AMERICAN CENTURY TARGET MATURITIES TRUST
497K3B, 1999-07-22
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[front cover]

AMERICAN CENTURY

Fund Profile

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

Target 2000 Fund
Target 2005 Fund
Target 2010 Fund
Target 2015 Fund
Target 2020 Fund
Target 2025 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.

  [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                  July 26, 1999

                                                                 INVESTOR CLASS

 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.



TARGET 2000 FUND * TARGET 2005 FUND
TARGET 2010 FUND * TARGET 2015 FUND
TARGET 2020 FUND * TARGET 2025 FUND

1. WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

    These funds seek the  highest  return  consistent  with  investment  in U.S.
    Treasury securities.

2. WHAT ARE THE FUNDS' INVESTMENT STRATEGIES?

    The funds invest primarily in zero-coupon  U.S.  Treasury  securities.  Each
    fund is designed to provide an  investment  experience  that is similar to a
    direct investment in a zero-coupon security.

    Each  fund  is  managed  to  mature  in the  year  identified  in its  name;
    therefore,  each fund's weighted average  maturity is different.  Funds with
    longer weighted average  maturities have the most volatile share prices. For
    example,  Target 2025 has the longest  weighted  average  maturity,  and its
    share price will fluctuate the most.

    U.S. Treasury bonds have a traditional design. Interest is paid periodically
    until maturity, when the principal is repaid. Zero-coupon Treasury
    securities, however, do not make any periodic interest payments. Instead,
    all of the interest and principal is paid when the securities mature.

    Zero-coupon  Treasury  securities  are created by  separating a  traditional
    Treasury  bond's  interest  and  principal  parts.  Each part can be used to
    create  zero-coupon  Treasury  securities.  These  securities are created by
    financial institutions (like a dealer), the U.S. Treasury and other agencies
    of the federal  government.  The important  characteristic is that the final
    maturity value of a zero-coupon  Treasury  security is supported by Treasury
    securities.

    Zero-coupon  Treasury  securities  are  beneficial for investors who wish to
    invest  for a fixed  period of time at a  selected  rate.  When an  investor
    purchases  a  traditional   bond,   it  is  paid  periodic   interest  at  a
    predetermined  rate.  This interest  payment must be  reinvested  elsewhere.
    However,  the investor may not be able to reinvest this interest  payment in
    an  investment  that has a return  similar to a  traditional  bond.  This is
    called reinvestment risk. Because zero-coupon securities do not pay interest
    periodically, there is no reinvestment risk.

    If you invest in a fund,  reinvest  all  distributions  and hold your shares
    until the fund is liquidated,  your investment experience will be similar to
    that of an investment in a zero-coupon U.S.  Treasury  security that matures
    at the end of the fund's  maturity year.  Each fund is managed to provide an
    investment  return that does not differ  substantially  from the anticipated
    growth rate (AGR) and anticipated  value at maturity (AVM) calculated on the
    day the shares were purchased.

    A fund's  AGR is a  calculation  of the  annualized  rate of growth  that an
    investor may expect from the  purchase  date to the fund's  target  maturity
    date.

    The AVM is the  calculated  value of a fund's  investment  portfolio.  It is
    based on the maturity values of the fund's zero-coupon Treasury securities.

    The advisor  calculates  each fund's AGR and AVM every  business day.  While
    many  factors  can  influence  each fund's  daily AGR and AVM,  they tend to
    fluctuate within narrow ranges.

    When a fund reaches its maturity year

    * The  fund  managers  may  begin  to buy  traditional  Treasury  securities
    consistent with the fund's investment objective and pending maturity.

    * As the fund's zero-coupon Treasury securities mature, the proceeds will be
    invested in Treasury bills.

    * In January of the year following maturity, the fund will be liquidated.

    Additional  information  about the funds'  investments is available in their
    annual and semiannual  reports.  In these reports you will find a discussion
    of the  market  conditions  and  investment  strategies  that  significantly
    affected the funds'  performance  during the most recent fiscal period.  You
    may get these reports at no cost by calling us.


Target Maturities                             American Century Investments


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

    * The funds have different  weighted  average  maturities.  Because of this,
    each fund will respond  differently to changes in interest rates. Funds with
    longer  weighted  average  maturities  are more  sensitive to interest  rate
    changes. When interest rates rise, the funds' share values will decline, but
    the share  values of the  funds  with  longer  weighted  average  maturities
    generally will decline further. This interest rate sensitivity is greater in
    the funds than for traditional  Treasury funds. If you sell your shares when
    their value is less than the price you paid, you will lose money.

    * While we recommend that  shareholders  hold their investment in the funds,
    we do not  restrict  your (or any  other  shareholders')  ability  to redeem
    shares.  When a fund's  shareholders  redeem their shares  before the target
    maturity year,  unanticipated  capital gains or losses may result.  The fund
    will distribute these capital gains and losses to all shareholders.

