622 |
| carsales.com Ltd. | 1035 | 16757 |
| Eventbrite, Inc., Class A<sup>(2)</sup> | 1664 | 14793 |
| Match Group, Inc.<sup>(2)</sup> | 2494 | 134975 |
| QuinStreet, Inc.<sup>(2)</sup> | 1325 | 20312 |
| Tencent Holdings Ltd. | 9400 | 458052 |
|  |  | 1528197 |
| **Internet and Direct Marketing Retail — 0.3%** |  |  |
| Alibaba Group Holding Ltd.<sup>(2)</sup> | 13700 | 188357 |
| Amazon.com, Inc.<sup>(2)</sup> | 3585 | 369721 |
| ASOS PLC<sup>(2)</sup> | 10123 | 109523 |
| Chewy, Inc., Class A<sup>(2)(3)</sup> | 1848 | 83271 |
| Etsy, Inc.<sup>(2)</sup> | 451 | 62048 |
| JD.com, Inc., Class A | 3523 | 104610 |
| Meituan, Class B<sup>(2)</sup> | 510 | 11401 |
|  |  | 928931 |
| **IT Services — 0.5%** |  |  |
| Accenture PLC, Class A | 561 | 156547 |
| Adyen NV<sup>(2)</sup> | 100 | 151191 |
| Alten SA | 149 | 22895 |
| Amdocs Ltd. | 1909 | 175494 |
| Capgemini SE | 1143 | 216925 |
| Cloudflare, Inc., Class A<sup>(2)</sup> | 2930 | 155026 |
| Endava PLC, ADR<sup>(2)</sup> | 223 | 19595 |
| EPAM Systems, Inc.<sup>(2)</sup> | 562 | 186949 |
| Mastercard, Inc., Class A | 505 | 187153 |
| NEXTDC Ltd.<sup>(2)</sup> | 2723 | 19244 |
| Perficient, Inc.<sup>(2)</sup> | 160 | 11862 |
| TDCX, Inc., ADR<sup>(2)</sup> | 292 | 3849 |
| Visa, Inc., Class A | 1231 | 283388 |
| Wise PLC, Class A<sup>(2)</sup> | 1513 | 10143 |
|  |  | 1600261 |
| **Leisure Products**<sup>†</sup> |  |  |
| Brunswick Corp. | 281 | 23697 |
| Topgolf Callaway Brands Corp.<sup>(2)</sup> | 1093 | 26767 |
|  |  | 50464 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| Agilent Technologies, Inc. | 2478 | 376854 |
| Avantor, Inc.<sup>(2)</sup> | 4958 | 118496 |
| Bio-Techne Corp. | 1841 | 146654 |
| ICON PLC<sup>(2)</sup> | 883 | 203717 |
| IQVIA Holdings, Inc.<sup>(2)</sup> | 1199 | 275063 |
| Lonza Group AG | 397 | 226465 |
| MaxCyte, Inc.<sup>(2)</sup> | 1804 | 10535 |
| Mettler-Toledo International, Inc.<sup>(2)</sup> | 134 | 205411 |
| Tecan Group AG | 52 | 21823 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Thermo Fisher Scientific, Inc. | 274 | $156271 |
|  |  | 1741289 |
| **Machinery — 0.4%** |  |  |
| Astec Industries, Inc. | 451 | 19907 |
| ATS Corp.<sup>(2)</sup> | 888 | 35959 |
| Cummins, Inc. | 857 | 213856 |
| Deere & Co. | 159 | 67232 |
| Georg Fischer AG | 198 | 13652 |
| Graco, Inc. | 1698 | 116007 |
| Greenbrier Cos., Inc. | 246 | 7606 |
| IHI Corp. | 500 | 15192 |
| IMI PLC | 6684 | 119678 |
| Interpump Group SpA | 289 | 15071 |
| Interroll Holding AG | 5 | 15574 |
| Metso Outotec Oyj | 2357 | 27089 |
| Oshkosh Corp. | 2973 | 299619 |
| Parker-Hannifin Corp. | 578 | 188428 |
| Stabilus SE | 121 | 8346 |
| Trelleborg AB, B Shares | 786 | 19653 |
| Xylem, Inc. | 670 | 69687 |
|  |  | 1252556 |
| **Media — 0.3%** |  |  |
| Fox Corp., Class B | 5805 | 184018 |
| Omnicom Group, Inc. | 1534 | 131909 |
| Publicis Groupe SA | 1622 | 114415 |
| Trade Desk, Inc., Class A<sup>(2)</sup> | 3190 | 161733 |
| WPP PLC | 20720 | 242087 |
|  |  | 834162 |
| **Metals and Mining — 0.1%** |  |  |
| Alamos Gold, Inc., Class A | 1577 | 17399 |
| Allkem Ltd.<sup>(2)</sup> | 972 | 9024 |
| AMG Advanced Metallurgical Group NV | 557 | 21758 |
| APERAM SA | 223 | 8800 |
| Champion Iron Ltd. | 1620 | 8243 |
| ERO Copper Corp.<sup>(2)</sup> | 11159 | 183251 |
| Lynas Rare Earths Ltd.<sup>(2)</sup> | 780 | 5222 |
| MMC Norilsk Nickel PJSC<sup>(4)</sup> | 949 |  |
|  |  | 253697 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>†</sup> |  |  |
| AGNC Investment Corp.<sup>(3)</sup> | 5231 | 60680 |
| **Multiline Retail — 0.1%** |  |  |
| B&M European Value Retail SA | 1449 | 8014 |
| Dollar Tree, Inc.<sup>(2)</sup> | 1667 | 250350 |
| Isetan Mitsukoshi Holdings Ltd. | 1800 | 19585 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(2)</sup> | 254 | 13909 |
| Target Corp. | 352 | 60593 |
|  |  | 352451 |
| **Multi-Utilities — 0.1%** |  |  |
| NorthWestern Corp. | 4110 | 233448 |
| **Oil, Gas and Consumable Fuels — 0.4%** |  |  |
| ConocoPhillips | 2932 | 357323 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Devon Energy Corp. | 853 | $53944 |
| Diamondback Energy, Inc. | 701 | 102430 |
| Enterprise Products Partners LP | 7622 | 195123 |
| EQT Corp. | 2899 | 94710 |
| Euronav NV<sup>(2)</sup> | 543 | 8551 |
| Excelerate Energy, Inc., Class A | 2173 | 50631 |
| Golar LNG Ltd.<sup>(2)</sup> | 381 | 8931 |
| Hess Corp. | 2702 | 405732 |
| Kosmos Energy Ltd.<sup>(2)</sup> | 6601 | 52214 |
| Matador Resources Co. | 330 | 21833 |
| Phillips 66 | 486 | 48731 |
| Transocean Ltd.<sup>(2)(3)</sup> | 1825 | 12300 |
| Whitecap Resources, Inc.<sup>(3)</sup> | 7175 | 59803 |
|  |  | 1472256 |
| **Paper and Forest Products — 0.1%** |  |  |
| Smurfit Kappa Group PLC | 5110 | 214541 |
| **Personal Products**<sup>†</sup> |  |  |
| Estee Lauder Cos., Inc., Class A | 96 | 26600 |
| Rohto Pharmaceutical Co. Ltd. | 1300 | 23987 |
|  |  | 50587 |
| **Pharmaceuticals — 0.8%** |  |  |
| Arvinas, Inc.<sup>(2)</sup> | 209 | 6849 |
| AstraZeneca PLC | 1894 | 248138 |
| AstraZeneca PLC, ADR | 2891 | 188985 |
| Bristol-Myers Squibb Co. | 2703 | 196373 |
| Catalent, Inc.<sup>(2)</sup> | 1778 | 95212 |
| Edgewise Therapeutics, Inc.<sup>(2)(3)</sup> | 606 | 6199 |
| Eli Lilly & Co. | 161 | 55408 |
| Euroapi SA<sup>(2)</sup> | 293 | 4711 |
| GSK PLC | 17905 | 314501 |
| Harmony Biosciences Holdings, Inc.<sup>(2)</sup> | 160 | 7707 |
| Hikma Pharmaceuticals PLC | 7214 | 152606 |
| Intra-Cellular Therapies, Inc.<sup>(2)</sup> | 367 | 17587 |
| Merck & Co., Inc. | 1364 | 146507 |
| Novartis AG | 1501 | 135704 |
| Novo Nordisk A/S, B Shares | 3409 | 471771 |
| Option Care Health, Inc.<sup>(2)</sup> | 599 | 17293 |
| Sanofi | 901 | 88230 |
| Sanofi, ADR | 5153 | 253218 |
| Takeda Pharmaceutical Co. Ltd. | 5200 | 163474 |
| UCB SA | 1652 | 135637 |
| Ventyx Biosciences, Inc.<sup>(2)</sup> | 282 | 11844 |
| Zoetis, Inc. | 715 | 118325 |
|  |  | 2836279 |
| **Professional Services — 0.3%** |  |  |
| ALS Ltd. | 2858 | 26516 |
| BayCurrent Consulting, Inc. | 3800 | 161536 |
| Bureau Veritas SA | 7705 | 220297 |
| CACI International, Inc., Class A<sup>(2)</sup> | 27 | 8318 |
| DKSH Holding AG | 210 | 17891 |
| IPH Ltd. | 1046 | 6327 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** | **Value** |
| Jacobs Solutions, Inc. | 1716 | $| 212012 |
| Verisk Analytics, Inc. | 836 | 151977 | 151977 |
| Visional, Inc.<sup>(2)</sup> | 300 | 21738 | 21738 |
|  |  | 826612 | 826612 |
| **Real Estate Management and Development — 0.1%** |  |  |  |
| Altus Group Ltd. | 315 | 13480 | 13480 |
| Capitaland Investment Ltd. | 15200 | 46050 | 46050 |
| DigitalBridge Group, Inc. | 948 | 14031 | 14031 |
| Fabege AB | 1361 | 12863 | 12863 |
| FirstService Corp.<sup>(3)</sup> | 143 | 20436 | 20436 |
| Hang Lung Properties Ltd. | 9000 | 16970 | 16970 |
| PSP Swiss Property AG | 216 | 26927 | 26927 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(3)</sup> | 11081 | 20244 | 20244 |
| Tokyu Fudosan Holdings Corp. | 4000 | 20297 | 20297 |
| Tricon Residential, Inc. (Toronto) | 417 | 3620 | 3620 |
| Vonovia SE | 1884 | 53219 | 53219 |
| Wharf Real Estate Investment Co. Ltd. | 3000 | 17174 | 17174 |
|  |  | 265311 | 265311 |
| **Road and Rail — 0.3%** |  |  |  |
| Canadian Pacific Railway Ltd. | 3346 | 264099 | 264099 |
| Heartland Express, Inc. | 6460 | 108657 | 108657 |
| Lyft, Inc., Class A<sup>(2)</sup> | 3416 | 55510 | 55510 |
| Nagoya Railroad Co. Ltd. | 1000 | 16535 | 16535 |
| Norfolk Southern Corp. | 1323 | 325206 | 325206 |
| Saia, Inc.<sup>(2)</sup> | 88 | 24005 | 24005 |
| Uber Technologies, Inc.<sup>(2)</sup> | 914 | 28270 | 28270 |
| Union Pacific Corp. | 227 | 46351 | 46351 |
|  |  | 868633 | 868633 |
| **Semiconductors and Semiconductor Equipment — 0.7%** | **Semiconductors and Semiconductor Equipment — 0.7%** | **Semiconductors and Semiconductor Equipment — 0.7%** | **Semiconductors and Semiconductor Equipment — 0.7%** |
| Advanced Micro Devices, Inc.<sup>(2)</sup> | 1342 | 100851 | 100851 |
| AIXTRON SE | 504 | 15017 | 15017 |
| Ambarella, Inc.<sup>(2)</sup> | 99 | 8894 | 8894 |
| Analog Devices, Inc. | 970 | 166326 | 166326 |
| Applied Materials, Inc. | 2168 | 241710 | 241710 |
| ASML Holding NV | 161 | 106525 | 106525 |
| Enphase Energy, Inc.<sup>(2)</sup> | 655 | 145004 | 145004 |
| GLOBALFOUNDRIES, Inc.<sup>(2)</sup> | 580 | 34382 | 34382 |
| Infineon Technologies AG | 5214 | 187759 | 187759 |
| Lattice Semiconductor Corp.<sup>(2)</sup> | 556 | 42139 | 42139 |
| MACOM Technology Solutions Holdings, Inc.<sup>(2)</sup> | 263 | 17626 | 17626 |
| Marvell Technology, Inc. | 1797 | 77541 | 77541 |
| Monolithic Power Systems, Inc. | 384 | 163799 | 163799 |
| Nova Ltd.<sup>(2)</sup> | 186 | 16870 | 16870 |
| NVIDIA Corp. | 1226 | 239524 | 239524 |
| Onto Innovation, Inc.<sup>(2)</sup> | 247 | 19427 | 19427 |
| Power Integrations, Inc. | 361 | 31079 | 31079 |
| Samsung Electronics Co. Ltd. | 3467 | 172692 | 172692 |
| SOITEC<sup>(2)</sup> | 83 | 12588 | 12588 |
| SUMCO Corp. | 8500 | 125943 | 125943 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10000 | 176468 | 176468 |
| Teradyne, Inc. | 3266 | 332152 | 332152 |
|  |  | 2434316 | 2434316 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Software — 0.9%** | | |
| Adobe, Inc.<sup>(2)</sup> | 114 | 42219 |
| Box, Inc., Class A<sup>(2)</sup> | 967 | 30934 |
| Cadence Design Systems, Inc.<sup>(2)</sup> | 3287 | 600962 |
| CyberArk Software Ltd.<sup>(2)</sup> | 79 | 11129 |
| Datadog, Inc., Class A<sup>(2)</sup> | 2233 | 167051 |
| Descartes Systems Group, Inc.<sup>(2)(3)</sup> | 216 | 15763 |
| DocuSign, Inc.<sup>(2)</sup> | 787 | 47724 |
| Five9, Inc.<sup>(2)</sup> | 318 | 25052 |
| HubSpot, Inc.<sup>(2)</sup> | 594 | 206124 |
| JFrog Ltd.<sup>(2)</sup> | 1086 | 27921 |
| Kinaxis, Inc.<sup>(2)</sup> | 162 | 18829 |
| Manhattan Associates, Inc.<sup>(2)</sup> | 2170 | 282881 |
| Microsoft Corp. | 4247 | 1052449 |
| m-up Holdings, Inc. | 1100 | 10527 |
| nCino, Inc.<sup>(2)</sup> | 669 | 19133 |
| Palo Alto Networks, Inc.<sup>(2)</sup> | 1776 | 281745 |
| Paycor HCM, Inc.<sup>(2)</sup> | 679 | 17050 |
| Paylocity Holding Corp.<sup>(2)</sup> | 111 | 23120 |
| Salesforce, Inc.<sup>(2)</sup> | 542 | 91040 |
| ServiceNow, Inc.<sup>(2)</sup> | 83 | 37776 |
| Sprout Social, Inc., Class A<sup>(2)</sup> | 230 | 14713 |
| SPS Commerce, Inc.<sup>(2)</sup> | 192 | 26127 |
| TeamViewer AG<sup>(2)</sup> | 1108 | 15608 |
| Tenable Holdings, Inc.<sup>(2)</sup> | 1029 | 41397 |
| Workday, Inc., Class A<sup>(2)</sup> | 167 | 30299 |
|  |  | 3137573 |
| **Specialty Retail — 0.3%** |  |  |
| Advance Auto Parts, Inc. | 995 | 151519 |
| Aritzia, Inc.<sup>(2)(3)</sup> | 497 | 17926 |
| Burlington Stores, Inc.<sup>(2)</sup> | 410 | 94230 |
| Fast Retailing Co. Ltd. | 100 | 60736 |
| Five Below, Inc.<sup>(2)</sup> | 384 | 75698 |
| Home Depot, Inc. | 800 | 259336 |
| Kingfisher PLC | 31972 | 110301 |
| Leslie's, Inc.<sup>(2)</sup> | 771 | 11943 |
| Nextage Co. Ltd.<sup>(3)</sup> | 500 | 11247 |
| Pets at Home Group PLC | 1612 | 7012 |
| TJX Cos., Inc. | 1889 | 154633 |
| Tractor Supply Co. | 242 | 55174 |
| Watches of Switzerland Group PLC<sup>(2)</sup> | 1866 | 21905 |
| WH Smith PLC | 816 | 16114 |
|  |  | 1047774 |
| **Technology Hardware, Storage and Peripherals — 0.2%** | **Technology Hardware, Storage and Peripherals — 0.2%** | **Technology Hardware, Storage and Peripherals — 0.2%** |
| Apple, Inc. | 4404 | 635453 |
| HP, Inc. | 4465 | 130110 |
| Pure Storage, Inc., Class A<sup>(2)</sup> | 573 | 16583 |
|  |  | 782146 |
| **Textiles, Apparel and Luxury Goods — 0.3%** |  |  |
| Asics Corp. | 1100 | 26181 |
| Crocs, Inc.<sup>(2)</sup> | 350 | 42619 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Deckers Outdoor Corp.<sup>(2)</sup> | 175 | $74809 |
| HUGO BOSS AG | 176 | 11952 |
| Li Ning Co. Ltd. | 24000 | 237256 |
| lululemon athletica, Inc.<sup>(2)</sup> | 829 | 254404 |
| LVMH Moet Hennessy Louis Vuitton SE | 317 | 276733 |
| NIKE, Inc., Class B | 519 | 66084 |
| Puma SE | 2218 | 151464 |
| Tod's SpA<sup>(2)</sup> | 125 | 4888 |
|  |  | 1146390 |
| **Thrifts and Mortgage Finance**<sup>†</sup> |  |  |
| Capitol Federal Financial, Inc. | 6604 | 55275 |
| **Trading Companies and Distributors — 0.2%** |  |  |
| AddTech AB, B Shares | 749 | 11961 |
| Beacon Roofing Supply, Inc.<sup>(2)</sup> | 1796 | 102157 |
| Beijer Ref AB<sup>(3)</sup> | 794 | 12249 |
| Diploma PLC | 485 | 16406 |
| Finning International, Inc. | 793 | 22374 |
| H&E Equipment Services, Inc. | 583 | 29669 |
| MonotaRO Co. Ltd. | 8000 | 121187 |
| MRC Global, Inc.<sup>(2)</sup> | 1263 | 17177 |
| MSC Industrial Direct Co., Inc., Class A | 2788 | 230568 |
| NOW, Inc.<sup>(2)</sup> | 1932 | 27125 |
| Rexel SA<sup>(2)</sup> | 8319 | 184036 |
| RS GROUP PLC | 766 | 8905 |
| Yamazen Corp. | 1900 | 15563 |
|  |  | 799377 |
| **Transportation Infrastructure**<sup>†</sup> |  |  |
| Japan Airport Terminal Co. Ltd.<sup>(2)</sup> | 500 | 26062 |
| **Water Utilities**<sup>†</sup> |  |  |
| SJW Group | 376 | 29106 |
| **TOTAL COMMON STOCKS**<br>(Cost $50,538,067) |  | **64821591** |
| **U.S. TREASURY SECURITIES — 18.4%** |  |  |
| U.S. Treasury Bonds, 4.50%, 5/15/38 | $1000000 | 1112188 |
| U.S. Treasury Bonds, 2.25%, 5/15/41 | 1250000 | 997437 |
| U.S. Treasury Bonds, 2.00%, 11/15/41 | 1350000 | 1026316 |
| U.S. Treasury Bonds, 2.375%, 2/15/42 | 7000000 | 5665078 |
| U.S. Treasury Bonds, 3.00%, 5/15/42 | 430000 | 384766 |
| U.S. Treasury Bonds, 2.50%, 2/15/45 | 1700000 | 1372219 |
| U.S. Treasury Bonds, 3.00%, 5/15/45 | 600000 | 528609 |
| U.S. Treasury Bonds, 3.00%, 11/15/45 | 850000 | 747934 |
| U.S. Treasury Bonds, 1.875%, 2/15/51 | 1000000 | 689258 |
| U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/25 | 2448070 | 2459598 |
| U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/27 | 442881 | 457001 |
| U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/42 | 658765 | 576111 |
| U.S. Treasury Inflation Indexed Bonds, 0.625%, 2/15/43 | 647450 | 547969 |
| U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 | 3476715 | 2967906 |
| U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 | 616655 | 533352 |
| U.S. Treasury Inflation Indexed Bonds, 0.125%, 2/15/51 | 800450 | 553756 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/24 | 10970838 | 10652242 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/24 | 2494796 | 2414974 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/25 | 4667909 | 4476240 |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Shares/<br>Principal Amount** | **Value** | **Value** |
| U.S. Treasury Inflation Indexed Notes, 0.375%, 1/15/27 |  | $| 246492 | $| 235617 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/27 |  | 3447953 | 3447953 | 3257449 | 3257449 |
| U.S. Treasury Inflation Indexed Notes, 0.50%, 1/15/28 |  | 4224290 | 4224290 | 4044579 | 4044579 |
| U.S. Treasury Inflation Indexed Notes, 0.875%, 1/15/29 |  | 2947600 | 2947600 | 2870126 | 2870126 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/30 |  | 6942780 | 6942780 | 6398539 | 6398539 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/32 |  | 3205830 | 3205830 | 2896983 | 2896983 |
| U.S. Treasury Notes, 2.25%, 8/15/27 |  | 300000 | 300000 | 282691 | 282691 |
| U.S. Treasury Notes, 0.625%, 5/15/30 |  | 1250000 | 1250000 | 1022705 | 1022705 |
| U.S. Treasury Notes, 1.875%, 2/15/32 |  | 4200000 | 4200000 | 3685992 | 3685992 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $69,552,508) |  |  |  | **62857635** | **62857635** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 4.6%** | **SOVEREIGN GOVERNMENTS AND AGENCIES — 4.6%** | **SOVEREIGN GOVERNMENTS AND AGENCIES — 4.6%** | **SOVEREIGN GOVERNMENTS AND AGENCIES — 4.6%** | **SOVEREIGN GOVERNMENTS AND AGENCIES — 4.6%** | **SOVEREIGN GOVERNMENTS AND AGENCIES — 4.6%** |
| **Australia — 0.1%** |  |  |  |  |  |
| Australia Government Bond, 3.00%, 3/21/47 | AUD | 505000 | 505000 | 303311 | 303311 |
| New South Wales Treasury Corp., 3.00%, 3/20/28 | AUD | 285000 | 285000 | 194373 | 194373 |
|  |  |  |  | 497684 | 497684 |
| **Austria — 0.1%** |  |  |  |  |  |
| Republic of Austria Government Bond, 0.75%, 10/20/26<sup>(5)</sup> | EUR | 140000 | 140000 | 142561 | 142561 |
| Republic of Austria Government Bond, 4.15%, 3/15/37<sup>(5)</sup> | EUR | 101000 | 101000 | 125207 | 125207 |
|  |  |  |  | 267768 | 267768 |
| **Belgium**<sup>†</sup> |  |  |  |  |  |
| Kingdom of Belgium Government Bond, 4.25%, 3/28/41<sup>(5)</sup> | EUR | 47000 | 47000 | 58987 | 58987 |
| **Canada — 1.4%** |  |  |  |  |  |
| Canadian Government Bond, 0.25%, 4/1/24 | CAD | 4000000 | 4000000 | 2870873 | 2870873 |
| Canadian Government Bond, 0.25%, 3/1/26 | CAD | 1150000 | 1150000 | 786958 | 786958 |
| Province of British Columbia Canada, 2.85%, 6/18/25 | CAD | 684000 | 684000 | 503702 | 503702 |
| Province of Quebec Canada, 3.00%, 9/1/23 | CAD | 460000 | 460000 | 342684 | 342684 |
| Province of Quebec Canada, 5.75%, 12/1/36 | CAD | 325000 | 325000 | 291987 | 291987 |
| Province of Quebec Canada, 5.00%, 12/1/41 | CAD | 33000 | 33000 | 28058 | 28058 |
| Province of Quebec Canada, 3.50%, 12/1/48 | CAD | 102000 | 102000 | 70558 | 70558 |
|  |  |  |  | 4894820 | 4894820 |
| **China — 0.5%** |  |  |  |  |  |
| China Government Bond, 3.39%, 3/16/50 | CNY | 10340000 | 10340000 | 1551551 | 1551551 |
| **Denmark**<sup>†</sup> |  |  |  |  |  |
| Denmark Government Bond, 0.50%, 11/15/27 | DKK | 517000 | 517000 | 68899 | 68899 |
| Denmark Government Bond, 4.50%, 11/15/39 | DKK | 260000 | 260000 | 48079 | 48079 |
|  |  |  |  | 116978 | 116978 |
| **Finland — 0.5%** |  |  |  |  |  |
| Finland Government Bond, 4.00%, 7/4/25<sup>(5)</sup> | EUR | 173000 | 173000 | 194809 | 194809 |
| Finland Government Bond, 0.125%, 4/15/36<sup>(5)</sup> | EUR | 1750000 | 1750000 | 1327726 | 1327726 |
|  |  |  |  | 1522535 | 1522535 |
| **France — 0.6%** |  |  |  |  |  |
| French Republic Government Bond OAT, 2.50%, 5/25/30 | EUR | 1170000 | 1170000 | 1267265 | 1267265 |
| French Republic Government Bond OAT, 0.00%, 11/25/31<sup>(6)</sup> | EUR | 850000 | 850000 | 732407 | 732407 |
|  |  |  |  | 1999672 | 1999672 |
| **Germany**<sup>†</sup> |  |  |  |  |  |
| Bundesrepublik Deutschland Bundesanleihe, 0.00%, 8/15/52<sup>(6)</sup> | EUR | 60000 | 60000 | 34883 | 34883 |
| **Ireland — 0.1%** |  |  |  |  |  |
| Ireland Government Bond, 3.40%, 3/18/24 | EUR | 196000 | 196000 | 215080 | 215080 |
| **Italy — 0.4%** |  |  |  |  |  |
| Italy Buoni Poliennali Del Tesoro, 1.50%, 6/1/25 | EUR | 263000 | 263000 | 275449 | 275449 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| Italy Buoni Poliennali Del Tesoro, 2.00%, 12/1/25 | EUR | 971000 | $1019660 |
|  |  |  | 1295109 |
| **Japan**<sup>†</sup> |  |  |  |
| Japan Government Thirty Year Bond, 1.40%, 12/20/45 | JPY | 11400000 | 86186 |
| **Malaysia — 0.1%** |  |  |  |
| Malaysia Government Bond, 3.96%, 9/15/25 | MYR | 785000 | 186538 |
| **Mexico — 0.1%** |  |  |  |
| Mexico Government International Bond, 4.15%, 3/28/27 |  | $400000 | 395980 |
| **Netherlands — 0.1%** |  |  |  |
| Netherlands Government Bond, 0.50%, 7/15/26<sup>(5)</sup> | EUR | 401000 | 407459 |
| Netherlands Government Bond, 2.75%, 1/15/47<sup>(5)</sup> | EUR | 63000 | 72392 |
|  |  |  | 479851 |
| **Norway — 0.1%** |  |  |  |
| Norway Government Bond, 2.00%, 5/24/23<sup>(5)</sup> | NOK | 360000 | 35961 |
| Norway Government Bond, 1.75%, 2/17/27<sup>(5)</sup> | NOK | 1510000 | 144746 |
|  |  |  | 180707 |
| **Poland**<sup>†</sup> |  |  |  |
| Republic of Poland Government Bond, 4.00%, 10/25/23 | PLN | 650000 | 148209 |
| **Spain — 0.1%** |  |  |  |
| Spain Government Bond, 4.40%, 10/31/23<sup>(5)</sup> | EUR | 5000 | 5497 |
| Spain Government Bond, 1.60%, 4/30/25<sup>(5)</sup> | EUR | 164000 | 173737 |
| Spain Government Bond, 5.15%, 10/31/28<sup>(5)</sup> | EUR | 16000 | 19404 |
| Spain Government Bond, 5.15%, 10/31/44<sup>(5)</sup> | EUR | 30000 | 40391 |
|  |  |  | 239029 |
| **Switzerland — 0.1%** |  |  |  |
| Swiss Confederation Government Bond, 1.25%, 5/28/26 | CHF | 253000 | 278175 |
| Swiss Confederation Government Bond, 2.50%, 3/8/36 | CHF | 89000 | 110967 |
|  |  |  | 389142 |
| **Thailand — 0.1%** |  |  |  |
| Thailand Government Bond, 3.625%, 6/16/23 | THB | 3450000 | 105358 |
| Thailand Government Bond, 3.85%, 12/12/25 | THB | 9350000 | 299254 |
|  |  |  | 404612 |
| **United Kingdom — 0.2%** |  |  |  |
| United Kingdom Gilt, 0.125%, 1/30/26 | GBP | 600000 | 677287 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $17,835,331) |  |  | **15642608** |
| **CORPORATE BONDS — 4.5%** |  |  |  |
| **Airlines — 0.1%** |  |  |  |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(5)</sup> |  | $226692 | 222489 |
| **Automobiles — 0.1%** |  |  |  |
| BMW Finance NV, 0.875%, 4/3/25 | EUR | 50000 | 52017 |
| General Motors Co., 5.15%, 4/1/38 |  | $290000 | 263512 |
|  |  |  | 315529 |
| **Banks — 1.1%** |  |  |  |
| Avi Funding Co. Ltd., 3.80%, 9/16/25<sup>(5)</sup> |  | 102000 | 98919 |
| Banco Santander SA, 2.50%, 3/18/25 | EUR | 200000 | 212418 |
| Bank of America Corp., 2.30%, 7/25/25 | GBP | 100000 | 117532 |
| Bank of America Corp., VRN, 2.88%, 10/22/30 |  | $182000 | 159715 |
| Barclays PLC, VRN, 2.00%, 2/7/28 | EUR | 200000 | 217393 |
| CaixaBank SA, VRN, 2.75%, 7/14/28 | EUR | 100000 | 107696 |
| CaixaBank SA, VRN, 2.25%, 4/17/30 | EUR | 100000 | 101377 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| Citigroup, Inc., VRN, 3.07%, 2/24/28 |  | $31000 | $28833 |
| Citigroup, Inc., VRN, 3.52%, 10/27/28 |  | 68000 | 63749 |
| Commerzbank AG, 4.00%, 3/23/26 | EUR | 220000 | 237568 |
| Credit Agricole SA, 7.375%, 12/18/23 | GBP | 100000 | 126081 |
| European Financial Stability Facility, 2.125%, 2/19/24 | EUR | 351000 | 378422 |
| European Financial Stability Facility, 0.40%, 5/31/26 | EUR | 400000 | 402622 |
| European Financial Stability Facility, 2.35%, 7/29/44 | EUR | 62000 | 60543 |
| European Union, 0.00%, 7/4/31<sup>(6)</sup> | EUR | 400000 | 342911 |
| HSBC Bank PLC, VRN, 5.375%, 11/4/30 | GBP | 90000 | 110584 |
| ING Groep NV, 2.125%, 1/10/26 | EUR | 300000 | 314643 |
| JPMorgan Chase & Co., VRN, 2.95%, 2/24/28 |  | $30000 | 27854 |
| Lloyds Bank PLC, 7.625%, 4/22/25 | GBP | 80000 | 105279 |
| Wells Fargo & Co., VRN, 3.07%, 4/30/41 |  | $430000 | 335654 |
|  |  |  | 3549793 |
| **Beverages — 0.1%** |  |  |  |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 |  | 180000 | 175907 |
| **Biotechnology — 0.1%** |  |  |  |
| AbbVie, Inc., 4.40%, 11/6/42 |  | 385000 | 356065 |
| **Capital Markets**<sup>†</sup> |  |  |  |
| Criteria Caixa SA, 1.50%, 5/10/23 | EUR | 100000 | 108344 |
| **Chemicals**<sup>†</sup> |  |  |  |
| Equate Petrochemical BV, 4.25%, 11/3/26<sup>(5)</sup> |  | $34000 | 33197 |
| **Commercial Services and Supplies — 0.1%** |  |  |  |
| Waste Connections, Inc., 2.95%, 1/15/52 |  | 112000 | 80353 |
| Waste Management, Inc., 2.50%, 11/15/50 |  | 160000 | 107816 |
|  |  |  | 188169 |
| **Containers and Packaging**<sup>†</sup> |  |  |  |
| Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24<sup>(5)</sup> |  | 10000 | 10004 |
| Sealed Air Corp., 5.125%, 12/1/24<sup>(5)</sup> |  | 25000 | 24840 |
|  |  |  | 34844 |
| **Diversified Consumer Services**<sup>†</sup> |  |  |  |
| Duke University, 3.30%, 10/1/46 |  | 60000 | 48955 |
| **Diversified Financial Services — 1.3%** |  |  |  |
| Fiore Capital LLC, VRDN, 4.45%, 2/7/23 (LOC: Wells Fargo Bank N.A.) |  | 1500000 | 1500000 |
| Gulf Gate Apartments LLC, VRN, 4.81%, (Acquired 9/29/03 - 11/10/03, Cost $3,000,000), 9/1/28<sup>(7)</sup> |  | 3000000 | 3000000 |
|  |  |  | 4500000 |
| **Diversified Telecommunication Services — 0.2%** |  |  |  |
| AT&T, Inc., 2.60%, 12/17/29 | EUR | 100000 | 101699 |
| AT&T, Inc., 4.90%, 8/15/37 |  | $85000 | 82543 |
| Deutsche Telekom International Finance BV, 1.25%, 10/6/23 | GBP | 50000 | 60608 |
| Deutsche Telekom International Finance BV, 0.875%, 1/30/24 | EUR | 40000 | 42594 |
| Level 3 Financing, Inc., 4.625%, 9/15/27<sup>(5)</sup> |  | $171000 | 145160 |
| Turk Telekomunikasyon AS, 4.875%, 6/19/24<sup>(5)</sup> |  | 80000 | 75784 |
|  |  |  | 508388 |
| **Electric Utilities — 0.2%** |  |  |  |
| Duke Energy Carolinas LLC, 3.20%, 8/15/49 |  | 190000 | 144068 |
| Duke Energy Florida LLC, 3.85%, 11/15/42 |  | 80000 | 68497 |
| Duke Energy Progress LLC, 4.15%, 12/1/44 |  | 9000 | 8014 |
| Exelon Corp., 4.45%, 4/15/46 |  | 90000 | 81467 |

