American Century Government Income Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-04363

AMERICAN CENTURY GOVERNMENT INCOME TRUST

(Exact name of registrant as specified in charter)

4500 MAIN STREET, KANSAS CITY, MISSOURI

64111

(Address of principal executive offices)

(Zip Code)

JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111

(Name and address of agent for service)

Registrant’s telephone number, including area code:

816-531-5575

Date of fiscal year end:

03-31

Date of reporting period:

09-30-2021

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Semiannual Report

			September 30, 2021

			Capital Preservation Fund
			Investor Class (CPFXX)


Table of Contents


President’s Letter			2

Fund Characteristics			3
Shareholder Fee Example			4
Schedule of Investments			6
Statement of Assets and Liabilities			8
Statement of Operations			9
Statement of Changes in Net Assets			10
Notes to Financial Statements			11
Financial Highlights			14


Approval of Management Agreement			15


Additional Information			19

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

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ended September 30, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Stocks, Bonds Advanced Amid Growing Concerns

Broad market sentiment was upbeat to start the period. Investors generally looked beyond pandemic-related challenges to improving growth and corporate earnings data. Ongoing support from leading central banks and governments helped maintain investor confidence in the financial markets and strengthen the overall global economic outlook.

However, a summer surge in COVID-19 cases arising from the delta variant triggered worries about the recovery’s sustainability. Most economic and corporate earnings data remained favorable, but the labor market was a notable exception. Despite record job openings, job growth remained weak, complicating reopening efforts for many businesses.

In this climate, U.S. Treasury yields generally declined through early August. From there, yields rose amid soaring inflation triggered by mounting supply chain disruptions and rising energy and housing prices. Congressional debate on the debt ceiling and the $3.5 trillion "human infrastructure" bill added to inflation worries. Year-over-year headline inflation reached 5.4% in September, matching a 13-year high.

Meanwhile, in September, the Federal Reserve hinted it may start scaling back its monetary support by year-end. This prompted a spike in Treasury yields and a sell-off among stocks. A credit crisis in China’s troubled property sector also weighed on stocks. Overall, though, strong performance in the first half of the reporting period led to positive six-month returns for most broad stock and bond indices.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to COVID-19’s delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization and fiscal and monetary policy likely will sway market dynamics.

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

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Fund Characteristics


SEPTEMBER 30, 2021
7-Day Current Yield
After waiver(1)			0.01%
Before waiver			-0.41%
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			53 days
Weighted Average Life			102 days

Portfolio Composition by Maturity			% of fund investments
1-30 days			45%
31-90 days			39%
91-180 days			6%
More than 180 days			10%


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 April 1, 2021 to September 30, 2021.

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.


	Beginning Account Value 4/1/21	Ending Account Value 9/30/21	Expenses Paid During Period(1) 4/1/21 - 9/30/21	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,000.10	$0.25	0.05%
Hypothetical
Investor Class	$1,000	$1,024.82	$0.25	0.05%

(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 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.


Schedule of Investments

SEPTEMBER 30, 2021 (UNAUDITED)


