Results

American Century International Bond Funds

12/23/2025 | Press release | Distributed by Public on 12/23/2025 09:07

Annual Report by Investment Company (Form N-CSR)

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 811-06441
AMERICAN CENTURY INTERNATIONAL BOND FUNDS
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Address of principal executive offices) (Zip Code)
JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
Registrant's telephone number, including area code: 816-531-5575
Date of fiscal year end: 10-31
Date of reporting period: 10-31-2025
ITEM 1. REPORTS TO STOCKHOLDERS.
(a)
ANNUAL SHAREHOLDER REPORT
Emerging Markets Debt Fund
Investor Class (AEDVX)
October 31, 2025
This annual shareholder report contains important information about Emerging Markets Debt Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Class $101 0.95%
What were the key factors that affected the fund's performance?
Emerging Markets Debt Fund Investor Class returned 12.16% for the reporting period ended October 31, 2025.
The fund seeks total return. The commentary below refers to the fund's performance compared to the JP Morgan EMBI Global Diversified Index.
•
During the reporting period, emerging markets bonds benefited from a supportive backdrop of resilient global growth combined with declining interest rates in several developed and emerging markets countries. Against this backdrop, emerging markets bonds broadly delivered gains.
•
The fund's yield curve strategy, particularly in local markets, contributed to performance. As of the end of the reporting period, the portfolio's duration was higher than the index, driven by our belief that emerging markets central banks are likely to continue cutting interest rates.
•
The portfolio's exposure to out-of-benchmark local currency and local rates also contributed to performance.
•
On the other hand, the portfolio's lower beta on external bonds relative to the index detracted from performance.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
Investor Class 12.16% 2.68% 3.85%
JPMorgan EMBI Global Diversified 12.76% 2.71% 4.13%
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $518,686,120
Management Fees (dollars paid during the reporting period) $1,065,857
Portfolio Turnover Rate 105 %
Total Number of Portfolio Holdings 132
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Sovereign Governments and Agencies 73.7%
Corporate Bonds 17.5%
U.S. Treasury Securities 3.1%
Convertible Preferred Securities 0.1%
Short-Term Investments 4.2%
Other Assets and Liabilities 1.4%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082835
ANNUAL SHAREHOLDER REPORT
Emerging Markets Debt Fund
I Class (AEHDX)
October 31, 2025
This annual shareholder report contains important information about Emerging Markets Debt Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
I Class $90 0.85%
What were the key factors that affected the fund's performance?
Emerging Markets Debt Fund I Class returned 12.26% for the reporting period ended October 31, 2025.
The fund seeks total return. The commentary below refers to the fund's performance compared to the JP Morgan EMBI Global Diversified Index.
•
During the reporting period, emerging markets bonds benefited from a supportive backdrop of resilient global growth combined with declining interest rates in several developed and emerging markets countries. Against this backdrop, emerging markets bonds broadly delivered gains.
•
The fund's yield curve strategy, particularly in local markets, contributed to performance. As of the end of the reporting period, the portfolio's duration was higher than the index, driven by our belief that emerging markets central banks are likely to continue cutting interest rates.
•
The portfolio's exposure to out-of-benchmark local currency and local rates also contributed to performance.
•
On the other hand, the portfolio's lower beta on external bonds relative to the index detracted from performance.
Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year Since Inception Inception Date
I Class 12.26% 2.80% 3.26% 4/10/17
JPMorgan EMBI Global Diversified 12.76% 2.71% 3.34% -
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $518,686,120
Management Fees (dollars paid during the reporting period) $1,065,857
Portfolio Turnover Rate 105 %
Total Number of Portfolio Holdings 132
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Sovereign Governments and Agencies 73.7%
Corporate Bonds 17.5%
U.S. Treasury Securities 3.1%
Convertible Preferred Securities 0.1%
Short-Term Investments 4.2%
Other Assets and Liabilities 1.4%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082769
ANNUAL SHAREHOLDER REPORT
Emerging Markets Debt Fund
Y Class (AEYDX)
October 31, 2025
This annual shareholder report contains important information about Emerging Markets Debt Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Y Class $80 0.75%
What were the key factors that affected the fund's performance?
Emerging Markets Debt Fund Y Class returned 12.38% for the reporting period ended October 31, 2025.
The fund seeks total return. The commentary below refers to the fund's performance compared to the JP Morgan EMBI Global Diversified Index.
•
During the reporting period, emerging markets bonds benefited from a supportive backdrop of resilient global growth combined with declining interest rates in several developed and emerging markets countries. Against this backdrop, emerging markets bonds broadly delivered gains.
•
The fund's yield curve strategy, particularly in local markets, contributed to performance. As of the end of the reporting period, the portfolio's duration was higher than the index, driven by our belief that emerging markets central banks are likely to continue cutting interest rates.
•
The portfolio's exposure to out-of-benchmark local currency and local rates also contributed to performance.
•
On the other hand, the portfolio's lower beta on external bonds relative to the index detracted from performance.
Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year Since Inception Inception Date
Y Class 12.38% 2.88% 3.35% 4/10/17
JPMorgan EMBI Global Diversified 12.76% 2.71% 3.34% -
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $518,686,120
Management Fees (dollars paid during the reporting period) $1,065,857
Portfolio Turnover Rate 105 %
Total Number of Portfolio Holdings 132
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Sovereign Governments and Agencies 73.7%
Corporate Bonds 17.5%
U.S. Treasury Securities 3.1%
Convertible Preferred Securities 0.1%
Short-Term Investments 4.2%
Other Assets and Liabilities 1.4%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082751
ANNUAL SHAREHOLDER REPORT
Emerging Markets Debt Fund
A Class (AEDQX)
October 31, 2025
This annual shareholder report contains important information about Emerging Markets Debt Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
A Class $127 1.20%
What were the key factors that affected the fund's performance?
Emerging Markets Debt Fund A Class returned 11.88% for the reporting period ended October 31, 2025.
The fund seeks total return. The commentary below refers to the fund's performance compared to the JP Morgan EMBI Global Diversified Index.
•
During the reporting period, emerging markets bonds benefited from a supportive backdrop of resilient global growth combined with declining interest rates in several developed and emerging markets countries. Against this backdrop, emerging markets bonds broadly delivered gains.
•
The fund's yield curve strategy, particularly in local markets, contributed to performance. As of the end of the reporting period, the portfolio's duration was higher than the index, driven by our belief that emerging markets central banks are likely to continue cutting interest rates.
•
The portfolio's exposure to out-of-benchmark local currency and local rates also contributed to performance.
•
On the other hand, the portfolio's lower beta on external bonds relative to the index detracted from performance.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
The initial investment is adjusted to reflect the maximum initial sales charge.
Average Annual Total Returns
1 Year 5 Year 10 Year
A Class 11.88% 2.43% 3.59%
A Class - with sales charge 6.85% 1.49% 3.12%
JPMorgan EMBI Global Diversified 12.76% 2.71% 4.13%
A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%.
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $518,686,120
Management Fees (dollars paid during the reporting period) $1,065,857
Portfolio Turnover Rate 105 %
Total Number of Portfolio Holdings 132
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Sovereign Governments and Agencies 73.7%
Corporate Bonds 17.5%
U.S. Treasury Securities 3.1%
Convertible Preferred Securities 0.1%
Short-Term Investments 4.2%
Other Assets and Liabilities 1.4%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082819
ANNUAL SHAREHOLDER REPORT
Emerging Markets Debt Fund
C Class (AEDHX)
October 31, 2025
This annual shareholder report contains important information about Emerging Markets Debt Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
C Class $206 1.95%
What were the key factors that affected the fund's performance?
Emerging Markets Debt Fund C Class returned 10.95% for the reporting period ended October 31, 2025.
The fund seeks total return. The commentary below refers to the fund's performance compared to the JP Morgan EMBI Global Diversified Index.
•
During the reporting period, emerging markets bonds benefited from a supportive backdrop of resilient global growth combined with declining interest rates in several developed and emerging markets countries. Against this backdrop, emerging markets bonds broadly delivered gains.
•
The fund's yield curve strategy, particularly in local markets, contributed to performance. As of the end of the reporting period, the portfolio's duration was higher than the index, driven by our belief that emerging markets central banks are likely to continue cutting interest rates.
•
The portfolio's exposure to out-of-benchmark local currency and local rates also contributed to performance.
•
On the other hand, the portfolio's lower beta on external bonds relative to the index detracted from performance.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
C Class 10.95% 1.66% 2.82%
JPMorgan EMBI Global Diversified 12.76% 2.71% 4.13%
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $518,686,120
Management Fees (dollars paid during the reporting period) $1,065,857
Portfolio Turnover Rate 105 %
Total Number of Portfolio Holdings 132
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Sovereign Governments and Agencies 73.7%
Corporate Bonds 17.5%
U.S. Treasury Securities 3.1%
Convertible Preferred Securities 0.1%
Short-Term Investments 4.2%
Other Assets and Liabilities 1.4%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082793
ANNUAL SHAREHOLDER REPORT
Emerging Markets Debt Fund
R Class (AEDWX)
October 31, 2025
This annual shareholder report contains important information about Emerging Markets Debt Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
R Class $153 1.45%
What were the key factors that affected the fund's performance?
Emerging Markets Debt Fund R Class returned 11.61% for the reporting period ended October 31, 2025.
The fund seeks total return. The commentary below refers to the fund's performance compared to the JP Morgan EMBI Global Diversified Index.
•
During the reporting period, emerging markets bonds benefited from a supportive backdrop of resilient global growth combined with declining interest rates in several developed and emerging markets countries. Against this backdrop, emerging markets bonds broadly delivered gains.
•
The fund's yield curve strategy, particularly in local markets, contributed to performance. As of the end of the reporting period, the portfolio's duration was higher than the index, driven by our belief that emerging markets central banks are likely to continue cutting interest rates.
•
The portfolio's exposure to out-of-benchmark local currency and local rates also contributed to performance.
•
On the other hand, the portfolio's lower beta on external bonds relative to the index detracted from performance.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
R Class 11.61% 2.16% 3.34%
JPMorgan EMBI Global Diversified 12.76% 2.71% 4.13%
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $518,686,120
Management Fees (dollars paid during the reporting period) $1,065,857
Portfolio Turnover Rate 105 %
Total Number of Portfolio Holdings 132
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Sovereign Governments and Agencies 73.7%
Corporate Bonds 17.5%
U.S. Treasury Securities 3.1%
Convertible Preferred Securities 0.1%
Short-Term Investments 4.2%
Other Assets and Liabilities 1.4%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082785
ANNUAL SHAREHOLDER REPORT
Emerging Markets Debt Fund
R5 Class (AEDJX)
October 31, 2025
This annual shareholder report contains important information about Emerging Markets Debt Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
R5 Class $80 0.75%
What were the key factors that affected the fund's performance?
Emerging Markets Debt Fund R5 Class returned 12.38% for the reporting period ended October 31, 2025.
The fund seeks total return. The commentary below refers to the fund's performance compared to the JP Morgan EMBI Global Diversified Index.
•
During the reporting period, emerging markets bonds benefited from a supportive backdrop of resilient global growth combined with declining interest rates in several developed and emerging markets countries. Against this backdrop, emerging markets bonds broadly delivered gains.
•
The fund's yield curve strategy, particularly in local markets, contributed to performance. As of the end of the reporting period, the portfolio's duration was higher than the index, driven by our belief that emerging markets central banks are likely to continue cutting interest rates.
•
The portfolio's exposure to out-of-benchmark local currency and local rates also contributed to performance.
•
On the other hand, the portfolio's lower beta on external bonds relative to the index detracted from performance.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
R5 Class 12.38% 2.87% 4.06%
JPMorgan EMBI Global Diversified 12.76% 2.71% 4.13%
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $518,686,120
Management Fees (dollars paid during the reporting period) $1,065,857
Portfolio Turnover Rate 105 %
Total Number of Portfolio Holdings 132
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Sovereign Governments and Agencies 73.7%
Corporate Bonds 17.5%
U.S. Treasury Securities 3.1%
Convertible Preferred Securities 0.1%
Short-Term Investments 4.2%
Other Assets and Liabilities 1.4%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082827
ANNUAL SHAREHOLDER REPORT
Emerging Markets Debt Fund
R6 Class (AEXDX)
October 31, 2025
This annual shareholder report contains important information about Emerging Markets Debt Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
R6 Class $74 0.70%
What were the key factors that affected the fund's performance?
Emerging Markets Debt Fund R6 Class returned 12.32% for the reporting period ended October 31, 2025.
The fund seeks total return. The commentary below refers to the fund's performance compared to the JP Morgan EMBI Global Diversified Index.
•
During the reporting period, emerging markets bonds benefited from a supportive backdrop of resilient global growth combined with declining interest rates in several developed and emerging markets countries. Against this backdrop, emerging markets bonds broadly delivered gains.
•
The fund's yield curve strategy, particularly in local markets, contributed to performance. As of the end of the reporting period, the portfolio's duration was higher than the index, driven by our belief that emerging markets central banks are likely to continue cutting interest rates.
•
The portfolio's exposure to out-of-benchmark local currency and local rates also contributed to performance.
•
On the other hand, the portfolio's lower beta on external bonds relative to the index detracted from performance.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
R6 Class 12.32% 2.91% 4.09%
JPMorgan EMBI Global Diversified 12.76% 2.71% 4.13%
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $518,686,120
Management Fees (dollars paid during the reporting period) $1,065,857
Portfolio Turnover Rate 105 %
Total Number of Portfolio Holdings 132
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Sovereign Governments and Agencies 73.7%
Corporate Bonds 17.5%
U.S. Treasury Securities 3.1%
Convertible Preferred Securities 0.1%
Short-Term Investments 4.2%
Other Assets and Liabilities 1.4%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082777
ANNUAL SHAREHOLDER REPORT
Emerging Markets Debt Fund
G Class (AEDGX)
October 31, 2025
This annual shareholder report contains important information about Emerging Markets Debt Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
G Class $3 0.03%
What were the key factors that affected the fund's performance?
Emerging Markets Debt Fund G Class returned 13.20% for the reporting period ended October 31, 2025.
The fund seeks total return. The commentary below refers to the fund's performance compared to the JP Morgan EMBI Global Diversified Index.
•
During the reporting period, emerging markets bonds benefited from a supportive backdrop of resilient global growth combined with declining interest rates in several developed and emerging markets countries. Against this backdrop, emerging markets bonds broadly delivered gains.
•
The fund's yield curve strategy, particularly in local markets, contributed to performance. As of the end of the reporting period, the portfolio's duration was higher than the index, driven by our belief that emerging markets central banks are likely to continue cutting interest rates.
•
The portfolio's exposure to out-of-benchmark local currency and local rates also contributed to performance.
•
On the other hand, the portfolio's lower beta on external bonds relative to the index detracted from performance.
Cumulative Performance (based on an initial $10,000 investment)
November 14, 2017 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year Since Inception Inception Date
G Class 13.20% 3.65% 4.01% 11/14/17
JPMorgan EMBI Global Diversified 12.76% 2.71% 3.07% -
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $518,686,120
Management Fees (dollars paid during the reporting period) $1,065,857
Portfolio Turnover Rate 105 %
Total Number of Portfolio Holdings 132
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Sovereign Governments and Agencies 73.7%
Corporate Bonds 17.5%
U.S. Treasury Securities 3.1%
Convertible Preferred Securities 0.1%
Short-Term Investments 4.2%
Other Assets and Liabilities 1.4%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082660
ANNUAL SHAREHOLDER REPORT
Global Bond Fund
Investor Class (AGBVX)
October 31, 2025
This annual shareholder report contains important information about Global Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Class $87 0.85%
What were the key factors that affected the fund's performance?
Global Bond Fund Investor Class returned 5.20% for the reporting period ended October 31, 2025.
The fund seeks long-term total return. The commentary below refers to the fund's performance compared to the Bloomberg Global Aggregate Bond Index (USD Hedged).
•
During the reporting period, inflation continued to trend lower across most regions, which allowed several central banks to begin reducing interest rates. As government bond yields generally declined, global bonds broadly delivered gains.
•
Yield curves in most developed markets steepened during the period, reflecting expectations for stronger economic growth and rising inflation. Short-term rates generally declined, driven by accommodative monetary policy. Furthermore, the U.S. dollar weakened over the period. Against this backdrop, the fund's yield curve and currency hedging strategies contributed modestly to performance.
•
Sector allocation was a key contributor to results, driven by positioning in cash and nominal governments, high-yield credit and securitized securities.
•
Hedging risk by purchasing CDX protection curtailed the updside potential gain from corporate credits.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
Investor Class 5.20% -0.02% 1.73%
Bloomberg Global Aggregate Bond (USD, Hedged) 5.30% 0.52% 2.37%
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $2,629,305,605
Management Fees (dollars paid during the reporting period) $5,101,834
Portfolio Turnover Rate 145 %
Total Number of Portfolio Holdings 615
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Corporate Bonds 31.7%
Sovereign Governments and Agencies 22.1%
U.S. Government Agency Mortgage-Backed Securities 12.4%
Collateralized Mortgage Obligations 10.3%
Convertible Preferred Securities 8.8%
Asset-Backed Securities 3.2%
U.S. Treasury Securities 2.7%
Commercial Mortgage-Backed Securities 2.3%
Preferred Securities 2.2%
Collateralized Loan Obligations 2.0%
Municipal Securities 0.4%
U.S. Government Agency Securities 0.1%
Bank Loan Obligations 0.1%
Short-Term Investments 1.5%
Other Assets and Liabilities 0.2%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082876
ANNUAL SHAREHOLDER REPORT
Global Bond Fund
I Class (AGBHX)
October 31, 2025
This annual shareholder report contains important information about Global Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
I Class $77 0.75%
What were the key factors that affected the fund's performance?
Global Bond Fund I Class returned 5.31% for the reporting period ended October 31, 2025.
The fund seeks long-term total return. The commentary below refers to the fund's performance compared to the Bloomberg Global Aggregate Bond Index (USD Hedged).
•
During the reporting period, inflation continued to trend lower across most regions, which allowed several central banks to begin reducing interest rates. As government bond yields generally declined, global bonds broadly delivered gains.
•
Yield curves in most developed markets steepened during the period, reflecting expectations for stronger economic growth and rising inflation. Short-term rates generally declined, driven by accommodative monetary policy. Furthermore, the U.S. dollar weakened over the period. Against this backdrop, the fund's yield curve and currency hedging strategies contributed modestly to performance.
•
Sector allocation was a key contributor to results, driven by positioning in cash and nominal governments, high-yield credit and securitized securities.
•
Hedging risk by purchasing CDX protection curtailed the updside potential gain from corporate credits.
Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year Since Inception Inception Date
I Class 5.31% 0.09% 1.59% 4/10/17
Bloomberg Global Aggregate Bond (USD, Hedged) 5.30% 0.52% 2.25% -
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $2,629,305,605
Management Fees (dollars paid during the reporting period) $5,101,834
Portfolio Turnover Rate 145 %
Total Number of Portfolio Holdings 615
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Corporate Bonds 31.7%
Sovereign Governments and Agencies 22.1%
U.S. Government Agency Mortgage-Backed Securities 12.4%
Collateralized Mortgage Obligations 10.3%
Convertible Preferred Securities 8.8%
Asset-Backed Securities 3.2%
U.S. Treasury Securities 2.7%
Commercial Mortgage-Backed Securities 2.3%
Preferred Securities 2.2%
Collateralized Loan Obligations 2.0%
Municipal Securities 0.4%
U.S. Government Agency Securities 0.1%
Bank Loan Obligations 0.1%
Short-Term Investments 1.5%
Other Assets and Liabilities 0.2%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082744
ANNUAL SHAREHOLDER REPORT
Global Bond Fund
Y Class (AGBWX)
October 31, 2025
This annual shareholder report contains important information about Global Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Y Class $67 0.65%
What were the key factors that affected the fund's performance?
Global Bond Fund Y Class returned 5.44% for the reporting period ended October 31, 2025.
The fund seeks long-term total return. The commentary below refers to the fund's performance compared to the Bloomberg Global Aggregate Bond Index (USD Hedged).
•
During the reporting period, inflation continued to trend lower across most regions, which allowed several central banks to begin reducing interest rates. As government bond yields generally declined, global bonds broadly delivered gains.
•
Yield curves in most developed markets steepened during the period, reflecting expectations for stronger economic growth and rising inflation. Short-term rates generally declined, driven by accommodative monetary policy. Furthermore, the U.S. dollar weakened over the period. Against this backdrop, the fund's yield curve and currency hedging strategies contributed modestly to performance.
•
Sector allocation was a key contributor to results, driven by positioning in cash and nominal governments, high-yield credit and securitized securities.
•
Hedging risk by purchasing CDX protection curtailed the updside potential gain from corporate credits.
Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year Since Inception Inception Date
Y Class 5.44% 0.19% 1.71% 4/10/17
Bloomberg Global Aggregate Bond (USD, Hedged) 5.30% 0.52% 2.25% -
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $2,629,305,605
Management Fees (dollars paid during the reporting period) $5,101,834
Portfolio Turnover Rate 145 %
Total Number of Portfolio Holdings 615
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Corporate Bonds 31.7%
Sovereign Governments and Agencies 22.1%
U.S. Government Agency Mortgage-Backed Securities 12.4%
Collateralized Mortgage Obligations 10.3%
Convertible Preferred Securities 8.8%
Asset-Backed Securities 3.2%
U.S. Treasury Securities 2.7%
Commercial Mortgage-Backed Securities 2.3%
Preferred Securities 2.2%
Collateralized Loan Obligations 2.0%
Municipal Securities 0.4%
U.S. Government Agency Securities 0.1%
Bank Loan Obligations 0.1%
Short-Term Investments 1.5%
Other Assets and Liabilities 0.2%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082736
ANNUAL SHAREHOLDER REPORT
Global Bond Fund
A Class (AGBAX)
October 31, 2025
This annual shareholder report contains important information about Global Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
A Class $113 1.10%
What were the key factors that affected the fund's performance?
Global Bond Fund A Class returned 4.90% for the reporting period ended October 31, 2025.
The fund seeks long-term total return. The commentary below refers to the fund's performance compared to the Bloomberg Global Aggregate Bond Index (USD Hedged).
•
During the reporting period, inflation continued to trend lower across most regions, which allowed several central banks to begin reducing interest rates. As government bond yields generally declined, global bonds broadly delivered gains.
•
Yield curves in most developed markets steepened during the period, reflecting expectations for stronger economic growth and rising inflation. Short-term rates generally declined, driven by accommodative monetary policy. Furthermore, the U.S. dollar weakened over the period. Against this backdrop, the fund's yield curve and currency hedging strategies contributed modestly to performance.
•
Sector allocation was a key contributor to results, driven by positioning in cash and nominal governments, high-yield credit and securitized securities.
•
Hedging risk by purchasing CDX protection curtailed the updside potential gain from corporate credits.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
The initial investment is adjusted to reflect the maximum initial sales charge.
Average Annual Total Returns
1 Year 5 Year 10 Year
A Class 4.90% -0.28% 1.47%
A Class - with sales charge 0.18% -1.19% 1.01%
Bloomberg Global Aggregate Bond (USD, Hedged) 5.30% 0.52% 2.37%
A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%.
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $2,629,305,605
Management Fees (dollars paid during the reporting period) $5,101,834
Portfolio Turnover Rate 145 %
Total Number of Portfolio Holdings 615
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Corporate Bonds 31.7%
Sovereign Governments and Agencies 22.1%
U.S. Government Agency Mortgage-Backed Securities 12.4%
Collateralized Mortgage Obligations 10.3%
Convertible Preferred Securities 8.8%
Asset-Backed Securities 3.2%
U.S. Treasury Securities 2.7%
Commercial Mortgage-Backed Securities 2.3%
Preferred Securities 2.2%
Collateralized Loan Obligations 2.0%
Municipal Securities 0.4%
U.S. Government Agency Securities 0.1%
Bank Loan Obligations 0.1%
Short-Term Investments 1.5%
Other Assets and Liabilities 0.2%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082702
ANNUAL SHAREHOLDER REPORT
Global Bond Fund
C Class (AGBTX)
October 31, 2025
This annual shareholder report contains important information about Global Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
C Class $189 1.85%
What were the key factors that affected the fund's performance?
Global Bond Fund C Class returned 4.11% for the reporting period ended October 31, 2025.
The fund seeks long-term total return. The commentary below refers to the fund's performance compared to the Bloomberg Global Aggregate Bond Index (USD Hedged).
•
During the reporting period, inflation continued to trend lower across most regions, which allowed several central banks to begin reducing interest rates. As government bond yields generally declined, global bonds broadly delivered gains.
•
Yield curves in most developed markets steepened during the period, reflecting expectations for stronger economic growth and rising inflation. Short-term rates generally declined, driven by accommodative monetary policy. Furthermore, the U.S. dollar weakened over the period. Against this backdrop, the fund's yield curve and currency hedging strategies contributed modestly to performance.
•
Sector allocation was a key contributor to results, driven by positioning in cash and nominal governments, high-yield credit and securitized securities.
•
Hedging risk by purchasing CDX protection curtailed the updside potential gain from corporate credits.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
C Class 4.11% -1.03% 0.71%
Bloomberg Global Aggregate Bond (USD, Hedged) 5.30% 0.52% 2.37%
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $2,629,305,605
Management Fees (dollars paid during the reporting period) $5,101,834
Portfolio Turnover Rate 145 %
Total Number of Portfolio Holdings 615
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Corporate Bonds 31.7%
Sovereign Governments and Agencies 22.1%
U.S. Government Agency Mortgage-Backed Securities 12.4%
Collateralized Mortgage Obligations 10.3%
Convertible Preferred Securities 8.8%
Asset-Backed Securities 3.2%
U.S. Treasury Securities 2.7%
Commercial Mortgage-Backed Securities 2.3%
Preferred Securities 2.2%
Collateralized Loan Obligations 2.0%
Municipal Securities 0.4%
U.S. Government Agency Securities 0.1%
Bank Loan Obligations 0.1%
Short-Term Investments 1.5%
Other Assets and Liabilities 0.2%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082801
ANNUAL SHAREHOLDER REPORT
Global Bond Fund
R Class (AGBRX)
October 31, 2025
This annual shareholder report contains important information about Global Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
R Class $138 1.35%
What were the key factors that affected the fund's performance?
Global Bond Fund R Class returned 4.60% for the reporting period ended October 31, 2025.
The fund seeks long-term total return. The commentary below refers to the fund's performance compared to the Bloomberg Global Aggregate Bond Index (USD Hedged).
