American Century Brokerage

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American Century
Investments
Fund Profile

INVESTOR CLASS
Capital Preservation Fund

January 31, 2007

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 fund buys 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 fund 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,  including buy/sell back transactions, the fund 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(1)
   -----------------------------------------------------------------------------
   2006               4.36%
   2005               2.57%
   2004               0.82%
   2003               0.68%
   2002               1.35%
   2001               3.78%
   2000               5.68%
   1999               4.42%
   1998               4.92%
   1997               4.97%
   -----------------------------------------------------------------------------

   The highest and lowest quarterly returns for the periods 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, 2006)
   -----------------------------------------------------------------------------
         Capital Preservation         4.36%          1.95%         3.34%
   -----------------------------------------------------------------------------




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 $20 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) The fund pays the advisor a single, unified management fee for
        arranging all services  necessary for the fund to operate. The fee shown
        is based on assets during the fund's  most recent fiscal year. The fund
        has a stepped fee schedule. As a result, the fund's unified  management
        fee rate generally decreases as fund assets increase and increase as
        fund 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 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
   -----------------------------------------------------------------------------
                    $49             $154           $268              $603

            Of course, actual costs may be higher or lower. Use this example
            to compare the costs of investing in other mutual 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 are the portfolio managers who lead the team that manages Capital
   Preservation:

   STEVEN M. PERMUT
   Mr. Permut, Senior Vice President and Senior Portfolio Manager, has been a
   member of the team that manages the fund since June 2003. He joined American
   Century in June 1987 and became a portfolio manager in June 1990. He has a
   bachelor's degree in business and geography from State University of New York
   - Oneonta and an MBA in finance from Golden Gate University - San Francisco.

   LYNN PASCHEN
   Ms. Paschen, Portfolio Manager, has been a member of the team that manages
   Capital Preservation since February 2003. She joined American Century in 1998
   as a Senior Fund Accountant. In 2002, she was named Fixed Income Trader and
   served in that capacity until being named to her current position in 2003.
   She has a bachelor's degree in finance from the University of Iowa and a
   master's degree in finance 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. A $20 wire fee will be deducted
   from  your redemption to cover bank charges. 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 paid on the last business day of the month. 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.

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                                    Services, Inc., Distributor