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High-Yield Municipal Fund

How to Buy

YTD Total Return

As of 07/18/2024

4.35%

Nav

As of 07/18/2024

$8.93

Nav Change ($0.00)

0.00%
Morningstar Overall Rating
As of 06/30/2024 for High Yield Muni category Based on risk-adjusted return out of 185 funds.

How To Buy

Individual Investors: This share class is only available for purchase through a financial advisor, however you can purchase the Investor share class of this fund on the website.

View Investor Share Class

Financial Advisors: Contact your wholesaler at 1-800-345-6488 for more information

The advisor will waive the portion of the fund's management fee equal to the expenses attributable to the management fees of the American Century funds in which the fund invests. The amount of this waiver fluctuates depending on the fund's daily allocation to other American Century funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Trustees.

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.

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.

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

Please see the prospectus for details about sales charges.

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.

Investor Class Shares: 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. Non-Retirement Accounts: 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.

Only Investor Class shares are made available to investors directly. Advisor, A, C, I, and Y Classes of shares are only available for purchase by institutions or other financial intermediaries. R, R5, and R6 Classes of shares are only available for purchase by group employer-sponsored retirement plans. Review definitions and minimums for all share classes.

1 Tax-equivalent yield

The return a taxable bond would need to equal the yield on a comparable tax-exempt municipal bond.

A S&P Municipal Bond 50% Investment Grade / 50% High Yield Index

Consists of bonds from the S&P Municipal Bond Investment Grade Index & S&P Municipal Bond High Yield ex Puerto Rico Index. It is not an investment product available for purchase.

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