AMERICAN CENTURY MUNICIPAL TRUST, 497K3B, 1999-01-20

AMERICAN CENTURY MUNICIPAL TRUST
497K3B, 1999-01-20

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FUND PROFILE

Intermediate-Term
Tax-Free

INVESTOR CLASS

January 15, 1999

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

- --------------------------------------------------------------------------------
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
INTERMEDIATE-TERM TAX-FREE

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Intermediate-Term Tax-Free 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 managers buy quality, intermediate-term debt 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 managers also may buy some quality, intermediate-term 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 between five
and 10 years.

Additional information about 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 amount of income the fund generates
will be affected. Generally, when interest rates rise, the fund's
income and its share value will decline. The opposite is true when
interest rates decline. This interest rate risk is higher for
Intermediate-Term Tax-Free than for funds that have shorter weighted
average maturities, such as money market and short-term bond funds.

* The fund may invest in securities rated in the lowest investment grade
category (e.g., Baa or BBB). The issuers of these securities are more
likely to have problems making interest and principal payments.

* 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. 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, at any given time the value of your shares of
Intermediate-Term Tax-Free may be worth more or less than the price
you paid. 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, Intermediate-Term Tax-Free is intended for investors who
seek safety of principal and high current income that is exempt from
federal income tax 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
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. Neither the bar chart nor the performance
information below it is intended to indicate how the fund will perform in
the future.

[bar chart]
<TABLE>
CALENDAR YEAR-BY-YEAR RETURNS
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Intermediate-Term Tax-Free 5.81 7.44 3.94 11.93 -2.06 9.07 7.17 10.05 6.28 6.66%
</TABLE>

INTERMEDIATE-TERM TAX-FREE AMERICAN CENTURY INVESTMENTS

[bar chart]
Highest and Lowest Quarterly Returns
Quarter ended 3/31/94 -3.54%
Quarter ended 3/31/94 4.17%

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

1 5 10 LIFE OF
YEAR YEARS YEARS FUND
---------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
---------------------------------------------------------------------
Intermediate-Term Tax-Free 5.81% 5.31% 6.57% 6.08%
Lehman 5-Year GO Index 5.84% 5.35% 6.98% 6.35%

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 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(2) 0.00%
Total Annual Fund Operating Expenses 0.51%

(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

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
$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. The portfolio manager who leads the
team that manages Intermediate-Term Tax-Free is identified below:

JOEL SILVA, Senior Portfolio Manager, has been a member of the
Intermediate-Term Tax-Free team since June 1994. He joined American Century
in August 1989. He has a bachelor's degree in finance from California
Polytechnic University and an MBA in corporate finance from California
State University- Hayward.

6. How do I buy fund shares?

* Complete and return the enclosed application

* Call us and 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 the value of your
account falls below this account minimum, your shares may be redeemed
involuntarily.

FUND PROFILE INTERMEDIATE-TERM TAX-FREE

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
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?

Intermediate-Term Tax-Free pays distributions of substantially all of
its income monthly. 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.

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 our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.

Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a 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 an Institutional 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

WWW.AMERICANCENTURY.COM

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

AUTOMATED INFORMATION LINE
1-800-345-8765

CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533

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

FAX
816-340-7962

SH-PRF-14854 9901 Funds Distributor, Inc.
<PAGE>
FUND PROFILE

Limited-Term
Tax-Free

INVESTOR CLASS

January 15, 1999

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

BENHAM GROUP

AMERICAN CENTURY INVESTMENTS
LIMITED-TERM TAX-FREE

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Limited-Term Tax-Free 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 managers buy quality, short-term debt 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 managers also may buy some quality, short-term 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 five years
or less.

Additional information about 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 amount of income the fund generates
will be affected. Generally, when interest rates rise, the fund's
income and its share value will decline. The opposite is true when
interest rates decline. This interest rate risk is higher for
Limited-Term Tax-Free than for funds that have shorter weighted
average maturities, such as money market funds.

* 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. 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, at any given time the value of your shares of
Limited-Term Tax-Free may be worth more or less than the price you
paid. 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, Limited-Term Tax-Free is intended for investors who seek
safety of principal and high current income that is exempt from federal
income tax 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 Limited-Term
Tax-Free's shares for each calendar year since the fund's inception on
March 1, 1993. 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
1998 1997 1996 1995 1994
International Growth 5.13 5.60 3.68 6.75 2.47%

Limited-Term Tax-Free American Century Investments

The highest and lowest returns of the fund's shares during the period
reflected by the preceding bar chart for a calendar quarter are provided in
the following chart to indicate the fund's historical short-term
volatility.

[bar chart]
Highest and Lowest Quarterly Returns
Quarter ended 3/31/94 -0.14%
Quarter ended 9/30/98 2.10%

The following table shows the average annual return of the fund's
shares for the periods indicated. The Merrill Lynch 0-3 Year Municipal
Index, an unmanaged index that reflects no operating costs, is included as
a benchmark for performance comparisons.

