ACYHX — California High-Yield Municipal Fund, Y Class
Data updated: 2026-07-29
ACYHX — California High-Yield Municipal Fund, Y Class. 0.27% expense ratio · no sales load · since 2017. Holdings, fees, performance and SEC filings.
ACYHX Fund Overview
ACYHX — California High-Yield Municipal Fund, Y Class is a US mutual fund managed by American Century California Tax Free & Municipal Funds, categorised as Long Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: American Century California Tax Free & Municipal Funds
- Category: Long Corporate Bond
- Assets under management: $1.64B
- 1-year return: 7.7%
- Ticker: ACYHX
- SEC CIK: 0000717316
- SEC series ID: S000005667
- Share class ID: C000189669
ACYHX Investment Objective and Strategy
California High-Yield Municipal Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by American Century California Tax Free & Municipal Funds.
Investment objective
The fund seeks high current income that is exempt from federal and California income taxes.
Principal investment strategy
The fund 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. Under normal market conditions, the portfolio managers invest at least 80% of the funds net assets in municipal securities with income payments exempt from federal and California income taxes. Cities, counties and other municipalities in California and U.S. territories usually issue these securities for public projects, such as schools, roads, and water and sewer systems. Some of these investments are not necessarily exempt from the federal alternative minimum tax. The portfolio managers seek to invest in securities that will result in a high yield for the fund.
To accomplish this, the portfolio managers buy securities that are rated below investment-grade, including so-called junk bonds and bonds that are in technical or monetary default. Issuers of these securities often have short financial histories or have questionable credit or have had and may continue to have problems making interest and principal payments. The portfolio managers also may buy unrated securities if they determine such securities meet the investment objectives of the fund. Although the fund invests primarily for income, it also employs techniques designed to realize capital appreciation. For example, the portfolio managers may select bonds with maturities and coupon rates that position the fund for potential capital appreciation for a variety of reasons, including their view on the direction of future interest-rate movements and the potential for a credit upgrade.
When determining whether to sell a security, the portfolio managers consider, among other things, current and anticipated changes in interest rates, the credit quality of a particular issuer, comparable alternatives, general market conditions and any other factor deemed relevant by the portfolio managers.
ACYHX Holdings
Top 10 holdings of California High-Yield Municipal Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| California Community Choice Financing Authority | 1.32% |
| California Community Choice Financing Authority | 1.00% |
| Loma Linda Univ Med Obl | 0.90% |
| California Housing Finance Agency | 0.89% |
| Palomar Health Oblig Grp | 0.88% |
| San Joaquin Hills Transportation Corridor Agency | 0.84% |
| New Hampshire Business Finance Authority | 0.79% |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue | 0.78% |
| Silicon Valley Tobacco Securitization Authority | 0.77% |
| CSCDA Community Improvement Authority | 0.68% |
ACYHX Portfolio Allocation
Asset-class allocation of California High-Yield Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.4% |
| Equity | 0.5% |
ACYHX Performance
Total returns for ACYHX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.99% |
| 1 year | 7.67% |
| 3 years (annualised) | 4.59% |
| 5 years (annualised) | 0.87% |
ACYHX Risk Information
Risk metrics for ACYHX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.62%
ACYHX Costs and Fees
ACYHX costs about $27 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.27%
- Gross expense ratio: 0.27%
- Portfolio turnover: 64%
- Brokerage commissions: 0.06 bps of average net assets (SEC N-CEN)
ACYHX Cashflows
Over the 12 months to 2026-05, California High-Yield Municipal Fund had net inflows of $5.78M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $14.14M |
| 2026-04 | $14.04M |
| 2026-03 | −$7.16M |
| 2026-02 | $19.92M |
| 2026-01 | $17.27M |
| 2025-12 | −$29.24M |
ACYHX Debt Constituents
Largest debt holdings of California High-Yield Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| California Community Choice Financing Authority | 1.32% |
| California Community Choice Financing Authority | 1.00% |
| Loma Linda Univ Med Obl | 0.90% |
| California Housing Finance Agency | 0.89% |
| Palomar Health Oblig Grp | 0.88% |
| San Joaquin Hills Transportation Corridor Agency | 0.84% |
| New Hampshire Business Finance Authority | 0.79% |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue | 0.78% |
| Silicon Valley Tobacco Securitization Authority | 0.77% |
| CSCDA Community Improvement Authority | 0.68% |
ACYHX Prospectus and SEC Filings
Official California High-Yield Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-12-29
- Prospectus (485BPOS) — filed 2024-12-27
- Prospectus (485BPOS) — filed 2023-12-29
- Portfolio holdings (N-PORT) — filed 2026-07-29
- Portfolio holdings (N-PORT) — filed 2026-04-29
- Portfolio holdings (N-PORT) — filed 2026-01-27
- Annual census (N-CEN) — filed 2025-11-12
- Annual census (N-CEN) — filed 2024-11-12
Related Funds
Other Long Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.