N-CSR 1 acgit3312022n-csr.htm N-CSR Document

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 number811-04363
AMERICAN CENTURY GOVERNMENT INCOME TRUST
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI64111
(Address of principal executive offices)(Zip Code)
JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
Registrant’s telephone number, including area code:816-531-5575
Date of fiscal year end:03-31
Date of reporting period:03-31-2022




ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.






    


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Annual Report
March 31, 2022
Capital Preservation Fund
Investor Class (CPFXX)

 






























Table of Contents
President’s Letter
Performance
Fund Characteristics
Shareholder Fee Example
Schedule of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Liquidity Risk Management Program
Additional Information





















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



President’s Letter
image14.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Soaring Inflation, Escalating Volatility Led to Mixed Results for Stocks and Bonds

Upbeat economic and earnings data and continued Federal Reserve (Fed) support generally buoyed stock returns for most of the reporting period. Despite periodic outbreaks of COVID-19, the worst of the virus appeared over in the U.S., and pre-pandemic activities gradually resumed. Bonds delivered solid gains in the first half of the period before a Fed policy pivot triggered a drastic sentiment shift in fixed-income markets.

Early in the period, inflation began a steady upward march. Initially, the Fed was unfazed, viewing the price hikes as a temporary economic consequence of recovering from the pandemic. But by late 2021, inflation was surging toward multidecade highs, prompting the Fed to adopt a more hawkish strategy.

Policymakers announced an abrupt end to bond buying followed by a March rate hike, the first since 2018. At period-end, market indicators reflected expectations for more aggressive Fed rate hikes along with balance sheet cuts to tame inflation.

In addition to an 8.5% annual inflation rate and a hawkish Fed, Russia’s invasion of Ukraine further rattled investors in early 2022. Stocks declined sharply amid the unrest, but strong performance earlier in the fiscal year left most U.S. indices with solid 12-month gains. For bonds, declines in the second half of the reporting period overwhelmed earlier gains, and most U.S. fixed-income indices retreated for the 12 months overall.

Staying Focused in Uncertain Times

We expect market volatility to linger amid elevated inflation and tighter Fed policy. In addition, Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.

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

Sincerely,
image11.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of March 31, 2022
Average Annual Returns
Ticker Symbol1 year5 years10 yearsInception Date
Investor ClassCPFXX0.01%0.75%0.38%10/13/72
Fund returns would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
Investor Class0.48%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.
























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The 7-day current yield more closely reflects the current earnings of the fund than the total return.
3


Fund Characteristics
MARCH 31, 2022
7-Day Current Yield
After waiver(1)
0.01%
Before waiver-0.12%
7-Day Effective Yield
After waiver(1)
0.01%
(1)   Yields would have been lower if a portion of the fees had not been waived.
Portfolio at a Glance
Weighted Average Maturity
52 days
Weighted Average Life
106 days
Portfolio Composition by Maturity% of fund investments
1-30 days54%
31-90 days24%
91-180 days15%
More than 180 days7%

4


Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
5


Beginning
Account Value
10/1/21
Ending
Account Value
3/31/22
Expenses Paid
During Period(1)
10/1/21 - 3/31/22
Annualized
Expense Ratio(1)
Actual
Investor Class$1,000$1,000.00$0.550.11%
Hypothetical
Investor Class$1,000$1,024.38$0.560.11%
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
6


Schedule of Investments

MARCH 31, 2022
Principal AmountValue
U.S. TREASURY BILLS(1) — 45.8%
U.S. Treasury Bills, 0.14%, 4/5/22$65,000,000 $64,998,989 
U.S. Treasury Bills, 0.25%, 4/12/2267,500,000 67,495,273 
U.S. Treasury Bills, 0.25%, 4/19/2221,500,000 21,497,313 
U.S. Treasury Bills, 0.26%, 5/3/2227,000,000 26,993,940 
U.S. Treasury Bills, 0.24%, 5/5/2265,000,000 64,985,267 
U.S. Treasury Bills, 0.08%, 5/12/2223,800,000 23,795,725 
U.S. Treasury Bills, 0.35%, 5/17/22100,000,000 99,955,917 
U.S. Treasury Bills, 0.07%, 5/19/2272,000,000 71,982,760 
U.S. Treasury Bills, 0.09%, 5/26/2217,000,000 16,997,753 
U.S. Treasury Bills, 0.09%, 6/2/2250,000,000 49,992,250 
U.S. Treasury Bills, 0.11%, 6/9/2250,000,000 49,988,795 
U.S. Treasury Bills, 0.43%, 6/16/2255,000,000 54,950,557 
U.S. Treasury Bills, 0.52%, 7/28/2260,000,000 59,899,947 
U.S. Treasury Bills, 0.07%, 9/8/2225,900,000 25,892,095 
U.S. Treasury Bills, 0.89%, 9/22/22100,000,000 99,579,500 
U.S. Treasury Bills, 0.16%, 11/3/2225,000,000 24,976,000 
U.S. Treasury Bills, 0.24%, 12/1/2220,000,000 19,967,467 
U.S. Treasury Bills, 1.30%, 1/26/235,525,000 5,466,688 
U.S. Treasury Cash Management Bills, 0.58%, 6/28/2250,000,000 49,930,333 
U.S. Treasury Cash Management Bills, 0.54%, 7/5/2240,000,000 39,943,528 
U.S. Treasury Cash Management Bills, 0.68%, 7/19/2266,500,000 66,366,104 
TOTAL U.S. TREASURY BILLS
1,005,656,201 
U.S. TREASURY NOTES(1) — 31.9%
U.S. Treasury Notes, 2.25%, 4/15/2250,000,000 50,041,955 
U.S. Treasury Notes, 0.125%, 4/30/2225,000,000 25,001,459 
U.S. Treasury Notes, 1.75%, 4/30/2212,500,000 12,516,955 
U.S. Treasury Notes, 1.875%, 4/30/2220,000,000 20,025,271 
U.S. Treasury Notes, 1.75%, 5/31/2210,000,000 10,023,052 
U.S. Treasury Notes, 1.75%, 6/15/2212,500,000 12,543,345 
U.S. Treasury Notes, 1.50%, 8/15/2227,500,000 27,645,502 
U.S. Treasury Notes, 1.875%, 9/30/2222,000,000 22,125,797 
U.S. Treasury Notes, 0.14%, 11/15/2215,000,000 14,987,132 
U.S. Treasury Notes, 1.625%, 11/15/2245,000,000 45,262,354 
U.S. Treasury Notes, 0.125%, 12/31/228,900,000 8,887,900 
U.S. Treasury Notes, VRN, 0.72%, (3-month USBMMY plus 0.11%), 4/30/22105,940,000 105,943,983 
U.S. Treasury Notes, VRN, 0.66%, (3-month USBMMY plus 0.06%), 7/31/22100,000,000 100,017,920 
U.S. Treasury Notes, VRN, 0.66%, (3-month USBMMY plus 0.06%), 10/31/2234,250,000 34,257,071 
U.S. Treasury Notes, VRN, 0.65%, (3-month USBMMY plus 0.05%), 1/31/2375,000,000 75,017,145 
U.S. Treasury Notes, VRN, 0.64%, (3-month USBMMY plus 0.03%), 4/30/2325,000,000 25,002,460 
U.S. Treasury Notes, VRN, 0.63%, (3-month USBMMY plus 0.03%), 7/31/2340,000,000 40,001,618 
U.S. Treasury Notes, VRN, 0.64%, (3-month USBMMY plus 0.04%), 10/31/2325,000,000 24,998,797 
7


Principal AmountValue
U.S. Treasury Notes, VRN, 0.59%, (3-month USBMMY minus 0.02%), 1/31/24$45,000,000 $45,035,020 
TOTAL U.S. TREASURY NOTES

699,334,736 
U.S. TREASURY BONDS(1) — 0.7%


U.S. Treasury Bonds, 7.25%, 8/15/22
15,000,00015,396,283 
TOTAL INVESTMENT SECURITIES — 78.4%

1,720,387,220 
OTHER ASSETS AND LIABILITIES — 21.6%

475,230,825 
TOTAL NET ASSETS — 100.0%

$2,195,618,045 

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 and U.S. Treasury Bonds are the stated coupon rates.


See Notes to Financial Statements.
8


Statement of Assets and Liabilities
MARCH 31, 2022
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)$1,720,387,220 
Cash139,404 
Receivable for investments sold475,001,916 
Receivable for capital shares sold1,286,374 
Interest receivable1,704,929 
2,198,519,843 
Liabilities
Payable for capital shares redeemed2,428,529 
Accrued management fees473,181 
Dividends payable88 
2,901,798 
Net Assets$2,195,618,045 
Investor Class Capital Shares
Shares outstanding (unlimited number of shares authorized)2,195,612,074 
Net Asset Value Per Share$1.00 
Net Assets Consist of:
Capital paid in$2,195,614,964 
Distributable earnings3,081 
$2,195,618,045 


See Notes to Financial Statements.
9


Statement of Operations
YEAR ENDED MARCH 31, 2022
Investment Income (Loss)
Income:
Interest$1,939,586 
Expenses:
Management fees10,338,034 
Trustees' fees and expenses137,637 
Other expenses49 
10,475,720 
Fees waived(8,755,922)
1,719,798 
Net investment income (loss)219,788 
Net realized gain (loss) on investment transactions
Net Increase (Decrease) in Net Assets Resulting from Operations$219,794 


See Notes to Financial Statements.
10


Statement of Changes in Net Assets
YEARS ENDED MARCH 31, 2022 AND MARCH 31, 2021
Increase (Decrease) in Net Assets
March 31, 2022March 31, 2021
Operations
Net investment income (loss)$219,788 $329,680 
Net realized gain (loss)2,571 
Net increase (decrease) in net assets resulting from operations219,794 332,251 
Distributions to Shareholders
From earnings(219,788)(329,680)
Capital Share Transactions
Proceeds from shares sold729,596,968 1,053,529,982 
Proceeds from reinvestment of distributions215,245 323,676 
Payments for shares redeemed(821,073,800)(941,803,596)
Net increase (decrease) in net assets from capital share transactions(91,261,587)112,050,062 
Net increase (decrease) in net assets(91,261,581)112,052,633 
Net Assets
Beginning of period2,286,879,626 2,174,826,993 
End of period$2,195,618,045 $2,286,879,626 
Transactions in Shares of the Fund
Sold729,596,968 1,053,529,982 
Issued in reinvestment of distributions215,245 323,676 
Redeemed(821,073,800)(941,803,596)
Net increase (decrease) in shares of the fund(91,261,587)112,050,062 


See Notes to Financial Statements.
11


Notes to Financial Statements

MARCH 31, 2022

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. Capital Preservation Fund (the fund) is one fund in a series issued by the trust. The fund is a money market fund and its investment objective is to seek maximum safety and liquidity. Its secondary objective is to seek to pay shareholders the highest rate of return consistent with safety and liquidity.

2. Significant Accounting Policies

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

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. Investments are generally valued at amortized cost, which approximates fair value. If the fund determines that the amortized cost does not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
Treasury Roll Transactions — The fund purchases a security and at the same time makes a commitment to sell the same security at a future settlement date at a specified price. These types of transactions are known as treasury roll transactions. The difference between the purchase price and the sale price represents interest income reflective of an agreed upon rate between the fund and the counterparty.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. The fund may make capital gains distributions to comply with the distribution requirements of the Internal Revenue Code.

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 the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

12


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, American Century Investment Management, Inc. (ACIM), the trust's distributor, American Century Investment Services, Inc., 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 the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. 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. In order to maintain a positive yield, ACIM may voluntarily waive a portion of the management fee on a daily basis. The fee waiver may be revised or terminated at any time by the investment advisor without notice. The rates for the Investment Category Fee range from 0.1370% to 0.2500% and the rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for the period ended March 31, 2022 was 0.47% before waiver and 0.07% after waiver.

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

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

13


5. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2022 and March 31, 2021 were as follows:
20222021
Distributions Paid From
Ordinary income$219,788 $329,680 
Long-term capital gains— — 

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 March 31, 2022, the fund had undistributed ordinary income for federal income tax purposes of $5,400.

As of March 31, 2022, the fund had accumulated short-term capital losses of $(2,319), 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.
14


Financial Highlights
For a Share Outstanding Throughout the Years Ended March 31
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net Investment Income (Loss)Net Realized and Unrealized Gain (Loss)Total From Investment OperationsDistributions From
Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(1)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net Investment Income (Loss) (before expense waiver)Net
Assets,
End of
Period
(in thousands)
Investor Class
2022$1.00
(2)
(2)
(2)
(2)
$1.000.01%0.08%0.48%0.01%(0.39)%$2,195,618 
2021$1.00
(2)
(2)
(2)
(2)
$1.000.01%0.21%0.48%0.01%(0.26)%$2,286,880 
2020$1.000.01
(2)
0.01(0.01)$1.001.49%0.48%0.48%1.48%1.48%$2,174,827 
2019$1.000.02
(2)
0.02(0.02)$1.001.63%0.48%0.48%1.62%1.62%$2,091,234 
2018$1.000.01
(2)
0.01(0.01)$1.000.63%0.48%0.48%0.62%0.62%$2,067,473 
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)Per-share amount was less than $0.005.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century Government Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Capital Preservation Fund (the “Fund”), one of the funds constituting the American Century Government Income Trust, as of March 31, 2022, the related statement of operations, statement of changes in net assets, and financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Capital Preservation Fund of the American Century Government Income Trust as of March 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended March 31, 2021 and the financial highlights for each of the four years in the period ended March 31, 2021 were audited by other auditors, whose report, dated May 18, 2021, expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
May 16, 2022

We have served as the auditor of one or more American Century investment companies since 1997.

16


Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 76th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Jeremy I. Bulow, 9) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 3945 Freedom Circle, Suite #800, Santa Clara, California 95054. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder
(1955)
Trustee and Board ChairSince 2011 (Board Chair since 2022)Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)38Kirby Corporation; Nabors Industries, Ltd.; CYS Investments, Inc.(2012-2017)
Jeremy I. Bulow
(1954)
TrusteeSince 2011Professor of Economics, Stanford University, Graduate School of Business (1979 to present)78None
Jennifer Cabalquinto
(1968)
TrusteeSince 2021Chief Financial Officer, 2K (interactive entertainment) (2021 to present); Special Advisor, GSW Sports, LLC (2020 to 2021); Chief Financial Officer, GSW Sports, LLC (2013 to 2020)38Sabio Holdings, Inc.
Anne Casscells
(1958)
TrusteeSince 2016Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)38None
17


Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Jonathan D. Levin
(1972)
TrusteeSince 2016Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)38None
Peter F. Pervere
(1947)
TrusteeSince 2007Retired38None
John B. Shoven
(1947)
TrusteeSince 2002Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019)38
Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas
(1963)
TrusteeSince 2007President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries146None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

18


Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2014Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and Senior Vice President since 2021General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
C. Jean Wade
(1964)
Vice President since 2012Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach
(1966)
Vice President since 2006Vice President, ACS (2000 to present)
David H. Reinmiller
(1963)
Vice President since 2000Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)
Secretary since 2005Attorney, ACC (2003 to present)





19


Liquidity Risk Management Program


The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Program Administrator, including members of ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain Fund’s investments is supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.


20


Additional Information

Retirement Account Information

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

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

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

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

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


Proxy Voting Policies

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


Portfolio Holdings Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) each month on Form N-MFP. The fund’s Form N-MFP reports are available on its website at americancentury.com and on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent first and third quarters of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.


21


Notes


22


Notes


23


Notes


24






image5.jpg
Contact Usamericancentury.com
Automated Information Line1-800-345-8765
Investor Services Representative1-800-345-2021
or 816-531-5575
Investors Using Advisors1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies1-800-345-6488
Telecommunications Relay Service for the Deaf711
American Century Government Income Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-92274 2205




    


image5.jpg
Annual Report
March 31, 2022
Ginnie Mae Fund
Investor Class (BGNMX)
I Class (AGMHX)
A Class (BGNAX)
C Class (BGNCX)
R Class (AGMWX)
R5 Class (AGMNX)

















Table of Contents
President’s Letter
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Example
Schedule of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Liquidity Risk Management Program
Additional Information





















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



President’s Letter
image14.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Soaring Inflation, Escalating Volatility Led to Mixed Results for Stocks and Bonds

Upbeat economic and earnings data and continued Federal Reserve (Fed) support generally buoyed stock returns for most of the reporting period. Despite periodic outbreaks of COVID-19, the worst of the virus appeared over in the U.S., and pre-pandemic activities gradually resumed. Bonds delivered solid gains in the first half of the period before a Fed policy pivot triggered a drastic sentiment shift in fixed-income markets.

Early in the period, inflation began a steady upward march. Initially, the Fed was unfazed, viewing the price hikes as a temporary economic consequence of recovering from the pandemic. But by late 2021, inflation was surging toward multidecade highs, prompting the Fed to adopt a more hawkish strategy.

Policymakers announced an abrupt end to bond buying followed by a March rate hike, the first since 2018. At period-end, market indicators reflected expectations for more aggressive Fed rate hikes along with balance sheet cuts to tame inflation.

In addition to an 8.5% annual inflation rate and a hawkish Fed, Russia’s invasion of Ukraine further rattled investors in early 2022. Stocks declined sharply amid the unrest, but strong performance earlier in the fiscal year left most U.S. indices with solid 12-month gains. For bonds, declines in the second half of the reporting period overwhelmed earlier gains, and most U.S. fixed-income indices retreated for the 12 months overall.

Staying Focused in Uncertain Times

We expect market volatility to linger amid elevated inflation and tighter Fed policy. In addition, Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.

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

Sincerely,
image11.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of March 31, 2022
 Average Annual Returns 
Ticker
Symbol
1 year5 years10 yearsSince
Inception
Inception
Date
Investor ClassBGNMX-5.41%0.98%1.14%9/23/85
Bloomberg U.S. GNMA Index-4.60%1.24%1.52%
I ClassAGMHX-5.22%1.08%4/10/17
A ClassBGNAX10/9/97
No sales charge-5.65%0.73%0.89%
With sales charge-9.90%-0.20%0.43%
C ClassBGNCX-6.35%-0.02%0.14%3/1/10
R ClassAGMWX-5.79%0.48%0.64%9/28/07
R5 ClassAGMNX-5.22%1.19%1.34%9/28/07
Average annual returns since inception are presented when ten years of performance history is not available.

C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.




















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
3


Growth of $10,000 Over 10 Years
$10,000 investment made March 31, 2012
Performance for other share classes will vary due to differences in fee structure.
chart-4173960f86364899a97.jpg
Value on March 31, 2022
Investor Class — $11,203
Bloomberg U.S. GNMA Index — $11,624
Total Annual Fund Operating Expenses
Investor ClassI ClassA ClassC ClassR ClassR5 Class
0.55%0.45%0.80%1.55%1.05%0.35%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.


















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
4


Portfolio Commentary

Portfolio Managers: Peter Van Gelderen, Dan Shiffman, Bob Gahagan and Jesse Singh

In August 2021, Peter Van Gelderen joined the fund’s portfolio management team, and Hando Aguilar left the team.

Performance Summary

Ginnie Mae returned -5.41%* for the 12 months ended March 31, 2022. By comparison, the Bloomberg U.S. GNMA Index declined -4.60%. Fund returns reflect operating expenses, while index returns do not.

Inflation and changing Federal Reserve (Fed) policy dominated the market backdrop during the reporting period. Inflation started the period higher than the Fed’s longtime 2% target and remained on an upward trajectory. Persistent supply chain challenges, surging demand, soaring oil and commodity prices, labor shortages and fiscal policy contributed to spiking prices.

Fed policy generally remained dovish until late 2021, as inflation showed no signs of easing. Until then, policymakers had insisted rising prices would be transitory. The Fed accelerated the tapering of its bond-buying program and in March 2022 finally hiked interest rates just as inflation was revisiting 40-year highs.

The U.S. economy expanded at a healthy clip through much of the period, bolstered by robust manufacturing activity, a strong housing market and job gains. By period-end, however, business and consumer confidence wavered, and retail sales weakened in the face of soaring prices and sharply higher interest rates.

Resurgent waves of COVID-19 cases and, in the period’s final weeks, Russia’s invasion of Ukraine contributed to significant rate volatility during the period. After starting the reporting period at 1.75%, the 10-year Treasury yield ended March 2022 at 2.34%, fueled by an 83-basis-point jump in the first quarter of 2022. More closely tied to the Fed’s key rate, the two-year Treasury yield jumped from 0.16% at the start of the period to 2.34%, including a 161-basis-point surge during the first quarter of 2022. The Treasury yield curve flattened significantly during the period, reflecting a larger rise in short-maturity yields than in long-maturity yields.

For most of the period, a robust housing market and attractive mortgage rates helped support the broad mortgage-backed securities (MBS) market. However, when the Fed ended its quantitative easing (QE) program, which initially included monthly MBS purchases of $40 billion, the mortgage market lost a significant buyer. At the same time, rising Treasury yields and expectations for aggressive Fed tightening drove mortgage rates higher, further pressuring the housing market.

For the full 12-month period, most bond market sectors, including MBS, declined. Against this backdrop, security selection accounted for much of Ginnie Mae’s underperformance.
Security Selection Detracted

Within the portfolio, security selection was the main detractor from relative performance. In particular, our selections among lower-coupon Ginnie Mae securities weighed on results in late
2021, as the Fed began tapering. Previously, these securities benefited from the Fed’s QE program, which favored lower-coupon mortgages, and from their lower prepayment risk versus higher-coupon mortgages.



*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.
5


But, as tapering took hold and prepayment risk increased, these securities suffered. In early 2022, we shifted portfolio exposure to favor higher-coupon securities in anticipation of rising interest and mortgage rates. This strategy aided relative results late in the period.

Allocations, Out-of-Index Holdings Added Value

We continued to favor 30-year Ginnie Mae securities over 15-year securities. This strategy lifted results through the first several months of the period, largely due to the Fed’s purchase of longer-maturity MBS as part of QE. Within the 30-year segment, we emphasized deep discount Ginnie Maes in demographically and geographically diverse pools.

We continued to invest in out-of-index securities, including agency collateralized mortgage obligations and agency adjustable-rate mortgages. These positions contributed modestly to results.

Portfolio Positioning

We believe the U.S. economy will continue to grow in the coming quarters, but likely at a slower pace than in 2021. We believe elevated market volatility will persist as investors contend with potential headwinds, including ongoing pressures from elevated inflation, Fed tightening and geopolitical unrest. The annual headline inflation may peak in the coming months. However, several factors, including supply chain issues, record federal spending and deficits, rising wages and deglobalization, likely will keep inflation well above pre-pandemic levels.