•
During the reporting period, inflation continued to trend lower across most regions, which allowed several central banks to begin reducing interest rates. As government bond yields generally declined, global bonds broadly delivered gains.
•
Yield curves in most developed markets steepened during the period, reflecting expectations for stronger economic growth and rising inflation. Short-term rates generally declined, driven by accommodative monetary policy. Furthermore, the U.S. dollar weakened over the period. Against this backdrop, the fund's yield curve and currency hedging strategies contributed modestly to performance.
•
Sector allocation was a key contributor to results, driven by positioning in cash and nominal governments, high-yield credit and securitized securities.
•
Hedging risk by purchasing CDX protection curtailed the updside potential gain from corporate credits.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
R Class 4.60% -0.52% 1.22%
Bloomberg Global Aggregate Bond (USD, Hedged) 5.30% 0.52% 2.37%
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $2,629,305,605
Management Fees (dollars paid during the reporting period) $5,101,834
Portfolio Turnover Rate 145 %
Total Number of Portfolio Holdings 615
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Corporate Bonds 31.7%
Sovereign Governments and Agencies 22.1%
U.S. Government Agency Mortgage-Backed Securities 12.4%
Collateralized Mortgage Obligations 10.3%
Convertible Preferred Securities 8.8%
Asset-Backed Securities 3.2%
U.S. Treasury Securities 2.7%
Commercial Mortgage-Backed Securities 2.3%
Preferred Securities 2.2%
Collateralized Loan Obligations 2.0%
Municipal Securities 0.4%
U.S. Government Agency Securities 0.1%
Bank Loan Obligations 0.1%
Short-Term Investments 1.5%
Other Assets and Liabilities 0.2%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082884
ANNUAL SHAREHOLDER REPORT
Global Bond Fund
R5 Class (AGBNX)
October 31, 2025
This annual shareholder report contains important information about Global Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
R5 Class $67 0.65%
What were the key factors that affected the fund's performance?
Global Bond Fund R5 Class returned 5.33% for the reporting period ended October 31, 2025.
The fund seeks long-term total return. The commentary below refers to the fund's performance compared to the Bloomberg Global Aggregate Bond Index (USD Hedged).
•
During the reporting period, inflation continued to trend lower across most regions, which allowed several central banks to begin reducing interest rates. As government bond yields generally declined, global bonds broadly delivered gains.
•
Yield curves in most developed markets steepened during the period, reflecting expectations for stronger economic growth and rising inflation. Short-term rates generally declined, driven by accommodative monetary policy. Furthermore, the U.S. dollar weakened over the period. Against this backdrop, the fund's yield curve and currency hedging strategies contributed modestly to performance.
•
Sector allocation was a key contributor to results, driven by positioning in cash and nominal governments, high-yield credit and securitized securities.
•
Hedging risk by purchasing CDX protection curtailed the updside potential gain from corporate credits.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
R5 Class 5.33% 0.17% 1.93%
Bloomberg Global Aggregate Bond (USD, Hedged) 5.30% 0.52% 2.37%
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $2,629,305,605
Management Fees (dollars paid during the reporting period) $5,101,834
Portfolio Turnover Rate 145 %
Total Number of Portfolio Holdings 615
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Corporate Bonds 31.7%
Sovereign Governments and Agencies 22.1%
U.S. Government Agency Mortgage-Backed Securities 12.4%
Collateralized Mortgage Obligations 10.3%
Convertible Preferred Securities 8.8%
Asset-Backed Securities 3.2%
U.S. Treasury Securities 2.7%
Commercial Mortgage-Backed Securities 2.3%
Preferred Securities 2.2%
Collateralized Loan Obligations 2.0%
Municipal Securities 0.4%
U.S. Government Agency Securities 0.1%
Bank Loan Obligations 0.1%
Short-Term Investments 1.5%
Other Assets and Liabilities 0.2%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082868
ANNUAL SHAREHOLDER REPORT
Global Bond Fund
R6 Class (AGBDX)
October 31, 2025
This annual shareholder report contains important information about Global Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
R6 Class $62 0.60%
What were the key factors that affected the fund's performance?
Global Bond Fund R6 Class returned 5.52% for the reporting period ended October 31, 2025.
The fund seeks long-term total return. The commentary below refers to the fund's performance compared to the Bloomberg Global Aggregate Bond Index (USD Hedged).
•
During the reporting period, inflation continued to trend lower across most regions, which allowed several central banks to begin reducing interest rates. As government bond yields generally declined, global bonds broadly delivered gains.
•
Yield curves in most developed markets steepened during the period, reflecting expectations for stronger economic growth and rising inflation. Short-term rates generally declined, driven by accommodative monetary policy. Furthermore, the U.S. dollar weakened over the period. Against this backdrop, the fund's yield curve and currency hedging strategies contributed modestly to performance.
•
Sector allocation was a key contributor to results, driven by positioning in cash and nominal governments, high-yield credit and securitized securities.
•
Hedging risk by purchasing CDX protection curtailed the updside potential gain from corporate credits.
Cumulative Performance (based on an initial $10,000 investment)
October 31, 2015 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year 10 Year
R6 Class 5.52% 0.24% 1.99%
Bloomberg Global Aggregate Bond (USD, Hedged) 5.30% 0.52% 2.37%
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $2,629,305,605
Management Fees (dollars paid during the reporting period) $5,101,834
Portfolio Turnover Rate 145 %
Total Number of Portfolio Holdings 615
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Corporate Bonds 31.7%
Sovereign Governments and Agencies 22.1%
U.S. Government Agency Mortgage-Backed Securities 12.4%
Collateralized Mortgage Obligations 10.3%
Convertible Preferred Securities 8.8%
Asset-Backed Securities 3.2%
U.S. Treasury Securities 2.7%
Commercial Mortgage-Backed Securities 2.3%
Preferred Securities 2.2%
Collateralized Loan Obligations 2.0%
Municipal Securities 0.4%
U.S. Government Agency Securities 0.1%
Bank Loan Obligations 0.1%
Short-Term Investments 1.5%
Other Assets and Liabilities 0.2%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082850
ANNUAL SHAREHOLDER REPORT
Global Bond Fund
G Class (AGBGX)
October 31, 2025
This annual shareholder report contains important information about Global Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
G Class $2 0.02%
What were the key factors that affected the fund's performance?
Global Bond Fund G Class returned 6.03% for the reporting period ended October 31, 2025.
The fund seeks long-term total return. The commentary below refers to the fund's performance compared to the Bloomberg Global Aggregate Bond Index (USD Hedged).
•
During the reporting period, inflation continued to trend lower across most regions, which allowed several central banks to begin reducing interest rates. As government bond yields generally declined, global bonds broadly delivered gains.
•
Yield curves in most developed markets steepened during the period, reflecting expectations for stronger economic growth and rising inflation. Short-term rates generally declined, driven by accommodative monetary policy. Furthermore, the U.S. dollar weakened over the period. Against this backdrop, the fund's yield curve and currency hedging strategies contributed modestly to performance.
•
Sector allocation was a key contributor to results, driven by positioning in cash and nominal governments, high-yield credit and securitized securities.
•
Hedging risk by purchasing CDX protection curtailed the updside potential gain from corporate credits.
Cumulative Performance (based on an initial $10,000 investment)
July 28, 2017 through October 31, 2025
Average Annual Total Returns
1 Year 5 Year Since Inception Inception Date
G Class 6.03% 0.79% 2.20% 7/28/17
Bloomberg Global Aggregate Bond (USD, Hedged) 5.30% 0.52% 2.21% -
The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.
Fund Statistics
Net Assets $2,629,305,605
Management Fees (dollars paid during the reporting period) $5,101,834
Portfolio Turnover Rate 145 %
Total Number of Portfolio Holdings 615
Fund Holdings
Types of Investments in Portfolio (as a % of net assets)
Corporate Bonds 31.7%
Sovereign Governments and Agencies 22.1%
U.S. Government Agency Mortgage-Backed Securities 12.4%
Collateralized Mortgage Obligations 10.3%
Convertible Preferred Securities 8.8%
Asset-Backed Securities 3.2%
U.S. Treasury Securities 2.7%
Commercial Mortgage-Backed Securities 2.3%
Preferred Securities 2.2%
Collateralized Loan Obligations 2.0%
Municipal Securities 0.4%
U.S. Government Agency Securities 0.1%
Bank Loan Obligations 0.1%
Short-Term Investments 1.5%
Other Assets and Liabilities 0.2%
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.
©2025 American Century Proprietary Holdings, Inc. All rights reserved.
A-25082678
(b) Not applicable.
ITEM 2. CODE OF ETHICS.
(a) The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.
(b) No response required.
(c) None.
(d) None.
(e) Not applicable.
(f) The registrant's Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to American Century Asset Allocation Portfolios, Inc.'s Annual Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by reference.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1) The registrant's board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.
(a)(2) Tanya S. Beder, Jennifer Cabalquinto, Anne Casscells and John Loder are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.
(a)(3) Not applicable.
(b) No response required.
(c) No response required.
(d) No response required.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees.
The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:
FY 2024: $46,500
FY 2025: $48,120
(b) Audit-Related Fees.
The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were as follows:
For services rendered to the registrant:
FY 2024: $0
FY 2025: $0
Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant's investment adviser and its affiliates):
FY 2024: $0
FY 2025: $0
(c) Tax Fees.
The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:
For services rendered to the registrant:
FY 2024: $0
FY 2025: $0
Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant's investment adviser and its affiliates):
FY 2024: $0
FY 2025: $0
(d) All Other Fees.
The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:
For services rendered to the registrant:
FY 2024: $0
FY 2025: $0
Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant's investment adviser and its affiliates):
FY 2024: $0
FY 2025: $0
(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant's audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant's audit committee also pre-approves its accountant's engagements for non-audit services with the registrant's investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant's audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).
(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than 50%.
(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:
FY 2024: $98,325
FY 2025: $98,325
(h) The registrant's investment adviser and accountant have notified the registrant's audit committee of all non-audit services that were rendered by the registrant's accountant to the registrant's investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant's audit committee included sufficient details regarding such services to allow the registrant's audit committee to consider the continuing independence of its principal accountant.
(i) Not applicable.
(j) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) The schedule of investments is included as part of the financial statements and other information filed under Item 7 of this Form.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a)
Annual Financial Statements and Other Information
October 31, 2025
Emerging Markets Debt Fund
Investor Class (AEDVX)
I Class (AEHDX)
Y Class (AEYDX)
A Class (AEDQX)
C Class (AEDHX)
R Class (AEDWX)
R5 Class (AEDJX)
R6 Class (AEXDX)
G Class (AEDGX)
Global Bond Fund
Investor Class (AGBVX)
I Class (AGBHX)
Y Class (AGBWX)
A Class (AGBAX)
C Class (AGBTX)
R Class (AGBRX)
R5 Class (AGBNX)
R6 Class (AGBDX)
G Class (AGBGX)
Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit americancentury.com/docs.
Table of Contents
Schedules of Investments
2
Statements of Assets and Liabilities
38
Statements of Operations
40
Statements of Changes in Net Assets
41
Notes to Financial Statements
42
Financial Highlights
51
Report of Independent Registered Public Accounting Firm
55
Approval of Management Agreement
56
Schedule of Investments - Emerging Markets Debt Fund
OCTOBER 31, 2025
Principal
Amount/Shares
Value
SOVEREIGN GOVERNMENTS AND AGENCIES - 73.6%
Angola - 1.0%
Angola Government International Bonds, 8.25%, 5/9/28(1)
$ 2,700,000 $ 2,667,349
Angola Government International Bonds, 8.00%, 11/26/29(1)
1,800,000 1,725,433
Angola Government International Bonds, 9.125%, 11/26/49(1)
1,200,000 1,009,217
5,401,999
Argentina - 2.5%
Argentina Republic Government International Bonds, VRN, 4.125%, 7/9/35
18,350,000 12,900,050
Bahamas - 0.2%
Bahamas Government International Bonds, 8.25%, 6/24/36(1)
775,000 840,712
Bahrain - 1.9%
Bahrain Government International Bonds, 5.625%, 9/30/31(1)
4,800,000 4,829,555
Bahrain Government International Bonds, 7.50%, 2/12/36(1)
1,000,000 1,103,926
Bahrain Government International Bonds, 6.625%, 10/6/37(1)
1,200,000 1,217,911
Bahrain Government International Bonds, 6.00%, 9/19/44(1)
2,700,000 2,513,716
9,665,108
Brazil - 0.2%
Brazil Government International Bonds, 7.125%, 5/13/54
1,000,000 1,016,750
Chile - 2.4%
Chile Government International Bonds, 4.34%, 3/7/42
13,700,000 12,293,010
Colombia - 3.4%
Colombia Government International Bonds, 5.00%, 9/19/32
EUR
3,500,000 3,956,369
Colombia Government International Bonds, 7.75%, 11/7/36
$ 12,805,000 13,666,265
17,622,634
Costa Rica - 0.7%
Costa Rica Government International Bonds, 7.30%, 11/13/54(1)
3,350,000 3,754,094
Dominican Republic - 3.6%
Dominican Republic International Bonds, 4.50%, 1/30/30
11,230,000 11,002,592
Dominican Republic International Bonds, 6.95%, 3/15/37(1)
4,800,000 5,127,120
Dominican Republic International Bonds, 5.875%, 1/30/60(1)
2,650,000 2,399,178
18,528,890
Ecuador - 1.2%
Ecuador Government International Bonds, VRN, 6.90%, 7/31/35
8,336,510 6,408,692
Egypt - 2.3%
Egypt Government International Bonds, 7.30%, 9/30/33(1)
2,100,000 2,058,232
Egypt Government International Bonds, 8.50%, 1/31/47(1)
10,725,000 9,906,967
11,965,199
El Salvador - 0.6%
El Salvador Government International Bonds, 9.25%, 4/17/30(1)
2,700,000 2,946,375
Ghana - 0.9%
Ghana Government International Bonds, 0.00%, 7/3/26(1)(2)
107,200 104,252
Ghana Government International Bonds, 0.00%, 1/3/30(1)(2)
337,145 292,758
Ghana Government International Bonds, VRN, 5.00%, 7/3/29(1)
1,621,400 1,582,878
Ghana Government International Bonds, VRN, 5.00%, 7/3/35(1)
3,100,000 2,679,485
4,659,373
Guatemala - 1.5%
Guatemala Government Bonds, 4.375%, 6/5/27(1)
1,900,000 1,890,500
Guatemala Government Bonds, 7.05%, 10/4/32
3,620,000 4,011,412
Guatemala Government Bonds, 6.125%, 6/1/50
1,600,000 1,577,080
Guatemala Government Bonds, 6.875%, 8/15/55(1)
500,000 540,205
8,019,197
2
Schedule of Investments - Emerging Markets Debt Fund
Principal
Amount/Shares
Value
Honduras - 0.2%
Honduras Government International Bonds, 8.625%, 11/27/34(1)
$ 1,000,000 $ 1,072,750
Hungary - 3.2%
Hungary Government Bonds, 3.00%, 8/21/30
HUF
3,048,500,000 7,832,217
Hungary Government International Bonds, 2.125%, 9/22/31(1)
$ 7,900,000 6,829,248
Hungary Government International Bonds, 6.00%, 9/26/35(1)
2,000,000 2,105,060
16,766,525
India - 1.0%
India Government Bonds, 7.54%, 5/23/36
INR
420,000,000 4,999,551
Indonesia - 1.2%
Indonesia Government International Bonds, 3.75%, 10/16/33
EUR
3,100,000 3,603,419
Indonesia Government International Bonds, 5.45%, 9/20/52
$ 2,390,000 2,410,844
6,014,263
Iraq - 0.0%
Iraq International Bonds, 5.80%, 1/15/28
250,000 249,593
Ivory Coast - 0.9%
Ivory Coast Government International Bonds, 8.08%, 4/1/36(1)
2,700,000 2,854,383
Ivory Coast Government International Bonds, 8.25%, 1/30/37(1)
1,900,000 2,022,895
4,877,278
Jordan - 0.4%
Jordan Government International Bonds, 7.375%, 10/10/47(1)
1,910,000 1,934,649
Kazakhstan - 0.7%
Kazakhstan Government International Bonds, 4.41%, 10/28/30(1)
2,400,000 2,381,400
Kazakhstan Government International Bonds, 5.50%, 7/1/37(1)
1,300,000 1,332,420
3,713,820
Kenya - 0.9%
Republic of Kenya Government International Bonds, 9.75%, 2/16/31(1)
1,390,000 1,498,538
Republic of Kenya Government International Bonds, 9.50%, 3/5/36(1)
3,100,000 3,183,765
4,682,303
Lebanon - 0.3%
Lebanon Government International Bonds, 6.65%, 11/3/28(3)(4)
6,500,000 1,494,025
Malaysia - 0.6%
Malaysia Government Bonds, 3.83%, 7/5/34
MYR
12,500,000 3,050,887
Mexico - 4.8%
Eagle Funding Luxco SARL, 5.50%, 8/17/30(1)
$ 3,659,000 3,721,752
Mexico Bonos, 8.00%, 2/21/36
MXN
77,700,000 3,946,207
Mexico Bonos, 7.75%, 11/13/42
MXN
61,700,000 2,867,091
Mexico Bonos, 8.50%, 3/1/29
MXN
155,910,000 8,542,558
Mexico Government International Bonds, 7.375%, 5/13/55
$ 5,000,000 5,624,213
24,701,821
Mongolia - 0.3%
Mongolia Government International Bonds, 6.625%, 2/25/30(1)
1,500,000 1,539,847
Nigeria - 2.0%
Nigeria Government International Bonds, 7.375%, 9/28/33(1)
10,700,000 10,368,436
Oman - 1.4%
Oman Government International Bonds, 6.75%, 1/17/48(1)
6,600,000 7,418,818
Pakistan - 1.4%
Pakistan Government International Bonds, 6.875%, 12/5/27(1)
7,515,000 7,523,373
Panama - 2.8%
Panama Government International Bonds, 3.16%, 1/23/30
3,030,000 2,845,625
Panama Government International Bonds, 6.85%, 3/28/54
5,070,000 5,384,086
3
Schedule of Investments - Emerging Markets Debt Fund
Principal
Amount/Shares
Value
Panama Government International Bonds, 6.875%, 1/31/36
$ 6,049,000 $ 6,555,453
14,785,164
Paraguay - 0.6%
Paraguay Government International Bonds, 6.65%, 3/4/55(1)
2,850,000 3,076,717
Peru - 3.4%
Peru Government Bonds, 7.60%, 8/12/39(1)
PEN
30,600,000 9,910,869
Peru Government International Bonds, 5.375%, 2/8/35
$ 2,700,000 2,778,327
Peru Government International Bonds, 6.20%, 6/30/55
1,600,000 1,684,000
Peru Government International Bonds, 8.75%, 11/21/33
2,500,000 3,157,375
17,530,571
Philippines - 2.3%
Philippines Government International Bonds, 5.50%, 2/4/35
3,200,000 3,411,052
Philippines Government International Bonds, 5.18%, 9/5/49
5,500,000 5,388,877
ROP Sukuk Trust, 5.05%, 6/6/29
2,900,000 2,983,733
11,783,662
Poland - 3.3%
Bank Gospodarstwa Krajowego, 5.375%, 5/22/33(1)
4,825,000 5,047,609
Republic of Poland Government Bonds, 1.75%, 4/25/32
PLN
29,500,000 6,601,596
Republic of Poland Government International Bonds, 5.375%, 2/12/35
$ 5,400,000 5,657,679
17,306,884
Romania - 2.6%
Romania Government International Bonds, 6.00%, 5/25/34(1)
13,160,000 13,258,179
Saudi Arabia - 1.4%
Saudi Government International Bonds, 5.75%, 1/16/54(1)
7,030,000 7,200,236
Senegal - 1.1%
Senegal Government International Bonds, 7.75%, 6/10/31
4,100,000 3,233,125
Senegal Government International Bonds, 6.25%, 5/23/33(1)
3,400,000 2,447,702
5,680,827
Serbia - 0.6%
Serbia International Bonds, 6.50%, 9/26/33(1)
2,960,000 3,238,823
South Africa - 2.4%
Republic of South Africa Government Bonds, 8.50%, 1/31/37
ZAR
107,108,000 5,819,700
Republic of South Africa Government Bonds, 8.75%, 1/31/44
ZAR
89,031,421 4,618,593
Republic of South Africa Government International Bonds, 7.10%, 11/19/36(1)
$ 1,000,000 1,076,612
Republic of South Africa Government International Bonds, 6.30%, 6/22/48
800,000 727,392
12,242,297
Sri Lanka - 1.6%
Sri Lanka Government International Bonds, 4.00%, 4/15/28(1)
1,864,090 1,794,187
Sri Lanka Government International Bonds, VRN, 3.10%, 1/15/30(1)
3,774,979 3,567,355
Sri Lanka Government International Bonds, VRN, 3.35%, 3/15/33(1)
3,677,739 3,214,200
Sri Lanka Government International Bonds, VRN, 3.60%, 5/15/36(1)
482 442
8,576,184
Suriname - 0.4%
Suriname Government International Bonds, 8.50%, 11/6/35(1)(5)
2,000,000 2,062,500
Trinidad and Tobago - 0.3%
Trinidad & Tobago Government International Bonds, 5.95%, 1/14/31(1)
1,825,000 1,822,263
Turkey - 4.6%
Turkiye Government Bonds, 30.00%, 9/12/29
TRY