	Principal Amount		Value
U.S. TREASURY BILLS(1) — 67.3%
U.S. Treasury Bills, 0.04%, 10/5/21	$	29,200,000	$	29,199,867
U.S. Treasury Bills, 0.14%, 10/7/21	50,000,000		49,999,297
U.S. Treasury Bills, 0.05%, 10/12/21	67,500,000		67,499,018
U.S. Treasury Bills, 0.04%, 10/14/21	50,000,000		49,999,188
U.S. Treasury Bills, 0.04%, 10/21/21	80,000,000		79,997,982
U.S. Treasury Bills, 0.05%, 10/26/21	95,000,000		94,996,215
U.S. Treasury Bills, 0.04%, 10/28/21	85,000,000		84,997,262
U.S. Treasury Bills, 0.06%, 11/2/21	113,500,000		113,494,140
U.S. Treasury Bills, 0.05%, 11/4/21	78,250,000		78,246,327
U.S. Treasury Bills, 0.05%, 11/12/21	75,000,000		74,995,625
U.S. Treasury Bills, 0.03%, 11/18/21	88,000,000		87,995,187
U.S. Treasury Bills, 0.06%, 11/26/21	74,600,000		74,593,618
U.S. Treasury Bills, 0.05%, 12/2/21	34,992,000		34,989,288
U.S. Treasury Bills, 0.04%, 12/9/21	20,000,000		19,998,467
U.S. Treasury Bills, 0.06%, 12/23/21	77,500,000		77,492,478
U.S. Treasury Bills, 0.04%, 12/30/21	50,000,000		49,995,625
U.S. Treasury Bills, 0.05%, 1/13/22	25,000,000		24,996,389
U.S. Treasury Bills, 0.08%, 2/24/22	25,000,000		24,991,686
U.S. Treasury Bills, 0.05%, 3/31/22	50,000,000		49,987,431
U.S. Treasury Bills, 0.07%, 9/8/22	24,950,000		24,934,269
U.S. Treasury Cash Management Bills, 0.04%, 10/19/21	105,630,000		105,627,244
U.S. Treasury Cash Management Bills, 0.06%, 11/1/21	100,000,000		99,994,783
U.S. Treasury Cash Management Bills, 0.05%, 11/9/21	55,000,000		54,996,858
U.S. Treasury Cash Management Bills, 0.05%, 12/7/21	19,750,000		19,748,162
TOTAL U.S. TREASURY BILLS			1,473,766,406
U.S. TREASURY NOTES(1) — 32.1%
U.S. Treasury Notes, 2.875%, 10/15/21	27,500,000		27,529,537
U.S. Treasury Notes, 2.00%, 10/31/21	7,000,000		7,010,963
U.S. Treasury Notes, 2.875%, 11/15/21	80,000,000		80,273,643
U.S. Treasury Notes, 1.875%, 11/30/21	25,000,000		25,074,531
U.S. Treasury Notes, 1.625%, 12/31/21	12,500,000		12,549,393
U.S. Treasury Notes, 2.00%, 2/15/22	10,000,000		10,073,184
U.S. Treasury Notes, 1.125%, 2/28/22	12,500,000		12,554,426
U.S. Treasury Notes, 0.375%, 3/31/22	32,500,000		32,550,748
U.S. Treasury Notes, 1.875%, 3/31/22	20,000,000		20,180,402
U.S. Treasury Notes, 0.125%, 4/30/22	25,000,000		25,010,613
U.S. Treasury Notes, 1.75%, 4/30/22	12,500,000		12,623,360
U.S. Treasury Notes, 1.75%, 6/15/22	12,500,000		12,648,530
U.S. Treasury Notes, 1.50%, 8/15/22	27,500,000		27,840,219
U.S. Treasury Notes, VRN, 0.34%, (3-month USBMMY plus 0.30%), 10/31/21	33,000,000		33,006,651
U.S. Treasury Notes, VRN, 0.19%, (3-month USBMMY plus 0.15%), 1/31/22	95,000,000		95,026,098
U.S. Treasury Notes, VRN, 0.15%, (3-month USBMMY plus 0.11%), 4/30/22	105,940,000		105,968,977
U.S. Treasury Notes, VRN, 0.09%, (3-month USBMMY plus 0.06%), 7/31/22	28,650,000		28,651,048


	Principal Amount		Value
U.S. Treasury Notes, VRN, 0.09%, (3-month USBMMY plus 0.06%), 10/31/22	$	34,250,000	$	34,263,113
U.S. Treasury Notes, VRN, 0.08%, (3-month USBMMY plus 0.05%), 1/31/23	75,000,000		75,027,376
U.S. Treasury Notes, VRN, 0.07%, (3-month USBMMY plus 0.03%), 4/30/23	25,000,000		25,003,597
TOTAL U.S. TREASURY NOTES			702,866,409
U.S. TREASURY BONDS(1) — 0.4%
U.S. Treasury Bonds, 8.00%, 11/15/21	10,000,000		10,096,981
TOTAL INVESTMENT SECURITIES — 99.8%			2,186,729,796
OTHER ASSETS AND LIABILITIES — 0.2%			3,330,594
TOTAL NET ASSETS — 100.0%			$	2,190,060,390


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.


Statement of Assets and Liabilities


SEPTEMBER 30, 2021 (UNAUDITED)
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	2,186,729,796
Cash	30,886
Receivable for capital shares sold	2,107,167
Interest receivable	2,173,953
	2,191,041,802

Liabilities
Payable for capital shares redeemed	899,773
Accrued management fees	81,550
Dividends payable	89
	981,412

Net Assets	$	2,190,060,390

Investor Class Capital Shares
Shares outstanding (unlimited number of shares authorized)	2,190,054,536

Net Asset Value Per Share	$	1.00

Net Assets Consist of:
Capital paid in	$	2,190,057,426
Distributable earnings	2,964
	$	2,190,060,390

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	607,660

Expenses:
Management fees	5,212,381
Trustees' fees and expenses	74,089
	5,286,470
Fees waived	(4,789,651)
	496,819

Net investment income (loss)	110,841

Net realized gain (loss) on investment transactions	(111)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	110,730

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED) AND YEAR ENDED MARCH 31, 2021
Increase (Decrease) in Net Assets	September 30, 2021		March 31, 2021
Operations
Net investment income (loss)	$	110,841	$	329,680
Net realized gain (loss)	(111)		2,571
Net increase (decrease) in net assets resulting from operations	110,730		332,251

