[front cover]

AMERICAN CENTURY
Fund Profile

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

California 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.

January 29, 2001
Investor Class

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

CALIFORNIA MUNICIPAL MONEY MARKET FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Municipal Money Market seeks safety of principal and high current
    income that is exempt from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy high-quality, very short-term debt securities with
    interest payments exempt from federal and California income taxes. Cities,
    counties and other municipalities in California usually issue these
    securities for public projects.

    The fund managers also may buy high-quality, very short-term debt securities
    whose payments are exempt from federal and California income taxes, but not
    the federal alternative minimum tax. Cities, counties and other
    municipalities in California usually issue these securities (called private
    activity bonds) to fund for-profit private projects, such as athletic
    stadiums, airports and apartment buildings.

    Additional information about California Municipal Money Market'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?

    *  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 high-quality, very short-term debt 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 California municipal securities, it
    will be sensitive to events that affect California's economy. California
    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 California Municipal
    Money Market's shares for each full calendar year since the fund's inception
    on December 31, 1990. 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

2000       3.40%
1999       2.79%
1998       3.05%
1997       3.23%
1996       3.10%
1995       3.49%
1994       2.47%
1993       2.09%
1992       2.95%
1991       4.61%

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

                              Highest                 Lowest
- ----------------------------------------------------------------------
    California Municipal
    Money Market              1.18% (3Q 1991)         0.47% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lipper California 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.


California Municipal Money Market American Century Investments


                                          1 YEAR    5 YEARS    LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 2000)
     California Municipal
       Money Market                         3.40%     3.11%        3.12%

     Lipper California Tax-Exempt
       Money Market Average                 3.09%     2.86%        2.88%

    (1) The inception date for California Municipal Money Market is December 31,
    1990.

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 may pay if you buy
    and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
         Management Fee                                0.49%(1)
         Distribution and Service (12b-1) Fees           None
         Other Expenses                                0.00%(2)
         Total Annual Fund Operating Expenses          0.49%


        (1) Based on expenses incurred during the fund's most recent fiscal
        year. The fund has a stepped fee schedule. As a result, the fund's
        management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
        independent trustees and their legal counsel, as well as interest, were
        less than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

            1 year  3 years  5 years  10 years
              $50     $157     $274     $615

             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 California Municipal Money Market:

    Todd Pardula, Vice President and Portfolio Manager, has been a member of the
    California Municipal Money Market team since May 1994. He joined American
    Century in 1990. He has a bachelor's degree in finance from Santa Clara
    University and 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 account balance
    falls below this account minimum, your shares may be redeemed involuntarily.


California Municipal 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 California Municipal
    Money Market for shares in nearly 70 other mutual funds offered by American
    Century. Depending on the options you select when you open your account,
    some restrictions may apply. For your protection, some redemption requests
    require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Dividends are declared and available for redemption daily. Distributions
    will generally be exempt from federal and California 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   [link to web site with arrow]

                                   American Century Investment Services, Inc.
SH-PRF-23610   0101             (c)2001 American Century Services Corporation

[front cover]

American Century
Fund Profile

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

California 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.

January 29, 2001
Investor Class

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

CALIFORNIA TAX-FREE MONEY MARKET FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Tax-Free Money Market seeks safety of principal and high current
    income that is exempt from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy high-quality, very short-term debt securities with
    interest payments exempt from federal and California income taxes. Cities,
    counties and other municipalities in California usually issue these
    securities for public projects.

    Additional information about California 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 high-quality, very short-term debt 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.

    *  Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    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 California 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

2000          3.30%
1999          2.66%
1998          2.95%
1997          3.19%
1996          3.07%
1995          3.41%
1994          2.42%
1993          2.03%
1992          2.49%
1991          3.81%

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

                              Highest                 Lowest
- --------------------------------------------------------------------------
    California Tax-Free
    Money Market              0.97% (1Q 1991)         0.44% (1Q 1994)


California Tax-Free Money Market                American Century Investments


    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lipper California Tax-Exempt Money
    Market Average, an unmanaged index that reflects no operating costs, is
    included as a benchmark for performance comparisons. For current performance
    information, including yields, please call us or access our Web site.

