AMERICAN CENTURY CALIFORNIA TAX FREE & MUNICIPAL FUNDS
497K3B, 1999-10-25
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[front cover]

                                AMERICAN CENTURY

                                  Fund Profile

[american century logo (reg.sm)]
American
Century

                     California Tax-Free Money Market Fund


  This profile summarizes key information about the fund that is included in the
  fund's Prospectus. The fund's Prospectus includes 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.

  [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                OCTOBER 25, 1999
                                                                  INVESTOR CLASS

   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.


CALIFORNIA TAX-FREE MONEY MARKET FUND

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 federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy high-quality, cash-equivalent  securities with income
    payments exempt from federal  and California income taxes. Cities, counties
    and other municipalities in California usually issue these securities  for
    public projects.

    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.

    * 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. The bar chart and the performance information below are not intended
    to indicate how the fund will perform in the future.

[data shown in bar chart]
    Calendar Year-By-Year Returns (1)
             1998     2.95%
             1997     3.19%
             1996     3.07%
             1995     3.41%
             1994     2.42%
             1993     2.03%
             1992     2.49%
             1991     3.81%
             1990     5.16%
             1989     5.71%

          (1) As of September 30, 1999, the end of the most recent calendar
          quarter, California Tax-Free Money Market's year-to-date return was
          1.90%.

    The highest and lowest quarterly returns for the period reflected in the bar
    chart are:

                              Highest                 Lowest
    California Tax-Free
    Money Market              1.52% (2Q 1989)         0.44% (1Q 1994)


California Tax-Free Money Market                American Century Investments


    The following table shows the average annual total returns 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. For current
    performance information, including yields, please call us or access our Web
    site.

                               1 YEAR    5 YEARS    10 YEARS     LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
      California Tax-Free
         Money Market           2.60%     3.06%      3.18%           3.73%
      Lipper California
         Tax-Exempt
         Money Market Average   2.46%     2.93%      3.15%           3.84(2)

        (1) The inception date for California Tax-Free Money Market is November
        9, 1983.

        (2) Since November 30, 1983, the date nearest the fund's inception for
        which data are available.

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 exchange into the Investor Class shares of other American Century fund

    * to redeem your shares

    The following table describes the fees and expenses that you will 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                              0.00%(2)
               Total Annual Fund Operating Expenses        0.50%


        (1) Based on expenses incurred during the fund's most recent fiscal
        year. The fund has a stepped fee schedule. As a result, the fund's
        management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
        independent trustees, their legal counsel and interest, were less than
        0.005% for the most recent fiscal year.


           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as 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 MANAGERS?

    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. Identified below is the portfolio
    manager who leads the team that manages California Tax-Free Money Market:

    TODD PARDULA, Vice President and 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 and is a Chartered Financial Analyst.

6. HOW DO I BUY FUND SHARES?

    American Century offers several ways to purchase shares

    * Complete and return an application along with an investment check payable
    to American Century Investments

    * If you already have an American Century account, call us or access our Web
    site to exchange shares from another American Century fund

    * Call us and send your investment by bank wire transfer

    Your initial investment must be at least $2,500. If your redemption activity
    causes the value of your account to  fall below this account minimum, your
    shares may be redeemed involuntarily.


California Tax-Free Money Market                                 Fund Profile


7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California Tax-Free
    Money Market for shares in nearly 70 other mutual funds offered by American
    Century. Depending on the options you select when you open your account,
    some restrictions may apply. For your protection, some redemption requests
    require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Dividends are declared and available for redemption daily. Distributions
    will generally be exempt from federal and California income taxes.
    Distributions are reinvested automatically in additional shares unless you
    choose another option.

9. WHAT SERVICES ARE AVAILABLE?

    American Century offers several ways to make it easier for you to manage
    your account, such as

    *  telephone transactions
    *  wire and electronic funds transfers
    *  24-hour Automated Information Line transactions
    *  24-hour online Internet account access and transactions

    You will find more information about these choices in Your Guide to American
    Century Services, which you may request by calling us, accessing our Web
    site or visiting one of our Investor Centers.

    Information contained in the services guide pertains to shareholders who
    invest directly with American Century rather than through an
    employer-sponsored retirement plan or financial intermediary.

    If you own or are considering purchasing fund shares through an
    employer-sponsored retirement plan or financial intermediary, your ability
    to purchase shares of the fund, exchange them for shares of other American
    Century funds, and redeem them will depend on the terms of your plan or
    financial intermediary. If you have questions about investing in an
    employer-sponsored retirement plan or through a financial intermediary,
    call a Service Representative at 1-800-345-3533.

- --------------------------------------------------------------------------------
[american century logo (reg.sm)]
American
Century

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at   WWW.AMERICANCENTURY.COM [link to web site with arrow]

SH-PRF-17911   9910                                   Funds Distributor, Inc.
<PAGE>
[front cover]

                                American Century

                                  Fund Profile

[american century logo (reg.sm)]
American
Century
- ---------
Brokerage
- ---------

                     California Tax-Free Money Market Fund


  This profile summarizes key information about the fund that is included in the
  fund's Prospectus. The fund's Prospectus includes 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.

  [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                OCTOBER 25, 1999
                                                                  INVESTOR CLASS

   You may obtain the Prospectus and other information about the fund at no cost
  by calling us at 1-888-345-2071, accessing our Web site or visiting one of our
   Investor Centers. See the back cover for additional telephone numbers and our
                                                                        address.


CALIFORNIA TAX-FREE MONEY MARKET FUND

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.

    Additional information about California Tax-Free Money Market's investments
    is available in its annual and semi-annual 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.

    * 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.
    The bar chart and the performance information below are not intended to
    indicate how the fund will perform in the future.

