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American Century Brokerage

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American Century
Investments
Fund Profile

INVESTOR CLASS

Tax-Free Money Market Fund

April 29, 2005

THIS PROFILE SUMMARIZES KEY INFORMATION ABOUT THE FUND THAT IS INCLUDED IN THE
FUND'S PROSPECTUS. THE FUND'S PROSPECTUS INCLUDES ADDITIONAL INFORMATION ABOUT
THE FUND, INCLUDING A MORE DETAILED DESCRIPTION OF THE RISKS ASSOCIATED WITH
INVESTING IN THE FUND, THAT YOU MAY WANT TO CONSIDER BEFORE YOU INVEST.

You may obtain the prospectus and other information about the fund at no cost by
calling us at 1-888-345-2071, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.

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Tax-Free Money Market Fund

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Tax-Free Money Market seeks safety of principal and high current income that
    is exempt from federal income tax.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers invest at least 80% of the fund's assets in
    cash-equivalent, high-quality debt securities with interest payments exempt
    from federal income tax. Cities, counties and other municipalities in the 50
    states and U.S. territories usually issue these securities for public
    projects, such as schools and roads.

    The fund managers also may buy cash-equivalent, high-quality debt securities
    with interest payments exempt from regular federal income tax, but not
    exempt from the federal alternative minimum tax. Cities, counties and other
    municipalities usually issue these securities (called private activity
    bonds) to fund for-profit private projects, such as hospitals and athletic
    stadiums. No more than 20% of the fund's total assets may be invested in
    these securities.

    Additional information about Tax-Free 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 least risky securities
      available, the interest they pay is among the lowest for interest-paying
      securities. Accordingly, the yield on this fund will likely be lower than
      funds that invest in longer-term or lower-quality securities.

    * Some of the fund's income may be subject to the federal alternative
      minimum tax.

    * Because the fund invests primarily in municipal securities, it will be
      sensitive to events that affect municipal markets. Tax-Free Money Market
      may have a higher level of risk than funds that invest in a larger
      universe of securities.

    FUND PERFORMANCE

    The following bar chart shows the actual performance of Tax-Free Money
    Market's shares for each of the last 10 calendar years. 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. Account fees are not
    reflected in the chart below. If they had been included, returns would be
    lower than those shown.

CALENDAR YEAR-BY-YEAR RETURN (1)(2)

    2004      0.87%
    2003      0.73%
    2002      1.18%
    2001      2.52%
    2000      3.82%
    1999      2.97%
    1998      3.47%
    1997      3.43%
    1996      2.98%
    1995      3.36%

    (1) From August 1, 1997 to December 31, 1998, all or a portion of the
        fund's management fee was waived. As a result, the fund's returns are
        higher than they would have been had the waiver not been in effect.

    (2) As of March 31, 2005, the end of the most recent calendar quarter,
        Tax-Free Money Market's year-to-date return was 0.36%.

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

                             Highest                Lowest
    ---------------------------------------------------------------------------
    Tax-Free Money Market    1.01% (4Q 2000)        0.14% (3Q 2003)




    The following table shows the average annual total returns of the fund's
    shares for the periods indicated. For current performance information,
    including yields, please call us or access our Web site.

                                 1 YEAR          5 YEARS         10 YEARS(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED MARCH 31, 2005)
         Tax-Free
         Money Market             1.07%           1.73%              2.48%

    (1) From August 1, 1997, to December 31, 1998, all or a portion of the
        fund's management fee was waived. As a result, the fund's returns are
        higher than they would have been had the waiver not been in effect.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

    There are no sales loads, fees or other charges

    * to buy fund shares directly from American Century

    * to reinvest dividends in additional shares

    * to exchange into the Investor Class shares of other American Century funds

    * to redeem your shares other than a $10 fee to redeem by wire

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

     SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
         Maximum Account Maintenance Fee                  $25(1)

    (1) Applies only to investors whose total eligible investments with
        American Century are less than $10,000.

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

         Management Fee                               0.49%(1)

         Distribution and Service (12b-1) Fees        None

         Other Expenses                               0.02%(2)

         Total Annual Fund Operating Expenses         0.51%

    (1) Based on assets 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 assets increase and increases as assets decrease.

    (2) Other expenses include the fees and expenses of the fund's
        independent trustees and their legal counsel, as well as interest and
        portfolio insurance.

           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
                      $52          $163            $285            $640

             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 and analysts working together to manage its mutual funds.
    Identified below is the portfolio manager who leads the team that manages
    Tax-Free Money Market:

    ALAN KRUSS, Portfolio Manager, is the manager of the Tax-Free Money Market
    fund. He joined American Century in 1997. He became a trader in February
    2000 and then became a portfolio manager in December 2001. He has a
    bachelor's degree in finance from San Francisco State University.

6. HOW DO I BUY FUND SHARES?

    American Century Brokerage offers several ways to purchase shares

    * Complete and return a brokerage application along with an investment check
      payable to American Century Brokerage

    * If you already have an American Century Brokerage account, simply contact
      us by writing, calling or accessing our Web site

    * Call us and send your investment by bank wire transfer

    Your initial investment in your brokerage account must be at least $2,500.
    If your account balance falls below this account minimum, your shares may be
    redeemed involuntarily.




7. HOW DO I SELL FUND SHARES?

    The most convenient way for you to sell money market fund shares in your
    brokerage account is to use our CheckWriting feature. If you do not have
    checks, you can call us during business hours or send us a letter requesting
    a redemption check or bank wire. Bank wires require a minimum redemption of
    $1,000 and a $20 fee applies. In addition, we will automatically sell
    sufficient shares in Tax-Free Money Market when you direct us to make other
    investments in your brokerage account.

    Depending on the options you select when you open your account, some
    restrictions may apply. For your protection, some redemption requests may
    require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Dividends are declared and available for redemption daily. Distributions
    will generally be exempt from federal income tax. Some of the fund's income
    may, however, be subject to the federal alternative minimum tax. Consult
    your tax advisor for information about whether you are subject to the
    federal alternative minimum tax. Distributions are reinvested automatically
    in additional shares unless you choose another option.

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

    * TeleSelect Automated Information and Trading Line transactions

    * 24-hour online 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 BROKERAGE, INC.
P.O. BOX 419146
KANSAS CITY, MISSOURI 64141-6146

AMERICANCENTURY.COM

BROKERAGE CLIENT RELATIONS 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

                              The American Century Investments logo, American Century
                              and American Century Investments are service marks of
                              American Century Proprietary Holdings, Inc.

BK-PRF-43026   0504           American Century Investment Services, Inc., Distributor