The Fed faces a formidable task in tempering inflation without triggering a recession. Anticipating further Fed tightening and elevated inflation, we believe bond market yields may yet climb modestly higher, so we ended the period with a relatively short duration. An inverted yield curve remains a possibility, but we don’t think a recession is imminent, largely due to relatively strong economic fundamentals.

So far, rising mortgage rates haven’t dampened housing demand. However, because we expect rates to move higher, we believe housing demand eventually will slow. In our view, this scenario warrants continued focus on security selection.














6


Fund Characteristics 
MARCH 31, 2022
Types of Investments in Portfolio% of net assets
U.S. Government Agency Mortgage-Backed Securities (all GNMAs)100.6%
U.S. Government Agency Collateralized Mortgage Obligations (all GNMAs)7.6%
Short-Term Investments9.7%
Other Assets and Liabilities(17.9)%

7


Shareholder Fee Example 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8


Beginning
Account Value
10/1/21
Ending
Account Value
3/31/22
Expenses Paid
During Period(1)
10/1/21 - 3/31/22
Annualized
Expense Ratio(1)
Actual
Investor Class$1,000$949.70$2.620.54%
I Class$1,000$951.10$2.140.44%
A Class$1,000$948.50$3.840.79%
C Class$1,000$944.90$7.471.54%
R Class$1,000$948.20$5.051.04%
R5 Class$1,000$950.60$1.650.34%
Hypothetical
Investor Class$1,000$1,022.24$2.720.54%
I Class$1,000$1,022.74$2.220.44%
A Class$1,000$1,020.99$3.980.79%
C Class$1,000$1,017.25$7.751.54%
R Class$1,000$1,019.75$5.241.04%
R5 Class$1,000$1,023.24$1.720.34%
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
9


Schedule of Investments

MARCH 31, 2022
Principal AmountValue
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 100.6%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 2.6%
GNMA, VRN, 1.625%, (1-year H15T1Y plus 1.50%), 8/20/36 to 3/20/48$6,733,921 $6,875,294 
GNMA, VRN, 1.75%, (1-year H15T1Y plus 1.50%), 10/20/27 to 10/20/351,892,035 1,940,257 
GNMA, VRN, 1.875%, (1-year H15T1Y plus 1.50%), 4/20/382,400,607 2,486,644 
GNMA, VRN, 2.00%, (1-year H15T1Y plus 1.50%), 2/20/342,358,763 2,412,329 
GNMA, VRN, 3.50%, (1-year H15T1Y plus 1.50%), 8/20/492,125,969 2,125,362 
15,839,886 
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 98.0%
GNMA, 2.00%, 4/20/51 to 1/20/5288,833,133 84,126,829 
GNMA, 2.50%, 7/20/46 to 9/20/5196,742,163 93,876,975 
GNMA, 2.50%, 4/21/52, TBA29,144,273 28,268,806 
GNMA, 3.00%, 2/20/43 to 2/20/52133,997,303 132,877,671 
GNMA, 3.50%, 12/20/41 to 1/20/4855,215,943 56,534,652 
GNMA, 3.50%, 4/20/42(1)
11,520,317 11,832,056 
GNMA, 3.50%, 4/21/52, TBA56,220,000 56,545,022 
GNMA, 4.00%, 12/20/39 to 2/20/4737,393,462 39,411,625 
GNMA, 4.00%, 4/21/52, TBA21,625,000 22,057,500 
GNMA, 4.50%, 7/15/33 to 3/20/4218,788,317 20,124,570 
GNMA, 5.00%, 6/15/33 to 5/20/4118,425,867 20,260,182 
GNMA, 5.50%, 4/15/33 to 8/15/3911,425,130 12,648,729 
GNMA, 6.00%, 2/20/26 to 2/20/399,321,173 10,310,815 
GNMA, 6.50%, 9/20/23 to 11/15/381,213,498 1,340,933 
GNMA, 7.00%, 12/20/25 to 12/20/29232,328 253,942 
GNMA, 7.25%, 6/15/235,109 5,126 
GNMA, 7.50%, 12/20/23 to 2/20/3159,000 65,650 
GNMA, 8.00%, 7/15/22 to 7/20/30131,916 135,132 
GNMA, 8.50%, 5/20/22 to 12/15/3050,639 55,587 
GNMA, 8.75%, 7/15/2721,313 21,398 
GNMA, 9.00%, 5/15/22 to 12/15/241,630 1,635 
GNMA, 9.25%, 3/15/2515,914 15,980 
GNMA, 9.50%, 12/20/24 to 7/20/2515,490 15,632 
590,786,447 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $625,753,765)
606,626,333 
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS — 7.6%
GNMA, Series 2002-13, Class FA, VRN, 0.93%, (1-month LIBOR plus 0.50%), 2/16/32174,896 174,916 
GNMA, Series 2003-110, Class F, VRN, 0.85%, (1-month LIBOR plus 0.40%), 10/20/33656,856 658,259 
GNMA, Series 2003-66, Class HF, VRN, 0.90%, (1-month LIBOR plus 0.45%), 8/20/33352,713 354,157 
GNMA, Series 2004-76, Class F, VRN, 0.85%, (1-month LIBOR plus 0.40%), 9/20/34619,001 620,760 
GNMA, Series 2005-13, Class FA, VRN, 0.65%, (1-month LIBOR plus 0.20%), 2/20/351,308,273 1,304,879 
GNMA, Series 2007-5, Class FA, VRN, 0.59%, (1-month LIBOR plus 0.14%), 2/20/371,328,031 1,326,663 
GNMA, Series 2007-58, Class FC, VRN, 0.95%, (1-month LIBOR plus 0.50%), 10/20/37794,256 797,714 
10


Principal Amount/SharesValue
GNMA, Series 2007-74, Class FL, VRN, 0.89%, (1-month LIBOR plus 0.46%), 11/16/37$2,297,154 $2,305,503 
GNMA, Series 2008-18, Class FH, VRN, 1.05%, (1-month LIBOR plus 0.60%), 2/20/381,196,138 1,196,384 
GNMA, Series 2008-2, Class LF, VRN, 0.91%, (1-month LIBOR plus 0.46%), 1/20/38951,240 954,957 
GNMA, Series 2008-27, Class FB, VRN, 1.00%, (1-month LIBOR plus 0.55%), 3/20/381,853,792 1,864,194 
GNMA, Series 2008-61, Class KF, VRN, 1.12%, (1-month LIBOR plus 0.67%), 7/20/38919,978 926,711 
GNMA, Series 2008-73, Class FK, VRN, 1.21%, (1-month LIBOR plus 0.76%), 8/20/381,319,703 1,331,870 
GNMA, Series 2008-75, Class F, VRN, 0.98%, (1-month LIBOR plus 0.53%), 8/20/381,620,777 1,626,439 
GNMA, Series 2008-88, Class UF, VRN, 1.45%, (1-month LIBOR plus 1.00%), 10/20/38830,412 837,153 
GNMA, Series 2009-127, Class FA, VRN, 1.00%, (1-month LIBOR plus 0.55%), 9/20/381,238,788 1,246,130 
GNMA, Series 2009-76, Class FB, VRN, 1.03%, (1-month LIBOR plus 0.60%), 6/16/39161,057 161,272 
GNMA, Series 2009-92, Class FJ, VRN, 1.11%, (1-month LIBOR plus 0.68%), 10/16/39509,113 515,501 
GNMA, Series 2010-101, Class FH, VRN, 0.78%, (1-month LIBOR plus 0.35%), 8/16/402,982,369 2,983,916 
GNMA, Series 2010-25, Class FB, VRN, 0.98%, (1-month LIBOR plus 0.55%), 2/16/402,941,708 2,966,608 
GNMA, Series 2012-38, Class FA, VRN, 0.85%, (1-month LIBOR plus 0.40%), 3/20/422,035,723 2,038,750 
GNMA, Series 2012-97, Class CF, VRN, 0.88%, (1-month LIBOR plus 0.45%), 8/16/421,897,430 1,908,305 
GNMA, Series 2015-111, Class FK, VRN, 0.43%, (1-month LIBOR plus 0.20%), 8/20/452,678,662 2,668,227 
GNMA, Series 2016-68, Class MF, VRN, 0.53%, (1-month LIBOR plus 0.30%), 5/20/461,285,608 1,284,547 
GNMA, Series 2019-110, Class F, VRN, 0.90%, (1-month LIBOR plus 0.45%), 9/20/498,416,631 8,448,898 
GNMA, Series 2021-151, Class AB SEQ, 1.75%, 2/16/623,108,021 2,910,020 
GNMA, Series 2021-164, Class AH SEQ, 1.50%, 10/16/632,850,800 2,632,982 
TOTAL U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $46,444,590)
46,045,715 
SHORT-TERM INVESTMENTS — 9.7%
Money Market Funds — 2.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class14,596,592 14,596,592 
Repurchase Agreements — 7.3%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.125% - 3.625%, 2/15/43 - 8/15/43, valued at $4,068,449), in a joint trading account at 0.26%, dated 3/31/22, due 4/1/22 (Delivery value $3,987,951)3,987,922 
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.875% - 3.75%, 5/15/43 - 11/15/43, valued at $40,677,661), at 0.25%, dated 3/31/22, due 4/1/22 (Delivery value $39,880,277)39,880,000 
43,867,922 
TOTAL SHORT-TERM INVESTMENTS
(Cost $58,464,514)
58,464,514 
TOTAL INVESTMENT SECURITIES — 117.9%
(Cost $730,662,869)

711,136,562 
OTHER ASSETS AND LIABILITIES — (17.9)%

(107,919,155)
TOTAL NET ASSETS — 100.0%

$603,217,407 
11


FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes12June 2022$1,474,500 $(25,898)
U.S. Treasury 10-Year Ultra Notes15June 20222,032,031 (37,764)
U.S. Treasury 2-Year Notes43June 20229,112,641 (74,662)
U.S. Treasury 5-Year Notes36June 20224,128,750 (68,976)
U.S. Treasury Long Bonds23June 20223,451,437 (27,732)
U.S. Treasury Ultra Bonds6June 20221,062,750 (1,137)
$21,262,109 $(236,169)
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
GNMA-Government National Mortgage Association
H15T1Y-Constant Maturity U.S. Treasury Note Yield Curve Rate Index
LIBOR-London Interbank Offered Rate
SEQ-Sequential Payer
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 $1,352,970.


See Notes to Financial Statements.
12


Statement of Assets and Liabilities
MARCH 31, 2022
Assets
Investment securities, at value (cost of $730,662,869)$711,136,562 
Receivable for investments sold44,420,067 
Receivable for capital shares sold56,585 
Receivable for variation margin on futures contracts32,998 
Interest receivable1,503,552 
757,149,764 
Liabilities
Payable for investments purchased153,232,286 
Payable for capital shares redeemed362,368 
Accrued management fees268,468 
Distribution and service fees payable9,323 
Dividends payable59,912 
153,932,357 
Net Assets$603,217,407 
Net Assets Consist of:
Capital paid in$690,859,720 
Distributable earnings(87,642,313)
$603,217,407 

Net AssetsShares OutstandingNet Asset Value Per Share
Investor Class$490,899,42149,867,599$9.84
I Class$38,468,7263,906,665$9.85
A Class$13,717,1301,393,460
$9.84*
C Class$748,75276,063$9.84
R Class$13,261,8951,347,983$9.84
R5 Class$46,121,4834,685,488$9.84
*Maximum offering price $10.30 (net asset value divided by 0.955).


See Notes to Financial Statements.
13


Statement of Operations
YEAR ENDED MARCH 31, 2022
Investment Income (Loss)
Income:
Interest
$9,729,068 
Expenses:
Management fees3,769,001 
Distribution and service fees:
A Class41,278 
C Class10,348 
R Class74,588 
Trustees' fees and expenses47,750 
Other expenses
588
3,943,553 
Net investment income (loss)5,785,515 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions475,357 
Futures contract transactions(49,333)
426,024 
Change in net unrealized appreciation (depreciation) on:
Investments(40,774,945)
Futures contracts(1,629,271)
(42,404,216)
Net realized and unrealized gain (loss)(41,978,192)
Net Increase (Decrease) in Net Assets Resulting from Operations$(36,192,677)


See Notes to Financial Statements.
14


Statement of Changes in Net Assets
YEARS ENDED MARCH 31, 2022 AND MARCH 31, 2021
Increase (Decrease) in Net AssetsMarch 31, 2022March 31, 2021
Operations
Net investment income (loss)$5,785,515 $7,727,930 
Net realized gain (loss)426,024 9,279,840 
Change in net unrealized appreciation (depreciation)(42,404,216)(12,209,990)
Net increase (decrease) in net assets resulting from operations(36,192,677)4,797,780 
Distributions to Shareholders
From earnings:
Investor Class(9,851,486)(16,889,470)
I Class(1,899,118)(1,084,348)
A Class(251,504)(319,242)
C Class(7,972)(28,498)
R Class(189,575)(214,724)
R5 Class(1,085,116)(1,822,220)
Decrease in net assets from distributions(13,284,771)(20,358,502)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)(317,530,716)(90,759,350)
Net increase (decrease) in net assets(367,008,164)(106,320,072)
Net Assets
Beginning of period970,225,571 1,076,545,643 
End of period$603,217,407 $970,225,571 


See Notes to Financial Statements.
15


Notes to Financial Statements

MARCH 31, 2022

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. Ginnie Mae Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek high current income while maintaining liquidity and safety of principal by investing primarily in Government National Mortgage Association certificates.

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

2. Significant Accounting Policies

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

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

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. U.S. Treasury and Government Agency securities 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.

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.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

16


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

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums.

Forward Commitments — The 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. The 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, the 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. The fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The 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 the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

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

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

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

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

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

17


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 the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent 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 each class’s daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The 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 Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended March 31, 2022 are as follows:
Investment Category Fee Range
Complex
 Fee Range
Effective Annual
Management Fee
Investor Class0.2425%
to 0.3600%
0.2500% to 0.3100%0.53%
I Class0.1500% to 0.2100%0.43%
A Class0.2500% to 0.3100%0.53%
C Class0.2500% to 0.3100%0.53%
R Class0.2500% to 0.3100%0.53%
R5 Class0.0500% to 0.1100%0.33%

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 March 31, 2022 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 fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of 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.

18


4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended March 31, 2022 were $2,323,252,279 and $2,702,027,843, respectively, all of which are U.S. Treasury and Government Agency obligations.

5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):
Year ended
March 31, 2022
Year ended
March 31, 2021
SharesAmountSharesAmount
Investor Class
Sold3,905,115 $40,717,898 14,601,106 $156,542,060 
Issued in reinvestment of distributions
880,431 9,125,974 1,482,313 15,889,667 
Redeemed(12,291,200)(127,961,608)(41,312,489)(440,089,319)
(7,505,654)(78,117,736)(25,229,070)(267,657,592)
I Class
Sold2,794,918 29,388,981 23,032,783 244,184,880 
Issued in reinvestment of distributions181,459 1,899,083 101,173 1,082,379 
Redeemed(24,237,984)(254,306,466)(3,788,804)(40,799,872)
(21,261,607)(223,018,402)19,345,152 204,467,387 
A Class
Sold212,206 2,202,724 1,032,115 11,065,252 
Issued in reinvestment of distributions23,063 239,085 28,639 306,952 
Redeemed(566,407)(5,856,073)(902,332)(9,671,439)
(331,138)(3,414,264)158,422 1,700,765 
C Class
Sold23,108 242,187 27,885 298,132 
Issued in reinvestment of distributions770 7,972 2,437 26,139 
Redeemed(55,554)(572,356)(250,389)(2,670,820)
(31,676)(322,197)(220,067)(2,346,549)
R Class
Sold514,397 5,331,973 781,167 8,378,933 
Issued in reinvestment of distributions18,297 189,463 20,007 214,281 
Redeemed(540,674)(5,588,800)(604,726)(6,475,413)
(7,980)(67,364)196,448 2,117,801 
R5 Class
Sold744,697 7,774,617 1,966,764 21,091,344 
Issued in reinvestment of distributions104,587 1,084,641 169,753 1,820,139 
Redeemed(2,059,787)(21,450,011)(4,859,809)(51,952,645)
(1,210,503)(12,590,753)(2,723,292)(29,041,162)
Net increase (decrease)(30,348,558)$(317,530,716)(8,472,407)$(90,759,350)

19


6. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1Level 2Level 3
Assets
Investment Securities
U.S. Government Agency Mortgage-Backed Securities— $606,626,333 — 
U.S. Government Agency Collateralized Mortgage Obligations— 46,045,715 — 
Short-Term Investments$14,596,592 43,867,922 — 
$14,596,592 $696,539,970 — 
Liabilities
Other Financial Instruments
Futures Contracts$236,169 — — 

7. Derivative Instruments

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $21,262,109 futures contracts purchased and $30,230,344 futures contracts sold.

The value of interest rate risk derivative instruments as of March 31, 2022, is disclosed on the Statement of Assets and Liabilities as an asset of $32,998 in receivable for variation margin on futures contracts.* For the year ended March 31, 2022, the effect of interest rate risk derivative instruments on the Statement of Operations was $(49,333) in net realized gain (loss) on futures contract transactions and $(1,629,271) in change in net unrealized appreciation (depreciation) on futures contracts.

*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.
20


8. Risk Factors

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

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

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2022 and March 31, 2021 were as follows:
20222021
Distributions Paid From
Ordinary income$13,284,771 $20,358,502 
Long-term capital gains— — 

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

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments$730,670,368 
Gross tax appreciation of investments$4,112,405 
Gross tax depreciation of investments(23,646,211)
Net tax appreciation (depreciation) of investments$(19,533,806)
Undistributed ordinary income$2,301 
Accumulated short-term capital losses$(9,395,969)
Accumulated long-term capital losses$(58,714,839)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization for tax purposes of unrealized gains (losses) on futures contracts.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

21


Financial Highlights
For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment Income (Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsDistributions From Net
Investment
Income
Net Asset
Value, End
of Period
Total
Return(2)
Operating ExpensesNet
Investment Income
(Loss)
Portfolio Turnover
Rate
Net Assets,
End of Period
(in thousands)
Investor Class
2022$10.590.08(0.65)(0.57)(0.18)$9.84(5.41)%0.54%0.77%288%$490,899 
2021$10.750.08(0.03)0.05(0.21)$10.590.49%0.55%0.75%308%$607,507 
2020$10.340.210.480.69(0.28)$10.756.73%0.55%1.97%270%$888,369 
2019$10.240.220.160.38(0.28)$10.343.78%0.55%2.18%297%$658,034 
2018$10.510.17(0.19)(0.02)(0.25)$10.24(0.24)%0.55%1.64%300%$782,698 
I Class
2022$10.590.09(0.63)(0.54)(0.20)$9.85(5.22)%0.44%0.87%288%$38,469 
2021$10.760.09(0.04)0.05(0.22)$10.590.50%0.45%0.85%308%$266,543 
2020$10.340.220.490.71(0.29)$10.766.83%0.45%2.07%270%$62,648 
2019$10.250.230.150.38(0.29)$10.343.88%0.45%2.28%297%$38,809 
2018(3)
$10.520.19(0.21)(0.02)(0.25)$10.25(0.21)%
0.45%(4)
1.88%(4)
300%(5)
$25,599 
A Class
2022$10.590.05(0.64)(0.59)(0.16)$9.84(5.65)%0.79%0.52%288%$13,717 
2021$10.760.05(0.03)0.02(0.19)$10.590.15%0.80%0.50%308%$18,262 
2020$10.340.190.480.67(0.25)$10.766.56%0.80%1.72%270%$16,844 
2019$10.240.200.150.35(0.25)$10.343.52%0.80%1.93%297%$28,153 
2018$10.510.14(0.19)(0.05)(0.22)$10.24(0.49)%0.80%1.39%300%$30,654 



For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment Income (Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsDistributions From Net
Investment
Income
Net Asset
Value, End
of Period
Total
Return(2)
Operating ExpensesNet
Investment Income
(Loss)
Portfolio Turnover
Rate
Net Assets,
End of Period
(in thousands)
C Class
2022$10.59(0.02)(0.65)(0.67)(0.08)$9.84(6.35)%1.54%(0.23)%288%$749 
2021$10.76(0.02)(0.04)(0.06)(0.11)$10.59(0.60)%1.55%(0.25)%308%$1,141 
2020$10.340.110.480.59(0.17)$10.765.76%1.55%0.97%270%$3,526 
2019$10.240.120.160.28(0.18)$10.342.75%1.55%1.18%297%$4,663 
2018$10.510.07(0.20)(0.13)(0.14)$10.24(1.24)%1.55%0.64%300%$7,439 
R Class
2022$10.580.03(0.64)(0.61)(0.13)$9.84(5.79)%1.04%0.27%288%$13,262 
2021$10.750.03(0.04)(0.01)(0.16)$10.58(0.11)%1.05%0.25%308%$14,350 
2020$10.330.160.480.64(0.22)$10.756.19%1.05%1.47%270%$12,465 
2019$10.240.170.150.32(0.23)$10.333.26%1.05%1.68%297%$9,353 
2018$10.510.12(0.20)(0.08)(0.19)$10.24(0.74)%1.05%1.14%300%$8,619 
R5 Class
2022$10.590.10(0.64)(0.54)(0.21)$9.84(5.22)%0.34%0.97%288%$46,121 
2021$10.750.10(0.03)0.07(0.23)$10.590.69%0.35%0.95%308%$62,423 
2020$10.340.230.480.71(0.30)$10.756.94%0.35%2.17%270%$92,693 
2019$10.240.240.160.40(0.30)$10.343.98%0.35%2.38%297%$81,710 
2018$10.510.19(0.19)(0.27)$10.24(0.04)%0.35%1.84%300%$95,331 




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)April 10, 2017 (commencement of sale) through March 31, 2018.
(4)Annualized.
(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century Government Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Ginnie Mae Fund (the “Fund”), one of the funds constituting the American Century Government Income Trust, as of March 31, 2022, the related statement of operations, statement of changes in net assets, and financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Ginnie Mae Fund of the American Century Government Income Trust as of March 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended March 31, 2021 and the financial highlights for each of the four years in the period ended March 31, 2021 were audited by other auditors, whose report, dated May 18, 2021, expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
May 16, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
25


Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 76th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Jeremy I. Bulow, 9) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 3945 Freedom Circle, Suite #800, Santa Clara, California 95054. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder
(1955)
Trustee and Board ChairSince 2011 (Board Chair since 2022)Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)38Kirby Corporation; Nabors Industries, Ltd.; CYS Investments, Inc.(2012-2017)
Jeremy I. Bulow
(1954)
TrusteeSince 2011Professor of Economics, Stanford University, Graduate School of Business (1979 to present)78None
Jennifer Cabalquinto
(1968)
TrusteeSince 2021Chief Financial Officer, 2K (interactive entertainment) (2021 to present); Special Advisor, GSW Sports, LLC (2020 to 2021); Chief Financial Officer, GSW Sports, LLC (2013 to 2020)38Sabio Holdings, Inc.
Anne Casscells
(1958)
TrusteeSince 2016Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)38None
26


Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Jonathan D. Levin
(1972)
TrusteeSince 2016Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)38None
Peter F. Pervere
(1947)
TrusteeSince 2007Retired38None
John B. Shoven
(1947)
TrusteeSince 2002Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019)38
Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas
(1963)
TrusteeSince 2007President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries146None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

27


Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2014Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and Senior Vice President since 2021General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
C. Jean Wade
(1964)
Vice President since 2012Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach
(1966)
Vice President since 2006Vice President, ACS (2000 to present)
David H. Reinmiller
(1963)
Vice President since 2000Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)
Secretary since 2005Attorney, ACC (2003 to present)





28


Liquidity Risk Management Program


The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Program Administrator, including members of ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain Fund’s investments is supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.

