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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

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Thornburg Intermediate Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 280 Muni National Intermediate funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 4 stars and 4 stars among 280, 245 and 183 funds, as of 31 Oct 2022.

As of 31 Oct 2022
Fund Assets
$838.4 M
As of 31 Oct 2022
NAV
$13.06
As of 1 Dec 2022
Change
$0.04
As of 1 Dec 2022
YTD NAV Performance
-6.23%
As of 1 Dec 2022
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 3-15 Yr US Muni
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Actively managed diversified portfolio of intermediate-term investment grade municipal bonds with an average maturity of three to ten years and duration of four to six years.
  • Proven bottom-up fundamental approach that incorporates a top-down macroeconomic overlay to identify what we perceive to be the most attractive opportunities on a relative value basis across geographic regions, sectors, issuers and revenue streams.
  • Relative value philosophy that seeks to maximize tax-exempt income while minimizing changes in its share value. The fund focuses on identifying attractive value in the investment-grade municipal bond market. We apply a strict discipline of fundamental credit research and strive to produce an attractive dividend while avoiding the long maturities that are most vulnerable to interest-rate swings.

Investment Objective

The fund’s goal is to provide investors with as high a level of current income exempt from federal individual income tax as is consistent with preservation of capital. The fund also seeks to reduce share price volatility compared to longer-term bond portfolios.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds. The investment team applies a relative value framework, focusing on fundamentals and valuations to identify inefficiencies in the market. Team members are responsible for credit research, portfolio construction, trading and risk oversight and have the flexibility to source ideas across sector, geography and issuer. The strategy maintains exposure across the maturity spectrum to manage duration, hedge against interest rate fluctuations and limit taxable events.

Performance

Performance

Returns

(As of 30 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-8.58
-8.36
-1.10
0.64
1.54
3.71
Morningstar Category Avg. (%)
-11.24
-10.72
-1.77
0.38
1.31
Morningstar Quartile
1
1
2
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-6.52
-6.47
-0.44
1.16
1.57
3.78
Morningstar Category Avg. (%)
-11.86
-11.18
-2.03
0.22
1.23
Morningstar Quartile
1
1
1
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-8.58
-8.36
-3.26
3.23
16.46
160.18
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-6.52
-6.47
-1.32
5.94
16.88
166.05
2016
2017
2018
2019
2020
2021
Total Return (%)
-0.13
3.85
0.81
5.90
4.06
1.23
ICE BofA 3-15 Yr US Muni (%)
-0.06
4.64
1.45
7.01
4.96
0.94
Fund Fees

Fund Fees

(As of 30 Sep 2022)
Gross Expense Ratio (%)
0.67
Net Expense Ratio (%)
0.53
Distributions

