# EDGAR Filing Document

**Accession Number:** 0000773674
**File Stem:** 0000773674-25-000034
**Filing Date:** 2025-11
**Character Count:** 277468
**Document Hash:** 76395486fa579dde17c3e20a956e9596
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000773674-25-000034.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000773674-25-000034

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY GOVERNMENT INCOME TRUST
- **CENTRAL INDEX KEY:** 0000773674

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04363
- **FILM NUMBER:** 251525864

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM GOVERNMENT INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### CAPITAL PRESERVATION FUND (Series ID: S000005965)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016429 | INVESTOR CLASS | CPFXX           |

### GINNIE MAE FUND (Series ID: S000005966)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016430 | INVESTOR CLASS | BGNMX           |
| C000016431 | A CLASS        | BGNAX           |
| C000051002 | R5 CLASS       | AGMNX           |
| C000051003 | R CLASS        | AGMWX           |
| C000088034 | C CLASS        | BGNCX           |
| C000189731 | I CLASS        | AGMHX           |

### GOVERNMENT BOND FUND (Series ID: S000005968)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016435 | INVESTOR CLASS | CPTNX           |
| C000016436 | A CLASS        | ABTAX           |
| C000088035 | R5 CLASS       | ABTIX           |
| C000088036 | C CLASS        | ABTCX           |
| C000088037 | R CLASS        | ABTRX           |
| C000189732 | I CLASS        | ABHTX           |

### INFLATION-ADJUSTED BOND FUND (Series ID: S000005969)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016437 | INVESTOR CLASS | ACITX           |
| C000016438 | A CLASS        | AIAVX           |
| C000016439 | R5 CLASS       | AIANX           |
| C000088038 | C CLASS        | AINOX           |
| C000088039 | R CLASS        | AIARX           |
| C000181796 | I CLASS        | AIAHX           |
| C000181797 | Y CLASS        | AIAYX           |
| C000191079 | R6 CLASS       | AIADX           |
| C000191080 | G CLASS        | AINGX           |

### SHORT-TERM GOVERNMENT FUND (Series ID: S000005970)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016440 | INVESTOR CLASS | TWUSX           |
| C000016441 | A CLASS        | TWAVX           |
| C000088040 | R5 CLASS       | TWUOX           |
| C000088041 | C CLASS        | TWACX           |
| C000088042 | R CLASS        | TWARX           |
| C000189733 | I CLASS        | ASGHX           |

?xml version='1.0' encoding='ASCII'? ck0000773674-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Company Act file number | Investment Company Act file number | **811-04363** | **811-04363** | **811-04363** |
| **AMERICAN CENTURY GOVERNMENT INCOME TRUST** | **AMERICAN CENTURY GOVERNMENT INCOME TRUST** | **AMERICAN CENTURY GOVERNMENT INCOME TRUST** | **AMERICAN CENTURY GOVERNMENT INCOME TRUST** | **AMERICAN CENTURY GOVERNMENT INCOME TRUST** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **03-31** | **03-31** | **03-31** | **03-31** |
| Date of reporting period: | **09-30-2025** | **09-30-2025** | **09-30-2025** | **09-30-2025** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) ------

**SEMIANNUAL SHAREHOLDER REPORT**

Capital Preservation Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (CPFXX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Capital Preservation Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $24 | 0.47% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2281346851 |
| Management Fees (dollars paid during the reporting period) | $5408934 |
| Total Number of Portfolio Holdings | 34 |
| 7-Day Current Yield - Investor Class | 3.68% |
| 7-Day Effective Yield - Investor Class | 3.75% |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 99.8% |
| 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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081803

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ginnie Mae Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (BGNMX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Ginnie Mae Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $28 | 0.55% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $362777107 |
| Management Fees (dollars paid during the reporting period) | $958346 |
| Portfolio Turnover Rate | 79% |
| Total Number of Portfolio Holdings | 157 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 97.4% |
| U.S. Government Agency Collateralized Mortgage Obligations | 6.8% |
| Short-Term Investments | 6.6% |
| Other Assets and Liabilities | (10.8)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081605

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ginnie Mae Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AGMHX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Ginnie Mae Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $23 | 0.45% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $362777107 |
| Management Fees (dollars paid during the reporting period) | $958346 |
| Portfolio Turnover Rate | 79% |
| Total Number of Portfolio Holdings | 157 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 97.4% |
| U.S. Government Agency Collateralized Mortgage Obligations | 6.8% |
| Short-Term Investments | 6.6% |
| Other Assets and Liabilities | (10.8)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081654

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ginnie Mae Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (BGNAX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Ginnie Mae Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $41 | 0.80% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $362777107 |
| Management Fees (dollars paid during the reporting period) | $958346 |
| Portfolio Turnover Rate | 79% |
| Total Number of Portfolio Holdings | 157 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 97.4% |
| U.S. Government Agency Collateralized Mortgage Obligations | 6.8% |
| Short-Term Investments | 6.6% |
| Other Assets and Liabilities | (10.8)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081837

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ginnie Mae Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **C Class (BGNCX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Ginnie Mae Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $79 | 1.55% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $362777107 |
| Management Fees (dollars paid during the reporting period) | $958346 |
| Portfolio Turnover Rate | 79% |
| Total Number of Portfolio Holdings | 157 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 97.4% |
| U.S. Government Agency Collateralized Mortgage Obligations | 6.8% |
| Short-Term Investments | 6.6% |
| Other Assets and Liabilities | (10.8)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081761

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ginnie Mae Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AGMWX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Ginnie Mae Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $53 | 1.05% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $362777107 |
| Management Fees (dollars paid during the reporting period) | $958346 |
| Portfolio Turnover Rate | 79% |
| Total Number of Portfolio Holdings | 157 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 97.4% |
| U.S. Government Agency Collateralized Mortgage Obligations | 6.8% |
| Short-Term Investments | 6.6% |
| Other Assets and Liabilities | (10.8)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081779

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ginnie Mae Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AGMNX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Ginnie Mae Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $18 | 0.35% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $362777107 |
| Management Fees (dollars paid during the reporting period) | $958346 |
| Portfolio Turnover Rate | 79% |
| Total Number of Portfolio Holdings | 157 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 97.4% |
| U.S. Government Agency Collateralized Mortgage Obligations | 6.8% |
| Short-Term Investments | 6.6% |
| Other Assets and Liabilities | (10.8)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081787

------

**SEMIANNUAL SHAREHOLDER REPORT**

Government Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (CPTNX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Government Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $24 | 0.47% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $504896207 |
| Management Fees (dollars paid during the reporting period) | $1044413 |
| Portfolio Turnover Rate | 138% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 51.4% |
| U.S. Treasury Securities | 25.4% |
| Collateralized Mortgage Obligations | 14.1% |
| Asset-Backed Securities | 4.1% |
| Municipal Securities | 3.7% |
| U.S. Government Agency Securities | 2.8% |
| Short-Term Investments | 3.8% |
| Other Assets and Liabilities | (5.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081308

------

**SEMIANNUAL SHAREHOLDER REPORT**

Government Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ABHTX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Government Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $19 | 0.37% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $504896207 |
| Management Fees (dollars paid during the reporting period) | $1044413 |
| Portfolio Turnover Rate | 138% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 51.4% |
| U.S. Treasury Securities | 25.4% |
| Collateralized Mortgage Obligations | 14.1% |
| Asset-Backed Securities | 4.1% |
| Municipal Securities | 3.7% |
| U.S. Government Agency Securities | 2.8% |
| Short-Term Investments | 3.8% |
| Other Assets and Liabilities | (5.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081647

------

**SEMIANNUAL SHAREHOLDER REPORT**

Government Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ABTAX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Government Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $37 | 0.72% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $504896207 |
| Management Fees (dollars paid during the reporting period) | $1044413 |
| Portfolio Turnover Rate | 138% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 51.4% |
| U.S. Treasury Securities | 25.4% |
| Collateralized Mortgage Obligations | 14.1% |
| Asset-Backed Securities | 4.1% |
| Municipal Securities | 3.7% |
| U.S. Government Agency Securities | 2.8% |
| Short-Term Investments | 3.8% |
| Other Assets and Liabilities | (5.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081860

------

**SEMIANNUAL SHAREHOLDER REPORT**

Government Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ABTCX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Government Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $75 | 1.47% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $504896207 |
| Management Fees (dollars paid during the reporting period) | $1044413 |
| Portfolio Turnover Rate | 138% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 51.4% |
| U.S. Treasury Securities | 25.4% |
| Collateralized Mortgage Obligations | 14.1% |
| Asset-Backed Securities | 4.1% |
| Municipal Securities | 3.7% |
| U.S. Government Agency Securities | 2.8% |
| Short-Term Investments | 3.8% |
| Other Assets and Liabilities | (5.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081746

------

**SEMIANNUAL SHAREHOLDER REPORT**

Government Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ABTRX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Government Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $49 | 0.97% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $504896207 |
| Management Fees (dollars paid during the reporting period) | $1044413 |
| Portfolio Turnover Rate | 138% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 51.4% |
| U.S. Treasury Securities | 25.4% |
| Collateralized Mortgage Obligations | 14.1% |
| Asset-Backed Securities | 4.1% |
| Municipal Securities | 3.7% |
| U.S. Government Agency Securities | 2.8% |
| Short-Term Investments | 3.8% |
| Other Assets and Liabilities | (5.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081738

------

**SEMIANNUAL SHAREHOLDER REPORT**

Government Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ABTIX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Government Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $14 | 0.27% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $504896207 |
| Management Fees (dollars paid during the reporting period) | $1044413 |
| Portfolio Turnover Rate | 138% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Government Agency Mortgage-Backed Securities | 51.4% |
| U.S. Treasury Securities | 25.4% |
| Collateralized Mortgage Obligations | 14.1% |
| Asset-Backed Securities | 4.1% |
| Municipal Securities | 3.7% |
| U.S. Government Agency Securities | 2.8% |
| Short-Term Investments | 3.8% |
| Other Assets and Liabilities | (5.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081753

------

**SEMIANNUAL SHAREHOLDER REPORT**

Inflation-Adjusted Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ACITX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Inflation-Adjusted Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $27 | 0.53% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2181222156 |
| Management Fees (dollars paid during the reporting period) | $2560984 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 113 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 82.9% |
| Collateralized Mortgage Obligations | 5.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Funds | 3.2% |
| Convertible Preferred Securities | 2.0% |
| Corporate Bonds | 1.9% |
| Commercial Mortgage-Backed Securities | 1.3% |
| Sovereign Governments and Agencies | 1.0% |
| Asset-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| Preferred Securities | 0.3% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (3.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081704

------

**SEMIANNUAL SHAREHOLDER REPORT**

Inflation-Adjusted Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AIAHX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Inflation-Adjusted Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $22 | 0.43% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2181222156 |
| Management Fees (dollars paid during the reporting period) | $2560984 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 113 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 82.9% |
| Collateralized Mortgage Obligations | 5.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Funds | 3.2% |
| Convertible Preferred Securities | 2.0% |
| Corporate Bonds | 1.9% |
| Commercial Mortgage-Backed Securities | 1.3% |
| Sovereign Governments and Agencies | 1.0% |
| Asset-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| Preferred Securities | 0.3% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (3.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081639

------

**SEMIANNUAL SHAREHOLDER REPORT**

Inflation-Adjusted Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AIAYX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Inflation-Adjusted Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $17 | 0.33% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2181222156 |
| Management Fees (dollars paid during the reporting period) | $2560984 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 113 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 82.9% |
| Collateralized Mortgage Obligations | 5.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Funds | 3.2% |
| Convertible Preferred Securities | 2.0% |
| Corporate Bonds | 1.9% |
| Commercial Mortgage-Backed Securities | 1.3% |
| Sovereign Governments and Agencies | 1.0% |
| Asset-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| Preferred Securities | 0.3% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (3.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081621

------

**SEMIANNUAL SHAREHOLDER REPORT**

Inflation-Adjusted Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AIAVX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Inflation-Adjusted Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $40 | 0.78% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2181222156 |
| Management Fees (dollars paid during the reporting period) | $2560984 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 113 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 82.9% |
| Collateralized Mortgage Obligations | 5.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Funds | 3.2% |
| Convertible Preferred Securities | 2.0% |
| Corporate Bonds | 1.9% |
| Commercial Mortgage-Backed Securities | 1.3% |
| Sovereign Governments and Agencies | 1.0% |
| Asset-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| Preferred Securities | 0.3% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (3.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081829

------

**SEMIANNUAL SHAREHOLDER REPORT**

Inflation-Adjusted Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AINOX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Inflation-Adjusted Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $77 | 1.53% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2181222156 |
| Management Fees (dollars paid during the reporting period) | $2560984 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 113 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 82.9% |
| Collateralized Mortgage Obligations | 5.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Funds | 3.2% |
| Convertible Preferred Securities | 2.0% |
| Corporate Bonds | 1.9% |
| Commercial Mortgage-Backed Securities | 1.3% |
| Sovereign Governments and Agencies | 1.0% |
| Asset-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| Preferred Securities | 0.3% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (3.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081720

------

**SEMIANNUAL SHAREHOLDER REPORT**

Inflation-Adjusted Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AIARX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Inflation-Adjusted Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $52 | 1.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2181222156 |
| Management Fees (dollars paid during the reporting period) | $2560984 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 113 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 82.9% |
| Collateralized Mortgage Obligations | 5.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Funds | 3.2% |
| Convertible Preferred Securities | 2.0% |
| Corporate Bonds | 1.9% |
| Commercial Mortgage-Backed Securities | 1.3% |
| Sovereign Governments and Agencies | 1.0% |
| Asset-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| Preferred Securities | 0.3% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (3.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081712

------

**SEMIANNUAL SHAREHOLDER REPORT**

Inflation-Adjusted Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AIANX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Inflation-Adjusted Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $17 | 0.33% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2181222156 |
| Management Fees (dollars paid during the reporting period) | $2560984 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 113 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 82.9% |
| Collateralized Mortgage Obligations | 5.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Funds | 3.2% |
| Convertible Preferred Securities | 2.0% |
| Corporate Bonds | 1.9% |
| Commercial Mortgage-Backed Securities | 1.3% |
| Sovereign Governments and Agencies | 1.0% |
| Asset-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| Preferred Securities | 0.3% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (3.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081795

------

**SEMIANNUAL SHAREHOLDER REPORT**

Inflation-Adjusted Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AIADX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Inflation-Adjusted Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $14 | 0.28% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2181222156 |
| Management Fees (dollars paid during the reporting period) | $2560984 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 113 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 82.9% |
| Collateralized Mortgage Obligations | 5.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Funds | 3.2% |
| Convertible Preferred Securities | 2.0% |
| Corporate Bonds | 1.9% |
| Commercial Mortgage-Backed Securities | 1.3% |
| Sovereign Governments and Agencies | 1.0% |
| Asset-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| Preferred Securities | 0.3% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (3.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081597

------

**SEMIANNUAL SHAREHOLDER REPORT**

Inflation-Adjusted Bond Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AINGX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Inflation-Adjusted Bond Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $4 | 0.07% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2181222156 |
| Management Fees (dollars paid during the reporting period) | $2560984 |
| Portfolio Turnover Rate | 27% |
| Total Number of Portfolio Holdings | 113 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 82.9% |
| Collateralized Mortgage Obligations | 5.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Funds | 3.2% |
| Convertible Preferred Securities | 2.0% |
| Corporate Bonds | 1.9% |
| Commercial Mortgage-Backed Securities | 1.3% |
| Sovereign Governments and Agencies | 1.0% |
| Asset-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| Preferred Securities | 0.3% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (3.3)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081613

------

**SEMIANNUAL SHAREHOLDER REPORT**

Short-Term Government Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWUSX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Short-Term Government Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $28 | 0.55% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $199199341 |
| Management Fees (dollars paid during the reporting period) | $507114 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 54.1% |
| Collateralized Mortgage Obligations | 30.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.8% |
| Asset-Backed Securities | 2.6% |
| Municipal Securities | 2.4% |
| U.S. Government Agency Securities | 1.2% |
| Short-Term Investments | 9.1% |
| Other Assets and Liabilities | (3.4)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081506

------

**SEMIANNUAL SHAREHOLDER REPORT**

Short-Term Government Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ASGHX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Short-Term Government Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $23 | 0.45% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $199199341 |
| Management Fees (dollars paid during the reporting period) | $507114 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 54.1% |
| Collateralized Mortgage Obligations | 30.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.8% |
| Asset-Backed Securities | 2.6% |
| Municipal Securities | 2.4% |
| U.S. Government Agency Securities | 1.2% |
| Short-Term Investments | 9.1% |
| Other Assets and Liabilities | (3.4)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081662

------

**SEMIANNUAL SHAREHOLDER REPORT**

Short-Term Government Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWAVX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Short-Term Government Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $41 | 0.80% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $199199341 |
| Management Fees (dollars paid during the reporting period) | $507114 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 54.1% |
| Collateralized Mortgage Obligations | 30.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.8% |
| Asset-Backed Securities | 2.6% |
| Municipal Securities | 2.4% |
| U.S. Government Agency Securities | 1.2% |
| Short-Term Investments | 9.1% |
| Other Assets and Liabilities | (3.4)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081845

------

**SEMIANNUAL SHAREHOLDER REPORT**

Short-Term Government Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **C Class (TWACX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Short-Term Government Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $78 | 1.55% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $199199341 |
| Management Fees (dollars paid during the reporting period) | $507114 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 54.1% |
| Collateralized Mortgage Obligations | 30.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.8% |
| Asset-Backed Securities | 2.6% |
| Municipal Securities | 2.4% |
| U.S. Government Agency Securities | 1.2% |
| Short-Term Investments | 9.1% |
| Other Assets and Liabilities | (3.4)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081696

------

**SEMIANNUAL SHAREHOLDER REPORT**

Short-Term Government Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (TWARX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Short-Term Government Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $53 | 1.05% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $199199341 |
| Management Fees (dollars paid during the reporting period) | $507114 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 54.1% |
| Collateralized Mortgage Obligations | 30.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.8% |
| Asset-Backed Securities | 2.6% |
| Municipal Securities | 2.4% |
| U.S. Government Agency Securities | 1.2% |
| Short-Term Investments | 9.1% |
| Other Assets and Liabilities | (3.4)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081688

------

**SEMIANNUAL SHAREHOLDER REPORT**

Short-Term Government Fund ![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (TWUOX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Short-Term Government Fund for the period of April 1, 2025 to September 30, 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $18 | 0.35% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $199199341 |
| Management Fees (dollars paid during the reporting period) | $507114 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| U.S. Treasury Securities | 54.1% |
| Collateralized Mortgage Obligations | 30.2% |
| U.S. Government Agency Mortgage-Backed Securities | 3.8% |
| Asset-Backed Securities | 2.6% |
| Municipal Securities | 2.4% |
| U.S. Government Agency Securities | 1.2% |
| Short-Term Investments | 9.1% |
| Other Assets and Liabilities | (3.4)% |

---

*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.*

![QR ACI Docs.jpg](ck0000773674-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000773674-20250930_g1.jpg)

S-25081670

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

Not applicable for semiannual report filings.

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

Not applicable for semiannual report filings.

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

Not applicable for semiannual report filings.

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

Not applicable for semiannual report filings.

