AMERICAN CENTURY MUNICIPAL TRUST, 497K3B, 2000-08-03

AMERICAN CENTURY MUNICIPAL TRUST
497K3B, 2000-08-03

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[front cover]

AMERICAN CENTURY
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

Arizona Intermediate-Term 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.

July 27, 2000
Investor Class

[american century logo (reg.sm)]
American Century

ARIZONA INTERMEDIATE-TERM MUNICIPAL FUND

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 managers buy intermediate-term, quality 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, such as schools and roads.

The fund managers also may buy intermediate-term, quality debt securities
with income payments exempt from federal and Arizona income taxes, but are
not exempt from 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 managers also may use futures contracts and options to pursue the
fund's investment objectives.

In the event of exceptional market or economic conditions, the fund may, as
a temporary defensive measure, invest all or a substantial portion of its
assets in cash or cash-equivalent securities. To the extent the fund assumes
a defensive position, it will not be pursuing its investment objectives 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 (for example, Baa or BBB). The issuers of these securities are more
likely to pose a credit risk, that is, 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, your shares may be worth more or less at any given time
than the price you paid for them. As a result, it is possible to lose money
by 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.

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.

FUND PERFORMANCE

The following bar chart shows the actual performance of Arizona
Intermediate-Term Municipal's shares for each full 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.

Arizona Intermediate-Term Municipal American Century Investments

[data shown in bar chart]

Calendar Year-By-Year Returns(1)

1999 1998 1997 1996 1995
Arizona Intermediate-Term Municipal -0.94% 5.90% 6.90% 3.74% 13.15%

(1) As of June 30, 2000, the end of the most recent calendar quarter,
Arizona Intermediate-Term Municipal's year-to-date return was 3.85%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest
---------------------------------------------------------------------------
Arizona Intermediate-
Term Municipal 4.60% (1Q 1995) -1.63% (2Q 1999)

The following table shows the average annual total 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. 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 JUNE 30, 2000)

Arizona Intermediate-Term
Municipal 3.96% 4.92% 5.50%
Lehman 5-Year General
Obligation Index 3.66% 5.01% 5.38%(2)

(1) The inception date of Arizona Intermediate-Term Municipal is April
11, 1994.

(2) Since March 31, 1994, the date closest to the fund's inception for
which data are available.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century
funds

* to redeem your shares

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 0.01%(2)
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 and their legal counsel, as well as interest.

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. Identified below is the portfolio
manager who leads the team that manages Arizona Intermediate-Term Municipal:

KENNETH SALINGER, Portfolio Manager, has been a member of the Arizona
Intermediate-Term Municipal team since July 1998. He joined American Century
in April 1992. He has a bachelor's degree in quantitative economics from the
University of California-San Diego. He is a Chartered Financial Analyst.

Arizona Intermediate-Term Municipal Fund Profile

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our
Web site to 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 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 account access and transactions

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-21120 0007 Funds Distributor, Inc. and
American Century Investment Services, Inc., Distributors

[front cover]

AMERICAN CENTURY
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

Florida Intermediate-Term Municipal Fund

July 27, 2000
Investor Class

[american century logo (reg.sm)]
American Century

FLORIDA INTERMEDIATE-TERM MUNICIPAL FUND

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 managers buy intermediate-term, quality debt securities with income
payments exempt from federal income tax and which are exempt from 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 intermediate-term, quality debt securities
with income payments exempt from federal income tax and which are exempt
from the Florida intangible personal property tax, but are not exempt from
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 managers also may use futures contracts and options to pursue the
fund's investment objectives.

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.

* 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, your shares may be worth more or less at any given time
than the price you paid for them. As a result, it is possible to lose money
by 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.

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.

FUND PERFORMANCE

The following bar chart shows the actual performance of Florida
Intermediate-Term Municipal's shares for each full 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.

Florida Intermediate-Term Municipal American Century Investments

[data shown in bar chart]

Calendar Year-By-Year Returns(1)

1999 1998 1997 1996 1995
Florida Intermediate-Term Municipal -0.59% 6.49% 8.22% 3.66% 13.49%

(1) As of June 30, 2000, the end of the most recent calendar quarter,
Florida Intermediate-Term Municipal's year-to-date return was 3.66%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest
---------------------------------------------------------------------------
Florida Intermediate-
Term Municipal 5.06% (1Q 1995) -1.63% (2Q 1999)

1 YEAR 5 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 2000)

Florida Intermediate-Term
Municipal 4.10% 5.33% 5.72%
Lehman 5-Year General
Obligation Index 3.66% 5.01% 5.38%(2)

(1) The inception date of Florida Intermediate-Term Municipal is April
11, 1994.