Distributions to Shareholders
From earnings	(110,841)		(329,680)

Capital Share Transactions
Proceeds from shares sold	345,767,976		1,053,529,982
Proceeds from reinvestment of distributions	108,529		323,676
Payments for shares redeemed	(442,695,630)		(941,803,596)
Net increase (decrease) in net assets from capital share transactions	(96,819,125)		112,050,062

Net increase (decrease) in net assets	(96,819,236)		112,052,633

Net Assets
Beginning of period	2,286,879,626		2,174,826,993
End of period	$	2,190,060,390	$	2,286,879,626

Transactions in Shares of the Fund
Sold	345,767,976		1,053,529,982
Issued in reinvestment of distributions	108,529		323,676
Redeemed	(442,695,630)		(941,803,596)
Net increase (decrease) in shares of the fund	(96,819,125)		112,050,062

See Notes to Financial Statements.


Notes to Financial Statements

SEPTEMBER 30, 2021 (UNAUDITED)

1. Organization

American Century Government Income Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. 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.

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 the funds in the American Century Investments family of funds. 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 September 30, 2021 was 0.47% before waiver and 0.04% 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.

5. Federal Tax Information

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

As of March 31, 2021, the fund had accumulated short-term capital losses of $(2,325), 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.


Financial Highlights


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)	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(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
2021(2)	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.01%	0.05%(4)	0.48%(4)	0.01%(4)	(0.42)%(4)	$2,190,060
2021	$1.00	—(3)	—(3)	—(3)	—(3)	—	—(3)	$1.00	0.01%	0.21%	0.48%	0.01%	(0.26)%	$2,286,880
2020	$1.00	0.01	—(3)	0.01	(0.01)	—	(0.01)	$1.00	1.49%	0.48%	0.48%	1.48%	1.48%	$2,174,827
2019	$1.00	0.02	—(3)	0.02	(0.02)	—	(0.02)	$1.00	1.63%	0.48%	0.48%	1.62%	1.62%	$2,091,234
2018	$1.00	0.01	—(3)	0.01	(0.01)	—	(0.01)	$1.00	0.63%	0.48%	0.48%	0.62%	0.62%	$2,067,473
2017	$1.00	—(3)	—(3)	—(3)	—(3)	—(3)	—(3)	$1.00	0.03%	0.39%	0.48%	0.03%	(0.06)%	$2,215,051


Notes to Financial Highlights

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

(2)Six months ended September 30, 2021 (unaudited).

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

(4)Annualized.

See Notes to Financial Statements.


Approval of Management Agreement

At a meeting held on June 16, 2021, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor and its affiliates included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided and to be provided by the Advisor and its affiliates to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

•the cost of owning the Fund compared to the cost of owning similar funds;

•the compliance policies, procedures, and regulatory experience of the Advisor and its affiliates and certain other Fund service providers;

•financial data showing the cost of services provided by the Advisor and its affiliates to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

•the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;

•the Advisor’s business continuity plans and cyber security practices;

•any economies of scale associated with the Advisor’s management of the Fund;

•services provided and charges to the Advisor’s other investment management clients;

•fees and expenses associated with any investment by the Fund in other funds;

•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients and the services provided by intermediaries in connection therewith; and

•any collateral benefits derived by the Advisor from the management of the Fund.

In keeping with its practice, the Board held two meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

•constructing and designing the Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of the Fund’s portfolio

•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

•legal services (except the independent Trustees’ counsel)

•regulatory and portfolio compliance

•financial reporting

•marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above the median of its peer

group for the one-, three-, five-, and ten-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under this unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. Given the broad proliferation of fee waivers to support positive money market fund yields and the wide variance of expenses waived, the Board recognized that net fee comparisons may not be a reliable analysis of fund expenses. With that in

mind, the Board reviewed peer data both on a gross basis and net of applicable waivers. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided with respect to the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.


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.

Change in Independent Registered Public Accounting Firm

On June 16, 2021, the fund’s Audit and Compliance Committee and Board of Trustees approved a change to the fund’s independent registered public accountant. PricewaterhouseCoopers LLP resigned and Deloitte & Touche LLP was appointed as the independent registered public accounting firm for the fiscal year ending March 31, 2022.

During the fiscal years ended March 31, 2020 and March 31, 2021 and the subsequent interim period through June 16, 2021, there were no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to their satisfaction would have caused them to make reference to the subject matter of the disagreements in connection with their reports or reportable events, as such term is described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended. The audit reports of PricewaterhouseCoopers LLP on the financial statements of the fund for the fiscal years ended March 31, 2020 and March 31, 2021, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended March 31, 2020 and March 31, 2021 and the subsequent interim period through June 16, 2021, neither the fund, nor anyone on its behalf, consulted with Deloitte & Touche LLP, on behalf of the fund, regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the fund’s financial statements, or any matter that was either the subject of a disagreement or a reportable event, as such terms are described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended.