29


Additional Information

Retirement Account Information

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

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

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

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

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


Proxy Voting Policies

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


Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.



30


Notes




31


Notes


32






image5.jpg
Contact Usamericancentury.com
Automated Information Line1-800-345-8765
Investor Services Representative1-800-345-2021
or 816-531-5575
Investors Using Advisors1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies1-800-345-6488
Telecommunications Relay Service for the Deaf711
American Century Government Income Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-92275 2205





    


image5.jpg
Annual Report
March 31, 2022
Government Bond Fund
Investor Class (CPTNX)
I Class (ABHTX)
A Class (ABTAX)
C Class (ABTCX)
R Class (ABTRX)
R5 Class (ABTIX)














Table of Contents
President’s Letter
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Example
Schedule of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Liquidity Risk Management Program
Additional Information



















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



President’s Letter
image14.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Soaring Inflation, Escalating Volatility Led to Mixed Results for Stocks and Bonds

Upbeat economic and earnings data and continued Federal Reserve (Fed) support generally buoyed stock returns for most of the reporting period. Despite periodic outbreaks of COVID-19, the worst of the virus appeared over in the U.S., and pre-pandemic activities gradually resumed. Bonds delivered solid gains in the first half of the period before a Fed policy pivot triggered a drastic sentiment shift in fixed-income markets.

Early in the period, inflation began a steady upward march. Initially, the Fed was unfazed, viewing the price hikes as a temporary economic consequence of recovering from the pandemic. But by late 2021, inflation was surging toward multidecade highs, prompting the Fed to adopt a more hawkish strategy.

Policymakers announced an abrupt end to bond buying followed by a March rate hike, the first since 2018. At period-end, market indicators reflected expectations for more aggressive Fed rate hikes along with balance sheet cuts to tame inflation.

In addition to an 8.5% annual inflation rate and a hawkish Fed, Russia’s invasion of Ukraine further rattled investors in early 2022. Stocks declined sharply amid the unrest, but strong performance earlier in the fiscal year left most U.S. indices with solid 12-month gains. For bonds, declines in the second half of the reporting period overwhelmed earlier gains, and most U.S. fixed-income indices retreated for the 12 months overall.

Staying Focused in Uncertain Times

We expect market volatility to linger amid elevated inflation and tighter Fed policy. In addition, Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.

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

Sincerely,
image11.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of March 31, 2022
Average Annual Returns
Ticker Symbol1 year5 years10 yearsSince InceptionInception Date
Investor ClassCPTNX-3.76%1.70%1.45%5/16/80
Bloomberg U.S. Government/MBS Index-4.20%1.62%1.70%
I ClassABHTX-3.67%1.76%4/10/17
A ClassABTAX10/9/97
No sales charge-4.00%1.45%1.19%
With sales charge-8.30%0.51%0.73%
C ClassABTCX-4.81%0.67%0.44%3/1/10
R ClassABTRX-4.33%1.17%0.94%3/1/10
R5 ClassABTIX-3.57%1.90%1.66%3/1/10
Average annual returns since inception are presented when ten years of performance history is not available.

C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.





















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
3


Growth of $10,000 Over 10 Years
$10,000 investment made March 31, 2012
Performance for other share classes will vary due to differences in fee structure.
chart-8489c9ab67014eef90a.jpg
Value on March 31, 2022
Investor Class — $11,546
Bloomberg U.S. Government/MBS Index — $11,832
Total Annual Fund Operating Expenses
Investor ClassI ClassA ClassC ClassR ClassR5 Class
0.47%0.37%0.72%1.47%0.97%0.27%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.


















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
4


Portfolio Commentary

Portfolio Managers: Bob Gahagan, Peter Van Gelderen, Dan Shiffman and Jim Platz

In August 2021, Peter Van Gelderen joined the fund’s portfolio management team, and Hando Aguilar left the team. Brian Howell also left the fund’s portfolio management team in August 2021, ahead of his December 2021 retirement from American Century Investments.

Performance Summary

Government Bond returned -3.76%* for the 12 months ended March 31, 2022. The Bloomberg U.S. Government/MBS Index returned -4.20%. Fund returns reflect operating expenses, while index returns do not.

Inflation and changing Federal Reserve (Fed) policy dominated the reporting period. Inflation started the period well above the Fed’s longtime 2% target and didn’t let up. Persistent supply chain challenges, surging demand, soaring oil and commodity prices, labor shortages and fiscal policy contributed to spiking prices.

Fed policy generally remained dovish until late 2021, as inflation continued to rise. Until then, policymakers insisted rising prices would be transitory. The Fed accelerated the tapering of its bond-buying program and in March 2022 finally hiked interest rates just as inflation was revisiting 40-year highs.

The U.S. economy expanded at a healthy clip through much of the period, bolstered by robust manufacturing activity, a strong housing market and job gains. By period-end, however, business and consumer confidence wavered, and retail sales weakened in the face of climbing prices and interest rates.

Resurgent waves of COVID-19 cases and, in the period’s final weeks, Russia’s invasion of Ukraine contributed to significant rate volatility during the period. After starting the reporting period at 1.75%, the 10-year Treasury yield ended March 2022 at 2.34%, fueled by an 83-basis-point jump in the first quarter of 2022. More closely tied to the Fed’s key rate, the two-year Treasury yield jumped from 0.16% at the start of the period to 2.34%, including a 161-basis-point surge during the first quarter of 2022. The Treasury yield curve significantly flattened during the period, reflecting a larger rise in short-maturity yields than in long-maturity yields.

For the full 12-month period, Treasuries and mortgage-backed securities generally declined. Meanwhile, soaring inflation boosted inflation-linked bonds. Against this backdrop, positions in inflation-linked bonds and our duration positioning accounted for much of Government Bond’s outperformance.

Inflation-Linked Securities, Duration Aided Relative Returns

As inflation soared—both in current inflation figures and expectations—our out-of-index investment in inflation-linked securities lifted performance. In addition, our shorter-than-index duration positioning proved advantageous, especially as rates broadly rose late in the period.

Relative gains from an overweight stake relative to the index in agency-issued bonds helped offset a decline from an underweight position in nominal Treasuries and other government bonds. Our agency position also helped offset negative effects from an overweight stake in securitized debt.




*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.
5


Security Selection Among Treasuries Hindered Relative Performance

Security selection was a modest drag on relative results, largely due to investments in nominal Treasuries and other government bonds. However, security selection in the securitized sector, including out-of-index positions in agency commercial mortgage-backed securities and agency collateralized mortgage obligations, mitigated most of the setback.

Portfolio Positioning

We believe the U.S. economy will continue to grow in the coming quarters, but likely at a slower pace than in 2021. We believe elevated market volatility will persist as investors contend with potential headwinds, including ongoing pressures from elevated inflation, Fed tightening and geopolitical unrest.

The Fed faces a formidable task in tempering inflation without triggering a recession. Anticipating further Fed tightening and elevated inflation, we believe bond market yields may yet climb modestly higher, so we ended the period maintaining our short-duration strategy. An inverted yield curve remains a possibility, but we don’t think a recession is imminent, largely due to relatively strong economic fundamentals.

We expect annual headline inflation to peak in the coming months. However, several factors, including supply chain issues, record federal spending and deficits, rising wages and deglobalization, likely will keep inflation well above pre-pandemic levels. Against this backdrop, we still believe inflation-linked securities offer value.

Within securitized assets, we believe demand for floating-rate issues will remain healthy. We also believe select government-guaranteed asset-backed securities are solid candidates for a potential rebound. We expect to maintain an underweight position to agency mortgage-backed securities as the Fed considers trimming its balance sheet.

Given the broad uncertainties, we expect to maintain reduced risk exposure until more macroeconomic clarity emerges. Nonetheless, we continue to look for attractive buying opportunities that often emerge during volatile periods, relying on our bottom-up approach to portfolio management.




6


Fund Characteristics 
MARCH 31, 2022
Types of Investments in Portfolio% of net assets
U.S. Treasury Securities49.9%
U.S. Government Agency Mortgage-Backed Securities22.8%
Collateralized Mortgage Obligations15.6%
Asset-Backed Securities7.4%
U.S. Government Agency Securities4.9%
Municipal Securities0.4%
Short-Term Investments10.2%
Other Assets and Liabilities(11.2)%

7


Shareholder Fee Example 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

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

8


Beginning
Account Value
10/1/21
Ending
Account Value
3/31/22
Expenses Paid
During Period(1)
10/1/21 - 3/31/22
Annualized
Expense Ratio(1)
Actual
Investor Class$1,000$950.40$2.240.46%
I Class$1,000$950.80$1.750.36%
A Class$1,000$949.20$3.450.71%
C Class$1,000$945.60$7.081.46%
R Class$1,000$947.90$4.660.96%
R5 Class$1,000$951.30$1.260.26%
Hypothetical
Investor Class$1,000$1,022.64$2.320.46%
I Class$1,000$1,023.14$1.820.36%
A Class$1,000$1,021.39$3.580.71%
C Class$1,000$1,017.65$7.341.46%
R Class$1,000$1,020.15$4.840.96%
R5 Class$1,000$1,023.64$1.310.26%
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
9


Schedule of Investments

MARCH 31, 2022
Principal AmountValue
U.S. TREASURY SECURITIES — 49.9%
U.S. Treasury Bonds, 7.125%, 2/15/23$7,000,000 $7,331,721 
U.S. Treasury Bonds, 3.50%, 2/15/391,000,000 1,146,680 
U.S. Treasury Bonds, 1.125%, 5/15/40(1)
1,200,000 946,570 
U.S. Treasury Bonds, 1.875%, 2/15/414,500,000 4,010,361 
U.S. Treasury Bonds, 2.25%, 5/15/413,000,000 2,834,531 
U.S. Treasury Bonds, 2.00%, 11/15/419,500,000 8,598,984 
U.S. Treasury Bonds, 3.125%, 11/15/411,800,000 1,942,418 
U.S. Treasury Bonds, 2.375%, 2/15/424,500,000 4,341,797 
U.S. Treasury Bonds, 3.125%, 2/15/422,500,000 2,701,172 
U.S. Treasury Bonds, 3.00%, 5/15/428,000,000 8,480,938 
U.S. Treasury Bonds, 2.75%, 11/15/423,100,000 3,151,404 
U.S. Treasury Bonds, 2.875%, 5/15/433,500,000 3,626,807 
U.S. Treasury Bonds, 3.125%, 8/15/442,000,000 2,164,453 
U.S. Treasury Bonds, 3.00%, 11/15/443,500,000 3,713,145 
U.S. Treasury Bonds, 2.875%, 8/15/452,000,000 2,086,797 
U.S. Treasury Bonds, 2.50%, 2/15/461,500,000 1,470,088 
U.S. Treasury Bonds, 3.375%, 11/15/48(1)
6,500,000 7,617,949 
U.S. Treasury Bonds, 2.25%, 8/15/494,500,000 4,284,492 
U.S. Treasury Bonds, 2.375%, 11/15/496,500,000 6,366,445 
U.S. Treasury Bonds, 1.875%, 2/15/51500,000 437,520 
U.S. Treasury Bonds, 2.375%, 5/15/516,000,000 5,886,680 
U.S. Treasury Bonds, 2.00%, 8/15/5110,000,000 9,025,000 
U.S. Treasury Bonds, 2.25%, 2/15/5211,000,000 10,553,125 
U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/40390,231 552,318 
U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/42622,115 711,666 
U.S. Treasury Inflation Indexed Bonds, 0.25%, 2/15/50546,780 575,040 
U.S. Treasury Inflation Indexed Notes, 0.75%, 7/15/28560,020 612,813 
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/302,741,400 2,909,470 
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/314,195,920 4,466,484 
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/326,085,380 6,477,863 
U.S. Treasury Notes, 1.50%, 3/31/23(1)
2,000,000 1,995,411 
U.S. Treasury Notes, 1.50%, 2/29/2445,000,000 44,347,851 
U.S. Treasury Notes, 1.50%, 10/31/2411,000,000 10,734,023 
U.S. Treasury Notes, 1.50%, 2/15/2525,000,000 24,302,735 
U.S. Treasury Notes, 1.125%, 2/28/256,000,000 5,768,906 
U.S. Treasury Notes, 1.75%, 3/15/2513,000,000 12,725,781 
U.S. Treasury Notes, 0.25%, 7/31/255,000,000 4,636,230 
U.S. Treasury Notes, 0.50%, 2/28/263,000,000 2,774,121 
U.S. Treasury Notes, 0.75%, 8/31/2613,500,000 12,514,131 
U.S. Treasury Notes, 1.25%, 11/30/2620,000,000 18,925,391 
U.S. Treasury Notes, 1.125%, 2/28/277,000,000 6,569,336 
U.S. Treasury Notes, 1.875%, 2/28/2743,000,000 41,854,453 
U.S. Treasury Notes, 2.50%, 3/31/275,000,000 5,011,500 
U.S. Treasury Notes, 1.875%, 2/28/2935,000,000 33,794,141 
U.S. Treasury Notes, 1.875%, 2/15/3219,500,000 18,729,141 
U.S. Treasury Notes, VRN, 0.63%, (3-month USBMMY plus 0.03%), 7/31/2310,000,000 10,015,111 
10


Principal AmountValue
U.S. Treasury Notes, VRN, 0.64%, (3-month USBMMY plus 0.04%), 10/31/23$5,000,000 $5,009,408 
TOTAL U.S. TREASURY SECURITIES
(Cost $386,645,461)
378,732,401 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 22.8%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 1.1%
FHLMC, VRN, 2.34%, (1-year H15T1Y plus 2.25%), 9/1/35231,644 242,721 
FHLMC, VRN, 2.14%, (12-month LIBOR plus 1.87%), 7/1/36190,406 198,789 
FHLMC, VRN, 2.20%, (1-year H15T1Y plus 2.14%), 10/1/36383,348 404,695 
FHLMC, VRN, 2.36%, (1-year H15T1Y plus 2.26%), 4/1/37206,213 216,141 
FHLMC, VRN, 1.90%, (12-month LIBOR plus 1.65%), 12/1/42243,317 250,071 
FHLMC, VRN, 1.87%, (12-month LIBOR plus 1.62%), 11/1/431,482,757 1,526,750 
FHLMC, VRN, 2.88%, (12-month LIBOR plus 1.63%), 1/1/44658,648 669,942 
FHLMC, VRN, 2.65%, (12-month LIBOR plus 1.60%), 6/1/45314,863 325,952 
FHLMC, VRN, 1.91%, (12-month LIBOR plus 1.62%), 9/1/45918,305 946,404 
FNMA, VRN, 1.73%, (6-month LIBOR plus 1.57%), 6/1/35177,103 183,939 
FNMA, VRN, 1.74%, (6-month LIBOR plus 1.57%), 6/1/35310,512 322,506 
FNMA, VRN, 1.75%, (6-month LIBOR plus 1.57%), 6/1/35222,710 231,316 
FNMA, VRN, 1.76%, (6-month LIBOR plus 1.57%), 6/1/35148,488 154,100 
FNMA, VRN, 1.78%, (6-month LIBOR plus 1.54%), 9/1/35292,368 302,944 
FNMA, VRN, 2.68%, (12-month LIBOR plus 1.61%), 4/1/46551,614 568,453 
FNMA, VRN, 3.17%, (12-month LIBOR plus 1.61%), 3/1/47288,803 290,943 
FNMA, VRN, 3.12%, (12-month LIBOR plus 1.61%), 4/1/47459,377 463,292 
GNMA, VRN, 1.75%, (1-year H15T1Y plus 1.50%), 11/20/3262,292 62,384 
GNMA, VRN, 2.25%, (1-year H15T1Y plus 2.00%), 10/20/34207,975 208,379 
GNMA, VRN, 1.75%, (1-year H15T1Y plus 1.50%), 12/20/3493,062 93,215 
GNMA, VRN, 2.00%, (1-year H15T1Y plus 1.50%), 3/20/35145,911 147,426 
GNMA, VRN, 1.625%, (1-year H15T1Y plus 1.50%), 7/20/35275,356 283,244 
GNMA, VRN, 2.00%, (1-year H15T1Y plus 1.50%), 3/20/36444,112 462,014 
GNMA, VRN, 1.75%, (1-year H15T1Y plus 1.50%), 11/20/36170,433 170,812 
8,726,432 
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 21.7%
FHLMC, 5.50%, 4/1/38895,973 988,977 
FHLMC, 3.00%, 2/1/433,495,588 3,492,921 
FHLMC, 3.00%, 7/1/516,243,829 6,134,583 
FHLMC, 3.00%, 7/1/516,277,286 6,153,355 
FHLMC, 2.50%, 10/1/511,844,557 1,771,058 
FHLMC, 3.00%, 12/1/516,279,978 6,152,213 
FHLMC, 2.50%, 1/1/523,106,727 2,969,121 
FNMA, 6.00%, 12/1/33648,377 717,925 
FNMA, 3.50%, 3/1/34530,232 544,599 
FNMA, 5.50%, 8/1/34926,942 1,015,846 
FNMA, 5.50%, 1/1/36996,198 1,091,512 
FNMA, 6.00%, 9/1/37230,823 257,712 
FNMA, 6.00%, 11/1/371,169,781 1,306,668 
FNMA, 4.50%, 4/1/39277,348 295,318 
FNMA, 4.50%, 5/1/39792,092 843,417 
FNMA, 6.50%, 5/1/39631,774 697,658 
FNMA, 4.50%, 10/1/391,411,334 1,502,729 
FNMA, 4.50%, 6/1/411,320,094 1,405,531 
FNMA, 4.00%, 8/1/411,027,247 1,075,369 
FNMA, 4.50%, 9/1/41616,708 654,966 
11


Principal AmountValue
FNMA, 3.50%, 10/1/41$1,006,787 $1,027,108 
FNMA, 4.00%, 12/1/412,736,970 2,864,749 
FNMA, 3.50%, 5/1/421,081,742 1,103,645 
FNMA, 3.50%, 6/1/421,000,222 1,020,610 
FNMA, 3.50%, 9/1/42780,420 796,238 
FNMA, 4.00%, 11/1/45726,904 754,791 
FNMA, 4.00%, 2/1/461,785,335 1,862,582 
FNMA, 4.00%, 4/1/462,641,661 2,738,537 
FNMA, 3.50%, 2/1/472,807,163 2,850,791 
FNMA, 3.00%, 6/1/517,710,902 7,614,340 
FNMA, 4.00%, 8/1/512,462,457 2,516,668 
FNMA, 3.00%, 10/1/517,077,809 6,933,492 
FNMA, 2.50%, 1/1/523,109,909 2,972,162 
FNMA, 3.00%, 2/1/527,076,932 6,933,705 
FNMA, 3.00%, 2/1/526,274,081 6,158,195 
FNMA, 4.00%, 6/1/57829,710 873,107 
FNMA, 4.00%, 11/1/59828,654 870,941 
GNMA, 2.50%, TBA12,004,000 11,643,411 
GNMA, 4.00%, TBA7,350,000 7,497,000 
GNMA, 6.00%, 1/20/39152,533 169,369 
GNMA, 4.00%, 12/15/40463,194 484,083 
GNMA, 3.50%, 6/20/422,413,883 2,479,253 
GNMA, 3.50%, 7/20/421,848,466 1,898,533 
GNMA, 3.50%, 2/20/51781,296 787,767 
GNMA, 3.50%, 6/20/511,977,723 1,993,279 
GNMA, 2.50%, 9/20/516,120,660 5,946,338 
UMBS, 2.50%, TBA6,000,000 5,724,844 
UMBS, 3.00%, TBA7,082,500 6,928,677 
UMBS, 3.50%, TBA16,143,000 16,175,790 
UMBS, 4.00%, TBA13,752,000 14,039,933 
164,731,416 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $176,808,876)
173,457,848 
COLLATERALIZED MORTGAGE OBLIGATIONS — 15.6%


Private Sponsor Collateralized Mortgage Obligations — 1.2%
Farm Mortgage Trust, Series 2021-1, Class A, VRN, 2.18%, 1/25/51(2)
5,461,512 5,075,741 
Seasoned Loans Structured Transaction Trust, Series 2021-2, Class A1D SEQ, 2.00%, 7/25/314,495,973 4,274,185 
9,349,926 
U.S. Government Agency Collateralized Mortgage Obligations — 14.4%
FHLMC, Series 2812, Class MF, VRN, 0.85%, (1-month LIBOR plus 0.45%), 6/15/341,333,225 1,338,604 
FHLMC, Series 3076, Class BM SEQ, 4.50%, 11/15/25473,213 483,539 
FHLMC, Series 3149, Class LF, VRN, 0.70%, (1-month LIBOR plus 0.30%), 5/15/363,304,308 3,300,002 
FHLMC, Series 3153, Class FJ, VRN, 0.57%, (1-month LIBOR plus 0.38%), 5/15/361,047,770 1,049,544 
FHLMC, Series 3397, Class GF, VRN, 0.90%, (1-month LIBOR plus 0.50%), 12/15/37486,864 490,324 
FHLMC, Series 3417, Class FA, VRN, 0.90%, (1-month LIBOR plus 0.50%), 11/15/37815,705 821,942 
FHLMC, Series 3778, Class L SEQ, 3.50%, 12/15/253,639,696 3,698,822 
12