                               1 YEAR    5 YEARS    10 YEARS    LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 2000)
      California Tax-Free
        Money Market            3.30%     3.03%       2.93%          3.70%

      Lipper California
        Tax-Exempt
        Money Market Average    3.09%     2.86%       2.88%          3.80%(2)

        (1) The inception date for California Tax-Free Money Market is November
        9, 1983.

        (2) Since November 30, 1983, 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 may pay if you buy
    and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
         Management Fee                                      0.49%(1)
         Distribution and Service (12b-1) Fees               None
         Other Expenses                                      0.00%(2)
         Total Annual Fund Operating Expenses                0.49%

        (1) Based on expenses incurred during the fund's most recent fiscal
        year. The fund has a stepped fee schedule. As a result, the fund's
        management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
        independent trustees and their legal counsel, as well as interest, were
        less than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

              1 year    3 years    5 years    10 years
               $50       $157       $274        $615

             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 California Tax-Free Money Market:

    TODD PARDULA, Vice President and Portfolio Manager, has been a member of the
    California Tax-Free Money Market team since May 1994. He joined American
    Century in 1990. He has a bachelor's degree in finance from Santa Clara
    University and 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 account balance
    falls below this account minimum, your shares may be redeemed involuntarily.


California 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 California 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 and California income taxes.
    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    [link to web site with arrow]

                                   American Century Investment Services, Inc.
SH-PRF-23609   0101             (c)2001 American Century Services Corporation

[front cover]

American Century
Fund Profile

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

California 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.

January 29, 2001
Investor Class

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



CALIFORNIA TAX-FREE MONEY MARKET FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Tax-Free Money Market seeks safety of principal and high current
    income that is exempt from California and federal income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy high-quality, very short-term debt securities with
    interest payments exempt from California and federal income taxes. Cities,
    counties and other municipalities in California usually issue these
    securities for public projects.

    Additional information about California Tax-Free Money Market'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?

    *  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 high-quality, very short-term debt 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.

    *  Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    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 California 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

2000         3.30%
1999         2.66%
1998         2.95%
1997         3.19%
1996         3.07%
1995         3.41%
1994         2.42%
1993         2.03%
1992         2.49%
1991         3.81%


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

                              Highest                 Lowest
    ---------------------------------------------------------------------------
California Tax-Free
    Money Market              0.97% (1Q 1991)         0.44% (1Q 1994)


California Tax-Free Money Market              American Century Investments


    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lipper California Tax-Exempt Money
    Market Average, an unmanaged index that reflects no operating costs, is
    included as a benchmark for performance comparisons. For current
    performance information, including yields, please call us or access our Web
    site.

                                      1 YEAR   5 YEARS   10 YEARS   LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 2000)
      California Tax-Free
       Money Market                    3.30%     3.03%     2.93%         3.70%

      Lipper California Average
        Tax-Exempt
        Money Market Average           3.09%     2.86%     2.88%       3.80%(2)


(1) The inception date for California Tax-Free Money Market is November 9, 1983.

(2) Since November 30, 1983, 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 may pay if you buy
    and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
               Management Fee                                   0.49%(1)
               Distribution and Service (12b-1) Fees              None
               Other Expenses                                   0.00%(2)
               Total Annual Fund Operating Expenses             0.49%

        (1) Based on expenses incurred during the fund's most recent fiscal
        year. The fund has a stepped fee schedule. As a result, the fund's
        management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
        independent trustees and their legal counsel, as well as interest, were
        less than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

                           1 year     3  years      5 years      10 years
                             $50        $157          $274        $615

             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 California Tax-Free Money Market:

    TODD PARDULA, Vice President and Portfolio Manager, has been a member of the
    California Tax-Free Money Market team since May 1994. He joined American
    Century in 1990. He has a bachelor's degree in finance from Santa Clara
    University. 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

    *  Call us and send your investment by bank wire transfer

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

    Your initial investment in your brokerage account must be at least $2,500.
    If your brokerage account balance falls below this account minimum, your
    shares may be redeemed involuntarily.


