ABHYX American Century High-Yield Muni Inv Forecast, Technical & Fundamental Analysis

The investment seeks high current income that is exempt from federal income tax; capital appreciation is a secondary consideration. The fund invests in municipal and other debt securities with an emphasis on high-yield securities. Under normal market conditions, the portfolio managers invest at least 80% of the fund's net assets in municipal securities with interest payments exempt from federal income tax. Some of these investments in municipal securities are not necessarily exempt from the federal alternative minimum tax.