FUND PROFILE
Premium Bond
INVESTOR CLASS
November 6, 1998
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
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 phone numbers and our address.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
PREMIUM BOND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Premium Bond seeks a high level of income from investments in
longer-term bonds and other debt instruments.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund invests in a variety of high- and medium-grade debt securities
payable in both U.S. and foreign currencies. Generally, bonds make up at
least 65% of the fund's assets, and shorter-term debt securities round out
the portfolio.
The fund primarily invests in investment-grade securities, that is,
securities rated in the four highest categories by independent rating
organizations. However, the fund may invest up to 15% of its assets in
fifth-category-rated securities. The fund may also invest in unrated
securities if the manager determines that they are of equivalent credit
quality.
Three basic principles of fixed-income investing impact the fund's
management.
* Bond prices generally move in the opposite direction of interest
rates.
* The longer the maturity of a debt security, the higher its yield, but
the greater its price volatility and risk.
* The lower the credit quality of a debt security, the higher its yield,
but the greater its price volatility and risk.
In light of these principles, the fund's managers pay close attention to
the interest rate sensitivity and credit quality of the fund's portfolio.
"Adjusted duration" is one of the tools they use to gauge how much the
value of the fund will change if interest rates change. The higher the
adjusted duration number, the more the value of the fund will change if
interest rates change. The "weighted average adjusted duration" of the
fund's portfolio must be 3.5 years or greater. During periods of rising
interest rates, the fund's managers may adopt a shorter portfolio duration
in order to reduce the effect of bond price declines on the fund's value.
When interest rates are falling and bond prices rising, they may adopt a
longer portfolio duration.
Additional information about Premium Bond'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
six-month period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* When interest rates change, the fund's share value will be affected.
Generally, when interest rates rise, the fund's share value will
decline. The opposite is true when interest rates decline. This
interest rate risk is higher for Premium Bond than for funds that have
shorter weighted average adjusted durations, such as money market and
short-term bond funds.
* The lowest rated bonds in which the fund may invest, BBB- and BB-rated
bonds, contain some speculative characteristics. Having these bonds in
the fund's portfolio means the fund's value may go down more if
interest rates or other economic conditions change than if the fund
contained only higher rated bonds.
* As with all funds, at any given time, the value of your shares of
Premium Bond may be worth more or less than the price you paid. If you
sell your shares when the value is less than the price you paid, you
will lose money.
* An investment in the fund is not a bank deposit, nor is it insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
In summary, Premium Bond is designed for investors who want a bond fund
with the potential for a higher level of income than is generally provided
by money market or short-term bond funds. Investors in the fund must be
prepared, however, to weather the generally greater price volatility
associated with the longer-term bonds that the fund buys.
PREMIUM BOND AMERICAN CENTURY INVESTMENTS
FUND PERFORMANCE
The bar chart below shows the actual performance of Premium Bond's
Investor Class shares for each calendar year since the fund's inception on
April 1, 1993. It indicates the volatility of the fund's historical returns
from year to year. Neither it nor the performance information below is
intended to indicate how the fund will perform in the future.
[bar chart to be filed]
As of September 30, 1998, the end of the most recent calendar quarter,
Premium Bond's year-to-date return was _____%.
The highest and lowest returns of the fund's Investor Class shares for
a calendar quarter since the fund's inception on April 1, 1993, are
provided in the chart below to indicate the fund's historical short-term
volatility.
[bar chart to be filed]
The table below shows the average annual return of the fund's Investor
Class shares for the periods indicated. The Lehman Aggregate Bond Index, an
unmanaged index that reflects no operating costs, is included as a
benchmark for long-term performance comparisons. It consists of the Lehman
Government/Corporate Index and the Lehman Mortgage-Backed Securities Index
and reflects the price fluctuations of Treasury securities, U.S. government
agency securities, corporate bond issues and mortgage-backed securities.
