YTD Total Return As of 01/30/2026 | 0.83% |
Nav As of 01/30/2026 | $10.88 |
Nav Change ($0.01) | 0.37% |
A research-driven, actively managed fund offering the potential for monthly income free of federal income taxes.
Core Municipal Bond Holding
The fund invests primarily in investment-grade bonds exempt from federal income taxes.
Research that Reveals Opportunities
Project-focused, bond-by-bond research seeks to uncover promising issues that other managers may miss as well as non-rated opportunities.
Focused on Steady After-Tax Income
The fund seeks to help investors meet income goals while managing federal income taxes.
Tax-Managed Solutions
Learn more about the attributes of municipal bonds and our full line-up of funds.
Key Facts
Investment Objective | Seeks safety of principal and high current income that is exempt from federal income tax |
Inception Date | 03/02/1987 |
Morningstar Category | Muni National Interm |
Benchmark | S&P Intermediate Term National AMT-Free Municipal Bond IndexA |
Total Assets | $3,762,395,738 As of 12/31/2025 |
Total Holdings | 1563 As of 11/30/2025 |
Distribution Frequency | Monthly |
Morningstar Overall Rating Based on risk-adjusted return | Out of 253 funds. Muni National Interm category As of 12/31/2025 |
Fees
| Gross Expense Ratio | 0.46% |
Trading Information
| Ticker | TWTIX |
| CUSIP | 024934507 |
Morningstar ratings vary among share classes and are based on historical risk-adjusted total returns.
Fees
| Gross Expense Ratio | 0.46% |
Trading Information
| Ticker | TWTIX |
| CUSIP | 024934507 |
Data reflects past performance, 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. Returns less than one year are not annualized. Index performance does not represent the fund's performance. It is not possible to invest directly in an index.
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. For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.
Data reflects past performance, 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. Returns less than one year are not annualized. Index performance does not represent the fund's performance. It is not possible to invest directly in an index.
30-Day SEC Subsidized Yield
3.11%
As of 12/31/2025
30-Day SEC UnSubsidized Yield
3.11%
As of 12/31/2025
YIELD TO WORST
3.54%
As of 12/31/2025
YIELD TO MATURITY
3.90%
As of 12/31/2025
30-Day SEC Yield (Subsidized/Unsubsidized): Represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.
Yield to Worst: Lowest yield possible for a security given the current price, taking into account both call dates and maturity.
Yield to Maturity: The internal rate of return of the security based on the given market price—it is the single discount rate that equates a security price (inclusive of accrued interest) with its projected cashflows.
Past performance is no guarantee of future results. Investment returns will fluctuate and it is possible to lose money.
FREQUENCY
Monthly
Daily Dividend Accrual
+0.001027461
As of 01/30/2026
| Total Paid | Ordinary Dividends | Reinvest Price | |
|---|---|---|---|
| 01/30/2026 | $0.030514954 | $0.030514954 | $10.88 |
| 12/31/2025 | $0.031563312 | $0.031563312 | $10.82 |
| 12/04/2025 | -- | -- | $10.81 |
| 11/28/2025 | $0.028786388 | $0.028786388 | $10.82 |
| 10/31/2025 | $0.032575753 | $0.032575753 | $10.83 |
| 09/30/2025 | $0.029771331 | $0.029771331 | $10.75 |
| 08/29/2025 | $0.031371344 | $0.031371344 | $10.57 |
| 07/31/2025 | $0.030886854 | $0.030886854 | $10.52 |
| 06/30/2025 | $0.02932812 | $0.02932812 | $10.56 |
| 05/30/2025 | $0.030834527 | $0.030834527 | $10.51 |
| 04/30/2025 | $0.030021081 | $0.030021081 | $10.54 |
| 03/31/2025 | $0.027506523 | $0.027506523 | $10.61 |
| 02/28/2025 | $0.030067431 | $0.030067431 | $10.80 |
| 01/31/2025 | $0.030347957 | $0.030347957 | $10.72 |
| Overall | Out of 253 funds. Muni National Interm category |
| 3 Year | Out of 253 funds |
| 5 Year | Out of 232 funds |
| 10 Year | Out of 176 funds |
Morningstar ratings vary among share classes and are based on historical risk-adjusted total returns.
| Risk Measures | |
|---|---|
| Alpha | -0.16 |
| Beta | 1.08 |
| R-Squared | 0.99 |
| Standard Deviation | 4.82 |
| Sharpe Ratio | -0.22 |
Relative to the S&P Intermediate Term National AMT-Free Municipal Bond Index
Past performance is no guarantee of future results. Investment returns will fluctuate and it is possible to lose money.
