AMERICAN CENTURY GOVERNMENT INCOME TRUST
497K3B, 2000-11-01
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[front cover]

[photos of woman sitting on bench planning and hand holding pencil on paper]

American Century

Fund Profile

Capital Preservation 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.

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.

October 27, 2000

Investor Class

[american century logo (reg. sm) and text logo)
American
Century


CAPITAL PRESERVATION FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Capital Preservation is a money market fund that seeks  maximum safety and
    liquidity, and to pay shareholders the highest rate of return consistent
    with this objective.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy very short-term U.S. Treasury  securities that are
    guaranteed by the direct full faith and credit pledge of the U.S.
    government.

    The fund managers may purchase securities in a number of different ways to
    seek higher rates of return. For example, by using when-issued and forward
    commitment transactions, the fund managers may purchase securities in
    advance to generate additional income.

    Additional information about Capital Preservation'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 very short-term 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.

    FUND PERFORMANCE

    The following bar chart shows the actual performance of Capital
    Preservation'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. 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
                 1999    1998    1997    1996    1995     1994     1993    1992     1991     1990
Capital
  Preservation  4.42%    4.92%   4.97%   4.85%   5.32%    3.63%    2.65%   3.31%    5.62%    7.64%

          (1) As of September 30, 2000, the end of the most recent calendar
          quarter, Capital Preservation's year-to-date return was 4.15%.

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

                              Highest                 Lowest
    Capital Preservation      1.89% (2Q 1990)         0.63% (2Q 1993)

    The following table shows the average annual total returns of the fund's
    Investor Class shares for the periods indicated. The 90-Day Treasury Bill
    Index, 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, 2000)

     Capital Preservation  5.35%        4.92%        4.57%          5.28%

     90-Day Treasury
        Bill Index         5.73%        5.14%        4.81%        6.94%(2)

        (1) The inception date for Capital Preservation is October 13, 1972.

        (2) Since September 30, 1972, the date closest to the fund's inception
        for which data  are available.


Capital Preservation                          American Century Investments


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 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                                    0.47%(1)

               Distribution and Service (12b-1) Fees             None

               Other Expenses                                    0.00%(2)

               Total Annual Fund Operating Expenses              0.47%

        (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 and their legal counsel, as well as 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

                    $48          $151          $263           $591

              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 that manage Capital Preservation:

    BETH BUNNELL HUNTER, Portfolio Manager, has been a  member of the team that
    manages the Capital Preservation Fund since joining American Century in July
    1999. Before joining American Century, she worked for Calvert Asset
    Management company as a Portfolio Trading Analyst from 1994 to 1996 and as a
    Portfolio Manager from 1996 to June 1999. She has a bachelor of arts from
    the University of Washington-Seattle.

    DENISE TABACCO, Portfolio Manager, has been a member of the team that
    manages Capital Preservation since May 1996. She joined American Century in
    1988, becoming a member of its portfolio department in 1991. She was
    promoted to Portfolio Manager in 1995. She has a bachelor's degree in
    accounting from San Diego University and an MBA in finance from Golden Gate
    University.

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 ($1,000 for  traditional and
    Roth IRAs). If your redemption activity causes the value of your account to
    fall below this account minimum, your shares may be redeemed involuntarily.


Capital Preservation                                           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 Capital Preservation 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. Because Capital
    Preservation is a money market fund, its distributions generally will be
    taxed as ordinary income.  If the fund's share price were to go up or down,
    its annual distributions also could include capital gains or losses.
    Distributions are reinvested automatically in additional shares unless you
    choose another option.

    Distributions will generally be exempt from most state income taxes. Consult
    your tax advisor to see if the fund's income is exempt in your state.

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 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 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

SH-PRF-22222   0010   American Century Investment Services, Inc., Distributor

[front cover]

[photos of woman sitting on bench planning and hand holding pencil on paper]

AMERICAN CENTURY

Fund Profile

Capital Preservation 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.

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.

October 27, 2000

Investor Class

[american century brokerage logo (reg. sm) and text logo)
American
Century
_________
Brokerage
_________



CAPITAL PRESERVATION FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Capital Preservation is a money market fund that seeks  maximum safety and
    liquidity, and to pay shareholders the highest rate of return consistent
    with this objective.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy very short-term U.S. Treasury  securities that are
    guaranteed by the direct full faith and credit pledge of the U.S.
    government.

    The fund managers may purchase securities in a number of different ways to
    seek higher rates of return. For example, by using when-issued and forward
    commitment transactions, the fund managers may purchase securities in
    advance to generate additional income.

    Additional information about Capital Preservation'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 very short-term 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.