262,000,000 5,740,470
Turkiye Government International Bonds, 5.95%, 1/15/31
$ 8,000,000 8,010,925
Turkiye Government International Bonds, 7.625%, 5/15/34
8,630,000 9,239,271
Turkiye Government International Bonds, 6.95%, 9/16/35
400,000 405,677
4
Schedule of Investments - Emerging Markets Debt Fund
Principal
Amount/Shares
Value
Turkiye Government International Bonds, 6.00%, 1/14/41
$ 750,000 $ 669,581
24,065,924
Ukraine - 1.1%
Ukraine Government International Bonds, VRN, 0.00%, 2/1/35(1)
5,461,310 2,804,010
Ukraine Government International Bonds, VRN, 4.50%, 2/1/35
762,972 425,689
Ukraine Government International Bonds, VRN, 4.50%, 2/1/35(1)
124,397 69,361
Ukraine Government International Bonds, VRN, 4.50%, 2/1/36(1)
3,177,710 1,752,434
Ukraine Government International Bonds, VRN, 4.50%, 2/1/36
1,089,960 601,040
5,652,534
Uruguay - 2.1%
Oriental Republic of Uruguay, 5.25%, 9/10/60
4,700,000 4,526,758
Uruguay Government International Bonds, 5.75%, 10/28/34
5,800,000 6,240,800
10,767,558
Uzbekistan - 0.5%
Republic of Uzbekistan International Bonds, 6.95%, 5/25/32(1)
2,200,000 2,392,052
Venezuela - 0.4%
Venezuela Government International Bonds, 11.95%, 8/5/31(3)(4)
7,500,000 2,205,750
Zambia - 0.4%
Zambia Government International Bonds, VRN, 5.75%, 6/30/33(1)
2,121,180 2,043,212
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $352,579,094)
382,121,359
CORPORATE BONDS - 17.5%
Brazil - 0.4%
Braskem Netherlands Finance BV, 4.50%, 1/31/30(1)
3,255,000 1,312,058
Yinson Bergenia Production BV, 8.50%, 1/31/45(1)
580,000 609,469
1,921,527
Chile - 1.0%
Corp. Nacional del Cobre de Chile, 6.33%, 1/13/35(1)
3,000,000 3,208,200
Latam Airlines Group SA, 7.875%, 4/15/30(1)(6)
1,645,000 1,703,233
4,911,433
Colombia - 0.1%
Grupo Energia Bogota SA ESP, 5.75%, 10/22/35(1)
424,000 421,679
El Salvador - 0.7%
Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 1/24/33(1)
3,300,000 3,499,650
Indonesia - 0.8%
Pertamina Hulu Energi PT, 5.25%, 5/21/30(1)
4,000,000 4,087,758
Luxembourg - 0.3%
PRIO Luxembourg Holding SARL, 6.75%, 10/15/30(1)
1,441,000 1,416,484
Malaysia - 1.5%
Petronas Capital Ltd., 5.34%, 4/3/35(1)
4,000,000 4,178,642
Petronas Capital Ltd., 4.55%, 4/21/50
4,175,000 3,728,442
7,907,084
Mexico - 4.4%
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VRN, 5.125%, 1/18/33(1)(6)
2,270,000 2,247,618
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 1/31/41(1)
2,275,195 2,410,274
Grupo Aeromexico SAB de CV, 8.25%, 11/15/29(1)
3,000,000 3,030,000
Petroleos Mexicanos, 6.84%, 1/23/30
10,000,000 10,270,890
Petroleos Mexicanos, 5.95%, 1/28/31
5,200,000 5,089,765
23,048,547
Morocco - 0.8%
OCP SA, 6.75%, 5/2/34(1)
3,800,000 4,131,263
5
Schedule of Investments - Emerging Markets Debt Fund
Principal
Amount/Shares
Value
Multinational - 0.2%
Digicel International Finance Ltd./Difl U.S. LLC, 8.625%, 8/1/32(1)
$ 1,200,000 $ 1,195,723
Peru - 0.2%
Petroleos del Peru SA, 5.625%, 6/19/47(1)
1,500,000 1,081,582
Saudi Arabia - 2.5%
Gaci First Investment Co., 5.25%, 1/29/30
8,680,000 8,951,022
Saudi Arabian Oil Co., 4.25%, 4/16/39
4,480,000 4,110,803
13,061,825
South Africa - 1.8%
Eskom Holdings, 6.35%, 8/10/28(1)
9,200,000 9,504,979
United Arab Emirates - 2.3%
Abu Dhabi Developmental Holding Co. PJSC, 4.50%, 5/6/30(1)
3,000,000 3,044,376
Abu Dhabi Developmental Holding Co. PJSC, 5.00%, 5/6/35(1)
3,000,000 3,089,309
Adnoc Murban Rsc Ltd., 5.125%, 9/11/54(1)
2,600,000 2,518,031
DP World Crescent Ltd., 5.50%, 5/8/35(1)
3,000,000 3,131,450
11,783,166
Venezuela - 0.5%
Petroleos de Venezuela SA, 6.00%, 11/15/26(1)(3)(4)
12,600,000 2,816,100
TOTAL CORPORATE BONDS
(Cost $88,112,060)
90,788,800
U.S. TREASURY SECURITIES - 3.1%
U.S. Treasury Notes, 1.625%, 10/31/26
7,111,000 6,965,844
U.S. Treasury Notes, 1.875%, 2/15/32(7)
8,881,000 7,916,059
U.S. Treasury Notes, 3.375%, 5/15/33(7)
1,105,000 1,065,591
TOTAL U.S. TREASURY SECURITIES
(Cost $16,438,440)
15,947,494
CONVERTIBLE PREFERRED SECURITIES - 0.1%
Banks - 0.1%
Banco Mercantil del Norte SA, 8.375%(1)
(Cost $400,000)
400,000 429,049
SHORT-TERM INVESTMENTS - 4.3%
Money Market Funds - 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
76,084 76,084
State Street Navigator Securities Lending Government Money Market Portfolio(8)
1,523,610 1,523,610
1,599,694
Repurchase Agreements - 4.0%
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.75%, 8/15/55, valued at $20,763,127), at 4.15%, dated 10/31/25, due 11/3/25 (Delivery value $20,363,040)
20,356,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,955,694)
21,955,694
TOTAL INVESTMENT SECURITIES - 98.6%
(Cost $479,485,288)
511,242,396
OTHER ASSETS AND LIABILITIES - 1.4%
7,443,724
TOTAL NET ASSETS - 100.0%
$ 518,686,120
6
Schedule of Investments - Emerging Markets Debt Fund
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
BRL
87,346,624
USD
16,202,975
Bank of America NA
12/17/25 $ (133,331)
BRL
95,802,524
USD
17,292,469
Citibank NA
12/17/25 332,854
BRL
55,581,086
USD
10,271,737
Citibank NA
12/17/25 (46,175)
BRL
56,507,926
USD
10,184,324
Citibank NA
12/17/25 211,753
BRL
27,653,334
USD
5,089,162
Citibank NA
12/17/25 (1,624)
BRL
28,026,275
USD
5,153,594
Citibank NA
12/17/25 2,556
BRL
27,874,806
USD
5,141,644
Citibank NA
12/17/25 (13,361)
BRL
14,431,226
USD
2,641,654
Goldman Sachs & Co. LLC
12/17/25 13,338
BRL
27,939,951
USD
5,136,757
Goldman Sachs & Co. LLC
12/17/25 3,511
BRL
83,650,119
USD
15,385,939
Goldman Sachs & Co. LLC
12/17/25 3,638
BRL
22,331,245
USD
4,052,858
Morgan Stanley & Co. LLC
12/17/25 55,546
BRL
57,490,344
USD
10,549,268
Morgan Stanley & Co. LLC
12/17/25 27,550
BRL
28,803,573
USD
5,275,573
Morgan Stanley & Co. LLC
12/17/25 23,580
BRL
27,800,835
USD
5,134,705
Morgan Stanley & Co. LLC
12/17/25 (20,031)
BRL
56,526,307
USD
10,166,053
Morgan Stanley & Co. LLC
12/17/25 233,405
BRL
27,645,036
USD
5,061,617
Morgan Stanley & Co. LLC
12/17/25 24,393
BRL
55,879,901
USD
10,272,985
Morgan Stanley & Co. LLC
12/17/25 7,551
BRL
62,785,594
USD
11,530,808
UBS AG(9)
12/17/25 20,207
BRL
28,921,330
USD
5,292,044
UBS AG(9)
12/17/25 28,773
BRL
28,476,897
USD
5,248,273
UBS AG(9)
12/17/25 (9,220)
USD
5,555,540
BRL
30,124,718
Bank of America NA
12/17/25 13,329
USD
10,186,280
BRL
55,428,998
Bank of America NA
12/17/25 (11,301)
USD
10,107,404
BRL
56,507,926
Bank of America NA
12/17/25 (288,674)
USD
5,106,852
BRL
28,267,403
Bank of America NA
12/17/25 (93,659)
USD
5,111,730
BRL
27,852,425
Bank of America NA
12/17/25 (12,436)
USD
15,397,614
BRL
83,819,852
Bank of America NA
12/17/25 (23,190)
USD
11,890,845
BRL
64,419,130
Citibank NA
12/17/25 39,300
USD
11,518,475
BRL
62,785,594
Citibank NA
12/17/25 (32,540)
USD
10,637,292
BRL
57,514,135
Citibank NA
12/17/25 56,097
USD
2,718,079
BRL
14,824,050
Citibank NA
12/17/25 (9,184)
USD
5,146,585
BRL
27,883,423
Goldman Sachs & Co. LLC
12/17/25 16,716
USD
5,162,361
BRL
28,039,259
Goldman Sachs & Co. LLC
12/17/25 3,822
USD
5,159,689
BRL
27,981,512
Goldman Sachs & Co. LLC
12/17/25 11,775
USD
9,881,280
BRL
53,714,639
JPMorgan Chase Bank NA
12/17/25 (900)
USD
15,378,355
BRL
83,624,418
Morgan Stanley & Co. LLC
12/17/25 (6,494)
USD
16,151,543
BRL
87,322,833
UBS AG(9)
12/17/25 86,276
USD
4,999,828
BRL
27,714,499
UBS AG(9)
12/17/25 (98,963)
CLP
5,008,017,488
USD
5,200,380
Bank of America NA
12/17/25 113,738
CLP
4,958,489,230
USD
5,209,592
Bank of America NA
12/17/25 51,970
CLP
4,885,419,959
USD
5,144,063
Bank of America NA
12/17/25 39,963
CLP
14,208,060,118
USD
14,766,223
Citibank NA
12/17/25 310,261
CLP
4,827,013,539
USD
5,005,873
Morgan Stanley & Co. LLC
12/17/25 116,177
CLP
9,845,129,586
USD
10,410,305
Morgan Stanley & Co. LLC
12/17/25 36,578
CLP
4,916,239,187
USD
5,173,246
Morgan Stanley & Co. LLC
12/17/25 43,483
CLP
2,819,906,072
USD
2,949,844
UBS AG(9)
12/17/25 42,421
CLP
5,636,992,752
USD
5,881,227
UBS AG(9)
12/17/25 100,310
CLP
5,131,124,671
USD
5,358,492
UBS AG(9)
12/17/25 86,257
CLP
10,267,474,648
USD
10,716,941
UBS AG(9)
12/17/25 178,102
CLP
9,894,054,335
USD
10,319,743
UBS AG(9)
12/17/25 179,056
CLP
9,937,056,665
USD
10,320,793
UBS AG(9)
12/17/25 223,636
7
Schedule of Investments - Emerging Markets Debt Fund
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
CLP
9,788,292,954
USD
10,449,278
UBS AG(9)
12/17/25 $ (62,705)
CLP
9,764,641,751
USD
10,367,050
UBS AG(9)
12/17/25 (5,575)
USD
5,905,269
CLP
5,636,992,752
Bank of America NA
12/17/25 (76,268)
USD
5,354,962
CLP
5,131,124,671
Bank of America NA
12/17/25 (89,787)
USD
5,236,701
CLP
5,063,575,879
Bank of America NA
12/17/25 (136,370)
USD
10,386,263
CLP
9,937,056,665
Bank of America NA
12/17/25 (158,166)
USD
5,188,225
CLP
4,903,339,279
Bank of America NA
12/17/25 (14,816)
USD
9,021,611
CLP
8,576,414,263
Goldman Sachs & Co. LLC
12/17/25 (79,010)
USD
5,160,995
CLP
4,921,954,595
Goldman Sachs & Co. LLC
12/17/25 (61,799)
USD
5,150,183
CLP
4,861,302,472
Goldman Sachs & Co. LLC
12/17/25 (8,252)
USD
8,809,114
CLP
8,451,551,927
Morgan Stanley & Co. LLC
12/17/25 (159,013)
USD
5,212,040
CLP
5,022,894,821
Morgan Stanley & Co. LLC
12/17/25 (117,864)
USD
5,201,759
CLP
4,991,816,102
Morgan Stanley & Co. LLC
12/17/25 (95,167)
USD
5,213,792
CLP
5,024,218,873
Morgan Stanley & Co. LLC
12/17/25 (117,517)
USD
10,400,772
CLP
9,838,193,781
Morgan Stanley & Co. LLC
12/17/25 (38,752)
USD
10,361,825
CLP
9,845,129,586
UBS AG(9)
12/17/25 (85,058)
USD
10,247,762
CLP
9,894,054,335
UBS AG(9)
12/17/25 (251,036)
USD
10,379,639
CLP
9,788,292,954
UBS AG(9)
12/17/25 (6,934)
COP
41,922,452,389
USD
10,672,695
Bank of America NA
12/17/25 139,038
COP
41,689,609,803
USD
10,563,264
Citibank NA
12/17/25 188,420
COP
31,144,280,379
USD
7,884,628
Citibank NA
12/17/25 147,432
COP
31,390,134,326
USD
7,950,895
Citibank NA
12/17/25 144,570
COP
20,438,415,800
USD
5,236,860
Citibank NA
12/17/25 34,175
COP
10,104,227,060
USD
2,643,321
Goldman Sachs & Co. LLC
12/17/25 (37,457)
COP
19,991,188,833
USD
5,157,805
Goldman Sachs & Co. LLC
12/17/25 (2,110)
COP
46,237,699,473
USD
11,768,552
JPMorgan Chase Bank NA
12/17/25 156,076
COP
20,939,563,777
USD
5,300,082
Morgan Stanley & Co. LLC
12/17/25 100,198
COP
20,595,940,034
USD
5,374,204
Morgan Stanley & Co. LLC
12/17/25 (62,545)
USD
5,119,886
COP
20,120,895,334
Bank of America NA
12/17/25 (69,261)
USD
5,116,457
COP
20,189,336,373
Bank of America NA
12/17/25 (90,340)
USD
5,220,906
COP
20,702,616,565
Bank of America NA
12/17/25 (118,265)
USD
5,233,426
COP
20,208,454,119
Bank of America NA
12/17/25 21,698
USD
10,639,217
COP
41,922,452,389
Citibank NA
12/17/25 (172,516)
USD
10,534,410
COP
41,689,609,803
Citibank NA
12/17/25 (217,274)
USD
5,254,538
COP
20,844,804,902
Goldman Sachs & Co. LLC
12/17/25 (121,304)
USD
11,696,538
COP
46,237,699,473
JPMorgan Chase Bank NA
12/17/25 (228,091)
USD
10,568,705
COP
41,818,781,394
JPMorgan Chase Bank NA
12/17/25 (216,291)
USD
5,245,202
COP
20,810,392,186
Morgan Stanley & Co. LLC
12/17/25 (121,764)
USD
2,535,849
COP
9,971,592,770
UBS AG(9)
12/17/25 (35,809)
CZK
243,936,555
USD
11,839,707
Bank of America NA
12/17/25 (272,822)
CZK
218,237,309
USD
10,427,901
Bank of America NA
12/17/25 (79,613)
CZK
224,696,774
USD
10,804,875
Citibank NA
12/17/25 (150,295)
CZK
445,476,190
USD
21,539,527
Citibank NA
12/17/25 (416,118)
CZK
106,257,788
USD
5,067,747
Citibank NA
12/17/25 (29,259)
CZK
109,067,287
USD
5,212,004
Citibank NA
12/17/25 (40,296)
CZK
223,709,085
USD
10,735,102
Goldman Sachs & Co. LLC
12/17/25 (127,356)
CZK
366,405,733
USD
17,646,321
Morgan Stanley & Co. LLC
12/17/25 (272,243)
CZK
122,136,426
USD
5,939,904
UBS AG(9)
12/17/25 (148,489)
CZK
217,122,034
USD
10,290,314
UBS AG(9)
12/17/25 5,090
USD
10,361,115
CZK
218,237,309
Bank of America NA
12/17/25 12,827
USD
11,933,098
CZK
244,366,452
Citibank NA
12/17/25 345,829
8
Schedule of Investments - Emerging Markets Debt Fund
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
5,958,641
CZK
122,039,281
Citibank NA
12/17/25 $ 171,832
USD
10,805,265
CZK
224,696,774
Citibank NA
12/17/25 150,684
USD
10,730,180
CZK
223,167,688
Citibank NA
12/17/25 148,106
USD
5,556,110
CZK
114,976,645
Citibank NA
12/17/25 104,194
USD
5,187,287
CZK
107,331,857
Citibank NA
12/17/25 97,868
USD
11,850,703
CZK
243,936,555
Goldman Sachs & Co. LLC
12/17/25 283,818
USD
5,169,314
CZK
107,340,680
Goldman Sachs & Co. LLC
12/17/25 79,478
USD
10,442,959
CZK
217,122,034
Goldman Sachs & Co. LLC
12/17/25 147,555
USD
5,387,141
CZK
112,054,262
Morgan Stanley & Co. LLC
12/17/25 73,798
USD
5,182,697
CZK
107,984,395
Morgan Stanley & Co. LLC
12/17/25 62,337
USD
5,919,734
CZK
122,136,426
UBS AG(9)
12/17/25 128,319
USD
5,426,269
CZK
111,654,823
UBS AG(9)
12/17/25 131,866
USD
2,040,579
EUR
1,737,400
JPMorgan Chase Bank NA
12/17/25 33,079
USD
2,057,733
EUR
1,746,500
Morgan Stanley & Co. LLC
12/17/25 39,718
USD
583,120
EUR
499,930
Morgan Stanley & Co. LLC
12/17/25 5,470
USD
3,036,034
EUR
2,603,900
Morgan Stanley & Co. LLC
12/17/25 27,326
HUF
3,901,135,216
USD
11,735,893
Bank of America NA
12/17/25 (172,344)
HUF
7,168,819,630
USD
21,395,840
Bank of America NA
12/17/25 (146,386)
HUF
1,720,088,896
USD
5,156,258
Bank of America NA
12/17/25 (57,657)
HUF
1,748,631,361
USD
5,159,626
Citibank NA
12/17/25 23,579
HUF
1,739,719,521
USD
5,157,729
Citibank NA
12/17/25 (940)
HUF
1,957,660,426
USD
5,892,574
Goldman Sachs & Co. LLC
12/17/25 (89,776)
HUF
3,603,202,654
USD
10,677,408
Goldman Sachs & Co. LLC
12/17/25 3,024
HUF
1,685,097,492
USD
4,967,989
Goldman Sachs & Co. LLC
12/17/25 26,893
HUF
1,727,806,899
USD
5,133,749
Goldman Sachs & Co. LLC
12/17/25 (12,271)
HUF
1,961,201,536
USD
5,918,393
JPMorgan Chase Bank NA
12/17/25 (105,098)
HUF
2,319,922,603
USD
6,879,507
UBS AG(9)
12/17/25 (2,909)
HUF
3,624,860,793
USD
10,766,676
UBS AG(9)
12/17/25 (22,046)
HUF
3,515,542,268
USD
10,352,198
UBS AG(9)
12/17/25 68,395
HUF
1,698,039,222
USD
5,045,525
UBS AG(9)
12/17/25 (12,283)
USD
14,906,328
HUF
4,935,758,010
Bank of America NA
12/17/25 276,003
USD
2,547,667
HUF
861,160,634
Bank of America NA
12/17/25 (4,942)
USD
5,867,443
HUF
1,961,036,621
Citibank NA
12/17/25 54,637
USD
10,745,031
HUF
3,612,314,008
Citibank NA
12/17/25 37,592
USD
10,746,543
HUF
3,619,778,551
Citibank NA
12/17/25 16,978
USD
10,668,483
HUF
3,595,145,568
Goldman Sachs & Co. LLC
12/17/25 11,933
USD
5,145,792
HUF
1,717,678,937
Goldman Sachs & Co. LLC
12/17/25 54,334
USD
10,308,437
HUF
3,518,470,826
Goldman Sachs & Co. LLC
12/17/25 (120,837)
USD
10,399,394
HUF
3,486,958,340
Goldman Sachs & Co. LLC
12/17/25 63,528
USD
5,008,421
HUF
1,685,166,287
Goldman Sachs & Co. LLC
12/17/25 13,336
USD
5,905,949
HUF
1,961,201,536
Morgan Stanley & Co. LLC
12/17/25 92,654
USD
10,687,390
HUF
3,583,395,319
Morgan Stanley & Co. LLC
12/17/25 65,670
USD
5,130,124
HUF
1,720,088,896
Morgan Stanley & Co. LLC
12/17/25 31,523
USD
2,563,232
HUF
865,725,608
Morgan Stanley & Co. LLC
12/17/25 (2,908)
USD
5,167,180
HUF
1,736,913,433
Morgan Stanley & Co. LLC
12/17/25 18,709
USD
5,161,415
HUF
1,735,365,320
Morgan Stanley & Co. LLC
12/17/25 17,533
USD
11,754,865
HUF
3,910,126,410
UBS AG(9)
12/17/25 164,665
IDR
339,738,290,975
USD
20,282,883
Citibank NA
12/17/25 130,401
IDR
177,226,269,530
USD
10,618,710
Goldman Sachs & Co. LLC
12/17/25 29,987
IDR
192,163,282,493
USD
11,656,454
UBS AG(9)
12/17/25 (110,261)
IDR
96,052,361,951
USD
5,829,400
UBS AG(9)
12/17/25 (58,063)
9
Schedule of Investments - Emerging Markets Debt Fund
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
IDR
87,198,835,246
USD
5,242,076
UBS AG(9)
12/17/25 $ (2,706)
IDR
178,242,061,426
USD
10,693,482
UBS AG(9)
12/17/25 16,249
IDR
178,242,061,426
USD
10,699,355
UBS AG(9)
12/17/25 10,376
IDR
176,738,514,463
USD
10,630,613
UBS AG(9)
12/17/25 (11,223)
IDR
172,662,689,661
USD
10,364,871
UBS AG(9)
12/17/25 9,622
USD
11,962,009
IDR
197,050,176,164
Goldman Sachs & Co. LLC
12/17/25 122,186
USD
31,372,910
IDR
518,102,594,501
UBS AG(9)
12/17/25 242,550
USD
10,637,799
IDR
178,242,061,426
UBS AG(9)
12/17/25 (71,933)
USD
10,667,460
IDR
178,242,061,426
UBS AG(9)
12/17/25 (42,271)
USD
10,608,978
IDR
177,226,269,530
UBS AG(9)
12/17/25 (39,719)
USD
10,606,466
IDR
176,738,514,463
UBS AG(9)
12/17/25 (12,924)
USD
10,394,329
IDR
172,662,689,661
UBS AG(9)
12/17/25 19,836
INR
468,765,483
USD
5,266,200
Morgan Stanley & Co. LLC
12/17/25 1,892
INR
783,577,700
USD
8,866,749
UBS AG(9)
12/17/25 (60,728)
INR
263,186,329
USD
2,981,241
UBS AG(9)
12/17/25 (23,494)
INR
428,407,290
USD
4,813,495
UBS AG(9)
12/17/25 1,042
INR
446,434,277
USD
5,061,275
UBS AG(9)
12/17/25 (44,146)
USD
5,144,436
INR
455,684,870
Citibank NA
12/17/25 23,347
USD
1,071,415
INR
95,074,022
UBS AG(9)
12/17/25 2,952
KRW
14,995,472,657
USD
10,737,743
Bank of America NA
12/17/25 (225,547)
KRW
20,425,206,727
USD
14,795,299
Citibank NA
12/17/25 (476,727)
KRW
14,786,076,728
USD
10,388,150
Citibank NA
12/17/25 (22,746)
KRW
16,397,838,313
USD
11,862,812
UBS AG(9)
12/17/25 (367,524)
KRW
14,995,472,657
USD
10,738,918
UBS AG(9)
12/17/25 (226,722)
KRW
14,935,228,349
USD
10,489,147
UBS AG(9)
12/17/25 (19,185)
USD
7,397,358
KRW
10,173,586,425
Citibank NA
12/17/25 265,424
USD
7,454,098
KRW
10,251,620,302
Citibank NA
12/17/25 267,459
USD
10,722,776
KRW
14,995,472,657
Goldman Sachs & Co. LLC
12/17/25 210,580
USD
10,717,052
KRW
14,995,472,657
Goldman Sachs & Co. LLC
12/17/25 204,857
USD
10,427,291
KRW
14,857,960,606
Goldman Sachs & Co. LLC
12/17/25 11,495
USD
11,696,433
KRW
16,397,838,313
UBS AG(9)
12/17/25 201,145
USD
10,664,197
KRW
14,935,228,349
UBS AG(9)
12/17/25 194,234
USD
10,342,291
KRW
14,786,076,728
UBS AG(9)
12/17/25 (23,113)
MXN
54,830,687
USD
2,941,802
Bank of America NA
12/17/25 (3,771)
MXN
108,858,449
USD
5,862,601
Goldman Sachs & Co. LLC
12/17/25 (29,563)
MXN
99,314,558
USD
5,369,670
Goldman Sachs & Co. LLC
12/17/25 (48,029)
MXN
99,468,409
USD
5,339,676
Goldman Sachs & Co. LLC
12/17/25 (9,790)
MXN
191,410,575
USD
10,328,392
Goldman Sachs & Co. LLC
12/17/25 (71,904)
MXN
94,701,208
USD
5,138,569
Goldman Sachs & Co. LLC
12/17/25 (64,128)
MXN
94,736,551
USD
5,083,945
Goldman Sachs & Co. LLC
12/17/25 (7,610)
MXN
94,834,412
USD
5,123,265
Goldman Sachs & Co. LLC
12/17/25 (41,686)
MXN
94,319,843
USD
5,109,862
Goldman Sachs & Co. LLC
12/17/25 (55,856)
MXN
191,467,883
USD
10,337,138
Goldman Sachs & Co. LLC
12/17/25 (77,580)
MXN
192,469,046
USD
10,339,923
Goldman Sachs & Co. LLC
12/17/25 (26,719)
MXN
49,152,860
USD
2,653,731
JPMorgan Chase Bank NA
12/17/25 (19,939)
MXN
68,760,411
USD
3,713,493
JPMorgan Chase Bank NA
12/17/25 (29,055)
MXN
55,511,498
USD
2,976,823
Morgan Stanley & Co. LLC
12/17/25 (2,311)
MXN
109,874,847
USD
5,883,174
Morgan Stanley & Co. LLC
12/17/25 4,327
MXN
218,054,743
USD
11,802,050
Morgan Stanley & Co. LLC
12/17/25 (117,870)
MXN
99,165,152
USD
5,321,707
Morgan Stanley & Co. LLC
12/17/25 (8,071)
MXN
149,082,895
USD
8,010,365
Morgan Stanley & Co. LLC
12/17/25 (21,951)
10
Schedule of Investments - Emerging Markets Debt Fund
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
MXN
98,784,672
USD
5,329,876
Morgan Stanley & Co. LLC
12/17/25 $ (36,627)
MXN
95,563,343
USD
5,161,123
Morgan Stanley & Co. LLC
12/17/25 (40,485)
MXN
95,762,449
USD
5,146,194
Morgan Stanley & Co. LLC
12/17/25 (14,887)
MXN
191,142,298
USD
10,257,528
Morgan Stanley & Co. LLC
12/17/25 (15,415)
MXN
191,303,210
USD
10,321,419
Morgan Stanley & Co. LLC
12/17/25 (70,684)
MXN
191,467,883
USD
10,319,385
Morgan Stanley & Co. LLC
12/17/25 (59,826)
MXN
192,079,301
USD
10,291,449
Morgan Stanley & Co. LLC
12/17/25 872
USD
5,889,528
MXN
108,674,253
Bank of America NA
12/17/25 66,359
USD
10,264,785
MXN
192,110,466
Bank of America NA
12/17/25 (29,205)
USD
10,325,797
MXN
191,935,128
Bank of America NA
12/17/25 41,202
USD
11,997,004
MXN
221,846,826
Citibank NA
12/17/25 109,629
USD
5,894,880
MXN
108,991,310
Citibank NA
12/17/25 54,722
USD
5,606,240
MXN
104,128,117
Citibank NA
12/17/25 26,670
USD
5,101,164
MXN
94,630,595
Citibank NA
12/17/25 30,507
USD
5,150,202
MXN
95,252,545
Citibank NA
12/17/25 46,218
USD
10,267,800
MXN
190,371,970
Citibank NA
12/17/25 66,965
USD
3,958,419
MXN
74,372,463
Goldman Sachs & Co. LLC
12/17/25 (26,733)
USD
11,749,799
MXN
217,997,270
Goldman Sachs & Co. LLC
12/17/25 68,698
USD
5,382,714
MXN
99,901,184
Goldman Sachs & Co. LLC
12/17/25 29,638
USD
2,747,531
MXN
51,046,999
Goldman Sachs & Co. LLC
12/17/25 12,243
USD
5,154,849
MXN
95,162,261
Goldman Sachs & Co. LLC
12/17/25 55,703
USD
10,252,606
MXN
191,213,164
Goldman Sachs & Co. LLC
12/17/25 6,696
USD
5,971,745
MXN
111,593,779
Morgan Stanley & Co. LLC
12/17/25 (7,863)
USD
5,916,500
MXN
109,680,197
Morgan Stanley & Co. LLC
12/17/25 39,429
USD
5,356,337
MXN
99,577,914
Morgan Stanley & Co. LLC
12/17/25 20,584
USD
5,170,958
MXN
95,847,233
Morgan Stanley & Co. LLC
12/17/25 35,109
USD
10,297,757
MXN
191,394,842
Morgan Stanley & Co. LLC
12/17/25 42,113
USD
5,156,810
MXN
95,480,155
Morgan Stanley & Co. LLC
12/17/25 40,629
USD
5,114,547
MXN
95,220,800
Morgan Stanley & Co. LLC
12/17/25 12,264
USD
5,101,496
MXN
94,712,623
Morgan Stanley & Co. LLC
12/17/25 26,443
USD
5,236,104
MXN
97,622,118
Morgan Stanley & Co. LLC
12/17/25 5,149
USD
10,308,940
MXN
191,467,883
UBS AG(9)
