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:

09-30-2022

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Semiannual Report

			September 30, 2022

			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 ending September 30, 2022. 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.

Inflation, Rates, Recession Worries Weighed on Financial Markets

The reporting period began with financial markets digesting the effects of soaring inflation, heightened market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, escalating energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25-basis-points (bps) hike, increased rates an additional 275 bps during the six-month period. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before slipping to 8.2% in September, largely due to falling gasoline prices. Policymakers indicated taming inflation remains their priority, even as the economy contracted in 2022’s first two quarters and an official recession appeared imminent.

In addition to fueling recession risk, the combination of elevated inflation and a hawkish Fed helped push Treasury yields sharply higher and stock prices significantly lower. Amid persistent market unrest, most stock and bond indices ended the six-month period with steep losses. Stocks, as measured by the S&P 500 Index, plunged more than 20%, while bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, tumbled more than 9%.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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, 2022
Yields
7-Day Current Yield			2.24%
7-Day Effective Yield			2.27%

Portfolio at a Glance
Weighted Average Maturity			57 days
Weighted Average Life			101 days

Portfolio Composition by Maturity			% of fund investments
1-30 days			56%
31-90 days			18%
91-180 days			17%
More than 180 days			9%


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, 2022 to September 30, 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 mutual 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 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 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 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,004.50	$2.36	0.47%
Hypothetical
Investor Class	$1,000	$1,022.71	$2.38	0.47%

(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, 2022 (UNAUDITED)


	Principal Amount		Value
U.S. TREASURY BILLS(1) — 40.8%
U.S. Treasury Bills, 2.32%, 10/4/22	$	25,750,000	$	25,744,949
U.S. Treasury Bills, 1.89%, 10/6/22	22,000,000		21,994,347
U.S. Treasury Bills, 2.66%, 10/25/22	100,000,000		99,824,667
U.S. Treasury Bills, 2.78%, 11/1/22	47,500,000		47,394,679
U.S. Treasury Bills, 2.65%, 11/3/22	70,000,500		69,910,582
U.S. Treasury Bills, 1.41%, 11/10/22	50,000,000		49,923,055
U.S. Treasury Bills, 3.05%, 11/22/22	70,000,000		69,706,257
U.S. Treasury Bills, 3.05%, 11/29/22	8,500,000		8,459,474
U.S. Treasury Bills, 0.24%, 12/1/22	20,000,000		19,991,867
U.S. Treasury Bills, 3.03%, 12/8/22	25,000,000		24,859,986
U.S. Treasury Bills, 2.57%, 12/29/22	22,500,000		22,360,938
U.S. Treasury Bills, 2.76%, 1/12/23	60,000,000		59,539,075
U.S. Treasury Bills, 2.99%, 1/19/23	33,500,000		33,202,129
U.S. Treasury Bills, 3.01%, 1/26/23	39,025,000		38,684,343
U.S. Treasury Bills, 2.93%, 2/2/23	31,250,000		30,943,229
U.S. Treasury Bills, 3.13%, 2/9/23	35,000,000		34,613,550
U.S. Treasury Bills, 3.33%, 3/2/23	20,000,000		19,726,822
U.S. Treasury Bills, 3.58%, 3/16/23	22,500,000		22,140,506
U.S. Treasury Bills, 3.91%, 3/23/23	35,000,000		34,364,225
U.S. Treasury Bills, 3.90%, 3/30/23	1,420,000		1,393,495
U.S. Treasury Bills, 1.93%, 4/20/23	47,000,000		46,507,364
U.S. Treasury Bills, 2.18%, 5/18/23	35,535,000		35,060,907
U.S. Treasury Bills, 3.14%, 6/15/23	11,550,000		11,302,366
U.S. Treasury Bills, 3.76%, 7/13/23	35,000,000		34,002,500
U.S. Treasury Bills, 3.64%, 9/7/23	40,000,000		38,641,574
TOTAL U.S. TREASURY BILLS			900,292,886
U.S. TREASURY NOTES(1) — 25.7%
U.S. Treasury Notes, 1.875%, 10/31/22	25,000,000		25,007,906
U.S. Treasury Notes, 0.14%, 11/15/22	15,000,000		14,997,460
U.S. Treasury Notes, 1.625%, 11/15/22	45,000,000		45,051,780
U.S. Treasury Notes, 0.125%, 12/31/22	8,900,000		8,895,981
U.S. Treasury Notes, 1.375%, 2/15/23	40,000,000		39,931,448
U.S. Treasury Notes, 0.125%, 2/28/23	40,000,000		39,687,500
U.S. Treasury Notes, 2.625%, 2/28/23	30,000,000		29,992,928
U.S. Treasury Notes, 0.125%, 4/30/23	20,000,000		19,551,689
U.S. Treasury Notes, 0.125%, 6/30/23	10,000,000		9,710,415
U.S. Treasury Notes, VRN, 3.35%, (3-month USBMMY plus 0.06%), 10/31/22	33,950,000		33,950,993
U.S. Treasury Notes, VRN, 3.35%, (3-month USBMMY plus 0.05%), 1/31/23	75,000,000		75,006,858
U.S. Treasury Notes, VRN, 3.33%, (3-month USBMMY plus 0.03%), 4/30/23	25,000,000		25,001,318
U.S. Treasury Notes, VRN, 3.33%, (3-month USBMMY plus 0.03%), 7/31/23	90,000,000		90,077,886
U.S. Treasury Notes, VRN, 3.33%, (3-month USBMMY plus 0.04%), 10/31/23	25,000,000		24,999,178
U.S. Treasury Notes, VRN, 3.28%, (3-month USBMMY minus 0.02%), 1/31/24	60,000,000		60,025,242