    Fund Performance

    The following bar chart shows the actual performance of Capital
    Preservation'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. 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
                        1999     1998     1997     1996     1995      1994       1993     1992     1991     1990
Capital Preservation    4.42%    4.92%   4.97%    4.85%     5.32%     3.63%      2.65%    3.31%    5.62%    7.64%

          (1) As of September 30, 2000, the end of the most recent calendar
          quarter, Capital Preservation's year-to-date return was 4.15%.

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

                              Highest                 Lowest
    Capital Preservation      1.89% (2Q 1990)         0.63% (2Q 1993)

    The following table shows the average annual total returns of the fund's
    Investor Class shares for the periods indicated. The 90-Day Treasury Bill
    Index, 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, 2000)

     Capital Preservation   5.35%       4.92%        4.57%           5.28%

     90-Day Treasury
        Bill Index          5.73%       5.14%        4.81%        6.94%(2)

        (1) The inception date for Capital Preservation is October 13, 1972.

        (2) Since September 30, 1972, the date closest to the fund's inception
        for which data  are available.


Capital Preservation                          American Century Investments


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 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                                 0.47%(1)

               Distribution and Service (12b-1) Fees          None

               Other Expenses                                 0.00%(2)

               Total Annual Fund Operating Expenses           0.47%

        (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 and their legal counsel, as well as 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

                   $48             $151           $263              $591

              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 for the Capital Preservation team:

    Beth Bunnell Hunter, Portfolio Manager, has been a member of the team that
    manages the Capital Preservation Fund since joining American Century in July
    1999. Before joining American Century, she worked for Calvert Asset
    Management as a Portfolio Trading Analyst from 1994 to 1996 and as a
    Portfolio Manager from 1996 to June 1999. She has a bachelor of arts from
    the University of Washington-Seattle.

    Denise Tabacco, Portfolio Manager, has been a member of the team that
    manages Capital Preservation since 1995. She joined American Century in
    1988, becoming a member of its portfolio department in 1991. She was
    promoted to Portfolio Manager in 1995. She has a bachelor's degree in
    accounting from San Diego University and an MBA in finance from Golden Gate
    University.

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

    * If you already have an American Century Brokerage account, simply contact
    us by writing, calling or accessing our Web site

    * Call us and send your investment by bank wire transfer

    Your initial investment in your brokerage account 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.

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 Capital Preservation 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.


Capital Preservation                                           Fund Profile


8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Dividends are declared and available for redemption daily. Because Capital
    Preservation is a money market fund, its distributions generally will be
    taxed as ordinary income. If the fund's share price were to go up or down,
    its annual distributions also could include capital gains or losses.
    Distributions are reinvested automatically in additional shares unless you
    choose another option.

    Distributions will generally be exempt from most state income taxes. Consult
    your tax advisor to see if the fund's income is exempt in your state.

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 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 Brokerage, Inc.
P.O. Box 419146
Kansas City, Missouri 64141-6146

Brokerage Client Relations Associate
1-888-345-2071

Fax
650-967-9627

TeleSelect Automated Information
and Trading Line 1-888-345-2091

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

BK-PRF-22278   0010   American Century Investment Services, Inc., Distributor

[front cover]

[photos of woman sitting on bench planning and hand holding pencil on paper]

AMERICAN CENTURY

Fund Profile

Government Agency 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.

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.

October 27, 2000

Investor Class

[american century logo (reg. sm) and text logo)
American
Century


GOVERNMENT AGENCY MONEY MARKET FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Government Agency Money Market seeks to pay the highest rate of return while
    maintaining liquidity and safety of principal.  The fund invests exclusively
    in short-term obligations of the U.S. government, its agencies and
    instrumentalities. The fund seeks to purchase only those securities with
    income that will be exempt from state income tax.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy very short-term securities issued by the U.S.
    government, its agencies and instrumentalities. The U.S. government provides
    varying levels of financial support to these agencies and instrumentalities.

    The fund managers also may buy very short-term U.S. Treasury securities that
    are guaranteed by the direct full faith and credit pledge of the U.S.
    government.

    The fund managers may purchase securities in a number of different ways to
    seek higher rates of return. For example, by using when-issued and forward
    commitment transactions, the fund manager may purchase securities in advance
    to generate additional income.

    Additional information about Government Agency 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 very short-term 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.

    FUND PERFORMANCE

    The following bar chart shows the actual performance of Government Agency
    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. 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
                   1999    1998    1997    1996    1995     1994      1993    1992    1991    1990
Government Agency
  Money Market     4.73%   5.07%   5.07%   4.93%   5.50%    3.75%     2.68%   3.39%   6.01%   8.34%

          (1) As of September 30, 2000, the end of the most recent calendar
          quarter, Government Agency Money Market's year-to-date return was
          4.38%.

