AMERICAN CENTURY PREMIUM RESERVES INC
497K3B, 2000-01-28
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[front cover]

AMERICAN CENTURY

Fund Profile

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

Premium Government Reserve 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
   thefund, 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]

                                                               JANUARY 24, 2000
                                                                 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.


PREMIUM GOVERNMENT RESERVE FUND

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 may include direct obligations of the United
    States, such as Treasury bills, notes and bonds. They may also include
    obligations, such as mortgage-related securities, issued or guaranteed by
    agencies and instrumentalities of the U.S. government.

    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 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 very short-term U.S. government 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 following bar chart shows the actual performance of Premium Government
    Reserve's shares for each full calendar year since the fund's inception on
    April 1, 1993. The bar chart indicates the volatility of the fund's
    historical returns from year to year. The bar chart and the performance
    information below are not intended to indicate how the fund will perform in
    the future.

[data shown in bar chart]

Calendar Year-By-Year Returns
                                 1999      1998      1997      1996      1995      1994
Premium Government Reserve       4.78%     5.15%     5.20%     5.10%     5.63%     3.90%

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

                             Highest                 Lowest
---------------------------------------------------------------------------
Premium Government
Reserve                   1.42% (2Q 1995)         0.69% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    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 performance comparisons. The index is derived from secondary market
    interest rates as published by the Federal Reserve Bank. For current
    performance information, including yields, please call us or access our Web
    site.

                                    1 YEAR         5 YEARS          LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Premium Government Reserve           4.78%          5.17%               4.71%
90-Day Treasury Bill Index           4.74%          5.11%               4.95%

        (1) The inception date for Premium Government Reserve is April 1, 1993.


Premium Government Reserve                    American Century Investments


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 that you will pay if you
    buy and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

         Management Fee                                   0.45%
         Distribution and Service (12b-1) Fees            None
         Other Expenses                                   0.00%(1)
         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 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
               $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 its mutual funds. Identified below are the portfolio
    managers for the Premium Government Reserve team:

    BETH BUNNELL HUNTER, Portfolio Manager, has been a member of the team that
    manages Premium Government Reserve since joining American Century in July
    1999. Before joining American Century, she worked for Calvert Asset
    Management Company as a Portfolio Trading Analyst from 1994 to 1996 and as a
    Portfolio Manager from 1996 to June 1999. She has a bachelor of arts from
    the University of Washington-Seattle.

    DENISE TABACCO, Portfolio Manager, has been a member of the Premium
    Government Reserve team since November 1995. She joined American Century in
    1988, becoming a member of its portfolio department in 1991. She was
    promoted to Portfolio Manager in 1995. She has a bachelor's degree in
    accounting from San Diego State University and an MBA in finance from Golden
    Gate 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 $100,000. If your redemption
    activity causes the value of your account to fall below this account
    minimum, your shares may be redeemed involuntarily.


Premium Government Reserve                                     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 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.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Dividends are declared and available for redemption daily. They will be paid
    monthly on the last Friday of each month. 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 distributions also could
    include capital gains or losses. 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 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
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-19023  0001                       Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Premium Bond 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
   thefund, 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]

                                                               JANUARY 24, 2000
                                                                 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.


PREMIUM BOND FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Premium Bond seeks a high level of income by investing primarily in
    non-money market debt securities.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers invest primarily in high- and medium-grade, non-money
    market debt securities. These securities, which may be payable in U.S. or
    foreign currencies, may include corporate bonds and notes, government
    securities and securities backed by mortgages or other assets. Shorter-term
    debt securities round out the portfolio.

    The fund managers primarily invest in quality debt securities, that is,
    securities rated in the four highest categories by independent rating
    organizations. However, the fund managers may invest up to 15% of the fund's
    assets in fifth-category-rated securities. The fund managers also may invest
    in unrated securities if the fund managers determine 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 managers pay close attention to the
    interest rate sensitivity and credit quality of the fund's portfolio.
    Weighted average maturity 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
    weighted average maturity number, the more the value of the fund will change
    if interest rates change. The weighted average maturity of the fund's
    portfolio must be three and one-half years or longer. During periods of
    rising interest rates, the fund managers may adopt a shorter portfolio
    maturity in order to reduce the effect of bond price declines on the fund's
    value. When interest rates are falling and bond prices are rising, they may
    adopt a longer portfolio maturity.

    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 fiscal period. You
    may get these reports at no cost by calling us.

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

    * When interest rates change, the fund's share value will be affected.
    Generally, when interest rates rise, the fund's share value will decline.
    The opposite is true when interest rates decline. This interest rate risk is
    higher for Premium Bond than for funds that have shorter weighted average
    maturities, 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.

    * The fund may invest in debt securities backed by mortgages or assets such
    as credit card receivables. These underlying obligations may be prepaid, as
    when a homeowner refinances a mortgage to take advantage of declining
    interest rates. If so, the fund must reinvest prepayments at current rates,
    which may be less than the rate of the prepaid mortgage. Because of this
    prepayment risk, the fund may benefit less from declining interest rates
    than funds of similar maturity that invest less heavily in mortgage- and
    asset-backed securities.

    * The fund's share value will fluctuate. In general, the funds that have
    higher potential income have higher potential loss. 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, and it is not insured or
    guaranteed by the Federal Deposit Insurance Corporation (FDIC) 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 debt securities that the fund buys.


