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Liquidity, Default, Taxes and Yields on Municipal Bonds

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Investors must pay brokerage commissions when they buy and sell individual bonds.One exception is that investors may purchase (at no commission) Treasury securities through the Treasury Direct program of the Federal Reserve System. Investing in bond mutual funds While there are significant advantages to purchasing individual bonds,many investors prefer to invest in bond mutual funds.The next section describes how a bond mutual fund works and explains why an investor might choose a bond mutual fund rather than individual bonds