Intermediate-Term Tax-Free Bond Fund
American Century Municipal Trust · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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 Q3
The fund seeks safety of principal and high current income that is exempt from federal income tax.
The fund invests at least 80% of assets in investment-grade municipal debt with maturities between three and ten years, seeking tax-exempt income. Up to 20% may be allocated to below-investment-grade securities or unrated debt of comparable quality. Because security selection depends on the portfolio managers' assessment of credit quality, interest-rate outlook, and market conditions, holdings will differ from any benchmark.
| Share class | Expense ratio |
|---|---|
| TWTIX | 0.46% |
| AXBIX | 0.26% |
| TWWOX | 0.71% |
| TWTCX | 1.46% |
| ATBYX | 0.23% |
Portfolio turnover 45.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 100.31% |
| Stocks | 0.48% |
| Cash & short-term | 0.02% |
Look-through blends 2 underlying funds; 0.484% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
Largest new: Essex County Improvement Authority, Nebraska Public Power District, PEFA Inc, Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, Energy Northwest, State of Connecticut, Chevron Corp, UNIVERSITY OF CALIFORNIA
Largest exited: Public Finance Authority 0.85% 10/01/2055, Chevron Corp, New York City Municipal Water Finance Authority 0.95% 06/15/2044, New York City Municipal Water Finance Authority 0.95% 06/15/2049, New York City Transitional Finance Authority Future Tax Secured Revenue, ATRIUM HEALTH OBLIG GRP, City of New York NY, BANNER HEALTH OBLIG GROUP
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 |
|---|---|---|---|---|---|
| +5.91% | +10.49% | +5.17% | 3.55% | -4.20% | |
| +6.12% | +11.16% | +6.23% | 3.52% | -4.15% | |
| +5.65% | +9.67% | +3.87% | 3.49% | -4.26% | |
| +4.86% | +7.14% | +0.04% | 3.49% | -4.68% | |
| +6.25% | +11.26% | +6.39% | 3.51% | -4.23% |
These classes hold the same portfolio, so the 6.35pp spread over 5 years is the cost difference between them — roughly 1.27pp 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 | 81.7% |
| Floating rate | 17.1% |
| Zero-coupon or unclassified | 1.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.3% |
| 1-3y | 5.8% |
| 3-5y | 7.6% |
| 5-10y | 26.6% |
| 10y+ | 57.7% |
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 | +5.10 yr |
| High yield | +0.42 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 | 0.85 yr | 16% |
| 10 yr | 3.26 yr | 61% |
| 30 yr | 1.07 yr | 20% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.18 yr | 3% |
| 5 yr | 0.87 yr | 16% |
| 10 yr | 3.35 yr | 61% |
| 30 yr | 1.11 yr | 20% |
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 | $3.1k | $220 |
| 1 yr | +0.17 | +0.17 | +0.01 | $81.5k | $5.8k |
| 5 yr | +0.85 | +0.81 | +0.06 | $396.0k | $29.4k |
| 10 yr | +3.26 | +3.14 | +0.20 | $1.53m | $99.4k |
| 30 yr | +1.07 | +0.97 | +0.14 | $470.9k | $68.1k |
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 | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Central Plains Energy Project5.00% floating · due 2054-05-01 | 0.76% | — | $36.93M | — |
| — | Essex County Improvement Authority4.00% · due 2027-03-12 | 0.73% | — | $35.38M | — |
| — | State of Illinois5.00% · due 2027-11-01 | 0.70% | — | $33.99M | — |
| — | Nebraska Public Power District5.00% · due 2028-07-01 | 0.64% | — | $31.09M | — |
| — | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado5.00% · due 2035-04-01 | 0.53% | — | $25.71M | — |
| — | RIVERSPRING HLTH SENIOR5.00% · due 2031-12-15 | 0.51% | — | $24.90M | — |
| — | VanEck High Yield Muni ETF | 0.49% | $51.38 | $24.01M | 467.3K |
| — | Commonwealth of Pennsylvania5.00% · due 2034-04-01 | 0.49% | — | $23.94M | — |
| — | iShares National Muni Bond ETF | 0.49% | $107.17 | $23.75M | 221.6K |
| — | Vanguard Tax-Exempt Bond Index ETF | 0.48% | $50.36 | $23.56M | 467.8K |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
Top 10 positions are 5.81% of net assets, top 25 11.52%, across 624 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free