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

                              Highest                 Lowest
    Government Agency
    Money Market              2.06% (1Q 1990)         0.65% (2Q 1993)

    The following table shows the average annual total returns  of the fund's
    Investor Class shares for the periods indicated. The 90-Day Treasury Bill
    Index, 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.


Government Agency Money Market                American Century Investments


                           1 YEAR      5 YEARS     10 YEARS     LIFE OF FUND(1)

     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2000)

      Government Agency
         Money Market      5.70%        5.11%        4.75%          5.02%

      90-Day Treasury
         Bill Index        5.73%        5.14%        4.81%        5.04%(2)

        (1) The inception date for Government Agency Money Market is December 5,
        1989.

        (2) Since November 30, 1989, the date closest to 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 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                                      0.47%(1)

               Distribution and Service (12b-1) Fees               None

               Other Expenses                                      0.00%(2)

               Total Annual Fund Operating Expenses                0.47%

        (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 and their legal counsel, as well as 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

                     $48          $151        $263          $591

              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 that manage Government Agency Money Market:

    BETH BUNNELL HUNTER, Portfolio Manager, has been a member of the team that
    manages Government Agency Money Market since joining American Century in
    July 1999. Before joining American Century, she worked for Calvert Asset
    Management Company as a Portfolio Trading Analyst from 1994 to 1996 and as a
    Portfolio Manager from 1996 to June 1999. She has a bachelor of arts from
    the University of Washington-Seattle.

    DENISE TABACCO, Portfolio Manager, has been a member of the team that
    manages Government Agency Money Market since May 1996. She joined American
    Century in 1988, becoming a member of its portfolio department in 1991.  She
    was promoted to Portfolio Manager in 1995. She has a bachelor's degree in
    accounting from San Diego University and an MBA in finance from Golden Gate
    University.

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 ($1,000 for  traditional and
    Roth IRAs). 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 Government Agency 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.


Government Agency Money Market                                 Fund Profile


8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Dividends are declared and available for redemption daily. Because
    Government Agency Money Market is a money market fund, its distributions
    generally will be taxed as  ordinary income. If the fund's share price were
    to go up or down, its annual distributions also could include capital gains
    or losses. Distributions are reinvested automatically  in additional shares
    unless you choose another option.

    Distributions will generally be exempt from most state income taxes. Consult
    your tax advisor to see if the fund's income is exempt in your state.

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 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 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

SH-PRF-22223   0010   American Century Investment Services, Inc., Distributor

[front cover]

[photos of woman sitting on bench planning and hand holding pencil on paper]

AMERICAN CENTURY

Fund Profile

Short-Term Treasury 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.

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.

October 27, 2000

Investor Class

[american century logo (reg. sm) and text logo)
American
Century


SHORT-TERM TREASURY FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Short-Term Treasury seeks the highest level of current income exempt from
    state income tax while maintaining safety of capital.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy short-term U.S. Treasury securities guaranteed by the
    direct full faith and credit pledge of the U.S. government.

    The fund managers also may buy short-term securities issued by the U.S.
    government, its agencies and instrumentalities. The U.S. government provides
    varying levels of financial support to these agencies and instrumentalities.
    The fund managers may invest up to 35% of the fund's total assets in these
    securities.

    The fund managers may purchase securities in a number of different ways to
    seek higher rates of return. For example, by using when-issued and forward
    commitment transactions, the fund managers may purchase securities in
    advance to generate additional income.

    The weighted average maturity of the fund is expected to be between 13
    months and three years.

    Additional information about Short-Term Treasury'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?

    * Interest rate changes affect the fund's share value. Generally, when
    interest rates rise, the fund's share value will decline. The opposite is
    true when interest rates decline. This interest rate risk is higher for
    Short-Term Treasury than for funds that have shorter weighted average
    maturities, such as money market funds.

    * As with all funds, your shares may be worth more or less at any given time
    than the price you paid for them. As a result, it is possible to lose money
    by 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.

    In summary, Short-Term Treasury is intended for investors who seek the
    highest level of current income exempt from state income tax while
    maintaining safety of capital 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 Short-Term
    Treasury's Investor Class shares for each full  calendar year since the
    fund's inception on September 8, 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.

[data shown in bar chart]

   Calendar Year-By-Year Returns
                        1999     1998     1997     1996     1995      1994      1993
Short-Term Treasury     2.25%    6.44%    6.11%    4.12%    9.93%     0.15%     5.32%

          (1) As of September 30, 2000, the end of the most recent calendar
          quarter, Short-Term Treasury's year-to-date return was 4.85%.