12/17/25 49,381
USD
3,095,881
MYR
12,981,027
Goldman Sachs & Co. LLC
12/17/25 (7,123)
PEN
34,945,591
USD
10,346,279
Bank of America NA
12/17/25 20,473
PEN
17,305,644
USD
5,120,986
UBS AG(9)
12/17/25 12,804
USD
10,261,660
PEN
34,874,250
Bank of America NA
12/17/25 (83,928)
USD
9,602,011
PEN
33,627,202
Citibank NA
12/17/25 (373,635)
USD
5,179,820
PEN
17,555,447
Citibank NA
12/17/25 (28,074)
USD
5,189,167
PEN
17,672,595
Goldman Sachs & Co. LLC
12/17/25 (53,481)
USD
5,157,250
PEN
17,583,537
UBS AG(9)
12/17/25 (58,977)
PHP
617,506,296
USD
10,589,150
Goldman Sachs & Co. LLC
12/17/25 (76,448)
PHP
53,490,787
USD
937,862
JPMorgan Chase Bank NA
12/17/25 (27,211)
USD
11,733,631
PHP
670,997,083
UBS AG(9)
12/17/25 310,278
PLN
38,580,877
USD
10,640,285
Bank of America NA
12/17/25 (197,269)
PLN
53,335,967
USD
14,655,214
Citibank NA
12/17/25 (218,311)
PLN
38,768,050
USD
10,698,743
Citibank NA
12/17/25 (205,062)
PLN
37,660,478
USD
10,191,338
Citibank NA
12/17/25 2,547
PLN
7,005,360
USD
1,948,235
Goldman Sachs & Co. LLC
12/17/25 (52,034)
PLN
38,193,952
USD
10,382,814
Goldman Sachs & Co. LLC
12/17/25 (44,529)
PLN
37,974,492
USD
10,399,781
Goldman Sachs & Co. LLC
12/17/25 (120,900)
PLN
18,897,498
USD
5,143,391
Morgan Stanley & Co. LLC
12/17/25 (28,243)
11
Schedule of Investments - Emerging Markets Debt Fund
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
PLN
37,945,896
USD
10,478,795
UBS AG(9)
12/17/25 $ (207,654)
USD
5,177,231
PLN
19,014,172
Bank of America NA
12/17/25 30,502
USD
10,342,657
PLN
38,232,129
Bank of America NA
12/17/25 (5,961)
USD
8,904,200
PLN
31,987,405
Citibank NA
12/17/25 245,895
USD
5,251,120
PLN
19,102,394
Citibank NA
12/17/25 80,512
USD
10,441,583
PLN
38,043,342
Citibank NA
12/17/25 144,065
USD
10,329,131
PLN
37,672,085
Citibank NA
12/17/25 132,104
USD
10,678,426
PLN
38,773,618
Goldman Sachs & Co. LLC
12/17/25 183,239
USD
10,604,617
PLN
38,580,877
Goldman Sachs & Co. LLC
12/17/25 161,600
USD
8,613,393
PLN
31,349,685
UBS AG(9)
12/17/25 127,705
USD
5,942,264
PLN
21,342,088
UBS AG(9)
12/17/25 165,418
USD
5,177,921
PLN
18,833,315
UBS AG(9)
12/17/25 80,146
THB
344,292,456
USD
10,670,276
Morgan Stanley & Co. LLC
12/17/25 14,101
THB
28,529,488
USD
902,523
UBS AG(9)
12/17/25 (17,172)
THB
334,904,751
USD
10,375,828
UBS AG(9)
12/17/25 17,222
USD
11,816,373
THB
372,821,944
Citibank NA
12/17/25 246,645
USD
10,343,143
THB
334,904,751
UBS AG(9)
12/17/25 (49,907)
USD
10,358,824
THB
335,314,086
UBS AG(9)
12/17/25 (46,929)
TWD
356,981,484
USD
11,940,698
Morgan Stanley & Co. LLC
12/17/25 (331,432)
TWD
323,898,247
USD
10,589,184
UBS AG(9)
12/17/25 (55,806)
USD
11,901,366
TWD
356,981,484
Goldman Sachs & Co. LLC
12/17/25 292,100
USD
10,320,149
TWD
316,353,833
Goldman Sachs & Co. LLC
12/17/25 32,120
USD
10,689,686
TWD
323,898,247
UBS AG(9)
12/17/25 156,308
USD
5,912,846
ZAR
103,268,074
Bank of America NA
12/17/25 (25,913)
USD
10,729,056
ZAR
187,872,881
Bank of America NA
12/17/25 (75,172)
USD
5,173,547
ZAR
89,629,484
Bank of America NA
12/17/25 19,118
USD
5,161,426
ZAR
89,265,548
Bank of America NA
12/17/25 27,927
USD
10,397,467
ZAR
180,647,062
Bank of America NA
12/17/25 8,782
USD
5,161,472
ZAR
89,171,356
Bank of America NA
12/17/25 33,389
USD
12,020,850
ZAR
210,267,673
Citibank NA
12/17/25 (71,262)
USD
10,460,176
ZAR
179,543,143
Citibank NA
12/17/25 134,976
USD
10,270,121
ZAR
177,454,571
Citibank NA
12/17/25 65,031
USD
5,880,513
ZAR
102,395,403
Goldman Sachs & Co. LLC
12/17/25 (8,060)
USD
10,227,411
ZAR
179,504,605
Goldman Sachs & Co. LLC
12/17/25 (95,573)
USD
5,205,697
ZAR
90,736,874
Goldman Sachs & Co. LLC
12/17/25 (12,416)
USD
2,617,903
ZAR
45,829,123
Morgan Stanley & Co. LLC
12/17/25 (17,646)
USD
5,881,431
ZAR
102,894,626
Morgan Stanley & Co. LLC
12/17/25 (35,851)
USD
5,489,727
ZAR
95,537,661
Morgan Stanley & Co. LLC
12/17/25 (4,470)
USD
10,766,887
ZAR
187,028,924
Morgan Stanley & Co. LLC
12/17/25 11,193
USD
5,175,179
ZAR
89,502,877
Morgan Stanley & Co. LLC
12/17/25 28,031
USD
8,849,313
ZAR
154,756,599
UBS AG(9)
12/17/25 (50,457)
USD
11,809,354
ZAR
206,279,862
UBS AG(9)
12/17/25 (53,426)
USD
10,379,904
ZAR
178,342,712
UBS AG(9)
12/17/25 123,739
ZAR
205,670,241
USD
11,757,105
Bank of America NA
12/17/25 70,617
ZAR
186,560,546
USD
10,690,600
Bank of America NA
12/17/25 38,158
ZAR
89,629,484
USD
5,177,384
Bank of America NA
12/17/25 (22,955)
ZAR
178,993,100
USD
10,349,730
Bank of America NA
12/17/25 (56,162)
ZAR
132,754,823
USD
7,605,264
Bank of America NA
12/17/25 29,224
ZAR
89,171,356
USD
5,168,102
Bank of America NA
12/17/25 (40,019)
ZAR
178,342,712
USD
10,337,719
Bank of America NA
12/17/25 (81,554)
ZAR
134,308,281
USD
7,674,958
Citibank NA
12/17/25 48,867
12
Schedule of Investments - Emerging Markets Debt Fund
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
ZAR
177,913,913
USD
10,232,177
Citibank NA
12/17/25 $ (671)
ZAR
102,395,403
USD
5,870,729
Goldman Sachs & Co. LLC
12/17/25 17,844
ZAR
188,677,143
USD
10,760,336
Goldman Sachs & Co. LLC
12/17/25 90,144
ZAR
231,106,735
USD
13,111,636
Morgan Stanley & Co. LLC
12/17/25 178,892
ZAR
46,545,230
USD
2,663,639
Morgan Stanley & Co. LLC
12/17/25 13,093
ZAR
102,484,941
USD
5,899,298
Morgan Stanley & Co. LLC
12/17/25 (5,576)
ZAR
94,115,084
USD
5,422,202
Morgan Stanley & Co. LLC
12/17/25 (9,814)
ZAR
89,173,149
USD
5,127,239
Morgan Stanley & Co. LLC
12/17/25 947
ZAR
89,778,076
USD
5,152,087
Morgan Stanley & Co. LLC
12/17/25 10,887
ZAR
52,074,363
USD
2,969,476
UBS AG(9)
12/17/25 25,226
ZAR
7,257,914
USD
417,733
UBS AG(9)
12/17/25 (344)
ZAR
178,342,712
USD
10,402,755
UBS AG(9)
12/17/25 (146,589)
$ 1,023,069
FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount 		Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 273 December 2025 $ 56,850,117 $ (47,454)
U.S. Treasury Ultra Bonds 158 December 2025 19,162,438 583,177
$ 76,012,555 $ 535,723
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount 		Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Ultra Notes 34 December 2025 $ 3,926,469 $ 37,652
^Amount represents value and unrealized appreciation (depreciation).
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity Type Fixed Rate
Received
(Paid)
Quarterly 		Termination
Date 		Notional
Amount 		Premiums
Paid
(Received) 		Unrealized
Appreciation
(Depreciation) 		Value^
Chile Government International Bonds
Buy (1.00)% 6/20/29 $ 5,800,000 $ (81,071) $ (48,029) $ (129,100)
Markit CDX Emerging Markets Index Series 43
Buy (1.00)% 6/20/30 $ 16,550,000 635,467 (491,483) 143,984
Mexico Government International Bonds
Buy (1.00)% 6/20/29 $ 15,960,000 (28,831) (181,160) (209,991)
$ 525,565 $ (720,672) $ (195,107)
^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.
INTEREST RATE SWAP AGREEMENTS
Counterparty
Floating
Rate Index
Pay/Receive
Floating Rate
Index
at Termination
Fixed
Rate
Termination
Date
Notional
Amount
Value^
Bank of America NA BZDIOVRA Pay 14.20 % 1/2/31 BRL 16,000,000 $ 163,653
Bank of America NA BZDIOVRA Pay 14.27 % 1/2/31 BRL 10,000,000 102,876
Goldman Sachs & Co. LLC BZDIOVRA Pay 15.00 % 1/2/29 BRL 55,000,000 755,965
Goldman Sachs & Co. LLC BZDIOVRA Pay 14.18 % 1/2/29 BRL 60,000,000 372,430
Goldman Sachs & Co. LLC BZDIOVRA Pay 14.01 % 1/2/31 BRL 20,000,000 146,818
$ 1,541,742
^Amount represents value and unrealized appreciation (depreciation).
13
Schedule of Investments - Emerging Markets Debt Fund
NOTES TO SCHEDULE OF INVESTMENTS
BRL - Brazilian Real
BZDIOVRA - Brazil Interbank Deposit Rate
CDX - Credit Derivatives Indexes
CLP - Chilean Peso
COP - Colombian Peso
CZK - Czech Koruna
EUR - Euro
HUF - Hungarian Forint
IDR - Indonesian Rupiah
INR - Indian Rupee
KRW - South Korean Won
MXN - Mexican Peso
MYR - Malaysian Ringgit
PEN - Peruvian Sol
PHP - Philippine Peso
PLN - Polish Zloty
THB - Thai Baht
TRY - Turkish Lira
TWD - Taiwanese Dollar
USD - United States Dollar
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.
ZAR - South African Rand
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $230,822,887, which represented 44.5% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(3)Security is in default.
(4)Non-income producing.
(5)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.
(6)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,472,949. 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.
(7)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 $3,593,333.
(8)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,523,610.
(9)Collateral has been received at the custodian bank for collateral requirements on forward foreign currency exchange contracts. At the period end, the aggregate value of securities received was $437,961.
14
Schedule of Investments - Emerging Markets Debt Fund
FAIR VALUE MEASUREMENTS
The following is a summary of the fund's valuation inputs as of period end.
Level 1 Level 2 Level 3
Assets
Investment Securities
Sovereign Governments and Agencies - $ 382,121,359 -
Corporate Bonds - 90,788,800 -
U.S. Treasury Securities - 15,947,494 -
Convertible Preferred Securities - 429,049 -
Short-Term Investments $ 1,599,694 20,356,000 -
$ 1,599,694 $ 509,642,702 -
Other Financial Instruments
Futures Contracts $ 620,829 - -
Swap Agreements - $ 1,685,726 -
Forward Foreign Currency Exchange Contracts - 13,048,762 -
$ 620,829 $ 14,734,488 -
Liabilities
Other Financial Instruments
Futures Contracts $ 47,454 - -
Swap Agreements - $ 339,091 -
Forward Foreign Currency Exchange Contracts - 12,025,693 -
$ 47,454 $ 12,364,784 -
DERIVATIVE INSTRUMENTS
As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:
Type of Risk Exposure
Credit Foreign Currency Interest Rate Total
Asset Derivatives:
Unrealized appreciation on forward foreign currency exchange contracts - $ 13,048,762 - $ 13,048,762
Swap agreements - - $ 1,541,742 1,541,742
$ 14,590,504
Liability Derivatives:
Payable for variation margin on futures contracts* - - $ 76,875 $ 76,875
Payable for variation margin on swap agreements*
$ 12,282 - - 12,282
Unrealized depreciation on forward foreign currency exchange contracts - $ 12,025,693 - 12,025,693
$ 12,114,850
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.
15
Schedule of Investments - Emerging Markets Debt Fund
The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025.
Type of Risk Exposure
Credit Foreign Currency Interest Rate Total
Net realized gain (loss) on:
Forward foreign currency exchange transactions - $ (11,175,341) - $ (11,175,341)
Futures contract transactions - - $ (958,467) (958,467)
Swap agreement transactions $ (831,364) - (1,805,019) (2,636,383)
$ (14,770,191)
Change in net unrealized appreciation (depreciation) on:
Forward foreign currency exchange contracts - $ 1,550,787 - $ 1,550,787
Futures contracts - - $ 1,063,844 1,063,844
Swap agreements $ (598,134) - 2,393,391 1,795,257
$ 4,409,888
The fund does not offset assets and liabilities subject to master netting arrangements on the Statement of Assets and Liabilities for financial reporting purposes. The fund's asset derivatives and liability derivatives that are subject to legally enforceable offsetting arrangements as of period end were as follows:
Counterparty
Gross Amount
on Statement
of Assets
and Liabilities
Amount
Eligible
for Offset
Collateral
Net
Exposure*
Assets
Bank of America NA $ 1,320,846 $ (1,320,846) - -
Citibank NA 4,740,701 (2,526,070) $ (898,782) $ 1,315,849
Goldman Sachs & Co. LLC 3,541,042 (1,590,334) (1,770,000) 180,708
JPMorgan Chase Bank NA 189,155 (189,155) - -
Morgan Stanley & Co. LLC 1,589,154 (1,589,154) - -
UBS AG 3,209,606 (2,542,300) (437,961) 229,345
$ 14,590,504 $ (9,757,859) $ (3,106,743) $ 1,725,902
Liabilities
Bank of America NA $ 2,897,084 $ (1,320,846) $ (815,813) $ 760,425
Citibank NA 2,526,070 (2,526,070) - -
Goldman Sachs & Co. LLC 1,590,334 (1,590,334) - -
JPMorgan Chase Bank NA 626,585 (189,155) (296,578) 140,852
Morgan Stanley & Co. LLC 1,843,320 (1,589,154) (254,166) -
UBS AG 2,542,300 (2,542,300) - -
$ 12,025,693 $ (9,757,859) $ (1,366,557) $ 901,277
*The net exposure represents the amount receivable from the counterparty or amount payable to the counterparty in the event of default or termination.
See Notes to Financial Statements.
16
Schedule of Investments - Global Bond Fund
OCTOBER 31, 2025
Principal
Amount/Shares
Value
CORPORATE BONDS - 31.7%
Aerospace and Defense - 0.2%
Boeing Co., 5.71%, 5/1/40
$ 2,025,000 $ 2,065,922
Textron, Inc., 4.95%, 3/15/36
1,677,000 1,660,907
TransDigm, Inc., 4.625%, 1/15/29
1,165,000 1,146,766
TransDigm, Inc., 4.875%, 5/1/29
1,330,000 1,319,031
6,192,626
Air Freight and Logistics - 0.2%
GXO Logistics, Inc., 6.25%, 5/6/29
3,385,000 3,559,124
GXO Logistics, Inc., 6.50%, 5/6/34
355,000 381,216
3,940,340
Automobiles - 0.3%
American Honda Finance Corp., 4.95%, 1/9/26
650,000 650,703
Ford Motor Credit Co. LLC, 6.05%, 11/5/31
3,740,000 3,824,976
General Motors Financial Co., Inc., 5.60%, 6/18/31
1,150,000 1,196,572
General Motors Financial Co., Inc., 6.15%, 7/15/35
1,660,000 1,751,422
7,423,673
Banks - 6.6%
Alpha Bank SA, VRN, 4.31%, 7/23/36
EUR
4,500,000 5,277,910
Australia & New Zealand Banking Group Ltd., VRN, 2.57%, 11/25/35(1)
$ 4,510,000 4,042,636
Banco BPM SpA, 3.375%, 1/24/30
EUR
2,400,000 2,845,392
Bank of America Corp., VRN, 5.51%, 1/24/36
$ 1,855,000 1,942,830
Bank of Montreal, VRN, 7.70%, 5/26/84
2,899,000 3,076,593
Bank of Nova Scotia, VRN, 8.625%, 10/27/82
3,953,000 4,192,615
Bank of Nova Scotia, VRN, 8.00%, 1/27/84
3,560,000 3,802,144
Bank of Nova Scotia, VRN, 6.875%, 10/27/85
1,800,000 1,817,720
Banque Federative du Credit Mutuel SA, VRN, 4.00%, 1/15/35
EUR
3,000,000 3,529,381
Barclays PLC, VRN, 4.92%, 8/8/30
EUR
3,100,000 3,825,923
Barclays PLC, VRN, 8.41%, 11/14/32
GBP
2,100,000 2,954,181
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VRN, 5.125%, 1/18/33(1)
$ 4,360,000 4,317,010
BNP Paribas SA, VRN, 2.00%, 5/24/31
GBP
3,200,000 4,137,683
BPCE SA, VRN, 2.50%, 11/30/32
GBP
1,700,000 2,127,185
BPCE SA, VRN, 4.125%, 3/8/33
EUR
1,600,000 1,916,396
BPCE SA, VRN, 3.65%, 1/14/37(1)
$ 4,405,000 4,000,967
Caixa Geral de Depositos SA, VRN, 0.375%, 9/21/27
EUR
2,000,000 2,266,365
Citigroup, Inc., VRN, 5.17%, 9/11/36
$ 2,030,000 2,056,050
Citigroup, Inc., VRN, 5.61%, 3/4/56
1,345,000 1,366,100
Comerica Bank, VRN, 5.33%, 8/25/33
595,000 597,805
Credit Agricole Italia SpA, 3.50%, 1/15/30
EUR
9,000,000 10,737,973
Credit Mutuel Arkea SA, VRN, 4.81%, 5/15/35
EUR
3,000,000 3,625,140
European Union, 0.00%, 7/4/31(2)
EUR
15,800,000 15,794,563
HSBC Holdings PLC, VRN, 1.75%, 7/24/27
GBP
4,500,000 5,806,099
Intesa Sanpaolo SpA, 6.625%, 5/31/33
GBP
3,200,000 4,585,674
Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32(1)
$ 5,941,000 5,633,850
Intesa Sanpaolo SpA, VRN, 6.18%, 2/20/34
EUR
2,500,000 3,140,591
JPMorgan Chase & Co., VRN, 5.10%, 4/22/31
$ 4,475,000 4,623,050
JPMorgan Chase & Co., VRN, 4.26%, 10/22/31
2,025,000 2,018,382
JPMorgan Chase & Co., VRN, 5.77%, 4/22/35
2,662,000 2,839,932
La Banque Postale SA, VRN, 5.625%, 9/21/28
GBP
1,000,000 1,336,986
mBank SA, VRN, 4.03%, 9/27/30
EUR
3,000,000 3,543,728
17
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Mizuho Financial Group, Inc., 2.10%, 4/8/32
EUR
6,565,000 $ 7,116,418
Morgan Stanley Private Bank NA, VRN, 4.73%, 7/18/31
$ 1,380,000 1,401,959
NatWest Group PLC, VRN, 2.11%, 11/28/31
GBP
1,900,000 2,442,157
NatWest Group PLC, VRN, 3.03%, 11/28/35
$ 3,416,000 3,127,987
Novo Banco SA, VRN, 9.875%, 12/1/33
EUR
7,000,000 9,443,469
Royal Bank of Canada, VRN, 4.31%, 11/3/31(3)
$ 3,525,000 3,506,591
Standard Chartered PLC, VRN, 1.20%, 9/23/31
EUR
1,585,000 1,801,506
Sumitomo Mitsui Banking Corp., 2.74%, 2/18/30
EUR
6,000,000 6,928,530
Toronto-Dominion Bank, VRN, 8.125%, 10/31/82
$ 7,030,000 7,434,106
Wells Fargo & Co., VRN, 5.61%, 4/23/36
940,000 988,180
Wells Fargo & Co., VRN, 5.01%, 4/4/51
1,190,000 1,111,475
Zions Bancorp NA, VRN, 6.82%, 11/19/35
4,581,000 4,865,088
173,946,320
Biotechnology - 0.2%
Amgen, Inc., 5.65%, 3/2/53
1,425,000 1,423,117
Biocon Biologics Global PLC, 6.67%, 10/9/29(1)
4,735,000 4,684,139
6,107,256
Building Products - 0.4%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)
7,540,000 7,139,396
Carlisle Cos., Inc., 5.55%, 9/15/40
1,233,000 1,253,652
Standard Building Solutions, Inc., 6.50%, 8/15/32(1)
1,253,000 1,289,352
Standard Industries, Inc., 4.375%, 7/15/30(1)
470,000 453,654
10,136,054
Capital Markets - 1.7%
Ares Strategic Income Fund, 5.70%, 3/15/28
1,270,000 1,285,301
Blue Owl Capital Corp., 5.95%, 3/15/29
1,069,000 1,083,486
Blue Owl Credit Income Corp., 7.75%, 1/15/29
1,745,000 1,859,875
Blue Owl Technology Finance Corp., 6.10%, 3/15/28(1)
6,659,000 6,712,453
Blue Owl Technology Finance Corp., 6.75%, 4/4/29
2,595,000 2,653,774
Citadel Finance LLC, 5.90%, 2/10/30(1)
1,000,000 1,010,573
Goldman Sachs Group, Inc., VRN, 6.48%, 10/24/29
300,000 318,829
Goldman Sachs Group, Inc., VRN, 4.69%, 10/23/30
534,000 540,861
Goldman Sachs Group, Inc., VRN, 4.37%, 10/21/31
3,000,000 2,987,735
Golub Capital BDC, Inc., 7.05%, 12/5/28
1,318,000 1,383,150
Golub Capital Private Credit Fund, 5.45%, 8/15/28(1)
4,040,000 4,065,663
HPS Corporate Lending Fund, 5.45%, 1/14/28
1,390,000 1,401,002
HPS Corporate Lending Fund, 4.90%, 9/11/28(1)
2,105,000 2,090,256
LPL Holdings, Inc., 5.15%, 6/15/30
2,575,000 2,622,979
Morgan Stanley, VRN, 6.63%, 11/1/34
2,650,000 2,971,222
Morgan Stanley, VRN, 5.83%, 4/19/35
431,000 459,699
Morgan Stanley, VRN, 4.89%, 10/22/36
1,205,000 1,198,841
Morgan Stanley, VRN, 5.52%, 11/19/55
380,000 384,555
Northern Trust Corp., VRN, 3.375%, 5/8/32
8,560,000 8,416,917
43,447,171
Chemicals - 0.3%
Braskem Netherlands Finance BV, 4.50%, 1/10/28(1)
1,007,000 453,754
Braskem Netherlands Finance BV, 4.50%, 1/31/30(1)
8,636,000 3,481,085
Celanese U.S. Holdings LLC, 6.67%, 7/15/27
1,485,000 1,525,343
Orbia Advance Corp. SAB de CV, 2.875%, 5/11/31(1)
522,000 429,870
Solstice Advanced Materials, Inc., 5.625%, 9/30/33(1)
3,278,000 3,282,950
9,173,002
18
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Communications Equipment - 0.0%
Cisco Systems, Inc., 5.50%, 2/24/55
$ 994,000 $ 1,004,335
Construction Materials - 0.2%
Quikrete Holdings, Inc., 6.375%, 3/1/32(1)
1,655,000 1,717,844
Quikrete Holdings, Inc., 6.75%, 3/1/33(1)
3,846,000 4,005,409
5,723,253
Consumer Finance - 0.6%
Ally Financial, Inc., 8.00%, 11/1/31
2,363,000 2,691,201
American Express Co., VRN, 4.80%, 10/24/36
3,958,000 3,914,187
Capital One Financial Corp., VRN, 2.36%, 7/29/32
3,460,000 3,007,336
OneMain Finance Corp., 6.125%, 5/15/30
1,040,000 1,052,880
OneMain Finance Corp., 7.50%, 5/15/31
1,384,000 1,446,885
PRA Group, Inc., 8.875%, 1/31/30(1)
2,319,000 2,355,995
14,468,484
Consumer Staples Distribution & Retail - 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/27(1)
2,510,000 2,507,412
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.75%, 3/31/34(1)(3)
1,365,000 1,372,721
3,880,133
Diversified Consumer Services - 0.1%
Leland Stanford Junior University, 4.68%, 3/1/35
500,000 506,960
Massachusetts Institute of Technology, 5.62%, 6/1/55
805,000 856,846
1,363,806
Diversified REITs - 0.7%
American Assets Trust LP, 3.375%, 2/1/31
2,410,000 2,197,828
GLP Capital LP/GLP Financing II, Inc., 5.25%, 2/15/33
2,973,000 2,980,908
Kilroy Realty LP, 3.05%, 2/15/30
1,440,000 1,327,704
Kilroy Realty LP, 2.50%, 11/15/32
190,000 158,042
Kilroy Realty LP, 2.65%, 11/15/33
511,000 417,867
Piedmont Operating Partnership LP, 9.25%, 7/20/28
3,269,000 3,619,022
Piedmont Operating Partnership LP, 6.875%, 7/15/29
531,000 562,685
Prologis Targeted U.S. Logistics Fund LP, 4.25%, 1/15/31(1)
890,000 883,901
Prologis Targeted U.S. Logistics Fund LP, 4.75%, 1/15/36(1)
2,000,000 1,959,468
Trust Fibra Uno, 4.87%, 1/15/30(1)
612,000 598,414
Trust Fibra Uno, 8.25%, 1/23/37(1)
3,690,000 4,186,783
18,892,622
Diversified Telecommunication Services - 0.4%
Frontier Communications Holdings LLC, 8.625%, 3/15/31(1)
6,190,000 6,551,397
Sprint Capital Corp., 6.875%, 11/15/28
2,559,000 2,749,846
9,301,243
Electric Utilities - 1.8%
Alliant Energy Corp., VRN, 5.75%, 4/1/56
4,196,000 4,214,127
American Electric Power Co., Inc., VRN, 5.80%, 3/15/56
1,325,000 1,328,612
American Electric Power Co., Inc., VRN, 6.05%, 3/15/56
1,325,000 1,342,921
Commonwealth Edison Co., 5.30%, 2/1/53
967,000 943,632
Commonwealth Edison Co., 5.95%, 6/1/55
845,000 902,913
Duke Energy Corp., 4.95%, 9/15/35
980,000 975,062
Duke Energy Progress LLC, 4.15%, 12/1/44
620,000 530,353
Duke Energy Progress LLC, 5.55%, 3/15/55
3,360,000 3,393,349
Electricite de France SA, 6.95%, 1/26/39(1)
4,096,000 4,591,427
Emera, Inc., Series 16-A, VRN, 6.75%, 6/15/76
7,400,000 7,458,919
EUSHI Finance, Inc., VRN, 6.25%, 4/1/56
2,698,000 2,688,467
Hawaiian Electric Co., Inc., 6.00%, 10/1/33(1)
4,228,000 4,278,170
19
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Jersey Central Power & Light Co., 5.15%, 1/15/36(1)
$ 1,744,000 $ 1,769,299
Kentucky Utilities Co., 5.85%, 8/15/55
616,000 636,141
Louisville Gas & Electric Co., 5.85%, 8/15/55
616,000 635,165
Niagara Mohawk Power Corp., 4.65%, 10/3/30(1)
