Fund Evaluator:

American Century CA High Yield Muni Y Overview

American Century CA High Yield Muni Y (ACYHX) is an actively managed Municipal Bond Muni California Long fund. American Century Investments launched the fund in 2017.

The investment seeks high current income that is exempt from federal and California income taxes. The fund invests at least 80% of its net assets in municipal securities with income payments exempt from federal and California income taxes. It invests in California municipal and other debt securities with an emphasis on high-yield securities. A high-yield security is one that has been rated below investment-grade, or determined by the investment advisor to be of similar quality. The portfolio managers also may buy unrated securities if they determine such securities meet the investment objectives of the fund.

About American Century CA High Yield Muni Y (ACYHX)

There are 2 members of the management team with an average tenure of 14.50 years: Alan Kruss (2012), Joseph Gotelli (2012). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P National AMT Free Muni TR USD index with a weighting of 100% and S&P Muni Bd CA 50% IG 50% HY TR USD index with a weighting of 100%. American Century CA High Yield Muni Y has 660 securities in its portfolio. The top 10 holdings constitute 9.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

American Century CA High Yield Muni Y is part of the Fixed Income global asset class and is within the Municipal Bond fund group. American Century CA High Yield Muni Y has 2.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.9% (97.2% domestic bond, 2.8% foreign bond and 0.0% convertible bond). American Century CA High Yield Muni Y has 0.1% of the portfolio in cash.

Assets Under Management

The fund has $16 million in total assets, which is below the $461 million average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

ACYHX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The American Century CA High Yield Muni Y expense ratio is below average compared to funds in the Muni California Long category. American Century CA High Yield Muni Y has an expense ratio of 0.27%, which is 67% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. American Century CA High Yield Muni Y has a portfolio turnover rate of 64%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 34% for the Muni California Long category.

Recently, in the month of June 2026, American Century CA High Yield Muni Y returned 1.1%, which earned it a grade of C, as the Muni California Long category had an average return of 1.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

American Century CA High Yield Muni Y has a trailing yield of 4.19%, which is above the 3.43% category average. The fund normally distributes its income monthly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

American Century CA High Yield Muni Y Grades

Year to date, the fund has returned 3.1%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 8.5% over the past year (grade of A), 4.6% over the past three years (grade of A) and 0.9% per year over the past five years (grade of B) and 2.5% per year over the past 10 years (grade of A).

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