profile
[front cover]
American Century
Fund Profile
California Tax-Free Money Market Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
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.
[photo of woman on sitting on bench, photo of hand holding pencil]
October 29, 2001
Investor Class
[american century brokerage logo (reg. sm) and text logo]
CALIFORNIA TAX-FREE MONEY MARKET FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
California Tax-Free Money Market seeks safety of principal and high current
income that is exempt from California and federal income taxes.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers buy high-quality, very short-term debt securities with
interest payments exempt from California and federal income taxes. Cities,
counties and other municipalities in California usually issue these
securities for public projects.
Additional information about California Tax-Free Money Market's investments
is available in its annual and semi-annual reports. In these reports you
will find a discussion of the market conditions and investment strategies
that significantly affected the fund's performance during the most recent
fiscal period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the fund.
* Because high-quality, very short-term debt securities are among the
safest securities available, the interest they pay is among the lowest for
income-paying securities. Accordingly, the yield on this fund will likely be
lower than funds that invest in longer-term or lower-quality securities.
* Because the fund invests primarily in California municipal securities, it
will be sensitive to events that affect California's economy. California
Tax-Free Money Market may have a higher level of risk than funds that invest
in a larger universe of securities. Account fees are not reflected in the
chart below. If they had been included, returns would be lower than those
shown.
FUND PERFORMANCE
The following bar chart shows the actual performance of California Tax-Free
Money Market's shares for each of the last 10 calendar years. The bar chart
indicates the volatility of the fund's historical returns from year to year.
The bar chart and the performance information below are not intended to
indicate how the fund will perform in the future. Account fees are not
reflected in the chart below. If they had been included, returns would be
lower than those shown.
[data shown in bar chart]
Calendar Year-By-Year Returns(1)
2000 3.30%
1999 2.66%
1998 2.95%
1997 3.19%
1996 3.07%
1995 3.41%
1994 2.42%
1993 2.03%
1992 2.49%
1991 3.81%
(1) As of September 30, 2001, the end of the most recent calendar
quarter, California Tax-Free Money Market's return was 1.83%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
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California Tax-Free
Money Market 0.97% (1Q 1991) 0.44% (1Q 1994)
California Tax-Free Money Market American Century Investments
The following table shows the average annual total returns of the fund's
shares for the periods indicated. The Lipper California Tax-Exempt Money
Market Average, an unmanaged index that reflects no operating costs, is
included as a benchmark for performance comparisons. For current performance
information, including yields, please call us or access our Web site.
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2001)
California Tax-Free
Money Market 2.72% 2.95% 2.83% 3.64%
Lipper California Average
Tax-Exempt
Money Market Average 2.51% 2.78% 2.73% 3.75%(2)
(1) The inception date for California Tax-Free Money Market is November
9, 1983.
(2) Since November 30, 1983, 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 other than a $10 fee to redeem by wire
The following table describes the fees and expenses you may pay if you buy
and hold shares of the fund.
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Maximum Account Maintenance Fee $25(1)
(1) Applies only to investors whose total eligible investments with
American Century are less than $10,000.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.49%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.49%
(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
$50 $157 $274 $615
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below is the portfolio
manager who leads the team that manages California Tax-Free Money Market:
TODD PARDULA, Vice President and Portfolio Manager, has been a member of the
California Tax-Free Money Market team since May 1994. He joined American
Century in 1990. He has a bachelor's degree in finance from Santa Clara
University. He is a Chartered Financial Analyst.
6. HOW DO I BUY FUND SHARES?
American Century Brokerage offers several ways to purchase shares
* Complete and return a brokerage application along with an investment
check payable to American Century Brokerage
* Call us and send your investment by bank wire transfer
* If you already have an American Century Brokerage account, simply contact
us by writing, calling or accessing our Web site
Your initial investment in your brokerage account must be at least $2,500.
If your brokerage account balance falls below this account minimum, your
shares may be redeemed involuntarily.
California Tax-Free Money Market Fund Profile
7. HOW DO I SELL FUND SHARES?
The most convenient way for you to sell money market fund shares in your
brokerage account is to use our CheckWriting feature. If you do not have
checks, you can call us during business hours or send us a letter requesting
a redemption check or bank wire. Bank wires require a minimum redemption of
$1,000 and a $20 fee applies. In addition, we will automatically sell
sufficient shares in California Tax-Free Money Market when you direct us to
make other investments in your brokerage account.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests may
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. Distributions
will generally be exempt from California and federal income taxes.
Distributions are reinvested automatically in additional shares unless you
choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century Brokerage offers several ways to make it easier for you to
manage your account, such as
* telephone transactions
* wire and electronic funds transfers
* TeleSelect Automated Information and Trading Line transactions
* 24-hour online 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.
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AMERICAN CENTURY BROKERAGE, INC.
P.O. BOX 419146
KANSAS CITY, MISSOURI 64141-6146
BROKERAGE CLIENT RELATIONS ASSOCIATE
1-888-345-2071
TELESELECT AUTOMATED INFORMATION
AND TRADING LINE
1-888-345-2091
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
FAX
650-967-9627
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113
SEP-IRA SERVICES
1-800-345-3533, ext. 4210
BK-PRF-26980 0110 American Century Investment Services, Inc.