**ITEM 6. INVESTMENTS.**

(a) The schedule of investments is included as part of the 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) ------

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

![acihorizblkd45.jpg](ck0000773674-20250930_g3.jpg)

---

| | |
|:---|:---|
| Semiannual Financial Statements and Other Information | Semiannual Financial Statements and Other Information |
| September 30, 2025 |  |
| Capital Preservation Fund | Inflation-Adjusted Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (CPFXX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ACITX) |
| Ginnie Mae Fund | &nbsp;&nbsp;&nbsp;&nbsp;I Class (AIAHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (BGNMX) | &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AIAYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AGMHX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (AIAVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (BGNAX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (AINOX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (BGNCX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (AIARX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AGMWX) | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AIANX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AGMNX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AIADX) |
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;G Class (AINGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (CPTNX) | Short-Term Government Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ABHTX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWUSX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ABTAX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (ASGHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ABTCX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWAVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ABTRX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (TWACX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ABTIX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (TWARX) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (TWUOX) |

---

***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](#ie60e1d4ed77943e6b6db06d6a6ca31a8_28) |
| Statements of Assets and Liabilities | [23](#ie60e1d4ed77943e6b6db06d6a6ca31a8_31) |
| Statements of Operations | [27](#ie60e1d4ed77943e6b6db06d6a6ca31a8_34) |
| Statements of Changes in Net Assets | [30](#ie60e1d4ed77943e6b6db06d6a6ca31a8_37) |
| Notes to Financial Statements | [33](#ie60e1d4ed77943e6b6db06d6a6ca31a8_40) |
| Financial Highlights | [44](#ie60e1d4ed77943e6b6db06d6a6ca31a8_43) |
| Approval of Management Agreement | [54](#ie60e1d4ed77943e6b6db06d6a6ca31a8_52) |

---

------

Schedule of Investments - Capital Preservation Fund

**SEPTEMBER 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**U.S. TREASURY SECURITIES**<sup>(1)</sup> **— 99.8%** | **Principal Amount**<br> | &nbsp;&nbsp;**Value**<br> |
| U.S. Treasury Bills, 4.26%, 10/2/25 | $154770000 | $154751778 |
| U.S. Treasury Bills, 4.29%, 10/7/25 | 71990000 | 71939505 |
| U.S. Treasury Bills, 4.29%, 10/9/25 | 50000000 | 49953033 |
| U.S. Treasury Bills, 4.24%, 10/14/25 | 80180000 | 80058889 |
| U.S. Treasury Bills, 4.29%, 10/16/25 | 15880000 | 15852983 |
| U.S. Treasury Bills, 4.28%, 10/21/25 | 125930000 | 125640327 |
| U.S. Treasury Bills, 4.15%, 10/23/25 | 83230000 | 83022374 |
| U.S. Treasury Bills, 4.08%, 10/30/25 | 50000000 | 49838003 |
| U.S. Treasury Bills, 4.16%, 11/4/25 | 35000000 | 34864472 |
| U.S. Treasury Bills, 4.07%, 11/6/25 | 155000000 | 154377775 |
| U.S. Treasury Bills, 4.06%, 11/12/25 | 75000000 | 74650000 |
| U.S. Treasury Bills, 4.21%, 11/13/25 | 140000000 | 139332722 |
| U.S. Treasury Bills, 4.02%, 11/18/25 | 25000000 | 24867833 |
| U.S. Treasury Bills, 4.06%, 11/25/25 | 20000000 | 19877778 |
| U.S. Treasury Bills, 4.17%, 1/2/26 | 93300000 | 92346716 |
| U.S. Treasury Bills, 4.02%, 1/6/26 | 25000000 | 24732913 |
| U.S. Treasury Bills, 4.20%, 1/8/26 | 64690000 | 63954093 |
| U.S. Treasury Bills, 4.18%, 1/15/26 | 25000000 | 24696354 |
| U.S. Treasury Bills, 4.04%, 1/22/26 | 12240000 | 12081902 |
| U.S. Treasury Bills, 3.86%, 1/27/26 | 25000000 | 24688201 |
| U.S. Treasury Bills, 4.18%, 1/29/26 | 30176500 | 29762076 |
| U.S. Treasury Bills, 3.99%, 2/12/26 | 35860000 | 35330754 |
| U.S. Treasury Bills, 4.00%, 2/19/26 | 50000000 | 49227438 |
| U.S. Treasury Bills, 3.97%, 2/26/26 | 20000000 | 19678100 |
| U.S. Treasury Notes, 0.50%, 2/28/26 | 10000000 | 9849344 |
| U.S. Treasury Notes, 0.75%, 3/31/26 | 40550000 | 39885960 |
| U.S. Treasury Notes, 4.50%, 3/31/26 | 25000000 | 25046309 |
| U.S. Treasury Notes, 0.75%, 4/30/26 | 100000000 | 98053039 |
| U.S. Treasury Notes, 4.88%, 4/30/26 | 20000000 | 20071698 |
| U.S. Treasury Notes, VRN, 4.07%, (3-month USBMMY plus 0.17%), 10/31/25 | 272250000 | 272259482 |
| U.S. Treasury Notes, VRN, 4.14%, (3-month USBMMY plus 0.25%), 1/31/26 | 225410000 | 225509620 |
| U.S. Treasury Notes, VRN, 4.05%, (3-month USBMMY plus 0.15%), 4/30/26 | 40000000 | 39996577 |
| U.S. Treasury Notes, VRN, 4.08%, (3-month USBMMY plus 0.18%), 7/31/26 | 65000000 | 64991804 |
| U.S. Treasury Notes, VRN, 4.10%, (3-month USBMMY plus 0.21%), 10/31/26 | 25000000 | 25012723 |
| **TOTAL INVESTMENT SECURITIES — 99.8%** |  | **2276202575** |
| **OTHER ASSETS AND LIABILITIES — 0.2%** |  | **5144276** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2281346851** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| USBMMY | – | U.S. Treasury Bill Money Market Yield |
| 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)The rates for U.S. Treasury Bills are the yield to maturity at purchase. The rates for U.S. Treasury Notes are the stated coupon rates.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 2.

See Notes to Financial Statements.

------

Schedule of Investments - Ginnie Mae Fund

**SEPTEMBER 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 97.4%** | **Principal**<br>**Amount/Shares**<br> | &nbsp;&nbsp;**Value**<br> |
| **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 1.2%** |  |  |
| GNMA, VRN, 4.75%, (1-year H15T1Y plus 1.50%), 10/20/27 to 10/20/35 | $883100 | $899353 |
| GNMA, VRN, 4.625%, (1-year H15T1Y plus 1.50%), 8/20/36 to 9/20/36 | 693621 | 698401 |
| GNMA, VRN, 5.625%, (1-year H15T1Y plus 1.50%), 4/20/38 | 1273002 | 1300383 |
| GNMA, VRN, 5.50%, (1-year H15T1Y plus 1.50%), 3/20/48 | 478361 | 475668 |
| GNMA, VRN, 4.50%, (1-year H15T1Y plus 1.50%), 8/20/49 | 1053665 | 1073893 |
|  |  | 4447698 |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 96.2%** |  |  |
| GNMA, 7.00%, 12/20/25 to 12/20/29 | 80687 | 83394 |
| GNMA, 6.00%, 3/20/26 to 2/20/54 | 10951587 | 11371875 |
| GNMA, 6.50%, 3/20/26 to 8/20/55 | 8392037 | 8673701 |
| GNMA, 8.00%, 6/15/26 to 7/20/30 | 13863 | 14024 |
| GNMA, 8.50%, 12/15/29 to 12/15/30 | 20242 | 21405 |
| GNMA, 7.50%, 2/20/31 | 20559 | 21371 |
| GNMA, 4.50%, 7/15/33 to 3/20/54 | 25680816 | 25130583 |
| GNMA, 5.50%, 6/20/36 to 4/20/55 | 18688497 | 18969219 |
| GNMA, 4.00%, 12/20/39 to 4/20/52 | 31576972 | 30021141 |
| GNMA, 5.00%, 6/20/40 to 1/20/55 | 41336035 | 41242149 |
| GNMA, 3.50%, 12/20/41 to 3/20/52 | 27202042 | 25181455 |
| GNMA, 3.00%, 4/20/44 to 11/20/51 | 44782822 | 40067576 |
| GNMA, 2.50%, 7/20/46 to 11/20/52 | 58773907 | 50760273 |
| GNMA, 2.00%, 10/20/50 to 11/20/51 | 59382072 | 49157580 |
| GNMA, 3.50%, 2/20/52<sup>(1)</sup> | 9139608 | 8386110 |
| GNMA, 5.50%, TBA | 28578000 | 28795151 |
| GNMA, 6.00%, TBA | 10740000 | 10924404 |
|  |  | 348821411 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $369,143,243) |  | **353269109** |
| **U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS — 6.8%** |  |  |
| GNMA, Series 2003-110, Class F, VRN, 4.65%, (1-month SOFR plus 0.51%), 10/20/33 | 318699 | 318666 |
| GNMA, Series 2003-66, Class HF, VRN, 4.70%, (1-month SOFR plus 0.56%), 8/20/33 | 182743 | 182729 |
| GNMA, Series 2004-76, Class F, VRN, 4.65%, (1-month SOFR plus 0.51%), 9/20/34 | 319585 | 318052 |
| GNMA, Series 2005-13, Class FA, VRN, 4.45%, (1-month SOFR plus 0.31%), 2/20/35 | 699271 | 695667 |
| GNMA, Series 2007-5, Class FA, VRN, 4.39%, (1-month SOFR plus 0.25%), 2/20/37 | 783024 | 782856 |
| GNMA, Series 2007-58, Class FC, VRN, 4.75%, (1-month SOFR plus 0.61%), 10/20/37 | 475875 | 474008 |
| GNMA, Series 2008-2, Class LF, VRN, 4.71%, (1-month SOFR plus 0.57%), 1/20/38 | 602737 | 601968 |
| GNMA, Series 2008-27, Class FB, VRN, 4.80%, (1-month SOFR plus 0.66%), 3/20/38 | 1097056 | 1095615 |
| GNMA, Series 2008-61, Class KF, VRN, 4.92%, (1-month SOFR plus 0.78%), 7/20/38 | 568396 | 567427 |
| GNMA, Series 2008-88, Class UF, VRN, 5.25%, (1-month SOFR plus 1.11%), 10/20/38 | 497776 | 497907 |
| GNMA, Series 2009-92, Class FJ, VRN, 4.94%, (1-month SOFR plus 0.79%), 10/16/39 | 294440 | 294899 |
| GNMA, Series 2021-175, Class LI, SEQ, IO, 3.00%, 4/20/51 | 24873056 | 3371371 |
| GNMA, Series 2023-170, Class LZ, SEQ, 6.00%, 11/20/53 | 3618993 | 3678291 |
| GNMA, Series 2023-55, Class KI, IO, 3.50%, 11/20/50 | 24899797 | 4624963 |
| GNMA, Series 2024-44, Class D, SEQ, 4.50%, 6/20/51 | 7225951 | 7238384 |
| **TOTAL U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $23,241,763) |  | **24742803** |
| **SHORT-TERM INVESTMENTS — 6.6%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 47795 | 47795 |

---

------

Schedule of Investments - Ginnie Mae Fund

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | &nbsp;&nbsp;**Value** |
| **Repurchase Agreements — 6.6%** |  |  |
| Fixed Income Clearing Corp.(collateralized by various U.S. Treasury obligations, 4.75%, 8/15/55, valued at $24,336,295), at 4.19%, dated 9/30/25, due 10/1/25 (Delivery value $23,861,777) |  | $23859000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $23,906,795) |  | **23906795** |
| **TOTAL INVESTMENT SECURITIES — 110.8%**<br>(Cost $416,291,801) |  | **401918707** |
| **OTHER ASSETS AND LIABILITIES — (10.8)%** |  | **(39141600)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**362777107** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury 10-Year Ultra Notes | 12 | December 2025 | $1380938 | $13852 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)^** |
| U.S. Treasury 5-Year Notes | 23 | December 2025 | $2511492 | $135 |
| U.S. Treasury 2-Year Notes | 70 | December 2025 | 14587891 | 32676 |
| U.S. Treasury Long Bonds | 26 | December 2025 | 3031437 | (71348) |
|  |  |  | $20130820 | $(38537) |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| GNMA | Government National Mortgage Association |
| H15T1Y | Constant Maturity U.S. Treasury Note Yield Curve Rate Index |
| IO | Interest Only |
| SEQ | Sequential Payer |
| 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. |
| 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, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments and/or futures contracts. At the period end, the aggregate value of securities pledged was $511,079.

------

Schedule of Investments - Ginnie Mae 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** | | | |
| U.S. Government Agency Mortgage-Backed Securities |  | $353269109 |  |
| U.S. Government Agency Collateralized Mortgage Obligations |  | 24742803 |  |
| Short-Term Investments | $47795 | 23859000 |  |
|  | $47795 | $401870912 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $46663 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $71348 |  |  |

---

**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** |
|  | **Interest Rate** |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;&nbsp;Payable for variation margin on futures contracts\* | $2805 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | |
|:---|:---|
|  | **Type of Risk Exposure** |
|  | **Interest Rate** |
| **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Futures contract transactions | $140120 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | $(14999) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Government Bond Fund

**SEPTEMBER 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 51.4%** | **Principal**<br>**Amount/Shares**<br> | &nbsp;&nbsp;**Value**<br> |
| **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.2%** |  |  |
| FNMA, VRN, 3.18%, (1-year RFUCC plus 1.61%), 3/1/47 | $163229 | $162974 |
| FNMA, VRN, 3.10%, (1-year RFUCC plus 1.61%), 4/1/47 | 261877 | 261219 |
| GNMA, VRN, 4.75%, (1-year H15T1Y plus 1.50%), 11/20/32 | 32984 | 33175 |
| GNMA, VRN, 5.25%, (1-year H15T1Y plus 2.00%), 10/20/34 | 159518 | 163458 |
| GNMA, VRN, 4.75%, (1-year H15T1Y plus 1.50%), 12/20/34 | 71884 | 71871 |
| GNMA, VRN, 5.625%, (1-year H15T1Y plus 1.50%), 3/20/35 | 82148 | 82901 |
| GNMA, VRN, 4.625%, (1-year H15T1Y plus 1.50%), 7/20/35 | 138322 | 140680 |
| GNMA, VRN, 5.625%, (1-year H15T1Y plus 1.50%), 3/20/36 | 261330 | 262486 |
|  |  | 1178764 |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 51.2%** |  |  |
| FHLMC, 5.50%, 4/1/38 | 536332 | 557700 |
| FHLMC, 3.00%, 2/1/43 | 2293194 | 2111936 |
| FHLMC, 3.50%, 2/1/49 | 3722060 | 3475379 |
| FHLMC, 3.00%, 1/1/50 | 1052935 | 926119 |
| FHLMC, 2.50%, 10/1/50 | 2334169 | 1971465 |
| FHLMC, 2.50%, 5/1/51 | 7862260 | 6695539 |
| FHLMC, 3.50%, 5/1/51 | 3079156 | 2842856 |
| FHLMC, 2.00%, 8/1/51 | 5409048 | 4402080 |
| FHLMC, 3.50%, 5/1/52 | 4323017 | 3959047 |
| FHLMC, 3.50%, 5/1/52 | 734272 | 678261 |
| FHLMC, 4.00%, 6/1/52 | 3614503 | 3443967 |
| FHLMC, 5.00%, 7/1/52 | 1142021 | 1147294 |
| FHLMC, 4.50%, 10/1/52 | 3771796 | 3680246 |
| FHLMC, 4.50%, 10/1/52 | 1194302 | 1164450 |
| FHLMC, 6.00%, 11/1/52 | 4538458 | 4676997 |
| FHLMC, 5.50%, 12/1/52 | 3485536 | 3543055 |
| FHLMC, 6.00%, 1/1/53 | 3576225 | 3680440 |
| FHLMC, 6.50%, 11/1/53 | 2550637 | 2646526 |
| FHLMC, 5.50%, 4/1/54 | 3937066 | 4002029 |
| FNMA, 3.17%, 1/1/27 | 1500000 | 1483736 |
| FNMA, 3.63%, 8/1/28 | 6903569 | 6769232 |
| FNMA, 6.00%, 12/1/33 | 417853 | 432293 |
| FNMA, 5.50%, 8/1/34 | 495525 | 509296 |
| FNMA, 5.50%, 1/1/36 | 563106 | 586197 |
| FNMA, 6.00%, 9/1/37 | 151961 | 160223 |
| FNMA, 6.00%, 11/1/37 | 559493 | 589913 |
| FNMA, 4.50%, 4/1/39 | 163149 | 164386 |
| FNMA, 4.50%, 5/1/39 | 462353 | 466144 |
| FNMA, 6.50%, 5/1/39 | 327155 | 346663 |
| FNMA, 4.50%, 10/1/39 | 785711 | 790458 |
| FNMA, 4.50%, 6/1/41 | 728651 | 730133 |
| FNMA, 4.00%, 8/1/41 | 616852 | 601554 |
| FNMA, 4.50%, 9/1/41 | 427581 | 427528 |
| FNMA, 4.00%, 12/1/41 | 1978597 | 1925441 |
| FNMA, 3.50%, 5/1/42 | 687271 | 653328 |
| FNMA, 4.00%, 11/1/45 | 439511 | 423116 |
| FNMA, 4.00%, 2/1/46 | 1232012 | 1185295 |
| FNMA, 4.00%, 4/1/46 | 1598697 | 1538405 |

---

------

Schedule of Investments - Government Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | &nbsp;&nbsp;**Value** |
| FNMA, 3.50%, 2/1/47 | $1852877 | $1717691 |
| FNMA, 2.50%, 2/1/51 | 5118537 | 4374458 |
| FNMA, 3.00%, 6/1/51 | 4693426 | 4206865 |
| FNMA, 4.00%, 8/1/51 | 1612686 | 1529433 |
| FNMA, 2.50%, 12/1/51 | 2260624 | 1931124 |
| FNMA, 3.00%, 2/1/52 | 4911633 | 4368004 |
| FNMA, 2.00%, 3/1/52 | 6089044 | 4976472 |
| FNMA, 3.00%, 3/1/52 | 4500792 | 4011584 |
| FNMA, 4.00%, 4/1/52 | 4436850 | 4205338 |
| FNMA, 4.00%, 4/1/52 | 1606008 | 1530237 |
| FNMA, 3.00%, 5/1/52 | 4652376 | 4135979 |
| FNMA, 3.00%, 5/1/52 | 1313739 | 1175825 |
| FNMA, 3.50%, 5/1/52 | 4348315 | 3990714 |
| FNMA, 3.50%, 5/1/52 | 1943573 | 1806830 |
| FNMA, 4.00%, 5/1/52 | 2697732 | 2546611 |
| FNMA, 3.50%, 6/1/52 | 2676601 | 2487880 |
| FNMA, 5.00%, 6/1/52 | 3752057 | 3762695 |
| FNMA, 2.50%, 7/1/52 | 1259954 | 1067169 |
| FNMA, 4.50%, 7/1/52 | 858396 | 836940 |
| FNMA, 5.00%, 7/1/52 | 4545243 | 4548658 |
| FNMA, 4.50%, 9/1/52 | 2644707 | 2590723 |
| FNMA, 4.50%, 9/1/52 | 941615 | 929257 |
| FNMA, 5.00%, 9/1/52 | 1744929 | 1750307 |
| FNMA, 5.00%, 10/1/52 | 4421246 | 4416212 |
| FNMA, 5.50%, 10/1/52 | 3825581 | 3874723 |
| FNMA, 5.00%, 1/1/53 | 3642603 | 3638268 |
| FNMA, 5.50%, 1/1/53 | 6101368 | 6182395 |
| FNMA, 5.50%, 1/1/53 | 1922177 | 1952005 |
| FNMA, 6.50%, 1/1/53 | 3795539 | 3942294 |
| FNMA, 6.00%, 9/1/53 | 4963708 | 5087347 |
| FNMA, 6.00%, 9/1/53 | 3066722 | 3161739 |
| FNMA, 5.50%, 3/1/54 | 7534501 | 7619786 |
| FNMA, 6.00%, 5/1/54 | 2109370 | 2159800 |
| GNMA, 5.50%, TBA | 4422000 | 4455601 |
| GNMA, 6.00%, 1/20/39 | 94232 | 99082 |
| GNMA, 4.00%, 12/15/40 | 275835 | 264738 |
| GNMA, 3.50%, 6/20/42 | 1606271 | 1524461 |
| GNMA, 3.00%, 7/20/50 | 7794754 | 6988228 |
| GNMA, 2.00%, 10/20/50 | 10859869 | 8989399 |
| GNMA, 2.50%, 2/20/51 | 2912936 | 2516690 |
| GNMA, 3.50%, 2/20/51 | 498767 | 459370 |
| GNMA, 2.50%, 1/20/52 | 4442818 | 3829478 |
| GNMA, 4.00%, 9/20/52 | 8267851 | 7837600 |
| GNMA, 4.50%, 9/20/52 | 8042491 | 7862216 |
| GNMA, 4.50%, 10/20/52 | 6283235 | 6141424 |
| GNMA, 4.00%, 4/20/54 | 7453362 | 7014629 |
| GNMA, 5.00%, 12/20/54 | 4328533 | 4315383 |
| UMBS, 5.00%, TBA | 14170000 | 14055103 |
|  |  | 258257492 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $263,275,288) |  | **259436256** |

