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Finance Dictionary and Glossary of Investment Terms
Municipal Bond National - Intermediate-Term
A Morningstar category for tax-free bond funds that invest in nationwide intermediate-term municipal bonds whose interest is paid by taxes or project revenues. These bonds have an average duration from 3.5 to 6 years or an average effective maturity from 4 to 10 years. To be classified as a bond fund by Morningstar, at least 70% of all assets must be invested in bonds.