(2) Since March 31, 1994, the date closest to the fund's inception for
which data are available.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century
funds

* to redeem your shares

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 0.01%(2)
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 and their legal counsel, as well as interest.

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?

KENNETH SALINGER, Portfolio Manager, has been a member of the Florida
Intermediate-Term Municipal team since October 1996. He joined American
Century in April 1992. He has a bachelor's degree in quantitative economics
from the University of California-San Diego. He is a Chartered Financial
Analyst.

Florida Intermediate-Term Municipal Fund Profile

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our
Web site to 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 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 account access and transactions

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.

--------------------------------------------------------------------------------
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-21121 0007 Funds Distributor, Inc. and
American Century Investment Services, Inc., Distributors

[front cover]

American Century
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

Florida Municipal Money Market Fund

July 27, 2000
Investor Class

[american century logo and text logo (reg. sm)]
American
Century

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 cash-equivalent, high-quality debt securities with
income payments exempt from federal income tax and which are exempt from 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 cash-equivalent, high-quality debt securities
with income payments exempt from federal income tax and which are exempt
from the Florida intangible personal property tax, but are not exempt from
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 full 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)

1999 2.94%
1998 3.13%
1997 3.39%
1996 3.67%
1995 4.07%

(1) As of June 30, 2000, the end of the most recent calendar quarter,
Florida's Municipal Money Market's year-to-date return was 1.80%.

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 total 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 5 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 2000)
Florida Municipal Money Market 3.39% 3.38% 3.44%
Lipper Other States
Tax-Exempt Money Market Funds 3.20% 3.14% 3.17%(2)

(1) The inception date for Florida Municipal Money Market is April 11,
1994.

(2) Since April 30, 1994, the date closest to the fund's inception for
which data are available.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century
funds

* to redeem your shares

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 0.49%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
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 include the fees and expenses of the fund's
independent trustees and their legal counsel, as well as interest.

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?

BRYAN E. KARCHER, Vice President and Portfolio Manager, has been a member of
the Florida Municipal Money Market team since June 1995. He joined American
Century in July 1989 and has been a Portfolio Manager since June 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?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to 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.

Florida Municipal Money Market Fund Profile

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.

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 account access and transactions

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

SH-PRF-21102 0007

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

Funds Distributor, Inc. and American Century Investment
Services, Inc., Distributors

[front cover]

American Century
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

Tax-Free Money Market Fund

July 27, 2000
Investor Class

[american century logo and text logo (reg. sm)]
American
Century

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 cash-equivalent, high-quality 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 cash-equivalent, high-quality debt securities
with income payments exempt from regular federal income tax, but are not
exempt from 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?

* 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)(2)

1999 2.97%
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%

(1) From August 1, 1997 to December 31, 1998, all or a portion of the
fund's management fee was waived. As a result, the fund's returns are
higher than they would have been had the waiver not been in effect.

(2) As of June 30, 2000, the end of the most recent calendar quarter,
Tax-Free Money Market's year-to-date return was 1.80%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest
Tax-Free Money Market 1.45% (4Q 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 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)(2)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 2000)
Tax-Free
Money Market 3.38% 3.26% 3.17% 3.89%
Lipper Tax-Exempt
Money Market
Average 3.09% 3.01% 3.05% 3.64%(3)

(1) The inception date for Tax-Free Money Market is July 31, 1984.

(2) From August 1, 1997 to December 31, 1998, all or a portion of the
fund's management fee was waived. As a result, the fund's returns are
higher than they would have been had the waiver not been in effect.

(3) Since August 31, 1984, the date closest to the fund's inception for
which data are available.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century
funds

* to redeem your shares

The following table describes the fees and expenses you will pay if you buy
and hold shares of the fund.

(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 and their legal counsel, as well as interest.

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?

BRYAN E. KARCHER, Vice President and Portfolio Manager, has been a member of
the Tax-Free Money Market team since June 1995. He joined American Century
in July 1989 and has been a Portfolio Manager since June 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?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to 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.