Principal AmountValue
FHLMC, Series K039, Class A2 SEQ, 3.30%, 7/25/24$12,510,000 $12,670,797 
FHLMC, Series K041, Class A2 SEQ, 3.17%, 10/25/2415,000,000 15,165,981 
FHLMC, Series K043, Class A2 SEQ, 3.06%, 12/25/242,706,000 2,729,221 
FHLMC, Series K123, Class A1 SEQ, 0.93%, 6/25/303,939,625 3,614,212 
FHLMC, Series K1522, Class A1 SEQ, 1.91%, 11/25/357,984,681 7,338,535 
FHLMC, Series K742, Class A1 SEQ, 0.86%, 6/25/276,792,159 6,353,640 
FHLMC, Series KF32, Class A, VRN, 0.61%, (1-month LIBOR plus 0.37%), 5/25/24299,276 299,358 
FHLMC, Series KIR1, Class A2 SEQ, 2.85%, 3/25/269,600,000 9,573,397 
FHLMC, Series KIR3, Class A2 SEQ, 3.28%, 8/25/275,000,000 5,091,091 
FHLMC, Series KJ25, Class A2 SEQ, 2.61%, 1/25/262,429,545 2,415,135 
FHLMC, Series KSG1, Class A1 SEQ, 0.80%, 5/25/308,878,932 8,071,915 
FNMA, Series 2005-103, Class FP, VRN, 0.76%, (1-month LIBOR plus 0.30%), 10/25/351,097,315 1,096,140 
FNMA, Series 2008-9, Class FA, VRN, 0.96%, (1-month LIBOR plus 0.50%), 2/25/383,345,631 3,372,281 
FNMA, Series 2009-89, Class FD, VRN, 1.06%, (1-month LIBOR plus 0.60%), 5/25/36575,630 581,882 
FNMA, Series 2016-11, Class FB, VRN, 0.66%, (1-month LIBOR plus 0.55%), 3/25/461,438,695 1,444,331 
FNMA, Series 2016-M13, Class FA, VRN, 0.80%, (1-month LIBOR plus 0.67%), 11/25/23104,266 104,507 
FNMA, Series 2016-M2, Class FA, VRN, 0.98%, (1-month LIBOR plus 0.85%), 1/25/23241,030 241,532 
FNMA, Series 2017-46, Class JA SEQ, 3.50%, 1/25/43117,314 117,596 
FNMA, Series 2017-M3, Class A2 SEQ, VRN, 2.49%, 12/25/267,446,601 7,380,785 
GNMA, Series 2007-5, Class FA, VRN, 0.59%, (1-month LIBOR plus 0.14%), 2/20/37337,561 337,213 
GNMA, Series 2008-18, Class FH, VRN, 1.05%, (1-month LIBOR plus 0.60%), 2/20/38644,074 644,207 
GNMA, Series 2010-14, Class QF, VRN, 0.88%, (1-month LIBOR plus 0.45%), 2/16/401,735,056 1,741,797 
GNMA, Series 2021-151, Class AB SEQ, 1.75%, 2/16/624,426,575 4,144,574 
GNMA, Series 2021-164, Class AH SEQ, 1.50%, 10/16/634,090,278 3,777,758 
109,490,662 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $122,511,296)
118,840,588 
ASSET-BACKED SECURITIES — 7.4%


Brazos Education Loan Authority, Inc., Series 2021-1, Class A1B, VRN, 1.04%, (1-month LIBOR plus 0.58%), 11/25/716,609,278 6,526,329 
Brazos Education Loan Authority, Inc., Series 2021-2, Class A1A SEQ, 2.06%, 1/25/72949,866 894,973 
Brazos Education Loan Authority, Inc., Series 2021-2, Class A1B, VRN, 1.16%, (1-month LIBOR plus 0.70%), 1/25/725,770,345 5,735,075 
ECMC Group Student Loan Trust, Series 2017-2A, Class A, VRN, 1.51%, (1-month LIBOR plus 1.05%), 5/25/67(2)
992,974 999,931 
ECMC Group Student Loan Trust, Series 2020-2A, Class A, VRN, 1.61%, (1-month LIBOR plus 1.15%), 11/25/69(2)
1,508,540 1,500,122 
ECMC Group Student Loan Trust, Series 2021-1A, Class A1B, VRN, 1.03%, (1-month LIBOR plus 0.57%), 11/25/70(2)
6,169,241 6,053,994 
Missouri Higher Education Loan Authority, Series 2021-3, Class A1B, VRN, 0.76%, (1-month LIBOR plus 0.57%), 8/25/616,795,506 6,596,131 
Navient Student Loan Trust, Series 2021-2A, Class A1A SEQ, 1.68%, 2/25/70(2)
492,867 456,282 
Navient Student Loan Trust, Series 2021-1A, Class A1B, VRN, 1.06%, (1-month LIBOR plus 0.60%), 12/26/69(2)
649,401 645,020 
Nelnet Student Loan Trust, Series 2006-1, Class A6, VRN, 0.93%, (3-month LIBOR plus 0.45%), 8/23/36(2)
6,228,175 6,129,211 
13


Principal
Amount/Shares
Value
North Texas Higher Education Authority, Inc., Series 2021-1, Class A1B, VRN, 1.03%, (1-month LIBOR plus 0.57%), 9/25/61$6,526,254 $6,489,082 
North Texas Higher Education Authority, Inc., Series 2021-2, Class A1B, VRN, 1.03%, (1-month LIBOR plus 0.57%), 10/25/616,800,188 6,631,159 
Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, VRN, 0.99%, (1-month LIBOR plus 0.53%), 5/25/70(2)
7,669,218 7,613,825 
TOTAL ASSET-BACKED SECURITIES
(Cost $57,183,470)
56,271,134 
U.S. GOVERNMENT AGENCY SECURITIES — 4.9%
FHLB, 3.25%, 11/16/286,500,000 6,801,400 
FNMA, 6.625%, 11/15/3021,500,000 28,197,266 
Tennessee Valley Authority, 1.50%, 9/15/312,100,000 1,888,526 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $36,758,420)
36,887,192 
MUNICIPAL SECURITIES — 0.4%
Pasadena Rev., 4.625%, 5/1/38, Prerefunded at 100% of Par(3)
(Cost $2,986,905)
2,665,000 2,822,390 
SHORT-TERM INVESTMENTS — 10.2%
Discount Notes — 4.6%
U.S. Treasury Bills, 1.04%, 2/23/23(4)
30,000,000 29,615,967 
U.S. Treasury Bills, 1.75%, 3/23/23(4)
5,000,000 4,922,483 
34,538,450 
Money Market Funds — 1.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class10,620,405 10,620,405 
Repurchase Agreements — 4.2%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.125% - 3.625%, 2/15/43 - 8/15/43, valued at $2,961,252), in a joint trading account at 0.26%, dated 3/31/22, due 4/1/22 (Delivery value $2,902,661)2,902,640 
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.875%, 5/15/43, valued at $29,607,592), at 0.25%, dated 3/31/22, due 4/1/22 (Delivery value $29,027,202)29,027,000 
31,929,640 
TOTAL SHORT-TERM INVESTMENTS
(Cost $77,193,858)
77,088,495 
TOTAL INVESTMENT SECURITIES — 111.2%
(Cost $860,088,286)
844,100,048 
OTHER ASSETS AND LIABILITIES — (11.2)%
(84,704,989)
TOTAL NET ASSETS — 100.0%
$759,395,059 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes128June 2022$27,126,000 $(144,790)
U.S. Treasury Long Bonds57June 20228,553,562 (187,906)
U.S. Treasury Ultra Bonds21June 20223,719,625 (6,760)
$39,399,187 $(339,456)
^Amount represents value and unrealized appreciation (depreciation).

14


FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes243June 2022$29,858,625 $(61,364)
U.S. Treasury 10-Year Ultra Notes7June 2022948,281 14,861 
$30,806,906 $(46,503)
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate Index
Pay/Receive Floating
Rate Index
at Termination
Fixed
Rate
Termination
Date
Notional
Amount
Premiums Paid (Received)
Unrealized
Appreciation
(Depreciation)
Value
CPURNSAReceive2.33%2/8/26$9,000,000 $554 $983,234 $983,788 
CPURNSAReceive2.30%2/24/26$9,000,000 555 986,742 987,297 
$1,109 $1,969,976 $1,971,085 

NOTES TO SCHEDULE OF INVESTMENTS
CPURNSA-U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
FHLB-Federal Home Loan Bank
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
H15T1Y-Constant Maturity U.S. Treasury Note Yield Curve Rate Index
LIBOR-London Interbank Offered Rate
SEQ-Sequential Payer
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
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)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $2,531,117.
(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 $28,474,126, which represented 3.7% 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.


See Notes to Financial Statements.
15


Statement of Assets and Liabilities
MARCH 31, 2022
Assets
Investment securities, at value (cost of $860,088,286)$844,100,048 
Receivable for investments sold48,238,464 
Receivable for capital shares sold465,846 
Interest receivable2,430,783 
895,235,141 
Liabilities
Payable for investments purchased135,022,488 
Payable for capital shares redeemed413,696 
Payable for variation margin on futures contracts21,692 
Payable for variation margin on swap agreements29,060 
Accrued management fees242,775 
Distribution and service fees payable8,116 
Dividends payable102,255 
135,840,082 
Net Assets$759,395,059 
Net Assets Consist of:
Capital paid in$787,525,755 
Distributable earnings(28,130,696)
$759,395,059 

Net AssetsShares OutstandingNet Asset Value Per Share
Investor Class$357,144,83033,537,550$10.65
I Class$127,299,07711,968,910$10.64
A Class$26,871,8182,523,789
$10.65*
C Class$1,755,742164,939$10.64
R Class$1,860,348174,770$10.64
R5 Class$244,463,24422,961,674$10.65
*Maximum offering price $11.15 (net asset value divided by 0.955).


See Notes to Financial Statements.
16


Statement of Operations
YEAR ENDED MARCH 31, 2022
Investment Income (Loss)
Income:
Interest$13,442,062 
Expenses:
Management fees3,074,129 
Distribution and service fees:
A Class69,739 
C Class22,124 
R Class11,076 
Trustees' fees and expenses51,242 
Other expenses880 
3,229,190 
Net investment income (loss)10,212,872 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(7,393,097)
Futures contract transactions2,170,037 
Swap agreement transactions426,556 
(4,796,504)
Change in net unrealized appreciation (depreciation) on:
Investments(32,863,636)
Futures contracts(1,208,459)
Swap agreements1,501,755 
(32,570,340)
Net realized and unrealized gain (loss)(37,366,844)
Net Increase (Decrease) in Net Assets Resulting from Operations$(27,153,972)


See Notes to Financial Statements.
17


Statement of Changes in Net Assets
YEARS ENDED MARCH 31, 2022 AND MARCH 31, 2021
Increase (Decrease) in Net Assets
March 31, 2022March 31, 2021
Operations
Net investment income (loss)$10,212,872 $10,683,329 
Net realized gain (loss)(4,796,504)12,610,541 
Change in net unrealized appreciation (depreciation)(32,570,340)(34,576,178)
Net increase (decrease) in net assets resulting from operations(27,153,972)(11,282,308)
Distributions to Shareholders
From earnings:
Investor Class(8,968,796)(9,910,979)
I Class(2,482,120)(2,626,569)
A Class(540,579)(680,372)
C Class(25,130)(25,188)
R Class(37,484)(46,270)
R5 Class(6,055,807)(5,344,785)
Decrease in net assets from distributions(18,109,916)(18,634,163)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)(77,708,235)63,131,296 
Net increase (decrease) in net assets(122,972,123)33,214,825 
Net Assets
Beginning of period882,367,182 849,152,357 
End of period$759,395,059 $882,367,182 


See Notes to Financial Statements.
18


Notes to Financial Statements

MARCH 31, 2022

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. Government Bond Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek high current income.

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

2. Significant Accounting Policies

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

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

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. U.S. Treasury, Government Agency and municipal securities 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.

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.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

19


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

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Forward Commitments — The 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. The 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, the 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. The fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The 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 the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

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

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

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

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

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

20


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 the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent 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 each class’s daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The 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 Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended March 31, 2022 are as follows:
Investment Category Fee RangeComplex Fee RangeEffective Annual Management Fee
Investor Class
0.1625%
to 0.2800%
0.2500% to 0.3100%0.45%
I Class0.1500% to 0.2100%0.35%
A Class0.2500% to 0.3100%0.45%
C Class0.2500% to 0.3100%0.45%
R Class0.2500% to 0.3100%0.45%
R5 Class0.0500% to 0.1100%0.25%

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 March 31, 2022 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 fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of 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.

21


4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2022 totaled $3,014,835,743, of which $2,927,736,591 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2022 totaled $3,162,745,744, of which $3,124,704,328 represented U.S. Treasury and Government Agency obligations.

5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):
Year ended
March 31, 2022
Year ended
March 31, 2021
SharesAmountSharesAmount
Investor Class
Sold5,857,073 $66,058,552 32,819,156 $383,754,316 
Issued in reinvestment of distributions734,549 8,271,509 799,286 9,291,293 
Redeemed(16,388,373)(185,896,403)(33,758,201)(394,844,005)
(9,796,751)(111,566,342)(139,759)(1,798,396)
I Class
Sold5,968,764 66,143,064 17,476,551 203,865,169 
Issued in reinvestment of distributions221,014 2,481,928 225,960 2,625,935 
Redeemed(3,400,092)(38,308,509)(13,233,227)(153,670,082)
2,789,686 30,316,483 4,469,284 52,821,022 
A Class
Sold872,723 9,809,469 1,428,079 16,653,726 
Issued in reinvestment of distributions35,071 394,442 45,170 525,656 
Redeemed(981,197)(11,063,502)(3,120,103)(36,309,364)
(73,403)(859,591)(1,646,854)(19,129,982)
C Class
Sold37,149 422,301 71,489 832,932 
Issued in reinvestment of distributions2,232 25,126 2,163 25,110 
Redeemed(78,389)(882,666)(120,868)(1,401,383)
(39,008)(435,239)(47,216)(543,341)
R Class
Sold86,308 976,045 259,894 3,028,012 
Issued in reinvestment of distributions2,980 33,512 3,325 38,634 
Redeemed(135,272)(1,522,583)(283,296)(3,283,464)
(45,984)(513,026)(20,077)(216,818)
R5 Class
Sold6,015,780 67,660,894 11,514,818 134,138,747 
Issued in reinvestment of distributions465,840 5,239,327 401,472 4,664,886 
Redeemed(6,011,910)(67,550,741)(9,180,665)(106,804,822)
469,710 5,349,480 2,735,625 31,998,811 
Net increase (decrease)(6,695,750)$(77,708,235)5,351,003 $63,131,296 

6. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

22


Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1Level 2Level 3
Assets
Investment Securities
U.S. Treasury Securities— $378,732,401 — 
U.S. Government Agency Mortgage-Backed Securities— 173,457,848 — 
Collateralized Mortgage Obligations— 118,840,588 — 
Asset-Backed Securities— 56,271,134 — 
U.S. Government Agency Securities— 36,887,192 — 
Municipal Securities— 2,822,390 — 
Short-Term Investments$10,620,405 66,468,090 — 
$10,620,405 $833,479,643 — 
Other Financial Instruments
Futures Contracts$14,861 — — 
Swap Agreements— $1,971,085 — 
$14,861 $1,971,085 — 
Liabilities
Other Financial Instruments
Futures Contracts$400,820 — — 

7. Derivative Instruments

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $16,549,884 futures contracts purchased and $27,832,523 futures contracts sold.

Other Contracts — A fund 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
23


(initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments, including inflationary risk. The fund's average notional amount held during the period was $20,437,500.

Value of Derivative Instruments as of March 31, 2022

Asset DerivativesLiability Derivatives
Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Interest Rate RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$21,692 
Other ContractsReceivable for variation margin on swap agreements*— Payable for variation margin on swap agreements*29,060 
— $50,752 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2022

Net Realized Gain (Loss)Change in Net Unrealized Appreciation (Depreciation)
Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Interest Rate RiskNet realized gain (loss) on futures contract transactions$2,170,037 Change in net unrealized appreciation (depreciation) on futures contracts$(1,208,459)
Other ContractsNet realized gain (loss) on swap agreement transactions426,556 Change in net unrealized appreciation (depreciation) on swap agreements1,501,755 
$2,596,593 $293,296 

8. Risk Factors

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

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

The fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.


24


9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2022 and March 31, 2021 were as follows:

20222021
Distributions Paid From
Ordinary income
$13,377,671 $18,256,673 
Long-term capital gains
$4,732,245 $377,490 

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

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments$862,722,553 
Gross tax appreciation of investments$4,139,162 
Gross tax depreciation of investments(22,761,667)
Net tax appreciation (depreciation) of investments(18,622,505)
Net tax appreciation (depreciation) on derivatives1,969,976 
Net tax appreciation (depreciation)$(16,652,529)
Other book-to-tax adjustments$(489,536)
Undistributed ordinary income— 
Post-October capital loss deferral$(10,988,631)

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

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.
25


Financial Highlights
For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Investor Class
2022$11.310.14(0.55)(0.41)(0.17)(0.08)(0.25)$10.65(3.76)%0.46%1.20%364%$357,145 
2021$11.690.12(0.28)(0.16)(0.17)(0.05)(0.22)$11.31(1.39)%0.47%1.05%246%$490,142 
2020$10.890.230.841.07(0.27)(0.27)$11.699.92%0.47%2.09%103%$508,040 
2019$10.750.240.170.41(0.27)(0.27)$10.893.93%0.47%2.28%157%$449,565 
2018$10.950.20(0.16)0.04(0.24)(0.24)$10.750.34%0.47%1.85%160%$473,495 
I Class
2022$11.300.14(0.54)(0.40)(0.18)(0.08)(0.26)$10.64(3.67)%0.36%1.30%364%$127,299 
2021$11.670.13(0.27)(0.14)(0.18)(0.05)(0.23)$11.30(1.21)%0.37%1.15%246%$103,700 
2020$10.870.240.841.08(0.28)(0.28)$11.6710.05%0.37%2.19%103%$54,971 
2019$10.740.260.150.41(0.28)(0.28)$10.873.94%0.37%2.38%157%$14,065 
2018(3)
$10.960.21(0.19)0.02(0.24)(0.24)$10.740.20%
0.37%(4)
2.00%(4)
160%(5)
$6,039 
A Class
2022$11.310.11(0.55)(0.44)(0.14)(0.08)(0.22)$10.65(4.00)%0.71%0.95%364%$26,872 
2021$11.680.10(0.28)(0.18)(0.14)(0.05)(0.19)$11.31(1.55)%0.72%0.80%246%$29,374 
2020$10.880.210.831.04(0.24)(0.24)$11.689.66%0.72%1.84%103%$49,587 
2019$10.750.220.160.38(0.25)(0.25)$10.883.58%0.72%2.03%157%$58,964 
2018$10.950.18(0.17)0.01(0.21)(0.21)$10.750.09%0.72%1.60%160%$66,630 



For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
C Class
2022$11.310.02(0.55)(0.53)(0.06)(0.08)(0.14)$10.64(4.81)%1.46%0.20%364%$1,756 
2021$11.680.01(0.27)(0.26)(0.06)(0.05)(0.11)$11.31(2.29)%1.47%0.05%246%$2,306 
2020$10.880.120.830.95(0.15)(0.15)$11.688.84%1.47%1.09%103%$2,934 
2019$10.740.140.170.31(0.17)(0.17)$10.882.90%1.47%1.28%157%$2,080 
2018$10.950.10(0.18)(0.08)(0.13)(0.13)$10.74(0.75)%1.47%0.85%160%$4,547 
R Class
2022$11.310.08(0.56)(0.48)(0.11)(0.08)(0.19)$10.64(4.33)%0.96%0.70%364%$1,860 
2021$11.680.06(0.27)(0.21)(0.11)(0.05)(0.16)$11.31(1.80)%0.97%0.55%246%$2,496 
2020$10.880.180.831.01(0.21)(0.21)$11.689.39%0.97%1.59%103%$2,813 
2019$10.740.190.170.36(0.22)(0.22)$10.883.42%0.97%1.78%157%$2,394 
2018$10.950.15(0.18)(0.03)(0.18)(0.18)$10.74(0.25)%0.97%1.35%160%$3,158 
R5 Class
2022$11.310.16(0.55)(0.39)(0.19)(0.08)(0.27)$10.65(3.57)%0.26%1.40%364%$244,463 
2021$11.680.15(0.27)(0.12)(0.20)(0.05)(0.25)$11.31(1.11)%0.27%1.25%246%$254,349 
2020$10.880.250.841.09(0.29)(0.29)$11.6810.15%0.27%2.29%103%$230,808 
2019$10.750.260.170.43(0.30)(0.30)$10.884.04%0.27%2.48%157%$192,572 
2018$10.950.23(0.17)0.06(0.26)(0.26)$10.750.54%0.27%2.05%160%$199,819 




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)April 10, 2017 (commencement of sale) through March 31, 2018.
(4)Annualized.
(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century Government Income Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Government Bond Fund (the “Fund”), one of the funds constituting the American Century Government Income Trust, as of March 31, 2022, the related statement of operations, statement of changes in net assets, and financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Government Bond Fund of the American Century Government Income Trust as of March 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended March 31, 2021 and the financial highlights for each of the four years in the period ended March 31, 2021 were audited by other auditors, whose report, dated May 18, 2021, expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
May 16, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
29


Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 76th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Jeremy I. Bulow, 9) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 3945 Freedom Circle, Suite #800, Santa Clara, California 95054. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder
(1955)
Trustee and Board ChairSince 2011 (Board Chair since 2022)Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)38Kirby Corporation; Nabors Industries, Ltd.; CYS Investments, Inc.(2012-2017)
Jeremy I. Bulow
(1954)
TrusteeSince 2011Professor of Economics, Stanford University, Graduate School of Business (1979 to present)78None
Jennifer Cabalquinto
(1968)
TrusteeSince 2021Chief Financial Officer, 2K (interactive entertainment) (2021 to present); Special Advisor, GSW Sports, LLC (2020 to 2021); Chief Financial Officer, GSW Sports, LLC (2013 to 2020)38Sabio Holdings, Inc.
Anne Casscells
(1958)
TrusteeSince 2016Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)38None
30


Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Jonathan D. Levin
(1972)
TrusteeSince 2016Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)38None
Peter F. Pervere
(1947)
TrusteeSince 2007Retired38None
John B. Shoven
(1947)
TrusteeSince 2002Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019)38
Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas
(1963)
TrusteeSince 2007President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries146None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

31


Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2014Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and Senior Vice President since 2021General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
C. Jean Wade
(1964)
Vice President since 2012Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach
(1966)
Vice President since 2006Vice President, ACS (2000 to present)
David H. Reinmiller
(1963)
Vice President since 2000Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)
Secretary since 2005Attorney, ACC (2003 to present)





32


Liquidity Risk Management Program


The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Program Administrator, including members of ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain Fund’s investments is supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.

33


Additional Information

Retirement Account Information

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

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

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

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

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


Proxy Voting Policies

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


Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.



