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