Tax-Free Money Market Fund Profile

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 account access and transactions

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

SH-PRF-21100 0007

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

Funds Distributor, Inc. and American Century Investment
Services, Inc., Distributors

American Century
Fund Profile

[photo of woman sitting on bench and photo of hand holding pencil]

Tax-Free Money Market Fund

[american century logo and brokerage text logo (reg. sm)]
American
Century
--------
Brokerage

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.

July 27, 2000
Investor Class

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?

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* Some of the fund's income may be subject to the federal alternative
minimum tax.

FUND PERFORMANCE

[data shown in bar chart]
Calendar Year-By-Year Returns(1)(2)

1999 2.97%
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%

(2) As of June 30, 2000, the end of the most recent calendar quarter,
Tax-Free Money Market's year-to-date return was 1.80%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest
---------------------------------------------------------------------------

Tax-Free Money Market 1.45% (4Q 1990) 0.44% (1Q 1994)

Tax-Free Money Market American Century Investments

1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)(2)
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 2000)
Tax-Free
Money Market 3.38% 3.26% 3.17% 3.89%
Lipper Tax-Exempt
Money Market
Average 3.09% 3.01% 3.05% 3.64%

(1) The inception date for Tax-Free Money Market is July 31, 1984.

(3) Since August 31, 1984, the date closest to the fund's inception for
which data are available.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century
funds

* to redeem your shares

The following table describes the fees and expenses you will pay if you buy
and hold shares of the fund.

(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 and their legal counsel, as well as interest.

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?

6. HOW DO I BUY FUND SHARES?

American Century Brokerage offers several ways to purchase shares

* Complete and return a brokerage application along with an investment check
payable to American Century Brokerage

* If you already have an American Century Brokerage account, simply contact
us by writing, calling or accessing our Web site

* Call us and send your investment by bank wire transfer

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.

Tax-Free Money Market Fund Profile

7. HOW DO I SELL FUND SHARES?

The most convenient way for you to sell money market fund shares in your
brokerage account is to use our CheckWriting feature. If you do not have
checks, you can call us during business hours or send us a letter requesting
a redemption check or bank wire. Bank wires require a minimum redemption of
$1,000 and a $20 fee applies. In addition, we will automatically sell
sufficient shares in Tax-Free Money Market when you direct us to make other
investments in your brokerage account.

Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests may
require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Dividends are declared and available for redemption daily. Distributions
will generally be exempt from 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

* TeleSelect Automated Information and Trading Line transactions

* 24-hour online account access and transactions

You will find more information about these choices in our Brokerage
Information Kit, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.

--------------------------------------------------------------------------------
AMERICAN CENTURY BROKERAGE, INC.
P.O. BOX 419146
KANSAS CITY, MISSOURI 64141-6146

BROKERAGE CLIENT RELATIONS 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 [graphic of arrow]

BK-PRF-21101 0007

Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors

[front cover]

AMERICAN CENTURY
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

Intermediate-Term Tax-Free Fund

July 27, 2000
Investor Class

[american century logo (reg.sm)]
American Century

INTERMEDIATE-TERM TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Intermediate-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 intermediate-term, quality 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 intermediate-term, quality debt securities
with income payments exempt from regular federal income tax, but are not
exempt from 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 between five and
10 years.

Additional information about 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.

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 Intermediate-Term Tax-Free than for funds that have shorter
weighted average maturities, such as money market and short-term bond funds.

* 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. Intermediate-Term
Tax-Free may have a higher level of risk than funds that invest in a larger
universe of securities.

* As with all funds, your shares may be worth more or less at any given time
than the price you paid for them. As a result, it is possible to lose money
by 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.

In summary, Intermediate-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 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.

Intermediate-Term Tax-Free American Century Investments

[data shown in bar chart]

Calendar Year-By-Year Returns(1)

1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Intermediate-Term
Tax-Free -0.95% 5.81% 7.44% 3.94% 11.93% -2.06% 9.07% 7.17% 10.05% 6.28%

(1) As of June 30, 2000, the end of the most recent calendar quarter,
Intermediate-Term Tax-Free's year-to-date return was 3.81%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest
---------------------------------------------------------------------------
Intermediate-Term Tax-Free 4.17% (1Q 1995) -3.54% (1Q 1994)

The following table shows the average annual total returns of the fund's
shares for the periods indicated. The Lehman 5-Year General Obligation (GO)
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 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 2000)

Intermediate-Term
Tax-Free 4.18% 5.00% 5.97% 5.60%
Lehman 5-Year
GO Index 3.66% 5.01% 6.17% 5.89%(2)

(1) The inception date for Intermediate-Term Tax-Free is March 2, 1987.