---

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---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| Israel Electric Corp. Ltd., 6.875%, 6/21/23<sup>(5)</sup> |  | $41000 | $41231 |
| MidAmerican Energy Co., 4.40%, 10/15/44 |  | 40000 | 37440 |
| Northern States Power Co., 3.20%, 4/1/52 |  | 120000 | 92276 |
| Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, 3.00%, 6/30/30 |  | 375000 | 320396 |
|  |  |  | 793389 |
| **Food and Staples Retailing**<sup>†</sup> |  |  |  |
| Tesco PLC, 5.00%, 3/24/23 | GBP | 50000 | 61635 |
| **Health Care Providers and Services — 0.3%** |  |  |  |
| CVS Health Corp., 4.78%, 3/25/38 |  | $310000 | 297045 |
| DaVita, Inc., 4.625%, 6/1/30<sup>(5)</sup> |  | 370000 | 312121 |
| Kaiser Foundation Hospitals, 3.00%, 6/1/51 |  | 130000 | 96838 |
| Universal Health Services, Inc., 2.65%, 10/15/30 |  | 420000 | 354436 |
|  |  |  | 1060440 |
| **Hotels, Restaurants and Leisure**<sup>†</sup> |  |  |  |
| MGM Resorts International, 6.00%, 3/15/23 |  | 30000 | 30022 |
| MGM Resorts International, 4.625%, 9/1/26 |  | 8000 | 7545 |
| Penn Entertainment, Inc., 5.625%, 1/15/27<sup>(5)</sup> |  | 35000 | 32935 |
| Penn Entertainment, Inc., 4.125%, 7/1/29<sup>(5)</sup> |  | 54000 | 44621 |
|  |  |  | 115123 |
| **Household Durables**<sup>†</sup> |  |  |  |
| Meritage Homes Corp., 5.125%, 6/6/27 |  | 40000 | 38381 |
| **Insurance — 0.1%** |  |  |  |
| AXA SA, VRN, 3.375%, 7/6/47 | EUR | 200000 | 205920 |
| **Interactive Media and Services**<sup>†</sup> |  |  |  |
| Tencent Holdings Ltd., 3.80%, 2/11/25<sup>(5)</sup> |  | $61000 | 59547 |
| **Internet and Direct Marketing Retail — 0.1%** |  |  |  |
| Alibaba Group Holding Ltd., 2.80%, 6/6/23 |  | 140000 | 138901 |
| **Media — 0.1%** |  |  |  |
| DISH DBS Corp., 7.75%, 7/1/26 |  | 200000 | 162695 |
| Paramount Global, 4.375%, 3/15/43 |  | 65000 | 48050 |
| WPP Finance 2013, 3.00%, 11/20/23 | EUR | 100000 | 108580 |
|  |  |  | 319325 |
| **Metals and Mining**<sup>†</sup> |  |  |  |
| Minera Mexico SA de CV, 4.50%, 1/26/50<sup>(5)</sup> |  | $158000 | 126583 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>†</sup> | **Mortgage Real Estate Investment Trusts (REITs)**<sup>†</sup> |  |  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29<sup>(5)</sup> |  | 147000 | 122324 |
| **Multi-Utilities**<sup>†</sup> |  |  |  |
| Dominion Energy, Inc., 4.90%, 8/1/41 |  | 70000 | 65750 |
| **Oil, Gas and Consumable Fuels — 0.4%** |  |  |  |
| Antero Resources Corp., 7.625%, 2/1/29<sup>(5)</sup> |  | 75000 | 76801 |
| BP Capital Markets America, Inc., 3.06%, 6/17/41 |  | 130000 | 103824 |
| Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 |  | 25000 | 24673 |
| Enbridge, Inc., 3.40%, 8/1/51 |  | 150000 | 112046 |
| Enterprise Products Operating LLC, 4.85%, 3/15/44 |  | 220000 | 209874 |
| Enterprise Products Operating LLC, 3.30%, 2/15/53 |  | 107000 | 77712 |
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40<sup>(5)</sup> |  | 362449 | 297129 |
| Kinder Morgan Energy Partners LP, 6.50%, 9/1/39 |  | 130000 | 139581 |
| MEG Energy Corp., 5.875%, 2/1/29<sup>(5)</sup> |  | 160000 | 152991 |
| Petroleos Mexicanos, 6.70%, 2/16/32 |  | 30000 | 24943 |

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| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Southwestern Energy Co., 5.70%, 1/23/25 | $5000 | $4963 |
|  |  | 1224537 |
| **Pharmaceuticals**<sup>†</sup> |  |  |
| Viatris, Inc., 4.00%, 6/22/50 | 164000 | 113852 |
| **Road and Rail**<sup>†</sup> |  |  |
| Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 | 16000 | 15316 |
| Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 | 100000 | 91549 |
|  |  | 106865 |
| **Software**<sup>†</sup> |  |  |
| Oracle Corp., 3.60%, 4/1/40 | 150000 | 119011 |
| **Transportation Infrastructure — 0.1%** |  |  |
| DP World Crescent Ltd., 4.85%, 9/26/28 | 175000 | 177355 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| C&W Senior Financing DAC, 6.875%, 9/15/27<sup>(5)</sup> | 97000 | 92428 |
| Sprint LLC, 7.125%, 6/15/24 | 70000 | 71576 |
| T-Mobile USA, Inc., 3.375%, 4/15/29 | 200000 | 182571 |
|  |  | 346575 |
| **TOTAL CORPORATE BONDS**<br>(Cost $16,954,970) |  | **15237193** |
| **COLLATERALIZED LOAN OBLIGATIONS — 2.1%** |  |  |
| ARES XLVII CLO Ltd., Series 2018-47A, Class C, VRN, 6.54%, (3-month LIBOR plus 1.75%), 4/15/30<sup>(5)</sup> | 250000 | 236331 |
| Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class CR3, VRN, 7.42%, (3-month LIBOR plus 2.60%), 4/22/32<sup>(5)</sup> | 750000 | 719641 |
| Cerberus Loan Funding XXVIII LP, Series 2020-1A, Class A, VRN, 6.64%, (3-month LIBOR plus 1.85%), 10/15/31<sup>(5)</sup> | 362138 | 359828 |
| CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 6.64%, (3-month LIBOR plus 1.85%), 11/16/30<sup>(5)</sup> | 400000 | 386885 |
| Cook Park CLO Ltd., Series 2018-1A, Class C, VRN, 6.54%, (3-month LIBOR plus 1.75%), 4/17/30<sup>(5)</sup> | 750000 | 704559 |
| Dewolf Park CLO Ltd., Series 2017-1A, Class CR, VRN, 6.64%, (3-month LIBOR plus 1.85%), 10/15/30<sup>(5)</sup> | 250000 | 237102 |
| Eaton Vance CLO Ltd., Series 2015-1A, Class CR, VRN, 6.71%, (3-month LIBOR plus 1.90%), 1/20/30<sup>(5)</sup> | 250000 | 236816 |
| Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 5.93%, (3-month LIBOR plus 1.12%), 7/20/31<sup>(5)</sup> | 250000 | 248348 |
| KKR CLO Ltd., Series 2018, Class CR, VRN, 6.89%, (3-month LIBOR plus 2.10%), 7/18/30<sup>(5)</sup> | 250000 | 243185 |
| KKR CLO Ltd., Series 2022A, Class B, VRN, 6.41%, (3-month LIBOR plus 1.60%), 7/20/31<sup>(5)</sup> | 450000 | 440580 |
| Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 6.29%, (3-month LIBOR plus 1.50%), 4/15/31<sup>(5)</sup> | 400000 | 394069 |
| Magnetite XXV Ltd., Series 2020-25A, Class C, VRN, 6.92%, (3-month LIBOR plus 2.10%), 1/25/32<sup>(5)</sup> | 350000 | 340250 |
| Marathon CLO Ltd., Series 2021-17A, Class B1, VRN, 7.49%, (3-month LIBOR plus 2.68%), 1/20/35<sup>(5)</sup> | 325000 | 306088 |
| MF1 Ltd., Series 2021-FL7, Class AS, VRN, 5.92%, (1-month LIBOR plus 1.45%), 10/16/36<sup>(5)</sup> | 518000 | 495658 |
| Palmer Square Loan Funding Ltd., Series 2022-1A, Class B, VRN, 6.63%, (3-month SOFR plus 2.00%), 4/15/30<sup>(5)</sup> | 225000 | 216081 |
| Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class B, VRN, 6.11%, (1-month LIBOR plus 1.60%), 7/25/36<sup>(5)</sup> | 300000 | 286627 |
| Rockford Tower CLO Ltd., Series 2020-1A, Class C, VRN, 7.16%, (3-month LIBOR plus 2.35%), 1/20/32<sup>(5)</sup> | 325000 | 313026 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Sound Point CLO IX Ltd., Series 2015-2A, Class CRRR, VRN, 7.31%, (3-month LIBOR plus 2.50%), 7/20/32<sup>(5)</sup> | $550000 | $516570 |
| Symphony CLO XXII Ltd., Series 2020-22A, Class B, VRN, 6.49%, (3-month LIBOR plus 1.70%), 4/18/33<sup>(5)</sup> | 500000 | 491413 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $7,438,030) |  | **7173057** |
| **MUNICIPAL SECURITIES — 0.8%** |  |  |
| Bay Area Toll Authority Rev., 6.92%, 4/1/40 | 105000 | 128007 |
| Harris County Industrial Development Corp. Rev., (Exxon Mobil Corp.) VRDN, 1.19%, 2/1/23 | 750000 | 750000 |
| Metropolitan Transportation Authority Rev., 6.81%, 11/15/40 | 30000 | 33178 |
| New Jersey Turnpike Authority Rev., 7.41%, 1/1/40 | 100000 | 130880 |
| New Jersey Turnpike Authority Rev., 7.10%, 1/1/41 | 9000 | 11463 |
| New York City GO, 6.27%, 12/1/37 | 40000 | 45808 |
| North Dakota Housing Finance Agency Rev., VRDN, 4.35%, 2/7/23 (SBBPA: Royal Bank of Canada) | 750000 | 750000 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34 | 110000 | 112605 |
| Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51 | 50000 | 51111 |
| Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60 | 125000 | 91483 |
| Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40 | 150000 | 161171 |
| Sacramento Municipal Utility District Rev., 6.16%, 5/15/36 | 180000 | 203752 |
| San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40 | 75000 | 83799 |
| Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32 | 105000 | 110808 |
| State of California GO, 4.60%, 4/1/38 | 40000 | 39539 |
| State of California GO, 7.55%, 4/1/39 | 30000 | 40031 |
| State of California GO, 7.30%, 10/1/39 | 30000 | 38301 |
| State of California GO, 7.60%, 11/1/40 | 65000 | 88303 |
| State of Washington GO, 5.14%, 8/1/40 | 5000 | 5319 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $2,788,784) |  | **2875558** |
| **ASSET-BACKED SECURITIES — 0.6%** |  |  |
| Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46<sup>(5)</sup> | 273806 | 232760 |
| BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A, SEQ, 2.94%, 5/25/29<sup>(5)</sup> | 50347 | 48787 |
| FirstKey Homes Trust, Series 2020-SFR1, Class C, 1.94%, 8/17/37<sup>(5)</sup> | 400000 | 365846 |
| FirstKey Homes Trust, Series 2020-SFR2, Class E, 2.67%, 10/19/37<sup>(5)</sup> | 400000 | 363489 |
| Lunar Aircarft Ltd., Series 2020-1A, Class A, SEQ, 3.38%, 2/15/45<sup>(5)</sup> | 458772 | 381941 |
| MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46<sup>(5)</sup> | 755823 | 648103 |
| VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36<sup>(5)</sup> | 118730 | 114979 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $2,468,217) |  | **2155905** |
| **PREFERRED STOCKS — 0.5%** |  |  |
| **Automobiles — 0.1%** |  |  |
| Volkswagen International Finance NV, 3.875% | 300000 | 285788 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Diversified Telecommunication Services**<sup>†</sup> | | |
| Telefonica Europe BV, 5.875% | 100000 | 110062 |
| **Electric Utilities**<sup>†</sup> |  |  |
| Electricite de France SA, 3.375% | 200000 | 172857 |
| **Insurance — 0.2%** |  |  |
| Allianz SE, 2.625% | 200000 | 164460 |
| Allianz SE, 3.20%<sup>(5)</sup> | 200000 | 161520 |
| Allianz SE, 3.375% | 200000 | 212656 |
| Credit Agricole Assurances SA, 4.25% | 100000 | 107282 |
| Intesa Sanpaolo Vita SpA, 4.75% | 200000 | 213806 |
|  |  | 859724 |
| **Oil, Gas and Consumable Fuels — 0.1%** |  |  |
| Eni SpA, 3.375% | 300000 | 280297 |
| **Trading Companies and Distributors — 0.1%** |  |  |
| Aircastle Ltd., 5.25%<sup>(5)</sup> | 220000 | 181500 |
| **TOTAL PREFERRED STOCKS**<br>(Cost $2,468,269) |  | **1890228** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%** |  |
| **Private Sponsor Collateralized Mortgage Obligations — 0.3%** | **Private Sponsor Collateralized Mortgage Obligations — 0.3%** |  |
| Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.26%, 8/25/34 | $59884 | 57677 |
| COLT Mortgage Loan Trust, Series 2021-3, Class M1, VRN, 2.30%, 9/27/66<sup>(5)</sup> | 700000 | 413379 |
| JP Morgan Mortgage Trust, Series 2014-5, Class A1, VRN, 2.79%, 10/25/29<sup>(5)</sup> | 47682 | 44863 |
| Radnor RE Ltd., Series 2021-1, Class M1B, VRN, 6.01%, (30-day average SOFR plus 1.70%), 12/27/33<sup>(5)</sup> | 600000 | 594759 |
| Sofi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46<sup>(5)</sup> | 11925 | 10946 |
|  |  | 1121624 |
| **U.S. Government Agency Collateralized Mortgage Obligations — 0.1%** | **U.S. Government Agency Collateralized Mortgage Obligations — 0.1%** |  |
| FNMA, Series 2014-C02, Class 2M2, VRN, 7.11%, (1-month LIBOR plus 2.60%), 5/25/24 | 120947 | 122507 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $1,538,054) |  | **1244131** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.2%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.2%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.2%** |
| **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities**<sup>†</sup> | **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities**<sup>†</sup> | **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities**<sup>†</sup> |
| FHLMC, VRN, 3.55%, (12-month LIBOR plus 1.87%), 7/1/36 | 3413 | 3465 |
| FHLMC, VRN, 4.20%, (1-year H15T1Y plus 2.14%), 10/1/36 | 11923 | 12187 |
| FHLMC, VRN, 3.43%, (1-year H15T1Y plus 2.26%), 4/1/37 | 34049 | 34643 |
| FHLMC, VRN, 4.09%, (12-month LIBOR plus 1.89%), 7/1/41 | 11228 | 11272 |
| FNMA, VRN, 5.17%, (6-month LIBOR plus 1.57%), 6/1/35 | 16762 | 16868 |
| FNMA, VRN, 5.31%, (6-month LIBOR plus 1.57%), 6/1/35 | 11688 | 11736 |
| FNMA, VRN, 4.10%, (6-month LIBOR plus 1.54%), 9/1/35 | 2461 | 2500 |
| FNMA, VRN, 3.85%, (1-year H15T1Y plus 2.15%), 3/1/38 | 28667 | 29302 |
|  |  | 121973 |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.2%** | **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.2%** |  |
| FHLMC, 6.00%, 2/1/38 | 52343 | 55378 |
| FNMA, 3.50%, 3/1/34 | 40741 | 39810 |
| GNMA, 7.00%, 1/15/24 | 48 | 48 |
| GNMA, 8.00%, 7/15/24 | 1000 | 1001 |
| GNMA, 8.00%, 9/15/24 | 353 | 353 |
| GNMA, 9.00%, 4/20/25 | 130 | 131 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| GNMA, 7.50%, 10/15/25 | $1441 | $1442 |
| GNMA, 7.50%, 2/15/26 | 3224 | 3261 |
| GNMA, 8.25%, 7/15/26 | 8215 | 8228 |
| GNMA, 7.00%, 12/15/27 | 7926 | 7917 |
| GNMA, 6.50%, 2/15/28 | 1200 | 1246 |
| GNMA, 6.50%, 3/15/28 | 5130 | 5323 |
| GNMA, 6.50%, 4/15/28 | 262 | 271 |
| GNMA, 6.00%, 10/15/28 | 4409 | 4533 |
| GNMA, 7.00%, 5/15/31 | 2471 | 2592 |
| GNMA, 5.50%, 11/15/32 | 13580 | 14397 |
| GNMA, 6.50%, 10/15/38 | 206914 | 222729 |
| GNMA, 4.50%, 6/15/41 | 75340 | 76495 |
| GNMA, 3.50%, 6/20/42 | 105784 | 102564 |
|  |  | **547719** |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $673,607) | **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $673,607) | **669692** |
| **EXCHANGE-TRADED FUNDS — 0.2%** |  |  |
| iShares Core S&P 500 ETF | 689 | 281326 |
| iShares Russell Mid-Cap Value ETF<sup>(3)</sup> | 2517 | 286560 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $531,011) |  | **567886** |
| **SHORT-TERM INVESTMENTS — 12.3%** |  |  |
| **Certificates of Deposit — 1.4%** |  |  |
| Bank of Montreal, VRN, 4.93%, (SOFR plus 0.63%), 9/12/23 | $2000000 | 2004460 |
| Cooperatieve Rabobank UA, VRN, 4.78%, (SOFR plus 0.48%), 2/21/23 | 2000000 | 2000401 |
| Nordea Bank Abp, VRN, 4.90%, (SOFR plus 0.60%), 10/11/23 | 1000000 | 1002126 |
|  |  | 5006987 |
| **Commercial Paper**<sup>(8)</sup> **— 2.5%** |  |  |
| Alinghi Funding Co. LLC, 3.96%, 3/21/23 (LOC: UBS AG)<sup>(5)</sup> | 2500000 | 2484248 |
| Alinghi Funding Co. LLC, 5.43%, 7/13/23 (LOC: UBS AG)<sup>(5)</sup> | 500000 | 488862 |
| Chesham Finance Ltd / Chesham Finance LLC, 4.42%, 2/1/23 (LOC: HSBC Bank PLC)<sup>(5)</sup> | 1115000 | 1114867 |
| Glencove Funding LLC, 4.81%, 3/20/23 (LOC: Standard Chartered Bank)<sup>(5)</sup> | 500000 | 496935 |
| Svenska Handelsbanken AB, VRN, 4.83%, (SOFR plus 0.53%), 5/19/23<sup>(5)</sup> | 500000 | 500447 |
| Svenska Handelsbanken AB, VRN, 5.09%, (SOFR plus 0.79%), 11/1/23<sup>(5)</sup> | 1000000 | 1000000 |
| UBS AG, VRN, 4.90%, (SOFR plus 0.58%), 9/22/23<sup>(5)</sup> | 1350000 | 1350000 |
| Washington Morgan Capital Co. LLC, 5.08%, 4/27/23 (LOC: Goldman Sachs & Co.)<sup>(5)</sup> | 1000000 | 1001132 |
|  |  | 8436491 |
| **Money Market Funds — 4.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 13754444 | 13754444 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(9)</sup> | 542335 | 542335 |
|  |  | 14296779 |
| **Treasury Bills**<sup>(8)</sup> **— 4.2%** |  |  |
| U.S. Treasury Bills, 4.42%, 3/7/23 | $2200000 | 2190642 |
| U.S. Treasury Bills, 4.17%, 4/13/23 | 700000 | 693752 |
| U.S. Treasury Bills, 1.93%, 4/20/23<sup>(10)</sup> | 7100000 | 7030304 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| U.S. Treasury Bills, 4.61%, 5/4/23 | $500000 | $494181 |
| U.S. Treasury Bills, 4.72%, 6/1/23 | 1500000 | 1477250 |
| U.S. Treasury Bills, 4.70%, 6/15/23 | 1000000 | 983273 |
| U.S. Treasury Bills, 4.78%, 6/29/23 | 500000 | 490623 |
| U.S. Treasury Bills, 4.87%, 7/20/23 | 400000 | 391392 |
| U.S. Treasury Bills, 4.73%, 11/2/23 | 550000 | 531262 |
|  |  | 14282679 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $42,058,588) |  | **42022936** |
| **TOTAL INVESTMENT SECURITIES—99.9%**<br>(Cost $325,246,092) |  | **341187555** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **346164** |
| **TOTAL NET ASSETS — 100.0%** |  | $**341533719** |

