[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg. sm)]
AMERICAN
CENTURY
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
thefund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
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.
LIMITED-TERM TAX-FREE FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Limited-Term Tax-Free seeks safety of principal and high current income that
is exempt from federal income tax.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers buy quality, short-term debt securities with income
payments exempt from federal income tax. Cities, counties and other
municipalities in the 50 states and U.S. territories usually issue these
securities for public projects, such as schools and roads.
The fund managers also may buy some quality, short-term debt securities
whose payments are exempt from regular federal income tax, but not the
federal alternative minimum tax. Cities, counties and other municipalities
usually issue these securities (called private activity bonds) to fund
for-profit private projects, such as hospitals and athletic stadiums. No
more than 20% of the fund's total assets may be invested in these
securities.
The weighted average maturity of the fund is expected to be five years or
less.
Additional information about Limited-Term Tax-Free's investments is
available in its annual and semiannual reports. In these reports you will
find a discussion of the market conditions and investment strategies that
significantly affected the fund's performance during the most recent fiscal
period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* When interest rates change, the fund's share value will be affected.
Generally, when interest rates rise, the fund's share value will decline.
The opposite is true when interest rates decline. This interest rate risk is
higher for Limited-Term Tax-Free than for funds that have shorter weighted
average maturities, such as money market funds.
* The fund may invest in securities rated in the lowest investment-grade
category (e.g., Baa or BBB). The issuers of these securities are more likely
to have problems making interest and principal payments.
* Some of the fund's income may be subject to the federal alternative
minimum tax.
* Because the fund invests primarily in municipal securities, it will be
sensitive to events that affect municipal markets. Limited-Term Tax-Free may
have a higher level of risk than funds that invest in a larger universe of
securities.
* As with all funds, at any given time the value of your shares of
Limited-Term Tax-Free may be worth more or less than the price you paid. If
you sell your shares when the value is less than the price you paid, you
will lose money.
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
In summary, Limited-Term Tax-Free is intended for investors who seek safety
of principal and high current income that is exempt from federal income tax
through a municipal securities fund and who are willing to accept the risks
associated with the fund's investment strategy.
FUND PERFORMANCE
The following bar chart shows the actual performance of Limited-Term
Tax-Free's shares for each calendar year since the fund's inception on March
1, 1993. The bar chart indicates the volatility of the fund's historical
returns from year to year. The bar chart and the performance information
below are not intended to indicate how the fund will perform in the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 5.13%
1997 5.60%
1996 3.68%
1995 6.75%
1994 2.47%
(1) As of March 31, 1999, the end of the most recent calendar quarter,
Limited-Term Tax-Free's year-to-date return was 0.77%.
Limited-Term Tax-Free American Century Investments
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
Limited-Term Tax-Free 2.10% (3Q 1998) -0.14% (1Q 1994)
The following table shows the average annual return of the fund's shares for
the periods indicated. The Merrill Lynch 0-3 Year Municipal Index, an
unmanaged index that reflects no operating costs, is included as a benchmark
for performance comparisons. 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, 1999)
Limited-Term Tax-Free 4.90% 4.91% 4.56%
Merrill Lynch 0-3 Year
Municipal Index 4.82% 4.65% 4.34%
(1) The inception date for Limited-Term Tax-Free is March 1, 1993.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.51%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.51%
(1) Based on expenses incurred during the fund's most recent fiscal
year. The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.
(2) Other expenses, which include the fees and expenses of the fund's
independent trustees, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$52 $163 $285 $640
Of course, actual costs may be higher or lower. Use this
example to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio manager who leads the
team that manages Limited-Term Tax-Free is identified as follows:
JOEL SILVA, Vice President and Portfolio Manager, has been a member of the
Limited-Term Tax-Free team since August 1995. He joined American Century in
August 1989. He has a bachelor's degree in finance from California
Polytechnic University and an MBA in corporate finance from California State
University-Hayward.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $5,000. If your redemption activity
causes the value of your account to fall below this account minimum, your
shares may be redeemed involuntarily.
Fund Profile Limited-Term Tax-Free
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Limited-Term Tax-Free
for shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Limited-Term Tax-Free pays distributions of substantially all of its income
monthly. Distributions will generally be exempt from federal income tax.
