PROSPECTUS SUPPLEMENT

American Century California Tax-Free and Municipal Funds

CALIFORNIA HIGH-YIELD MUNICIPAL FUND

Supplement dated August 3, 2007 * PROSPECTUS DATED JANUARY 1, 2007

American Century Investment Trust

CORE PLUS FUND, HIGH-YIELD BOND FUND, INFLATION PROTECTION BOND FUND, SELECT
BOND FUND, SHORT DURATION FUND

Supplement dated August 3, 2007 * Prospectuses dated August 1, 2007

American Century Municipal Trust

HIGH-YIELD MUNICIPAL FUND, LONG-TERM TAX-FREE FUND

Supplement dated August 3, 2007 * Prospectuses dated October 1, 2006

IN THE HIGH-YIELD BOND PROSPECTUS, THE FOLLOWING REPLACES FOOTNOTE 4 IN THE
ANNUAL FUND OPERATING EXPENSES TABLE ON PAGE 5 OF THE PROSPECTUS

(4)  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.

IN THE SELECT BOND PROSPECTUS, THE FOLLOWING REPLACES FOOTNOTE 3 IN THE ANNUAL
FUND OPERATING EXPENSES TABLE ON PAGE 5 OF THE PROSPECTUS

(3)  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.




THE FOLLOWING CHANGES ARE EFFECTIVE SEPTEMBER 4, 2007.

IN THE SELECT BOND PROSPECTUS, THE FOLLOWING REPLACES THE FIRST TABLE UNDER THE
INVESTING THROUGH A FINANCIAL INTERMEDIARY SECTION ON PAGE 15 OF THE PROSPECTUS.

A CLASS                              B CLASS
- --------------------------------------------------------------------------------
Initial sales charge(1)              No initial sales charge
- --------------------------------------------------------------------------------
Generally no contingent              Contingent deferred sales charge
deferred sales charge(2)             on redemptions within six years
- --------------------------------------------------------------------------------
12b-1 fee of 0.25%(3)                12b-1 fee of 1.00%(4)
- --------------------------------------------------------------------------------
No conversion feature                Convert to A Class shares eight
                                     years after purchase
- --------------------------------------------------------------------------------
Generally more appropriate           Purchases generally limited to investors
for long-term investors              whose aggregate investments in
                                     American Century funds are less than
                                     $50,000; generally offered
                                     through financial intermediaries(5)
- --------------------------------------------------------------------------------

C CLASS                                     R CLASS
- --------------------------------------------------------------------------------
No initial sales charge                     No initial sales charge
- --------------------------------------------------------------------------------
Contingent deferred sales charge            No contingent deferred sales charge
on redemptions within 12 months
- --------------------------------------------------------------------------------
12b-1 fee of 1.00%                          12b-1 fee of 0.50%
- --------------------------------------------------------------------------------
No conversion feature                       No conversion feature
- --------------------------------------------------------------------------------
Purchases generally limited to investors    Generally offered through employer-
whose aggregate investments in American     sponsored retirement plans and other
Century funds are less than $1,000,000;     fee-based arrangements(6)
generally more appropriate for short-
term investors
- --------------------------------------------------------------------------------

(1)  THE SALES CHARGE FOR A CLASS SHARES DECREASES DEPENDING ON THE SIZE OF
     YOUR INVESTMENT, AND MAY BE WAIVED FOR SOME PURCHASES. THERE IS NO SALES
     CHARGE FOR PURCHASES OF $1,000,000 OR MORE.

(2)  A CONTINGENT DEFERRED SALES CHARGE (CDSC) OF 1.00% WILL BE CHARGED ON
     CERTAIN PURCHASES OF $1,000,000 OR MORE THAT ARE REDEEMED WITHIN ONE YEAR
     OF PURCHASE.

(3)  EFFECTIVE APRIL 1, 2006 THROUGH MARCH 31, 2008, AMERICAN CENTURY
     AGREED TO A TWO-YEAR WAIVER OF RULE 12B-1 FEES FOR THE A CLASS. TAKING
     INTO ACCOUNT THE WAIVER, THE 12B-1 FEE IS 0.23%.