The fund requested that PricewaterhouseCoopers LLP furnish it with a letter addressed to the Securities and Exchange Commission stating whether PricewaterhouseCoopers LLP agrees with the statements contained above. A copy of the letter from PricewaterhouseCoopers LLP to the Securities and Exchange Commission is filed as an exhibit hereto.




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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.

©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90808 2111



			Semiannual Report

			September 30, 2021

			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			2


Fund Characteristics			3
Shareholder Fee Example			4
Schedule of Investments			6
Statement of Assets and Liabilities			9
Statement of Operations			10
Statement of Changes in Net Assets			11
Notes to Financial Statements			12
Financial Highlights			18


Approval of Management Agreement			21


Additional Information			25


President’s Letter

Jonathan Thomas

Dear Investor:

Stocks, Bonds Advanced Amid Growing Concerns

Several Factors Shaping Market Dynamics

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Fund Characteristics


SEPTEMBER 30, 2021
Types of Investments in Portfolio			% of net assets
U.S. Government Agency Mortgage-Backed Securities (all GNMAs)			97.1%
U.S. Government Agency Collateralized Mortgage Obligations (all GNMAs)			7.4%
Temporary Cash Investments			27.7%
Other Assets and Liabilities			(32.2)%


Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from April 1, 2021 to September 30, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 4/1/21	Ending Account Value 9/30/21	Expenses Paid During Period(1) 4/1/21 - 9/30/21	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$996.00	$2.70	0.54%
I Class	$1,000	$996.50	$2.20	0.44%
A Class	$1,000	$994.80	$3.95	0.79%
C Class	$1,000	$991.00	$7.69	1.54%
R Class	$1,000	$993.50	$5.20	1.04%
R5 Class	$1,000	$997.00	$1.70	0.34%
Hypothetical
Investor Class	$1,000	$1,022.36	$2.74	0.54%
I Class	$1,000	$1,022.86	$2.23	0.44%
A Class	$1,000	$1,021.11	$4.00	0.79%
C Class	$1,000	$1,017.35	$7.79	1.54%
R Class	$1,000	$1,019.85	$5.27	1.04%
R5 Class	$1,000	$1,023.36	$1.72	0.34%


Schedule of Investments

SEPTEMBER 30, 2021 (UNAUDITED)


	Principal Amount		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 97.1%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 2.8%
GNMA, VRN, 1.625%, (1-year H15T1Y plus 1.50%), 8/20/47 to 3/20/48	$	7,106,229	$	7,391,927
GNMA, VRN, 1.875%, (1-year H15T1Y plus 1.50%), 4/20/38	2,635,327		2,756,598
GNMA, VRN, 2.00%, (1-year H15T1Y plus 1.50%), 2/20/34	2,600,327		2,674,427
GNMA, VRN, 2.125%, (1-year H15T1Y plus 1.50%), 10/20/27 to 10/20/35	2,145,761		2,236,739
GNMA, VRN, 2.25%, (1-year H15T1Y plus 1.50%), 8/20/36 to 9/20/36	1,586,003		1,658,622
GNMA, VRN, 3.50%, (1-year H15T1Y plus 1.50%), 8/20/49	2,925,162		3,029,705
			19,748,018
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 94.3%
GNMA, 2.00%, 4/20/51	38,945,566		39,553,336
GNMA, 2.50%, TBA	67,875,000		70,072,984
GNMA, 2.50%, 6/20/46 to 9/20/51	150,795,811		155,907,084
GNMA, 3.00%, TBA	59,775,000		62,455,536
GNMA, 3.00%, 2/20/43 to 9/20/51	101,818,857		107,094,042
GNMA, 3.50%, TBA	34,250,000		36,016,685
GNMA, 3.50%, 12/20/41 to 1/20/48	64,123,718		69,230,778
GNMA, 3.50%, 4/20/42(1)	13,387,965		14,480,294
GNMA, 4.00%, 12/20/39 to 2/20/47	43,754,998		48,183,400
GNMA, 4.50%, 7/15/33 to 3/20/42	21,854,927		24,563,190
GNMA, 5.00%, 6/15/33 to 5/20/41	20,687,467		23,818,415
GNMA, 5.50%, 4/15/33 to 8/15/39	12,997,078		15,090,979
GNMA, 6.00%, 2/20/26 to 2/20/39	10,705,471		12,483,871
GNMA, 6.50%, 9/20/23 to 11/15/38	1,430,763		1,687,338
GNMA, 7.00%, 12/20/25 to 12/20/29	263,007		304,984
GNMA, 7.25%, 6/15/23	7,968		7,998
GNMA, 7.50%, 12/20/23 to 2/20/31	65,535		77,956
GNMA, 8.00%, 2/15/22 to 7/20/30	156,756		162,442
GNMA, 8.25%, 1/15/22 to 2/15/22	4,272		4,282
GNMA, 8.50%, 2/15/22 to 12/15/30	61,521		69,769
GNMA, 8.75%, 7/15/27	23,094		23,197
GNMA, 9.00%, 4/15/22 to 12/15/24	3,316		3,333
GNMA, 9.25%, 3/15/25	18,476		18,561
GNMA, 9.50%, 12/20/24 to 7/20/25	17,945		18,138
			681,328,592
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $689,323,470)			701,076,610
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4%
GNMA, Series 2002-13, Class FA, VRN, 0.58%, (1-month LIBOR plus 0.50%), 2/16/32	203,928		203,885
GNMA, Series 2003-110, Class F, VRN, 0.49%, (1-month LIBOR plus 0.40%), 10/20/33	737,422		740,172
GNMA, Series 2003-66, Class HF, VRN, 0.54%, (1-month LIBOR plus 0.45%), 8/20/33	400,112		401,647
GNMA, Series 2004-76, Class F, VRN, 0.49%, (1-month LIBOR plus 0.40%), 9/20/34	678,867		682,447