945,000 952,932
Northern States Power Co., 5.10%, 5/15/53
1,035,000 992,688
Northern States Power Co., 5.65%, 5/15/55
1,284,000 1,325,717
NRG Energy, Inc., 2.00%, 12/2/25(1)
1,850,000 1,844,131
Palomino Funding Trust I, 7.23%, 5/17/28(1)
1,380,000 1,461,238
RWE Finance U.S. LLC, 5.125%, 9/18/35(1)
992,000 979,132
Southern Co. Gas Capital Corp., 5.10%, 9/15/35
2,649,000 2,665,911
Union Electric Co., 5.45%, 3/15/53
1,045,000 1,031,909
46,942,215
Electrical Equipment - 0.0%
Hubbell, Inc., 4.80%, 11/15/35(3)
930,000 926,578
Electronic Equipment, Instruments and Components - 0.5%
Amphenol Corp., 4.125%, 11/15/30(3)
2,950,000 2,927,283
Amphenol Corp., 4.40%, 2/15/33(3)
2,430,000 2,403,638
Amphenol Corp., 4.625%, 2/15/36(3)
3,000,000 2,949,598
Amphenol Corp., 5.30%, 11/15/55(3)
1,320,000 1,285,498
Keysight Technologies, Inc., 5.35%, 7/30/30
1,069,000 1,111,254
TD SYNNEX Corp., 4.30%, 1/17/29
3,177,000 3,168,784
13,846,055
Energy Equipment and Services - 0.1%
Enerflex Ltd., 9.00%, 10/15/27(1)
3,736,000 3,825,761
Entertainment - 0.1%
Warnermedia Holdings, Inc., 3.76%, 3/15/27
3,486,000 3,424,995
Financial Services - 1.5%
Antares Holdings LP, 6.35%, 10/23/29(1)
2,485,000 2,536,613
Atlas Warehouse Lending Co. LP, 6.25%, 1/15/30(1)
3,612,000 3,784,389
BPCE SFH SA, 0.125%, 12/3/30
EUR
3,000,000 3,041,300
Cie de Financement Foncier SA, 1.20%, 4/29/31
EUR
3,300,000 3,492,844
Credit Agricole Public Sector SCF SA, 0.125%, 12/8/32
EUR
1,000,000 979,584
Credit Agricole Public Sector SCF SA, 0.125%, 12/8/32
EUR
1,000,000 979,546
Essent Group Ltd., 6.25%, 7/1/29
$ 2,785,000 2,916,730
Freedom Mortgage Holdings LLC, 9.25%, 2/1/29(1)
2,530,000 2,658,132
Nationwide Building Society, VRN, 4.125%, 10/18/32(1)
2,299,000 2,275,463
NMI Holdings, Inc., 6.00%, 8/15/29
3,345,000 3,453,043
PennyMac Financial Services, Inc., 7.125%, 11/15/30(1)
4,375,000 4,584,510
PennyMac Financial Services, Inc., 6.875%, 2/15/33(1)
1,188,000 1,230,201
PennyMac Financial Services, Inc., 6.75%, 2/15/34(1)
740,000 759,129
Rocket Cos., Inc., 6.125%, 8/1/30(1)
2,335,000 2,410,077
Rocket Cos., Inc., 6.375%, 8/1/33(1)
2,290,000 2,388,424
UWM Holdings LLC, 6.25%, 3/15/31(1)
2,405,000 2,402,177
39,892,162
Food Products - 0.2%
Flowers Foods, Inc., 5.75%, 3/15/35
1,375,000 1,390,956
Mars, Inc., 5.20%, 3/1/35(1)
989,000 1,015,468
Mars, Inc., 5.65%, 5/1/45(1)
2,245,000 2,289,599
Mars, Inc., 5.70%, 5/1/55(1)
1,313,000 1,336,927
6,032,950
Gas Utilities - 0.1%
Eastern Energy Gas Holdings LLC, 5.65%, 10/15/54
277,000 272,820
20
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Grupo Energia Bogota SA ESP, 5.75%, 10/22/35(1)
$ 1,634,000 $ 1,625,054
Snam SpA, 6.50%, 5/28/55(1)
1,677,000 1,807,898
3,705,772
Ground Transportation - 0.1%
Ashtead Capital, Inc., 5.95%, 10/15/33(1)
1,483,000 1,568,787
Health Care Equipment and Supplies - 0.4%
Hologic, Inc., 3.25%, 2/15/29(1)
2,610,000 2,578,262
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29(1)
7,308,000 7,527,262
10,105,524
Health Care Providers and Services - 1.3%
Centene Corp., 4.625%, 12/15/29
2,060,000 1,999,691
CVS Health Corp., 5.45%, 9/15/35
1,006,000 1,027,677
CVS Health Corp., 6.00%, 6/1/44
1,175,000 1,190,991
CVS Health Corp., VRN, 7.00%, 3/10/55
2,288,000 2,407,493
Elevance Health, Inc., 5.00%, 1/15/36
1,080,000 1,076,062
HCA, Inc., 4.90%, 11/15/35
3,947,000 3,901,760
HCA, Inc., 5.70%, 11/15/55
2,763,000 2,697,130
Icon Investments Six DAC, 6.00%, 5/8/34
441,000 462,881
IQVIA, Inc., 5.00%, 5/15/27(1)
3,910,000 3,911,373
IQVIA, Inc., 6.25%, 2/1/29
1,265,000 1,333,547
Kaiser Foundation Hospitals, 3.00%, 6/1/51
505,000 339,482
Surgery Center Holdings, Inc., 7.25%, 4/15/32(1)
1,166,000 1,201,169
Tenet Healthcare Corp., 5.125%, 11/1/27
4,753,000 4,750,986
Tenet Healthcare Corp., 6.125%, 10/1/28
1,665,000 1,668,187
UnitedHealth Group, Inc., 5.30%, 6/15/35
2,872,000 2,973,917
UnitedHealth Group, Inc., 5.50%, 7/15/44
1,286,000 1,291,219
UnitedHealth Group, Inc., 5.05%, 4/15/53
1,465,000 1,345,841
33,579,406
Hotels, Restaurants and Leisure - 1.0%
Brightstar Lottery PLC, 5.25%, 1/15/29(1)
5,440,000 5,429,772
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)
4,673,000 4,399,432
Carnival Corp., 4.00%, 8/1/28(1)
1,960,000 1,929,346
Carnival Corp., 5.125%, 5/1/29(1)
2,731,000 2,766,469
Hyatt Hotels Corp., 5.75%, 3/30/32
855,000 893,161
Light & Wonder International, Inc., 7.25%, 11/15/29(1)
4,005,000 4,111,409
Royal Caribbean Cruises Ltd., 6.00%, 2/1/33(1)
5,388,000 5,533,230
25,062,819
Household Durables - 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.875%, 8/1/33(1)
2,627,000 2,635,580
K Hovnanian Enterprises, Inc., 8.375%, 10/1/33(1)
140,000 143,462
KB Home, 4.80%, 11/15/29
2,866,000 2,852,738
5,631,780
Independent Power and Renewable Electricity Producers - 0.3%
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 1/31/41(1)
4,692,034 4,970,600
Saavi Energia SARL, 8.875%, 2/10/35(1)
3,545,000 3,815,306
8,785,906
Industrial Conglomerates - 0.1%
Siemens Financieringsmaatschappij NV, 1.20%, 3/11/26(1)
1,505,000 1,489,890
Insurance - 1.6%
Athene Global Funding, 5.53%, 7/11/31(1)
903,000 929,520
Beacon Funding Trust, 6.27%, 8/15/54(1)
710,000 730,911
CNA Financial Corp., 5.20%, 8/15/35
3,724,000 3,733,919
21
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
CNO Financial Group, Inc., 5.25%, 5/30/29
$ 3,880,000 $ 3,944,592
CNO Financial Group, Inc., 6.45%, 6/15/34
1,615,000 1,714,767
Global Atlantic Fin Co., 7.95%, 6/15/33(1)
6,435,000 7,391,766
Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51(1)
3,170,000 3,099,399
Lincoln National Corp., 7.00%, 6/15/40
1,123,000 1,275,302
MetLife Capital Trust IV, 7.875%, 12/15/67(1)
2,891,000 3,253,685
MetLife, Inc., 6.40%, 12/15/66
3,102,000 3,275,560
Rothesay Life PLC, 7.73%, 5/16/33
GBP
6,080,000 8,879,927
Wynnton Funding Trust II, 5.99%, 8/15/55(1)
$ 2,444,000 2,512,757
40,742,105
Interactive Media and Services - 0.6%
Meta Platforms, Inc., 4.60%, 11/15/32(3)
4,340,000 4,363,089
Meta Platforms, Inc., 4.875%, 11/15/35(3)
3,035,000 3,049,595
Meta Platforms, Inc., 5.50%, 11/15/45(3)
1,420,000 1,408,709
Meta Platforms, Inc., 5.625%, 11/15/55(3)
3,940,000 3,913,650
Meta Platforms, Inc., 5.75%, 11/15/65(3)
2,060,000 2,044,637
14,779,680
IT Services - 0.3%
CoreWeave, Inc., 9.25%, 6/1/30(1)
4,120,000 4,165,736
Kyndryl Holdings, Inc., 3.15%, 10/15/31
3,275,000 2,985,649
7,151,385
Machinery - 0.4%
AGCO Corp., 5.80%, 3/21/34
826,000 860,892
Chart Industries, Inc., 7.50%, 1/1/30(1)
6,440,000 6,724,332
Nordson Corp., 4.50%, 12/15/29
1,245,000 1,255,850
Weir Group, Inc., 5.35%, 5/6/30(1)
2,195,000 2,252,575
11,093,649
Marine Transportation - 0.2%
Yinson Bergenia Production BV, 8.50%, 1/31/45(1)
5,339,000 5,610,267
Media - 1.4%
Cox Communications, Inc., 5.70%, 6/15/33(1)
1,887,000 1,923,012
Discovery Communications LLC, 3.95%, 3/20/28
2,435,000 2,338,817
Lamar Media Corp., 3.75%, 2/15/28
3,550,000 3,454,842
Nexstar Media, Inc., 4.75%, 11/1/28(1)
7,095,000 6,989,101
Paramount Global, 4.375%, 3/15/43
3,313,000 2,510,508
Paramount Global, VRN, 6.25%, 2/28/57
2,498,000 2,450,950
Sirius XM Radio LLC, 3.125%, 9/1/26(1)
2,685,000 2,664,936
Sirius XM Radio LLC, 4.00%, 7/15/28(1)
6,845,000 6,657,078
TEGNA, Inc., 4.625%, 3/15/28
5,490,000 5,439,225
Time Warner Cable LLC, 6.55%, 5/1/37
3,140,000 3,219,600
Versant Media Group, Inc., 7.25%, 1/30/31(1)
132,000 134,634
37,782,703
Metals and Mining - 0.2%
Glencore Funding LLC, 5.19%, 4/1/30(1)
3,340,000 3,439,176
Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, 3/15/34
679,000 706,703
Rio Tinto Finance USA PLC, 5.75%, 3/14/55
570,000 590,034
4,735,913
Mortgage Real Estate Investment Trusts (REITs) - 0.5%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29(1)
4,240,000 4,160,879
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31(1)
9,600,000 10,091,626
14,252,505
22
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Multi-Utilities - 0.5%
CenterPoint Energy, Inc., VRN, 5.95%, 4/1/56
$ 2,702,000 $ 2,721,587
NiSource, Inc., 5.35%, 7/15/35
2,661,000 2,716,363
Sempra, VRN, 4.125%, 4/1/52
6,838,000 6,686,262
12,124,212
Oil, Gas and Consumable Fuels - 2.2%
Cheniere Energy, Inc., 4.625%, 10/15/28
1,065,000 1,062,940
Ecopetrol SA, 7.75%, 2/1/32
2,535,000 2,622,280
Enbridge, Inc., VRN, 6.00%, 1/15/77
6,880,000 6,912,453
Energy Transfer LP, 6.55%, 12/1/33
2,145,000 2,345,368
Energy Transfer LP, 6.125%, 12/15/45
1,185,000 1,183,675
Eni SpA, 4.25%, 5/19/33
EUR
2,610,000 3,184,351
Eni SpA, 5.95%, 5/15/54(1)
$ 909,000 904,694
Expand Energy Corp., 6.75%, 4/15/29(1)
435,000 438,588
Expand Energy Corp., 5.375%, 3/15/30
5,171,000 5,248,631
Matador Resources Co., 6.50%, 4/15/32(1)
2,010,000 2,030,361
Occidental Petroleum Corp., 6.45%, 9/15/36
335,000 355,921
Petroleos Mexicanos, 6.84%, 1/23/30
854,000 877,134
Petroleos Mexicanos, 5.95%, 1/28/31
15,650,000 15,318,236
PRIO Luxembourg Holding SARL, 6.75%, 10/15/30(1)
1,915,000 1,882,420
Repsol E&P Capital Markets U.S. LLC, 5.20%, 9/16/30(1)
2,270,000 2,279,276
Repsol E&P Capital Markets U.S. LLC, 5.98%, 9/16/35(1)
1,336,000 1,360,060
SM Energy Co., 6.75%, 9/15/26
3,547,000 3,552,579
Sunoco LP, 7.00%, 5/1/29(1)
2,116,000 2,207,384
Sunoco LP, 5.875%, 3/15/34(1)
2,566,000 2,567,234
Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36(1)
2,486,000 2,634,529
58,968,114
Paper and Forest Products - 0.1%
Louisiana-Pacific Corp., 3.625%, 3/15/29(1)
2,986,000 2,866,468
Passenger Airlines - 1.1%
American Airlines, Inc., 7.25%, 2/15/28(1)
2,750,000 2,815,512
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
3,641,836 3,653,370
Grupo Aeromexico SAB de CV, 8.25%, 11/15/29(1)
4,875,000 4,923,750
Latam Airlines Group SA, 7.875%, 4/15/30(1)
3,907,000 4,045,308
Southwest Airlines Co., 4.375%, 11/15/28(3)
3,670,000 3,662,654
United Airlines, Inc., 4.375%, 4/15/26(1)
7,242,000 7,231,571
United Airlines, Inc., 4.625%, 4/15/29(1)
2,095,000 2,076,241
28,408,406
Personal Care Products - 0.2%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 5.60%, 1/15/31(1)
3,975,000 3,991,619
Pharmaceuticals - 0.1%
Bristol-Myers Squibb Co., 5.55%, 2/22/54
1,000,000 995,737
Merck & Co., Inc., 5.70%, 9/15/55
2,070,000 2,136,288
3,132,025
Real Estate Management and Development - 0.1%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/30(1)
1,661,000 1,809,711
Semiconductors and Semiconductor Equipment - 0.5%
Broadcom, Inc., 4.80%, 2/15/36
2,165,000 2,149,808
Foundry JV Holdco LLC, 5.875%, 1/25/34(1)
1,395,000 1,441,695
Foundry JV Holdco LLC, 6.25%, 1/25/35(1)
1,575,000 1,677,830
Foundry JV Holdco LLC, 6.10%, 1/25/36(1)
1,141,000 1,206,663
Foundry JV Holdco LLC, 6.30%, 1/25/39(1)
1,210,000 1,288,686
23
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Intel Corp., 5.15%, 2/21/34
$ 1,065,000 $ 1,081,520
Intel Corp., 5.60%, 2/21/54
711,000 680,472
Micron Technology, Inc., 5.30%, 1/15/31
2,695,000 2,786,680
12,313,354
Software - 0.8%
AppLovin Corp., 5.125%, 12/1/29
438,000 447,211
AppLovin Corp., 5.50%, 12/1/34
2,440,000 2,507,579
Oracle Corp., 4.80%, 9/26/32
9,346,000 9,252,462
Oracle Corp., 5.20%, 9/26/35
4,050,000 3,990,256
Oracle Corp., 5.50%, 9/27/64
485,000 423,397
Synopsys, Inc., 5.00%, 4/1/32
5,302,000 5,414,993
22,035,898
Specialized REITs - 0.3%
American Tower Corp., 5.35%, 3/15/35
3,535,000 3,634,810
EPR Properties, 4.95%, 4/15/28
2,040,000 2,060,255
EPR Properties, 3.75%, 8/15/29
500,000 481,799
VICI Properties LP/VICI Note Co., Inc., 4.125%, 8/15/30(1)
2,270,000 2,196,058
8,372,922
Specialty Retail - 0.4%
Advance Auto Parts, Inc., 7.00%, 8/1/30(1)
321,000 324,150
Advance Auto Parts, Inc., 7.375%, 8/1/33(1)
2,935,000 2,974,476
Lowe's Cos., Inc., 4.50%, 10/15/32
3,010,000 2,982,729
Lowe's Cos., Inc., 4.85%, 10/15/35
4,360,000 4,307,154
10,588,509
Technology Hardware, Storage and Peripherals - 0.2%
Dell International LLC/EMC Corp., 4.50%, 2/15/31
3,790,000 3,780,494
Dell International LLC/EMC Corp., 5.30%, 4/1/32
1,177,000 1,215,990
4,996,484
Textiles, Apparel and Luxury Goods - 0.1%
Gildan Activewear, Inc., 4.70%, 10/7/30(1)
1,175,000 1,170,204
Gildan Activewear, Inc., 5.40%, 10/7/35(1)
1,965,000 1,958,079
3,128,283
Trading Companies and Distributors - 0.1%
Herc Holdings, Inc., 5.50%, 7/15/27(1)
688,000 688,299
Herc Holdings, Inc., 7.25%, 6/15/33(1)
2,163,000 2,282,112
2,970,411
Wireless Telecommunication Services - 0.1%
T-Mobile USA, Inc., 6.70%, 12/15/33
2,203,000 2,465,070
TOTAL CORPORATE BONDS
(Cost $821,294,212)
834,140,611
SOVEREIGN GOVERNMENTS AND AGENCIES - 22.1%
Australia - 1.0%
Australia Government Bonds, 1.75%, 6/21/51
AUD
4,300,000 1,507,355
New South Wales Treasury Corp., 1.50%, 2/20/32
AUD
5,800,000 3,209,267
New South Wales Treasury Corp., 2.00%, 3/8/33
AUD
6,000,000 3,311,608
Queensland Treasury Corp., 4.50%, 8/22/35(1)
AUD
18,850,000 11,964,164
Treasury Corp. of Victoria, 4.25%, 12/20/32
AUD
3,600,000 2,320,878
Treasury Corp. of Victoria, 2.25%, 9/15/33
AUD
6,900,000 3,804,106
26,117,378
Belgium - 1.8%
Kingdom of Belgium Government Bonds, 2.85%, 10/22/34(1)
EUR
16,250,000 18,414,188
Kingdom of Belgium Government Bonds, 5.00%, 3/28/35(1)
EUR
15,220,000 20,238,791
24
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Kingdom of Belgium Government Bonds, 4.25%, 3/28/41(1)
EUR
3,716,000 $ 4,596,198
Kingdom of Belgium Government Bonds, 1.60%, 6/22/47(1)
EUR
4,086,000 3,139,771
Kingdom of Belgium Government Bonds, 3.10%, 6/22/35(1)
EUR
1,500,000 1,719,089
48,108,037
Canada - 0.2%
Canada Government Bonds, 2.00%, 12/1/51
CAD
2,180,000 1,139,326
Province of Quebec, 3.50%, 12/1/48
CAD
7,300,000 4,511,994
5,651,320
China - 3.9%
China Government Bonds, 2.64%, 1/15/28
CNY
48,000,000 6,932,782
China Government Bonds, 2.54%, 12/25/30
CNY
277,000,000 40,782,549
China Government Bonds, 2.67%, 11/25/33
CNY
88,000,000 13,245,173
China Government Bonds, 2.67%, 11/25/33
CNY
50,000,000 7,525,847
China Government Bonds, 3.81%, 9/14/50
CNY
57,000,000 10,474,724
China Government Bonds, 2.19%, 9/25/54
CNY
118,000,000 16,693,629
China Government Bonds, 2.19%, 9/25/54
CNY
48,000,000 6,790,023
102,444,727
Colombia - 0.1%
Colombia Government International Bonds, 8.00%, 11/14/35
$ 880,000 961,400
Colombia TES, 7.00%, 6/30/32
COP
11,500,000,000 2,371,781
3,333,181
Czech Republic - 0.3%
Czech Republic Government Bonds, 0.25%, 2/10/27
CZK
138,700,000 6,310,219
Denmark - 0.2%
Denmark Government Bonds, 0.50%, 11/15/29
DKK
35,000,000 5,102,087
Finland - 0.3%
Finland Government Bonds, 1.50%, 9/15/32(1)
EUR
7,500,000 8,008,185
Germany - 0.2%
Bundesrepublik Deutschland Bundesanleihe, 1.25%, 8/15/48
EUR
1,200,000 959,521
Bundesrepublik Deutschland Bundesanleihe, 1.80%, 8/15/53
EUR
3,330,000 2,861,447
3,820,968
Indonesia - 0.4%
Indonesia Treasury Bonds, 6.625%, 2/15/34
IDR
181,530,000,000 11,317,554
Israel - 0.1%
Israel Government Bonds - Fixed, 2.80%, 11/29/52
ILS
10,000,000 2,375,688
Italy - 2.0%
Italy Buoni Poliennali Del Tesoro, 0.90%, 4/1/31
EUR
10,000,000 10,497,763
Italy Buoni Poliennali Del Tesoro, 0.60%, 8/1/31(1)
EUR
10,000,000 10,226,000
Italy Buoni Poliennali Del Tesoro, 3.85%, 7/1/34
EUR
17,700,000 21,419,558
Italy Buoni Poliennali Del Tesoro, 1.80%, 3/1/41(1)
EUR
1,500,000 1,332,654
Italy Buoni Poliennali Del Tesoro, 4.75%, 9/1/44(1)
EUR
7,519,000 9,631,832
Italy Buoni Poliennali Del Tesoro, 1.70%, 9/1/51(1)
EUR
500,000 359,808
53,467,615
Japan - 3.8%
Japan Government Forty Year Bonds, 1.40%, 3/20/55
JPY
625,000,000 2,754,946
Japan Government Thirty Year Bonds, 2.40%, 3/20/37
JPY
231,950,000 1,595,090
Japan Government Thirty Year Bonds, 2.00%, 9/20/41
JPY
1,234,500,000 7,703,333
Japan Government Thirty Year Bonds, 1.40%, 12/20/45
JPY
1,673,400,000 8,812,216
Japan Government Thirty Year Bonds, 0.40%, 3/20/50
JPY
700,000,000 2,564,972
Japan Government Thirty Year Bonds, 0.70%, 6/20/51
JPY
716,000,000 2,733,521
Japan Government Thirty Year Bonds, 0.70%, 9/20/51
JPY
1,350,000,000 5,116,040
Japan Government Thirty Year Bonds, 0.70%, 12/20/51
JPY
1,790,000,000 6,739,804
25
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Japan Government Thirty Year Bonds, 1.00%, 3/20/52
JPY
297,300,000 $ 1,215,808
Japan Government Thirty Year Bonds, 1.30%, 6/20/52
JPY
380,000,000 1,680,677
Japan Government Thirty Year Bonds, 1.60%, 12/20/52
JPY
300,000,000 1,423,845
Japan Government Thirty Year Bonds, 1.40%, 3/20/53
JPY
657,000,000 2,951,418
Japan Government Thirty Year Bonds, 1.20%, 6/20/53
JPY
1,853,500,000 7,852,873
Japan Government Thirty Year Bonds, 1.80%, 9/20/53
JPY
1,000,000,000 4,946,161
Japan Government Thirty Year Bonds, 1.80%, 3/20/54
JPY
1,120,000,000 5,514,799
Japan Government Thirty Year Bonds, 2.20%, 6/20/54
JPY
680,000,000 3,675,991
Japan Government Twenty Year Bonds, 0.60%, 9/20/37
JPY
1,222,000,000 6,858,368
Japan Government Twenty Year Bonds, 0.50%, 6/20/38
JPY
931,000,000 5,059,455
Japan Government Twenty Year Bonds, 0.70%, 9/20/38
JPY
906,000,000 5,021,752
Japan Government Twenty Year Bonds, 0.30%, 12/20/39
JPY
1,078,800,000 5,447,050
Japan Government Twenty Year Bonds, 0.50%, 12/20/41
JPY
831,000,000 4,082,642
Japan Government Twenty Year Bonds, 1.10%, 9/20/42
JPY
835,000,000 4,464,732
Japan Government Twenty Year Bonds, 1.10%, 6/20/43
JPY
500,000,000 2,629,220
100,844,713
Malaysia - 0.3%
Malaysia Government Bonds, 4.70%, 10/15/42
MYR
31,900,000 8,415,426
Mexico - 0.8%
Eagle Funding Luxco SARL, 5.50%, 8/17/30(1)
13,000,000 13,222,950
Mexico Bonos, 7.75%, 5/29/31
MXN
158,230,000 8,311,354
21,534,304
New Zealand - 1.2%
New Zealand Government Bonds, 1.75%, 5/15/41
NZD
6,040,000 2,359,632
New Zealand Government Bonds, 4.50%, 5/15/35
NZD
49,350,000 29,207,570
31,567,202
Norway - 0.0%
Norway Government Bonds, 1.75%, 2/17/27(1)
NOK
2,800,000 269,206
Poland - 0.2%
Republic of Poland Government Bonds, 1.75%, 4/25/32
PLN
16,300,000 3,647,662
Saudi Arabia - 0.6%
Saudi Government International Bonds, 3.375%, 3/5/32(1)
EUR
14,250,000 16,568,884
Singapore - 0.1%
Singapore Government Bonds, 2.875%, 7/1/29
SGD
4,240,000 3,413,898
Spain - 2.4%
Spain Government Bonds, 0.80%, 7/30/29
EUR
10,500,000 11,441,710
Spain Government Bonds, 2.70%, 1/31/30
EUR
10,000,000 11,660,773
Spain Government Bonds, 0.10%, 4/30/31(1)
EUR
10,000,000 10,093,311
Spain Government Bonds, 3.10%, 7/30/31
EUR
10,000,000 11,819,043
Spain Government Bonds, 3.15%, 4/30/33(1)
EUR
7,000,000 8,232,183
Spain Government Bonds, 1.85%, 7/30/35(1)
EUR
2,200,000 2,274,823
Spain Government Bonds, 2.70%, 10/31/48(1)
EUR
7,100,000 6,829,657
62,351,500
Sweden - 0.2%
Sweden Government Bonds, 1.75%, 11/11/33
SEK
29,000,000 2,909,695
Sweden Government Bonds, 3.50%, 3/30/39
SEK
15,600,000 1,785,968
4,695,663
Thailand - 0.4%
Thailand Government Bonds, 1.59%, 12/17/35
THB
306,000,000 9,338,044
United Kingdom - 1.6%
U.K. Gilts, 1.75%, 9/7/37
GBP
9,375,000 9,151,455
U.K. Gilts, 3.75%, 1/29/38
GBP
20,000,000 24,018,157
26
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
U.K. Gilts, 4.50%, 12/7/42
GBP
954,000 $ 1,188,873
U.K. Gilts, 4.25%, 12/7/49
GBP
3,720,000 4,299,110
U.K. Gilts, 4.25%, 12/7/55
GBP
3,780,000 4,279,493
42,937,088
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $645,949,376)
581,640,549
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 12.4%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities - 0.0%
FNMA, VRN, 3.17%, (1-year RFUCC plus 1.61%), 3/1/47
$ 467,695 468,022
FNMA, VRN, 3.10%, (1-year RFUCC plus 1.61%), 4/1/47
304,168 304,102
772,124
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities - 12.4%
FHLMC, 6.00%, 2/1/38
535 565
FHLMC, 3.50%, 2/1/49
6,826,011 6,425,956
FHLMC, 3.50%, 5/1/50
4,495,910 4,186,077
FHLMC, 2.50%, 10/1/50
5,512,351 4,687,039
FHLMC, 2.50%, 5/1/51
151,080 129,641
FHLMC, 3.50%, 5/1/51
5,655,863 5,270,095
FHLMC, 2.00%, 8/1/51
16,684,347 13,661,456
FHLMC, 3.00%, 12/1/51
5,756,013 5,125,553
FHLMC, 3.50%, 5/1/52
861,500 796,065
FHLMC, 3.50%, 5/1/52
292,966 272,937
FHLMC, 4.00%, 5/1/52
297,744 284,137
FHLMC, 5.00%, 8/1/52 5,724,215 5,749,504
FHLMC, 6.00%, 11/1/52
5,420,233 5,589,101
FHLMC, 6.00%, 1/1/53
4,001,270 4,119,845
FHLMC, 6.00%, 8/1/53 5,067,806 5,265,212
FHLMC, 6.50%, 11/1/53
4,757,469 4,943,739
FHLMC, 5.50%, 4/1/54
10,094,768 10,279,393
FNMA, 3.50%, 10/1/40
665,616 641,103
FNMA, 4.50%, 9/1/41
4,562 4,583
FNMA, 3.50%, 5/1/42
13,659 13,096
FNMA, 4.00%, 2/1/46
90,858 87,978
FNMA, 4.00%, 3/1/50
6,631,781 6,340,886
FNMA, 2.50%, 6/1/50
8,284,111 7,105,550
FNMA, 4.00%, 3/1/51
9,025,299 8,684,897
FNMA, 4.00%, 3/1/51
6,960,455 6,709,397
FNMA, 2.50%, 12/1/51
5,278,312 4,536,126
FNMA, 2.50%, 2/1/52
2,143,380 1,843,271
FNMA, 3.00%, 2/1/52
5,249,208 4,709,219
FNMA, 3.00%, 4/1/52
14,625,620 13,227,730
FNMA, 3.50%, 4/1/52
183,541 169,690
FNMA, 3.00%, 5/1/52
237,361 214,321
FNMA, 3.50%, 5/1/52
8,826,946 8,172,912
FNMA, 3.50%, 5/1/52
5,462,353 5,055,950
FNMA, 3.50%, 5/1/52
533,129 499,749
FNMA, 4.00%, 5/1/52
3,757,967 3,578,538
FNMA, 3.00%, 6/1/52
13,284,210 11,911,509
FNMA, 5.00%, 8/1/52
2,594,417 2,602,439
FNMA, 5.00%, 10/1/52
9,361,092 9,409,350
FNMA, 5.50%, 10/1/52
3,860,481 3,917,220
