The American Century California High-Yield Municipal Fund Y Class is a mutual fund designed for investors seeking tax-exempt income by focusing on California municipal bonds. The fund primarily invests at least 80% of its net assets in municipal securities whose income payments are exempt from both federal and California state income taxes, providing a yield advantage for residents subject to these taxes. With nearly $1.5 billion in assets and a portfolio of over 685 holdings, the fund typically targets below-investment-grade (high-yield) municipal debt, which offers higher income potential but also carries elevated credit and liquidity risks compared to investment-grade counterparts. Dividend payments are made monthly, contributing to an attractive current yield for income-focused investors. While the fund’s returns are influenced by changes in interest rates and California’s economic and political developments, its emphasis on high-yield securities provides exposure to a specialized segment of the municipal market not accessible through standard state-specific bond funds. The fund is best suited for California taxpayers seeking diversified, tax-advantaged income, and it forms part of a broader suite of municipal offerings from American Century Investments, reflecting a collaborative, team-based approach to credit research and portfolio management.
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