Summary Prospectus and Prospectus Supplement California High-Yield Municipal Fund California Intermediate-Term Tax-Free Bond Fund American Century Diversified Municipal Bond ETF Summary Prospectuses and Prospectuses dated January 1, 2022 High-Yield Municipal Fund Intermediate-Term Tax-Free Bond Fund Summary Prospectuses and Prospectuses dated October 1, 2021
Supplement dated February 24, 2022

The change below will be effective as of April 30, 2022.

Steven Permut, Senior Vice President and Senior Portfolio Manager, has announced his plans to retire on June 30, 2022. As a result, he will no longer serve as a portfolio manager for the funds effective April 30, 2022.

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CL-SPL-97626 2202