FNMA, 5.00%, 1/1/53
10,915,897 10,946,839
27
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
FNMA, 5.50%, 1/1/53
$ 4,589,928 $ 4,669,610
FNMA, 6.50%, 1/1/53
5,261,653 5,472,989
FNMA, 5.50%, 3/1/53
11,367,234 11,614,138
FNMA, 4.50%, 6/1/53
11,392,178 11,272,655
FNMA, 4.50%, 8/1/53
3,305,913 3,255,592
FNMA, 6.00%, 9/1/53
4,053,621 4,193,491
FNMA, 6.00%, 9/1/53
1,631,475 1,673,969
FNMA, 5.50%, 3/1/54
7,693,520 7,794,595
FNMA, 4.50%, 4/1/54
4,968,344 4,860,767
FNMA, 6.00%, 5/1/54
5,533,253 5,671,273
GNMA, 5.00%, TBA
5,891,000 5,873,784
GNMA, 6.00%, 7/15/33
1,260 1,295
GNMA, 4.50%, 10/15/39
1,699 1,705
GNMA, 5.00%, 10/15/39
3,049 3,135
GNMA, 4.50%, 1/15/40
2,487 2,500
GNMA, 4.00%, 12/15/40
2,744 2,649
GNMA, 4.50%, 12/15/40
8,571 8,582
GNMA, 3.50%, 6/20/42
1,521,230 1,449,156
GNMA, 3.00%, 5/20/50
1,040,333 937,403
GNMA, 3.00%, 7/20/50
2,748,897 2,480,410
GNMA, 3.50%, 6/20/51
2,344,020 2,162,457
GNMA, 3.00%, 7/20/51
6,352,787 5,718,389
GNMA, 2.00%, 12/20/51
12,818,472 10,674,702
GNMA, 4.00%, 9/20/52
6,948,552 6,629,865
GNMA, 4.50%, 9/20/52
4,329,849 4,259,333
GNMA, 4.50%, 10/20/52
7,866,306 7,736,982
GNMA, 4.00%, 4/20/54
15,781,595 14,987,150
GNMA, 5.00%, 12/20/54
4,341,055 4,338,887
UMBS, 5.00%, TBA
10,159,000 10,109,438
325,025,569
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $323,799,132)
325,797,693
COLLATERALIZED MORTGAGE OBLIGATIONS - 10.3%
Private Sponsor Collateralized Mortgage Obligations - 10.0%
Chase Home Lending Mortgage Trust, Series 2024-10, Class A4, VRN, 6.00%, 10/25/55(1)
6,869,109 6,958,989
Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A, SEQ, VRN, 6.00%, 2/25/55(1)
3,007,013 3,042,842
Chase Home Lending Mortgage Trust, Series 2024-3, Class A4, SEQ, VRN, 6.00%, 2/25/55(1)
7,876,287 7,988,591
Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55(1)
7,002,170 7,021,655
Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55(1)
2,561,120 2,561,001
Chase Home Lending Mortgage Trust, Series 2025-10, Class A4A, VRN, 5.50%, 7/25/56(1)
10,102,318 10,187,159
Citigroup Mortgage Loan Trust, Inc., Series 2024-1, Class A7A, VRN, 6.00%, 7/25/54(1)
6,807,841 6,895,805
Deephaven Residential Mortgage Trust, Series 2020-2, Class B1, VRN, 6.40%, 5/25/65(1)
4,482,000 4,513,067
GCAT Trust, Series 2024-INV3, Class A6, SEQ, VRN, 5.50%, 9/25/54(1)
11,243,409 11,333,447
GS Mortgage-Backed Securities Trust, Series 2024-PJ5, Class A15, SEQ, VRN, 6.00%, 9/25/54(1)
7,093,387 7,169,397
GS Mortgage-Backed Securities Trust, Series 2024-PJ7, Class A7, SEQ, VRN, 5.50%, 11/25/54(1)
7,702,309 7,700,594
GS Mortgage-Backed Securities Trust, Series 2025-PJ5, Class A5, VRN, 5.50%, 10/25/55(1)
13,520,985 13,607,387
GS Mortgage-Backed Securities Trust, Series 2025-PJ6, Class A4, VRN, 6.00%, 11/25/55(1)
7,178,102 7,286,291
JP Morgan Mortgage Trust, Series 2023-7, Class A4A, SEQ, VRN, 5.50%, 2/25/54(1)
8,843,347 8,896,014
JP Morgan Mortgage Trust, Series 2023-8, Class A4, SEQ, VRN, 6.00%, 2/25/54(1)
3,060,000 3,094,350
JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55(1)
6,794,866 6,824,606
JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55(1)
4,692,611 4,700,071
JP Morgan Mortgage Trust, Series 2024-11, Class A4, VRN, 6.00%, 4/25/55(1)
10,413,055 10,556,953
28
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
JP Morgan Mortgage Trust, Series 2024-11, Class A6, SEQ, VRN, 6.00%, 4/25/55(1)
$ 4,051,084 $ 4,081,771
JP Morgan Mortgage Trust, Series 2024-12, Class A4, VRN, 6.00%, 6/25/55(1)
6,885,878 6,971,277
JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54(1)
4,672,394 4,692,369
JP Morgan Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 1/25/55(1)
5,116,816 5,124,215
JP Morgan Mortgage Trust, Series 2024-CCM1, Class A4A, SEQ, VRN, 5.50%, 4/25/55(1)
5,221,584 5,258,602
JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55(1)
6,483,675 6,579,928
JP Morgan Mortgage Trust, Series 2025-5MPR, Class A1D, 5.50%, 11/25/55(1)
6,813,929 6,844,041
JP Morgan Mortgage Trust, Series 2025-CCM1, Class A4, SEQ, VRN, 5.50%, 6/25/55(1)
10,497,758 10,563,211
Morgan Stanley Residential Mortgage Loan Trust, Series 2023-4, Class A4, VRN, 6.00%, 11/25/53(1)
3,258,408 3,272,179
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class A2, VRN, 6.00%, 7/25/54(1)
4,437,956 4,464,062
OBX Trust, Series 2024-J1, Class A5, SEQ, VRN, 5.50%, 9/25/54(1)
3,980,859 3,994,303
OBX Trust, Series 2025-J1, Class A5, SEQ, VRN, 5.50%, 5/25/55(1)
7,703,865 7,757,281
PMT Loan Trust, Series 2025-J2, Class A9, VRN, 5.50%, 8/25/56(1)
16,029,148 16,148,591
Provident Funding Mortgage Trust, Series 2025-2, Class A4, SEQ, VRN, 5.50%, 6/25/55(1)
8,786,773 8,843,486
Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54(1)
2,385,613 2,389,381
Rate Mortgage Trust, Series 2025-J1, Class A4, VRN, 6.00%, 3/25/55(1)
6,922,966 7,031,807
Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54(1)
2,658,838 2,661,359
Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54(1)
3,926,775 3,944,734
Sequoia Mortgage Trust, Series 2024-8, Class A11, SEQ, VRN, 5.50%, 9/25/54(1)
5,772,735 5,771,275
Sequoia Mortgage Trust, Series 2024-8, Class A5, SEQ, VRN, 5.50%, 9/25/54(1)
8,319,355 8,350,257
Sequoia Mortgage Trust, Series 2024-9, Class A5, SEQ, VRN, 5.50%, 10/25/54(1)
5,468,940 5,493,434
Verus Securitization Trust, Series 2023-8, Class A2, 6.66%, 12/25/68(1)
2,037,810 2,059,615
262,635,397
U.S. Government Agency Collateralized Mortgage Obligations - 0.3%
FNMA, Series 2022-R09, Class 2M1, VRN, 6.68%, (30-day average SOFR plus 2.50%), 9/25/42(1)
1,193,528 1,209,455
FNMA, Series 2023-R05, Class 1M1, VRN, 6.08%, (30-day average SOFR plus 1.90%), 6/25/43(1)
4,410,597 4,454,770
FNMA, Series 2024-R01, Class 1M1, VRN, 5.23%, (30-day average SOFR plus 1.05%), 1/25/44(1)
3,378,844 3,380,046
9,044,271
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $270,163,753)
271,679,668
CONVERTIBLE PREFERRED SECURITIES - 8.8%
Banks - 7.4%
ABN AMRO Bank NV, 4.75%
6,000,000 6,964,472
Australia & New Zealand Banking Group Ltd., 6.75%(1)
7,870,000 7,994,716
Banco Bilbao Vizcaya Argentaria SA, 6.125%
7,000,000 7,032,004
Banco de Sabadell SA, 5.00%
3,000,000 3,504,024
Banco Mercantil del Norte SA, 5.875%(1)
3,537,000 3,510,470
Banco Mercantil del Norte SA, 7.50%(1)
1,774,000 1,821,304
Banco Santander SA, 4.75%
14,400,000 14,199,434
Barclays PLC, 6.375%
2,090,000 2,755,070
Barclays PLC, 8.00%
7,523,000 8,033,225
BNP Paribas SA, 8.50%(1)
12,253,000 12,986,416
BNP Paribas SA, 7.375%
2,400,000 3,034,895
Commerzbank AG, 4.25%
7,000,000 8,017,638
Cooperatieve Rabobank UA, 3.25%
5,000,000 5,718,504
Credit Agricole SA, 7.25%
4,900,000 6,099,024
Danske Bank AS, 4.375%
11,100,000 11,053,031
HSBC Holdings PLC, 6.00%
6,847,000 6,904,706
HSBC Holdings PLC, 6.875%
1,973,000 2,043,059
ING Groep NV, 5.75%
7,410,000 7,446,472
ING Groep NV, 7.50%
7,125,000 7,451,334
La Banque Postale SA, 3.875%
4,400,000 5,063,445
29
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Lloyds Banking Group PLC, 6.75%
3,919,000 $ 3,952,076
Macquarie Bank Ltd., 6.125%(1)
5,354,000 5,459,126
NatWest Group PLC, 5.125%
1,585,000 2,071,548
Nordea Bank Abp, 6.625%(1)
14,035,000 14,145,933
Skandinaviska Enskilda Banken AB, 6.875%
7,200,000 7,388,507
Societe Generale SA, 4.75%(1)
1,207,000 1,202,142
Societe Generale SA, 9.375%(1)
7,760,000 8,337,507
Societe Generale SA, 7.875%
1,600,000 1,999,760
Standard Chartered PLC, 7.75%(1)
2,118,000 2,203,067
Svenska Handelsbanken AB, 4.375%
7,400,000 7,312,801
UniCredit SpA, 3.875%
7,255,000 8,286,765
193,992,475
Capital Markets - 0.9%
Deutsche Bank AG, 7.125%
6,500,000 8,568,721
Deutsche Bank AG, 4.625%
4,600,000 5,271,159
UBS Group AG, 9.25%(1)
9,505,000 10,371,143
24,211,023
Financial Services - 0.3%
Nationwide Building Society, 5.75%
6,600,000 8,702,252
Insurance - 0.2%
CNP Assurances SA, 4.75%
3,500,000 4,075,412
TOTAL CONVERTIBLE PREFERRED SECURITIES
(Cost $224,343,460)
230,981,162
ASSET-BACKED SECURITIES - 3.2%
Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(1)
$ 3,145,108 2,981,216
Capital Automotive REIT, Series 2024-2A, Class A2, SEQ, 5.25%, 5/15/54(1)
6,753,255 6,726,094
Cologix Data Centers U.S. Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.30%, 12/26/51(1)
1,746,000 1,706,568
CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, SEQ, 4.50%, 5/20/49(1)
6,300,000 6,207,584
Elara HGV Timeshare Issuer LLC, Series 2025-A, Class A, SEQ, 4.54%, 1/25/40(1)
12,776,124 12,781,548
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(1)
8,675,000 8,632,735
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1)
1,008,095 930,815
New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(1)
12,500,000 8,196,944
Pagaya AI Debt Grantor Trust, Series 2025-6, Class B, 4.88%, 4/15/33(1)
5,118,733 5,118,104
SEB Funding LLC, Series 2024-1A, Class A2, SEQ, 7.39%, 4/30/54(1)
7,383,000 7,568,095
Sierra Timeshare Receivables Funding LLC, Series 2021-8, Class D, 3.17%, 11/20/37(1)
259,154 258,053
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.88%, 3/26/46(1)
3,634,000 3,590,833
Switch ABS Issuer LLC, Series 2024-2A, Class A2, SEQ, 5.44%, 6/25/54(1)
4,800,000 4,820,509
Trinity Rail Leasing LLC, Series 2025-1A, Class A, SEQ, 5.09%, 10/19/55(1)
6,267,000 6,268,392
Vertical Bridge CC LLC, Series 2025-1A, Class A, SEQ, 5.16%, 8/16/55(1)
7,444,627 7,455,489
TOTAL ASSET-BACKED SECURITIES
(Cost $83,777,482)
83,242,979
U.S. TREASURY SECURITIES - 2.7%
U.S. Treasury Notes, 1.625%, 10/31/26(4)
20,395,000 19,978,680
U.S. Treasury Notes, 4.00%, 5/31/30(4)
50,350,000 51,012,811
TOTAL U.S. TREASURY SECURITIES
(Cost $70,261,604)
70,991,491
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.3%
Bank, Series 2018-BN15, Class D, 3.00%, 11/15/61(1)
2,505,000 2,058,880
BBCMS Mortgage Trust, Series 2019-C3, Class D, 3.00%, 5/15/52(1)
3,000,000 2,372,046
BBCMS Mortgage Trust, Series 2019-C4, Class D, 3.25%, 8/15/52(1)
3,359,000 2,119,664
BBCMS Mortgage Trust, Series 2024-5C27, Class AS, SEQ, VRN, 6.41%, 7/15/57
10,991,000 11,548,429
Benchmark Mortgage Trust, Series 2019-B13, Class D, 2.50%, 8/15/57(1)
2,514,000 1,483,880
Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 2/15/53(1)
5,544,000 4,180,580
30
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Benchmark Mortgage Trust, Series 2021-B31, Class D, 2.25%, 12/15/54(1)
$ 2,618,000 $ 1,738,376
GS Mortgage Securities Trust, Series 2019-GC42, Class D, 2.80%, 9/10/52(1)
5,175,784 3,803,077
GS Mortgage Securities Trust, Series 2019-GSA1, Class E, 2.80%, 11/10/52(1)
5,990,000 4,731,320
Morgan Stanley Capital I Trust, Series 2018-H3, Class D, 3.00%, 7/15/51(1)
2,392,000 2,002,858
Morgan Stanley Capital I Trust, Series 2018-L1, Class D, 3.00%, 10/15/51(1)
4,192,000 3,503,360
ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, SEQ, VRN, 5.57%, 7/15/39(1)
11,242,000 11,471,719
UBS Commercial Mortgage Trust, Series 2018-C15, Class D, VRN, 5.14%, 12/15/51(1)
2,008,000 1,833,219
WB Commercial Mortgage Trust, Series 2024-HQ, Class A, SEQ, VRN, 5.94%, 3/15/40(1)
4,250,000 4,260,928
Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class D, VRN, 2.60%, 11/15/50(1)
2,067,000 1,747,309
Wells Fargo Commercial Mortgage Trust, Series 2020-C55, Class D, 2.50%, 2/15/53(1)
2,458,000 1,651,551
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $57,556,291)
60,507,196
PREFERRED SECURITIES - 2.2%
Banks - 0.7%
Citigroup, Inc., 3.875%
7,483,000 7,445,503
Citigroup, Inc., 6.25%
4,430,000 4,472,900
JPMorgan Chase & Co., 3.65%
2,702,000 2,671,999
M&T Bank Corp., 5.125%
163,000 162,920
Wells Fargo & Co., 3.90%
3,985,000 3,961,268
18,714,590
Capital Markets - 0.1%
Charles Schwab Corp., 4.00%
4,064,000 4,031,858
Diversified Telecommunication Services - 0.1%
Telefonica Europe BV, 2.88%
1,600,000 1,814,329
Oil, Gas and Consumable Fuels - 0.7%
Energy Transfer LP, 6.625%
4,235,000 4,234,522
Energy Transfer LP, 6.50%
6,722,000 6,759,468
Eni SpA, 3.375%
3,295,000 3,783,141
Sunoco LP, 7.875%(1)
2,525,000 2,566,069
17,343,200
Trading Companies and Distributors - 0.6%
Air Lease Corp., 4.65%
5,590,000 5,536,509
Aircastle Ltd., 5.25%(1)
11,364,000 11,309,099
16,845,608
TOTAL PREFERRED SECURITIES
(Cost $57,355,878)
58,749,585
COLLATERALIZED LOAN OBLIGATIONS - 2.0%
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 5.50%, (1-month SOFR plus 1.46%), 11/15/36(1)
$ 2190983 2,192,077
Cerberus Loan Funding XXXIX LP, Series 2022-3A, Class AR, VRN, 5.30%, (3-month SOFR plus 1.40%), 1/15/33(1)
3,952,263 3,957,116
Dryden 65 CLO Ltd., Series 2018-65A, Class C, VRN, 6.25%, (3-month SOFR plus 2.36%), 7/18/30(1)
6,800,000 6,820,354
Elmwood CLO 24 Ltd., Series 2023-3A, Class CR, VRN, 5.63%, (3-month SOFR plus 1.75%), 1/17/38(1)
7,625,000 7,637,331
LoanCore Issuer Ltd., Series 2021-CRE5, Class AS, VRN, 5.90%, (1-month SOFR plus 1.86%), 7/15/36(1)
4,913,654 4,910,635
Magnetite XLI Ltd., Series 2024-41A, Class C, VRN, 5.64%, (3-month SOFR plus 1.78%), 1/25/38(1)
3,525,000 3,532,642
Magnetite XXV Ltd., Series 2020-25A, Class C, VRN, 6.22%, (3-month SOFR plus 2.36%), 1/25/32(1)
5,200,000 5,215,768
Magnetite XXVIII Ltd., Series 2020-28A, Class CRR, VRN, 5.65%, (3-month SOFR plus 1.75%), 1/15/38(1)
7,975,000 7,988,356
MF1 Ltd., Series 2020-FL4, Class A, VRN, 5.85%, (1-month SOFR plus 1.81%), 12/15/35(1)
1,142,056 1,142,646
Mountain View CLO LLC, Series 2017-2A, Class B, VRN, 5.86%, (3-month SOFR plus 1.96%), 1/16/31(1)
907,570 906,465
Reese Park CLO Ltd., Series 2020-1A, Class CRR, VRN, 5.80%, (3-month SOFR plus 1.90%), 1/15/38(1)
8,100,000 8,126,041
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $51,933,905)
52,429,431
MUNICIPAL SECURITIES - 0.5%
California State University Rev., 2.98%, 11/1/51
825,000 574,189
31
Schedule of Investments - Global Bond Fund
Principal
Amount/Shares
Value
Commonwealth of Massachusetts GO, 2.66%, 9/1/39
$ 241,438 $ 205,142
Escambia County Health Facilities Authority Rev., (Baptist Hospital, Inc. Obligated Group), 3.61%, 8/15/40 (AG)
725,000 601,548
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34
2,125,000 1,942,111
Los Angeles Community College District GO, 6.75%, 8/1/49
800,000 906,898
Los Angeles Department of Airports Rev., 6.58%, 5/15/39
255,000 277,957
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47
1,600,000 1,243,504
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33
275,000 284,991
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41
270,000 316,111
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48
830,000 626,586
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51
450,000 431,830
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60
450,000 296,479
State of California GO, 4.60%, 4/1/28, Prerefunded at 100% of Par(5)
120,000 122,472
State of California GO, 7.60%, 11/1/40
20,000 24,767
Sumter Landing Community Development District Rev., 5.57%, 10/1/40 (AG)
470,000 489,143
Sumter Landing Community Development District Rev., 5.74%, 10/1/45 (AG)
710,000 732,281
Sumter Landing Community Development District Rev., 5.82%, 10/1/54 (AG)
1,295,000 1,328,620
Texas Natural Gas Securitization Finance Corp. Rev., SEQ, 5.17%, 4/1/41
230,000 236,518
United Nations Development Corp. Rev., (City of New York), Series A, 6.54%, 8/1/55
455,000 488,656
University of California Rev., 3.07%, 5/15/51
670,000 465,435
TOTAL MUNICIPAL SECURITIES
(Cost $13,203,809)
11,595,238
U.S. GOVERNMENT AGENCY SECURITIES - 0.1%
FHLMC, 6.25%, 7/15/32
(Cost $2,467,928)
2,000,000 2,275,848
BANK LOAN OBLIGATIONS(6)- 0.1%
Aerospace and Defense - 0.1%
TransDigm, Inc., 2025 Term Loan K, 6.25%, (3-month SOFR plus 2.25%), 3/22/30
(Cost $1,822,634)
1,814,221 1,817,741
SHORT-TERM INVESTMENTS - 1.5%
Money Market Funds - 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class
108,489 108,489
Repurchase Agreements - 1.5%
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.50%, 11/15/54, valued at $40,989,769), at 4.15%, dated 10/31/25, due 11/3/25 (Delivery value $40,199,898)
40,186,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $40,294,489)
40,294,489
TOTAL INVESTMENT SECURITIES - 99.9%
(Cost $2,664,223,953)
2,626,143,681
OTHER ASSETS AND LIABILITIES - 0.1%
3,161,924
TOTAL NET ASSETS - 100.0%
$ 2,629,305,605
32
Schedule of Investments - Global Bond Fund
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized Appreciation (Depreciation)
USD
25,899,155
AUD
38,926,956
UBS AG(7)
12/17/25 $ 417,254
USD
3,859,565
CAD
5,321,100
Citibank NA
12/17/25 57,103
CNY
743,339,348
USD
104,872,933
Morgan Stanley & Co. LLC
11/5/25 (343,430)
USD
104,660,305
CNY
743,339,348
Citibank NA
11/5/25 130,802
USD
101,255,931
CNY
717,195,761
Morgan Stanley & Co. LLC
12/3/25 90,566
USD
2,303,464
COP
9,132,384,207
Citibank NA
12/17/25 (51,763)
USD
6,305,372
CZK
130,894,614
Goldman Sachs & Co. LLC
12/17/25 98,665
USD
5,136,696
DKK
32,514,596
JPMorgan Chase Bank NA
12/17/25 103,759
EUR
4,306,000
USD
5,131,338
JPMorgan Chase Bank NA
12/17/25 (155,918)
EUR
1,179,912
USD
1,394,968
Morgan Stanley & Co. LLC
12/17/25 (31,623)
EUR
5,376,077
USD
6,402,119
Morgan Stanley & Co. LLC
12/17/25 (190,266)
EUR
250,064
USD
297,596
Morgan Stanley & Co. LLC
12/17/25 (8,657)
EUR
2,733,465
USD
3,256,980
Morgan Stanley & Co. LLC
12/17/25 (98,564)
EUR
21,521,597
USD
25,602,187
Morgan Stanley & Co. LLC
12/17/25 (734,795)
EUR
22,596,627
USD
26,894,989
Morgan Stanley & Co. LLC
12/17/25 (785,441)
EUR
6,505,096
USD
7,672,106
Morgan Stanley & Co. LLC
12/17/25 (155,715)
EUR
6,684,617
USD
7,789,402
Morgan Stanley & Co. LLC
12/17/25 (65,580)
EUR
6,452,247
USD
7,635,034
UBS AG(7)
12/17/25 (179,707)
EUR
1,813,173
USD
2,151,401
UBS AG(7)
12/17/25 (56,348)
EUR
3,624,539
USD
4,221,747
UBS AG(7)
12/17/25 (33,729)
USD
134,560
EUR
115,638
Goldman Sachs & Co. LLC
12/17/25 945
USD
414,554,923
EUR
352,020,668
JPMorgan Chase Bank NA
12/17/25 7,808,353
USD
21,916,167
EUR
18,494,328
JPMorgan Chase Bank NA
12/17/25 546,671
USD
8,164,380
EUR
6,889,882
JPMorgan Chase Bank NA
12/17/25 203,382
USD
5,520,674
EUR
4,619,289
Morgan Stanley & Co. LLC
12/17/25 183,261
USD
4,089,889
EUR
3,464,919
Morgan Stanley & Co. LLC
12/17/25 86,306
USD
444,071
EUR
382,316
Morgan Stanley & Co. LLC
12/17/25 2,319
USD
1,793,355
EUR
1,538,338
Morgan Stanley & Co. LLC
12/17/25 15,864
USD
2,302,750
EUR
1,975,381
Morgan Stanley & Co. LLC
12/17/25 20,272
GBP
642,225
USD
873,560
Citibank NA
12/17/25 (29,823)
GBP
206,995
USD
281,754
Goldman Sachs & Co. LLC
12/17/25 (9,810)
GBP
210,278
USD
286,931
JPMorgan Chase Bank NA
12/17/25 (10,673)
GBP
605,030
USD
825,306
JPMorgan Chase Bank NA
12/17/25 (30,434)
GBP
1,126,226
USD
1,539,363
Morgan Stanley & Co. LLC
12/17/25 (59,759)
GBP
1,319,475
USD
1,766,770
UBS AG(7)
12/17/25 (33,282)
GBP
1,678,552
USD
2,247,488
UBS AG(7)
12/17/25 (42,255)
USD
8,967,718
GBP
6,699,442
Citibank NA
12/17/25 166,182
USD
24,160,718
GBP
17,872,368
JPMorgan Chase Bank NA
12/17/25 680,508
USD
68,138,734
GBP
50,282,766
Morgan Stanley & Co. LLC
12/17/25 2,078,663
USD
4,718,558
GBP
3,544,414
Morgan Stanley & Co. LLC
12/17/25 62,007
USD
10,998,219
IDR
181,628,211,664
UBS AG(7)
12/17/25 85,029
USD
2,253,036
ILS
7,491,319
Bank of America NA
12/17/25 (46,136)
USD
105,341,773
JPY
15,410,793,426
JPMorgan Chase Bank NA
12/17/25 4,912,108
USD
8,126,446
MXN
152,683,136
Goldman Sachs & Co. LLC
12/17/25 (54,882)
USD
8,609,626
MYR
36,100,160
Goldman Sachs & Co. LLC
12/17/25 (19,809)
NZD
9,967,320
USD
5,719,906
UBS AG(7)
12/17/25 (5,671)
USD
38,590,695
NZD
64,629,771
Morgan Stanley & Co. LLC
12/17/25 1,538,641
USD
3,349,568
PLN
12,191,235
UBS AG(7)
12/17/25 49,662
USD
4,753,322
SEK
44,187,416
Citibank NA
12/17/25 90,120
USD
3,376,516
SGD
4,303,100
Morgan Stanley & Co. LLC
12/17/25 59,699
USD
9,858,014
THB
311,033,145
Citibank NA
12/17/25 205,768
$ 16,459,839
33
Schedule of Investments - Global Bond Fund
FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional Amount Unrealized Appreciation
(Depreciation)^
Canadian 10-Year Government Bonds 687 December 2025 $ 60,130,562 $ 1,472,650
Euro-Bund 10-Year Bonds 748 December 2025 111,557,760 1,404,439
Euro-OAT 10-Year Bonds 814 December 2025 115,002,179 2,339,437
Japanese 10-Year Government Bonds 23 December 2025 20,303,160 (12,089)
Japanese 10-Year Mini Government Bonds 165 December 2025 14,561,028 (81,953)
Korean Treasury 10-Year Bonds 450 December 2025 36,739,077 (746,026)
U.K. Gilt 10-Year Bonds 933 December 2025 114,748,328 3,844,972
U.S. Treasury 5-Year Notes 95 December 2025 10,375,039 (5,381)
U.S. Treasury Ultra Bonds 211 December 2025 25,590,344 1,029,707
$ 509,007,477 $ 9,245,756
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration
Date 		Notional
Amount 		Unrealized
Appreciation
(Depreciation)^
Euro-Schatz 2-Year Bonds 1,527 December 2025 $ 188,471,148 $ (2,552)
U.S. Treasury 2-Year Notes 289 December 2025 60,181,992 231,991
U.S. Treasury 10-Year Notes 1,431 December 2025 161,233,453 (225,798)
U.S. Treasury 10-Year Ultra Notes 176 December 2025 20,325,250 137,563
$ 430,211,843 $ 141,204
^Amount represents value and unrealized appreciation (depreciation).