---

------

Schedule of Investments - Government Bond Fund

---

| | | |
|:---|:---|:---|
|<br>**U.S. TREASURY SECURITIES — 25.4%** | **Principal**<br>**Amount/Shares**<br> | &nbsp;&nbsp;**Value**<br> |
| U.S. Treasury Bonds, 4.375%, 11/15/39 | $1000000 | $992324 |
| U.S. Treasury Bonds, 4.625%, 2/15/40 | 4000000 | 4072891 |
| U.S. Treasury Bonds, 4.75%, 2/15/41 | 4000000 | 4104688 |
| U.S. Treasury Bonds, 4.625%, 5/15/44 | 2000000 | 1985859 |
| U.S. Treasury Bonds, 4.625%, 11/15/44 | 3000000 | 2972930 |
| U.S. Treasury Bonds, 5.00%, 5/15/45 | 7500000 | 7790039 |
| U.S. Treasury Inflation-Indexed Notes, 0.25%, 7/15/29 | 1262920 | 1225506 |
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/31 | 1205310 | 1125976 |
| U.S. Treasury Inflation-Indexed Notes, 1.875%, 7/15/34 | 514765 | 522456 |
| U.S. Treasury Inflation-Indexed Notes, 1.875%, 7/15/35 | 503035 | 507266 |
| U.S. Treasury Notes, 4.625%, 3/15/26<sup>(1)</sup> | 2000000 | 2006928 |
| U.S. Treasury Notes, 3.50%, 9/30/27 | 7900000 | 7883336 |
| U.S. Treasury Notes, 3.875%, 11/30/27<sup>(1)</sup> | 400000 | 402156 |
| U.S. Treasury Notes, 3.875%, 6/15/28 | 5000000 | 5033398 |
| U.S. Treasury Notes, 4.125%, 3/31/29 | 36500000 | 37062471 |
| U.S. Treasury Notes, 4.25%, 6/30/29 | 10500000 | 10710615 |
| U.S. Treasury Notes, 3.875%, 12/31/29 | 4500000 | 4529619 |
| U.S. Treasury Notes, 3.625%, 8/31/30 | 1000000 | 995000 |
| U.S. Treasury Notes, 4.125%, 8/31/30 | 1100000 | 1118627 |
| U.S. Treasury Notes, 3.625%, 9/30/30 | 5000000 | 4974805 |
| U.S. Treasury Notes, 4.875%, 10/31/30<sup>(1)</sup> | 1300000 | 1366752 |
| U.S. Treasury Notes, 4.375%, 11/30/30 | 5000000 | 5141992 |
| U.S. Treasury Notes, 4.25%, 2/28/31 | 10000000 | 10226953 |
| U.S. Treasury Notes, 3.875%, 8/31/32 | 9000000 | 8974688 |
| U.S. Treasury Notes, 4.125%, 11/15/32 | 2500000 | 2529395 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $127,078,704) |  | **128256670** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 14.1%** |  |  |
| FHLMC, Series 2812, Class MF, VRN, 4.94%, (30-day average SOFR plus 0.56%), 6/15/34 | 639807 | 638462 |
| FHLMC, Series 3076, Class BM, SEQ, 4.50%, 11/15/25 | 4478 | 4469 |
| FHLMC, Series 3153, Class FJ, VRN, 4.87%, (30-day average SOFR plus 0.49%), 5/15/36 | 507673 | 505089 |
| FHLMC, Series 3397, Class GF, VRN, 4.99%, (30-day average SOFR plus 0.61%), 12/15/37 | 214734 | 213933 |
| FHLMC, Series 3417, Class FA, VRN, 4.99%, (30-day average SOFR plus 0.61%), 11/15/37 | 453247 | 451690 |
| FHLMC, Series 3778, Class L, SEQ, 3.50%, 12/15/25 | 70121 | 69945 |
| FHLMC, Series K068, Class AM, SEQ, 3.32%, 8/25/27 | 6400000 | 6325434 |
| FHLMC, Series K-1513, Class A2, SEQ, 2.73%, 12/25/31 | 5399000 | 5007551 |
| FHLMC, Series K157, Class A2, SEQ, VRN, 3.99%, 5/25/33 | 6200000 | 6159696 |
| FHLMC, Series K505, Class A2, SEQ, 4.82%, 6/25/28 | 6000000 | 6115012 |
| FHLMC, Series K734, Class A2, SEQ, 3.21%, 2/25/26 | 6426687 | 6399777 |
| FHLMC, Series K752, Class A2, SEQ, 4.28%, 7/25/30 | 6550000 | 6605155 |
| FHLMC, Series K755, Class A2, SEQ, 5.20%, 2/25/31 | 5900000 | 6195365 |
| FHLMC, Series KJ25, Class A2, SEQ, 2.61%, 1/25/26 | 131734 | 131276 |
| FHLMC, Series X3FX, Class A2FX, SEQ, 3.00%, 6/25/27 | 5697764 | 5624326 |
| FNMA, Series 2005-103, Class FP, VRN, 4.77%, (30-day average SOFR plus 0.41%), 10/25/35 | 517527 | 514047 |
| FNMA, Series 2009-89, Class FD, VRN, 5.07%, (30-day average SOFR plus 0.71%), 5/25/36 | 301272 | 301701 |
| FNMA, Series 2022-M2, Class A2, SEQ, 2.40%, 11/25/31 | 6875000 | 6225189 |
| FNMA, Series 2023-39, Class AI, IO, 2.00%, 7/25/52 | 13565808 | 1747503 |
| FNMA, Series 2024-M6, Class A2, VRN, 3.00%, 7/25/27 | 3000000 | 2951035 |
| FNMA, Series 2025-35, Class HF, VRN, 6.00%, (30-day average SOFR plus 1.70%), 5/25/55 | 5500532 | 5565404 |
| GNMA, Series 2007-5, Class FA, VRN, 4.39%, (1-month SOFR plus 0.25%), 2/20/37 | 199030 | 198988 |
| GNMA, Series 2010-14, Class QF, VRN, 4.71%, (1-month SOFR plus 0.56%), 2/16/40 | 743610 | 742464 |

---

------

Schedule of Investments - Government Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | &nbsp;&nbsp;**Value** |
| Seasoned Loans Structured Transaction Trust, Series 2021-2, Class A1D, SEQ, 2.00%, 7/25/31 | $2841612 | $2495805 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $70,374,057) |  | **71189316** |
| **ASSET-BACKED SECURITIES — 4.1%** |  |  |
| Brazos Education Loan Authority, Inc., Series 2021-1, Class A1B, VRN, 4.85%, (1-month SOFR plus 0.69%), 11/25/71 | 1734146 | 1715081 |
| Brazos Education Loan Authority, Inc., Series 2021-2, Class A1A, SEQ, 2.06%, 1/25/72 | 447233 | 390798 |
| Brazos Education Loan Authority, Inc., Series 2021-2, Class A1B, VRN, 4.97%, (1-month SOFR plus 0.81%), 1/25/72 | 1678705 | 1666676 |
| ECMC Group Student Loan Trust, Series 2017-2A, Class A, VRN, 5.52%, (30-day average SOFR plus 1.16%), 5/25/67<sup>(2)</sup> | 702237 | 705122 |
| ECMC Group Student Loan Trust, Series 2020-2A, Class A, VRN, 5.62%, (30-day average SOFR plus 1.26%), 11/25/69<sup>(2)</sup> | 868611 | 878802 |
| ECMC Group Student Loan Trust, Series 2021-1A, Class A1B, VRN, 5.04%, (30-day average SOFR plus 0.68%), 11/25/70<sup>(2)</sup> | 2822083 | 2795057 |
| Navient Student Loan Trust, Series 2021-1A, Class A1A, SEQ, 1.31%, 12/26/69<sup>(2)</sup> | 1588780 | 1357348 |
| Navient Student Loan Trust, Series 2021-1A, Class A1B, VRN, 5.07%, (30-day average SOFR plus 0.71%), 12/26/69<sup>(2)</sup> | 342148 | 340343 |
| Nelnet Student Loan Trust, Series 2006-1, Class A6, VRN, 4.91%, (3-month SOFR plus 0.71%), 8/23/36<sup>(2)</sup> | 2474958 | 2461587 |
| North Texas Higher Education Authority, Inc., Series 2021-1, Class A1B, VRN, 4.84%, (1-month SOFR plus 0.68%), 9/25/61 | 1813586 | 1806944 |
| North Texas Higher Education Authority, Inc., Series 2021-2, Class A1B, VRN, 4.84%, (1-month SOFR plus 0.68%), 10/25/61 | 3617235 | 3574301 |
| Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, VRN, 5.00%, (30-day average SOFR plus 0.64%), 5/25/70<sup>(2)</sup> | 1600243 | 1582416 |
| U.S. Small Business Administration, Series 2017-20B, Class 1, 2.82%, 2/1/37 | 1607994 | 1505192 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $20,385,525) |  | **20779667** |
| **MUNICIPAL SECURITIES — 3.7%** |  |  |
| New York Power Authority Rev., Series A, 5.75%, 11/15/33 (AG) | 5000000 | 5383435 |
| State of California GO, 4.60%, 4/1/28, Prerefunded at 100% of Par<sup>(3)</sup> | 13000000 | 13265123 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $18,534,770) |  | **18648558** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 2.8%** |  |  |
| FHLMC, 6.25%, 7/15/32 | 4000000 | 4543097 |
| FNMA, 0.875%, 8/5/30 | 3000000 | 2623765 |
| FNMA, 6.625%, 11/15/30 | 3000000 | 3392281 |
| Tennessee Valley Authority, 1.50%, 9/15/31 | 2000000 | 1741156 |
| Tennessee Valley Authority, 4.375%, 8/1/34 | 1000000 | 1011645 |
| Tennessee Valley Authority, 4.875%, 5/15/35 | 800000 | 829819 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br>(Cost $14,273,277) |  | **14141763** |
| **SHORT-TERM INVESTMENTS**<sup>(4)</sup> **— 3.8%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 46762 | 46762 |
| **Repurchase Agreements — 3.8%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.625%, 2/15/55, valued at $19,602,464), at 4.19%, dated 9/30/25, due 10/1/25 (Delivery value $19,220,237) |  | 19218000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $19,264,762) |  | **19264762** |
| **TOTAL INVESTMENT SECURITIES — 105.3%**<br>(Cost $533,186,383) |  | **531716992** |
| **OTHER ASSETS AND LIABILITIES — (5.3)%** |  | **(26820785)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**504896207** |

---

------

Schedule of Investments - Government Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)^** |
| U.S. Treasury Ultra Bonds | 195 | December 2025 | $23412188 | $482504 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AG | Assured Guaranty, Inc. |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| H15T1Y | Constant Maturity U.S. Treasury Note Yield Curve Rate Index |
| IO | Interest Only |
| RFUCC | FTSE USD IBOR Consumer Cash Fallbacks |
| SEQ | Sequential Payer |
| 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. |
| UMBS | Uniform Mortgage-Backed Securities |
| 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, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments and/or futures contracts. At the period end, the aggregate value of securities pledged was $1,411,880.

(2)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 $10,120,675, which represented 2.0% of total net assets.

(3)Escrowed to maturity in U.S. government securities or state and local government securities.

(4)Includes securities purchased with cash collateral received at the custodian bank for collateral requirements on forward commitments. At the period end, the aggregate value of cash deposits received was $70,000.

**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** | | | |
| U.S. Government Agency Mortgage-Backed Securities |  | $259436256 |  |
| U.S. Treasury Securities |  | 128256670 |  |
| Collateralized Mortgage Obligations |  | 71189316 |  |
| Asset-Backed Securities |  | 20779667 |  |
| Municipal Securities |  | 18648558 |  |
| U.S. Government Agency Securities |  | 14141763 |  |
| Short-Term Investments | $46762 | 19218000 |  |
|  | $46762 | $531670230 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $482504 |  |  |

---

------

Schedule of Investments - Government Bond Fund

**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** |
|  | **Interest Rate** |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;&nbsp;Payable for variation margin on futures contracts\* | $109688 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | |
|:---|:---|
|  | **Type of Risk Exposure** |
|  | **Interest Rate** |
| **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Futures contract transactions | $(737168) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | $518223 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Inflation-Adjusted Bond Fund

**SEPTEMBER 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| <br>**U.S. TREASURY SECURITIES — 82.9%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| U.S. Treasury Inflation-Indexed Bonds, 2.375%, 1/15/27 | $34401017 | $35021237 |
| U.S. Treasury Inflation-Indexed Bonds, 1.75%, 1/15/28 | 22422513 | 22797409 |
| U.S. Treasury Inflation-Indexed Bonds, 3.625%, 4/15/28 | 52401950 | 55766753 |
| U.S. Treasury Inflation-Indexed Bonds, 2.50%, 1/15/29 | 10407664 | 10878279 |
| U.S. Treasury Inflation-Indexed Bonds, 3.875%, 4/15/29 | 44902307 | 49107079 |
| U.S. Treasury Inflation-Indexed Bonds, 3.375%, 4/15/32 | 26571854 | 29753246 |
| U.S. Treasury Inflation-Indexed Bonds, 0.75%, 2/15/42 | 36706777 | 29137564 |
| U.S. Treasury Inflation-Indexed Bonds, 0.625%, 2/15/43 | 46347223 | 35236568 |
| U.S. Treasury Inflation-Indexed Bonds, 1.375%, 2/15/44 | 61723924 | 52833608 |
| U.S. Treasury Inflation-Indexed Bonds, 0.75%, 2/15/45 | 53811208 | 40166651 |
| U.S. Treasury Inflation-Indexed Bonds, 1.00%, 2/15/46 | 12066002 | 9313636 |
| U.S. Treasury Inflation-Indexed Bonds, 0.875%, 2/15/47 | 30914037 | 22852394 |
| U.S. Treasury Inflation-Indexed Bonds, 1.00%, 2/15/48 | 25218078 | 18916736 |
| U.S. Treasury Inflation-Indexed Bonds, 1.00%, 2/15/49 | 13158848 | 9719586 |
| U.S. Treasury Inflation-Indexed Bonds, 0.25%, 2/15/50 | 25356775 | 15017567 |
| U.S. Treasury Inflation-Indexed Bonds, 0.125%, 2/15/51 | 46840577 | 26012194 |
| U.S. Treasury Inflation-Indexed Bonds, 0.125%, 2/15/52 | 48200537 | 26153786 |
| U.S. Treasury Inflation-Indexed Bonds, 1.50%, 2/15/53 | 10759023 | 8620009 |
| U.S. Treasury Inflation-Indexed Bonds, 2.125%, 2/15/54 | 2789390 | 2577591 |
| U.S. Treasury Inflation-Indexed Notes, 0.375%, 1/15/27 | 58509062 | 58066389 |
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 4/15/27<sup>(1)</sup> | 118305110 | 116691452 |
| U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/27 | 50183560 | 49852239 |
| U.S. Treasury Inflation-Indexed Notes, 1.625%, 10/15/27 | 10905400 | 11082528 |
| U.S. Treasury Inflation-Indexed Notes, 0.50%, 1/15/28 | 102742827 | 101572613 |
| U.S. Treasury Inflation-Indexed Notes, 1.25%, 4/15/28 | 76467710 | 76774603 |
| U.S. Treasury Inflation-Indexed Notes, 0.75%, 7/15/28 | 28120076 | 27995825 |
| U.S. Treasury Inflation-Indexed Notes, 2.375%, 10/15/28 | 15820500 | 16481967 |
| U.S. Treasury Inflation-Indexed Notes, 0.875%, 1/15/29 | 36846432 | 36574836 |
| U.S. Treasury Inflation-Indexed Notes, 2.125%, 4/15/29 | 13055250 | 13478874 |
| U.S. Treasury Inflation-Indexed Notes, 0.25%, 7/15/29 | 68387118 | 66361134 |
| U.S. Treasury Inflation-Indexed Notes, 1.625%, 10/15/29 | 2258674 | 2304024 |
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/30 | 61776012 | 58997341 |
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/30 | 57833082 | 55004685 |
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/31 | 42515975 | 39936110 |
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/31 | 94797631 | 88558050 |
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/32 | 58852195 | 54208917 |
| U.S. Treasury Inflation-Indexed Notes, 0.625%, 7/15/32 | 114410394 | 108326030 |
| U.S. Treasury Inflation-Indexed Notes, 1.125%, 1/15/33 | 48694050 | 47210915 |
| U.S. Treasury Inflation-Indexed Notes, 1.375%, 7/15/33 | 118759872 | 116975232 |
| U.S. Treasury Inflation-Indexed Notes, 1.75%, 1/15/34 | 28375380 | 28519691 |
| U.S. Treasury Inflation-Indexed Notes, 1.875%, 7/15/34 | 98721632 | 100196678 |
| U.S. Treasury Inflation-Indexed Notes, 2.125%, 1/15/35 | 511820 | 527071 |
| U.S. Treasury Inflation-Indexed Notes, 1.875%, 7/15/35 | 32697275 | 32972287 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $1,925,796,036) |  | **1808551384** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.2%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 5.2%** |  |  |
| ABN AMRO Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 26892 | 26924 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A2, VRN, 1.48%, 10/25/48<sup>(2)</sup> | 1437738 | 1308668 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A3, VRN, 1.64%, 10/25/48<sup>(2)</sup> | 1145698 | 1041938 |