    * The funds are  designed  to  provide  an  investment  that is  similar  to
    investing in a zero-coupon U.S.  Treasury  security that matures in the year
    identified in its name. The fund managers adhere to investment policies that
    are designed to ensure that this happens.  However,  a precise forecast of a
    fund's final maturity value and yield to maturity are not possible.

    * An investment in the funds 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, the funds are intended for investors who seek the highest return
    consistent with U.S.  Treasury  securities and who are willing to accept the
    risks associated with the funds' investment strategy.

    FUND PERFORMANCE

    The following bar chart shows the  performance of the funds'  Investor Class
    shares for each of the last 10 calendar years or for each full calendar year
    in the life of the fund if less than 10 years.  The bar chart  indicates the
    volatility of the funds' historical returns from year to year. The bar chart
    and the performance  information  below are not intended to indicate how the
    funds will perform in the future.

[data shown in bar chart]
<TABLE>
   Calendar Year-By-Year Returns (1)
               1998     1997     1996     1995      1994     1993     1992     1991     1990     1989
<S>           <C>      <C>      <C>     <C>        <C>     <C>       <C>     <C>       <C>     <C>
Target 2000    7.36%    7.05%    1.99%   20.74%    -6.89%   15.46%    8.47%   20.66%    6.31%   19.81%
Target 2005   12.87%   11.63%   -1.24%   32.65%    -8.90%   21.56%    9.56%   21.47%    3.58%   23.89%
Target 2010   15.07%   16.75%   -3.54%   42.09%   -11.56%   26.28%    9.78%   21.06%    0.27%   28.02%
Target 2015   14.60%   22.92%   -6.03%   52.72%   -14.08%   30.51%    7.77%   22.47%   -3.38%   33.49%
Target 2020   16.49%   28.62%   -8.42%   61.43%   -17.66%   35.62%    8.33%   17.36%   -4.50%   N/A
Target 2025   21.81%   30.11%   N/A      N/A      N/A       N/A       N/A     N/A      N/A      N/A
</TABLE>

(1) As of June 30, 1999, the end of the most recent calendar quarter, the funds'
year-to-date  returns  were as follows:  Target 2000 0.90%;  Target 2005 -4.92%;
Target 2010 -8.32%;  Target 2015 -10.18%;  Target 2020 -12.99%;  and Target 2025
- -14.50%.


Target Maturities                                              Fund Profile


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

                                  Highest                         Lowest
                                  -------                         ------
    Target 2000               14.65% (2Q 1989)               -4.93% (1Q 1994)

    Target 2005               18.27% (2Q 1989)               -7.65% (1Q 1990)

    Target 2010               23.61% (2Q 1989)              -10.88% (1Q 1990)

    Target 2015               27.42% (2Q 1989)              -13.82% (1Q 1996)

    Target 2020               21.44% (2Q 1995)              -16.61% (1Q 1996)

    Target 2025               14.68% (4Q 1997)              -10.19% (1Q 1997)

    The following  table shows the average annual returns of the funds' Investor
    Class shares for the periods indicated. The benchmarks are unmanaged indices
    that have no operating  costs and are included in the table for  performance
    comparison. For performance information, including yields, please call us or
    access our Web site.

<TABLE>
                                                                                             LIFE
                                                    1 YEAR       5 YEARS     10 YEARS      OF FUND(1)
      ===============================================================================================
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)

            <S>                                     <C>          <C>          <C>            <C>
               Target 2000                          5.14%        7.33%        8.31%          11.74%

               11/15/2000 Maturity
                 STRIPS Issue(2)                    5.74%        7.85%        8.78%       13.03%(3)

               Merrill Lynch Long-Term
                 Treasury Index                    -0.01%        9.84%        9.33%       11.54%(3)
             --------------------------------------------------------------------------------------
               Target 2005                          2.47%        9.61%        9.54%          13.49%

               11/15/2005 Maturity
                 STRIPS Issue(2)                    2.89%       10.19%        9.79%       15.03%(3)

               Merrill Lynch Long-Term
                 Treasury Index                    -0.01%        9.84%        9.33%       11.54%(3)
             --------------------------------------------------------------------------------------
               Target 2010                         -0.84%       11.54%       10.08%          14.73%

               11/15/2010 Maturity
                 STRIPS Issue(2)                   -0.01%       12.35%       10.43%       16.16%(3)

               Merrill Lynch Long-Term
                 Treasury Index                    -0.01%        9.84%        9.33%       11.54%(3)
             --------------------------------------------------------------------------------------
               Target 2015                         -4.83%       13.27%       10.38%          10.22%

               11/15/2015 Maturity
                 STRIPS Issue(2)                   -4.23%       13.85%       10.77%       10.46%(4)