34


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund hereby designates $4,732,245, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended March 31, 2022.

The fund hereby designates $539,792 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended March 31, 2022.
















































35


Notes
36






image5.jpg
Contact Usamericancentury.com
Automated Information Line1-800-345-8765
Investor Services Representative1-800-345-2021
or 816-531-5575
Investors Using Advisors1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies1-800-345-6488
Telecommunications Relay Service for the Deaf711
American Century Government Income Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-92276 2205




    


image5.jpg
Annual Report
March 31, 2022
Inflation-Adjusted Bond Fund
Investor Class (ACITX)
I Class (AIAHX)
Y Class (AIAYX)
A Class (AIAVX)
C Class (AINOX)
R Class (AIARX)
R5 Class (AIANX)
R6 Class (AIADX)
G Class (AINGX)













Table of Contents
President’s Letter
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Example
Schedule of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Liquidity Risk Management Program
Additional Information



















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



President’s Letter
image14.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Soaring Inflation, Escalating Volatility Led to Mixed Results for Stocks and Bonds

Upbeat economic and earnings data and continued Federal Reserve (Fed) support generally buoyed stock returns for most of the reporting period. Despite periodic outbreaks of COVID-19, the worst of the virus appeared over in the U.S., and pre-pandemic activities gradually resumed. Bonds delivered solid gains in the first half of the period before a Fed policy pivot triggered a drastic sentiment shift in fixed-income markets.

Early in the period, inflation began a steady upward march. Initially, the Fed was unfazed, viewing the price hikes as a temporary economic consequence of recovering from the pandemic. But by late 2021, inflation was surging toward multidecade highs, prompting the Fed to adopt a more hawkish strategy.

Policymakers announced an abrupt end to bond buying followed by a March rate hike, the first since 2018. At period-end, market indicators reflected expectations for more aggressive Fed rate hikes along with balance sheet cuts to tame inflation.

In addition to an 8.5% annual inflation rate and a hawkish Fed, Russia’s invasion of Ukraine further rattled investors in early 2022. Stocks declined sharply amid the unrest, but strong performance earlier in the fiscal year left most U.S. indices with solid 12-month gains. For bonds, declines in the second half of the reporting period overwhelmed earlier gains, and most U.S. fixed-income indices retreated for the 12 months overall.

Staying Focused in Uncertain Times

We expect market volatility to linger amid elevated inflation and tighter Fed policy. In addition, Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.

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

Sincerely,
image11.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of March 31, 2022
Average Annual Returns
Ticker
Symbol
1 year5 years10 yearsSince
Inception
Inception
Date
Investor ClassACITX4.89%4.09%2.27%2/10/97
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index4.29%4.43%2.69%
I ClassAIAHX4.92%4.20%4/10/17
Y ClassAIAYX5.10%4.31%4/10/17
A ClassAIAVX6/15/98
No sales charge4.55%3.82%2.01%
With sales charge-0.17%2.87%1.55%
C ClassAINOX3.77%3.04%1.25%3/1/10
R ClassAIARX4.35%3.57%1.77%3/1/10
R5 ClassAIANX5.10%4.28%2.48%10/1/02
R6 ClassAIADX5.07%4.60%7/28/17
G ClassAINGX5.37%4.83%7/28/17
Average annual returns since inception are presented when ten years of performance history is not available.
G Class returns would have been lower if a portion of the fees had not been waived.

C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.














Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
3


Growth of $10,000 Over 10 Years
$10,000 investment made March 31, 2012
Performance for other share classes will vary due to differences in fee structure.
chart-0a2e41580abb45b5a13.jpg
Value on March 31, 2022
Investor Class — $12,517
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index — $13,037

Total Annual Fund Operating Expenses
Investor ClassI ClassY ClassA ClassC ClassR ClassR5 ClassR6 ClassG Class
0.47%0.37%0.27%0.72%1.47%0.97%0.27%0.22%0.22%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
4


Portfolio Commentary

Portfolio Managers: Bob Gahagan, Jim Platz and Miguel Castillo

Brian Howell left the portfolio management team in August 2021, ahead of his December 2021 retirement from American Century Investments.

Performance Summary

Inflation-Adjusted Bond returned 4.89%* for the 12 months ended March 31, 2022. By comparison, the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index gained 4.29%. Fund returns reflect operating expenses, while index returns do not.

Performance reflects the positive backdrop for TIPS, as market-based inflation expectations steadily rose to record highs in March 2022. Real yields also increased for the period. TIPS generally advanced and sharply outperformed nominal Treasuries, which declined, for the 12-month period. The portfolio’s outperformance versus the all-TIPS index was largely due to a position in inflation swaps.

Inflation Surged to a 40-Year High

Inflation rose steadily and sharply during the 12-month period as economic data generally remained robust. The manufacturing sector continued to expand, and home prices posted solid double-digit annual gains. Additionally, the job market steadily improved, and wages climbed.

The annual headline inflation rate (Consumer Price Index, or CPI) began accelerating in early 2021. Along with the upbeat economic data, other factors quickly conspired to push consumer prices to multiyear highs. Massive government spending in response to the pandemic, along with the Federal Reserve’s (Fed’s) monetary support, helped fuel persistent consumer demand for goods and services. But providers couldn’t keep pace amid severe global supply chain breakdowns and labor market shortages. Meanwhile, surging energy prices also contributed to the rapidly rising inflation rate.

Russia’s invasion of Ukraine in early 2022 further pressured inflation, sending already-high oil and other commodity prices even higher and further complicating supply chains. By March, annual headline CPI reached 8.5%, the highest level since December 1981, compared with 2.6% a year earlier.

The 10-year breakeven rate (the yield difference between nominal 10-year Treasuries and 10-year TIPS and a key measure of market-based inflation expectations) increased from 2.37% at the end of March 2021 to a record 2.95% in late March. It eased slightly to end the reporting period at 2.84%. Theoretically, the breakeven rate indicates the market’s expectations for inflation for the next 10 years and also reflects the inflation rate required for TIPS to outperform nominal Treasuries during that period (2.84% or higher as of March 31).

Fed Pivoted to Hawkish Policy

Soaring inflation eventually forced the Fed to alter course. Policymakers abandoned their transitory view toward rising prices and embarked on a tightening campaign in November. The Fed quickly






*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.
5


ended its bond-buying program in early March and then enacted its first rate increase since 2018. The 25-basis-points (bps) rate increase was smaller than some had hoped for, given the significant inflationary pressures weighing on the economy. However, Fed policymakers hinted 50-bps rate hikes and balance sheet cuts may be necessary going forward to tame inflation. The Fed’s policy pivot, along with expectations for more aggressive tightening, drove U.S. Treasury yields sharply higher.

Greater Sensitivity to Inflation Boosted Relative Results

Approximately 83% of the portfolio was invested in TIPS at the end of the reporting period. The remainder primarily included out-of-index allocations to securitized bonds and corporate bonds in conjunction with inflation swaps. Inflation swaps diversified the portfolio’s inflation protection and created an inflation overlay for non-inflation-linked securitized and corporate securities.

Inflation swaps are fixed-maturity instruments, negotiated through a counterparty (investment bank), that return the rate of inflation (CPI). All swaps bear counterparty credit risk, but American Century Investments applies stringent controls and oversight with regard to this risk. Overall, this strategy, combined with the portfolio’s TIPS, positioned the portfolio with greater sensitivity to inflation than the index. This strategy aided performance as current inflation and inflation expectations soared.

Yield Curve Positioning Added Value

Our yield curve strategy reflected a flattening bias, which aided results as shorter-maturity yields increased more than longer-maturity yields. Our shorter-than-index duration modestly contributed to relative performance.

Non-Index Holdings Detracted

Out-of-index exposure to securitized and corporate securities detracted from results, as rising yields and heightened volatility in the second half of the period pressured most bond returns.

Portfolio Positioning

We expect annual headline inflation to peak in the coming months as goods inflation subsides. But several factors, including supply chain disruptions, elevated commodity prices, record federal spending and deficits, rising wages and deglobalization, likely will keep inflation well above pre-pandemic levels. Given this backdrop, we still believe inflation-linked securities offer value.

Market volatility likely will remain elevated in the near term. Investors face a variety of uncertainties related to inflation’s trajectory, interest rates, global growth and the war in Ukraine. Until more clarity emerges, we have broadly reduced risk exposure among our non-index credit-sensitive securities. Nevertheless, we continue to look for attractive buying opportunities that often emerge during volatile periods.




6


Fund Characteristics
MARCH 31, 2022
Types of Investments in Portfolio% of net assets
U.S. Treasury Securities82.8%
Corporate Bonds3.6%
Asset-Backed Securities2.3%
Collateralized Loan Obligations1.7%
Commercial Mortgage-Backed Securities1.4%
Collateralized Mortgage Obligations0.8%
Short-Term Investments7.1%
Other Assets and Liabilities0.3%

7


Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

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

8


Beginning
Account Value
10/1/21
Ending
Account Value
3/31/22
Expenses Paid
During Period(1)
10/1/21 - 3/31/22
Annualized
Expense Ratio(1)
Actual
Investor Class$1,000$995.80$2.290.46%
I Class$1,000$996.40$1.790.36%
Y Class$1,000$996.90$1.290.26%
A Class$1,000$994.50$3.530.71%
C Class$1,000$991.20$7.251.46%
R Class$1,000$994.00$4.770.96%
R5 Class$1,000$996.90$1.290.26%
R6 Class$1,000$997.10$1.050.21%
G Class$1,000$998.20$0.050.01%
Hypothetical
Investor Class$1,000$1,022.64$2.320.46%
I Class$1,000$1,023.14$1.820.36%
Y Class$1,000$1,023.64$1.310.26%
A Class$1,000$1,021.39$3.580.71%
C Class$1,000$1,017.65$7.341.46%
R Class$1,000$1,020.15$4.840.96%
R5 Class$1,000$1,023.64$1.310.26%
R6 Class$1,000$1,023.88$1.060.21%
G Class$1,000$1,024.88$0.050.01%
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
9


Schedule of Investments

MARCH 31, 2022
Principal AmountValue
U.S. TREASURY SECURITIES — 82.8%



U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/25(1)
$46,365,702 $51,476,418 
U.S. Treasury Inflation Indexed Bonds, 2.00%, 1/15/26127,231,826 142,612,026 
U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/2772,251,306 83,851,477 
U.S. Treasury Inflation Indexed Bonds, 1.75%, 1/15/2819,514,313 22,352,533 
U.S. Treasury Inflation Indexed Bonds, 3.625%, 4/15/2845,605,252 57,793,216 
U.S. Treasury Inflation Indexed Bonds, 2.50%, 1/15/2936,177,280 44,094,401 
U.S. Treasury Inflation Indexed Bonds, 3.875%, 4/15/2939,078,527 51,695,983 
U.S. Treasury Inflation Indexed Bonds, 3.375%, 4/15/323,326,253 4,694,973 
U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/40741,439 1,049,405 
U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/4280,968,267 92,623,298 
U.S. Treasury Inflation Indexed Bonds, 0.625%, 2/15/4364,542,551 72,099,308 
U.S. Treasury Inflation Indexed Bonds, 1.375%, 2/15/4482,779,051 106,227,694 
U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/4560,771,037 69,842,530 
U.S. Treasury Inflation Indexed Bonds, 1.00%, 2/15/465,754,816 7,012,300 
U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/4726,263,760 31,479,119 
U.S. Treasury Inflation Indexed Bonds, 1.00%, 2/15/4824,683,382 30,679,176 
U.S. Treasury Inflation Indexed Bonds, 1.00%, 2/15/496,591,952 8,254,258 
U.S. Treasury Inflation Indexed Bonds, 0.25%, 2/15/5045,032,801 47,360,257 
U.S. Treasury Inflation Indexed Bonds, 0.125%, 2/15/5146,596,822 47,786,295 
U.S. Treasury Inflation Indexed Bonds, 0.125%, 2/15/5250,851,486 52,824,058 
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/23121,315,788 125,557,755 
U.S. Treasury Inflation Indexed Notes, 0.625%, 4/15/2335,993,466 37,531,365 
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/23(1)
90,005,403 94,486,412 
U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/2492,960,349 97,787,591 
U.S. Treasury Inflation Indexed Notes, 0.50%, 4/15/2412,262,140 12,890,344 
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/2449,966,910 52,448,096 
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/2414,793,570 15,478,262 
U.S. Treasury Inflation Indexed Notes, 0.25%, 1/15/25103,293,610 108,349,455 
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/2511,700,838 12,233,854 
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/2571,631,535 75,776,721 
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/25225,107,513 236,037,878 
U.S. Treasury Inflation Indexed Notes, 0.625%, 1/15/26177,121,248 188,895,679 
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/2687,926,073 91,940,587 
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/2621,669,512 22,785,647 
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/2620,577,400 21,639,426 
U.S. Treasury Inflation Indexed Notes, 0.375%, 1/15/2750,920,188 53,993,217 
U.S. Treasury Inflation Indexed Notes, 0.375%, 7/15/2737,927,890 40,416,712 
U.S. Treasury Inflation Indexed Notes, 0.50%, 1/15/2895,685,371 102,408,462 
U.S. Treasury Inflation Indexed Notes, 0.75%, 7/15/282,072,074 2,267,410 
U.S. Treasury Inflation Indexed Notes, 0.875%, 1/15/2943,424,550 47,974,422 
U.S. Treasury Inflation Indexed Notes, 0.25%, 7/15/2977,378,048 82,658,013 
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/3064,800,075 68,450,229 
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/3084,435,120 89,611,671 
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/3194,070,613 99,638,709 
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/3159,791,860 63,647,390 
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/3263,237,241 67,315,795 
TOTAL U.S. TREASURY SECURITIES
(Cost $2,795,220,048)

2,938,029,827 
10


Principal AmountValue
CORPORATE BONDS — 3.6%



Airlines — 0.1%
British Airways Pass Through Trust, Series 2021-1, Class A, 2.90%, 9/15/36(2)
$2,998,001 $2,764,683 
Banks — 0.6%
Bank of America Corp., VRN, 3.42%, 12/20/284,320,000 4,279,566 
Bank of America Corp., VRN, 2.48%, 9/21/362,420,000 2,084,440 
Bank of Ireland Group PLC, VRN, 2.03%, 9/30/27(2)
2,934,000 2,664,037 
Barclays PLC, VRN, 2.28%, 11/24/272,885,000 2,682,696 
Citigroup, Inc., VRN, 3.07%, 2/24/281,324,000 1,290,987 
Citigroup, Inc., VRN, 3.52%, 10/27/282,012,000 1,995,891 
JPMorgan Chase & Co., VRN, 1.58%, 4/22/272,475,000 2,307,641 
US Bancorp, VRN, 2.49%, 11/3/363,795,000 3,409,597 
Westpac Banking Corp., VRN, 3.02%, 11/18/362,106,000 1,874,760 
22,589,615 
Capital Markets — 0.5%
Blackstone Private Credit Fund, 2.625%, 12/15/26(2)
2,662,000 2,399,905 
Blue Owl Finance LLC, 4.125%, 10/7/51(2)
1,586,000 1,261,723 
Deutsche Bank AG, VRN, 2.31%, 11/16/273,150,000 2,891,397 
FS KKR Capital Corp., 4.25%, 2/14/25(2)
966,000 951,262 
FS KKR Capital Corp., 3.125%, 10/12/281,815,000 1,621,656 
Hercules Capital, Inc., 2.625%, 9/16/262,560,000 2,355,216 
Main Street Capital Corp., 3.00%, 7/14/262,284,000 2,120,678 
Morgan Stanley, VRN, 2.48%, 9/16/362,620,000 2,250,633 
Prospect Capital Corp., 3.44%, 10/15/281,212,000 1,037,331 
16,889,801 
Consumer Finance — 0.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/283,266,000 3,018,202 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/331,500,000 1,347,462 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.85%, 10/29/41841,000 739,882 
Avolon Holdings Funding Ltd., 2.53%, 11/18/27(2)
790,000 699,252 
Avolon Holdings Funding Ltd., 2.75%, 2/21/28(2)
3,509,000 3,126,624 
8,931,422 
Diversified Financial Services — 0.2%
Corebridge Financial, Inc., 3.85%, 4/5/29(2)(3)
2,060,000 2,057,528 
PG&E Energy Recovery Funding LLC, 2.82%, 7/15/486,700,000 6,023,476 
8,081,004 
Diversified Telecommunication Services — 0.1%
Verizon Communications, Inc., 1.75%, 1/20/315,515,000 4,816,023 
Electric Utilities — 0.2%
Duke Energy Florida LLC, 1.75%, 6/15/302,940,000 2,620,740 
Duke Energy Progress LLC, 2.00%, 8/15/315,000,000 4,479,713 
7,100,453 
Equity Real Estate Investment Trusts (REITs) — 0.3%
Broadstone Net Lease LLC, 2.60%, 9/15/311,857,000 1,656,757 
LXP Industrial Trust, 2.375%, 10/1/314,860,000 4,319,338 
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/311,794,000 1,587,707 
Piedmont Operating Partnership LP, 2.75%, 4/1/323,182,000 2,840,927 
STORE Capital Corp., 2.70%, 12/1/311,786,000 1,585,057 
11,989,786 
11


Principal AmountValue
Household Durables — 0.1%
Safehold Operating Partnership LP, 2.85%, 1/15/32$3,942,000 $3,482,625 
Insurance — 0.2%
Athene Global Funding, 1.99%, 8/19/28(2)
3,871,000 3,406,514 
SBL Holdings, Inc., 5.125%, 11/13/26(2)
2,660,000 2,690,926 
6,097,440 
Media — 0.2%
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/491,845,000 1,835,948 
Discovery Communications LLC, 4.65%, 5/15/502,140,000 2,083,385 
Paramount Global, 4.20%, 6/1/292,465,000 2,496,377 
Paramount Global, 4.375%, 3/15/432,605,000 2,486,154 
8,901,864 
Oil, Gas and Consumable Fuels — 0.1%
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/301,950,000 1,904,494 
Pharmaceuticals
Viatris, Inc., 4.00%, 6/22/50666,000 561,701 
Real Estate Management and Development
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31(2)
1,667,000 1,527,508 
Road and Rail — 0.1%
DAE Funding LLC, 1.55%, 8/1/24(2)
2,198,000 2,077,849 
Semiconductors and Semiconductor Equipment — 0.2%
Qorvo, Inc., 4.375%, 10/15/293,684,000 3,692,105 
Qorvo, Inc., 3.375%, 4/1/31(2)
2,596,000 2,364,761 
6,056,866 
Software — 0.1%
Oracle Corp., 3.60%, 4/1/403,260,000 2,834,786 
Specialty Retail — 0.1%
Lowe's Cos., Inc., 2.625%, 4/1/315,000,000 4,692,976 
Technology Hardware, Storage and Peripherals — 0.1%
Dell International LLC / EMC Corp., 8.10%, 7/15/361,953,000 2,574,659 
Wireless Telecommunication Services — 0.1%
Millicom International Cellular SA, 5.125%, 1/15/28(2)
2,970,000 2,963,466 
TOTAL CORPORATE BONDS
(Cost $140,458,537)

126,839,021 
ASSET-BACKED SECURITIES — 2.3%



Blackbird Capital Aircraft, Series 2021-1A, Class A SEQ, 2.44%, 7/15/46(2)
6,793,601 6,220,972 
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(2)
1,423,961 1,415,556 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2 SEQ, 4.94%, 1/25/52(2)
CAD14,050,000 10,867,551 
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/37(2)
$9,600,000 8,802,694 
Global SC Finance SRL, Series 2021-2A, Class A SEQ, 1.95%, 8/17/41(2)
5,834,378 5,455,447 
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(2)
6,157,362 5,800,679 
Goodgreen Trust, Series 2021-1A, Class A SEQ, 2.66%, 10/15/56(2)
4,066,682 3,822,501 
Mosaic Solar Loan Trust, Series 2020-1A, Class A SEQ, 2.10%, 4/20/46(2)
2,452,201 2,322,062 
Mosaic Solar Loan Trust, Series 2021-1A, Class A SEQ, 1.51%, 12/20/46(2)
9,881,284 9,076,319 
12


Principal AmountValue
Progress Residential Trust, Series 2020-SFR1, Class B, 2.03%, 4/17/37(2)
$7,347,000 $6,936,292 
Taco Bell Funding LLC, Series 2021-1A, Class A23 SEQ, 2.54%, 8/25/51(2)
4,364,063 3,795,392 
Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.83%, 11/17/39(2)
10,800,000 9,660,625 
Wendy's Funding LLC, Series 2021-1A, Class A2II SEQ, 2.78%, 6/15/51(2)
6,649,750 5,899,360 
TOTAL ASSET-BACKED SECURITIES
(Cost $86,317,889)
80,075,450 
COLLATERALIZED LOAN OBLIGATIONS — 1.7%


BlueMountain CLO Ltd., Series 2016-2A, Class BR2, VRN, 2.73%, (3-month LIBOR plus 2.25%), 8/20/32(2)
3,125,000 3,094,442 
Dryden CLO Ltd., Series 2019-72A, Class CR, VRN, 2.36%,
(3-month LIBOR plus 1.85%), 5/15/32(2)
8,450,000 8,309,563 
Dryden Senior Loan Fund, Series 2016-43A, Class B2R2, 3.09%, 4/20/34(2)
5,000,000 4,976,139 
Elmwood CLO IV Ltd., Series 2020-1A, Class B, VRN, 1.94%, (3-month LIBOR plus 1.70%), 4/15/33(2)
9,500,000 9,433,636 
Marathon Clo Ltd., Series 2021-17A, Class B1, VRN, 2.89%,
(3-month LIBOR plus 2.68%), 1/20/35(2)
7,575,000 7,550,403 
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 1.88%, (1-month LIBOR plus 1.45%), 10/16/36(2)
9,067,000 8,828,342 
Rockford Tower CLO Ltd., Series 2020-1A, Class B, VRN, 2.05%, (3-month LIBOR plus 1.80%), 1/20/32(2)
10,000,000 9,960,036 
THL Credit Wind River Clo Ltd., Series 2019-3A, Class CR, VRN, 2.44%, (3-month LIBOR plus 2.20%), 4/15/31(2)
6,050,000 5,996,325 
Treman Park CLO Ltd., Series 2015-1A, Class ARR, VRN, 1.32%, (3-month LIBOR plus 1.07%), 10/20/28(2)
2,578,965 2,573,642 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $61,280,985)
60,722,528 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.4%
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.54%, 3/9/44(2)
7,950,000 7,299,241 
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(2)
9,100,000 8,196,611 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 2.40%, (1-month LIBOR plus 2.00%), 9/15/36(2)
9,200,000 8,876,270 
BX Trust , Series 2019-OC11, Class A SEQ, 3.20%, 12/9/41(2)
13,875,000 13,423,877 
OPG Trust, Series 2021-PORT, Class E, VRN, 1.93%,
(1-month LIBOR plus 1.53%), 10/15/36(2)
12,090,000 11,485,079 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $53,883,067)
49,281,078 
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.8%


