Investment objective & strategy
As of Dec. 29, 2025 · prospectusObjective. The fund seeks safety of principal and high current income that is exempt from federal and California income taxes.
Strategy. The portfolio managers primarily buy investment-grade debt securities and, under normal market conditions, will invest at least 80% of the funds net assets in debt securities that have interest payments exempt from federal and California income taxes. Cities, counties and other municipalities in California and U.S. territories, such as Puerto Rico, issue these securities. 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. Although the fund invests primarily 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 … The portfolio managers primarily buy investment-grade debt securities and, under normal market conditions, will invest at least 80% of the funds net assets in debt securities that have interest payments exempt from federal and California income taxes. Cities, counties and other municipalities in California and U.S. territories, such as Puerto Rico, issue these securities. 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. Although the fund invests primarily 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 |
|---|---|---|---|
| E CO AWP JT PWRS-A-1 | EAWWTR | $30.04M | 1.35% |
| California Community Choice Financing Authority, Series F | CCEDEV | $27.69M | 1.25% |
| CA PUB FIN AUTH-B1 | — | $16.25M | 0.73% |
| UNIV OF CALIFORNIA CA REVENUES | UNVHGR | $15.85M | 0.71% |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2023, RB | CCEDEV | $15.55M | 0.70% |
| UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | UNVHGR | $15.09M | 0.68% |
| CALIFORNIA COMMUNITY VAR | CCEDEV | $13.46M | 0.61% |
| Los Angeles Department of Water & Power Water System Revenue 5.00% 07/01/2042 | LOSUTL | $13.39M | 0.60% |
| CA PUB FIN AUTH-B2 | — | $12.46M | 0.56% |
| UNIV OF CALIFORNIA CA | UNVHGR | $12.32M | 0.56% |
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 California Municipal Bond ETF · CATF | 19% | 0.27% |
| California High-Yield Municipal Fund · BCHYX, CAYAX, CAYCX, BCHIX, ACYHX | 16% | 0.27% |
| VANGUARD CALIFORNIA INTERMEDIATE-TERM TAX-EXEMPT FUND · VCAIX, VCADX | 14% | 0.09% |
Advisers
| Firm | Role |
|---|---|
| American Century Investment Management, Inc. | Adviser |
Footnotes
- Expense ratio as of December 29, 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).
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.