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Previous: AMERICAN CENTURY CALIFORNIA TAX FREE & MUNICIPAL FUNDS, NSAR-A, 2000-04-28 |
Next: NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT, 485BPOS, 2000-04-28 |
[GRAPHIC OMITTED]
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 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
California Tax-Free Money Market seeks safety of principal and high current income that is exempt from federal and California income taxes.
The fund managers buy high-quality, very short-term debt securities with interest payments exempt from federal and California 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 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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 2.66% 2.95% 3.19% 3.07% 3.41% 2.42% 2.03% 2.49% 3.81% 5.16%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
California Tax-Free
Money Market 1.31% (2Q 1990) 0.44% (1Q 1994)
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 March 31, 2000)
--------------------------------------------------------------------------------------
California Tax-Free
Money Market 2.73% 3.02% 3.06% 3.70%
Lipper California
Tax-Exempt
Money Market Average 2.54% 2.85% 3.03% 3.81%(2)
--------------------------------------------------------------------------------------
There are no sales loads, fees or other charges
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 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.50%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$51 $160 $279 $627
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
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 and is a Chartered Financial Analyst.
American Century offers several ways to purchase shares
Your initial investment 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.
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 California Tax-Free Money Market for shares in nearly 70 other mutual funds offered by American Century. Depending on the options you select when you open your account, some restrictions may apply. For your protection, some redemption requests require a signature guarantee.
Dividends are declared and available for redemption daily. Distributions will generally be exempt from federal and California income taxes. Distributions are reinvested automatically in additional shares unless you choose another option.
American Century offers several ways to make it easier for you to manage your account, such as
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-19984 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
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.
[AMERICAN CENTURY BROKERAGE LOGO]
April 27, 2000
Investor Class
California Tax-Free Money Market seeks safety of principal and high current income that is exempt from California and federal income taxes.
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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 2.66% 2.95% 3.19% 3.07% 3.41% 2.42% 2.03% 2.49% 3.81% 5.16%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
California Tax-Free
Money Market 1.31% (2Q 1990) 0.44% (1Q 1994)
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 March 31, 2000)
--------------------------------------------------------------------------------------
California Tax-Free
Money Market 2.73% 3.02% 3.06% 3.70%
Lipper California
Tax-Exempt
Money Market Average 2.54% 2.85% 3.03% 3.81%(2)
--------------------------------------------------------------------------------------
There are no sales loads, fees or other charges
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 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.50%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$51 $160 $279 $627
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
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.
American Century Brokerage offers several ways to purchase shares
Your initial investment in your brokerage account must be at least $2,500. If your redemption activity causes the value of your brokerage account to fall below this account minimum, your shares may be redeemed involuntarily.
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.
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.
American Century Brokerage offers several ways to make it easier for you to manage your account, such as
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
TeleSelect Automated Information
and Trading Line
1-888-345-2091
Fax
650-967-9627
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
SH-PRF-20007 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
California Municipal 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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
California Municipal Money Market seeks safety of principal and high current income that is exempt from federal and California income taxes.
The fund managers buy high-quality, very short-term debt securities with interest payments exempt from federal and California income taxes. Cities, counties and other municipalities in California usually issue these securities for public projects.
The fund managers also may buy high-quality, very short-term debt securities whose payments are exempt from federal and California income taxes, but not the federal alternative minimum tax. Cities, counties and other municipalities in California usually issue these securities (called private activity bonds) to fund for-profit private projects, such as athletic stadiums, airports and apartment buildings.
Additional information about California Municipal 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.
Fund Performance
The following bar chart shows the actual performance of California Municipal Money Market's shares for each full calendar year since the fund's inception on December 31, 1990. 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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 2.79% 3.05% 3.23% 3.10% 3.49% 2.47% 2.09% 2.95% 4.61%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
California Municipal
Money Market 1.18% (3Q 1991) 0.47% (1Q 1994)
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 Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
California Municipal
Money Market 2.85% 3.09% 3.07%
Lipper California Tax-Exempt
Money Market Average 2.54% 2.85% 2.84%
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
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 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.50%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$51 $160 $279 $627
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
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 Municipal Money Market:
Todd Pardula, Vice President and Portfolio Manager, has been a member of the California Municipal Money Market team since May 1994. He joined American Century in 1990. He has a bachelor's degree in finance from Santa Clara University and is a Chartered Financial Analyst.
American Century offers several ways to purchase shares
Your initial investment 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.
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 California Municipal 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.
Dividends are declared and available for redemption daily. Distributions will generally be exempt from federal and California income taxes. Some or all of the fund's income may, however, be subject to the federal alternative minimum tax. Consult your tax advisor for information about whether you are subject to the federal alternative minimum tax. Distributions are reinvested automatically in additional shares unless you choose another option.
