American Century California Tax-Free Funds Available Through Schwab Mutual Fund OneSource Service.MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--July 2, 1998--American Century Investments has expanded the selection of funds offered to Charles Schwab Charles Schwab can refer to:
Schwab began offering the American Century This article is about the term used for American power in the 20th century. For the investment company, see American Century Investments. "American Century" is a term coined by Time California tax-free funds on June 16. The funds, which are available to residents of Arizona, California, Florida, Colorado, Hawaii, Nevada, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Oregon, Texas, Utah and Washington, are free from federal and California personal income taxes. Each of the five funds, managed by the California-based fixed-income arm of American Century Investments American Century Investments is a privately held investment management firm. Its headquarters are located at 4500 Main in Kansas City, Missouri, near the famous Country Club Plaza. It was formerly known as Twentieth Century Investments. The company was founded by James E. , seeks to provide a high level of current tax-free income tax-free income The income received but not subject to income taxes. For example, interest from most municipal bonds is free of federal income taxes and often from state and local income taxes as well. Compare tax-deferred income, tax-sheltered income. by investing in a portfolio of California municipal securities. The funds are: -- American Century: Benham California High-Yield Municipal, which is designed for investors who seek higher income than is typically available from investment-grade tax-free funds, though there can be higher share price fluctuations associated with its portfolio of lower-rated securities. Lower rated securities are subject to greater credit risk, default risk and liquidity risk. The fund carries a 5-star Morningstar overall risk-adjusted rating for the period ending May 31, 1998. -- American Century: Benham California Long-Term Tax-Free is designed for investors who, while seeking the high income of a long-term fund, are comfortable with the attendant ATTENDANT. One who owes a duty or service to another, or in some sort depends upon him. Termes de la Ley, h.t. As to attendant terms, see Powell on Morts. Index, tit. Attendant term; Park on Dower, c. 1 7. share price fluctuations of longer-maturity securities. The fund has a Morningstar overall risk-adjusted rating of 4 stars for the period ending May 31, 1998. -- American Century: Benham California Insured Tax-Free is for investors who seek a high degree of credit safety and higher income than is typically available from intermediate-term, tax-free funds, though share price fluctuations may be higher than those funds. While the securities held by the fund are insured, fund shares are not. The fund's overall Morningstar risk-adjusted rating is 3 stars for the period ending May 31, 1998. -- American Century: Benham California Intermediate-Term Tax-Free is designed for investors who are comfortable with moderate price fluctuations while seeking higher income than is typically available from limited-term funds. The fund carries a Morningstar overall risk-adjusted rating of 4 stars for the period ending May 31, 1998. -- American Century: Benham California Limited-Term Tax-Free is for investors who seek higher income than is typically available from tax-free money market funds. Morningstar has awarded the fund a risk-adjusted rating of 4 stars for the period ending May 31, 1998. Each of the funds are rated among 1,494 municipal bond funds Municipal Bond Fund A mutual fund that invests in municipal bonds, operating either as an investment trust or as an open-end fund. Notes: Because the bonds are local government issues, they usually help to maximize tax-exempt income. . Schwab began making available American Century -- formerly Twentieth Century Mutual Funds and The Benham Group -- funds to its customers in the summer of 1993. Forty-five American Century funds are now available through the OneSource system. "We're pleased to be able to offer our California tax-free funds through Schwab," said Mitch The name Mitch can mean:
"Schwab investors have expressed a steady interest in American Century funds since it began participating in the Mutual Fund OneSource service," said Jeff Lyons, Schwab's senior vice president of mutual funds marketing. "We're very pleased to be able to broaden the range of tax-free funds available to our customers by adding these new funds to the line-up." Municipal bond funds invest in securities issued by state and local governments and municipalities to raise money for public projects. The income produced is generally exempt from federal taxes and, in some cases, from state and local taxes. The California tax-free funds are among 16 American Century funds that invest in tax-free and municipal securities. Charles Schwab & Co., Inc. (member SIPC/NYSE), is one of the nation's largest financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firms, serving over 4.9 million active investor accounts through its regional telephone services centers, automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. telephone services, on-line services, and a nationwide network of over 270 branches. Total customer assets now exceed $388 billion. American Century's third party marketing group oversees the distribution of American Century mutual funds and other investments through fund supermarkets fund supermarket A financial institution that offers a large number of mutual funds from many different sponsors. The term is often used to refer to brokerage firms that offer customers a very large number of no-load funds. , insurance companies, broker/dealers, banks and financial advisors. Started in 1990, third party marketing accounts for $15 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . American Century Investments, which is celebrating its 40th anniversary this year, was formed as a result of the merger of Twentieth Century Mutual Funds and The Benham Group. Through its broad selection of nearly 70 mutual funds, the Kansas City-based company manages approximately $74 billion in assets for nearly two million individual and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . James E. Stowers James E. Stowers (born 1924) is the founder of American Century Investments and the Stowers Institute for Medical Research. Born and raised in Kansas City, Missouri, Jim Stowers graduated from Kemper Military School in Boonville, Missouri. Jr., founder of Twentieth Century in 1958, serves as company chairman. James E. Stowers III is chief executive officer; William M. Lyons is president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Investment income may be subject to the alternative minimum tax. Capital gains are not exempt from federal income tax. Please call 800/345-2021 for a prospectus with more complete information, including charges and expenses. Be sure to read it carefully before you invest. Morningstar proprietary ratings reflect risk-adjusted performance as of 5/31/98. The overall rating, which may change monthly, is calculated from the fund's 3-, 5- and 10 year (when available) average total returns in excess of 90-day Treasury bill returns with appropriate fee adjustments and a risk factor that reflects fund performance below 90-day Treasury bill returns. Ten percent of the funds in an investment category receive five stars, 22.5% receive four stars, 35% receive three stars, 22.5% receive two stars, and ten percent receive one star. Morningstar ratings are for the municipal bond category funds 3-year and overall out of 1494, 5-year out of 762 and 10-year out of 336. Morningstar ratings for American Century California funds: High-Yield, 5-, 10-year: 5-stars; Intermediate-Term, 5-year: 4-stars, 10-year: 3-stars; Limited-Term, 5-year: 4-stars; Long-Term, 5-year: 4-stars, 10-year: 3-stars; Insured Tax-Free, 5-year: 3-stars, 10-year: 2-stars. Past performance is no guarantee of future results. Funds Distributor, Inc. is the distributor for American Century funds. CONTACT: American Century Ed Dunn, 650/965-9747 or Charles Schwab Greg Gable gable Triangular section formed by a roof with two slopes, extending from the eaves to the ridge where the two slopes meet. It may be miniaturized over a dormer window or entranceway. , 415/636-7697 |
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