1 YR. LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
Premium Bond 31.15% 19.79%
Lehman Aggregate Bond Index 30.03% 23.03%
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,
or to redeem your shares. The following table describes the fees and
expenses that 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 0.45%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 0.45%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
---------------------------------------------
$46 $144 $252 $566
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 our mutual funds. The portfolio managers on the Premium
Bond team are:
NORMAN E. HOOPS, Senior Vice President and Portfolio Manager, has been
a member of the team that manages Premium Bond since April 1993. Mr. Hoops
joined American Century as Vice President and Portfolio Manager in November
1989. In April 1993, he became Senior Vice President.
FUND PROFILE PREMIUM BOND
JEFFREY L. HOUSTON, Portfolio Manager, has been a member of the team
that manages Premium Bond since June 1995. Mr. Houston joined American
Century as an Investment Analyst in 1990 and was promoted to Portfolio
Manager in 1994.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $100,000. If the value of your
account 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 Premium Bond
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?
Premium Bond distributes to its shareholders substantially all of its
income and realized capital gains each year. Distributions may be taxable
as ordinary income, capital gains, or a combination of the two. Capital
gains are taxed at different rates depending on the length of time the fund
held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.
The fund's managers expect that Premium Bond's distributions will
consist primarily of ordinary income. Premium Bond determines and declares
as a distribution the net income of the fund at the close of each day. The
fund pays this distribution monthly on the last Friday of each month,
except for year-end distributions, which the fund pays on the last business
day of the year. Premium Bond generally declares and pays distributions
from net realized securities gains, if any, once a year, but may make
distributions more frequently.
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 may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a 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 an Institutional 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
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-13771 9811
<PAGE>
FUND PROFILE
Premium Government Reserve
INVESTOR CLASS
November 6, 1998
[american century logo(reg.sm)]
American
Century
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 phone numbers and our address.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
PREMIUM GOVERNMENT RESERVE
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Premium Government Reserve is a money market fund that seeks to earn
the highest level of current income while preserving the value of your
investment.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund earns its income by investing in very short-term U.S.
government securities. These securities are short-term obligations of the
U.S. government, its agencies and instrumentalities.
Additional information about Premium Government Reserve'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
six-month 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, nor is it insured or
guaranteed by the Federal Deposit Insurance Corporation 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 it.
* Because very short-term 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 for funds that invest in longer-term or lower-quality securities.
FUND PERFORMANCE
The bar chart below shows the actual performance of Premium Government
Reserve's Investor Class shares for each calendar year since the fund's
inception on April 1, 1993. It indicates the volatility of the fund's
historical returns from year to year. Neither it nor the performance
information below is intended to indicate how the fund will perform in the
future.
[bar chart to be filed]
As of September 30, 1998, the end of the most recent calendar quarter,
Premium Government Reserve's year-to-date return was ____%.
The highest and lowest returns of the fund's Investor Class shares for
a calendar quarter since the fund's inception on April 1, 1993, are
provided in the chart below to indicate the fund's historical short-term
volatility.
[bar chart to be filed]
The table on the next page shows the average annual return of the
fund's Investor Class shares for the periods indicated. The 90-Day Treasury
Bill Index, an unmanaged index that reflects no operating costs, is
included as a benchmark for long-term performance comparisons. It is
derived from secondary market interest rates as published by the Federal
Reserve Bank.
PREMIUM GOVERNMENT RESERVE AMERICAN CENTURY INVESTMENTS
1 YR. LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
Premium Government Reserve 31.15% 19.79%
90-Day Treasury Bill Index 30.03% 23.03%
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,
or to redeem your shares. The following table describes the fees and
expenses that 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 0.45%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 0.45%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
----------------------------------------------------------
$46 144 $252 $566
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 our mutual funds. The portfolio managers on the Premium
Government Reserve team are:
AMY O'DONNELL, Portfolio Manager, has been a member of the team that
manages Premium Government Reserve since April 1997. Ms. O'Donnell joined
American Century in 1987, becoming a member of its portfolio department in
1988. In 1992 she assumed her current position as a Portfolio Manager.
DENISE TABACCO, Portfolio Manager, has been a member of the team that
manages Premium Government Reserve since November 1996. Ms. Tabacco joined
American Century in 1988, becoming a member of its portfolio department in
1991. In 1995 she assumed her current position as a Portfolio Manager.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $100,000. If the value of your
account 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 Premium
Government Reserve 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.