California 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 California 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 California and federal income taxes.
    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

TELESELECT AUTOMATED INFORMATION
AND TRADING LINE 1-888-345-2091

FAX
650-967-9627

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113

SEP-IRA SERVICES
1-800-345-3533, ext. 4210

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


                                   American Century Investment Services, Inc.
BK-PRF-23631   0101             (c)2001 American Century Services Corporation

[front cover]

American Century
Fund Profile

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

California 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.

January 29, 2001
Investor Class

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



CALIFORNIA LIMITED-TERM TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Limited-Term Tax-Free seeks safety of principal and high current
    income that is exempt from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy quality, short-term debt securities with interest
    payments exempt from federal and California income taxes. Cities, counties
    and other municipalities in California usually issue these securities for
    public projects.

    The fund may also use futures contracts and options to pursue its investment
    objective.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash-equivalents. If it does, it
    may not achieve its investment objective and may generate taxable income.

    The weighted average maturity of the fund is expected to be five years or less.

    Additional information about California 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. The interest rate risk for
    California Limited-Term Tax-Free is higher than for funds that have shorter
    weighted average maturities, such as money market funds.

    *  The fund may invest part of its assets in securities rated in the lowest
    investment grade category (for example, Baa or BBB category). The issuers of
    these securities are more likely to pose a credit risk, that is, to have
    problems making interest and principal payments, than issuers of higher
    rated securities.

    *  Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    Limited-Term Tax-Free may have a higher level of risk than funds that invest
    in a larger universe of securities.

    *  As with all funds, at any given time your shares may be worth more or
    less 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, California Limited-Term Tax-Free is intended for investors who
    seek safety of principal and high current income that is exempt from federal
    and California 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 California
    Limited-Term Tax-Free's shares for each full calendar year since the fund's
    inception on June 1, 1992. 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.


California Limited-Term Tax-Free              American Century Investments


[data shown in bar chart]
     Calendar Year-By-Year Returns

2000         7.03%
1999         1.13%
1998         4.91%
1997         5.34%
1996         3.93%
1995         8.32%
1994        -0.61%
1993         5.92%

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

                              Highest                 Lowest
- ------------------------------------------------------------------------------
    California Limited-Term
    Tax-Free                  2.99% (1Q 1995)         -1.35% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lehman Brothers 3-Year Municipal Bond
    Index, an unmanaged index that reflects no operating costs, is included as a
    benchmark for performance comparisons.

                                     1 YEAR   5 YEARS   LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 2000)
     California Limited-Term
          Tax-Free                    7.03%     4.44%       4.64%

     Lehman Brothers 3-Year
          Municipal Bond Index        6.23%     4.65%        5.06%

        (1) The inception date for California Limited-Term Tax-Free is June 1, 1992.

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 may pay if you buy
    and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
         Management Fee                                       0.51%(1)
         Distribution and Service (12b-1) Fees                None
         Other Expenses                                       0.00%(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, were
        less than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

                        1 year   3 years   5 years   10 years
                         $52      $163      $285       $640

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

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

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

    TODD PARDULA, Vice President and Portfolio Manager, has been a member of the
    California Limited-Term Tax-Free team since June 1999. He joined American
    Century in 1990. He has a bachelor's degree in finance from Santa Clara
    University and is a Chartered Financial Analyst.

    G. DAVID MACEWEN, Senior Vice President and Senior Portfolio Manager, has
    been a member of the California Limited-Term Tax-Free team since June 1992.
    He joined American Century in 1991. He has a bachelor's degree in economics
    from Boston University and an MBA in finance from the University of
    Delaware.