	Principal Amount		Value
GNMA, Series 2005-13, Class FA, VRN, 0.29%, (1-month LIBOR plus 0.20%), 2/20/35	$	1,490,968	$	1,490,915
GNMA, Series 2007-5, Class FA, VRN, 0.23%, (1-month LIBOR plus 0.14%), 2/20/37	1,472,810		1,470,826
GNMA, Series 2007-58, Class FC, VRN, 0.59%, (1-month LIBOR plus 0.50%), 10/20/37	892,767		899,928
GNMA, Series 2007-74, Class FL, VRN, 0.54%, (1-month LIBOR plus 0.46%), 11/16/37	2,531,424		2,547,735
GNMA, Series 2008-18, Class FH, VRN, 0.69%, (1-month LIBOR plus 0.60%), 2/20/38	1,291,165		1,291,609
GNMA, Series 2008-2, Class LF, VRN, 0.55%, (1-month LIBOR plus 0.46%), 1/20/38	1,086,840		1,096,718
GNMA, Series 2008-27, Class FB, VRN, 0.64%, (1-month LIBOR plus 0.55%), 3/20/38	2,102,016		2,118,896
GNMA, Series 2008-61, Class KF, VRN, 0.76%, (1-month LIBOR plus 0.67%), 7/20/38	1,043,214		1,052,192
GNMA, Series 2008-73, Class FK, VRN, 0.85%, (1-month LIBOR plus 0.76%), 8/20/38	1,477,665		1,495,978
GNMA, Series 2008-75, Class F, VRN, 0.62%, (1-month LIBOR plus 0.53%), 8/20/38	1,756,155		1,768,007
GNMA, Series 2008-88, Class UF, VRN, 1.09%, (1-month LIBOR plus 1.00%), 10/20/38	943,708		951,400
GNMA, Series 2009-127, Class FA, VRN, 0.64%, (1-month LIBOR plus 0.55%), 9/20/38	1,391,325		1,402,148
GNMA, Series 2009-76, Class FB, VRN, 0.68%, (1-month LIBOR plus 0.60%), 6/16/39	325,288		325,955
GNMA, Series 2009-92, Class FJ, VRN, 0.76%, (1-month LIBOR plus 0.68%), 10/16/39	585,458		593,919
GNMA, Series 2010-101, Class FH, VRN, 0.43%, (1-month LIBOR plus 0.35%), 8/16/40	3,123,658		3,139,077
GNMA, Series 2010-25, Class FB, VRN, 0.63%, (1-month LIBOR plus 0.55%), 2/16/40	3,393,392		3,426,981
GNMA, Series 2012-38, Class FA, VRN, 0.49%, (1-month LIBOR plus 0.40%), 3/20/42	2,350,705		2,365,681
GNMA, Series 2012-97, Class CF, VRN, 0.53%, (1-month LIBOR plus 0.45%), 8/16/42	2,116,854		2,133,988
GNMA, Series 2015-111, Class FK, VRN, 0.29%, (1-month LIBOR plus 0.20%), 8/20/45	3,157,377		3,158,886
GNMA, Series 2016-68, Class MF, VRN, 0.39%, (1-month LIBOR plus 0.30%), 5/20/46	1,414,747		1,420,031
GNMA, Series 2019-110, Class F, VRN, 0.54%, (1-month LIBOR plus 0.45%), 9/20/49	11,164,066		11,258,905
GNMA, Series 2021-151, Class AB SEQ, 1.75%, 2/16/62	3,295,884		3,302,392
GNMA, Series 2021-164, Class AH SEQ, 1.50%, 10/16/63	2,875,000		2,860,625
			53,600,943
TOTAL U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $53,436,200)			53,600,943
TEMPORARY CASH INVESTMENTS — 27.7%
Federal Home Loan Bank Discount Notes, 0.00%, 10/1/21(2)	25,000,000		25,000,000
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 5/15/23, valued at $32,316,332), in a joint trading account at 0.02%, dated 9/30/21, due 10/1/21 (Delivery value $31,672,577)			31,672,560
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.125% - 3.375%, 11/15/41 - 11/15/48, valued at $107,714,170), at 0.01%, dated 9/30/21, due 10/1/21 (Delivery value $105,602,029)			105,602,000