               Merrill Lynch Long-Term
                 Treasury Index                    -0.01%        9.84%        9.33%           8.76%
             --------------------------------------------------------------------------------------
               Target 2020                         -7.85%       14.32%         N/A           10.63%

               11/15/2020 Maturity
                 STRIPS Issue(2)                   -6.90%       14.98%         N/A           10.29%

               Merrill Lynch Long-Term
                 Treasury Index                    -0.01%        9.84%         N/A            9.32%
             --------------------------------------------------------------------------------------
               Target 2025                         -6.90%         N/A          N/A            9.07%

               11/15/2025 Maturity
                 STRIPS Issue(2)                   -6.31%         N/A          N/A         9.95%(5)

               Merrill Lynch Long-Term
                 Treasury Index                    -0.01%         N/A          N/A         7.47%(5)
</TABLE>

            (1) The  inception  dates are:  Target 2000,  Target 2005 and Target
            2010: March 25, 1985;  Target 2015:  September 1, 1986; Target 2020:
            December 29, 1989; and Target 2025: February 15, 1996.

            (2) The Target  funds are  designed to have a  performance  behavior
            that is like a  zero-coupon  security of the  maturity  suggested by
            each  fund's  name.  The  STRIPS  issues  listed  in this  table are
            examples of these zero-coupon securities.  The STRIPS issues are not
            indices,   but  are  important   benchmarks  of  the  Target  funds'
            performance.

            (3) Benchmark from March 31, 1985.

            (4) Benchmark from September 30, 1986.

            (5) Benchmark from February 29, 1996.


Target Maturities                                American Century Investments


4. WHAT ARE THE FUNDS' 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 that you will pay if you
    buy and hold shares of the funds.


     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
     ---------------------------------------------
         Management Fee                                0.59%(1)

         Distribution and Service (12b-1) Fees         None

         Other Expenses(2)                             0.00%

         Total Annual Fund Operating Expenses          0.59%

        (1) Based on expenses  incurred  during the funds'  most  recent  fiscal
        year.  The funds have a stepped fee  schedule.  As a result,  the funds'
        management fee rates generally decrease as fund assets increase.

        (2) Other  expenses,  which  include the fees and expenses of the fund's
        independent trustees,  their legal counsel and 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

                     $60             $189            $329             $736

              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 FUNDS' INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

    American Century Investment  Management,  Inc. provides  investment advisory
    and  management  services  for the  funds.  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 team:

    DAVID  SCHROEDER,  Vice President and Senior Portfolio  Manager,  has been a
    member of the team that  manages  the Target  funds since  joining  American
    Century in July 1990. He has a bachelor of arts from Pomona College.

    JEREMY  FLETCHER,  Portfolio  Manager,  has been a member  of the team  that
    manages the Target funds since August 1997.  He joined  American  Century in
    October  1991 as an  Investor  Services  Representative.  He has  bachelor's
    degrees in economics and mathematics from Claremont McKenna College.

6. HOW DO I BUY FUND SHARES?

    American Century offers several ways to purchase shares

    *  Complete and return the enclosed 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  ($1,000 for  traditional
    IRAs, Roth IRAs and UGMA/UTMA accounts).  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 a fund 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


Target Maturities                                               Fund Profile


8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    The funds each pay  distributions of substantially  all of their income (and
    capital  gains,  if necessary) in December of each year.  Distributions  are
    reinvested  automatically  in additional  shares  unless you choose  another
    option.

    At the same time that a fund's annual  distributions  are made, the Board of
    Trustees  declares a reverse share split for each fund that exactly  offsets
    the  distributions.  This  allows the fund's  share price to behave like the
    price of an equivalent zero-coupon Treasury security. Those shareholders who
    reinvest all distributions will own exactly the same number of shares of the
    fund as they did before the distributions.

9. WHAT SERVICES ARE AVAILABLE?

    American Century offers several ways to make it easier for you to manage
    your account, such as

    *  telephone transactions

    *  wire and electronic funds transfers

    *  24-hour Automated Information Line transactions

    *  24-hour online Internet account access and transactions

    You will find more information about these choices in Your Guide to American
    Century  Services,  which you may request by calling us,  accessing  our Web
    site or visiting one of our Investor Centers.

    Information  contained in the services  guide pertains to  shareholders  who
    invest   directly   with   American   Century   rather   than   through   an
    employer-sponsored retirement plan or financial intermediary.

    If  you  own  or  are   considering   purchasing   fund  shares  through  an
    employer-sponsored  retirement plan or financial intermediary,  your ability
    to purchase  shares of the fund,  exchange them for shares of other American
    Century  funds,  and  redeem  them will  depend on the terms of your plan or
    financial  intermediary.  If  you  have  questions  about  investing  in  an
    employer-sponsored retirement plan or through a financial intermediary, call
    a Service Representative at 1-800-345-3533.

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

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
1-800-345-353

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-16992   9907                                   Funds Distributor, Inc.


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