---

------

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized** <br>**Appreciation**<br>**(Depreciation)** |
| CAD | 2472 | USD | 1818 | Goldman Sachs & Co. | 3/31/23 | $41 |
| CAD | 3091 | USD | 2276 | Goldman Sachs & Co. | 3/31/23 | 48 |
| CAD | 2183 | USD | 1613 | Goldman Sachs & Co. | 3/31/23 | 28 |
| USD | 3781327 | CAD | 5140968 | Morgan Stanley | 3/15/23 | (83625) |
| USD | 66222 | CAD | 90539 | Goldman Sachs & Co. | 3/31/23 | (1853) |
| USD | 87746 | CAD | 119967 | Goldman Sachs & Co. | 3/31/23 | (2456) |
| USD | 2681 | CAD | 3648 | Goldman Sachs & Co. | 3/31/23 | (62) |
| USD | 9729 | CAD | 13228 | Goldman Sachs & Co. | 3/31/23 | (217) |
| USD | 3732 | CAD | 5089 | Goldman Sachs & Co. | 3/31/23 | (95) |
| USD | 1614 | CAD | 2183 | Goldman Sachs & Co. | 3/31/23 | (28) |
| USD | 2859 | CAD | 3906 | Goldman Sachs & Co. | 3/31/23 | (78) |
| USD | 1634 | CAD | 2217 | Goldman Sachs & Co. | 3/31/23 | (33) |
| USD | 3366 | CAD | 4517 | Goldman Sachs & Co. | 3/31/23 | (30) |
| USD | 1911 | CAD | 2553 | Goldman Sachs & Co. | 3/31/23 | (8) |
| USD | 2663 | CAD | 3558 | Goldman Sachs & Co. | 3/31/23 | (12) |
| USD | 2758 | CAD | 3695 | Goldman Sachs & Co. | 3/31/23 | (20) |
| USD | 2785 | CAD | 3734 | Goldman Sachs & Co. | 3/31/23 | (22) |
| USD | 3148 | CAD | 4204 | Goldman Sachs & Co. | 3/31/23 | (13) |
| USD | 1944 | CAD | 2586 | Goldman Sachs & Co. | 3/31/23 |  |
| USD | 214055 | CHF | 198697 | Morgan Stanley | 3/15/23 | (3947) |
| CNY | 8682504 | USD | 1257423 | Morgan Stanley | 3/15/23 | 31772 |
| EUR | 94637 | USD | 103193 | Goldman Sachs & Co. | 3/15/23 | (37) |
| EUR | 2422 | USD | 2591 | JPMorgan Chase Bank N.A. | 3/31/23 | 52 |
| EUR | 1711 | USD | 1831 | JPMorgan Chase Bank N.A. | 3/31/23 | 36 |
| EUR | 1930 | USD | 2101 | JPMorgan Chase Bank N.A. | 3/31/23 | 4 |
| EUR | 25841 | USD | 28180 | JPMorgan Chase Bank N.A. | 3/31/23 | 15 |
| USD | 3102013 | EUR | 2932153 | Goldman Sachs & Co. | 3/15/23 | (94063) |
| USD | 79203 | EUR | 73967 | JPMorgan Chase Bank N.A. | 3/31/23 | (1503) |
| USD | 3869 | EUR | 3654 | JPMorgan Chase Bank N.A. | 3/31/23 | (118) |
| USD | 2143 | EUR | 1984 | JPMorgan Chase Bank N.A. | 3/31/23 | (22) |
| USD | 5181 | EUR | 4803 | JPMorgan Chase Bank N.A. | 3/31/23 | (60) |
| USD | 2697 | EUR | 2477 | JPMorgan Chase Bank N.A. | 3/31/23 | (6) |
| USD | 1036065 | EUR | 967576 | JPMorgan Chase Bank N.A. | 3/31/23 | (19660) |
| USD | 25444 | EUR | 23884 | JPMorgan Chase Bank N.A. | 3/31/23 | (616) |
| USD | 34319 | EUR | 32414 | JPMorgan Chase Bank N.A. | 3/31/23 | (1047) |
| USD | 31843 | EUR | 29246 | JPMorgan Chase Bank N.A. | 3/31/23 | (67) |
| USD | 3648 | EUR | 3339 | JPMorgan Chase Bank N.A. | 3/31/23 | 5 |
| GBP | 133852 | USD | 163797 | Bank of America N.A. | 3/15/23 | 1372 |
| GBP | 3040 | USD | 3704 | Bank of America N.A. | 3/31/23 | 49 |
| GBP | 2891 | USD | 3496 | Bank of America N.A. | 3/31/23 | 74 |
| GBP | 3202 | USD | 3863 | Bank of America N.A. | 3/31/23 | 89 |
| GBP | 3711 | USD | 4487 | Bank of America N.A. | 3/31/23 | 94 |
| GBP | 4554 | USD | 5460 | Bank of America N.A. | 3/31/23 | 161 |
| GBP | 2662 | USD | 3220 | Bank of America N.A. | 3/31/23 | 66 |
| GBP | 2103 | USD | 2509 | Bank of America N.A. | 3/31/23 | 87 |
| GBP | 2121 | USD | 2621 | Bank of America N.A. | 3/31/23 | (3) |
| GBP | 3612 | USD | 4480 | Bank of America N.A. | 3/31/23 | (22) |
| USD | 128281 | GBP | 105224 | Bank of America N.A. | 3/31/23 | (1609) |
| USD | 6 | GBP | 5 | Bank of America N.A. | 3/31/23 |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized** <br>**Appreciation**<br>**(Depreciation)** |
| USD | 3982 | GBP | 3272 | Bank of America N.A. | 3/31/23 | $(57) |
| USD | 3564 | GBP | 2908 | Bank of America N.A. | 3/31/23 | (26) |
| JPY | 589934644 | USD | 4399737 | Bank of America N.A. | 3/15/23 | 158048 |
| NOK | 13910 | USD | 1414 | UBS AG | 3/31/23 | (16) |
| NOK | 19427 | USD | 1971 | UBS AG | 3/31/23 | (20) |
| NOK | 10296 | USD | 1047 | UBS AG | 3/31/23 | (13) |
| NOK | 14632 | USD | 1489 | UBS AG | 3/31/23 | (19) |
| NOK | 26217 | USD | 2682 | UBS AG | 3/31/23 | (49) |
| USD | 8563 | NOK | 84482 | UBS AG | 3/31/23 | 76 |
| USD | 306148 | THB | 10560588 | Bank of America N.A. | 3/15/23 | (15121) |
|  |  |  |  |  |  | $(34536) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)**<sup>^</sup> |
| Euro-Bobl 5-Year Bonds | 26 | March 2023 | $3315591 | $(75062) |
| Korean Treasury 10-Year Bonds | 7 | March 2023 | 649537 | 6581 |
| U.K. Gilt 10-Year Bonds | 23 | March 2023 | 2963437 | (33603) |
| U.S. Treasury 2-Year Notes | 26 | March 2023 | 5346859 | 15190 |
| U.S. Treasury 5-Year Notes | 52 | March 2023 | 5680594 | 30336 |
| U.S. Treasury 10-Year Notes | 86 | March 2023 | 9848344 | (78267) |
| U.S. Treasury 10-Year Ultra Notes | 30 | March 2023 | 3636094 | 27753 |
|  |  |  | $31440456 | $(107072) |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** |
| **Reference Entity** | **Type** | **Fixed Rate<br>Received<br>(Paid) <br>Quarterly** | **Termination<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Value^** |
| Markit CDX North America High Yield Index Series 37 | Buy | (5.00)% | 12/20/26 | $2874960 | $(105376) | $(38720) | $(144096) |
| Markit CDX North America High Yield Index Series 38 | Buy | (5.00)% | 6/20/27 | $2220570 | 20187 | (119444) | (99257) |
|  |  |  |  |  | $(85189) | $(158164) | $(243353) |

---

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

------

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CDX | Credit Derivatives Indexes |
| CHF | Swiss Franc |
| CNY | Chinese Yuan |
| DKK | Danish Krone |
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| H15T1Y | Constant Maturity U.S. Treasury Note Yield Curve Rate Index |
| JPY | Japanese Yen |
| LIBOR | London Interbank Offered Rate |
| LOC | Letter of Credit |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| PLN | Polish Zloty |
| SEQ | Sequential Payer |
| SOFR | Secured Overnight Financing Rate |
| THB | Thai Baht |
| USD | United States Dollar |
| VRDN | Variable Rate Demand Note. The instrument may be payable upon demand and 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 date of the demand feature is disclosed. |
| 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. |

---

†Category is less than 0.05% of total net assets.

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(2)Non-income producing.

(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $768,617. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(4)Security may be subject to resale, redemption or transferability restrictions.

(5)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 $23,890,401, which represented 7.0% of total net assets.

(6)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(7)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $3,000,000, which represented 0.9% of total net assets.

(8)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

(9)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $790,160, which includes securities collateral of $247,825.

(10)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,137,721.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | **JANUARY 31, 2023 (UNAUDITED)** |
| **Assets** | **Assets** |
| Investment securities - unaffiliated, at value (cost of $214,303,101) — including $768,617 of securities on loan | $216616085 |
| Investment securities - affiliated, at value (cost of $110,400,656) | 124029135 |
| Investment made with cash collateral received for securities on loan, at value (cost of $542,335) | 542335 |
| Total investment securities, at value (cost of $325,246,092) | 341187555 |
| Foreign currency holdings, at value (cost of $22,464) | 5207 |
| Foreign deposits with broker for futures contracts, at value (cost $85,409) | 93864 |
| Receivable for investments sold | 646917 |
| Receivable for capital shares sold | 95373 |
| Receivable for variation margin on futures contracts | 45054 |
| Unrealized appreciation on forward foreign currency exchange contracts | 192117 |
| Interest and dividends receivable | 779985 |
| Securities lending receivable | 3340 |
|  | 343049412 |
| **Liabilities** | **Liabilities** |
| Disbursements in excess of demand deposit cash | 50428 |
| Payable for collateral received for securities on loan | 542335 |
| Payable for investments purchased | 182111 |
| Payable for capital shares redeemed | 278016 |
| Payable for variation margin on futures contracts | 13078 |
| Payable for variation margin on swap agreements | 25215 |
| Unrealized depreciation on forward foreign currency exchange contracts | 226653 |
| Accrued management fees | 172160 |
| Distribution and service fees payable | 25697 |
|  | 1515693 |
| **Net Assets** | $341533719 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Capital (par value and paid-in surplus) | $326440646 |
| Distributable earnings (loss) | 15093073 |
|  | $341533719 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $128559110 | 24695051 | $5.21 |
| I Class, $0.01 Par Value | $32973725 | 6330885 | $5.21 |
| A Class, $0.01 Par Value | $75056212 | 14434224 | $5.20 |
| C Class, $0.01 Par Value | $7259623 | 1431287 | $5.07 |
| R Class, $0.01 Par Value | $8856911 | 1708732 | $5.18 |
| R5 Class, $0.01 Par Value | $8466 | 1623 | $5.22 |
| R6 Class, $0.01 Par Value | $88819672 | 17051676 | $5.21 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $5.52 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Interest | $2557613 |
| Income distributions from affiliated funds | 1689249 |
| Dividends (net of foreign taxes withheld of $12,111) | 568135 |
| Securities lending, net | 8365 |
|  | 4823362 |
| **Expenses:** |  |
| Management fees | 1513674 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 93696 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 38582 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 22995 |
| Directors' fees and expenses | 5427 |
| Other expenses | 12424 |
|  | 1686798 |
| Fees waived<sup>(1)</sup> | (490906) |
|  | 1195892 |
| **Net investment income (loss)** | 3627470 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| **Net realized gain (loss) on:** |  |
| Investment transactions (including $2,763,639 from affiliated funds) | 2765757 |
| Forward foreign currency exchange contract transactions | 304548 |
| Futures contract transactions | (763264) |
| Swap agreement transactions | (114552) |
| Foreign currency translation transactions | 7225 |
| Capital gain distributions received from affiliated funds | 154091 |
|  | 2353805 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (including $(959042) from affiliated funds) | (2992322) |
| Forward foreign currency exchange contracts | (356718) |
| Futures contracts | (334408) |
| Swap agreements | (130913) |
| Translation of assets and liabilities in foreign currencies | 9464 |
|  | (3804897) |
| **Net realized and unrealized gain (loss)** | (1451092) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2176378 |

---

(1)Amount consists of $185,937, $48,106, $108,422, $11,162, $13,305, $11 and $123,963 for Investor Class, I Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | **Operations** | **Operations** |
| Net investment income (loss) | $3627470 | $8105652 |
| Net realized gain (loss) | 2353805 | 13718971 |
| Change in net unrealized appreciation (depreciation) | (3804897) | (55785273) |
| Net increase (decrease) in net assets resulting from operations | 2176378 | (33960650) |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4285610) | (14197521) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (1131844) | (3258758) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (2435396) | (7577852) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (216330) | (969725) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (283204) | (944560) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (284) | (251970) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (3060554) | (8816966) |
| Decrease in net assets from distributions | (11413222) | (36017352) |
| **Capital Share Transactions** | **Capital Share Transactions** | **Capital Share Transactions** |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (7070133) | (24231554) |
| **Net increase (decrease) in net assets** | (16306977) | (94209556) |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | 357840696 | 452050252 |
| End of period | $341533719 | $357840696 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**JANUARY 31, 2023 (UNAUDITED)** 

**1. Organization**

American Century Strategic Asset Allocations, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Strategic Allocation: Conservative Fund (the fund) is one fund in a series issued by the corporation. The fund may invest in varying combinations of other affiliated investment companies such as mutual funds and exchange-traded funds advised by American Century Investments (affiliated funds). The fund will assume the risks associated with the affiliated funds. The fund is an asset allocation fund and its investment objective is to seek the highest level of total return consistent with its asset mix.

The fund offers the Investor Class, I Class, A Class, C Class, R Class, R5 Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

**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 Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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 bonds, U.S. Treasury and Government Agency securities, convertible bonds, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. Commercial paper and certificates of deposit are valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers. Fixed income 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.

------

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. Hybrid 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.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service. Investments 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.

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.

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

**Investment Income —** Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Income and capital gain distributions, if any, from the affiliated funds are recorded as of the ex-dividend date. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

------

**Income Tax Status —** It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Multiple Class —** All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually. The fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

**Indemnifications —** Under the corporation's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

------

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of January 31, 2023.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
|  | **Overnight and Continuous** | **<30 days** | **Between**<br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $306280 |  |  |  | $306280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 236055 |  |  |  | 236055 |
| **Total Borrowings** | $542335 |  |  |  | $542335 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $542335 |

---

(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

**3. Fees and Transactions with Related Parties**

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM serves as the investment advisor for the affiliated funds.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets). The investment advisor will waive the portion of the fund's management fee equal to the expenses attributable to the management fees of the funds advised by American Century Investments in which the fund invests. The amount of this waiver will fluctuate depending on the fund's daily allocation to such funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Directors. During the period ended January 31, 2023, the investment advisor agreed to waive an additional 0.18% of the fund's management fee. The investment advisor expects this waiver to continue until November 30, 2023 and cannot terminate it prior to such date without the approval of the Board of Directors.

The management fee schedule range and the effective annual management fee before and after waiver for each class for the period ended January 31, 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Management Fee**<br>**Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** |
| | **Management Fee**<br>**Schedule Range** | **Before Waiver** | **After Waiver** |
| Investor Class | 0.80% to 1.00% | 1.00% | 0.71% |
| I Class | 0.60% to 0.80% | 0.80% | 0.51% |
| A Class | 0.80% to 1.00% | 1.00% | 0.71% |
| C Class | 0.80% to 1.00% | 1.00% | 0.71% |
| R Class | 0.80% to 1.00% | 1.00% | 0.71% |
| R5 Class | 0.60% to 0.80% | 0.80% | 0.51% |
| R6 Class | 0.45% to 0.65% | 0.65% | 0.36% |

---

------

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended January 31, 2023 are detailed in the Statement of Operations.

**Directors' Fees and Expenses** — The Board of Directors is responsible for overseeing the investment advisor's management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $1,850 and $142,301, respectively. The effect of interfund transactions on the Statement of Operations was $(23,318) in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases of investment securities, excluding short-term investments, for the period ended January 31, 2023 totaled $32,007,919, of which $2,750,839 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended January 31, 2023 totaled $51,595,957, of which $3,909,898 represented U.S. Treasury and Government Agency obligations.

------

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 500000000 |  | 500000000 |  |
| Sold | 699032 | $3576910 | 2404449 | $14183260 |
| Issued in reinvestment of distributions | 844192 | 4169885 | 2330401 | 13840893 |
| Redeemed | (2466498) | (12698472) | (5283194) | (30544732) |
|  | (923274) | (4951677) | (548344) | (2520579) |
| **I Class/Shares Authorized** | 120000000 |  | 120000000 |  |
| Sold | 647190 | 3325963 | 2928119 | 17067248 |
| Issued in reinvestment of distributions | 229194 | 1131747 | 550177 | 3258357 |
| Redeemed | (1190043) | (5993534) | (2784085) | (16413767) |
|  | (313659) | (1535824) | 694211 | 3911838 |
| **A Class/Shares Authorized** | 270000000 |  | 270000000 |  |
| Sold | 738703 | 3779062 | 2160716 | 12758637 |
| Issued in reinvestment of distributions | 486940 | 2405671 | 1262338 | 7488099 |
| Redeemed | (1606777) | (8171753) | (3015610) | (17813834) |
|  | (381134) | (1987020) | 407444 | 2432902 |
| **C Class/Shares Authorized** | 70000000 |  | 70000000 |  |
| Sold | 79526 | 393028 | 567403 | 3440127 |
| Issued in reinvestment of distributions | 44593 | 215235 | 166126 | 966170 |
| Redeemed | (343632) | (1709838) | (988863) | (5621233) |
|  | (219513) | (1101575) | (255334) | (1214936) |
| **R Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 153223 | 782898 | 371423 | 2161736 |
| Issued in reinvestment of distributions | 57404 | 282591 | 159376 | 943066 |
| Redeemed | (427243) | (2186251) | (453586) | (2676781) |
|  | (216616) | (1120762) | 77213 | 428021 |
| **R5 Class/Shares Authorized** | 150000000 |  | 150000000 |  |
| Sold | 74 | 388 | 103319 | 664629 |
| Issued in reinvestment of distributions | 57 | 284 | 40002 | 251969 |
| Redeemed |  | (2) | (6158876) | (39840650) |
|  | 131 | 670 | (6015555) | (38924052) |
| **R6 Class/Shares Authorized** | 235000000 |  | 235000000 |  |
| Sold | 1398960 | 7182809 | 3826951 | 22648859 |
| Issued in reinvestment of distributions | 619825 | 3060547 | 1487260 | 8816966 |
| Redeemed | (1285061) | (6617301) | (3454166) | (19810573) |
|  | 733724 | 3626055 | 1860045 | 11655252 |
| Net increase (decrease) | (1320341) | $(7070133) | (3780320) | $(24231554) |

---

------

**6. 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** | | | |
| Affiliated Funds | $124029135 |  |  |
| Common Stocks | 46832599 | $17988992 |  |
| U.S. Treasury Securities |  | 62857635 |  |
| Sovereign Governments and Agencies |  | 15642608 |  |
| Corporate Bonds |  | 15237193 |  |
| Collateralized Loan Obligations |  | 7173057 |  |
| Municipal Securities |  | 2875558 |  |
| Asset-Backed Securities |  | 2155905 |  |
| Preferred Stocks |  | 1890228 |  |
| Collateralized Mortgage Obligations |  | 1244131 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 669692 |  |
| Exchange-Traded Funds | 567886 |  |  |
| Short-Term Investments | 14296779 | 27726157 |  |
|  | $185726399 | $155461156 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $73279 | $6581 |  |
| Forward Foreign Currency Exchange Contracts |  | 192117 |  |
|  | $73279 | $198698 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $78267 | $108665 |  |
| Swap Agreements |  | 243353 |  |
| Forward Foreign Currency Exchange Contracts |  | 226653 |  |
|  | $78267 | $578671 |  |

---

------

**7. Derivative Instruments**

**Credit Risk —** The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $5,095,530.

**Foreign Currency Risk —** The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $16,349,040.

**Interest Rate Risk —** The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $25,980,165 futures contracts purchased and $5,611,500 futures contracts sold.

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Value of Derivative Instruments as of January 31, 2023

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Type of Risk Exposure** | **Location on Statement of Assets and Liabilities** | **Value** | **Location on Statement of Assets and Liabilities** | **Value** |
| Credit Risk | Receivable for variation margin on swap agreements\* |  | Payable for variation margin on swap agreements\* | $25215 |
| Foreign Currency Risk | Unrealized appreciation on forward foreign currency exchange contracts | $192117 | Unrealized depreciation on forward foreign currency exchange contracts | 226653 |
| Interest Rate Risk | Receivable for variation margin on futures contracts\* | 45054 | Payable for variation margin on futures contracts\* | 13078 |
|  |  | $237171 |  | $264946 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Change in Net Unrealized <br>Appreciation (Depreciation)** | **Change in Net Unrealized <br>Appreciation (Depreciation)** |
| **Type of Risk**<br>**Exposure** | **Location on Statement of Operations** | **Value** | **Location on Statement of Operations** | **Value** |
| Credit Risk | Net realized gain (loss) on swap agreement transactions | $(114552) | Change in net unrealized appreciation (depreciation) on swap agreements | $(130913) |
| Foreign Currency Risk | Net realized gain (loss) on forward foreign currency exchange contract transactions | 304548 | Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts | (356718) |
| Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (763264) | Change in net unrealized appreciation (depreciation) on futures contracts | (334408) |
|  |  | $(573268) |  | $(822039) |

---

**8. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

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**9. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| Federal tax cost of investments | $326618157 |
| Gross tax appreciation of investments | $33987886 |
| Gross tax depreciation of investments | (19418488) |
| Net tax appreciation (depreciation) of investments | $14569398 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of July 31, 2022, the fund had post-October capital loss deferrals of $(1,397,957), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

**10. Investments in Affiliated Funds**

The fund does not invest in an affiliated fund for the purpose of exercising management or control; however, investments by the fund within its investment strategy may represent a significant portion of an affiliated fund's net assets.

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**11. Affiliated Fund Transactions**

A summary of transactions for each affiliated fund for the period ended January 31, 2023 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Fund**<sup>(1)</sup> | **Beginning Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| American Century Diversified Corporate Bond ETF | $18486 |  |  | $(374) | $18112 | 389 |  | $302 |
| American Century Emerging Markets Bond ETF | 6059 |  |  | 27 | 6086 | 156 |  | 174 |
| American Century Focused Dynamic Growth ETF<sup>(3)</sup> | 4528 | $24 | $1296 | 205 | 3461 | 60 | $(403) |  |
| American Century Focused Large Cap Value ETF | 7057 | 251 | 1214 | (102) | 5992 | 99 | 262 | 230 |
| American Century Multisector Income ETF | 15782 |  |  | (314) | 15468 | 352 |  | 348 |
| American Century Quality Diversified International ETF | 9444 | 749 | 428 | 608 | 10373 | 240 | (83) | 146 |
| American Century Short Duration Strategic Income ETF |  | 1604 |  | 32 | 1636 | 32 |  | 13 |
| American Century STOXX U.S. Quality Growth ETF | 12932 | 362 | 1422 | (617) | 11255 | 180 | 571 | 26 |
| American Century STOXX U.S. Quality Value ETF | 22840 | 442 | 1705 | 571 | 22148 | 446 | (97) | 321 |
| Avantis International Equity ETF | 10729 | 142 | 645 | 966 | 11192 | 193 | (89) | 107 |
| Avantis International Small Cap Value ETF | 1848 | 23 | 175 | 111 | 1807 | 30 | 11 | 23 |
| Avantis U.S. Equity ETF | 16831 | 378 | 2714 | (662) | 13833 | 190 | 972 | 122 |
| Avantis U.S. Small Cap Value ETF | 5111 | 165 | 1200 | (1410) | 2666 | 33 | 1620 | 31 |
|  | $131647 | $4140 | $10799 | $(959) | $124029 | 2400 | $2764 | $1843 |

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(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at americancentury.com or avantisinvestors.com.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