[data shown in bar chart]
         calendar Year-By-Year Returns (1)
                  1998      2.95%
                  1997      3.19%
                  1996      3.07%
                  1995      3.41%
                  1994      2.42%
                  1993      2.03%
                  1992      2.49%
                  1991      3.81%
                  1990      5.16%
                  1989      5.71%



 (1) As of September 30, 1999, the end of the most recent calendar
     quarter, California Tax-Free Money Market's year-to-date return was 1.90%.

    The highest and lowest quarterly returns for the period reflected in the bar
    chart are:

                                               Highest              Lowest
    California Tax-Free Money Market       1.52% (2Q 1989)      0.44% (1Q 1994)


California Tax-Free Money Market              American Century Investments


    The following table shows the average annual total returns 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. For current
    performance information, including yields, please call us or access our Web
    site.

<TABLE>
                                         1 YEAR   5 YEARS    10 YEARS    LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)

<S>                                       <C>        <C>        <C>           <C>
    California Tax-Free Money Market      2.60%      3.06%      3.18%         3.73%
    Lipper California Tax-Exempt
       Money Market Average               2.46%      2.93%      3.15%         3.84%(2)
</TABLE>

        (1) The inception date for California Tax-Free Money Market is November
            9, 1983.

        (2) Since November 30, 1983, the date nearest the fund's inception for
            which data are available.

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 exchange into the Investor Class shares of other American Century fund

    * to redeem your shares

    The following table describes the fees and expenses that you will 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                                    0.00%(2)
     Total Annual Fund Operating Expenses              0.50%

        (1) Based on expenses incurred during the fund's most recent fiscal
            year. The fund has a stepped fee schedule. As a result, the fund's
            management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
            independent trustees, their legal counsel and interest, were less
            than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as 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 MANAGERS?

    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. Identified below is the portfolio
    manager who leads the team that manages California Tax-Free Money Market:

    TODD PARDULA, Vice President and 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?

    American Century Brokerage offers several ways to purchase shares

    * Complete and return a 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 your redemption activity causes the value of your brokerage account to
    fall below this account minimum, your shares may be redeemed involuntarily.


California Tax-Free Money Market                               Fund Profile


7. HOW DO I SELL FUND SHARES?

    The most convenient way for you to sell money market fund shares in your
    brokerage account is to use our CheckWriting feature. If you do not have
    checks, you can call us during business hours or send us a letter requesting
    a redemption check or bank wire. Bank wires require a  minimum redemption of
    $1,000 and a $20 fee applies. In addition, we will automatically sell
    sufficient shares in California Tax-Free Money Market when you direct us to
    make other investments in your brokerage account.

    Depending on the options you select when you open your account, some
    restrictions may apply. For your protection, some redemption requests may
    require a signature guarantee.

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.
    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
    *  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

BROKERAGE ASSOCIATE
1-888-345-2071

TELESELECT AUTOMATED INFORMATION
AND TRADING LINE
1-888-345-2091

FAX 650-967-9627

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113

SEP-IRA SERVICES
1-800-345-3533, ext. 4210

Visit our Web site at   WWW.AMERICANCENTURY.COM   [link to web site with arrow]

BK-PRF-17912   9910                                   Funds Distributor, Inc.
<PAGE>
[front cover]

                                American Century

                                  Fund Profile

[american century logo (reg.sm)]
American
Century

                     California Municipal Money Market Fund


  This profile summarizes key information about the fund that is included in the
  fund's Prospectus. The fund's Prospectus includes 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.

  [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                OCTOBER 25, 1999
                                                                  INVESTOR CLASS

   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.


CALIFORNIA MUNICIPAL MONEY MARKET FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Municipal Money Market seeks safety of principal and high
    current income that is exempt from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy high-quality, cash-equivalent securities with income
    payments exempt from federal  and California income taxes. Cities, counties
    and other municipalities in California usually issue these securities for
    public projects.

    The fund managers also may buy high-quality, cash- equivalent securities
    whose payments are exempt from federal and California 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.

    Additional information about California Municipal Money Market's investments
    is available in its annual and semi-annual 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 or all 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
    Municipal 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 Municipal
    Money Market's shares for each calendar year since the fund's inception on
    December 31, 1990. The bar chart indicates the volatility of the fund's
    historical returns from year to year. The bar chart and the performance
    information below are not intended to indicate how the fund will perform in
    the future.

[data shown in bar chart]
    Calendar Year-By-Year Returns (1)
             1998    3.05%
             1997    3.23%
             1996    3.10%
             1995    3.49%
             1994    2.47%
             1993    2.09%
             1992    2.95%
             1991    4.61%

          (1) As of September 30, 1999, the end of the most recent calendar
          quarter, California Municipal Money Market's year-to-date return was
          2.01%.

    The highest and lowest quarterly returns for the period reflected in the bar
    chart are:

                              Highest                 Lowest
    California Municipal
    Money Market              1.18% (3Q 1991)         0.47% (1Q 1994)


California Municipal Money Market                American Century Investments


    The following table shows the average annual total returns 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. For current
    performance information, including yields, please call us or access our Web
    site.

                                    1 YEAR       5 YEARS         LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
        California Municipal
          Money Market               2.74%        3.13%               3.08%
        Lipper California Tax-Exempt
          Money Market Average       2.46%        2.93%               2.86%

        (1) The inception date for California Municipal Money Market is December
            31, 1990.

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 exchange into the Investor Class shares of other American Century fund

    * to redeem your shares

    The following table describes the fees and expenses that you will 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                                0.00%(2)
               Total Annual Fund Operating Expenses          0.50%

        (1) Based on expenses incurred during the fund's most recent fiscal
            year. The fund has a stepped fee schedule. As a result, the fund's
            management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
            independent trustees, their legal counsel and interest, were less
            than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as 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 MANAGERS?

    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. Identified below is the portfolio
    manager who leads the team that manages California Municipal Money Market:

    TODD PARDULA, Vice President and Portfolio Manager, has been a member of the
    California Municipal Money Market team since May 1994. He joined American
    Century in 1990. He has a bachelor's degree in finance from Santa Clara
    University and is a Chartered Financial Analyst.