	Shares	Value
State Street Institutional U.S. Government Money Market Fund, Premier Class	37,834,898	$	37,834,898
TOTAL TEMPORARY CASH INVESTMENTS (Cost $200,109,458)		200,109,458
TOTAL INVESTMENT SECURITIES — 132.2% (Cost $942,869,128)		954,787,011
OTHER ASSETS AND LIABILITIES — (32.2)%		(232,372,823)
TOTAL NET ASSETS — 100.0%		$	722,414,188


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. At the period end, the aggregate value of securities pledged was $2,618.

(2)The rate indicated is the yield to maturity at purchase.

See Notes to Financial Statements.


Statement of Assets and Liabilities


SEPTEMBER 30, 2021 (UNAUDITED)
Assets
Investment securities, at value (cost of $805,594,568)	$	817,512,451
Repurchase agreements, at value (cost of $137,274,560)	137,274,560
Total investment securities, at value (cost of $942,869,128)	954,787,011
Receivable for investments sold	87,463,500
Receivable for capital shares sold	151,368
Interest receivable	1,558,626
	1,043,960,505

Liabilities
Payable for investments purchased	320,773,640
Payable for capital shares redeemed	413,382
Accrued management fees	303,093
Distribution and service fees payable	10,860
Dividends payable	45,342
	321,546,317

Net Assets	$	722,414,188

Net Assets Consist of:
Capital paid in	$	771,551,781
Distributable earnings	(49,137,593)
	$	722,414,188


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class	$564,257,549	53,957,769	$10.46
I Class	$64,670,670	6,182,824	$10.46
A Class	$16,462,415	1,574,213	$10.46*
C Class	$1,217,256	116,394	$10.46
R Class	$15,320,968	1,465,932	$10.45
R5 Class	$60,485,330	5,784,645	$10.46

*Maximum offering price $10.95 (net asset value divided by 0.955).

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	4,122,246

Expenses:
Management fees	2,099,811
Distribution and service fees:
A Class	22,075
C Class	5,304
R Class	39,295
Trustees' fees and expenses	28,319
Other expenses	409
	2,195,213

Net investment income (loss)	1,927,033

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	5,387,435
Futures contract transactions	(447,664)
	4,939,771

Change in net unrealized appreciation (depreciation) on:
Investments	(9,330,755)
Futures contracts	(1,393,102)
	(10,723,857)

Net realized and unrealized gain (loss)	(5,784,086)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,857,053)

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED) AND YEAR ENDED MARCH 31, 2021
Increase (Decrease) in Net Assets	September 30, 2021		March 31, 2021
Operations
Net investment income (loss)	$	1,927,033	$	7,727,930
Net realized gain (loss)	4,939,771		9,279,840
Change in net unrealized appreciation (depreciation)	(10,723,857)		(12,209,990)
Net increase (decrease) in net assets resulting from operations	(3,857,053)		4,797,780

Distributions to Shareholders
From earnings:
Investor Class	(4,885,755)		(16,889,470)
I Class	(1,446,578)		(1,084,348)
A Class	(125,488)		(319,242)
C Class	(3,543)		(28,498)
R Class	(91,522)		(214,724)
R5 Class	(562,789)		(1,822,220)
Decrease in net assets from distributions	(7,115,675)		(20,358,502)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(236,838,655)		(90,759,350)

Net increase (decrease) in net assets	(247,811,383)		(106,320,072)

Net Assets
Beginning of period	970,225,571		1,076,545,643
End of period	$	722,414,188	$	970,225,571

See Notes to Financial Statements.


Notes to Financial Statements

SEPTEMBER 30, 2021 (UNAUDITED)

1. Organization

American Century Government Income Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. 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

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.

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.

