FUND PROFILE
Prime Money Market
INVESTOR CLASS
September 30, 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 has 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 telephone numbers and our address.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
PRIME MONEY MARKET
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Prime Money Market 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 Prime Money Market'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 the fund.
*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
funds that invest in longer-term or lower-quality securities.
FUND PERFORMANCE
The following bar chart shows the actual performance of Prime Money
Market's Investor Class shares for each calendar year since the fund's
inception on November 17, 1993. The bar chart indicates the volatility of
the fund's historical returns from year to year. Neither the bar chart nor
the performance information below it is intended to indicate how the fund
will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1994 1995 1996 1997
Prime Money Market 4.47 5.70 5.09 5.26
As of September 30, 1998, the end of the most recent calendar quarter, Prime
Money Market's year-to-date return was 3.91%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since the fund's inception on November 17, 1993, are
provided in the chart below to indicate the fund's historical short-term
volatility.
[bar chart]
Highest and Lowest Quarterly Returns
Quarter Ended 3/31/95 1.47%
Quarter Ended 3/31/94 0.84%
The following table 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. The index is derived
from secondary market interest rates as published by the Federal Reserve
Bank.
1 YEAR LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
Prime Money Market 5.28% 5.11%
90-day Treasury Bill Index 5.11% 5.03%
For current performance information, including yields, please call us or
access our Web site.
PRIME MONEY MARKET 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,
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 0.60%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.60%
(1)Based on assets as of February 28, 1998. The fund has a stepped fee
schedule. As a result, the fund's management fee generally decreases as
fund assets increase.
(2)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
----------------------------------------------------------------
$60 $190 $340 $750
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. The portfolio managers on the Prime
Money Market team are:
DENISE TABACCO, Portfolio Manager, has been a member of the team that
manages Prime since May 1996. She joined American Century in 1988, becoming
a member of its port-folio department in 1991.
JOHN F. WALSH, Portfolio Manager, has been a member of the team that
manages Prime since May 1997. He joined American Century in February 1996
as an Investment Analyst. Prior to joining American Century, he served as
an Assistant Vice President and Analyst at First Interstate Bank, Los
Angeles, California, from July 1993 to January 1996.
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 $2,500 ($1,000 for traditional
IRA and Roth IRA accounts). 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 Prime Money
Market 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. Because Prime
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.
Distributions are reinvested automatically in additional shares unless you
choose another option.
FUND PROFILE PRIME MONEY MARKET
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 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.
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[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.
SH-BRO-13875 9810
