[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg. sm)]
American
Century
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Brokerage
Capital Preservation 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]
JULY 26, 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.
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 very short-term U.S. Treasury securities 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 very short-term 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.
[bar chart data shown below]
Calendar Year-By-Year Returns (1)
1998 4.92%
1997 4.97%
1996 4.85%
1995 5.32%
1994 3.63%
1993 2.65%
1992 3.31%
1991 5.62%
1990 7.64%
1989 8.28%
(1) As of June 30, 1999, the end of the most recent calendar quarter,
Capital Preservation's year-to-date return was ___%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
Capital Preservation _.__% (____) _.__% (____)
The following table shows the average annual return of the fund's Investor
Class 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. 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 JUNE 30, 1999)
Capital Preservation _._% _._% _._% _._%
90-Day Treasury
Bill Index _._% _._% _._% _._%(2)
(1) The inception date for Capital Preservation is October 13, 1972. (2)
Benchmark from October 31, 1972.
Capital Preservation American Century Investments
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
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 0.48%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.48%
(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
$49 $154 $269 $604
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:
DENISE TABACCO, Portfolio Manager, has been a member of the team that
manages Capital Preservation since 1995. She joined American Century in
1988, becoming a member of its portfolio department in 1991. She was
promoted to Portfolio Manager in 1995. She has a bachelor's degree in
accounting from San Diego University and an MBA in finance from Golden Gate
University.
6. HOW DO I BUY FUND SHARES?
American Century Brokerage offers several ways to purchase 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?
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.
Fund Profile Capital Preservation
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
* 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.
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[american century logo(reg. sm)]
American
Century
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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]
BK-PRF-17204 9906 Funds Distributor, Inc.
