AMERICAN CENTURY INVESTMENT TRUST, 485BPOS, 1999-06-30

AMERICAN CENTURY INVESTMENT TRUST
485BPOS, 1999-06-30

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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

File No. 33-65170:

Pre-Effective Amendment No.___

Post-Effective Amendment No._9_

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

File No. 811-7822:

Amendment No._10_

(Check appropriate box or boxes.)

AMERICAN CENTURY INVESTMENT TRUST
_________________________________________________________________
(Exact Name of Registrant as Specified in Charter)

American Century Tower
4500 Main Street, Kansas City, MO 64111
_________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (816) 531-5575

David C. Tucker, Esq., 4500 Main Street, Kansas City, MO 64111
_________________________________________________________________
(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: July 1, 1999

It is proposed that this filing will become effective (check appropriate box)

[ ] immediately upon filing pursuant to paragraph (b)
[X] on July 1, 1999 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (date) pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)(2)
[ ] on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
- --------------------------------------------------------------------------------
<PAGE>
[front cover]

AMERICAN CENTURY

Prospectus

Prime Money Market Fund

[american century logo (reg. sm)]
American
Century

[left margin]

July 1, 1999
INVESTOR CLASS

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANYONE WHO
TELLS YOU OTHERWISE IS COMMITTING A CRIME.

Distributed by Funds Distributor, Inc.

Dear Investor,

Reading a prospectus doesn't have to be a chore. We've done the hard work so
you can focus on what's important--learning about the fund and tracking your
investments. Take a look inside, and you'll see this prospectus is different. It
takes a clear-cut approach to fund information.

Here's what you'll find:

* The fund's primary investments and risks

* A description of who may or may not want to invest in the fund

* Fund performance, including returns for each year, best and worst
quarters, and average annual returns compared to the fund's benchmark

* An overview of services available and ways to manage your accounts

* Helpful tips and definitions of key investment terms

Whether you're a current investor or investing in mutual funds for the first
time, this prospectus will give you a clear understanding of the fund. If you
have questions, our Investor Relations Representatives are available weekdays, 7
a.m. to 7 p.m., and Saturdays, 9 a.m. to 2 p.m., Central time. Our toll-free
number is 1-800-345-2021. We look forward to helping you achieve your financial
goals.

Sincerely,

/s/Mark Killen

Mark Killen
Senior Vice President
American Century Investment Services, Inc.

[left margin]

[american century logo (reg. sm)]
American
Century

American Century
Investments

P.O. Box 419200
Kansas City, MO
64141-6200

TABLE OF CONTENTS

An Overview of the Fund ................................................... 2
Fund Performance History .................................................. 3
Fees and Expenses ......................................................... 4
Information about the Fund ................................................ 5
Basics of Fixed-Income Investing .......................................... 6
Management ................................................................ 8
Investing with American Century ........................................... 10
Share Price and Distributions ............................................. 14
Taxes ..................................................................... 15
Multiple Class Information ................................................ 16
Financial Highlights ...................................................... 17

[left margin]

Throughout this book you'll find definitions of key investment terms and
phrases. When you see a word printed in GREEN ITALICS, look for its definition
in the left margin.

[graphic of pointing index finger] This symbol highlights special information
and helpful tips.

American Century Investments

AN OVERVIEW OF THE FUND

WHAT ARE THE FUND'S INVESTMENT OBJECTIVES?

Prime Money Market seeks to earn the highest level of current income while
preserving the value of your investment.

WHAT ARE THE FUND'S PRIMARY INVESTMENT STRATEGIES AND PRINCIPAL RISKS?

The fund invests most of its assets in high-quality DEBT SECURITIES issued by
corporations, banks and governments.

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.

Investments in debt securities also involve interest rate and inflation risk.
However, the fund's investments in very short-term debt securities are designed
to minimize these risks.

WHO MAY WANT TO INVEST IN THE FUND?

The fund may be a good investment if you are

* more concerned with preservation of capital than long-term investment
performance

* seeking some current income

* seeking diversification by investing in a fixed-income mutual fund

WHO MAY NOT WANT TO INVEST IN THE FUND?

The fund may not be a good investment if you are

* investing for long-term growth

* looking for the added security of FDIC insurance

[left margin]

DEBT SECURITIES include fixed-income investments such as notes, bonds,
commercial paper and Treasury bills.

[graphic of pointing index finger]
An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency. Although a money market fund seeks to preserve the value of
your investment at $1.00 per share, it is possible to lose money by investing in
it.

2 American Century Investments 1-800-345-2021

FUND PERFORMANCE HISTORY

PRIME MONEY MARKET FUND

Annual Total Returns(1)

The following bar chart shows the performance of the fund's Investor Class
shares for each full calendar year in the life of the fund. It indicates the
volatility of the fund's historical returns from year to year.

[bar chart data shown below]

1998 1997 1996 1995 1994
Prime Money Market 5.18% 5.26% 5.09% 5.07% 4.47%

(1) As of March 31, 1999, the end of the most recent calendar quarter, Prime
Money Market's year-to-date return was 1.12%.

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

Highest Lowest
- --------------------------------------------------------------------------------
Prime Money Market 1.47% (1Q 1995) 0.84% (1Q 1994)

Average Annual Returns

The following table shows the average annual returns of the fund's Investor
Class shares for the periods indicated. The benchmark is an unmanaged index that
has no operating costs and is included in the table for performance comparison.

For the calendar year ended December 31, 1998 1 year 5 years Life of Fund(1)
- -------------------------------------------------------------------------------
Prime Money Market 5.18% 5.14% 5.10%
90-day Treasury Bill Index 4.50% 4.95% 4.92%(2)

(1) The inception date for Prime Money Market is November 17, 1993.

(2) Benchmark from November 30, 1993.

[left margin]

[graphic of pointing index finger]
The performance information on this page is designed to help you see how fund
returns can vary. Keep in mind that past performance does not predict how the
fund will perform in the future.

[graphic of pointing index finger]
For current performance information, including 7-day yield, please call us at
1-800-345-2021 or visit American Century's Web site at www.americancentury.com.

www.americancentury.com American Century Investments 3

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

* to redeem your shares

The following table describes the fees and expenses that you will pay if you buy
and hold shares of the fund.

ANNUAL OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

Management Distribution and Other Total Annual Fund
Fee(1) Service (12b-1) Fees Expenses(2) Operating Expenses
- -------------------------------------------------------------------------------
Prime
Money Market 0.60% None 0.00% 0.60%

(1)Based on expenses incurred during the fund's most recent fiscal year (without
taking into account any fee waivers). During the initial months of the fiscal
year, a fee waiver expired. To give you the most accurate view of the cost of
owning the fund, the number presented represents expenses without any waiver.
The fund has a stepped fee schedule. As a result, the fund's management fee
rate generally decreases as fund assets increase.

(2)Other expenses, which include the fees and expenses of the fund's
independent trustees, their legal counsel and interest, were less than 0.005%
for the most recent fiscal year.

Example

The examples in the table below are intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual funds.
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
- ----------------------------------------------------------------------
Prime Money Market $61 $192 $334 $749

[left margin]

[graphic of pointing index finger]
Use this example to compare the costs of investing in other funds. Of course,
your actual costs may be higher or lower.

4 American Century Investments 1-800-345-2021

INFORMATION ABOUT THE FUND

PRIME MONEY MARKET FUND

WHAT ARE THE FUND'S INVESTMENT OBJECTIVES?

Prime Money Market seeks to earn the highest level of current income while
preserving the value of your investment.

HOW DOES THE FUND PURSUE ITS INVESTMENT OBJECTIVES?

The fund buys 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 the fund'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 fiscal period. You may get these
reports at no cost by calling us.

For more information about the fund's credit quality standards and about credit
risk, please see "Basics of Fixed-Income Investing" beginning on page 6.

WHAT ARE THE PRIMARY RISKS OF INVESTING IN THE FUND?

[left margin]

A HIGH-QUALITY debt security is one that has been determined to be in the top
two credit quality categories. This can be established in a number of ways. For
example, independent rating agencies may rate the security in their higher
rating categories. The fund's advisor also can analyze an unrated security to
determine if its credit quality is high enough for investment. The details of
the fund's credit quality standards are described in the Statement of Additional
Information.

www.americancentury.com American Century Investments 5

BASICS OF FIXED-INCOME INVESTING

DEBT SECURITIES

When a fund buys a debt security, which is also called a fixed-income security,
it is essentially lending money to the issuer of the security. Notes, bonds,
commercial paper and Treasury bills are examples of debt securities. After the
debt security is first sold by the issuer, it may be bought and sold by other
investors. The price of the security may rise or fall based on many factors,
including changes in interest rates, inflation, liquidity and credit quality.

The fund managers decide which debt securities to buy and sell by

* determining which securities help a fund meet its maturity requirements

* eliminating securities that do not satisfy a fund's credit quality standards

* evaluating the current economic conditions and assessing the risk of
inflation

* evaluating special features of the securities that may make them more or less
attractive

WEIGHTED AVERAGE MATURITY

Like most loans, debt securities eventually must be repaid (or refinanced) at
some date. This date is called the maturity date. The number of days left to a
debt security's maturity date is called the remaining maturity. The longer a
debt security's remaining maturity, the more sensitive it is to changes in
interest rates.

Because a bond fund will own many debt securities, the fund managers calculate
the average of the remaining maturities of all of the debt securities the fund
owns to evaluate the interest rate sensitivity of the entire portfolio. This
average is weighted according to the size of the fund's individual holdings and
is called WEIGHTED AVERAGE MATURITY. The following chart shows how fund managers
would calculate the weighted average maturity for a fund that owned only two
debt securities.

Amount of Percent of Remaining Weighted
Security Owned Portfolio Maturity Maturity
- --------------------------------------------------------------------------------
Debt Security A $100,000 25% 1,000 days 250 days
- --------------------------------------------------------------------------------
Debt Security B $300,000 75% 10,000 days 7,500 days
- --------------------------------------------------------------------------------
Weighted Average Maturity 7,750 days

TYPES OF RISK

The basic types of risk that the fund faces are described below.

Interest Rate Risk

Generally, interest rates and the prices of debt securities move in opposite
directions. When interest rates fall, the prices of most debt securities rise;
when interest rates rise, prices fall. Because the fund invests primarily in
debt securities, changes in interest rates will affect the fund's performance.

The degree to which interest rate changes affect a fund's performance varies and
is related to the weighted average maturity of a particular fund. For example,
when interest rates rise, you can expect the share value of a long-term bond
fund to fall more than that of a short-term bond fund. When rates fall, the
opposite is true. This sensitivity to interest rate changes is called interest
rate risk.

When interest rates change, longer maturity bonds experience a greater change in
price. The following table shows the effect of a 1% increase in interest rates
on the price of 7% coupon bonds of differing maturities:

[left margin]

WEIGHTED AVERAGE MATURITY is a tool that the fund managers use to approximate
the remaining maturity of a fund's investment portfolio.

[graphic of pointing index finger]
The longer a fund's weighted average maturity, the more sensitive it is to
changes in interest rates.

6 American Century Investments 1-800-345-2021

Remaining Maturity Current Price Price After 1% Increase Change in Price
- -------------------------------------------------------------------------------
1 year $100.00 $99.06 -0.94%
- -------------------------------------------------------------------------------
3 years $100.00 $97.38 -2.62%
- -------------------------------------------------------------------------------
10 years $100.00 $93.20 -6.80%
- -------------------------------------------------------------------------------
30 years $100.00 $88.69 -11.31%

Credit Risk

Credit risk is the risk that an obligation won't be paid and a loss will result.
A high credit rating indicates a high degree of confidence by the rating
organization that the issuer will be able to withstand adverse business,
financial or economic conditions and be able to make interest and principal
payments on time. Generally, a lower credit rating indicates a greater risk of
non-payment. A lower rating also may indicate that the issuer has a more senior
series of debt securities, which means that if the issuer has difficulties
making its payments, the more senior series of debt is first in line for
payment.

It's not as simple as buying the highest-rated debt securities. Higher credit
ratings usually mean lower interest rates, so investors often purchase
securities that aren't the highest rated to increase return. If a fund purchases
lower-rated securities, it has assumed additional credit risk.

The following chart provides a general illustration of the authorized credit
quality ranges for the fund offered by this Prospectus. Although the chart only
reflects securities ratings provided by Moody's and Standard & Poor's, the fund
also may rely on comparable ratings provided by other nationally recognized
securities rating organizations.

[quality chart data shown below]

<TABLE>
- -----------------------------------------------------------
Quality
- -----------------------------------------------------------
High Quality
- ------------------------------------
A-1 A-2 A-3
P-1 P-2 P-3
MIG-1 MIG-2 MIG-3
<S> <C> <C> <C> <C> <C> <C>
SP-1 SP-2 SP-3
AAA AA A BBB BB B CCC CC C D
- -------------------------------------------------------------------------------------------------------
Prime Money Market X X
- -------------------------------------------------------------------------------------------------------
- ------------------------------------------------------- ----------------------------------------
INVESTMENT GRADE NON-INVESTMENT GRADE
- ------------------------------------------------------- ----------------------------------------
</TABLE>

Securities rated in one of the highest two categories by a nationally recognized
securities rating organization are considered "high quality." Although they are
considered high quality, an investment in these securities still involves some
credit risk because a AAA rating is not a guarantee of payment. For a complete
description of the ratings system and an explanation of certain exceptions to
the guidelines reflected in the chart, see the Statement of Additional
Information. The fund's credit quality restrictions apply at the time of
purchase; the fund will not necessarily sell securities if they are downgraded
by a rating agency.

Liquidity Risk

Debt securities can become difficult to sell, or less liquid, for a variety of
reasons, such as lack of an active trading market. The chance that a fund will
have liquidity issues is called liquidity risk.

Inflation Risk

The safest investments usually have the lowest potential income and performance.
However, returns from these investments may fail to significantly outpace
inflation. Even if the value of your investment has not gone down, your money
will not be worth as much as if there had been no inflation. Your
after-inflation return may be quite small. This risk is called inflation risk.

The fund engages in a variety of investment techniques as it pursues its
investment objectives. Each technique has its own characteristics, and may pose
some level of risk to the fund. If you would like to learn more about these
techniques, you should review the Statement of Additional Information before
making an investment.

[left margin]

[graphic of pointing index finger]
Credit quality may be lower when the issuer has
* a high debt level
* a short operating history
* a senior level of debt
* a difficult, competitive environment
* a less stable cash flow

[graphic of pointing index finger]
The Statement of Additional Information provides a detailed description of these
securities ratings.

www.americancentury.com American Century Investments 7

MANAGEMENT

WHO MANAGES THE FUND?

The Board of Trustees, investment advisor and fund management team play key
roles in the management of the fund.

THE BOARD OF TRUSTEES

The Board of Trustees oversees the management of the fund and meets at least
quarterly to review reports about fund operations. Although the Board of
Trustees does not manage the fund, it has hired an investment advisor to do so.
More than two-thirds of the trustees are independent of the fund's advisor; that
is, they are not employed by and have no financial interest in the advisor.

THE INVESTMENT ADVISOR

The fund's investment advisor is American Century Investment Management, Inc.
The advisor has been managing mutual funds since 1958. American Century is
headquartered at 4500 Main Street, Kansas City, Missouri 64111.

The advisor is responsible for managing the investment portfolios of the fund
and directing the purchase and sale of its investment securities. The advisor
also arranges for transfer agency, custody and all other services necessary for
the fund to operate.

For the services it provided to the fund during the most recent fiscal year, the
advisor received a unified management fee of 0.60% of the average net assets of
the Investor Class shares of the fund. The rate of the management fee for a fund
is determined on a class-by-class basis monthly using a two-step formula that
takes into account the fund's strategy (money market, bond or equity) and the
total amount of mutual fund assets the advisor manages.

The Statement of Additional Information contains detailed information about the
calculation of the management fee. Out of that fee, the advisor paid all
expenses of managing and operating the fund except brokerage expenses, taxes,
interest, fees and expenses of the independent trustees (including legal counsel
fees), and extraordinary expenses. A portion of the management fee may be paid
by the fund's advisor to unaffiliated third parties who provide recordkeeping
and administrative services that would otherwise be performed by an affiliate of
the advisor.

8 American Century Investments 1-800-345-2021

THE FUND MANAGEMENT TEAM

The advisor uses teams of portfolio managers, assistant portfolio managers and
analysts to manage the fund. Teams meet regularly to review portfolio holdings
and to discuss purchase and sale activity. Team members buy and sell securities
for a fund as they see fit, guided by the fund's investment objective and
strategy.

The portfolio manager who leads the team is identified below:

DENISE TABACCO

Ms. Tabacco, Portfolio Manager, has been a member of the team that manages Prime
Money Market since May 1996. She joined American Century in 1988, becoming a
member of its portfolio department in 1991. She has a bachelor's degree in
accounting from San Diego State University and an MBA in finance from Golden
Gate University.

FUNDAMENTAL INVESTMENT POLICIES

Fundamental investment policies contained in the Statement of Additional
Information and the investment objective of the fund may not be changed without
a shareholder vote. The Board of Trustees may change any other policies and
investment strategies.

YEAR 2000 ISSUES

Many of the world's computer systems were originally programmed in a way that
prevented them from properly recognizing or processing date-sensitive
information relating to the Year 2000 and beyond. Because this may impact the
computer systems of various American Century-affiliated and external service
providers for the fund, American Century formally initiated a Year 2000
readiness project in July 1997. It involves a team of information technology
professionals assisted by outside consultants and guided by a senior-level
steering committee. The team's goal is to assess the impact of the Year 2000 on
American Century's systems, renovate or replace noncompliant critical systems
and test those systems. In addition, the team has been working to gather
information about the Year 2000 efforts of the fund's other major service
providers.

Although American Century believes its critical systems will function properly
in the Year 2000, this is not guaranteed. If the efforts of American Century or
its external service providers are not successful, the fund's business,
particularly the provision of shareholder services, may be hampered.

In addition, the issuers of securities the fund owns could have Year 2000
computer problems. Foreign issuers, especially those in emerging markets, may be
more susceptible to such problems than U.S. issuers. These problems could
negatively affect the value of the issuers' securities, which, in turn, could
impact the fund's performance. The advisor has established a process to gather
publicly available information about the Year 2000 readiness of these issuers.
However, this process may not uncover all relevant information, and the
information gathered may not be complete and accurate. Moreover, an issuer's
Year 2000 readiness is only one of many factors the fund managers may consider
when making investment decisions, and other factors may receive greater weight.

[left margin]

[graphic of pointing index finger]
CODE OF ETHICS
American Century has a Code of Ethics designed to ensure that the interests of
fund shareholders come before the interests of the people who manage the funds.
Among other provisions, the Code of Ethics prohibits portfolio managers and
other investment personnel from buying securities in an initial public offering
or from profiting from the purchase and sale of the same security within 60
calendar days. In addition, the Code of Ethics requires portfolio managers and
other employees with access to information about the purchase or sale of
securities by the fund to obtain approval before executing permitted personal
trades.

www.americancentury.com American Century Investments 9

INVESTING WITH AMERICAN CENTURY

SERVICES AUTOMATICALLY AVAILABLE TO YOU

You automatically will have access to the services listed below when you open
your account. If you do not want these services, see "Conducting Business in
Writing" below.

CONDUCTING BUSINESS IN WRITING

If you prefer to conduct business in writing only, you can indicate this on the
account application. If you choose this option, you must provide written
instructions to invest, exchange and redeem. All account owners must sign
transaction instructions (with signatures guaranteed for redemptions in excess
of $100,000). If you want to add services later, you can complete an Investor
Service Options form.

WAYS TO MANAGE YOUR ACCOUNT
- --------------------------------------------------------------------------------
BY TELEPHONE
Investor Relations
1-800-345-2021

Business, Not-For-Profit and
Employer-Sponsored
Retirement Plans
1-800-345-3533

Automated Information Line
1-800-345-8765

[graphic of telephone]

OPEN AN ACCOUNT

If you are a current investor, you can open an account by exchanging shares from
another American Century account.

EXCHANGE SHARES

Call us or use our Automated Information Line if you have authorized us to
accept telephone instructions.

MAKE ADDITIONAL INVESTMENTS

Call us or use our Automated Information Line if you have authorized us to
invest from your bank account.

SELL SHARES

Call an Investor Relations Representative.

- --------------------------------------------------------------------------------
BY MAIL OR FAX
P.O. Box 419200
Kansas City, MO 64141-6200

Fax
816-340-7962

[graphic of envelope]

OPEN AN ACCOUNT

Send a signed, completed application and check or money order payable to
American Century Investments.

EXCHANGE SHARES

Send us written instructions to exchange your shares from one American Century
account to another.

MAKE ADDITIONAL INVESTMENTS

Send us your check or money order for at least $50 with an investment slip or
$250 without an investment slip. If you don't have an investment slip, include
your name, address and account number on your check or money order.

SELL SHARES

Send us written instructions or a redemption form to sell shares. Call an
Investor Relations Representative to request a form.

- --------------------------------------------------------------------------------
ONLINE

www.americancentury.com

[graphic of computer]

OPEN AN ACCOUNT

If you are a current investor, you can open an account by exchanging shares from
another American Century account.

EXCHANGE SHARES

Exchange shares from another American Century account.