---

------

Schedule of Investments - Inflation-Adjusted Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Cendant Mortgage Corp., Series 2003-6, Class A3, 5.25%, 7/25/33 | $304353 | $300299 |
| Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A, SEQ, VRN, 6.00%, 2/25/55<sup>(2)</sup> | 2461517 | 2491093 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55<sup>(2)</sup> | 6278364 | 6312588 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55<sup>(2)</sup> | 2467425 | 2474286 |
| Chase Home Lending Mortgage Trust, Series 2025-5, Class A4A, VRN, 5.50%, 4/25/56<sup>(2)</sup> | 8093623 | 8148576 |
| Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54<sup>(2)</sup> | 9382091 | 9421578 |
| Credit Suisse Mortgage Trust, Series 2015-WIN1, Class A10, VRN, 3.50%, 12/25/44<sup>(2)</sup> | 811771 | 758755 |
| GCAT Trust, Series 2024-INV3, Class A6, SEQ, VRN, 5.50%, 9/25/54<sup>(2)</sup> | 4171911 | 4205365 |
| JP Morgan Mortgage Trust, Series 2023-7, Class A4A, SEQ, VRN, 5.50%, 2/25/54<sup>(2)</sup> | 7379023 | 7424653 |
| JP Morgan Mortgage Trust, Series 2023-8, Class A4, SEQ, VRN, 6.00%, 2/25/54<sup>(2)</sup> | 5285927 | 5348130 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55<sup>(2)</sup> | 5877984 | 5904538 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55<sup>(2)</sup> | 4208708 | 4220116 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A4, VRN, 6.00%, 4/25/55<sup>(2)</sup> | 9070421 | 9200471 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A6, SEQ, VRN, 6.00%, 4/25/55<sup>(2)</sup> | 3653561 | 3686506 |
| JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54<sup>(2)</sup> | 4095574 | 4125849 |
| JP Morgan Mortgage Trust, Series 2024-6, Class A6, SEQ, VRN, 6.00%, 12/25/54<sup>(2)</sup> | 2653330 | 2669407 |
| JP Morgan Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 2/25/55<sup>(2)</sup> | 4244635 | 4251135 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55<sup>(2)</sup> | 5315375 | 5394966 |
| Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54<sup>(2)</sup> | 2156566 | 2162240 |
| Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54<sup>(2)</sup> | 2351854 | 2356588 |
| Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54<sup>(2)</sup> | 3368613 | 3384452 |
| Sequoia Mortgage Trust, Series 2024-9, Class A5, SEQ, VRN, 5.50%, 10/25/54<sup>(2)</sup> | 4755041 | 4777659 |
| Sequoia Mortgage Trust, Series 2025-5, Class A5, SEQ, VRN, 5.50%, 6/25/55<sup>(2)</sup> | 11323430 | 11391767 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $112,142,736) |  | **112788547** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 3.2%** |  |  |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 3.2%** |  |  |
| GNMA, 5.50%, TBA<br>(Cost $70,960,154) | 70187000 | **70720318** |
| **EXCHANGE-TRADED FUNDS — 3.2%** |  |  |
| iShares 0-5 Year High Yield Corporate Bond ETF | 799000 | 34596700 |
| SPDR Bloomberg Short Term High Yield Bond ETF | 1351200 | 34590720 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $68,670,456) |  | **69187420** |
| **CONVERTIBLE PREFERRED SECURITIES — 2.0%** |  |  |
| **Banks — 1.6%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 4000000 | 4003489 |
| Barclays PLC, 6.125% | 4133000 | 4138268 |
| Barclays PLC, 8.00% | 2592000 | 2747213 |
| HSBC Holdings PLC, 6.00% | 4655000 | 4678704 |
| HSBC Holdings PLC, 6.875% | 1065000 | 1108111 |
| Lloyds Banking Group PLC, 6.75% | 3380000 | 3434435 |
| Macquarie Bank Ltd., 6.125%<sup>(2)</sup> | 2432000 | 2472952 |
| NatWest Group PLC, 6.00% | 2600000 | 2613138 |
| Nordea Bank Abp, 6.625%<sup>(2)</sup> | 6520000 | 6561141 |
| Societe Generale SA, 4.75%<sup>(2)</sup> | 1145000 | 1135751 |
| Societe Generale SA, 9.375%<sup>(2)</sup> | 1085000 | 1164849 |
| Svenska Handelsbanken AB, 4.375% | 2000000 | 1970418 |
|  |  | 36028469 |
| **Capital Markets — 0.4%** |  |  |
| Deutsche Bank AG, 6.00% | 4000000 | 4010048 |

---

------

Schedule of Investments - Inflation-Adjusted Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal**<br>**Amount/Shares** | **Value** |
| UBS Group AG, 9.25%<sup>(2)</sup> |  | 4210000 | $4654972 |
|  |  |  | 8665020 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $44,259,686) |  |  | **44693489** |
| **CORPORATE BONDS — 1.9%** |  |  |  |
| **Banks — 0.7%** |  |  |  |
| Citigroup, Inc., VRN, 5.83%, 2/13/35 |  | $385000 | 399435 |
| Truist Financial Corp., VRN, 6.12%, 10/28/33 |  | 9473000 | 10209714 |
| Wells Fargo & Co., VRN, 4.97%, 4/23/29 |  | 4630000 | 4718816 |
|  |  |  | 15327965 |
| **Capital Markets — 0.4%** |  |  |  |
| Morgan Stanley, VRN, 4.99%, 4/12/29 |  | 3029000 | 3089865 |
| State Street Corp., VRN, 3.03%, 11/1/34 |  | 6255000 | 5874040 |
|  |  |  | 8963905 |
| **Diversified REITs — 0.5%** |  |  |  |
| Highwoods Realty LP, 3.875%, 3/1/27 |  | 6700000 | 6635972 |
| Piedmont Operating Partnership LP, 9.25%, 7/20/28 |  | 3023000 | 3357557 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 |  | 560000 | 592797 |
|  |  |  | 10586326 |
| **Electric Utilities — 0.0%** |  |  |  |
| Southern Co., Series B, VRN, 4.00%, 1/15/51 |  | 960000 | 957613 |
| **Oil, Gas and Consumable Fuels — 0.3%** |  |  |  |
| Petroleos Mexicanos, 5.35%, 2/12/28 |  | 2410000 | 2401441 |
| Petroleos Mexicanos, 6.84%, 1/23/30 |  | 678000 | 690060 |
| Petroleos Mexicanos, 5.95%, 1/28/31 |  | 2480000 | 2403702 |
|  |  |  | 5495203 |
| **TOTAL CORPORATE BONDS**<br>(Cost $40,189,459) |  |  | **41331012** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.3%** |  |  |  |
| Bank5, Series 2024-5YR7, Class A3, SEQ, 5.77%, 6/15/57 |  | 9556000 | 9979936 |
| Bank5 Trust, Series 2024-5YR6, Class A3, SEQ, 6.23%, 5/15/57 |  | 5153000 | 5445928 |
| BBCMS Mortgage Trust, Series 2024-5C27, Class A3, SEQ, 6.01%, 7/15/57 |  | 2520000 | 2653143 |
| Benchmark Mortgage Trust, Series 2024-V8, Class A3, SEQ, VRN, 6.19%, 7/15/57 |  | 8826000 | 9330420 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $26,675,441) |  |  | **27409427** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 1.0%** |  |  |  |
| **United Kingdom — 1.0%** |  |  |  |
| U.K. Inflation-Linked Gilts, 0.125%, 3/22/26<br>(Cost $21,136,814) | GBP | 15729400 | **20915205** |
| **ASSET-BACKED SECURITIES — 0.8%** |  |  |  |
| Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46<sup>(2)</sup> |  | $4596498 | 4347690 |
| Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55<sup>(2)</sup> |  | 3757719 | 3137192 |
| Subway Funding LLC, Series 2024-1A, Class A2II, 6.27%, 7/30/54<sup>(2)</sup> |  | 3456877 | 3550939 |
| Switch ABS Issuer LLC, Series 2024-2A, Class A2, SEQ, 5.44%, 6/25/54<sup>(2)</sup> |  | 3925000 | 3947325 |
| Towd Point Mortgage Trust, Series 2024-CES3, Class A1, VRN, 6.29%, 5/25/64<sup>(2)</sup> |  | 3022984 | 3063469 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $18,624,160) |  |  | **18046615** |
| **COLLATERALIZED LOAN OBLIGATIONS — 0.5%** |  |  |  |
| Dryden 43 Senior Loan Fund, Series 2016-43A, Class B2R2, 3.09%, 4/20/34<sup>(2)</sup> |  | 5000000 | 4605553 |
| Palmer Square CLO Ltd., Series 2024-4A, Class A2, VRN, 5.82%, (3-month SOFR plus 1.50%), 1/15/38<sup>(2)</sup> |  | 3650000 | 3660418 |

---

------

Schedule of Investments - Inflation-Adjusted Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| THL Credit Wind River CLO Ltd., Series 2019-3A, Class CR2, VRN, 6.32%, (3-month SOFR plus 2.00%), 4/15/31<sup>(2)</sup> | $3800000 | $3809240 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $12,450,000) |  | **12075211** |
| **PREFERRED SECURITIES — 0.3%** |  |  |
| **Banks — 0.3%** |  |  |
| Citigroup, Inc., 4.00%<br>(Cost $6,388,525) | 6464000 | **6446723** |
| **SHORT-TERM INVESTMENTS — 0.9%** |  |  |
| **Commercial Paper**<sup>(3)</sup> **— 0.9%** |  |  |
| HQLA Funding LLC, Series CHAM, 4.22%, 10/1/25 (LOC: Credit Agricole Corporate and Investment Bank)<sup>(2)</sup><br>(Cost $18,800,000) | $18800000 | **18797827** |
| **TOTAL INVESTMENT SECURITIES — 103.2%**<br>(Cost $2,366,093,467) |  | **2250963178** |
| **OTHER ASSETS AND LIABILITIES — (3.2)%** |  | **(69741022)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2181222156** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | | |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 21040106 | GBP | 15526480 | Morgan Stanley & Co. LLC | 12/17/25 | $156437 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury 5-Year Notes | 186 | December 2025 | $20310328 | $(1816) |
| U.K. Gilt 10-Year Bonds | 96 | December 2025 | 11728384 | 24194 |
| U.S. Treasury 10-Year Notes | 71 | December 2025 | 7987500 | 29815 |
| U.S. Treasury 10-Year Ultra Notes | 575 | December 2025 | 66169922 | 663723 |
|  |  |  | $106196134 | $715916 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury 2-Year Notes | 229 | December 2025 | $47723242 | $144584 |

---

^Amount represents value and unrealized appreciation (depreciation).

------

Schedule of Investments - Inflation-Adjusted Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS** | **CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS** | **CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS** | **CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS** | **CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS** | **CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS** | **CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS** | **CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS** |
| **Floating<br>Rate Index** | **Pay/Receive<br>Floating Rate<br>Index at<br>Termination** | **Fixed<br>Rate** | **Termination<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Value** |
| CPURNSA | Receive | 2.29% | 2/2/26 | $25000000 | $403 | $3222200 | $3222603 |
| CPURNSA | Receive | 2.50% | 8/9/26 | $8000000 | 151 | 115336 | 115487 |
| CPURNSA | Receive | 2.57% | 4/5/28 | $8500000 | 286 | 116705 | 116991 |
| CPURNSA | Receive | 2.64% | 8/2/28 | $22000000 | 384 | 192501 | 192885 |
| CPURNSA | Receive | 1.86% | 6/20/29 | $25000000 | (775) | 4321558 | 4320783 |
| CPURNSA | Receive | 2.39% | 8/2/29 | $12000000 | 439 | 153262 | 153701 |
| CPURNSA | Receive | 1.80% | 10/21/29 | $24500000 | (765) | 4410146 | 4409381 |
| CPURNSA | Receive | 2.52% | 11/4/29 | $15600000 | 482 | 137779 | 138261 |
| CPURNSA | Receive | 2.52% | 11/4/29 | $13400000 | 475 | 118287 | 118762 |
| CPURNSA | Receive | 1.88% | 11/21/29 | $7000000 | (235) | 1204951 | 1204716 |
| CPURNSA | Receive | 1.87% | 11/25/29 | $4000000 | (543) | 693530 | 692987 |
| CPURNSA | Receive | 1.29% | 5/19/30 | $4500000 | 549 | 1044566 | 1045115 |
| CPURNSA | Receive | 2.66% | 8/2/30 | $37400000 | 553 | 132756 | 133309 |
| CPURNSA | Receive | 2.67% | 8/4/30 | $35000000 | 690 | 3248 | 3938 |
| CPURNSA | Receive | 2.66% | 8/4/30 | $1500000 | 493 | 207 | 700 |
| CPURNSA | Receive | 2.42% | 5/2/32 | $2500000 | 489 | 21991 | 22480 |
| CPURNSA | Receive | 2.62% | 3/2/33 | $17500000 | 511 | 124000 | 124511 |
| CPURNSA | Receive | 2.65% | 8/2/33 | $24900000 | 594 | (43403) | (42809) |
| CPURNSA | Receive | 2.52% | 11/4/34 | $8000000 | 533 | 46530 | 47063 |
| CPURNSA | Receive | 2.51% | 11/4/34 | $8000000 | 533 | 53369 | 53902 |
| CPURNSA | Receive | 2.45% | 12/10/34 | $5000000 | 509 | 56388 | 56897 |
| CPURNSA | Receive | 2.44% | 12/11/34 | $10000000 | 559 | 129960 | 130519 |
| CPURNSA | Receive | 2.58% | 8/4/35 | $7000000 | 567 | (3784) | (3217) |
|  |  |  |  |  | $6882 | $16252083 | $16258965 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAP AGREEMENTS** | **TOTAL RETURN SWAP AGREEMENTS** | **TOTAL RETURN SWAP AGREEMENTS** | **TOTAL RETURN SWAP AGREEMENTS** | **TOTAL RETURN SWAP AGREEMENTS** | **TOTAL RETURN SWAP AGREEMENTS** | **TOTAL RETURN SWAP AGREEMENTS** |
| **Counterparty** | **Floating<br>Rate Index** | **Pay/Receive<br>Floating Rate<br>Index at<br>Termination** | **Fixed<br>Rate** | **Termination<br>Date** | **Notional<br>Amount** | **Value^** |
| Barclays Bank PLC | CPURNSA | Receive | 2.90% | 12/21/27 | $19200000 | $(2242756) |
| Barclays Bank PLC | CPURNSA | Receive | 2.78% | 7/2/44 | $15000000 | (818757) |
|  |  |  |  |  |  | $(3061513) |

---

^Amount represents value and unrealized appreciation (depreciation).

------

Schedule of Investments - Inflation-Adjusted Bond Fund

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CPURNSA | – | U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index |
| GBP | – | British Pound |
| GNMA | – | Government National Mortgage Association |
| LOC | – | Letter of Credit |
| SEQ | – | Sequential Payer |
| 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. |
| 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, 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 $15,722,192.

(2)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 $177,370,642, which represented 8.1% of total net assets.

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

**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** | | | |
| U.S. Treasury Securities |  | $1808551384 |  |
| Collateralized Mortgage Obligations |  | 112788547 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 70720318 |  |
| Exchange-Traded Funds | $69187420 |  |  |
| Convertible Preferred Securities |  | 44693489 |  |
| Corporate Bonds |  | 41331012 |  |
| Commercial Mortgage-Backed Securities |  | 27409427 |  |
| Sovereign Governments and Agencies |  | 20915205 |  |
| Asset-Backed Securities |  | 18046615 |  |
| Collateralized Loan Obligations |  | 12075211 |  |
| Preferred Securities |  | 6446723 |  |
| Short-Term Investments |  | 18797827 |  |
|  | $69187420 | $2181775758 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $838122 | $24194 |  |
| Swap Agreements |  | 16304991 |  |
| Forward Foreign Currency Exchange Contracts |  | 156437 |  |
|  | $838122 | $16485622 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $1816 |  |  |
| Swap Agreements |  | $3107539 |  |
|  | $1816 | $3107539 |  |

---

------

Schedule of Investments - Inflation-Adjusted Bond Fund

**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** | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Foreign Currency** | **Interest Rate** | **Other Contracts** | **Total** |
| **Asset Derivatives:** | | | | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $156437 |  |  | $156437 |
| **Liability Derivatives:** |  |  |  |  |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* |  | $61546 |  | $61546 |
| &nbsp;&nbsp;Payable for variation margin on swap agreements\* |  |  | $8266 | 8266 |
| &nbsp;&nbsp;Swap agreements |  |  | 3061513 | 3061513 |
|  |  |  |  | $3131325 |

---

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

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Foreign Currency** | **Interest Rate** | **Other Contracts** | **Total** |
| **Net realized gain (loss) on:** | | | | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $34928 |  |  | $34928 |
| &nbsp;&nbsp;Futures contract transactions |  | $2020462 |  | 2020462 |
| &nbsp;&nbsp;Swap agreement transactions |  |  | $18562931 | 18562931 |
|  |  |  |  | $20618321 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $156437 |  |  | $156437 |
| &nbsp;&nbsp;Futures contracts |  | $(38470) |  | (38470) |
| &nbsp;&nbsp;Swap agreements |  |  | $(18191074) | (18191074) |
|  |  |  |  | $(18073107) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Short-Term Government Fund

**SEPTEMBER 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**U.S. TREASURY SECURITIES — 54.1%** | **Principal**<br>**Amount/Shares**<br> | **Value** |
| U.S. Treasury Inflation-Indexed Notes, 2.125%, 4/15/29 | $417768 | $431324 |
| U.S. Treasury Inflation-Indexed Notes, 0.25%, 7/15/29 | 505168 | 490202 |
| U.S. Treasury Notes, 0.75%, 4/30/26 | 6200000 | 6091751 |
| U.S. Treasury Notes, 4.625%, 9/15/26 | 4000000 | 4033781 |
| U.S. Treasury Notes, 4.125%, 10/31/26 | 2000000 | 2008828 |
| U.S. Treasury Notes, 4.375%, 12/15/26<sup>(1)</sup> | 4000000 | 4031875 |
| U.S. Treasury Notes, 4.25%, 3/15/27 | 1500000 | 1512363 |
| U.S. Treasury Notes, 3.875%, 7/31/27 | 1100000 | 1104619 |
| U.S. Treasury Notes, 3.50%, 9/30/27 | 7300000 | 7284602 |
| U.S. Treasury Notes, 3.875%, 3/15/28 | 13500000 | 13587012 |
| U.S. Treasury Notes, 3.875%, 6/15/28 | 30600000 | 30804398 |
| U.S. Treasury Notes, 3.375%, 9/15/28 | 1600000 | 1589187 |
| U.S. Treasury Notes, 4.625%, 9/30/28 | 5300000 | 5449580 |
| U.S. Treasury Notes, 3.75%, 12/31/28 | 15000000 | 15050391 |
| U.S. Treasury Notes, 2.375%, 3/31/29 | 1500000 | 1437510 |
| U.S. Treasury Notes, 4.125%, 3/31/29 | 12700000 | 12895709 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $107,292,905) |  | **107803132** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2%** |  |  |
| FHLMC, Series 3114, Class FT, VRN, 4.84%, (30-day average SOFR plus 0.46%), 9/15/30 | 53113 | 52967 |
| FHLMC, Series 3200, Class FP, VRN, 4.69%, (30-day average SOFR plus 0.31%), 8/15/36 | 275397 | 271887 |
| FHLMC, Series 3206, Class FE, VRN, 4.89%, (30-day average SOFR plus 0.51%), 8/15/36 | 114881 | 113833 |
| FHLMC, Series 3231, Class FA, VRN, 4.89%, (30-day average SOFR plus 0.51%), 10/15/36 | 113238 | 112454 |
| FHLMC, Series 3301, Class FA, VRN, 4.79%, (30-day average SOFR plus 0.41%), 8/15/35 | 117398 | 116239 |
| FHLMC, Series 3380, Class FP, VRN, 4.84%, (30-day average SOFR plus 0.46%), 11/15/36 | 138074 | 136980 |
| FHLMC, Series 3508, Class PF, VRN, 5.34%, (30-day average SOFR plus 0.96%), 2/15/39 | 50271 | 50406 |
| FHLMC, Series 3587, Class FB, VRN, 5.26%, (30-day average SOFR plus 0.89%), 2/15/36 | 143059 | 143749 |
| FHLMC, Series 5490, Class LF, VRN, 5.46%, (30-day average SOFR plus 1.10%), 1/25/55 | 3694739 | 3704712 |
| FHLMC, Series K058, Class A2, SEQ, 2.65%, 8/25/26 | 1948000 | 1925206 |
| FHLMC, Series K058, Class AM, SEQ, VRN, 2.72%, 8/25/26 | 2000000 | 1975796 |
| FHLMC, Series K059, Class A2, VRN, 3.12%, 9/25/26 | 2106295 | 2088588 |
| FHLMC, Series K059, Class AM, SEQ, VRN, 3.17%, 9/25/26 | 2500000 | 2478561 |
| FHLMC, Series K063, Class A2, VRN, 3.43%, 1/25/27 | 2000000 | 1987494 |
| FHLMC, Series K063, Class AM, SEQ, VRN, 3.51%, 1/25/27 | 3000000 | 2981119 |
| FHLMC, Series K064, Class A2, SEQ, 3.22%, 3/25/27 | 1471000 | 1456562 |
| FHLMC, Series K065, Class AM, SEQ, 3.33%, 5/25/27 | 2136000 | 2114082 |
| FHLMC, Series K068, Class A2, SEQ, 3.24%, 8/25/27 | 944159 | 933254 |
| FHLMC, Series K069, Class A2, SEQ, VRN, 3.19%, 9/25/27 | 3055914 | 3013021 |
| FHLMC, Series K071, Class A2, SEQ, 3.29%, 11/25/27 | 3900000 | 3850087 |
| FHLMC, Series K073, Class A2, SEQ, 3.35%, 1/25/28 | 2064000 | 2039288 |
| FHLMC, Series K734, Class A2, SEQ, 3.21%, 2/25/26 | 3521824 | 3507078 |
| FHLMC, Series K736, Class A2, SEQ, 2.28%, 7/25/26 | 1767520 | 1744876 |
| FHLMC, Series K739, Class A2, SEQ, 1.34%, 9/25/27 | 2262343 | 2167220 |
| FHLMC, Series KC06, Class A2, SEQ, 2.54%, 8/25/26 | 1996638 | 1971878 |
| FHLMC, Series KC07, Class A7, SEQ, 2.51%, 10/25/26 | 1836114 | 1809704 |
| FHLMC, Series KIR1, Class A1, SEQ, 2.45%, 3/25/26 | 239339 | 237770 |
| FHLMC, Series KIR1, Class A2, SEQ, 2.85%, 3/25/26 | 1000000 | 992230 |
| FHLMC, Series KJ25, Class A2, SEQ, 2.61%, 1/25/26 | 38271 | 38138 |