(4)  EFFECTIVE APRIL 1, 2006 THROUGH MARCH 31, 2008, AMERICAN CENTURY
     AGREED TO A TWO-YEAR WAIVER OF RULE 12B-1 FEES FOR THE B CLASS. TAKING
     INTO ACCOUNT THE WAIVER, THE 12B-1 FEE IS 0.88%.

(5)  INVESTORS IN SIMPLE IRA PLANS, SEP IRA PLANS AND SARSEP PLANS
     ESTABLISHED PRIOR TO AUGUST 1, 2006, MAY MAKE ADDITIONAL PURCHASES. THIS
     CLASS IS NOT AVAILABLE FOR NEW EMPLOYER-SPONSORED RETIREMENT PLAN ACCOUNTS.

(6)  IRA ACCOUNTS IN R CLASS SHARES ESTABLISHED THROUGH FINANCIAL
     INTERMEDIARIES PRIOR TO AUGUST 1, 2006, MAY MAKE ADDITIONAL PURCHASES.


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2


IN THE CORE PLUS, HIGH-YIELD BOND, INFLATION PROTECTION BOND AND SHORT DURATION
PROSPECTUSES, THE FOLLOWING REPLACES THE FIRST TABLE UNDER THE INVESTING THROUGH
A FINANCIAL INTERMEDIARY SECTION OF THE PROSPECTUS:

A CLASS                         B CLASS
- --------------------------------------------------------------------------------
Initial sales charge(1)         No initial sales charge
- --------------------------------------------------------------------------------
Generally no contingent         Contingent deferred sales charge
deferred sales charge(2)        on redemptions within six years
- --------------------------------------------------------------------------------
12b-1 fee of 0.25%              12b-1 fee of 1.00%
- --------------------------------------------------------------------------------
No conversion feature           Convert to A Class shares eight
                                years after purchase
- --------------------------------------------------------------------------------
Generally more appropriate      Purchases generally limited to investors
for long-term investors         whose aggregate investments in American Century
                                funds are less than $50,000; generally offered
                                through financial intermediaries(3)
- --------------------------------------------------------------------------------

C CLASS                                    R CLASS
- --------------------------------------------------------------------------------
No initial sales charge                    No initial sales charge
- --------------------------------------------------------------------------------
Contingent deferred sales charge on        No contingent deferred sales charge
redemptions within 12 months
- --------------------------------------------------------------------------------
12b-1 fee of 1.00%                         12b-1 fee of 0.50%
- --------------------------------------------------------------------------------
No conversion feature                      No conversion feature
- --------------------------------------------------------------------------------
Purchases generally limited to investors   Generally offered through employer-
whose aggregate investments in American    sponsored retirement plans and other
Century funds are less than $1,000,000;    fee-based arrangements(4)
generally more appropriate for short-
term investors
- --------------------------------------------------------------------------------

(1)  THE SALES CHARGE FOR A CLASS SHARES DECREASES DEPENDING ON THE SIZE OF
     YOUR INVESTMENT, AND MAY BE WAIVED FOR SOME PURCHASES. THERE IS NO SALES
     CHARGE FOR PURCHASES OF $1,000,000 OR MORE.

(2)  A CONTINGENT DEFERRED SALES CHARGE (CDSC) OF 1.00% WILL BE CHARGED ON
     CERTAIN PURCHASES OF $1,000,000 OR MORE THAT ARE REDEEMED WITHIN ONE YEAR
     OF PURCHASE

(3)  INVESTORS IN SIMPLE IRA PLANS, SEP IRA PLANS AND SARSEP PLANS
     ESTABLISHED PRIOR TO AUGUST 1, 2006, MAY MAKE ADDITIONAL PURCHASES. THIS
     CLASS IS NOT AVAILABLE FOR NEW EMPLOYER-SPONSORED RETIREMENT PLAN ACCOUNTS.

(4)  IRA ACCOUNTS IN R CLASS SHARES ESTABLISHED THROUGH FINANCIAL
     INTERMEDIARIES PRIOR TO AUGUST 1, 2006, MAY MAKE ADDITIONAL PURCHASES.


