Summary Prospectus January 1, 2012
American Century Investments®
California Tax-Free Money Market Fund
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Investor Class: BCTXX
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Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus and other information about the fund online at the web addresses listed below. You can also get this information at no cost by calling or sending an email request. The fund’s prospectus and other information are also available from financial intermediaries (such as banks and broker-dealers) through which shares of the fund may be purchased or sold.
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Retail Investors
americancentury.com/funds/fund_reports.jsp
1-800-345-2021 or 816-531-5575
prospectus@americancentury.com
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Financial Professionals
americancentury.com/ipro/funds/fund_reports_mf.jsp
1-800-345-6488
advisor_prospectus@americancentury.com
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This summary prospectus incorporates by reference the fund’s prospectus and statement of additional information (SAI), each dated January 1, 2012 (as supplemented at the time you receive this summary prospectus), as well as the Report of Independent Registered Public Accounting Firm and the financial statements included in the fund’s annual report to shareholders, dated August 31, 2011. The fund's SAI and annual report may be obtained, free of charge, in the same manner as the prospectus.
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Shareholder Fees (fees paid directly from your investment)
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Investor
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Maximum Annual Account Maintenance Fee
(waived if eligible investments total at least $10,000)
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$25
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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Investor
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Management Fee
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0.49%
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Distribution and Service (12b-1) Fees
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None
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Other Expenses
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0.01%
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Total Annual Fund Operating Expenses
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0.50%
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1 year
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3 years
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5 years
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10 years
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Investor Class
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$51
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$161
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$280
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$629
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Low Interest – Because high-quality debt securities are among the safest securities available, the interest they pay is among the lowest for income-paying securities. Accordingly, the yield on this fund will likely be lower than the yield on funds that invest in longer-term or lower-quality securities.
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California Economic Risk – The fund will be sensitive to events that affect California’s economy. Significant political or economic developments in California will likely impact virtually all municipal securities issued in the state. Because the fund invests primarily in California municipal securities, it may have a higher level of risk than funds that invest in a larger universe of securities.
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Municipal Securities Risk – Because the fund invests primarily in municipal securities, it will be sensitive to events that affect municipal markets, including legislative or political changes and the financial condition of the issuers of municipal securities. By investing primarily in municipal securities, the fund may have a higher level of risk than funds that invest in a larger universe of securities.
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Interest Rate, Credit and Liquidity Risks – Even though the fund’s investments are designed to minimize credit, interest rate and liquidity risk, the fund is still subject to some degree of risk. Credit risk is the risk that the inability or perceived inability of the issuer to make interest and principal payments will cause the value of the securities to decrease. Interest rate risk means that the value of debt securities and funds that hold them decline as interest rates rise. Liquidity risk means that during periods of market turbulence or unusually low trading activity, in order to meet redemptions it may be necessary for the fund to sell securities at prices that could have an adverse effect on the fund’s share price.
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Loss of Tax Exemptions Risk – There is no guarantee that all of the fund’s income will be exempt from federal or state income taxes. Income from municipal bonds held by the fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer.
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Principal Loss – An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in it.
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Highest Performance Quarter
(3Q 2007): 0.82%
Lowest Performance Quarter
(3Q 2009): 0.00%
As of September 30, 2011, the most recent calendar quarter
end, the fund’s Investor Class year-to-date return was 0.01%.
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Average Annual Total Returns
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For the calendar year ended December 31, 2010
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1 year
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5 years
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10 years
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Investor Class
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0.01%
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1.65%
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1.48%
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