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Financial Highlights

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net Asset Value,<br>End of<br>Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses (before expense waiver)** | **Net Investment Income (Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net Assets, End of Period (in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $5.35 | 0.05 | (0.01) | 0.04 | (0.05) | (0.13) | (0.18) | $5.21 | 0.88% | 0.72%<sup>(4)</sup> | 1.01%<sup>(4)</sup> | 2.12%<sup>(4)</sup> | 1.83%<sup>(4)</sup> | 11% | $128559 |
| 2022 | $6.39 | 0.12 | (0.61) | (0.49) | (0.12) | (0.43) | (0.55) | $5.35 | (8.39)% | 0.72% | 1.01% | 2.00% | 1.71% | 40% | $136990 |
| 2021 | $5.65 | 0.08 | 0.92 | 1.00 | (0.07) | (0.19) | (0.26) | $6.39 | 18.09% | 0.76% | 1.00% | 1.38% | 1.14% | 57% | $167285 |
| 2020 | $5.67 | 0.06 | 0.37 | 0.43 | (0.07) | (0.38) | (0.45) | $5.65 | 7.89% | 0.85% | 1.01% | 1.09% | 0.93% | 87% | $144395 |
| 2019 | $5.83 | 0.09 | 0.14 | 0.23 | (0.10) | (0.29) | (0.39) | $5.67 | 4.55% | 1.00% | 1.01% | 1.58% | 1.57% | 65% | $161655 |
| 2018<sup>(5)</sup> | $6.06 | 0.06 | 0.05 | 0.11 | (0.06) | (0.28) | (0.34) | $5.83 | 2.01% | 1.00%<sup>(4)</sup> | 1.00%<sup>(4)</sup> | 1.51%<sup>(4)</sup> | 1.51%<sup>(4)</sup> | 53% | $179992 |
| 2017 | $5.62 | 0.07 | 0.54 | 0.61 | (0.08) | (0.09) | (0.17) | $6.06 | 11.02% | 1.01% | 1.01% | 1.28% | 1.28% | 78% | $246975 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $5.35 | 0.06 | (0.02) | 0.04 | (0.05) | (0.13) | (0.18) | $5.21 | 0.99% | 0.52%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 2.32%<sup>(4)</sup> | 2.03%<sup>(4)</sup> | 11% | $32974 |
| 2022 | $6.40 | 0.13 | (0.62) | (0.49) | (0.13) | (0.43) | (0.56) | $5.35 | (8.35)% | 0.52% | 0.81% | 2.20% | 1.91% | 40% | $35548 |
| 2021 | $5.65 | 0.10 | 0.93 | 1.03 | (0.09) | (0.19) | (0.28) | $6.40 | 18.51% | 0.56% | 0.80% | 1.58% | 1.34% | 57% | $38058 |
| 2020 | $5.67 | 0.07 | 0.37 | 0.44 | (0.08) | (0.38) | (0.46) | $5.65 | 8.11% | 0.65% | 0.81% | 1.29% | 1.13% | 87% | $27985 |
| 2019 | $5.84 | 0.10 | 0.13 | 0.23 | (0.11) | (0.29) | (0.40) | $5.67 | 4.57% | 0.80% | 0.81% | 1.78% | 1.77% | 65% | $29248 |
| 2018<sup>(5)</sup> | $6.06 | 0.07 | 0.06 | 0.13 | (0.07) | (0.28) | (0.35) | $5.84 | 2.33% | 0.80%<sup>(4)</sup> | 0.80%<sup>(4)</sup> | 1.71%<sup>(4)</sup> | 1.71%<sup>(4)</sup> | 53% | $44101 |
| 2017 | $5.63 | 0.09 | 0.52 | 0.61 | (0.09) | (0.09) | (0.18) | $6.06 | 11.05% | 0.81% | 0.81% | 1.48% | 1.48% | 78% | $46536 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net Asset Value,<br>End of<br>Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses (before expense waiver)** | **Net Investment Income (Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net Assets, End of Period (in thousands)** |
| **A Class** | **A Class** | **A Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $5.34 | 0.05 | (0.02) | 0.03 | (0.04) | (0.13) | (0.17) | $5.20 | 0.75% | 0.97%<sup>(4)</sup> | 1.26%<sup>(4)</sup> | 1.87%<sup>(4)</sup> | 1.58%<sup>(4)</sup> | 11% | $75056 |
| 2022 | $6.39 | 0.10 | (0.62) | (0.52) | (0.10) | (0.43) | (0.53) | $5.34 | (8.78)% | 0.97% | 1.26% | 1.75% | 1.46% | 40% | $79128 |
| 2021 | $5.65 | 0.07 | 0.92 | 0.99 | (0.06) | (0.19) | (0.25) | $6.39 | 17.79% | 1.01% | 1.25% | 1.13% | 0.89% | 57% | $92011 |
| 2020 | $5.67 | 0.05 | 0.36 | 0.41 | (0.05) | (0.38) | (0.43) | $5.65 | 7.62% | 1.10% | 1.26% | 0.84% | 0.68% | 87% | $78047 |
| 2019 | $5.83 | 0.07 | 0.14 | 0.21 | (0.08) | (0.29) | (0.37) | $5.67 | 4.29% | 1.25% | 1.26% | 1.33% | 1.32% | 65% | $86822 |
| 2018<sup>(5)</sup> | $6.05 | 0.05 | 0.06 | 0.11 | (0.05) | (0.28) | (0.33) | $5.83 | 1.99% | 1.25%<sup>(4)</sup> | 1.25%<sup>(4)</sup> | 1.26%<sup>(4)</sup> | 1.26%<sup>(4)</sup> | 53% | $113865 |
| 2017 | $5.62 | 0.06 | 0.52 | 0.58 | (0.06) | (0.09) | (0.15) | $6.05 | 10.56% | 1.26% | 1.26% | 1.03% | 1.03% | 78% | $117230 |
| **C Class** | **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $5.21 | 0.03 | (0.02) | 0.01 | (0.02) | (0.13) | (0.15) | $5.07 | 0.37% | 1.72%<sup>(4)</sup> | 2.01%<sup>(4)</sup> | 1.12%<sup>(4)</sup> | 0.83%<sup>(4)</sup> | 11% | $7260 |
| 2022 | $6.24 | 0.06 | (0.60) | (0.54) | (0.06) | (0.43) | (0.49) | $5.21 | (9.37)% | 1.72% | 2.01% | 1.00% | 0.71% | 40% | $8606 |
| 2021 | $5.53 | 0.02 | 0.90 | 0.92 | (0.02) | (0.19) | (0.21) | $6.24 | 16.90% | 1.76% | 2.00% | 0.38% | 0.14% | 57% | $11902 |
| 2020 | $5.57 | 0.01 | 0.35 | 0.36 | (0.02) | (0.38) | (0.40) | $5.53 | 6.78% | 1.85% | 2.01% | 0.09% | (0.07)% | 87% | $14851 |
| 2019 | $5.74 | 0.03 | 0.14 | 0.17 | (0.05) | (0.29) | (0.34) | $5.57 | 3.43% | 2.00% | 2.01% | 0.58% | 0.57% | 65% | $17705 |
| 2018<sup>(5)</sup> | $5.96 | 0.02 | 0.07 | 0.09 | (0.03) | (0.28) | (0.31) | $5.74 | 1.58% | 2.00%<sup>(4)</sup> | 2.00%<sup>(4)</sup> | 0.51%<sup>(4)</sup> | 0.51%<sup>(4)</sup> | 53% | $26867 |
| 2017 | $5.54 | 0.02 | 0.51 | 0.53 | (0.02) | (0.09) | (0.11) | $5.96 | 9.77% | 2.01% | 2.01% | 0.28% | 0.28% | 78% | $32110 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net Asset Value,<br>End of<br>Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses (before expense waiver)** | **Net Investment Income (Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net Assets, End of Period (in thousands)** |
| **R Class** | **R Class** | **R Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $5.32 | 0.04 | (0.01) | 0.03 | (0.04) | (0.13) | (0.17) | $5.18 | 0.62% | 1.22%<sup>(4)</sup> | 1.51%<sup>(4)</sup> | 1.62%<sup>(4)</sup> | 1.33%<sup>(4)</sup> | 11% | $8857 |
| 2022 | $6.37 | 0.09 | (0.62) | (0.53) | (0.09) | (0.43) | (0.52) | $5.32 | (9.04)% | 1.22% | 1.51% | 1.50% | 1.21% | 40% | $10251 |
| 2021 | $5.63 | 0.05 | 0.93 | 0.98 | (0.05) | (0.19) | (0.24) | $6.37 | 17.59% | 1.26% | 1.50% | 0.88% | 0.64% | 57% | $11768 |
| 2020 | $5.65 | 0.03 | 0.37 | 0.40 | (0.04) | (0.38) | (0.42) | $5.63 | 7.37% | 1.35% | 1.51% | 0.59% | 0.43% | 87% | $10783 |
| 2019 | $5.82 | 0.06 | 0.13 | 0.19 | (0.07) | (0.29) | (0.36) | $5.65 | 3.86% | 1.50% | 1.51% | 1.08% | 1.07% | 65% | $10314 |
| 2018<sup>(5)</sup> | $6.04 | 0.04 | 0.06 | 0.10 | (0.04) | (0.28) | (0.32) | $5.82 | 1.83% | 1.50%<sup>(4)</sup> | 1.50%<sup>(4)</sup> | 1.01%<sup>(4)</sup> | 1.01%<sup>(4)</sup> | 53% | $10960 |
| 2017 | $5.61 | 0.05 | 0.52 | 0.57 | (0.05) | (0.09) | (0.14) | $6.04 | 10.31% | 1.51% | 1.51% | 0.78% | 0.78% | 78% | $15004 |
| **R5 Class** | **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $5.36 | 0.06 | (0.02) | 0.04 | (0.05) | (0.13) | (0.18) | $5.22 | 0.98% | 0.52%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 2.32%<sup>(4)</sup> | 2.03%<sup>(4)</sup> | 11% | $8 |
| 2022 | $6.41 | 0.10 | (0.59) | (0.49) | (0.13) | (0.43) | (0.56) | $5.36 | (8.34)% | 0.52% | 0.81% | 2.20% | 1.91% | 40% | $8 |
| 2021 | $5.66 | 0.10 | 0.93 | 1.03 | (0.09) | (0.19) | (0.28) | $6.41 | 18.48% | 0.56% | 0.80% | 1.58% | 1.34% | 57% | $38543 |
| 2020 | $5.68 | 0.07 | 0.37 | 0.44 | (0.08) | (0.38) | (0.46) | $5.66 | 8.10% | 0.65% | 0.81% | 1.29% | 1.13% | 87% | $34465 |
| 2019 | $5.85 | 0.10 | 0.13 | 0.23 | (0.11) | (0.29) | (0.40) | $5.68 | 4.75% | 0.80% | 0.81% | 1.78% | 1.77% | 65% | $36866 |
| 2018<sup>(5)</sup> | $6.07 | 0.08 | 0.05 | 0.13 | (0.07) | (0.28) | (0.35) | $5.85 | 2.15% | 0.80%<sup>(4)</sup> | 0.80%<sup>(4)</sup> | 1.71%<sup>(4)</sup> | 1.71%<sup>(4)</sup> | 53% | $34766 |
| 2017<sup>(6)</sup> | $5.73 | 0.06 | 0.33 | 0.39 | (0.05) |  | (0.05) | $6.07 | 6.80% | 0.81%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 1.60%<sup>(4)</sup> | 1.60%<sup>(4)</sup> | 78%<sup>(7)</sup> | $5 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net Asset Value,<br>End of<br>Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses (before expense waiver)** | **Net Investment Income (Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net Assets, End of Period (in thousands)** |
| **R6 Class** | **R6 Class** | **R6 Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $5.35 | 0.06 | (0.01) | 0.05 | (0.06) | (0.13) | (0.19) | $5.21 | 1.07% | 0.37%<sup>(4)</sup> | 0.66%<sup>(4)</sup> | 2.47%<sup>(4)</sup> | 2.18%<sup>(4)</sup> | 11% | $88820 |
| 2022 | $6.40 | 0.14 | (0.62) | (0.48) | (0.14) | (0.43) | (0.57) | $5.35 | (8.21)% | 0.37% | 0.66% | 2.35% | 2.06% | 40% | $87310 |
| 2021 | $5.66 | 0.10 | 0.93 | 1.03 | (0.10) | (0.19) | (0.29) | $6.40 | 18.48% | 0.41% | 0.65% | 1.73% | 1.49% | 57% | $92483 |
| 2020 | $5.68 | 0.08 | 0.37 | 0.45 | (0.09) | (0.38) | (0.47) | $5.66 | 8.28% | 0.50% | 0.66% | 1.44% | 1.28% | 87% | $74665 |
| 2019 | $5.84 | 0.11 | 0.14 | 0.25 | (0.12) | (0.29) | (0.41) | $5.68 | 4.91% | 0.65% | 0.66% | 1.93% | 1.92% | 65% | $69846 |
| 2018<sup>(5)</sup> | $6.06 | 0.07 | 0.07 | 0.14 | (0.08) | (0.28) | (0.36) | $5.84 | 2.44% | 0.65%<sup>(4)</sup> | 0.65%<sup>(4)</sup> | 1.86%<sup>(4)</sup> | 1.86%<sup>(4)</sup> | 53% | $76077 |
| 2017 | $5.63 | 0.10 | 0.52 | 0.62 | (0.10) | (0.09) | (0.19) | $6.06 | 11.21% | 0.66% | 0.66% | 1.63% | 1.63% | 78% | $63151 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)December 1, 2017 through July 31, 2018. The fund's fiscal year end was changed from November 30 to July 31, resulting in an eight-month annual reporting period. For the years before July 31, 2018, the fund's fiscal year end was November 30.

(6)April 10, 2017 (commencement of sale) through November 30, 2017.

(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2017.

See Notes to Financial Statements.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century Strategic Asset

Allocations, Inc.:

---

| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $723251913 | $19961799 |
| Chris H. Cheesman | $727642487 | $15571225 |
| Rajesh K. Gupta | $725037253 | $18176459 |
| Lynn M. Jenkins | $723023283 | $20190429 |
| Gary C. Meltzer | $728965558 | $14248154 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on

Form N-PORT. These portfolio holdings are available on the fund's website at

americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT

reports are available on the SEC's website at sec.gov.

------

------

---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Strategic Asset Allocations, Inc.** | **American Century Strategic Asset Allocations, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92642 2303** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92642 2303** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![image12.jpg](image12.jpg)

---

| |
|:---|
| Semiannual Report |
| January 31, 2023 |
| Strategic Allocation: Moderate Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (TWSMX) |
| &nbsp;&nbsp;&nbsp;I Class (ASAMX) |
| &nbsp;&nbsp;&nbsp;A Class (ACOAX) |
| &nbsp;&nbsp;&nbsp;C Class (ASTCX) |
| &nbsp;&nbsp;&nbsp;R Class (ASMRX) |
| &nbsp;&nbsp;&nbsp;R5 Class (ASMUX) |
| &nbsp;&nbsp;&nbsp;R6 Class (ASMDX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#iad8f092d411f4e699d6c9634baf7cd74_160) |
| Fund Characteristics | [3](#iad8f092d411f4e699d6c9634baf7cd74_169) |
| Shareholder Fee Example | [4](#iad8f092d411f4e699d6c9634baf7cd74_172) |
| Schedule of Investments | [6](#iad8f092d411f4e699d6c9634baf7cd74_175) |
| Statement of Assets and Liabilities | [33](#iad8f092d411f4e699d6c9634baf7cd74_184) |
| Statement of Operations | [34](#iad8f092d411f4e699d6c9634baf7cd74_187) |
| Statement of Changes in Net Assets | [35](#iad8f092d411f4e699d6c9634baf7cd74_190) |
| Notes to Financial Statements | [36](#iad8f092d411f4e699d6c9634baf7cd74_193) |
| Financial Highlights | [47](#iad8f092d411f4e699d6c9634baf7cd74_199) |
| Proxy Voting Results | [51](#iad8f092d411f4e699d6c9634baf7cd74_214) |
| Additional Information | [52](#iad8f092d411f4e699d6c9634baf7cd74_217) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image223.jpg](image223.jpg)**Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending January 31, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Inflation, Rate Hikes, Volatility Led to Mixed Performance** 

Raging inflation, escalating market volatility and slowing growth weighed on financial markets early in the reporting period. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war further pressured energy markets, particularly in Europe, and global supply chains.

The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes. And those efforts finally started yielding results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased to 6.4% in January. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

By the second half of the reporting period, moderating inflation and mounting recession risk triggered expectations for central banks to change course. This sentiment fueled a rally across asset classes. However, with inflation still much higher than central bank targets, policymakers indicated a near-term course change was unlikely, and markets remained volatile.

Robust second-half performance left most non-U.S. stock indices with solid gains for the six-month period. The S&P 500 Index declined slightly, and other U.S. stock indices were mixed. Small-cap stocks outpaced large caps, and the value style outperformed growth. Rising yields left most U.S. and global bond indices with declines for the six-month period.

**Remaining Diligent in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image224.jpg](image224.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Fund Characteristics

---

| | |
|:---|:---|
| **JANUARY 31, 2023** | **JANUARY 31, 2023** |
| **Types of Investments in Portfolio** | **% of net assets** |
| Affiliated Funds | 46.6% |
| Common Stocks | 26.0% |
| U.S. Treasury Securities | 9.3% |
| Corporate Bonds | 3.0% |
| Sovereign Governments and Agencies | 2.3% |
| Collateralized Loan Obligations | 2.0% |
| Municipal Securities | 0.7% |
| Asset-Backed Securities | 0.5% |
| Preferred Stocks | 0.4% |
| Collateralized Mortgage Obligations | 0.3% |
| Commercial Mortgage-Backed Securities | 0.3% |
| Exchange-Traded Funds | 0.2% |
| U.S. Government Agency Mortgage-Backed Securities | 0.1% |
| Short-Term Investments | 8.5% |
| Other Assets and Liabilities | (0.2)% |

