# EDGAR Filing Document

**Accession Number:** 0000773674
**File Stem:** 0000773674-25-000025
**Filing Date:** 2025-7
**Character Count:** 22719
**Document Hash:** ac60428d29df80d256e0c498d0d09d4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000773674-25-000025.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0000773674-25-000025

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-99222
- **FILM NUMBER:** 251160259

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

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

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

## Series and Classes Contracts Data

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

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

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| | | | |
|:---|:---|:---|:---|
| **Summary Prospectus&nbsp;&nbsp;&nbsp;&nbsp;** August 1, 2025<br>**American Century Investments**<sup>®</sup><br>**Short-Term Government Fund** | **Summary Prospectus&nbsp;&nbsp;&nbsp;&nbsp;** August 1, 2025<br>**American Century Investments**<sup>®</sup><br>**Short-Term Government Fund** | **Summary Prospectus&nbsp;&nbsp;&nbsp;&nbsp;** August 1, 2025<br>**American Century Investments**<sup>®</sup><br>**Short-Term Government Fund** | ![newaci_logoblki04.jpg](newaci_logoblki04.jpg) |
| **Investor Class:** TWUSX<br>**I Class:** ASGHX | **A Class:** TWAVX<br>**C Class:** TWACX | **R Class:** TWARX<br>**R5 Class:** TWUOX |  |

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| | |
|:---|:---|
| &nbsp;&nbsp;Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund online at the web addresses listed below. You can also get this information at no cost by calling or sending an email request. The fund's prospectus and other information are also available from financial intermediaries (such as banks and broker-dealers) through which shares of the fund may be purchased or sold.  | &nbsp;&nbsp;Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund online at the web addresses listed below. You can also get this information at no cost by calling or sending an email request. The fund's prospectus and other information are also available from financial intermediaries (such as banks and broker-dealers) through which shares of the fund may be purchased or sold.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail Investors**<br>americancentury.com/prospectus<br>1-800-345-2021 or 816-531-5575<br>prospectus@americancentury.com | **Financial Professionals**<br>americancentury.com/fa-prospectus<br>1-800-345-6488<br>advisor_prospectus@americancentury.com |
| This summary prospectus incorporates by reference the fund's <u>[prospectus and statement of additional information](https://www.sec.gov/ix?doc=/Archives/edgar/data/773674/000077367425000016/ck0000773674-20250729.htm)</u> (SAI), each dated August 1, 2025 (as supplemented at the time you receive this summary prospectus), as well as the Report of Independent Registered Public Accounting Firm and the financial statements included in the fund's <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/773674/000077367425000006/ck0000773674-20250331.htm)</u> for the fiscal year ended March 31, 2025. The fund's SAI and Form N-CSR may be obtained, free of charge, in the same manner as the prospectus. | This summary prospectus incorporates by reference the fund's <u>[prospectus and statement of additional information](https://www.sec.gov/ix?doc=/Archives/edgar/data/773674/000077367425000016/ck0000773674-20250729.htm)</u> (SAI), each dated August 1, 2025 (as supplemented at the time you receive this summary prospectus), as well as the Report of Independent Registered Public Accounting Firm and the financial statements included in the fund's <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/773674/000077367425000006/ck0000773674-20250331.htm)</u> for the fiscal year ended March 31, 2025. The fund's SAI and Form N-CSR may be obtained, free of charge, in the same manner as the prospectus. |

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**Investment Objective**

The fund seeks high current income while maintaining safety of principal.

**Fees and Expenses**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in *Calculation of Sales Charges* on page 28 of the fund's prospectus, *Appendix A* of the fund's prospectus and *Sales Charges* in *Appendix B* of the statement of additional information.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | |
|  | *Investor* | *I* | *A* | *C* | *R* | *R5* |
| Maximum Sales Charge (Load) Imposed on <br>Purchases (as a percentage of offering price) |  |  | 2.25% |  |  |  |
| Maximum Deferred Sales Charge (Load) <br>(as a percentage of the lower of the original <br>offering price or redemption proceeds when redeemed within one year of purchase) |  |  | None¹ | 1.00% |  |  |
| Maximum Annual Account Maintenance Fee (waived if eligible investments total at least $25,000 or shareholder has elected electronic delivery) | $25 |  |  |  |  |  |
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
|  | *Investor* | *I* | *A* | *C* | *R* | *R5* |
| Management Fee | 0.54% | 0.44% | 0.54% | 0.54% | 0.54% | 0.34% |
| Distribution and Service (12b-1) Fees |  |  | 0.25% | 1.00% | 0.50% |  |
| Other Expenses | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Total Annual Fund Operating Expenses | 0.54% | 0.44% | 0.79% | 1.54% | 1.04% | 0.34% |

