Fund info

American Century High Yield Municipal Fund Investor Class is a mutual fund specializing in high-yield municipal bonds. Its primary objective is to provide investors with a high level of current income that is exempt from federal income tax, while seeking capital appreciation as a secondary goal. The fund invests at least 80% of its assets in municipal securities and related debt instruments, emphasizing lower-rated or non-investment grade bonds to capture higher yields. This approach means the fund plays an essential role for investors seeking tax-advantaged income, often appealing to those in higher tax brackets. The portfolio consists of a diverse array of municipal issuers across various states, sectors, and revenue streams—examples include tobacco settlements, water and sewer systems, higher education, and public transportation infrastructure. The fund typically maintains hundreds of individual bond holdings, reflecting a broad diversification across the municipal market. The investor class is open to retail investors with a minimum initial investment and offers monthly dividend distributions. It is managed by American Century Investments and has a long track record since its inception in 1998, making it a notable participant in the U.S. high-yield municipal bond space.