FUND PROFILE
California Tax-Free
Money Market
INVESTOR CLASS
December 30, 1998
[american century logo(reg.sm)]
American
Century
________________
Brokerage
________________
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This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus has additional information about the
fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest. You may
obtain the Prospectus and other information about the fund at no cost by
calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
CALIFORNIA TAX-FREE MONEY MARKET
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
California Tax-Free Money Market seeks safety of principal and high
current income that is exempt from California and federal income taxes.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers buy high-quality, cash-equivalent securities with income
payments exempt from California and federal income taxes. Cities, counties
and other municipalities in California usually issue these securities for
public projects.
The fund managers also may buy some high-quality, cash-equivalent
securities whose payments are exempt from California and regular federal
income taxes, but not the federal alternative minimum tax. Cities, counties
and other municipalities in California usually issue these securities (called
private activity bonds) to fund for-profit private projects, such as
hospitals and athletic stadiums. No more than 20% of the fund's total assets
may be invested in these securities.
The weighted average maturity of the fund is expected to be 90 days or
less.
Additional information about California Tax-Free Money Market's
investments is available in its annual and semiannual reports. In these
reports you will find a discussion of the market conditions and investment
strategies that significantly affected the fund's performance during the most
recent fiscal period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* An investment in the fund is not a bank deposit and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation 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 the fund.
* Because cash-equivalent 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
funds that invest in longer-term or lower-quality securities.
* Some of the fund's income may be subject to the federal alternative
minimum tax.
* Because the fund invests primarily in California municipal securities, it
will be sensitive to events that affect California's economy. California
Tax-Free Money Market may have a higher level of risk than funds that
invest in a larger universe of securities.
In summary, California Tax-Free Money Market is intended for investors who
seek safety of principal and high current income that is exempt from
California and federal income taxes through a municipal securities fund, and
who are willing to accept the risks associated with the fund's investment
strategy.
FUND PERFORMANCE
The following bar chart shows the actual performance of the fund's shares
for each of the last 10 calendar years. The bar chart indicates the
volatility of the fund's historical returns from year to year. Neither the
bar chart nor the performance information below it is intended to indicate
how the fund will perform in the future.
[bar chart - data below]
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CALENDAR YEAR-BY-YEAR RETURNS
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1997 1996 1995 1994 1993 1992 1991 1990 1989 1988
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3.19% 3.07% 3.41% 2.42% 2.03% 2.49% 3.81% 5.16% 5.71% 4.67%
As of September 30, 1998, the end of the most recent calendar quarter,
California Tax-Free Money Market's year-to-date return was 2.25%.
California Tax-Free Money Market American Century Brokerage
The highest and lowest returns of the fund's shares for a quarter during
the last 10 calendar years are provided in the following chart to indicate
the fund's historical short-term volatility.
[bar chart - data below]
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HIGHEST AND LOWEST QUARTERLY RETURNS
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Quarter Ended 6/30/89 1.52%
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Quarter Ended 3/31/94 0.44%
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The following table shows the average annual return of the fund's shares
for the periods indicated. The Lipper California Tax-Exempt Money Market
Average, an unmanaged index that reflects no operating costs, is included as
a benchmark for performance comparisons.
1 YEAR 5 YEARS 10 YEARS
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AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
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California Tax-Free
Money Market 3.09% 2.97% 3.48%
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Lipper California Tax-Exempt
Money Market Average 2.86% 2.86% 3.47%
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For current performance information, including yields, please call us or
access our Web site.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to purchase the Investor Class shares of other American Century funds, or to
redeem your shares. The following table describes the fees and expenses that
you may pay if you buy and hold shares of the fund.
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ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
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Management Fee 0.50%(1)
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Distribution and Service (12b-1) Fees None
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Other Expenses(2) 0.00%
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Total Annual Fund Operating Expenses 0.50%
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(1) Based on assets at August 31, 1998. The fund has a stepped fee schedule.
As a result, the fund's management fee generally decreases as fund assets
increase.
(2) Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE
Assuming you...
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
...your cost of investing in the fund would be:
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1 year 3 years 5 years 10 years
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$51 $160 $279 $627
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Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGER?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio manager of the California
Tax-Free Money Market team is identified below:
TODD PARDULA, Portfolio Manager, has been a member of the California
Tax-Free Money Market team since May 1994. He joined American Century in
1990. He has a bachelor's in finance from Santa Clara University and is a
Chartered Financial Analyst.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed brokerage application along with an
investment check payable to American Century Brokerage
* Call us and send your investment by bank wire transfer
* If you already have an American Century Brokerage account, simply contact
us by writing, calling or accessing our Web site
Your initial investment in your brokerage account must be at least $2,500.
If the value of your brokerage account falls below this account minimum, your
shares may be redeemed involuntarily.
Fund Profile California Tax-Free Money Market
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing, calling or accessing our Web site. You also may sell your shares in
California Tax-Free Money Market and make other investments through American
Century Brokerage. Depending on the options you select when you open your
account, some restrictions may apply.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. Distributions
will generally be exempt from California and federal income taxes. Some of
the fund's income may, however, be subject to the federal alternative minimum
tax. Consult your tax advisor for information about whether you are subject
to the federal alternative minimum tax. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century Brokerage offers several ways to make it easier for you
to manage your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour TeleSelect Automated Information and Trading Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Brokerage
Information Kit, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
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[american century logo(reg.sm)]
American
Century
__________
Brokerage
__________
AMERICAN CENTURY BROKERAGE, INC.
P.O. BOX 419146
KANSAS CITY, MISSOURI 64141-6146
WWW.AMERICANCENTURY.COM
BROKERAGE ASSOCIATE
1-888-345-2071
TELESELECT AUTOMATED INFORMATION
AND TRADING LINE
1-888-345-2091
SEP-IRA SERVICES
1-800-345-3533 x 4210
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113
FAX
650-967-9627
BK-BRO-13794 9812 Funds Distributor, Inc.