	Principal Amount		Value
U.S. Treasury Notes, VRN, 3.33%, (3-month USBMMY plus 0.04%), 7/31/24	$	25,000,000	$	24,986,182
TOTAL U.S. TREASURY NOTES			566,874,764
TOTAL INVESTMENT SECURITIES — 66.5%			1,467,167,650
OTHER ASSETS AND LIABILITIES — 33.5%			740,150,926
TOTAL NET ASSETS — 100.0%			$	2,207,318,576


NOTES TO SCHEDULE OF INVESTMENTS
USBMMY	-	U.S. Treasury Bill Money Market Yield
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(1)The rates for U.S. Treasury Bills are the yield to maturity at purchase. The rates for U.S. Treasury Notes are the stated coupon rates.

See Notes to Financial Statements.


Statement of Assets and Liabilities


SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (amortized cost and cost for federal income tax purposes)	$	1,467,167,650
Cash	2,422
Receivable for investments sold	765,456,639
Receivable for capital shares sold	5,611,459
Interest receivable	2,284,256
	2,240,522,426

Liabilities
Payable for investments purchased	30,912,924
Payable for capital shares redeemed	1,435,208
Accrued management fees	855,718
	33,203,850

Net Assets	$	2,207,318,576

Investor Class Capital Shares
Shares outstanding (unlimited number of shares authorized)	2,207,168,354

Net Asset Value Per Share	$	1.00

Net Assets Consist of:
Capital paid in	$	2,207,171,244
Distributable earnings	147,332
	$	2,207,318,576

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	14,918,050

Expenses:
Management fees	5,173,853
Trustees' fees and expenses	74,413
Other expenses	243
	5,248,509
Fees waived	(82,144)
	5,166,365

Net investment income (loss)	9,751,685

Net realized gain (loss) on investment transactions	147,252

Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,898,937

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	9,751,685	$	219,788
Net realized gain (loss)	147,252		6
Net increase (decrease) in net assets resulting from operations	9,898,937		219,794

Distributions to Shareholders
From earnings	(9,754,686)		(219,788)