California 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 account balance
    falls below this account minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California 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?

    California Limited-Term Tax-Free pays distributions of  substantially all of
    its income monthly. Distributions will generally be exempt from federal and
    California income taxes. 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   [link to web site with arrow]

                                   American Century Investment Services, Inc.
SH-PRF-23611   0101             (c)2001 American Century Services Corporation

[front cover]

American Century
Fund Profile

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

California 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.

January 29, 2001
Investor Class

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



CALIFORNIA INTERMEDIATE-TERM TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Intermediate-Term Tax-Free seeks safety of principal and high
    current income that is exempt from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy quality, intermediate-term debt securities with
    interest payments exempt from federal and California income taxes. Cities,
    counties and other municipalities in California usually issue these
    securities  for public projects.

    The fund may also use futures contracts and options to pursue its investment
    objective.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash-equivalents. If it does, it
    may not achieve its investment objective and may generate taxable income.

    The weighted average maturity of the fund is expected to be between five and
    10 years.

    Additional information about California 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. The interest rate risk for
    California Intermediate-Term Tax-Free is higher than for funds that have
    shorter weighted average maturities, such as money market and short-term
    bond funds.

    *  The fund may invest part of its assets in securities rated in the lowest
    investment grade category (for example, Baa or BBB category). The issuers of
    these securities are more likely to pose a credit risk, that is, to have
    problems making interest and principal payments, than issuers of higher
    rated securities.

    *  Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    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, at any given time the value of your shares may be
    worth more or less 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, California Intermediate-Term Tax-Free is intended for investors
    who seek safety of principal and high current income that is exempt from
    federal and California 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 California
    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.


California Intermediate-Term Tax-Free             American Century Investments


[data shown in bar chart]
     Calendar Year-By-Year Returns

2000      10.14%
1999      -1.09%
1998       5.59%
1997       7.45%
1996       4.25%
1995      13.52%
1994      -3.72%
1993      10.69%
1992       7.09%
1991      10.38%

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

                              Highest                 Lowest
- ---------------------------------------------------------------------------
    California Intermediate-
    Term Tax-Free             5.25% (1Q 1995)         -3.98% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lehman Brothers 5-Year General
    Obligation Bond Index, an unmanaged index that reflects no operating costs,
    is included as a benchmark for performance comparisons.

                               1 YEAR   5 YEARS   10 YEARS   LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 2000)
     California Intermediate-
        Term Tax-Free          10.14%    5.19%      6.30%        6.62%

     Lehman Brothers
        5-Year General
        Obligation Bond Index   7.67%    5.04%      6.21%        7.17%(2)


        (1) The inception date for California Intermediate-Term Tax-Free is
        November 9, 1983.

        (2) Since October 31, 1983, the date nearest 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 may pay if you buy
    and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
         Management Fee                                       0.51%(1)
         Distribution and Service (12b-1) Fees               None
         Other Expenses                                       0.00%(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, which include the fees and expenses of the fund's
        independent trustees and their legal counsel, as well as interest, were
        less than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

            1 year  3 years  5 years  10 years
              $52    $163      $285     $640

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

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

    American Century Investment Management, Inc. provides investment advisory
    and management services for the fund. American Century uses teams of
    portfolio managers, assistant portfolio managers and analysts working
    together to manage its mutual funds. Identified below is the portfolio
    manager who leads the team that manages California Intermediate-Term
    Tax-Free:

    ROBERT J. MILLER, Portfolio Manager, has been a member of the team that
    manages California Intermediate-Term Tax-Free since April 2000. He joined
    American Century in June 1998 as a Senior Municipal Analyst. Before joining
    American Century, he was a Managing Director for Washington Square Holdings,
    LLC from May 1997 to June 1998, and a Principal for Black & Veatch from
    September 1996 to May 1997. From November 1989 to September 1996, he was an
    Assistant Vice


California Intermediate-Term Tax-Free                        Fund Profile


    President for Moody's Investors Service. He has a bachelor's degree in
    business administration-finance from San Jose State University and an MBA
    from New York University.

