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American Century Brokerage

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American Century
Investments
Fund Profile

INVESTOR CLASS
Capital Preservation Fund

January 28, 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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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 primary investment strategy?

   The funds 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 income from these securities is exempt from state income
   tax.

   The funds 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 funds 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 principal 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 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

2004      0.82%
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%

   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
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 2004)
       Capital Preservation      0.82%            2.45%               3.66%




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                                          0.48%(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 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, has been a member of the team since October
   2000. She joined American Century in 1998 and became a portfolio investment
   assistant in October 2000. She joined the fixed-income trading team in
   October 2001 and became a portfolio manager in February 2003. 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 also may be subject to state and local 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 Proprietary Holdings, Inc.

BK-PRF-41430   0501     American Century Investment Services, Inc., Distributor