1 5 LIFE OF
YEAR YEARS FUND
---------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
---------------------------------------------------------------------
Limited-Term Tax-Free 5.13% 4.71% 4.62%
Merrill Lynch 0-3 Year
Municipal Index 5.01% 4.45% 4.37%

For current performance information, including yields, please call us or
access our Web site.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

---------------------------------------------------------------------
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(2) 0.00%
Total Annual Fund Operating Expenses 0.51%

(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.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years
$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?

Joel Silva, Senior Portfolio Manager, has been a member of the
Limited-Term Tax-Free team since August 1995. He joined American Century in
August 1989. He has a bachelor's degree in finance from California
Polytechnic University and an MBA in corporate finance from California
State University-Hayward.

6. HOW DO I BUY FUND SHARES?

* Complete and return the enclosed application

* Call us and 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 the value of your
account falls below this account minimum, your shares may be redeemed
involuntarily.

FUND PROFILE LIMITED-TERM TAX-FREE

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 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?

Limited-Term Tax-Free pays distributions of substantially all of its
income monthly. 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.

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 our Investor
Services Guide, 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

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

WWW.AMERICANCENTURY.COM

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

AUTOMATED INFORMATION LINE
1-800-345-8765

CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533

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

FAX
816-340-7962

SH-PRF-14855 9901 Funds Distributor, Inc.
<PAGE>
FUND PROFILE

Long-Term Tax-Free

INVESTOR CLASS

January 15, 1999

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

BENHAM GROUP

AMERICAN CENTURY INVESTMENTS
LONG-TERM TAX-FREE

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Long-Term Tax-Free 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 managers buy quality, long-term debt 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 managers also may buy some quality, long-term 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 10 years or
longer.

Additional information about 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 amount of income the fund generates
will be affected. Generally, when interest rates rise, the fund's
income and its share value will decline. The opposite is true when
interest rates decline. This interest rate risk is higher for
Long-Term Tax-Free than for funds that have shorter weighted average
maturities, such as money market, short-term and intermediate-term
bond funds.

* 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. 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, at any given time the value of your shares of
Long-Term Tax-Free may be worth more or less than the price you paid.
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, Long-Term Tax-Free is intended for investors who seek safety
of principal and high current income that is exempt from federal income tax
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 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. Neither the bar chart nor the performance information below it is
intended to indicate how the fund will perform in the future.

[bar chart]
<TABLE>
CALENDAR YEAR-BY-YEAR RETURNS
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Long-Term Tax-Free 5.94 9.59 3.08 18.50 -5.58 12.15 7.61 12.01 6.15 9.55%
</TABLE>

LONG-TERM TAX-FREE AMERICAN CENTURY INVESTMENTS

The highest and lowest returns of the fund's shares for a calendar
quarter during the period reflected by the preceding bar chart are provided
in the following chart to indicate the fund's historical short-term
volatility. Shareholders should be aware, however, that Long-Term Tax-Free
is intended for investors with a long-term investment horizon and is not
managed for short-term results.

[bar chart]
Highest and Lowest Quarterly Returns
Quarter Ended 3/31/95 6.68%
Quarter Ended 3/31/94 -5.46%

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

1 5 10 LIFE OF
YEAR YEARS YEARS FUND
---------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
---------------------------------------------------------------------
Long-Term Tax-Free 15.94% 16.01% 17.73% 17.25%
Lehman Long-Term
Municipal Bond Index 16.89% 16.84% 19.15% 18.51%

For current performance information, including yields, please call us or
access our Web site.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

(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.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years
$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?

G. DAVID MACEWEN, Vice President and Senior Portfolio Manager,
supervises the American Century Municipal Trust team and has been a member
of the Long-Term Tax-Free team since May 1991. He joined American Century
in May 1991 as a Municipal Portfolio Manager. 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?

* Complete and return the enclosed application

* Call us and 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 the value of your
account falls below this account minimum, your shares may be redeemed
involuntarily.

Fund Profile Long-Term Tax-Free

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 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?

Long-Term Tax-Free pays distributions of substantially all of its income
monthly. 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.
Distri-butions will automatically be reinvested 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 our Investor
Services Guide, 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

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

WWW.AMERICANCENTURY.COM

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

AUTOMATED INFORMATION LINE
1-800-345-8765

CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533

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

FAX
816-340-7962

SH-PRF-14856 9901 Funds Distributor, Inc.
<PAGE>
FUND PROFILE

Tax-Free Money Market

INVESTOR CLASS

January 15, 1999

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

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 managers buy high-quality, cash-equivalent 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 managers 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 (called private activity
bonds) to fund for-profit private projects, such as hospitals and athletic
stadiums. No more than 20% of the fund's total assets may be invested in
these securities.

