American Century California Intermediate-Term Tax-Free Bond Fund Investor Class is a municipal bond mutual fund focused on providing federally and California state tax-exempt income by investing primarily in investment-grade debt securities issued by cities, counties, and other municipalities within California, as well as U.S. territories. Its main objective is to offer safety of principal and a high level of current income exempt from federal and California income taxes. The fund typically maintains a weighted average maturity between three and ten years, and aims for moderate interest-rate sensitivity with an effective duration around five years. By concentrating on securities with higher credit quality, the fund generally exhibits lower credit risk relative to its peers, holding a majority of its portfolio in bonds rated A or better. With holdings diversified across various public sectors—including water, community colleges, clean energy, and housing—the fund plays a crucial role in supporting California’s infrastructure and social services. It is particularly significant for investors seeking tax-advantaged income solutions while participating in the intermediate municipal bond market segment.
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