Capital Share Transactions
Proceeds from shares sold	467,612,500		729,596,968
Proceeds from reinvestment of distributions	9,754,686		215,245
Payments for shares redeemed	(465,810,906)		(821,073,800)
Net increase (decrease) in net assets from capital share transactions	11,556,280		(91,261,587)

Net increase (decrease) in net assets	11,700,531		(91,261,581)

Net Assets
Beginning of period	2,195,618,045		2,286,879,626
End of period	$	2,207,318,576	$	2,195,618,045

Transactions in Shares of the Fund
Sold	467,612,500		729,596,968
Issued in reinvestment of distributions	9,754,686		215,245
Redeemed	(465,810,906)		(821,073,800)
Net increase (decrease) in shares of the fund	11,556,280		(91,261,587)

See Notes to Financial Statements.


Notes to Financial Statements

SEPTEMBER 30, 2022 (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. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually. Investments are generally valued at amortized cost, which approximates fair value. If the valuation designee determines that the amortized cost does not reflect an investment’s fair value, such investment is valued as determined in good faith by the valuation designee.

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). 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 September 30, 2022 was 0.47% before waiver and 0.46% 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, 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.


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)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions 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(2)	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.45%	0.47%(4)	0.48%(4)	0.89%(4)	0.88%(4)	$2,207,319
2022	$1.00	—(3)	—(3)	—(3)	—(3)	$1.00	0.01%	0.08%	0.48%	0.01%	(0.39)%	$2,195,618
2021	$1.00	—(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)	$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)	$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)	$1.00	0.63%	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)Six months ended September 30, 2022 (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 21, 2022, 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 of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, 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 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.

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 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 similarly-managed 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, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, 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 principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (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 actions being taken to improve performance. The Fund’s performance was above the median of its peer group for the three-year period, and below the median of its peer group for the one-, 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 fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded services.

Comparison to Other Funds’ Fees. The management agreement provides that 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 securities transaction expenses, 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.

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 also 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, 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 terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.


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.


Notes




Contact Us			americancentury.com
Automated Information Line			1-800-345-8765
Investor Services Representative			1-800-345-2021 or 816-531-5575
Investors Using Advisors			1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans			1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies			1-800-345-6488
Telecommunications Relay Service for the Deaf			711

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-SAN-90808 2211



			Semiannual Report

			September 30, 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			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:

Inflation, Rates, Recession Worries Weighed on Financial Markets

Staying Disciplined in Uncertain Times

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Fund Characteristics


SEPTEMBER 30, 2022
Types of Investments in Portfolio			% of net assets
U.S. Government Agency Mortgage-Backed Securities (all GNMAs)			99.9%
U.S. Government Agency Collateralized Mortgage Obligations (all GNMAs)			2.9%
Short-Term Investments			0.6%
Other Assets and Liabilities			(3.4)%


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, 2022 to September 30, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 4/1/22	Ending Account Value 9/30/22	Expenses Paid During Period(1) 4/1/22 - 9/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$910.10	$2.63	0.55%
I Class	$1,000	$910.70	$2.16	0.45%
A Class	$1,000	$909.00	$3.83	0.80%
C Class	$1,000	$905.60	$7.40	1.55%
R Class	$1,000	$907.80	$5.02	1.05%
R5 Class	$1,000	$911.10	$1.68	0.35%
Hypothetical
Investor Class	$1,000	$1,022.31	$2.79	0.55%
I Class	$1,000	$1,022.81	$2.28	0.45%
A Class	$1,000	$1,021.06	$4.05	0.80%
C Class	$1,000	$1,017.30	$7.84	1.55%
R Class	$1,000	$1,019.80	$5.32	1.05%
R5 Class	$1,000	$1,023.31	$1.78	0.35%


Schedule of Investments

SEPTEMBER 30, 2022 (UNAUDITED)


