The Federal Reserve Board has launched a television campaign to warn investors that mutual funds do not carry federal deposit insurance.

The Fed, in an Aug. 15 announcement, said it has distributed 15- and 30- second public service announcements to 145 television stations across the country.

The spots also remind consumers that mutual funds and annuities do not offer guaranteed returns, as certificates of deposit do. Also, they said these instruments can actually lose value so they become worth less than what the consumer paid for them.

The Fed began its "Mutual Funds: Understanding the Risks" campaign last year with seminars for civic groups nationwide.

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