[front cover]

American Century Brokerage

[graphic of covered bridge]

[graphic of starfish on beach]

American Century
Investments
Fund Profile

INVESTOR CLASS
Capital Preservation Fund

October 29, 2004

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.

[American Century Investments logo and text logo]




Capital Preservation Fund

1. What is the fund's investment objective?

    Capital Preservation is a money market fund that seeks maximum safety and
    liquidity, and to pay shareholders the highest rate of return consistent
    with this objective.

2. What is the fund's investment strategy?

    The fund managers buy short-term money market securities issued by the U.S.
    Treasury that are  guaranteed by the direct full faith and credit pledge of
    the U.S. government.

    The fund managers may purchase securities in a number of different ways to
    seek higher rates of return. For example, by using when-issued and forward
    commitment transactions, the fund managers may purchase securities in
    advance to generate additional income.

    Additional information about Capital Preservation'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 short-term money market 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 Capital
    Preservation's Investor Class 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 Returns (1)

    2003     0.68%
    2002     1.35%
    2001     3.78%
    2000     5.68%
    1999     4.42%
    1998     4.92%
    1997     4.97%
    1996     4.85%
    1995     5.32%
    1994     3.63%


        (1) As of September 30, 2004, the end of the most recent calendar
            quarter, Capital Preservation's year-to-date return was 0.49%.

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

                             Highest                Lowest
    ---------------------------------------------------------------------------
    Capital Preservation     1.47% (4Q 2000)        0.13% (1Q 2004)

    The following table shows the average annual total returns of the fund's
    Investor Class 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    LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2004)
       Capital Preservation       0.62%        2.61%      3.75%          4.86%

        (1) The inception date for Capital Preservation is October 13, 1972.




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 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                                    0.48%(1)
          Distribution and Service (12b-1) Fees              None
          Other Expenses                                    0.00%(2)
          Total Annual Fund Operating Expenses              0.48%

        (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, which include the fees and expenses of the fund's
             independent   trustees  and  their  legal  counsel,  as  well  as
             interest, were less than 0.005% for the current 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
                   ==============================================================
                       $49            $154            $268            $603

             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. Identified below is the portfolio
    manager who leads the team that manages Capital Preservation:

    LYNN PASCHEN, Portfolio Manager, joined the team in October 2000 as a
    Fixed-Income Trader and was promoted to Portfolio Manager in February 2003.
    She joined American Century in 1998 as a Senior Fund Accountant. She has a
    bachelor's degree in finance from the University of Iowa and a master's
    degree from Golden Gate University- San Francisco.

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 Capital Preservation 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. Because Capital
    Preservation 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.

    Distributions will generally be exempt from most state income taxes. Consult
    your tax advisor to see if the fund's income is exempt in your state.

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 Services Corporation.


BK-PRF-40818   0410                American Century Investment Services, Inc.