FUND PROFILE
Arizona Intermediate-Term Municipal
INVESTOR CLASS
January 31, 1999
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has 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.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
ARIZONA INTERMEDIATE-TERM MUNICIPAL
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Arizona Intermediate-Term Municipal seeks safety of principal and high
current income that is exempt from federal and Arizona income taxes.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund buys quality, intermediate-term debt securities with income
payments exempt from federal and Arizona income taxes. Cities, counties and
other municipalities in Arizona usually issue these securities for public
projects.
The fund also may buy quality, intermediate-term debt securities whose
payments are exempt from federal and Arizona income taxes, but not the
federal alternative minimum tax. Cities, counties and other municipalities
in Arizona usually issue these securities (called private activity bonds)
to fund for-profit private projects, such as hospitals and athletic
stadiums.
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.
The weighted average maturity of the fund is expected to be between five
and 10 years.
Additional information about Arizona Intermediate-Term 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.
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
for Arizona Intermediate-Term Municipal is higher than for funds which have
shorter weighted average maturities, such as money market and short-term
bond 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 or all of the fund's income may be subject to the federal alternative
minimum tax.
*Because the fund invests primarily in Arizona municipal securities, it
will be sensitive to events that affect Arizona's economy. Arizona
Intermediate-Term 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 Arizona
Intermediate-Term 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, Arizona Intermediate-Term Municipal is intended for
investors who seek safety of principal and high current income that is
exempt from federal and Arizona income taxes through a municipal securities
fund, and who are willing to accept the risks associated with the fund's
investment strategy.
ARIZONA INTERMEDIATE-TERM MUNICIPAL AMERICAN CENTURY INVESTMENTS
FUND PERFORMANCE
The following bar chart shows the actual performance of Arizona
Intermediate-Term Municipal'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. Neither the bar chart
nor the performance information below it is intended to indicate how the
fund will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1995 1996 1997 1998
Arizona Intermediate-Term Municipal 13.49 3.66 8.22 6.49
The highest and lowest returns of the fund's shares for a calendar
quarter during the period reflected by the preceding bar chart are provided
in the following chart to indicate the fund's historical short-term
volatility. Shareholders should be aware, however, that Arizona
Intermediate-Term Municipal is intended for investors with a long-term
investment horizon and is not managed for short-term results.
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/95 4.60%
Quarter Ended 3/31/96 -0.53%
The following table shows the average annual returns of the fund's
shares for the periods indicated. The Lipper 5-Year General Obligation
Index, an unmanaged index that reflects no operating costs, is included as
a benchmark for performance comparisons.
1 YEAR LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
Arizona Intermediate-Term
Municipal 5.90% 6.66%
Lipper 5-Year
General Obligation Index 5.84% 6.25%
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,
or to redeem your shares. The following table describes the fees and
expenses that you may 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) 0.01%
Total Annual Fund Operating Expenses 0.52%
(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 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 5% return each year
* incur the same operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-----------------------------------------------
$53 $167 $290 $652
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
FUND PROFILE ARIZONA INTERMEDIATE-TERM MUNICIPAL
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGER?
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 on the Arizona
Intermediate-Term Municipal team is identified below:
KENNETH SALINGER, Associate Portfolio Manager, has been a member of the
Arizona Intermediate-Term Municipal team since July 1998. Mr. Salinger
joined American Century in 1992. He has a bachelor's degree in quantitative
economics from the University of California, San Diego.
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 the value of your
account falls 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 Arizona
Intermediate-Term 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?
Arizona Intermediate-Term Municipal pays distributions of substantially
all of its income monthly. Distributions will generally be exempt from
federal and Arizona 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.
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 through a 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
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
SH-PRF-14141 9901
<PAGE>
FUND PROFILE
Florida Municipal Money Market
INVESTOR CLASS
January 31, 1999
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has 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.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
FLORIDA MUNICIPAL MONEY MARKET
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 buys 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.
The fund 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. Neither the bar chart nor the
performance information below it is intended to indicate how the fund will
perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1995 1996 1997 1998
Florida Municipal Money Market 4.07 3.67 3.39 3.13
The highest and lowest returns of the fund's shares for a calendar
quarter during the period reflected by the preceding bar chart are provided
in the following chart to indicate the fund's historical short-term
volatility.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 6/30/95 1.06%
Quarter Ended 12/31/98 0.73%
FLORIDA MUNICIPAL MONEY MARKET AMERICAN CENTURY INVESTMENTS
The following table shows the average annual returns of the fund's
shares for the periods indicated. The Lipper Other States Tax-Exempt Fund
Average, an unmanaged index that reflects no operating costs, is included
as a benchmark for performance comparisons.
