Series 7: 3.2.5. Municipal Fund Securities

Taken from our Series 7 Online Guide

3.2.5. Municipal Fund Securities

A municipal fund security is a fund of securities that is issued by a state or municipality. On the exam, do not confuse a regular “municipal security” like a municipal bond with a “municipal fund security.” Investments in a municipal fund security may consist of a wide variety of securities, including corporate stocks and bonds and government securities of every stripe.

Also, municipal fund securities should not be confused with municipal bond funds, which are simply mutual funds that invest mainly in municipal bonds. A municipal fund security is different from a typical investment company because its issuer is a state or local government. For this reason, it is exempt from the rul

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