---

------

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending**<br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | **Actual** | **Actual** | **Actual** | **Actual** |
| Investor Class | $1000 | $1023.00 | $3.52 | 0.69% |
| I Class | $1000 | $1024.00 | $2.50 | 0.49% |
| A Class | $1000 | $1021.70 | $4.79 | 0.94% |
| C Class | $1000 | $1017.90 | $8.60 | 1.69% |
| R Class | $1000 | $1020.60 | $6.06 | 1.19% |
| R5 Class | $1000 | $1023.90 | $2.50 | 0.49% |
| R6 Class | $1000 | $1024.80 | $1.74 | 0.34% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1021.73 | $3.52 | 0.69% |
| I Class | $1000 | $1022.74 | $2.50 | 0.49% |
| A Class | $1000 | $1020.47 | $4.79 | 0.94% |
| C Class | $1000 | $1016.69 | $8.59 | 1.69% |
| R Class | $1000 | $1019.21 | $6.06 | 1.19% |
| R5 Class | $1000 | $1022.74 | $2.50 | 0.49% |
| R6 Class | $1000 | $1023.49 | $1.73 | 0.34% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**JANUARY 31, 2023 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**AFFILIATED FUNDS**<sup>(1)</sup> **— 46.6%** | **Shares/<br>Principal Amount** | **Value** |
| American Century Diversified Corporate Bond ETF | 541178 | $25193405 |
| American Century Emerging Markets Bond ETF | 231939 | 9071366 |
| American Century Focused Dynamic Growth ETF<sup>(2)</sup> | 333407 | 19197509 |
| American Century Focused Large Cap Value ETF | 424129 | 25556741 |
| American Century Multisector Income ETF | 833121 | 36632830 |
| American Century Quality Diversified International ETF | 712840 | 30778079 |
| American Century Short Duration Strategic Income ETF | 89869 | 4625207 |
| American Century STOXX U.S. Quality Growth ETF<sup>(3)</sup> | 468190 | 29210374 |
| American Century STOXX U.S. Quality Value ETF | 857442 | 42571995 |
| Avantis Emerging Markets Equity ETF | 620893 | 34149115 |
| Avantis International Equity ETF | 530784 | 30705855 |
| Avantis International Small Cap Value ETF | 131384 | 7875157 |
| Avantis U.S. Equity ETF | 608543 | 44265418 |
| Avantis U.S. Small Cap Value ETF | 116829 | 9568295 |
| **TOTAL AFFILIATED FUNDS**<br>(Cost $307,427,422) |  | **349401346** |
| **COMMON STOCKS — 26.0%** |  |  |
| **Aerospace and Defense — 0.5%** |  |  |
| Aerojet Rocketdyne Holdings, Inc.<sup>(2)</sup> | 1166 | 65203 |
| Airbus SE | 2855 | 357919 |
| CAE, Inc.<sup>(2)</sup> | 16000 | 361354 |
| Curtiss-Wright Corp. | 3617 | 599699 |
| HEICO Corp. | 3326 | 568580 |
| Hensoldt AG | 2256 | 65409 |
| Huntington Ingalls Industries, Inc. | 2258 | 497979 |
| Lockheed Martin Corp. | 1119 | 518388 |
| Mercury Systems, Inc.<sup>(2)</sup> | 2287 | 114316 |
| QinetiQ Group PLC | 14856 | 66638 |
| Thales SA | 1316 | 174053 |
|  |  | 3389538 |
| **Air Freight and Logistics — 0.1%** |  |  |
| United Parcel Service, Inc., Class B | 2081 | 385464 |
| **Airlines — 0.1%** |  |  |
| Southwest Airlines Co. | 19578 | 700305 |
| **Auto Components — 0.5%** |  |  |
| Aptiv PLC<sup>(2)</sup> | 7692 | 869888 |
| BorgWarner, Inc. | 13994 | 661636 |
| CIE Automotive SA | 2528 | 75093 |
| Cie Generale des Etablissements Michelin SCA | 7890 | 249480 |
| Continental AG | 10202 | 716336 |
| Fox Factory Holding Corp.<sup>(2)</sup> | 1244 | 146904 |
| Gentherm, Inc.<sup>(2)</sup> | 878 | 65350 |
| Hyundai Mobis Co. Ltd. | 1757 | 293783 |
| Linamar Corp. | 10476 | 535000 |
| Nifco, Inc. | 2400 | 62296 |
|  |  | 3675766 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Automobiles — 0.5%** | | |
| Bayerische Motoren Werke AG | 11000 | $1120511 |
| Ferrari NV | 2328 | 581730 |
| Mercedes-Benz Group AG | 17844 | 1327808 |
| Tesla, Inc.<sup>(2)</sup> | 2098 | 363416 |
|  |  | 3393465 |
| **Banks — 1.4%** |  |  |
| AIB Group PLC | 32069 | 134709 |
| Banco Bilbao Vizcaya Argentaria SA | 84013 | 593449 |
| Banco Bradesco SA | 220063 | 547957 |
| Banco do Brasil SA | 54800 | 440771 |
| Bancorp, Inc.<sup>(2)</sup> | 2293 | 77802 |
| Bank Central Asia Tbk PT | 1151700 | 653600 |
| Bank of America Corp. | 3903 | 138478 |
| Barclays PLC | 324271 | 745431 |
| BNP Paribas SA | 5684 | 390388 |
| Commerce Bancshares, Inc. | 913 | 60769 |
| First Hawaiian, Inc. | 22800 | 625632 |
| Fukuoka Financial Group, Inc. | 3200 | 73829 |
| HDFC Bank Ltd., ADR | 8586 | 578353 |
| HSBC Holdings PLC | 105200 | 773387 |
| JPMorgan Chase & Co. | 4786 | 669849 |
| Jyske Bank A/S<sup>(2)</sup> | 1583 | 114171 |
| Prosperity Bancshares, Inc. | 7106 | 539061 |
| Regions Financial Corp. | 26035 | 612864 |
| Standard Chartered PLC (London) | 56485 | 474452 |
| SVB Financial Group<sup>(2)</sup> | 1707 | 516265 |
| Truist Financial Corp. | 15816 | 781152 |
| U.S. Bancorp | 8200 | 408360 |
| UniCredit SpA | 29147 | 569274 |
| Westamerica Bancorporation | 2932 | 162902 |
|  |  | 10682905 |
| **Beverages — 0.3%** |  |  |
| Celsius Holdings, Inc.<sup>(2)</sup> | 6905 | 692710 |
| Duckhorn Portfolio, Inc.<sup>(2)</sup> | 5174 | 83715 |
| MGP Ingredients, Inc. | 886 | 86420 |
| PepsiCo, Inc. | 4102 | 701524 |
| Pernod Ricard SA | 1421 | 294190 |
|  |  | 1858559 |
| **Biotechnology — 0.7%** |  |  |
| AbbVie, Inc. | 3387 | 500429 |
| Abcam PLC, ADR<sup>(2)</sup> | 2918 | 40473 |
| ADMA Biologics, Inc.<sup>(2)</sup> | 4541 | 16756 |
| Alnylam Pharmaceuticals, Inc.<sup>(2)</sup> | 2112 | 478157 |
| Amgen, Inc. | 1242 | 313481 |
| Apellis Pharmaceuticals, Inc.<sup>(2)</sup> | 938 | 49461 |
| Arcus Biosciences, Inc.<sup>(2)</sup> | 643 | 13908 |
| Arcutis Biotherapeutics, Inc.<sup>(2)</sup> | 2052 | 34002 |
| Biohaven Ltd.<sup>(2)</sup> | 1811 | 34572 |
| Blueprint Medicines Corp.<sup>(2)</sup> | 847 | 39589 |
| Celldex Therapeutics, Inc.<sup>(2)</sup> | 656 | 28903 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Centessa Pharmaceuticals PLC, ADR<sup>(2)(3)</sup> | 3114 | $12456 |
| Cerevel Therapeutics Holdings, Inc.<sup>(2)</sup> | 1088 | 37155 |
| CSL Ltd. | 3948 | 833622 |
| Cytokinetics, Inc.<sup>(2)</sup> | 9239 | 392473 |
| Halozyme Therapeutics, Inc.<sup>(2)</sup> | 1763 | 91271 |
| Horizon Therapeutics PLC<sup>(2)</sup> | 1157 | 126946 |
| Insmed, Inc.<sup>(2)</sup> | 2321 | 49971 |
| Intellia Therapeutics, Inc.<sup>(2)</sup> | 506 | 21475 |
| IVERIC bio, Inc.<sup>(2)</sup> | 16556 | 382444 |
| Karuna Therapeutics, Inc.<sup>(2)</sup> | 324 | 64602 |
| Keros Therapeutics, Inc.<sup>(2)</sup> | 457 | 26766 |
| Kymera Therapeutics, Inc.<sup>(2)</sup> | 425 | 15886 |
| Madrigal Pharmaceuticals, Inc.<sup>(2)</sup> | 121 | 34878 |
| Natera, Inc.<sup>(2)</sup> | 2106 | 90411 |
| Neurocrine Biosciences, Inc.<sup>(2)</sup> | 4799 | 532353 |
| Prometheus Biosciences, Inc.<sup>(2)</sup> | 399 | 45350 |
| Relay Therapeutics, Inc.<sup>(2)</sup> | 954 | 20473 |
| Sarepta Therapeutics, Inc.<sup>(2)</sup> | 4669 | 583485 |
| Vertex Pharmaceuticals, Inc.<sup>(2)</sup> | 743 | 240063 |
| Vitrolife AB | 2683 | 57525 |
|  |  | 5209336 |
| **Building Products — 0.3%** |  |  |
| AZEK Co., Inc.<sup>(2)</sup> | 3137 | 75696 |
| Cie de Saint-Gobain | 10661 | 612274 |
| Hayward Holdings, Inc.<sup>(2)</sup> | 6814 | 91921 |
| Johnson Controls International PLC | 7800 | 542646 |
| Masco Corp. | 3964 | 210885 |
| Sanwa Holdings Corp. | 2100 | 22231 |
| Trane Technologies PLC | 4272 | 765200 |
| Trex Co., Inc.<sup>(2)</sup> | 1487 | 78395 |
|  |  | 2399248 |
| **Capital Markets — 1.0%** |  |  |
| Ameriprise Financial, Inc. | 1281 | 448504 |
| Ares Management Corp., Class A | 7584 | 629396 |
| Avanza Bank Holding AB<sup>(3)</sup> | 1811 | 41786 |
| Banca Generali SpA | 2242 | 82711 |
| Bank of New York Mellon Corp. | 21144 | 1069252 |
| BlackRock, Inc. | 582 | 441860 |
| Intercontinental Exchange, Inc. | 2050 | 220478 |
| Intermediate Capital Group PLC | 1190 | 20477 |
| LendingTree, Inc.<sup>(2)</sup> | 802 | 31807 |
| LPL Financial Holdings, Inc. | 2507 | 594460 |
| M&A Capital Partners Co. Ltd.<sup>(2)</sup> | 900 | 30483 |
| Man Group PLC | 24411 | 75099 |
| Morgan Stanley | 7750 | 754307 |
| MSCI, Inc. | 1514 | 804782 |
| Northern Trust Corp. | 12446 | 1206889 |
| S&P Global, Inc. | 711 | 266582 |
| StepStone Group, Inc., Class A | 2836 | 82783 |
| T. Rowe Price Group, Inc. | 5290 | 616126 |
|  |  | 7417782 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Chemicals — 0.6%** | | |
| Air Liquide SA | 3376 | $537547 |
| Air Products and Chemicals, Inc. | 866 | 277562 |
| Akzo Nobel NV | 6273 | 467244 |
| Albemarle Corp. | 606 | 170559 |
| Avient Corp. | 9978 | 404309 |
| Axalta Coating Systems Ltd.<sup>(2)</sup> | 14166 | 426397 |
| Diversey Holdings Ltd.<sup>(2)</sup> | 6568 | 39868 |
| Ecolab, Inc. | 1165 | 180377 |
| Element Solutions, Inc. | 27035 | 553677 |
| Koninklijke DSM NV | 4426 | 569192 |
| Linde PLC | 1776 | 587749 |
| Perimeter Solutions SA<sup>(2)</sup> | 6445 | 59938 |
| Sika AG | 1408 | 400079 |
| Tokyo Ohka Kogyo Co. Ltd. | 1500 | 73930 |
|  |  | 4748428 |
| **Commercial Services and Supplies — 0.3%** |  |  |
| Adecco Group AG | 18084 | 671653 |
| Clean Harbors, Inc.<sup>(2)</sup> | 1051 | 136945 |
| Driven Brands Holdings, Inc.<sup>(2)</sup> | 4954 | 144607 |
| Elis SA | 6760 | 118728 |
| GFL Environmental, Inc. | 10892 | 336127 |
| Korn Ferry | 1183 | 63870 |
| Republic Services, Inc. | 5521 | 689131 |
| SPIE SA | 4064 | 110948 |
| TechnoPro Holdings, Inc. | 1100 | 34249 |
|  |  | 2306258 |
| **Communications Equipment — 0.4%** |  |  |
| Arista Networks, Inc.<sup>(2)</sup> | 9677 | 1219496 |
| Ciena Corp.<sup>(2)</sup> | 1277 | 66430 |
| Cisco Systems, Inc. | 16575 | 806705 |
| Credo Technology Group Holding Ltd.<sup>(2)</sup> | 2260 | 39166 |
| Extreme Networks, Inc.<sup>(2)</sup> | 2238 | 40351 |
| F5, Inc.<sup>(2)</sup> | 3029 | 447262 |
| Juniper Networks, Inc. | 10261 | 331430 |
|  |  | 2950840 |
| **Construction and Engineering — 0.1%** |  |  |
| Balfour Beatty PLC | 11015 | 49880 |
| Construction Partners, Inc., Class A<sup>(2)</sup> | 2775 | 78505 |
| Eiffage SA | 3840 | 410153 |
| Vinci SA | 3620 | 409022 |
|  |  | 947560 |
| **Construction Materials**<sup>†</sup> |  |  |
| Eagle Materials, Inc. | 352 | 51420 |
| Summit Materials, Inc., Class A<sup>(2)</sup> | 2840 | 93323 |
|  |  | 144743 |
| **Consumer Finance**<sup>†</sup> |  |  |
| American Express Co. | 1410 | 246651 |
| **Containers and Packaging — 0.3%** |  |  |
| Amcor PLC | 34728 | 418820 |
| AptarGroup, Inc. | 426 | 49263 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Avery Dennison Corp. | 2989 | $566236 |
| Ball Corp. | 4059 | 236396 |
| Graphic Packaging Holding Co. | 3361 | 80966 |
| Huhtamaki Oyj | 1598 | 59770 |
| Packaging Corp. of America | 4915 | 701370 |
| Sonoco Products Co. | 3541 | 216391 |
|  |  | 2329212 |
| **Distributors**<sup>†</sup> |  |  |
| Bapcor Ltd. | 2436 | 11017 |
| D'ieteren Group | 697 | 133207 |
|  |  | 144224 |
| **Diversified Consumer Services**<sup>†</sup> |  |  |
| European Wax Center, Inc., Class A | 4135 | 77903 |
| IDP Education Ltd. | 4287 | 95401 |
|  |  | 173304 |
| **Diversified Telecommunication Services — 0.2%** |  |  |
| Cellnex Telecom SA<sup>(2)</sup> | 12164 | 476683 |
| IHS Holding Ltd.<sup>(2)</sup> | 5858 | 44989 |
| Internet Initiative Japan, Inc. | 5400 | 101335 |
| Verizon Communications, Inc. | 13872 | 576659 |
|  |  | 1199666 |
| **Electric Utilities — 0.5%** |  |  |
| Acciona SA | 189 | 36874 |
| Duke Energy Corp. | 3875 | 396994 |
| Edison International | 13283 | 915199 |
| Evergy, Inc. | 3322 | 208123 |
| Eversource Energy | 2296 | 189029 |
| Iberdrola SA | 47124 | 552848 |
| IDACORP, Inc. | 541 | 57243 |
| NextEra Energy, Inc. | 10662 | 795705 |
| Pinnacle West Capital Corp. | 4227 | 315123 |
|  |  | 3467138 |
| **Electrical Equipment — 0.6%** |  |  |
| Alfen NV<sup>(2)</sup> | 380 | 35256 |
| AMETEK, Inc. | 5047 | 731411 |
| Atkore, Inc.<sup>(2)</sup> | 820 | 106805 |
| Eaton Corp. PLC | 3501 | 567897 |
| Emerson Electric Co. | 6634 | 598519 |
| Generac Holdings, Inc.<sup>(2)</sup> | 576 | 69466 |
| Hexatronic Group AB | 7381 | 90849 |
| Legrand SA | 3923 | 349791 |
| Nexans SA | 423 | 44856 |
| nVent Electric PLC | 9692 | 385257 |
| Plug Power, Inc.<sup>(2)(3)</sup> | 5886 | 100180 |
| Regal Rexnord Corp. | 4388 | 610809 |
| Schneider Electric SE | 5278 | 856174 |
| Sensata Technologies Holding PLC | 1771 | 90055 |
|  |  | 4637325 |
| **Electronic Equipment, Instruments and Components — 0.6%** | **Electronic Equipment, Instruments and Components — 0.6%** |  |
| CDW Corp. | 2227 | 436559 |
| Cognex Corp. | 12064 | 660383 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Corning, Inc. | 3914 | $135464 |
| Hexagon AB, B Shares | 33576 | 384898 |
| Jabil, Inc. | 876 | 68880 |
| Keyence Corp. | 1600 | 736590 |
| Keysight Technologies, Inc.<sup>(2)</sup> | 8504 | 1525192 |
| National Instruments Corp. | 1870 | 100980 |
| Sesa SpA | 276 | 37557 |
| Taiyo Yuden Co. Ltd. | 2100 | 71328 |
| TE Connectivity Ltd. | 3635 | 462190 |
|  |  | 4620021 |
| **Energy Equipment and Services — 0.2%** |  |  |
| Aker Solutions ASA | 14569 | 57595 |
| Baker Hughes Co. | 14024 | 445122 |
| Expro Group Holdings NV<sup>(2)</sup> | 3632 | 68608 |
| Schlumberger Ltd. | 19008 | 1083076 |
| Weatherford International PLC<sup>(2)</sup> | 1741 | 99028 |
|  |  | 1753429 |
| **Entertainment — 0.3%** |  |  |
| Electronic Arts, Inc. | 3077 | 395948 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(2)</sup> | 1740 | 123192 |
| ROBLOX Corp., Class A<sup>(2)</sup> | 2660 | 98979 |
| Spotify Technology SA<sup>(2)</sup> | 3886 | 438030 |
| Universal Music Group NV | 25632 | 655214 |
| Walt Disney Co.<sup>(2)</sup> | 3143 | 340984 |
|  |  | 2052347 |
| **Equity Real Estate Investment Trusts (REITs) — 1.7%** |  |  |
| Agree Realty Corp. | 1152 | 85974 |
| Alexandria Real Estate Equities, Inc. | 857 | 137754 |
| American Homes 4 Rent, Class A | 2717 | 93166 |
| Assura PLC | 70555 | 48561 |
| Big Yellow Group PLC | 4621 | 68923 |
| Brixmor Property Group, Inc. | 3745 | 88120 |
| Canadian Apartment Properties REIT | 2743 | 101428 |
| CapitaLand China Trust | 32900 | 31372 |
| CapitaLand Integrated Commercial Trust | 72500 | 118620 |
| Comforia Residential REIT, Inc.<sup>(3)</sup> | 20 | 44439 |
| Corporate Office Properties Trust | 2340 | 65684 |
| Digital Realty Trust, Inc. | 1381 | 158290 |
| Equinix, Inc. | 1209 | 892399 |
| Equity LifeStyle Properties, Inc. | 915 | 65679 |
| Essential Properties Realty Trust, Inc. | 6160 | 156957 |
| Essex Property Trust, Inc. | 1973 | 446036 |
| Gaming & Leisure Properties, Inc. | 3607 | 193191 |
| Goodman Group | 15580 | 222226 |
| Healthpeak Properties, Inc. | 26765 | 735502 |
| Host Hotels & Resorts, Inc. | 6907 | 130197 |
| Invincible Investment Corp. | 484 | 206412 |
| Iron Mountain, Inc. | 3411 | 186172 |
| Japan Hotel REIT Investment Corp. | 336 | 212919 |
| Kite Realty Group Trust | 5906 | 128160 |
| Land Securities Group PLC | 18462 | 161742 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Link REIT | 26400 | $211315 |
| Mid-America Apartment Communities, Inc. | 1146 | 191061 |
| NETSTREIT Corp. | 2188 | 44044 |
| Orix JREIT, Inc. | 42 | 57786 |
| Prologis, Inc. | 14385 | 1859693 |
| Public Storage | 2605 | 792806 |
| Realty Income Corp. | 12783 | 867071 |
| Regency Centers Corp. | 8052 | 536505 |
| Region RE Ltd. | 20164 | 38693 |
| Rexford Industrial Realty, Inc. | 9275 | 588684 |
| Ryman Hospitality Properties, Inc. | 779 | 72361 |
| Sabra Health Care REIT, Inc. | 4431 | 59819 |
| SBA Communications Corp. | 802 | 238619 |
| Scentre Group | 59731 | 129605 |
| Segro PLC | 48295 | 497129 |
| Simon Property Group, Inc. | 2184 | 280557 |
| Sun Communities, Inc. | 958 | 150272 |
| Tritax Big Box REIT PLC | 59440 | 114527 |
| UDR, Inc. | 7099 | 302346 |
| Ventas, Inc. | 5686 | 294592 |
| VICI Properties, Inc. | 3496 | 119493 |
| Vicinity Ltd. | 61385 | 89809 |
| Welltower, Inc. | 2070 | 155333 |
| Weyerhaeuser Co. | 3421 | 117785 |
| WP Carey, Inc. | 2814 | 240681 |
|  |  | 12830509 |
| **Food and Staples Retailing — 0.3%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(2)</sup> | 921 | 66745 |
| Costco Wholesale Corp. | 543 | 277549 |
| Grocery Outlet Holding Corp.<sup>(2)</sup> | 2468 | 75003 |
| Koninklijke Ahold Delhaize NV | 26354 | 786587 |
| Kroger Co. | 6208 | 277063 |
| MARR SpA | 609 | 8007 |
| MatsukiyoCocokara & Co. | 2300 | 114734 |
| Sendas Distribuidora SA | 72300 | 278871 |
| Sysco Corp. | 6191 | 479555 |
|  |  | 2364114 |
| **Food Products — 0.4%** |  |  |
| a2 Milk Co. Ltd.<sup>(2)</sup> | 15333 | 74139 |
| Conagra Brands, Inc. | 19426 | 722453 |
| Freshpet, Inc.<sup>(2)</sup> | 1416 | 89675 |
| Hershey Co. | 5323 | 1195546 |
| J.M. Smucker Co. | 2458 | 375582 |
| Mondelez International, Inc., Class A | 5541 | 362603 |
| Sovos Brands, Inc.<sup>(2)</sup> | 4859 | 65888 |
| SunOpta, Inc.<sup>(2)</sup> | 16605 | 135663 |
| Tate & Lyle PLC | 4238 | 39465 |
| Toyo Suisan Kaisha Ltd. | 1500 | 61981 |
| Vital Farms, Inc.<sup>(2)</sup> | 2184 | 38395 |
|  |  | 3161390 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Gas Utilities — 0.2%** | | |
| Atmos Energy Corp. | 909 | $106844 |
| Brookfield Infrastructure Corp., Class A | 2126 | 94012 |
| Nippon Gas Co. Ltd.<sup>(3)</sup> | 5300 | 84595 |
| Spire, Inc. | 11410 | 824030 |
|  |  | 1109481 |
| **Health Care Equipment and Supplies — 0.9%** |  |  |
| Alcon, Inc. | 7139 | 538698 |
| Baxter International, Inc. | 3805 | 173850 |
| Becton Dickinson and Co. | 473 | 119300 |
| ConvaTec Group PLC | 32637 | 94663 |
| DENTSPLY SIRONA, Inc. | 8275 | 304768 |
| DexCom, Inc.<sup>(2)</sup> | 8329 | 891953 |
| Edwards Lifesciences Corp.<sup>(2)</sup> | 4190 | 321373 |
| Embecta Corp. | 10897 | 287572 |
| Envista Holdings Corp.<sup>(2)</sup> | 5995 | 233745 |
| EssilorLuxottica SA | 3125 | 573373 |
| Establishment Labs Holdings, Inc.<sup>(2)</sup> | 1055 | 71782 |
| Hologic, Inc.<sup>(2)</sup> | 1653 | 134505 |
| IDEXX Laboratories, Inc.<sup>(2)</sup> | 1730 | 831265 |
| Inari Medical, Inc.<sup>(2)</sup> | 1446 | 82494 |
| Inmode Ltd.<sup>(2)</sup> | 2823 | 98946 |
| Lantheus Holdings, Inc.<sup>(2)</sup> | 1266 | 72795 |
| Medtronic PLC | 821 | 68710 |
| Menicon Co. Ltd. | 1600 | 35355 |
| ResMed, Inc. | 389 | 88836 |
| SI-BONE, Inc.<sup>(2)</sup> | 4368 | 74387 |
| Silk Road Medical, Inc.<sup>(2)</sup> | 1943 | 105621 |
| TransMedics Group, Inc.<sup>(2)</sup> | 1531 | 96484 |
| Zimmer Biomet Holdings, Inc. | 9551 | 1216224 |
|  |  | 6516699 |
| **Health Care Providers and Services — 0.8%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(2)</sup> | 1023 | 85952 |
| AdaptHealth Corp.<sup>(2)</sup> | 2198 | 47103 |
| AmerisourceBergen Corp. | 3009 | 508401 |
| Amvis Holdings, Inc. | 3000 | 80322 |
| Cardinal Health, Inc. | 2821 | 217922 |
| Cigna Corp. | 2259 | 715358 |
| CVS Health Corp. | 4868 | 429455 |
| Ensign Group, Inc. | 1079 | 100617 |
| HealthEquity, Inc.<sup>(2)</sup> | 1709 | 103993 |
| Henry Schein, Inc.<sup>(2)</sup> | 7983 | 687735 |
| Humana, Inc. | 448 | 229242 |
| Laboratory Corp. of America Holdings | 1852 | 466926 |
| Progyny, Inc.<sup>(2)</sup> | 1709 | 58773 |
| Quest Diagnostics, Inc. | 3795 | 563482 |
| R1 RCM, Inc.<sup>(2)</sup> | 26959 | 385783 |
| Surgery Partners, Inc.<sup>(2)</sup> | 1696 | 56307 |
| UnitedHealth Group, Inc. | 1633 | 815177 |
| Universal Health Services, Inc., Class B | 4021 | 595952 |
|  |  | 6148500 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Health Care Technology — 0.1%** | | |
| Evolent Health, Inc., Class A<sup>(2)</sup> | 2935 | $94566 |
| Schrodinger, Inc.<sup>(2)</sup> | 1964 | 47489 |
| Veeva Systems, Inc., Class A<sup>(2)</sup> | 3203 | 546272 |
|  |  | 688327 |
| **Hotels, Restaurants and Leisure — 0.8%** |  |  |
| Airbnb, Inc., Class A<sup>(2)</sup> | 8357 | 928546 |
| Basic-Fit NV<sup>(2)(3)</sup> | 2105 | 69169 |
| Booking Holdings, Inc.<sup>(2)</sup> | 93 | 226371 |
| Chipotle Mexican Grill, Inc.<sup>(2)</sup> | 779 | 1282530 |
| Churchill Downs, Inc. | 513 | 127275 |
| Compass Group PLC | 21788 | 520472 |
| Greggs PLC | 2441 | 81510 |
| H World Group Ltd., ADR | 11232 | 533296 |
| Hilton Worldwide Holdings, Inc. | 9303 | 1349772 |
| Hyatt Hotels Corp., Class A<sup>(2)</sup> | 692 | 75511 |
| Planet Fitness, Inc., Class A<sup>(2)</sup> | 2052 | 173702 |
| Sands China Ltd.<sup>(2)</sup> | 24400 | 91502 |
| Sodexo SA | 3631 | 359951 |
| Trainline PLC<sup>(2)</sup> | 22227 | 77816 |
| Wingstop, Inc. | 660 | 104590 |
|  |  | 6002013 |
| **Household Durables — 0.2%** |  |  |
| Barratt Developments PLC | 96929 | 550918 |
| Man Wah Holdings Ltd. | 32400 | 37459 |
| Taylor Wimpey PLC | 377783 | 548133 |
|  |  | 1136510 |
| **Household Products — 0.2%** |  |  |
| Colgate-Palmolive Co. | 2417 | 180139 |
| Henkel AG & Co. KGaA, Preference Shares | 5768 | 411260 |
| Kimberly-Clark Corp. | 4023 | 523030 |
| Procter & Gamble Co. | 3406 | 484946 |
|  |  | 1599375 |
| **Independent Power and Renewable Electricity Producers**<sup>†</sup> | **Independent Power and Renewable Electricity Producers**<sup>†</sup> |  |
| West Holdings Corp.<sup>(3)</sup> | 1600 | 47977 |
| **Industrial Conglomerates — 0.1%** |  |  |
| Honeywell International, Inc. | 1942 | 404868 |
| **Insurance — 0.6%** |  |  |
| Aegon NV | 56290 | 310484 |
| Aflac, Inc. | 3692 | 271362 |
| AIA Group Ltd. | 61200 | 692028 |
| Allstate Corp. | 6704 | 861263 |
| ASR Nederland NV | 2017 | 95467 |
| Chubb Ltd. | 394 | 89631 |
| Hanover Insurance Group, Inc. | 2488 | 334835 |
| Kinsale Capital Group, Inc. | 462 | 128639 |
| Marsh & McLennan Cos., Inc. | 2067 | 361539 |
| Prudential Financial, Inc. | 3053 | 320382 |
| Reinsurance Group of America, Inc. | 3035 | 460622 |
| RLI Corp. | 833 | 110331 |
| Skyward Specialty Insurance Group Inc.<sup>(2)</sup> | 2026 | 37501 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Steadfast Group Ltd. | 19915 | $73988 |
| Storebrand ASA | 8535 | 74302 |
| Travelers Cos., Inc. | 1679 | 320890 |
| Willis Towers Watson PLC | 972 | 247073 |
|  |  | 4790337 |
| **Interactive Media and Services — 0.6%** |  |  |
| Alphabet, Inc., Class A<sup>(2)</sup> | 17549 | 1734543 |
| Autohome, Inc., ADR | 11022 | 384227 |
| Baidu, Inc., Class A<sup>(2)</sup> | 30400 | 511025 |
| carsales.com Ltd. | 4506 | 72953 |
| Eventbrite, Inc., Class A<sup>(2)</sup> | 5975 | 53118 |
| Match Group, Inc.<sup>(2)</sup> | 8020 | 434042 |
| QuinStreet, Inc.<sup>(2)</sup> | 4826 | 73983 |
| Tencent Holdings Ltd. | 29400 | 1432630 |
|  |  | 4696521 |
| **Internet and Direct Marketing Retail — 0.4%** |  |  |
| Alibaba Group Holding Ltd.<sup>(2)</sup> | 43500 | 598067 |
| Amazon.com, Inc.<sup>(2)</sup> | 10443 | 1076987 |
| ASOS PLC<sup>(2)</sup> | 29818 | 322607 |
| Chewy, Inc., Class A<sup>(2)(3)</sup> | 5935 | 267431 |
| Etsy, Inc.<sup>(2)</sup> | 1432 | 197014 |
| JD.com, Inc., Class A | 10678 | 317066 |
| Meituan, Class B<sup>(2)</sup> | 1520 | 33981 |
|  |  | 2813153 |
| **IT Services — 0.7%** |  |  |
| Accenture PLC, Class A | 1644 | 458758 |
| Adyen NV<sup>(2)</sup> | 313 | 473227 |
| Alten SA | 648 | 99569 |
| Amdocs Ltd. | 5066 | 465718 |
| Capgemini SE | 3464 | 657417 |
| Cloudflare, Inc., Class A<sup>(2)</sup> | 9866 | 522010 |
| Endava PLC, ADR<sup>(2)</sup> | 962 | 84531 |
| EPAM Systems, Inc.<sup>(2)</sup> | 1862 | 619394 |
| Mastercard, Inc., Class A | 1480 | 548488 |
| NEXTDC Ltd.<sup>(2)</sup> | 11476 | 81102 |
| Perficient, Inc.<sup>(2)</sup> | 578 | 42853 |
| TDCX, Inc., ADR<sup>(2)</sup> | 1234 | 16264 |
| Visa, Inc., Class A | 3701 | 852007 |
| Wise PLC, Class A<sup>(2)</sup> | 6508 | 43627 |
|  |  | 4964965 |
| **Leisure Products**<sup>†</sup> |  |  |
| Brunswick Corp. | 1018 | 85848 |
| Topgolf Callaway Brands Corp.<sup>(2)</sup> | 4020 | 98450 |
|  |  | 184298 |
| **Life Sciences Tools and Services — 0.7%** |  |  |
| Agilent Technologies, Inc. | 7787 | 1184247 |
| Avantor, Inc.<sup>(2)</sup> | 15819 | 378074 |
| Bio-Techne Corp. | 6103 | 486165 |
| ICON PLC<sup>(2)</sup> | 2781 | 641604 |
| IQVIA Holdings, Inc.<sup>(2)</sup> | 3924 | 900205 |
| Lonza Group AG | 1273 | 726172 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| MaxCyte, Inc.<sup>(2)</sup> | 7561 | $44156 |
| Mettler-Toledo International, Inc.<sup>(2)</sup> | 443 | 679084 |
| Tecan Group AG | 223 | 93587 |
| Thermo Fisher Scientific, Inc. | 811 | 462538 |
|  |  | 5595832 |
| **Machinery — 0.5%** |  |  |
| Astec Industries, Inc. | 1730 | 76362 |
| ATS Corp.<sup>(2)</sup> | 3133 | 126869 |
| Cummins, Inc. | 2416 | 602889 |
| Deere & Co. | 452 | 191124 |
| Georg Fischer AG | 847 | 58399 |
| Graco, Inc. | 5430 | 370978 |
| Greenbrier Cos., Inc. | 899 | 27797 |
| IHI Corp. | 2200 | 66846 |
| IMI PLC | 17740 | 317636 |
| Interpump Group SpA | 1243 | 64822 |
| Interroll Holding AG | 20 | 62298 |
| Metso Outotec Oyj | 9955 | 114411 |
| Oshkosh Corp. | 7891 | 795255 |
| Parker-Hannifin Corp. | 1825 | 594950 |
| Stabilus SE | 520 | 35867 |
| Trelleborg AB, B Shares | 3287 | 82190 |
| Xylem, Inc. | 1964 | 204276 |
|  |  | 3792969 |
| **Media — 0.3%** |  |  |
| Fox Corp., Class B | 15503 | 491445 |
| Omnicom Group, Inc. | 4059 | 349033 |
| Publicis Groupe SA | 5488 | 387121 |
| Trade Desk, Inc., Class A<sup>(2)</sup> | 10671 | 541020 |
| WPP PLC | 62373 | 728750 |
|  |  | 2497369 |
| **Metals and Mining — 0.1%** |  |  |
| Alamos Gold, Inc., Class A | 6867 | 75764 |
| Allkem Ltd.<sup>(2)</sup> | 4171 | 38723 |
| AMG Advanced Metallurgical Group NV | 2337 | 91289 |
| APERAM SA | 960 | 37885 |
| Champion Iron Ltd. | 6991 | 35574 |
| ERO Copper Corp.<sup>(2)</sup> | 33681 | 553102 |
| Lynas Rare Earths Ltd.<sup>(2)</sup> | 3430 | 22961 |
| MMC Norilsk Nickel PJSC<sup>(4)</sup> | 2658 |  |
|  |  | 855298 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>†</sup> |  |  |
| AGNC Investment Corp.<sup>(3)</sup> | 11277 | 130813 |
| **Multiline Retail — 0.1%** |  |  |
| B&M European Value Retail SA | 6382 | 35294 |
| Dollar Tree, Inc.<sup>(2)</sup> | 4412 | 662594 |
| Isetan Mitsukoshi Holdings Ltd. | 7700 | 83782 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(2)</sup> | 918 | 50270 |
| Target Corp. | 1034 | 177993 |
|  |  | 1009933 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Multi-Utilities — 0.1%** | | |
| NorthWestern Corp. | 10907 | $619518 |
| **Oil, Gas and Consumable Fuels — 0.6%** |  |  |
| ConocoPhillips | 8666 | 1056125 |
| Devon Energy Corp. | 2281 | 144250 |
| Diamondback Energy, Inc. | 1872 | 273537 |
| Enterprise Products Partners LP | 20168 | 516301 |
| EQT Corp. | 7694 | 251363 |
| Euronav NV<sup>(2)</sup> | 2337 | 36801 |
| Excelerate Energy, Inc., Class A | 7053 | 164335 |
| Golar LNG Ltd.<sup>(2)</sup> | 1630 | 38207 |
| Hess Corp. | 8752 | 1314200 |
| Kosmos Energy Ltd.<sup>(2)</sup> | 23740 | 187783 |
| Matador Resources Co. | 1189 | 78664 |
| Phillips 66 | 1277 | 128045 |
| Transocean Ltd.<sup>(2)</sup> | 6644 | 44781 |
| Whitecap Resources, Inc.<sup>(3)</sup> | 27740 | 231210 |
|  |  | 4465602 |
| **Paper and Forest Products — 0.1%** |  |  |
| Smurfit Kappa Group PLC | 15643 | 656764 |
| **Personal Products**<sup>†</sup> |  |  |
| Estee Lauder Cos., Inc., Class A | 280 | 77582 |
| Rohto Pharmaceutical Co. Ltd. | 5600 | 103328 |
|  |  | 180910 |
| **Pharmaceuticals — 1.2%** |  |  |
| Arvinas, Inc.<sup>(2)</sup> | 755 | 24741 |
| AstraZeneca PLC | 5952 | 779786 |
| AstraZeneca PLC, ADR | 8685 | 567738 |
| Bristol-Myers Squibb Co. | 7978 | 579602 |
| Catalent, Inc.<sup>(2)</sup> | 5737 | 307216 |
| Edgewise Therapeutics, Inc.<sup>(2)(3)</sup> | 2350 | 24040 |
| Eli Lilly & Co. | 474 | 163127 |
| Euroapi SA<sup>(2)</sup> | 1271 | 20434 |
| GSK PLC | 54246 | 952832 |
| Harmony Biosciences Holdings, Inc.<sup>(2)</sup> | 571 | 27505 |
| Hikma Pharmaceuticals PLC | 21828 | 461752 |
| Intra-Cellular Therapies, Inc.<sup>(2)</sup> | 1337 | 64069 |
| Merck & Co., Inc. | 3999 | 429533 |
| Novartis AG | 4599 | 415791 |
| Novo Nordisk A/S, B Shares | 10845 | 1500837 |
| Option Care Health, Inc.<sup>(2)</sup> | 2180 | 62937 |
| Sanofi | 3389 | 331866 |
| Sanofi, ADR | 14772 | 725896 |
| Takeda Pharmaceutical Co. Ltd. | 15700 | 493567 |
| UCB SA | 5032 | 413150 |
| Ventyx Biosciences, Inc.<sup>(2)</sup> | 1022 | 42924 |
| Zoetis, Inc. | 2097 | 347033 |
|  |  | 8736376 |
| **Professional Services — 0.4%** |  |  |
| ALS Ltd. | 11934 | 110723 |
| BayCurrent Consulting, Inc.<sup>(3)</sup> | 14300 | 607886 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** | **Value** |
| Bureau Veritas SA | 23332 | $| 667096 |
| CACI International, Inc., Class A<sup>(2)</sup> | 99 | 30501 | 30501 |
| DKSH Holding AG | 917 | 78124 | 78124 |
| IPH Ltd. | 4582 | 27714 | 27714 |
| Jacobs Solutions, Inc. | 5663 | 699664 | 699664 |
| Verisk Analytics, Inc. | 2687 | 488470 | 488470 |
| Visional, Inc.<sup>(2)</sup> | 1400 | 101442 | 101442 |
|  |  | 2811620 | 2811620 |
| **Real Estate Management and Development — 0.1%** |  |  |  |
| Altus Group Ltd. | 1141 | 48828 | 48828 |
| Capitaland Investment Ltd. | 32600 | 98765 | 98765 |
| DigitalBridge Group, Inc. | 3405 | 50394 | 50394 |
| Fabege AB | 5888 | 55649 | 55649 |
| FirstService Corp.<sup>(3)</sup> | 520 | 74314 | 74314 |
| Hang Lung Properties Ltd. | 19000 | 35825 | 35825 |
| PSP Swiss Property AG | 932 | 116187 | 116187 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(3)</sup> | 24066 | 43966 | 43966 |
| Tokyu Fudosan Holdings Corp. | 8500 | 43131 | 43131 |
| Tricon Residential, Inc. (Toronto) | 918 | 7969 | 7969 |
| Vonovia SE | 4079 | 115223 | 115223 |
| Wharf Real Estate Investment Co. Ltd. | 6000 | 34348 | 34348 |
|  |  | 724599 | 724599 |
| **Road and Rail — 0.4%** |  |  |  |
| Canadian Pacific Railway Ltd. | 10855 | 856783 | 856783 |
| Heartland Express, Inc. | 17252 | 290179 | 290179 |
| Lyft, Inc., Class A<sup>(2)</sup> | 12318 | 200167 | 200167 |
| Nagoya Railroad Co. Ltd. | 4500 | 74407 | 74407 |
| Norfolk Southern Corp. | 4147 | 1019374 | 1019374 |
| Saia, Inc.<sup>(2)</sup> | 321 | 87562 | 87562 |
| Uber Technologies, Inc.<sup>(2)</sup> | 3091 | 95605 | 95605 |
| Union Pacific Corp. | 660 | 134765 | 134765 |
|  |  | 2758842 | 2758842 |
| **Semiconductors and Semiconductor Equipment — 1.0%** | **Semiconductors and Semiconductor Equipment — 1.0%** | **Semiconductors and Semiconductor Equipment — 1.0%** | **Semiconductors and Semiconductor Equipment — 1.0%** |
| Advanced Micro Devices, Inc.<sup>(2)</sup> | 3936 | 295790 | 295790 |
| AIXTRON SE | 2190 | 65252 | 65252 |
| Ambarella, Inc.<sup>(2)</sup> | 365 | 32792 | 32792 |
| Analog Devices, Inc. | 2844 | 487661 | 487661 |
| Applied Materials, Inc. | 6179 | 688897 | 688897 |
| ASML Holding NV | 475 | 314283 | 314283 |
| Enphase Energy, Inc.<sup>(2)</sup> | 2153 | 476631 | 476631 |
| GLOBALFOUNDRIES, Inc.<sup>(2)</sup> | 1708 | 101250 | 101250 |
| Infineon Technologies AG | 16708 | 601663 | 601663 |
| Lattice Semiconductor Corp.<sup>(2)</sup> | 2040 | 154612 | 154612 |
| MACOM Technology Solutions Holdings, Inc.<sup>(2)</sup> | 969 | 64942 | 64942 |
| Marvell Technology, Inc. | 5726 | 247077 | 247077 |
| Monolithic Power Systems, Inc. | 1282 | 546850 | 546850 |
| Nova Ltd.<sup>(2)</sup> | 807 | 73195 | 73195 |
| NVIDIA Corp. | 3584 | 700206 | 700206 |
| Onto Innovation, Inc.<sup>(2)</sup> | 899 | 70706 | 70706 |
| Power Integrations, Inc. | 1294 | 111400 | 111400 |
| Samsung Electronics Co. Ltd. | 10453 | 520666 | 520666 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| SOITEC<sup>(2)</sup> | 360 | $54600 |
| SUMCO Corp. | 25800 | 382273 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 37000 | 652931 |
| Teradyne, Inc. | 10063 | 1023407 |
|  |  | 7667084 |
| **Software — 1.3%** |  |  |
| Adobe, Inc.<sup>(2)</sup> | 329 | 121842 |
| Box, Inc., Class A<sup>(2)</sup> | 3474 | 111133 |
| Cadence Design Systems, Inc.<sup>(2)</sup> | 10339 | 1890279 |
| CyberArk Software Ltd.<sup>(2)</sup> | 338 | 47617 |
| Datadog, Inc., Class A<sup>(2)</sup> | 7440 | 556586 |
| Descartes Systems Group, Inc.<sup>(2)(3)</sup> | 909 | 66336 |
| DocuSign, Inc.<sup>(2)</sup> | 2542 | 154147 |
| Five9, Inc.<sup>(2)</sup> | 1169 | 92094 |
| HubSpot, Inc.<sup>(2)</sup> | 1975 | 685345 |
| JFrog Ltd.<sup>(2)</sup> | 3764 | 96773 |
| Kinaxis, Inc.<sup>(2)</sup> | 678 | 78804 |
| Manhattan Associates, Inc.<sup>(2)</sup> | 7208 | 939635 |
| Microsoft Corp. | 12392 | 3070862 |
| m-up Holdings, Inc. | 3900 | 37322 |