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

                              Highest                 Lowest
    Short-Term Treasury       3.14% (1Q 1995)         -0.54% (1Q 1994)


Short-Term Treasury                           American Century Investments


    The following table shows the average annual total returns of the fund's
    Investor Class shares for the periods indicated. The Salomon 1- to 3-Year
    Treasury/Agency Index, 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, 2000)

     Short-Term Treasury           5.35%         5.21%             4.85%

      Salomon 1- to 3-Year
         Treasury Index            5.75%         5.88%          5.50%(2)

      Salomon 1- to 3-Year
         Treasury/Agency Index     5.92%         5.93%          5.53%(3)

        (1) The inception date for Short-Term Treasury is September 8, 1992.

        (2) The fund's benchmark was changed from the Salomon 1- to 3-Year
        Treasury/Agency Index  to the Salomon 1- to 3-Year Treasury Index, which
        we believe more accurately represents  the fund's primarily Treasury
        focus.

        (3) Since August 31, 1992, the date closest to 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 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 include the fees and expenses of the fund's
        independent trustees and their legal counsel, as well as 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 Short-Term Treasury:

    ROBERT V. GAHAGAN, Vice President and Senior Portfolio Manager, has been a
    member of the Short-Term Treasury team since 1996 and the Short-Term
    Government team since 1990. He is also a member of the Intermediate-Term
    Treasury team. He joined American Century in 1983. He holds a bachelor's
    degree in economics and an MBA from the University of Missouri-Kansas City.

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 ($1,000 for  traditional and
    Roth IRAs). If your redemption activity causes the value of your account to
    fall below this account minimum, your shares may be redeemed involuntarily.


Short-Term Treasury                                            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 Short-Term Treasury 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?

    Short-Term Treasury pays distributions of substantially all of its income
    monthly. Distributions may be taxable as ordinary income, capital gains, or
    a combination of the two. Capital gains are taxed at different rates
    depending on the length of time the fund held the securities that were sold.
    Distributions are reinvested automatically in additional shares unless you
    choose another option.

    Distributions will generally be exempt from most state income taxes. Consult
    your tax advisor to see if the fund's income is exempt in your state.

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 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 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

SH-PRF-22224   0010   American Century Investment Services, Inc., Distributor

[front cover]

[photos of woman sitting on bench planning and hand holding pencil on paper]

American Century

Fund Profile

GNMA 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.

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.

October 27, 2000

Investor Class

[american century logo (reg. sm) and text logo)
American
Century


GNMA FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    GNMA seeks high current income while maintaining  liquidity and safety of
    principal by investing primarily in GNMA certificates.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers primarily buy certificates issued by the Government
    National Mortgage Association (GNMA). Unlike many other mortgage-backed
    securities, the timely payment of principal and interest on these
    certificates is guaranteed by GNMA. GNMA's payment guarantee is stronger
    than most other government agencies' because it is backed by the full faith
    and credit of the U.S. government. This means that the fund managers receive
    the fund's share of payments regardless of whether the ultimate borrowers
    make their payments.

    The fund managers may also buy U.S. government securities. The U.S.
    government, its agencies and instrumentalities issue these securities. These
    securities include mortgage-backed securities. The U.S. government's
    financial support of these agencies and instrumentalities varies.

    The fund managers may purchase securities in a number  of different ways to
    seek higher rates of return. For example,  the fund managers may purchase
    securities in advance through when-issued and forward commitment
    transactions.

    Additional information about GNMA'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. This interest rate risk is
    higher for GNMA than for funds that have shorter weighted average
    maturities, such as money market funds.

    * GNMA invests in mortgage-backed securities. When homeowners refinance
    their mortgages to take advantage of declining interest rates, their
    existing mortgages are prepaid. The mortgages, which back the securities
    purchased by GNMA, may be prepaid in this fashion. Because of this
    "prepayment risk," the fund may benefit less from declining interest rates
    than other short-term funds.

    * As with all funds, your shares may be worth more or less at any given time
    than the price you paid for them. As a result, it is possible to lose money
    by 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.

    In summary, GNMA is intended for investors who seek high current income that
    is consistent with investment in GNMA certificates 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 GNMA'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.
    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
           1999     1998     1997     1996     1995      1994      1993      1992      1991     1990
GNMA       0.97%   6.33%     8.79%    5.21%   15.86%    -1.67%     6.59%     7.67%    15.56%   10.15%

          (1) As of September 30, 2000, the end of the most recent calendar
          quarter, GNMA's  year-to-date return was 6.78%.


