Fund Research for American Century Tax-Free Bond Inv (TWTIX)

  • Fund Overview

    Fund Inception Date: Mar 02, 1987
    Category: Muni National Interm
    Overall Risk: Average
    Fund Family: American Century Investments
    Return Since Inception: 5.60%
    YTD Return: 9.29%
    Yield (TTM): 3.78%
    Net Assets: 1.39 B
    Morningstar Rating:
    4 of 5
    The investment seeks safety of principal and high current income exempt from federal income tax. The fund invests at least 80% of assets in debt securities with interest payments exempt from federal income tax.It may invest up to 20% of assets in below investment-grade securities.

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    Details
    Average Eff Duration —
    Average Eff Maturity 9.47 Yrs
    Average Credit Quality AA
    Morningstar Rating as of 10/31/2009
    YTD Returns as of 11/04/2009    		 Style Box Detail calculations do not include the fund's short positions (if any)

  • Fund Performance

    10 year Growth Chart
    Growth of $10,000 from 12/31/1998 to 10/31/2009
    Mouseover the chart to see values for each month.

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    Total Annualized Returns

    YTD 1 year 3 year 5 year 10 year Since Inception
    Fund 9.29% 10.62% 4.27% 3.84% 5.00% 5.60%
    +/- Category -0.68% 0.01% 0.82% 0.72% 0.41% —
    +/- Barclays Municipal TR USD — — — — 5.66% —

    Standardized Annual Returns

    YTD 1 year 3 year 5 year 10 year Since Inception
    Month (as of 10/31/2009) 9.26% 11.08% 4.18% 3.82% 5.00% 5.60%
    Quarter (as of 09/30/2009) 11.62% 12.75% 5.10% 4.38% 5.16% 5.73%
    Fund and Category YTD, 1yr, 3yr and 5yr Returns as of 11/04/2009
    Index YTD,1yr, 3ys and 5yr Returns as of 11/04/2009 10 yr and Since Inception Returns as of 10/31/2009
    Inception Date: 03/02/1987
    Ratings are based on risk-adjusted performance.
    View Total Returns

  • Fund Portfolio Profile

    Sector Breakdown

    Stocks
    General Obligations 10.27%
    Advanced Refunded 1.55%
    State Appropriated Tobacco 0.00%
    Non-state Appropriated Tobacco 0.37%
    Education 3.68%
    Health 2.29%
    Housing 0.00%
    Industrial 0.00%
    Transportation 0.72%
    Utilities 0.95%
    Water/Sewer 1.66%
    Misc. Revenue 18.64%
    Bond Quality
    AAA —
    AA —
    A —
    BBB —
    BB —
    B —
    Below B 0.00%
    Not Rated 0.00%

    Asset Allocation

    Short Long Net Assets
    Cash — 2.38% 2.38%
    Stocks — 0.00% 0.00%
    Bonds — 97.47% 97.47%
    Other — 0.00% 0.00%
    Foreign Stocks
    (as a % of assets)    		 — 0.00% 0.00%
    Data as of 06/30/2009 Data as of 06/30/2009 View Fund Portfolio

    Top 10 Holdings

    Maturity Date Total Holdings Value of Holdings Net Assets
    * State Of Ca G.O. Muni Commercial Paper - Tax 07/01/2009 17 M 17 M 1.26%
    = Pittsburgh Pa Go Ref Bd 5.25% 09/01/2016 15.8 M 16.69 M 1.24%
    = New Jersey St Transn Tr Fd Aut Tra 5.25% 12/15/2020 15 M 15.76 M 1.17%
    * Metropolitan Pier & Exposition Rev Bds 12/15/2031 52.8 M 13.49 M 1.00%
    = Puerto Rico Comwlth Aqueduct & Rev Bd 5% 07/01/2014 12.55 M 12.98 M 0.96%
    = Maryland St Cap Impt 5.25% 02/15/2015 10 M 11.56 M 0.86%
    = Massachusetts St Health & Edl Rev 5.75% 07/01/2026 10 M 11.32 M 0.84%
    = Massachusetts St G.O Bds 5.5% 11/01/2012 10 M 11.29 M 0.84%
    = Minnesota St Go St Var 5% 06/01/2013 10 M 11.27 M 0.84%
    * New York St Loc Govt Assistanc Ref Bd 5% 04/01/2018 10 M 11.14 M 0.83%
    + Increase - Decrease = No change * New since last portfolio
    Data as of 06/30/2009
    Top 10 holdings account for the fund's short positions (if any). Net short positions appear shaded.
    View Fund Portfolio

  • Sales Information

    Sales Charge %

    Initial —
    Deferred —
    Taken from prospectus dated 10/01/2009
    Expense Ratio (based on net assets) 0.49%
    Taken from annual report dated 05/31/2009

  • Fund Management

    Steven Permut
    Start Date: 04/15/2003
    Permut is a Senior Vice President and Senior Portfolio Manager, joined American Century Investments in 1987. He became a portfolio manager in 1990. He has shared primary responsibility for the management of the fund since 2006, and has served on teams managing fixed-income investments since joining the advisor. Permut is a member of the National Federation of Municipal Analysts, and the chairman of the California Society of Municipal Analysts.
    Alan Kruss
    Start Date: 03/28/2008
    Kruss is Vice President and Portfolio Manager. He joined American Century Investments in 1997. He became a portfolio manager in 2001. He has shared primary responsibility for the management of the fund since 2008, and has served on teams managing fixed-income investments since joining the advisor.
    Joseph Gotelli
    Start Date: 10/01/2008
    Gotelli is a Portfolio Manager. He joined American Century Investments in 2008. He has shared primary responsibility for the management of the fund, and has served on teams managing fixed-income investments since joining the advisor. Prior to joining American Century Investments, he was an assistant portfolio manager at Franklin Templeton Investments for six years.