American Century offers several ways to make it easier for you to manage your account, such as
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-19987 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
California Limited-Term Tax-Free 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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
California Limited-Term Tax-Free seeks safety of principal and high current income that is exempt from federal and California income taxes.
The fund managers buy quality, short-term debt securities with interest payments exempt from federal and California income taxes. Cities, counties and other municipalities in California usually issue these securities for public projects.
The fund may also use futures contracts and options to pursue its investment objective.
During unusual market conditions, the fund is permitted to keep a significant amount of its assets in cash or cash-equivalents. If it does, it may not achieve its investment objective and may generate taxable income.
The weighted average maturity of the fund is expected to be five years or less.
Additional information about California Limited-Term Tax-Free's investments is available in its annual and semiannual reports. In these reports you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during the most recent fiscal period. You may get these reports at no cost by calling us.
In summary, California Limited-Term Tax-Free is intended for investors who seek safety of principal and high current income that is exempt from federal and California income taxes through a municipal securities fund, and who are willing to accept the risks associated with the fund's investment strategy.
Fund Performance
The following bar chart shows the actual performance of California Limited-Term Tax-Free's shares for each full calendar year since the fund's inception on June 1, 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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993
1.13% 4.91% 5.34% 3.93% 8.32% -0.61% 5.92%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
California Limited-Term
Tax-Free 2.99% (1Q 1995) -1.35% (1Q 1994)
The following table shows the average annual total returns of the fund's shares for the periods indicated. The Lehman Brothers 3-Year Municipal Bond Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
--------------------------------------------------------------------------------
1 year 5 years Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
California Limited-Term
Tax-Free 1.72% 4.42% 4.40%
Lehman Brothers 3-Year
Municipal Bond Index 1.87% 4.80% 4.88%
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
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%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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 who lead the team that manages California Limited-Term Tax-Free:
Todd Pardula, Vice President and Portfolio Manager, has been a member of the California Limited-Term Tax-Free team since June 1999. He joined American Century in 1990. He has a bachelor's degree in finance from Santa Clara University and is a Chartered Financial Analyst.
G. David MacEwen, Senior Vice President and Senior Portfolio Manager, has been a member of the California Limited-Term Tax-Free team since June 1992. He joined American Century in 1991. He has a bachelor's degree in economics from Boston University and an MBA in finance from the University of Delaware.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 California Limited-Term Tax-Free for shares in nearly 70 other mutual funds offered by American Century. Depending on the options you select when you open your account, some restrictions may apply. For your protection, some redemption requests require a signature guarantee.
California Limited-Term Tax-Free pays distributions of substantially all of its income monthly. Distributions will generally be exempt from federal and California income taxes. Distributions are reinvested automatically in additional shares unless you choose another option.
American Century offers several ways to make it easier for you to manage your account, such as
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-19988 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
California Intermediate-Term Tax-Free 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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
California Intermediate-Term Tax-Free seeks safety of principal and high current income that is exempt from federal and California income taxes.
The fund managers buy quality, intermediate-term debt securities with interest payments exempt from federal and California income taxes. Cities, counties and other municipalities in California usually issue these securities for public projects.
The fund may also use futures contracts and options to pursue its investment objective.
During unusual market conditions, the fund is permitted to keep a significant amount of its assets in cash or cash-equivalents. If it does, it may not achieve its investment objective and may generate taxable income.
The weighted average maturity of the fund is expected to be between five and 10 years.
Additional information about California Intermediate-Term Tax-Free's investments is available in its annual and semiannual reports. In these reports you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during the most recent fiscal period. You may get these reports at no cost by calling us.
In summary, California Intermediate-Term Tax-Free is intended for investors who seek safety of principal and high current income that is exempt from federal and California income taxes through a municipal securities fund, and who are willing to accept the risks associated with the fund's investment strategy.
Fund Performance
The following bar chart shows the actual performance of California Intermediate-Term Tax-Free's shares for each of the last 10 calendar years. The bar chart indicates the volatility of the fund's historical returns from year to year. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 -1.09% 5.59% 7.45% 4.25% 13.52% -3.72% 10.69% 7.09% 10.38% 6.99%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
California Intermediate-
Term Tax-Free 5.25% (1Q 1995) -3.98% (1Q 1994)
The following table shows the average annual total returns of the fund's shares for the periods indicated. The Lehman Brothers 5-Year General Obligation Bond Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
-------------------------------------------------------------------------------------
1 year 5 years 10 years Life of Fund(1)
-------------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
-------------------------------------------------------------------------------------
California Intermediate-
Term Tax-Free 0.56% 5.28% 6.20% 6.46%
Lehman Brothers
5-Year General
Obligation Bond Index 0.83% 5.20% 6.24% 7.10%(2)
-------------------------------------------------------------------------------------
There are no sales loads, fees or other charges
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%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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 Intermediate-Term Tax-Free:
Colleen M. Denzler, Vice President, Portfolio Manager and Director of Fixed-Income Investment Liaison, has been a member of the California Intermediate-Term Tax-Free team since January 1996. Prior to joining American Century, she was a Portfolio Manager with Calvert Group for 10 years, specializing in state tax-exempt portfolios. She has a bachelor's degree in finance from Radford University and is a Chartered Financial Analyst.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 California Intermediate-Term Tax-Free for shares in nearly 70 other mutual funds offered by American Century. Depending on the options you select when you open your account, some restrictions may apply. For your protection, some redemption requests require a signature guarantee.