Distributions

(As of 31 Oct 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jul 1996
0.05353
0.05353
30 Aug 1996
0.05954
0.05954
30 Sep 1996
0.05946
0.05946
31 Oct 1996
0.05969
0.05969
29 Nov 1996
0.05964
0.05964
31 Dec 1996
0.05862
0.05862
31 Jan 1997
0.05892
0.05892
28 Feb 1997
0.05939
0.05939
31 Mar 1997
0.05885
0.05885
30 Apr 1997
0.05892
0.05892
30 May 1997
0.05837
0.05837
30 Jun 1997
0.05839
0.05839
31 Jul 1997
0.05665
0.05665
29 Aug 1997
0.05682
0.05682
30 Sep 1997
0.05701
0.05701
31 Oct 1997
0.05655
0.05655
28 Nov 1997
0.05653
0.05653
31 Dec 1997
0.05639
0.05639
30 Jan 1998
0.05650
0.05650
27 Feb 1998
0.05684
0.05684
31 Mar 1998
0.05571
0.05571
30 Apr 1998
0.05594
0.05594
29 May 1998
0.05547
0.05547
30 Jun 1998
0.05532
0.05532
31 Jul 1998
0.05514
0.05514
31 Aug 1998
0.05488
0.05488
30 Sep 1998
0.05533
0.05533
30 Oct 1998
0.05498
0.05498
30 Nov 1998
0.05528
0.05528
31 Dec 1998
0.05528
0.05528
29 Jan 1999
0.05492
0.05492
26 Feb 1999
0.05585
0.05585
31 Mar 1999
0.05485
0.05485
30 Apr 1999
0.05519
0.05519
28 May 1999
0.05477
0.05477
30 Jun 1999
0.05528
0.05528
30 Jul 1999
0.05513
0.05513
31 Aug 1999
0.05381
0.05381
30 Sep 1999
0.05375
0.05375
29 Oct 1999
0.05385
0.05385
30 Nov 1999
0.05480
0.05480
31 Dec 1999
0.05419
0.05419
31 Jan 2000
0.05421
0.05421
29 Feb 2000
0.05452
0.05452
31 Mar 2000
0.05448
0.05448
28 Apr 2000
0.05496
0.05496
31 May 2000
0.05402
0.05402
30 Jun 2000
0.05391
0.05391
31 Jul 2000
0.05377
0.05377
31 Aug 2000
0.05355
0.05355
29 Sep 2000
0.05480
0.05480
31 Oct 2000
0.05400
0.05400
30 Nov 2000
0.05367
0.05367
29 Dec 2000
0.05370
0.05370
31 Jan 2001
0.05566
0.05566
28 Feb 2001
0.05418
0.05418
30 Mar 2001
0.05343
0.05343
30 Apr 2001
0.05473
0.05473
31 May 2001
0.05494
0.05494
29 Jun 2001
0.05512
0.05512
31 Jul 2001
0.05485
0.05485
31 Aug 2001
0.05443
0.05443
28 Sep 2001
0.05312
0.05312
31 Oct 2001
0.05255
0.05255
30 Nov 2001
0.05216
0.05216
31 Dec 2001
0.05111
0.05111
31 Jan 2002
0.05169
0.05169
28 Feb 2002
0.05109
0.05109
28 Mar 2002
0.05075
0.05075
30 Apr 2002
0.05044
0.05044
31 May 2002
0.05043
0.05043
28 Jun 2002
0.04982
0.04982
31 Jul 2002
0.04899
0.04899
30 Aug 2002
0.04855
0.04855
30 Sep 2002
0.04828
0.04828
31 Oct 2002
0.04844
0.04844
29 Nov 2002
0.04885
0.04885
