AMERICAN CENTURY PREMIUM RESERVES, INC.
Supplement to
Statement of Additional Information
Supplement dated February 2, 1998
Statement of Additional Information dated August 1, 1997
THE FOLLOWING DISCLOSURE REPLACES THE FIRST THROUGH TWENTIETH PARAGRAPHS UNDER
THE HEADING "OFFICERS AND DIRECTORS" FOUND ON PAGE 10 OF THE STATEMENT OF
ADDITIONAL INFORMATION.
The principal officers and directors of the corporation, their principal
business experience during the past five years, and their affiliations with the
funds' investment manager, American Century Investment Management, Inc. and its
transfer agent, American Century Services Corporation, are listed below. The
address at which each director and officer listed below may be contacted is
American Century Tower, 4500 Main Street, Kansas City, Missouri 64111. All
persons named as officers of the Corporation serve in similar capacities for
other funds advised by the manager. Those directors that are "interested
persons" as defined in the Investment Company Act of 1940 are indicated by an
asterisk (*).
JAMES E. STOWERS JR.,* Chairman of the Board and Director; Chairman of the
Board, Director and controlling shareholder of American Century Companies, Inc.,
parent corporation of American Century Investment Management, Inc. and American
Century Services Corporation; Chairman of the Board and Director of American
Century Investment Management, Inc. and American Century Services Corporation;
father of James E. Stowers III.
JAMES E. STOWERS III,* Director; Chief Executive Officer and Director,
American Century Companies, Inc.
THOMAS A. BROWN, Director; Director of Plains States Development, Applied
Industrial Technologies, Inc., a corporation engaged in the sale of bearings and
power transmission products.
ROBERT W. DOERING, M.D., Director; retired, formerly general surgeon.
ANDREA C. HALL, PH.D., Director; Senior Vice President and Associate
Director, Midwest Research Institute.
D.D. (DEL) HOCK, Director; retired, formerly Chairman, Public Service Company
of Colorado; Director, Service Tech, Inc., Hathaway Corporation, and J. D.
Edwards & Company.
DONALD H. PRATT, Vice Chairman of the Board and Director; President and
Director, Butler Manufacturing Company.
LLOYD T. SILVER JR., Director; President, LSC, Inc., a manufacturer's
representative.
M. JEANNINE STRANDJORD, Director; Senior Vice President and Treasurer, Sprint
Corporation; Director, DST Systems, Inc.
RICHARD W. INGRAM, President (1998); Executive Vice President and Director of
Client Services and Treasury Administration, Funds Distributor, Inc. (FDI). Mr.
Ingram joined FDI in 1995. Prior to joining FDI, Mr. Ingram served as Vice
President and Division Manager of First Data Investor Services Group, Inc. (from
March 1994 to November 1995) and before that as Vice President, Assistant
Treasurer and Tax Director-Mutual Funds of The Boston Company, Inc. (from 1989
to 1994).
CHRISTOPHER J. KELLEY, Vice President (1998); Vice President and Associate
General Counsel of FDI. Mr. Kelley joined FDI in 1996. Prior to joining FDI, Mr.
Kelly served as Assistant Counsel at Forum Financial Group (from April 1994 to
July 1996) and before that as a compliance officer for Putnam Investments (from
1992 to 1994).
MARY A. NELSON, Vice President (1998); Vice President and Manager of Treasury
Services and Administration of FDI. Ms. Nelson joined FDI in 1995. Prior to
joining FDI, Ms. Nelson was Assistant Vice President and Client Manager for The
Boston Company, Inc. (from 1989 to 1994).
MARYANNE ROEPKE, CPA, Vice President, Treasurer, and Principal Accounting
Officer; Vice President, American Century Services Corporation.
PATRICK A. LOOBY, Vice President; Vice President, American Century Services
Corporation.
C. JEAN WADE, CPA, Controller.
The Board of Directors has established four standing committees, the
Executive Committee, the Audit Committee, the Compliance Committee and the
Nominating Committee.
Messrs. Stowers Jr. (chairman), Stowers III, and Pratt constitute the
Executive Committee of the Board of Directors. The committee performs the
functions of the Board of Directors between meetings of the Board, subject to
the limitations on its power set out in the Maryland General Corporation Law,
and except for matters required by the Investment Company Act to be acted upon
by the full Board.
Ms. Strandjord (chairman), Dr. Doering and Mr. Hock constitute the Audit
Committee. The functions of the Audit Committee include recommending the
engagement of the funds' independent accountants, reviewing the arrangements for
and scope of the annual audit, reviewing comments made by the independent
accountants with respect to the internal controls and the considerations given
or the connective action taken by management, and reviewing nonaudit services
provided by the independent accountants.
Messrs. Brown (chairman), Pratt, Silver and Dr. Hall constitute the
Compliance Committee. The functions of the Compliance Committee include
reviewing the results of the funds' compliance testing program, reviewing
quarterly reports from the manager to the Board regarding various compliance
matters and monitoring the implementation of the funds' Code of Ethics,
including violations thereof.
The Nominating Committee has as its principal role consideration and
recommendation of individuals for nomination as directors. The names of
potential director candidates are drawn from a number of sources, including
recommendations from members of the Board, management and shareholders. This
committee also reviews and makes recommendations to the Board with respect to
the composition of Board committees and other Board-related matters, including
its organization, size, composition, responsibilities, functions and
compensation. The members of the nominating committee are Messrs. Pratt
(chairman), Hock and Stowers III.
[american century logo]
American
Century(reg.sm)
P.O. Box 419200
Kansas City, Missouri
64141-6200
1-800-345-2021 or 816-531-5575
SH-SPL-11614 9802