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type‡
Fixed Rate
Received
(Paid)
Quarterly 		Termination Date Notional
Amount 		Premiums Paid (Received) Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America High Yield Index Series 44 Buy (5.00)% 6/20/30 $ 23,300,000 $ (1,603,996) $ (283,038) $ (1,887,034)
Markit iTraxx Europe Senior Financial Index Series 44 Sell 1.00% 12/20/30 EUR 79,600,000 1,756,761 174,120 1,930,881
$ 152,765 $ (108,918) $ 43,847
‡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.
34
Schedule of Investments - Global Bond Fund
CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
Floating Rate Index
Pay/Receive
Floating Rate Index Semiannually
Fixed
Rate
Termination
Date
Notional
Amount
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Value
6-month BBSW
Pay
4.53% 1/17/35
AUD
10,000 $ 393 $ (255) $ 138
NOTES TO SCHEDULE OF INVESTMENTS
AG - Assured Guaranty, Inc.
AUD - Australian Dollar
BBSW - Bank Bill Swap Rates
CAD - Canadian Dollar
CDX - Credit Derivatives Indexes
CNY - Chinese Yuan
COP - Colombian Peso
CZK - Czech Koruna
DKK - Danish Krone
EUR - Euro
FHLMC - Federal Home Loan Mortgage Corp.
FNMA - Federal National Mortgage Association
GBP - British Pound
GNMA - Government National Mortgage Association
GO - General Obligation
IDR - Indonesian Rupiah
ILS - Israeli Shekel
JPY - Japanese Yen
MXN - Mexican Peso
MYR - Malaysian Ringgit
NOK - Norwegian Krone
NZD - New Zealand Dollar
PLN - Polish Zloty
RFUCC - FTSE USD IBOR Consumer Cash Fallbacks
SEK - Swedish Krona
SEQ - Sequential Payer
SGD - Singapore Dollar
SOFR - Secured Overnight Financing Rate
TBA - To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
THB - Thai Baht
UMBS - Uniform Mortgage-Backed Securities
USD - United States Dollar
VRN - Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $1,011,041,721, which represented 38.5% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(3)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.
(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $15,809,471.
(5)Escrowed to maturity in U.S. government securities or state and local government securities.
(6)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(7)Collateral has been received at the custodian bank for collateral requirements on forward foreign currency exchange contracts. At the period end, the aggregate value of securities received was $133,914.
35
Schedule of Investments - Global Bond Fund
FAIR VALUE MEASUREMENTS
The following is a summary of the fund's valuation inputs as of period end.
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds - $ 834,140,611 -
Sovereign Governments and Agencies - 581,640,549 -
U.S. Government Agency Mortgage-Backed Securities - 325,797,693 -
Collateralized Mortgage Obligations - 271,679,668 -
Convertible Preferred Securities - 230,981,162 -
Asset-Backed Securities - 83,242,979 -
U.S. Treasury Securities - 70,991,491 -
Commercial Mortgage-Backed Securities - 60,507,196 -
Preferred Securities - 58,749,585 -
Collateralized Loan Obligations - 52,429,431 -
Municipal Securities - 11,595,238 -
U.S. Government Agency Securities - 2,275,848 -
Bank Loan Obligations - 1,817,741 -
Short-Term Investments $ 108,489 40,186,000 -
$ 108,489 $ 2,626,035,192 -
Other Financial Instruments
Futures Contracts $ 1,399,261 $ 9,061,498 -
Swap Agreements - 1,931,019 -
Forward Foreign Currency Exchange Contracts - 19,693,909 -
$ 1,399,261 $ 30,686,426 -
Liabilities
Other Financial Instruments
Futures Contracts $ 231,179 $ 842,620 -
Swap Agreements - 1,887,034 -
Forward Foreign Currency Exchange Contracts - 3,234,070 -
$ 231,179 $ 5,963,724 -
DERIVATIVE INSTRUMENTS
As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:
Type of Risk Exposure
Credit Foreign Currency Interest Rate Total
Asset Derivatives:
Receivable for variation margin on futures contracts* - - $ 25,572 $ 25,572
Unrealized appreciation on forward foreign currency exchange contracts - $ 19,693,909 - 19,693,909
$ 19,719,481
Liability Derivatives:
Payable for variation margin on futures contracts* - - $ 346,539 $ 346,539
Payable for variation margin on swap agreements*
$ 26,321 - 388 26,709
Unrealized depreciation on forward foreign currency exchange contracts - $ 3,234,070 - 3,234,070
$ 3,607,318
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.
36
Schedule of Investments - Global Bond Fund
The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025.
Type of Risk Exposure
Credit Foreign Currency Interest Rate Total
Net realized gain (loss) on:
Forward foreign currency exchange transactions - $ 6,462,921 - $ 6,462,921
Futures contract transactions - - $ (29,546,058) (29,546,058)
Swap agreement transactions $ (2,997,906) - (35) (2,997,941)
$ (26,081,078)
Change in net unrealized appreciation (depreciation) on:
Forward foreign currency exchange contracts - $ (12,280,701) - $ (12,280,701)
Futures contracts - - $ 20,331,695 20,331,695
Swap agreements $ 2,552,355 - (255) 2,552,100
$ 10,603,094
See Notes to Financial Statements.
37
Statements of Assets and Liabilities
OCTOBER 31, 2025
Emerging Markets Debt Fund Global Bond Fund
Assets
Investment securities, at value $ 509,718,786 $ 2,626,143,681
Investment made with cash collateral received for securities on loan, at value 1,523,610 -
Cash 2,668,782 105,064
Foreign currency holdings, at value - 221,037
Receivable for investments sold 1,634,145 13,028,928
Receivable for capital shares sold 19,659 71,549
Receivable for variation margin on futures contracts - 25,572
Unrealized appreciation on forward foreign currency exchange contracts 13,048,762 19,693,909
Swap agreements, at value 1,541,742 -
Interest and dividends receivable 8,167,687 27,047,552
Securities lending receivable 771 -
538,323,944 2,686,337,292
Liabilities
Payable for collateral received for forward foreign currency exchange contracts 1,328,782 -
Payable for collateral received for swap agreements 1,340,000 -
Payable for collateral received for securities on loan 1,523,610 -
Payable for investments purchased 3,221,725 52,088,599
Payable for capital shares redeemed 17,685 851,956
Payable for variation margin on futures contracts 76,875 346,539
Payable for variation margin on swap agreements 12,282 26,709
Unrealized depreciation on forward foreign currency exchange contracts 12,025,693 3,234,070
Accrued management fees 90,975 445,641
Distribution and service fees payable 197 445
Accrued foreign taxes - 37,728
19,637,824 57,031,687
Net Assets $ 518,686,120 $ 2,629,305,605
Net Assets Consist of:
Capital paid in $ 589,123,277 $ 2,909,759,761
Distributable earnings (loss) (70,437,157) (280,454,156)
$ 518,686,120 $ 2,629,305,605
Investment securities, at cost $ 477,961,678 $ 2,664,223,953
Investment securities on loan, at value $ 1,472,949 -
Investment made with cash collateral received for securities on loan, at cost $ 1,523,610 -
Foreign currency holdings, at cost - $ 221,662
38
Statements of Assets and Liabilities
Fund/Class Net Assets Shares Outstanding Net Asset Value Per Share
Emerging Markets Debt Fund
Investor Class $93,034,307 9,826,474 $9.47
I Class $3,291,933 347,405 $9.48
Y Class $34,438,072 3,637,292 $9.47
A Class $269,817 28,545 $9.45
Maximum Offering Price Per Share (Net asset value divide by 0.955) $9.90
C Class $65,575 6,960 $9.42
R Class $182,685 19,342 $9.44
R5 Class $48,266 5,098 $9.47
R6 Class $832 88 $9.46
G Class $387,354,633 40,881,573 $9.48
Global Bond Fund
Investor Class $366,370,322 41,428,045 $8.84
I Class $205,536,690 23,147,070 $8.88
Y Class $105,857,092 11,903,785 $8.89
A Class $1,292,854 147,220 $8.78
Maximum Offering Price Per Share (Net asset value divide by 0.955) $9.19
C Class $66,883 7,787 $8.59
R Class $264,868 30,372 $8.72
R5 Class $596,657 67,259 $8.87
R6 Class $6,608,859 744,875 $8.87
G Class $1,942,711,380 218,321,842 $8.90
Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.
See Notes to Financial Statements.
39
Statements of Operations
YEAR ENDED OCTOBER 31, 2025
Emerging Markets Debt Fund Global Bond Fund
Investment Income (Loss)
Income:
Interest $ 41,064,747 $ 141,662,629
Dividends - 1,099,052
Securities lending, net 9,239 -
Less foreign taxes withheld (367,229) (43,969)
40,706,757 142,717,712
Expenses:
Management fees 4,391,098 18,406,357
Interest expenses 136,944 288,140
Distribution and service fees:
A Class 608 3,339
C Class 584 645
R Class 966 1,249
Trustees' fees and expenses 37,733 191,041
4,567,933 18,890,771
Fees waived (3,325,241) (13,304,523)
1,242,692 5,586,248
Net investment income (loss) 39,464,065 137,131,464
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions* 17,796,452 (985,301)
Forward foreign currency exchange contract transactions (11,175,341) 6,462,921
Futures contract transactions (958,467) (29,546,058)
Swap agreement transactions (2,636,383) (2,997,941)
Foreign currency translation transactions (1,773,156) 707,367
1,253,105 (26,359,012)
Change in net unrealized appreciation (depreciation) on:
Investments** 22,945,789 44,730,849
Forward foreign currency exchange contracts 1,550,787 (12,280,701)
Futures contracts 1,063,844 20,331,695
Swap agreements 1,795,257 2,552,100
Translation of assets and liabilities in foreign currencies 1,422,704 182,095
28,778,381 55,516,038
Net realized and unrealized gain (loss) 30,031,486 29,157,026
Net Increase (Decrease) in Net Assets Resulting from Operations $ 69,495,551 $ 166,288,490
*Net of foreign tax expenses paid (refunded) $ 320,009 $ 1,412
**Includes (increase) decrease in accrued foreign taxes $ 4,812 $ (16,066)
See Notes to Financial Statements.
40
Statements of Changes in Net Assets
YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024
Emerging Markets Debt Fund Global Bond Fund
Increase (Decrease) in Net Assets October 31, 2025 October 31, 2024 October 31, 2025 October 31, 2024
Operations
Net investment income (loss) $ 39,464,065 $ 40,386,499 $ 137,131,464 $ 136,769,092
Net realized gain (loss) 1,253,105 (15,660,216) (26,359,012) (77,996,337)
Change in net unrealized appreciation (depreciation) 28,778,381 56,388,887 55,516,038 235,033,512
Net increase (decrease) in net assets resulting from operations 69,495,551 81,115,170 166,288,490 293,806,267
Distributions to Shareholders
From earnings:
Investor Class (4,868,791) (4,772,930) (14,619,460) (9,255,870)
I Class (194,888) (272,234) (8,118,092) (4,749,501)
Y Class (1,802,191) (1,606,202) (4,220,193) (2,415,070)
A Class (12,598) (13,525) (49,884) (32,399)
C Class (2,591) (362) (1,839) (2,772)
R Class (10,069) (9,161) (8,059) (3,325)
R5 Class (2,557) (3,892) (99,026) (155,833)
R6 Class (2,439) (16,683) (282,437) (188,465)
G Class (28,882,987) (33,272,440) (116,391,902) (81,644,781)
Decrease in net assets from distributions (35,779,111) (39,967,429) (143,790,892) (98,448,016)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)
(147,717,806) (15,773,755) (622,531,789) 516,224,826
Net increase (decrease) in net assets (114,001,366) 25,373,986 (600,034,191) 711,583,077
Net Assets
Beginning of period 632,687,486 607,313,500 3,229,339,796 2,517,756,719
End of period $ 518,686,120 $ 632,687,486 $ 2,629,305,605 $ 3,229,339,796
See Notes to Financial Statements.
41
Notes to Financial Statements
OCTOBER 31, 2025
1. Organization
American Century International Bond Funds (the trust) 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 Massachusetts business trust. The financial statements herein relate to the following funds and the respective share classes offered by the trust.
Emerging Markets Debt Fund Investor, I, Y, A, C, R, R5, R6, G
Global Bond Fund Investor, I, Y, A, C, R, R5, R6, G
Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each 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 - Each 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 a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, bank loan obligations, municipal securities, convertible bonds 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.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred securities and convertible preferred securities with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. 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.
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 a 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 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
42
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.
Fair Value Measurements - The investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by a 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 Schedule of Investments provides additional information on a fund's level classifications.
Foreign Currency Translations -All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A 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.
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. Certain countries impose taxes on realized gains on the sale of securities registered in their country. A fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
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. A fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Forward Commitments - A fund may engage in securities transactions on a forward commitment basis. In these transactions, the securities' prices and yields are fixed on the date of the commitment. A fund may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, a fund may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as "TBA roll" transactions and are accounted for as purchases and sales. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.
Repurchase Agreements - A fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. A fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to a fund under each repurchase agreement.
Joint Trading Account - Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, a fund may transfer uninvested cash balances into a joint trading account with certain other funds in the American Century Investments family of funds. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.
Income Tax Status -It is each 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. A fund files U.S. federal, state, local and non-U.S. tax returns as applicable. A 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 a 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
43
individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of a fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders -Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A 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). Distributions from net investment income, if any, are generally declared and paid quarterly, but may be paid less frequently. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications -Under the trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to a fund. In addition, in the normal course of business, a fund may enter 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 funds pursuant to a Securities Lending Agreement. The lending of securities exposes a fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, a fund may experience delays in recovery of the loaned securities or delays in access to collateral, or a 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 funds 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, a 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, and the remaining contractual maturities of any securities lending transactions are considered overnight and continuous.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees - The trust has entered into a management agreement with ACIM, under which ACIM provides each 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 a fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (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 the daily net assets of each class 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 a fund's assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.
The annual management fee including any waiver impacts are as follows:
Emerging Markets Debt Fund Annual Management Fee
Effective Annual Management Fee
After Waiver
Management Fee Waived
Investor Class 0.96% 0.92% $37,969
I Class 0.86% 0.82% $1,488
Y Class 0.76% 0.72% $13,574
A Class 0.96% 0.92% $102
C Class 0.96% 0.92% $25
R Class 0.96% 0.92% $86
R5 Class 0.76% 0.72% $20
R6 Class 0.71% 0.67% $19
G Class 0.71% 0.00% $3,271,958
From November 1, 2024 through July 31, 2025, the investment advisor agreed to waive 0.03% of the fund's management fee. Effective August 1, 2025, the investment advisor agreed to waive 0.08% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Trustees.
44
Global Bond Fund Annual Management Fee Management Fee Waived
Investor Class 0.83% -
I Class 0.73% -
Y Class 0.63% -
A Class 0.83% -
C Class 0.83% -
R Class 0.83% -
R5 Class 0.63% -
R6 Class 0.58% -
G Class
0.00%(1)
$13,304,523
(1)Annual management fee before waiver was 0.58%.
Distribution and Service Fees - The Board of Trustees 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 October 31, 2025 are detailed in the Statement of Operations.
Trustees' Fees and Expenses - The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.
Other Expenses - A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Related Party Ownership -A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:
Related Party % of Outstanding Shares
Emerging Markets Debt Fund American Century Asset Allocation Portfolios, Inc 54%
Global Bond Fund American Century Asset Allocation Portfolios, Inc 52%
Interfund Transactions - A 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 Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Investment transactions, excluding short-term investments, for the period ended October 31, 2025 were as follows:
Emerging Markets Debt Fund Global Bond Fund
Purchases of U.S. Treasury and Government Agency obligations $ 30,139,903 $ 1,752,438,562
Purchases of other investment securities 547,990,952 2,440,919,110
Total Purchases $ 578,130,855 $ 4,193,357,672
Sales of U.S. Treasury and Government Agency obligations $ 21,287,893 $ 1,924,501,250
Sales of other investment securities 701,092,714 2,892,772,327
Total Sales $ 722,380,607 $ 4,817,273,577
45
5. Capital Share Transactions
Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Year ended
October 31, 2025
Year ended
October 31, 2024
Shares Amount Shares Amount
Emerging Markets Debt Fund
Investor Class
Sold 554,220 $ 4,911,263 681,361 $ 6,024,489
Issued in reinvestment of distributions 533,140 4,839,348 536,727 4,763,657
Redeemed (1,122,559) (10,066,573) (1,732,963) (15,302,986)
(35,199) (315,962) (514,875) (4,514,840)
I Class
Sold 514,098 4,627,187 493,137 4,381,400
Issued in reinvestment of distributions 21,506 194,888 30,644 272,234
Redeemed (657,347) (5,919,266) (680,621) (6,041,541)
(121,743) (1,097,191) (156,840) (1,387,907)
Y Class
Sold 876,902 7,852,593 773,260 6,851,071
Issued in reinvestment of distributions 198,356 1,801,912 180,999 1,606,202
Redeemed (726,176) (6,531,316) (559,402) (4,972,808)
349,082 3,123,189 394,857 3,484,465
A Class
Sold 12,597 116,049 5,479 49,453
Issued in reinvestment of distributions 1,392 12,598 1,526 13,525
Redeemed (16,131) (145,621) (4,981) (44,650)
(2,142) (16,974) 2,024 18,328
C Class
Sold 2,197 19,000 3,734 34,166
Issued in reinvestment of distributions 285 2,591 41 362
Redeemed (172) (1,525) - -
2,310 20,066 3,775 34,528
R Class
Sold 10,299 93,025 8,102 71,703
Issued in reinvestment of distributions 1,109 10,069 1,033 9,161
Redeemed (15,313) (139,282) (4,258) (37,527)
(3,905) (36,188) 4,877 43,337
R5 Class
Sold 39 357 39 351
Issued in reinvestment of distributions 282 2,557 439 3,892
Redeemed (17) (155) (3,147) (28,810)
304 2,759 (2,669) (24,567)
R6 Class
Sold 503 4,415 2,535 22,359
Issued in reinvestment of distributions 277 2,439 1,880 16,683
Redeemed (32,532) (288,613) (3,824) (34,231)
(31,752) (281,759) 591 4,811
G Class
Sold 2,937,017 26,452,252 4,551,568 40,593,552
Issued in reinvestment of distributions 3,194,441 28,882,987 3,748,656 33,272,440
Redeemed (22,378,412) (204,450,985) (9,757,224) (87,297,902)
(16,246,954) (149,115,746) (1,457,000) (13,431,910)
Net increase (decrease) (16,089,999) $ (147,717,806) (1,725,260) $ (15,773,755)
46
Year ended
October 31, 2025
Year ended
October 31, 2024
Shares Amount Shares Amount
Global Bond Fund
Investor Class
Sold 646,875 $ 5,670,286 11,642,038 $ 100,142,761
Issued in reinvestment of distributions 1,678,848 14,614,518 1,074,300 9,254,857
Redeemed (2,586,954) (22,500,017) (2,634,939) (22,740,003)
(261,231) (2,215,213) 10,081,399 86,657,615
I Class
Sold 2,546,444 22,350,747 2,436,201 21,093,197
Issued in reinvestment of distributions 928,884 8,117,418 549,368 4,748,144
Redeemed (2,046,495) (17,886,510) (1,905,943) (16,619,619)
1,428,833 12,581,655 1,079,626 9,221,722
Y Class
Sold 2,844,382 24,989,573 5,260,089 45,669,134
Issued in reinvestment of distributions 482,237 4,219,587 279,120 2,415,070
Redeemed (2,324,219) (20,411,168) (1,615,581) (14,071,641)
1,002,400 8,797,992 3,923,628 34,012,563
A Class
Sold 21,078 182,675 23,941 205,859
Issued in reinvestment of distributions 5,696 49,241 3,746 32,054
Redeemed (43,334) (375,885) (24,594) (210,440)
(16,560) (143,969) 3,093 27,473
C Class
Sold 200 1,700 1,799 15,069
Issued in reinvestment of distributions 217 1,839 326 2,736
Redeemed (3,038) (25,822) (14,024) (116,998)
(2,621) (22,283) (11,899) (99,193)
R Class
Sold 21,081 180,695 20,087 170,503
Issued in reinvestment of distributions 937 8,059 392 3,325
Redeemed (15,615) (134,471) (11,789) (100,280)
6,403 54,283 8,690 73,548
R5 Class
Sold 238 2,088 728 6,384
Issued in reinvestment of distributions 11,364 99,026 18,047 155,833
Redeemed (573,531) (5,002,082) (91,968) (794,513)
(561,929) (4,900,968) (73,193) (632,296)
R6 Class
Sold 126,026 1,102,096 197,161 1,709,096
Issued in reinvestment of distributions 32,357 282,437 21,832 188,465
Redeemed (218,159) (1,911,521) (202,624) (1,748,815)
(59,776) (526,988) 16,369 148,746
G Class
Sold 28,789,421 253,765,299 82,649,973 716,847,635
Issued in reinvestment of distributions 13,308,913 116,391,902 9,436,747 81,644,781
Redeemed (114,124,295) (1,006,313,499) (47,219,846) (411,677,768)
(72,025,961) (636,156,298) 44,866,874 386,814,648
Net increase (decrease) (70,490,442) $ (622,531,789) 59,894,587 $ 516,224,826
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6. Derivative Instruments
A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.