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<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Purchases of $500,000 or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of purchase.*

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**Example**

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that you earn a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *1 year* | *3 years* | *5 years* | *10 years* |
| Investor Class | $55 | $173 | $302 | $678 |
| I Class | $45 | $142 | $247 | $555 |
| A Class | $304 | $472 | $654 | $1181 |
| C Class | $157 | $487 | $840 | $1631 |
| R Class | $106 | $331 | $575 | $1271 |
| R5 Class | $35 | $110 | $191 | $431 |

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**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 298% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the fund buys short-term debt securities and will invest at least 80% of its net assets in U.S. government securities, including U.S. Treasury securities and other securities issued or guaranteed by the U.S. government and its agencies and instrumentalities. In addition, the fund may invest a portion of its assets in investment-grade debt securities, including debt securities of U.S. companies, and non-U.S. government mortgage-backed, asset-backed and other fixed-income securities. Under normal market conditions, the portfolio managers maintain a weighted average maturity of three years or less.

Securities issued or guaranteed by the U.S. Treasury and certain U.S. government agencies or instrumentalities, such as the Government National Mortgage Association (Ginnie Mae), are supported by the full faith and credit of the U.S. government. Securities issued or guaranteed by other U.S. government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank are not guaranteed by the U.S. Treasury or supported by the full faith and credit of the U.S. government. However, these agencies or instrumentalities are authorized to borrow from the U.S. Treasury to meet their obligations. In general, securities issued by non-U.S. government entities such as corporations are backed only by the credit of the issuer.

To generate additional income, the fund may purchase securities, including mortgage dollar rolls, in advance through when-issued and forward commitment transactions. The fund may commit up to 35% of its total assets to such transactions.

The fund also may invest in derivative instruments such as options, futures contracts, options on futures contracts and swap agreements (including, but not limited to, credit default swap agreements), in mortgage- or asset-backed securities, or in pre-refunded municipal securities, provided that such investments are in keeping with the fund's investment objective.

When determining whether to sell a security, the portfolio managers consider, among other things, current and anticipated changes in interest rates, current valuation relative to alternatives in the market, general market conditions and any other factors deemed relevant by the portfolio managers.

The fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. This may cause higher transaction costs and may affect performance. It may also result in the realization and distribution of capital gains.

**Principal Risks**

• **Interest Rate Risk** — Generally, when interest rates rise, the fund's share value will decline. The opposite is true when interest rates decline. This risk is higher for the fund than for other funds that have shorter weighted average maturities, such as money market funds. A period of rising interest rates may negatively affect the fund's performance.

• **Prepayment and Extension Risk** — The fund may invest in debt securities backed by mortgages or other assets. If these underlying assets are prepaid, the fund may benefit less from declining interest rates than funds that have similar weighted average maturities. Conversely, an issuer may exercise its right to pay principal on an obligation held by the fund later than expected (extend the obligation) especially in periods of rising interest rates. These events may lengthen weighted average maturity and potentially reduce the value of these securities.

• **Derivatives Risk** — The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. Derivatives are subject to a number of risks including

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liquidity, interest rate, market, credit and correlation risk. Derivatives used for hedging or risk management may not operate as intended, may expose the fund to other risks, and may be insufficient to protect the fund from the risks they were intended to hedge.

• **Market Risk** — The value of the securities owned by the fund may go up and down, sometimes rapidly or unpredictably. 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.

• **Principal Loss Risk** — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

**Fund Performance**

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year for Investor Class shares. The table shows how the fund's average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Bloomberg U.S. 1-3 Year Government Bond Index, which the advisor considers to be more representative of the fund's investment strategy. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, including yields, please visit americancentury.com.

Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.