MAKE ADDITIONAL INVESTMENTS

Make an additional investment into an established American Century account if
you have authorized us to invest from your bank account.

SELL SHARES

Not available.

10 American Century Investments 1-800-345-2021

A NOTE ABOUT MAILINGS TO SHAREHOLDERS

To reduce expenses and demonstrate respect for our environment, we will deliver
most financial reports, prospectuses and account statements to households in a
single envelope, even if the accounts are registered under different names. If
you would like additional copies of financial reports and prospectuses or
separate mailing of account statements, please call us.

YOUR GUIDE TO SERVICES AND POLICIES

When you open an account, you will receive a services guide, which explains the
services available to you and the policies of the fund and the transfer agent.

- --------------------------------------------------------------------------------
BY WIRE

[graphic of pointing index finger] Please remember that if you request
redemptions by wire, $10 will be deducted from the amount redeemed. Your
bank also may charge a fee.

[graphic of wire machine]

- --------------------------------------------------------------------------------
OPEN AN ACCOUNT

Call us to set up your account or mail a completed application to the address
provided in the "By Mail" section and give your bank the following information

* Our bank information:
Commerce Bank N.A.
Routing No. 101000019
Account No. 2804918
* The fund name
* Your American Century account number+
* Your name
* The contribution year (for IRAs only)
+For additional investments only

MAKE ADDITIONAL INVESTMENTS

Follow the wire instructions provided in the "Open an account" section.

SELL SHARES

You can receive redemption proceeds by wire or electronic transfer.

EXCHANGE SHARES

Not available.

- --------------------------------------------------------------------------------
AUTOMATICALLY

[graphic of arrows in circle]

OPEN AN ACCOUNT

Not available.

EXCHANGE SHARES

Send us written instructions to set up an automatic exchange of your shares from
one American Century account to another.

MAKE ADDITIONAL INVESTMENTS

With the automatic investment privilege, you can purchase shares on a regular
basis. You must invest at least $600 per year per account.

SELL SHARES

If you have at least $10,000 in your account, you may sell shares automatically
by establishing Check-A-Month or Automatic Redemption plans.

- --------------------------------------------------------------------------------
IN PERSON

[graphic of human figure]

If you prefer to handle your transactions in person, visit one of our Investor
Centers and a representative can help you open an account, make additional
investments, and sell or exchange shares.

4500 Main St.
Kansas City, Missouri
8 a.m. to 5:30 p.m., Monday - Friday

1665 Charleston Road
Mountain View, California
8 a.m. to 5 p.m., Monday - Friday

4917 Town Center Drive
Leawood, Kansas
8 a.m. to 6 p.m., Monday - Friday
8 a.m. to noon, Saturday

9445 East County Line Road, Suite A
Englewood, Colorado
8 a.m. to 6 p.m., Monday- Friday
8 a.m. to noon, Saturday

www.americancentury.com American Century Investments 11

MINIMUM INITIAL INVESTMENT AMOUNTS

To open an account, the minimum investments are:
- --------------------------------------------------------------------------------
Individual or Joint $2,500
- --------------------------------------------------------------------------------
Traditional IRA $1,000
- --------------------------------------------------------------------------------
Roth IRA $1,000
- --------------------------------------------------------------------------------
Education IRA $500
- --------------------------------------------------------------------------------
UGMA/UTMA $1,000
- --------------------------------------------------------------------------------
403(b) No minimum
- --------------------------------------------------------------------------------
Qualified Retirement Plans $2,500*

* The minimum investment requirements may be different for some types of
retirement accounts.

REDEMPTION OF SHARES IN LOW-BALANCE ACCOUNTS

If your redemption activity causes your account balance to fall below the
minimum initial investment amount, we will notify you and give you 90 days to
meet the minimum. If you do not meet the deadline, American Century will redeem
the shares in the account and send the proceeds to your address of record.

ABUSIVE TRADING PRACTICES

We do not permit market timing or other abusive trading practices in our funds.

Excessive, short-term (market timing) or other abusive trading practices may
disrupt portfolio management strategies and harm fund performance. To minimize
harm to the fund and its shareholders, we reserve the right to reject any
purchase order (including exchanges) from any investor we believe has a history
of abusive trading or whose trading, in our judgment, has been or may be
disruptive to a fund. In making this judgment, we may consider trading done in
multiple accounts under common ownership or control. We also reserve the right
to delay delivery of your redemption proceeds -- up to seven days -- or to honor
certain redemptions with securities, rather than cash, as described in the next
section.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

If, during any 90-day period, you redeem fund shares worth more than $250,000
(or 1% of the assets of the fund if that percentage is less than $250,000), we
reserve the right to pay part or all of the redemption proceeds in excess of
this amount in readily marketable securities instead of cash. If we make payment
in securities, we will value the securities selected by the fund managers in the
same manner as we do in computing the fund's net asset value. We may provide
these securities in lieu of cash without prior notice.

If your redemption would exceed this limit and you would like to avoid being
paid in securities, please provide us with an unconditional instruction to
redeem at least 15 days prior to the date on which the redemption transaction is
to occur. The instruction must specify the dollar amount or number of shares to
be redeemed and the date of the transaction. This minimizes the effect of the
redemption on the fund and its remaining shareholders.

12 American Century Investments 1-800-345-2021

INVESTING THROUGH FINANCIAL INTERMEDIARIES

If you do business with us through a financial intermediary or a retirement
plan, your ability to purchase, exchange and redeem shares will depend on the
policies of that entity. Some policy differences may include

* minimum investment requirements

* exchange policies

* fund choices

* cutoff time for investments

Please contact your financial intermediary or plan sponsor for a complete
description of its policies. Copies of the fund's annual report, semiannual
report and Statement of Additional Information are available from your
intermediary or plan sponsor.

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, American Century will pay the
service provider a fee for performing those services.

Although transactions in fund shares may be made directly with American Century
at no charge, you also may purchase, redeem and exchange fund shares through
financial intermediaries that charge a transaction-based or other fee for their
services. Those charges are retained by the intermediary and are not shared with
American Century or the fund.

American Century has contracts with certain financial intermediaries requiring
them to track the time investment orders are received and to comply with
procedures relating to the transmission of orders. The fund has authorized those
intermediaries to accept orders on its behalf up to the time at which the net
asset value is determined. If those orders are transmitted to American Century
and paid for in accordance with the contract, they will be priced at the net
asset value next determined after your request is received in the form required
by the intermediary on the fund's behalf.

[left margin]

[graphic of pointing index finger]
Financial intermediaries include banks, broker-dealers, insurance companies and
investment advisors.

www.americancentury.com American Century Investments 13

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

American Century determines the NET ASSET VALUE (NAV) of the fund as of the
close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern
time) each day the Exchange is open. On days when the Exchange is not open
(including certain U.S. holidays), we do not calculate the NAV. The NAV of a
fund share is the current value of the fund's assets, minus any liabilities,
divided by the number of fund shares outstanding.

The fund's portfolio securities are valued at amortized cost. This means that
the securities are initially valued at their cost when purchased. After the
initial purchase, the difference between the purchase price and the known value
at maturity will be reduced at a constant rate until maturity. This valuation
will be used regardless of the impact of interest rates on the market value of
the security. The Board has adopted procedures to ensure that this type of
pricing is fair to the fund's shareholders.

We will price your purchase, exchange or redemption at the NAV next determined
after we receive your transaction request in good order.

DISTRIBUTIONS

Federal tax laws require the fund to make distributions to its shareholders in
order to qualify as a "regulated investment company." Qualification as a
regulated investment company means that the fund will not be subject to state or
federal income tax on amounts distributed. The distributions generally consist
of dividends and interest received. The fund's dividends are declared and
available for redemption daily.

You will participate in fund distributions, when they are declared, starting on
the day after your purchase is effective. For example, if you purchase shares on
a day that a distribution is declared, you will not receive that distribution.
If you redeem shares, you will receive any distribution declared on the day you
redeem. If you redeem all shares, we will include any distributions received
with your redemption proceeds.

Participants in employer-sponsored retirement or savings plans must reinvest all
distributions. For shareholders investing through taxable accounts, we will
reinvest distributions unless you elect to receive them in cash. Please consult
your services guide for further information regarding distributions and your
distribution options.

[left margin]

The NET ASSET VALUE of a fund is the price of the fund's shares.

14 American Century Investments 1-800-345-2021

TAXES

The tax consequences of owning shares of the fund will vary depending on whether
you own them through a taxable or tax-deferred account. Tax consequences result
from distributions by the fund of dividend and interest income it has received
or capital gains it has generated through its investment activities.

Tax-Deferred Accounts

If you purchase fund shares through a tax-deferred account, such as an IRA or a
qualified employer-sponsored retirement or savings plan, income and capital
gains distributions usually will not be subject to current taxation, but will
accumulate in your account under the plan on a tax-deferred basis. Likewise,
moving from one fund to another fund within a plan or tax-deferred account
generally will not cause you to be taxed. For information about the tax
consequences of making purchases or withdrawals through an employer-sponsored
retirement or savings plan, or through an IRA, please consult your plan
administrator, your summary plan description or a professional tax advisor.

Taxable Accounts

If you own fund shares through a taxable account, distributions by the fund and
sales by you of fund shares may cause you to be taxed.

Taxability of Distributions

Fund distributions may consist of income earned by the fund from sources such as
dividends and interest, or capital gains generated from the sale of fund
investments. Distributions of income are taxed as ordinary income. Distributions
of capital gains are classified either as short term or long term and are taxed
as follows:

Type of Distribution Tax Rate for 15% Bracket Tax Rate for 28% Bracket
or above
- --------------------------------------------------------------------------------
Short-term capital gains Ordinary income rate Ordinary income rate
- --------------------------------------------------------------------------------
Long-term capital gains 10% 20%

The tax status of any distribution of capital gains is determined by how long
the fund held the underlying security that was sold, not by how long you have
been invested in the fund or whether you reinvest your distribution in
additional shares or take them in cash. American Century will send you the tax
status of fund distributions for each calendar year in an annual tax mailing
(Form 1099-DIV) from the fund.

Distributions also may be subject to state and local taxes.

Because everyone's tax situation is unique, always consult your tax professional
about federal, state and local tax consequences.

www.americancentury.com American Century Investments 15

MULTIPLE CLASS INFORMATION

American Century offers two classes of the fund: Investor Class and Advisor
Class. The shares offered by this Prospectus are Investor Class shares and have
no up-front or deferred charges, commissions or 12b-1 fees.

American Century offers the other class of shares primarily to institutional
investors through institutional distribution channels, such as
employer-sponsored retirement plans, or through banks, broker-dealers and
insurance companies. The other class has different fees, expenses and/or minimum
investment requirements than the Investor Class. The difference in the fee
structures between the classes is the result of their separate arrangements for
shareholder and distribution services and not the result of any difference in
amounts charged by the advisor for core investment advisory services.
Accordingly, the core investment advisory expenses do not vary by class.
Different fees and expenses will affect performance. For additional information
concerning the other class of shares not offered by this Prospectus, call us at
1-800-345-3533 for Advisor Class shares. You also can contact a sales
representative or financial intermediary who offers that class of shares.

Except as described below, all classes of shares of the fund have identical
voting, dividend, liquidation and other rights, preferences, terms and
conditions. The only differences between the classes are (a) each class may be
subject to different expenses specific to that class; (b) each class has a
different identifying designation or name; (c) each class has exclusive voting
rights with respect to matters solely affecting such class; and (d) each class
may have different exchange privileges.

16 American Century Investments 1-800-345-2021

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

The table on the next page itemizes what contributed to the changes in share
price during the period. It also shows the changes in share price for this
period in comparison to changes over the last five fiscal years.

On a per-share basis, the table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

The table also includes some key statistics for the period as appropriate

* TOTAL RETURN -- the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO -- operating expenses as a percentage of average net assets

* NET INCOME RATIO -- net investment income as a percentage of average net
assets

* PORTFOLIO TURNOVER -- the percentage of the fund's buying and selling
activity

The Financial Highlights for the fiscal years ended February 28, 1998 and 1999
have been audited by PricewaterhouseCoopers LLP, independent accountants. Their
report is included in the fund's annual report, which is incorporated by
reference into the Statement of Additional Information, and is available upon
request. Prior years' information was audited by other independent auditors,
whose report also is incorporated by reference into the Statement of Additional
Information.

www.americancentury.com American Century Investments 17

PRIME MONEY MARKET FUND

<TABLE>
<CAPTION>
Investor Class

For a Share Outstanding Throughout the Years Ended February 28 (except as noted)

Per-Share Data
1999 1998 1997 1996(1) 1995

<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year ...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- ------------- ------------- ------------- -------------
Income From Investment Operations
Net Investment Income ................. 0.05 0.05 0.05 0.06 0.05
------------- ------------- ------------- ------------- -------------
Distributions
From Net Investment Income ............ (0.05) (0.05) (0.05) (0.06) (0.05)
------------- ------------- ------------- ------------- -------------
Net Asset Value, End of Year ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============= ============= ============= =============
Total Return(2) ....................... 5.07% 5.29% 5.04% 5.60% 4.93%

Ratios/Supplemental Data
1999 1998 1997 1996(1) 1995

Ratio of Operating Expenses
to Average Net Assets ................ 0.58% 0.50% 0.50% 0.48% 0.04%
Ratio of Operating Expenses to
Average
Net Assets (Before Expense Waiver) ... 0.60% 0.63% 0.63% 0.62% 0.71%
Ratio of Net Investment Income
to Average Net Assets ................ 4.91% 5.17% 4.92% 5.43% 5.28%
Ratio of Net Investment Income to Average
Net Assets (Before Expense Waiver) ... 4.89% 5.04% 4.79% 5.29% 4.61%
Net Assets, End of Year (in thousands) .. $ 2,851,880 $ 1,417,311 $ 1,211,990 $ 1,270,653 $ 1,509,863
</TABLE>

(1) Year ended February 29, 1996.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

18 American Century Investments 1-800-345-2021

NOTES

www.americancentury.com American Century Investments 19

NOTES

20 American Century Investments 1-800-345-2021

NOTES

www.americancentury.com American Century Investments 21

[back cover]

MORE INFORMATION ABOUT THE FUND IS CONTAINED IN THESE DOCUMENTS

Annual and Semiannual Reports

These reports contain more information about the fund's investments and the
market conditions and investment strategies that significantly affected the
fund's performance during the most recent fiscal period.

Statement of Additional Information (SAI)

The SAI contains a more detailed, legal description of the fund's operations,
investment restrictions, policies and practices. The SAI is incorporated by
reference into this Prospectus. This means that it is legally part of this
Prospectus, even if you don't request a copy.

You may obtain a free copy of the SAI or annual and semiannual reports, and ask
any questions about the fund or your accounts, by contacting American Century at
the address or one of the telephone numbers listed below.

You also can get information about the fund (including the SAI) from the
Securities and Exchange Commission (SEC).

* In person SEC Public Reference Room
Washington, D.C.
Call 1-800-SEC-0330 for location
and hours.

* On the Internet www.sec.gov

* By mail SEC Public Reference Section
Washington, D.C. 20549-6009
(The SEC will charge a fee for copying
the documents.)

Investment Company Act File No. 811-7822

[american century logo (reg. sm)]
American
Century

AMERICAN CENTURY INVESTMENTS
P.O. Box 419200
Kansas City, Missouri 64141-6200

1-800-345-2021 or 816-531-5575

9907
SH-PRS-16612
<PAGE>
[front cover]

AMERICAN CENTURY

Prospectus

Prime Money Market Fund

[american century logo (reg. sm)]
American
Century

[left margin]

July 1, 1999
ADVISOR CLASS

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANYONE WHO
TELLS YOU OTHERWISE IS COMMITTING A CRIME.

Distributed by Funds Distributor, Inc.

Dear Investor,

Here's what you'll find:

* The fund's primary investments and risks

* A description of who may or may not want to invest in the fund

* Fund performance, including returns for each year, best and worst quarters,
and average annual returns compared to the fund's benchmark

* An overview of services available and ways to manage your accounts

* Helpful tips and definitions of key investment terms

Whether you're a current investor or investing in mutual funds for the first
time, this prospectus will give you a clear understanding of the fund. If you
have questions, our Service Representatives are available weekdays, 8 a.m. to 5
p.m., Central time. Our toll-free number is 1-800-345-3533. We look forward to
helping you achieve your financial goals.

Sincerely,

/s/Mark Killen

Mark Killen
Senior Vice President
American Century Investment Services, Inc.

[left margin]

[american century logo (reg. sm)]
American
Century

American Century
Investments

P.O. Box 419385
Kansas City, MO
64141-6385

TABLE OF CONTENTS

An Overview of the Fund .................................................... 2
Fund Performance History ................................................... 3
Fees and Expenses .......................................................... 4
Information about the Fund ................................................. 5
Basics of Fixed-Income Investing ........................................... 6
Management ................................................................. 8
Investing with American Century ............................................ 10
Share Price and Distributions .............................................. 12
Taxes ...................................................................... 13
Multiple Class Information ................................................. 14
Financial Highlights ....................................................... 15
Performance Information of Other Class ..................................... 17

[left margin]

Throughout this book you'll find definitions of key investment terms and
phrases. When you see a word printed in GREEN ITALICS, look for its definition
in the left margin.

[graphic of pointing index finger]
This symbol highlights special information and helpful tips.

American Century Investments

AN OVERVIEW OF THE FUND

WHAT ARE THE FUND'S INVESTMENT OBJECTIVES?

Prime Money Market seeks to earn the highest level of current income while
preserving the value of your investment.

WHAT ARE THE FUND'S PRIMARY INVESTMENT STRATEGIES AND PRINCIPAL RISKS?

The fund invests most of its assets in high-quality DEBT SECURITIES issued by
corporations, banks and governments.

Investments in debt securities also involve interest rate and inflation risk.
However, the fund's investments in very short-term debt securities are designed
to minimize these risks.

WHO MAY WANT TO INVEST IN THE FUND?

The fund may be a good investment if you are

* more concerned with preservation of capital than long-term investment
performance

* seeking some current income

* seeking diversification by investing in a fixed-income mutual fund

WHO MAY NOT WANT TO INVEST IN THE FUND?

The fund may not be a good investment if you are

* investing for long-term growth

* looking for the added security of FDIC insurance

[left margin]

DEBT SECURITIES include fixed-income investments such as notes, bonds,
commercial paper and Treasury bills.

2 American Century Investments 1-800-345-3533

FUND PERFORMANCE HISTORY

PRIME MONEY MARKET FUND

When the Advisor Class of this fund has investment results for a full calendar
year, this section will feature charts that show

* Annual Total Returns

* Highest and Lowest Quarterly Returns

* Average Annual Returns, including a comparison of these returns to a
benchmark index for the Advisor Class of the fund

In addition, investors can examine the performance of the fund's Investor Class
of shares. The Investor Class has a total expense ratio that is 0.25% lower than
the Advisor Class. If the Advisor Class had existed during the periods
presented, its performance would have been lower because of the additional
expense.

All past performance information is designed to help show you how fund returns
can vary. Keep in mind that past performance does not predict how the fund will
perform in the future.

[left margin]

[graphic of pointing index finger]
For current performance information, including 7-day yield, please call us at
1-800-345-3533 or visit American Century's Web site at www.americancentury.com.

www.americancentury.com American Century Investments 3

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 Advisor Class shares of other American Century funds

* to redeem your shares

The following table describes the fees and expenses that you will pay if you buy
and hold shares of the fund.

ANNUAL OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

Management Distribution and Other Total Annual Fund
Fee(1) Service (12b-1) Fees(2) Expenses(3) Operating Expenses
- --------------------------------------------------------------------------------
Prime Money
Market 0.35% 0.50% 0.00% 0.85%

(1) Based on expenses incurred during the fund's most recent fiscal year. The
fund has a stepped fee schedule. As a result, the fund's management fee rate
generally decreases as fund assets increase.

(2) The 12b-1 fee is designed to permit investors to purchase Advisor Class
shares through broker-dealers, banks, insurance companies and other financial
intermediaries. A portion of the fee is used to compensate them for ongoing
recordkeeping and administrative services that would otherwise be performed by
an affiliate of the advisor, and a portion is used to compensate them for
distribution and other shareholder services. See "Service and Distribution
Fees," page 14.

(3) Other expenses, which include the fees and expenses of the fund's
independent trustees, their legal counsel and interest, were less than 0.005%
for the most recent fiscal year.

Example

The examples in the table below are intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual funds.
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
- ------------------------------------------------------------------------
Prime Money Market $87 $271 $470 $1,045

[left margin]

[graphic of pointing index finger]
Use this example to compare the costs of investing in other funds. Of course,
your actual costs may be higher or lower.

4 American Century Investments 1-800-345-3533

INFORMATION ABOUT THE FUND

PRIME MONEY MARKET FUND

WHAT ARE THE FUND'S INVESTMENT OBJECTIVES?

Prime Money Market seeks to earn the highest level of current income while
preserving the value of your investment.

HOW DOES THE FUND PURSUE ITS INVESTMENT OBJECTIVES?

The fund buys HIGH-QUALITY, cash-equivalent securities. These securities are
short-term obligations of banks, governments and corporations that are payable
in U.S. dollars.

For more information about the fund's credit quality standards and about credit
risk, please see "Basics of Fixed-Income Investing" beginning on page 6.