	Principal Amount/ Shares		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 99.9%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 2.6%
GNMA, VRN, 1.75%, (1-year H15T1Y plus 1.50%), 10/20/27 to 10/20/35	$	1,750,758	$	1,715,559
GNMA, VRN, 2.625%, (1-year H15T1Y plus 1.50%), 2/20/34	2,110,484		2,099,217
GNMA, VRN, 1.625%, (1-year H15T1Y plus 1.50%), 8/20/36 to 8/20/47	4,080,203		4,021,623
GNMA, VRN, 2.875%, (1-year H15T1Y plus 1.50%), 4/20/38	1,889,216		1,885,849
GNMA, VRN, 2.50%, (1-year H15T1Y plus 1.50%), 3/20/48	1,841,311		1,828,683
GNMA, VRN, 3.50%, (1-year H15T1Y plus 1.50%), 8/20/49	1,592,536		1,555,537
			13,106,468
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 97.3%
GNMA, 4.00%, TBA	6,448,000		6,023,087
GNMA, 5.50%, TBA	10,500,000		10,495,078
GNMA, 8.50%, 1/20/23 to 12/15/30	43,712		46,438
GNMA, 8.00%, 2/15/23 to 7/20/30	103,797		104,713
GNMA, 7.25%, 6/15/23	2,138		2,139
GNMA, 6.50%, 9/20/23 to 11/15/38	1,135,715		1,184,437
GNMA, 7.50%, 12/20/23 to 2/20/31	48,983		51,748
GNMA, 9.00%, 12/15/24	910		911
GNMA, 9.50%, 12/20/24 to 7/20/25	11,368		11,395
GNMA, 9.25%, 3/15/25	13,225		13,243
GNMA, 7.00%, 12/20/25 to 12/20/29	207,457		216,594
GNMA, 6.00%, 2/20/26 to 2/20/39	8,237,734		8,782,174
GNMA, 8.75%, 7/15/27	19,449		19,471
GNMA, 5.50%, 4/15/33 to 8/15/39	10,142,208		10,633,155
GNMA, 4.50%, 7/15/33 to 3/20/42	13,185,016		13,018,312
GNMA, 4.00%, 12/20/39 to 11/20/51	45,818,291		43,503,451
GNMA, 5.00%, 6/20/40 to 5/20/41	6,843,336		6,916,203
GNMA, 3.50%, 12/20/41 to 10/20/50	75,767,071		70,029,205
GNMA, 3.00%, 2/20/43 to 2/20/52	108,657,657		96,824,279
GNMA, 2.50%, 7/20/46 to 9/20/51	126,754,150		108,992,807
GNMA, 2.00%, 10/20/50 to 11/20/51	110,776,436		91,937,259
GNMA, 3.50%, 2/20/52(1)	13,737,894		12,561,084
			481,367,183
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $555,322,518)			494,473,651
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS — 2.9%
GNMA, Series 2002-13, Class FA, VRN, 3.44%, (1-month LIBOR plus 0.50%), 2/16/32	145,194		145,203
GNMA, Series 2003-110, Class F, VRN, 3.41%, (1-month LIBOR plus 0.40%), 10/20/33	596,525		596,485
GNMA, Series 2003-66, Class HF, VRN, 3.46%, (1-month LIBOR plus 0.45%), 8/20/33	314,282		314,537
GNMA, Series 2004-76, Class F, VRN, 3.41%, (1-month LIBOR plus 0.40%), 9/20/34	573,725		573,576
GNMA, Series 2005-13, Class FA, VRN, 3.21%, (1-month LIBOR plus 0.20%), 2/20/35	1,174,779		1,164,238
GNMA, Series 2007-5, Class FA, VRN, 3.15%, (1-month LIBOR plus 0.14%), 2/20/37	1,221,293		1,216,734


