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The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective.
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 ratechanges 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. The information is not intended as a personalized recommendation or fiduciary advice and should not be relied upon for investment, accounting, legal or tax advice.
Total return and current income that is exempt from federal income taxes through high-yield municipal bonds.
Designed to provide shareholders with a high level federal tax-free income while maintaining low exposure to the Alternative Minimum Tax (AMT).
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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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 quarter end. For additional share class information, consult the prospectus.
Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semiannual report for the most current information.
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.
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 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.
Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Thomson Reuters Company, subject to the following: Copyright ©2020 Thomson Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.
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The Dow Jones AveragesSM and The Dow Jones Global IndexesSM are compiled, calculated and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones AveragesSM and The Dow Jones Global IndexesSM ©2020 Dow Jones & Company, Inc. All Rights Reserved.
Source: Bloomberg Index Services Ltd
For detailed descriptions of indices or investing terms referenced above, refer to our glossary.