31 Dec 2002
0.04869
0.04869
31 Jan 2003
0.04834
0.04834
28 Feb 2003
0.04777
0.04777
31 Mar 2003
0.04714
0.04714
30 Apr 2003
0.04694
0.04694
30 May 2003
0.04709
0.04709
30 Jun 2003
0.04687
0.04687
31 Jul 2003
0.04605
0.04605
29 Aug 2003
0.04823
0.04823
30 Sep 2003
0.04747
0.04747
31 Oct 2003
0.04704
0.04704
28 Nov 2003
0.04680
0.04680
31 Dec 2003
0.04631
0.04631
30 Jan 2004
0.04610
0.04610
27 Feb 2004
0.04610
0.04610
31 Mar 2004
0.04589
0.04589
30 Apr 2004
0.04641
0.04641
28 May 2004
0.04699
0.04699
30 Jun 2004
0.04749
0.04749
30 Jul 2004
0.04674
0.04674
31 Aug 2004
0.04558
0.04558
30 Sep 2004
0.04508
0.04508
29 Oct 2004
0.04455
0.04455
30 Nov 2004
0.04463
0.04463
31 Dec 2004
0.04386
0.04386
31 Jan 2005
0.04400
0.04400
28 Feb 2005
0.04474
0.04474
31 Mar 2005
0.04427
0.04427
29 Apr 2005
0.04489
0.04489
31 May 2005
0.04459
0.04459
30 Jun 2005
0.04444
0.04444
29 Jul 2005
0.04465
0.04465
31 Aug 2005
0.04495
0.04495
30 Sep 2005
0.04401
0.04401
31 Oct 2005
0.04338
0.04338
30 Nov 2005
0.04371
0.04371
30 Dec 2005
0.04349
0.04349
31 Jan 2006
0.04532
0.04532
28 Feb 2006
0.04324
0.04324
31 Mar 2006
0.04480
0.04480
28 Apr 2006
0.04488
0.04488
31 May 2006
0.04489
0.04489
30 Jun 2006
0.04559
0.04559
31 Jul 2006
0.04550
0.04550
31 Aug 2006
0.04555
0.04555
29 Sep 2006
0.04529
0.04529
31 Oct 2006
0.04526
0.04526
30 Nov 2006
0.04541
0.04541
29 Dec 2006
0.04546
0.04546
31 Jan 2007
0.04494
0.04494
28 Feb 2007
0.04605
0.04605
30 Mar 2007
0.04562
0.04562
30 Apr 2007
0.04589
0.04589
31 May 2007
0.04567
0.04567
29 Jun 2007
0.04493
0.04493
31 Jul 2007
0.04577
0.04577
31 Aug 2007
0.04608
0.04608
28 Sep 2007
0.04623
0.04623
31 Oct 2007
0.04571
0.04571
30 Nov 2007
0.04566
0.04566
31 Dec 2007
0.04548
0.04548
31 Jan 2008
0.04568
0.04568
29 Feb 2008
0.04710
0.04710
31 Mar 2008
0.04711
0.04711
30 Apr 2008
0.04686
0.04686
30 May 2008
0.04533
0.04533
30 Jun 2008
0.04666
0.04666
31 Jul 2008
0.04664
0.04664
29 Aug 2008
0.04712
0.04712
30 Sep 2008
0.04784
0.04784
31 Oct 2008
0.04766
0.04766
28 Nov 2008
0.04724
0.04724
31 Dec 2008
0.04769
0.04769
30 Jan 2009
0.04814
0.04814
27 Feb 2009
0.04858
0.04858
31 Mar 2009
0.04779
0.04779
30 Apr 2009
0.04801
0.04801
29 May 2009
0.04802
0.04802
30 Jun 2009
0.04839
0.04839
31 Jul 2009
0.04833
