### Question
What is the definition of municipal securities investment portfolio?


### Answer
The definition of **municipal securities investment portfolio** is as follows in *15 U.S.C. § 78c*:

> all municipal securities held for investment and not for sale as part of a regular business by a municipal securities dealer or by a person, directly or indirectly, controlling, controlled by, or under common control with a municipal securities dealer

#### Citation:
  - *15 U.S.C. § 78c*
  - Heading: **CHAPTER 2A-SECURITIES AND TRUST INDENTURES > SUBCHAPTER III-TRUST INDENTURES**