California Intermediate-Term Tax-Free pays distributions of substantially all of its income monthly. Distributions will generally be exempt from federal and California income taxes. Distributions are reinvested automatically in additional shares unless you choose another option.
American Century offers several ways to make it easier for you to manage your account, such as:
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-19989 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
California Insured Tax-Free 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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
California Insured Tax-Free seeks safety of principal and high current income that is exempt from federal and California income taxes through investment in insured California municipal securities.
The fund managers buy long-term insured debt securities with interest payments exempt from federal and California income taxes. Cities, counties and other municipalities in California usually issue these securities for public projects.
The fund's investments are insured. This is significant because
A debt security's insurance cannot be cancelled and it guarantees that interest and other payments will be made as scheduled.
The weighted average maturity of the fund is expected to be 10 years or longer.
The fund also may use futures contracts and options to pursue its investment objective.
During unusual market conditions, the fund is permitted to keep a significant amount of its assets in cash or cash-equivalents. If it does, it may not achieve its investment objective and may generate taxable income.
Additional information about California Insured Tax-Free's investments is available in its annual and semiannual reports. In these reports you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during the most recent fiscal period. You may get these reports at no cost by calling us.
In summary, California Insured Tax-Free is intended for investors who seek safety of principal and high current income that is exempt from federal and California income taxes through a municipal securities fund, and who are willing to accept the risks associated with the fund's investment strategy.
Fund Performance
The following bar chart shows the actual performance of California Insured Tax-Free's shares for each of the last 10 calendar years. The bar chart indicates the volatility of the fund's historical returns from year to year. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 -4.41% 6.09% 9.34% 3.70% 19.03% -6.55% 13.45% 9.19% 11.27% 6.76%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
California Insured
Tax-Free 7.00% (1Q 1995) -6.68% (1Q 1994)
The following table shows the average annual total returns of the fund's shares for the periods indicated. The Lehman Brothers Long-Term Municipal Bond Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
------------------------------------------------------------------------------------
1 year 5 years 10 years Life of Fund(1)
------------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
------------------------------------------------------------------------------------
California Insured
Tax-Free -1.25% 5.84% 6.94% 6.25%
Lehman Brothers
Long-Term
Municipal Bond Index -3.09% 6.36% 7.65% 7.67%
------------------------------------------------------------------------------------
There are no sales loads, fees or other charges
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%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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 Insured Tax-Free:
G. David MacEwen, Senior Vice President and Senior Portfolio Manager, has been a member of the California Insured Tax-Free team since May 1991. He joined American Century in 1991. He has a bachelor's degree in economics from Boston University and an MBA in finance from the University of Delaware.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 California Insured Tax-Free for shares in nearly 70 other mutual funds offered by American Century. Depending on the options you select when you open your account, some restrictions may apply. For your protection, some redemption requests require a signature guarantee.
California Insured Tax-Free pays distributions of substantially all of its income monthly. Distributions will generally be exempt from federal and California income taxes. Distributions are reinvested automatically in additional shares unless you choose another option.
American Century offers several ways to make it easier for you to manage your account, such as
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-19992 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
California Long-Term Tax-Free 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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
California Long-Term Tax-Free seeks safety of principal and high current income that is exempt from federal and California income taxes.
The fund managers buy quality, long-term debt securities with interest payments exempt from federal and California income taxes. Cities, counties and other municipalities in California usually issue these securities for public projects.
The fund may also use futures contracts and options to pursue its investment objective.
During unusual market conditions, the fund is permitted to keep a significant amount of its assets in cash or cash-equivalents. If it does, it may not achieve its investment objective and may generate taxable income.
The weighted average maturity of the fund is expected to be 10 years or longer.
Additional information about California Long-Term Tax-Free's investments is available in its annual and semiannual reports. In these reports you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during the most recent fiscal period. You may get these reports at no cost by calling us.
In summary, California Long-Term Tax-Free is intended for investors who seek safety of principal and high current income that is exempt from federal and California income taxes through a municipal securities fund, and who are willing to accept the risks associated with the fund's investment strategy.
