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Seek Higher Return Potential, Fight Taxes. High-Yield Municipal Fund is designed to deliver a high level of federal tax-free income and capital appreciation through actively managed positions in high-yield municipal bonds.

/sd/customer/portfolio_json 1.800.345.2021
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Investment Blend

Investment Blend: Reflects the blend of securities owned by a fund. For example, the percentage of foreign or domestic stocks held by an equity fund or the percentage of corporate and government securities owned by a bond fund. The US/Foreign Convertibles grouping includes Convertible Bonds, Equity Linked Securities and Convertible Preferred securities. Due to rounding, these values may exceed 100%.
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Top Ten Holdings

Top Ten Holdings: This value represents the top ten holdings included in the portfolio on a percent of assets basis. Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. Holdings are rounded to the nearest whole number, which may result in the display of less than ten holdings.

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Maturity

Maturity: Describes the portfolio of the fund in terms of the different maturities of the securities it holds. Due to rounding, these values may exceed 100%.

Weighted average maturity (WAM) uses effective maturity to approximate the remaining term to maturity of a fund's investment portfolio, weighted by dollar amount. Generally, the longer a fund's WAM, the more sensitive it is to changes in interest rates.

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Coupon

Coupon: Describes the portfolio of the fund in terms of the different coupons of the securities it holds. Due to rounding, these values may exceed 100%.

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Quality

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Duration

Duration: Describes the portfolio of the fund in terms of the different durations of the securities it holds. Due to rounding, these values may exceed 100%.

Quality: Describes the portfolio of the fund in terms of the quality ratings of the securities it holds. Instruments issued by the U.S. Government or one of its agencies are treated as AAA rated. Cash and cash equivalents include payable amounts related to securities purchased but not settled at period end. Credit quality ratings on underlying securities of a fund are obtained from three Nationally Recognized Statistical Rating Organizations ("NRSROs"), Standard & Poor's, Moody's and Fitch. Ratings are converted to the equivalent Standard & Poor's rating category for purposes of presentation. For Investment Grade Municipal funds, each security is assigned the highest rating provided by the NRSROs. For High Yield Municipal funds each security is assigned the lowest rating provided by the NRSROs. A "non-rated" designation is assigned when a public rating is not available for a security. This designation does not necessarily indicate low credit quality. The letter ratings are provided to indicate the credit worthiness of the underlying bonds in the portfolio. Long-term ratings generally range from AAA (highest) to D (lowest). Includes payable amounts related to securities purchased but not settled at period end. Due to rounding, these values may exceed 100%.

Data reflects past performance for Investor Class shares, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

The lower-rated securities in which the fund invests are subject to greater default and liquidity risk, because the issuers of high-yield securities are more sensitive to real or perceived economic changes. Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline.

W2 If your account falls below the minimum balance, you will be notified and given 90 days to meet the minimum. If the deadline is not met, American Century Investments may redeem the shares in the account and send the proceeds to the address of record.

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Expense ratios provided are the funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursements. Expense ratios are as of the funds' most current prospectus.

Quick Facts

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Distribution