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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;font-size:14pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:33%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-bottom:12px;text-align:left;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Summary Prospectus and Prospectus Supplement</font></div><div style="padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplement dated March 19, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century California Tax-Free and Municipal Funds </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century ETF Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Target Maturities Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Mutual Funds, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Capital Portfolios, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century International Bond Funds</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century World Mutual Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Variable Portfolios, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Variable Portfolios II, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Government Income Trust</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Investment Trust </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Municipal Trust </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Quantitative Equity Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Asset Allocation Portfolios, Inc.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;">American Century Growth Funds, Inc. </font><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">n</font><font style="font-family:Arial Narrow;font-size:12pt;font-weight:bold;"> American Century Strategic Asset Allocations, Inc. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:6pt;"><font style="font-family:Arial Narrow;font-size:6pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The following disclosure is added to the </font><font style="font-family:inherit;font-size:10pt;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> in the </font><font style="font-family:inherit;font-size:10pt;">Principal Risks </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">section in each summary prospectus and prospectus, as well as the section titled </font><font style="font-family:inherit;font-size:10pt;">What are the principal risks of investing in the fund?, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">each prospectus:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</font></div></div>
false
2020-03-19
2020-03-19
2020-03-19
497
0000100334
AMERICAN CENTURY MUTUAL FUNDS, INC.
2020-03-19