FUND PROFILE
Prime Money Market
INVESTOR CLASS
July _, 1998
[american century logo(reg.sm)
American
Century(reg.tm)
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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, accessing our Web site, or visiting one of our Investor Centers.
See the back cover for our phone numbers and address.
BENHAM GROUP
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?
* Investments in the fund are not deposits of a bank and are 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 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 for each calendar year since its inception on
November 17, 1993.(1) 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 - data below]
CALENDAR YEAR-BY-YEAR RETURNS
1994 1995 1996 1997
Prime Money Market 4.47% 5.70% 5.09% 5.26%
90 day T-bill 4.31% 5.64% 5.11% 5.19%
The fund's highest and lowest returns 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 - data below]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/95 1.47%
Quarter Ended 3/31/94 0.84%
The table on the next page shows the fund's average annual return 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) As of March 31, 1998, the end of the most recent calendar quarter,
Prime Money Market's year-to-date return was ___%. Partial year
performance is not annualized.
PRIME MONEY MARKET AMERICAN CENTURY INVESTMENTS
1 YR. LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS
Prime Money Market 5.31% 5.09%
90 day T-bill 5.18% 5.03%
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 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/or 12b-1 Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.00%
(2) Other expenses include the fees and expenses of the fund's
independent directors, their legal counsel, interest and
extraordinary expenses.
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 her current position 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 may also 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.
FUND PROFILE PRIME MONEY MARKET
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 account,
sent directly to your bank account or sent to you by check. Since Prime is
a money market fund, its distributions will generally 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.
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 Services Representative at 1-800-345-3533.
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[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 9807
