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Finance Dictionary and Glossary of Investment Terms
Municipal Single-State Bond - Long-Term
A Morningstar category for tax-exempt bond funds that limit their investments to a single state, usually to allow shareholders to avoid state taxes. These bonds have an average duration of more than 6 years or an average effective maturity of more than 10 years. To be classified as a bond fund by Morningstar, at least 70% of its assets must be invested in bonds.