6. HOW DO I BUY FUND SHARES?

    American Century offers several ways to purchase shares

    * Complete and return an application along with an investment check payable
    to American Century Investments

    * If you already have an American Century account, call us or access our Web
    site to exchange shares from another American Century fund

    * Call us and send your investment by bank wire transfer

    Your initial investment must be at least $2,500. If your redemption activity
    causes the value of your account to  fall below this account minimum, your
    shares may be redeemed involuntarily.


California Municipal Money Market                                Fund Profile


7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California Municipal
    Money Market for shares in nearly 70 other mutual funds offered by American
    Century. Depending on the options you select when you open your account,
    some restrictions may apply. For your protection, some redemption requests
    require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Dividends are declared and available for redemption daily. Distributions
    will generally be exempt from federal and California income taxes. Some or
    all 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 offers several ways to make it easier for you to manage
    your account, such as

    *  telephone transactions
    *  wire and electronic funds transfers
    *  24-hour Automated Information Line transactions
    *  24-hour online Internet account access and transactions

    You will find more information about these choices in Your Guide to American
    Century Services, which you may request by calling us, accessing our Web
    site or visiting one of our Investor Centers.

    Information contained in the services guide pertains to shareholders who
    invest directly with American Century rather than through an
    employer-sponsored retirement plan or financial intermediary.

    If you own or are considering purchasing fund shares through an
    employer-sponsored retirement plan or financial intermediary, your ability
    to purchase shares of the fund, exchange them for shares of other American
    Century funds, and redeem them will depend on the terms of your plan or
    financial intermediary. If you have questions about investing in an
    employer-sponsored retirement plan or through a financial intermediary, call
    a Service Representative at 1-800-345-3533.

- --------------------------------------------------------------------------------
[american century logo (reg.sm)]
American
Century

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at   WWW.AMERICANCENTURY.COM   [link to web site with arrow]

SH-PRF-17913   9910                                   Funds Distributor, Inc.
<PAGE>
[front cover]

                                American Century

                                  Fund Profile

[american century logo (reg.sm)]
American
Century

                     California Limited-Term Tax-Free Fund


  This profile summarizes key information about the fund that is included in the
  fund's Prospectus. The fund's Prospectus includes 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.

  [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                OCTOBER 25, 1999
                                                                  INVESTOR CLASS

   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.


CALIFORNIA LIMITED-TERM TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Limited-Term Tax-Free seeks safety of principal and high current
    income that is exempt from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy quality, short-term debt securities with income
    payments exempt from federal and California income taxes. Cities, counties
    and other municipalities in California usually issue these securities for
    public projects.

    The fund may also use futures contracts and options to pursue its investment
    objective.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash-equivalents. If it does, it
    may not achieve its investment objective and may generate taxable income.

    The weighted average maturity of the fund is expected to be five years or
    less.

    Additional information about California Limited-Term Tax-Free'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?

    * When interest rates change, the fund's share value will be affected.
    Generally, when interest rates rise, the fund's share value will decline.
    The opposite is true when interest rates decline. The interest rate risk for
    California Limited-Term Tax-Free is higher than for funds that have shorter
    weighted average maturities, such as money market funds.

    * The fund may invest part of its assets in securities rated in the lowest
    investment grade category (for example, Baa or BBB category). The issuers of
    these securities are more likely to pose a credit risk, that is, to have
    problems making interest and principal payments.

    * Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    Limited-Term Tax-Free may have a higher level of risk than funds that invest
    in a larger universe of securities.

    * As with all funds, your shares may be worth more or less at any given time
    than the price you paid for them. If you sell your shares when the value is
    less than the price you paid, you will lose money.

    * 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.

    In summary, California Limited-Term Tax-Free is intended  for investors who
    seek safety of principal and high current income that is exempt from federal
    and California 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 California
    Limited-Term Tax-Free's shares for each calendar year since the fund's
    inception on June 1, 1992. The bar chart indicates the volatility of the
    fund's historical returns from year to year. The bar chart and the
    performance information below are not intended to indicate how the fund will
    perform in the future.


California Limited-Term Tax-Free              American Century Investments


[data shown in bar chart]
    Calendar Year-By-Year Returns (1)
             1998    4.91%
             1997    5.34%
             1996    3.93%
             1995    8.32%
             1994   -0.61%
             1993    5.92%

          (1) As of September 30, 1999, the end of the most recent calendar
          quarter, California Limited-Term Tax-Free's year-to-date return was
          1.30%.

    The highest and lowest quarterly returns for the period reflected in the bar
    chart are:

                              Highest                 Lowest
    California Limited-Term
    Tax-Free                  2.99% (1Q 1995)         -1.35% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lehman Brothers 3-Year Municipal Bond
    Index, an unmanaged index that reflects no operating costs, is included as a
    benchmark for performance comparisons.

                                         1 YEAR      5 YEARS     LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
         California Limited-Term
            Tax-Free                     1.78%         4.59%           4.51%
         Lehman Brothers 3-Year
            Municipal Bond Index         2.66%         5.11%           5.04%

        (1) The inception date for California Limited-Term Tax-Free is June 1,
        1992.

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 exchange into the Investor Class shares of other American Century fund

    * to redeem your shares

    The following table describes the fees and expenses that you will pay if you
    buy and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
               Management Fee                             0.51%(1)
               Distribution and Service (12b-1) Fees      None
               Other Expenses                             0.01%(2)
               Total Annual Fund Operating Expenses       0.52%

        (1) Based on expenses incurred during the fund's most recent fiscal
            year. The fund has a stepped fee schedule. As a result, the fund's
            management fee rate generally decreases as fund assets increase.

        (2) Other expenses include the fees and expenses of the fund's
            independent trustees, their legal counsel and interest.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

                           1 year         3 years       5 years         10 years
                             $53           $167          $290             $652

              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 MANAGERS?

