AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
PROSPECTUS SUPPLEMENT
CALIFORNIA TAX-FREE MONEY MARKET FUND CALIFORNIA MUNICIPAL MONEY MARKET FUND
CALIFORNIA LIMITED-TERM TAX-FREE FUND CALIFORNIA INTERMEDIATE-TERM TAX-FREE FUND
CALIFORNIA LONG-TERM TAX-FREE FUND CALIFORNIA INSURED TAX-FREE FUND CALIFORNIA
HIGH-YIELD MUNICIPAL FUND
Supplement dated June 28, 1999 * Prospectus dated January 1, 1999 * Revised
March 17, 1999
The following replaces the third paragraph under the heading "The Fund
Management Team" on page 16 of the Prospectus:
G. David MacEwen
Mr. MacEwen, Senior Vice President and Portfolio Manager, has been a member of
the teams that manage California Long-Term Tax-Free and California Insured
Tax-Free since May 1991. Mr. MacEwen has been a member of the team that manages
California Limited-Term Tax-Free since June 1999. He joined American Century in
May 1991 as Municipal Portfolio Manager. He has a bachelor's degree in economics
from Boston University and an MBA in finance from the University of Delaware.
The sixth paragraph under the heading "The Fund Management Team" on page 16 of
the Prospectus is deleted.
The following replaces the seventh paragraph under the heading "The Fund
Management Team" on page 16 of the Prospectus:
Todd Pardula
Mr. Pardula, Vice President and Portfolio Manager, has been a member of the
teams that manage California Tax-Free Money Market and California Municipal
Money Market since May 1994. Mr. Pardula has been a member of the team that
manages California Limited-Term Tax-Free since June 1999. He joined American
Century in February 1990 as an Investor Services Representative. He also was an
Associate Municipal Credit Analyst for two years. He has a bachelor's degree in
finance from Santa Clara University. He is a Chartered Financial Analyst.
The following is added immediately below the section "Abusive Trading Practices"
on page 20 of the Prospectus:
SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS
If, during any 90-day period, you redeem fund shares worth more than $250,000
(or 1% of the assets of the fund if that percentage is less than $250,000), we
reserve the right to pay part or all of the redemption proceeds in excess of
this amount in readily marketable securities instead of cash. If we make payment
in securities, we will value the securities selected by the fund managers in the
same manner as we do in computing the fund's net asset value. We may provide
these securities in lieu of cash without prior notice.
If your redemption would exceed this limit and you would like to avoid being
paid in securities, please provide us with an unconditional instruction to
redeem at least 15 days prior to the date on which the redemption transaction is
to occur. The instruction must specify the dollar amount or number of shares to
be redeemed and the date of the transaction. This minimizes the effect of the
redemption on the fund and its remaining shareholders.
The following replaces the first sentence of the first paragraph of the
subsection "Other Funds" under the heading "Distributions" on page 21 of the
Prospectus:
Each fund pays distributions from net income monthly.
SH-SPL-17212 9906