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.

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.

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 the funds in the American Century Investments family of funds.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended September 30, 2021 are as follows:


	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
Investor Class	0.2425% to 0.3600%	0.2500% to 0.3100%	0.53%
I Class		0.1500% to 0.2100%	0.43%
A Class		0.2500% to 0.3100%	0.53%
C Class		0.2500% to 0.3100%	0.53%
R Class		0.2500% to 0.3100%	0.53%
R5 Class		0.0500% 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 September 30, 2021 are detailed in the Statement of Operations.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended September 30, 2021 were $1,407,433,034 and $1,725,650,281, 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):


	Six months ended September 30, 2021			Year ended March 31, 2021
	Shares	Amount		Shares	Amount
Investor Class
Sold	2,363,320	$	24,900,190	14,601,106	$	156,542,060
Issued in reinvestment of distributions	430,887	4,532,883		1,482,313	15,889,667
Redeemed	(6,209,691)	(65,374,622)		(41,312,489)	(440,089,319)
	(3,415,484)	(35,941,549)		(25,229,070)	(267,657,592)
I Class
Sold	2,103,244	22,216,081		23,032,783	244,184,880
Issued in reinvestment of distributions	137,248	1,446,574		101,173	1,082,379
Redeemed	(21,225,940)	(223,048,163)		(3,788,804)	(40,799,872)
	(18,985,448)	(199,385,508)		19,345,152	204,467,387
A Class
Sold	110,694	1,162,813		1,032,115	11,065,252
Issued in reinvestment of distributions	11,340	119,304		28,639	306,952
Redeemed	(272,419)	(2,862,815)		(902,332)	(9,671,439)
	(150,385)	(1,580,698)		158,422	1,700,765
C Class
Sold	22,781	238,856		27,885	298,132
Issued in reinvestment of distributions	337	3,542		2,437	26,139
Redeemed	(14,463)	(152,542)		(250,389)	(2,670,820)
	8,655	89,856		(220,067)	(2,346,549)
R Class
Sold	280,606	2,958,224		781,167	8,378,933
Issued in reinvestment of distributions	8,698	91,422		20,007	214,281
Redeemed	(179,335)	(1,881,228)		(604,726)	(6,475,413)
	109,969	1,168,418		196,448	2,117,801
R5 Class
Sold	514,862	5,413,110		1,966,764	21,091,344
Issued in reinvestment of distributions	53,471	562,373		169,753	1,820,139
Redeemed	(679,679)	(7,164,657)		(4,859,809)	(51,952,645)
	(111,346)	(1,189,174)		(2,723,292)	(29,041,162)
Net increase (decrease)	(22,544,039)	$	(236,838,655)	(8,472,407)	$	(90,759,350)

6. Fair Value Measurements

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

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

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.


	Level 1		Level 2		Level 3
Assets
Investment Securities
U.S. Government Agency Mortgage-Backed Securities	—		$	701,076,610	—
U.S. Government Agency Collateralized Mortgage Obligations	—		53,600,943		—
Temporary Cash Investments	$	37,834,898	162,274,560		—
	$	37,834,898	$	916,952,113	—

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 $41,067,922 futures contracts sold.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended September 30, 2021, the effect of interest rate risk derivative instruments on the Statement of Operations was $(447,664) in net realized gain (loss) on futures contract transactions and $(1,393,102) in change in net unrealized appreciation (depreciation) on futures contracts.

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, 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. However, LIBOR is expected to be phased out and the transition process 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.

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

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


Federal tax cost of investments	$	942,958,191
Gross tax appreciation of investments	$	14,237,003
Gross tax depreciation of investments	(2,408,183)
Net tax appreciation (depreciation) of investments	$	11,828,820

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

As of March 31, 2021, the fund had accumulated short-term capital losses of $(1,226,160) and accumulated long-term capital losses of $(58,187,866), 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.


