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America Builds With Municipal Bonds: How Regulated Funds Connect Savers to Infrastructure

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As America celebrates its 250th year, ICI considers the significance of ongoing investment in the nation's infrastructure. For millions of Americans, participation comes through mutual funds, ETFs, and closed-end funds that invest in municipal bonds, which finances about 90% of US public infrastructure.

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1Municipal bond fund assets by state do not equal total municipal bond fund assets because of a small amount of assets missing state information. 2Data are estimated by dividing municipal bond fund...

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2026 Investment Company Fact Book

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