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3


IN THE CALIFORNIA HIGH-YIELD MUNICIPAL, HIGH-YIELD MUNICIPAL AND LONG-TERM TAX-
FREE PROSPECTUSES, THE FOLLOWING REPLACES THE FIRST TABLE UNDER THE INVESTING
THROUGH A FINANCIAL INTERMEDIARY SECTION OF THE PROSPECTUS:

A CLASS                         B CLASS
- --------------------------------------------------------------------------------
Initial sales charge(1)         No initial sales charge
- --------------------------------------------------------------------------------
Generally no contingent         Contingent deferred sales charge
deferred sales charge(2)        on redemptions within six years
- --------------------------------------------------------------------------------
12b-1 fee of 0.25%              12b-1 fee of 1.00%
- --------------------------------------------------------------------------------
No conversion feature           Convert to A Class shares eight
                                years after purchase
- --------------------------------------------------------------------------------
Generally more appropriate      Purchases generally limited to investors
for long-term investors         whose aggregate investments in American Century
                                funds are less than $50,000; generally offered
                                through financial intermediaries(3)
- --------------------------------------------------------------------------------

C CLASS
- --------------------------------------------------------------------------------
No initial sales charge
- --------------------------------------------------------------------------------
Contingent deferred sales charge on redemptions within 12 months
- --------------------------------------------------------------------------------
12b-1 fee of 1.00%
- --------------------------------------------------------------------------------
No conversion feature
- --------------------------------------------------------------------------------
Purchases generally limited to investors whose aggregate investments
in American Century funds are less than $1,000,000; generally more
appropriate for short-term investors
- --------------------------------------------------------------------------------

(1)  THE SALES CHARGE FOR A CLASS SHARES DECREASES DEPENDING ON THE SIZE OF
     YOUR INVESTMENT, AND MAY BE WAIVED FOR SOME PURCHASES. THERE IS NO SALES
     CHARGE FOR PURCHASES OF $1,000,000 OR MORE.

(2)  A CONTINGENT DEFERRED SALES CHARGE (CDSC) OF 1.00% WILL BE CHARGED ON
     CERTAIN PURCHASES OF $1,000,000 OR MORE THAT ARE REDEEMED WITHIN ONE YEAR
     OF PURCHASE

(3)  INVESTORS IN SIMPLE IRA PLANS, SEP IRA PLANS AND SARSEP PLANS
     ESTABLISHED PRIOR TO AUGUST 1, 2006, MAY MAKE ADDITIONAL PURCHASES. THIS
     CLASS IS NOT AVAILABLE FOR NEW EMPLOYER-SPONSORED RETIREMENT PLAN ACCOUNTS.

THE FOLLOWING REPLACES THE REDUCTIONS AND WAIVERS OF SALES CHARGES FOR A CLASS
SECTION OF THE PROSPECTUS:

Reductions and Waivers of Sales Charges for A Class

You may qualify for a reduction or waiver of certain sales charges, but you or
your financial professional must provide certain information, including the
account numbers of any accounts to be aggregated, to American Century at the
time of purchase in order to take advantage of such reduction or waiver. If you
hold assets among multiple intermediaries, it is your responsibility to inform
your intermediary and/or American Century at the time of purchase of any
accounts to be aggregated.

You and your immediate family (your spouse and your children under the age of
21) may combine investments in any share class of any American Century fund
(excluding 529 account assets and certain assets in money market accounts) to
reduce your A Class sales charge in the following ways:

ACCOUNT AGGREGATION. Investments made by you and your immediate family may be
aggregated at each account's current market value if made for your own
account(s) and/or certain other accounts, such as:

*  Certain trust accounts

*  Solely controlled business accounts

*  Single-participant retirement plans

*  Endowments or foundations established and controlled by you or an
   immediate family member

For purposes of aggregation, only investments made through individual-level
accounts may be combined. Assets held in multiple participant employer-sponsored
retirement plans may be aggregated at a plan level.

CONCURRENT PURCHASES. You may combine simultaneous purchases in any share class
of any American Century fund to qualify for a reduced A Class sales charge.


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4


RIGHTS OF ACCUMULATION. You may take into account the current value of your
existing holdings, less any commissionable shares in the money market funds, in
any share class of any American Century fund to qualify for a reduced A Class
sales charge.