Fund Performance
The following bar chart shows the actual performance of California Long-Term Tax-Free's shares for each of the last 10 calendar years. The bar chart indicates the volatility of the fund's historical returns from year to year. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 -5.22% 6.31% 9.74% 3.59% 19.80% -6.51% 13.74% 8.15% 11.80% 6.60%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
California Long-Term
Tax-Free 7.13% (1Q 1995) -5.71% (1Q 1994)
The following table shows the average annual total returns of the fund's shares for the periods indicated. The Lehman Brothers Long-Term Municipal Bond Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
-------------------------------------------------------------------------------------
1 year 5 years 10 years Life of Fund(1)
-------------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
-------------------------------------------------------------------------------------
California Long-Term
Tax-Free -1.70% 5.95% 6.97% 7.70%
Lehman Brothers
Long-Term
Municipal Bond Index -3.09% 6.36% 7.65% 9.47%(2)
-------------------------------------------------------------------------------------
There are no sales loads, fees or other charges
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%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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 Long-Term Tax-Free:
G. David MacEwen, Senior Vice President and Senior Portfolio Manager, has been a member of the California Long-Term Tax-Free team since May 1991. He joined American Century in 1991. He has a bachelor's degree in economics from Boston University and an MBA in finance from the University of Delaware.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 California Long-Term Tax-Free for shares in nearly 70 other mutual funds offered by American Century. Depending on the options you select when you open your account, some restrictions may apply. For your protection, some redemption requests require a signature guarantee.
California Long-Term Tax-Free pays distributions of substantially all of its income monthly. Distributions will generally be exempt from federal and California income taxes. Distributions are reinvested automatically in additional shares unless you choose another option.
American Century offers several ways to make it easier for you to manage your account, such as
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-19991 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
California High-Yield Municipal 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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
California High-Yield Municipal seeks high current income that is exempt from federal and California income taxes.
The fund managers buy long- and intermediate-term debt securities with interest payments exempt from federal and California income taxes. Cities, counties and other municipalities in the 50 states and U.S. territories usually issue these securities for public projects.
The fund managers also may buy long- and intermediate-term debt securities whose interest payments are exempt from regular federal and California income taxes, but not the federal alternative minimum tax. Cities, counties and other municipalities in California usually issue these securities (called private activity bonds) to fund for-profit private projects, such as athletic stadiums, airports and apartment buildings. Between 10% and 30% of the fund's total assets may be invested in these securities.
The fund managers buy securities rated below investment-grade, including so-called junk bonds and bonds that are in technical or monetary default. Issuers of these securities often have short financial histories, questionable credit, or problems making interest and principal payments.
During unusual market conditions, the fund is permitted to keep a significant amount of its assets in cash or cash-equivalents. If it does, it may not achieve its investment objective and may generate taxable income.
Additional information about California High-Yield Municipal'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.
In summary, California High-Yield Municipal is intended for investors who seek high current income that is exempt from federal and California income taxes through a municipal securities fund, and who are willing to accept the risks associated with the fund's investment strategy.
Fund Performance
The following bar chart shows the actual performance of California High-Yield Municipal'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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 -3.31% 6.73% 10.50% 5.89% 18.29% -5.36% 13.18% 9.17% 10.91% 5.65%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
California High-Yield
Municipal 7.18% (1Q 1995) -4.54% (1Q 1994)
The following table shows the average annual total returns of the fund's shares for the periods indicated. The Lehman Brothers Long-Term Municipal Bond Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
----------------------------------------------------------------------------------------
1 year 5 years 10 years Life of Fund(1)
----------------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
----------------------------------------------------------------------------------------
California High-Yield
Municipal -1.43% 6.52% 7.14% 6.16%
Lehman Brothers
Long-Term
Municipal Bond Index -3.09% 6.36% 7.65% 7.67%
----------------------------------------------------------------------------------------
There are no sales loads, fees or other charges
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 0.54%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.54%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$55 $173 $301 $676
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
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 High-Yield Municipal:
Steven M. Permut, Vice President, Portfolio Manager and Director of Municipal Research, has been a member of the California High-Yield Municipal team since January 1988. Mr. Permut joined American Century in 1987. He has a bachelor's degree in business and geography from the State University of New York—Oneonta and an MBA in finance from Golden Gate University-San Francisco.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 California High-Yield Municipal for shares in nearly 70 other mutual funds offered by American Century. Depending on the options you select when you open your account, some restrictions may apply. For your protection, some redemption requests require a signature guarantee.
California High-Yield Municipal pays distributions of substantially all of its income monthly. Distributions will generally be exempt from federal and California income taxes. Some or all of the fund's income may, however, be subject to the federal alternative minimum tax. Consult your tax advisor for information about whether you are subject to the federal alternative minimum tax. Distributions are reinvested automatically in additional shares unless you choose another option.
American Century offers several ways to make it easier for you to manage your account, such as
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-19990 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
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