---

------

Schedule of Investments - Short-Term Government Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| FHLMC, Series KJ33, Class A2, SEQ, 1.57%, 7/25/32 | $893373 | $844177 |
| FHLMC, Series W5FX, Class AFX, SEQ, VRN, 3.34%, 4/25/28 | 4300000 | 4232114 |
| FHLMC, Series X3FX, Class A2FX, SEQ, 3.00%, 6/25/27 | 1789237 | 1766176 |
| FNMA, Series 2006-11, Class FA, VRN, 4.77%, (30-day average SOFR plus 0.41%), 3/25/36 | 92417 | 91833 |
| FNMA, Series 2006-60, Class KF, VRN, 4.77%, (30-day average SOFR plus 0.41%), 7/25/36 | 307841 | 305627 |
| FNMA, Series 2006-72, Class TE, VRN, 4.77%, (30-day average SOFR plus 0.41%), 8/25/36 | 141073 | 139756 |
| FNMA, Series 2009-33, Class FB, VRN, 5.29%, (30-day average SOFR plus 0.93%), 3/25/37 | 170280 | 171408 |
| FNMA, Series 2009-89, Class FD, VRN, 5.07%, (30-day average SOFR plus 0.71%), 5/25/36 | 83081 | 83199 |
| FNMA, Series 2016-M11, Class A2, SEQ, VRN, 2.37%, 7/25/26 | 2471201 | 2436421 |
| FNMA, Series 2024-M6, Class A2, VRN, 3.00%, 7/25/27 | 2211000 | 2174913 |
| FNMA, Series 2025-35, Class HF, VRN, 6.00%, (30-day average SOFR plus 1.70%), 5/25/55 | 1979224 | 2002567 |
| FRESB Mortgage Trust, Series 2021-SB83, Class A5F, VRN, 0.63%, 1/25/26 | 1687532 | 1672893 |
| GNMA, Series 2010-14, Class QF, VRN, 4.71%, (1-month SOFR plus 0.56%), 2/16/40 | 190760 | 190466 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $59,726,499) |  | **60126729** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 3.8%** |  |  |
| **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.3%** |  |  |
| FNMA, VRN, 6.58%, (1-year RFUCC plus 1.75%), 5/1/42 | 516777 | 537054 |
| FNMA, VRN, 3.18%, (1-year RFUCC plus 1.61%), 3/1/47 | 40808 | 40743 |
| FNMA, VRN, 3.10%, (1-year RFUCC plus 1.61%), 4/1/47 | 43646 | 43537 |
|  |  | 621334 |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 3.5%** |  |  |
| FNMA, 2.47%, 7/1/26 | 3200000 | 3156547 |
| FNMA, 3.17%, 1/1/27 | 1500000 | 1483736 |
| FNMA, 3.63%, 8/1/28 | 2307643 | 2262738 |
| FNMA, 7.00%, 5/1/32 | 26934 | 28125 |
| FNMA, 7.00%, 5/1/32 | 1966 | 2053 |
| FNMA, 7.00%, 6/1/32 | 33033 | 34507 |
|  |  | 6967706 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $7,571,142) |  | **7589040** |
| **ASSET-BACKED SECURITIES — 2.6%** |  |  |
| Brazos Education Loan Authority, Inc., Series 2021-1, Class A1B, VRN, 4.85%, (1-month SOFR plus 0.69%), 11/25/71 | 578049 | 571694 |
| Brazos Education Loan Authority, Inc., Series 2021-2, Class A1B, VRN, 4.97%, (1-month SOFR plus 0.81%), 1/25/72 | 556588 | 552600 |
| ECMC Group Student Loan Trust, Series 2021-1A, Class A1B, VRN, 5.04%, (30-day average SOFR plus 0.68%), 11/25/70<sup>(2)</sup> | 821870 | 813999 |
| Missouri Higher Education Loan Authority, Series 2021-2, Class A1B, VRN, 4.97%, (1-month SOFR plus 0.81%), 3/25/61 | 127489 | 124244 |
| Navient Student Loan Trust, Series 2021-1A, Class A1A, SEQ, 1.31%, 12/26/69<sup>(2)</sup> | 191789 | 163852 |
| Nelnet Student Loan Trust, Series 2006-1, Class A6, VRN, 4.91%, (3-month SOFR plus 0.71%), 8/23/36<sup>(2)</sup> | 712985 | 709133 |
| North Texas Higher Education Authority, Inc., Series 2021-1, Class A1B, VRN, 4.84%, (1-month SOFR plus 0.68%), 9/25/61 | 659203 | 656789 |
| North Texas Higher Education Authority, Inc., Series 2021-2, Class A1B, VRN, 4.84%, (1-month SOFR plus 0.68%), 10/25/61 | 1073667 | 1060923 |
| Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, VRN, 5.00%, (30-day average SOFR plus 0.64%), 5/25/70<sup>(2)</sup> | 526146 | 520285 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $5,131,929) |  | **5173519** |
| **MUNICIPAL SECURITIES — 2.4%** |  |  |
| State of California GO, 4.60%, 4/1/28, Prerefunded at 100% of Par<sup>(3)</sup><br>(Cost $4,740,077) | 4700000 | **4795852** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 1.3%** |  |  |
| FHLB, 0.96%, 3/5/26<br>(Cost $2,469,081) | 2500000 | **2468186** |

---

------

Schedule of Investments - Short-Term Government Fund

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 9.1%** | **Principal**<br>**Amount/Shares**<br> | **Value** |
| **Money Market Funds — 0.0%** | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 18771 | $18771 |
| **Repurchase Agreements — 4.5%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.625%, 2/15/55, valued at $9,204,597), at 4.19%, dated 9/30/25, due 10/1/25 (Delivery value $9,025,050) |  | 9024000 |
| **Treasury Bills**<sup>(4)</sup> **— 4.6%** |  |  |
| U.S. Treasury Bills, 4.10%, 7/9/26 | $2500000 | 2430472 |
| U.S. Treasury Bills, 3.85%, 8/6/26 | 6900000 | 6690092 |
|  |  | 9120564 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $18,147,202) |  | **18163335** |
| **TOTAL INVESTMENT SECURITIES — 103.5%**<br>(Cost $205,078,835) |  | **206119793** |
| **OTHER ASSETS AND LIABILITIES — (3.5)%** |  | **(6920452)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**199199341** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury 5-Year Notes | 41 | December 2025 | $4477008 | $3756 |
| U.S. Treasury 10-Year Notes | 12 | December 2025 | 1350000 | (1195) |
| U.S. Treasury 10-Year Ultra Notes | 1 | December 2025 | 115078 | (721) |
|  |  |  | $5942086 | $1840 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| FHLB | – | Federal Home Loan Bank |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GNMA | – | Government National Mortgage Association |
| GO | – | General Obligation |
| RFUCC | – | FTSE USD IBOR Consumer Cash Fallbacks |
| SEQ | – | Sequential Payer |
| SOFR | – | Secured Overnight Financing Rate |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $292,311.

(2)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 $2,207,269, which represented 1.1% of total net assets.

(3)Escrowed to maturity in U.S. government securities or state and local government securities.

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

------

Schedule of Investments - Short-Term Government 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** | | | |
| U.S. Treasury Securities |  | $107803132 |  |
| Collateralized Mortgage Obligations |  | 60126729 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 7589040 |  |
| Asset-Backed Securities |  | 5173519 |  |
| Municipal Securities |  | 4795852 |  |
| U.S. Government Agency Securities |  | 2468186 |  |
| Short-Term Investments | $18771 | 18144564 |  |
|  | $18771 | $206101022 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $3756 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $1916 |  |  |

---

**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** |
|  | **Interest Rate** |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $3640 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | |
|:---|:---|
|  | **Type of Risk Exposure** |
|  | **Interest Rate** |
| **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;Futures contract transactions | $53291 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(20419) |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **SEPTEMBER 30, 2025 (UNAUDITED)** | | |
| | **Capital Preservation Fund** | **Ginnie Mae Fund** |
| **Assets** | | |
| Investment securities, at value | $2276202575 | $401918707 |
| Cash | 8394 |  |
| Receivable for investments sold | 150016896 |  |
| Receivable for capital shares sold | 1584379 | 48792 |
| Interest receivable | 5368882 | 1326674 |
|  | 2433181126 | 403294173 |
| **Liabilities** |  |  |
| Payable for investments purchased | 149037778 | 39973800 |
| Payable for capital shares redeemed | 1865513 | 297642 |
| Payable for variation margin on futures contracts |  | 2805 |
| Accrued management fees | 877262 | 156429 |
| Distribution and service fees payable |  | 5302 |
| Dividends payable | 53722 | 81088 |
|  | 151834275 | 40517066 |
| **Net Assets** | $2281346851 | $362777107 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $2281419455 | $500787274 |
| Distributable earnings (loss) | (72604) | (138010167) |
|  | $2281346851 | $362777107 |
| Investment securities, at cost | $2276202575 | $416291801 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Capital Preservation Fund** | **Capital Preservation Fund** | **Capital Preservation Fund** | **Capital Preservation Fund** |
| Investor Class | $2281346851 | 2281380588 | $1.00 |
| **Ginnie Mae Fund** | **Ginnie Mae Fund** | **Ginnie Mae Fund** | **Ginnie Mae Fund** |
| Investor Class | $308664964 | 34175486 | $9.03 |
| I Class | $24911613 | 2757184 | $9.04 |
| A Class | $6079047 | 673103 | $9.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.955) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.955) |  | $9.46 |
| C Class | $121607 | 13460 | $9.03 |
| R Class | $9486941 | 1050823 | $9.03 |
| R5 Class | $13512935 | 1495773 | $9.03 |

---

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.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **SEPTEMBER 30, 2025 (UNAUDITED)** | | |
| | **Government Bond Fund** | **Inflation-Adjusted Bond Fund** |
| **Assets** | | |
| Investment securities, at value | $531716992 | $2250963178 |
| Cash |  | 111851 |
| Deposits with broker for forward commitments |  | 311000 |
| Receivable for investments sold | 20865095 |  |
| Receivable for capital shares sold | 407614 | 1174103 |
| Unrealized appreciation on forward foreign currency exchange contracts |  | 156437 |
| Interest and dividends receivable | 2445614 | 7689868 |
|  | 555435315 | 2260406437 |
| **Liabilities** |  |  |
| Payable for collateral received for forward commitments | 70000 |  |
| Payable for investments purchased | 48911231 | 71163891 |
| Payable for capital shares redeemed | 1065511 | 4442203 |
| Payable for variation margin on futures contracts | 109688 | 61546 |
| Payable for variation margin on swap agreements |  | 8266 |
| Swap agreements, at value |  | 3061513 |
| Accrued management fees | 158263 | 419012 |
| Distribution and service fees payable | 3643 | 27850 |
| Dividends payable | 220772 |  |
|  | 50539108 | 79184281 |
| **Net Assets** | $504896207 | $2181222156 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $618242887 | $2421818103 |
| Distributable earnings (loss) | (113346680) | (240595947) |
|  | $504896207 | $2181222156 |
| Investment securities, at cost | $533186383 | $2366093467 |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Government Bond Fund** | **Government Bond Fund** | **Government Bond Fund** | **Government Bond Fund** |
| Investor Class | $220309989 | 23309804 | $9.45 |
| I Class | $106001579 | 11231364 | $9.44 |
| A Class | $12374616 | 1309040 | $9.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.955) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.955) |  | $9.90 |
| C Class | $461377 | 48836 | $9.45 |
| R Class | $2150449 | 227620 | $9.45 |
| R5 Class | $163598197 | 17310830 | $9.45 |
| **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** |
| Investor Class | $632151123 | 58448233 | $10.82 |
| I Class | $90033710 | 8336856 | $10.80 |
| Y Class | $81848577 | 7576575 | $10.80 |
| A Class | $66152815 | 6137707 | $10.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.955) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.955) |  | $11.29 |
| C Class | $4357044 | 405938 | $10.73 |
| R Class | $25919729 | 2392974 | $10.83 |
| R5 Class | $85395089 | 7903590 | $10.80 |
| R6 Class | $456829682 | 42308773 | $10.80 |
| G Class | $738534387 | 68298677 | $10.81 |

---

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.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **SEPTEMBER 30, 2025 (UNAUDITED)** | |
| | **Short-Term Government Fund** |
| **Assets** | |
| Investment securities, at value | $206119793 |
| Receivable for investments sold | 2225106 |
| Receivable for capital shares sold | 57213 |
| Interest receivable | 924214 |
|  | 209326326 |
| **Liabilities** |  |
| Payable for investments purchased | 9328738 |
| Payable for capital shares redeemed | 702817 |
| Payable for variation margin on futures contracts | 3640 |
| Accrued management fees | 81623 |
| Distribution and service fees payable | 2802 |
| Dividends payable | 7365 |
|  | 10126985 |
| **Net Assets** | $199199341 |
| **Net Assets Consist of:** |  |
| Capital paid in | $212099001 |
| Distributable earnings (loss) | (12899660) |
|  | $199199341 |
| Investment securities, at cost | $205078835 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Short-Term Government Fund** | **Short-Term Government Fund** | **Short-Term Government Fund** | **Short-Term Government Fund** |
| Investor Class | $128350657 | 13982495 | $9.18 |
| I Class | $43991884 | 4795325 | $9.17 |
| A Class | $5295762 | 576572 | $9.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9775) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9775) |  | $9.39 |
| C Class | $1515024 | 167932 | $9.02 |
| R Class | $1230595 | 134467 | $9.15 |
| R5 Class | $18815419 | 2048474 | $9.19 |