LETTER OF INTENT. A Letter of Intent allows you to combine all non-money market
fund purchases of any share class of any American Century fund you intend to
make over a 13-month period to determine the applicable sales charge. At your
request, existing holdings may be combined with new purchases and sales charge
amounts may be adjusted for purchases made within 90 days prior to our receipt
of the Letter of Intent. Capital appreciation, capital gains and reinvested
dividends earned during the Letter of Intent period do not apply toward its
completion. A portion of your account will be held in escrow to cover additional
A Class sales charges that will be due if your total investments over the
13-month period do not qualify for the applicable sales charge reduction.

WAIVERS FOR CERTAIN INVESTORS. The sales charge on A Class shares may be waived
for:

*  Purchases by registered representatives and other employees of certain
   financial intermediaries (and their immediate family members) having selling
   agreements with the advisor or distributor

*  Broker-dealer sponsored wrap program accounts and/or fee-based accounts
   maintained for clients of certain financial intermediaries who have entered
   into selling agreements with American Century

*  Present or former officers, directors and employees (and their families)
   of American Century

*  Employer-sponsored retirement plan purchases. For plans under $1 million
   in assets, purchases with sales charges are allowed, but may be subject to
   the retirement plan recordkeeper's policies. Refer to BUYING AND SELLING FUND
   SHARES in the statement of additional information

*  IRA Rollovers from any American Century fund held in an employer-sponsored
   retirement plan

*  Certain other investors as deemed appropriate by American Century

THE FOLLOWING REPLACES THE SECOND TO THE LAST BULLET UNDER THE CDSC WAIVERS
SECTION OF THE PROSPECTUS:

*  IRA Rollovers from any American Century fund held in an employer-sponsored
   retirement plan, for A Class shares only

THE FOLLOWING IS ADDED AS THE LAST PARAGRAPH UNDER THE B CLASS SECTION OF THE
PROSPECTUS:

American Century generally limits purchases of B Class shares to investors whose
aggregate investments in American Century funds are less than $50,000. However,
it is your responsibility to inform your financial intermediary and/or American
Century at the time of purchase of any accounts to be aggregated, including
investments in any share class of any American Century fund (excluding 529
account assets and certain assets in money market accounts) in accounts held by
you and your immediate family members (your spouse and children under the age of
21). Once you reach this limit, you should work with your financial intermediary
to determine what share class is most appropriate for additional purchases.

THE FOLLOWING IS ADDED AS THE LAST PARAGRAPH UNDER THE C CLASS SECTION OF THE
PROSPECTUS:

American Century generally limits purchases of C Class shares to investors whose
aggregate investments in American Century funds are less than $1,000,000.
However, it is your responsibility to inform your financial intermediary and/or
American Century at the time of purchase of any accounts to be aggregated,
including investments in any share class of any American Century fund (excluding
529 account assets and certain assets in money market accounts) in accounts held
by you and your immediate family members (your spouse and children under the age
of 21). Once you reach this limit, you should work with your financial
intermediary to determine what share class is most appropriate for additional
purchases.

THE FOLLOWING REPLACES THE FIRST SENTENCE UNDER THE EXCHANGING SHARES SECTION OF
THE PROSPECTUS:

You may exchange shares of the fund for shares of the same class of another
American Century fund without a sales charge if you meet the following criteria:


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5


THE FOLLOWING REPLACES THE FIRST SENTENCE UNDER THE REDEMPTIONS SECTION OF THE
PROSPECTUS:

If you sell B, C or, in certain cases, A Class shares, you may pay a sales
charge, depending on how long you have held your shares, as described above.

IN THE CORE PLUS, HIGH-YIELD BOND, INFLATION PROTECTION BOND, SELECT BOND AND
SHORT DURATION PROSPECTUSES, THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER
THE SERVICE, DISTRIBUTION AND ADMINISTRATIVE FEES SECTION OF THE PROSPECTUS:

Service, Distribution and Administrative Fees

Investment Company Act Rule 12b-1 permits mutual funds that adopt a written plan
to pay certain expenses associated with the distribution of their shares out of
fund assets. Each class, except the Investor Class and Institutional Class,
offered by this prospectus has a 12b-1 plan. The plans provide for the fund to
pay annual fees of 0.25% for A Class, 1.00% for B and C Classes, and 0.50% for R
Class to the distributor for distribution and individual shareholder services,
including past distribution services. The distributor pays all or a portion of
such fees to the financial intermediaries that make the classes available.
Because these fees may be used to pay for services that are not related to
prospective sales of the fund, each class will continue to make payments under
its plan even if it is closed to new investors. Because these fees are paid out
of the fund's assets on an ongoing basis, over time these fees will increase the
cost of your investment and may cost you more than other types of sales charges.
The higher fees for B and C Class shares may cost you more over time than paying
the initial sales charge for A Class shares. For additional information about
the plans and their terms, see MULTIPLE CLASS STRUCTURE in the statement of
additional information.