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 account balance
    falls below this account minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California
    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?

    California Intermediate-Term Tax-Free pays distributions of substantially
    all of its income monthly. Distributions will generally be exempt from
    federal and California income taxes. 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    [link to web site with arrow]

                                   American Century Investment Services, Inc.
SH-PRF-23612   0101             (c)2001 American Century Services Corporation

[front cover]

American Century
Fund Profile

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

California 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.

January 29, 2001
Investor Class

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



CALIFORNIA LONG-TERM TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Long-Term Tax-Free seeks safety of principal and high current
    income that is exempt from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy quality, long-term debt securities with interest
    payments exempt from federal and California income taxes. Cities, counties
    and other municipalities in California usually issue these securities for
    public projects.

    The fund may also use futures contracts and options to pursue its investment
    objective.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash-equivalents. If it does, it
    may not achieve its investment objective and may generate taxable income.

    The weighted average maturity of the fund is expected to be 10 years or
    longer.

    Additional information about California 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. The interest rate risk for
    California Long-Term Tax-Free is higher than for funds that have shorter
    weighted average maturities, such as money market and short-term and
    intermediate-term bond funds.

    *  The fund may invest part of its assets in securities rated in the lowest
    investment grade category (for example, Baa or BBB category). The issuers of
    these securities are more likely to pose a credit risk, that is, to have
    problems making interest and principal payments, than issuers of higher
    rated securities.

    *  Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    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, at any given time your shares may be worth more or
    less 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, California Long-Term Tax-Free is intended for investors who seek
    safety of principal and high current income that is exempt from federal and
    California income taxes through a municipal securities fund, and who are
    willing to accept the risks associated with the fund's investment strategy.


California Long-Term Tax-Free                    American Century Investments


    FUND PERFORMANCE

    The following bar chart shows the actual performance of California 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.

[data shown in bar chart]
     Calendar Year-By-Year Returns

2000     14.92%
1999     -5.22%
1998      6.31%
1997      9.74%
1996      3.59%
1995     19.80%
1994     -6.51%
1993     13.74%
1992      8.15%
1991     11.80%

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

                              Highest                 Lowest
- ------------------------------------------------------------------------------
    California Long-Term
    Tax-Free                  7.13% (1Q 1995)         -5.71% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lehman Brothers Long-Term Municipal
    Bond Index, an unmanaged index that reflects no operating costs, is included
    as a benchmark for performance comparisons.

                              1 YEAR   5 YEARS   10 YEARS   LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 2000)
     California Long-Term
       Tax-Free               14.92%    5.64%      7.32%         7.96%

     Lehman Brothers
       Long-Term
       Municipal Bond Index   16.50%    6.20%       8.08%        9.72%(2)

        (1) The inception date for California Long-Term Tax-Free is November 9,
        1983.

        (2) Since October 31, 1983, the date nearest 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 may pay if you buy
    and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
         Management Fee                                  0.51%(1)
         Distribution and Service (12b-1) Fees            None
         Other Expenses                                  0.00%(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, which include the fees and expenses of the fund's
        independent trustees and their legal counsel, as well as interest, were
        less than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

            1 year   3 years   5 years   10 years
              $52      $163      $285      $640

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


California Long-Term Tax-Free                                  Fund Profile


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 California Long-Term Tax-Free:

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

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 account balance
    falls below this account minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California 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?

    California Long-Term Tax-Free pays distributions of substantially all of its
    income monthly. Distributions will generally be exempt from federal and
    California income taxes. 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    [link to web site with arrow]

                                   American Century Investment Services, Inc.
SH-PRF-23613   0101             (c)2001 American Century Services Corporation

[front cover]

American Century
Fund Profile

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

California 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.