Some of the fund's income may, however, be subject to the federal
alternative minimum tax. Consult your tax advisor for information about
whether you are subject to the federal alternative minimum tax.
Distributions are reinvested automatically in additional shares unless you
choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Investor Services
Guide, which you may request by calling us, accessing our Web site or
visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or 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 logo(reg. sm)]
AMERICAN
CENTURY
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
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16107 9904 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg. sm)]
AMERICAN
CENTURY
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
thefund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
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.
TAX-FREE MONEY MARKET FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Tax-Free Money Market seeks safety of principal and high current income that
is exempt from federal income tax.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers buy high-quality, cash-equivalent securities with income
payments exempt from federal income tax. Cities, counties and other
municipalities in the 50 states and U.S. territories usually issue these
securities for public projects, such as schools and roads.
The fund managers also may buy some high-quality, cash-equivalent securities
whose payments are exempt from regular federal income tax, but not the
federal alternative minimum tax. Cities, counties and other municipalities
usually issue these securities (called private activity bonds) to fund
for-profit private projects, such as hospitals and athletic stadiums. No
more than 20% of the fund's total assets may be invested in these
securities.
Additional information about Tax-Free Money Market's investments is
available in its annual and semiannual reports. In these reports you will
find a discussion of the market conditions and investment strategies that
significantly affected the fund's performance during the most recent fiscal
period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the fund.
* Because cash-equivalent securities are among the safest securities
available, the interest they pay is among the lowest for income-paying
securities. Accordingly, the yield on this fund will likely be lower than
funds that invest in longer-term or lower-quality securities.
* Some of the fund's income may be subject to the federal alternative
minimum tax.
* Because the fund invests primarily in municipal securities, it will be
sensitive to events that affect municipal markets. Tax-Free Money Market may
have a higher level of risk than funds that invest in a larger universe of
securities.
FUND PERFORMANCE
The following bar chart shows the actual performance of Tax-Free Money
Market's shares for each of the last 10 calendar years. The bar chart
indicates the volatility of the fund's historical returns from year to year.
The bar chart and the performance information below are not intended to
indicate how the fund will perform in the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 3.47%
1997 3.43%
1996 2.98%
1995 3.36%
1994 2.31%
1993 1.90%
1992 2.47%
1991 4.21%
1990 5.60%
1989 6.04%
(1) As of March 31, 1999, the end of the most recent calendar quarter,
Tax-Free Money Market's year-to-date return was 0.64%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
Tax-Free Money Market 1.59% (2Q 1989) 0.44% (1Q 1994)
The following table shows the average annual return of the fund's shares for
the periods indicated. The Lipper Tax-Exempt Money Market Average, an
unmanaged index that reflects no operating costs, is included as a benchmark
for performance comparisons. For current performance information, including
yields, please call us or access our Web site.
Tax-Free Money Market American Century Investments
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED MARCH 31, 1999)
Tax-Free
Money Market 3.26% 3.15% 3.48% 3.94%
Lipper Tax-Exempt
Money Market
Average 2.80% 2.96% 3.39% 3.70%(2)
(1) The inception date for Tax-Free Money Market is July 31, 1984.
(2) Benchmark from August 31, 1984.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.50%
(1) Based on expenses incurred during the fund's most recent fiscal
year. The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.
(2) Other expenses, which include the fees and expenses of the fund's
independent trustees, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$51 $160 $279 $627
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio manager who leads the
team that manages Tax-Free Money Market is identified as follows:
BRYAN E. KARCHER, Portfolio Manager, has been a member of the Tax-Free Money
Market team since April 1995. He joined American Century in July 1989 and
has been a Portfolio Manager since 1995. He has a bachelor's degree in
economics from the University of California-Los Angeles. He is a Chartered
Financial Analyst.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500. If your redemption activity
causes the value of your account to fall below this account minimum, your
shares may be redeemed involuntarily.
Fund Profile Tax-Free Money Market
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Tax-Free Money Market
for shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. Distributions
will generally be exempt from federal income tax. Some of the fund's income
may, however, be subject to the federal alternative minimum tax. Consult
your tax advisor for information about whether you are subject to the
federal alternative minimum tax. Distributions are reinvested automatically
in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Investor Services
Guide, which you may request by calling us, accessing our Web site or
visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or 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 logo(reg. sm)]
AMERICAN
CENTURY
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
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16111 9904 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg. sm)]
AMERICAN
CENTURY
Brokerage
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
thefund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
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.
