FUND PROFILE
Prime
Money Market
INVESTOR CLASS
August 10, 1998
[american century logo(reg.sm)
American
Century(reg.tm)
- --------------------------------------------------------------------------------
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
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 bar chart in the next column shows the actual performance of Prime
Money Market's Investor Class shares for each calendar year since its
inception on November 17, 1993. It indicates the volatility of the fund's
historical returns from year to year. Neither it nor the quarterly
information below the bar chart is intended to indicate how the fund will
perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1994 1995 1996 1997
4.47 5.70 5.09 5.26
As of June 30, 1998, the end of the most recent calendar quarter, Prime
Money Market's year-to-date return was 2.59%.
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 potential short-term
volatility. Shareholders should be aware, however, that Prime Money Market
is intended for investors with a long-term investment horizon and is not
managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/95 1.47%
Quarter Ended 3/31/94 0.84%
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, derived from Lipper
Analytical Services, an independent mutual fund ranking service, is
included as a benchmark for long-term performance comparisons.
1 YR. LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1998)
Prime Money Market 5.31% 5.10%
90-day Treasury Bill Index 5.23% 5.05%
(index as of 11/30/93)
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 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(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
----------------------------------------------------
$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 our mutual funds. The portfolio managers on the Prime
Money Market team are:
AMY O'DONNELL, Portfolio Manager, has been primarily responsible for the
day-to-day management of the fund since its inception in November 1993. Ms.
O'Donnell joined American Century in 1987 as a Research Analyst and was
promoted to Portfolio Manager in 1992.
ROBERT V. GAHAGAN, Vice President and Portfolio Manager, joined American
Century in 1983 and manages several other American Century funds. He has a
B.A. and M.B.A. from the University of Missouri in Kansas City and has over
12 years of investment experience.
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 $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts). If the value of your account falls below
the 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. You may elect
to have distributions automatically deposited back into your Prime Money
Market account, sent directly to your bank account or sent to you by check.
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.
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 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(reg.tm)
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-12619 9808