---

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.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | | |
| | **Capital Preservation Fund** | **Ginnie Mae Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Interest | $50176370 | $7388492 |
| **Expenses:** |  |  |
| Management fees | 5408934 | 958346 |
| Interest expenses |  | 2258 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class |  | 7808 |
| &nbsp;&nbsp;&nbsp;C Class |  | 721 |
| &nbsp;&nbsp;&nbsp;R Class |  | 22811 |
| Trustees' fees and expenses | 77654 | 12315 |
|  | 5486588 | 1004259 |
| **Net investment income (loss)** | 44689782 | 6384233 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | (26373) | (587958) |
| Futures contract transactions |  | 140120 |
|  | (26373) | (447838) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments |  | 5152273 |
| Futures contracts |  | (14999) |
|  |  | 5137274 |
| **Net realized and unrealized gain (loss)** | (26373) | 4689436 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $44663409 | $11073669 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | | |
| | **Government Bond Fund** | **Inflation-Adjusted Bond Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Interest | $12960326 | $53921817 |
| Dividends |  | 882479 |
|  | 12960326 | 54804296 |
| **Expenses:** |  |  |
| Management fees | 1044413 | 3426332 |
| Interest expenses | 8422 | 730509 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 16706 | 86067 |
| &nbsp;&nbsp;&nbsp;C Class | 2544 | 23720 |
| &nbsp;&nbsp;&nbsp;R Class | 4816 | 64548 |
| Trustees' fees and expenses | 19624 | 77610 |
|  | 1096525 | 4408786 |
| Fees waived |  | (865348) |
|  | 1096525 | 3543438 |
| **Net investment income (loss)** | 11863801 | 51260858 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | (699948) | (26159976) |
| Forward foreign currency exchange contract transactions |  | 34928 |
| Futures contract transactions | (737168) | 2020462 |
| Swap agreement transactions |  | 18562931 |
| Foreign currency translation transactions |  | (16151) |
|  | (1437116) | (5557806) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 6892037 | 32394128 |
| Forward foreign currency exchange contracts |  | 156437 |
| Futures contracts | 518223 | (38470) |
| Swap agreements |  | (18191074) |
| Translation of assets and liabilities in foreign currencies |  | 129 |
|  | 7410260 | 14321150 |
| **Net realized and unrealized gain (loss)** | 5973144 | 8763344 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $17836945 | $60024202 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | |
| | **Short-Term Government Fund** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $4257481 |
| **Expenses:** |  |
| Management fees | 507114 |
| Interest expenses | 88 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 6449 |
| &nbsp;&nbsp;&nbsp;C Class | 7999 |
| &nbsp;&nbsp;&nbsp;R Class | 3423 |
| Trustees' fees and expenses | 6902 |
|  | 531975 |
| **Net investment income (loss)** | 3725506 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 913533 |
| Futures contract transactions | 53291 |
|  | 966824 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 168340 |
| Futures contracts | (20419) |
|  | 147921 |
| **Net realized and unrealized gain (loss)** | 1114745 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $4840251 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | | |
| | **Capital Preservation Fund** | **Capital Preservation Fund** | **Ginnie Mae Fund** | **Ginnie Mae Fund** |
| **Increase (Decrease) in Net Assets** | **September 30, 2025** | **March 31, 2025** | **September 30, 2025** | **March 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $44689782 | $103748272 | $6384233 | $13162843 |
| Net realized gain (loss) | (26373) | 15757 | (447838) | (14216180) |
| Change in net unrealized appreciation (depreciation) |  |  | 5137274 | 18880053 |
| Net increase (decrease) in net assets resulting from operations | 44663409 | 103764029 | 11073669 | 17826716 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (44689782) | (103748272) | (6124698) | (12534464) |
| &nbsp;&nbsp;&nbsp;I Class |  |  | (470035) | (942768) |
| &nbsp;&nbsp;&nbsp;A Class |  |  | (114582) | (266159) |
| &nbsp;&nbsp;&nbsp;C Class |  |  | (2103) | (7925) |
| &nbsp;&nbsp;&nbsp;R Class |  |  | (155958) | (313772) |
| &nbsp;&nbsp;&nbsp;R5 Class |  |  | (281490) | (542265) |
| Decrease in net assets from distributions | (44689782) | (103748272) | (7148866) | (14607353) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (49398177) | (4160952) | (13228735) | (35689269) |
| **Net increase (decrease) in net assets** | (49424550) | (4145195) | (9303932) | (32469906) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 2330771401 | 2334916596 | 372081039 | 404550945 |
| End of period | $2281346851 | $2330771401 | $362777107 | $372081039 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | | |
| | **Government Bond Fund** | **Government Bond Fund** | **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** |
| **Increase (Decrease) in Net Assets** | **September 30, 2025** | **March 31, 2025** | **September 30, 2025** | **March 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $11863801 | $25997530 | $51260858 | $99036396 |
| Net realized gain (loss) | (1437116) | (4842855) | (5557806) | (63274146) |
| Change in net unrealized appreciation (depreciation) | 7410260 | 6448961 | 14321150 | 112801435 |
| Net increase (decrease) in net assets resulting from operations | 17836945 | 27603636 | 60024202 | 148563685 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (4593078) | (9889146) | (13175556) | (14068425) |
| &nbsp;&nbsp;&nbsp;I Class | (2525670) | (6035305) | (2074838) | (2554118) |
| &nbsp;&nbsp;&nbsp;Y Class |  |  | (1751310) | (1934564) |
| &nbsp;&nbsp;&nbsp;A Class | (258103) | (724567) | (1342026) | (1571453) |
| &nbsp;&nbsp;&nbsp;C Class | (7918) | (20961) | (78411) | (73923) |
| &nbsp;&nbsp;&nbsp;R Class | (34783) | (66782) | (472932) | (432578) |
| &nbsp;&nbsp;&nbsp;R5 Class | (4671977) | (9743537) | (1862683) | (3089632) |
| &nbsp;&nbsp;&nbsp;R6 Class |  |  | (10246720) | (11108301) |
| &nbsp;&nbsp;&nbsp;G Class |  |  | (19260245) | (24240174) |
| Decrease in net assets from distributions | (12091529) | (26480298) | (50264721) | (59073168) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (109728524) | (33901486) | (176951511) | (454777902) |
| **Net increase (decrease) in net assets** | (103983108) | (32778148) | (167192030) | (365287385) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 608879315 | 641657463 | 2348414186 | 2713701571 |
| End of period | $504896207 | $608879315 | $2181222156 | $2348414186 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | | |
| | **Short-Term Government Fund** | **Short-Term Government Fund** |
| **Increase (Decrease) in Net Assets** | **September 30, 2025** | **March 31, 2025** |
| **Operations** | | |
| Net investment income (loss) | $3725506 | $8045622 |
| Net realized gain (loss) | 966824 | 729105 |
| Change in net unrealized appreciation (depreciation) | 147921 | 1070813 |
| Net increase (decrease) in net assets resulting from operations | 4840251 | 9845540 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2421132) | (5117107) |
| &nbsp;&nbsp;&nbsp;I Class | (832630) | (1782336) |
| &nbsp;&nbsp;&nbsp;A Class | (89557) | (211236) |
| &nbsp;&nbsp;&nbsp;C Class | (21731) | (31614) |
| &nbsp;&nbsp;&nbsp;R Class | (22045) | (64376) |
| &nbsp;&nbsp;&nbsp;R5 Class | (446432) | (846554) |
| Decrease in net assets from distributions | (3833527) | (8053223) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (11679551) | 20745301 |
| **Net increase (decrease) in net assets** | (10672827) | 22537618 |
| **Net Assets** |  |  |
| Beginning of period | 209872168 | 187334550 |
| End of period | $199199341 | $209872168 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**SEPTEMBER 30, 2025 (UNAUDITED)**

**1. Organization**

American Century Government Income Trust (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.

---

| | |
|:---|:---|
| Capital Preservation Fund | Investor |
| Ginnie Mae Fund | Investor, I, A, C, R, R5 |
| Government Bond Fund | Investor, I, A, C, R, R5 |
| Inflation-Adjusted Bond Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Short-Term Government Fund | Investor, I, A, C, R, R5 |

---

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.

Securities held in Capital Preservation Fund are generally valued at amortized cost, which approximates fair value.

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

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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 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.

**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. A fund may purchase a security and at the same time make a commitment to sell the same security at a future settlement date at a specified price. The difference between the purchase price and the sale price of these simultaneous transactions is 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.

**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

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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 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 realized gains, if any, are generally declared and paid annually. Distributions from net investment income, if any, are generally declared and paid as follows:

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| | | |
|:---|:---|:---|
| | **Distribution Frequency** | **Distribution Frequency** |
| | **Declared** | **Paid** |
| Capital Preservation Fund | Daily | Monthly |
| Ginnie Mae Fund | Daily | Monthly |
| Government Bond Fund | Daily | Monthly |
| Inflation-Adjusted Bond Fund | Quarterly\* | Quarterly\* |
| Short-Term Government Fund | Daily | Monthly |

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\*Distributions from net investment income may be paid less frequently.

**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.

**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 fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included. 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 Investment Category Fee range, the Complex Fee range and the effective annual management fee including any waiver impacts, if applicable, for the period ended September 30, 2025 are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Preservation Fund** | **Investment Category<br>Fee Range** | **Complex Fee** <br>**Range** | **Effective Annual <br>Management Fee** |
| Investor Class | 0.1370% to 0.2500% | 0.2500% to 0.3100% | 0.47% |

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| | | | |
|:---|:---|:---|:---|
| **Ginnie Mae Fund** | **Investment Category<br>Fee Range** | **Complex Fee** <br>**Range** | **Effective Annual <br>Management Fee** |
| Investor Class | 0.2425%<br> to 0.3600% | 0.2500% to 0.3100% | 0.54% |
| I Class | 0.2425%<br> to 0.3600% | 0.1500% to 0.2100% | 0.44% |
| A Class | 0.2425%<br> to 0.3600% | 0.2500% to 0.3100% | 0.54% |
| C Class | 0.2425%<br> to 0.3600% | 0.2500% to 0.3100% | 0.54% |
| R Class | 0.2425%<br> to 0.3600% | 0.2500% to 0.3100% | 0.54% |
| R5 Class | 0.2425%<br> to 0.3600% | 0.0500% to 0.1100% | 0.34% |

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| | | | |
|:---|:---|:---|:---|
| **Government Bond Fund** | **Investment Category<br>Fee Range** | **Complex**<br>**Fee Range** | **Effective Annual<br>Management Fee** |
| Investor Class | 0.1625% <br>to 0.2800% | 0.2500% to 0.3100% | 0.46% |
| I Class | 0.1625% <br>to 0.2800% | 0.1500% to 0.2100% | 0.36% |
| A Class | 0.1625% <br>to 0.2800% | 0.2500% to 0.3100% | 0.46% |
| C Class | 0.1625% <br>to 0.2800% | 0.2500% to 0.3100% | 0.46% |
| R Class | 0.1625% <br>to 0.2800% | 0.2500% to 0.3100% | 0.46% |
| R5 Class | 0.1625% <br>to 0.2800% | 0.0500% to 0.1100% | 0.26% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation-Adjusted Bond Fund** | **Investment Category** <br>**Fee Range** | **Complex** <br>**Fee Range** | **Effective Annual Management Fee** | **Management Fee Waived** |
| Investor Class | 0.1625% <br>to 0.2800% | 0.2500% to 0.3100% | 0.46% |  |
| I Class | 0.1625% <br>to 0.2800% | 0.1500% to 0.2100% | 0.36% |  |
| Y Class | 0.1625% <br>to 0.2800% | 0.0500% to 0.1100% | 0.26% |  |
| A Class | 0.1625% <br>to 0.2800% | 0.2500% to 0.3100% | 0.46% |  |
| C Class | 0.1625% <br>to 0.2800% | 0.2500% to 0.3100% | 0.46% |  |
| R Class | 0.1625% <br>to 0.2800% | 0.2500% to 0.3100% | 0.46% |  |
| R5 Class | 0.1625% <br>to 0.2800% | 0.0500% to 0.1100% | 0.26% |  |
| R6 Class | 0.1625% <br>to 0.2800% | 0.0000% to 0.0600% | 0.21% |  |
| G Class | 0.1625% <br>to 0.2800% | 0.0000% to 0.0600% | 0.00%<sup>(1)</sup> | $865348 |

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(1)Effective annual management fee before waiver was 0.21%.

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| | | | |
|:---|:---|:---|:---|
| **Short-Term Government Fund** | **Investment Category<br>Fee Range** | **Complex Fee <br>Range** | **Effective Annual<br>Management Fee** |
| Investor Class | 0.2425% <br>to 0.3600% | 0.2500% to 0.3100% | 0.54% |
| I Class | 0.2425% <br>to 0.3600% | 0.1500% to 0.2100% | 0.44% |
| A Class | 0.2425% <br>to 0.3600% | 0.2500% to 0.3100% | 0.54% |
| C Class | 0.2425% <br>to 0.3600% | 0.2500% to 0.3100% | 0.54% |
| R Class | 0.2425% <br>to 0.3600% | 0.2500% to 0.3100% | 0.54% |
| R5 Class | 0.2425% <br>to 0.3600% | 0.0500% to 0.1100% | 0.34% |

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**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 September 30, 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:

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| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Inflation-Adjusted Bond Fund | American Century Asset Allocation Portfolios, Inc | 29% |

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**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.

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**4. Investment Transactions**

Investment transactions, including TBA transactions and excluding short-term investments, for the period ended September 30, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Ginnie Mae Fund** | **Government Bond Fund** | **Inflation-Adjusted Bond Fund** | **Short-Term Government Fund** |
| Purchases of U.S. Treasury and Government Agency obligations | $303453739 | $799557250 | $451396312 | $152847165 |
| Purchases of other investment securities |  | $18538930 | $179231582 | $4740937 |
| Total Purchases | $303453739 | $818096180 | $630627894 | $157588102 |
| Sales of U.S. Treasury and Government Agency obligations | $321597007 | $909003980 | $661669919 | $180077958 |
| Sales of other investment securities |  | $11729678 | $138715671 | $2603906 |
| Total Sales | $321597007 | $920733658 | $800385590 | $182681864 |

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**5. Capital Share Transactions**

Transactions in shares of the funds were as follows (unlimited number of shares authorized):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**September 30, 2025** | **Six months ended**<br>**September 30, 2025** | **Year ended**<br>**March 31, 2025** | **Year ended**<br>**March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Capital Preservation Fund** | | | | |
| **Investor Class** | | | | |
| Sold | 356546269 | $356546269 | 742610516 | $742610516 |
| Issued in reinvestment of distributions | 44213874 | 44213874 | 102775655 | 102775655 |
| Redeemed | (450158320) | (450158320) | (849547123) | (849547123) |
| Net increase (decrease) | (49398177) | $(49398177) | (4160952) | $(4160952) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**September 30, 2025** | **Six months ended**<br>**September 30, 2025** | **Year ended**<br>**March 31, 2025** | **Year ended**<br>**March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Ginnie Mae Fund** | | | | |
| **Investor Class** | | | | |
| Sold | 1009460 | $8985084 | 2142079 | $19010347 |
| Issued in reinvestment of distributions | 631180 | 5629894 | 1302230 | 11554504 |
| Redeemed | (3190417) | (28385454) | (6999406) | (62080497) |
|  | (1549777) | (13770476) | (3555097) | (31515646) |
| **I Class** |  |  |  |  |
| Sold | 497816 | 4409865 | 563496 | 5005962 |
| Issued in reinvestment of distributions | 52658 | 470034 | 106138 | 942518 |
| Redeemed | (442887) | (3939014) | (645131) | (5721432) |
|  | 107587 | 940885 | 24503 | 227048 |
| **A Class** |  |  |  |  |
| Sold | 50903 | 452519 | 103778 | 922247 |
| Issued in reinvestment of distributions | 11849 | 105697 | 27623 | 244990 |
| Redeemed | (93505) | (837602) | (379433) | (3367722) |
|  | (30753) | (279386) | (248032) | (2200485) |
| **C Class** |  |  |  |  |
| Issued in reinvestment of distributions | 236 | 2103 | 845 | 7495 |
| Redeemed | (13191) | (116870) | (20791) | (186014) |
|  | (12955) | (114767) | (19946) | (178519) |
| **R Class** |  |  |  |  |
| Sold | 121413 | 1078716 | 148613 | 1321339 |
| Issued in reinvestment of distributions | 17483 | 155918 | 35367 | 313724 |
| Redeemed | (123282) | (1091896) | (289008) | (2576721) |
|  | 15614 | 142738 | (105028) | (941658) |
| **R5 Class** |  |  |  |  |
| Sold | 290861 | 2589502 | 323435 | 2863818 |
| Issued in reinvestment of distributions | 31530 | 281312 | 61107 | 542220 |
| Redeemed | (338391) | (3018543) | (505911) | (4486047) |
|  | (16000) | (147729) | (121369) | (1080009) |
| Net increase (decrease) | (1486284) | $(13228735) | (4024969) | $(35689269) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br>**September 30, 2025** | **Six months ended**<br>**September 30, 2025** | **Year ended**<br>**March 31, 2025** | **Year ended**<br>**March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Government Bond Fund** | | | | |
| **Investor Class** | | | | |
| Sold | 2060325 | $19254582 | 3826085 | $35858556 |
| Issued in reinvestment of distributions | 432228 | 4045692 | 936388 | 8740525 |
| Redeemed | (3730626) | (34762153) | (6540624) | (61107553) |
|  | (1238073) | (11461879) | (1778151) | (16508472) |
| **I Class** |  |  |  |  |
| Sold | 10692915 | 98703062 | 3211309 | 29835460 |
| Issued in reinvestment of distributions | 270143 | 2525134 | 647351 | 6033130 |
| Redeemed | (13508607) | (125539107) | (6083118) | (57468600) |
|  | (2545549) | (24310911) | (2224458) | (21600010) |
| **A Class** |  |  |  |  |
| Sold | 445113 | 4164736 | 530944 | 4984745 |
| Issued in reinvestment of distributions | 17637 | 165177 | 48793 | 455561 |
| Redeemed | (1197390) | (11087340) | (462851) | (4331489) |
|  | (734640) | (6757427) | 116886 | 1108817 |
| **C Class** |  |  |  |  |
| Sold | 1739 | 16430 | 20598 | 193591 |
| Issued in reinvestment of distributions | 845 | 7907 | 2249 | 20961 |
| Redeemed | (12928) | (120881) | (54283) | (510481) |
|  | (10344) | (96544) | (31436) | (295929) |
| **R Class** |  |  |  |  |
| Sold | 84936 | 798732 | 194342 | 1838778 |
| Issued in reinvestment of distributions | 3481 | 32560 | 6549 | 61143 |
| Redeemed | (67214) | (629167) | (166477) | (1562861) |
|  | 21203 | 202125 | 34414 | 337060 |
| **R5 Class** |  |  |  |  |
| Sold | 3429487 | 31956444 | 6683739 | 62354088 |
| Issued in reinvestment of distributions | 414418 | 3876838 | 892178 | 8324615 |
| Redeemed | (10966140) | (103137170) | (7244744) | (67621655) |
|  | (7122235) | (67303888) | 331173 | 3057048 |
| Net increase (decrease) | (11629638) | $(109728524) | (3551572) | $(33901486) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**September 30, 2025** | **Six months ended**<br>**September 30, 2025** | **Year ended**<br>**March 31, 2025** | **Year ended**<br>**March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Inflation-Adjusted Bond Fund** | | | | |
| **Investor Class** | | | | |
| Sold | 2182551 | $23336434 | 4527919 | $47884512 |
| Issued in reinvestment of distributions | 1212890 | 12783857 | 1311372 | 13674389 |
| Redeemed | (4817039) | (51502484) | (13509367) | (142089220) |
|  | (1421598) | (15382193) | (7670076) | (80530319) |
| **I Class** |  |  |  |  |
| Sold | 1345369 | 14362800 | 2407766 | 25240643 |
| Issued in reinvestment of distributions | 151421 | 1592952 | 211089 | 2199020 |
| Redeemed | (2032385) | (21805091) | (10739678) | (112395956) |
|  | (535595) | (5849339) | (8120823) | (84956293) |
| **Y Class** |  |  |  |  |
| Sold | 686941 | 7321220 | 1853540 | 19437821 |
| Issued in reinvestment of distributions | 157797 | 1660025 | 176809 | 1842091 |
| Redeemed | (973420) | (10359151) | (1917572) | (20217031) |
|  | (128682) | (1377906) | 112777 | 1062881 |
| **A Class** |  |  |  |  |
| Sold | 785045 | 8362526 | 1896686 | 19939277 |
| Issued in reinvestment of distributions | 71162 | 747915 | 82421 | 857536 |
| Redeemed | (1657070) | (17620352) | (3527291) | (37028681) |
|  | (800863) | (8509911) | (1548184) | (16231868) |
| **C Class** |  |  |  |  |
| Sold | 16679 | 176586 | 50761 | 529812 |
| Issued in reinvestment of distributions | 5847 | 61332 | 5435 | 56417 |
| Redeemed | (93823) | (996093) | (298985) | (3134377) |
|  | (71297) | (758175) | (242789) | (2548148) |
| **R Class** |  |  |  |  |
| Sold | 443009 | 4769393 | 410704 | 4330393 |
| Issued in reinvestment of distributions | 44743 | 472932 | 41347 | 432576 |
| Redeemed | (492450) | (5247367) | (857079) | (9024237) |
|  | (4698) | (5042) | (405028) | (4261268) |
| **R5 Class** |  |  |  |  |
| Sold | 1187722 | 12644669 | 2300055 | 24254616 |
| Issued in reinvestment of distributions | 157159 | 1653309 | 272418 | 2838348 |
| Redeemed | (1630653) | (17378132) | (9869601) | (102593542) |
|  | (285772) | (3080154) | (7297128) | (75500578) |
| **R6 Class** |  |  |  |  |
| Sold | 7003417 | 74747030 | 14373310 | 151067861 |
| Issued in reinvestment of distributions | 871094 | 9155203 | 905270 | 9423514 |
| Redeemed | (11327086) | (121030192) | (19629405) | (206217821) |
|  | (3452575) | (37127959) | (4350825) | (45726446) |
| **G Class** |  |  |  |  |
| Sold | 4183868 | 44664027 | 7139996 | 75823332 |
| Issued in reinvestment of distributions | 1830822 | 19260245 | 2326260 | 24240174 |
| Redeemed | (15691930) | (168785104) | (23411156) | (246149369) |
|  | (9677240) | (104860832) | (13944900) | (146085863) |
| Net increase (decrease) | (16378320) | $(176951511) | (43466976) | $(454777902) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**September 30, 2025** | **Six months ended**<br>**September 30, 2025** | **Year ended**<br>**March 31, 2025** | **Year ended**<br>**March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Short-Term Government Fund** | | | | |
| **Investor Class** | | | | |
| Sold | 884876 | $8094554 | 2308465 | $21002079 |
| Issued in reinvestment of distributions | 258106 | 2364104 | 547668 | 4979218 |
| Redeemed | (1470362) | (13447802) | (2946884) | (26778982) |
|  | (327380) | (2989144) | (90751) | (797685) |
| **I Class** |  |  |  |  |
| Sold | 994682 | 9088488 | 3571534 | 32528283 |
| Issued in reinvestment of distributions | 90980 | 832599 | 195984 | 1782336 |
| Redeemed | (1104598) | (10098000) | (2672654) | (24314162) |
|  | (18936) | (176913) | 1094864 | 9996457 |
| **A Class** |  |  |  |  |
| Sold | 119561 | 1093495 | 95604 | 870513 |
| Issued in reinvestment of distributions | 9754 | 89380 | 23168 | 210757 |
| Redeemed | (118786) | (1086465) | (180458) | (1639061) |
|  | 10529 | 96410 | (61686) | (557791) |
| **C Class** |  |  |  |  |
| Sold | 14730 | 132572 | 117871 | 1058424 |
| Issued in reinvestment of distributions | 2398 | 21581 | 3535 | 31603 |
| Redeemed | (31060) | (278624) | (30599) | (273378) |
|  | (13932) | (124471) | 90807 | 816649 |
| **R Class** |  |  |  |  |
| Sold | 64786 | 589187 | 123011 | 1118390 |
| Issued in reinvestment of distributions | 2407 | 21975 | 7059 | 63971 |
| Redeemed | (100303) | (912784) | (189169) | (1712883) |
|  | (33110) | (301622) | (59099) | (530522) |
| **R5 Class** |  |  |  |  |
| Sold | 87614 | 803222 | 3315957 | 30059467 |
| Issued in reinvestment of distributions | 48702 | 446368 | 92927 | 846475 |
| Redeemed | (1030136) | (9433401) | (2097637) | (19087749) |
|  | (893820) | (8183811) | 1311247 | 11818193 |
| Net increase (decrease) | (1276649) | $(11679551) | 2285382 | $20745301 |

