Glossary of Municipal Securities Terms

MUNICIPAL FUND SECURITY

municipal security that, but for section 2(b) of the Investment Company Act of 1940, would constitute an investment company. Municipal fund securities generally have features similar to mutual funds or “fund of funds” and are not fixed income securities. Interests in local government investment pools and 529 college savings plans are examples of municipal fund securities. See: 529 COLLEGE SAVINGS PLAN; LOCAL GOVERNMENT INVESTMENT POOL.

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