    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. Identified below are the portfolio
    managers who lead the team that manages California Limited-Term Tax-Free:

    TODD PARDULA, Vice President and Portfolio Manager, has been a member of the
    California Limited-Term Tax-Free team since June 1999. He joined American
    Century in 1990. He has a bachelor's degree in finance from Santa Clara
    University and is a Chartered Financial Analyst.

    G. DAVID MACEWEN, Senior Vice President and Portfolio Manager, has been a
    member of the California Limited-Term Tax-Free team since June 1999. He
    joined American Century in 1991. He has a bachelor's degree in economics
    from Boston University and an MBA in finance from the University of
    Delaware.


California Limited-Term Tax-Free                               Fund Profile


6. HOW DO I BUY FUND SHARES?

    American Century offers several ways to purchase shares

    * Complete and return an application along with an investment check payable
    to American Century Investments

    * If you already have an American Century account, call us or access our Web
    site to exchange shares from another American Century fund

    * Call us and send your investment by bank wire transfer

    Your initial investment must be at least $5,000. If your redemption activity
    causes the value of your account to  fall below this account minimum, your
    shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California Limited-Term
    Tax-Free for shares in nearly 70 other mutual funds offered by American
    Century. Depending on the options you select when you open your account,
    some restrictions may apply. For your protection, some redemption requests
    require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    California Limited-Term Tax-Free pays distributions of substantially all of
    its income monthly. Distributions will generally be exempt from federal and
    California income taxes. Distributions are reinvested automatically in
    additional shares unless you choose another option.


9. WHAT SERVICES ARE AVAILABLE?

    American Century offers several ways to make it easier for you to manage
    your account, such as

    *  telephone transactions
    *  wire and electronic funds transfers
    *  24-hour Automated Information Line transactions
    *  24-hour online Internet account access and transactions

    You will find more information about these choices in Your Guide to American
    Century Services, which you may request by calling us, accessing our Web
    site or visiting one of our Investor Centers.

    Information contained in the services guide pertains to shareholders who
    invest directly with American Century rather than through an
    employer-sponsored retirement  plan or financial intermediary.

    If you own or are considering purchasing fund shares through an
    employer-sponsored retirement plan or financial intermediary, your ability
    to purchase shares of the fund, exchange them for shares of other American
    Century funds, and redeem them will depend on the terms of your plan or
    financial intermediary. If you have questions about investing in an
    employer-sponsored retirement plan or through a financial intermediary, call
    a Service Representative at 1-800-345-3533.

- --------------------------------------------------------------------------------
[american century logo (reg.sm)]
American
Century

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at   WWW.AMERICANCENTURY.COM  [link to web site with arrow]

SH-PRF-17914   9910                                   Funds Distributor, Inc.
<PAGE>
[front cover]

                                American Century

                                  Fund Profile

[american century logo (reg.sm)]
American
Century

                   California Intermediate-Term Tax-Free Fund


  This profile summarizes key information about the fund that is included in the
  fund's Prospectus. The fund's Prospectus includes 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.

   [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                OCTOBER 25, 1999
                                                                  INVESTOR CLASS

   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.


CALIFORNIA INTERMEDIATE-TERM TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Intermediate-Term Tax-Free seeks safety of principal and high
    current income that is exempt from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy quality, intermediate-term debt securities with income
    payments exempt from federal and California income taxes. Cities, counties
    and other municipalities in California usually issue these securities for
    public projects.

    The fund may also use futures contracts and options to pursue its investment
    objective.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash- equivalents. If it does,
    it may not achieve its investment objective and may generate taxable income.

    The weighted average maturity of the fund is expected to be between five and
    10 years.

    Additional information about California Intermediate-Term Tax-Free'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?

    * When interest rates change, the fund's share value will be affected.
    Generally, when interest rates rise, the fund's share value will decline.
    The opposite is true when interest rates decline. The interest rate risk for
    California Intermediate-Term Tax-Free is higher than for funds that have
    shorter weighted average maturities, such as money market and short-term
    bond funds.

    * The fund may invest part of its assets in securities rated in the lowest
    investment grade category (for example, Baa or BBB category). The issuers of
    these securities are more likely to pose a credit risk, that is, to have
    problems making interest and principal payments.

    * Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    Intermediate-Term Tax-Free may have a higher level of risk than funds that
    invest in a larger universe of securities.

    * As with all funds, the value of your shares may be worth more or less at
    any given time than the price you paid for them. If you sell your shares
    when the value is less than the price you paid, you will lose money.

    * 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.

    In summary, California Intermediate-Term Tax-Free is intended for investors
    who seek safety of principal and high current income that is exempt from
    federal and California 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 California
    Intermediate-Term Tax-Free'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. The bar chart and the performance information below are not
    intended to indicate how the fund will perform in the future.


California Intermediate-Term Tax-Free             American Century Investments


[data shown in bar chart]
    Calendar Year-By-Year Returns (1)

             1998    5.59%
             1997    7.45%
             1996    4.25%
             1995   13.52%
             1994   -3.72%
             1993   10.69%
             1992    7.09%
             1991   10.38%
             1990    6.99%
             1989    7.49%

          (1) As of September 30, 1999, the end of the most recent calendar
          quarter, California Intermediate-Term Tax-Free's year-to-date return
          was -0.67%.

    The highest and lowest quarterly returns for the period reflected in the bar
    chart are:

                              Highest                 Lowest
    California Intermediate-
    Term Tax-Free             5.25% (1Q 1995)         -3.98% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lehman Brothers 5-Year General
    Obligation Bond Index, an unmanaged index that reflects no operating costs,
    is included as a benchmark for performance comparisons.

<TABLE>
                                   1 YEAR      5 YEARS    10 YEARS      LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
<S>                                 <C>        <C>         <C>               <C>
         California Intermediate-
            Term Tax-Free          -0.66%      5.62%       6.35%             6.53%
         Lehman Brothers
            5-Year General
            Obligation Bond Index   1.53%      5.73%       6.48%             7.21%(2)
</TABLE>

        (1) The inception date for California Intermediate-Term Tax-Free is
        November 9, 1983.