TAX-FREE MONEY MARKET FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Tax-Free Money Market seeks safety of principal and high current income that
is exempt from federal income tax.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers buy high-quality, cash-equivalent securities with income
payments exempt from federal income tax. Cities, counties and other
municipalities in the 50 states and U.S. territories usually issue these
securities for public projects, such as schools and roads.
The fund managers also may buy some high-quality, cash-equivalent securities
whose payments are exempt from regular federal income tax, but not the
federal alternative minimum tax. Cities, counties and other municipalities
usually issue these securities (called private activity bonds) to fund
for-profit private projects, such as hospitals and athletic stadiums. No
more than 20% of the fund's total assets may be invested in these
securities.
Additional information about Tax-Free Money Market's investments is
available in its annual and semiannual reports. In these reports you will
find a discussion of the market conditions and investment strategies that
significantly affected the fund's performance during the most recent fiscal
period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the fund.
* Because cash-equivalent securities are among the safest securities
available, the interest they pay is among the lowest for income-paying
securities. Accordingly, the yield on this fund will likely be lower than
funds that invest in longer-term or lower-quality securities.
* Some of the fund's income may be subject to the federal alternative
minimum tax.
* Because the fund invests primarily in municipal securities, it will be
sensitive to events that affect municipal markets. Tax-Free Money Market may
have a higher level of risk than funds that invest in a larger universe of
securities.
FUND PERFORMANCE
The following bar chart shows the actual performance of Tax-Free Money
Market's shares for each of the last 10 calendar years. The bar chart
indicates the volatility of the fund's historical returns from year to year.
The bar chart and the performance information below are not intended to
indicate how the fund will perform in the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 3.47%
1997 3.43%
1996 2.98%
1995 3.36%
1994 2.31%
1993 1.90%
1992 2.47%
1991 4.21%
1990 5.68%
1989 6.04%
(1) As of March 31, 1999, the end of the most recent calendar quarter,
Tax-Free Money Market's year-to-date return was 0.64%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
Tax-Free Money Market 1.59% (2Q 1989) 0.44% (1Q 1994)
The following table shows the average annual return of the fund's shares for
the periods indicated. The Lipper Tax-Exempt Money Market Average, an
unmanaged index that reflects no operating costs, is included as a benchmark
for performance comparisons. For current performance information, including
yields, please call us or access our Web site.
Tax-Free Money Market American Century Investments
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED MARCH 31, 1999)
Tax-Free Money Market 3.26% 3.15% 3.48% 3.94%
Lipper Tax-Exempt
Money Market Average 2.80% 2.96% 3.39% 3.70%(2)
(1) The inception date for Tax-Free Money Market is July 31, 1984.
(2) Benchmark from August 31, 1984.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century funds
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.50%
(1) Based on expenses incurred during the fund's most recent fiscal
year. The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.
(2) Other expenses, which include the fees and expenses of the fund's
independent trustees, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$51 $160 $279 $627
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio manager who leads the
team that manages Tax-Free Money Market is identified as follows:
BRYAN E. KARCHER, Portfolio Manager, has been a member of the Tax-Free Money
Market team since April 1995. He joined American Century in July 1989 and
has been a Portfolio Manager since 1995. He has a bachelor's degree in
economics from the University of California--Los Angeles. He is a Chartered
Financial Analyst.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed brokerage application along with an
investment check payable to American Century Brokerage
* Call us and send your investment by bank wire transfer
* If you already have an American Century Brokerage account, simply contact
us by writing, calling or accessing our Web site
Your initial investment in your brokerage account must be at least $2,500.
If your redemption activity causes the value of your account to fall below
this account minimum, your shares may be redeemed involuntarily.
Fund Profile Tax-Free Money Market
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing,
calling or accessing our Web site. You also may sell your shares in Tax-Free
Money Market and make other investments through American Century Brokerage.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. Distributions
will generally be exempt from federal income tax. Some of the fund's income
may, however, be subject to the federal alternative minimum tax. Consult
your tax advisor for information about whether you are subject to the
federal alternative minimum tax. Distributions are reinvested automatically
in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century Brokerage offers several ways to make it easier for you to
manage your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour TeleSelect Automated Information and Trading Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Brokerage
Information Kit, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
[american century logo(reg. sm)]
AMERICAN
CENTURY
Brokerage
AMERICAN CENTURY BROKERAGE, INC.
