California Intermediate-Term Tax-Free Bond Fund
American Century California Tax Free & Municipal Funds · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
California Intermediate-Term Tax-Free Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q4
The fund seeks safety of principal and high current income that is exempt from federal and California income taxes.
The fund invests at least 80% of assets in investment-grade municipal debt issued by California municipalities and U.S. territories, maintaining a weighted average maturity between three and ten years, with up to 20% allocated to below-investment-grade securities. Because the fund's returns depend on the credit quality of individual issuers selected by portfolio managers, credit deterioration at a concentrated issuer can materially affect performance.
| Share class | Expense ratio |
|---|---|
| BCITX | 0.47% |
| BCTIX | 0.27% |
| BCIAX | 0.72% |
| BCIYX | 1.47% |
| ACYTX | 0.24% |
Portfolio turnover 61.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 100.72% |
| Stocks | 0.01% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
Largest new: California Community Choice Financing Authority, TAMPA SHERMAN LP, LAKESIDE VISTA APTS LP, PRG - POTRERO PROPERTIES, Chevron Corp, MILKEN COMMUNITY SCHOOL, PALMDALE FAMILY APTS LP, East Bay Municipal Utility District Wastewater System Revenue
Largest exited: UNIVERSITY OF CALIFORNIA ×2, San Francisco City & County Airport Comm-San Francisco International Airport, Bay Area Toll Authority, Los Angeles Department of Water & Power Water System Revenue, CHF-DAVIS I LLC, Foothill-Eastern Transportation Corridor Agency, Pleasanton Unified School District
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.64% | +9.72% | +4.79% | 3.35% | -3.71% | |
| +5.75% | +10.38% | +5.84% | 3.27% | -3.66% | |
| +5.28% | +8.80% | +3.49% | 3.26% | -3.78% | |
| +4.59% | +6.48% | -0.31% | 3.26% | -4.14% | |
| +5.78% | +10.38% | +6.00% | 3.25% | -3.65% |
These classes hold the same portfolio, so the 6.31pp spread over 5 years is the cost difference between them — roughly 1.26pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 81.8% |
| Floating rate | 15.1% |
| Zero-coupon or unclassified | 3.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.6% |
| 1-3y | 7.4% |
| 3-5y | 5.4% |
| 5-10y | 23.8% |
| 10y+ | 58.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.86 yr |
| High yield | +0.55 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.17 yr | 3% |
| 5 yr | 0.80 yr | 15% |
| 10 yr | 3.18 yr | 60% |
| 30 yr | 1.10 yr | 21% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.18 yr | 3% |
| 5 yr | 0.81 yr | 15% |
| 10 yr | 3.27 yr | 60% |
| 30 yr | 1.14 yr | 21% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $1.3k | $154 |
| 1 yr | +0.17 | +0.17 | +0.01 | $37.8k | $1.6k |
| 5 yr | +0.80 | +0.78 | +0.03 | $175.0k | $7.2k |
| 10 yr | +3.18 | +2.93 | +0.34 | $655.5k | $75.3k |
| 30 yr | +1.10 | +0.97 | +0.17 | $217.0k | $39.0k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | East County Advanced Water Purification Joint Powers Authority3.13% · due 2026-09-01 | 1.34% | $30.00M | — |
| — | California Community Choice Financing Authority5.00% · due 2033-11-01 | 1.21% | $27.04M | — |
| — | California Community Choice Financing Authority5.25% · due 2036-02-01 | 0.98% | $21.83M | — |
| — | UNIVERSITY OF CALIFORNIA5.00% · due 2029-05-15 | 0.69% | $15.54M | — |
| — | California Community Choice Financing Authority5.25% floating · due 2054-11-01 | 0.68% | $15.23M | — |
| — | TAMPA SHERMAN LP2.90% floating · due 2056-05-01 | 0.63% | $13.99M | — |
| — | LAKESIDE VISTA APTS LP4.35% · due 2042-06-01 | 0.59% | $13.20M | — |
| — | Los Angeles Department of Water & Power Water System Revenue5.00% · due 2042-07-01 | 0.58% | $12.96M | — |
| — | California Community Choice Financing Authority5.00% floating · due 2055-12-01 | 0.58% | $12.96M | — |
| — | UNIVERSITY OF CALIFORNIA5.00% · due 2037-05-15 | 0.53% | $11.95M | — |
Top 10 positions are 7.81% of net assets, top 25 14.98%, across 353 issuers.
See more of this fund's book
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