        (2) Since November 30, 1983, the date nearest the fund's inception for
        which data are available.

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 exchange into the Investor Class shares of other American Century fund

    * to redeem your shares

    The following table describes the fees and expenses that you will pay if you
    buy and hold shares of the fund.


     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
               Management Fee                                0.51%(1)
               Distribution and Service (12b-1) Fees         None
               Other Expenses                                0.00%(2)
               Total Annual Fund Operating Expenses          0.51%

        (1) Based on expenses incurred during the fund's most recent fiscal
        year. The fund has a stepped fee schedule. As a result, the fund's
        management fee rate generally decreases  as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
        independent trustees,  their legal counsel and interest, were less than
        0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

                        1 year    3 years      5 years     10 years
                         $52       $163         $285          $640

            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 MANAGERS?

    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. Identified below is the portfolio
    manager who leads the team that manages California Intermediate-Term
    Tax-Free:

    COLLEEN M. DENZLER, Vice President, Portfolio Manager and Director of
    Fixed-Income Investment Liaison, has been a member of the California
    Intermediate-Term Tax-Free team since January 1996. Prior to joining
    American Century, she was a Portfolio Manager with Calvert Group for 10
    years, specializing in state tax-exempt portfolios. She has a bachelor's
    degree in finance from Radford University and is a Chartered Financial
    Analyst.


California Intermediate-Term Tax-Free                          Fund Profile


6. HOW DO I BUY FUND SHARES?

    American Century offers several ways to purchase shares

    * Complete and return an application along with an investment check payable
    to American Century Investments

    * If you already have an American Century account, call us or access our Web
    site to exchange shares from another American Century fund

    * Call us and send your investment by bank wire transfer

    Your initial investment must be at least $5,000. If your redemption activity
    causes the value of your account to  fall below this account minimum, your
    shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California
    Intermediate-Term Tax-Free for shares in nearly 70 other mutual funds
    offered by American Century. Depending on the options you select when you
    open your account, some restrictions may apply. For your protection, some
    redemption requests require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    California Intermediate-Term Tax-Free pays distributions of substantially
    all of its income monthly. Distributions will generally be exempt from
    federal and California income taxes. Distributions are reinvested
    automatically in additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

    American Century offers several ways to make it easier for you to manage
    your account, such as:

    *  telephone transactions
    *  wire and electronic funds transfers
    *  24-hour Automated Information Line transactions
    *  24-hour online Internet account access and transactions

    You will find more information about these choices in Your Guide to American
    Century Services, which you may request by calling us, accessing our Web
    site or visiting one of our Investor Centers.

    Information contained in the services guide pertains to shareholders who
    invest directly with American Century rather than through an
    employer-sponsored retirement plan or financial intermediary.

    If you own or are considering purchasing fund shares through an
    employer-sponsored retirement plan or financial intermediary, your ability
    to purchase shares of the fund, exchange them for shares of other American
    Century funds, and redeem them will depend on the terms of your plan or
    financial intermediary. If you have questions about investing in an
    employer-sponsored retirement plan or through a financial intermediary, call
    a Service Representative at 1-800-345-3533.

- --------------------------------------------------------------------------------
[american century logo (reg.sm)]
American
Century

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at   WWW.AMERICANCENTURY.COM  [link to web site with arrow]

SH-PRF-17915   9910                                   Funds Distributor, Inc.
<PAGE>
[front cover]

                                American Century

                                  Fund Profile

[american century logo (reg.sm)]
American
Century

                       California Long-Term Tax-Free Fund


  This profile summarizes key information about the fund that is included in the
  fund's Prospectus. The fund's Prospectus includes 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.

  [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                OCTOBER 25, 1999
                                                                  INVESTOR CLASS

   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.


CALIFORNIA LONG-TERM TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Long-Term Tax-Free seeks safety of principal and high current
    income that is exempt from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy quality, long-term debt securities with income
    payments exempt from federal and California income taxes. Cities, counties
    and other municipalities in California usually issue these securities for
    public projects.

    The fund may also use futures contracts and options to pursue its investment
    objective.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash- equivalents. If it does,
    it may not achieve its investment objective and may generate taxable
    income.

    The weighted average maturity of the fund is expected to  be 10 years or
    longer.

    Additional information about California Long-Term Tax-Free'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?

    * When interest rates change, the fund's share value will be affected.
    Generally, when interest rates rise, the fund's share value will decline.
    The opposite is true when interest rates decline. The interest rate risk for
    California Long-Term Tax-Free is higher than for funds that have shorter
    weighted average maturities, such as money market and short-term and
    intermediate-term bond funds.

    * The fund may invest part of its assets in securities rated in the lowest
    investment grade category (for example, Baa or BBB category). The issuers of
    these securities are more likely to pose a credit risk, that is, to have
    problems making interest and principal payments.

    * Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    Long-Term Tax-Free may have a higher level of risk than funds that invest in
    a larger universe of securities.

    * As with all funds, your shares may be worth more or less at any given time
    than the price you paid for them. If you sell your shares when the value is
    less than the price you paid, you will lose money.

    * 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.

    In summary, California Long-Term Tax-Free is intended for investors who seek
    safety of principal and high current income that is exempt from federal and
    California income taxes through a municipal securities fund, and who are
    willing to accept the risks associated with the fund's investment strategy.


California Long-Term Tax-Free                    American Century Investments


    FUND PERFORMANCE

    The following bar chart shows the actual performance of California Long-Term
    Tax-Free'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.
    The bar chart and the performance information below are not intended  to
    indicate how the fund will perform in the future.

