PROSPECTUS AND SAI SUPPLEMENTS

497 1 supp.htm PROSPECTUS AND SAI SUPPLEMENTS PROSPECTUS AND SAI SUPPLEMENTS

American Century Target Maturities Trust
PROSPECTUS SUPPLEMENT

[american century investments logo and text logo]

TARGET 2010 FUND * TARGET 2015 FUND * TARGET 2020 FUND * TARGET 2025 FUND

Supplement dated September 28, 2007 * Prospectus dated February 1, 2007

SPECIAL MEETING OF SHAREHOLDERS

At Special Meetings of Shareholders held July 27, 2007 and August 24, 2007,
shareholders of the funds approved a change to the Advisor Class fee structure.
The change will result in a decrease of 25 basis points (0.25%) in the Rule
12b-1 fee and a simultaneous increase of 25 basis points in the unified
management fee, resulting in no change to the total expense ratio of the class.
The fee changes will be effective on December 3, 2007.

THE FOLLOWING REPLACES THE FUND MANAGEMENT TEAM SECTION ON PAGE 15.

THE FUND MANAGEMENT TEAM

The advisor uses teams of portfolio managers and analysts, organized by broad
investment categories such as money markets, corporate bonds, government bonds
and municipal bonds, in its management of fixed-income funds. Representatives of
these teams serve on the firm's Macro Strategy Team, which is responsible for
periodically adjusting the funds' strategic investment parameters based on
economic and market conditions. The funds' lead portfolio managers are
responsible for security selection and portfolio construction for the funds
within these strategic parameters, as well as compliance with stated investment
objectives and cash flow monitoring. Other members of the investment teams
provide research and analytical support but generally do not make day-to-day
investment decisions for the funds.

The individuals listed below are primarily responsible for the day-to-day
management of the funds described in this prospectus.

SETH B. PLUNKETT (LEAD PORTFOLIO MANAGER)

Mr. Plunkett, Portfolio Manager, has been a member of the team that manages the
funds since February 2007. He joined American Century in 1999, became a
portfolio trading associate in September 2000 and a fixed-income trader in
February 2003. He became a portfolio manager in March 2007. He has a bachelor of
science in biology from George Mason University.

ROBERT V. GAHAGAN (LEAD PORTFOLIO MANAGER AND MACRO STRATEGY TEAM
REPRESENTATIVE)

Mr. Gahagan, Senior Vice President and Senior Portfolio Manager, has been a
member of the team that manages the funds since December 2001. He joined
American Century in February 1983 and became a portfolio manager in January
1991. He has a bachelor's degree in economics and an MBA from the University of
Missouri - Kansas City.

The statement of additional information provides additional information about
the other accounts managed by the portfolio managers, if any, the structure of
their compensation, and their ownership of fund securities.

THE FOLLOWING REPLACES THE SECOND PARAGRAPH UNDER THE Service, Distribution and
Administrative Fees SECTION ON PAGE 27.

Certain financial intermediaries perform recordkeeping and administrative
services for their clients that would otherwise be performed by American
Century's transfer agent. In some circumstances, the advisor will pay such
service providers a fee for performing those services. Also, the advisor and the
funds' distributor may make payments to intermediaries for various additional
services, other expenses and/or the intermediaries' distribution of the funds
out of their profits or other available sources. Such payments may be made for
one or more of the following: (1) distribution, which may include expenses
incurred by intermediaries for their sales activities with respect to the funds,
such as preparing, printing and distributing sales literature and advertising
materials and compensating registered representatives or other employees of such
financial intermediaries for their sales activities, as well as the opportunity
for the funds to be made available by such intermediaries; (2) shareholder
services, such as providing individual and custom investment advisory services
to clients of the financial intermediaries; and (3) marketing and promotional
services, including business planning assistance, educating personnel about the
funds, and sponsorship of sales meetings, which may include covering costs of
providing speakers, meals and other entertainment. The distributor may sponsor
seminars and conferences designed to educate intermediaries about the funds and
may cover the expenses associated with attendance at such meetings, including
travel costs. These payments and activities are intended to provide an incentive
to intermediaries to sell the funds by educating them about the funds and
helping defray the costs associated with offering the funds. The amount of any
payments described by this paragraph is determined by the advisor or the
distributor, and all such amounts are paid out of the available assets of the
advisor and distributor, and not by you or the funds. As a result, the total
expense ratio of the funds will not be affected by any such payments.