0.04833
31 Aug 2009
0.04798
0.04798
30 Sep 2009
0.04680
0.04680
30 Oct 2009
0.04591
0.04591
30 Nov 2009
0.04740
0.04740
31 Dec 2009
0.04603
0.04603
29 Jan 2010
0.04575
0.04575
26 Feb 2010
0.04549
0.04549
31 Mar 2010
0.04418
0.04418
30 Apr 2010
0.04498
0.04498
28 May 2010
0.04413
0.04413
30 Jun 2010
0.04406
0.04406
30 Jul 2010
0.04319
0.04319
31 Aug 2010
0.04223
0.04223
30 Sep 2010
0.04040
0.04040
29 Oct 2010
0.04068
0.04068
30 Nov 2010
0.04210
0.04210
31 Dec 2010
0.04304
0.04304
31 Jan 2011
0.04407
0.04407
28 Feb 2011
0.04522
0.04522
31 Mar 2011
0.04461
0.04461
29 Apr 2011
0.04460
0.04460
31 May 2011
0.04377
0.04377
30 Jun 2011
0.04415
0.04415
29 Jul 2011
0.04246
0.04246
31 Aug 2011
0.04202
0.04202
30 Sep 2011
0.04075
0.04075
31 Oct 2011
0.04122
0.04122
30 Nov 2011
0.04076
0.04076
30 Dec 2011
0.04124
0.04124
31 Jan 2012
0.03862
0.03862
29 Feb 2012
0.03708
0.03708
30 Mar 2012
0.03545
0.03545
30 Apr 2012
0.03524
0.03524
31 May 2012
0.03552
0.03552
29 Jun 2012
0.03614
0.03614
31 Jul 2012
0.03571
0.03571
31 Aug 2012
0.03448
0.03448
28 Sep 2012
0.03470
0.03470
31 Oct 2012
0.03367
0.03367
30 Nov 2012
0.03389
0.03389
31 Dec 2012
0.03301
0.03301
31 Jan 2013
0.03295
0.03295
28 Feb 2013
0.03236
0.03236
28 Mar 2013
0.03051
0.03051
30 Apr 2013
0.03054
0.03054
31 May 2013
0.02996
0.02996
28 Jun 2013
0.03046
0.03046
31 Jul 2013
0.03006
0.03006
30 Aug 2013
0.02979
0.02979
30 Sep 2013
0.03082
0.03082
31 Oct 2013
0.03144
0.03144
29 Nov 2013
0.03190
0.03190
31 Dec 2013
0.03230
0.03230
31 Jan 2014
0.03206
0.03206
28 Feb 2014
0.03466
0.03466
31 Mar 2014
0.03281
0.03281
30 Apr 2014
0.03222
0.03222
30 May 2014
0.03126
0.03126
30 Jun 2014
0.03187
0.03187
31 Jul 2014
0.03122
0.03122
29 Aug 2014
0.03108
0.03108
30 Sep 2014
0.02951
0.02951
31 Oct 2014
0.02953
0.02953
28 Nov 2014
0.02948
0.02948
31 Dec 2014
0.02866
0.02866
30 Jan 2015
0.02816
0.02816
27 Feb 2015
0.02988
0.02988
31 Mar 2015
0.02777
0.02777
30 Apr 2015
0.02803
0.02803
29 May 2015
0.02747
0.02747
30 Jun 2015
0.02729
0.02729
31 Jul 2015
0.02727
0.02727
31 Aug 2015
0.02734
0.02734
30 Sep 2015
0.02847
0.02847
30 Oct 2015
0.02910
0.02910
30 Nov 2015
0.02946
0.02946
31 Dec 2015
0.02794
0.02794
29 Jan 2016
0.02627
0.02627
29 Feb 2016
0.02698
0.02698
31 Mar 2016
0.02652