---

**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.

**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:

---

| | |
|:---|:---|
| Inflation-Adjusted Bond Fund | $21018549 |

---

**Interest Rate Risk —** The funds may be subject to interest rate risk in the normal course of pursuing their investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures

------

contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. 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. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The average notional exposure to interest rate risk derivative instruments held during the period was as follows:

---

| | | |
|:---|:---|:---|
| | **Futures Contracts**<br>**Purchased** | **Futures Contracts**<br>**Sold** |
| Ginnie Mae Fund | $1532055 | $10157261 |
| Government Bond Fund | $33961793 | $31967333 |
| Inflation-Adjusted Bond Fund | $129351036 | $47723242 |
| Short-Term Government Fund | $540937 | $1687561 |

---

**Other Contracts —** The funds may enter into total return swap agreements in order to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets or gain exposure to certain markets in the most economical way possible. 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, 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, including inflationary risk. The average notional exposure held during the period was as follows:

---

| | |
|:---|:---|
| Inflation-Adjusted Bond Fund | $437583333 |

---

**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.

**8. Federal Tax Information**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Capital Preservation Fund** | **Ginnie Mae Fund** | **Government Bond Fund** | **Inflation-Adjusted Bond Fund** | **Short-Term Government Fund** |
| Federal tax cost of investments | $2276202575 | $416291801 | $533374166 | $2369996743 | $205099336 |
| Gross tax appreciation of investments |  | $3475929 | $6432466 | $22438451 | $1107875 |
| Gross tax depreciation of investments |  | (17849023) | (8089640) | (141472016) | (87418) |
| Net tax appreciation (depreciation) of investments |  | $(14373094) | $(1657174) | $(119033565) | $1020457 |

---

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

------

---

| | | |
|:---|:---|:---|
| As of March 31, 2025, the funds had accumulated capital losses which 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. Capital loss carryovers were as follows: | As of March 31, 2025, the funds had accumulated capital losses which 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. Capital loss carryovers were as follows: | As of March 31, 2025, the funds had accumulated capital losses which 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. Capital loss carryovers were as follows: |
|  | **Short-term**<br>**capital losses**  | **Long-term**<br>**capital losses**  |
| Capital Preservation Fund | $(145023) | $(17424) |
| Ginnie Mae Fund | $(24067783) | $(98449601) |
| Government Bond Fund | $(68664799) | $(41645957) |
| Inflation-Adjusted Bond Fund | $(49623165) | $(129901159) |
| Short-Term Government Fund | $(8375411) | $(6227900) |

---

------

Financial Highlights

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net Investment Income (Loss)** | **Net Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Distributions From<br>Net <br>Investment <br>Income** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Capital Preservation Fund** | **Capital Preservation Fund** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2025<sup>(2)</sup> | $1.00 | 0.02 | —<sup>(3)</sup> | 0.02 | (0.02) | $1.00 | 1.95% | 0.47% | 0.47% | 3.86% | 3.86% | $2281347 |
| 2025 | $1.00 | 0.04 | —<sup>(3)</sup> | 0.04 | (0.04) | $1.00 | 4.56% | 0.47% | 0.47% | 4.47% | 4.47% | $2330771 |
| 2024 | $1.00 | 0.05 | —<sup>(3)</sup> | 0.05 | (0.05) | $1.00 | 4.92% | 0.48% | 0.48% | 4.81% | 4.81% | $2334917 |
| 2023 | $1.00 | 0.02 | —<sup>(3)</sup> | 0.02 | (0.02) | $1.00 | 2.15% | 0.48% | 0.48% | 2.15% | 2.15% | $2297181 |
| 2022 | $1.00 | —<sup>(3)</sup> | —<sup>(3)</sup> | —<sup>(3)</sup> | —<sup>(3)</sup> | $1.00 | 0.01% | 0.08% | 0.48% | 0.01% | (0.39)% | $2195618 |
| 2021 | $1.00 | —<sup>(3)</sup> | —<sup>(3)</sup> | —<sup>(3)</sup> | —<sup>(3)</sup> | $1.00 | 0.01% | 0.21% | 0.48% | 0.01% | (0.26)% | $2286880 |

---

**Notes to Financial Highlights**

(1)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(2)Six months ended September 30, 2025 (unaudited).

(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 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 March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Distributions <br>From Net <br>Investment <br>Income** | **Net Asset<br>Value, End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net<br>Investment <br>Income<br>(Loss)** | **Portfolio <br>Turnover<br>Rate** | **Portfolio <br>Turnover<br>Rate (excluding TBA transactions)** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **Ginnie Mae Fund** | **Ginnie Mae Fund** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | |
| 2025<sup>(3)</sup> | $8.93 | 0.16 | 0.11 | 0.27 | (0.17) | $9.03 | 3.12% | 0.55% | 3.50% | 79% | 14% | $308665 |
| 2025 | $8.86 | 0.30 | 0.10 | 0.40 | (0.33) | $8.93 | 4.65% | 0.55% | 3.38% | 202% | 15% | $319130 |
| 2024 | $9.10 | 0.28 | (0.22) | 0.06 | (0.30) | $8.86 | 0.67% | 0.55% | 3.15% | 68% | 13% | $347891 |
| 2023 | $9.84 | 0.21 | (0.70) | (0.49) | (0.25) | $9.10 | (4.98)% | 0.55% | 2.27% | 146% | 47% | $401519 |
| 2022 | $10.59 | 0.08 | (0.65) | (0.57) | (0.18) | $9.84 | (5.41)% | 0.54% | 0.77% | 288% | 49% | $490899 |
| 2021 | $10.75 | 0.08 | (0.03) | 0.05 | (0.21) | $10.59 | 0.49% | 0.55% | 0.75% | 308% | 26% | $607507 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.94 | 0.16 | 0.12 | 0.28 | (0.18) | $9.04 | 3.17% | 0.45% | 3.60% | 79% | 14% | $24912 |
| 2025 | $8.86 | 0.31 | 0.11 | 0.42 | (0.34) | $8.94 | 4.87% | 0.45% | 3.48% | 202% | 15% | $23677 |
| 2024 | $9.10 | 0.29 | (0.23) | 0.06 | (0.30) | $8.86 | 0.77% | 0.45% | 3.25% | 68% | 13% | $23258 |
| 2023 | $9.85 | 0.22 | (0.71) | (0.49) | (0.26) | $9.10 | (4.98)% | 0.45% | 2.37% | 146% | 47% | $27287 |
| 2022 | $10.59 | 0.09 | (0.63) | (0.54) | (0.20) | $9.85 | (5.22)% | 0.44% | 0.87% | 288% | 49% | $38469 |
| 2021 | $10.76 | 0.09 | (0.04) | 0.05 | (0.22) | $10.59 | 0.50% | 0.45% | 0.85% | 308% | 26% | $266543 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.93 | 0.14 | 0.12 | 0.26 | (0.16) | $9.03 | 2.99% | 0.80% | 3.25% | 79% | 14% | $6079 |
| 2025 | $8.86 | 0.28 | 0.10 | 0.38 | (0.31) | $8.93 | 4.39% | 0.80% | 3.13% | 202% | 15% | $6287 |
| 2024 | $9.10 | 0.26 | (0.23) | 0.03 | (0.27) | $8.86 | 0.42% | 0.80% | 2.90% | 68% | 13% | $8430 |
| 2023 | $9.84 | 0.19 | (0.70) | (0.51) | (0.23) | $9.10 | (5.22)% | 0.80% | 2.02% | 146% | 47% | $10040 |
| 2022 | $10.59 | 0.05 | (0.64) | (0.59) | (0.16) | $9.84 | (5.65)% | 0.79% | 0.52% | 288% | 49% | $13717 |
| 2021 | $10.76 | 0.05 | (0.03) | 0.02 | (0.19) | $10.59 | 0.15% | 0.80% | 0.50% | 308% | 26% | $18262 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.93 | 0.11 | 0.12 | 0.23 | (0.13) | $9.03 | 2.60% | 1.55% | 2.50% | 79% | 14% | $122 |
| 2025 | $8.86 | 0.21 | 0.11 | 0.32 | (0.25) | $8.93 | 3.61% | 1.55% | 2.38% | 202% | 15% | $236 |
| 2024 | $9.10 | 0.19 | (0.22) | (0.03) | (0.21) | $8.86 | (0.33)% | 1.55% | 2.15% | 68% | 13% | $411 |
| 2023 | $9.84 | 0.12 | (0.70) | (0.58) | (0.16) | $9.10 | (5.93)% | 1.55% | 1.27% | 146% | 47% | $535 |
| 2022 | $10.59 | (0.02) | (0.65) | (0.67) | (0.08) | $9.84 | (6.35)% | 1.54% | (0.23)% | 288% | 49% | $749 |
| 2021 | $10.76 | (0.02) | (0.04) | (0.06) | (0.11) | $10.59 | (0.60)% | 1.55% | (0.25)% | 308% | 26% | $1141 |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Distributions <br>From Net <br>Investment <br>Income** | **Net Asset<br>Value, End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net<br>Investment <br>Income<br>(Loss)** | **Portfolio <br>Turnover<br>Rate** | **Portfolio <br>Turnover<br>Rate (excluding TBA transactions)** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **Ginnie Mae Fund** | **Ginnie Mae Fund** | | | | | | | | | | | |
| **R Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $8.93 | 0.13 | 0.12 | 0.25 | (0.15) | $9.03 | 2.86% | 1.05% | 3.00% | 79% | 14% | $9487 |
| 2025 | $8.85 | 0.26 | 0.11 | 0.37 | (0.29) | $8.93 | 4.25% | 1.05% | 2.88% | 202% | 15% | $9243 |
| 2024 | $9.09 | 0.23 | (0.22) | 0.01 | (0.25) | $8.85 | 0.17% | 1.05% | 2.65% | 68% | 13% | $10094 |
| 2023 | $9.84 | 0.16 | (0.71) | (0.55) | (0.20) | $9.09 | (5.56)% | 1.05% | 1.77% | 146% | 47% | $10504 |
| 2022 | $10.58 | 0.03 | (0.64) | (0.61) | (0.13) | $9.84 | (5.79)% | 1.04% | 0.27% | 288% | 49% | $13262 |
| 2021 | $10.75 | 0.03 | (0.04) | (0.01) | (0.16) | $10.58 | (0.11)% | 1.05% | 0.25% | 308% | 26% | $14350 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.93 | 0.17 | 0.11 | 0.28 | (0.18) | $9.03 | 3.22% | 0.35% | 3.70% | 79% | 14% | $13513 |
| 2025 | $8.86 | 0.32 | 0.10 | 0.42 | (0.35) | $8.93 | 4.86% | 0.35% | 3.58% | 202% | 15% | $13508 |
| 2024 | $9.10 | 0.30 | (0.23) | 0.07 | (0.31) | $8.86 | 0.87% | 0.35% | 3.35% | 68% | 13% | $14467 |
| 2023 | $9.84 | 0.23 | (0.70) | (0.47) | (0.27) | $9.10 | (4.79)% | 0.35% | 2.47% | 146% | 47% | $34980 |
| 2022 | $10.59 | 0.10 | (0.64) | (0.54) | (0.21) | $9.84 | (5.22)% | 0.34% | 0.97% | 288% | 49% | $46121 |
| 2021 | $10.75 | 0.10 | (0.03) | 0.07 | (0.23) | $10.59 | 0.69% | 0.35% | 0.95% | 308% | 26% | $62423 |

---

**Notes to Financial Highlights**

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

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

(3)Six months ended September 30, 2025 (unaudited).

\*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 March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Government Bond Fund** | **Government Bond Fund** | | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025<sup>(3)</sup> | $9.36 | 0.19 | 0.09 | 0.28 | (0.19) |  | (0.19) | $9.45 | 3.05% | 0.47% | 4.03% | 138% | $220310 |
| 2025 | $9.35 | 0.38 | 0.02 | 0.40 | (0.39) |  | (0.39) | $9.36 | 4.38% | 0.47% | 4.10% | 155% | $229803 |
| 2024 | $9.78 | 0.36 | (0.42) | (0.06) | (0.37) |  | (0.37) | $9.35 | (0.71)% | 0.47% | 3.80% | 145% | $246273 |
| 2023 | $10.65 | 0.26 | (0.85) | (0.59) | (0.28) |  | (0.28) | $9.78 | (5.40)% | 0.47% | 2.68% | 251% | $288235 |
| 2022 | $11.31 | 0.14 | (0.55) | (0.41) | (0.17) | (0.08) | (0.25) | $10.65 | (3.76)% | 0.46% | 1.20% | 364% | $357145 |
| 2021 | $11.69 | 0.12 | (0.28) | (0.16) | (0.17) | (0.05) | (0.22) | $11.31 | (1.39)% | 0.47% | 1.05% | 246% | $490142 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.35 | 0.19 | 0.10 | 0.29 | (0.20) |  | (0.20) | $9.44 | 3.11% | 0.37% | 4.13% | 138% | $106002 |
| 2025 | $9.34 | 0.39 | 0.02 | 0.41 | (0.40) |  | (0.40) | $9.35 | 4.48% | 0.37% | 4.20% | 155% | $128781 |
| 2024 | $9.77 | 0.37 | (0.43) | (0.06) | (0.37) |  | (0.37) | $9.34 | (0.51)% | 0.37% | 3.90% | 145% | $149478 |
| 2023 | $10.64 | 0.28 | (0.86) | (0.58) | (0.29) |  | (0.29) | $9.77 | (5.41)% | 0.37% | 2.78% | 251% | $223815 |
| 2022 | $11.30 | 0.14 | (0.54) | (0.40) | (0.18) | (0.08) | (0.26) | $10.64 | (3.67)% | 0.36% | 1.30% | 364% | $127299 |
| 2021 | $11.67 | 0.13 | (0.27) | (0.14) | (0.18) | (0.05) | (0.23) | $11.30 | (1.21)% | 0.37% | 1.15% | 246% | $103700 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.36 | 0.18 | 0.09 | 0.27 | (0.18) |  | (0.18) | $9.45 | 2.93% | 0.72% | 3.78% | 138% | $12375 |
| 2025 | $9.36 | 0.36 | 0.01 | 0.37 | (0.37) |  | (0.37) | $9.36 | 4.01% | 0.72% | 3.85% | 155% | $19133 |
| 2024 | $9.78 | 0.33 | (0.41) | (0.08) | (0.34) |  | (0.34) | $9.36 | (0.75)% | 0.72% | 3.55% | 145% | $18026 |
| 2023 | $10.65 | 0.24 | (0.85) | (0.61) | (0.26) |  | (0.26) | $9.78 | (5.73)% | 0.72% | 2.43% | 251% | $20839 |
| 2022 | $11.31 | 0.11 | (0.55) | (0.44) | (0.14) | (0.08) | (0.22) | $10.65 | (4.00)% | 0.71% | 0.95% | 364% | $26872 |
| 2021 | $11.68 | 0.10 | (0.28) | (0.18) | (0.14) | (0.05) | (0.19) | $11.31 | (1.55)% | 0.72% | 0.80% | 246% | $29374 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.36 | 0.14 | 0.10 | 0.24 | (0.15) |  | (0.15) | $9.45 | 2.54% | 1.47% | 3.03% | 138% | $461 |
| 2025 | $9.35 | 0.29 | 0.02 | 0.31 | (0.30) |  | (0.30) | $9.36 | 3.34% | 1.47% | 3.10% | 155% | $554 |
| 2024 | $9.78 | 0.26 | (0.42) | (0.16) | (0.27) |  | (0.27) | $9.35 | (1.60)% | 1.47% | 2.80% | 145% | $847 |
| 2023 | $10.64 | 0.16 | (0.84) | (0.68) | (0.18) |  | (0.18) | $9.78 | (6.35)% | 1.47% | 1.68% | 251% | $1271 |
| 2022 | $11.31 | 0.02 | (0.55) | (0.53) | (0.06) | (0.08) | (0.14) | $10.64 | (4.81)% | 1.46% | 0.20% | 364% | $1756 |
| 2021 | $11.68 | 0.01 | (0.27) | (0.26) | (0.06) | (0.05) | (0.11) | $11.31 | (2.29)% | 1.47% | 0.05% | 246% | $2306 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Government Bond Fund** | **Government Bond Fund** | | | | | | | | | | | | |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |
| 2025<sup>(3)</sup> | $9.36 | 0.17 | 0.09 | 0.26 | (0.17) |  | (0.17) | $9.45 | 2.80% | 0.97% | 3.53% | 138% | $2150 |
| 2025 | $9.35 | 0.34 | 0.01 | 0.35 | (0.34) |  | (0.34) | $9.36 | 3.86% | 0.97% | 3.60% | 155% | $1932 |
| 2024 | $9.78 | 0.31 | (0.42) | (0.11) | (0.32) |  | (0.32) | $9.35 | (1.10)% | 0.97% | 3.30% | 145% | $1608 |
| 2023 | $10.64 | 0.22 | (0.85) | (0.63) | (0.23) |  | (0.23) | $9.78 | (5.88)% | 0.97% | 2.18% | 251% | $2214 |
| 2022 | $11.31 | 0.08 | (0.56) | (0.48) | (0.11) | (0.08) | (0.19) | $10.64 | (4.33)% | 0.96% | 0.70% | 364% | $1860 |
| 2021 | $11.68 | 0.06 | (0.27) | (0.21) | (0.11) | (0.05) | (0.16) | $11.31 | (1.80)% | 0.97% | 0.55% | 246% | $2496 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.36 | 0.20 | 0.09 | 0.29 | (0.20) |  | (0.20) | $9.45 | 3.16% | 0.27% | 4.23% | 138% | $163598 |
| 2025 | $9.35 | 0.40 | 0.02 | 0.42 | (0.41) |  | (0.41) | $9.36 | 4.58% | 0.27% | 4.30% | 155% | $228677 |
| 2024 | $9.78 | 0.38 | (0.43) | (0.05) | (0.38) |  | (0.38) | $9.35 | (0.41)% | 0.27% | 4.00% | 145% | $225424 |
| 2023 | $10.65 | 0.29 | (0.86) | (0.57) | (0.30) |  | (0.30) | $9.78 | (5.30)% | 0.27% | 2.88% | 251% | $223313 |
| 2022 | $11.31 | 0.16 | (0.55) | (0.39) | (0.19) | (0.08) | (0.27) | $10.65 | (3.57)% | 0.26% | 1.40% | 364% | $244463 |
| 2021 | $11.68 | 0.15 | (0.27) | (0.12) | (0.20) | (0.05) | (0.25) | $11.31 | (1.11)% | 0.27% | 1.25% | 246% | $254349 |

---

**Notes to Financial Highlights**

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

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

(3)Six months ended September 30, 2025 (unaudited).