THE FOLLOWING CHANGES ARE EFFECTIVE DECEMBER 1, 2007.

THE FIRST PARAGRAPH OF ITALICIZED TYPE IS DELETED ON THE COVER OF THE
PROSPECTUS.

THE FOLLOWING REPLACES THE FIRST PARAGRAPH OF THE Share Price SECTION ON PAGE 23

American Century will price the fund shares you purchase, exchange or redeem at
the net asset value (NAV) next determined after your order is received and
accepted by the fund's transfer agent, or other financial intermediary with the
authority to accept orders on the fund's behalf. We determine the NAV of each
fund as of the close of regular trading (usually 4 p.m. Eastern time) on the New
York Stock Exchange (NYSE) on each day the NYSE is open. On days when the NYSE
is closed (including certain U.S. national holidays), we do not calculate the
NAV. A fund's NAV is the current value of the fund's assets, minus any
liabilities, divided by the number of shares outstanding.

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THE FOLLOWING CHANGES ARE EFFECTIVE DECEMBER 3, 2007.

AS A RESULT OF THE CHANGE TO THE ADVISOR CLASS FEE STRUCTURE, THE FOLLOWING
REPLACES THE ANNUAL FUND OPERATING EXPENSES TABLE ON PAGE 7.

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
DISTRIBUTION TOTAL ANNUAL
MANAGEMENT AND SERVICE OTHER FUND OPERATING
FEE(1) (12B-1) FEES (2) EXPENSES(3) EXPENSES
--------------------------------------------------------------------------------
Target 2010
Investor Class 0.56% None 0.01% 0.57%
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Advisor Class 0.56%(4) 0.25%(5) 0.01% 0.82%
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Target 2015
Investor Class 0.56% None 0.01% 0.57%
--------------------------------------------------------------------------------
Advisor Class 0.56%(4) 0.25%(5) 0.01% 0.82%
--------------------------------------------------------------------------------
Target 2020
Investor Class 0.56% None 0.01% 0.57%
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Advisor Class 0.56%(4) 0.25%(5) 0.01% 0.82%
--------------------------------------------------------------------------------
Target 2025
Investor Class 0.56% None 0.01% 0.57%
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Advisor Class 0.56%(4) 0.25%(5) 0.01% 0.82%
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(1) THE FUNDS PAY THE ADVISOR A SINGLE UNIFIED MANAGEMENT FEE FOR
ARRANGING ALL SERVICES NECESSARY FOR THE FUNDS TO OPERATE. THE FEES SHOWN
ARE BASED ON ASSETS DURING THE FUNDS' MOST RECENT FISCAL YEAR. THE FUNDS
HAVE STEPPED FEE SCHEDULES. AS A RESULT, THE FUNDS' UNIFIED MANAGEMENT FEE
RATES GENERALLY DECREASE AS FUND ASSETS INCREASE AND INCREASE AS FUND
ASSETS DECREASE. FOR MORE INFORMATION ABOUT THE UNIFIED MANAGEMENT FEE, SEE
The Investment Advisor UNDER Management.

(2) THE 12B-1 FEE IS DESIGNED TO PERMIT INVESTORS TO PURCHASE SHARES
THROUGH BROKER-DEALERS, BANKS, INSURANCE COMPANIES AND OTHER FINANCIAL
INTERMEDIARIES. THE FEE MAY BE USED TO COMPENSATE SUCH FINANCIAL
INTERMEDIARIES FOR DISTRIBUTION AND OTHER SHAREHOLDER SERVICES. FOR MORE
INFORMATION, SEE Multiple Class Information AND Service, Distribution and
Administrative Fees, PAGE 27.

(3) OTHER EXPENSES INCLUDE THE FEES AND EXPENSES OF THE FUNDS' INDEPENDENT
TRUSTEES AND THEIR LEGAL COUNSEL, AS WELL AS INTEREST.

(4) THE UNIFIED MANAGEMENT FEE HAS BEEN RESTATED TO REFLECT THE INCREASE
IN THE FEE APPROVED BY THE FUND'S SHAREHOLDERS EFFECTIVE SEPTEMBER 4, 2007.

(5) THE 12B-1 FEE HAS BEEN RESTATED TO REFLECT THE DECREASE IN THE FEE
EFFECTIVE SEPTEMBER 4, 2007.