(2) Since February 28, 1987, the date closest to the fund's inception
for which data are available.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century
funds

* to redeem your shares

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 0.01%(2)
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 rate generally decreases as fund assets increase.

(2) Other expenses include the fees and expenses of the fund's
independent trustees and their legal counsel, as well as interest.

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
$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.

5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

KENNETH SALINGER, Portfolio Manager, has been a member of the team that
manages Intermediate-Term Tax-Free since June 1999. He joined American
Century in April 1992. He has a bachelor's degree in quantitative economics
from the University of California-San Diego. He is a Chartered Financial
Analyst.

Intermediate-Term Tax-Free Fund Profile

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our
Web site to 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 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.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Intermediate-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 account access and transactions

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.

--------------------------------------------------------------------------------
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-21122 0007 Funds Distributor, Inc. and
American Century Investment Services, Inc., Distributors

[front cover]

AMERICAN CENTURY
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

Long-Term Tax-Free Fund

July 27, 2000
Investor Class

[american century logo (reg.sm)]
American Century

LONG-TERM TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Long-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 long-term, quality 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-term, quality debt securities with
income payments exempt from regular federal income tax, but are not exempt
from 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 10 years or
longer.

Additional information about 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.

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 Long-Term Tax-Free 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 in the lowest investment-grade
category (for example, Baa or BBB). The issuers of these securities are more
likely to pose a credit risk, that it, 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. Long-Term Tax-Free may
have a higher level of risk than funds that invest in a larger universe of
securities.

* As with all funds, your shares may be worth more or less at any given time
than the price you paid for them. As a result, it is possible to lose money
by 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.

In summary, Long-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 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.

Long-Term Tax-Free American Century Investments

[data shown in bar chart]

Calendar Year-By-Year Returns(1)

1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Long-Term
Tax-Free -4.99% 5.94% 9.59% 3.08% 18.50% -5.58% 12.15% 7.61% 12.01% 6.15%

(1) As of June 30, 2000, the end of the most recent calendar quarter,
Long-Term Tax-Free's year-to-date return was 5.07%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest
---------------------------------------------------------------------------
Long-Term Tax-Free 6.68% (1Q 1995) -5.46% (1Q 1994)

The following table shows the average annual total returns of the fund's
shares for the periods indicated. The Lehman Long-Term Municipal Bond 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 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 2000)

Long-Term Tax Free 2.19% 5.39% 6.54% 6.39%
Lehman Long-Term
Municipal Bond
Index 0.89% 6.19% 7.54% 7.45%(2)

(1) The inception date for Long-Term Tax-Free is March 2, 1987.

(2) Since February 28, 1987, the date closest to the fund's inception
for which data are available.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century
funds

* to redeem your shares

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 0.01%(2)
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 rate generally decreases as fund assets increase.

(2) Other expenses include the fees and expenses of the fund's
independent trustees and their legal counsel, as well as interest.

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
$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.

5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

G. DAVID MACEWEN, Senior Vice President and Portfolio Manager, supervises
the American Century Municipal Trust team and has been a member of the
Long-Term Tax-Free team since May 1991. He joined American Century in May
1991 as a Municipal Portfolio Manager. He has a bachelor's degree in
economics from Boston University and an MBA in finance from the University
of Delaware.

Long-Term Tax-Free Fund Profile

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our
Web site to 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 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.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Long-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 will automatically be reinvested 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 account access and transactions

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.

--------------------------------------------------------------------------------
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-21123 0007 Funds Distributor, Inc. and
American Century Investment Services, Inc., Distributors

[front cover]

AMERICAN CENTURY
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

Limited-Term Tax-Free Fund

July 27, 2000

Investor Class

[american century logo and text logo (reg. sm)]
American
Century

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 short-term, quality 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 short-term, quality debt securities with
income payments exempt from regular federal income tax, but are not exempt
from 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.