January 29, 2001
Investor Class

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



CALIFORNIA HIGH-YIELD MUNICIPAL FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California High-Yield Municipal seeks high current income that is exempt
    from federal and California income taxes.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy long- and intermediate-term debt securities with
    interest payments exempt from federal and California income taxes. Cities,
    counties and other municipalities in the 50 states and U.S. territories
    usually issue these securities for public projects.

    The fund managers also may buy long- and intermediate-term debt securities
    whose interest payments are exempt from regular federal and California
    income taxes, but not the federal alternative minimum tax. Cities, counties
    and other municipalities in California usually issue these securities
    (called private activity bonds) to fund for-profit private projects, such as
    athletic stadiums, airports and apartment buildings. Between 10% and 30% of
    the fund's total assets may be invested in these securities.

    The fund managers buy securities rated below investment- grade, including
    so-called junk bonds and bonds that are in technical or monetary default.
    Issuers of these securities often have short financial histories,
    questionable credit, or problems making interest and principal payments.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash-equivalents. If it does, it
    may not achieve its investment objective and may generate taxable income.

    Additional information about California High-Yield 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?

    *  The value of the fund's shares depends on the value of the securities it
    owns and the income they produce. 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 the fund than for funds that
    have shorter weighted average maturities, such as money market and
    short-term 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 or other developments may be more
    likely to cause an issuer of lower-quality bonds to default on its principal
    and interest obligations.

    *  The market for lower-quality securities is generally less liquid than the
    market for higher-quality securities.

    *  Adverse publicity and investor perceptions, as well as new or 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.

    *  Because the fund invests primarily in California municipal securities, it
    will be sensitive to events that affect California's economy. California
    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 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, California High-Yield Municipal is intended for investors who
    seek high current income that is exempt from federal and California income
    taxes through a municipal securities fund, and who are willing to accept the
    risks associated with the fund's investment strategy.


California High-Yield Municipal               American Century Investments


    FUND PERFORMANCE

    The following bar chart shows the actual performance of California
    High-Yield Municipal'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

2000     12.70%
1999     -3.31%
1998      6.73%
1997     10.50%
1996      5.89%
1995     18.29%
1994     -5.36%
1993     13.18%
1992      9.17%
1991     10.91%

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

                              Highest                 Lowest
- ------------------------------------------------------------------------------
    California High-Yield
    Municipal                 7.18% (1Q 1995)         -4.54% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lehman Brothers Long-Term Municipal
    Bond Index, an unmanaged index that reflects no operating costs, is included
    as a benchmark for performance comparisons.

                                1 YEAR   5 YEAR   10 YEARS   LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 2000)
      California High-Yield
        Municipal               12.70%    6.35%     7.64%         6.51%

      Lehman Brothers
        Long-Term
        Municipal Bond Index    16.50%    6.20%     8.08%        8.06%

        (1) The inception date for California High-Yield Municipal is December
        30, 1986.

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 may pay if you buy
    and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
         Management Fee                                 0.54%(1)
         Distribution and Service (12b-1) Fees           None
         Other Expenses                                 0.00%(2)
         Total Annual Fund Operating Expenses           0.54%

        (1) Based on expenses incurred during the fund's most recent fiscal
        year. The fund has a stepped fee schedule. As a result, the fund's
        management fee rate generally decreases as fund assets increase.

        (2) Other expenses, which include the fees and expenses of the fund's
        independent trustees and their legal counsel, as well as interest, were
        less than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

            1 year  3 years  5 years  10 years
              $55    $173      $301     $676

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


California High-Yield Municipal                                  Fund Profile


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 California High-Yield Municipal:

    STEVEN M. PERMUT, Vice President, Portfolio Manager and Director of
    Municipal Research, has been a member of the California High-Yield Municipal
    team since January 1988. Mr. Permut joined American Century in 1987. He has
    a bachelor's degree in business and geography from the 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 account balance
    falls below this account minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California 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?

