American Century Government Income Trust

PROSPECTUS SUPPLEMENT

SHORT-TERM TREASURY FUND * INFLATION-ADJUSTED TREASURY FUND
LONG-TERM TREASURY FUND

Supplement dated November 19, 2001 * Prospectus dated August 1, 2001

SPECIAL MEETING OF SHAREHOLDERS

AT A SPECIAL MEETING OF SHAREHOLDERS HELD ON NOVEMBER 16, 2001, SHAREHOLDERS OF
THE FUNDS APPROVED THE FOLLOWING PROPOSALS. ALL CHANGES ARE EFFECTIVE DECEMBER 3, 2001.

          Short-Term Treasury Fund

          Shareholders of the Short-Term Treasury Fund ("Short-Term Treasury")
          approved the transfer of substantially all of the fund's assets and
          liabilities to the American Century Treasury Fund ("Treasury") in
          exchange for shares of Treasury. Treasury has investment objectives
          and strategies that are substantially similar to the investment
          objectives and strategies of Short-Term Treasury. The total expense
          ratio of Treasury is expected to be identical to the total expense
          ratio of Short-Term Treasury.

          Short-Term Treasury shareholders will receive shares of Treasury on a
          tax-free basis in exchange for their shares of Short-Term Treasury.
          The value of a shareholder's account will not change as a result of
          the transaction.

          Inflation-Adjusted Treasury Fund

          Shareholders of the Inflation-Adjusted Treasury Fund
          ("Inflation-Adjusted Treasury") approved a change in the investment
          objective of the fund. The name of the fund will change to "Inflation-Adjusted Bond Fund."

The following replaces the sentence under the heading "What are the fund's
investment objectives?" on page 12 of the Investor Class prospectus and page 11
of the Advisor Class prospectus.

          Inflation-Adjusted Bond seeks to provide total return and
          inflation protection consistent with an investment in
          inflation-indexed securities.

The following is inserted after the third paragraph under the heading "How does
the fund pursue its investment objectives?" on page 12 of the Investor Class
prospectus and page 11 of the Advisor Class prospectus.

          The fund may also invest an unlimited percentage of its assets in
          inflation-indexed securities issued by entities other than the U.S.
          Treasury or the U.S. government and its agencies and
          instrumentalities.

The following is inserted after the first paragraph under the heading "What are
the principal risks of investing in the fund?" on page 12 of the Investor Class
prospectus and page 11 of the Advisor Class prospectus.

          Although an investment in inflation-indexed securities issued by
          entities other than the U.S. Treasury or U.S. government and its
          agencies and instrumentalities increases the potential credit risk
          associated with the fund, the fund will attempt to mitigate this
          additional risk by limiting its investments to issuers whose credit
          has been rated BBB or higher, or, if unrated, determined to be of
          equivalent credit quality by American Century Investment Management,
          Inc.

          Long-Term Treasury Fund

          Shareholders of the Long-Term Treasury Fund ("Long-Term Treasury")
          approved a change in the investment objective of the fund. The name of
          the fund will change to "Government Bond Fund."






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The following replaces the entry for Long-Term Treasury in the chart on page 2
of the Investor Class and Advisor Class prospectuses.

          ---------------------------------------------------------------------
          Government Bond         U.S. government securities   Low credit risk
                                  of any maturity

The following replaces the paragraph under the heading "What are the funds'
investment objectives?" on page 11 of the Investor Class prospectus and page 10
of the Advisor Class prospectus.

          The Short-Term Treasury and Treasury funds seek the highest level of
          current income exempt from  state income tax and also seek to maintain
          safety of capital. The Government Bond fund seeks high  current
          income.

The following replaces the second paragraph under the heading "How do the funds
pursue their investment objectives?" on page 11 of the Investor Class prospectus
and page 10 of the Advisor Class prospectus.

          The Short-Term Treasury and Treasury funds may invest up to 35% of
          their total assets in securities issued by the U.S. government and its
          agencies and instrumentalities other than the U.S. Treasury. The U.S.
          government provides varying levels of financial support to these
          agencies and instrumentalities. Government Bond may invest an
          unlimited percentage of its assets in these securities. Government
          Bond may also invest in mortgage-backed securities issued by the U.S.
          government and its agencies and instrumentalities.

The following replaces the entry for Long-Term Treasury in the chart under "What
are the differences between the funds?" on page 11 of the Investor Class
prospectus and page 10 of the Advisor Class prospectus.

          ---------------------------------------------------------------------
          Government Bond                      10-30 years

The following is inserted under the heading "What are the principal risks of
investing in the funds?" on page 11 of the Investor Class prospectus and page 10
of the Advisor Class prospectus.

          Government Bond invests in mortgage-backed securities. When homeowners
          refinance their mortgages to take advantage of declining interest
          rates, their existing mortgages are prepaid. The mortgages, which back
          the securities purchased by the fund, may be prepaid in this fashion.
          When this happens, the fund will be required to purchase new
          securities at current market rates, which will usually be lower.
          Because of this prepayment risk, the fund may benefit less from
          declining interest rates than other funds.

The following replaces the entry for Long-Term Treasury in the chart under "A
Comparison of Basic Risk Factors" on page 16 of the Investor Class prospectus
and page 15 of the Advisor Class prospectus.

          ---------------------------------------------------------------------
          Government Bond             High         Low         Very Low

The following replaces the entry "Ginnie  Mae" on page 18 of the
Investor Class prospectus and page 17 of the Advisor Class prospectus.

     Ginnie Mae
     Inflation-Adjusted Bond

     Casey Colton
     Mr. Colton, Vice President and Senior Portfolio Manager, has been a member
     of the Ginnie Mae team since January 1994 and a member of the
     Inflation-Adjusted Bond team since inception.  Mr.Colton joined
     American  Century  in 1990.  He has a bachelor"s degree in business
     administration from San Jose State University and a master"s degree
     from the University of Southern California. He is a CFA charterholder and a
     Certified Public Accountant.

The first paragraph under the heading "Short-Term Government"  on
page 19 of the  Investor Class prospectus and page 18 of the Advisor Class
prospectus is deleted.

The following replaces the entry "Long-Term Treasury,
Inflation-Adjusted  Treasury" on page 19 of the Investor Class prospectus
and page 18 of the Advisor Class prospectus.

     Government Bond
     Jeremy Fletcher
     Mr. Fletcher, Portfolio Manager, has been a member of the team that manages
     Government Bond since August 1997. He joined American Century in October
     1991 as an  Investor Relations Representative.  He has bachelor"s
     degrees in economics and mathematics from Claremont McKenna College.  He is
     a CFA charterholder.







SH-SPL-27572  0110