* 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, your shares may be worth more or less at any given time
than the price you paid for them. As a result, it is possible to lose money
by 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.

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 full 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)

1999 1.17%
1998 5.13%
1997 5.60%
1996 3.68%
1995 6.75%
1994 2.47%

(1) As of June 30, 2000, the end of the most recent calendar quarter,
Limited-Term Tax-Free's year-to-date return was 2.51%.

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) -0.81% (2Q 1999)

The following table shows the average annual total returns 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 JUNE 30, 2000)
Limited-Term Tax-Free 3.75% 4.24% 4.18%
Merrill Lynch 0-3 Year
Municipal Index 3.77% 4.31% 4.14%

(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
funds

* to redeem your shares

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 0.01%(2)
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 rate generally decreases as fund assets increase.

(2) Other expenses include the fees and expenses of the fund's
independent trustees and their legal counsel, as well as interest.

. . . 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.

5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the Limited-Term Tax-Free team:

G. DAVID MACEWEN, Senior Vice President and Portfolio Manager, supervises
the American Century Municipal Trust team and has been a member of the team
that manages Limited-Term Tax-Free since June 1999. He joined American
Century in May 1991 as a Municipal Portfolio Manager. He has a bachelor's
degree in economics from Boston University and an MBA in finance from the
University of Delaware.

BRYAN E. KARCHER, Vice President and Portfolio Manager, has been a member of
the team that manages Limited-Term Tax-Free since June 1999. He joined
American Century in July 1989 and has been a Portfolio Manager since June
1995. He has a bachelor's degree in economics from the University of
California - Los Angeles. He is a Chartered Financial Analyst.

Limited-Term Tax-Free Fund Profile

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to 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 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 account access and transactions

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.

--------------------------------------------------------------------------------
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

SH-PRF-21099 0007

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

Funds Distributor, Inc. and American Century Investment
Services, Inc., Distributors

[front cover]

American Century
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

High-Yield Municipal Fund

July 27, 2000
Investor Class

[american century logo and text logo (reg. sm)]
American
Century

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. Capital appreciation is 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
with income payments exempt from regular federal income tax, but are not
exempt from 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.

In the event of exceptional market or economic conditions, the fund may, as
a temporary defensive measure, invest all or a substantial portion of its
assets in cash or cash-equivalent securities. To the extent the fund assumes
a defensive position, it will not be pursing its investment objectives and
may generate taxable income.

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, your shares may be worth more or less at any given time
than the price you paid for them. As a result, it is possible to lose money
by 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.

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.

High-Yield Municipal American Century Investments

FUND PERFORMANCE

The following bar chart shows the actual performance of High-Yield
Municipal's shares for each full calendar year since the fund's inception on
March 31, 1998. 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)(2)

1999 -2.03

(1) From March 31, 1998 to October 31, 1999, all or a portion of the
fund's management fee was waived. As a result, the fund's returns are
higher than they would have been had the waiver not been in effect.

(2) As of June 30, 2000, the end of the most recent calendar quarter,
High-Yield Municipal's year-to-date return was 2.45%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest
High-Yield Municipal 1.28% (1Q 2000) -1.34% (3Q 1999)

1 YEAR LIFE OF FUND(1)(2)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 2000)
High-Yield Municipal 0.14% 3.05%
Lehman Long-Term
Municipal Bond Index 0.89% 2.11%

(1) The inception date for High-Yield Municipal is March 31, 1998.

(2) From March 31, 1998 to October 31, 1999, all or a portion of the
fund's management fee was waived. As a result, the fund's returns are
higher than they would have been had the waiver not been in effect.

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 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 0.64%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
Total Annual Fund Operating Expenses 0.65%(3)

(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 and their legal counsel, as well as interest.

(3) The advisor waived all expenses of High-Yield Municipal through
April 30, 1999. The advisor waived a portion of the expenses from May 1,
1999 through October 31, 1999. The fee is shown without the effect of
the fee waiver.

. . . 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.

High-Yield Municipal Fund Profile

5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

STEVEN M. PERMUT, Vice President, Director of Municipal Research and
Portfolio Manager, 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.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to 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.

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 account access and transactions

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.

--------------------------------------------------------------------------------
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

SH-PRF-21103 0007

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

Funds Distributor, Inc. and American Century Investment
Services, Inc., Distributors