OFFICIAL STATEMENT (O.S.) – A document or documents prepared by or on behalf of the issuer of municipal securities in connection with a primary offering that discloses material information on the offering of such securities.  For primary offerings subject to Rule 15c2-12, the “final official statement” must include, at a minimum, information on the terms of the securities, financial information or operating data concerning the issuer and other entities, enterprises, funds, accounts or other persons material to an evaluation of the offering, and a description of the continuing disclosure undertaking made in connection with the offering (including an indication of any failures to comply with such undertaking during the past 5 years).  Official statements typically also include information regarding the purposes of the issue, how the securities will be repaid, and the financial and economic characteristics of the issuer or obligor with respect to the offered securities.  Investors may use this information to evaluate the credit quality of the securities.  Although functionally equivalent to the prospectus used in connection with registered securities, an official statement for municipal securities is exempt from the prospectus requirements of the Securities Act of 1933.  Compare:  OFFERING CIRCULAR; PRELIMINARY OFFICIAL STATEMENT; PRIVATE PLACEMENT MEMORANDUM.  See:  DUE DILIGENCE; FULL DISCLOSURE; INFORMATION STATEMENT; MATERIAL OMISSION; PRIMARY OFFERING; PROGRAM DISCLOSURE DOCUMENT; RULE 10b-5; RULE 15c2-12.