P.O. BOX 419146
KANSAS CITY, MISSOURI 64141-6416
BROKERAGE ASSOCIATE
1-888-345-2071
FAX 650-967-9627
TELESELECT AUTOMATED INFORMATION
AND TRADING LINE
1-888-345-2091
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113
SEP-IRA SERVICES
1-800-345-3533, ext. 4210
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16112 9904 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg. sm)]
AMERICAN
CENTURY
Florida 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
thefund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
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.
FLORIDA MUNICIPAL MONEY MARKET FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Florida Municipal Money Market seeks safety of principal and high current
income that is exempt from federal income tax and seeks to be exempt from
the Florida intangible personal property tax.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers buy high-quality, cash-equivalent securities with income
payments exempt from federal income tax and the Florida intangible personal
property tax. Cities, counties and other municipalities in Florida usually
issue these securities for public projects, such as schools and roads.
The fund managers also may buy high-quality, cash-equivalent securities
whose payments are exempt from federal income tax and the Florida intangible
personal property tax, but not the federal alternative minimum tax. Cities,
counties and other municipalities in Florida usually issue these securities
(called private activity bonds) to fund for-profit private projects, such as
hospitals and athletic stadiums.
Additional information about Florida Municipal Money Market's investments is
available in its annual and semiannual reports. In these reports you will
find a discussion of the market conditions and investment strategies that
significantly affected the fund's performance during the most recent fiscal
period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the fund.
* Because cash-equivalent securities are among the safest securities
available, the interest they pay is among the lowest for income-paying
securities. Accordingly, the yield on this fund will likely be lower than
funds that invest in longer-term or lower-quality securities.
* Some or all of the fund's income may be subject to the federal alternative
minimum tax.
* Because the fund invests primarily in Florida municipal securities, it
will be sensitive to events that affect Florida's economy. Florida Municipal
Money Market may have a higher level of risk than funds that invest in a
larger universe of securities.
FUND PERFORMANCE
The following bar chart shows the actual performance of Florida Municipal
Money Market's shares for each calendar year since the fund's inception on
April 11, 1994. The bar chart indicates the volatility of the fund's
historical returns from year to year. The bar chart and the performance
information below are not intended to indicate how the fund will perform in
the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 3.13%
1997 3.39%
1996 3.67%
1995 4.07%
(1) As of March 31, 1999, the end of the most recent calendar quarter,
Florida Municipal Money Market's year-to-date return was 0.63%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
Florida Municipal
Money Market 1.06% (2Q 1995) 0.63% (1Q 1999)
The following table shows the average annual returns of the fund's shares
for the periods indicated. The Lipper Other States Tax-Exempt Money Market
Funds, 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.
Florida Municipal Money Market American Century Investments
1 YEAR LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED MARCH 31, 1999)
Florida Municipal Money Market 3.00% 3.47%
Lipper Other States
Tax-Exempt Money Market Funds 2.89% 3.16%(2)
(1) The inception date for Florida Municipal Money Market is April 11,
1994.
(2) Benchmark from April 30, 1994.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.01%
Total Annual Fund Operating Expenses 0.51%
(1) Based on expenses incurred during the fund's most recent fiscal
year. The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.
(2) Other expenses include the fees and expenses of the fund's
independent trustees, their legal counsel, interest and extraordinary
expenses.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$52 $163 $285 $640
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio manager who leads the
team that manages Florida Municipal Money Market is identified as follows:
BRYAN E. KARCHER, Portfolio Manager, has been a member of the Florida
Municipal Money Market team since April 1995. He joined American Century in
July 1989 and has been a Portfolio Manager since 1995. He has a bachelor's
degree in economics from the University of California-Los Angeles. He is a
Chartered Financial Analyst.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500. If your redemption activity
causes the value of your account to fall below this account minimum, your
shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Florida 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.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. Distributions
will generally be exempt from federal income tax and the Florida intangible
personal property tax. Some or all of the fund's income may, however, be
subject to the federal alternative minimum tax. Consult your tax advisor for
information about whether you are subject to the federal alternative minimum
tax. Distributions are reinvested automatically in additional shares unless
you choose another option.
