American Century
Fund Profile

Target 2005 Fund
Target 2010 Fund
Target 2015 Fund
Target 2020 Fund
Target 2025 Fund
Target 2030 Fund

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This profile summarizes key information about the funds that is included in the
funds' Prospectus. The funds' Prospectus includes additional information about
the funds, including a more detailed description of the risks associated with
investing in the funds, that you may want to consider before you invest.

You may obtain the Prospectus and other information about the funds 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.

August 1, 2001
Investor Class

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TARGET 2005 FUND * TARGET 2010 FUND
TARGET 2015 FUND * TARGET 2020 FUND
TARGET 2025 FUND * TARGET 2030 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 U.S. Treasury 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 2030 has the longest weighted average maturity, and its
    share price will fluctuate the most.

    U.S. Treasury bonds have the traditional design of debt securities.
    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 payment obligation. Each payment
    obligation becomes a separate zero-coupon Treasury security. 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 U.S. 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, investors in zero-coupon securities are not exposed to
    reinvestment risk.

    If you invest in a fund, reinvest all distributions and hold your shares
    until the fund is liquidated, your investment experience should be similar
    to that of an investment in a zero-coupon U.S. Treasury security with the
    same term to maturity as the fund. Each fund is managed to provide an
    investment return and maturity value that will 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 an estimate of the annualized rate of growth that an
    investor may expect from the purchase date to the fund's weighted average
    maturity date.

    The AVM is an estimate of a fund's net asset value as of the fund's weighted
    average maturity date. 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. AGR and
    AVM calculations assume, among other factors, that the fund's operating
    expenses (as a percentage of the fund's assets) and composition of
    securities held by each fund remain constant for the life of the fund. 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 buying traditional Treasury securities
    consistent with the fund's investment objective and pending maturity.

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

    *  Each fund will be liquidated shortly after the conclusion of its target
    maturity year.

    Additional information about the funds' investments is available in their
    annual and semiannual reports. In these Target Funds American Century
    Investments

    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.

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
    until the fund is liquidated, 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. Target 2030 is not included
    because it does not yet have a full calendar year of performance.

    [data shown in bar chart]

    Calendar Year-By-Year Returns(1)

              Target 2005    Target 2010    Target 2015    Target 2020    Target 2025
    2000         13.26%         22.57%         26.63%         30.67%         32.63%
    1999         -5.80%        -11.79%        -14.57%        -18.35%        -20.70%
    1998         12.87%         15.07%         14.60%         16.49%         21.81%
    1997         11.63%         16.75%         22.92%         28.62%         30.11%
    1996         -1.24%         -3.54%         -6.03%         -8.42%         N/A
    1995         32.65%         42.09%         52.72%         61.34%         N/A
    1994         -8.90%        -11.56%        -14.08%        -17.66%         N/A
    1993         21.56%         26.28%         30.51%         35.62%         N/A
    1992          9.56%          9.78%          7.77%          8.33%         N/A
    1991         21.47%         21.06%         22.47%         17.36%         N/A

    (1 )As of June 30, 2001, the end of the most recent calendar quarter, the
    funds' year-to-date  returns were as follows: Target 2005 2.97%; Target 2010
    0.08%; Target 2015 -3.11%;  Target 2020 -5.23%; and Target 2025 -6.39%.


Target Funds                                                   Fund Profile


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

                       Highest                 Lowest
    ---------------------------------------------------------------------------
    Target 2005   12.46% (2Q 1995)         -7.30% (1Q 1994)
    ---------------------------------------------------------------------------
    Target 2010   15.87% (2Q 1995)         -9.97% (1Q 1996)
    ---------------------------------------------------------------------------
    Target 2015   18.27% (2Q 1995)        -13.82% (1Q 1996)
    ---------------------------------------------------------------------------
    Target 2020   21.44% (2Q 1995)        -16.61% (1Q 1996)
    ---------------------------------------------------------------------------
    Target 2025   18.81% (1Q 2000)        -10.19% (1Q 1997)

    The following table shows the average annual total 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 current performance information,
    including yields, please call us or access our Web site.

                                 1 YEAR     5 YEARS    10 YEARS  LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 2001)
      Target 2005                11.45%      8.04%      10.22%       12.74%

      11/15/2005 Maturity
        STRIPS Issue(2)          11.84%      8.63%      10.63%       14.18%(3)

      Merrill Lynch Long-Term
        Treasury Index            9.61%      8.69%       9.60%       11.11%(3)

      Target 2010                13.20%      9.46%      11.43%       13.96%

      11/15/2010 Maturity
        STRIPS Issue(2)          12.81%     10.14%      12.08%       15.31%(3)

      Merrill Lynch Long-Term
        Treasury Index            9.61%      8.69%       9.60%       11.11%(3)

      Target 2015                10.27%     10.05%      12.28%        9.92%

      11/15/2015 Maturity
        STRIPS Issue(2)           9.44%     10.77%      12.88%       10.28%(4)

      Merrill Lynch Long-Term
        Treasury Index            9.61%      8.69%       9.60%        9.02%(4)

      Target 2020                 8.98%     10.84%      12.66%       10.14%

      11/15/2020 Maturity
        STRIPS Issue(2)           7.18%     11.77%      13.19%       10.12%

      Merrill Lynch Long-Term
        Treasury Index            9.61%      8.69%       9.60%        9.11%

      Target 2025                 6.50%     11.42%       N/A          8.42%

      11/15/2025 Maturity
        STRIPS Issue(2)           6.17%     11.27%       N/A          9.17%(5)

      Merrill Lynch Long-Term
        Treasury Index            9.61%      8.69%       N/A          7.70%(5)

      (1) The inception dates are: 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) Each Target fund is designed to perform like a zero-coupon security
      with the same term to maturity as the fund. The STRIPS issues listed in
      this table are U.S. Treasury zero-coupon securities with similar
      maturity dates as the respective fund. The STRIPS issues are not
      indices, but are important benchmarks of the Target funds' performance.

      (3) Since March 31, 1985, the date closest to the fund's inception for
      which data are available.

      (4) Since September 30, 1986, the date closest to the fund's inception
      for which data are available.

      (5) Since February 29, 1996, the date closest to the fund's inception
      for which data are available.


Target Funds                                     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 you may 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                              0.00%(2)
        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 funds'
        independent trustees and their legal counsel, as well as interest, were
        less than 0.005% for the most recent fiscal year.


           EXAMPLE

             Assuming you . . .

             * invest $10,000 in the fund

             * redeem all of your shares at the end of the periods shown below

             * earn a 5% return each year

             * incur the same operating expenses as shown above

             . . . your cost of investing in the fund would be:

                   1 year         3 years      5 years          10 years
                    $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, Senior 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 Relations 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 an application along with an investment check payable
    to American Century Investments

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

    *  Call us and send your investment by bank wire transfer

    Your initial investment must be at least $2,500 ($1,000 for traditional and
    Roth IRAs). If your account balance falls below this account minimum, your
    shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

Visit our Web site at   WWW.AMERICANCENTURY.COM              [graphic of arrow]

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


                                   American Century Investment Services, Inc.
SH-PRF-26088   0108             (c)2001 American Century Services Corporation