| nCino, Inc.<sup>(2)</sup> | 2435 | 69641 |
| Palo Alto Networks, Inc.<sup>(2)</sup> | 5809 | 921540 |
| Paycor HCM, Inc.<sup>(2)</sup> | 2465 | 61896 |
| Paylocity Holding Corp.<sup>(2)</sup> | 406 | 84566 |
| Salesforce, Inc.<sup>(2)</sup> | 1590 | 267072 |
| ServiceNow, Inc.<sup>(2)</sup> | 258 | 117424 |
| Sprout Social, Inc., Class A<sup>(2)</sup> | 832 | 53223 |
| SPS Commerce, Inc.<sup>(2)</sup> | 700 | 95256 |
| TeamViewer AG<sup>(2)</sup> | 4880 | 68744 |
| Tenable Holdings, Inc.<sup>(2)</sup> | 3731 | 150098 |
| Workday, Inc., Class A<sup>(2)</sup> | 491 | 89082 |
|  |  | 9927317 |
| **Specialty Retail — 0.5%** |  |  |
| Advance Auto Parts, Inc. | 2642 | 402324 |
| Aritzia, Inc.<sup>(2)(3)</sup> | 2165 | 78087 |
| Burlington Stores, Inc.<sup>(2)</sup> | 1322 | 303835 |
| Fast Retailing Co. Ltd. | 800 | 485887 |
| Five Below, Inc.<sup>(2)</sup> | 1250 | 246412 |
| Home Depot, Inc. | 2414 | 782546 |
| Kingfisher PLC | 96093 | 331513 |
| Leslie's, Inc.<sup>(2)</sup> | 2838 | 43961 |
| Nextage Co. Ltd.<sup>(3)</sup> | 1900 | 42737 |
| Pets at Home Group PLC | 7246 | 31522 |
| TJX Cos., Inc. | 5539 | 453423 |
| Tractor Supply Co. | 681 | 155261 |
| Watches of Switzerland Group PLC<sup>(2)</sup> | 8131 | 95451 |
| WH Smith PLC | 3526 | 69630 |
|  |  | 3522589 |
| **Technology Hardware, Storage and Peripherals — 0.3%** |  |  |
| Apple, Inc. | 12778 | 1843738 |
| HP, Inc. | 11924 | 347465 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Pure Storage, Inc., Class A<sup>(2)</sup> | 2108 | $61005 |
|  |  | 2252208 |
| **Textiles, Apparel and Luxury Goods — 0.5%** |  |  |
| Asics Corp. | 4300 | 102342 |
| Crocs, Inc.<sup>(2)</sup> | 1254 | 152700 |
| Deckers Outdoor Corp.<sup>(2)</sup> | 482 | 206045 |
| HUGO BOSS AG | 762 | 51748 |
| Li Ning Co. Ltd. | 78000 | 771082 |
| lululemon athletica, Inc.<sup>(2)</sup> | 2603 | 798809 |
| LVMH Moet Hennessy Louis Vuitton SE | 957 | 835438 |
| NIKE, Inc., Class B | 1518 | 193287 |
| Puma SE | 7020 | 479384 |
| Tod's SpA<sup>(2)</sup> | 541 | 21154 |
|  |  | 3611989 |
| **Thrifts and Mortgage Finance**<sup>†</sup> |  |  |
| Capitol Federal Financial, Inc. | 17634 | 147597 |
| **Trading Companies and Distributors — 0.3%** |  |  |
| AddTech AB, B Shares | 3265 | 52140 |
| Beacon Roofing Supply, Inc.<sup>(2)</sup> | 4766 | 271090 |
| Beijer Ref AB<sup>(3)</sup> | 3384 | 52205 |
| Diploma PLC | 2033 | 68771 |
| Finning International, Inc. | 3463 | 97705 |
| H&E Equipment Services, Inc. | 2123 | 108039 |
| MonotaRO Co. Ltd. | 25200 | 381738 |
| MRC Global, Inc.<sup>(2)</sup> | 4635 | 63036 |
| MSC Industrial Direct Co., Inc., Class A | 7398 | 611815 |
| NOW, Inc.<sup>(2)</sup> | 7010 | 98420 |
| Rexel SA<sup>(2)</sup> | 24908 | 551025 |
| RS GROUP PLC | 3358 | 39040 |
| Yamazen Corp. | 5600 | 45870 |
|  |  | 2440894 |
| **Transportation Infrastructure**<sup>†</sup> |  |  |
| Japan Airport Terminal Co. Ltd.<sup>(2)</sup> | 2100 | 109461 |
| **Water Utilities**<sup>†</sup> |  |  |
| SJW Group | 1365 | 105665 |
| **TOTAL COMMON STOCKS**<br>(Cost $153,112,321) |  | **194913800** |
| **U.S. TREASURY SECURITIES — 9.3%** |  |  |
| U.S. Treasury Bonds, 2.00%, 11/15/41 | $3500000 | 2660820 |
| U.S. Treasury Bonds, 2.375%, 2/15/42 | 11500000 | 9306914 |
| U.S. Treasury Bonds, 3.125%, 8/15/44 | 200000 | 180297 |
| U.S. Treasury Bonds, 2.50%, 2/15/45 | 1060000 | 855619 |
| U.S. Treasury Bonds, 3.00%, 5/15/45 | 560000 | 493369 |
| U.S. Treasury Bonds, 3.00%, 11/15/45 | 100000 | 87992 |
| U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/25 | 1184550 | 1190128 |
| U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/27 | 369068 | 380835 |
| U.S. Treasury Inflation Indexed Bonds, 2.50%, 1/15/29 | 1573836 | 1675097 |
| U.S. Treasury Inflation Indexed Bonds, 3.375%, 4/15/32 | 167725 | 197340 |
| U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/40 | 826440 | 909953 |
| U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/41 | 1114765 | 1228919 |
| U.S. Treasury Inflation Indexed Bonds, 0.625%, 2/15/43 | 1256053 | 1063059 |
| U.S. Treasury Inflation Indexed Bonds, 1.375%, 2/15/44 | 3385137 | 3289090 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 |  | $5765026 | $4921328 |
| U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 |  | 678321 | 586688 |
| U.S. Treasury Inflation Indexed Bonds, 0.125%, 2/15/51 |  | 1143500 | 791080 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/27 |  | 4707985 | 4447862 |
| U.S. Treasury Inflation Indexed Notes, 0.50%, 1/15/28 |  | 2232839 | 2137849 |
| U.S. Treasury Inflation Indexed Notes, 0.875%, 1/15/29 |  | 2240176 | 2181296 |
| U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/32 |  | 4387208 | 3964548 |
| U.S. Treasury Notes, 0.25%, 5/31/25 |  | 9900000 | 9073389 |
| U.S. Treasury Notes, 0.50%, 4/30/27 |  | 6000000 | 5259609 |
| U.S. Treasury Notes, 2.75%, 7/31/27 |  | 3505000 | 3374315 |
| U.S. Treasury Notes, 2.25%, 8/15/27 |  | 400000 | 376922 |
| U.S. Treasury Notes, 2.625%, 7/31/29 |  | 3000000 | 2835352 |
| U.S. Treasury Notes, 0.625%, 5/15/30 |  | 1100000 | 899980 |
| U.S. Treasury Notes, 1.875%, 2/15/32 |  | 5800000 | 5090180 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $76,480,206) |  |  | **69459830** |
| **CORPORATE BONDS — 3.0%** |  |  |  |
| **Aerospace and Defense**<sup>†</sup> |  |  |  |
| TransDigm, Inc., 6.375%, 6/15/26 |  | 50000 | 49440 |
| **Airlines — 0.1%** |  |  |  |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(5)</sup> |  | 314385 | 308556 |
| **Auto Components**<sup>†</sup> |  |  |  |
| ZF North America Capital, Inc., 4.75%, 4/29/25<sup>(5)</sup> |  | 105000 | 101395 |
| **Automobiles — 0.1%** |  |  |  |
| BMW Finance NV, 0.875%, 4/3/25 | EUR | 50000 | 52017 |
| Ford Motor Credit Co. LLC, 3.625%, 6/17/31 |  | $670000 | 558164 |
| General Motors Co., 5.15%, 4/1/38 |  | 410000 | 372552 |
|  |  |  | 982733 |
| **Banks — 0.8%** |  |  |  |
| Avi Funding Co. Ltd., 3.80%, 9/16/25<sup>(5)</sup> |  | 255000 | 247297 |
| Banco Santander SA, 2.50%, 3/18/25 | EUR | 200000 | 212418 |
| Bank of America Corp., VRN, 2.88%, 10/22/30 |  | $260000 | 228165 |
| Barclays PLC, VRN, 1.375%, 1/24/26 | EUR | 100000 | 103264 |
| Barclays PLC, VRN, 2.00%, 2/7/28 | EUR | 100000 | 108696 |
| CaixaBank SA, VRN, 2.75%, 7/14/28 | EUR | 200000 | 215391 |
| CaixaBank SA, VRN, 2.25%, 4/17/30 | EUR | 400000 | 405510 |
| Citigroup, Inc., VRN, 3.07%, 2/24/28 |  | $51000 | 47434 |
| Citigroup, Inc., VRN, 3.52%, 10/27/28 |  | 115000 | 107811 |
| Commerzbank AG, 4.00%, 3/23/26 | EUR | 250000 | 269964 |
| Credit Agricole SA, 7.375%, 12/18/23 | GBP | 100000 | 126081 |
| European Financial Stability Facility, 2.125%, 2/19/24 | EUR | 399000 | 430172 |
| European Financial Stability Facility, 0.40%, 5/31/26 | EUR | 400000 | 402622 |
| European Financial Stability Facility, 2.35%, 7/29/44 | EUR | 60000 | 58591 |
| European Union, 0.00%, 7/4/31<sup>(6)</sup> | EUR | 1650000 | 1414508 |
| HSBC Bank PLC, VRN, 5.375%, 11/4/30 | GBP | 50000 | 61435 |
| ING Groep NV, 2.125%, 1/10/26 | EUR | 400000 | 419524 |
| Intesa Sanpaolo SpA, 6.625%, 9/13/23 | EUR | 220000 | 243012 |
| JPMorgan Chase & Co., VRN, 2.95%, 2/24/28 |  | $55000 | 51066 |
| Lloyds Bank PLC, 7.625%, 4/22/25 | GBP | 120000 | 157919 |
| Wells Fargo & Co., VRN, 3.07%, 4/30/41 |  | $605000 | 472257 |
|  |  |  | 5783137 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| **Beverages — 0.1%** | | | |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 |  | $370000 | $361587 |
| **Biotechnology — 0.1%** |  |  |  |
| AbbVie, Inc., 4.40%, 11/6/42 |  | 605000 | 559530 |
| **Capital Markets**<sup>†</sup> |  |  |  |
| Criteria Caixa SA, 1.50%, 5/10/23 | EUR | 100000 | 108344 |
| **Chemicals**<sup>†</sup> |  |  |  |
| Equate Petrochemical BV, 4.25%, 11/3/26<sup>(5)</sup> |  | $82000 | 80064 |
| Olin Corp., 5.125%, 9/15/27 |  | 60000 | 58277 |
|  |  |  | 138341 |
| **Commercial Services and Supplies — 0.1%** |  |  |  |
| Waste Connections, Inc., 2.95%, 1/15/52 |  | 154000 | 110485 |
| Waste Management, Inc., 2.50%, 11/15/50 |  | 220000 | 148248 |
|  |  |  | 258733 |
| **Containers and Packaging**<sup>†</sup> |  |  |  |
| Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24<sup>(5)</sup> |  | 30000 | 30014 |
| Sealed Air Corp., 5.125%, 12/1/24<sup>(5)</sup> |  | 80000 | 79487 |
|  |  |  | 109501 |
| **Diversified Consumer Services**<sup>†</sup> |  |  |  |
| Duke University, 3.30%, 10/1/46 |  | 220000 | 179503 |
| **Diversified Financial Services — 0.3%** |  |  |  |
| Fiore Capital LLC, VRDN, 4.45%, 2/7/23 (LOC: Wells Fargo Bank N.A.) |  | 2500000 | 2500000 |
| **Diversified Telecommunication Services — 0.1%** |  |  |  |
| AT&T, Inc., 2.60%, 12/17/29 | EUR | 120000 | 122038 |
| AT&T, Inc., 4.90%, 8/15/37 |  | $116000 | 112647 |
| Deutsche Telekom International Finance BV, 1.25%, 10/6/23 | GBP | 150000 | 181824 |
| Deutsche Telekom International Finance BV, 0.875%, 1/30/24 | EUR | 40000 | 42594 |
| Level 3 Financing, Inc., 4.625%, 9/15/27<sup>(5)</sup> |  | $243000 | 206280 |
| Turk Telekomunikasyon AS, 4.875%, 6/19/24<sup>(5)</sup> |  | 205000 | 194197 |
|  |  |  | 859580 |
| **Electric Utilities — 0.2%** |  |  |  |
| Duke Energy Carolinas LLC, 3.20%, 8/15/49 |  | 270000 | 204729 |
| Duke Energy Florida LLC, 3.85%, 11/15/42 |  | 130000 | 111308 |
| Duke Energy Progress LLC, 4.15%, 12/1/44 |  | 59000 | 52538 |
| Exelon Corp., 4.45%, 4/15/46 |  | 190000 | 171986 |
| Israel Electric Corp. Ltd., 6.875%, 6/21/23<sup>(5)</sup> |  | 102000 | 102575 |
| MidAmerican Energy Co., 4.40%, 10/15/44 |  | 80000 | 74880 |
| Northern States Power Co., 3.20%, 4/1/52 |  | 160000 | 123034 |
| Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, 3.00%, 6/30/30 |  | 500000 | 427194 |
|  |  |  | 1268244 |
| **Food and Staples Retailing**<sup>†</sup> |  |  |  |
| Tesco PLC, 5.00%, 3/24/23 | GBP | 50000 | 61635 |
| **Health Care Providers and Services — 0.2%** |  |  |  |
| CVS Health Corp., 4.78%, 3/25/38 |  | $475000 | 455150 |
| DaVita, Inc., 4.625%, 6/1/30<sup>(5)</sup> |  | 510000 | 430221 |
| Kaiser Foundation Hospitals, 3.00%, 6/1/51 |  | 180000 | 134083 |
| Universal Health Services, Inc., 2.65%, 10/15/30 |  | 605000 | 510556 |
|  |  |  | 1530010 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| **Hotels, Restaurants and Leisure — 0.1%** | | | |
| Caesars Entertainment, Inc., 4.625%, 10/15/29<sup>(5)</sup> |  | $200000 | $171282 |
| MGM Resorts International, 6.00%, 3/15/23 |  | 130000 | 130095 |
| Penn Entertainment, Inc., 5.625%, 1/15/27<sup>(5)</sup> |  | 150000 | 141150 |
| Penn Entertainment, Inc., 4.125%, 7/1/29<sup>(5)</sup> |  | 77000 | 63626 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27<sup>(5)</sup> |  | 150000 | 141895 |
|  |  |  | 648048 |
| **Household Durables — 0.1%** |  |  |  |
| KB Home, 4.80%, 11/15/29 |  | 477000 | 428585 |
| Meritage Homes Corp., 5.125%, 6/6/27 |  | 160000 | 153524 |
| Tempur Sealy International, Inc., 3.875%, 10/15/31<sup>(5)</sup> |  | 238000 | 196389 |
|  |  |  | 778498 |
| **Insurance**<sup>†</sup> |  |  |  |
| AXA SA, VRN, 3.375%, 7/6/47 | EUR | 200000 | 205920 |
| **Interactive Media and Services**<sup>†</sup> |  |  |  |
| Tencent Holdings Ltd., 3.80%, 2/11/25<sup>(5)</sup> |  | $153000 | 149356 |
| **Internet and Direct Marketing Retail — 0.1%** |  |  |  |
| Alibaba Group Holding Ltd., 2.80%, 6/6/23 |  | 330000 | 327409 |
| **Media — 0.1%** |  |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49 |  | 120000 | 99556 |
| DISH DBS Corp., 7.75%, 7/1/26 |  | 310000 | 252177 |
| Paramount Global, 4.375%, 3/15/43 |  | 90000 | 66531 |
| WPP Finance 2013, 3.00%, 11/20/23 | EUR | 100000 | 108579 |
|  |  |  | 526843 |
| **Metals and Mining**<sup>†</sup> |  |  |  |
| Freeport-McMoRan, Inc., 5.40%, 11/14/34 |  | $180000 | 179335 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>†</sup> |  |  |  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29<sup>(5)</sup> |  | 213000 | 177245 |
| **Multi-Utilities**<sup>†</sup> |  |  |  |
| Dominion Energy, Inc., 4.90%, 8/1/41 |  | 70000 | 65750 |
| **Oil, Gas and Consumable Fuels — 0.3%** |  |  |  |
| Antero Resources Corp., 7.625%, 2/1/29<sup>(5)</sup> |  | 108000 | 110594 |
| BP Capital Markets America, Inc., 3.06%, 6/17/41 |  | 180000 | 143756 |
| Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 |  | 70000 | 69084 |
| Enbridge, Inc., 3.40%, 8/1/51 |  | 210000 | 156864 |
| Enterprise Products Operating LLC, 4.85%, 3/15/44 |  | 360000 | 343431 |
| Enterprise Products Operating LLC, 3.30%, 2/15/53 |  | 149000 | 108216 |
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40<sup>(5)</sup> |  | 483265 | 396172 |
| Kinder Morgan Energy Partners LP, 6.50%, 9/1/39 |  | 180000 | 193265 |
| MEG Energy Corp., 5.875%, 2/1/29<sup>(5)</sup> |  | 220000 | 210363 |
| Petroleos Mexicanos, 6.70%, 2/16/32 |  | 70000 | 58200 |
| Southwestern Energy Co., 5.70%, 1/23/25 |  | 14000 | 13897 |
|  |  |  | 1803842 |
| **Pharmaceuticals**<sup>†</sup> |  |  |  |
| Viatris, Inc., 4.00%, 6/22/50 |  | 246000 | 170778 |
| **Road and Rail**<sup>†</sup> |  |  |  |
| Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 |  | 160000 | 153158 |
| Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 |  | 70000 | 64084 |
|  |  |  | 217242 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| **Software**<sup>†</sup> | | | |
| Oracle Corp., 3.60%, 4/1/40 |  | $210000 | $166616 |
| **Transportation Infrastructure**<sup>†</sup> |  |  |  |
| DP World Crescent Ltd., 4.85%, 9/26/28 |  | 250000 | 253364 |
| **Wireless Telecommunication Services — 0.2%** |  |  |  |
| C&W Senior Financing DAC, 6.875%, 9/15/27<sup>(5)</sup> |  | 228000 | 217254 |
| Sprint LLC, 7.875%, 9/15/23 |  | 75000 | 76198 |
| Sprint LLC, 7.125%, 6/15/24 |  | 205000 | 209615 |
| T-Mobile USA, Inc., 4.75%, 2/1/28 |  | 539000 | 534524 |
| T-Mobile USA, Inc., 3.375%, 4/15/29 |  | 285000 | 260164 |
| T-Mobile USA, Inc., 3.50%, 4/15/31 |  | 27000 | 24195 |
|  |  |  | 1321950 |
| **TOTAL CORPORATE BONDS**<br>(Cost $24,845,953) |  |  | **22152465** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 2.3%** |  |  |  |
| **Australia — 0.1%** |  |  |  |
| Australia Government Bond, 3.00%, 3/21/47 | AUD | 270000 | 162166 |
| New South Wales Treasury Corp., 3.00%, 3/20/28 | AUD | 395000 | 269394 |
|  |  |  | 431560 |
| **Austria — 0.1%** |  |  |  |
| Republic of Austria Government Bond, 0.75%, 10/20/26<sup>(5)</sup> | EUR | 185000 | 188384 |
| Republic of Austria Government Bond, 4.15%, 3/15/37<sup>(5)</sup> | EUR | 121000 | 150001 |
|  |  |  | 338385 |
| **Belgium**<sup>†</sup> |  |  |  |
| Kingdom of Belgium Government Bond, 4.25%, 3/28/41<sup>(5)</sup> | EUR | 74000 | 92873 |
| **Canada — 0.3%** |  |  |  |
| Canadian Government Bond, 0.25%, 3/1/26 | CAD | 1500000 | 1026467 |
| Province of British Columbia Canada, 2.85%, 6/18/25 | CAD | 809000 | 595752 |
| Province of Quebec Canada, 3.00%, 9/1/23 | CAD | 465000 | 346409 |
| Province of Quebec Canada, 5.75%, 12/1/36 | CAD | 445000 | 399797 |
| Province of Quebec Canada, 5.00%, 12/1/41 | CAD | 30000 | 25508 |
| Province of Quebec Canada, 3.50%, 12/1/48 | CAD | 110000 | 76092 |
|  |  |  | 2470025 |
| **China — 0.5%** |  |  |  |
| China Government Bond, 2.68%, 5/21/30 | CNY | 24800000 | 3619098 |
| **Denmark**<sup>†</sup> |  |  |  |
| Denmark Government Bond, 0.50%, 11/15/27 | DKK | 600000 | 79959 |
| Denmark Government Bond, 4.50%, 11/15/39 | DKK | 340000 | 62873 |
|  |  |  | 142832 |
| **Finland — 0.3%** |  |  |  |
| Finland Government Bond, 4.00%, 7/4/25<sup>(5)</sup> | EUR | 219000 | 246608 |
| Finland Government Bond, 0.125%, 4/15/36<sup>(5)</sup> | EUR | 2250000 | 1707076 |
|  |  |  | 1953684 |
| **France — 0.2%** |  |  |  |
| French Republic Government Bond OAT, 0.00%, 11/25/31<sup>(6)</sup> | EUR | 1400000 | 1206317 |
| **Germany**<sup>†</sup> |  |  |  |
| Bundesrepublik Deutschland Bundesanleihe, 0.00%, 8/15/52<sup>(6)</sup> | EUR | 400000 | 232555 |
| **Ireland**<sup>†</sup> |  |  |  |
| Ireland Government Bond, 3.40%, 3/18/24 | EUR | 283000 | 310549 |
| **Italy — 0.2%** |  |  |  |
| Italy Buoni Poliennali Del Tesoro, 1.50%, 6/1/25 | EUR | 180000 | 188521 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/<br>Principal Amount** | **Value** |
| Italy Buoni Poliennali Del Tesoro, 2.00%, 12/1/25 | EUR | 1338000 | $1405051 |
|  |  |  | 1593572 |
| **Malaysia**<sup>†</sup> |  |  |  |
| Malaysia Government Bond, 3.96%, 9/15/25 | MYR | 990000 | 235251 |
| **Mexico — 0.1%** |  |  |  |
| Mexico Government International Bond, 4.15%, 3/28/27 |  | $700000 | 692965 |
| **Netherlands — 0.1%** |  |  |  |
| Netherlands Government Bond, 0.50%, 7/15/26<sup>(5)</sup> | EUR | 506000 | 514151 |
| Netherlands Government Bond, 2.75%, 1/15/47<sup>(5)</sup> | EUR | 82000 | 94224 |
|  |  |  | 608375 |
| **Norway**<sup>†</sup> |  |  |  |
| Norway Government Bond, 2.00%, 5/24/23<sup>(5)</sup> | NOK | 405000 | 40456 |
| Norway Government Bond, 1.75%, 2/17/27<sup>(5)</sup> | NOK | 1880000 | 180214 |
|  |  |  | 220670 |
| **Peru**<sup>†</sup> |  |  |  |
| Peruvian Government International Bond, 5.625%, 11/18/50 |  | $160000 | 162976 |
| **Philippines**<sup>†</sup> |  |  |  |
| Philippine Government International Bond, 6.375%, 10/23/34 |  | $100000 | 114000 |
| **Poland**<sup>†</sup> |  |  |  |
| Republic of Poland Government Bond, 4.00%, 10/25/23 | PLN | 775000 | 176711 |
| **Spain — 0.1%** |  |  |  |
| Spain Government Bond, 4.40%, 10/31/23<sup>(5)</sup> | EUR | 100000 | 109949 |
| Spain Government Bond, 1.60%, 4/30/25<sup>(5)</sup> | EUR | 132000 | 139838 |
| Spain Government Bond, 5.15%, 10/31/28<sup>(5)</sup> | EUR | 47000 | 56998 |
| Spain Government Bond, 5.15%, 10/31/44<sup>(5)</sup> | EUR | 9000 | 12117 |
|  |  |  | 318902 |
| **Switzerland — 0.1%** |  |  |  |
| Swiss Confederation Government Bond, 1.25%, 5/28/26 | CHF | 410000 | 450797 |
| Swiss Confederation Government Bond, 2.50%, 3/8/36 | CHF | 71000 | 88525 |
|  |  |  | 539322 |
| **Thailand — 0.1%** |  |  |  |
| Thailand Government Bond, 3.625%, 6/16/23 | THB | 4150000 | 126735 |
| Thailand Government Bond, 3.85%, 12/12/25 | THB | 11550000 | 369667 |
|  |  |  | 496402 |
| **United Kingdom — 0.1%** |  |  |  |
| United Kingdom Gilt, 0.125%, 1/30/26 | GBP | 800000 | 903049 |
| **Uruguay**<sup>†</sup> |  |  |  |
| Uruguay Government International Bond, 4.125%, 11/20/45 |  | $80000 | 75669 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $19,156,936) |  |  | **16935742** |
| **COLLATERALIZED LOAN OBLIGATIONS — 2.0%** |  |  |  |
| ARES XLVII CLO Ltd., Series 2018-47A, Class C, VRN, 6.54%, (3-month LIBOR plus 1.75%), 4/15/30<sup>(5)</sup> |  | 350000 | 330864 |
| Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class CR3, VRN, 7.42%, (3-month LIBOR plus 2.60%), 4/22/32<sup>(5)</sup> |  | 1750000 | 1679161 |
| Cerberus Loan Funding XXVIII LP, Series 2020-1A, Class A, VRN, 6.64%, (3-month LIBOR plus 1.85%), 10/15/31<sup>(5)</sup> |  | 514617 | 511335 |
| CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 6.64%, (3-month LIBOR plus 1.85%), 11/16/30<sup>(5)</sup> |  | 1100000 | 1063934 |
| Cook Park CLO Ltd., Series 2018-1A, Class C, VRN, 6.54%, (3-month LIBOR plus 1.75%), 4/17/30<sup>(5)</sup> |  | 3000000 | 2818238 |
| Dewolf Park CLO Ltd., Series 2017-1A, Class CR, VRN, 6.64%, (3-month LIBOR plus 1.85%), 10/15/30<sup>(5)</sup> |  | 450000 | 426784 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Eaton Vance CLO Ltd., Series 2015-1A, Class CR, VRN, 6.71%, (3-month LIBOR plus 1.90%), 1/20/30<sup>(5)</sup> | $512500 | $485473 |
| Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, VRN, 5.93%, (3-month LIBOR plus 1.12%), 7/20/31<sup>(5)</sup> | 350000 | 347687 |
| KKR CLO Ltd., Series 2018, Class CR, VRN, 6.89%, (3-month LIBOR plus 2.10%), 7/18/30<sup>(5)</sup> | 325000 | 316141 |
| KKR CLO Ltd., Series 2022A, Class B, VRN, 6.41%, (3-month LIBOR plus 1.60%), 7/20/31<sup>(5)</sup> | 500000 | 489533 |
| Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 6.29%, (3-month LIBOR plus 1.50%), 4/15/31<sup>(5)</sup> | 600000 | 591103 |
| Magnetite XXV Ltd., Series 2020-25A, Class C, VRN, 6.92%, (3-month LIBOR plus 2.10%), 1/25/32<sup>(5)</sup> | 450000 | 437464 |
| Marathon CLO Ltd., Series 2021-17A, Class B1, VRN, 7.49%, (3-month LIBOR plus 2.68%), 1/20/35<sup>(5)</sup> | 425000 | 400269 |
| MF1 Ltd., Series 2021-FL7, Class AS, VRN, 5.92%, (1-month LIBOR plus 1.45%), 10/16/36<sup>(5)</sup> | 716000 | 685117 |
| Palmer Square Loan Funding Ltd., Series 2022-1A, Class B, VRN, 6.63%, (3-month SOFR plus 2.00%), 4/15/30<sup>(5)</sup> | 350000 | 336126 |
| Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class B, VRN, 6.11%, (1-month LIBOR plus 1.60%), 7/25/36<sup>(5)</sup> | 1500000 | 1433135 |
| Rockford Tower CLO Ltd., Series 2020-1A, Class C, VRN, 7.16%, (3-month LIBOR plus 2.35%), 1/20/32<sup>(5)</sup> | 400000 | 385263 |
| Sound Point CLO IX Ltd., Series 2015-2A, Class CRRR, VRN, 7.31%, (3-month LIBOR plus 2.50%), 7/20/32<sup>(5)</sup> | 1450000 | 1361866 |
| Symphony CLO XXII Ltd., Series 2020-22A, Class B, VRN, 6.49%, (3-month LIBOR plus 1.70%), 4/18/33<sup>(5)</sup> | 1000000 | 982825 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $15,732,778) |  | **15082318** |
| **MUNICIPAL SECURITIES — 0.7%** |  |  |
| Bay Area Toll Authority Rev., 6.92%, 4/1/40 | 130000 | 158485 |
| Harris County Industrial Development Corp. Rev., (Exxon Mobil Corp.) VRDN, 1.19%, 2/1/23 | 1700000 | 1700000 |
| Metropolitan Transportation Authority Rev., 6.69%, 11/15/40 | 30000 | 32543 |
| Metropolitan Transportation Authority Rev., 6.81%, 11/15/40 | 15000 | 16589 |
| Metropolitan Water District of Southern California Rev., VRDN, 4.39%, 2/7/23 (SBBPA: Bank of America N.A.) | 2200000 | 2200000 |
| New Jersey Turnpike Authority Rev., 7.10%, 1/1/41 | 140000 | 178315 |
| New York City GO, 6.27%, 12/1/37 | 40000 | 45808 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34 | 200000 | 204737 |
| Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60 | 175000 | 128076 |
| Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40 | 130000 | 139681 |
| Sacramento Municipal Utility District Rev., 6.16%, 5/15/36 | 170000 | 192433 |
| San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40 | 135000 | 150837 |
| State of California GO, 4.60%, 4/1/38 | 100000 | 98847 |
| State of California GO, 7.55%, 4/1/39 | 60000 | 80063 |
| State of California GO, 7.30%, 10/1/39 | 90000 | 114902 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $5,354,071) |  | **5441316** |
| **ASSET-BACKED SECURITIES — 0.5%** |  |  |
| Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46<sup>(5)</sup> | 358054 | 304378 |
| BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A, SEQ, 2.94%, 5/25/29<sup>(5)</sup> | 88107 | 85378 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| FirstKey Homes Trust, Series 2020-SFR1, Class C, 1.94%, 8/17/37<sup>(5)</sup> | $600000 | $548769 |
| FirstKey Homes Trust, Series 2020-SFR1, Class E, 2.79%, 8/17/37<sup>(5)</sup> | 1100000 | 1009862 |
| FirstKey Homes Trust, Series 2020-SFR2, Class E, 2.67%, 10/19/37<sup>(5)</sup> | 600000 | 545233 |
| Lunar Aircarft Ltd., Series 2020-1A, Class A, SEQ, 3.38%, 2/15/45<sup>(5)</sup> | 615171 | 512148 |
| MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46<sup>(5)</sup> | 1046524 | 897374 |
| VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36<sup>(5)</sup> | 187228 | 181313 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $4,628,497) |  | **4084455** |
| **PREFERRED STOCKS — 0.4%** |  |  |
| **Automobiles — 0.1%** |  |  |
| Volkswagen International Finance NV, 3.875% | 500000 | 476313 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| Telefonica Europe BV, 3.00% | 400000 | 432775 |
| Telefonica Europe BV, 5.875% | 100000 | 110062 |
|  |  | 542837 |
| **Electric Utilities**<sup>†</sup> |  |  |
| Electricite de France SA, 3.375% | 200000 | 172857 |
| Enel SpA, 2.25% | 200000 | 189518 |
|  |  | 362375 |
| **Insurance — 0.1%** |  |  |
| Allianz SE, 3.375% | 100000 | 106328 |
| Allianz SE, 4.75% | 200000 | 217343 |
| AXA SA, 6.69% | 50000 | 62779 |
| Credit Agricole Assurances SA, 4.25% | 200000 | 214564 |
| Intesa Sanpaolo Vita SpA, 4.75% | 100000 | 106903 |
|  |  | 707917 |
| **Oil, Gas and Consumable Fuels — 0.1%** |  |  |
| Eni SpA, 3.375% | 500000 | 467162 |
| **Trading Companies and Distributors**<sup>†</sup> |  |  |
| Aircastle Ltd., 5.25%<sup>(5)</sup> | 316000 | 260700 |
| **TOTAL PREFERRED STOCKS**<br>(Cost $3,558,013) |  | **2817304** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.3%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 0.3%** | **Private Sponsor Collateralized Mortgage Obligations — 0.3%** |  |
| ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | $6390 | 5793 |
| Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 3.96%, 3/25/35 | 22915 | 22594 |
| Banc of America Mortgage Trust, Series 2004-E, Class 2A6, SEQ, VRN, 3.59%, 6/25/34 | 54174 | 51753 |
| Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 4.26%, 8/25/34 | 49153 | 47341 |
| COLT Mortgage Loan Trust, Series 2021-3, Class M1, VRN, 2.30%, 9/27/66<sup>(5)</sup> | 1800000 | 1062974 |
| First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 4.01%, 10/25/34 | 34920 | 34453 |
| GSR Mortgage Loan Trust, Series 2004-5, Class 3A3, VRN, 2.82%, 5/25/34 | 34472 | 32104 |
| GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 3.15%, 6/25/34 | 13292 | 11903 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** | **Value** |
| GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 3.78%, 1/25/35 | $44059 | $| 41657 |
| MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 3.87%, 11/21/34 | 137334 | 124548 | 124548 |
| Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 3.70%, 11/25/35 | 23269 | 22111 | 22111 |
| Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 4.08%, 2/25/35 | 41618 | 39131 | 39131 |
| Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A2, VRN, 4.08%, 2/25/35 | 13006 | 12240 | 12240 |
| Radnor RE Ltd., Series 2021-1, Class M1B, VRN, 6.01%, (30-day average SOFR plus 1.70%), 12/27/33<sup>(5)</sup> | 850000 | 842576 | 842576 |
| Sofi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46<sup>(5)</sup> | 26832 | 24628 | 24628 |
| Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 5.23%, 7/25/34 | 24529 | 23779 | 23779 |
| WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S11, Class 3A5, 5.95%, 11/25/33 | 26663 | 24433 | 24433 |
|  |  | 2424018 | 2424018 |
| **U.S. Government Agency Collateralized Mortgage Obligations**<sup>†</sup> | **U.S. Government Agency Collateralized Mortgage Obligations**<sup>†</sup> | **U.S. Government Agency Collateralized Mortgage Obligations**<sup>†</sup> | **U.S. Government Agency Collateralized Mortgage Obligations**<sup>†</sup> |
| FNMA, Series 2014-C02, Class 2M2, VRN, 7.11%, (1-month LIBOR plus 2.60%), 5/25/24 | 200818 | 203407 | 203407 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $3,402,550) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $3,402,550) | **2627425** | **2627425** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** |
| BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, VRN, 6.86%, (1-month LIBOR plus 2.40%), 9/15/36<sup>(5)</sup> | 900000 | 853942 | 853942 |
| BXHPP Trust, Series 2021-FILM, Class D, VRN, 5.96%, (1-month LIBOR plus 1.50%), 8/15/36<sup>(5)</sup> | 1500000 | 1389272 | 1389272 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $2,404,118) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $2,404,118) | **2243214** | **2243214** |
| **EXCHANGE-TRADED FUNDS — 0.2%** |  |  |  |
| iShares Core S&P 500 ETF | 1848 | 754557 | 754557 |
| iShares Russell Mid-Cap Value ETF<sup>(3)</sup> | 6680 | 760518 | 760518 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $1,424,363) |  | **1515075** | **1515075** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.1%** |  |  |
| **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities**<sup>†</sup> | **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities**<sup>†</sup> |  |  |
| FHLMC, VRN, 3.55%, (12-month LIBOR plus 1.87%), 7/1/36 | $15928 | 16170 | 16170 |
| FHLMC, VRN, 4.20%, (1-year H15T1Y plus 2.14%), 10/1/36 | 50247 | 51360 | 51360 |
| FHLMC, VRN, 3.43%, (1-year H15T1Y plus 2.26%), 4/1/37 | 54307 | 55253 | 55253 |
| FHLMC, VRN, 4.09%, (12-month LIBOR plus 1.89%), 7/1/41 | 19188 | 19263 | 19263 |
| FNMA, VRN, 5.17%, (6-month LIBOR plus 1.57%), 6/1/35 | 32223 | 32426 | 32426 |
| FNMA, VRN, 5.31%, (6-month LIBOR plus 1.57%), 6/1/35 | 21251 | 21338 | 21338 |
| FNMA, VRN, 4.10%, (6-month LIBOR plus 1.54%), 9/1/35 | 6202 | 6300 | 6300 |
| FNMA, VRN, 3.85%, (1-year H15T1Y plus 2.15%), 3/1/38 | 54728 | 55940 | 55940 |
|  |  | 258050 | 258050 |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%** | **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%** |  |  |
| FHLMC, 6.00%, 2/1/38 | 20114 | 21280 | 21280 |
| FNMA, 3.50%, 3/1/34 | 69034 | 67455 | 67455 |
| GNMA, 9.00%, 4/20/25 | 130 | 131 | 131 |
| GNMA, 7.50%, 10/15/25 | 786 | 787 | 787 |
| GNMA, 6.00%, 4/15/26 | 259 | 266 | 266 |
| GNMA, 7.50%, 6/15/26 | 752 | 752 | 752 |
| GNMA, 7.00%, 12/15/27 | 5661 | 5655 | 5655 |
| GNMA, 7.50%, 12/15/27 | 686 | 685 | 685 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| GNMA, 6.00%, 5/15/28 | $3640 | $3742 |
| GNMA, 6.50%, 5/15/28 | 3247 | 3369 |
| GNMA, 7.00%, 5/15/31 | 8155 | 8553 |
| GNMA, 5.50%, 11/15/32 | 20370 | 21596 |
| GNMA, 6.50%, 10/15/38 | 383671 | 412997 |
| GNMA, 4.50%, 6/15/41 | 139744 | 141885 |
|  |  | 689153 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $937,214) | **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $937,214) | **947203** |
| **SHORT-TERM INVESTMENTS — 8.5%** |  |  |
| **Certificates of Deposit — 1.2%** |  |  |
| Bank of Montreal, VRN, 4.93%, (SOFR plus 0.63%), 9/12/23 | 4000000 | 4008920 |
| Cooperatieve Rabobank UA, VRN, 4.78%, (SOFR plus 0.48%), 2/21/23 | 3000000 | 3000601 |
| Nordea Bank Abp, VRN, 4.90%, (SOFR plus 0.60%), 10/11/23 | 1800000 | 1803826 |
|  |  | 8813347 |
| **Commercial Paper**<sup>(7)</sup> **— 2.3%** |  |  |
| Alinghi Funding Co. LLC, 3.96%, 3/21/23 (LOC: UBS AG)<sup>(5)</sup> | 4500000 | 4471647 |
| Alinghi Funding Co. LLC, 5.43%, 7/13/23 (LOC: UBS AG)<sup>(5)</sup> | 800000 | 782179 |
| Chesham Finance Ltd / Chesham Finance LLC, 4.42%, 2/1/23 (LOC: HSBC Bank PLC)<sup>(5)</sup> | 1245000 | 1244851 |
| Glencove Funding LLC, 4.81%, 3/20/23 (LOC: Standard Chartered Bank)<sup>(5)</sup> | 800000 | 795096 |
| Liberty Street Funding LLC, 4.86%, 2/7/23 (LOC: Bank of Nova Scotia)<sup>(5)</sup> | 3100000 | 3097309 |
| Svenska Handelsbanken AB, VRN, 4.83%, (SOFR plus 0.53%), 5/19/23<sup>(5)</sup> | 825000 | 825738 |
| Svenska Handelsbanken AB, VRN, 5.09%, (SOFR plus 0.79%), 11/1/23<sup>(5)</sup> | 1500000 | 1500000 |
| UBS AG, VRN, 4.97%, (SOFR plus 0.65%), 6/29/23<sup>(5)</sup> | 800000 | 800000 |
| UBS AG, VRN, 4.90%, (SOFR plus 0.58%), 9/22/23<sup>(5)</sup> | 1950000 | 1950000 |
| Washington Morgan Capital Co. LLC, 5.08%, 4/27/23 (LOC: Goldman Sachs & Co.)<sup>(5)</sup> | 1800000 | 1802037 |
|  |  | 17268857 |
| **Money Market Funds — 2.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 20573397 | 20573397 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(8)</sup> | 1184144 | 1184144 |
|  |  | 21757541 |
| **Treasury Bills**<sup>(7)</sup> **— 2.1%** |  |  |
| U.S. Treasury Bills, 4.42%, 3/7/23 | $1100000 | 1095321 |
| U.S. Treasury Bills, 1.93%, 4/20/23<sup>(9)</sup> | 5600000 | 5545028 |
| U.S. Treasury Bills, 4.61%, 5/4/23 | 900000 | 889526 |
| U.S. Treasury Bills, 4.72%, 6/1/23 | 2000000 | 1969667 |
| U.S. Treasury Bills, 4.70%, 6/15/23 | 4300000 | 4228075 |
| U.S. Treasury Bills, 4.78%, 6/29/23 | 1000000 | 981247 |
| U.S. Treasury Bills, 4.87%, 7/20/23 | 700000 | 684936 |
| U.S. Treasury Bills, 4.73%, 11/2/23 | 650000 | 627855 |
|  |  | 16021655 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $63,881,711) |  | **63861400** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $682,346,153) |  | **751482893** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(1167184)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**750315709** |