[data shown in bar chart]
      Calendar Year-By-Year Returns (1)
               1998    6.31%
               1997    9.74%
               1996    3.59%
               1995   19.80%
               1994   -6.51%
               1993   13.74%
               1992    8.15%
               1991   11.80%
               1990    6.60%
               1989    9.76%

          (1) As of September 30, 1999, the end of the most recent calendar
          quarter, California  Long-Term Tax-Free's year-to-date return was
          -3.60%.

    The highest and lowest quarterly returns for the period reflected in the bar
    chart are:

                              Highest                 Lowest
    California Long-Term
    Tax-Free                  7.13% (1Q 1995)         -5.71% (1Q 1994)

    The following table shows the average annual total returns  of the fund's
    shares for the periods indicated. The Lehman Brothers Long-Term Municipal
    Bond Index, an unmanaged index that reflects no operating costs, is included
    as a  benchmark for performance comparisons.

<TABLE>
                                 1 YEAR     5 YEARS    10 YEARS     LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
         California Long-Term
<S>                                <C>       <C>         <C>              <C>
            Tax-Free              -3.86%     6.45%       7.08%            7.78%
         Lehman Brothers
            Long-Term
            Municipal Bond Index  -3.99%     7.46%       7.90%            9.68%(2)
</TABLE>

        (1) The inception date for California Long-Term Tax-Free is November 9,
            1983.

        (2) Since November 30, 1983, the date nearest the fund's inception for
            which data are available.

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 exchange into the Investor Class shares of other American Century fund

    * to redeem your shares

    The following table describes the fees and expenses that you will pay if you
    buy and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
               Management Fee                             0.51%(1)
               Distribution and Service (12b-1) Fees      None
               Other Expenses                             0.00%(2)
               Total Annual Fund Operating Expenses       0.51%

        (1) Based on expenses incurred during the fund's most recent fiscal
            year. The fund has a stepped fee schedule. As a result, the fund's
            management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
            independent trustees, their legal counsel and interest, were less
            than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

                           1 year         3 years       5 years         10 years
                            $52            $163          $285             $640

            Of course, actual costs may be higher or lower. Use this example to
            compare the costs of investing in other funds.


California Long-Term Tax-Free                               Fund Profile


5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

    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. Identified below is the portfolio
    manager who leads the team that manages California Long-Term Tax-Free:

    G. DAVID MACEWEN, Senior Vice President and Portfolio Manager, has been a
    member of the California Long-Term Tax-Free team since May 1991. He joined
    American Century in 1991. He has a bachelor's degree in economics from
    Boston University and an MBA in finance from the University of Delaware.

6. HOW DO I BUY FUND SHARES?

    American Century offers several ways to purchase shares

    * Complete and return an application along with an investment check payable
    to American Century Investments

    * If you already have an American Century account, call us or access our Web
    site to exchange shares from another American Century fund

    * Call us and send your investment by bank wire transfer

    Your initial investment must be at least $5,000. If your redemption activity
    causes the value of your account to  fall below this account minimum, your
    shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California Long-Term
    Tax-Free for shares in nearly 70 other mutual funds offered by American
    Century. Depending on the options you select when you open your account,
    some restrictions may apply. For your protection, some redemption requests
    require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    California Long-Term Tax-Free pays distributions of substantially all of
    its income monthly. Distributions will generally be exempt from federal and
    California income taxes. Distributions are reinvested automatically in
    additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

    American Century offers several ways to make it easier  for you to manage
    your account, such as

    *  telephone transactions
    *  wire and electronic funds transfers
    *  24-hour Automated Information Line transactions
    *  24-hour online Internet account access and transactions

    You will find more information about these choices in Your Guide to American
    Century Services, which you may request by calling us, accessing our Web
    site or visiting one of our Investor Centers.

    Information contained in the services guide pertains to shareholders who
    invest directly with American Century rather than through an
    employer-sponsored retirement plan or financial intermediary.

    If you own or are considering purchasing fund shares through an
    employer-sponsored retirement plan or financial intermediary, your ability
    to purchase shares of the fund, exchange them for shares of other American
    Century funds, and redeem them will depend on the terms of your plan or
    financial intermediary. If you have questions about investing in an
    employer-sponsored retirement plan or through a financial intermediary, call
    a Service Representative at 1-800-345-3533.

- --------------------------------------------------------------------------------
[american century logo (reg.sm)]
American
Century

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at   WWW.AMERICANCENTURY.COM  [link to web site with arrow]

SH-PRF-17916   9910                                   Funds Distributor, Inc.
<PAGE>
[front cover]

                                American Century

                                  Fund Profile

[american century logo (reg.sm)]
American
Century

                      California High-Yield Municipal Fund


  This profile summarizes key information about the fund that is included in the
  fund's Prospectus. The fund's Prospectus includes 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.

  [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                OCTOBER 25, 1999
                                                                  INVESTOR CLASS

   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.


CALIFORNIA HIGH-YIELD MUNICIPAL FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California High-Yield Municipal seeks high current income that is exempt
    from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy long- and intermediate-term  debt securities with
    income payments exempt from federal and California income taxes. Cities,
    counties and other municipalities in California usually issue these
    securities for public projects.

    The fund managers also may buy long- and intermediate-term debt securities
    whose payments are exempt from federal and California 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. Between 10% and 30% of the fund's total assets may be
    invested in these securities.

    The fund buys securities that are considered below investment- grade,
    including so-called "junk bonds." Issuers of these securities often have
    short financial histories or have  questionable credit.

    The fund also may use futures contracts and options to pursue its investment
    objective.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash- equivalents. If it does,
    it may not achieve its investment  objective and may generate taxable
    income.

    The weighted average maturity of the fund is expected to be 10 years or
    longer.

    Additional information about California High-Yield Municipal's investments
    is available in its annual and semi-annual 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?

    * When interest rates change, the fund's share value will be affected.
    Generally, when interest rates rise, the fund's share value will decline.
    The opposite is true when interest rates decline. The interest rate risk for
    California High-Yield Municipal is higher than for funds that have shorter
    weighted average maturities, such as money market and short-term and
    intermediate-term bond funds.