Financial Highlights


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2021(3)	$10.59	0.02	(0.06)	(0.04)	(0.09)	$10.46	(0.40)%	0.54%(4)	0.44%(4)	158%	$564,258
2021	$10.75	0.08	(0.03)	0.05	(0.21)	$10.59	0.49%	0.55%	0.75%	308%	$607,507
2020	$10.34	0.21	0.48	0.69	(0.28)	$10.75	6.73%	0.55%	1.97%	270%	$888,369
2019	$10.24	0.22	0.16	0.38	(0.28)	$10.34	3.78%	0.55%	2.18%	297%	$658,034
2018	$10.51	0.17	(0.19)	(0.02)	(0.25)	$10.24	(0.24)%	0.55%	1.64%	300%	$782,698
2017	$10.80	0.15	(0.19)	(0.04)	(0.25)	$10.51	(0.35)%	0.55%	1.40%	257%	$927,150
I Class
2021(3)	$10.59	0.03	(0.07)	(0.04)	(0.09)	$10.46	(0.35)%	0.44%(4)	0.54%(4)	158%	$64,671
2021	$10.76	0.09	(0.04)	0.05	(0.22)	$10.59	0.50%	0.45%	0.85%	308%	$266,543
2020	$10.34	0.22	0.49	0.71	(0.29)	$10.76	6.83%	0.45%	2.07%	270%	$62,648
2019	$10.25	0.23	0.15	0.38	(0.29)	$10.34	3.88%	0.45%	2.28%	297%	$38,809
2018(5)	$10.52	0.19	(0.21)	(0.02)	(0.25)	$10.25	(0.21)%	0.45%(4)	1.88%(4)	300%(6)	$25,599
A Class
2021(3)	$10.59	0.01	(0.07)	(0.06)	(0.07)	$10.46	(0.52)%	0.79%(4)	0.19%(4)	158%	$16,462
2021	$10.76	0.05	(0.03)	0.02	(0.19)	$10.59	0.15%	0.80%	0.50%	308%	$18,262
2020	$10.34	0.19	0.48	0.67	(0.25)	$10.76	6.56%	0.80%	1.72%	270%	$16,844
2019	$10.24	0.20	0.15	0.35	(0.25)	$10.34	3.52%	0.80%	1.93%	297%	$28,153
2018	$10.51	0.14	(0.19)	(0.05)	(0.22)	$10.24	(0.49)%	0.80%	1.39%	300%	$30,654
2017	$10.80	0.12	(0.18)	(0.06)	(0.23)	$10.51	(0.60)%	0.80%	1.15%	257%	$50,667


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2021(3)	$10.59	(0.03)	(0.06)	(0.09)	(0.04)	$10.46	(0.90)%	1.54%(4)	(0.56)%(4)	158%	$1,217
2021	$10.76	(0.02)	(0.04)	(0.06)	(0.11)	$10.59	(0.60)%	1.55%	(0.25)%	308%	$1,141
2020	$10.34	0.11	0.48	0.59	(0.17)	$10.76	5.76%	1.55%	0.97%	270%	$3,526
2019	$10.24	0.12	0.16	0.28	(0.18)	$10.34	2.75%	1.55%	1.18%	297%	$4,663
2018	$10.51	0.07	(0.20)	(0.13)	(0.14)	$10.24	(1.24)%	1.55%	0.64%	300%	$7,439
2017	$10.80	0.04	(0.18)	(0.14)	(0.15)	$10.51	(1.34)%	1.55%	0.40%	257%	$7,445
R Class
2021(3)	$10.58	—(7)	(0.07)	(0.07)	(0.06)	$10.45	(0.65)%	1.04%(4)	(0.06)%(4)	158%	$15,321
2021	$10.75	0.03	(0.04)	(0.01)	(0.16)	$10.58	(0.11)%	1.05%	0.25%	308%	$14,350
2020	$10.33	0.16	0.48	0.64	(0.22)	$10.75	6.19%	1.05%	1.47%	270%	$12,465
2019	$10.24	0.17	0.15	0.32	(0.23)	$10.33	3.26%	1.05%	1.68%	297%	$9,353
2018	$10.51	0.12	(0.20)	(0.08)	(0.19)	$10.24	(0.74)%	1.05%	1.14%	300%	$8,619
2017	$10.80	0.10	(0.19)	(0.09)	(0.20)	$10.51	(0.84)%	1.05%	0.90%	257%	$7,434
R5 Class
2021(3)	$10.59	0.03	(0.06)	(0.03)	(0.10)	$10.46	(0.30)%	0.34%(4)	0.64%(4)	158%	$60,485
2021	$10.75	0.10	(0.03)	0.07	(0.23)	$10.59	0.69%	0.35%	0.95%	308%	$62,423
2020	$10.34	0.23	0.48	0.71	(0.30)	$10.75	6.94%	0.35%	2.17%	270%	$92,693
2019	$10.24	0.24	0.16	0.40	(0.30)	$10.34	3.98%	0.35%	2.38%	297%	$81,710
2018	$10.51	0.19	(0.19)	—	(0.27)	$10.24	(0.04)%	0.35%	1.84%	300%	$95,331
2017	$10.80	0.17	(0.18)	(0.01)	(0.28)	$10.51	(0.15)%	0.35%	1.60%	257%	$87,916

Notes to Financial Highlights

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

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

(3)Six months ended September 30, 2021 (unaudited).

(4)Annualized.

(5)April 10, 2017 (commencement of sale) through March 31, 2018.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

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

See Notes to Financial Statements.


Approval of Management Agreement