Fund Profile Florida Municipal Money Market
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Investor Services
Guide, which you may request by calling us, accessing our Web site or
visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or 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 logo(reg. sm)]
AMERICAN
CENTURY
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
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16118 9904 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg. sm)]
AMERICAN
CENTURY
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
thefund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
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.
HIGH-YIELD MUNICIPAL FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
High-Yield Municipal seeks high current income that is exempt from federal
income tax. The fund also seeks capital appreciation as a secondary
objective.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers buy long- and intermediate-term debt securities with
income payments exempt from federal income tax. Cities, counties and other
municipalities in the 50 states and U.S. territories usually issue these
securities for public projects, such as schools and roads.
The fund managers also may buy long- and intermediate-term debt securities
whose payments are exempt from regular federal income tax, but not the
federal alternative minimum tax. Cities, counties and other municipalities
usually issue these securities (called private activity bonds) to fund
for-profit private projects, such as hospitals and athletic stadiums.
The fund managers buy securities that are considered below investment grade,
including so-called junk bonds. Issuers of these securities often have short
financial histories or have questionable credit.
The weighted average maturity of the fund is expected to be 10 years or
longer.
Additional information about High-Yield Municipal's investments is available
in its annual and semiannual reports. In these reports you will find a
discussion of the market conditions and investment strategies that
significantly affected the fund's performance during the most recent fiscal
period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* When interest rates change, the fund's share value will be affected.
Generally, when interest rates rise, the fund's share value will decline.
The opposite is true when interest rates decline. The interest rate risk is
higher for High-Yield Municipal than for funds that have shorter weighted
average maturities, such as money market, short-term and intermediate-term
bond funds.
* The fund may invest in securities rated below investment grade, including
bonds that are in technical or monetary default. By definition, the issuers
of many of these securities have had and may continue to have problems
making interest and principal payments.
* Some or all of the fund's income may be subject to the federal alternative
minimum tax.
* Because the fund invests primarily in municipal securities, it will be
sensitive to events that affect municipal markets. High-Yield Municipal may
have a higher level of risk than funds that invest in a larger universe of
securities.
* As with all funds, at any given time the value of your shares of
High-Yield Municipal may be worth more or less than the price you paid. If
you sell your shares when the value is less than the price you paid, you
will lose money.
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
In summary, High-Yield Municipal is intended for investors who seek high
current income that is exempt from federal income tax through a municipal
securities fund and who are willing to accept the risks associated with the
fund's investment strategy.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
High-Yield Municipal American Century Investments
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.65%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses(3) 0.65%
(1) Based on expenses incurred during the fund's most recent fiscal
year. The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.
(2) Other expenses, which include the fees and expenses of the fund's
independent trustees, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
(3) The advisor has agreed to waive all expenses of High-Yield Municipal
through April 30, 1999.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$66 $208 $362 $809
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio managers on the
High-Yield Municipal team are identified as follows:
STEVEN M. PERMUT, Vice President, Senior Portfolio Manager and Director of
Municipal Research, has been a member of the High-Yield Municipal team since
its inception in March 1998. He joined American Century in June 1987. He has
bachelor's degrees in business and geography from State University of New
York-Oneonta and an MBA in finance from Golden Gate University-San
Francisco.
JOEL SILVA, Vice President and Portfolio Manager, has been a member of the
High-Yield Municipal team since its inception in March 1998. He joined
American Century in August 1989. He has bachelor's degrees in finance from
California Polytechnic University and an MBA in corporate finance from
California State University-Hayward.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $5,000. If your redemption activity
causes the value of your account to fall below this account minimum, your
shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in High-Yield Municipal for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
High-Yield Municipal pays distributions of substantially all of its income
monthly. Distributions will generally be exempt from federal income tax.
Some or all of the fund's income may, however, be subject to the federal
alternative minimum tax. Consult your tax advisor for information about
whether you are subject to the federal alternative minimum tax.
Distributions are reinvested automatically in additional shares unless you
choose another option.
Fund Profile High-Yield Municipal
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Investor Services
Guide, which you may request by calling us, accessing our Web site or
visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or 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 logo(reg. sm)]
AMERICAN
CENTURY
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
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16120 9904 Funds Distributor, Inc.