WHAT ARE THE PRIMARY RISKS OF INVESTING IN THE FUND?

[left margin]

www.americancentury.com American Century Investments 5

BASICS OF FIXED-INCOME INVESTING

DEBT SECURITIES

The fund managers decide which debt securities to buy and sell by

* determining which securities help a fund meet its maturity requirements

* eliminating securities that do not satisfy a fund's credit quality standards

* evaluating the current economic conditions and assessing the risk of
inflation

* evaluating special features of the securities that may make them more or less
attractive

WEIGHTED AVERAGE MATURITY

Amount of Percent of Remaining Weighted
Security Owned Portfolio Maturity Maturity
- ------------------------------------------------------------------------------
Debt Security A $100,000 25% 1,000 days 250 days
- ------------------------------------------------------------------------------
Debt Security B $300,000 75% 10,000 days 7,500 days
- ------------------------------------------------------------------------------
Weighted Average Maturity 7,750 days

TYPES OF RISK

The basic types of risk that the fund faces are described below.

Interest Rate Risk

[left margin]

WEIGHTED AVERAGE MATURITY is a tool that the fund managers use to approximate
the remaining maturity of a fund's investment portfolio.

[graphic of pointing index finger]
The longer a fund's weighted average maturity, the more sensitive it is to
changes in interest rates.

6 American Century Investments 1-800-345-3533

Remaining Maturity Current Price Price After 1% Increase Change in Price
- ------------------------------------------------------------------------------
1 year $100.00 $99.06 -0.94%
- ------------------------------------------------------------------------------
3 years $100.00 $97.38 -2.62%
- ------------------------------------------------------------------------------
10 years $100.00 $93.20 -6.80%
- ------------------------------------------------------------------------------
30 years $100.00 $88.69 -11.31%

Credit Risk

[quality chart data shown below]
<TABLE>

- -----------------------------------------------------------
Quality
- -----------------------------------------------------------
High Quality
- ------------------------------------
<S> <C> <C> <C> <C> <C>

A-1 A-2 A-3
P-1 P-2 P-3
MIG-1 MIG-2 MIG-3
SP-1 SP-2 SP-3
AAA AA A BBB BB B CCC CC C D
- -------------------------------------------------------------------------------------------------------
Prime Money Market X X
- ------------------------------------------------------- ----------------------------------------
INVESTMENT GRADE NON-INVESTMENT GRADE
- ------------------------------------------------------- ----------------------------------------
</TABLE>

Liquidity Risk

Inflation Risk

[left margin]

[graphic of pointing index finger]
Credit quality may be lower when the issuer has

* a high debt level
* a short operating history
* a senior level of debt
* a difficult, competitive environment
* a less stable cash flow

[graphic of pointing index finger]
The Statement of Additional Information provides a detailed description of these
securities ratings.

www.americancentury.com American Century Investments 7

MANAGEMENT

WHO MANAGES THE FUND?

The Board of Trustees, investment advisor and fund management team play key
roles in the management of the fund.

THE BOARD OF TRUSTEES

THE INVESTMENT ADVISOR

For the services it provided to the fund during the most recent fiscal year, the
advisor received a unified management fee of 0.35% of the average net assets of
the Advisor Class shares of the fund. The rate of the management fee for a fund
is determined on a class-by-class basis monthly using a two-step formula that
takes into account the fund's strategy (money market, bond or equity) and the
total amount of mutual fund assets the advisor manages.

8 American Century Investments 1-800-345-3533

THE FUND MANAGEMENT TEAM

The portfolio manager who leads the team is identified below:

DENISE TABACCO

FUNDAMENTAL INVESTMENT POLICIES

YEAR 2000 ISSUES

[left margin]

[graphic of pointing index finger]
CODE OF ETHICS

American Century has a Code of Ethics designed to ensure that the interests of
fund shareholders come before the interests of the people who manage the funds.
Among other provisions, the Code of Ethics prohibits portfolio managers and
other investment personnel from buying securities in an initial public offering
or from profiting from the purchase and sale of the same security within 60
calendar days. In addition, the Code of Ethics requires portfolio managers and
other employees with access to information about the purchase or sale of
securities by the fund to obtain approval before executing permitted personal
trades.

www.americancentury.com American Century Investments 9

INVESTING WITH AMERICAN CENTURY

ELIGIBILITY FOR ADVISOR CLASS SHARES

The Advisor Class shares are intended for purchase by participants in
employer-sponsored retirement or savings plans and for persons purchasing shares
through broker-dealers, banks, insurance companies and other financial
intermediaries that provide various administrative and distribution services.

INVESTING THROUGH FINANCIAL INTERMEDIARIES

* minimum investment requirements

* exchange policies

* fund choices

* cutoff time for investments

[left margin]

[graphic of pointing index finger]
Financial intermediaries include banks, broker-dealers, insurance companies and
investment advisors.

10 American Century Investments 1-800-345-3533

ABUSIVE TRADING PRACTICES

We do not permit market timing or other abusive trading practices in our funds.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

www.americancentury.com American Century Investments 11

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

We will price your purchase, exchange or redemption at the NAV next determined
after we receive your transaction request in good order.

DISTRIBUTIONS

[left margin]

The NET ASSET VALUE of a fund is the price of the fund's shares.

12 American Century Investments 1-800-345-3533

TAXES

Tax-Deferred Accounts

Taxable Accounts

If you own fund shares through a taxable account, distributions by the fund and
sales by you of fund shares may cause you to be taxed.

Taxability of Distributions

Distributions also may be subject to state and local taxes.

Because everyone's tax situation is unique, always consult your tax professional
about federal, state and local tax consequences.

www.americancentury.com American Century Investments 13

MULTIPLE CLASS INFORMATION

American Century offers two classes of the fund: Investor Class and Advisor
Class. The shares offered by this Prospectus are Advisor Class shares and are
offered primarily to institutional investors through institutional distribution
channels, such as employer-sponsored retirement plans, or through banks,
broker-dealers and insurance companies.

American Century offers another class of shares that has no up-front or deferred
charges, commissions or 12b-1 fees. The other class has different fees, expenses
and/or minimum investment requirements than the Advisor Class. The difference in
the fee structures between the classes is the result of their separate
arrangements for shareholder and distribution services and not the result of any
difference in amounts charged by the advisor for core investment advisory
services. Accordingly, the core investment advisory expenses do not vary by
class. Different fees and expenses will affect performance. For additional
information concerning the other class of shares not offered by this Prospectus,
call us at 1-800-345-2021 for Investor Class shares. You also can contact a
sales representative or financial intermediary who offers that class of shares.

SERVICE AND DISTRIBUTION FEES

Investment Company Act Rule 12b-1 permits mutual funds that adopt a written plan
to pay out of fund assets certain expenses associated with the distribution of
their shares. The fund's Advisor Class shares have a 12b-1 Plan. Under the Plan,
the fund pays an annual fee of 0.50% of fund assets, half for certain
shareholder and administrative services and half for distribution services. The
advisor, as paying agent for the fund, pays all or a portion of such fees to the
banks, broker-dealers and insurance companies that make such shares available.
Because these fees are paid out of the fund's 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 -- Master Distribution and
Shareholder Services Plan" in the Statement of Additional Information.

14 American Century Investments 1-800-345-3533

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

On a per-share basis, the table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

The table also includes some key statistics for the period as appropriate

* TOTAL RETURN -- the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO -- operating expenses as a percentage of average net assets

* NET INCOME RATIO -- net investment income as a percentage of average net
assets

* PORTFOLIO TURNOVER -- the percentage of the fund's buying and selling
activity

The Financial Highlights for the fiscal year ended February 28, 1999, have been
audited by PricewaterhouseCoopers LLP, independent accountants. Their report is
included in the fund's annual report, which is incorporated by reference into
the Statement of Additional Information, and is available upon request.

www.americancentury.com American Century Investments 15

PRIME MONEY MARKET FUND

Advisor Class

For a Share Outstanding Throughout the Period Indicated

Per-Share Data
1999(1)

Net Asset Value, Beginning of Period ........................ $ 1.00
---------
Income From Investment Operations
Net Investment Income ..................................... 0.02
---------
Distributions
From Net Investment Income ................................ (0.02)
---------
Net Asset Value, End of Period .............................. $ 1.00
=========
Total Return(2) ........................................... 2.31%

Ratios/Supplemental Data
1999(1)

Ratio of Operating Expenses to Average Net Assets ........... 0.85%(3)
Ratio of Net Investment Income to Average Net Assets ........ 4.53%(3)
Net Assets, End of Period (in thousands) .................... $ 3,215

(1) August 28, 1998 (acquisition date) through February 28, 1999. On August 28,
1998, Prime Money Market acquired all of the net assets of the American
Century Cash Reserve Fund, pursuant to a plan of reorganization approved by
the acquired fund's shareholders on August 7, 1998.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(3) Annualized.

16 American Century Investments 1-800-345-3533

PERFORMANCE INFORMATION OF OTHER CLASS

The following financial information is provided to show the performance of the
fund's original class of shares. This class, the Investor Class, has a total
expense ratio that is 0.25% lower than the Advisor Class. If the Advisor Class
had existed during the periods presented, its performance would have been lower
because of the additional expense.

The table itemizes what contributed to the changes in share price during the
period. It also shows the changes in share price for this period in comparison
to changes over the last five fiscal years.

On a per-share basis, the table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

The table also includes some key statistics for the period as appropriate

* TOTAL RETURN -- the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO -- operating expenses as a percentage of average net assets

* NET INCOME RATIO -- net investment income as a percentage of average net
assets

* PORTFOLIO TURNOVER -- the percentage of the fund's buying and selling
activity

www.americancentury.com American Century Investments 17

PRIME MONEY MARKET FUND

<TABLE>
Investor Class

For a Share Outstanding Throughout the Years Ended February 28 (except as noted

Per-Share Data
1999 1998 1997 1996(1) 1995

Ratios/Supplemental Data
1999 1998 1997 1996(1) 1995

Ratio of Operating Expenses
to Average Net Assets ................ 0.58% 0.50% 0.50% 0.48% 0.04%
Ratio of Operating Expenses to Average
Net Assets (Before Expense Waiver) ... 0.60% 0.63% 0.63% 0.62% 0.71%
Ratio of Net Investment Income
to Average Net Assets ................ 4.91% 5.17% 4.92% 5.43% 5.28%
Ratio of Net Investment Income to Average
Net Assets (Before Expense Waiver) ... 4.89% 5.04% 4.79% 5.29% 4.61%
Net Assets, End of Year (in thousands) .. $ 2,851,880 $ 1,417,311 $ 1,211,990 $ 1,270,653 $ 1,509,863
</TABLE>

(1) Year ended February 29, 1996.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

18 American Century Investments 1-800-345-3533

NOTES

www.americancentury.com American Century Investments 19

NOTES

20 American Century Investments 1-800-345-3533

NOTES

www.americancentury.com American Century Investments 21

[back cover]

MORE INFORMATION ABOUT THE FUND IS CONTAINED IN THESE DOCUMENTS

Annual and Semiannual Reports

Statement of Additional Information (SAI)

You also can get information about the fund (including the SAI) from the
Securities and Exchange Commission (SEC).

* In person SEC Public Reference Room
Washington, D.C.
Call 1-800-SEC-0330 for location
and hours.

* On the Internet www.sec.gov

* By mail SEC Public Reference Section
Washington, D.C. 20549-6009
(The SEC will charge a fee for copying
the documents.)

Investment Company Act File No. 811-7822

[american century logo (reg. sm)]
American
Century

AMERICAN CENTURY INVESTMENTS
P.O. Box 419385
Kansas City, Missouri 64141-6385

1-800-345-3533 or 816-531-5575

9907
SH-PRS-16613
<PAGE>
[front cover]
AMERICAN CENTURY

Statement of Additional Information

Prime Money Market Fund

[american century logo (reg. sm)]
American
Century

[left margin]

JULY 1, 1999

American Century
Investment Trust

THIS STATEMENT OF ADDITIONAL INFORMATION ADDS TO THE DISCUSSION IN THE FUND'S
PROSPECTUS, DATED JULY 1, 1999, BUT IS NOT A PROSPECTUS. THE STATEMENT OF
ADDITIONAL INFORMATION SHOULD BE READ IN CONJUNCTION WITH THE FUND'S CURRENT
PROSPECTUS. IF YOU WOULD LIKE A COPY OF THE PROSPECTUS, PLEASE CONTACT US AT THE
ADDRESS OR TELEPHONE NUMBERS LISTED ON THE BACK COVER OR VISIT AMERICAN
CENTURY'S WEB SITE AT WWW.AMERICANCENTURY.COM.

THIS STATEMENT OF ADDITIONAL INFORMATION INCORPORATES BY REFERENCE CERTAIN
INFORMATION THAT APPEARS IN THE FUND'S ANNUAL AND SEMIANNUAL REPORTS, WHICH ARE
DELIVERED TO ALL SHAREHOLDERS. YOU MAY OBTAIN A FREE COPY OF THE FUND'S ANNUAL
OR SEMIANNUAL REPORT BY CALLING 1-800-345-2021.

Distributed by Funds Distributor, Inc.

STATEMENT OF ADDITIONAL INFORMATION
July 1, 1999

TABLE OF CONTENTS

The Fund's History ......................................................... 2
Fund Investment Guidelines ................................................. 2
Portfolio Composition ...................................................... 2
Detailed Information about the Fund ........................................ 3
Investment Strategies and Risks ........................................ 3
Investment Policies .................................................... 7
Temporary Defensive Measures ........................................... 9
Management ................................................................. 9
The Board of Trustees .................................................. 9
Officers ............................................................... 13
The Fund's Principal Shareholders .......................................... 14
Service Providers .......................................................... 14
Investment Advisor ..................................................... 14
Transfer Agent and Administrator ....................................... 16
Distributor ............................................................ 16
Other Service Providers .................................................... 16
Custodian Banks ........................................................ 16
Independent Accountants ................................................ 17
Brokerage Allocation ....................................................... 17
Information about Fund Shares .............................................. 17
Multiple Class Structure ............................................... 18
Buying and Selling Fund Shares ......................................... 19
Valuation of a Fund's Securities ....................................... 19
Taxes ...................................................................... 20
Federal Income Tax ..................................................... 20
How Fund Performance
Information Is Calculated ............................................... 20
Financial Statements ....................................................... 22
Explanation of Fixed-Income
Securities Ratings ...................................................... 22
Bond Ratings ........................................................... 23
Commercial Paper Ratings ............................................... 24
Note Ratings ........................................................... 24

Statement of Additional Information 1

THE FUND'S HISTORY

American Century Investment Trust is a registered open-end management
investment company that was organized as a Massachusetts business trust on June
16, 1993. From then until January 1997, it was known as Benham Investment Trust.
Throughout the Statement of Additional Information, we refer to American Century
Investment Trust as the Trust.

The fund described in this Statement of Additional Information is a separate
series of the Trust. The Trust may issue other series; the fund would operate
for many purposes as if it were an independent company from any such future
series.

Fund-Class (Ticker Symbol) Inception Date
- --------------------------------------------------------------------------------
Prime Money Market Fund--
Investor Class (BPRXX) 11/17/1993

Prime Money Market Fund --
Advisor Class (N/A) 8/28/1998
- --------------------------------------------------------------------------------

FUND INVESTMENT GUIDELINES

This section explains the extent to which the fund's advisor, American
Century Investment Management, Inc., can use various investment vehicles and
strategies in managing a fund's assets. Descriptions of the investment
techniques and risks associated with each appear in the section, "Investment
Strategies and Risks," which begins on page 3. In the case of the fund's
principal investment strategies, these descriptions elaborate upon discussion
contained in the Prospectus.

The fund is a diversified open-end investment company as defined in the
Investment Company Act of 1940 (the Investment Company Act). Diversified means
that, with respect to 75% of its total assets, the fund will not invest more
than 5% of its total assets in the securities of a single issuer.

The fund operates pursuant to Rule 2a-7 under the Investment Company Act.
That rule permits the valuation of portfolio securities on the basis of
amortized cost. To rely on the rule, each fund must be diversified with regard
to 100% of its assets other than U.S. government securities. This operating
policy is more restrictive than the Investment Company Act, which requires a
diversified investment company to be diversified with regard to only 75% of its
assets.

To meet federal tax requirements for qualification as a regulated investment
company, the fund must limit its investments so that at the close of each
quarter of its taxable year (1) no more than 25% of its total assets are
invested in the securities of a single issuer (other than the U.S. government or
a regulated investment company), and (2) with respect to at least 50% of its
total assets, no more than 5% of its total assets are invested in the securities
of a single issuer.

PORTFOLIO COMPOSITION

ELIGIBLE INVESTMENTS

The fund buys high-quality (first-tier), U.S. dollar-denominated money
market instruments and other short-term obligations of banks, governments and
corporations. Some of the fund's possible investments are listed in the
following table. The obligations referenced in the table and the risks
associated with investing in them are described in the section titled
"Investment Strategies and Risks," which begins on page 3.

Issuers Types of Obligations
- --------------------------------------------------------------------------------
Domestic and foreign financial institutions Negotiable certificates of
(e.g., banks, broker-dealers, insurance deposit, bankers' acceptances,
companies, leasing and financing bank notes and commercial paper
corporations) (including floating-rate agency
securities)
- --------------------------------------------------------------------------------
Domestic and foreign nonfinancial Commercial paper and short-term
corporations corporate debt obligations
(including fixed- and variable-rate
notes and bonds)
- --------------------------------------------------------------------------------
U.S. government and its agencies U.S. Treasury bills, notes, bonds
and instrumentalities and U.S. government agency
obligations (including floating-
rate agency securities)
- --------------------------------------------------------------------------------
Foreign governments and their agencies Commercial paper and discount
and instrumentalities notes
- --------------------------------------------------------------------------------

2 American Century Investments

PORTFOLIO INVESTMENT QUALITY AND MATURITY CRITERIA

The fund managers follow regulatory guidelines on quality and maturity for
the fund's investments, which are designed to help maintain a stable $1.00 share
price. In particular, the fund: (1) buys only U.S. dollar-denominated
obligations with remaining maturities of 13 months or less (and variable- and
floating-rate obligations with demand features that effectively shorten their
maturities to 13 months or less); (2) maintains a dollar-weighted average
portfolio maturity of 90 days or less; (3) restricts its investments to
high-quality obligations determined by the advisor to present minimal credit
risks, pursuant to guidelines established by the Board of Trustees.

To be considered high-quality, an obligation must be one of the following:
(1) a U.S. government obligation; (2) rated (or issued by an issuer rated with
respect to a class of short-term debt obligations) within the two highest rating
categories for short-term debt obligations by at least two nationally recognized
statistical rating organizations (rating agencies) (or one if only one has rated
the obligation); (3) an unrated obligation judged by the advisor, pursuant to
guidelines established by the Board of Trustees, to be of comparable quality.

The fund managers intend to buy only obligations that are designated as
first-tier securities as defined by the SEC; that is, securities with the
highest rating.

The acquisition of securities that are unrated or rated by only one rating
agency must be approved or ratified by the Board of Trustees.

INDUSTRY CONCENTRATION

Under normal market conditions, 25% or more of the fund's total assets are
invested in obligations of issuers in the financial services industry. This
industry concentration reflects that of the markets in which the fund invests.
More than half of the markets' commercial paper is issued by companies or
organizations in the financial services industry.

DETAILED INFORMATION ABOUT THE FUND

INVESTMENT STRATEGIES AND RISKS

This section describes each of the investment vehicles and strategies that
the fund managers can use in managing a fund's assets. It also details the risks
associated with each, because each technique contributes to a fund's overall
risk profile.

COMMERCIAL PAPER

Commercial paper (CP) is issued by utility, financial, and industrial
companies and supranational organizations. Nationally recognized statistical
rating organizations (rating agencies) assign ratings to CP issuers indicating
the agencies' assessment of credit risk. Investment-grade CP ratings assigned by
four rating agencies are provided in the following table.

Date Moody's Investors Standard Duff & Fitch Investors
Service, Inc. & Poor's Phelps, Inc. Service, Inc.
- ------------------------------------------------------------------------------
Highest
Ratings Prime-1 A-1/A-1+ D-1/D-1+ F-1/F-1+
- ------------------------------------------------------------------------------
Prime-2 A-2 D-2 F-2
- ------------------------------------------------------------------------------
Prime-3 A-3 D-3 F-3
- ------------------------------------------------------------------------------

Statement of Additional Information 3

If an obligation has been assigned different ratings by multiple rating
agencies, at least two rating agencies must have assigned their highest rating
as indicated above in order for the advisor to determine that the obligation is
eligible for purchase by the fund or, if unrated, the obligation must be
determined to be of comparable quality by the advisor.

Some examples of CP and CP issuers are provided in the following paragraphs.

Domestic CP is issued by U.S. industrial and finance companies, utility
companies, thrifts and bank holding companies. Foreign CP is issued by non-U.S.
industrial and finance companies and financial institutions. Domestic and
foreign corporate issuers occasionally have the underlying support of a
well-known, highly rated commercial bank or insurance company. Bank support is
provided in the form of a letter of credit (an LOC) or irrevocable revolving
credit commitment (an IRC). Insurance support is provided in the form of a
surety bond.

Bank holding company CP is issued by the holding companies of many
well-known domestic banks, including Citicorp, J.P. Morgan & Company
Incorporated and First Union National Bank. Bank holding company CP may be
issued by the parent of a money center or regional bank.

