Summary Prospectus January 1, 2012
American Century Investments®
California High-Yield Municipal Fund
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Investor Class: BCHYX
Institutional Class: BCHIX
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A Class: CAYAX
C Class: CAYCX
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Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus and other information about the fund online at the web addresses listed below. You can also get this information at no cost by calling or sending an email request. The fund’s prospectus and other information are also available from financial intermediaries (such as banks and broker-dealers) through which shares of the fund may be purchased or sold.
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Retail Investors
americancentury.com/funds/fund_reports.jsp
1-800-345-2021 or 816-531-5575
prospectus@americancentury.com
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Financial Professionals
americancentury.com/ipro/funds/fund_reports_mf.jsp
1-800-345-6488
advisor_prospectus@americancentury.com
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This summary prospectus incorporates by reference the fund’s prospectus and statement of additional information (SAI), each dated January 1, 2012 (as supplemented at the time you receive this summary prospectus), as well as the Report of Independent Registered Public Accounting Firm and the financial statements included in the fund’s annual report to shareholders, dated August 31, 2011. The fund's SAI and annual report may be obtained, free of charge, in the same manner as the prospectus.
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Shareholder Fees (fees paid directly from your investment)
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Investor
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Institutional
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A
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C
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Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price)
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None
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None
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4.50%
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None
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Maximum Deferred Sales Charge (Load) (as a
percentage of the lower of the original offering
price or redemption proceeds)
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None
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None
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None
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1.00%
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Maximum Annual Account Maintenance Fee
(waived if eligible investments total at least $10,000)
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$25
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None
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None
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None
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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Investor
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Institutional
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A
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C
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Management Fee
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0.50%
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0.30%
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0.50%
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0.50%
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Distribution and Service (12b-1) Fees
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None
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None
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0.25%
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1.00%
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Other Expenses
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0.01%
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0.01%
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0.01%
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0.01%
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Total Annual Fund Operating Expenses
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0.51%
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0.31%
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0.76%
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1.51%
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1 year
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3 years
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5 years
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10 years
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Investor Class
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$52
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$164
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$286
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$641
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Institutional Class
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$32
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$100
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$175
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$394
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A Class
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$524
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$682
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$854
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$1,350
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C Class
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$154
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$478
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$824
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$1,800
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•
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Credit Risk – The fund’s investments often have high credit risk, which helps the fund pursue a higher yield than more conservatively managed bond funds. Issuers of high-yield securities are more vulnerable to real or perceived economic changes (such as an economic downturn or a prolonged period of rising interest rates), political changes or adverse developments specific to the issuer. Adverse economic, political and other developments may be more likely to cause an issuer of low-quality bonds to default on its obligation to pay interest and principal due under its securities.
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The fund invests a significant part of its assets in securities rated below investment-grade or that are unrated, including bonds that are in technical or monetary default. By definition, the issuers of many of these securities have had and may continue to have problems making interest and principal payments.
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•
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Interest Rate Risk – When interest rates change, the fund’s share value will be affected. Generally, the value of debt securities and the funds that hold them decline as interest rates rise. Because the fund typically invests in intermediate-term and long-term bonds, the fund’s interest rate risk is generally higher than for funds with shorter-weighted average maturities, such as money market and short-term bond funds.
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•
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California Economic Risk – The fund will be sensitive to events that affect California’s economy. Significant political or economic developments in California will likely impact virtually all municipal securities issued in the state. Because the fund invests primarily in California municipal securities, it may have a higher level of risk than funds that invest in a larger universe of securities.
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•
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Municipal Securities Risk – Because the fund invests primarily in municipal securities, it will be sensitive to events that affect municipal markets, including legislative or political changes and the financial condition of the issuers of municipal securities. The fund may have a higher level of risk than funds that invest in a larger universe of securities.
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•
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Liquidity Risk – The fund may also be subject to liquidity risk. During periods of market turbulence or unusually low trading activity, in order to meet redemptions, it may be necessary for the fund to sell securities at prices that could have an adverse effect on the fund’s share price.
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•
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Nondiversification – The fund is classified as nondiversified. A nondiversified fund may invest a greater percentage of its assets in a smaller number of securities than a diversified fund. This gives the managers the flexibility to hold large positions in a small number of securities. If so, a price change in any one of those securities may have a greater impact on the fund’s share price than would be the case in a diversified fund.
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•
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Tax Risk – Some or all of the fund’s income may be subject to the federal alternative minimum tax. There is no guarantee that all of the fund’s income will remain exempt from federal or state income taxes. Income from municipal bonds held by a fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer.
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•
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Market Risk – The risk that the value of securities owned by the fund may go up and down, sometimes rapidly or unpredictably.
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•
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Principal Loss – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.
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Highest Performance Quarter
(3Q 2009): 12.08%
Lowest Performance Quarter
(4Q 2008): -9.36%
As of September 30, 2011, the most recent calendar quarter
end, the fund’s Investor Class year-to-date return was 8.74%.
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Average Annual Total Returns
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For the calendar year ended December 31, 2010
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1 year
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5 years
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10 years
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Since
Inception
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Inception
Date
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Investor Class Return Before Taxes
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4.29%
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2.75%
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4.69%
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—
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12/30/1986
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Return After Taxes on Distributions
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4.29%
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2.75%
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4.69%
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—
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12/30/1986
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Return After Taxes on Distributions and Sale of Fund Shares
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4.61%
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3.07%
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4.78%
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—
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12/30/1986
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A Class Return Before Taxes
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-0.63%
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1.55%
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—
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3.35%
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01/31/2003
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C Class Return Before Taxes
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3.25%
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1.72%
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—
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3.21%
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01/31/2003
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Barclays Capital Municipal Bond Index
(reflects no deduction for fees, expenses and taxes)
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2.38%
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4.09%
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4.83%
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—
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—
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