0.02652
29 Apr 2016
0.02738
0.02738
31 May 2016
0.02717
0.02717
30 Jun 2016
0.02804
0.02804
29 Jul 2016
0.02717
0.02717
31 Aug 2016
0.02701
0.02701
30 Sep 2016
0.02785
0.02785
31 Oct 2016
0.02720
0.02720
30 Nov 2016
0.02762
0.02762
30 Dec 2016
0.02789
0.02789
31 Jan 2017
0.02795
0.02795
28 Feb 2017
0.02970
0.02970
31 Mar 2017
0.02843
0.02843
28 Apr 2017
0.02967
0.02967
31 May 2017
0.02956
0.02956
30 Jun 2017
0.02996
0.02996
31 Jul 2017
0.02927
0.02927
31 Aug 2017
0.02894
0.02894
29 Sep 2017
0.02914
0.02914
31 Oct 2017
0.02877
0.02877
30 Nov 2017
0.02961
0.02961
29 Dec 2017
0.02949
0.02949
31 Jan 2018
0.02945
0.02945
28 Feb 2018
0.03076
0.03076
29 Mar 2018
0.02918
0.02918
30 Apr 2018
0.03017
0.03017
31 May 2018
0.02945
0.02945
29 Jun 2018
0.03011
0.03011
31 Jul 2018
0.02946
0.02946
31 Aug 2018
0.02984
0.02984
28 Sep 2018
0.02965
0.02965
31 Oct 2018
0.03024
0.03024
30 Nov 2018
0.03046
0.03046
31 Dec 2018
0.03029
0.03029
31 Jan 2019
0.03018
0.03018
28 Feb 2019
0.03204
0.03204
29 Mar 2019
0.03034
0.03034
30 Apr 2019
0.03095
0.03095
31 May 2019
0.03136
0.03136
28 Jun 2019
0.03248
0.03248
31 Jul 2019
0.03288
0.03288
31 Aug 2019
0.03278
0.03278
30 Sep 2019
0.03255
0.03255
31 Oct 2019
0.03141
0.03141
30 Nov 2019
0.03204
0.03204
31 Dec 2019
0.03160
0.03160
31 Jan 2020
0.03151
0.03151
29 Feb 2020
0.03351
0.03351
31 Mar 2020
0.03295
0.03295
30 Apr 2020
0.03334
0.03334
31 May 2020
0.03253
0.03253
30 Jun 2020
0.03216
0.03216
31 Jul 2020
0.03126
0.03126
31 Aug 2020
0.03072
0.03072
30 Sep 2020
0.03103
0.03103
30 Oct 2020
0.03023
0.03023
30 Nov 2020
0.03095
0.03095
31 Dec 2020
0.03020
0.03020
29 Jan 2021
0.03040
0.03040
26 Feb 2021
0.03189
0.03189
31 Mar 2021
0.03001
0.03001
30 Apr 2021
0.03043
0.03043
28 May 2021
0.02987
0.02987
30 Jun 2021
0.03062
0.03062
30 Jul 2021
0.02951
0.02951
31 Aug 2021
0.02919
0.02919
30 Sep 2021
0.02930
0.02930
29 Oct 2021
0.02838
0.02838
30 Nov 2021
0.02893
0.02893
31 Dec 2021
0.02787
0.02787
31 Jan 2022
0.02744
0.02744
28 Feb 2022
0.02946
0.02946
31 Mar 2022
0.02800
0.02800
29 Apr 2022
0.03100
0.03100
31 May 2022
0.03005
0.03005
30 Jun 2022
0.03080
0.03080
29 Jul 2022
0.03120
0.03120
31 Aug 2022
0.03187
0.03187
30 Sep 2022
0.03231
0.03231
31 Oct 2022
0.03326
0.03326
Fund Facts