---

------

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| CAD | 7872 | USD | 5790 | Goldman Sachs & Co. | 3/31/23 | $129 |
| CAD | 6962 | USD | 5144 | Goldman Sachs & Co. | 3/31/23 | 91 |
| USD | 1651006 | CAD | 2244653 | Morgan Stanley | 3/15/23 | (36512) |
| USD | 211170 | CAD | 288712 | Goldman Sachs & Co. | 3/31/23 | (5910) |
| USD | 328376 | CAD | 448955 | Goldman Sachs & Co. | 3/31/23 | (9189) |
| USD | 24443 | CAD | 33257 | Goldman Sachs & Co. | 3/31/23 | (563) |
| USD | 12144 | CAD | 16512 | Goldman Sachs & Co. | 3/31/23 | (271) |
| USD | 13145 | CAD | 17926 | Goldman Sachs & Co. | 3/31/23 | (334) |
| USD | 5147 | CAD | 6962 | Goldman Sachs & Co. | 3/31/23 | (88) |
| USD | 5210 | CAD | 7069 | Goldman Sachs & Co. | 3/31/23 | (105) |
| USD | 14313 | CAD | 19209 | Goldman Sachs & Co. | 3/31/23 | (130) |
| USD | 6094 | CAD | 8140 | Goldman Sachs & Co. | 3/31/23 | (27) |
| USD | 9591 | CAD | 12812 | Goldman Sachs & Co. | 3/31/23 | (43) |
| USD | 8796 | CAD | 11782 | Goldman Sachs & Co. | 3/31/23 | (63) |
| USD | 10186 | CAD | 13657 | Goldman Sachs & Co. | 3/31/23 | (82) |
| USD | 11467 | CAD | 15314 | Goldman Sachs & Co. | 3/31/23 | (47) |
| USD | 6200 | CAD | 8247 | Goldman Sachs & Co. | 3/31/23 | (1) |
| USD | 406918 | CHF | 377723 | Morgan Stanley | 3/15/23 | (7503) |
| USD | 1518033 | CNY | 10482019 | Morgan Stanley | 3/15/23 | (38357) |
| EUR | 7146 | USD | 7644 | JPMorgan Chase Bank N.A. | 3/31/23 | 153 |
| EUR | 5047 | USD | 5401 | JPMorgan Chase Bank N.A. | 3/31/23 | 106 |
| EUR | 5693 | USD | 6199 | JPMorgan Chase Bank N.A. | 3/31/23 | 12 |
| EUR | 70043 | USD | 76383 | JPMorgan Chase Bank N.A. | 3/31/23 | 41 |
| USD | 8229562 | EUR | 7778929 | Goldman Sachs & Co. | 3/15/23 | (249547) |
| USD | 233674 | EUR | 218227 | JPMorgan Chase Bank N.A. | 3/31/23 | (4434) |
| USD | 11414 | EUR | 10780 | JPMorgan Chase Bank N.A. | 3/31/23 | (348) |
| USD | 6323 | EUR | 5854 | JPMorgan Chase Bank N.A. | 3/31/23 | (65) |
| USD | 15286 | EUR | 14172 | JPMorgan Chase Bank N.A. | 3/31/23 | (176) |
| USD | 7957 | EUR | 7308 | JPMorgan Chase Bank N.A. | 3/31/23 | (17) |
| USD | 2763979 | EUR | 2581267 | JPMorgan Chase Bank N.A. | 3/31/23 | (52449) |
| USD | 67308 | EUR | 63181 | JPMorgan Chase Bank N.A. | 3/31/23 | (1629) |
| USD | 83512 | EUR | 78875 | JPMorgan Chase Bank N.A. | 3/31/23 | (2548) |
| USD | 83856 | EUR | 77016 | JPMorgan Chase Bank N.A. | 3/31/23 | (177) |
| USD | 10764 | EUR | 9852 | JPMorgan Chase Bank N.A. | 3/31/23 | 15 |
| GBP | 8234 | USD | 10033 | Bank of America N.A. | 3/31/23 | 132 |
| GBP | 7689 | USD | 9296 | Bank of America N.A. | 3/31/23 | 195 |
| GBP | 8515 | USD | 10274 | Bank of America N.A. | 3/31/23 | 237 |
| GBP | 9768 | USD | 11811 | Bank of America N.A. | 3/31/23 | 247 |
| GBP | 12225 | USD | 14657 | Bank of America N.A. | 3/31/23 | 433 |
| GBP | 6960 | USD | 8420 | Bank of America N.A. | 3/31/23 | 172 |
| GBP | 5444 | USD | 6495 | Bank of America N.A. | 3/31/23 | 226 |
| GBP | 5672 | USD | 7010 | Bank of America N.A. | 3/31/23 | (8) |
| GBP | 11054 | USD | 13712 | Bank of America N.A. | 3/31/23 | (67) |
| USD | 488113 | GBP | 398876 | Bank of America N.A. | 3/15/23 | (4088) |
| USD | 342453 | GBP | 280900 | Bank of America N.A. | 3/31/23 | (4296) |
| USD | 146 | GBP | 121 | Bank of America N.A. | 3/31/23 | (3) |
| USD | 10651 | GBP | 8751 | Bank of America N.A. | 3/31/23 | (151) |
| USD | 9533 | GBP | 7779 | Bank of America N.A. | 3/31/23 | (70) |
| JPY | 460405431 | USD | 3433707 | Bank of America N.A. | 3/15/23 | 123346 |
| NOK | 46168 | USD | 4692 | UBS AG | 3/31/23 | (54) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| NOK | 64276 | USD | 6523 | UBS AG | 3/31/23 | $(66) |
| NOK | 27232 | USD | 2770 | UBS AG | 3/31/23 | (34) |
| NOK | 38580 | USD | 3926 | UBS AG | 3/31/23 | (51) |
| NOK | 69456 | USD | 7106 | UBS AG | 3/31/23 | (129) |
| USD | 24905 | NOK | 245712 | UBS AG | 3/31/23 | 222 |
| USD | 423547 | THB | 14610246 | Bank of America N.A. | 3/15/23 | (20919) |
|  |  |  |  |  |  | $(314794) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional <br>Amount** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)^** |
| Euro-Bobl 5-Year Bonds | 15 | March 2023 | $1912841 | $(43305) |
| Korean Treasury 10-Year Bonds | 10 | March 2023 | 927910 | 9563 |
| U.K. Gilt 10-Year Bonds | 26 | March 2023 | 3349973 | (37986) |
| U.S. Treasury 2-Year Notes | 61 | March 2023 | 12544555 | 35639 |
| U.S. Treasury 5-Year Notes | 162 | March 2023 | 17697234 | 107466 |
| U.S. Treasury 10-Year Notes | 121 | March 2023 | 13856391 | (111987) |
| U.S. Treasury 10-Year Ultra Notes | 65 | March 2023 | 7878203 | 57527 |
|  |  |  | $58167107 | $16917 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** |
| **Reference Entity** | **Type** | **Fixed** <br>**Rate**<br>**Received**<br>**(Paid)**<br>**Quarterly** | **Termination**<br>**Date** | **Notional <br>Amount** | **Premiums**<br>**Paid**<br>**(Received)** | **Unrealized <br>Appreciation <br>(Depreciation)** | **Value^** |
| Markit CDX North America High Yield Index Series 37 | Buy | (5.00)% | 12/20/26 | $10757340 | $(394760) | $(144409) | $(539169) |
| Markit CDX North America High Yield Index Series 38 | Buy | (5.00)% | 6/20/27 | $1182060 | (30082) | (22857) | (52939) |
|  |  |  |  |  | $(424842) | $(167266) | $(592108) |

---

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

------

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CDX | Credit Derivatives Indexes |
| CHF | Swiss Franc |
| CNY | Chinese Yuan |
| DKK | Danish Krone |
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| H15T1Y | Constant Maturity U.S. Treasury Note Yield Curve Rate Index |
| JPY | Japanese Yen |
| LIBOR | London Interbank Offered Rate |
| LOC | Letter of Credit |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| PLN | Polish Zloty |
| SBBPA | Standby Bond Purchase Agreement |
| SEQ | Sequential Payer |
| SOFR | Secured Overnight Financing Rate |
| THB | Thai Baht |
| USD | United States Dollar |
| VRDN | Variable Rate Demand Note. The instrument may be payable upon demand and 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 date of the demand feature is disclosed. |
| 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. |

---

†Category is less than 0.05% of total net assets.

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(2)Non-income producing.

(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,099,791. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(4)Security may be subject to resale, redemption or transferability restrictions.

(5)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 $48,158,023, which represented 6.4% of total net assets.

(6)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(7)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

(8)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,169,143, which includes securities collateral of $984,999.

(9)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,958,584.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | |
| **Assets** | |
| Investment securities - unaffiliated, at value (cost of $373,734,587) — including $2,099,791 of securities on loan | $400897403 |
| Investment securities - affiliated, at value (cost of $307,427,422) | 349401346 |
| Investment made with cash collateral received for securities on loan, at value (cost of $1,184,144) | 1184144 |
| Total investment securities, at value (cost of $682,346,153) | 751482893 |
| Cash | 31704 |
| Foreign currency holdings, at value (cost of $47,986) | 275 |
| Foreign deposits with broker for futures contracts, at value (cost $122,022) | 134292 |
| Receivable for investments sold | 944118 |
| Receivable for capital shares sold | 329637 |
| Receivable for variation margin on futures contracts | 91812 |
| Unrealized appreciation on forward foreign currency exchange contracts | 125757 |
| Interest and dividends receivable | 1350738 |
| Securities lending receivable | 13991 |
| Other assets | 17315 |
|  | 754522532 |
| **Liabilities** |  |
| Payable for collateral received for forward foreign currency exchange contracts | 20000 |
| Payable for collateral received for securities on loan | 1184144 |
| Payable for investments purchased | 614458 |
| Payable for capital shares redeemed | 1419713 |
| Payable for variation margin on futures contracts | 11811 |
| Payable for variation margin on swap agreements | 57530 |
| Unrealized depreciation on forward foreign currency exchange contracts | 440551 |
| Accrued management fees | 377605 |
| Distribution and service fees payable | 81011 |
|  | 4206823 |
| **Net Assets** | $750315709 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $684531421 |
| Distributable earnings (loss) | 65784288 |
|  | $750315709 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $258851941 | 44357505 | $5.84 |
| I Class, $0.01 Par Value | $58966760 | 10098608 | $5.84 |
| A Class, $0.01 Par Value | $267674017 | 46075875 | $5.81 |
| C Class, $0.01 Par Value | $16964256 | 3006881 | $5.64 |
| R Class, $0.01 Par Value | $26323598 | 4575945 | $5.75 |
| R5 Class, $0.01 Par Value | $572852 | 98031 | $5.84 |
| R6 Class, $0.01 Par Value | $120962285 | 20761684 | $5.83 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $6.16 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Income distributions from affiliated funds | $4320346 |
| Interest (net of foreign taxes withheld of $2,853) | 3486216 |
| Dividends (net of foreign taxes withheld of $34,015) | 1629332 |
| Securities lending, net | 38431 |
|  | 9474325 |
| **Expenses:** |  |
| Management fees | 3777087 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 333073 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 86549 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 68299 |
| Directors' fees and expenses | 11668 |
| Other expenses | 43918 |
|  | 4320594 |
| Fees waived<sup>(1)</sup> | (1551509) |
|  | 2769085 |
| **Net investment income (loss)** | 6705240 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (including $4,355,227 from affiliated funds) | 4279985 |
| Forward foreign currency exchange contract transactions | 564655 |
| Futures contract transactions | (1734951) |
| Swap agreement transactions | (242888) |
| Foreign currency translation transactions | (21516) |
| Capital gain distributions received from affiliated funds | 663140 |
|  | 3508425 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (including $3,473,777 from affiliated funds) | 6634573 |
| Forward foreign currency exchange contracts | (995923) |
| Futures contracts | (399859) |
| Swap agreements | (306362) |
| Translation of assets and liabilities in foreign currencies | (5339) |
|  | 4927090 |
| **Net realized and unrealized gain (loss)** | 8435515 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $15140755 |

---

(1)Amount consists of $532,348, $123,696, $564,081, $36,644, $57,834, $1,064 and $235,842 for Investor Class, I Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | |
| Net investment income (loss) | $6705240 | $12877165 |
| Net realized gain (loss) | 3508425 | 39079910 |
| Change in net unrealized appreciation (depreciation) | 4927090 | (140883000) |
| Net increase (decrease) in net assets resulting from operations | 15140755 | (88925925) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (11881394) | (32512297) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (2789788) | (7206641) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (12088583) | (32557863) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (750692) | (2437089) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (1178496) | (3603136) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (26594) | (76603) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (5421088) | (14106228) |
| Decrease in net assets from distributions | (34136635) | (92499857) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 6921385 | (12490206) |
| **Net increase (decrease) in net assets** | (12074495) | (193915988) |
| **Net Assets** |  |  |
| Beginning of period | 762390204 | 956306192 |
| End of period | $750315709 | $762390204 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**JANUARY 31, 2023 (UNAUDITED)** 

**1. Organization**

American Century Strategic Asset Allocations, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Strategic Allocation: Moderate Fund (the fund) is one fund in a series issued by the corporation. The fund may invest in varying combinations of other affiliated investment companies such as mutual funds and exchange-traded funds advised by American Century Investments (affiliated funds). The fund will assume the risks associated with the affiliated funds. The fund is an asset allocation fund and its investment objective is to seek the highest level of total return consistent with its asset mix.