	Principal Amount/ Shares		Value
GNMA, Series 2007-58, Class FC, VRN, 3.51%, (1-month LIBOR plus 0.50%), 10/20/37	$	733,125	$	734,419
GNMA, Series 2008-2, Class LF, VRN, 3.47%, (1-month LIBOR plus 0.46%), 1/20/38	911,294		908,990
GNMA, Series 2008-27, Class FB, VRN, 3.56%, (1-month LIBOR plus 0.55%), 3/20/38	1,677,326		1,682,190
GNMA, Series 2008-61, Class KF, VRN, 3.68%, (1-month LIBOR plus 0.67%), 7/20/38	829,618		832,785
GNMA, Series 2008-88, Class UF, VRN, 4.01%, (1-month LIBOR plus 1.00%), 10/20/38	744,871		747,878
GNMA, Series 2009-76, Class FB, VRN, 3.54%, (1-month LIBOR plus 0.60%), 6/16/39	16,645		16,647
GNMA, Series 2009-92, Class FJ, VRN, 3.62%, (1-month LIBOR plus 0.68%), 10/16/39	440,827		443,093
GNMA, Series 2021-151, Class AB SEQ, 1.75%, 2/16/62	3,083,186		2,615,490
GNMA, Series 2021-164, Class AH SEQ, 1.50%, 10/16/63	2,734,636		2,218,447
			14,210,712
TOTAL U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $15,242,150)			14,210,712
SHORT-TERM INVESTMENTS(2) — 0.6%
Money Market Funds†
State Street Institutional U.S. Government Money Market Fund, Premier Class	5,616		5,616
Repurchase Agreements — 0.6%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.625% - 4.625%, 1/15/25 - 5/15/47, valued at $541,784), in a joint trading account at 2.86%, dated 9/30/22, due 10/3/22 (Delivery value $532,702)			532,575
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.25%, 6/30/29, valued at $2,713,277), at 2.95%, dated 9/30/22, due 10/3/22 (Delivery value $2,660,654)			2,660,000
			3,192,575
TOTAL SHORT-TERM INVESTMENTS (Cost $3,198,191)			3,198,191
TOTAL INVESTMENT SECURITIES — 103.4% (Cost $573,762,859)			511,882,554
OTHER ASSETS AND LIABILITIES — (3.4)%			(16,904,348)
TOTAL NET ASSETS — 100.0%			$	494,978,206


FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	25	December 2022	$	2,801,563	$	(84,705)
U.S. Treasury 10-Year Ultra Notes	54	December 2022	6,398,156		(246,479)
U.S. Treasury Long Bonds	128	December 2022	16,180,000		(894,290)
U.S. Treasury Ultra Bonds	50	December 2022	6,850,000		(586,855)
			$	32,229,719	$	(1,812,329)

^Amount represents value and unrealized appreciation (depreciation).


FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	64	December 2022	$	13,145,000	$	198,375
U.S. Treasury 5-Year Notes	157	December 2022	16,878,727		536,117
			$	30,023,727	$	734,492

^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.

†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 commitments and/or futures contracts. At the period end, the aggregate value of securities pledged was $2,594,891.

(2)Category includes securities purchased with cash collateral received at the custodian bank for collateral requirements on forward commitments. At the period end, the aggregate value of cash deposits received was $570,000.

See Notes to Financial Statements.


Statement of Assets and Liabilities


SEPTEMBER 30, 2022 (UNAUDITED)
Assets
Investment securities, at value (cost of $573,762,859)	$	511,882,554
Receivable for investments sold	11,159,872
Receivable for capital shares sold	70,895
Interest receivable	1,401,183
	524,514,504

Liabilities
Payable for collateral received for forward commitments	570,000
Payable for investments purchased	28,033,361
Payable for capital shares redeemed	493,275
Payable for variation margin on futures contracts	135,145
Accrued management fees	219,836
Distribution and service fees payable	7,287
Dividends payable	77,394
	29,536,298

Net Assets	$	494,978,206

Net Assets Consist of:
Capital paid in	$	640,357,496
Distributable earnings	(145,379,290)
	$	494,978,206