IN THE CALIFORNIA HIGH-YIELD MUNICIPAL AND HIGH-YIELD MUNICIPAL PROSPECTUSES,
THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER THE SERVICE, DISTRIBUTION AND
ADMINISTRATIVE FEES SECTION OF THE PROSPECTUS:

Service, Distribution and Administrative Fees

Investment Company Act Rule 12b-1 permits mutual funds that adopt a written plan
to pay certain expenses associated with the distribution of their shares out of
fund assets. Each class, except the Investor Class, offered by this prospectus
has a 12b-1 plan. The plans provide for the fund to pay annual fees of 0.25% for
A Class and 1.00% for B and C Classes, to the distributor for distribution and
individual shareholder services, including past distribution services. The
distributor pays all or a portion of such fees to the financial intermediaries
that make the classes available. Because these fees may be used to pay for
services that are not related to prospective sales of the fund, each class will
continue to make payments under its plan even if it is closed to new investors.
Because these fees are paid out of the fund's assets on an ongoing basis, over
time these fees will increase the cost of your investment and may cost you more
than other types of sales charges. The higher fees for B and C Class shares may
cost you more over time than paying the initial sales charge for A Class shares.
For additional information about the plans and their terms, see MULTIPLE CLASS
STRUCTURE in the statement of additional information.

IN THE LONG-TERM TAX-FREE PROSPECTUS, THE FOLLOWING REPLACES THE FIRST PARAGRAPH
UNDER THE SERVICE, DISTRIBUTION AND ADMINISTRATIVE FEES SECTION OF THE
PROSPECTUS:

Service, Distribution and Administrative Fees

Investment Company Act Rule 12b-1 permits mutual funds that adopt a written plan
to pay certain expenses associated with the distribution of their shares out of
fund assets. Each class, except the Investor Class and Institutional Class,
offered by this prospectus has a 12b-1 plan. The plans provide for the fund to
pay annual fees of 0.25% for A Class and 1.00% for B and C Classes, to the
distributor for distribution and individual shareholder services, including past
distribution services. The distributor pays all or a portion of such fees to the
financial intermediaries that make the classes available. Because these fees may
be used to pay for services that are not related to prospective sales of the
fund, each class will continue to make payments under its plan even if it is
closed to new investors. Because these fees are paid out of the fund's assets on
an ongoing basis, over time these fees will increase the cost of your investment
and may cost you more than other types of sales charges. The higher fees for B
and C Class shares may cost you more over time than paying the initial sales
charge for A Class shares. For additional information about the plans and their
terms, see MULTIPLE CLASS STRUCTURE in the statement of additional information.


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6


THE FOLLOWING CHANGES ARE EFFECTIVE AUGUST 3, 2007.

IN THE HIGH-YIELD MUNICIPAL AND LONG-TERM TAX-FREE PROSPECTUSES, THE FOLLOWING
REPLACES THE SECOND PARAGRAPH OF THE SERVICE, DISTRIBUTION AND ADMINISTRATIVE
FEES SECTION OF THE PROSPECTUS. IN THE CALIFORNIA HIGH-YIELD MUNICIPAL
PROSPECTUS, THE FOLLOWING REPLACES THE FOURTH PARAGRAPH OF THE MULTIPLE CLASS
INFORMATION SECTION OF THE PROSPECTUS:

Certain financial intermediaries perform recordkeeping and administrative
services for their clients that would otherwise be performed by American
Century's transfer agent. In some circumstances, the advisor will pay such
service providers a fee for performing those services. Also, the advisor and the
fund's distributor may make payments to intermediaries for various additional
services, other expenses and/or the intermediaries' distribution of the fund out
of their profits or other available sources. Such payments may be made for one
or more of the following: (1) distribution, which may include expenses incurred
by intermediaries for their sales activities with respect to the fund, such as
preparing, printing and distributing sales literature and advertising materials
and compensating registered representatives or other employees of such financial
intermediaries for their sales activities, as well as the opportunity for the
fund to be made available by such intermediaries; (2) shareholder services, such
as providing individual and custom investment advisory services to clients of
the financial intermediaries; and (3) marketing and promotional services,
including business planning assistance, educating personnel about the fund, and
sponsorship of sales meetings, which may include covering costs of providing
speakers, meals and other entertainment. The distributor may sponsor seminars
and conferences designed to educate intermediaries about the fund and may cover
the expenses associated with attendance at such meetings, including travel
costs. These payments and activities are intended to provide an incentive to
intermediaries to sell the fund by educating them about the fund and helping
defray the costs associated with offering the fund. The amount of any payments
described by this paragraph is determined by the advisor or the distributor, and
all such amounts are paid out of the available assets of the advisor and
distributor, and not by you or the fund. As a result, the total expense ratio of
the fund will not be affected by any such payments.

American Century Investment Services, Inc., Distributor

©2007 American Century Proprietary Holdings, Inc. All rights reserved.
The American Century Investments logo, American Century and American Century
Investments are service marks of American Century Proprietary Holdings, Inc.

SH-SPL-55525 0708












STATEMENT OF ADDITIONAL INFORMATION SUPPLEMENT

AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS - SAI DATED JANUARY 1, 2007
AMERICAN CENTURY TARGET MATURITIES TRUST - SAI DATED FEBRUARY 1, 2007
AMERICAN CENTURY INTERNATIONAL BOND FUNDS - SAI DATED MAY 1, 2007
AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC. - SAI DATED MAY 1, 2007
AMERICAN CENTURY VARIABLE PORTFOLIOS II, INC. - SAI DATED MAY 1, 2007
AMERICAN CENTURY MUNICIPAL TRUST - SAI DATED OCTOBER 1, 2006

Supplement dated August 3, 2007

THE FOLLOWING REPLACES THE INTERESTED TRUSTEE/DIRECTOR AND INDEPENDENT
TRUSTEES/DIRECTORS TABLES UNDER MANAGEMENT IN THE STATEMENT OF ADDITIONAL
INFORMATION.

Interested Trustee
- --------------------------------------------------------------------------------
JONATHAN S. THOMAS, 4500 Main Street, Kansas City, MO 64111

YEAR OF BIRTH: 1963

POSITION(S) HELD WITH FUNDS: Trustee (since 2007) and President (since 2007)

PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: President and Chief Executive
Officer, ACC (March 2007 to present); Chief Administrative Officer, ACC
(February 2006 to February 2007); Executive Vice President, ACC (November 2005
to February 2007). Also serves as: President, Chief Executive Officer and
Director, ACS; Executive Vice President, ACIM and ACGIM; Director, ACIM, ACGIM,
ACIS and other ACC subsidiaries. Managing Director, MORGAN STANLEY (March 2000
to November 2005)

NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE: 109

OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
- --------------------------------------------------------------------------------

Independent Trustees
- --------------------------------------------------------------------------------
JOHN FREIDENRICH, 1665 Charleston Road, Mountain View, CA 94043

YEAR OF BIRTH: 1937

POSITION(S) HELD WITH FUNDS: Trustee (since 2005)

PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Member and Manager, REGIS
MANAGEMENT COMPANY, LLC (April 2004 to present); Partner and Founder, BAY
PARTNERS (Venture capital firm, 1976 to present); Partner and Founder, WARE &
FREIDENRICH (1968 to present)

NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE: 43

OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
- --------------------------------------------------------------------------------
RONALD J. GILSON, 1665 Charleston Road, Mountain View, CA 94043

YEAR OF BIRTH: 1946

POSITION(S) HELD WITH FUNDS: Trustee (since 1995) and Chairman of the Board
(since 2005)

PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Charles J. Meyers Professor of Law
and Business, STANFORD LAW SCHOOL (1979 to present); Marc and Eva Stern
Professor of Law and Business, COLUMBIA UNIVERSITY SCHOOL OF LAW (1992 to
present)

NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE: 43

OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
- --------------------------------------------------------------------------------
KATHRYN A. HALL, 1665 Charleston Road, Mountain View, CA 94043