THE FOLLOWING REPLACES THE FIRST PARAGRAPH OF THE Service, Distribution and
Administrative Fees SECTION ON PAGE 27.

Investment Company Act Rule 12b-1 permits mutual funds that adopt a written plan
to pay certain expenses associated with the distribution of their shares out of
fund assets. The Advisor Class offered by this prospectus has a 12b-1 Plan.
Under the Advisor Class Plan, the funds' Advisor Class pays the distributor an
annual fee of 0.25% of Advisor Class average net assets, for distribution and
individual shareholder services, including past distribution services. The
distributor pays all or a portion of such fees to financial intermediaries that
make Advisor Class shares available. Because these fees may be used to pay for
services that are not related to prospective sales of the funds, the Advisor
Class will continue to make payments under its plan even if it is closed to new
investors. Because these fees are paid out of the funds' assets on an ongoing
basis, over time these fees will increase the cost of your investment and may
cost you more than paying other types of sales charges. For additional
information about the plan and its terms, see MULTIPLE CLASS STRUCTURE in the
statement of additional information.

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American Century Investment Services, Inc., Distributor

The American Century Investments logo, American Century and American Century
Investments are service marks of American Century Proprietary Holdings, Inc.

SH-SPL-56901 0709

American Century Target Maturities Trust
STATEMENT OF ADDITIONAL INFORMATION SUPPLEMENT

[american century investments logo and text logo]

TARGET 2010 FUND * TARGET 2015 FUND * TARGET 2020 FUND * TARGET 2025 FUND

Supplement dated September 28, 2007 * Statement of Additional Information dated February 1, 2007

AS PREVIOUSLY INDICATED IN A SUPPLEMENT DATED MARCH 15, 2007, WILLIAM M. LYONS
RESIGNED AS TRUSTEE AND OFFICER EFFECTIVE FEBRUARY 28, 2007. ALL REFERENCES TO
HIM IN THE STATEMENT OF ADDITIONAL INFORMATION SHOULD BE DELETED.

THE FOLLOWING ENTRIES REPLACE THE LISTINGS IN THE Management TABLE.

Officers
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JON ZINDEL, 4500 Main Street, Kansas City, MO 64111

YEAR OF BIRTH: 1967

POSITION(S) HELD WITH FUNDS: Tax Officer

FIRST YEAR OF SERVICE: 1997

PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Financial Officer and Chief
Accounting Officer, ACC (March 2007 to present); Vice President, ACC (October
2001 to present); Vice President, certain ACC subsidiaries (October 2001 to
August 2006); Vice President, Corporate Tax, ACS (April 1998 to August 2006).
Also serves as: Chief Financial Officer, Chief Accounting Officer and Senior
Vice President, ACIM, ACGIM, ACS and other ACC subsidiaries; and Chief
Accounting Officer and Senior Vice President, ACIS
--------------------------------------------------------------------------------

THE OTHER ACCOUNTS MANAGED TABLE ON PAGE 24 OF THE SAI, AS PREVIOUSLY
SUPPLEMENTED ON MARCH 15, 2007, IS REPLACED WITH THE FOLLOWING:

OTHER ACCOUNTS MANAGED (AS OF SEPTEMBER 30, 2006)
REGISTERED OTHER ACCOUNTS
INVESTMENT (E.G., SEPARATE
COMPANIES ACCOUNTS AND
(E.G., OTHER OTHER POOLED CORPORATE
AMERICAN INVESTMENT ACCOUNTS,
CENTURY FUNDS VEHICLES (E.G., INCLUDING
AND AMERICAN COMMINGLED INCUBATION
CENTURY - TRUSTS AND STRATEGIES AND
SUBADVISED 529 EDUCATION CORPORATE
FUNDS) SAVINGS PLANS) MONEY)
------------------------------------------------------------------------------------
Target 2010 Fund
------------------------------------------------------------------------------------
Robert V. Number of Other 15 1 2
Gahagan Accounts Managed
----------------------------------------------------------------------
Assets in Other $7,209,658,951 $1,160,469,818 $40,001,147
Accounts Managed
------------------------------------------------------------------------------------
Seth B. Number of Other 6 0 0
Plunkett(1) Accounts Managed
----------------------------------------------------------------------
Assets in Other $2,401,484,372 N/A N/A
Accounts Managed
------------------------------------------------------------------------------------
TARGET 2015 FUND
------------------------------------------------------------------------------------
Robert V. Number of Other 15 1 2
Gahagan Accounts Managed
----------------------------------------------------------------------
Assets in Other $7,231,776,016 $1,160,469,818 $40,001,147
Accounts Managed
------------------------------------------------------------------------------------
Seth B. Number of Other 6 0 0
Plunkett(1) Accounts Managed
----------------------------------------------------------------------
Assets in Other $2,406,212,097 N/A N/A
Accounts Managed
------------------------------------------------------------------------------------
Target 2020 Fund
------------------------------------------------------------------------------------
Robert V. Number of Other 15 1 2
Gahagan Accounts Managed
----------------------------------------------------------------------
Assets in Other $7,229,317,131 $1,160,469,818 $40,001,147
Accounts Managed
------------------------------------------------------------------------------------
Seth B. Number of Other 6 0 0
Plunkett(1) Accounts Managed
----------------------------------------------------------------------
Assets in Other $2,423,506,700 N/A N/
Accounts Managed
------------------------------------------------------------------------------------
Target 2025 Fund
------------------------------------------------------------------------------------
Robert V. Number of Other 15 1 2
Gahagan Accounts Managed
----------------------------------------------------------------------
Assets in Other $7,100,786,751 $1,160,469,818 $40,001,147
Accounts Managed
------------------------------------------------------------------------------------
Seth B. Number of Other 6 0 0
Plunkett(1) Accounts Managed
----------------------------------------------------------------------
Assets in Other $2,285,939,299 N/A N/A
Accounts Manage
------------------------------------------------------------------------------------

(1) MR. PLUNKETT BECAME A PORTFOLIO MANAGER ON MARCH 1, 2007. INFORMATION
IS PROVIDED AS OF MARCH 1, 2007.

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THE Ownership of Securities TABLE ON PAGE 27 OF THE SAI, AS PREVIOUSLY
SUPPLEMENTED ON MARCH 15, 2007, IS REPLACED WITH THE FOLLOWING:

OWNERSHIP OF SECURITIES(1)
--------------------------------------------------------------------------------
AGGREGATE DOLLAR RANGE OF SECURITIES IN FUND
--------------------------------------------------------------------------------
Target 2010 Fund
Robert V. Gahagan A
--------------------------------------------------------------------------------
Seth B. Plunkett(2) A
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Target 2015 Fund
Robert V. Gahagan A
--------------------------------------------------------------------------------
Seth B. Plunkett(2) A
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Target 2020 Fund
Robert V. Gahagan A
--------------------------------------------------------------------------------
Seth B. Plunkett(2) A
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Target 2025 Fund
Robert V. Gahagan A
--------------------------------------------------------------------------------
Seth B. Plunkett(2) A
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(1) AMERICAN CENTURY HAS ADOPTED A POLICY THAT, WITH LIMITED EXCEPTIONS,
REQUIRES ITS PORTFOLIO MANAGERS TO MAINTAIN INVESTMENTS IN THE POLICY
PORTFOLIOS THEY OVERSEE. HOWEVER, BECAUSE THESE PORTFOLIO MANAGERS SERVE ON
AN INVESTMENT TEAM THAT OVERSEES A NUMBER OF FUNDS IN THE SAME BROAD
INVESTMENT CATEGORY, THE PORTFOLIO MANAGER IS NOT REQUIRED TO INVEST IN
EACH SUCH FUND.

(2) MR. PLUNKETT BECAME A PORTFOLIO MANAGER ON MARCH 1, 2007. INFORMATION
IS PROVIDED AS OF MARCH 1, 2007.

RANGES: A - NONE; B - $1-$10,000; C - $10,001-$50,000; D - $50,001-$100,000; E -
$100,001-$500,000; F - $500,001-$1,000,000; G - MORE THAN $1,000,000

THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER THE VALUATION OF A FUND'S
SECURITIES SECTION ON PAGE 33.

All classes of the funds are offered at their net asset value (NAV). Each fund's
NAV is calculated as of the close of business of the New York Stock Exchange
(NYSE) each day the NYSE is open for business. The NYSE usually closes at 4 p.m.
Eastern time. The NYSE typically observes the following holidays: New Year's
Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day,
Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Although the
funds expect the same holidays to be observed in the future, the NYSE may modify
its holiday schedule at any time.

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American Century Investment Services, Inc., Distributor

The American Century Investments logo, American Century and American Century
Investments are service marks of American Century Proprietary Holdings, Inc.

SH-SPL-56907 0709