FUND PROFILE
California Tax-Free Money Market
INVESTOR CLASS
January 15, 1999
[american century logo(reg.sm)]
American
Century
_________
Brokerage
_________
- --------------------------------------------------------------------------------
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.
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 (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
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.
FUND PERFORMANCE
The following bar chart shows the actual performance of California
Tax-Free Money Market'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]
<TABLE>
CALENDAR YEAR-BY-YEAR RETURNS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
California Tax-Free Money Market 5.71 5.16 3.81 2.49 2.03 2.42 3.41 3.07 3.19 2.95
</TABLE>
California Tax-Free Money Market American Century Brokerage
[bar chart]
The highest and lowest returns of the fund's shares for a calendar
quarter during the period reflected by the preceding bar chart are provided
in the following chart to indicate the fund's historical short-term
volatility.
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 6/30/89 1.52%
Quarter Ended 3/31/94 0.44%
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 LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
California Tax-Free
Money Market 2.95% 3.01% 3.42% 3.79%
Lipper California Tax-Exempt
Money Market Average* 2.72% 2.89% 3.39% 3.91%
*(index as of 11/30/83)
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.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.50%
(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:
1 year 3 years 5 years 10 years
--------------------------------------------
$51 $160 $279 $627
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 degree in finance from Santa Clara University. He
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.
- --------------------------------------------------------------------------------
[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, ext. 4210
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113
FAX
650-967-9627
Funds Distributor, Inc.
BK-PRF-15350 9901
