The California Municipal Bond Fund Class Y (ticker: SCYYX) is a mutual fund that primarily invests in municipal bonds issued by the state of California. These bonds are issued by local governments and are used to fund public projects such as schools, roads, and infrastructure. This fund aims to provide investors with a steady stream of tax-free income while also preserving their capital. As a Class Y fund, it is typically only available to institutional investors and has a lower expense ratio compared to other classes of the same fund. This fund is suitable for investors seeking a low-risk investment option with tax benefits.