The American Century California High-Yield Municipal Fund - I Class (BCHIX) is a mutual fund that primarily invests in high-yield municipal bonds issued by California-based entities. This fund aims to provide investors with tax-free income while also seeking to preserve capital. As an "I Class" fund, it likely has a higher minimum investment requirement and lower fees compared to other share classes. Overall, this fund offers a way for investors to potentially earn higher yields from municipal bonds while also supporting local government projects in California.