YEAR OF BIRTH: 1957

POSITION(S) HELD WITH FUNDS: Trustee (since 2001)

PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Executive Officer and Chief
Investment Officer, HALL CAPITAL PARTNERS, LLC (April 2002 to present)

NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE: 43

OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
- --------------------------------------------------------------------------------
PETER F. PERVERE, 1665 Charleston Road, Mountain View, CA 94043

YEAR OF BIRTH: 1947

POSITION(S) HELD WITH FUNDS: Trustee (since 2007)

PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Retired, formerly Vice President
and Chief Financial Officer, COMMERCE ONE, INC. (software and services provider)

NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE: 43

OTHER DIRECTORSHIPS HELD BY TRUSTEE: Director, INTRAWARE, INC.
- --------------------------------------------------------------------------------
MYRON S. SCHOLES, 1665 Charleston Road, Mountain View, CA 94043

YEAR OF BIRTH: 1941

POSITION(S) HELD WITH FUNDS: Trustee (since 1980)

PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chairman, PLATINUM GROVE ASSET
MANAGEMENT, L.P. and a Partner, OAK HILL CAPITAL MANAGEMENT (1999 to present);
Frank E. Buck Professor of Finance-Emeritus, STANFORD GRADUATE SCHOOL OF
BUSINESS (1996 to present)

NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE: 43

OTHER DIRECTORSHIPS HELD BY TRUSTEE: Director, DIMENSIONAL FUND ADVISORS
(investment advisor, 1982 to present); Director, CHICAGO MERCANTILE EXCHANGE
(2000 to present)
- --------------------------------------------------------------------------------
JOHN B. SHOVEN, 1665 Charleston Road, Mountain View, CA 94043

YEAR OF BIRTH: 1947

POSITION(S) HELD WITH FUNDS: Trustee (since 2002)

PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Professor of Economics, STANFORD
UNIVERSITY (1973 to present)

NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE: 43

OTHER DIRECTORSHIPS HELD BY TRUSTEE: Director, CADENCE DESIGN SYSTEMS (1992 to
present)
- --------------------------------------------------------------------------------
JEANNE D. WOHLERS, 1665 Charleston Road, Mountain View, CA 94043

YEAR OF BIRTH: 1945

POSITION(S) HELD WITH FUNDS: Trustee (since 1984)

PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Retired, Director and Partner,
WINDY HILL PRODUCTIONS, LP (educational software)

NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE: 43

OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
- --------------------------------------------------------------------------------

THE FOLLOWING REPLACES THE AUDIT AND COMPLIANCE COMMITTEE AND QUALITY OF SERVICE
COMMITTEE DESCRIPTIONS UNDER MANAGEMENT IN THE STATEMENT OF ADDITIONAL
INFORMATION.

- --------------------------------------------------------------------------------
COMMITTEE: Audit and Compliance

MEMBERS: Peter F. Pervere, Ronald J. Gilson, Jeanne D. Wohlers

FUNCTION: The Audit and Compliance Committee approves the engagement of the
funds' independent registered public accounting firm, recommends approval of
such engagement to the independent trustees, and oversees the activities of the
funds' independent registered public accounting firm. The committee receives
reports from the advisor's Internal Audit Department, which is accountable to
the committee. The committee also receives reporting about compliance matters
affecting the funds.

NUMBER OF MEETINGS HELD DURING LAST FISCAL YEAR: 4
- --------------------------------------------------------------------------------
COMMITTEE: Quality of Service

MEMBERS: John B. Shoven, Ronald J. Gilson, Peter F. Pervere

FUNCTION: The Quality of Service Committee reviews the level and quality of
transfer agent and administrative services provided to the funds and their
shareholders. It receives and reviews reports comparing those services to those
of fund competitors and seeks to improve such services where feasible and
appropriate.

NUMBER OF MEETINGS HELD DURING LAST FISCAL YEAR: 5
- --------------------------------------------------------------------------------

American Century Investment Services, Inc., Distributor

©2007 American Century Proprietary Holdings, Inc. All rights reserved.

The American Century Investments logo, American Century and American Century
Investments are service marks of American Century Proprietary Holdings, Inc.

SH-SPL-56245 0708