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class	$409,035,819	46,211,877	$8.85
I Class	$27,914,976	3,152,801	$8.85
A Class	$10,017,514	1,131,799	$8.85
C Class	$627,843	70,929	$8.85
R Class	$10,984,657	1,241,734	$8.85
R5 Class	$36,397,397	4,112,493	$8.85

*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.27 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)
Investment Income (Loss)
Income:
Interest	$	6,509,389

Expenses:
Management fees	1,432,703
Distribution and service fees:
A Class	15,101
C Class	3,425
R Class	31,700
Trustees' fees and expenses	19,177
Other expenses	1,955
	1,504,061

Net investment income (loss)	5,005,328

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(11,583,516)
Futures contract transactions	(1,387,153)
	(12,970,669)

Change in net unrealized appreciation (depreciation) on:
Investments	(42,353,998)
Futures contracts	(841,668)
	(43,195,666)

Net realized and unrealized gain (loss)	(56,166,335)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(51,161,007)

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MARCH 31, 2022
Increase (Decrease) in Net Assets	September 30, 2022		March 31, 2022
Operations
Net investment income (loss)	$	5,005,328	$	5,785,515
Net realized gain (loss)	(12,970,669)		426,024
Change in net unrealized appreciation (depreciation)	(43,195,666)		(42,404,216)
Net increase (decrease) in net assets resulting from operations	(51,161,007)		(36,192,677)

Distributions to Shareholders
From earnings:
Investor Class	(5,386,580)		(9,851,486)
I Class	(408,923)		(1,899,118)
A Class	(127,186)		(251,504)
C Class	(4,671)		(7,972)
R Class	(118,149)		(189,575)
R5 Class	(530,461)		(1,085,116)
Decrease in net assets from distributions	(6,575,970)		(13,284,771)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(50,502,224)		(317,530,716)

Net increase (decrease) in net assets	(108,239,201)		(367,008,164)

Net Assets
Beginning of period	603,217,407		970,225,571
End of period	$	494,978,206	$	603,217,407

See Notes to Financial Statements.


Notes to Financial Statements

SEPTEMBER 30, 2022 (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

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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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 ACIM 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 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 September 30, 2022 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%	0.54%
I Class		0.1500% to 0.2100%	0.44%
A Class		0.2500% to 0.3100%	0.54%
C Class		0.2500% to 0.3100%	0.54%
R Class		0.2500% to 0.3100%	0.54%
R5 Class		0.0500% to 0.1100%	0.34%

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, 2022 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, 2022 were $678,640,904 and $767,008,384, 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, 2022			Year ended March 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	1,031,226	$	9,746,451	3,905,115	$	40,717,898
Issued in reinvestment of distributions	530,798	4,970,528		880,431	9,125,974
Redeemed	(5,217,746)	(49,162,983)		(12,291,200)	(127,961,608)
	(3,655,722)	(34,446,004)		(7,505,654)	(78,117,736)
I Class
Sold	285,572	2,697,918		2,794,918	29,388,981
Issued in reinvestment of distributions	43,614	408,872		181,459	1,899,083
Redeemed	(1,083,050)	(10,226,459)		(24,237,984)	(254,306,466)
	(753,864)	(7,119,669)		(21,261,607)	(223,018,402)
A Class
Sold	97,758	931,859		212,206	2,202,724
Issued in reinvestment of distributions	12,819	120,153		23,063	239,085
Redeemed	(372,238)	(3,522,763)		(566,407)	(5,856,073)
	(261,661)	(2,470,751)		(331,138)	(3,414,264)
C Class
Sold	209	1,998		23,108	242,187
Issued in reinvestment of distributions	500	4,671		770	7,972
Redeemed	(5,843)	(55,245)		(55,554)	(572,356)
	(5,134)	(48,576)		(31,676)	(322,197)
R Class
Sold	187,887	1,782,518		514,397	5,331,973
Issued in reinvestment of distributions	12,619	118,094		18,297	189,463
Redeemed	(306,755)	(2,897,626)		(540,674)	(5,588,800)
	(106,249)	(997,014)		(7,980)	(67,364)
R5 Class
Sold	154,524	1,457,477		744,697	7,774,617
Issued in reinvestment of distributions	56,617	530,461		104,587	1,084,641
Redeemed	(784,136)	(7,408,148)		(2,059,787)	(21,450,011)
	(572,995)	(5,420,210)		(1,210,503)	(12,590,753)
Net increase (decrease)	(5,355,625)	$	(50,502,224)	(30,348,558)	$	(317,530,716)

