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Seeks safety of principal and high current income that is exempt from federal and California income taxes.

/sd/customer/portfolio_json 1.800.345.2021

Data reflects past performance for Investor Class shares, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

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A
Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.
C

Expense ratios provided are the funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursements. Expense ratios are as of the funds' most current prospectus.

Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semiannual report for the most current information.

Liquidity

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Weekly Liquidity: The percentage of the fund's assets invested in daily liquid assets, government agency discount notes with remaining maturities of 60 days or less, securities that will mature or are subject to a demand feature that is exercisable and payable within five business days, and receivables scheduled to be paid within five business days.

Market Based NAV (Net Asset Value): The market based price of the fund's portfolio, also known as a "shadow NAV."

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E
The 7-Day Current Yield more closely reflects the current earnings of the fund than the total return.
F
The 7-Day Effective Yield can be slightly higher than the 7-Day Current Yield because of the effects of compounding. The 7-Day Effective Yield assumes that income earned from the fund's investments is reinvested and generating additional income.

Calendar Year Returns

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Money Market Fund: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Because the fund invests primarily in California municipal securities and securities issued by U.S. territories, its yield and share price will be affected by political and economic developments within the state and territories. Even though the fund is designed to purchase assets exempt from federal taxes and currently has no exposure to the federal alternative minimum tax (AMT), there is no guarantee that all of the fund's income will be exempt from federal income tax or the federal AMT. Specifically, the portfolio managers are permitted at any time to invest up to 20% of the fund's assets in debt securities with interest payments that are subject to federal income tax and/or federal AMT. This fund is not available in all states.

W2 If your account falls below the minimum balance, you will be notified and given 90 days to meet the minimum. If the deadline is not met, American Century Investments may redeem the shares in the account and send the proceeds to the address of record.

For detailed descriptions of indices or investing terms referenced above, refer to our glossary.

Quick Facts

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Distribution