Additional information about Tax-Free Money Market's investments is
available in its annual and semiannual reports. In these reports you will
find a discussion of the market conditions and investment strategies that
significantly affected the fund's performance during the most recent fiscal
period. You may get these reports at no cost by calling us.

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* An investment in the fund is not a bank deposit, and it is not insured
or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or
any other government agency. Although the fund seeks to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in the fund.

* Because cash-equivalent securities are among the safest securities
available, the interest they pay is among the lowest for income-paying
securities. Accordingly, the yield on this fund will likely be lower
than funds that invest in longer-term or lower-quality securities.

* Some of the fund's income may be subject to the federal alternative
minimum tax.

* Because the fund invests primarily in 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 shares for each of the last 10 calendar years. The bar chart
indicates the volatility of the fund's historical returns from year to
year. Neither the bar chart nor the performance information below it is
intended to indicate how the fund will perform in the future.

[bar chart]
<TABLE>
CALENDAR YEAR-BY-YEAR RETURNS
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Tax-Free Money Market 3.47 3.43 2.98 3.36 2.31 1.90 2.47 4.21 5.60 6.04%
</TABLE>

[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 INVESTMENTS

The following table shows the average annual return of the fund's 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 performance comparisons.

1 5 10 LIFE OF
YEAR YEARS YEARS FUND
---------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
---------------------------------------------------------------------
Tax-Free Money Market 3.47% 3.11% 3.57% 3.96%
Lipper Tax-Exempt Money
Market Average 2.92% 2.93% 3.47% 3.72%

For current performance information, including yields, please call us
or access our Web site.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

----------------------------------------------------------
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.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years
$51 $160 $279 $627

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

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

BRYAN E. KARCHER, Portfolio Manager, has been a member of the Tax-Free
Money Market team since April 1995. He joined American Century in July 1989
and has been a portfolio manager since 1995. He has a bachelor's degree in
economics from the University of California-Los Angeles. He is a Chartered
Financial Analyst.

6. HOW DO I BUY FUND SHARES?

* Complete and return the enclosed application

* Call us and 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 the value of your
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 or calling us. You also may exchange your shares in 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 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 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 our Investor
Services Guide, 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

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

WWW.AMERICANCENTURY.COM

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

AUTOMATED INFORMATION LINE
1-800-345-8765

CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533

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

FAX
816-340-7962

SH-PRF-14857 9901 Funds Distributor, Inc.
<PAGE>
FUND PROFILE

High-Yield Municipal

INVESTOR CLASS

January 15, 1999

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

BENHAM GROUP

AMERICAN CENTURY INVESTMENTS
HIGH-YIELD MUNICIPAL

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

High-Yield Municipal seeks high current income that is exempt from
federal income tax. The fund also seeks capital appreciation as a secondary
objective.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers buy long- and intermediate-term debt 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 managers also may buy long- and intermediate-term 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.

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

Additional information about High-Yield Municipal'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 amount of income the fund generates
will be affected. Generally, when interest rates rise, the fund's
income and its share value will decline. The opposite is true when
interest rates decline. The interest rate risk is higher for
High-Yield Municipal than for funds that have shorter weighted average
maturities, such as money market, short-term and intermediate-term
bond funds.

* The fund may invest in securities rated below investment grade,
including bonds that are in technical or monetary default. By
definition, the issuers of many of these securities have had and may
continue to have problems making interest and principal payments.

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

* As with all funds, at any given time the value of your shares of
High-Yield Municipal may be worth more or less than the price you
paid. 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, High-Yield Municipal is intended for investors who seek high
current income that is exempt from federal income tax through a municipal
securities fund and who are willing to accept the risks associated with the
fund's investment strategy.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

High-Yield Municipal American Century Investments

----------------------------------------------------------
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
----------------------------------------------------------
Management Fee 0.65%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses(3) 0.65%

(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.

(3 )The advisor has agreed to waive all expenses of High-Yield Municipal
through April 30, 1999.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years
$66 $208 $362 $809

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?

STEVEN M. PERMUT, Vice President, Senior Portfolio Manager and Director
of Municipal Research, has been a member of the High-Yield Municipal team
since its inception in March 1998. He joined American Century in June 1987.
He has bachelor's degrees in business and geography from State University
of New York-Oneonta and an MBA in finance from Golden Gate University-San
Francisco.

6. HOW DO I BUY FUND SHARES?

* Complete and return the enclosed application

* Call us and 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 the value of your
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 or calling us. You also may exchange your shares in 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?

High-Yield Municipal pays distributions of substantially all of its
income monthly. Distributions will generally be exempt from federal income
tax. 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.

Fund Profile High-Yield Municipal

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 our Investor
Services Guide, 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

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

WWW.AMERICANCENTURY.COM

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

AUTOMATED INFORMATION LINE
1-800-345-8765

CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533

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

FAX
816-340-7962

SH-PRF-14858 9901 Funds Distributor, Inc.