Thrift CP is issued by major federal or state-chartered savings and loan
associations and savings banks.

Schedule B Bank CP is short-term, U.S. dollar-denominated CP issued by
Canadian subsidiaries of non-Canadian banks (Schedule B banks). Whether issued
as commercial paper, a certificate of deposit or a promissory note, each
instrument issued by a Schedule B bank ranks equally with any other deposit
obligation. Paper issued by Schedule B banks provides an investor with the
comfort and reduced risk of a direct and unconditional parental bank guarantee.
Schedule B instruments generally offer higher rates than the short-term
instruments of the parent bank or holding company.

BANK OBLIGATIONS

Negotiable certificates of deposit (CDs) evidence a bank's obligation to
repay money deposited with it for a specified period of time. The following
table identifies the types of CDs the fund may buy.

CD Type Issuer
- --------------------------------------------------------------------------------
Domestic Domestic offices of U.S. banks
- --------------------------------------------------------------------------------
Yankee U.S. branches of foreign banks
- --------------------------------------------------------------------------------
Eurodollar Issued in London by U.S.,
Canadian, European and
Japanese banks
- --------------------------------------------------------------------------------
Schedule B Canadian subsidiaries of
non-Canadian banks
- --------------------------------------------------------------------------------

Bankers' acceptances are used to finance foreign commercial trade. Issued by
a bank with an importer's name on them, these instruments allow the importer to
back up its own pledge to pay for imported goods with a bank's obligation to
cover the transaction if the importer fails to do so.

Bank notes are senior unsecured promissory notes issued in the United States
by domestic commercial banks.

Time deposits are non-negotiable bank deposits maintained for up to seven
days at a stated interest rate. These instruments may be withdrawn on demand,
although early withdrawals may be subject to penalties.

The bank obligations the fund managers may buy generally are not insured by
the FDIC or any other insurer.

U.S. GOVERNMENT SECURITIES

The fund may invest in U.S. government securities, including bills, notes
and bonds issued by the U.S. Treasury and securities issued or guaranteed by
agencies or instrumentalities of the U.S. government. Some U.S. government
securities are supported by the direct full faith and credit pledge of the U.S.
government; others are supported by the right of the issuer to borrow from the
U.S. Treasury; others, such as securities issued by the Federal National
Mortgage Association (FNMA), are supported by the discretionary authority of the
U.S. government to purchase the agencies' obligations; and others are supported
only by the credit of the issuing or guaranteeing instrumentality. There is no
assurance that the U.S. government will provide financial support to an
instrumentality it sponsors when it is not obligated by law to do so.

4 American Century Investments

U.S. DOLLAR-DENOMINATED FOREIGN SECURITIES

The fund invests exclusively in U.S. dollar-denominated instruments, some of
which may be issued by foreign entities as described in the table on page 4.
Consequently, the fund may be subject to risks different than those incurred by
a fund that invests only in debt obligations of domestic issuers.

Currently, the only securities held outside the United States in which the
fund expects to invest are EuroCDs, which are held in England. As a result, the
fund's exposure to these foreign investment risks is expected to be lower than
funds that invest more broadly in securities held outside the United States.
Regulatory limits specified in the section titled "Portfolio Investment Quality
and Maturity Criteria" on page 3 apply equally to securities of foreign and
domestic issuers.

VARIABLE- AND FLOATING-RATE INSTRUMENTS

Variable- and floating-rate instruments are issued by corporations,
financial institutions, and government agencies and instrumentalities.

Floating-rate instruments have interest rates that change whenever there is
a change in a designated base rate, whereas variable-rate instruments provide
for specified periodic interest rate adjustments. The interest rate on variable-
and floating-rate instruments is ordinarily determined by reference to (or is a
percentage of) an objective standard, such as the Federal Funds effective rate,
the 90-day U.S. Treasury bill rate or LIBOR.

Although the fund typically limits its investments to securities with
remaining maturities of 13 months or less, it may invest in variable- and
floating-rate instruments that have nominal (or stated) maturities in excess of
13 months, provided that such instruments (1) have demand features consistent
with regulatory requirements for money market funds, or (2) are securities
issued by the U.S. government or a U.S. government agency that meet certain
regulatory requirements for money market funds.

LOAN PARTICIPATIONS

The fund may buy loan participations, which represent interests in the cash
flow generated by commercial loans. Each loan participation requires three
parties: a participant (or investor), a lending bank and a borrower. The
investor purchases a share in a loan originated by a lending bank, and this
participation entitles the investor to a percentage of the principal and
interest payments made by the borrower.

Loan participations are attractive because they typically offer higher
yields than other money market instruments. However, along with these higher
yields come certain risks, not least of which is the risk that the borrower will
be unable to repay the loan. Generally, because the lending bank does not
guarantee payment, the investor is directly exposed to risk of default by the
borrower. Second, the investor is not a direct creditor of the borrower. The
participation represents an interest in assets owned by the lending bank. If the
lending bank becomes insolvent, the investor could be considered an unsecured
creditor of the bank instead of the holder of a participating interest in a
loan. Because of these risks, the manager must carefully consider the
creditworthiness of both the borrower and the lender.

Another concern is liquidity. Because there is no established secondary
market for loan participations, the fund's ability to sell them for cash is
limited. Some participation agreements place limitations on the investor's right
to resell the loan participation, even when a buyer can be found.

REPURCHASE AGREEMENTS

Each fund may invest in repurchase agreements when such transactions present
an attractive short-term return on cash that is not otherwise committed to the
purchase of securities pursuant to the investment policies of that fund.

A repurchase agreement occurs when, at the time the fund purchases an
interest-bearing obligation, the seller (a bank or a broker-dealer registered
under the Securities Exchange Act of 1934) agrees to purchase it on a specified
date in the future at an agreed-upon price. The repurchase price reflects an
agreed-upon interest rate during the time the fund's money is invested in the
security.

Because the security purchased constitutes security for the repurchase
obligation, a repurchase agreement can be considered a loan collateralized by
the security purchased. The fund's risk is the ability of the seller to pay the
agreed-upon repurchase price on the repurchase date. If the seller defaults, the
fund may

Statement of Additional Information 5

incur costs in disposing of the collateral, which would reduce the amount
realized thereon. If the seller seeks relief under the bankruptcy laws, the
disposition of the collateral may be delayed or limited. To the extent the value
of the security decreases, the fund could experience a loss.

The fund will limit repurchase agreement transactions to securities issued
by the U.S. government, and its agencies and instrumentalities, and will enter
into such transactions with those banks and securities dealers who are deemed
creditworthy pursuant to criteria adopted by the fund's Board of Trustees.

No fund will invest more than 15% of its assets in repurchase agreements
maturing in more than seven days.

REVERSE REPURCHASE AGREEMENTS

In a reverse repurchase agreement, the fund transfers possession of (or
sells) securities to another party, such as a bank or broker-dealer, for cash
and agrees to later repay cash plus interest for the return (or repurchase) of
the same securities. To collateralize the transaction, the value of the
securities transferred is slightly greater than the amount of cash the fund
receives in exchange for the securities.

If the purchaser reneged on the agreement and failed to return the
securities, the fund might suffer a loss. The fund's loss could be even greater
if the market value of the securities transferred increased in the meantime. To
protect against these risks, the fund will enter into reverse repurchase
agreements only with parties whose creditworthiness is determined to be
satisfactory by the advisor. While a reverse repurchase agreement is
outstanding, the fund will segregate appropriate securities to cover its
obligation under the agreement.

TAXABLE MUNICIPAL OBLIGATIONS

Taxable municipal obligations are state and local obligations whose interest
payments are subject to federal income tax because of the degree of
non-government involvement in the transaction or because federal tax code
limitations on the issuance of tax-exempt bonds that benefit private entities
have been exceeded. Some typical examples of taxable municipal obligations
include industrial revenue bonds and economic development bonds issued by state
or local governments to aid private enterprise. The interest on a taxable
municipal bond is often exempt from state taxation in the issuing state. The
fund may purchase taxable municipal obligations although it does not currently
intend to do so.

PORTFOLIO LENDING

In order to realize additional income, a fund may lend its portfolio
securities. Such loans may not exceed one-third of the fund's net assets valued
at market except (i) through the purchase of debt securities in accordance with
its investment objective, policies and limitations, or (ii) by engaging in
repurchase agreements with respect to portfolio securities.

WHEN-ISSUED AND FORWARD COMMITMENT AGREEMENTS

The fund may sometimes purchase new issues of securities on a when-issued or
forward commitment basis in which the transaction price and yield are each fixed
at the time the commitment is made, but payment and delivery occur at a future
date (typically 15 to 45 days later).

When purchasing securities on a when-issued or forward commitment basis, a
fund assumes the rights and risks of ownership, including the risks of price and
yield fluctuations. Market rates of interest on debt securities at the time of
delivery may be higher or lower than those contracted for on the when-issued
security. Accordingly, the value of such security may decline prior to delivery,
which could result in a loss to the fund. While the fund will make commitments
to purchase or sell securities with the intention of actually receiving or
delivering them, it may sell the securities before the settlement date if doing
so is deemed advisable as a matter of investment strategy.

In purchasing securities on a when-issued or forward commitment basis, a
fund will establish and maintain until the settlement date a segregated account
consisting of cash, cash equivalents or other appropriate liquid securities in
an amount sufficient to meet the purchase price. When the time comes to pay for
the when-issued securities, the fund will meet its obligations with available
cash, through the sale of securities, or, although it would not normally expect
to do so, by selling the when-issued securities themselves (which may have a
market value greater or less than the fund's payment obligation). Selling
securities to meet when-issued or forward commitment obligations may generate
taxable capital gains or losses.

6 American Century Investments

RESTRICTED AND ILLIQUID SECURITIES

The fund may, from time to time, purchase restricted or illiquid securities,
including Rule 144A securities, when they present attractive investment
opportunities that otherwise meet the fund's criteria for selection. Rule 144A
securities are securities that are privately placed with and traded among
qualified institutional investors rather than the general public. Although Rule
144A securities are considered "restricted securities," they are not necessarily
illiquid.

With respect to securities eligible for resale under Rule 144A, the staff of
the SEC has taken the position that the liquidity of such securities in the
portfolio of a fund offering redeemable securities is a question of fact for the
Board of Trustees to determine, such determination to be based upon a
consideration of the readily available trading markets and the review of any
contractual restrictions. Accordingly, the Board of Trustees is responsible for
developing and establishing the guidelines and procedures for determining the
liquidity of Rule 144A securities. As allowed by Rule 144A, the Board of
Trustees of the fund has delegated the day-to-day function of determining the
liquidity of Rule 144A securities to the fund managers. The Board retains the
responsibility to monitor the implementation of the guidelines and procedures it
has adopted.

Because the secondary market for such securities is limited to certain
qualified institutional investors, the liquidity of such securities may be
limited accordingly and a fund may, from time to time, hold a Rule 144A or other
security that is illiquid. In such an event, the advisor will consider
appropriate remedies to minimize the effect on such fund's liquidity.

INVESTMENT POLICIES

Unless otherwise indicated, with the exception of the percentage limitations
on borrowing, the restrictions apply at the time transactions are entered into.
Accordingly, any later increase or decrease beyond the specified limitation
resulting from a change in a fund's net assets will not be considered in
determining whether it has complied with its investment restrictions.

For purposes of the fund's investment restrictions, the party identified as
the "issuer" of a municipal security depends on the form and conditions of the
security. When the assets and revenues of a political subdivision are separate
from those of the government that created the subdivision and the security is
backed only by the assets and revenues of the subdivision, the subdivision is
deemed the sole issuer. Similarly, in the case of an Industrial Development
Bond, if the bond were backed only by the assets and revenues of a
non-governmental user, the non-governmental user would be deemed the sole
issuer. If, in either case, the creating government or some other entity were to
guarantee the security, the guarantee would be considered a separate security
and treated as an issue of the guaranteeing entity.

FUNDAMENTAL INVESTMENT POLICIES

The fund's investment restrictions are set forth below. These investment
restrictions are fundamental and may not be changed without approval of a
majority of the outstanding votes of shareholders of the fund, as determined in
accordance with the Investment Company Act.

For purposes of the investment restriction relating to concentration, the
fund shall not purchase any securities that would cause 25% or more of the value
of the fund's total assets at the time of purchase to be invested in the
securities of one or more issuers conducting their principal business activities
in the same industry (except financial industries), provided that (a) there is
no limitation with respect to obligations issued or guaranteed by the U.S.
government, any state, territory or possession of the United States, the
District of Columbia or any of their authorities, agencies, instrumentalities or
political subdivisions and repurchase agreements secured by such instruments,
(b) wholly owned finance companies will be considered to be in the industries of
their parents if their activities are primarily related to financing the
activities of the parents, (c) utilities will be divided according to their
services, for example, gas, gas transmission, electric and gas, and electric and
telephone will each be considered a separate industry, and (d) personal credit
and business credit businesses will be considered separate industries.

Statement of Additional Information 7

Subject Policy
- --------------------------------------------------------------------------------
Senior Securities The fund may not issue senior securities, except
as Permitted under the Investment Company Act.
- --------------------------------------------------------------------------------
Borrowing The fund may not borrow money, except for temporary or
emergency purposes (not for leveraging or investment) in an
amount not exceeding 33 1/3% of the fund's total assets
(including the amount borrowed) less liabilities (other
than borrowings).
- --------------------------------------------------------------------------------
Lending The fund may not lend any security or make any other loan
if, as a result, more than 331/3% of the fund's total
assets would be lent to other parties, except (i) through
the purchase of debt securities in accordance with its
investment objective, policies and limitations or (ii) by
engaging in repurchase agreements with respect to
portfolio securities.
- --------------------------------------------------------------------------------
Real Estate The fund may not purchase or sell real estate unless
acquired as a result of ownership of securities or other
instruments. This policy shall not prevent the fund from
investment in securities or other instruments backed by real
estate or securities of companies that deal in real estate
or are engaged in the real estate business.
- --------------------------------------------------------------------------------
Concentration The fund may not concentrate its investments in securities
of issuers in a particular industry (other than securities
issued or guaranteed by the U.S. government or any of its
agencies or instrumentalities), except that the fund may
invest more than 25% of its total assets in the financial
services industry.
- --------------------------------------------------------------------------------
Underwriting The fund may not act as an underwriter of securities issued
by others, except to the extent that the fund may be
considered an underwriter within the meaning of the
Securities Act of 1933 in the disposition of
restricted securities.
- --------------------------------------------------------------------------------
Commodities The fund may not purchase or sell physical commodities
unless acquired as a result of ownership of securities or
other instruments; provided that this limitation shall not
prohibit the fund from purchasing or selling options and
futures contracts or from investing in securities or other
instruments backed by physical commodities.
- --------------------------------------------------------------------------------
Control The fund may not invest for purposes of exercising control
Over management.

8 American Century Investments

NONFUNDAMENTAL INVESTMENT POLICIES

In addition, the fund is subject to the following additional investment
restrictions that are not fundamental and may be changed by the Board of
Trustees.

Subject Policy
- --------------------------------------------------------------------------------
Diversification The fund may not purchase additional investment securities
at any time during which outstanding borrowings exceed 5% of
the total assets of the fund.
- --------------------------------------------------------------------------------
Futures The fund may not purchase or sell futures contracts or call
and options options. This limitation does not apply to options attached
to, or acquired or traded together with, their underlying
securities, and does not apply to securities that
incorporate features similar to options or
futures contracts.
- --------------------------------------------------------------------------------
Liquidity The fund may not purchase any security or enter into a
repurchase agreement if, as a result, more than 10% of its
net assets would be invested in repurchase agreements not
entitling the holder to payment of principal and interest
within seven days and in securities that are illiquid by
virtue of legal or contractual restrictions on resale or
the absence of a readily available market.
- --------------------------------------------------------------------------------
Short Sales The fund may not sell securities short, unless it owns
or has the right to obtain securities equivalent in kind and
amount to the securities sold short, and provided that
transactions in futures contracts and options are not deemed
to constitute selling securities short.
- --------------------------------------------------------------------------------
Margin The fund may not purchase securities on margin, except to
obtain such short-term credits as are necessary for the
clearance of transactions, and provided that margin payments
in connection with futures contracts and options on futures
contracts shall not constitute purchasing securities on
margin.

TEMPORARY DEFENSIVE MEASURES

For temporary defensive purposes, the fund may invest in securities that may
not fit its investment objective or its stated market. During a temporary
defensive period, the fund may direct its assets to the following investment
vehicles:

* interest-bearing bank accounts or certificates of deposit
* U.S. government securities and repurchase agreements collateralized by
U.S. government securities
* other money market funds

MANAGEMENT

THE BOARD OF TRUSTEES

The Board of Trustees oversees the management of the fund and meets at least
quarterly to review reports about fund operations. Although the Board of
Trustees does not manage the fund, it has hired the advisor to do so. Two-thirds
of the trustees are independent of the fund's advisor; that is, they are not
employed by and have no financial interest in the advisor.

The individuals listed in the following table whose names are marked by an
asterisk (*) are interested persons of the fund (as defined in the Investment
Company Act) by virtue of, among other considerations, their affiliation with
either the fund; the advisor, American Century Investment Management, Inc.
(ACIM); the fund's agent for transfer and administrative services, American
Century Services Corporation (ACSC); the parent corporation, American Century
Companies, Inc. (ACC) or ACC's subsidiaries; the fund's distribution agent and
co-administrator, Funds Distributor, Inc. (FDI); or other funds advised by the
advisor. Each trustee listed below serves as a trustee or director of seven
registered investment companies in the American Century family of funds, which
are also advised by the advisor.

Statement of Additional Information 9

Name (Age) Position(s) Principal Occupation(s)
Address Held During Past Five Years
With Fund
- --------------------------------------------------------------------------------
Albert A. Eisenstat (68) Trustee General Partner, Discovery Ventures
1665 Charleston Road (venture capital firm, 1996 to present)
Mountain View, CA 94043 Independent Director, Sungard Data
Systems (1991 to present)
Independent Director, Business Objects
S/A (software & programming, 1994 to
present)
Independent Director, Commercial
Metals Co. (1982 to present)
- --------------------------------------------------------------------------------
Ronald J. Gilson (52) Trustee Charles J. Meyers Professor of Law
1665 Charleston Road and Business,Stanford Law School
Mountain View, CA 94043 (since 1979)
Marc and Eva Stern Professor of Law
and Business, Columbia University
School of Law (since 1992)
Counsel, Marron, Reid & Sheehy (a San
Francisco law firm, since 1984)
- --------------------------------------------------------------------------------
William M. Lyons* (43) Trustee President, Chief Operating Officer and
4500 Main Street Assistant Secretary, ACC
Kansas City, MO 64111 Executive Vice President, Chief
Operating Officer and Secretary,
ACSC and ACIS
- --------------------------------------------------------------------------------
Myron S. Scholes (58) Trustee Limited Partner, Long-Term Capital
1665 Charleston Road Management (since February 1999)
Mountain View, CA 94043 Principal, Long-Term Capital
Management(investment advisor, 1993 to
January 1999)
Frank E. Buck Professor of Finance,
Stanford Graduate School of Business
(since 1981)
Director, Dimensional Fund Advisors
(investment advisor, since 1982)
Director, Smith Breeden Family of
Funds (since 1992)
Managing Director, Salomon Brothers
Inc. (securities brokerage, 1991 to
1993)
- --------------------------------------------------------------------------------
Kenneth E. Scott (70) Trustee Ralph M. Parsons Professor of Law and
1665 Charleston Road Business, Stanford Law School
Mountain View, CA 94043 (since 1972)
Director, RCM Capital Funds, Inc.
(since 1994)
- --------------------------------------------------------------------------------
Isaac Stein (52) Trustee Director, Raychem Corporation
1665 Charleston Road (electrical equipment, since 1993)
Mountain View, CA 94043 President, Waverley Associates, Inc.
(private investment firm, since 1983)
Director, ALZA Corporation
(pharmaceuticals, since 1987)
Trustee, Stanford University (since
1994)
Chairman, Stanford Health Services
(since 1994)
- --------------------------------------------------------------------------------
James E. Stowers III* (40) Trustee, Chief Executive Officer and
4500 Main Street Chairman of Director, ACC
Kansas City, MO 64111 the Board President, Chief Executive Officer
and Director ACSC and ACIS
Son of James E. Stowers, Jr. (founder)
- --------------------------------------------------------------------------------
Jeanne D. Wohlers (54) Trustee Director, Indus International
1665 Charleston Road (software solutions, January 1999
Mountain View, CA 94043 to present)
Director, Quintus Corporation,
(automation solutions, 1995 to
present)
Director and Partner, Windy Hill
Productions, LP (edutainment software,
1994 to present)
- --------------------------------------------------------------------------------

10 American Century Investments

COMMITTEES

The Board has four committees to oversee specific functions of the Trust's
operations. Information about these committees appears in the table below. The
trustee listed first serves as chairman of the committee.

