California High-Yield Municipal Fund

Summary

Loading Daily NAV data...

FUND FACTS

Loading Fund Facts data...

Expenses and Dividends

Loading Expenses and Dividends data...

Morningstar helpIcon

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, 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 Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. Past performance is no guarantee of future results.

Loading Morningstar data ...

Lipper Rankings

Loading Lipper data...

FUND DOCUMENTS & RESOURCES

Loading Fund Documents data...

Investment Objective

Seeks high current income that is exempt from federal and California income taxes.

Risk & Additional Details

Goal & Strategy

Total return and current income that is exempt from federal and CA income taxes through high-yield municipal bonds.

Characteristics

Designed to provide shareholders with a high level of California and federal tax-free income while maintaining low exposure to the Alternative Minimum Tax (AMT).

Performance

  • CUMULATIVE
  • Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.

    Cumulative

    Loading Cumulative Performance data...
  • CALENDAR YEAR
  • Calendar Year

    Loading Calendar Year Returns data...
  • YIELDS
  • Yields

    Loading Yields data ...

  • RISK/RETURNS
  • Risk/Returns

    Loading Risk and Returns data...
  • GROWTH CHART
  • Growth Chart

    Please Note: The x-axis represents the selected time frame by which the funds are being measured. The y-axis represents the value of a $10,000 investment made at the start of the selected time frame or on the fund's inception date, whichever is more recent.

    Composition

    • INVESTMENT BLEND
    • Investment Blend

    • TOP TEN HOLDINGS
    • Top Ten Holdings

      Loading Top Ten Holdings data...
    • QUALITY
    • Quality

      Loading Top Ten Holdings data...

    • MATURITY
    • Maturity

      Loading Maturity data...

    • COUPON
    • Coupon

      Loading Coupon data...

    • DURATION
    • Duration

      Loading Duration data...

      Geography

        Management

        Steven Permut

        Steven Permut

        Senior Vice President, Senior Portfolio Manager

        Joseph Gotelli

        Joseph Gotelli

        Vice President, Portfolio Manager

        Alan Kruss

        Alan Kruss

        Vice President, Portfolio Manager

        Invest Now

        Put your strategy into action.

        Buy This Fund

        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 credit risk, default risk and liquidity risk.

        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.

        Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline.

        This fund is not available in all states.

        C

        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.

        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 2017 © 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.

        ©2017 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.

        ©2017 Standard & Poor's Financial Services LLC. All rights reserved. For intended recipient only. No further distribution and/or reproduction permitted. Standard & Poor's Financial Services LLC ("S&P") does not guarantee the accuracy, adequacy, completeness or availability of any data or information contained herein and is not responsible for any errors or omissions or for the results obtained from the use of such data or information. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE IN CONNECTION TO THE DATA OR INFORMATION INCLUDED HEREIN. In no event shall S&P be liable for any direct, indirect, special or consequential damages in connection with recipient's use of such data or information.

        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 ©2017 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.