FUND PROFILE
Tax-Free Money Market
INVESTOR CLASS
December 30, 1998
[american century logo(reg.sm)]
American
Century
____________
Brokerage
____________
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional telephone numbers and our address.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
TAX-FREE MONEY MARKET
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Tax-Free Money Market seeks safety of principal and high current income
that is exempt from federal income tax.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund buys securities with income payments exempt from federal income
tax. Cities, counties and other municipalities in the 50 states and U.S.
territories usually issue these securities for public projects, such as
schools and roads.
The fund also may buy some high-quality, cash-equivalent debt securities
whose payments are exempt from regular federal income tax, but not the
federal alternative minimum tax. Cities, counties and other municipalities
usually issue these securities to fund for-profit private projects, such as
hospitals and athletic stadiums. No more than 20% of the fund's total
assets may be invested in these securities.
The weighted average maturity of the fund is expected to be 90 days or
less.
Additional information about 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
six-month period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*An investment in the fund is not a bank deposit and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
*Although the fund seeks to preserve the value of your investment at $1.00
per share, it is possible to lose money by investing in the fund.
*Because cash-equivalent securities are among the safest securities
available, the interest they pay is among the lowest for income-paying
securities. Accordingly, the yield on this fund will likely be lower than
funds that invest in longer-term or lower-quality securities.
*Some of the fund's income may be subject to the federal alternative
minimum tax.
*Because the fund invests primarily in municipal securities, it will be
sensitive to events that affect municipal markets. 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 Tax-Free Money
Market's Investor Class shares for each of the last 10 calendar years. The
bar chart indicates the volatility of the fund's historical returns from
year to year. Neither the bar chart nor the performance information below
it is intended to indicate how the fund will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
- --------------------------------------------------------------------------------
Tax-Free Money Market 4.95 6.04 5.60 4.21 2.47 1.90 2.31 3.36 2.98 3.43
As of September 30, 1998, the end of the most recent calendar quarter, Tax-Free
Money Market's year-to-date return was 2.69%.
The highest and lowest returns of the fund's Investor Class shares for a
quarter during the last 10 calendar years are provided in the following
chart to indicate the fund's historical short-term volatility.
[bar chart]
Highest and Lowest Quarterly Returns
Quarter Ended 6/30/89 1.59%
Quarter Ended 3/31/94 0.44%
Tax-Free Money Market American Century Brokerage
The following table shows the average annual return of the fund's
Investor Class shares for the periods indicated. The Lipper Tax-Exempt
Money Market Average, an unmanaged index that reflects no operating costs,
is included as a benchmark for long-term performance comparisons.
1 YEAR 5 YEARS 10 YEARS
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
Tax-Free Money Market 3.69% 3.05% 3.63%
Lipper Tax-Exempt Money
Market Average 3.03% 2.89% 3.54%
For current performance information, including yields, please call us or
access our Web site.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class shares of other American Century funds
or to redeem your shares. The following table describes the fees and
expenses that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.50%
(1)Based on assets as of May 31, 1998. The fund has a stepped fee
schedule. As a result, the fund's management fee generally decreases as
fund assets increase.
(2)Other expenses, which include the fees and expenses of the fund's
independent trustees, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
---------------------------------------------------
$51 $160 $279 $627
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO 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. The portfolio managers on the Tax-Free
Money Market team are:
G. DAVID MACEWEN, Vice President and Senior Portfolio Manager,
supervises the American Century Municipal Trust team. Mr. MacEwen joined
American Century in 1991 as a Municipal Portfolio Manager.
BRYAN E. KARCHER, Portfolio Manager, has been a member of the Tax-Free
Money Market team since April 1995. Mr. Karcher joined American Century in
1989 and has been a portfolio manager since 1995.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed brokerage application along with an
investment check payable to American Century Brokerage
* Call us and send your investment by bank wire transfer
* If you already have an American Century Brokerage account, simply
contact us by writing, calling or accessing our Web site.
Your initial investment in your brokerage account must be at least
$2,500. If the value of your brokerage account falls below this account
minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing, calling or accessing our Web site. You also may sell your shares
in Tax-Free Money Market and make other investments through American
Century Brokerage. Depending on the options you select when you open your
account, some restrictions may apply.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. Distributions
will generally be exempt from federal income tax. Some of the fund's income
may, however, be subject to the federal alternative minimum tax. Consult
your tax advisor for information about whether you are subject to the
federal alternative minimum tax. Distributions are reinvested automatically
in additional shares unless you choose another option.
Fund Profile Tax-Free Money Market
9. WHAT SERVICES ARE AVAILABLE?
American Century Brokerage offers several ways to make it easier for you
to manage your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour TeleSelect Automated Information and Trading Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Brokerage
Information Kit, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century
____________
Brokerage
____________
AMERICAN CENTURY BROKERAGE, INC.
P.O. BOX 419146
KANSAS CITY, MISSOURI 64141-6146
WWW.AMERICANCENTURY.COM
BROKERAGE ASSOCIATE
1-888-345-2071
TELESELECT AUTOMATED INFORMATION
AND TRADING LINE
1-888-345-2091
SEP-IRA SERVICES
1-800-345-3533 x 4210
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113
FAX
650-967-9627
Funds Distributor, Inc.
BK-BRO-13793 9812