Credit Risk - The funds may be subject to credit risk in the normal course of pursuing their 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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. 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 average notional exposure to credit risk derivative instruments held during the period was as follows:
Emerging Markets Debt Fund $ 43,343,333
Global Bond Fund $ 144,751,289
Foreign Currency Risk - The funds may be subject to foreign currency exchange rate risk in the normal course of pursuing their 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. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. 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 average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was as follows:
Emerging Markets Debt Fund $ 2,114,507,832
Global Bond Fund $ 1,133,525,005
Interest Rate Risk - The funds may be subject to interest rate risk in the normal course of pursuing their investment objectives. A fund may enter into futures contracts or interest rate swap agreements in order to manage its exposure to changes in market conditions. The value of bonds generally declines as interest rates rise. The risks of entering into interest rate risk derivative instruments 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.
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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. 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. The average notional exposure to interest rate risk derivative instruments held during the period was as follows:
Futures Contracts
Purchased
Futures Contracts
Sold
Emerging Markets Debt Fund $ 71,033,449 $ 31,138,930
Global Bond Fund $ 654,411,375 $ 420,591,807
A fund may enter into interest rate swap agreements to gain exposure to declines in interest rates, to protect against increases in interest rates, or to maintain its ability to generate income at prevailing interest rates. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. 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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily,
48
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 average notional exposure to interest rate risk derivative instruments held during the period was as follows:
Emerging Markets Debt Fund $ 25,895,676
Global Bond Fund $ 6,423
Counterparty Risk - A fund is subject to counterparty risk, or the risk that an institution will fail to perform its contractual obligations. The investment advisor attempts to minimize counterparty risk prior to entering into transactions by performing extensive reviews of the creditworthiness of all potential counterparties. A fund may also enter into agreements that provide provisions for legally enforceable master netting arrangements to manage the credit risk between counterparties related to forward foreign currency exchange contracts and/or over-the-counter swap agreements. A master netting arrangement provides for the net settlement of multiple contracts with a single counterparty through a single payment in the event of default or termination of any one contract. To mitigate counterparty risk, a fund may receive assets or be required to pledge assets at the custodian bank or with a broker as designated under prescribed collateral provisions.
7. Risk Factors
The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund 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 a 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 majority of Emerging Markets Debt Fund and Global Bond Fund are owned by a relatively small number of shareholders. To the extent that a large shareholder (including another account advised by the investment advisor) invests in these funds, the funds may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of Emerging Markets Debt Fund and Global Bond Fund may be at risk.
8. Federal Tax Information
The tax character of distributions paid during the years ended October 31, 2025 and October 31, 2024 were as follows:
2025 2024
Distributions Paid From: Distributions Paid From:
Ordinary
Income 		Long-term
Capital Gains 		Ordinary
Income 		Long-term
Capital Gains
Emerging Markets Debt Fund $ 35,779,111 - $ 39,967,429 -
Global Bond Fund $ 143,790,892 - $ 98,448,016 -
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 federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Emerging Markets Debt Fund Global Bond Fund
Federal tax cost of investments $ 479,005,389 $ 2,665,054,734
Gross tax appreciation of investments $ 36,432,276 $ 56,468,111
Gross tax depreciation of investments (4,195,269) (95,379,164)
Net tax appreciation (depreciation) of investments 32,237,007 (38,911,053)
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies 225,340 (627,702)
Net tax appreciation (depreciation) $ 32,462,347 $ (39,538,755)
Other book-to-tax adjustments $ (895,627) $ (382,665)
Undistributed ordinary income $ 1,690,181 $ 34,530,661
Accumulated short-term capital losses $ (57,394,741) $ (82,155,063)
Accumulated long-term capital losses $ (46,299,317) $ (192,908,334)
The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the realization for tax purposes of unrealized gains (losses) on certain foreign currency exchange contracts and hyperinflationary-denominated bonds. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.
49
Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
50
Financial Highlights
For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*:
Ratio to Average Net Assets of† :
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From
Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in
thousands)
Emerging Markets Debt Fund
Investor Class
2025 $8.92 0.54 0.51 1.05 (0.50) $9.47 12.16% 0.95% 0.99% 6.01% 5.97% 105% $93,034
2024 $8.36 0.50 0.56 1.06 (0.50) $8.92 12.78% 0.95% 0.98% 5.60% 5.57% 98% $88,007
2023 $8.22 0.48 0.10 0.58 (0.44) $8.36 6.95% 1.00% 1.01% 5.54% 5.53% 66% $86,778
2022 $10.48 0.43 (2.49) (2.06) (0.20) $8.22 (19.89)% 0.98% 0.98% 4.70% 4.70% 125% $85,456
2021 $10.32 0.40 0.15 0.55 (0.39) $10.48 5.29% 0.97% 0.97% 3.77% 3.77% 51% $103,626
I Class
2025 $8.93 0.55 0.51 1.06 (0.51) $9.48 12.26% 0.85% 0.89% 6.11% 6.07% 105% $3,292
2024 $8.37 0.51 0.55 1.06 (0.50) $8.93 12.88% 0.85% 0.88% 5.70% 5.67% 98% $4,190
2023 $8.22 0.49 0.11 0.60 (0.45) $8.37 7.19% 0.90% 0.91% 5.64% 5.63% 66% $5,237
2022 $10.47 0.44 (2.48) (2.04) (0.21) $8.22 (19.74)% 0.88% 0.88% 4.80% 4.80% 125% $4,887
2021 $10.32 0.41 0.14 0.55 (0.40) $10.47 5.30% 0.87% 0.87% 3.87% 3.87% 51% $12,356
Y Class
2025 $8.92 0.56 0.51 1.07 (0.52) $9.47 12.38% 0.75% 0.79% 6.21% 6.17% 105% $34,438
2024 $8.36 0.51 0.56 1.07 (0.51) $8.92 13.01% 0.75% 0.78% 5.80% 5.77% 98% $29,345
2023 $8.22 0.50 0.10 0.60 (0.46) $8.36 7.17% 0.80% 0.81% 5.74% 5.73% 66% $24,197
2022 $10.47 0.45 (2.48) (2.03) (0.22) $8.22 (19.67)% 0.78% 0.78% 4.90% 4.90% 125% $21,008
2021 $10.32 0.42 0.14 0.56 (0.41) $10.47 5.40% 0.77% 0.77% 3.97% 3.97% 51% $26,539
A Class
2025 $8.91 0.52 0.50 1.02 (0.48) $9.45 11.88% 1.20% 1.24% 5.76% 5.72% 105% $270
2024 $8.35 0.47 0.56 1.03 (0.47) $8.91 12.52% 1.20% 1.23% 5.35% 5.32% 98% $273
2023 $8.21 0.46 0.10 0.56 (0.42) $8.35 6.70% 1.25% 1.26% 5.29% 5.28% 66% $239
2022 $10.47 0.41 (2.49) (2.08) (0.18) $8.21 (20.09)% 1.23% 1.23% 4.45% 4.45% 125% $203
2021 $10.31 0.38 0.14 0.52 (0.36) $10.47 5.03% 1.22% 1.22% 3.52% 3.52% 51% $271
C Class
2025 $8.88 0.44 0.51 0.95 (0.41) $9.42 10.95% 1.95% 1.99% 5.01% 4.97% 105% $66
2024 $8.32 0.42 0.55 0.97 (0.41) $8.88 11.72% 1.95% 1.98% 4.60% 4.57% 98% $41
2023 $8.18 0.39 0.10 0.49 (0.35) $8.32 5.92% 2.00% 2.01% 4.54% 4.53% 66% $7
2022 $10.45 0.34 (2.48) (2.14) (0.13) $8.18 (20.67)% 1.98% 1.98% 3.70% 3.70% 125% $17
2021 $10.29 0.30 0.14 0.44 (0.28) $10.45 4.25% 1.97% 1.97% 2.77% 2.77% 51% $36
For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*:
Ratio to Average Net Assets of† :
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From
Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in
thousands)
Emerging Markets Debt Fund
R Class
2025 $8.90 0.49 0.51 1.00 (0.46) $9.44 11.61% 1.45% 1.49% 5.51% 5.47% 105% $183
2024 $8.34 0.45 0.56 1.01 (0.45) $8.90 12.12% 1.45% 1.48% 5.10% 5.07% 98% $207
2023 $8.20 0.44 0.10 0.54 (0.40) $8.34 6.56% 1.50% 1.51% 5.04% 5.03% 66% $153
2022 $10.46 0.39 (2.49) (2.10) (0.16) $8.20 (20.29)% 1.48% 1.48% 4.20% 4.20% 125% $148
2021 $10.30 0.35 0.14 0.49 (0.33) $10.46 4.67% 1.47% 1.47% 3.27% 3.27% 51% $161
R5 Class
2025 $8.92 0.56 0.51 1.07 (0.52) $9.47 12.38% 0.75% 0.79% 6.21% 6.17% 105% $48
2024 $8.36 0.51 0.56 1.07 (0.51) $8.92 13.01% 0.75% 0.78% 5.80% 5.77% 98% $43
2023 $8.22 0.50 0.10 0.60 (0.46) $8.36 7.17% 0.80% 0.81% 5.74% 5.73% 66% $62
2022 $10.48 0.46 (2.50) (2.04) (0.22) $8.22 (19.75)% 0.78% 0.78% 4.90% 4.90% 125% $7
2021 $10.32 0.42 0.15 0.57 (0.41) $10.48 5.49% 0.77% 0.77% 3.97% 3.97% 51% $8
R6 Class
2025 $8.93 0.62 0.44 1.06 (0.53) $9.46 12.32% 0.70% 0.74% 6.26% 6.22% 105% $1
2024 $8.36 0.52 0.57 1.09 (0.52) $8.93 12.93% 0.70% 0.73% 5.85% 5.82% 98% $284
2023 $8.22 0.51 0.09 0.60 (0.46) $8.36 7.35% 0.75% 0.76% 5.79% 5.78% 66% $261
2022 $10.48 0.46 (2.50) (2.04) (0.22) $8.22 (19.71)% 0.73% 0.73% 4.95% 4.95% 125% $267
2021 $10.32 0.43 0.14 0.57 (0.41) $10.48 5.56% 0.72% 0.72% 4.02% 4.02% 51% $350
G Class
2025 $8.93 0.63 0.51 1.14 (0.59) $9.48 13.20% 0.03% 0.74% 6.93% 6.22% 105% $387,355
2024 $8.37 0.58 0.56 1.14 (0.58) $8.93 13.82% 0.02% 0.73% 6.53% 5.82% 98% $510,297
2023 $8.23 0.57 0.09 0.66 (0.52) $8.37 7.97% 0.05% 0.76% 6.49% 5.78% 66% $490,377
2022 $10.47 0.52 (2.48) (1.96) (0.28) $8.23 (19.02)% 0.02% 0.73% 5.66% 4.95% 125% $433,025
2021 $10.32 0.50 0.14 0.64 (0.49) $10.47 6.20% 0.01% 0.72% 4.73% 4.02% 51% $578,327
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.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Distributions From:
Ratio to Average Net Assets of† :
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net
Investment
Income 		Net
Realized
Gains 		Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses 		Operating
Expenses
(before
expense
waiver) 		Net
Investment
Income
(Loss) 		Net
Investment
Income
(Loss)
(before
expense
waiver) 		Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in
thousands)
Global Bond Fund
Investor Class
2025 $8.76 0.35 0.08 0.43 (0.35) - (0.35) $8.84 5.20% 0.85% 0.85% 3.97% 3.97% 145% $366,370
2024 $8.18 0.31 0.49 0.80 (0.22) - (0.22) $8.76 9.83% 0.85% 0.85% 3.59% 3.59% 103% $365,036
2023 $8.67 0.25 (0.24) 0.01 (0.50) - (0.50) $8.18 0.03% 0.81% 0.84% 2.96% 2.93% 83% $258,405
2022 $10.43 0.17 (1.60) (1.43) (0.26) (0.07) (0.33) $8.67 (14.05)% 0.80% 0.84% 1.81% 1.77% 97% $252,306
2021 $10.40 0.15 (0.09) 0.06 - (0.03) (0.03) $10.43 0.59% 0.80% 0.84% 1.46% 1.42% 119% $298,790
I Class
2025 $8.79 0.36 0.10 0.46 (0.37) - (0.37) $8.88 5.31% 0.75% 0.75% 4.07% 4.07% 145% $205,537
2024 $8.21 0.32 0.49 0.81 (0.23) - (0.23) $8.79 9.87% 0.75% 0.75% 3.69% 3.69% 103% $190,966
2023 $8.70 0.28 (0.26) 0.02 (0.51) - (0.51) $8.21 0.13% 0.71% 0.74% 3.06% 3.03% 83% $169,387
2022 $10.46 0.18 (1.60) (1.42) (0.27) (0.07) (0.34) $8.70 (13.93)% 0.70% 0.74% 1.91% 1.87% 97% $5,919
2021 $10.42 0.17 (0.10) 0.07
-(3)
(0.03) (0.03) $10.46 0.70% 0.70% 0.74% 1.56% 1.52% 119% $18,975
Y Class
2025 $8.81 0.37 0.09 0.46 (0.38) - (0.38) $8.89 5.44% 0.65% 0.65% 4.17% 4.17% 145% $105,857
2024 $8.22 0.33 0.49 0.82 (0.23) - (0.23) $8.81 10.07% 0.65% 0.65% 3.79% 3.79% 103% $96,014
2023 $8.71 0.27 (0.24) 0.03 (0.52) - (0.52) $8.22 0.23% 0.61% 0.64% 3.16% 3.13% 83% $57,340
2022 $10.48 0.19 (1.61) (1.42) (0.28) (0.07) (0.35) $8.71 (13.91)% 0.60% 0.64% 2.01% 1.97% 97% $53,201
2021 $10.44 0.18 (0.10) 0.08 (0.01) (0.03) (0.04) $10.48 0.80% 0.60% 0.64% 1.66% 1.62% 119% $62,274
A Class
2025 $8.69 0.32 0.10 0.42 (0.33) - (0.33) $8.78 4.90% 1.10% 1.10% 3.72% 3.72% 145% $1,293
2024 $8.12 0.29 0.48 0.77 (0.20) - (0.20) $8.69 9.57% 1.10% 1.10% 3.34% 3.34% 103% $1,423
2023 $8.62 0.23 (0.25) (0.02) (0.48) - (0.48) $8.12 (0.34)% 1.06% 1.09% 2.71% 2.68% 83% $1,305
2022 $10.36 0.15 (1.59) (1.44) (0.23) (0.07) (0.30) $8.62 (14.17)% 1.05% 1.09% 1.56% 1.52% 97% $1,144
2021 $10.36 0.13 (0.10) 0.03 - (0.03) (0.03) $10.36 0.30% 1.05% 1.09% 1.21% 1.17% 119% $1,450
C Class
2025 $8.49 0.25 0.09 0.34 (0.24) - (0.24) $8.59 4.11% 1.85% 1.85% 2.97% 2.97% 145% $67
2024 $7.95 0.21 0.48 0.69 (0.15) - (0.15) $8.49 8.76% 1.85% 1.85% 2.59% 2.59% 103% $88
2023 $8.46 0.16 (0.23) (0.07) (0.44) - (0.44) $7.95 (1.01)% 1.81% 1.84% 1.96% 1.93% 83% $177
2022 $10.18 0.07 (1.56) (1.49) (0.16) (0.07) (0.23) $8.46 (14.89)% 1.80% 1.84% 0.81% 0.77% 97% $256
2021 $10.26 0.05 (0.10) (0.05) - (0.03) (0.03) $10.18 (0.48)% 1.80% 1.84% 0.46% 0.42% 119% $571
For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Distributions From:
Ratio to Average Net Assets of† :
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net
Investment
Income 		Net
Realized
Gains 		Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses 		Operating
Expenses
(before
expense
waiver) 		Net
Investment
Income
(Loss) 		Net
Investment
Income
(Loss)
(before
expense
waiver) 		Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in
thousands)
Global Bond Fund
R Class
2025 $8.63 0.30 0.09 0.39 (0.30) - (0.30) $8.72 4.60% 1.35% 1.35% 3.47% 3.47% 145% $265
2024 $8.07 0.27 0.48 0.75 (0.19) - (0.19) $8.63 9.30% 1.35% 1.35% 3.09% 3.09% 103% $207
2023 $8.56 0.20 (0.23) (0.03) (0.46) - (0.46) $8.07 (0.47)% 1.31% 1.34% 2.46% 2.43% 83% $123
2022 $10.30 0.12 (1.58) (1.46) (0.21) (0.07) (0.28) $8.56 (14.47)% 1.30% 1.34% 1.31% 1.27% 97% $260
2021 $10.32 0.10 (0.09) 0.01 - (0.03) (0.03) $10.30 0.11% 1.30% 1.34% 0.96% 0.92% 119% $287
R5 Class
2025 $8.79 0.37 0.09 0.46 (0.38) - (0.38) $8.87 5.33% 0.65% 0.65% 4.17% 4.17% 145% $597
2024 $8.20 0.33 0.49 0.82 (0.23) - (0.23) $8.79 10.09% 0.65% 0.65% 3.79% 3.79% 103% $5,529
2023 $8.70 0.27 (0.25) 0.02 (0.52) - (0.52) $8.20 0.12% 0.61% 0.64% 3.16% 3.13% 83% $5,760
2022 $10.46 0.19 (1.60) (1.41) (0.28) (0.07) (0.35) $8.70 (13.84)% 0.60% 0.64% 2.01% 1.97% 97% $11,116
2021 $10.42 0.17 (0.09) 0.08 (0.01) (0.03) (0.04) $10.46 0.80% 0.60% 0.64% 1.66% 1.62% 119% $15,136
R6 Class
2025 $8.79 0.37 0.09 0.46 (0.38) - (0.38) $8.87 5.52% 0.60% 0.60% 4.22% 4.22% 145% $6,609
2024 $8.20 0.33 0.49 0.82 (0.23) - (0.23) $8.79 10.13% 0.60% 0.60% 3.84% 3.84% 103% $7,073
2023 $8.70 0.27 (0.25) 0.02 (0.52) - (0.52) $8.20 0.17% 0.56% 0.59% 3.21% 3.18% 83% $6,465
2022 $10.46 0.20 (1.61) (1.41) (0.28) (0.07) (0.35) $8.70 (13.79)% 0.55% 0.59% 2.06% 2.02% 97% $6,179
2021 $10.42 0.18 (0.09) 0.09 (0.02) (0.03) (0.05) $10.46 0.86% 0.55% 0.59% 1.71% 1.67% 119% $7,319
G Class
2025 $8.83 0.42 0.10 0.52 (0.45) - (0.45) $8.90 6.03% 0.02% 0.60% 4.80% 4.22% 145% $1,942,711
2024 $8.22 0.38 0.50 0.88 (0.27) - (0.27) $8.83 10.83% 0.02% 0.60% 4.42% 3.84% 103% $2,563,003
2023 $8.72 0.32 (0.25) 0.07 (0.57) - (0.57) $8.22 0.72% 0.01% 0.59% 3.76% 3.18% 83% $2,018,795
2022 $10.48 0.25 (1.61) (1.36) (0.33) (0.07) (0.40) $8.72 (13.30)% 0.01% 0.59% 2.60% 2.02% 97% $1,596,902
2021 $10.46 0.24 (0.10) 0.14 (0.09) (0.03) (0.12) $10.48 1.35% 0.01% 0.59% 2.25% 1.67% 119% $2,089,178
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)Per-share amount was less than $0.005.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
Report of Independent Registered Public Accounting Firm
To the shareholders and the Board of Trustees of American Century International Bond Funds:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Emerging Markets Debt Fund and Global Bond Fund (the "Funds"), each a series of American Century International Bond Funds, as of October 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended October 31, 2021, were audited by other auditors, whose report, dated December 17, 2021, expressed an unqualified opinion on such financial highlights.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Kansas City, Missouri
December 18, 2025
We have served as the auditor of one or more American Century investment companies since 1997.
55
Approval of Management Agreement
At a meeting held on June 17, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees. The Board regards this annual evaluation and renewal as one of its most important responsibilities.
The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor's performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board's assessment of the Advisor's performance and its determination whether to renew the Funds' management agreement.
Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent data providers concerning the Funds.
In connection with its consideration of the renewal of the management agreement, the Board's review and evaluation of the services provided by the Advisor and its affiliates included, but was not limited to:
•the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Funds;
•the wide range of programs and services the Advisor and other service providers provide to the Funds and their shareholders on a routine and non-routine basis;
•each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other mutual funds with similar investment objectives and strategies;
•the cost of owning the Funds compared to the cost of owning similarly-managed funds;
•the Advisor's compliance policies, procedures, and regulatory experience and those of certain other service providers;
•the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;
•the Advisor's business continuity plans, vendor management practices, and information security practices;
•the cost of services provided to the Funds, the profitability of the Funds to the Advisor, and the Advisor's financial results of operation;
•possible economies of scale associated with the Advisor's management of the Funds;
•any collateral benefits derived by the Advisor from the management of the Funds;
•fees and expenses associated with any investment by the Funds in other funds;
•payments to intermediaries by the Funds and the Advisor and services provided by intermediaries in connection therewith; and
•services provided and charges to the Advisor's other investment management clients.
In keeping with its practice, the Board held two meetings and the independent Trustees met in private sessions to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.
Factors Considered
The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees' independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:
Nature, Extent and Quality of Services - Generally.Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including, but not limited to:
•constructing and designing each Fund
•portfolio research and security selection
•initial capitalization/funding
•securities trading
56
•Fund administration
•custody of Fund assets
•daily valuation of each Fund's portfolio
•liquidity monitoring and management
•risk management, including information security
•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
•legal services (except the independent Trustees' counsel)
•regulatory and portfolio compliance
•financial reporting
•marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)
The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.
Investment Management Services.The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, a Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.
Shareholder and Other Services.Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Funds with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, risk management, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.
Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund, and its financial results of operation. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor's financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the terms of the current management agreement. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Funds.
Ethics. The Board generally considers the Advisor's commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor's practices generally meet or exceed industry best practices.
Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded services.
Comparison to Other Funds' Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of each Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, fees and expenses of the Funds' independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1. Under this unified fee structure, the Advisor is responsible for providing investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee
57
structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating each Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing each Fund's unified fee to the total expense ratio of peer funds. The Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.
Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.
Payments to Intermediaries.The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided with respect to each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Funds were made pursuant to the Funds' Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor's resources and reasonable profits.
Collateral or "Fall-Out" Benefits Derived by the Advisor.The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. The Board noted that the Advisor's primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex. Where applicable, assets of other client accounts are included with the assets of certain Funds to determine breakpoints in each such Fund's management fee schedule.
Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds' operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Funds on the strength of the Advisor's industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Funds.
Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:
Emerging Markets Debt Fund - The Fund's performance was above its benchmark for the one-, three-, and ten-year periods and below its benchmark for the five-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense group. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.08% (e.g., the Investor Class unified fee will be reduced from 0.96% to 0.88%) for at least one year, beginning August 1, 2025.
Global Bond Fund - The Fund's performance was above its benchmark for the ten-year period and below its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense group.
Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and received over time, concluded that the terms of the management agreement are fair and reasonable and that the management fees charged to the Funds are reasonable in light of the services provided and that the management agreement between the Funds and the Advisor should be renewed for an additional one-year period.
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CL-ANN-90984 2512
(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
None.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
None.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
The remuneration paid to directors, officers and others is included as part of the financial statements and other information filed under Item 7 of this Form.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
A statement regarding the basis for the board of directors' approval of the investment advisory contract is included as part of the financial statements and other information filed under Item 7 of this Form.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. 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 16. 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Registrant's Code of Ethicsfor Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.'s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005.
(a)(2) Not applicable.
(a)(3) Separate certifications by the registrant's principal executive officer and principal financial officer, 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)(4) Not applicable.
(a)(5) Not applicable.
(b) A certification by the registrant's chief executive officer and chief financial officer, 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 International Bond Funds
By: /s/ Patrick Bannigan
Name: Patrick Bannigan
Title: President
Date: December 23, 2025
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
Name: Patrick Bannigan
Title: President
(principal executive officer)
Date: December 23, 2025
By: /s/ R. Wes Campbell
Name: R. Wes Campbell
Title: Treasurer and
Chief Financial Officer
(principal financial officer)
Date: December 23, 2025
American Century International Bond Funds published this content on December 23, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 23, 2025 at 15:07 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]