    * The fund's investments often have high credit risk. The fund's share value
    may fluctuate significantly more than other bond funds because the fund
    invests in lower-rated debt securities.

    * Some or all 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
    High-Yield Municipal may have a higher level of risk than funds that invest
    in a larger universe of securities.

    * As with all funds, the value of your shares may be worth more or less at
    any given time than the price you paid for them. If you sell your shares
    when the value is less than the price you paid, you will lose money.

    * 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.

    In summary, California High-Yield Municipal is intended for investors who
    seek high current income that is exempt from federal and California 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 California
    High-Yield Municipal'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. The bar chart  and the performance information below are not
    intended to indicate how the fund will perform in the future.


California High-Yield Municipal               American Century Investments


[data shown in bar chart]
    Calendar Year-By-Year Returns (1)
             1998    6.73%
             1997   10.50%
             1996    5.89%
             1995   18.29%
             1994   -5.36%
             1993   13.18%
             1992    9.17%
             1991   10.91%
             1990    5.65%
             1989    9.68%

          (1) As of September 30, 1999, the end of the most recent calendar
          quarter, California High-Yield Municipal's year-to-date return was
          -1.28%.

    The highest and lowest quarterly returns for the period reflected in the bar
    chart are:

                              Highest                 Lowest
    California High-Yield
    Municipal                 7.18% (1Q 1995)         -4.54% (1Q 1994)

    The following table shows the average annual total returns  of the fund's
    shares for the periods indicated. The Lehman Brothers Long-Term Municipal
    Bond Index, an unmanaged index that reflects no operating costs, is included
    as a  benchmark for performance comparisons.

<TABLE>
                                   1 YEAR    5 YEARS   10 YEARS    LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
         California High-Yield
<S>                                 <C>        <C>       <C>            <C>
            Municipal              -1.13%      7.28%     7.46%          6.35%
         Lehman Brothers
            Long-Term
            Municipal Bond Index   -3.99%      7.46%     7.90%          7.81%
</TABLE>

        (1) The inception date for California High-Yield Municipal is December
            30, 1986.

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 exchange into the Investor Class shares of other American Century fund

    * to redeem your shares

    The following table describes the fees and expenses that you will pay if you
    buy and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
               Management Fee                            0.54%(1)
               Distribution and Service (12b-1) Fees     None
               Other Expenses                            0.00%(2)
               Total Annual Fund Operating Expenses      0.54%

        (1) Based on expenses incurred during the fund's most recent fiscal
            year. The fund has a stepped fee schedule. As a result, the fund's
            management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
            independent trustees, their legal counsel and interest, were less
            than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

                           1 year        3 years       5 years         10 years
                            $55           $173          $301             $676

             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 MANAGERS?

    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. Identified below is the portfolio
    manager who leads the team that manages California High-Yield Municipal:

    STEVEN M. PERMUT, Vice President, Portfolio Manager and Director of
    Municipal Research, has been a member of the California High-Yield Municipal
    team since January 1988. Mr. Permut joined American Century in 1987. He has
    a bachelor's degree in business and geography from the State University of
    New York-Oneonta and an MBA in finance from Golden Gate University-San
    Francisco.


California High-Yield Municipal                                  Fund Profile


6. HOW DO I BUY FUND SHARES?

    American Century offers several ways to purchase shares

    * Complete and return an application along with an investment check payable
    to American Century Investments

    * If you already have an American Century account, call us or access our Web
    site to exchange shares from another American Century fund

    * Call us and send your investment by bank wire transfer

    Your initial investment must be at least $5,000. If your redemption activity
    causes the value of your account to fall below this account minimum, your
    shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California High-Yield
    Municipal for shares in nearly 70 other mutual funds offered by American
    Century. Depending on the options you select when you open your account,
    some restrictions may apply. For your protection, some redemption requests
    require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    California High-Yield Municipal pays distributions of substantially all of
    its income monthly. Distributions will generally be exempt from federal and
    California income taxes. Some or all 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 offers several ways to make it easier for you to manage
    your account, such as

    *  telephone transactions
    *  wire and electronic funds transfers
    *  24-hour Automated Information Line transactions
    *  24-hour online Internet account access and transactions

    You will find more information about these choices in Your Guide to American
    Century Services, which you may request by calling us, accessing our Web
    site or visiting one of our Investor Centers.

    Information contained in the services guide pertains to shareholders who
    invest directly with American Century rather than through an
    employer-sponsored retirement plan or financial intermediary.

    If you own or are considering purchasing fund shares through an
    employer-sponsored retirement plan or financial intermediary, your ability
    to purchase shares of the fund, exchange them for shares of other American
    Century funds, and redeem them will depend on the terms of your plan or
    financial intermediary. If you have questions about investing in an
    employer-sponsored retirement plan or through a financial intermediary, call
    a Service Representative at 1-800-345-3533.

- --------------------------------------------------------------------------------
[american century logo (reg.sm)]
American
Century

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200 KANSAS CITY,
MISSOURI 64141-6200

INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at   WWW.AMERICANCENTURY.COM  [link to web site with arrow]

SH-PRF-17917   9910                                   Funds Distributor, Inc.
<PAGE>
[front cover]

                                American Century

                                  Fund Profile

[american century logo (reg.sm)]
American
Century

                        California Insured Tax-Free Fund


  This profile summarizes key information about the fund that is included in the
  fund's Prospectus. The fund's Prospectus includes 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.

  [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                OCTOBER 25, 1999
                                                                  INVESTOR CLASS

   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.


CALIFORNIA INSURED TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Insured Tax-Free seeks safety of principal and high current
    income that is exempt from federal and California income taxes through
    investment in insured California municipal securities.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy quality, long-term insured debt securities with income
    payments exempt from federal and California income taxes. Cities, counties
    and other municipalities in California usually issue these securities for
    public projects.