GNMA                                          American Century Investments


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

                              Highest                 Lowest
    GNMA                      5.41% (3Q 1991)         -2.39% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    Investor Class shares for the periods indicated. The Salomon Brothers
    30-year GNMA Index, 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, 2000)

     GNMA                   6.97%       6.22%        7.61%            8.19%

     Salomon Brothers
       30-Year GNMA Index   7.73%       6.90%        8.13%         9.08%(2)

        (1) The inception date for GNMA is September 23, 1985.

        (2) Since September 30, 1985, the date closest to 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 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                            0.59%(1)

         Distribution and Service (12b-1) Fees     None

         Other Expenses                            0.00%(2)

         Total Annual Fund Operating Expenses      0.59%

        (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 and their legal counsel, as well as interest, were
        less than 0.005% for the current  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

                    $60            $189           $329             $736

              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 GNMA:

    CASEY COLTON, Vice President and Senior Portfolio Manager, has been a member
    of the team that manages GNMA since January 1994. He joined American Century
    in 1990. He has a bachelor's degree in business administration from San Jose
    State University and a master's degree from the University of Southern
    California. He is a Chartered Financial Analyst and a Certified Public
    Accountant.

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 ($1,000 for  traditional and
    Roth IRAs). If your redemption activity causes the value of your account to
    fall below this account minimum, your shares may be redeemed involuntarily.


GNMA                                                           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 GNMA 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?

    GNMA pays distributions of substantially all of its income monthly.
    Distributions may be taxable as ordinary income, capital gains, or a
    combination of the two. Capital gains are taxed at different rates depending
    on the length of time the fund held the securities that were sold.
    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 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 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

SH-PRF-22225   0010   American Century Investment Services, Inc., Distributor

[front cover]

American Century
Fund Profile

[photo of woman on sitting on bench, photo of hand holding pencil]

Intermediate-Term Treasury 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.

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.

October 27, 2000
Investor Class

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


INTERMEDIATE-TERM TREASURY FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Intermediate-Term Treasury seeks the highest level of current income exempt
    from state income tax while maintaining safety of capital.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy intermediate-term U.S. Treasury securities guaranteed
    by the direct full faith and credit pledge of the U.S. government.

    The fund managers also may buy intermediate-term securities issued by the
    U.S. government, its agencies and instrumentalities. The U.S. government
    provides varying levels of financial support to these agencies and
    instrumentalities. The fund managers may invest up to 35% of the fund's
    total assets in these securities.

    The fund managers may purchase securities in a number of different ways to
    seek higher rates of return. For example, by using when-issued and forward
    commitment transactions, the fund managers may purchase securities in
    advance to generate additional income.

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

    Additional information about Intermediate-Term Treasury'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?

    *  Interest rate changes affect the fund's share value. Generally, when
    interest rates rise, the fund's share value will decline. The opposite is
    true when interest rates decline. This interest rate risk is higher for
    Intermediate-Term Treasury than for funds that have shorter weighted average
    maturities, such as money market and short-term bond funds.

    *  As with all funds, your shares may be worth more or less at any given
    time than the price you paid for them. As a result, it is possible to lose
    money by 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.

    In summary, Intermediate-Term Treasury is intended for investors who seek
    the highest level of current income exempt from state income tax while
    maintaining safety of capital 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
    Treasury'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. 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)

1999    -2.05%
1998     8.94%
1997     8.38%
1996     4.08%
1995    13.70%
1994    -2.34%
1993     7.91%
1992     6.55%
1991    13.75%
1990     9.20%

          (1) As of September 30, 2000, the end of the most recent calendar
          quarter, Intermediate-Term Treasury's year-to-date return was 7.13%.


Intermediate-Term Treasury                    American Century Investments


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

                              Highest                 Lowest
      Intermediate-Term
      Treasury             5.83% (3Q 1998)         -2.04% (1Q 1994)

      The following table shows the average annual total returns of the fund's
      Investor Class shares for the periods indicated. The
      Salomon 3- to 10-Year Treasury Index, 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, 2000)
       Intermediate-Term
          Treasury               6.41%      5.91%      6.91%          8.32%

       Salomon 3- to 10-Year
          Treasury Index         6.86%      6.46%      7.44%          9.28%(2)

        (1) The inception date for Intermediate-Term Treasury is May 16, 1980.

        (2) Since May 31, 1980, the date closest to 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 funds

    *  to redeem your shares

    The following table describes the fees and expenses 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 management
        fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
        independent directors and their legal counsel, as well as 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           $164           $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 Intermediate-Term Treasury:

    ROBERT GAHAGAN, Vice President and Senior Portfolio Manager, has been a
    member of the team that manages Intermediate-Term Treasury since January
    1998. He joined American Century in 1983. He has a bachelor's degree in
    economics and an MBA from the University of Missouri-Kansas City.

