Series 52: Municipal Fund Advertisements

Municipal Fund Advertisements

Advertisements for municipal fund securities, aside from being truthful, must also include these basic disclosure statements:

• • An investor should consider the investment objectives, risks, charges, and expenses associated with municipal fund securities before investing.
• • More information about municipal fund securities is available in the issuer’s official statement.
• • If the publisher of the advertisement is the underwriter of the issue and a source where the official statement can be found is listed in the advertisement, then the dealer must disclose that it is an underwriter on the issue.
• • The official statement should be read carefully before investing.

Additional disclosures for municipal fund advertisements should include a legend saying that:

• • Past performance does not guarantee future results
• • The value and monetary return of an investment will vary over time and may be worth more or less at redemption than its original cost
• • Current performance may be lower or h