The fund offers the Investor Class, I Class, A Class, C Class, R Class, R5 Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

**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 Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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 bonds, U.S. Treasury and Government Agency securities, convertible bonds, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. Commercial paper and certificates of deposit are valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers. Fixed income 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.

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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. Hybrid 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.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service. Investments 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.

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.

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

**Investment Income —** Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Income and capital gain distributions, if any, from the affiliated funds are recorded as of the ex-dividend date. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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**Income Tax Status —** It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Multiple Class —** All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

**Indemnifications —** Under the corporation's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of January 31, 2023.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and**<br>**Continuous** | **<30 days** | **Between**<br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Funds | $148 |  |  |  | $148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 885942 |  |  |  | 885942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 298054 |  |  |  | 298054 |
| **Total Borrowings** | $1184144 |  |  |  | $1184144 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $1184144 |

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(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

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**3. Fees and Transactions with Related Parties**

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM serves as the investment advisor for the affiliated funds.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets). The investment advisor will waive the portion of the fund's management fee equal to the expenses attributable to the management fees of the funds advised by American Century Investments in which the fund invests. The amount of this waiver will fluctuate depending on the fund's daily allocation to such funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Directors. During the period ended January 31, 2023, the investment advisor agreed to waive an additional 0.28% of the fund's management fee. The investment advisor expects this waiver to continue until November 30, 2023 and cannot terminate it prior to such date without the approval of the Board of Directors.

The management fee schedule range and the effective annual management fee before and after waiver for each class for the period ended January 31, 2023 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Management Fee Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** |
| | **Management Fee Schedule Range** | **Before Waiver** | **After Waiver** |
| Investor Class | 0.90% to 1.10% | 1.10% | 0.68% |
| I Class | 0.70% to 0.90% | 0.90% | 0.48% |
| A Class | 0.90% to 1.10% | 1.10% | 0.68% |
| C Class | 0.90% to 1.10% | 1.10% | 0.68% |
| R Class | 0.90% to 1.10% | 1.10% | 0.68% |
| R5 Class | 0.70% to 0.90% | 0.90% | 0.48% |
| R6 Class | 0.55% to 0.75% | 0.75% | 0.33% |

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**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended January 31, 2023 are detailed in the Statement of Operations.

**Directors' Fees and Expenses** — The Board of Directors is responsible for overseeing the investment advisor's management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

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**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $2,756,618 and $2,806,066, respectively. The effect of interfund transactions on the Statement of Operations was $(8,928) in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases of investment securities, excluding short-term investments, for the period ended January 31, 2023 totaled $97,709,717, of which $11,414,554 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended January 31, 2023 totaled $118,475,109, of which $432,103 represented U.S. Treasury and Government Agency obligations.

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**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**January 31, 2023** | **Six months ended**<br>**January 31, 2023** | **Year ended <br>July 31, 2022** | **Year ended <br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 790000000 |  | 790000000 |  |
| Sold | 2232735 | $12935335 | 2683906 | $18174808 |
| Issued in reinvestment of distributions | 2128708 | 11660645 | 4690626 | 31891405 |
| Redeemed | (3745627) | (21697635) | (8593033) | (57286790) |
|  | 615816 | 2898345 | (1218501) | (7220577) |
| **I Class/Shares Authorized** | 380000000 |  | 380000000 |  |
| Sold | 1301381 | 7857878 | 1158216 | 7809710 |
| Issued in reinvestment of distributions | 508259 | 2783697 | 1057682 | 7193665 |
| Redeemed | (1156958) | (6625607) | (2449443) | (16374589) |
|  | 652682 | 4015968 | (233545) | (1371214) |
| **A Class/Shares Authorized** | 670000000 |  | 670000000 |  |
| Sold | 1739788 | 9958227 | 3830446 | 25314440 |
| Issued in reinvestment of distributions | 2157111 | 11775163 | 4678532 | 31751010 |
| Redeemed | (4751861) | (27325879) | (8108208) | (54347540) |
|  | (854962) | (5592489) | 400770 | 2717910 |
| **C Class/Shares Authorized** | 160000000 |  | 160000000 |  |
| Sold | 137506 | 767518 | 329905 | 2146536 |
| Issued in reinvestment of distributions | 141640 | 750692 | 367278 | 2437089 |
| Redeemed | (499895) | (2765428) | (1457043) | (9394111) |
|  | (220749) | (1247218) | (759860) | (4810486) |
| **R Class/Shares Authorized** | 90000000 |  | 90000000 |  |
| Sold | 230749 | 1306909 | 559384 | 3679379 |
| Issued in reinvestment of distributions | 217832 | 1178473 | 535592 | 3603045 |
| Redeemed | (959248) | (5371930) | (1257969) | (8044402) |
|  | (510667) | (2886548) | (162993) | (761978) |
| **R5 Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 17087 | 100147 | 70089 | 507713 |
| Issued in reinvestment of distributions | 4847 | 26594 | 10966 | 76603 |
| Redeemed | (2171) | (12503) | (1051591) | (7946038) |
|  | 19763 | 114238 | (970536) | (7361722) |
| **R6 Class/Shares Authorized** | 295000000 |  | 295000000 |  |
| Sold | 2315458 | 13149278 | 3683945 | 24907172 |
| Issued in reinvestment of distributions | 991717 | 5421088 | 2082424 | 14106228 |
| Redeemed | (1560233) | (8951277) | (4946052) | (32695539) |
|  | 1746942 | 9619089 | 820317 | 6317861 |
| Net increase (decrease) | 1448825 | $6921385 | (2124348) | $(12490206) |

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**6. 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.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Affiliated Funds | $349401346 |  |  |
| Common Stocks | 137820059 | $57093741 |  |
| U.S. Treasury Securities |  | 69459830 |  |
| Corporate Bonds |  | 22152465 |  |
| Sovereign Governments and Agencies |  | 16935742 |  |
| Collateralized Loan Obligations |  | 15082318 |  |
| Municipal Securities |  | 5441316 |  |
| Asset-Backed Securities |  | 4084455 |  |
| Preferred Stocks |  | 2817304 |  |
| Collateralized Mortgage Obligations |  | 2627425 |  |
| Commercial Mortgage-Backed Securities |  | 2243214 |  |
| Exchange-Traded Funds | 1515075 |  |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 947203 |  |
| Short-Term Investments | 21757541 | 42103859 |  |
|  | $510494021 | $240988872 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $200632 | $9563 |  |
| Forward Foreign Currency Exchange Contracts |  | 125757 |  |
|  | $200632 | $135320 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $111987 | $81291 |  |
| Swap Agreements |  | 592108 |  |
| Forward Foreign Currency Exchange Contracts |  | 440551 |  |
|  | $111987 | $1113950 |  |

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**7. Derivative Instruments**

**Credit Risk —** The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $11,939,400.

**Foreign Currency Risk —** The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $22,986,818.

**Interest Rate Risk —** The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $50,365,034 futures contracts purchased and $7,832,719 futures contracts sold.

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Value of Derivative Instruments as of January 31, 2023

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Type of Risk Exposure** | **Location on Statement of Assets and Liabilities** | **Value** | **Location on Statement of Assets and Liabilities** | **Value** |
| Credit Risk | Receivable for variation margin on swap agreements\* |  | Payable for variation margin on swap agreements\* | $57530 |
| Foreign Currency Risk | Unrealized appreciation on forward foreign currency exchange contracts | $125757 | Unrealized depreciation on forward foreign currency exchange contracts | 440551 |
| Interest Rate Risk | Receivable for variation margin on futures contracts\* | 91812 | Payable for variation margin on futures contracts\* | 11811 |
|  |  | $217569 |  | $509892 |

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\*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended January 31, 2023

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Change in Net Unrealized <br>Appreciation (Depreciation)** | **Change in Net Unrealized <br>Appreciation (Depreciation)** |
| **Type of Risk Exposure** | **Location on Statement of Operations** | **Value** | **Location on Statement of Operations** | **Value** |
| Credit Risk | Net realized gain (loss) on swap agreement transactions | $(242888) | Change in net unrealized appreciation (depreciation) on swap agreements | $(306362) |
| Foreign Currency Risk | Net realized gain (loss) on forward foreign currency exchange contract transactions | 564655 | Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts | (995923) |
| Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (1734951) | Change in net unrealized appreciation (depreciation) on futures contracts | (399859) |
|  |  | $(1413184) |  | $(1702144) |

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**8. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

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**9. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $686326765 |
| Gross tax appreciation of investments | $98146005 |
| Gross tax depreciation of investments | (32989877) |
| Net tax appreciation (depreciation) of investments | $65156128 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of July 31, 2022, the fund had post-October capital loss deferrals of $(2,377,966), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

**10. Investments in Affiliated Funds**

The fund does not invest in an affiliated fund for the purpose of exercising management or control; however, investments by the fund within its investment strategy may represent a significant portion of an affiliated fund's net assets. As of period end, the fund owned 25% and 29% of the total outstanding shares of American Century Multisector Income ETF and American Century Emerging Markets Bond ETF, respectively.

------

**11. Affiliated Fund Transactions**

A summary of transactions for each affiliated fund for the period ended January 31, 2023 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales Cost** | **Change in Net <br>Unrealized <br>Appreciation <br>(Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions <br>Received**<sup>(2)</sup> |
| American Century Diversified Corporate Bond ETF | $25713 |  |  | $(519) | $25194 | 541 |  | $421 |
| American Century Emerging Markets Bond ETF | 9032 |  |  | 39 | 9071 | 232 |  | 260 |
| American Century Focused Dynamic Growth ETF<sup>(3)</sup> | 21217 | $332 | $2303 | (48) | 19198 | 333 | $(770) |  |
| American Century Focused Large Cap Value ETF | 28424 | 1059 | 3707 | (219) | 25557 | 424 | 984 | 980 |
| American Century Multisector Income ETF | 37377 |  |  | (744) | 36633 | 833 |  | 824 |
| American Century Quality Diversified International ETF | 28719 | 945 | 520 | 1634 | 30778 | 713 | (89) | 420 |
| American Century Short Duration Strategic Income ETF |  | 4534 |  | 91 | 4625 | 90 |  | 36 |
| American Century STOXX U.S. Quality Growth ETF<sup>(4)</sup> | 31760 | 493 | 2180 | (863) | 29210 | 468 | 795 | 68 |
| American Century STOXX U.S. Quality Value ETF | 41568 | 598 | 525 | 931 | 42572 | 857 | (32) | 600 |
| Avantis Emerging Markets Equity ETF | 31903 | 5048 | 5642 | 2840 | 34149 | 621 | (1029) | 490 |
| Avantis International Equity ETF | 29929 | 287 | 2253 | 2743 | 30706 | 531 | (367) | 283 |
| Avantis International Small Cap Value ETF | 8199 | 84 | 883 | 475 | 7875 | 131 | 59 | 99 |
| Avantis U.S. Equity ETF | 49301 | 507 | 4916 | (627) | 44265 | 609 | 1746 | 385 |
| Avantis U.S. Small Cap Value ETF | 17912 | 208 | 6293 | (2259) | 9568 | 117 | 3058 | 117 |
|  | $361054 | $14095 | $29222 | $3474 | $349401 | 6500 | $4355 | $4983 |

---

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at americancentury.com or avantisinvestors.com.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

(4)Security, or a portion thereof, is on loan.

------

Financial Highlights

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment Income** | **Net<br>Realized<br>Gains** | **Total Distributions** | **Net <br>Asset Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses<br>(before expense waiver)** | **Net<br>Investment Income<br>(Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net <br>Assets,<br>End of Period (in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $6.00 | 0.06 | 0.06 | 0.12 | (0.06) | (0.22) | (0.28) | $5.84 | 2.30% | 0.69%<sup>(4)</sup> | 1.11%<sup>(4)</sup> | 1.90%<sup>(4)</sup> | 1.48%<sup>(4)</sup> | 15% | $258852 |
| 2022 | $7.40 | 0.10 | (0.76) | (0.66) | (0.11) | (0.63) | (0.74) | $6.00 | (9.97)% | 0.70% | 1.12% | 1.55% | 1.13% | 39% | $262310 |
| 2021 | $6.25 | 0.07 | 1.43 | 1.50 | (0.07) | (0.28) | (0.35) | $7.40 | 24.69% | 0.73% | 1.11% | 1.01% | 0.63% | 48% | $332602 |
| 2020 | $6.57 | 0.07 | 0.46 | 0.53 | (0.08) | (0.77) | (0.85) | $6.25 | 8.42% | 0.84% | 1.11% | 1.13% | 0.86% | 99% | $297963 |
| 2019 | $7.02 | 0.09 | 0.13 | 0.22 | (0.10) | (0.57) | (0.67) | $6.57 | 4.36% | 1.06% | 1.11% | 1.42% | 1.37% | 68% | $314567 |
| 2018<sup>(5)</sup> | $7.51 | 0.06 | 0.16 | 0.22 | (0.06) | (0.65) | (0.71) | $7.02 | 3.22% | 1.09%<sup>(4)</sup> | 1.09%<sup>(4)</sup> | 1.25%<sup>(4)</sup> | 1.25%<sup>(4)</sup> | 55% | $444259 |
| 2017 | $6.67 | 0.08 | 0.93 | 1.01 | (0.09) | (0.08) | (0.17) | $7.51 | 15.42% | 1.08% | 1.08% | 1.20% | 1.20% | 81% | $523241 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $6.00 | 0.06 | 0.06 | 0.12 | (0.06) | (0.22) | (0.28) | $5.84 | 2.40% | 0.49%<sup>(4)</sup> | 0.91%<sup>(4)</sup> | 2.10%<sup>(4)</sup> | 1.68%<sup>(4)</sup> | 15% | $58967 |
| 2022 | $7.40 | 0.12 | (0.77) | (0.65) | (0.12) | (0.63) | (0.75) | $6.00 | (9.80)% | 0.50% | 0.92% | 1.75% | 1.33% | 39% | $56679 |
| 2021 | $6.25 | 0.08 | 1.44 | 1.52 | (0.09) | (0.28) | (0.37) | $7.40 | 24.93% | 0.53% | 0.91% | 1.21% | 0.83% | 48% | $71639 |
| 2020 | $6.57 | 0.08 | 0.46 | 0.54 | (0.09) | (0.77) | (0.86) | $6.25 | 8.64% | 0.64% | 0.91% | 1.33% | 1.06% | 99% | $62820 |
| 2019 | $7.02 | 0.11 | 0.13 | 0.24 | (0.12) | (0.57) | (0.69) | $6.57 | 4.55% | 0.86% | 0.91% | 1.62% | 1.57% | 68% | $76202 |
| 2018<sup>(5)</sup> | $7.52 | 0.07 | 0.15 | 0.22 | (0.07) | (0.65) | (0.72) | $7.02 | 3.23% | 0.89%<sup>(4)</sup> | 0.89%<sup>(4)</sup> | 1.45%<sup>(4)</sup> | 1.45%<sup>(4)</sup> | 55% | $125345 |
| 2017 | $6.68 | 0.10 | 0.92 | 1.02 | (0.10) | (0.08) | (0.18) | $7.52 | 15.64% | 0.88% | 0.88% | 1.40% | 1.40% | 81% | $135618 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment Income** | **Net<br>Realized<br>Gains** | **Total Distributions** | **Net <br>Asset Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses<br>(before expense waiver)** | **Net<br>Investment Income<br>(Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net <br>Assets,<br>End of Period (in thousands)** |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2023<sup>(3)</sup> | $5.97 | 0.05 | 0.06 | 0.11 | (0.05) | (0.22) | (0.27) | $5.81 | 2.17% | 0.94%<sup>(4)</sup> | 1.36%<sup>(4)</sup> | 1.65%<sup>(4)</sup> | 1.23%<sup>(4)</sup> | 15% | $267674 |
| 2022 | $7.37 | 0.09 | (0.77) | (0.68) | (0.09) | (0.63) | (0.72) | $5.97 | (10.26)% | 0.95% | 1.37% | 1.30% | 0.88% | 39% | $280223 |
| 2021 | $6.22 | 0.05 | 1.44 | 1.49 | (0.06) | (0.28) | (0.34) | $7.37 | 24.48% | 0.98% | 1.36% | 0.76% | 0.38% | 48% | $342835 |
| 2020 | $6.55 | 0.05 | 0.46 | 0.51 | (0.07) | (0.77) | (0.84) | $6.22 | 8.04% | 1.09% | 1.36% | 0.88% | 0.61% | 99% | $288517 |
| 2019 | $7.00 | 0.08 | 0.13 | 0.21 | (0.09) | (0.57) | (0.66) | $6.55 | 4.11% | 1.31% | 1.36% | 1.17% | 1.12% | 68% | $304644 |
| 2018<sup>(5)</sup> | $7.49 | 0.05 | 0.16 | 0.21 | (0.05) | (0.65) | (0.70) | $7.00 | 3.04% | 1.34%<sup>(4)</sup> | 1.34%<sup>(4)</sup> | 1.00%<sup>(4)</sup> | 1.00%<sup>(4)</sup> | 55% | $347290 |
| 2017 | $6.66 | 0.07 | 0.91 | 0.98 | (0.07) | (0.08) | (0.15) | $7.49 | 15.01% | 1.33% | 1.33% | 0.95% | 0.95% | 81% | $398519 |
| **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $5.81 | 0.03 | 0.05 | 0.08 | (0.03) | (0.22) | (0.25) | $5.64 | 1.79% | 1.69%<sup>(4)</sup> | 2.11%<sup>(4)</sup> | 0.90%<sup>(4)</sup> | 0.48%<sup>(4)</sup> | 15% | $16964 |
| 2022 | $7.19 | 0.03 | (0.73) | (0.70) | (0.05) | (0.63) | (0.68) | $5.81 | (10.90)% | 1.70% | 2.12% | 0.55% | 0.13% | 39% | $18764 |
| 2021 | $6.10 | —<sup>(6)</sup> | 1.39 | 1.39 | (0.02) | (0.28) | (0.30) | $7.19 | 23.55% | 1.73% | 2.11% | 0.01% | (0.37)% | 48% | $28683 |
| 2020 | $6.45 | 0.01 | 0.45 | 0.46 | (0.04) | (0.77) | (0.81) | $6.10 | 7.18% | 1.84% | 2.11% | 0.13% | (0.14)% | 99% | $39523 |
| 2019 | $6.91 | 0.03 | 0.12 | 0.15 | (0.04) | (0.57) | (0.61) | $6.45 | 3.30% | 2.06% | 2.11% | 0.42% | 0.37% | 68% | $48515 |
| 2018<sup>(5)</sup> | $7.42 | 0.01 | 0.16 | 0.17 | (0.03) | (0.65) | (0.68) | $6.91 | 2.46% | 2.09%<sup>(4)</sup> | 2.09%<sup>(4)</sup> | 0.25%<sup>(4)</sup> | 0.25%<sup>(4)</sup> | 55% | $80205 |
| 2017 | $6.60 | 0.01 | 0.92 | 0.93 | (0.03) | (0.08) | (0.11) | $7.42 | 14.29% | 2.08% | 2.08% | 0.20% | 0.20% | 81% | $97269 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment Income** | **Net<br>Realized<br>Gains** | **Total Distributions** | **Net <br>Asset Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses<br>(before expense waiver)** | **Net<br>Investment Income<br>(Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net <br>Assets,<br>End of Period (in thousands)** |
| **R Class** | **R Class** | **R Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $5.91 | 0.04 | 0.06 | 0.10 | (0.04) | (0.22) | (0.26) | $5.75 | 2.06% | 1.19%<sup>(4)</sup> | 1.61%<sup>(4)</sup> | 1.40%<sup>(4)</sup> | 0.98%<sup>(4)</sup> | 15% | $26324 |
| 2022 | $7.31 | 0.07 | (0.76) | (0.69) | (0.08) | (0.63) | (0.71) | $5.91 | (10.56)% | 1.20% | 1.62% | 1.05% | 0.63% | 39% | $30086 |
| 2021 | $6.17 | 0.03 | 1.43 | 1.46 | (0.04) | (0.28) | (0.32) | $7.31 | 24.23% | 1.23% | 1.61% | 0.51% | 0.13% | 48% | $38353 |
| 2020 | $6.51 | 0.04 | 0.45 | 0.49 | (0.06) | (0.77) | (0.83) | $6.17 | 7.77% | 1.34% | 1.61% | 0.63% | 0.36% | 99% | $35807 |
| 2019 | $6.96 | 0.06 | 0.13 | 0.19 | (0.07) | (0.57) | (0.64) | $6.51 | 3.88% | 1.56% | 1.61% | 0.92% | 0.87% | 68% | $39114 |
| 2018<sup>(5)</sup> | $7.46 | 0.03 | 0.16 | 0.19 | (0.04) | (0.65) | (0.69) | $6.96 | 2.74% | 1.59%<sup>(4)</sup> | 1.59%<sup>(4)</sup> | 0.75%<sup>(4)</sup> | 0.75%<sup>(4)</sup> | 55% | $43590 |
| 2017 | $6.63 | 0.05 | 0.92 | 0.97 | (0.06) | (0.08) | (0.14) | $7.46 | 14.83% | 1.58% | 1.58% | 0.70% | 0.70% | 81% | $50395 |
| **R5 Class** | **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $6.00 | 0.06 | 0.06 | 0.12 | (0.06) | (0.22) | (0.28) | $5.84 | 2.39% | 0.49%<sup>(4)</sup> | 0.91%<sup>(4)</sup> | 2.10%<sup>(4)</sup> | 1.68%<sup>(4)</sup> | 15% | $573 |
| 2022 | $7.41 | 0.09 | (0.75) | (0.66) | (0.12) | (0.63) | (0.75) | $6.00 | (9.92)% | 0.50% | 0.92% | 1.75% | 1.33% | 39% | $470 |
| 2021 | $6.25 | 0.08 | 1.45 | 1.53 | (0.09) | (0.28) | (0.37) | $7.41 | 25.10% | 0.53% | 0.91% | 1.21% | 0.83% | 48% | $7768 |
| 2020 | $6.58 | 0.08 | 0.45 | 0.53 | (0.09) | (0.77) | (0.86) | $6.25 | 8.46% | 0.64% | 0.91% | 1.33% | 1.06% | 99% | $6960 |
| 2019 | $7.03 | 0.11 | 0.13 | 0.24 | (0.12) | (0.57) | (0.69) | $6.58 | 4.56% | 0.86% | 0.91% | 1.62% | 1.57% | 68% | $7200 |
| 2018<sup>(5)</sup> | $7.52 | 0.08 | 0.15 | 0.23 | (0.07) | (0.65) | (0.72) | $7.03 | 3.38% | 0.89%<sup>(4)</sup> | 0.89%<sup>(4)</sup> | 1.45%<sup>(4)</sup> | 1.45%<sup>(4)</sup> | 55% | $6885 |
| 2017<sup>(7)</sup> | $6.93 | 0.07 | 0.58 | 0.65 | (0.06) |  | (0.06) | $7.52 | 9.43% | 0.88%<sup>(4)</sup> | 0.88%<sup>(4)</sup> | 1.46%<sup>(4)</sup> | 1.46%<sup>(4)</sup> | 81%<sup>(8)</sup> | $5 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment Income** | **Net<br>Realized<br>Gains** | **Total Distributions** | **Net <br>Asset Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses<br>(before expense waiver)** | **Net<br>Investment Income<br>(Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net <br>Assets,<br>End of Period (in thousands)** |
| **R6 Class** | **R6 Class** | **R6 Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $5.99 | 0.06 | 0.07 | 0.13 | (0.07) | (0.22) | (0.29) | $5.83 | 2.48% | 0.34%<sup>(4)</sup> | 0.76%<sup>(4)</sup> | 2.25%<sup>(4)</sup> | 1.83%<sup>(4)</sup> | 15% | $120962 |
| 2022 | $7.39 | 0.13 | (0.77) | (0.64) | (0.13) | (0.63) | (0.76) | $5.99 | (9.67)% | 0.35% | 0.77% | 1.90% | 1.48% | 39% | $113859 |
| 2021 | $6.24 | 0.09 | 1.44 | 1.53 | (0.10) | (0.28) | (0.38) | $7.39 | 25.17% | 0.38% | 0.76% | 1.36% | 0.98% | 48% | $134426 |
| 2020 | $6.56 | 0.09 | 0.46 | 0.55 | (0.10) | (0.77) | (0.87) | $6.24 | 8.82% | 0.49% | 0.76% | 1.48% | 1.21% | 99% | $121246 |
| 2019 | $7.01 | 0.12 | 0.13 | 0.25 | (0.13) | (0.57) | (0.70) | $6.56 | 4.72% | 0.71% | 0.76% | 1.77% | 1.72% | 68% | $95697 |
| 2018<sup>(5)</sup> | $7.51 | 0.08 | 0.15 | 0.23 | (0.08) | (0.65) | (0.73) | $7.01 | 3.35% | 0.74%<sup>(4)</sup> | 0.74%<sup>(4)</sup> | 1.60%<sup>(4)</sup> | 1.60%<sup>(4)</sup> | 55% | $111937 |
| 2017 | $6.67 | 0.11 | 0.93 | 1.04 | (0.12) | (0.08) | (0.20) | $7.51 | 15.83% | 0.73% | 0.73% | 1.55% | 1.55% | 81% | $85623 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)December 1, 2017 through July 31, 2018. The fund's fiscal year end was changed from November 30 to July 31, resulting in an eight-month annual reporting period. For the years before July 31, 2018, the fund's fiscal year end was November 30.

(6)Per-share amount was less than $0.005.

(7)April 10, 2017 (commencement of sale) through November 30, 2017.

(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2017.

See Notes to Financial Statements.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century Strategic Asset

Allocations, Inc.:

---

| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $723251913 | $19961799 |
| Chris H. Cheesman | $727642487 | $15571225 |
| Rajesh K. Gupta | $725037253 | $18176459 |
| Lynn M. Jenkins | $723023283 | $20190429 |
| Gary C. Meltzer | $728965558 | $14248154 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on

Form N-PORT. These portfolio holdings are available on the fund's website at

americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT

reports are available on the SEC's website at sec.gov.

------

------

---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Strategic Asset Allocations, Inc.** | **American Century Strategic Asset Allocations, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92641 2303** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92641 2303** |

---

------

(b) None.

**ITEM 2. CODE OF ETHICS.**

Not applicable for semiannual report filings.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semiannual report filings.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semiannual report filings.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semiannual report filings.

**ITEM 6. INVESTMENTS.**

(a) The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.

(b) Not applicable.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board.

------

**ITEM 11. CONTROLS AND PROCEDURES.**

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. EXHIBITS.**

(a)(1) Not applicable for semiannual report filings.

(a)(2) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acsaa13123n-csrexx99cert.htm)</u>, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](acsaa13123n-csrexx99906cert.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Registrant: | American Century Strategic Asset Allocations, Inc. | American Century Strategic Asset Allocations, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | March 30, 2023 | March 30, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | March 30, 2023 | March 30, 2023 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | March 30, 2023 | March 30, 2023 |

---

## Ex-99

EX-99.CERT

**CERTIFICATIONS**

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century Strategic Asset Allocations, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 30, 2023 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

---

------

I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century Strategic Asset Allocations, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 30, 2023 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the shareholder report of American Century Strategic Asset Allocations, Inc. (the "Registrant") on Form N-CSR for the period ending January 31, 2023 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 30, 2023 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

---

<br>