SIE: 3.10. Municipal Fund Securities

Taken from our SIE Online Guide

3.10. Municipal Fund Securities

A municipal fund security is a fund of securities that is issued by a state or municipality. Investments in a municipal fund may consist of a wide variety of securities, including corporate stocks and bonds and government securities of every stripe. It is not to be confused with a municipal bond fund, which is a mutual fund consisting entirely of municipal bonds. A municipal fund security is different from a typical investment company because its issuer is a state or local government.

Because a municipal fund security is issued by a state or local government, it is exempt from the rules of the

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