Investment objective & strategy
As of Sept. 26, 2025 · prospectusObjective. The fund seeks safety of principal and high current income that is exempt from federal income tax.
Strategy. The portfolio managers principally buy investment-grade debt securities and, under normal market conditions, will invest at least 80% of the funds net assets in debt securities with interest payments exempt from federal income tax. The funds weighted average maturity will be not less than three years nor more than ten years. However, there is no maturity limit on individual securities. The portfolio managers also may buy investment-grade debt securities with interest payments exempt from regular federal income tax, but not exempt from the federal alternative minimum tax. No more than 20% of the funds assets may be invested in these securities. Although the fund invests principally in investment-grade securities, up to 20% of the value of the funds net assets … The portfolio managers principally buy investment-grade debt securities and, under normal market conditions, will invest at least 80% of the funds net assets in debt securities with interest payments exempt from federal income tax. The funds weighted average maturity will be not less than three years nor more than ten years. However, there is no maturity limit on individual securities. The portfolio managers also may buy investment-grade debt securities with interest payments exempt from regular federal income tax, but not exempt from the federal alternative minimum tax. No more than 20% of the funds assets may be invested in these securities. Although the fund invests principally in investment-grade securities, up to 20% of the value of the funds net assets may be invested in below investment-grade securities, also known as junk bonds. The fund also may invest in securities which, while not rated, are determined by the portfolio managers to be of comparable credit quality to those rated below investment-grade. When determining whether to sell a security, portfolio managers consider, among other things, current and anticipated changes in interest rates, the credit quality of a particular issuer, comparable alternatives, general market conditions and any other factor deemed relevant by the portfolio managers.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| PUBLIC FIN AUTH WI HLTHCARE SYS REVENUE | — | $37.69M | 0.86% |
| CTR PLN ENG GAS 5% MT | CENPWR | $37.61M | 0.86% |
| MS BUS FIN COMMSN-C | — | $37.38M | 0.85% |
| NYC MUNI WTR FIN-BB-2 | — | $31.40M | 0.72% |
| STRN UT INDN CO 5% 4/1/2035 | STH | $26.63M | 0.61% |
| NY BUIGEN 5 12/15/2031 | — | $25.06M | 0.57% |
| Commonwealth of Pennsylvania, Series 2026 | — | $24.74M | 0.56% |
| SOUTHEAST ENERGY-E | SEEPWR | $21.81M | 0.50% |
| NYC MUNI WTR-BB-VAR | — | $21.32M | 0.49% |
| TN TNSUTL 5 11/01/2034 | TNSUTL | $20.95M | 0.48% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| American Century Diversified Municipal Bond ETF · TAXF | 20% | 0.27% |
| High-Yield Municipal Fund · ABHYX, AYMAX, AYMCX, AYMIX, AYMYX | 10% | 0.37% |
| VANGUARD LIMITED-TERM TAX-EXEMPT FUND · VMLTX, VMLUX | 7% | 0.09% |
Advisers
| Firm | Role |
|---|---|
| American Century Investment Management, Inc. | Adviser |
Footnotes
- Expense ratio as of September 26, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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