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	—		$	494,473,651	—
U.S. Government Agency Collateralized Mortgage Obligations	—		14,210,712		—
Short-Term Investments	$	5,616	3,192,575		—
	$	5,616	$	511,876,938	—
Other Financial Instruments
Futures Contracts	$	734,492	—		—

Liabilities
Other Financial Instruments
Futures Contracts	$	1,812,329	—		—

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 $20,797,365 futures contracts purchased and $24,156,451 futures contracts sold.

The value of interest rate risk derivative instruments as of September 30, 2022, is disclosed on the Statement of Assets and Liabilities as a liability of $135,145 in payable for variation margin on futures contracts.* For the six months ended September 30, 2022, the effect of interest rate risk derivative instruments on the Statement of Operations was $(1,387,153) in net realized gain (loss) on futures contract transactions and $(841,668) 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.

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

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


Federal tax cost of investments	$	573,762,859
Gross tax appreciation of investments	$	763,212
Gross tax depreciation of investments	(62,643,517)
Net tax appreciation (depreciation) of investments	$	(61,880,305)

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, 2022, the fund had accumulated short-term capital losses of $(9,395,969) and accumulated long-term capital losses of $(58,714,839), 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
2022(3)	$9.84	0.09	(0.97)	(0.88)	(0.11)	$8.85	(8.99)%	0.55%(4)	1.80%(4)	114%	$409,036
2022	$10.59	0.08	(0.65)	(0.57)	(0.18)	$9.84	(5.41)%	0.54%	0.77%	288%	$490,899
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
I Class
2022(3)	$9.85	0.09	(0.97)	(0.88)	(0.12)	$8.85	(8.93)%	0.45%(4)	1.90%(4)	114%	$27,915
2022	$10.59	0.09	(0.63)	(0.54)	(0.20)	$9.85	(5.22)%	0.44%	0.87%	288%	$38,469
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


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)
A Class
2022(3)	$9.84	0.07	(0.96)	(0.89)	(0.10)	$8.85	(9.10)%	0.80%(4)	1.55%(4)	114%	$10,018
2022	$10.59	0.05	(0.64)	(0.59)	(0.16)	$9.84	(5.65)%	0.79%	0.52%	288%	$13,717
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
C Class
2022(3)	$9.84	0.04	(0.97)	(0.93)	(0.06)	$8.85	(9.44)%	1.55%(4)	0.80%(4)	114%	$628
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	$10.34	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
R Class
2022(3)	$9.84	0.06	(0.96)	(0.90)	(0.09)	$8.85	(9.22)%	1.05%(4)	1.30%(4)	114%	$10,985
2022	$10.58	0.03	(0.64)	(0.61)	(0.13)	$9.84	(5.79)%	1.04%	0.27%	288%	$13,262
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


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)
R5 Class
2022(3)	$9.84	0.09	(0.96)	(0.87)	(0.12)	$8.85	(8.89)%	0.35%(4)	2.00%(4)	114%	$36,397
2022	$10.59	0.10	(0.64)	(0.54)	(0.21)	$9.84	(5.22)%	0.34%	0.97%	288%	$46,121
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


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, 2022 (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.

See Notes to Financial Statements.


Approval of Management Agreement