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 ($1,000 for traditional and
    Roth IRAs). If your redemption activity causes the value of your account to
    fall below this account minimum, your shares may be redeemed involuntarily.


Intermediate-Term Treasury                                     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 Intermediate-Term
    Treasury 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 Treasury pays distributions of substantially all of its
    income monthly. Distributions may be taxable as ordinary income, capital
    gains or a combination of the two. Capital gains are taxed at different
    rates depending on the length of time the fund held the securities that were
    sold. Distributions are reinvested automatically in additional shares unless
    you choose another option.

    Distributions will generally be exempt from most state income taxes. Consult
    your tax advisor to see if the fund's income is exempt in your state.

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 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 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-22243   0010   American Century Investment Services, Inc., Distributor

[front cover]

AMERICAN CENTURY
Fund Profile

[photo of woman on sitting on bench, photo of hand holding pencil]

Long-Term Treasury 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.

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.

October 27, 2000
Investor Class

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


LONG-TERM TREASURY FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Long-Term Treasury seeks the highest level of current income exempt from
    state income tax.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy long-term U.S. Treasury securities guaranteed by the
    direct full faith and credit pledge of the U.S. government.

    The fund managers also may buy long-term securities issued by the U.S.
    government, its agencies and instrumentalities. The U.S. government provides
    varying levels of financial support to these agencies and instrumentalities.
    The fund managers may invest up to 35% of the fund's total assets in agency
    securities.

    The fund managers may purchase securities in a number of different ways to
    seek higher rates of return. For example, by using when-issued and forward
    commitment transactions, the fund managers may purchase securities in
    advance to generate additional income.

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

    Additional information about Long-Term Treasury'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?

    *  Interest rate changes affect the fund's share value. Generally, when
    interest rates rise, the fund's share value will decline. The opposite is
    true when interest rates decline. This interest rate risk is higher for
    Long-Term Treasury than for funds that have shorter weighted average
    maturities, such as money market, short-term and  intermediate-term bond
    funds.

    *  As with all funds, your shares may be worth more or less at any given
    time than the price you paid for them. As a result, it is possible to lose
    money by 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.

    In summary, Long-Term Treasury is intended for investors who seek the
    highest level of current income exempt from state income tax 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
    Treasury's Investor Class shares for each full calendar year since the
    fund's inception on September 8, 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.

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

1999    -8.70
1998    12.76
1997    14.76
1996    -1.36
1995    29.25
1994    -9.25
1993    17.64

          (1) As of September 30, 2000, the end of the most recent calendar
          quarter, Long-Term Treasury's year-to-date return was 11.91%.


Long-Term Treasury                            American Century Investments


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

                              Highest                 Lowest
    Long-Term Treasury      10.48% (2Q 1995)        -7.00% (1Q 1996)

    The following table shows the average annual total returns of the fund's
    Investor Class shares for the periods indicated. The Salomon Long-Term
    Treasury/Agency Index, 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, 2000)

         Long-Term Treasury          9.44%      7.10%           7.56%
           Salomon 10+ Year

         Treasury Index(2)           9.81%      7.50%           8.43%(3)
           Salomon 10+ Year

         Treasury/Agency Index       9.60%      7.44%           8.42%(3)


        (1) The inception date for Long-Term Treasury is September 8, 1992.

        (2) The fund's benchmark was changed from the Salomon Brothers 10+ Year
        Treasury/Agency Index to the Salomon Brothers 10+ Year Treasury Index,
        which we believe more accurately  represents the fund's primarily
        Treasury focus.

        (3) Since August 31, 1992, the date closest to 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 funds

    *  to redeem your shares

    The following table describes the fees and expenses 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 and their legal counsel, as well as 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 Long-Term Treasury:

    DAVID SCHROEDER, Senior Vice President and Senior Portfolio Manager, has
    been a member of the team that manages Long-Term Treasury since September
    1992. He joined American Century in 1990. He has a bachelor of arts from
    Pomona College.


Long-Term Treasury                                             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 $2,500 ($1,000 for traditional and
    Roth IRAs). 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 Long-Term Treasury 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 Treasury pays distributions of substantially all of its income
    monthly. Distributions may be taxable as ordinary income, capital gains or a
    combination of the two. Capital gains are taxed at different rates depending
    on the length of time the fund held the securities that were sold.
    Distributions are reinvested automatically in additional shares unless you
    choose another option.

    Distributions will generally be exempt from most state income taxes. Consult
    your tax advisor to see if the fund's income is exempt in your state.