Private Sponsor Collateralized Mortgage Obligations — 0.8%
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33112,021 109,395 
Angel Oak Mortgage Trust, Series 2019-4, Class A3 SEQ, VRN, 3.30%, 7/26/49(2)
679,215 679,174 
Arroyo Mortgage Trust, Series 2021-1R, Class A2 SEQ, VRN, 1.48%, 10/25/48(2)
3,321,687 3,174,548 
Arroyo Mortgage Trust, Series 2021-1R, Class A3 SEQ, VRN, 1.64%, 10/25/48(2)
2,646,969 2,535,489 
Bellemeade Re Ltd., Series 2021-3A, Class M1A, VRN, 1.10%, (30-day average SOFR plus 1.00%), 9/25/31(2)
4,525,000 4,486,779 
Cendant Mort Capital LLC, Series 2003-6, Class A3, 5.25%, 7/25/33787,418 777,733 
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A1, VRN, 2.72%, 7/25/49(2)
1,398,750 1,386,280 
13


Principal AmountValue
Credit Suisse Mortgage Trust, Series 2015-WIN1, Class A10, VRN, 3.50%, 12/25/44(2)
$1,356,013 $1,333,967 
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A3 SEQ, VRN, 1.59%, 7/25/66(2)
7,376,648 6,991,353 
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3 SEQ, VRN, 1.62%, 6/25/56(2)
3,397,317 3,209,763 
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 2.76%, 11/21/3427,606 27,559 
Verus Securitization Trust, Series 2021-5, Class A3, VRN, 1.37%, 9/25/66(2)
3,621,715 3,350,013 
WaMu Mortgage Pass-Through Certificates, Series 2003-S11, Class 3A5, 5.95%, 11/25/33382,756 379,152 
28,441,205 
U.S. Government Agency Collateralized Mortgage Obligations
FHLMC, Series 2015-HQ2, Class M3, VRN, 3.71%, (1-month LIBOR plus 3.25%), 5/25/251,206,420 1,207,065 
FNMA, Series 2014-C02, Class 2M2, VRN, 3.06%, (1-month LIBOR plus 2.60%), 5/25/24313,240 313,060 
1,520,125 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $31,216,530)
29,961,330 
SHORT-TERM INVESTMENTS — 7.1%


Commercial Paper(4) — 5.2%
Bennington Stark Capital Co. LLC, 0.36%, 4/6/22(2)
20,000,000 19,998,920 
Chesham Finance Ltd. / Chesham Finance LLC, 0.32%, 4/1/22(2)
15,000,000 14,999,873 
Chesham Finance Ltd. / Chesham Finance LLC, 0.32%, 4/1/22(2)
25,000,000 24,999,787 
Credit Agricole Corporate and Investment Bank, 0.31%, 4/1/22(2)
25,000,000 24,999,781 
Landesbank Baden-Wuerttemberg, 0.32%, 4/1/22(2)
100,000,000 99,999,114 
184,997,475 
Discount Notes — 0.6%
Federal Home Loan Bank Discount Notes, 0.12%, 4/7/22(4)
20,000,000 19,999,467 
Repurchase Agreements — 1.3%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.125% - 3.625%, 2/15/43 - 8/15/43, valued at $4,340,665), in a joint trading account at 0.26%, dated 3/31/22, due 4/1/22 (Delivery value $4,254,781)4,254,750 
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.875%, 5/15/43, valued at $43,400,054), at 0.25%, dated 3/31/22, due 4/1/22 (Delivery value $42,549,295)42,549,000 
46,803,750 
TOTAL SHORT-TERM INVESTMENTS
(Cost $251,802,378)
251,800,692 
TOTAL INVESTMENT SECURITIES — 99.7%
(Cost $3,420,179,434)

3,536,709,926 
OTHER ASSETS AND LIABILITIES — 0.3%

9,355,429 
TOTAL NET ASSETS — 100.0%

$3,546,065,355 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency PurchasedCurrency SoldCounterpartySettlement DateUnrealized Appreciation
(Depreciation)
USD10,996,888 CAD14,044,676 UBS AG6/15/22$(235,420)

14


FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional AmountUnrealized Appreciation (Depreciation)^
U.S. Treasury 5-Year Notes1,104June 2022$126,615,000 $(2,802,887)
U.S. Treasury Long Bonds152June 202222,809,500 (724,734)
U.S. Treasury Ultra Bonds108June 202219,129,500 (527,117)
$168,554,000 $(4,054,738)
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration DateNotional AmountUnrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes299June 2022$36,739,625 $(12,802)
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate Index
Pay/Receive Floating
Rate Index
at Termination
Fixed
Rate
Termination
Date
Notional
Amount
Premiums Paid (Received)
Unrealized
Appreciation
(Depreciation)
Value
CPURNSAReceive2.29%1/25/24$50,000,000 $670 $4,813,130 $4,813,800 
CPURNSAReceive2.27%1/26/24$35,000,000 619 3,386,718 3,387,337 
CPURNSAReceive1.62%10/17/24$27,000,000 (719)3,474,969 3,474,250 
CPURNSAReceive2.26%2/1/25$30,000,000 683 3,188,821 3,189,504 
CPURNSAReceive1.45%3/5/25$39,000,000 (738)5,415,504 5,414,766 
CPURNSAReceive1.08%6/4/25$4,000,000 525 669,171 669,696 
CPURNSAReceive1.85%8/26/25$14,000,000 586 1,960,490 1,961,076 
CPURNSAReceive2.24%1/11/26$30,000,000 683 3,424,705 3,425,388 
CPURNSAReceive2.24%1/12/26$50,000,000 805 5,692,330 5,693,135 
CPURNSAReceive2.22%1/19/26$50,000,000 804 5,745,074 5,745,878 
CPURNSAReceive2.33%2/2/26$17,000,000 604 1,857,337 1,857,941 
CPURNSAReceive2.29%2/2/26$50,000,000 805 5,571,582 5,572,387 
CPURNSAReceive2.30%2/24/26$12,000,000 573 1,315,823 1,316,396 
CPURNSAReceive2.30%2/24/26$45,000,000 774 4,935,712 4,936,486 
CPURNSAReceive2.29%2/24/26$13,000,000 580 1,432,840 1,433,420 
CPURNSAReceive1.86%6/20/29$25,000,000 (775)4,088,503 4,087,728 
CPURNSAReceive1.98%8/1/29$32,000,000 (846)4,827,317 4,826,471 
CPURNSAReceive1.79%10/16/29$17,500,000 (714)3,016,223 3,015,509 
CPURNSAReceive1.80%10/21/29$24,500,000 (765)4,214,943 4,214,178 
CPURNSAReceive1.88%11/21/29$22,000,000 (737)3,628,999 3,628,262 
CPURNSAReceive1.87%11/25/29$4,000,000 (543)664,902 664,359 
CPURNSAReceive1.29%5/19/30$4,500,000 549 1,021,864 1,022,413 
CPURNSAReceive1.47%6/5/30$10,000,000 608 2,152,703 2,153,311 
CPURNSAReceive1.92%8/26/30$25,000,000 770 4,524,283 4,525,053 
CPURNSAReceive2.14%12/16/30$7,000,000 576 1,066,603 1,067,179 
$5,377 $82,090,546 $82,095,923 


15


TOTAL RETURN SWAP AGREEMENTS
CounterpartyFloating Rate
Index
Pay/Receive
Floating Rate
Index at Termination
Fixed RateTermination
Date
Notional
Amount
Value*
Bank of America N.A.CPURNSAReceive2.67%4/1/22$4,500,000 $(334,952)
Bank of America N.A.CPURNSAReceive2.53%8/19/24$11,000,000 266,879 
Barclays Bank plcCPURNSAReceive2.59%7/23/24$16,300,000 272,470 
Barclays Bank plcCPURNSAReceive2.36%9/29/24$10,000,000 460,705 
Barclays Bank plcCPURNSAReceive2.31%9/30/24$15,000,000 784,718 
Barclays Bank plcCPURNSAReceive2.90%12/21/27$19,200,000 (2,330,723)
Barclays Bank plcCPURNSAReceive2.78%7/2/44$15,000,000 (881,774)
$(1,762,677)
*Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
CAD-Canadian Dollar
CPURNSA-U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
LIBOR-London Interbank Offered Rate
SEQ-Sequential Payer
SOFR-Secured Overnight Financing Rate
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.
Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $26,928,595.
(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 $433,179,935, which represented 12.2% of total net assets.
(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(4)The rate indicated is the yield to maturity at purchase.


See Notes to Financial Statements.

16


Statement of Assets and Liabilities
MARCH 31, 2022
Assets
Investment securities, at value (cost of $3,420,179,434)$3,536,709,926 
Receivable for investments sold7,575,718 
Receivable for capital shares sold8,238,551 
Receivable for variation margin on futures contracts352,194 
Swap agreements, at value1,784,772 
Interest receivable5,587,604 
3,560,248,765 
Liabilities
Disbursements in excess of demand deposit cash4,425,347 
Payable for investments purchased2,058,126 
Payable for capital shares redeemed2,256,195 
Payable for variation margin on swap agreements789,680 
Unrealized depreciation on forward foreign currency exchange contracts235,420 
Swap agreements, at value3,547,449 
Accrued management fees814,548 
Distribution and service fees payable56,645 
14,183,410 
Net Assets$3,546,065,355 
Net Assets Consist of:
Capital paid in$3,291,411,261 
Distributable earnings254,654,094 
$3,546,065,355 

Net AssetsShares OutstandingNet Asset Value Per Share
Investor Class$1,053,463,53884,075,003$12.53
I Class$497,514,30339,758,003$12.51
Y Class$63,634,1345,083,679$12.52
A Class$130,020,84510,408,026
$12.49*
C Class$12,995,9771,043,018$12.46
R Class$41,154,6443,280,286$12.55
R5 Class$293,867,08123,474,907$12.52
R6 Class$554,323,64344,299,299$12.51
G Class$899,091,19071,768,300$12.53
*Maximum offering price $13.08 (net asset value divided by 0.955).


See Notes to Financial Statements.

17


Statement of Operations
YEAR ENDED MARCH 31, 2022
Investment Income (Loss)
Income:
Interest$206,286,020 
Expenses:
Management fees11,253,559 
Distribution and service fees:
A Class374,509 
C Class104,796 
R Class170,623 
Trustees' fees and expenses222,971 
Other expenses33,326 
12,159,784 
Fees waived - G Class(2,061,088)
10,098,696 
Net investment income (loss)196,187,324 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions51,101,620 
Forward foreign currency exchange contract transactions818,763 
Futures contract transactions(7,993,395)
Foreign currency translation transactions(37,657)
43,889,331 
Change in net unrealized appreciation (depreciation) on:
Investments(139,370,389)
Forward foreign currency exchange contracts(256,477)
Futures contracts(4,141,825)
Swap agreements73,013,398 
Translation of assets and liabilities in foreign currencies(10,906)
(70,766,199)
Net realized and unrealized gain (loss)(26,876,868)
Net Increase (Decrease) in Net Assets Resulting from Operations$169,310,456 


See Notes to Financial Statements.

18


Statement of Changes in Net Assets
YEARS ENDED MARCH 31, 2022 AND MARCH 31, 2021
Increase (Decrease) in Net AssetsMarch 31, 2022March 31, 2021
Operations
Net investment income (loss)$196,187,324 $46,749,009 
Net realized gain (loss)43,889,331 10,745,248 
Change in net unrealized appreciation (depreciation)(70,766,199)156,820,582 
Net increase (decrease) in net assets resulting from operations169,310,456 214,314,839 
Distributions to Shareholders
From earnings:
Investor Class(45,635,092)(11,369,297)
I Class(21,065,243)(3,324,252)
Y Class(2,881,712)(499,494)
A Class(6,072,288)(1,420,414)
C Class(397,630)(36,749)
R Class(1,420,127)(186,991)
R5 Class(13,701,223)(3,880,599)
R6 Class(26,557,630)(5,209,460)
G Class(47,793,931)(9,903,598)
Decrease in net assets from distributions(165,524,876)(35,830,854)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)222,254,029 790,076,884 
Net increase (decrease) in net assets226,039,609 968,560,869 
Net Assets
Beginning of period3,320,025,746 2,351,464,877 
End of period$3,546,065,355 $3,320,025,746 


See Notes to Financial Statements.

19


Notes to Financial Statements

MARCH 31, 2022

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. Inflation-Adjusted Bond Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek to provide total return and inflation protection consistent with investment in inflation-indexed securities.

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

2. Significant Accounting Policies

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

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, convertible bonds, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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.

20


If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

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

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

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

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The 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 the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

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

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

21


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

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

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

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. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 21% of the shares of the fund.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent 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 each class’s daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The 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 for each class for the period ended March 31, 2022 are as follows:
Investment Category
Fee Range
Complex
Fee Range
Effective Annual Management Fee
Investor Class0.1625%
to 0.2800%
0.2500% to 0.3100%0.45%
I Class0.1500% to 0.2100%0.35%
Y Class0.0500% to 0.1100%0.25%
A Class0.2500% to 0.3100%0.45%
C Class0.2500% to 0.3100%0.45%
R Class0.2500% to 0.3100%0.45%
R5 Class0.0500% to 0.1100%0.25%
R6 Class0.0000% to 0.0600%0.20%
G Class0.0000% to 0.0600%
0.00%(1)
(1)Effective annual management fee before waiver was 0.20%.

22


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 March 31, 2022 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 fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2022 totaled $1,050,718,853, of which $556,221,173 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2022 totaled $1,131,781,127, of which $577,101,007 represented U.S. Treasury and Government Agency obligations.

23


5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):
Year ended
March 31, 2022
Year ended
March 31, 2021
SharesAmountSharesAmount
Investor Class
Sold19,585,072 $252,068,972 17,580,459 $217,220,089 
Issued in reinvestment of distributions3,498,506 44,555,754 908,364 10,961,502 
Redeemed(16,314,387)(209,594,393)(21,138,631)(260,071,645)
6,769,191 87,030,333 (2,649,808)(31,890,054)
I Class
Sold19,067,651 244,587,613 19,913,093 246,406,746 
Issued in reinvestment of distributions1,407,426 17,897,701 232,236 2,815,549 
Redeemed(11,215,036)(143,319,900)(7,134,303)(87,640,903)
9,260,041 119,165,414 13,011,026 161,581,392 
Y Class
Sold1,297,999 16,677,883 1,922,528 23,798,872 
Issued in reinvestment of distributions226,617 2,881,575 41,200 499,494 
Redeemed(669,595)(8,595,475)(165,585)(2,039,040)
855,021 10,963,983 1,798,143 22,259,326 
A Class
Sold4,876,457 62,752,360 5,997,847 74,034,416 
Issued in reinvestment of distributions276,472 3,512,709 65,108 780,289 
Redeemed(7,243,540)(93,423,971)(6,345,294)(77,988,724)
(2,090,611)(27,158,902)(282,339)(3,174,019)
C Class
Sold611,499 7,872,052 348,850 4,331,714 
Issued in reinvestment of distributions15,529 197,232 2,089 24,986 
Redeemed(203,507)(2,600,349)(346,416)(4,264,090)
423,521 5,468,935 4,523 92,610 
R Class
Sold1,780,579 22,894,277 1,087,226 13,450,485 
Issued in reinvestment of distributions110,014 1,404,763 14,237 170,703 
Redeemed(880,548)(11,268,348)(867,867)(10,714,049)
1,010,045 13,030,692 233,596 2,907,139 
R5 Class
Sold8,584,415 110,305,593 10,681,785 132,411,353 
Issued in reinvestment of distributions1,010,991 12,854,876 302,973 3,665,312 
Redeemed(10,609,816)(135,438,803)(10,043,822)(123,831,723)
(1,014,410)(12,278,334)940,936 12,244,942 
R6 Class
Sold24,205,857 309,841,376 18,570,245 229,271,709 
Issued in reinvestment of distributions1,700,924 21,624,528 352,122 4,265,776 
Redeemed(18,035,861)(228,777,016)(8,627,627)(106,574,158)
7,870,920 102,688,888 10,294,740 126,963,327 
G Class
Sold6,761,789 87,148,657 41,693,076 518,084,106 
Issued in reinvestment of distributions3,759,428 47,793,931 810,897 9,903,598 
Redeemed(16,289,367)(211,599,568)(2,323,884)(28,895,483)
(5,768,150)(76,656,980)40,180,089 499,092,221 
Net increase (decrease)17,315,568 $222,254,029 63,530,906 $790,076,884 

24


6. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1Level 2Level 3
Assets
Investment Securities
U.S. Treasury Securities— $2,938,029,827 — 
Corporate Bonds— 126,839,021 — 
Asset-Backed Securities— 80,075,450 — 
Collateralized Loan Obligations— 60,722,528 — 
Commercial Mortgage-Backed Securities— 49,281,078 — 
Collateralized Mortgage Obligations— 29,961,330 — 
Short-Term Investments— 251,800,692 — 
— $3,536,709,926 — 
Other Financial Instruments
Swap Agreements— $83,880,695 — 
Liabilities
Other Financial Instruments
Futures Contracts$4,067,540 — — 
Swap Agreements— $3,547,449 — 
Forward Foreign Currency Exchange Contracts— 235,420 — 
$4,067,540 $3,782,869 — 

25


7. Derivative Instruments

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $91,104,772.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $142,454,512 futures contracts purchased and $62,019,896 futures contracts sold.

Other Contracts — A fund 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. 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 fund's average notional amount held during the period was $728,500,000.
26


Value of Derivative Instruments as of March 31, 2022
Asset DerivativesLiability Derivatives
Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Foreign Currency Risk
Unrealized appreciation on forward foreign currency exchange contracts— Unrealized depreciation on forward foreign currency exchange contracts$235,420 
Interest Rate Risk
Receivable for variation margin on futures contracts*$352,194 Payable for variation margin on futures contracts*— 
Other Contracts
Receivable for variation margin on swap agreements*— Payable for variation margin on swap agreements*789,680 
Other Contracts
Swap agreements1,784,772 Swap agreements3,547,449 
$2,136,966 $4,572,549 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2022
Net Realized Gain (Loss)Change in Net Unrealized
Appreciation (Depreciation)
Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Foreign Currency RiskNet realized gain (loss) on forward foreign currency exchange contract transactions$818,763 Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts$(256,477)
Interest Rate RiskNet realized gain (loss) on futures contract transactions(7,993,395)Change in net unrealized appreciation (depreciation) on futures contracts(4,141,825)
Other ContractsNet realized gain (loss) on swap agreement transactions— Change in net unrealized appreciation (depreciation) on swap agreements73,013,398 
$(7,174,632)$68,615,096 

8. Risk Factors

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

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

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2022 and March 31, 2021 were as follows:
20222021
Distributions Paid From
Ordinary income$165,524,876 $35,830,854 
Long-term capital gains— — 

27


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

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Federal tax cost of investments$3,421,137,579 
Gross tax appreciation of investments$163,961,103 
Gross tax depreciation of investments(48,388,756)
Net tax appreciation (depreciation) of investments115,572,347 
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies
80,327,878 
Net tax appreciation (depreciation)$195,900,225 
Other book-to-tax adjustments$(5,340,992)
Undistributed ordinary income $65,101,089 
Accumulated short-term capital losses$(1,006,228)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization for tax purposes of unrealized gains (losses) on futures contracts. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
28


Financial Highlights
For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From
Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Investor Class
2022$12.490.68(0.06)0.62(0.58)$12.534.89%0.46%0.46%5.30%5.30%30%$1,053,464 
2021$11.630.170.841.01(0.15)$12.498.70%0.47%0.47%1.46%1.46%22%$965,896 
2020$11.390.320.200.52(0.28)$11.634.62%0.47%0.47%2.70%2.70%24%$929,682 
2019$11.540.24(0.06)0.18(0.33)$11.391.63%0.47%0.47%2.17%2.17%21%$1,101,609 
2018$11.700.27(0.18)0.09(0.25)$11.540.80%0.47%0.47%2.34%2.34%23%$1,326,980 
I Class
2022$12.480.69(0.07)0.62(0.59)$12.514.92%0.36%0.36%5.40%5.40%30%$497,514 
2021$11.610.200.831.03(0.16)$12.488.91%0.37%0.37%1.56%1.56%22%$380,580 
2020$11.380.310.220.53(0.30)$11.614.64%0.37%0.37%2.80%2.80%24%$203,093 
2019$11.530.29(0.10)0.19(0.34)$11.381.73%0.37%0.37%2.27%2.27%21%$149,791 
2018(3)
$11.690.29(0.19)0.10(0.26)$11.530.87%
0.37%(4)
0.37%(4)
2.55%(4)
2.55%(4)
23%(5)
$293,697 



For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From
Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Y Class
2022$12.480.71(0.07)0.64(0.60)$12.525.10%0.26%0.26%5.50%5.50%30%$63,634 
2021$11.620.210.821.03(0.17)$12.488.93%0.27%0.27%1.66%1.66%22%$52,784 
2020$11.380.300.250.55(0.31)$11.624.84%0.27%0.27%2.90%2.90%24%$28,234 
2019$11.530.25(0.05)0.20(0.35)$11.381.83%0.27%0.27%2.37%2.37%21%$13,802 
2018(3)
$11.690.30(0.19)0.11(0.27)$11.530.95%
0.27%(4)
0.27%(4)
2.64%(4)
2.64%(4)
23%(5)
$566 
A Class
2022$12.460.66(0.09)0.57(0.54)$12.494.55%0.71%0.71%5.05%5.05%30%$130,021 
2021$11.590.140.850.99(0.12)$12.468.55%0.72%0.72%1.21%1.21%22%$155,704 
2020$11.360.290.190.48(0.25)$11.594.28%0.72%0.72%2.45%2.45%24%$148,184 
2019$11.500.22(0.06)0.16(0.30)$11.361.46%0.72%0.72%1.92%1.92%21%$153,652 
2018$11.670.24(0.19)0.05(0.22)$11.500.46%0.72%0.72%2.09%2.09%23%$205,059 
C Class
2022$12.430.54(0.06)0.48(0.45)$12.463.77%1.46%1.46%4.30%4.30%30%$12,996 
2021$11.600.050.840.89(0.06)$12.437.73%1.47%1.47%0.46%0.46%22%$7,698 
2020$11.360.210.200.41(0.17)$11.603.49%1.47%1.47%1.70%1.70%24%$7,134 
2019$11.510.14(0.07)0.07(0.22)$11.360.70%1.47%1.47%1.17%1.17%21%$11,407 
2018$11.680.16(0.19)(0.03)(0.14)$11.51(0.29)%1.47%1.47%1.34%1.34%23%$14,674 



For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From
Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
R Class
2022$12.510.61(0.06)0.55(0.51)$12.554.35%0.96%0.96%4.80%4.80%30%$41,155 
2021$11.650.110.840.95(0.09)$12.518.20%0.97%0.97%0.96%0.96%22%$28,398 
2020$11.410.260.210.47(0.23)$11.654.09%0.97%0.97%2.20%2.20%24%$23,721 
2019$11.550.17(0.04)0.13(0.27)$11.411.20%0.97%0.97%1.67%1.67%21%$26,748 
2018$11.720.22(0.20)0.02(0.19)$11.550.21%0.97%0.97%1.84%1.84%23%$27,016 
R5 Class
2022$12.480.71(0.07)0.64(0.60)$12.525.10%0.26%0.26%5.50%5.50%30%$293,867 
2021$11.620.200.831.03(0.17)$12.488.93%0.27%0.27%1.66%1.66%22%$305,728 
2020$11.380.340.210.55(0.31)$11.624.84%0.27%0.27%2.90%2.90%24%$273,591 
2019$11.530.28(0.08)0.20(0.35)$11.381.83%0.27%0.27%2.37%2.37%21%$327,939 
2018$11.690.29(0.17)0.12(0.28)$11.530.92%0.27%0.27%2.54%2.54%23%$445,988 
R6 Class
2022$12.480.71(0.07)0.64(0.61)$12.515.07%0.21%0.21%5.55%5.55%30%$554,324 
2021$11.610.210.841.05(0.18)$12.489.08%0.22%0.22%1.71%1.71%22%$454,592 
2020$11.380.330.210.54(0.31)$11.614.80%0.22%0.22%2.95%2.95%24%$303,503 
2019$11.520.26(0.04)0.22(0.36)$11.381.98%0.22%0.22%2.42%2.42%21%$238,545 
2018(6)
$11.550.20(0.11)0.09(0.12)$11.520.74%
0.22%(4)
0.22%(4)
2.56%(4)
2.56%(4)
23%(5)
$107,331 



For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From
Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
G Class
2022$12.490.74(0.07)0.67(0.63)$12.535.37%0.01%0.21%5.75%5.55%30%$899,091 
2021$11.630.260.801.06(0.20)$12.499.20%0.01%0.22%1.92%1.71%22%$968,646 
2020$11.390.370.210.58(0.34)$11.635.11%0.01%0.22%3.16%2.95%24%$434,322 
2019$11.530.30(0.06)0.24(0.38)$11.392.19%0.01%0.22%2.63%2.42%21%$529,604 
2018(6)
$11.550.22(0.12)0.10(0.12)$11.530.88%
0.01%(4)
0.22%(4)
2.80%(4)
2.59%(4)
23%(5)
$639,280 
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)April 10, 2017 (commencement of sale) through March 31, 2018.
(4)Annualized.
(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.
(6)July 28, 2017 (commencement of sale) through March 31, 2018.


