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Preserve Capital, Fight Taxes. California Intermediate-Term Tax-Free Bond Fund helps preserve wealth and generate income free of state and federal taxes through actively managed positions in investment-grade, intermediate-term municipal bonds.
Seeks safety of principal and high current income that is exempt from federal and California income taxes.
Many investors have turned to municipal bonds in search of yield in today's low interest rate environment. When taking taxes into consideration, yields offered by municipal bond funds may be more attractive than the yields of comparable taxable investments.
Shareholders won't be surprised by hidden taxes, like the Alternative Minimum Tax (AMT). The fund's monthly dividends are truly federal tax free because the management team does not invest in bonds subject to the AMT.
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. Interest rate changes are among the most significant factors affecting bond return. Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline. Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax (AMT). Capital gains are not exempt from state and federal income tax. There is no guarantee that the investment objectives will be met. Dividends and yields represent past performance and there is no guarantee that they will continue to be paid.
Diversification does not assure a profit nor does it protect against loss of principal
Total return and current income that is exempt from federal and California income taxes through investment-grade, intermediate-term municipal bonds.
Seeks to avoid alternative minimum tax (AMT) exposure while providing shareholders with monthly California state and federal tax-free income.
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 U.S./Foreign Convertibles grouping includes Convertible Bonds, Equity Linked Securities and Convertible Preferred securities.
Maturity: Describes the portfolio of the fund in terms of the different maturities of the securities it holds.
Weighted average life to maturity (WALM) is a measure of the sensitivity of a fixed income portfolio to interest rate changes. WALM is the average time in years to receive the principal repayments. Accordingly, WALM reflects how a portfolio would react to deteriorating credit or tightening liquidity conditions.
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Because the fund invests primarily in California municipal securities and securities issued by U.S. territories, its yield and share price will be affected by political and economic developments within the state and territories.
There is no guarantee that all of the fund's income will be exempt from federal or state or local income taxes. The portfolio managers are permitted to invest up to 20% of the fund's assets in debt securities with interest payments that are subject to federal income tax, California state or local income tax and/or the federal alternative minimum tax.
This fund is not available in all states.
The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.
W2 Minimum initial investment is $1,000 for IRA and CESA accounts, and $2,500 for non-retirement accounts, but these minimums are waived with an initial investment of at least $500 per account and automatic investments of at least $100 per month. If your account balance falls below the minimum, or if you cancel your automatic monthly investment plan prior to reaching the minimum, American Century Investments may redeem the account and send the proceeds to you. Prior to doing so, we will notify you and give you 90 days to meet the minimum or reinstate your automatic monthly investment plan.
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