8.4.2.1.2.1. 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 higher than