See Notes to Financial Statements.




Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century Government Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Inflation-Adjusted Bond Fund (the “Fund”), one of the funds constituting the American Century Government Income Trust, as of March 31, 2022, the related statement of operations, statement of changes in net assets, and financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Inflation-Adjusted Bond Fund of the American Century Government Income Trust as of March 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended March 31, 2021 and the financial highlights for each of the four years in the period ended March 31, 2021 were audited by other auditors, whose report, dated May 18, 2021, expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
May 16, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
33


Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 76th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Jeremy I. Bulow, 9) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 3945 Freedom Circle, Suite #800, Santa Clara, California 95054. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder
(1955)
Trustee and Board ChairSince 2011 (Board Chair since 2022)Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)38Kirby Corporation; Nabors Industries, Ltd.; CYS Investments, Inc.(2012-2017)
Jeremy I. Bulow
(1954)
TrusteeSince 2011Professor of Economics, Stanford University, Graduate School of Business (1979 to present)78None
Jennifer Cabalquinto
(1968)
TrusteeSince 2021Chief Financial Officer, 2K (interactive entertainment) (2021 to present); Special Advisor, GSW Sports, LLC (2020 to 2021); Chief Financial Officer, GSW Sports, LLC (2013 to 2020)38Sabio Holdings, Inc.
Anne Casscells
(1958)
TrusteeSince 2016Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)38None
34


Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Jonathan D. Levin
(1972)
TrusteeSince 2016Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)38None
Peter F. Pervere
(1947)
TrusteeSince 2007Retired38None
John B. Shoven
(1947)
TrusteeSince 2002Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019)38
Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas
(1963)
TrusteeSince 2007President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries146None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

35


Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2014Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and Senior Vice President since 2021General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
C. Jean Wade
(1964)
Vice President since 2012Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach
(1966)
Vice President since 2006Vice President, ACS (2000 to present)
David H. Reinmiller
(1963)
Vice President since 2000Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)
Secretary since 2005Attorney, ACC (2003 to present)





36


Liquidity Risk Management Program


The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Program Administrator, including members of ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain Fund’s investments is supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.

37


Additional Information

Retirement Account Information

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

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

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

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

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


Proxy Voting Policies

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


Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.



38


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund utilized earnings and profits of $8,360,854 distributed to shareholders on redemption of shares as part of the dividends paid deduction (tax equalization).


39


Notes


40






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American Century Government Income Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-92277 2205




    


image5.jpg
Annual Report
March 31, 2022
Short-Term Government Fund
Investor Class (TWUSX)
I Class (ASGHX)
A Class (TWAVX)
C Class (TWACX)
R Class (TWARX)
R5 Class (TWUOX)















Table of Contents
President’s Letter
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Example
Schedule of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Liquidity Risk Management Program
Additional Information





















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



President’s Letter
image14.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended March 31, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Soaring Inflation, Escalating Volatility Led to Mixed Results for Stocks and Bonds

Upbeat economic and earnings data and continued Federal Reserve (Fed) support generally buoyed stock returns for most of the reporting period. Despite periodic outbreaks of COVID-19, the worst of the virus appeared over in the U.S., and pre-pandemic activities gradually resumed. Bonds delivered solid gains in the first half of the period before a Fed policy pivot triggered a drastic sentiment shift in fixed-income markets.

Early in the period, inflation began a steady upward march. Initially, the Fed was unfazed, viewing the price hikes as a temporary economic consequence of recovering from the pandemic. But by late 2021, inflation was surging toward multidecade highs, prompting the Fed to adopt a more hawkish strategy.

Policymakers announced an abrupt end to bond buying followed by a March rate hike, the first since 2018. At period-end, market indicators reflected expectations for more aggressive Fed rate hikes along with balance sheet cuts to tame inflation.

In addition to an 8.5% annual inflation rate and a hawkish Fed, Russia’s invasion of Ukraine further rattled investors in early 2022. Stocks declined sharply amid the unrest, but strong performance earlier in the fiscal year left most U.S. indices with solid 12-month gains. For bonds, declines in the second half of the reporting period overwhelmed earlier gains, and most U.S. fixed-income indices retreated for the 12 months overall.

Staying Focused in Uncertain Times

We expect market volatility to linger amid elevated inflation and tighter Fed policy. In addition, Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.

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

Sincerely,
image11.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of March 31, 2022
Average Annual Returns
Ticker
Symbol
1 year5 years10 yearsSince
Inception
Inception
Date
Investor ClassTWUSX-2.61%0.98%0.59%12/15/82
Bloomberg U.S. 1-3 Year Government Bond Index-3.03%1.05%0.85%
I ClassASGHX-2.51%1.06%4/10/17
A ClassTWAVX7/8/98
No sales charge-2.78%0.73%0.34%
With sales charge-5.00%0.27%0.12%
C ClassTWACX-3.62%-0.04%-0.41%3/1/10
R ClassTWARX-3.04%0.48%0.09%3/1/10
R5 ClassTWUOX-2.41%1.16%0.79%3/1/10
Average annual returns since inception are presented when ten years of performance history is not available.

C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 2.25% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.






















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
3


Growth of $10,000 Over 10 Years
$10,000 investment made March 31, 2012
Performance for other share classes will vary due to differences in fee structure.
chart-11173cb788dc4d88832.jpg
Value on March 31, 2022
Investor Class — $10,603
Bloomberg U.S. 1-3 Year Government Bond Index — $10,885
Total Annual Fund Operating Expenses
Investor ClassI ClassA ClassC ClassR ClassR5 Class
0.55%0.45%0.80%1.55%1.05%0.35%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.


















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
4


Portfolio Commentary
 
Portfolio Managers: Bob Gahagan, Peter Van Gelderen, Dan Shiffman and Jim Platz

In August 2021, Peter Van Gelderen joined the fund’s portfolio management team, and Hando Aguilar left the team. Brian Howell also left the fund’s portfolio management team in August 2021, ahead of his December 2021 retirement from American Century Investments.

Performance Summary

Short-Term Government returned -2.61%* for the 12 months ended March 31, 2022. By comparison, the Bloomberg U.S. 1-3 Year Government Bond Index returned -3.03%. Fund returns reflect operating expenses, while index returns do not.

Inflation and changing Federal Reserve (Fed) policy dominated the reporting period. Inflation started the period well above the Fed’s longtime 2% target and didn’t let up. Persistent supply chain challenges, surging demand, soaring oil and commodity prices, labor shortages and fiscal policy contributed to spiking prices.

Fed policy generally remained dovish until late 2021, as inflation continued to rise. Until then, policymakers insisted rising prices would be transitory. The Fed accelerated the tapering of its bond-buying program and in March 2022 finally hiked interest rates just as inflation was revisiting 40-year highs.

The U.S. economy expanded at a healthy clip through much of the period, bolstered by robust manufacturing activity, a strong housing market and job gains. By period-end, however, business and consumer confidence wavered, and retail sales weakened in the face of climbing prices and interest rates.

Resurgent waves of COVID-19 cases and, in the period’s final weeks, Russia’s invasion of Ukraine contributed to significant rate volatility during the period. After starting the reporting period at 1.75%, the 10-year Treasury yield ended March 2022 at 2.34%, fueled by an 83-basis-point jump in the first quarter of 2022. More closely tied to the Fed’s key rate, the two-year Treasury yield jumped from 0.16% at the start of the period to 2.34%, including a 161-basis-point surge during the first quarter of 2022. The Treasury yield curve significantly flattened during the period, reflecting a larger rise in short-maturity yields than in long-maturity yields.

Inflation-Linked Securities, Duration Aided Relative Returns

As inflation soared—both in current inflation figures and expectations—our out-of-index investment in inflation-linked securities lifted performance. In addition, our shorter-than-index duration positioning proved advantageous, especially as rates broadly rose late in the period.

Security Selection Diminished Performance

Security selection modestly detracted from returns. Specifically, investments in nominal Treasuries and other government bonds weighed on results.








*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.
5


Portfolio Positioning

We believe the U.S. economy will continue to grow in the coming quarters, but likely at a slower pace than in 2021. We believe elevated market volatility will persist as investors contend with potential headwinds, including ongoing pressures from elevated inflation, Fed tightening and geopolitical unrest.

The Fed faces a formidable task in tempering inflation without triggering a recession. Anticipating further Fed tightening and elevated inflation, we believe bond market yields may yet climb modestly higher, so we ended the period maintaining our short-duration strategy. An inverted yield curve remains a possibility, but we don’t think a recession is imminent, largely due to relatively strong economic fundamentals.

We expect annual headline inflation to peak in the coming months. However, several factors, including supply chain issues, record federal spending and deficits, rising wages and deglobalization, likely will keep inflation well above pre-pandemic levels. Against this backdrop, we still believe inflation-linked securities offer value.

Within securitized assets, we believe demand for floating-rate issues will remain healthy. We also believe select government-guaranteed asset-backed securities are solid candidates for a potential rebound. We expect to maintain an underweight position to agency mortgage-backed securities as the Fed considers trimming its balance sheet.

Given the broad uncertainties, we expect to maintain reduced risk exposure until more macroeconomic clarity emerges. Nonetheless, we continue to look for attractive buying opportunities that often emerge during volatile periods, relying on our bottom-up approach to portfolio management.

6


Fund Characteristics
MARCH 31, 2022
Types of Investments in Portfolio% of net assets
U.S. Treasury Securities67.8%
Collateralized Mortgage Obligations10.6%
U.S. Government Agency Securities8.5%
Asset-Backed Securities7.4%
U.S. Government Agency Mortgage-Backed Securities1.8%
Short-Term Investments5.7%
Other Assets and Liabilities(1.8)%

7


Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

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

8


Beginning
Account Value
10/1/21
Ending
Account Value
3/31/22
Expenses Paid
During Period(1)
10/1/21 - 3/31/22
Annualized
Expense Ratio(1)
Actual
Investor Class$1,000$973.20$2.660.54%
I Class$1,000$972.70$2.160.44%
A Class$1,000$971.90$3.880.79%
C Class$1,000$967.80$7.561.54%
R Class$1,000$970.60$5.111.04%
R5 Class$1,000$974.20$1.670.34%
Hypothetical
Investor Class$1,000$1,022.24$2.720.54%
I Class$1,000$1,022.74$2.220.44%
A Class$1,000$1,020.99$3.980.79%
C Class$1,000$1,017.25$7.751.54%
R Class$1,000$1,019.75$5.241.04%
R5 Class$1,000$1,023.24$1.720.34%
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
9


Schedule of Investments

MARCH 31, 2022
Principal AmountValue
U.S. TREASURY SECURITIES — 67.8%


U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/26$6,481,881 $6,816,419 
U.S. Treasury Notes, 0.25%, 6/15/23(1)
1,000,000 980,684 
U.S. Treasury Notes, 0.50%, 11/30/237,500,000 7,290,967 
U.S. Treasury Notes, 0.125%, 1/15/2427,000,000 25,985,918 
U.S. Treasury Notes, 0.875%, 1/31/248,000,000 7,797,500 
U.S. Treasury Notes, 1.50%, 2/29/2416,000,000 15,768,125 
U.S. Treasury Notes, 0.375%, 4/15/2435,000,000 33,625,977 
U.S. Treasury Notes, 1.50%, 9/30/244,000,000 3,906,562 
U.S. Treasury Notes, 0.75%, 11/15/244,000,000 3,823,828 
U.S. Treasury Notes, 1.125%, 1/15/2515,000,000 14,445,703 
U.S. Treasury Notes, 1.50%, 2/15/2521,000,000 20,414,297 
U.S. Treasury Notes, VRN, 0.64%, (3-month USBMMY plus 0.03%), 4/30/233,000,000 3,004,094 
U.S. Treasury Notes, VRN, 0.64%, (3-month USBMMY plus 0.04%), 10/31/232,000,000 2,003,763 
TOTAL U.S. TREASURY SECURITIES
(Cost $149,350,159)
145,863,837 
COLLATERALIZED MORTGAGE OBLIGATIONS — 10.6%


U.S. Government Agency Collateralized Mortgage Obligations — 10.6%
FHLMC, Series 3114, Class FT, VRN, 0.75%, (1-month LIBOR plus 0.35%), 9/15/30248,823 248,919 
FHLMC, Series 3149, Class LF, VRN, 0.70%, (1-month LIBOR plus 0.30%), 5/15/36807,544 806,491 
FHLMC, Series 3200, Class FP, VRN, 0.60%, (1-month LIBOR plus 0.20%), 8/15/36499,847 496,983 
FHLMC, Series 3206, Class FE, VRN, 0.80%, (1-month LIBOR plus 0.40%), 8/15/36199,614 200,193 
FHLMC, Series 3213, Class LF, VRN, 0.62%, (1-month LIBOR plus 0.22%), 9/15/36665,871 662,649 
FHLMC, Series 3231, Class FA, VRN, 0.80%, (1-month LIBOR plus 0.40%), 10/15/36222,545 223,217 
FHLMC, Series 3301, Class FA, VRN, 0.70%, (1-month LIBOR plus 0.30%), 8/15/35212,639 212,364 
FHLMC, Series 3380, Class FP, VRN, 0.75%, (1-month LIBOR plus 0.35%), 11/15/36261,079 261,298 
FHLMC, Series 3508, Class PF, VRN, 1.25%, (1-month LIBOR plus 0.85%), 2/15/3994,183 96,437 
FHLMC, Series 3587, Class FB, VRN, 1.17%, (1-month LIBOR plus 0.78%), 2/15/36253,602 258,463 
FHLMC, Series K037, Class A1 SEQ, 2.59%, 4/25/23284,650 285,973 
FHLMC, Series K039, Class A1 SEQ, 2.68%, 12/25/23644,458 648,487 
FHLMC, Series K043, Class A1 SEQ, 2.53%, 10/25/23455,472 457,700 
FHLMC, Series K043, Class A2 SEQ, 3.06%, 12/25/24794,000 800,814 
FHLMC, Series K725, Class A2 SEQ, 3.00%, 1/25/242,100,000 2,114,238 
FHLMC, Series K726, Class A2 SEQ, 2.91%, 4/25/241,395,856 1,403,020 
FHLMC, Series K739, Class A1 SEQ, 0.52%, 11/25/262,362,151 2,244,082 
FHLMC, Series K742, Class A1 SEQ, 0.86%, 6/25/272,197,463 2,055,589 
FHLMC, Series KF32, Class A, VRN, 0.61%, (1-month LIBOR plus 0.37%), 5/25/2473,079 73,099 
FHLMC, Series KF35, Class A, VRN, 0.59%, (1-month LIBOR plus 0.35%), 8/25/24471,172 471,260 
10


Principal AmountValue
FHLMC, Series KIR1, Class A1 SEQ, 2.45%, 3/25/26$1,753,001 $1,751,503 
FHLMC, Series KJ25, Class A2 SEQ, 2.61%, 1/25/26705,818 701,632 
FNMA, Series 2004-28, Class FE, VRN, 0.81%, (1-month LIBOR plus 0.35%), 5/25/34756,209 756,587 
FNMA, Series 2006-11, Class FA, VRN, 0.76%, (1-month LIBOR plus 0.30%), 3/25/36226,071 225,838 
FNMA, Series 2006-60, Class KF, VRN, 0.76%, (1-month LIBOR plus 0.30%), 7/25/36576,559 575,869 
FNMA, Series 2006-72, Class TE, VRN, 0.76%, (1-month LIBOR plus 0.30%), 8/25/36277,615 277,229 
FNMA, Series 2008-9, Class FA, VRN, 0.96%, (1-month LIBOR plus 0.50%), 2/25/38813,550 820,030 
FNMA, Series 2009-33, Class FB, VRN, 1.28%, (1-month LIBOR plus 0.82%), 3/25/37313,025 319,966 
FNMA, Series 2009-89, Class FD, VRN, 1.06%, (1-month LIBOR plus 0.60%), 5/25/36158,739 160,463 
FNMA, Series 2016-11, Class FB, VRN, 0.66%, (1-month LIBOR plus 0.55%), 3/25/46239,782 240,722 
FNMA, Series 2016-M13, Class FA, VRN, 0.80%, (1-month LIBOR plus 0.67%), 11/25/2325,168 25,226 
FNMA, Series 2016-M2, Class FA, VRN, 0.98%, (1-month LIBOR plus 0.85%), 1/25/2365,419 65,555 
FRESB Mortgage Trust, Series 2021-SB83, Class A5F, VRN, 0.63%, 1/25/262,139,614 2,002,324 
GNMA, Series 2010-14, Class QF, VRN, 0.88%, (1-month LIBOR plus 0.45%), 2/16/40445,098 446,828 
GNMA, Series 2016-68, Class MF, VRN, 0.53%, (1-month LIBOR plus 0.30%), 5/20/46306,804 306,551 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $23,169,517)
22,697,599 
U.S. GOVERNMENT AGENCY SECURITIES — 8.5%


FHLB, 0.125%, 6/2/234,700,000 4,597,625 
FHLB, 0.125%, 8/28/2314,000,000 13,622,384 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $18,676,123)
18,220,009 
ASSET-BACKED SECURITIES — 7.4%


Brazos Education Loan Authority, Inc., Series 2021-1, Class A1B, VRN, 1.04%, (1-month LIBOR plus 0.58%), 11/25/711,924,807 1,900,650 
Brazos Education Loan Authority, Inc., Series 2021-2, Class A1B, VRN, 1.16%, (1-month LIBOR plus 0.70%), 1/25/722,018,434 2,006,096 
ECMC Group Student Loan Trust, Series 2021-1A, Class A1B, VRN, 1.03%, (1-month LIBOR plus 0.57%), 11/25/70(2)
1,796,656 1,763,093 
Missouri Higher Education Loan Authority, Series 2021-2, Class A1B, VRN, 0.89%, (1-month LIBOR plus 0.70%), 3/25/61307,327 312,269 
Missouri Higher Education Loan Authority, Series 2021-3, Class A1B, VRN, 0.76%, (1-month LIBOR plus 0.57%), 8/25/611,948,362 1,891,199 
Nelnet Student Loan Trust, Series 2006-1, Class A6, VRN, 0.93%, (3-month LIBOR plus 0.45%), 8/23/36(2)
1,794,209 1,765,700 
North Texas Higher Education Authority, Inc., Series 2021-1, Class A1B, VRN, 1.03%, (1-month LIBOR plus 0.57%), 9/25/612,026,202 2,014,661 
North Texas Higher Education Authority, Inc., Series 2021-2, Class A1B, VRN, 1.03%, (1-month LIBOR plus 0.57%), 10/25/612,018,430 1,968,259 
Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, VRN, 0.99%, (1-month LIBOR plus 0.53%), 5/25/70(2)
2,358,064 2,341,032 
TOTAL ASSET-BACKED SECURITIES
(Cost $16,184,569)
15,962,959 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.8%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 1.7%
FHLMC, VRN, 2.63%, (6-month LIBOR plus 2.26%), 3/1/246,835 6,839 
11