    The fund's investments are insured. This is significant because

    * the credit risk is less than for funds that invest in long-term debt
    securities without insurance

    * potential income is lower than for funds that invest in long-term debt
    securities without insurance

    A debt security's insurance cannot be cancelled and it guarantees that
    interest and other payments will be made as scheduled.

    The weighted average maturity of the fund is expected to be 10 years or
    longer.

    The fund also may use futures contracts and options to pursue its investment
    objective.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash- equivalents. If it does,
    it may not achieve its investment objective and may generate taxable income.

    Additional information about California Insured Tax-Free'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?

    * When interest rates change, the fund's share value will be affected.
    Generally, when interest rates rise, the fund's share value will decline.
    The opposite is true when interest rates decline. The interest rate risk for
    California Insured Tax-Free is higher than for funds that have shorter
    weighted average maturities, such as money market and short-term and
    intermediate-term bond funds.

    * Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    Insured Tax-Free may have a higher level of risk than funds that invest in a
    larger universe of securities.

    * As with all funds, the value of your shares may be worth more or less at
    any given time than the price you paid for them. If you sell your shares
    when the value is less than the price you paid, you will lose money.

    * 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.

    In summary, California Insured Tax-Free is intended for investors who seek
    safety of principal and high current income that is exempt from federal and
    California income taxes through a municipal securities fund, and who are
    willing to accept the risks associated with the fund's investment strategy


California Insured Tax-Free                       American Century Investments


    FUND PERFORMANCE

    The following bar chart shows the actual performance of California Insured
    Tax-Free'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.
    The bar chart and the performance information below are not intended to
    indicate how the fund will perform in the future.

[data shown in bar chart]
    Calendar Year-By-Year Returns (1)
             1998     6.09%
             1997     9.34%
             1996     3.70%
             1995    19.03%
             1994    -6.55%
             1993    13.45%
             1992     9.19%
             1991    11.27%
             1990     6.76%
             1989    10.31%

          (1) As of September 30, 1999, the end of the most recent calendar
          quarter, California Insured Tax-Free's year-to-date return was -3.29%

    The highest and lowest quarterly returns for the period reflected in the bar
    chart are:

                              Highest                 Lowest
    California Insured
    Tax-Free                  7.00% (1Q 1995)         -6.68% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lehman Brothers Long-Term Municipal
    Bond Index, an unmanaged index that reflects no operating costs, is included
    as a benchmark for performance comparisons.

<TABLE>
                                  1 YEAR    5 YEARS     10 YEARS    LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
         California Insured
<S>                                <C>        <C>         <C>             <C>
           Tax-Free               -3.54%      6.46%       7.01%           6.28%
         Lehman Brothers
           Long-Term
           Municipal Bond Index   -3.99%      7.46%       7.90%           7.81%
</TABLE>

        (1) The inception date for California Insured Tax-Free is December 30,
            1986.

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 exchange into the Investor Class shares of other American Century fund

    * to redeem your shares

    The following table describes the fees and expenses that you will pay if you
    buy and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
               Management Fee                           0.51%(1)
               Distribution and Service (12b-1) Fees    None
               Other Expenses                           0.00%(2)
               Total Annual Fund Operating Expenses     0.51%

        (1) Based on expenses incurred during the fund's most recent fiscal
            year. The fund has a stepped fee schedule. As a result, the fund's
            management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
            independent trustees, their legal counsel and interest, were less
            than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

                           1 year       3 years      5 years      10 years
                             $52         $163         $285          $640

            Of course, actual costs may be higher or lower. Use this example
            to compare the costs of investing in other funds.


California Insured Tax-Free                                        Fund Profile


5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

    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. Identified below is the portfolio
    manager who leads the team that manages California Insured Tax-Free:

    G. DAVID MACEWEN, Senior Vice President and Portfolio Manager, has been a
    member of the California Insured Tax-Free team since May 1991. He joined
    American Century in 1991. He has a bachelor's degree in economics from
    Boston University and an MBA in finance from the University of Delaware.

6. HOW DO I BUY FUND SHARES?

    American Century offers several ways to purchase shares

    * Complete and return an application along with an investment check payable
    to American Century Investments

    * If you already have an American Century account, call us or access our Web
    site to exchange shares from another American Century fund

    * Call us and send your investment by bank wire transfer

    Your initial investment must be at least $5,000. If your redemption activity
    causes the value of your account to fall below this account minimum, your
    shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California Insured
    Tax-Free for shares in nearly 70 other mutual funds offered by American
    Century. Depending on the options you select when you open your account,
    some restrictions may apply. For your protection, some redemption requests
    require a signature guarantee

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    California Insured Tax-Free pays distributions of substantially all of its
    income monthly. Distributions will generally be exempt from federal and
    California income taxes. Distributions are reinvested automatically in
    additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

    American Century offers several ways to make it easier for you to manage
    your account, such as

    *  telephone transactions
    *  wire and electronic funds transfers
    *  24-hour Automated Information Line transactions
    *  24-hour online Internet account access and transactions

    You will find more information about these choices in Your Guide to American
    Century Services, which you may request by calling us, accessing our Web
    site or visiting one of our Investor Centers.

    Information contained in the services guide pertains to shareholders who
    invest directly with American Century rather than through an
    employer-sponsored retirement  plan or financial intermediary.

    If you own or are considering purchasing fund shares through an
    employer-sponsored retirement plan or financial intermediary, your ability
    to purchase shares of the fund, exchange them for shares of other American
    Century funds, and redeem them will depend on the terms of your plan or
    financial intermediary. If you have questions about investing in an
    employer-sponsored retirement plan or through a financial intermediary, call
    a Service Representative at 1-800-345-3533.

- --------------------------------------------------------------------------------
[american century logo (reg.sm)]
American
Century

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at   WWW.AMERICANCENTURY.COM  [link to web site with arrow]

SH-PRF-17918   9910                                   Funds Distributor, Inc.


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission