AMERICAN CENTURY MUNICIPAL TRUST
497K3B, 2000-10-31
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AMERICAN CENTURY
Fund Profile

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

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.

October 27, 2000
Investor Class

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

    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.

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

    * When interest rates change, the fund's share value will be affected.
    Generally, when interest rates rise, the fund's share value will decline.
    The opposite is true when interest rates decline. This interest rate risk is
    higher for Limited-Term Tax-Free than for funds that have shorter weighted
    average maturities, such as money market funds.

    * The fund may invest in securities rated in the lowest investment-grade
    category (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 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 September 30, 2000, the end of the most recent calendar
              quarter, Limited-Term Tax-Free's year-to-date return was 4.29%.


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 SEPTEMBER 30, 2000)
       Limited-Term Tax-Free                           4.67%    4.33%       4.27%
       Merrill Lynch 0-3 Year
          Municipal Index                              4.38%    4.30%       4.19%

        (1) The inception date for Limited-Term Tax-Free is March 1, 1993.

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

    There are no sales loads, fees or other charges

    * to buy fund shares directly from American Century
    * to reinvest dividends in additional shares
    * to exchange into the Investor Class shares of other American Century fund
    * to redeem your shares

    The following table describes the fees and expenses 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?

    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.

--------------------------------------------------------------------------------
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   [graphic of arrow]

SH-PRF-22231  0010    American Century Investment Services, Inc., Distributor

[front cover]

American Century
Fund Profile

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

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.

October 27, 2000
Investor Class

[american century logo (reg. sm) and text logo]
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
    interest 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 interest 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?

    * 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 interest-paying
    securities. Accordingly, the yield on this fund will likely be lower than
    funds that invest in longer-term or lower-quality securities.

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

    * Because the fund invests primarily in municipal securities, it will be
    sensitive to events that affect municipal markets. Tax-Free Money Market may
    have a higher level of risk than funds that invest in a larger universe of
    securities.

    FUND PERFORMANCE

    The following bar chart shows the actual performance of Tax-Free Money
    Market's shares for each of the last 10 calendar years. The bar chart
    indicates the volatility of the fund's historical returns from year to year.
    The bar chart and the performance information below are not intended to
    indicate how the fund will perform in the future.

[data shown in bar chart]
     Calendar Year-By-Year Returns(1)(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 September 30, 2000, the end of the most recent calendar
              quarter, Tax-Free Money Market's year-to-date return was 2.79%.

    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 SEPTEMBER 30, 2000)
               Tax-Free
                  Money Market                       3.63%      3.30%       3.13%      3.89%
               Lipper Tax-Exempt
                  Money Market
                  Average                            3.33%      3.03%       3.01%      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 fund
    * 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?

    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.

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.

--------------------------------------------------------------------------------
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   [graphic of arrow]

SH-PRF-22232  0010    American Century Investment Services, Inc., Distributor

[front cover]

American Century
Fund Profile

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

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.

October 27, 2000
Investor Class

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



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
    interest 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 interest 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?

    * 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 interest-paying
    securities. Accordingly, the yield on this fund will likely be lower than
    funds that invest in longer-term or lower-quality securities.

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

    * Because the fund invests primarily in municipal securities, it will be
    sensitive to events that affect municipal markets. Tax-Free Money Market may
    have a higher level of risk than funds that invest in a larger universe of
    securities.

    FUND PERFORMANCE

    The following bar chart shows the actual performance of Tax-Free Money
    Market's shares for each of the last 10  calendar years. The bar chart
    indicates the volatility of the fund's historical returns from year to year.
    The bar chart and the performance information below are not intended to
    indicate how the fund will perform in the future.

[data shown in bar chart]
     Calendar Year-By-Year Returns(1)(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 September 30, 2000, the end of the most recent calendar
              quarter, Tax-Free Money Market's year-to-date return was 2.79%.

    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 SEPTEMBER 30, 2000)
         Tax-Free
                  Money Market                       3.63%    3.30%       3.13%     3.89%
         Lipper Tax-Exempt
                  Money Market
                  Average                            3.33%    3.03%       3.01%     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.

     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?

    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.

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-22279   0010   American Century Investment Services, Inc., Distributor

[front cover]

American Century
Fund Profile

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

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.

October 27, 2000
Investor Class

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



FLORIDA MUNICIPAL MONEY MARKET FUND

1. WHAT ARE THE FUND'S INVESTMENT OBJECTIVES?

    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
    interest payments exempt from federal income tax and the Florida intangible
    personal property tax. Cities, counties and other municipalities in Florida
    usually issue these securities for public projects, such as schools and
    roads.

    The fund managers also may buy cash-equivalent, high-quality debt securities
    with interest payments exempt from federal income tax and 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 September 30, 2000, the end of the most recent calendar
              quarter, Florida's Municipal Money Market's year-to-date return
              was  2.78%.

    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 SEPTEMBER 30, 2000)
               Florida Municipal Money Market           3.63%        3.38%      3.45%
               Lipper Other States
                 Tax-Exempt Money Market Funds          3.45%        3.14%      3.19%(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 fund
    * 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?

    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.

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.

--------------------------------------------------------------------------------
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    [graphic of arrow]

SH-PRF-22233   0010  American Century Investment Services, Inc., Distributor

[front cover]

American Century
Fund Profile

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

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.

October 27, 2000
Investor Class

[american century logo (reg. sm) and text logo]
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
    interest 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 interest 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 rated below investment grade,
    including so-called junk bonds. Issuers of these securities often have short
    financial histories or have questionable credit or have had and may continue
    to have problems making interest and principal payments.

    The fund managers also may buy unrated securities if they determine such
    securities meet the investment objective of the fund.

    Although High-Yield Municipal invests primarily for income, it also employs
    techniques designed to realize capital appreciation. For example, the fund
    managers may select bonds with maturities and coupon rates that position the
    fund for potential capital appreciation for a variety of reasons, including
    their view on the direction of future interest-rate movements and the
    potential for a credit upgrade.

    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. If a fund assumes a defensive
    position, it will not be pursing its investment objectives and may generate
    taxable income.

    The fund managers attempt to keep the weighted average maturity of the fund
    at 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 short-term and intermediate-term funds.

    * The fund's investments often have high credit risk, which helps it pursue
    a higher yield than more conservatively managed bond funds. Issuers of
    high-yield securities are more vulnerable to real or perceived economic
    changes (such as an economic downturn or a prolonged period of rising
    interest rates), political changes or adverse developments specific to the
    issuer. Adverse economic, political and other developments may be more
    likely to cause an issuer of low-quality bonds to default on its obligation
    to pay interest and principal due under its securities.

    * The fund may invest part of its assets in securities rated below
    investment grade or that are unrated, 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.

    * The market for lower-quality debt securities is generally less liquid than
    the market for higher-quality securities. Adverse publicity and investor
    perceptions, as well as new and proposed laws, also may have a greater
    negative impact on the market for lower-quality securities.

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


High-Yield Municipal                          American Century Investments


    * Because the fund invests primarily in municipal securities, it will be
    sensitive to events that affect municipal markets. High-Yield Municipal may
    have a higher level of risk than funds that invest in a larger universe of
    securities.

    * As with all funds, at any given time the value of your shares may be worth
    more or less than the price you paid. 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.

    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 September 30, 2000, the end of the most recent calendar
              quarter, High-Yield Municipal's year-to-date return was 5.21%.

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

                              Highest                 Lowest
                              -------                 ------
    High-Yield Municipal      2.69% (3Q 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 SEPTEMBER 30, 2000)
               High-Yield Municipal                 4.23%        3.84%
               Lehman Long-Term
                  Municipal Bond Index              6.79%        3.14%

        (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 fund
    * 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.


High-Yield Municipal                                           Fund Profile


           EXAMPLE

             Assuming you . . .

             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above

             . . . your cost of investing in the fund would be:

                                  1 year      3 years     5 years     10 years
                                   $66         $208        $362         $809

             Of course, actual costs may be higher or lower. Use this example to
             compare the costs of investing in other funds.

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

    American Century Investment Management, Inc. provides investment advisory
    and management services for the fund. American Century uses teams of
    portfolio managers, assistant portfolio managers and analysts working
    together to manage its mutual funds. 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.

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.

--------------------------------------------------------------------------------
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    [graphic of arrow]

SH-PRF-22234   0010   American Century Investment Services, Inc., Distributor

[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.

October 27, 2000
Investor Class

[american century logo (reg. sm) and text logo]
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 interest 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. If the fund assumes a
    defensive position, it will not be pursuing its investment objectives and
    may generate taxable income.

    The fund managers attempt to keep the weighted average maturity of the fund
    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 usually
       decline. The opposite is usually true when interest rates decline. The
       interest rate risk for Arizona Intermediate-Term Municipal is higher than
       for funds that have shorter weighted average maturities, such as money
       market and short-term bond funds.

    *  The fund may invest in securities rated in the lowest investment-grade
       category (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 September 30, 2000, the end of the most recent calendar
              quarter, Arizona Intermediate-Term Municipal's year-to-date return
              was 5.80%.

    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 SEPTEMBER 30, 2000)

        Arizona Intermediate-Term
            Municipal               5.73%         4.79%            5.58%
        Lehman 5-Year General
            Obligation Index        4.79%         4.85%            5.48%(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.

--------------------------------------------------------------------------------
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-22250   0010   American Century Investment Services, Inc., Distributor

[front cover]

AMERICAN CENTURY
Fund Profile

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

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.

October 27, 2000
Investor Class

[american century logo (reg. sm) and text logo]
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
    interest payments exempt from federal income tax and the Florida intangible
    personal property tax. Cities, counties and other municipalities in Florida
    usually issue these securities for public projects, such as schools and
    roads.

    The fund managers also may buy intermediate-term, quality debt securities
    with interest payments exempt from federal income tax and which are exempt
    from the Florida intangible personal property tax, but are not necessarily
    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. If the fund assumes a
    defensive position, it will not be pursuing its investment objectives and
    may generate taxable income.

    The fund managers attempt to keep the weighted average maturity of the fund
    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. When
       interest rates rise, the fund's share value will usually decline. The
       opposite is usually true when interest rates decline. The interest rate
       risk for Florida Intermediate-Term Municipal is higher than for funds
       that have shorter weighted average maturities, such as money market and
       short-term bond funds.

    *  The fund may invest in securities rated in the lowest investment-grade
       category (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 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 September 30, 2000, the end of the most recent calendar
              quarter, Florida Intermediate-Term Municipal's year-to-date return
              was 5.69%.

    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 SEPTEMBER 30, 2000)

        Florida Intermediate-Term
           Municipal                 5.82%         5.24%           5.81%
        Lehman 5-Year General
           Obligation Index          4.79%         4.85%           5.48%(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?

    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.


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.

--------------------------------------------------------------------------------
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-22251  0010    American Century Investment Services, Inc., Distributor

[front cover]

AMERICAN CENTURY
Fund Profile

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

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.

October 27, 2000
Investor Class

[american century logo (reg. sm) and text logo]
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
    interest 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 interest 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. If a 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.

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.

    *  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 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 September 30, 2000, the end of the most recent calendar
              quarter, Intermediate-Term Tax-Free's year-to-date return was
              6.00%.

    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 SEPTEMBER 30, 2000)

        Intermediate-Term
           Tax-Free          6.01%      4.95%       6.07%          5.65%
         Lehman 5-Year
           GO Index          4.79%      4.85%       6.27%          5.93%(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?

    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.


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.

--------------------------------------------------------------------------------
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-22252   0010   American Century Investment Services, Inc., Distributor

[front cover]

AMERICAN CENTURY
Fund Profile

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

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.

October 27, 2000
Investor Class

[american century logo (reg. sm) and text logo]
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 interest
    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
    interest 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. If a 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.

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 September 30, 2000, the end of the most recent calendar
              quarter, Long-Term Tax-Free's year-to-date return was 7.53%.

    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 SEPTEMBER 30, 2000)

        Long-Term Tax Free    6.45%      5.29%       6.88%         6.45%
        Lehman Long-Term
           Municipal Bond
           Index              6.79%      6.27%       7.95%         7.55%(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?

    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.


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.

--------------------------------------------------------------------------------
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-22253   0010   American Century Investment Services, Inc., Distributor


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