[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg.sm)]
AMERICAN
CENTURY
Prime Money Market Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
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.
PRIME MONEY MARKET FUND
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
yields on 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
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. The bar chart and the performance information
below are not intended to indicate how the fund will perform in the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 5.18%
1997 5.26%
1996 5.09%
1995 5.79%
1994 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)
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. For current performance information,
including yields, please call us or access our Web site.
1 YEAR 5 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED MARCH 31, 1999)
Prime Money Market 5.00% 5.20% 5.08%
90-Day Treasury Bill Index 4.72% 5.09% 4.97%(2)
(1) The inception date for Prime Money Market is November 17, 1993.
(2) Benchmark from November 30, 1993.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
Prime Money Market American Century Investments
The following table describes the fees and expenses that you will 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 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)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 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
$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 on the Prime
Money Market team are identified as follows:
DENISE 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 in accounting from San Diego State University and an MBA degree
in finance from Golden Gate University.
JOHN F. WALSH, Portfolio Manager, has been a member of the team that manages
Prime Money Market 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 application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional IRA
and Roth IRA accounts). If your redemption activity causes the value of your
account to fall below this account minimum, your shares may be redeemed
involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Prime Money Market for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. Because Prime is
a money market fund, its distributions generally will be taxed as ordinary
income. If the fund's share price were to go up or down, its annual
distributions also could include capital gains or losses. Distributions are
reinvested automatically in additional shares unless you choose another
option.
Fund Profile Prime Money Market
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Investor Services
Guide, which you may request by calling us, accessing our Web site or
visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.
[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
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
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16101 9904 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg.sm)]
AMERICAN
CENTURY
Brokerage
Prime Money Market Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
thefund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-888-345-2071, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
PRIME MONEY MARKET FUND
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
yields on 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. The bar chart and the performance
information below are not intended to indicate how the fund will perform in
the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 5.18%
1997 5.26%
1996 5.09%
1995 5.70%
1994 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)
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. For current performance information,
including yields, please call us or access our Web site.
1 YEAR 5 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED MARCH 31, 1999)
Prime Money Market 5.00% 5.20% 5.08%
90-Day Treasury Bill Index 4.72% 5.09% 4.97%(2)
(1) The inception date for Prime Money Market is November 17, 1993.
(2) Benchmark from November 30, 1993.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
Prime Money Market American Century Investments
The following table describes the fees and expenses that you will 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 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) 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 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
$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
team are identified as follows:
DENISE 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 in accounting from San Diego State University and an MBA from
Golden Gate University.
JOHN F. WALSH, Portfolio Manager, has been a member of the team that manages
Prime Money Market 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 your redemption activity causes the value of your account to fall 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. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Dividends are declared and available for redemption daily. Because Prime is
a money market fund, its distributions generally will be taxed as ordinary
income. If the fund's share price were to go up or down, its annual
distributions also could include capital gains or losses. Distributions are
reinvested automatically in additional shares unless you choose another
option.
Fund Profile Prime Money Market
9. WHAT SERVICES ARE AVAILABLE?
American Century 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.
[american century logo(reg.sm)]
AMERICAN
CENTURY
Brokerage
AMERICAN CENTURY BROKERAGE, INC.
P.O. BOX 419146
KANSAS CITY, MISSOURI 64141-6146
BROKERAGE ASSOCIATE
1-888-345-2071
FAX
650-967-9627
TELESELECT AUTOMATED INFORMATION
AND TRADING LINE 1-888-345-2091
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113
SEP-IRA SERVICES
1-800-345-3533, ext. 4210
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16102 9904 Funds Distributor, Inc.