Fund Facts

(As of 31 Oct 2022)
Net Fund Assets
$838.4 M
Benchmark
ICE BofA 3-15 Yr US Muni
Morningstar Category
Muni National Intermediate
Fund Symbol
THMIX
Share Class
I
Share Class Inception Date
5 Jul 1996
Number of Holdings
462
Portfolio Turnover
19%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.36%
30-Day SEC Yield (Unsubsidized)
3.23%
Annualized Distribution Yield
3.04%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Effective Duration
4.8 Yrs
5.4 Yrs
Average Effective Maturity
8.3 Yrs
9.6 Yrs
Weighted Average Coupon
4.7%
4.4%
Portfolio
Benchmark
Yield to Worst
4.0%
3.9%
Subject to Alternative Minimum Tax
5.8%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2022)
3y
5y
10y
Annualized Alpha (%)
0.01
-0.05
-0.01
Standard Deviation (%)
4.07
3.29
2.65
Sharpe Ratio
-0.49
-0.22
0.26
Up Capture (%)
84.54
84.80
84.70
Down Capture (%)
84.81
85.07
84.51
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2022)
Name
Ticker/Symbol
Sector
Weight %
Commonwealth of Massachusetts
576002DG1
Dedicated Tax
1.1
The Hospitals & Higher Education Facilities Authority of Philadelphia
Hospital
1.0
City of Chicago IL
167486ZY8
Local General Obligation
0.9
Tennessee Energy Acquisition Corp.
880443BQ8
Gas
0.8
Bucks County Industrial Development Authority
11861NAA2
Industrial Development/Pollution Control
0.8
Kentucky Public Energy Authority
74440DAR5
Gas
0.8
Metropolitan Transportation Authority
59261AJR9
Other Transportation
0.7
UAB Medicine Finance Authority
902562AR8
Hospital
0.7
Indiana Health Facility Financing Authority
454798TB5
Hospital
0.7
Main Street Natural Gas, Inc.
56035DBR2
Gas
0.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Hospital
11.7
5.1
Prerefunded / Escrow to Maturity
10.9
Appropriation
8.7
4.8
Local General Obligation
8.3
9.2
Dedicated Tax
7.1
14.8
Airport
7.0
3.8
Gas
5.5
State General Obligation
5.1
20.7
Water/Sewer
4.8
5.8
School District General Obligation
4.5
Sector Allocation
Fund (%)
Hospital
11.7
Prerefunded / Escrow to Maturity
10.9
Appropriation
8.7
Local General Obligation
8.3
Dedicated Tax
7.1
Airport
7.0
Gas
5.5
State General Obligation
5.1
Water/Sewer
4.8
School District General Obligation
4.5
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Illinois
15.2
5.4
Pennsylvania
9.6
3.5
Texas
8.5
6.3
New York
6.8
20.5
New Jersey
5.9
5.1
Florida
5.8
2.3
Ohio
4.3
1.9
California
4.2
18.6
Washington
4.1
3.1
IN
2.8
0.8
Top 10 U.S. States
Fund (%)
Illinois
15.2
Pennsylvania
9.6
Texas
8.5
New York
6.8
New Jersey
5.9
Florida
5.8
Ohio
4.3
California
4.2
Washington
4.1
IN
2.8
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
2.4
13.7
AA
47.5
56.9
A
39.7
23.1
BBB
5.3
6.3
Not Rated
1.3
Cash & Cash Equivalents
3.8
Credit Quality
Fund (%)
AAA
2.4
AA
47.5
A
39.7
BBB
5.3
Not Rated
1.3
Cash & Cash Equivalents
3.8
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Year 1-2
15.8
Year 3-4
9.4
13.0
Year 5-6
8.7
19.1
Year 7-8
11.2
16.2
Year 9-10
12.3
14.3
Year 11-12
9.3
13.0
Year 13-14
8.9
13.0
Year 15-16
9.8
5.0
Year 17+
10.8
5.0
Cash
3.8
Maturity
Fund (%)
Year 1-2
15.8
Year 3-4
9.4
Year 5-6
8.7
Year 7-8
11.2
Year 9-10
12.3
Year 11-12
9.3
Year 13-14
8.9
Year 15-16
9.8
Year 17+
10.8
Cash
3.8
Portfolio Managers

Portfolio Managers

David Ashley, CFA
David Ashley, CFA
Portfolio Manager and Managing Director
David Ashley is portfolio manager for Thornburg Investment Management. He joined Thornburg as associate portfolio manager in 2011 and was named portfolio manager in 2019. Dave earned a BS in finance and MBA from the University of Delaware in 2001. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Dave was a credit analyst for Wilmington Trust…
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John Bonnell, CFA
John Bonnell, CFA
Portfolio Manager and Managing Director
John Bonnell, CFA, is portfolio manager and managing director for Thornburg Investment Management. He joined Thornburg’s municipal team in 2021. John has over 30 years of municipal bond investing experience. He spent 25 years of his career at USAA where he was most recently a senior portfolio manager and, in 2010, took on responsibility for co-leading municipal bond strategies. Earlier…
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Eve Lando, JD
Eve Lando, JD
Portfolio Manager and Managing Director
Eve Lando is portfolio manager for Thornburg Investment Management. She joined Thornburg's municipal team in 2019 as associate portfolio manager and was named portfolio manager in 2020. Eve holds a BA in urban studies from Columbia University and a JD from Brooklyn Law School, with a concentration in business law studies. She has extensive experience in municipal bond research and…
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