Committee Members Function of Committee
- --------------------------------------------------------------------------------
Audit Jeanne D. Wohlers The Audit Committee selects and oversees
Albert A. Eisenstat the activities of the Trust's independent
Kenneth E. Scott auditor. The Committee receives reports
from the advisor's Internal Audit
Department, which is accountable solely
to the Committee. The Committee also
receives reporting about compliance
matters affecting the Trust.
- --------------------------------------------------------------------------------
Nominating Kenneth E. Scott The Nominating Committee primarily
Albert A. Eisenstat considers and recommends individuals for
Ronald J. Gilson nomination as trustees. The names of
Myron S. Scholes potential trustee candidates are drawn
Isaac Stein from a number of sources, including
Jeanne D. Wohlers recommendations from members of the Board,
management and shareholders. This
committee also reviews and makes
recommendations to the Board with respect
to the composition of Board committees and
other Board-related matters, including its
organization, size, composition,
responsibilities, functions and
compensation.
- --------------------------------------------------------------------------------
Portfolio Myron S. Scholes The Portfolio Committee reviews quarterly
Ronald J. Gilson the investment activities and strategies
Isaac Stein used to manage fund assets. The Committee
regularly receives reports from portfolio
managers, credit analysts and other
investment personnel concerning the fund's
investments.
- --------------------------------------------------------------------------------
Quality of Isaac Stein The Quality of Service Committee reviews
Service Ronald J. Gilson the level and quality of transfer agent
Myron S. Scholes and administrative services provided to
William Lyons the fund and its shareholders. It receives
and reviews reports comparing those
services to fund competitors and seeks to
improve such services where feasible and
appropriate.
- --------------------------------------------------------------------------------

Statement of Additional Information 11

COMPENSATION OF TRUSTEES

The trustees also serve as trustees for six American Century investment
companies other than the Trust. Each trustee who is not an interested person as
defined in the Investment Company Act receives compensation for service as a
member of the Board of all seven such companies based on a schedule that is
based on the number of meetings attended and the assets of the fund for which
the meetings are held. These fees and expenses are divided among the seven
investment companies based, in part, upon their relative net assets. Under the
terms of the management agreement with the advisor, the fund is responsible for
paying such fees and expenses.

The following table shows the aggregate compensation paid for the periods
indicated by the Trust and by the seven investment companies served by this
Board to each trustee who is not an interested person as defined in the
Investment Company Act.

Aggregate Trustee Compensation for Fiscal Year Ended February 28, 1999
- --------------------------------------------------------------------------------
Total Compensation
Total from the
Compensation from American Century
Name of Trustee the Fund(1) Family of Funds(2)
- --------------------------------------------------------------------------------
Albert A. Eisenstat $9,476 $70,000
Ronald J. Gilson $10,405 $78,000
Myron S. Scholes $9,296 $69,250
Kenneth E. Scott $10,381 $78,000
Isaac Stein $9,709 $61,500
Jeanne D. Wohlers $10,161 $76,250
- --------------------------------------------------------------------------------

(1) Includes compensation paid to the trustees during the fiscal year ended
February 28, 1999, and also includes amounts deferred at the election of the
trustees under the American Century Mutual Funds Deferred Compensation Plan for
Non-Interested Directors and Trustees. The total amount of deferred compensation
included in the preceding table is as follows: Mr. Eisenstat, $9,476; Mr.
Gilson, $10,405; Mr. Scholes, $9,296; and Mr. Scott, $5,191.

(2) Includes compensation paid by the seven investment company members of the
American Century family of funds served by this Board.

The Trust has adopted the American Century Deferred Compensation Plan for
Non-Interested Directors and Trustees. Under the plan, the independent trustees
may defer receipt of all or any part of the fees to be paid to them for serving
as trustees of the fund.

All deferred fees are credited to an account established in the name of the
trustees. The amounts credited to the account then increase or decrease, as the
case may be, in accordance with the performance of one or more of the American
Century funds that are selected by the trustee. The account balance continues to
fluctuate in accordance with the performance of the selected fund or funds until
final payment of all amounts credited to the account. Trustees are allowed to
change their designation of mutual funds from time to time.

No deferred fees are payable until such time as a trustee resigns, retires
or otherwise ceases to be a member of the Board of Trustees. Trustees may
receive deferred fee account balances either in a lump sum payment or in
substantially equal installment payments to be made over a period not to exceed
10 years. Upon the death of a trustee, all remaining deferred fee account
balances are paid to the trustee's beneficiary or, if none, to the trustee's
estate.

The plan is an unfunded plan and, accordingly, the fund has no obligation to
segregate assets to secure or fund the deferred fees. The rights of trustees to
receive their deferred fee account balances are the same as the rights of a
general unsecured creditor of the Trust. The plan may be terminated at any time
by the administrative committee of the plan. If terminated, all deferred fee
account balances will be paid in a lump sum.

No deferred fees were paid to any trustee under the plan during the fiscal
year ended February 28, 1999.

12 American Century Investments

OFFICERS

Background information for the officers of the Trust is provided below. All
persons named as officers of the Trust also serve in similar capacities for the
12 other investment companies advised by ACIM. Not all officers of the Trust are
listed; only those officers with policy-making functions for the Trust are
listed. No officer is compensated for his or her service as an officer of the
Trust. The individuals listed in the following table are interested persons of
the fund (as defined in the Investment Company Act) by virtue of, among other
considerations, their affiliation with either the fund, ACC, ACC's subsidiaries
(including ACIM and ACSC) or the fund's distributor (FDI), as specified in the
following table.

Position(s)
Name (Age) Held With Principal Occupation(s)
Address Fund During Past Five Years
- --------------------------------------------------------------------------------
George A. Rio (44) President Executive Vice President and Director of
4500 Main Street Client Services, FDI (March 1998
Kansas City, to present).
Missouri 64111 Senior Vice President and Senior Key
Account Manager, Putnam Mutual Funds
(June 1995 to March 1998)
Director Business Development, First Data
Corporation (May 1994 to June 1995)
- --------------------------------------------------------------------------------
Christopher J. Vice Vice President and Associate General
Kelley (34) President Counsel, FDI (since July 1996)
4500 Main Street Assistant Counsel, Forum Financial Group
Kansas City, MO 64111 (April 1994 to July 1996)
- --------------------------------------------------------------------------------
Mary A. Nelson (35) Vice Vice President and Manager of Treasury
4500 Main Street President Services and Administration, FDI (1994
Kansas City, to present)
Missouri 64111 Assistant Vice President and Client
Manager, The Boston Company, Inc.
(1989 to 1994)
- --------------------------------------------------------------------------------
David C. Tucker (41) Vice Senior Vice President and General Counsel,
4500 Main Street President ACSC and ACIM (June 1998 to present)
Kansas City, MO 64111 General Counsel, ACC (June 1998 to present
Consultant to Mutual Fund Industry (May
1997 to April 1998)
Vice President and General Counsel, Janus
Companies (1990 to May 1997)
- --------------------------------------------------------------------------------
Maryanne Roepke, Vice Senior Vice President, Treasurer an
CPA (43) President Principal Accounting Officer, ACSC
4500 Main Street and
Kansas City, Treasurer
Missouri 64111
- --------------------------------------------------------------------------------
Douglas A. Paul (52) Secretary Vice President and Associate General
1665 Charleston Road and Counsel, ACSC
Mountain View, Vice
CA 94043 President
- --------------------------------------------------------------------------------
C. Jean Wade (35) Controller Controller--Fund Accounting, ACSC
4500 Main Street
Kansas City, MO 64111
- --------------------------------------------------------------------------------
Jon Zindel (32) Tax Officer Vice President and Director of Taxation,
4500 Main Street ACSC (since 1996)
Kansas City, MO 64111 Tax Manager, Price Waterhouse LLPC (1989
To 1996)
- --------------------------------------------------------------------------------

Statement of Additional Information 13

THE FUND'S PRINCIPAL SHAREHOLDERS

As of May 28, 1999, the following companies were the record owners of more
than 5% of the fund's outstanding shares.

Percentage
of Shares
Fund Shareholder Outstanding
- -------------------------------------------------------------------------------
Prime American Century Companies 5.6%
Kansas City, Missouri

The fund is unaware of any other shareholders, beneficial or of record, who
own more than 5% of the fund's outstanding shares. As of May 28, 1999, the
officers and trustees of the fund, as a group, owned less than 1% of the fund's
outstanding shares.

SERVICE PROVIDERS

The fund has no employees. To conduct its day-to-day activities, the Trust
has hired a number of service providers. Each service provider has a specific
function to fill on behalf of the Trust and is described below.

ACIM and ACSC are both wholly owned by ACC. James E. Stowers Jr., Chairman
of ACC, controls ACC by virtue of his ownership of a majority of its voting
stock.

INVESTMENT ADVISOR

The Trust has an investment management agreement with the advisor, American
Century Investment Management, Inc., dated August 1, 1997. This agreement was
approved by the shareholders of the fund on July 30, 1997.

A description of the responsibilities of the advisor appears in the
Prospectus under the heading "Management."

For the services provided to the fund, the advisor receives a monthly fee
based on a percentage of the average net assets of the fund. The annual rate at
which this fee is assessed is determined monthly in a two-step process. First, a
fee rate schedule is applied to the assets of all of the funds of its investment
category managed by the advisor (the Investment Category Fee). For example, when
calculating the fee for a money market fund, all of the assets of the money
market funds managed by the advisor are aggregated. The three investment
categories are money market funds, bond funds and equity funds. Second, a
separate fee rate schedule is applied to the assets of all of the funds managed
by the advisor (the Complex Fee). The Investment Category Fee and the Complex
Fee are then added to determine the unified management fee payable by the fund
to the advisor.

The schedules by which the Investment Category Fees are determined are as
follows:

INVESTMENT CATEGORY FEE SCHEDULE FOR Prime Money Market

Category Assets Fee Rate
- -------------------------------------------------------------------------------
First $1 billion 0.3700%
Next $1 billion 0.3270%
Next $3 billion 0.2860%
Next $5 billion 0.2690%
Next $15 billion 0.2580%
Next $25 billion 0.2575%
Thereafter 0.2570%
- -------------------------------------------------------------------------------

The Complex Fee is determined according to the schedules below.

INVESTOR CLASS COMPLEX FEE SCHEDULE

Complex Assets Fee Rate
- -------------------------------------------------------------------------------
First $2.5 billion 0.3100%
Next $7.5 billion 0.3000%
Next $15.0 billion 0.2985%
Next $25.0 billion 0.2970%
Next $50.0 billion 0.2960%
Next $100.0 billion 0.2950%
Next $100.0 billion 0.2940%
Next $200.0 billion 0.2930%
Next $250.0 billion 0.2920%
Next $500.0 billion 0.2910%
Thereafter 0.2900%
- -------------------------------------------------------------------------------

ADVISOR CLASS COMPLEX FEE SCHEDULE

Complex Assets Fee Rate
- -------------------------------------------------------------------------------
First $2.5 billion 0.0600%
Next $7.5 billion 0.0500%
Next $15.0 billion 0.0485%
Next $25.0 billion 0.0470%
Next $50.0 billion 0.0460%
Next $100.0 billion 0.0450%
Next $100.0 billion 0.0440%
Next $200.0 billion 0.0430%
Next $250.0 billion 0.0420%
Next $500.0 billion 0.0410%
Thereafter 0.0400%
- -------------------------------------------------------------------------------

14 American Century Investments

On the first business day of each month, the fund pays a management fee to
the advisor for the previous month at the specified rate. The fee for the
previous month is calculated by multiplying the applicable fee for the fund by
the aggregate average daily closing value of a fund's net assets during the
previous month by a fraction, the numerator of which is the number of days in
the previous month and the denominator of which is 365 (366 in leap years).

The management agreement shall continue in effect until the earlier of the
expiration of two years from the date of its execution or until the first
meeting of shareholders following such execution and for as long thereafter as
its continuance is specifically approved at least annually by (1) the fund's
Board of Trustees, or by the vote of a majority of outstanding votes (as defined
in the Investment Company Act) and (2) by the vote of a majority of the trustees
of the fund who are not parties to the agreement or interested persons of the
advisor, cast in person at a meeting called for the purpose of voting on such
approval.

The management agreement provides that it may be terminated at any time
without payment of any penalty by the fund's Board of Trustees, or by a vote of
a majority of outstanding votes, on 60 days' written notice to the advisor, and
that it shall be automatically terminated if it is assigned.

The management agreement provides that the advisor shall not be liable to
the fund or its shareholders for anything other than willful misfeasance, bad
faith, gross negligence or reckless disregard of its obligations and duties.

The management agreement also provides that the advisor and its officers,
trustees and employees may engage in other business, devote time and attention
to any other business whether of a similar or dissimilar nature, and render
services to others.

Certain investments may be appropriate for the fund and also for other
clients advised by the advisor. Investment decisions for the fund and other
clients are made with a view to achieving their respective investment objectives
after consideration of such factors as their current holdings, availability of
cash for investment and the size of their investment generally. A particular
security may be bought or sold for only one client or fund, or in different
amounts and at different times for more than one but less than all clients or
funds. In addition, purchases or sales of the same security may be made for two
or more clients or funds on the same date. Such transactions will be allocated
among clients in a manner believed by the advisor to be equitable to each. In
some cases this procedure could have an adverse effect on the price or amount of
the securities purchased or sold by a fund.

The advisor may aggregate purchase and sale orders of the fund with purchase
and sale orders of its other clients when the advisor believes that such
aggregation provides the best execution for the fund. The Board of Trustees has
approved the policy of the advisor with respect to the aggregation of portfolio
transactions. Where portfolio transactions have been aggregated, the fund
participates at the average share price for all transactions in that security on
a given day and share transaction costs on a pro rata basis. The advisor will
not aggregate portfolio transactions of the fund unless it believes such
aggregation is consistent with its duty to seek best execution on behalf of the
fund and the terms of the management agreement. The advisor receives no
additional compensation or remuneration as a result of such aggregation.

Prior to August 1, 1997, Benham Management Corporation served as the
investment advisor to the fund. Benham Management Corporation was merged into
the advisor in late 1997.

Unified management fees incurred by the fund for the fiscal periods ended
February 28, 1999, 1998 and 1997, are indicated in the following table. Fee
amounts are net of amounts reimbursed or recouped under the fund's previous
investment advisory agreement with Benham Management Corporation.

Statement of Additional Information 15

UNIFIED MANAGEMENT FEES

Fund 1999 1998 1997
- -------------------------------------------------------------------------------
Prime Money Market
Investor Class $12,507,394(1) $3,925,254(2) N/A
Advisor Class 5,038 N/A N/A

(1) $346,955 was waived.

(2) From August 1, 1997 through February 28, 1998. An additional $805,481 was
waived.

INVESTMENT ADVISORY FEES

Fund 1998 1997
- -----------------------------------------------------------------
Prime Money Market N/A 2,265,360(1)

(1) From March 1, 1997 through July 31, 1997.

Other Advisory Relationships

In addition to managing the funds, the advisor also serves as an investment
advisor to seven institutional accounts and to the following registered
investment companies:

American Century Mutual Funds, Inc.
American Century World Mutual Funds, Inc.
American Century Premium Reserves, Inc.
American Century Variable Portfolios, Inc.
American Century Capital Portfolios, Inc.
American Century Strategic Asset Allocations, Inc.
American Century Municipal Trust
American Century Government Income Trust
American Century Investment Trust
American Century Target Maturities Trust
American Century Quantitative Equity Funds
American Century California Tax-Free and Municipal Funds

TRANSFER AGENT AND ADMINISTRATOR

American Century Services Corporation, 4500 Main Street, Kansas City,
Missouri 64111, acts as transfer agent and dividend-paying agent for the fund.
It provides physical facilities, computer hardware and software, and personnel,
for the day-to-day administration of the fund and of the advisor. The advisor
pays ACSC for such services.

Prior to August 1, 1997, the fund paid American Century Services Corporation
directly for its services as transfer agent and administrative services agent.

Administrative service and transfer agent fees paid by the fund for the
fiscal years ended February 28, 1998 and 1997, are indicated in the table below.
Fee amounts are net of expense limitations.

ADMINISTRATIVE FEES

Fund 1998(1) 1997
- --------------------------------------------------------------------------------
Prime Money Market
Investor Class $476,721 $1,188,257
- --------------------------------------------------------------------------------

TRANSFER AGENT FEES

Fund 1998(1) 1997
- --------------------------------------------------------------------------------
Prime Money Market
Investor Class $765,989 $1,844,608
- --------------------------------------------------------------------------------

(1) From March 1, 1997 through July 31, 1997.

DISTRIBUTOR

The fund's shares are distributed by FDI, a registered broker-dealer. The
distributor is a wholly owned, indirect subsidiary of Boston Institutional
Group, Inc. The distributor's principal business address is 60 State Street,
Suite 1300, Boston, Massachusetts 02109.

The distributor is the principal underwriter of the fund's shares. The
distributor makes a continuous, best-efforts underwriting of the fund's shares.
This means that the distributor has no liability for unsold shares.

OTHER SERVICE PROVIDERS

CUSTODIAN BANKS

Chase Manhattan Bank, 770 Broadway, 10th Floor, New York, New York
10003-9598, and Commerce Bank, N.A., 1000 Walnut, Kansas City, Missouri 64105,
each serves as custodian of the assets of the fund. The custodians take no part
in determining the investment policies of the fund or in deciding which
securities are purchased or sold by the fund. The fund, however, may invest in
certain obligations of the custodians and may purchase or sell certain
securities from or to the custodians.

16 American Century Investments

INDEPENDENT ACCOUNTANTS

PricewaterhouseCoopers LLP are the independent accountants of the fund. The
address of Pricewater-houseCoopers LLP is 1055 Broadway, 10th Floor, Kansas
City, Missouri 64105. As the independent accountants of the funds,
PricewaterhouseCoopers provides services including (1) audit of the annual
financial statements for the fund, (2) assistance and consultation in connection
with SEC filings, and (3) review of the annual federal income tax return filed
for the fund.

BROKERAGE ALLOCATION

Under the management agreement between the fund and the advisor, the advisor
has the responsibility of selecting brokers and dealers to execute portfolio
transactions. In many transactions, the selection of the broker or dealer is
determined by the availability of the desired security and its offering price.
In other transactions, the selection of broker or dealer is a function of the
selection of market and the negotiation of price, as well as the broker's
general execution and operational and financial capabilities in the type of
transaction involved. The advisor will seek to obtain prompt execution of orders
at the most favorable prices or yields. The advisor may choose to purchase and
sell portfolio securities to and from dealers who provide statistical and other
information and services, including research, to the fund and to the advisor.
Such information or services will be in addition to and not in lieu of the
services required to be performed by the advisor, and the expenses of the
advisor will not necessarily be reduced as a result of the receipt of such
supplemental information.

INFORMATION ABOUT FUND SHARES

The fund named on the front of this Statement of Additional Information is a
series of shares issued by the Trust, and shares of the fund have equal voting
rights. In addition, the series (or fund) may be divided into separate classes.
See "Multiple Class Structure," which follows. Additional funds and classes may
be added without a shareholder vote.

Each fund votes separately on matters affecting that fund exclusively.
Voting rights are not cumulative, so that investors holding more than 50% of the
Trust's outstanding shares may be able to elect a Board of Trustees. The Trust
undertakes dollar-based voting, meaning that the number of votes a shareholder
is entitled to is based upon the dollar amount of the shareholder's investment.
The election of trustees is determined by the votes received from all the
Trust's shareholders without regard to whether a majority of shares of any one
fund voted in favor of a particular nominee or all nominees as a group.

Shareholders of a Massachusetts business trust could, under certain
circumstances, be held personally liable for its obligations. However, the
Declaration of Trust contains an express disclaimer of shareholder liability for
acts or obligations of the Trust. The Declaration of Trust also provides for
indemnification and reimbursement of expenses of any shareholder held personally
liable for obligations of the Trust. The Declaration of Trust provides that the
Trust will, upon request, assume the defense of any claim made against any
shareholder for any act or obligation of the Trust and satisfy any judgment
thereon. The Declaration of Trust further provides that the Trust may maintain
appropriate insurance (for example, fidelity, bonding, and errors and omissions
insurance) for the protection of the Trust, its shareholders, trustees,
officers, employees and agents to cover possible tort and other liabilities.
Thus, the risk of a shareholder incurring financial loss as a result of
shareholder liability is limited to circumstances in which both inadequate
insurance exists and the Trust is unable to meet its obligations.

The assets belonging to each fund or class of shares are held separately by
the custodian and the shares of each fund or class represent a beneficial
interest in the principal, earnings and profit (or losses) of investments and
other assets held for each fund or class. Your rights as a shareholder are the
same for all funds or classes of securities unless otherwise stated. Within
their respective fund or class, all shares have equal redemption rights. Each
share, when issued, is fully paid and non-assessable.

In the event of complete liquidation or dissolution of the fund,
shareholders of each series or class of shares shall be entitled to receive, pro
rata, all of the assets less the liabilities of that series or class.

Each shareholder has rights to dividends and distributions declared by the
fund he or she owns and to

Statement of Additional Information 17

the net assets of such fund upon its liquidation or dissolution proportionate to
his or her share ownership interest in the fund.

MULTIPLE CLASS STRUCTURE

The Board of Trustees has adopted a multiple class plan (the Multiclass
Plan) pursuant to Rule 18f-3 adopted by the SEC. Pursuant to such plan, the fund
may issue up to three classes of shares: an Investor Class, an Institutional
Class and an Advisor Class. Not all American Century funds offer all three
classes.