\*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 March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From <br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025<sup>(3)</sup> | $10.77 | 0.23 | 0.04 | 0.27 | (0.22) | $10.82 | 2.60% | 0.53% | 4.25% | 27% | $632151 |
| 2025 | $10.38 | 0.39 | 0.23 | 0.62 | (0.23) | $10.77 | 6.02% | 0.54% | 3.70% | 49% | $644846 |
| 2024 | $10.90 | 0.36 | (0.42) | (0.06) | (0.46) | $10.38 | (0.53)% | 0.54% | 3.37% | 22% | $700959 |
| 2023 | $12.53 | 0.66 | (1.52) | (0.86) | (0.77) | $10.90 | (6.76)% | 0.51% | 5.72% | 18% | $846252 |
| 2022 | $12.49 | 0.68 | (0.06) | 0.62 | (0.58) | $12.53 | 4.89% | 0.46% | 5.30% | 30% | $1053464 |
| 2021 | $11.63 | 0.17 | 0.84 | 1.01 | (0.15) | $12.49 | 8.70% | 0.47% | 1.46% | 22% | $965896 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.76 | 0.23 | 0.04 | 0.27 | (0.23) | $10.80 | 2.56% | 0.43% | 4.35% | 27% | $90034 |
| 2025 | $10.36 | 0.42 | 0.22 | 0.64 | (0.24) | $10.76 | 6.23% | 0.44% | 3.80% | 49% | $95424 |
| 2024 | $10.89 | 0.38 | (0.44) | (0.06) | (0.47) | $10.36 | (0.52)% | 0.44% | 3.47% | 22% | $176098 |
| 2023 | $12.51 | 0.70 | (1.54) | (0.84) | (0.78) | $10.89 | (6.59)% | 0.41% | 5.82% | 18% | $294877 |
| 2022 | $12.48 | 0.69 | (0.07) | 0.62 | (0.59) | $12.51 | 4.92% | 0.36% | 5.40% | 30% | $497514 |
| 2021 | $11.61 | 0.20 | 0.83 | 1.03 | (0.16) | $12.48 | 8.91% | 0.37% | 1.56% | 22% | $380580 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.76 | 0.24 | 0.03 | 0.27 | (0.23) | $10.80 | 2.61% | 0.33% | 4.45% | 27% | $81849 |
| 2025 | $10.37 | 0.40 | 0.24 | 0.64 | (0.25) | $10.76 | 6.23% | 0.34% | 3.90% | 49% | $82893 |
| 2024 | $10.89 | 0.37 | (0.41) | (0.04) | (0.48) | $10.37 | (0.33)% | 0.34% | 3.57% | 22% | $78707 |
| 2023 | $12.52 | 0.65 | (1.49) | (0.84) | (0.79) | $10.89 | (6.57)% | 0.31% | 5.92% | 18% | $63121 |
| 2022 | $12.48 | 0.71 | (0.07) | 0.64 | (0.60) | $12.52 | 5.10% | 0.26% | 5.50% | 30% | $63634 |
| 2021 | $11.62 | 0.21 | 0.82 | 1.03 | (0.17) | $12.48 | 8.93% | 0.27% | 1.66% | 22% | $52784 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.73 | 0.21 | 0.05 | 0.26 | (0.21) | $10.78 | 2.49% | 0.78% | 4.00% | 27% | $66153 |
| 2025 | $10.34 | 0.36 | 0.23 | 0.59 | (0.20) | $10.73 | 5.77% | 0.79% | 3.45% | 49% | $74481 |
| 2024 | $10.87 | 0.33 | (0.43) | (0.10) | (0.43) | $10.34 | (0.88)% | 0.79% | 3.12% | 22% | $87787 |
| 2023 | $12.49 | 0.62 | (1.50) | (0.88) | (0.74) | $10.87 | (6.93)% | 0.76% | 5.47% | 18% | $105092 |
| 2022 | $12.46 | 0.66 | (0.09) | 0.57 | (0.54) | $12.49 | 4.55% | 0.71% | 5.05% | 30% | $130021 |
| 2021 | $11.59 | 0.14 | 0.85 | 0.99 | (0.12) | $12.46 | 8.55% | 0.72% | 1.21% | 22% | $155704 |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From <br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** | | | | | | | | | |
| **C Class** | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $10.69 | 0.17 | 0.04 | 0.21 | (0.17) | $10.73 | 2.03% | 1.53% | 3.25% | 27% | $4357 |
| 2025 | $10.32 | 0.29 | 0.22 | 0.51 | (0.14) | $10.69 | 4.95% | 1.54% | 2.70% | 49% | $5103 |
| 2024 | $10.84 | 0.25 | (0.42) | (0.17) | (0.35) | $10.32 | (1.54)% | 1.54% | 2.37% | 22% | $7429 |
| 2023 | $12.46 | 0.56 | (1.52) | (0.96) | (0.66) | $10.84 | (7.66)% | 1.51% | 4.72% | 18% | $9635 |
| 2022 | $12.43 | 0.54 | (0.06) | 0.48 | (0.45) | $12.46 | 3.77% | 1.46% | 4.30% | 30% | $12996 |
| 2021 | $11.60 | 0.05 | 0.84 | 0.89 | (0.06) | $12.43 | 7.73% | 1.47% | 0.46% | 22% | $7698 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.79 | 0.20 | 0.04 | 0.24 | (0.20) | $10.83 | 2.26% | 1.03% | 3.75% | 27% | $25920 |
| 2025 | $10.39 | 0.34 | 0.23 | 0.57 | (0.17) | $10.79 | 5.57% | 1.04% | 3.20% | 49% | $25866 |
| 2024 | $10.92 | 0.30 | (0.42) | (0.12) | (0.41) | $10.39 | (1.12)% | 1.04% | 2.87% | 22% | $29132 |
| 2023 | $12.55 | 0.59 | (1.51) | (0.92) | (0.71) | $10.92 | (7.21)% | 1.01% | 5.22% | 18% | $34651 |
| 2022 | $12.51 | 0.61 | (0.06) | 0.55 | (0.51) | $12.55 | 4.35% | 0.96% | 4.80% | 30% | $41155 |
| 2021 | $11.65 | 0.11 | 0.84 | 0.95 | (0.09) | $12.51 | 8.20% | 0.97% | 0.96% | 22% | $28398 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.76 | 0.24 | 0.03 | 0.27 | (0.23) | $10.80 | 2.61% | 0.33% | 4.45% | 27% | $85395 |
| 2025 | $10.37 | 0.41 | 0.23 | 0.64 | (0.25) | $10.76 | 6.23% | 0.34% | 3.90% | 49% | $88116 |
| 2024 | $10.89 | 0.38 | (0.42) | (0.04) | (0.48) | $10.37 | (0.33)% | 0.34% | 3.57% | 22% | $160541 |
| 2023 | $12.52 | 0.69 | (1.53) | (0.84) | (0.79) | $10.89 | (6.57)% | 0.31% | 5.92% | 18% | $209404 |
| 2022 | $12.48 | 0.71 | (0.07) | 0.64 | (0.60) | $12.52 | 5.10% | 0.26% | 5.50% | 30% | $293867 |
| 2021 | $11.62 | 0.20 | 0.83 | 1.03 | (0.17) | $12.48 | 8.93% | 0.27% | 1.66% | 22% | $305728 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.75 | 0.24 | 0.05 | 0.29 | (0.24) | $10.80 | 2.73% | 0.28% | 4.50% | 27% | $456830 |
| 2025 | $10.36 | 0.42 | 0.22 | 0.64 | (0.25) | $10.75 | 6.29% | 0.29% | 3.95% | 49% | $492081 |
| 2024 | $10.89 | 0.38 | (0.42) | (0.04) | (0.49) | $10.36 | (0.37)% | 0.29% | 3.62% | 22% | $519268 |
| 2023 | $12.51 | 0.66 | (1.48) | (0.82) | (0.80) | $10.89 | (6.45)% | 0.26% | 5.97% | 18% | $538834 |
| 2022 | $12.48 | 0.71 | (0.07) | 0.64 | (0.61) | $12.51 | 5.07% | 0.21% | 5.55% | 30% | $554324 |
| 2021 | $11.61 | 0.21 | 0.84 | 1.05 | (0.18) | $12.48 | 9.08% | 0.22% | 1.71% | 22% | $454592 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From <br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** | **Inflation-Adjusted Bond Fund** | | | | | | | | | | | |
| **G Class** | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $10.77 | 0.25 | 0.04 | 0.29 | (0.25) | $10.81 | 2.74% | 0.07% | 0.28% | 4.71% | 4.50% | 27% | $738534 |
| 2025 | $10.38 | 0.44 | 0.22 | 0.66 | (0.27) | $10.77 | 6.51% | 0.08% | 0.29% | 4.16% | 3.95% | 49% | $839605 |
| 2024 | $10.90 | 0.39 | (0.40) | (0.01) | (0.51) | $10.38 | (0.07)% | 0.08% | 0.29% | 3.83% | 3.62% | 22% | $953780 |
| 2023 | $12.53 | 0.69 | (1.50) | (0.81) | (0.82) | $10.90 | (6.33)% | 0.05% | 0.26% | 6.18% | 5.97% | 18% | $918235 |
| 2022 | $12.49 | 0.74 | (0.07) | 0.67 | (0.63) | $12.53 | 5.37% | 0.01% | 0.21% | 5.75% | 5.55% | 30% | $899091 |
| 2021 | $11.63 | 0.26 | 0.80 | 1.06 | (0.20) | $12.49 | 9.20% | 0.01% | 0.22% | 1.92% | 1.71% | 22% | $968646 |

---

**Notes to Financial Highlights**

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

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

(3)Six months ended September 30, 2025 (unaudited).

\*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 March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset <br>Value, End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net Assets, <br>End of Period <br>(in thousands)** |
| **Short-Term Government Fund** | **Short-Term Government Fund** | **Short-Term Government Fund** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025<sup>(3)</sup> | $9.13 | 0.17 | 0.05 | 0.22 | (0.17) |  | (0.17) | $9.18 | 2.43% | 0.55% | 3.61% | 85% | $128351 |
| 2025 | $9.05 | 0.36 | 0.08 | 0.44 | (0.36) |  | (0.36) | $9.13 | 4.99% | 0.54% | 3.99% | 298% | $130702 |
| 2024 | $9.23 | 0.37 | (0.18) | 0.19 | (0.37) |  | (0.37) | $9.05 | 2.11% | 0.55% | 4.01% | 310% | $130365 |
| 2023 | $9.45 | 0.19 | (0.21) | (0.02) | (0.20) |  | (0.20) | $9.23 | (0.18)% | 0.55% | 2.09% | 238% | $139180 |
| 2022 | $9.81 | 0.04 | (0.30) | (0.26) | (0.04) | (0.06) | (0.10) | $9.45 | (2.61)% | 0.54% | 0.40% | 229% | $152845 |
| 2021 | $9.75 | 0.03 | 0.08 | 0.11 | (0.05) |  | (0.05) | $9.81 | 1.09% | 0.55% | 0.27% | 162% | $197813 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |
| 2025<sup>(3)</sup> | $9.13 | 0.17 | 0.04 | 0.21 | (0.17) |  | (0.17) | $9.17 | 2.37% | 0.45% | 3.71% | 85% | $43992 |
| 2025 | $9.05 | 0.37 | 0.08 | 0.45 | (0.37) |  | (0.37) | $9.13 | 5.10% | 0.44% | 4.09% | 298% | $43947 |
| 2024 | $9.23 | 0.37 | (0.17) | 0.20 | (0.38) |  | (0.38) | $9.05 | 2.21% | 0.45% | 4.11% | 310% | $33653 |
| 2023 | $9.44 | 0.21 | (0.21) |  | (0.21) |  | (0.21) | $9.23 | 0.02% | 0.45% | 2.19% | 238% | $175341 |
| 2022 | $9.80 | 0.05 | (0.30) | (0.25) | (0.05) | (0.06) | (0.11) | $9.44 | (2.51)% | 0.44% | 0.50% | 229% | $18367 |
| 2021 | $9.75 | 0.03 | 0.08 | 0.11 | (0.06) |  | (0.06) | $9.80 | 1.09% | 0.45% | 0.37% | 162% | $36987 |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2025<sup>(3)</sup> | $9.14 | 0.15 | 0.05 | 0.20 | (0.16) |  | (0.16) | $9.18 | 2.20% | 0.80% | 3.36% | 85% | $5296 |
| 2025 | $9.06 | 0.34 | 0.08 | 0.42 | (0.34) |  | (0.34) | $9.14 | 4.73% | 0.79% | 3.74% | 298% | $5173 |
| 2024 | $9.24 | 0.34 | (0.17) | 0.17 | (0.35) |  | (0.35) | $9.06 | 1.86% | 0.80% | 3.76% | 310% | $5686 |
| 2023 | $9.46 | 0.17 | (0.21) | (0.04) | (0.18) |  | (0.18) | $9.24 | (0.43)% | 0.80% | 1.84% | 238% | $5633 |
| 2022 | $9.81 | 0.01 | (0.29) | (0.28) | (0.01) | (0.06) | (0.07) | $9.46 | (2.78)% | 0.79% | 0.15% | 229% | $6795 |
| 2021 | $9.76 | —<sup>(4)</sup> | 0.07 | 0.07 | (0.02) |  | (0.02) | $9.81 | 0.75% | 0.80% | 0.02% | 162% | $10876 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.98 | 0.12 | 0.04 | 0.16 | (0.12) |  | (0.12) | $9.02 | 1.82% | 1.55% | 2.61% | 85% | $1515 |
| 2025 | $8.90 | 0.27 | 0.08 | 0.35 | (0.27) |  | (0.27) | $8.98 | 3.97% | 1.54% | 2.99% | 298% | $1632 |
| 2024 | $9.06 | 0.27 | (0.17) | 0.10 | (0.26) |  | (0.26) | $8.90 | 1.17% | 1.55% | 3.01% | 310% | $810 |
| 2023 | $9.17 | 0.09 | (0.20) | (0.11) |  |  |  | $9.06 | (1.20)% | 1.55% | 1.09% | 238% | $2218 |
| 2022 | $9.58 | (0.06) | (0.29) | (0.35) | —<sup>(4)</sup> | (0.06) | (0.06) | $9.17 | (3.62)% | 1.54% | (0.60)% | 229% | $2591 |
| 2021 | $9.57 | (0.07) | 0.08 | 0.01 | —<sup>(4)</sup> |  | —<sup>(4)</sup> | $9.58 | 0.11% | 1.55% | (0.73)% | 162% | $2335 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset <br>Value, End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net Assets, <br>End of Period <br>(in thousands)** |
| **Short-Term Government Fund** | **Short-Term Government Fund** | **Short-Term Government Fund** | | | | | | | | | | | |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |
| 2025<sup>(3)</sup> | $9.11 | 0.14 | 0.05 | 0.19 | (0.15) |  | (0.15) | $9.15 | 2.07% | 1.05% | 3.11% | 85% | $1231 |
| 2025 | $9.03 | 0.32 | 0.08 | 0.40 | (0.32) |  | (0.32) | $9.11 | 4.47% | 1.04% | 3.49% | 298% | $1526 |
| 2024 | $9.20 | 0.32 | (0.17) | 0.15 | (0.32) |  | (0.32) | $9.03 | 1.71% | 1.05% | 3.51% | 310% | $2046 |
| 2023 | $9.40 | 0.15 | (0.22) | (0.07) | (0.13) |  | (0.13) | $9.20 | (0.74)% | 1.05% | 1.59% | 238% | $3385 |
| 2022 | $9.76 | (0.01) | (0.29) | (0.30) | —<sup>(4)</sup> | (0.06) | (0.06) | $9.40 | (3.04)% | 1.04% | (0.10)% | 229% | $3090 |
| 2021 | $9.72 | (0.03) | 0.08 | 0.05 | (0.01) |  | (0.01) | $9.76 | 0.52% | 1.05% | (0.23)% | 162% | $3172 |
| **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** |
| 2025<sup>(3)</sup> | $9.14 | 0.18 | 0.05 | 0.23 | (0.18) |  | (0.18) | $9.19 | 2.53% | 0.35% | 3.81% | 85% | $18815 |
| 2025 | $9.06 | 0.38 | 0.08 | 0.46 | (0.38) |  | (0.38) | $9.14 | 5.20% | 0.34% | 4.19% | 298% | $26891 |
| 2024 | $9.23 | 0.38 | (0.16) | 0.22 | (0.39) |  | (0.39) | $9.06 | 2.43% | 0.35% | 4.21% | 310% | $14774 |
| 2023 | $9.45 | 0.20 | (0.20) |  | (0.22) |  | (0.22) | $9.23 | 0.01% | 0.35% | 2.29% | 238% | $16257 |
| 2022 | $9.81 | 0.06 | (0.30) | (0.24) | (0.06) | (0.06) | (0.12) | $9.45 | (2.41)% | 0.34% | 0.60% | 229% | $31501 |
| 2021 | $9.75 | 0.05 | 0.08 | 0.13 | (0.07) |  | (0.07) | $9.81 | 1.29% | 0.35% | 0.47% | 162% | $24972 |

---

**Notes to Financial Highlights**

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

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

(3)Six months ended September 30, 2025 (unaudited).

(4)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.

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other mutual funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning the Funds compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's compliance policies, procedures, and regulatory experience and those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to the Funds, the profitability of the Funds to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by the Funds in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by the Funds and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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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:

**Capital Preservation** - The Fund's performance was above its peer group median for the three-, five-, and ten-year periods and below its peer group median for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was at the median of the total expense ratios of the Fund's peer expense universe.

**Ginnie Mae** - The Fund's performance was above its benchmark for the one-, five-, and ten-year periods and below its benchmark for the three-year period reviewed by the Board. The Board discussed the Fund's performance with the Advisor and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe.

**Government Bond** - The Fund's performance was above its benchmark for the five- and ten-year periods and below its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense group.

**Inflation-Adjusted Bond** - The Fund's performance was above its benchmark for the one-, five-, and ten-year periods and below its benchmark for the three-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense group.

**Short-Term Government** - The Fund's performance was above its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe.

**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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| | |
|:---|:---|
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-90810 2511** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-90810 2511** |

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(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.<br>

**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) Not applicable for semiannual report filings.

(a)(2) Not applicable for semiannual report filings.

(a)(3) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acgitex-99cert.htm)</u>, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](acgitex-99906cert.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| Registrant: | American Century Government Income Trust | American Century Government Income Trust |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | November 26, 2025 | November 26, 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 | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | November 26, 2025 | November 26, 2025 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | November 26, 2025 | November 26, 2025 |

---

## Ex-99

EX-99.CERT

CERTIFICATIONS

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century Government Income Trust;

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| Date: | November 26, 2025 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

---

------

I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century Government Income Trust;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: | November 26, 2025 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

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

In connection with the shareholder report of American Century Government Income Trust (the "Registrant") on Form N-CSR for the period ending September 30, 2025 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

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| | | | |
|:---|:---|:---|:---|
| Date: | November 26, 2025 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

---

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