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 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 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-22244   0010   American Century Investment Services, Inc., Distributor

[front cover]

American Century
Fund Profile

[photo of woman on sitting on bench, photo of hand holding pencil]

Short-Term Government 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.

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.

October 27, 2000
Investor Class

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


SHORT-TERM GOVERNMENT FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Short-Term Government seeks high current income while maintaining safety of
    principal.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy short-term securities issued by the U.S. government,
    its agencies and instrumentalities, including mortgage-backed securities.
    The U.S. government provides varying levels of financial support to these
    agencies and instrumentalities. The fund managers also may buy short-term
    U.S. Treasury securities guaranteed by the direct full faith and credit
    pledge of the U.S. government.

    The fund managers may purchase securities in a number of different ways to
    seek higher rates of return. For example, by using when-issued and forward
    commitment transactions, the fund managers may purchase securities in
    advance to generate additional income.

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

    Additional information about Short-Term Government'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?

    *  Interest rate changes affect the fund's share value. Generally, when
    interest rates rise, the fund's share value will decline. The opposite is
    true when interest rates decline. This interest rate risk is higher for
    Short-Term Government than for funds that have shorter weighted average
    maturities, such as money market funds.

    *  Short-Term Government invests in mortgage-backed securities. When
    homeowners refinance their mortgages to take advantage of declining interest
    rates, their existing mortgages are prepaid. The mortgages, which back the
    securities purchased by Short-Term Government, may be prepaid in this
    fashion. Because of this "prepayment risk," the fund may benefit less from
    declining interest rates than other short-term funds.

    *  As with all funds, your shares may be worth more or less at any given
    time than the price you paid for them. As a result, it is possible to lose
    money by 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.

    In summary, Short-Term Government is intended for investors who seek high
    current income that is consistent with investment in securities issued by
    the U.S. government and its agencies 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 Short-Term
    Government'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. 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)

1999     1.87%
1998     6.04%
1997     6.02%
1996     4.11%
1995    10.51%
1994    -0.49%
1993     4.17%
1992     4.39%
1991    11.64%
1990     7.53%

          (1) As of September 30, 2000, the end of the most recent calendar
          quarter, Short-Term Government's year-to-date return was 5.10%.


Short-Term Government                         American Century Investments


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

                                Highest                 Lowest
    Short-Term Government       4.08% (4Q 1991)         -1.03% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    Investor Class shares for the periods indicated. The Salomon 1- to 3-Year
    Treasury/Agency Index, 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, 2000)
         Short-Term
           Government             5.78%     5.14%       5.63%        6.84%
           Salomon 1- to 3-Year

         Treasury/Agency
           Index                  5.92%     5.93%       6.47%        7.94%(2)

        (1) The inception date for Short-Term Government is December 15, 1982.

        (2) Since December 31, 1982, the date closest to 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 funds

    *  to redeem your shares

    The following table describes the fees and expenses 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                         0.59%(1)
         Distribution and Service (12b-1) Fees  None
         Other Expenses                         0.00%(2)
         Total Annual Fund Operating Expenses   0.59%

        (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 directors and their legal counsel, as well as 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
                        $60            $189          $329          $736

             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 on the team that manages Short-Term Government:

    DAVID W. SCHROEDER, Senior Vice President and Senior Portfolio Manager,
    supervises the American Century Government Income Trust team and has been a
    member of the Short-Term Government team since 1995. He also is a member of
    the Intermediate-Term Treasury, Long-Term Treasury and Inflation-Adjusted
    Treasury teams. He joined American Century in 1990. He holds a bachelor of
    arts from Pomona College.

    ROBERT V. GAHAGAN, Vice President and Senior Portfolio Manager, has been a
    member of the Short-Term Government team since 1990. He is also a member of
    the Intermediate-Term Treasury team. He joined American Century in 1983. He
    holds a bachelor's degree in economics and an MBA from the University of
    Missouri-Kansas City.

    MICHAEL J. SHEARER, Vice President and Director-Fixed-Income Quantitative
    Strategies, has been a member of the Short-Term Government team since
    January 2000. He also is responsible for the development and implementation
    of all fixed-income quantitative strategies. He joined American Century in
    February 1998. Before joining American Century, he was Vice President,
    Quantitative Research at Capital Management Sciences from November 1995 to
    February


Short-Term Government                                               Fund Profile


    1998. Prior to that he was pursuing and received a doctorate in mathematics
    from the University of California- Los Angeles. He also holds a bachelor's
    degree in applied mathematics and a master's degree in mathematics from
    UCLA.

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 ($1,000 for traditional and
    Roth IRAs). 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 Short-Term Government
    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?