Principal AmountValue
FHLMC, VRN, 2.34%, (1-year H15T1Y plus 2.25%), 9/1/35$69,493 $72,816 
FHLMC, VRN, 2.20%, (1-year H15T1Y plus 2.14%), 10/1/3637,537 39,627 
FHLMC, VRN, 2.04%, (12-month LIBOR plus 1.67%), 12/1/3622,986 22,965 
FHLMC, VRN, 2.36%, (1-year H15T1Y plus 2.26%), 4/1/3730,932 32,421 
FHLMC, VRN, 2.03%, (12-month LIBOR plus 1.78%), 5/1/4030,558 30,772 
FHLMC, VRN, 2.13%, (12-month LIBOR plus 1.88%), 7/1/4038,357 39,625 
FHLMC, VRN, 2.02%, (12-month LIBOR plus 1.77%), 9/1/4028,636 29,419 
FHLMC, VRN, 2.15%, (12-month LIBOR plus 1.88%), 5/1/4140,596 42,118 
FHLMC, VRN, 2.13%, (12-month LIBOR plus 1.88%), 10/1/41132,682 133,133 
FHLMC, VRN, 1.90%, (12-month LIBOR plus 1.65%), 12/1/4272,995 75,021 
FHLMC, VRN, 2.88%, (12-month LIBOR plus 1.63%), 1/1/44164,662 167,485 
FHLMC, VRN, 3.27%, (12-month LIBOR plus 1.62%), 6/1/4476,007 77,430 
FHLMC, VRN, 1.85%, (12-month LIBOR plus 1.60%), 10/1/4443,889 45,319 
FHLMC, VRN, 2.65%, (12-month LIBOR plus 1.60%), 6/1/4578,716 81,488 
FNMA, VRN, 2.19%, (1-year H15T1Y plus 2.12%), 8/1/23379 379 
FNMA, VRN, 2.41%, (1-year H15T1Y plus 2.28%), 5/1/258,892 8,909 
FNMA, VRN, 1.66%, (6-month LIBOR plus 1.50%), 3/1/33118,501 118,879 
FNMA, VRN, 1.73%, (6-month LIBOR plus 1.57%), 6/1/3570,841 73,576 
FNMA, VRN, 1.74%, (6-month LIBOR plus 1.57%), 6/1/3587,978 91,377 
FNMA, VRN, 1.75%, (6-month LIBOR plus 1.57%), 6/1/35129,172 134,163 
FNMA, VRN, 1.76%, (6-month LIBOR plus 1.57%), 6/1/3511,137 11,558 
FNMA, VRN, 1.78%, (6-month LIBOR plus 1.54%), 9/1/3558,474 60,589 
FNMA, VRN, 1.78%, (6-month LIBOR plus 1.55%), 3/1/36150,616 156,150 
FNMA, VRN, 2.00%, (12-month LIBOR plus 1.75%), 11/1/39106,300 107,869 
FNMA, VRN, 2.07%, (12-month LIBOR plus 1.69%), 1/1/407,702 7,878 
FNMA, VRN, 2.04%, (12-month LIBOR plus 1.79%), 8/1/4034,648 35,937 
FNMA, VRN, 2.00%, (12-month LIBOR plus 1.75%), 7/1/4117,176 17,192 
FNMA, VRN, 2.01%, (12-month LIBOR plus 1.74%), 5/1/421,224,841 1,275,294 
FNMA, VRN, 1.89%, (12-month LIBOR plus 1.59%), 3/1/4326,776 27,100 
FNMA, VRN, 1.84%, (12-month LIBOR plus 1.59%), 8/1/4536,809 37,713 
FNMA, VRN, 2.68%, (12-month LIBOR plus 1.61%), 4/1/46137,904 142,113 
FNMA, VRN, 2.92%, (12-month LIBOR plus 1.61%), 4/1/4655,862 57,231 
FNMA, VRN, 2.80%, (12-month LIBOR plus 1.61%), 5/1/46151,863 155,960 
FNMA, VRN, 3.17%, (12-month LIBOR plus 1.61%), 3/1/4772,201 72,736 
FNMA, VRN, 3.12%, (12-month LIBOR plus 1.61%), 4/1/4776,563 77,215 
FNMA, VRN, 2.97%, (12-month LIBOR plus 1.60%), 9/1/47121,736 125,920 
3,692,216 
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%
FNMA, 7.00%, 5/1/3228,645 29,362 
FNMA, 7.00%, 5/1/3275,072 80,170 
FNMA, 7.00%, 6/1/3246,302 49,503 
FNMA, 7.00%, 8/1/3211,632 11,668 
FNMA, 3.50%, 3/1/34106,046 108,920 
279,623 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $3,965,067)
3,971,839 


12


Principal Amount/SharesValue
SHORT-TERM INVESTMENTS — 5.7%


Discount Notes — 2.8%
U.S. Treasury Bills, 0.98%, 2/23/23(3)
$6,000,000 $5,923,194 
Money Market Funds — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class1,590,701 1,590,701 
Repurchase Agreements — 2.2%
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.375%, 5/15/44, valued at $4,434,044) at 0.25%, dated 3/31/22, due 4/1/22 (Delivery value $4,347,030)4,347,000 
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.125% - 3.625%, 2/15/43 - 8/15/43, valued at $443,532) in a joint trading account at 0.26%, dated 3/31/22, due 4/1/22 (Delivery value $434,756)434,753 
4,781,753 
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,319,837)
12,295,648 
TOTAL INVESTMENT SECURITIES — 101.8%
(Cost $223,665,272)

219,011,891 
OTHER ASSETS AND LIABILITIES — (1.8)%

(3,822,911)
TOTAL NET ASSETS — 100.0%

$215,188,980 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes17June 2022$3,602,672 $(6,477)
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes92June 2022$10,551,250 $169,117 
U.S. Treasury 10-Year Notes8June 2022983,000 (609)
U.S. Treasury 10-Year Ultra Notes1June 2022135,469 4,186 
$11,669,719 $172,694 
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate IndexPay/Receive Floating
Rate Index at Termination
Fixed Rate Termination
Date
Notional
Amount
Premiums Paid (Received)Unrealized
Appreciation
(Depreciation)
Value
CPURNSAReceive2.33%2/8/26$4,000,000 $524 $436,715 $437,239 
CPURNSAReceive2.29%2/24/26$3,000,000 518 330,271 330,789 
$1,042 $766,986 $768,028 

13


NOTES TO SCHEDULE OF INVESTMENTS
CPURNSA-U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
FHLB-Federal Home Loan Bank
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
H15T1Y-Constant Maturity U.S. Treasury Note Yield Curve Rate Index
LIBOR-London Interbank Offered Rate
SEQ-Sequential Payer
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)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $352,112.
(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 $5,869,825, which represented 2.7% of total net assets.
(3)The rate indicated is the yield to maturity at purchase.


See Notes to Financial Statements.

14


Statement of Assets and Liabilities
MARCH 31, 2022
Assets
Investment securities, at value (cost of $223,665,272)$219,011,891 
Receivable for investments sold13,303 
Receivable for capital shares sold64,424 
Interest receivable239,101 
219,328,719 
Liabilities
Payable for investments purchased3,865,854 
Payable for capital shares redeemed149,402 
Payable for variation margin on futures contracts14,086 
Payable for variation margin on swap agreements11,301 
Accrued management fees92,186 
Distribution and service fees payable5,118 
Dividends payable1,792 
4,139,739 
Net Assets$215,188,980 
Net Assets Consist of:
Capital paid in$220,576,782 
Distributable earnings(5,387,802)
$215,188,980 

Net AssetsShares OutstandingNet Asset Value Per Share
Investor Class$152,845,00016,169,701$9.45
I Class$18,367,1161,944,771$9.44
A Class$6,795,446718,469
$9.46*
C Class$2,590,544282,438$9.17
R Class$3,090,284328,748$9.40
R5 Class$31,500,5903,331,961$9.45
*Maximum offering price $9.68 (net asset value divided by 0.9775).


See Notes to Financial Statements.

15


Statement of Operations
YEAR ENDED MARCH 31, 2022
Investment Income (Loss)
Income:
Interest$2,264,173 
Expenses:
Management fees1,215,179 
Distribution and service fees:
A Class21,418 
C Class29,025 
R Class14,366 
Trustees' fees and expenses15,272 
Other expenses493 
1,295,753 
Net investment income (loss)968,420 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(469,071)
Futures contract transactions(101,064)
(570,135)
Change in net unrealized appreciation (depreciation) on:
Investments(6,803,279)
Futures contracts(13,010)
Swap agreements677,427 
(6,138,862)
Net realized and unrealized gain (loss)(6,708,997)
Net Increase (Decrease) in Net Assets Resulting from Operations$(5,740,577)


See Notes to Financial Statements.

16


Statement of Changes in Net Assets
YEARS ENDED MARCH 31, 2022 AND MARCH 31, 2021
Increase (Decrease) in Net Assets
March 31, 2022March 31, 2021
Operations
Net investment income (loss)$968,420 $893,443 
Net realized gain (loss)(570,135)3,729,898 
Change in net unrealized appreciation (depreciation)(6,138,862)(1,644,496)
Net increase (decrease) in net assets resulting from operations(5,740,577)2,978,845 
Distributions to Shareholders
From earnings:
Investor Class(1,895,275)(1,064,239)
I Class(294,854)(284,893)
A Class(69,096)(27,029)
C Class(21,657)(145)
R Class(18,772)(2,719)
R5 Class(240,307)(141,291)
Decrease in net assets from distributions(2,539,961)(1,520,316)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)(52,684,820)(1,521,269)
Net increase (decrease) in net assets(60,965,358)(62,740)
Net Assets
Beginning of period276,154,338 276,217,078 
End of period$215,188,980 $276,154,338 


See Notes to Financial Statements.

17


Notes to Financial Statements

MARCH 31, 2022

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. Short-Term Government Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek high current income while maintaining safety of principal.

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

2. Significant Accounting Policies

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

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

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. U.S. Treasury, Government Agency and municipal securities 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.

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.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

18


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

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Trustees. The 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 the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

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

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

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

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

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

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.

19


Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent 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 each class’s daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The 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 Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended March 31, 2022 are as follows:
Investment Category Fee RangeComplex Fee
Range
Effective Annual Management Fee
Investor Class
0.2425%
to 0.3600%
0.2500% to 0.3100%0.53%
I Class0.1500% to 0.2100%0.43%
A Class0.2500% to 0.3100%0.53%
C Class0.2500% to 0.3100%0.53%
R Class0.2500% to 0.3100%0.53%
R5 Class0.0500% to 0.1100%0.33%

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 March 31, 2022 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 fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended March 31, 2022 totaled $539,000,859, of which $515,819,562 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended March 31, 2022 totaled $586,325,494, of which $566,055,621 represented U.S. Treasury and Government Agency obligations.

20


5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):
Year ended
March 31, 2022
Year ended
March 31, 2021
SharesAmountSharesAmount
Investor Class
Sold3,194,580 $31,078,723 18,006,022 $176,160,738 
Issued in reinvestment of distributions191,192 1,854,928 102,407 1,002,369 
Redeemed(7,378,284)(71,803,452)(19,851,496)(194,093,712)
(3,992,512)(38,869,801)(1,743,067)(16,930,605)
I Class
Sold2,142,694 20,842,874 9,836,688 96,147,745 
Issued in reinvestment of distributions30,313 294,503 28,676 280,493 
Redeemed(4,000,946)(39,036,310)(8,456,254)(82,665,091)
(1,827,939)(17,898,933)1,409,110 13,763,147 
A Class
Sold198,458 1,928,092 588,838 5,757,657 
Issued in reinvestment of distributions7,110 68,980 2,757 26,977 
Redeemed(595,365)(5,791,946)(404,186)(3,959,780)
(389,797)(3,794,874)187,409 1,824,854 
C Class
Sold129,156 1,232,441 184,001 1,763,371 
Issued in reinvestment of distributions2,301 21,657 15 145 
Redeemed(92,818)(870,402)(252,625)(2,421,961)
38,639 383,696 (68,609)(658,445)
R Class
Sold165,061 1,589,453 533,506 5,200,187 
Issued in reinvestment of distributions1,949 18,772 276 2,684 
Redeemed(163,077)(1,578,876)(414,135)(4,038,473)
3,933 29,349 119,647 1,164,398 
R5 Class
Sold2,604,732 25,140,648 2,278,250 22,320,160 
Issued in reinvestment of distributions24,788 240,307 14,435 141,291 
Redeemed(1,842,790)(17,915,212)(2,364,598)(23,146,069)
786,730 7,465,743 (71,913)(684,618)
Net increase (decrease)(5,380,946)$(52,684,820)(167,423)$(1,521,269)

6. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

21


The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1Level 2Level 3
Assets
Investment Securities
U.S. Treasury Securities— $145,863,837 — 
Collateralized Mortgage Obligations— 22,697,599 — 
U.S. Government Agency Securities— 18,220,009 — 
Asset-Backed Securities— 15,962,959 — 
U.S. Government Agency Mortgage-Backed Securities— 3,971,839 — 
Short-Term Investments$1,590,701 10,704,947 — 
$1,590,701 $217,421,190 — 
Other Financial Instruments
Futures Contracts$173,303 — — 
Swap Agreements— $768,028 — 
$173,303 $768,028 — 
Liabilities
Other Financial Instruments
Futures Contracts$7,086 — — 

7. Derivative Instruments

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $5,751,290 futures contracts purchased and $12,088,863 futures contracts sold.

22


Other Contracts — A fund 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. 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 fund's average notional amount held during the period was $7,000,000.

Value of Derivative Instruments as of March 31, 2022
Asset DerivativesLiability Derivatives
Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Interest Rate RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$14,086 
Other ContractsReceivable for variation margin on swap agreements*— Payable for variation margin on swap agreements*11,301 
— $25,387 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2022
Net Realized Gain (Loss)Change in Net Unrealized Appreciation (Depreciation)
Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Interest Rate RiskNet realized gain (loss) on futures contract transactions$(101,064)Change in net unrealized appreciation (depreciation) on futures contracts$(13,010)
Other ContractsNet realized gain (loss) on swap agreement transactions— Change in net unrealized appreciation (depreciation) on swap agreements677,427 
$(101,064)$664,417 

8. Risk Factors

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

23


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

The fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

9. Federal Tax Information

The tax character of distributions paid during the years ended March 31, 2022 and March 31, 2021 were as follows:
20222021
Distributions Paid From
Ordinary income$2,294,797 $1,520,316 
Long-term capital gains$245,164 — 

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

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Federal tax cost of investments$224,289,700 
Gross tax appreciation of investments$44,827 
Gross tax depreciation of investments(5,322,636)
Net tax appreciation (depreciation) of investments(5,277,809)
Net tax appreciation (depreciation) on derivatives766,986 
Net tax appreciation (depreciation)$(4,510,823)
Other book-to-tax adjustments$(5,651)
Undistributed ordinary income — 
Post-October capital loss deferral$(871,328)

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

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.



24


Financial Highlights
For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value, End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
Net Assets,
End of Period
(in thousands)
Investor Class
2022$9.810.04(0.30)(0.26)(0.04)(0.06)(0.10)$9.45(2.61)%0.54%0.40%229%$152,845 
2021$9.750.030.080.11(0.05)(0.05)$9.811.09%0.55%0.27%162%$197,813 
2020$9.480.140.280.42(0.15)(0.15)$9.754.48%0.55%1.47%206%$213,672 
2019$9.450.170.040.21(0.18)(0.18)$9.482.25%0.55%1.81%128%$159,683 
2018$9.580.10(0.12)(0.02)(0.11)(0.11)$9.45(0.17)%0.55%1.05%101%$169,819 
I Class
2022$9.800.05(0.30)(0.25)(0.05)(0.06)(0.11)$9.44(2.51)%0.44%0.50%229%$18,367 
2021$9.750.030.080.11(0.06)(0.06)$9.801.09%0.45%0.37%162%$36,987 
2020$9.480.140.290.43(0.16)(0.16)$9.754.59%0.45%1.57%206%$23,045 
2019$9.450.180.040.22(0.19)(0.19)$9.482.35%0.45%1.91%128%$3,347 
2018(3)
$9.580.12(0.13)(0.01)(0.12)(0.12)$9.45(0.11)%
0.45%(4)
1.26%(4)
101%(5)
$2,691 
A Class
2022$9.810.01(0.29)(0.28)(0.01)(0.06)(0.07)$9.46(2.78)%0.79%0.15%229%$6,795 
2021$9.76
(6)
0.070.07(0.02)(0.02)$9.810.75%0.80%0.02%162%$10,876 
2020$9.480.110.300.41(0.13)(0.13)$9.764.33%0.80%1.22%206%$8,987 
2019$9.450.140.050.19(0.16)(0.16)$9.481.99%0.80%1.56%128%$5,293 
2018$9.590.08(0.13)(0.05)(0.09)(0.09)$9.45(0.53)%0.80%0.80%101%$8,897 



For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value, End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
Net Assets,
End of Period
(in thousands)
C Class
2022$9.58(0.06)(0.29)(0.35)
(6)
(0.06)(0.06)$9.17(3.62)%1.54%(0.60)%229%$2,591 
2021$9.57(0.07)0.080.01
(6)
(6)
$9.580.11%1.55%(0.73)%162%$2,335 
2020$9.290.050.270.32(0.04)(0.04)$9.573.46%1.55%0.47%206%$2,991 
2019$9.180.090.020.11
(6)
(6)
$9.291.20%1.55%0.81%128%$2,679 
2018$9.29
(6)
(0.11)(0.11)$9.18(1.18)%1.55%0.05%101%$585 
R Class
2022$9.76(0.01)(0.29)(0.30)
(6)
(0.06)(0.06)$9.40(3.04)%1.04%(0.10)%229%$3,090 
2021$9.72(0.03)0.080.05(0.01)(0.01)$9.760.52%1.05%(0.23)%162%$3,172 
2020$9.440.070.310.38(0.10)(0.10)$9.724.09%1.05%0.97%206%$1,995 
2019$9.410.130.030.16(0.13)(0.13)$9.441.74%1.05%1.31%128%$301 
2018$9.550.04(0.11)(0.07)(0.07)(0.07)$9.41(0.78)%1.05%0.55%101%$178 
R5 Class
2022$9.810.06(0.30)(0.24)(0.06)(0.06)(0.12)$9.45(2.41)%0.34%0.60%229%$31,501 
2021$9.750.050.080.13(0.07)(0.07)$9.811.29%0.35%0.47%162%$24,972 
2020$9.480.160.280.44(0.17)(0.17)$9.754.69%0.35%1.67%206%$25,528 
2019$9.450.190.040.23(0.20)(0.20)$9.482.45%0.35%2.01%128%$23,847 
2018$9.590.12(0.13)(0.01)(0.13)(0.13)$9.45(0.08)%0.35%1.25%101%$19,730 



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)April 10, 2017 (commencement of sale) through March 31, 2018.
(4)Annualized.
(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.
(6)Per-share amount was less than $0.005.


See Notes to Financial Statements.




Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century Government Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Short-Term Government Fund (the “Fund”), one of the funds constituting the American Century Government Income Trust, as of March 31, 2022, the related statement of operations, statement of changes in net assets, and financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Short-Term Government Fund of the American Century Government Income Trust as of March 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended March 31, 2021 and the financial highlights for each of the four years in the period ended March 31, 2021 were audited by other auditors, whose report, dated May 18, 2021, expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
May 16, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
28


Management

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 76th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Jeremy I. Bulow, 9) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 3945 Freedom Circle, Suite #800, Santa Clara, California 95054. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder
(1955)
Trustee and Board ChairSince 2011 (Board Chair since 2022)Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)38Kirby Corporation; Nabors Industries, Ltd.; CYS Investments, Inc.(2012-2017)
Jeremy I. Bulow
(1954)
TrusteeSince 2011Professor of Economics, Stanford University, Graduate School of Business (1979 to present)78None
Jennifer Cabalquinto
(1968)
TrusteeSince 2021Chief Financial Officer, 2K (interactive entertainment) (2021 to present); Special Advisor, GSW Sports, LLC (2020 to 2021); Chief Financial Officer, GSW Sports, LLC (2013 to 2020)38Sabio Holdings, Inc.
Anne Casscells
(1958)
TrusteeSince 2016Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)38None
29


Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Jonathan D. Levin
(1972)
TrusteeSince 2016Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)38None
Peter F. Pervere
(1947)
TrusteeSince 2007Retired38None
John B. Shoven
(1947)
TrusteeSince 2002Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019)38
Cadence Design Systems; Exponent; Financial Engines
Interested Trustee
Jonathan S. Thomas
(1963)
TrusteeSince 2007President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries146None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.


30


Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2014Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and Senior Vice President since 2021General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
C. Jean Wade
(1964)
Vice President since 2012Senior Vice President, ACS (2017 to present); Vice President ACS (2000 to 2017)
Robert J. Leach
(1966)
Vice President since 2006Vice President, ACS (2000 to present)
David H. Reinmiller
(1963)
Vice President since 2000Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)
Secretary since 2005Attorney, ACC (2003 to present)





31


Liquidity Risk Management Program


The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Program Administrator, including members of ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain Fund’s investments is supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.


32


Additional Information

Retirement Account Information

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

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

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

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

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


Proxy Voting Policies

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


Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

33



Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund hereby designates $245,164, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended March 31, 2022.

The fund hereby designates $1,196,850 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended March 31, 2022.



34


Notes

35


Notes

36












































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Contact Usamericancentury.com
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or 816-531-5575
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American Century Government Income Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2022 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-92278 2205



(b) None.


ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

(f) The registrant’s Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to American Century Asset Allocation Portfolios, Inc.’s Annual Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by reference.


ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The registrant's board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Tanya S. Beder, Jennifer Cabalquinto, Anne Casscells and Peter F. Pervere are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

(b) No response required.

(c) No response required.

(d) No response required.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

FY 2021: $141,722
FY 2022: $106,959





(b) Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were as follows:

For services rendered to the registrant:

FY 2021: $0
FY 2022: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2021: $0
FY 2022: $0

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

FY 2021: $0
FY 2022: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2021: $0
FY 2022: $0

(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

FY 2021: $0
FY 2022: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2021: $0
FY 2022: $0





(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant’s audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant’s audit committee also pre-approves its accountant’s engagements for non-audit services with the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

FY 2021: $144,500
FY 2022: $2,832,126

(h) The registrant’s investment adviser and accountant have notified the registrant’s audit committee of all non-audit services that were rendered by the registrant’s accountant to the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant’s audit committee included sufficient details regarding such services to allow the registrant’s audit committee to consider the continuing independence of its principal accountant.


ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.


ITEM 6. INVESTMENTS.

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

(b) Not applicable.


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

Not applicable.






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

Not applicable.


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

Not applicable.


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

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


ITEM 11. CONTROLS AND PROCEDURES.

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

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


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

Not applicable.


ITEM 13. EXHIBITS.

(a)(1) Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.’s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005.

(a)(2) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.




SIGNATURES

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

Registrant:American Century Government Income Trust
By:/s/ Patrick Bannigan
Name:Patrick Bannigan
Title:President
Date:May 25, 2022

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

By:/s/ Patrick Bannigan
Name:Patrick Bannigan
Title:President
(principal executive officer)
Date:May 25, 2022

By:/s/ R. Wes Campbell
Name:R. Wes Campbell
Title:Treasurer and
Chief Financial Officer
(principal financial officer)
Date:May 25, 2022