Premium Bond                                  American Century Investments


    FUND PERFORMANCE

    The following bar chart shows the actual performance of Premium Bond's
    shares for each full calendar year since the fund's inception on April 1,
    1993. The bar chart indicates the volatility of the fund's historical
    returns from year to year. The bar chart and the performance information
    below are not intended to indicate how the fund will perform in the future.

[data shown in bar chart]

Calendar Year-By-Year Returns

                      1999       1998       1997       1996       1995         1994
Premium Bond         -1.17%      7.85%      8.85%      2.73%      20.10%      -4.10%

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

                             Highest                  Lowest
---------------------------------------------------------------------------
Premium Bond              6.82% (2Q 1995)         -3.47% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. The Lehman Aggregate Bond Index, an
    unmanaged index that reflects no operating costs, is included as a benchmark
    for 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. For current
    performance information, including yields, please call us or access our Web
    site.

                               1 YEAR           5 YEARS             LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Premium Bond                   -1.17%            7.44%                  5.50%
Lehman Aggregate
   Bond Index                  -0.82%            7.73%                  6.03%

        (1) The inception date for Premium Bond is April 1, 1993.

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

    There are no sales loads, fees or other charges

    * to buy fund shares directly from American Century

    * to reinvest dividends in additional shares

    * to exchange into the Investor Class shares of other American Century funds

    * to redeem your shares

    The following table describes the fees and expenses that you will pay if you
    buy and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

         Management Fee                                 0.45%
         Distribution and Service (12b-1) Fees          None
         Other Expenses                                 0.00%(1)
         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 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
               $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 its mutual funds. Identified on the following page is the
    portfolio manager for the Premium Bond team:


Premium Bond                                                   Fund Profile


    JEFFREY L. HOUSTON, Vice President and Portfolio Manager, has been a member
    of the Premium Bond team since June 1995. He joined American Century in 1990
    as an Investment Analyst and was promoted in 1994 to Portfolio Manager. He
    has a bachelor of arts from the University of Delaware and an MPA from
    Syracuse University. He is a Chartered Financial Analyst.

6. HOW DO I BUY FUND SHARES?

    American Century offers several ways to purchase shares

    * Complete and return an application along with an investment check payable
    to American Century Investments

    * If you already have an American Century account, call us or access our Web
    site to exchange shares from another American Century fund

    * Call us and send your investment by bank wire transfer

    Your initial investment must be at least $100,000. If your redemption
    activity causes the value of your account to fall below this account
    minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

    Dividends of net income are declared and available for redemption daily.
    They will be paid monthly on the last Friday of each month. Premium Bond
    pays distributions of realized capital gains, if any, once a year, usually
    in December. 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.

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
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-19024   0001                      Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Premium Capital Reserve 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
   thefund, 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]

                                                               JANUARY 24, 2000
                                                                 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.


PREMIUM CAPITAL RESERVE FUND

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 include 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 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, 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 following bar chart shows the actual performance of Premium Capital
    Reserve's shares for each full calendar year since the fund's inception on
    April 1, 1993. The bar chart indicates the volatility of the fund's
    historical returns from year to year. The bar chart and the performance
    information below are not intended to indicate how the fund will perform in
    the future.

[data shown in bar chart]

Calendar Year-By-Year Returns

                            1999       1998      1997      1996      1995      1994
Premium Capital Reserve     4.93%      5.29%     5.31%     5.16%     5.70%     3.97%

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

                             Highest                 Lowest
---------------------------------------------------------------------------
Premium Capital
Reserve                   1.43% (2Q 1995)         0.72% (1Q 1994)

    The following table shows the average annual total returns of the fund's
    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 performance comparisons. It is derived from secondary market interest
    rates as published by the Federal Reserve Bank. For current performance
    information, including yields, please call us or access our Web site.

                                1 YEAR         5 YEARS        LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Premium Capital Reserve          4.93%            5.28%            4.80%
90-Day Treasury Bill Index       4.74%            5.11%            4.95%

        (1) The inception date for Premium Capital Reserve is April 1, 1993.

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

    There are no sales loads, fees or other charges

    * to buy fund shares directly from American Century

    * to reinvest dividends in additional shares

    * to exchange into the Investor Class shares of other American Century funds

    * to redeem your shares


Premium Capital Reserve                       American Century Investments


    The following table describes the fees and expenses that you will pay if you
    buy and hold shares of the fund.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

         Management Fee                                   0.45%
         Distribution and Service (12b-1) Fees            None
         Other Expenses                                   0.00%(1)
         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 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
              $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 its mutual funds. Identified below is the portfolio
    manager for the Premium Capital Reserve team:

    JOHN F. WALSH, Portfolio Manager, has been a member of the team that manages
    Premium Capital Reserve since May 1997. He 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. He has a bachelor's degree
    in marketing from Loyola Marymount and an MBA in finance from Creighton
    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 $100,000. If your redemption
    activity causes the value of your account to fall below this account
    minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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


Premium Capital Reserve                                        Fund Profile


8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Dividends are declared and available for redemption daily. They will be paid
    monthly on the last Friday of each month. 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 distributions also could
    include capital gains or losses. 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 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.


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[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
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-19025   0001                      Funds Distributor, Inc., Distributor


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