FUND PROFILE
Prime Money Market
INVESTOR CLASS
January 15, 1999
[american century logo(reg.sm)]
American
Century
_________
Brokerage
_________
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This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional telephone numbers and our address.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
PRIME MONEY MARKET
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Prime Money Market seeks to earn the highest level of current income
while preserving the value of your investment.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund earns its income by investing in high-quality, cash-equivalent
securities. These securities are short-term obligations of banks,
governments and corporations that are payable in U.S. dollars.
Additional information about Prime Money Market's investments is
available in its annual and semiannual reports. In these reports you will
find a discussion of the market conditions and investment strategies that
significantly affected the fund's performance during the most recent fiscal
period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the fund.
*Because cash-equivalent securities are among the safest securities
available, the interest they pay is among the lowest for income-paying
securities. Accordingly, the yield on this fund will likely be lower than
funds that invest in longer-term or lower-quality securities.
FUND PERFORMANCE
The following bar chart shows the actual performance of Prime Money
Market's Investor Class shares for each calendar year since the fund's
inception on November 17, 1993. The bar chart indicates the volatility of
the fund's historical returns from year to year. Neither the bar chart nor
the performance information below it is intended to indicate how the fund
will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1994 1995 1996 1997 1998
---- ---- ---- ---- ----
Prime Money Market 4.47 5.70 5.09 5.26 5.18
The highest and lowest returns of the fund's shares for a calendar
quarter during the period reflected by the preceding bar chart are provided
in the following chart to indicate the fund's historical short-term
volatility.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/95 1.47%
Quarter Ended 3/31/94 0.84%
The following table shows the average annual return of the fund's shares
for the periods indicated. The 90-Day Treasury Bill Index, an unmanaged
index that reflects no operating costs, is included as a benchmark for
performance comparisons. The index is derived from secondary market
interest rates as published by the Federal Reserve Bank.
1 YEAR 5 YEARS LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
Prime Money Market 5.18% 5.14% 5.10%
90-Day Treasury Bill Index 4.50% 4.95% 4.92%*
*(index as of 11/30/93)
For current performance information, including yields, please call us
or access our Web site.
Prime Money Market American Century Brokerage
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to purchase the Investor Class shares of other American Century funds or to
redeem your shares. The following table describes the fees and expenses
that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.60%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.60%
(1)Based on assets as of February 28, 1998. The fund has a stepped fee
schedule. As a result, the fund's management fee generally decreases as
fund assets increase.
(2)Other expenses, which include the fees and expenses of the fund's
independent trustees, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
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$61 $192 $334 $749
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio managers of the Prime
Money Market team are identified as follows:
DENISE TABACCO, Portfolio Manager, has been a member of the team that
manages Prime since May 1996. She joined American Century in 1988, becoming
a member of its portfolio department in 1991. She has a bachelor's in
accounting from San Diego State University and an MBA from Golden Gate
State University.
JOHN F. WALSH, Portfolio Manager, has been a member of the team that
manages Prime since May 1997. He joined American Century in February 1996
as an Investment Analyst. Prior to joining American Century, he served as
an Assistant Vice President and Analyst at First Interstate Bank, Los
Angeles, California, from July 1993 to January 1996. He has a bachelor's
degree in marketing from Loyola Marymount and an MBA in finance from
Creighton University.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed brokerage application along with an
investment check payable to American Century Brokerage
* Call us and send your investment by bank wire transfer
* If you already have an American Century Brokerage account, simply contact
us by writing, calling or accessing our Web site.
Your initial investment in your brokerage account must be at least
$2,500. If the value of your brokerage account falls below this account
minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing, calling or accessing our Web site. You also may sell your shares
in Prime Money Market and make other investments through American Century
Brokerage. Depending on the options you select when you open your account,
some restrictions may apply.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. Because Prime
is a money market fund, its distributions generally will be taxed as
ordinary income. If the fund's share price were to go up or down, its
annual distributions also could include capital gains or losses.
Distributions are reinvested automatically in additional shares unless you
choose another option.
Fund Profile Prime Money Market
9. WHAT SERVICES ARE AVAILABLE?
American Century Brokerage offers several ways to make it easier for you
to manage your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour TeleSelect Automated Information and Trading Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Brokerage
Information Kit, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
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[american century logo(reg.sm)]
American
Century
_________
Brokerage
_________
AMERICAN CENTURY BROKERAGE, INC.
P.O. BOX 419146
KANSAS CITY, MISSOURI 64141-6146
WWW.AMERICANCENTURY.COM
BROKERAGE ASSOCIATE
1-888-345-2071
TELESELECT AUTOMATED INFORMATION
AND TRADING LINE
1-888-345-2091
SEP-IRA SERVICES
1-800-345-3533, ext. 4210
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113
FAX
650-967-9627
Funds Distributor, Inc.
BK-PRF-13792 9901