The Investor Class is made available to investors directly without any load
or commission, for a single unified management fee. The Institutional and
Advisor Classes are made available to institutional shareholders or through
financial intermediaries that do not require the same level of shareholder and
administrative services from the advisor as Investor Class shareholders. As a
result, the advisor is able to charge these classes a lower total management
fee. In addition to the management fee, however, Advisor Class shares are
subject to a Master Distribution and Shareholder Services Plan (described on
this page). The Plan has been adopted by the Board of Trustees and initial
shareholder in accordance with Rule 12b-1 adopted by the SEC under the
Investment Company Act.

RULE 12B-1

Rule 12b-1 permits an investment company to pay expenses associated with the
distribution of its shares in accordance with a plan adopted by the investment
company's Board of Trustees and approved by its shareholders. Pursuant to such
rule, the Board of Trustees and initial shareholder of the Advisor Class have
approved and entered into a Master Distribution and Shareholder Services Plan
(the Plan).

In adopting the Plan, the Board of Trustees (including a majority of
trustees who are not interested persons of the funds [as defined in the
Investment Company Act], hereafter referred to as the independent trustees)
determined there was a reasonable likelihood that the Plan would benefit the
fund and the shareholders of the affected class. Pursuant to Rule 12b-1,
information with respect to revenues and expenses under the Plan is presented to
the Board of Trustees quarterly for its consideration in connection with its
deliberations as to the continuance of the Plan. Continuance of the Plan must be
approved by the Board of Trustees (including a majority of the independent
trustees) annually. The Plan may be amended by a vote of the Board of Trustees
(including a majority of the independent trustees), except that the Plan may not
be amended to materially increase the amount to be spent for distribution
without majority approval of the shareholders of the affected class. The Plan
terminates automatically in the event of an assignment and may be terminated
upon a vote of a majority of the independent trustees or by vote of a majority
of the outstanding voting securities of the affected class.

All fees paid under the Plan will be made in accordance with Section 26 of
the Rules of Fair Practice of the National Association of Securities Dealers
(NASD).

MASTER DISTRIBUTION AND SHAREHOLDER SERVICES PLAN

As described in the Prospectus, the fund's Advisor Class of shares also is
made available to participants in employer-sponsored retirement or savings plans
and to persons purchasing through financial intermediaries, such as banks,
broker-dealers and insurance companies. The distributor enters into contracts
with various banks, broker-dealers, insurance companies and other financial
intermediaries with respect to the sale of the fund's shares and/or the use of
the fund's shares in various investment products or in connection with various
financial services.

Certain recordkeeping and administrative services that are provided by the
fund's transfer agent for the Investor Class shareholders may be performed by a
plan sponsor (or its agents) or by a financial intermediary for shareholders in
the Advisor Class. In addition to such services, the financial intermediaries
provide various distribution services.

To enable the fund's shares to be made available through such plans and
financial intermediaries, and to compensate them for such services, the fund's
advisor has reduced its management fee by 0.25% per annum with respect to the
Advisor Class shares and the fund's Board of Trustees has adopted a Master
Distribution and Shareholder Services Plan. Pursuant to the Plan, the Advisor
Class shares pay a fee of 0.50% annually of the aggregate average daily assets
of the fund's Advisor Class shares, 0.25% of which is

18 American Century Investments

paid for shareholder services (as described below) and 0.25% of which is paid
for distribution services.

Payments may be made for a variety of shareholder services, including, but
not limited to (a) receiving, aggregating and processing purchase, exchange and
redemption requests from beneficial owners (including contract owners of
insurance products that utilize the fund as underlying investment media) of
shares and placing purchase, exchange and redemption orders with the
distributor; (b) providing shareholders with a service that invests the assets
of their accounts in shares pursuant to specific or pre-authorized instructions;
(c) processing dividend payments from a fund on behalf of shareholders and
assisting shareholders in changing dividend options, account designations and
addresses; (d) providing and maintaining elective services such as check writing
and wire transfer services; (e) serving as shareholder of record and nominee for
beneficial owners; (f) maintaining account records for shareholders and/or other
beneficial owners; (g) issuing confirmations of transactions; (h) providing
subaccounting with respect to shares beneficially owned by customers of third
parties or providing the information to a fund as necessary for such
subaccounting; (i) preparing and forwarding shareholder communications from the
fund (such as proxies, shareholder reports, annual and semiannual financial
statements and dividend, distribution and tax notices) to shareholders and/or
other beneficial owners; (j) providing other similar administrative and
sub-transfer agency services; and (k) paying service fees for the provision of
personal, continuing services to investors, as contemplated by the Rules of Fair
Practice of the NASD (collectively referred to as Shareholder Services).
Shareholder Services do not include those activities and expenses that are
primarily intended to result in the sale of additional shares of the fund.

Distribution services include any activity undertaken or expense incurred
that is primarily intended to result in the sale of Advisor Class shares, which
services may include but are not limited to, (a) the payment of sales
commissions, ongoing commissions and other payments to brokers, dealers,
financial institutions or others who sell Advisor Class shares pursuant to
selling agreements; (b) compensation to registered representatives or other
employees of distributor who engage in or support distribution of the fund's
Advisor Class shares; (c) compensation to, and expenses (including overhead and
telephone expenses) of, distributor; (d) the printing of prospectuses,
statements of additional information and reports for other-than-existing
shareholders; (e) the preparation, printing and distribution of sales literature
and advertising materials provided to the fund's shareholders and prospective
shareholders; (f) receiving and answering correspondence from prospective
shareholders, including distributing prospectuses, statements of additional
information and shareholder reports; (g) the providing of facilities to answer
questions from prospective investors about fund shares; (h) complying with
federal and state securities laws pertaining to the sale of fund shares; (i)
assisting investors in completing application forms and selecting dividend and
other account options; (j) the providing of other reasonable assistance in
connection with the distribution of fund shares; (k) the organizing and
conducting of sales seminars and payments in the form of transactional and
compensation or promotional incentives; (l) profit on the foregoing; (m) the
payment of "service fees" for the provision of personal, continuing services to
investors, as contemplated by the Rules of Fair Practice of the NASD; and (n)
such other distribution and services activities as the advisor determines may be
paid for by the fund pursuant to the terms of this agreement and in accordance
with Rule 12b-1 of the Investment Company Act.

BUYING AND SELLING FUND SHARES

Information about buying, selling and exchanging fund shares is contained in
Your Guide to American Century Services. The guide is available to investors
without charge and may be obtained by calling us.

VALUATION OF A FUND'S SECURITIES

The fund's net asset value per share (NAV) is calculated as of the close of
business of the New York Stock Exchange (the Exchange), usually at 4 p.m.
Eastern time each day the Exchange is open for business. The Exchange 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

Statement of Additional Information 19

and Christmas Day. Although the fund expects the same holidays to be observed in
the future, the Exchange may modify its holiday schedule at any time.

The advisor typically completes its trading on behalf of the fund in various
markets before the Exchange closes for the day. Foreign currency exchange rates
also are determined prior to the close of the Exchange. However, if
extraordinary events occur that are expected to affect the value of a portfolio
security after the close of the primary exchange on which it is traded, the
security will be valued at fair market value as determined in good faith under
the direction of the Board of Trustees. The fund's share price is calculated by
adding the value of all portfolio securities and other assets, deducting
liabilities, and dividing the result by the number of shares outstanding.
Expenses and interest earned on portfolio securities are accrued daily.

Securities held by the fund are valued at amortized cost. This method
involves valuing an instrument at its cost and thereafter assuming a constant
amortization to maturity of any discount or premium paid at the time of
purchase. Although this method provides certainty in valuation, it generally
disregards the effect of fluctuating interest rates on an instrument's market
value. Consequently, the instrument's amortized cost value may be higher or
lower than its market value, and this discrepancy may be reflected in the fund's
yields. During periods of declining interest rates, for example, the daily yield
on fund shares computed as described above may be higher than that of a fund
with identical investments priced at market value. The converse would apply in a
period of rising interest rates.

The fund operates pursuant to Investment Company Act Rule 2a-7, which
permits valuation of portfolio securities on the basis of amortized cost. As
required by the rule, the Board of Trustees has adopted procedures designed to
stabilize, to the extent reasonably possible, a money market fund's price per
share as computed for the purposes of sales and redemptions at $1.00. While the
day-to-day operation of the fund has been delegated to the fund managers, the
quality requirements established by the procedures limit investments to certain
instruments that the Board of Trustees has determined present minimal credit
risks and that have been rated in one of the two highest rating categories as
determined by a rating agency or, in the case of unrated securities, of
comparable quality. The procedures require review of the fund's portfolio
holdings at such intervals as are reasonable in light of current market
conditions to determine whether the money market fund's net asset value
calculated by using available market quotations deviates from the per-share
value based on amortized cost. The procedures also prescribe the action to be
taken if such deviation should occur.

The Board of Trustees monitors the levels of illiquid securities, however if
the levels are exceeded, they will take action to rectify these levels.

Actions the Board of Trustees may consider under these circumstances include
(i) selling portfolio securities prior to maturity, (ii) withholding dividends
or distributions from capital, (iii) authorizing a one-time dividend adjustment,
(iv) discounting share purchases and initiating redemptions in kind, or (v)
valuing portfolio securities at market price for purposes of calculating NAV.

TAXES

FEDERAL INCOME TAX

The fund intends to qualify annually as a regulated investment company under
Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). By so
qualifying, a fund will be exempt from federal and state income taxes to the
extent that it distributes substantially all of its net investment income and
net realized capital gains (if any) to shareholders. If a fund fails to qualify
as a regulated investment company, it will be liable for taxes, significantly
reducing its distributions to shareholders and eliminating shareholders' ability
to treat distributions of the fund in the manner they were realized by the fund.

HOW FUND PERFORMANCE INFORMATION IS CALCULATED

The fund may quote performance in various ways. Fund performance may be
shown by presenting one or more performance measurements, including cumulative
total return, average annual total return or yield.

All performance information advertised by the fund is historical in nature
and is not intended to represent or guarantee future results. The value of fund
shares when redeemed may be more or less than their original cost.

20 American Century Investments

Yield quotations are based on the change in the value of a hypothetical
investment (excluding realized gains and losses from the sale of securities and
unrealized appreciation and depreciation of securities) over a seven-day period
(base period) and stated as a percentage of the investment at the start of the
base period (base-period return). The base-period return is then annualized by
multiplying by 365/7 with the resulting yield figure carried to at least the
nearest hundredth of one percent.

Calculations of effective yield begin with the same base-period return used
to calculate yield, but the return is then annualized to reflect weekly
compounding according to the following formula:

Effective Yield = [(Base-Period Return + 1)365/7] - 1

Total returns quoted in advertising and sales literature reflect all aspects
of a fund's return, including the effect of reinvesting dividends and capital
gains distributions (if any) and any change in the fund's NAV per share during
the period.

Average annual total returns are calculated by determining the growth or
decline in value of a hypothetical historical investment in a fund during a
stated period and then calculating the annually compounded percentage rate that
would have produced the same result if the rate of growth or decline in value
had been constant throughout the period. For example, a cumulative total return
of 100% over 10 years would produce an average annual return of 7.18%, which is
the steady annual rate that would equal 100% growth on a compounded basis in 10
years. While average annual total returns are a convenient means of comparing
investment alternatives, investors should realize that the fund's performance is
not constant over time, but changes from year to year, and that average annual
total returns represent averaged figures as opposed to actual year-to-year
performance.

In addition to average annual total returns, the fund may quote unaveraged
or cumulative total returns reflecting the simple change in value of an
investment over a stated period. Average annual and cumulative total returns may
be quoted as percentages or as dollar amounts and may be calculated for a single
investment, a series of investments, or a series of redemptions over any time
period. Total returns may be broken down into their components of income and
capital (including capital gains and changes in share price) to illustrate the
relationship of these factors and their contributions to total return.

ADDITIONAL PERFORMANCE COMPARISONS

The fund's performance may be compared with the performance of other mutual
funds tracked by mutual fund rating services or with other indices of market
performance. This may include comparisons with funds that, unlike the American
Century funds, are sold with a sales charge or deferred sales charge. Sources of
economic data that may be used for such comparisons may include, but are not
limited to, U.S. Treasury bill, note and bond yields, money market fund yields,
U.S. government debt and percentage held by foreigners, the U.S. money supply,
net free reserves, and yields on current-coupon GNMAs (source: Board of
Governors of the Federal Reserve System); the federal funds and discount rates
(source: Federal Reserve Bank of New York); yield curves for U.S. Treasury
securities and AA/AAA-rated corporate securities (source: Bloomberg Financial
Markets); yield curves for AAA-rated tax-free municipal securities (source:
Telerate); yield curves for foreign government securities (sources: Bloomberg
Financial Markets and Data Resources, Inc.); total returns on foreign bonds
(source: J.P. Morgan Securities Inc.); various U.S. and foreign government
reports; the junk bond market (source: Data Resources, Inc.); the CRB Futures
Index (source: Commodity Index Report); the price of gold (sources: London
a.m./p.m. fixing and New York Comex Spot Price); rankings of any mutual fund or
mutual fund category tracked by Lipper, Inc. or Morningstar, Inc.; mutual fund
rankings published in major, nationally distributed periodicals; data provided
by the Investment Company Institute; Ibbotson Associates, Stocks, Bonds, Bills
and Inflation; major indices of stock market performance; and indices and
historical data supplied by major securities brokerage or investment advisory
firms. The fund also may utilize reprints from newspapers and magazines
furnished by third parties to illustrate historical performance or to provide
general information about the fund.

Statement of Additional Information 21

PERMISSIBLE ADVERTISING INFORMATION

From time to time, the fund may, in addition to any other permissible
information, include the following types of information in advertisements,
supplemental sales literature and reports to shareholders: (1) discussions of
general economic or financial principles (such as the effects of compounding and
the benefits of dollar-cost averaging); (2) discussions of general economic
trends; (3) presentations of statistical data to supplement such discussions;
(4) descriptions of past or anticipated portfolio holdings for the fund; (5)
descriptions of investment strategies for the fund; (6) descriptions or
comparisons of various savings and investment products (including, but not
limited to, qualified retirement plans and individual stocks and bonds), which
may or may not include the fund; (7) comparisons of investment products
(including the fund) with relevant market or industry indices or other
appropriate benchmarks; (8) discussions of fund rankings or ratings by
recognized rating organizations; and (9) testimonials describing the experience
of persons who have invested in the fund. The fund also may include
calculations, such as hypothetical compounding examples, which describe
hypothetical investment results. Such performance examples will be based on an
express set of assumptions and are not indicative of the performance of the
fund.

MULTIPLE CLASS PERFORMANCE ADVERTISING

Pursuant to the Multiple Class Plan, the Trust may issue additional classes
of its existing fund or introduce new funds with multiple classes available for
purchase. To the extent a new class is added to an existing fund, the advisor
may, in compliance with SEC and NASD rules, regulations and guidelines, market
the new class of shares using the historical performance information of the
original class of shares. When quoting performance information for the new class
of shares for periods prior to the first full quarter after inception, the
original class's performance will be restated to reflect the expenses of the new
class and for periods after the first full quarter after inception, actual
performance of the new class will be used.

FINANCIAL STATEMENTS

The financial statements of the fund are included in the annual report to
shareholders for the fiscal year ended February 28, 1999. The annual report is
incorporated herein by reference. You may receive copies of the report without
charge upon request to American Century at the address and telephone number
shown on the back cover of this Statement of Additional Information.

EXPLANATION OF FIXED-INCOME SECURITIES RATINGS

As described in the Prospectus, the fund invests in fixed-income securities.
Those investments, however, are subject to certain credit quality restrictions,
as noted in the Prospectus and in this Statement of Additional Information. The
following is a summary of the rating categories referenced in the prospectus
disclosure.

22 American Century Investments

BOND RATINGS

S&P Moody's Description
- --------------------------------------------------------------------------------
AAA Aaa These are the highest ratings assigned by S&P and Moody's to
a debt obligation. These ratings indicate an extremely strong
capacity to pay interest and repay principal.
- --------------------------------------------------------------------------------
AA Aa Debt rated in this category is considered to have a very strong
capacity to pay interest and repay principal. It differs from
AAA/Aaa issues only in a small degree.
- --------------------------------------------------------------------------------
A A Debt rated A has a strong capacity to pay interest and repay
principal although it is somewhat more susceptible to the
adverse effects of changes in circumstances and economic
conditions than debt in higher-rated categories.
- --------------------------------------------------------------------------------
BBB Baa Debt rated BBB/Baa is regarded as having an adequate
capacity to pay interest and repay principal. Whereas it
normally exhibits adequate protection parameters, adverse
economic conditions or changing circumstances are more likely to
lead to a weakened capacity to pay interest and repay principal
for debt in this category than in higher-rated categories.
- --------------------------------------------------------------------------------
BB Ba Debt rated BB/Ba has less near-term vulnerability to default
than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial or
economic conditions that could lead to inadequate capacity to
meet timely interest and principal payments. The BB rating
category also is used for debt subordinated to senior debt that
is assigned an actual or implied BBB- rating.
- --------------------------------------------------------------------------------
B B Debt rated B has a greater vulnerability to default but
currently has the capacity to meet interest payments and
principal repayments. Adverse business, financial or economic
conditions will likely impair capacity or willingness to pay
interest and repay principal. The B rating category also is used
for debt subordinated to senior debt that is assigned an actual
or implied BB/Ba or BB-/Ba3 rating.
- --------------------------------------------------------------------------------
CCC Caa Debt rated CCC/Caa has a currently identifiable vulnerability
to default and is dependent upon favorable business, financial
and economic conditions to meet timely payment of interest and
repayment of principal. In the event of adverse business,
financial or economic conditions, it is not likely to have the
capacity to pay interest and repay principal. The CCC/Caa
rating category also is used for debt subordinated to senior
debt that is assigned an actual or implied B or B-/B3 rating.
- --------------------------------------------------------------------------------
CC Ca The rating CC/Ca typically is applied to debt subordinated to
Senior debt that is assigned an actual or implied CCC/Caa
rating.
- --------------------------------------------------------------------------------
C C The rating C typically is applied to debt subordinated to
senior debt, which is assigned an actual or implied CCC-/Caa3
debt rating. The C rating may be used to cover a situation
where a bankruptcy petition has been filed, but debt service
payments are continued.
- --------------------------------------------------------------------------------
CI - The rating CI is reserved for income bonds on which no
interest is being paid.
- --------------------------------------------------------------------------------
D D Debt rated D is in payment default. The D rating category is
used when interest payments or principal payments are not made
on the date due even if the applicable grace period has not
expired, unless S&P believes that such payments will be made
during such grace period. The D rating also is used upon the
filing of a bankruptcy petition if debt service payments
are jeopardized.
- --------------------------------------------------------------------------------

Statement of Additional Information 23

To provide more detailed indications of credit quality, the Standard &
Poor's ratings from AA to CCC may be modified by the addition of a plus or minus
sign to show relative standing within these major rating categories. Similarly,
Moody's adds numerical modifiers (1,2,3) to designate relative standing within
its major bond rating categories. Fitch Investors Service, Inc. also rates bonds
and uses a ratings system that is substantially similar to that used by Standard
& Poor's.

COMMERCIAL PAPER RATINGS

S&P Moody's Description
- --------------------------------------------------------------------------------
A-1 Prime-1 This indicates that the degree of safety regarding
(P-1) timely payment is strong. Standard & Poor's
rates those issues determined to possess extremely
strong safety characteristics as A-1+.
- --------------------------------------------------------------------------------
A-2 Prime-2 Capacity for timely payment on commercial paper is
(P-2) satisfactory, but the relative degree of
safety is not as high as for issues designated A-1.
Earnings trends and coverage ratios, while sound,
will be more subject to variation. Capitalization
characteristics, while still appropriated, may be more
affected by external conditions. Ample alternate
liquidity is maintained.
- --------------------------------------------------------------------------------
A-3 Prime-3 This indicates satisfactory capacity for timely
(P-3) repayment. Issues that carry this rating are
somewhat more vulnerable to the adverse changes in
circumstances than obligations carrying the higher
designations.
- --------------------------------------------------------------------------------

NOTE RATINGS

S&P Moody's Description
- --------------------------------------------------------------------------------
SP-1 MIG-1; VMIG-1 Notes are of the highest quality enjoying
strong protection from established cash flows of funds
for their servicing or from established and broad-based
access to the market for refinancing, or both.
- --------------------------------------------------------------------------------
SP-2 MIG-2; VMIG-2 Notes are of high quality, with margins
of protection ample, although not so large as in the
preceding group.
- --------------------------------------------------------------------------------
SP-3 MIG-3; VMIG-3 Notes are of favorable quality, with all security
elements accounted for, but lacking the undeniable
strength of the preceding grades. Market access for
refinancing, in particular, is likely to be less
well-established.
- --------------------------------------------------------------------------------
SP-4 MIG-4; VMIG-4 Notes are of adequate quality, carrying specific risk
but having protection and not distinctly or
predominantly speculative.
- --------------------------------------------------------------------------------

24 American Century Investments

MORE INFORMATION ABOUT THE FUND IS CONTAINED IN THESE DOCUMENTS

ANNUAL AND SEMIANNUAL REPORTS

These contain more information about the fund's investments and the market
conditions and investment strategies that significantly affected the fund's
performance during the most recent fiscal period. The annual and semiannual
reports are incorporated by reference into this Statement of Additional
Information (SAI). This means that these are legally part of this SAI.

