Mutual Fund Summary Prospectus (497k)

Summary Prospectus and Prospectus Supplement Supplement dated March 19, 2020

American Century California Tax-Free and Municipal Funds n American Century ETF Trust

American Century Target Maturities Trust n American Century Mutual Funds, Inc.

American Century Capital Portfolios, Inc. n American Century International Bond Funds

American Century World Mutual Funds, Inc. n American Century Variable Portfolios, Inc.

American Century Variable Portfolios II, Inc. n American Century Government Income Trust

American Century Investment Trust n American Century Municipal Trust

American Century Quantitative Equity Funds, Inc. n American Century Asset Allocation Portfolios, Inc.

American Century Growth Funds, Inc. n American Century Strategic Asset Allocations, Inc.

The following disclosure is added to the Market Risk in the Principal Risks section in each summary prospectus and prospectus, as well as the section titled What are the principal risks of investing in the fund?, in each prospectus:

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.

^©2020 American Century Proprietary Holdings, Inc. All rights reserved.

CL-SPL-96088 2003