    Short-Term Government pays distributions of substantially all of its income
    monthly. Distributions may be taxable as ordinary income, capital gains, or
    a combination of the two. Capital gains are taxed at different rates
    depending on the length of time the fund held the securities that were sold.
    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 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 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-22245   0010    American Century Investment Services Inc., Distributor

[front cover]

American Century
Fund Profile

[photo of woman on sitting on bench, photo of hand holding pencil]

Inflation-Adjusted Treasury 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.

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.

October 27, 2000
Investor Class

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


INFLATION-ADJUSTED TREASURY FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Inflation-Adjusted Treasury seeks total return and inflation protection
    consistent with investment in U.S. Treasury inflation-adjusted securities.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy inflation-indexed U.S. Treasury securities guaranteed
    primarily by the direct full faith and credit pledge of the U.S.
    government. These inflation-indexed securities are designed to protect the
    future purchasing power of the money invested in them.

    The fund managers also may buy traditional U.S. Treasury securities that are
    not inflation-indexed. The fund managers also may buy inflation-indexed
    securities issued by U.S. government agencies and government-sponsored
    organizations.

    The fund managers may purchase securities in a number of different ways to
    seek higher rates of return. For example, by using when-issued and forward
    commitment transactions, the fund managers may purchase securities in
    advance to generate additional income.

    Additional information about Inflation-Adjusted Treasury'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?

    *  Inflation-indexed securities are designed to offer a return linked to
    inflation, which protects future purchasing power from the effects of
    inflation. Inflation-indexed securities may not trade at their face value.
    Inflation-indexed securities trade at prevailing real, or after inflation,
    interest rates. Changes in real interest rates affect the fund's share
    value.

    *  As with all funds, your shares may be worth more or less at any given
    time than the price you paid for them. As a result, it is possible to lose
    money by 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.

    In summary, Inflation-Adjusted Treasury is intended for investors who seek
    total return that is consistent with investment in U.S. Treasury
    inflation-indexed securities 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 Inflation-Adjusted
    Treasury's Investor Class shares for each full calendar year since the
    fund's inception on February 10, 1997. 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)

            1999     1.69%
            1998     3.45%

        (1) From August 1, 1997, to May 31, 1998, all or a portion of the fund's
        management fee was waived. As a result, the fund's returns are higher
        than they would have been had the waiver not been in effect.

        (2) As of September 30, 2000, the end of the most recent calendar
        quarter, Inflation-Adjusted Treasury's year-to-date return was 8.49%.

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

                                      Highest               Lowest
    Inflation-Adjusted Treasury   4.09% (1Q 2000)       -0.37% (4Q 1998)


Inflation-Adjusted Treasury                   American Century Investments


    The following table shows the average annual total returns of the fund's
    Investor Class shares for the periods indicated. The Salomon 10+ Years
    Treasury Index and the Salomon U.S. Inflation-Linked Index, unmanaged
    indices that reflect no operating costs, are included as benchmarks for
    performance comparisons. For current performance information, including
    yields, please call us or access our Web site.

                                                     1 YEAR      LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2000)(2)
               Inflation-Adjusted Treasury            8.29%           3.99%
               Salomon U.S. Inflation-Linked Index    9.11%           4.61%(3)

        (1) The inception date for Inflation-Adjusted Treasury is February 10,
        1997.

        (2) From August 1, 1997 to May 31, 1998, all or a portion of the fund's
        management fee was waived. As a result, the fund's returns are higher
        than they would have been had the  waiver not been in effect.

        (3) Since January 31, 1997, the date closest to 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 funds

    *  to redeem your shares

    The following table describes the fees and expenses 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 and their legal counsel, as well as 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 Inflation-Adjusted Treasury:

    DAVID SCHROEDER, Senior Vice President and Senior Portfolio Manager, has
    been a member of the team that manages Inflation-Adjusted Treasury since its
    inception in February 1997. He joined American Century in 1990.  He has a
    bachelor of arts from Pomona College.

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 ($1,000 for  traditional and
    Roth IRAs). If your redemption activity causes the value of your account to
    fall below this account minimum, your shares may be redeemed involuntarily.


Inflation-Adjusted Treasury                                    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 Inflation-Adjusted
    Treasury 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?

    Inflation-Adjusted Treasury pays distributions of substantially all of its
    income, including "imputed income," monthly. Distributions may be taxable as
    ordinary income, capital gains or a combination of the two. Capital gains
    are taxed at different rates depending on the length of time the fund held
    the securities that were sold. Distributions are  reinvested automatically
    in additional shares unless you choose another option.

    Distributions will generally be exempt from most state income taxes. Consult
    your tax advisor to see if the fund's income is exempt in your state.

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 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 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-22246   0010   American Century Investment Services, Inc., Distributor


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