FUND PROFILE PREMIUM GOVERNMENT RESERVE
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. You may
elect to have distributions automatically deposited back into your Premium
Government Reserve account, sent directly to your bank account or sent to
you by check. Because the fund is a money market fund, its distributions
generally will be taxed as ordinary income. If the fund's share price were
to go up or down, its annual distributions also could include capital gains
or losses.
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 may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a 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 an Institutional 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
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-13773 9811
<PAGE>
FUND PROFILE
Premium Capital Reserve
INVESTOR CLASS
November 6, 1998
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
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 phone numbers and our address.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
PREMIUM CAPITAL RESERVE
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Premium Capital Reserve is a money market fund that seeks to earn the
highest level of current income while preserving the value of your
investment.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund earns its income by investing in high-quality, cash-equivalent
securities. These securities are short-term obligations of banks,
governments and corporations that are payable in U.S. dollars.
Additional information about Premium Capital Reserve'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
six-month 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, nor is it insured or
guaranteed by the Federal Deposit Insurance Corporation 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 it.
*Because cash-equivalent securities are among the safest securities
available, the interest they pay is among the lowest for income-paying
securities. Accordingly, the yield on this fund will likely be lower than
for funds that invest in longer-term or lower-quality securities.
FUND PERFORMANCE
The bar chart below shows the actual performance of Premium Capital
Reserve's Investor Class shares for each calendar year since the fund's
inception on April 1, 1993. It indicates the volatility of the fund's
historical returns from year to year. Neither it nor the performance
information below is intended to indicate how the fund will perform in the
future.
[bar chart to be filed]
As of September 30, 1998, the end of the most recent calendar quarter,
Premium Capital Reserve's year-to-date return was _____%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since the fund's inception on April 1, 1993, are provided
in the chart below to indicate the fund's historical short-term volatility.
[bar chart to be filed]
PREMIUM CAPITAL RESERVE AMERICAN CENTURY INVESTMENTS
The table below shows the average annual return of the fund's Investor
Class shares for the periods indicated. The 90-Day Treasury Bill Index, an
unmanaged index that reflects no operating costs, is included as a
benchmark for long-term performance comparisons. It is derived from
secondary market interest rates as published by the Federal Reserve Bank.
1 YR. LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
Premium Capital Reserve 31.15% 19.79%
90-Day Treasury Bill Index 30.03% 23.03%
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,
or to redeem your shares. The following table describes the fees and
expenses that 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 0.45%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 0.45%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-------------------------------------------------
$46 $144 $252 $566
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 our mutual funds. The portfolio managers on the Premium
Capital Reserve team are:
DENISE TABACCO, Portfolio Manager, has been a member of the team that
manages Premium Capital Reserve since November 1996. Ms. Tabacco joined
American Century in 1988, becoming a member of its portfolio department in
1991. In 1995 she assumed her current position as a Portfolio Manager.
JOHN F. WALSH, Portfolio Manager, has been a member of the team that
manages Premium Capital Reserve since May 1997. Mr. Walsh joined American
Century in February 1996 as an Investment Analyst, a position he held until
May 1997. At that time he was promoted to Portfolio Manager. Prior to
joining American Century, Mr. Walsh served as an Assistant Vice President
and Analyst at First Interstate Bank, Los Angeles, California.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $100,000. If the value of your
account 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 Premium Capital
Reserve 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.
FUND PROFILE PREMIUM CAPITAL RESERVE
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. You may elect
to have distributions automatically deposited back into your Premium
Capital Reserve account, sent directly to your bank account or sent to you
by check. Because the fund is a money market fund, its distributions
generally will be taxed as ordinary income. If the fund's share price were
to go up or down, its annual distributions also could include capital gains
or losses.
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 may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a 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 an Institutional 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
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-13772 9811