As of 12/31/2025
| Local GO | 11% |
| Hospital | 9% |
| Dedicated Tax | 9% |
| Energy Prepay | 9% |
| Water & Sewer | 8% |
| Toll Facilities | 5% |
| Public Power | 5% |
Due to rounding, these values may exceed 100%.
Negative weights may be due to open security or capital stock
trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 12/31/2025
| Central Plains Energy Project 5.00% 05/01/2054 | 1.00% |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado 5.00% 04/01/2035 | 0.69% |
| Southeast Energy Authority A Cooperative District 5.00% 10/01/2030 | 0.57% |
| Main Street Natural Gas Inc 4.00% 03/01/2050 | 0.54% |
| Hastings Campus Housing Finance Authority 5.00% 07/01/2045 | 0.50% |
| New Jersey Transportation Trust Fund Authority 5.00% 12/15/2035 | 0.49% |
| State of Illinois 5.13% 12/01/2029 | 0.47% |
| Black Belt Energy Gas District 5.50% 11/01/2053 | 0.45% |
| State of North Carolina 5.00% 03/01/2034 | 0.43% |
| Black Belt Energy Gas District 5.25% 02/01/2053 | 0.42% |
| % of Top Portfolio Holdings | 5.56% |
Due to rounding, these values may exceed 100%.
Negative weights may be due to open security or capital
stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period
end.
As of 12/31/2025
| AAA | 14.41% |
| AA | 44.26% |
| A | 22.42% |
| BBB | 10.48% |
| BB | 1.70% |
| B | 0.20% |
| Non Rated | 6.98% |
| Cash and Cash Equivalents | -0.45% |
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 12/31/2025
| 0 - 1 Years | 8.84% |
| 1 - 3 Years | 6.78% |
| 3 - 5 Years | 12.51% |
| 5 - 10 Years | 28.53% |
| 10 - 20 Years | 40.81% |
| 20 - 30 Years | 2.46% |
| 30+ Years | 0.06% |
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
9.57 Years Weighted Average Life to Maturity
As of 12/31/2025
As of 12/31/2025
| Cash and Cash Equivalents% | -0.45% |
| 0 - 2% | 1.42% |
| 2.0 - 4.0% | 19.58% |
| 4.0 - 5.0% | 5.69% |
| 5 - 5.5% | 73.08% |
| 5.5 - 6.0% | 0.54% |
| >=6% | 0.14% |
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
4.71% Average Coupon
As of 12/31/2025
| 0 - 2 Years | 18.99% |
| 2 - 4 Years | 22.69% |
| 4 - 6 Years | 22.64% |
| 6 - 8 Years | 22.84% |
| 8 - 10 Years | 3.05% |
| 10 - 15 Years | 9.45% |
| 15+ Years | 0.35% |
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
5.10 Years Average Modified Duration
As of 12/31/2025
| States | % Portfolio |
|---|---|
| Texas | 14% |
| New York | 9% |
| Florida | 8% |
| Illinois | 8% |
| Colorado | 5% |
Due to rounding, these values may exceed 100%
Senior Portfolio Manager
How to Buy
Individual investors: Open a new account or use an existing account registration.
Open New Account Log In NowFinancial Advisors: Contact your wholesaler at 1-800-345-6488 for more information.
Investment returns are exempt from Federal taxes.
Interest rate changes are among the most significant factors affecting bond return. When rates decline, bond prices rise and the fund may generate less income. When rates rise, bond prices fall. Depending on your tax situation, investment income may be subject to state and local taxes and the federal alternative minimum tax.
Even though the fund is designed to purchase assets exempt from federal taxes and currently has no exposure to the federal alternative minimum tax (AMT), there is no guarantee that all of the fund's income will be exempt from federal income tax or the federal AMT. Specifically, the portfolio managers are permitted at any time to invest up to 20% of the fund's assets in debt securities with interest payments that are subject to federal income tax and/or federal AMT.
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.
Fund shares are not guaranteed by the U.S. Government.
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.
includes all bonds in the National index that have an effective maturity of 1 month up to 20 years. Bonds issued by U.S. territories, including Puerto Rico, are excluded from this index. It is not an investment product available for purchase.
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