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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

Total Return Focus

Rather than chasing yield regardless of the risk being taken, High-Yield Municipal seeks both income and capital appreciation. The management team’s measured, total return orientation has helped the fund deliver competitive yields with less volatility than the average of its peers.*

Professional Credit Analysis

Research is the heart and soul of American Century Investments® bond investment process. This is crucial in the high-yield municipal bond market where our tenured municipal credit research and analysis team brings years of experience to bear in assessing each issuer’s ability to make interest payments and pay par value at maturity.

Tax-Free Income

Our team understands that many investors are concerned about the tax consequences of their investments. To help address income goals and reduce tax liabilities, High-Yield Municipal is managed to limit Alternative Minimum Tax (AMT) exposure as the team searches to invest in securities that will result in a higher yield for the fund.

A Note About Risk

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.

*Based on a comparison with the Morningstar High Yield Municipal category average as of 11/30/2013.

Past performance is no guarantee of future results.

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Rating & Rankings

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For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Morningstar ratings are based upon Investor class of shares, unless otherwise indicated. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. Past performance is no guarantee of future results.

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Fund Management

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.

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 Reuters Company, subject to the following: Copyright 2015 © 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.

©2015 Morningstar, Inc. All Rights Reserved. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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