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[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Limited-Term Tax-Free Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Limited-Term Tax-Free seeks safety of principal and high current income that is exempt from federal income tax.
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.
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 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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994
1.17% 5.13% 5.60% 3.68% 6.75% 2.47%
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 March 31, 2000)
--------------------------------------------------------------------------------
Limited-Term Tax-Free 1.37% 4.26% 4.10%
Merrill Lynch 0-3 Year
Municipal Index 2.73% 4.47% 4.11%
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------------------------
Management Fee 0.51%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
Total Annual Fund Operating Expenses 0.52%
--------------------------------------------------------------------------------
Example
Assuming you . . .
--------------------------------------------------------------------------------
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.
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.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19965 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Florida Municipal Money Market Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
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.
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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995
2.94% 3.13% 3.39% 3.67% 4.07%
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.
--------------------------------------------------------------------------------
1 year 5 years Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
Florida Municipal Money Market 3.12% 3.40% 3.41%
Lipper Other States
Tax-Exempt Money Market Funds 2.94% 3.13% 3.14%(2)
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------------------------
Management Fee 0.49%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
Total Annual Fund Operating Expenses 0.50%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$51 $160 $279 $627
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below is the portfolio manager who leads the team that manages Florida Municipal Money Market:
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.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19974 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
High-Yield Municipal Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
High-Yield Municipal seeks high current income that is exempt from federal income tax. Capital appreciation is a secondary objective.
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.
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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999
-2.03%
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)
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 Life of Fund(1)(2)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
High-Yield Municipal -1.67% 2.84%
Lehman Long-Term
Municipal Bond Index -3.09% 1.62%
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------------------------
Management Fee 0.64%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
Total Annual Fund Operating Expenses 0.65%(3)
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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 High-Yield Municipal:
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.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19976 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Tax-Free Money Market Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-888-345-2071, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY BROKERAGE LOGO]
April 27, 2000
Investor Class
Tax-Free Money Market seeks safety of principal and high current income that is exempt from federal income tax.
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.
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.
Calendar Year-By-Year Returns(1)(2)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 2.97% 3.47% 3.43% 2.98% 3.36% 2.31% 1.90% 2.47% 4.21% 5.60%
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.
--------------------------------------------------------------------------------
1 year 5 years 10 years Life of Fund(1)(2)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
Tax-Free
Money Market 3.13% 3.24% 3.21% 3.89%
Lipper Tax-Exempt
Money Market
Average 2.83% 3.00% 3.10% 3.64%(3)
--------------------------------------------------------------------------------
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%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$51 $160 $279 $627
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below is the portfolio manager who leads the team that manages Tax-Free Money Market:
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.
American Century Brokerage offers several ways to purchase shares
Your initial investment in your brokerage account must be at least $2,500. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
The most convenient way for you to sell money market fund shares in your brokerage account is to use our CheckWriting feature. If you do not have checks, you can call us during business hours or send us a letter requesting a redemption check or bank wire. Bank wires require a minimum redemption of $1,000 and a $20 fee applies. In addition, we will automatically sell sufficient shares in Tax-Free Money Market when you direct us to make other investments in your brokerage account.
Depending on the options you select when you open your account, some restrictions may apply. For your protection, some redemption requests may require a signature guarantee.
Dividends are declared and available for redemption daily. Distributions will generally be exempt from 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.
American Century Brokerage offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in our Brokerage Information Kit, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
American Century Brokerage, Inc.
P.O. Box 419146
Kansas City, Missouri 64141-6146
Brokerage Client Relations Associate
1-888-345-2071
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
SH-PRF-20006 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Tax-Free Money Market Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Tax-Free Money Market seeks safety of principal and high current income that is exempt from federal income tax.
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.
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.
Calendar Year-By-Year Returns(1)(2)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 2.97% 3.47% 3.43% 2.98% 3.36% 2.31% 1.90% 2.47% 4.21% 5.60%
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.
--------------------------------------------------------------------------------
1 year 5 years 10 years Life of Fund(1)(2)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
Tax-Free
Money Market 3.13% 3.24% 3.21% 3.89%
Lipper Tax-Exempt
Money Market
Average 2.83% 3.00% 3.10% 3.64%(3)
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------------------------
Management Fee 0.49%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
Total Annual Fund Operating Expenses 0.50%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$51 $160 $279 $627
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below is the portfolio manager who leads the team that manages Tax-Free Money Market:
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.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in Tax-Free Money Market for shares in nearly 70 other mutual funds offered by American Century. Depending on the options you select when you open your account, some restrictions may apply. For your protection, some redemption requests require a signature guarantee.
Dividends are declared and available for redemption daily. Distributions will generally be exempt from federal 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19969 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Intermediate-Term Tax-Free Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Intermediate-Term Tax-Free seeks safety of principal and high current income that is exempt from federal income tax.
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.
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 Intermediate-Term Tax-Free's investments is available in its annual and semiannual reports. In these reports you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during the most recent fiscal period. You may get these reports at no cost by calling us.
In summary, 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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 -0.95% 5.81% 7.44% 3.94% 11.93% -2.06% 9.07% 7.17% 10.05% 6.28%
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 March 31, 2000)
--------------------------------------------------------------------------------
Intermediate-Term
Tax-Free 0.53% 5.11% 5.95% 5.57%
Lehman 5-Year
GO Index 0.83% 5.20% 6.24% 5.88%(2)
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------------------------
Management Fee 0.51%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
Total Annual Fund Operating Expenses 0.52%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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 Intermediate-Term Tax-Free:
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.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19993 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Long-Term Tax-Free Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Long-Term Tax-Free seeks safety of principal and high current income that is exempt from federal income tax.
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.
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 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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 -4.99% 5.94% 9.59% 3.08% 18.50% -5.58% 12.15% 7.61% 12.01% 6.15%
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 March 31, 2000)
--------------------------------------------------------------------------------
Long-Term Tax Free -1.85% 5.54% 6.67% 6.41%
Lehman Long-Term
Municipal Bond
Index -3.09% 6.36% 7.65% 7.48%(2)
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------------------------
Management Fee 0.51%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
Total Annual Fund Operating Expenses 0.52%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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 Long-Term Tax-Free:
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.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19994 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Arizona Intermediate-Term Municipal seeks safety of principal and high current income that is exempt from federal and Arizona income taxes.
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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995
-0.94% 5.90% 6.90% 3.74% 13.15%
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 March 31, 2000)
--------------------------------------------------------------------------------
Arizona Intermediate-Term
Municipal 0.56% 5.14% 5.43%
Lehman 5-Year General
Obligation Index 0.83% 5.20% 5.33%(2)
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------------------------
Management Fee 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
Total Annual Fund Operating Expenses 0.51%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$52 $163 $285 $640
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below is the portfolio manager who leads the team that manages 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.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19998 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Florida 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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
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.
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.
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 Florida 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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995
-0.59% 6.49% 8.22% 3.66% 13.49%
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)
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 March 31, 2000)
--------------------------------------------------------------------------------
Florida Intermediate-Term
Municipal 0.82% 5.54% 5.69%
Lehman 5-Year General
Obligation Index 0.83% 5.20% 5.33%(2)
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------------------------
Management Fee 0.50%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.01%(2)
Total Annual Fund Operating Expenses 0.51%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$52 $163 $285 $640
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below is the portfolio manager who leads the team that manages Florida Intermediate-Term Municipal:
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.
American Century offers several ways to purchase shares
Your initial investment must be at least $5,000. If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19999 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
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