You can receive a free copy of the annual and semiannual reports, and ask any
questions about the fund, by contacting us at the address or one of the
telephone numbers listed below.

If you own or are considering purchasing fund shares through

* an employer-sponsored retirement plan
* a bank
* a broker-dealer
* an insurance company
* another financial intermediary

you can receive the annual and semiannual reports directly from them.

You also can get information about the fund from the Security and Exchange
Commission (SEC).

* In person SEC Public
Reference Room Washington, D.C.
Call 1-800-SEC-0330 for
location and hours.

* On the Internet www.sec.gov

* By mail SEC Public
Reference Section
Washington, D.C.
20549-6009
(The SEC will charge a
fee for copying the
documents.)

Investment Company Act File No. 811-7822

- --------------------------------------------------------------------------------
[american century logo (reg.sm)]
American
Century

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

WWW.AMERICANCENTURY.COM

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

SH-SAI-16614 9907

<PAGE>
AMERICAN CENTURY INVESTMENT TRUST

PART C OTHER INFORMATION

Item 23. Exhibits (all exhibits not filed herewith are being incorporated
herein by reference).

(a) Amended and Restated Declaration of Trust, restated March 1, 1998
and amended March 1, 1999 (filed electronically as Exhibit a to
Post-Effective Amendment No. 7 on Form N-1A on May 7, 1999, File
No. 33-65170).

(b) Amended and Restated Bylaws dated March 9, 1998 (filed
electronically as Exhibit b2 to Post-Effective Amendment No. 6 on
Form N-1A on May 13, 1998, File No. 33-65170).

(c) Registrant hereby incorporates by reference, as though set forth
fully herein, Article III and Article V of Registrants Amended
and Restated Declaration of Trust, appearing as Exhibit a to
Post-Effective Amendment No. 7 to the Registration Statement on
Form N-1A of the Registrant, and Article II, Article VIII, and
Article IX of Registrants Amended and Restated Bylaws, appearing
as Exhibit (b)(2) to Post-Effective Amendment No. 6 to the
Registration Statement on Form N-1A of the Registrant.

(d) (1) Investor Class Investment Management Agreement between
American Century Investment Trust and American Century Investment
Management, Inc., dated August 1, 1997 (filed electronically as
Exhibit b5 to Post-Effective Amendment No. 33 on Form N-1A of
American Century Government Income Trust, File No. 2-99222).

(2) Amendment dated March 31, 1998 to the Investor Class
Investment Management Agreement between American Century
Investment Trust and American Century Investment Management,
Inc., (filed electronically as Exhibit 5b to Post-Effective
Amendment No. 23 on Form N-1A of American Century Municipal
Trust, File No. 2-91229).

(3) Advisor Class Investment Management Agreement between
American Century Investment Trust and American Century Investment
Management, Inc., dated August 1, 1997 and amended as of June 1,
1998 is included herein.

(e) (1) Distribution Agreement between American Century Investment
Trust and Funds Distributor, Inc. dated January 15, 1998 (filed
electronically as Exhibit b6 to Post-Effective Amendment No. 28
on Form N-1A of American Century Target Maturities Trust, File
No. 2-94608).

(2) Amendment No. 1 to Distribution Agreement between American
Century Investment Trust and Funds Distributor, Inc., dated June
1, 1998 (filed electronically as Exhibit b6b to Post-Effective
Amendment No. 23 on Form N-1A on June 29, 1998, File No.
33-19589).

(3) Amendment No. 2 to Distribution Agreement between American
Century Investment Trust and Funds Distributor, Inc., dated
December 1, 1998 (filed electronically as Exhibit b6c to
Post-Effective Amendment No. 12 of American Century World Mutual
Funds, Inc. on November 13, 1998).

(4) Amendment No. 3 to Distribution Agreement between American
Century Investment Trust and Funds Distributor, Inc., dated
January 29, 1999 (filed electronically as Exhibit e4 to
Post-Effective Amendment No. 28 of American Century California
Tax-Free and Municipal Funds on December 28, 1998).

(f) Not applicable.

(g) (1) Custodian Agreement between American Century and The Chase
Manhattan Bank, dated August 9, 1996 (filed electronically as
Exhibit b8 to Post-Effective Amendment No. 31 on Form N-1A of
American Century Government Income Trust, File No. 2-99222).

(2) Master Agreement between Commerce Bank, N.A. and Twentieth
Century Services, Inc. dated January 22, 1997 (filed
electronically as Exhibit g2 to Post-Effective Amendment No. 76
on Form N-1A of American Century Mutual Funds, Inc., File No.
2-14213).

(h) (1) Transfer Agency Agreement between American Century Investment
Trust and American Century Services Corporation, dated August 1,
1997 (filed electronically as Exhibit b9 to Post-Effective
Amendment No. 33 on Form N-1A of American Century Government
Income Trust, File No. 2-99222).

(2) Amendment No. 1 to the Transfer Agency Agreement between
American Century Investment Trust and American Century Services
Corporation, dated August 1, 1997 (filed electronically as
Exhibit 9b to Post-Effective Amendment No. 23 of American Century
Municipal Trust on March 26, 1998, File No. 2-91229).

(3) Amendment No. 2 to the Transfer Agency Agreement between
American Century Investment Trust and American Century Services
Corporation, dated June 29, 1998 (filed electronically as Exhibit
b9b to Post-Effective Amendment No. 23 on Form N-1A of American
Century Quantitative Equity Funds, File No. 33-19589).

(i) Opinion and Consent of Counsel (filed electronically as Exhibit i
to Post-Effective Amendment No. 7 on Form N-1A on May 7, 1999,
File No. 33-65170).

(j) (1) Consent of PricewaterhouseCoopers LLP is included herein.

(2) Power of Attorney dated December 18, 1998 (filed
electronically as Exhibit j2 to Post-Effective Amendment No. 7 on
Form N-1A on May 7, 1999, File No. 33-65170).

(k) Not applicable.

(l) Not applicable.

(m) (1) Master Distribution and Shareholder Services Plan of American
Century Government Income Trust, American Century International
Bond Fund, American Century Target Maturities Trust and American
Century Quantitative Equity Funds (Advisor Class) dated August 1,
1997, (filed electronically as Exhibit b15 to Post-Effective
Amendment No. 27 on Form N1-A of American Century Target
Maturities Trust, File No. 2-94608).

(2) Amendment to Master Distribution and Shareholder Services
Plan of American Century Quantitative Equity Funds (Advisor
Class) dated June 29, 1998 (filed electronically as Exhibit b15b
to Post-Effective Amendment No. 23 on Form N-1A of American
Century Quantitative Equity Funds, File No. 33-19589).

(n) Financial Data Schedule for American Century Prime Money Market
Fund.

(o) (1) Multiple Class Plan of American Century California Tax-Free
and Municipal Funds, American Century Government Income Trust,
American Century International Bond Funds, American Century
Investment Trust, American Century Municipal Trust, American
Century Target Maturities Trust and American Century Quantitative
Equity Funds dated August 1, 1997 (filed electronically as
Exhibit b18 to Post-Effective Amendment No. 27 on Form N-1A of
American Century Target Maturities Trust, File No. 2-94608).

(2) Amendment to Multiple Class Plan of American Century
California Tax-Free and Municipal Funds, American Century
Government Income Trust, American Century International Bond
Funds, American Century Investment Trust, American Century
Municipal Trust, American Century Target Maturities Trust and
American Century Quantitative Equity Funds dated August 1, 1997
(filed electronically as Exhibit b18b to Post-Effective Amendment
No. 23 on Form N-1A of American Century Quantitative Equity
Funds, File No. 33-19589).

Item 24. Persons Controlled by or Under Common Control with Registrant.

None.

Item 25. Indemnification.

As stated in Article VII, Section 3 of the Declaration of Trust,
incorporated herein by reference to Exhibit 1 to the Registration
Statement, "The Trustees shall be entitled and empowered to the
fullest extent permitted by law to purchase insurance for and to
provide by resolution or in the Bylaws for indemnification out of
Trust assets for liability and for all expenses reasonably incurred or
paid or expected to be paid by a Trustee or officer in connection with
any claim, action, suit, or proceeding in which he or she becomes
involved by virtue of his or her capacity or former capacity with the
Trust. The provisions, including any exceptions and limitations
concerning indemnification, may be set forth in detail in the Bylaws
or in a resolution adopted by the Board of Trustees."

Registrant hereby incorporates by reference, as though set forth fully
herein, Article II, Section 16 of the Registrant's Amended and
Restated Bylaws, dated March 9, 1998, appearing as Exhibit (b) to
Post-Effective Amendment No. 6 filed on May 13, 1998).

The Registrant has purchased an insurance policy insuring its officers
and directors against certain liabilities which such officers and
directors may incur while acting in such capacities and providing
reimbursement to the Registrant for sums which it may be permitted or
required to pay to its officers and directors by way of
indemnification against such liabilities, subject in either case to
clauses respecting deductibility and participation.

Item 26. Business and Other Connections of Investment Advisor.

None.

Item 27. Principal Underwriters.

(a) Funds Distributor, Inc. (the "Distributor") acts as principal
underwriter for the following investment companies.

American Century California Tax-Free and Municipal Funds
American Century Capital Portfolios, Inc.
American Century Government Income Trust
American Century International Bond Funds
American Century Investment Trust
American Century Municipal Trust
American Century Mutual Funds, Inc.
American Century Premium Reserves, Inc.
American Century Quantitative Equity Funds
American Century Strategic Asset Allocations, Inc.
American Century Target Maturities Trust
American Century Variable Portfolios, Inc.
American Century World Mutual Funds, Inc.
The Brinson Funds
Dresdner RCM Capital Funds, Inc.
Dresdner RCM Equity Funds, Inc.
J.P. Morgan Institutional Funds
J.P. Morgan Funds
JPM Series Trust
JPM Series Trust II
LaSalle Partners Funds, Inc.
Kobrick Investment Trust
Merrimac Series
Monetta Fund, Inc.
Monetta Trust
The Montgomery Funds I
The Montgomery Funds II
The Munder Framlington Funds Trust
The Munder Funds Trust
The Munder Funds, Inc.
National Investors Cash Management Fund, Inc.
Orbitex Group of Funds
SG Cowen Funds, Inc.
SG Cowen Income + Growth Fund, Inc.
SG Cowen Standby Reserve Fund, Inc.
SG Cowen Standby Tax-Exempt Reserve Fund, Inc.
SG Cowen Series Funds, Inc.
St. Clair Funds, Inc.
The Skyline Funds
Waterhouse Investors Family of Funds, Inc.
WEBS Index Fund, Inc.

The Distributor is registered with the Securities and Exchange
Commission as a broker-dealer and is a member of the National
Association of Securities Dealers. The Distributor is located at 60
State Street, Suite 1300, Boston, Massachusetts 02109. The Distributor
is an indirect wholly-owned subsidiary of Boston Institutional Group,
Inc., a holding company all of whose outstanding shares are owned by
key employees.

(b) The following is a list of the executive officers, directors and
partners of the Distributor:

<TABLE>
Name and Principal Business Positions and Offices with Positions and Offices with
Address* Underwriter Registrant

<S> <C> <C>
Marie E. Connolly Director, President and Chief none
Executive Officer

George A. Rio Executive Vice President President

Donald R. Roberson Executive Vice President none

William S. Nichols Executive Vice President none

Margaret W. Chambers Senior Vice President, none
General Counsel, Chief
Compliance Officer,
Secretary and Clerk

Joseph F. Tower, III Director, Senior Vice President, none
Treasurer and Chief Financial
Officer

Paula R. David Senior Vice President none

Gary S. MacDonald Senior Vice President none

Judith K. Benson Senior Vice President none

William J. Nutt Chairman and Director none
- --------------------
* All addresses are 60 State Street, Suite 1300, Boston, Massachusetts 02109
</TABLE>

Item 28. Location of Accounts and Records.

All accounts, books and other documents required to be maintained by
Section 31(a) of the 1940 Act, and the rules promulgated thereunder,
are in the possession of the Registrant, American Century Services
Corporation and American Century Investment Management, Inc., all
located at American Century Tower, 4500 Main Street, Kansas City,
Missouri 64111.

Item 29. Management Services.

Not applicable.

Item 30. Undertakings.

Not applicable.
<PAGE>
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all the requirements
for effectiveness of this Post-Effective Amendment No. 9 to its Registration
Statement pursuant to Rule 485(b) promulgated under The Securities Act of 1933,
as amended, and has duly caused this Post-Effective Amendment No. 9/Amendment
No. 10 to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Kansas City, State of Missouri on the 30th day of June, 1999.

AMERICAN CENTURY INVESTMENT TRUST (Registrant)

By: /*/George A. Rio
George A. Rio
President and Principal Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment No. 9 has been signed below by the following persons in the capacities
and on the dates indicated.
<TABLE>
<CAPTION>
Date
<S> <C> <C>
*George A. Rio President, Principal June 30, 1999
- --------------------------------- Executive and Principal
George A. Rio Financial Officer

*Maryanne Roepke Vice President, Treasurer June 30, 1999
- --------------------------------- and Principal Accounting
Maryanne Roepke Officer

*Albert A. Eisenstat Director June 30, 1999
- ---------------------------------
Albert A. Eisenstat

*Ronald J. Gilson Director June 30, 1999
- ---------------------------------
Ronald J. Gilson

*William M. Lyons Director June 30, 1999
- ---------------------------------
William M. Lyons

*Myron S. Scholes Director June 30, 1999
- ---------------------------------
Myron S. Scholes

*Kenneth E. Scott Director June 30, 1999
- ---------------------------------
Kenneth E. Scott

*Isaac Stein Director June 30, 1999
- ---------------------------------
Isaac Stein

*James E. Stowers III Director June 30, 1999
- ---------------------------------
James E. Stowers III

*Jeanne D. Wohlers Director June 30, 1999
- ---------------------------------
Jeanne D. Wohlers
</TABLE>
/s/Charles A. Etherington
*by Charles A. Etherington, Attorney in Fact (pursuant to a Power of Attorney
dated December 18, 1998).

EXHIBIT DESCRIPTION

EX-99.a1 Amended and Restated Declaration of Trust, dated March 1, 1999.

EX-99.b Amended and Restated Bylaws, dated March 9, 1998 (filed as Exhibit
b2 of Post-Effective Amendment No. 6 to the Registration Statement
on Form N-1A of the Registrant, File No. 33-65170 filed on May 13,
1998, and incorporated herein by reference).

EX-99.d1 Investor Class Investment Management Agreement between American
Century Investment Trust and American Century Investment Management,
Inc., dated August 1, 1997 (filed as Exhibit b5 of Post-Effective
Amendment No. 33 to the Registration Statement on Form N-1A of
American Century Government Income Trust, File No. 2-99222, filed on
July 31, 1997, and incorporated herein by reference).

EX-99.d2 Amendment dated March 31, 1998 to the Investor Class Investment
Management Agreement between American Century Investment Trust and
American Century Investment Management, Inc. (filed as Exhibit 5b of
Post-Effective Amendment No. 23 to the Registration Statement on
Form N-1A of American Century Municipal Trust, filed on March 26,
1998, and incorporated herein by reference).

EX-99.d3 Advisor Class Investment Management Agreement between American
Century Investment Trust and American Century Investment Management,
Inc., dated August 1, 1997 and amended as of June 1, 1998.

EX-99.e1 Distribution Agreement between American Century Investment Trust and
Funds Distributor, Inc. dated January 15, 1998 (filed as Exhibit b6
of Post-Effective Amendment No. 28 to the Registration Statement on
Form N-1A of American Century Target Maturities Trust, File No.
2-94608, and incorporated herein by reference).

EX-99.e2 Amendment No. 1 to Distribution Agreement between American Century
Investment Trust and Funds Distributor, Inc., dated June 1, 1998
(filed as Exhibit b6b of Post-Effective Amendment No. 23 to the
Registration Statement on Form N-1A of the American Century
Quantitative Equity Funds, File No. 33-19589, filed on June 29,
1998, and incorporated herein by reference).

EX-99.e3 Amendment No. 2 to Distribution Agreement between American Century
Investment Trust and Funds Distributor, Inc., dated December 1, 1998
(filed as Exhibit b6c Post-Effective Amendment No. 12 to the
Registration Statement on Form N-1A of American Century World Mutual
Funds, Inc., File No. 33-39242, filed on November 13, 1998, and
incorporated herein by reference).

EX-99.e4 Amendment No. 3 to Distribution Agreement between American Century
Investment Trust and Funds Distributor, Inc., dated January 29, 1999
(filed as Exhibit e4 to Post-Effective Amendment No. 28 to the
Registration Statement on Form N-1A of American Century California
Tax-Free and Municipal Funds, File No. 2-82734, filed on December
28, 1998, and incorporated herein by reference).

EX-99.g1 Custodian Agreement between American Century Investment Trust and
The Chase Manhattan Bank, dated August 9, 1996 (filed as Exhibit b8
of Post-Effective Amendment No. 31 to the Registration Statement on
Form N-1A of American Century Government Income Trust, File No.
2-99222, filed on February 7, 1997, and incorporated herein by
reference).

EX-99.g2 Master Agreement between Commerce Bank, N.A. and Twentieth Century
Services, Inc. dated January 22, 1997 (filed as Exhibit g2 of
Post-Effective Amendment No. 76 to the Registration Statement on
Form N-1A of American Century Mutual Funds, Inc., File No. 2-14213,
filed on February 28, 1997, and incorporated herein by reference).

EX-99.h1 Transfer Agency Agreement between American Century Investment Trust
and American Century Services Corporation dated as of August 1, 1997
(filed as Exhibit b9 of Post-Effective Amendment No. 33 to the
Registration Statement on Form N-1A of American Century Government
Income Trust, File No. 2-99222, filed on July 31, 1997, and
incorporated herein by reference).

EX-99.h2 Amendment No. 1 to Transfer Agency Agreement between American
Century Investment Trust and American Century Services Corporation
dated as of August 1, 1997 (filed as Exhibit 9b of Post-Effective
Amendment No. 23 of American Century Municipal Trust, File No.
2-91229, filed on March 26, 1998, and incorporated herein by
reference).

EX-99.h3 Amendment No. 2 to Transfer Agency Agreement between American
Century Investment Trust and American Century Services Corporation
dated as of June 29, 1999 (filed as Exhibit b9b of Post-Effective
Amendment No. 23 on Form N-1A of American Century Quantitative
Equity Funds, File No. 33-19589, filed on June 29, 1998, and
incorporated herein by reference).

EX-99.i Opinion and consent of counsel (filed as Exhibit i to Post-Effective
Amendment No. 7 to the Registration Statement on Form N-1A of the
Registrant, File No. 33-65170, filed on May 7, 1999, and
incorporated herein by reference).

EX-99.j1 Consent of PricewaterhouseCoopers LLP.

EX-99.j2 Power of Attorney dated December 18, 1998 (filed as Exhibit j2 to
Post-Effective Amendment No. 7 to the Registration Statement on Form
N-1A of the Registrant, File No. 33-65170, filed on May 7, 1999, and
incorporated herein by reference).

EX-99.m1 Master Distribution and Shareholder Services Plan of American
Century Government Income Trust, American Century International Bond
Fund, American Century Target Maturities Trust and American Century
Quantitative Equity Funds (Advisor Class) dated August 1, 1997,
(filed as Exhibit b15 to Post-Effective Amendment No. 27 on Form
N1-A of American Century Target Maturities Trust, File No. 2-94608).

EX-99.m2 Amendment to Master Distribution and Shareholder Services Plan of
American Century Quantitative Equity Funds (Advisor Class) dated
June 29, 1998 (filed as Exhibit b15b to Post-Effective Amendment No.
23 on Form N-1A of American Century Quantitative Equity Funds, File
No. 33-19589).

EX-99.o1 Multiple Class Plan of American Century California Tax-Free and
Municipal Funds, American Century Government Income Trust, American
Century International Bond Funds, American Century Investment Trust,
American Century Municipal Trust, American Century Target Maturities
Trust and American Century Quantitative Equity Funds dated August 1,
1997 (filed as Exhibit b18 to Post-Effective Amendment No. 27 on
Form N-1A of American Century Target Maturities Trust, File No.
2-94608).

EX-99.o2 Amendment to Multiple Class Plan of American Century California
Tax-Free and Municipal Funds, American Century Government Income
Trust, American Century International Bond Funds, American Century
Investment Trust, American Century Municipal Trust, American Century
Target Maturities Trust and American Century Quantitative Equity
Funds dated August 1, 1997 (filed as Exhibit b18b to Post-Effective
Amendment No. 23 on Form N-1A of American Century Quantitative
Equity Funds, File No. 33-19589).

EX-27.4.1 Financial Data Schedule - American Century Prime Money Market Fund.

AMERICAN CENTURY INVESTMENT MANAGEMENT, INC.

MANAGEMENT AGREEMENT
Advisor Class

This MANAGEMENT AGREEMENT is made and entered into by and between the
registered investment companies listed on Exhibit A to this Agreement (the
"Companies"), as of the dates noted on such Exhibit A, and American Century
Investment Management, Inc., a Delaware corporation (the "Investment Manager").

