Municipal Fund Disclosures

The MSRB requires additional disclosures for municipal fund securities. Municipal fund securities, such as 529 college savings plans or local government investment pools, are open-end funds. This means that whenever shares in the fund are purchased, the shares are issued new by the municipal fund. Additionally, when investors wish to sell their securities, they must sell them back to the fund. The fund will then “redeem” them and cancel the securities. Thus, open-end funds offer a continuous issuance of new securities, and because the securities are issued new, they will always need to be sold with a final official statement. The offici