**Calendar Year Total Returns**

![chart-1958a88492b04a89ba0a.jpg](chart-1958a88492b04a89ba0a.jpg)

**Highest Performance Quarter (3Q 2024): 2.92%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowest Performance Quarter (1Q 2022): -2.27%**

**As of June 30, 2025, the most recent calendar quarter end, the fund's Investor Class year-to-date return was 2.70%.**

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br>*For the calendar year ended December 31, 2024* | *1 year* | *5 years* | *10 years* |
| **Investor Class** Return Before Taxes | 3.56% | 1.26% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 1.87% | 0.36% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 2.09% | 0.58% | 0.54% |
| **I Class**<sup>1</sup> Return Before Taxes | 3.67% | 1.34% | 1.20% |
| **A Class** Return Before Taxes | 0.98% | 0.53% | 0.62% |
| **C Class**<sup>2</sup> Return Before Taxes | 2.53% | 0.23% | 0.25% |
| **R Class** Return Before Taxes | 3.05% | 0.75% | 0.60% |

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| | | | |
|:---|:---|:---|:---|
| **R5 Class** Return Before Taxes | 3.77% | 1.44% | 1.31% |
| Bloomberg U.S. Aggregate Bond Index<br> (reflects no deduction for fees, expenses or taxes)  | 1.25% | -0.33% | 1.35% |
| Bloomberg U.S. 1-3 Year Government Bond Index <br> (reflects no deduction for fees, expenses or taxes)  | 4.04% | 1.37% | 1.39% |

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<sup>1</sup>*&nbsp;&nbsp;&nbsp;&nbsp;Historical performance for the I Class prior to its inception (April 10, 2017) is based on the performance of R5 Class shares. I Class performance has been adjusted to reflect differences in expenses between classes, if applicable.* 

<sup>2</sup>*&nbsp;&nbsp;&nbsp;&nbsp;C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion.* 

The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

**Portfolio Management**

**Investment Advisor**

American Century Investment Management, Inc.

**Portfolio Managers**

**James E. Platz**, **CFA**, Vice President and Portfolio Manager, has served on teams managing fixed-income investments for American Century Investments since joining the advisor in 2003.

**Robert V. Gahagan**, Senior Vice President and Senior Portfolio Manager, has served on teams managing fixed-income investments for American Century Investments since joining the advisor in 1983. Mr. Gahagan has announced his plans to retire. As a result, he will no longer serve as portfolio manager for the fund effective December 31, 2025.

**Curtis Manning**, **CFA**, Portfolio Manager, has served on teams managing fixed-income investments for American Century Investments since joining the advisor in 2019.

**Paul Norris**, Vice President and Senior Portfolio Manager, has been a member of the team that manages the funds since 2023.

**Michael Waggaman**, Portfolio Manager, has served on teams managing fixed-income investments for American Century Investments since joining the advisor in 2021.

**Stephen Bartolini, CFA**, Vice President and Senior Portfolio Manager, has served on teams managing fixed-income investments since joining the advisor in 2024.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the fund on any business day through our website at americancentury.com, in person (at one of our Investor Centers), by mail (American Century Investments, P.O. Box 419200, Kansas City, MO 64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative) or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement Plans), or through a financial intermediary. Shares may be purchased and redemption proceeds received by electronic bank transfer, by check or by wire.

Unless otherwise specified below, the minimum initial investment amount to open an account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs). However, American Century Investments will waive the fund minimum if you make an initial investment of at least $500 and continue to make automatic investments of at least $100 a month until reaching the fund minimum. Investors opening accounts through financial intermediaries may open an account with $250 for the Investor, A, C and R Classes, but the financial intermediaries may require their clients to meet different investment minimums. The minimum may be waived for broker-dealer sponsored wrap program accounts, fee based accounts, and accounts through bank/trust and wealth management advisory organizations.

The minimum initial investment amount for the I Class is generally $5 million ($3 million for endowments and foundations), but the minimum may be waived if you have an aggregate investment in the American Century family of funds of $10 million or more ($5 million for endowments and foundations). This includes accounts held directly with American Century and those held through a financial intermediary.

There is no minimum initial investment amount for R5 Class shares.

For the Investor, A, C, R and R5 Classes, there is no minimum initial investment amount for certain employer-sponsored retirement plans, however, financial intermediaries or plan recordkeepers may require plans to meet different minimums. Employer-sponsored retirement plans are not eligible to purchase I Class shares.

There is a $50 minimum for subsequent purchases, except there is no subsequent purchase minimum for financial intermediaries or employer-sponsored retirement plans.

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**Tax Information**

Fund distributions are generally taxable as ordinary income or capital gains, unless you are investing through a tax-deferred account such as a 401(k) or individual retirement account (in which case you may be taxed upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank, insurance company, plan sponsor or financial professional), the fund and its related companies may pay the intermediary for the sale of fund shares and related services for investments in all classes. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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

CL-SUM-92465 2508

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