WHEREAS, the Companies have adopted a Multiple Class Plan dated as of
August 1, 1997, (as the same may be amended from time to time, the "Multiple
Class Plan"), pursuant to Rule 18f-3 of the Investment Company Act of 1940, as
amended (the "Investment Company Act"); and

WHEREAS, the Multiple Class Plan establishes three classes of shares of
certain series of shares of the Companies: the Investor Class, the Institutional
Class and the Advisor Class; and

WHEREAS, the sole class of shares issued by each series of shares of
the Companies prior to the adoption of the Multiple Class Plan has been
designated as the Investor Class, the investment management services for which
are provided by the Investment Manager pursuant to that certain Management
Agreement dated as of August 1, 1997 and its predecessors; and

IN CONSIDERATION of the mutual promises and agreements herein
contained, the parties agree as follows:

1. Investment Management Services. The Investment Manager shall supervise
the investments of the Advisor Class of each series of shares of the
Companies contemplated as of the date hereof, and the Advisor Class of
such subsequent series of shares as the Companies shall select the
Investment Manager to manage. In such capacity, the Investment Manager
shall maintain a continuous investment program for the Advisor Class of
each such series, determine what securities shall be purchased or sold
by each series, secure and evaluate such information as it deems proper
and take whatever action is necessary or convenient to perform its
functions, including the placing of purchase and sale orders. In
performing its duties hereunder, the Investment Manager will manage the
portfolio of all classes of a particular series as a single portfolio.

2. Compliance With Laws. All functions undertaken by the Investment
Manager hereunder shall at all times conform to, and be in accordance
with, any requirements imposed by:

(a) the Investment Company Act and any rules and regulations
promulgated thereunder;

(b) any other applicable provisions of law;

(c) the Declaration of Trust or Articles of Incorporation
applicable to each of the Companies as amended from time to
time;

(d) the By-Laws of the Companies as amended from time to time; and

(e) The Multiple Class Plan; and

(f) the registration statement of the Companies, as amended from
time to time, filed under the Securities Act of 1933 and the
Investment Company Act.

3. Board Supervision. All of the functions undertaken by the Investment
Manager hereunder shall at all times be subject to the direction of the
Board of Trustees or Board of Directors (collectively, the "Board of
Directors") of the Companies, its executive committee, or any committee
or officers of the Companies acting under the authority of the Board of
Directors.

4. Payment Of Expenses. The Investment Manager will pay all of the
expenses of the Advisor Class of each series of the Companies' shares
that it shall manage, other than interest, taxes, brokerage
commissions, portfolio insurance, extraordinary expenses and the fees
and expenses of those Directors who are not "interested persons" as
defined in 1940 Act (hereinafter referred to as the "Independent
Directors") (including counsel fees) and expenses incurred in
connection with the provision of shareholder services and distribution
services under the Master Distribution and Shareholder Services Plan
dated as of August 1, 1997. The Investment Manager will provide the
Companies with all physical facilities and personnel required to carry
on the business of the Advisor Class of each series that the Investment
Manager shall manage, including but not limited to office space, office
furniture, fixtures and equipment, office supplies, computer hardware
and software and salaried and hourly paid personnel. The Investment
Manager may at its expense employ others to provide all or any part of
such facilities and personnel.

5. Account Fees. The Board of Directors may impose fees for various
account services, proceeds of which may be remitted to the appropriate
Fund or the Investment Manager at the discretion of the Board. At least
60 days' prior written notice of the intent to impose such fee must be
given to the shareholders of the affected series.

6. Management Fees.

(a) In consideration of the services provided by the Investment
Manager, the Advisor Class of each series of shares of the
Companies managed by the Investment Manager shall pay to the
Investment Manager a per annum management fee (hereinafter,
the "Applicable Fee"). The calculation of the Applicable Fee
for the Advisor Class of a series is performed as follows:

(i) Each series is assigned to one of three categories
based on its overall investment objective
("Investment Category"). The Investment Category
assignments appear in Exhibit B to this Agreement.

(ii) Each series is assigned a fee schedule within its
Investment Category in Exhibit C to this Agreement.
The Investment Category assets managed by the
Investment Manager determines the first component of
a series' fee. This fee is referred to as the
"Investment Category Fee". The determination of the
Investment Category assets is as follows:

a) Money Market Fund Category. The assets which
are used to determine the fee for this
Investment Category is the sum of the assets
of all of the open-end investment company
series which invest primarily in debt
securities, are subject to Rule 2a-7 under
the 1940 Act, managed by the Investment
Manager and distributed to the public by
American Century Investment Services, Inc.

b) Bond Fund Category. The assets which are
used to determine the fee for this
Investment Category is the sum the assets of
all of the open-end investment company
series which invest primarily in debt
securities, are not subject to Rule 2a-7
under the 1940 Act, are managed by the
Investment Manager and are distributed to
the public by American Century Investment
Services, Inc.

c) Equity Fund Category. The assets which are
used to determine the fee for this
Investment Category is the sum the assets of
all of the open-end investment company
series which invest primarily in equity
securities, are managed by the Investment
Manager and are distributed to the public by
American Century Investment Services, Inc.

(iii) A fee which is based on the total assets in all of
the Investment Categories is determined by the
schedule which appears in Exhibit D. This fee is
referred to as the series' "Complex Fee".

(iv) The Applicable Fee for a series is the sum of the
Investment Category Fee and the Complex Fee.

(v) The assets which are used to compute the Applicable
Fee shall be the assets of all of the open-end
investment companies managed by the Investment
Manager. Any exceptions to this requirement shall be
approved by the Board of Directors of the Companies.

(b) On the first business day of each month, the Advisor Class of
each series of shares shall pay the management fee at the rate
specified by subparagraph (a) of this paragraph 6 to the
Investment Manager for the previous month. The fee for the
previous month shall be calculated by multiplying the
Applicable Fee for such series by the aggregate average daily
closing value of the series' net assets during the previous
month, and further multiplying that product by a fraction, the
numerator of which shall be the number of days in the previous
month, and the denominator of which shall be 365 (366 in leap
years).

(c) In the event that the Board of Directors of a Company shall
determine to issue an Advisor Class of any additional series
of shares for which it is proposed that the Investment Manager
serve as investment manager, the Company and the Investment
Manager shall enter into an Addendum to this Agreement setting
forth the name of the series, the Applicable Fee and such
other terms and conditions as are applicable to the management
of such series of shares.

7. Continuation Of Agreement. This Agreement shall continue in effect,
unless sooner terminated as hereinafter provided, for a period of two
years from the execution hereof, and for as long thereafter as its
continuance is specifically approved, as to each series of the
Companies, at least annually (i) by the Board of Directors of the
Companies or by the vote of a majority of the outstanding Advisor Class
voting securities of the Companies, and (ii) by the vote of a majority
of the Directors of the Companies, who are not parties to the agreement
or interested persons of any such party, cast in person at a meeting
called for the purpose of voting on such approval.

8. Termination. This Agreement may be terminated, with respect to any
series, by the Investment Manager at any time without penalty upon
giving the appropriate Company 60 days' written notice, and may be
terminated, with respect to any series, at any time without penalty by
the Board of Directors of a Company or by vote of a majority of the
outstanding Advisor Class voting securities of such series on 60 days'
written notice to the Investment Manager.

9. Effect Of Assignment. This Agreement shall automatically terminate in
the event of assignment by the Investment Manager, the term
"assignment" for this purpose having the meaning defined in Section
2(a)(4) of the 1940 Act.

10. Other Activities. Nothing herein shall be deemed to limit or restrict
the right of the Investment Manager, or the right of any of its
officers, directors or employees (who may also be a trustee, officer or
employee of a Company), to engage in any other business or to devote
time and attention to the management or other aspects of any other
business, whether of a similar or dissimilar nature, or to render
services of any kind to any other corporation, firm, individual or
association.

11. Standard Of Care. In the absence of willful misfeasance, bad faith,
gross negligence, or reckless disregard of its obligations or duties
hereunder on the part of the Investment Manager, it, as an inducement
to it to enter into this Agreement, shall not be subject to liability
to the Companies or to any shareholder of the Companies for any act or
omission in the course of, or connected with, rendering services
hereunder or for any losses that may be sustained in the purchase,
holding or sale of any security.

12. Separate Agreement. The parties hereto acknowledge that certain
provisions of the 1940 Act, in effect, treat each series of shares of a
registered investment company as a separate investment company.
Accordingly, the parties hereto hereby acknowledge and agree that, to
the extent deemed appropriate and consistent with the 1940 Act, this
Agreement shall be deemed to constitute a separate agreement between
the Investment Manager and each series of shares of the Companies
managed by the Investment Manager.

13. Use of the Names "American Century" and "Benham." The name "American
Century" and all rights to the use of the names "American Century" and
"Benham" are the exclusive property of American Century Services
Corporation ("ACSC"), an affiliate of the Investment Manager. ACSC has
consented to, and granted a non-exclusive license for, the use by the
Companies and their respective series of the names "American Century"
and "Benham" in the name of the Companies and any series of shares
thereof. Such consent and non-exclusive license may be revoked by ACSC
in its discretion if ACSC, the Investment Manager, or a subsidiary or
affiliate of either of them is not employed as the investment manager
of each series of shares of the Companies. In the event of such
revocation, the Companies and each series of shares thereof using the
name "American Century" or "Benham" shall cease using the name
"American Century" or "Benham", unless otherwise consented to by ACSC
or any successor to its interest in such names.

IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their respective duly authorized officers as of the day and year
indicated on Exhibit A.

AMERICAN CENTURY GOVERNMENT INCOME TRUST
AMERICAN CENTURY INTERNATIONAL BOND FUNDS
AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS
Attest: AMERICAN CENTURY TARGET MATURITIES TRUST

/*/Douglas A. Paul /*/James M. Benham
Douglas A. Paul James M. Benham
Secretary President and Chief Executive Officer

Attest: AMERICAN CENTURY INVESTMENT TRUST

/*/Charles C.S. Park /*/Douglas A. Paul
Charles C.S. Park Douglas A. Paul
Assistant Secretary Secretary and Assistant Vice President

Attest: AMERICAN CENTURY INVESTMENT MANAGEMENT, INC.

/*/William M. Lyons /*/Robert C. Puff
William M. Lyons Robert C. Puff
Secretary President
<PAGE>
Exhibit A
Registered Investment Companies Subject to Management Agreement
- --------------------------------------------------------------- --------------

Registered Investment Company and Advisor Class Funds Date
- --------------------------------------------------------------- --------------

American Century Government Income Trust
Benham GNMA Fund August 1, 1997
Benham Government Agency Money Market Fund August 1, 1997
Benham Intermediate-Term Treasury Fund August 1, 1997
Benham Long-Term Treasury Fund August 1, 1997
Benham Short-Term Government Fund August 1, 1997
Benham Short-Term Treasury Fund August 1, 1997

American Century International Bond Funds
Benham International Bond Fund August 1, 1997

American Century Investment Trust
Benham Prime Money Market Fund June 1, 1998

American Century Quantitative Equity Funds
American Century Equity Growth Fund August 1, 1997
American Century Global Gold Fund August 1, 1997
American Century Global Natural Resources Fund August 1, 1997
American Century Income & Growth Fund August 1, 1997
American Century Small Capitalization Quantitative Fund July 1, 1998
American Century Utilities Fund August 1, 1997

American Century Target Maturities Trust
Benham Target Maturities Trust: 2000 August 1, 1997
Benham Target Maturities Trust: 2005 August 1, 1997
Benham Target Maturities Trust: 2010 August 1, 1997
Benham Target Maturities Trust: 2015 August 1, 1997
Benham Target Maturities Trust: 2020 August 1, 1997
Benham Target Maturities Trust: 2025 August 1, 1997
- --------------------------------------------------------------- --------------

By executing this Exhibit A, each Fund executes the Management Agreement to
which it is attached and all of its Exhibits and amendments as of the date
specified above.

AMERICAN CENTURY GOVERNMENT INCOME TRUST
AMERICAN CENTURY INTERNATIONAL BOND FUNDS
AMERICAN CENTURY INVESTMENT TRUST
AMERICAN CENTURY INVESTMENT AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS
MANAGEMENT, INC. AMERICAN CENTURY TARGET MATURITIES TRUST

/*/Robert C. Puff /*/Douglas A. Paul
Robert C. Puff Douglas A. Paul
President Secretary
<PAGE>
<TABLE>
Exhibit B

Series Investment Categories
- ----------------------------------------- ---------------------------------------------------------
<S> <C>
Investment Category Series
- ----------------------------------------- ---------------------------------------------------------

Money Market Funds Benham Government Agency Money Market Fund
Benham Prime Money Market Fund

Bond Funds Benham GNMA Fund
Benham Intermediate-Term Treasury Fund
Benham International Bond Fund
Benham Long-Term Treasury Fund
Benham Short-Term Government Fund
Benham Short-Term Treasury Fund
Benham Target Maturities Trust: 2000
Benham Target Maturities Trust: 2005
Benham Target Maturities Trust: 2010
Benham Target Maturities Trust: 2015
Benham Target Maturities Trust: 2020
Benham Target Maturities Trust: 2025

Equity Funds American Century Equity Growth Fund
American Century Global Gold Fund
American Century Global Natural Resources Fund
American Century Income & Growth Fund
American Century Small Capitalization Quantitative Fund
American Century Utilities Fund
- ----------------------------------------- ---------------------------------------------------------

Dated: June 1, 1998

AMERICAN CENTURY GOVERNMENT INCOME TRUST
AMERICAN CENTURY INTERNATIONAL BOND FUNDS
AMERICAN CENTURY INVESTMENT AMERICAN CENTURY INVESTMENT TRUST
MANAGEMENT, INC. AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS
AMERICAN CENTURY TARGET MATURITIES TRUST

As executed on behalf of the above in As executed on behalf of the above in
Exhibit A by Exhibit A by
Robert C. Puff James M. Benham
President President and Chief Executive Officer
</TABLE>
<PAGE>
<TABLE>
Exhibit C

Investment Category Fee Schedules: Money Market Funds

Schedule 1
------------------------------------------------------------------
<S> <C> <C>
Category Assets Fee Rate Schedule 1 Funds:
First $1 billion 0.2500% Benham Government Agency Money Market Fund
- -------------------------- -------- ------------------------------------------------------------------
Next $1 billion 0.2070%
Next $3 billion 0.1660%
Next $5 billion 0.1490%
Next $15 billion 0.1380%
Next $25 billion 0.1375%
Thereafter 0.1370%

Schedule 2
------------------------------------------------------------------
Category Assets Fee Rate Schedule 2 Funds:
First $1 billion 0.2700% NONE
- -------------------------- -------- ------------------------------------------------------------------
Next $1 billion 0.2270%
Next $3 billion 0.1860%
Next $5 billion 0.1690%
Next $15 billion 0.1580%
Next $25 billion 0.1575%
Thereafter 0.1570%

Schedule 3
------------------------------------------------------------------
Category Assets Fee Rate Schedule 3 Funds:
First $1 billion 0.3700% Benham Prime Money Market Fund
- -------------------------- -------- ------------------------------------------------------------------
Next $1 billion 0.3270%
Next $3 billion 0.2860%
Next $5 billion 0.2690%
Next $15 billion 0.2580%
Next $25 billion 0.2575%
Thereafter 0.2570%
<PAGE>
Category Fee Schedules: Bond Funds

Schedule 1
------------------------------------------------------------------
Category Assets Fee Rate Schedule 1 Funds:
First $1 billion 0.2800% Benham Short-Term Treasury Fund
Next $1 billion 0.2280% Benham Intermediate-Term Treasury Fund
Next $3 billion 0.1980% Benham Long-Term Treasury Fund
------------------------------------------------------------------
Next $5 billion 0.1780%
Next $15 billion 0.1650%
Next $25 billion 0.1630%
Thereafter 0.1625%

Schedule 2
------------------------------------------------------------------
Category Assets Fee Rate Schedule 2 Funds:
First $1 billion 0.3100% NONE
- -------------------------- -------- ------------------------------------------------------------------
Next $1 billion 0.2580%
Next $3 billion 0.2280%
Next $5 billion 0.2080%
Next $15 billion 0.1950%
Next $25 billion 0.1930%
Thereafter 0.1925%

Schedule 3
------------------------------------------------------------------
Category Assets Fee Rate Schedule 3 Funds:
First $1 billion 0.3600% Benham GNMA Fund
Next $1 billion 0.3080% Benham Short-Term Government Fund
Next $3 billion 0.2780% Benham Target Maturities Trust: 2000
Next $5 billion 0.2580% Benham Target Maturities Trust: 2005
Next $15 billion 0.2450% Benham Target Maturities Trust: 2010
Next $25 billion 0.2430% Benham Target Maturities Trust: 2015
Thereafter 0.2425% Benham Target Maturities Trust: 2020
Benham Target Maturities Trust: 2025
------------------------------------------------------------------

Category Fee Schedules: Bond Funds
(continued)

Schedule 4
------------------------------------------------------------------
Category Assets Fee Rate Schedule 4 Funds:
First $1 billion 0.6100% Benham International Bond Fund
- -------------------------- ------------------------------------------------------------------
Next $1 billion 0.5580%
Next $3 billion 0.5280%
Next $5 billion 0.5080%
Next $15 billion 0.4950%
Next $25 billion 0.4930%
Thereafter 0.4925%

Category Fee Schedules: Equity Funds

Schedule 1
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Category Assets Fee Rate Schedule 1 Funds:
First $1 billion 0.5200% American Century Equity Growth Fund
Next $5 billion 0.4600% American Century Global Gold Fund
Next $15 billion 0.4160% American Century Global Natural Resources Fund
Next $25 billion 0.3690% American Century Income & Growth Fund
Next $50 billion 0.3420% American Century Utilities Fund
Next $150 billion 0.3390%
------------------------------------------------------------------
Thereafter 0.3380%

Schedule 2
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Category Assets Fee Rate Schedule 2 Funds:
First $1 billion 0.7200% American Century Small Capitalization
Next $5 billion 0.6600% Quantitative Fund
------------------------------------------------------------------
Next $15 billion 0.6160%
Next $25 billion 0.5690%
Next $50 billion 0.5420%
Next $150 billion 0.5390%
Thereafter 0.5380%

Dated: June 1, 1998

AMERICAN CENTURY GOVERNMENT INCOME TRUST
AMERICAN CENTURY INTERNATIONAL BOND FUNDS
AMERICAN CENTURY INVESTMENT MANAGEMENT, INC. AMERICAN CENTURY INVESTMENT TRUST
AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS
AMERICAN CENTURY TARGET MATURITIES TRUST

As executed on behalf of the above in As executed on behalf of the above in
Exhibit A by Exhibit A by
Robert C. Puff Douglas A. Paul
President Secretary
</TABLE>
<PAGE>
Exhibit D
Complex Fee Schedule

Complex Assets Fee Rate
-------------- --------
First $2.5 billion 0.0600%
Next $7.5 billion 0.0500%
Next $15.0 billion 0.0485%
Next $25.0 billion 0.0470%
Next $50.0 billion 0.0460%
Next $100.0 billion 0.0450%
Next $100.0 billion 0.0440%
Next $200.0 billion 0.0430%
Next $250.0 billion 0.0420%
Next $500.0 billion 0.0410%
Thereafter 0.0400%

Dated: June 1, 1998

As executed on behalf As executed on behalf
of the above in of the above in
Exhibit A by Exhibit A by
Robert C. Puff Douglas A. Paul
President Secretary

CONSENT OF INDEPENDENT ACCOUNTANTS

We consent to the incorporation by reference in Post-Effective Amendment No. 10
to the Registration Statement of the Prime Money Market Fund, formerly the
American Century-Benham Prime Money Market Fund (the "Fund") on Form N-1A of our
report dated March 29, 1999 on our audits of the financial statements and
financial highlights of the Fund, which report is included in the Annual Report
to Shareholders for the year ended February 28, 1999, which is incorporated by
reference in the Statement of Additional Information. We also consent to the
reference in the Statement of Additional Information to our Firm under the
caption "Independent Accountants."

/s/PricewaterhouseCoopers LLP

Kansas City, Missouri
June 28, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT OF AMERICAN CENTURY INVESTMENT TRUST AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000908406
<NAME> AMERICAN CENTURY INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> PRIME MONEY MARKET FUND

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 2,882,246,597
<INVESTMENTS-AT-VALUE> 2,882,246,597
<RECEIVABLES> 10,128,723
<ASSETS-OTHER> 4,988,271
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,897,363,591
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42,268,424
<TOTAL-LIABILITIES> 42,268,424
<SENIOR-EQUITY> 2,855,451,853
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2,855,451,853
<SHARES-COMMON-PRIOR> 1,417,565,184
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (356,686)
<NET-ASSETS> 2,855,095,167
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 118,945,493
<OTHER-INCOME> 0
<EXPENSES-NET> 12,945,585
<NET-INVESTMENT-INCOME> 106,360,493
<REALIZED-GAINS-CURRENT> (18,522)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 106,341,971
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 106,360,493
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,764,005,956
<NUMBER-OF-SHARES-REDEEMED> 4,427,041,476
<SHARES-REINVESTED> 100,922,189
<NET-CHANGE-IN-ASSETS> 1,437,784,480
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,282,235
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,859,387
<AVERAGE-NET-ASSETS> 2,166,525,616
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0

</TABLE>