1 YEAR LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
Florida Municipal
Money Market 3.13% 3.52%
Lipper Other States
Tax-Exempt Fund Average 3.01% 3.20%
For current performance information, including yields, please call us or
access our Web site.
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,
or to redeem your shares. The following table describes the fees and
expenses that you may 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 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 5% return each year
* incur the same operating expenses 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 MANAGER?
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 on the Florida
Municipal Money Market team is identified below:
Bryan E. Karcher, Portfolio Manager, has been a member of the Florida
Municipal Money Market team since April 1995. Mr. Karcher joined American
Century in 1989. He has a bachelor's degree in economics from the
University of California, Los Angeles, and 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 the value of your
account falls 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 through a 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
www.americancentury.com
Investor Services
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Corporate; Not-For-Profit; Foundations;
Endowments; Keogh; SEP-, SARSEP- and
SIMPLE-IRA; and 403(b) Services
1-800-345-3533
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Fax
816-340-7962
Funds Distributor, Inc.
SH-PRF-14142 9901
<PAGE>
FUND PROFILE
Florida Intermediate-Term Municipal
INVESTOR CLASS
January 31, 1999
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has 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.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
FLORIDA INTERMEDIATE-TERM MUNICIPAL
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Florida Intermediate-Term Municipal 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 buys quality, intermediate-term debt 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.
The fund also may buy quality, intermediate-term debt 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.
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.
The weighted average maturity of the fund is expected to be between five
and 10 years.
Additional information about Florida Intermediate-Term 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
for Florida Intermediate-Term Municipal is higher than for funds that have
shorter weighted average maturities, such as money market and short-term
bond 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 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
Intermediate-Term 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 Florida
Intermediate-Term 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, Florida Intermediate-Term Municipal is intended for
investors who seek safety of principal and high current income that is
exempt from federal income tax and the Florida intangible personal property
tax through a municipal securities fund, and who are willing to accept the
risks associated with the fund's investment strategy.
FLORIDA INTERMEDIATE-TERM MUNICIPAL AMERICAN CENTURY INVESTMENTS
FUND PERFORMANCE
The following bar chart shows the actual performance of Florida
Intermediate-Term Municipal'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. Neither the bar chart
nor the performance information below it is intended to indicate how the
fund will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1995 1996 1997 1998
Florida Intermediate-Term Municipal 13.15 3.74 8.22 6.49
The highest and lowest returns of the fund's shares for a calendar
quarter during the period reflected by the preceding bar chart are provided
in the following chart to indicate the fund's historical short-term
volatility. Shareholders should be aware, however, that Florida
Intermediate-Term Municipal is intended for investors with a long-term
investment horizon and is not managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/95 5.06%
Quarter Ended 3/31/96 -0.51%
The following table shows the average annual returns of the fund's
shares for the periods indicated. The Lehman 5-Year General Obligation
Index, an unmanaged index that reflects no operating costs, is included as
a benchmark for performance comparisons.
1 YEAR LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
Florida Intermediate-
Term Municipal 6.49% 6.92%
Lehman 5-Year
General Obligation Index 5.84% 6.25%
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,
or to redeem your shares. The following table describes the fees and
expenses that you may 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) 0.01%
Total Annual Fund Operating Expenses 0.52%
(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 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 5% return each year
* incur the same operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-------------------------------------------------
$53 $167 $290 $652
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
FUND PROFILE FLORIDA INTERMEDIATE-TERM MUNICIPAL
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGER?
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 on the Florida
Intermediate-Term Municipal team is identified below:
KENNETH SALINGER, Associate Portfolio Manager, has been a member of the
Florida Intermediate-Term Municipal team since October 1996. Mr. Salinger
joined American Century in 1992. He has a bachelor's degree in quantitative
economics from the University of California, San Diego.
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 the value of your
account falls 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
Intermediate-Term 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?
Florida Intermediate-Term Municipal pays distributions of substantially
all of its income monthly. Distributions will generally be exempt from the
Florida intangible personal property tax and regular 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.
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 through a 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
WWW.AMERICANcentury.coM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
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