    California High-Yield Municipal pays distributions of substantially all of
    its income monthly. Distributions will generally be exempt from federal and
    California 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     [link to web site with arrow]

                                   American Century Investment Services, Inc.
SH-PRF-23614   0101             (c)2001 American Century Services Corporation

[front cover]

American Century
Fund Profile

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

California Insured 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.

January 29, 2001
Investor Class

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



CALIFORNIA INSURED TAX-FREE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    California Insured Tax-Free seeks safety of principal and high current
    income that is exempt from federal and California income taxes through
    investment in insured California municipal securities.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers buy long-term insured debt securities with interest
    payments exempt from federal and California income taxes. Cities, counties
    and other municipalities in California usually issue these securities for
    public projects.

    The fund's investments are insured. This is significant because

    *  the credit risk is less than for funds that invest in long-term debt
    securities without insurance, and

    *  potential income is lower than for funds that invest in long-term debt
    securities without insurance

    A debt security's insurance cannot be cancelled and it guarantees that
    interest and other payments will be made as scheduled.

    The weighted average maturity of the fund is expected to be 10 years or
    longer.

    The fund also may use futures contracts and options to pursue its investment
    objective.

    During unusual market conditions, the fund is permitted to keep a
    significant amount of its assets in cash or cash-equivalents. If it does, it
    may not achieve its investment objective and may generate taxable income.

    Additional information about California Insured 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. The interest rate risk for
    California Insured Tax-Free is higher than for funds that have shorter
    weighted average maturities, such as money market and short-term and
    intermediate-term bond funds.

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

    *  As with all funds, at any given time the value of your shares may be
    worth more or less 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, California Insured Tax-Free is intended for investors who seek
    safety of principal and high current income that is exempt from federal and
    California income taxes through a municipal securities fund, and who are
    willing to accept the risks associated with the fund's investment strategy.


California Insured Tax-Free                       American Century Investments


    FUND PERFORMANCE

    The following bar chart shows the actual performance of California Insured
    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.

[data shown in bar chart]
     Calendar Year-By-Year Returns

2000      14.55%
1999      -4.41%
1998       6.09%
1997       9.34%
1996       3.70%
1995      19.03%
1994      -6.55%
1993      13.45%
1992       9.19%
1991      11.27%

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

                              Highest                 Lowest
- --------------------------------------------------------------------------
    California Insured
    Tax-Free                  7.00% (1Q 1995)         -6.68% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lehman Brothers Long-Term Municipal
    Bond Index, an unmanaged index that reflects no operating costs, is included
    as a benchmark for performance comparisons.

                             1 YEAR   5 YEARS  10 YEAR  LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 2000)
    California Insured
      Tax-Free               14.55%    5.66%     7.28%       6.65%

    Lehman Brothers
      Long-Term
      Municipal Bond Index   16.50%    6.20%     8.08%       8.06%

    (1) The inception date for California Insured Tax-Free is December 30, 1986.

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 may pay if you buy
    and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
               Management Fee                                0.51%(1)
               Distribution and Service (12b-1) Fees           None
               Other Expenses                                0.00%(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, which include the fees and expenses of the fund's
        independent trustees and their legal counsel, as well as interest, were
        less than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

            1 year  3 years  5 years  10 years
              $52    $163     $285      $640

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


California Insured Tax-Free                                      Fund Profile


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 California Insured Tax-Free:

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

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 account balance
    falls below this account minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any business day by writing
    or calling us. You also may exchange your shares in California Insured
    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?

    California Insured Tax-Free pays distributions of substantially all of its
    income monthly. Distributions will generally be exempt from federal and
    California income taxes. 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   [link to web site with arrow]

                                   American Century Investment Services, Inc.
SH-PRF-23615   0101             (c)2001 American Century Services Corporation