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| Unit Investment Trusts |
| UITs are SEC-registered investment companies that follow a buy and hold strategy and are sold only by prospectus. Portfolios are professionally selected by the trust sponsor and are designed to follow a stated investment objective, although there is no guarantee that the objective will be met. UITs are fixed and not actively managed. Except in limited circumstances, portfolios will hold and continue to buy shares of the same securities even if their market values decline. UITs dissolve on a mandatory termination date ranging from one to thirty years established when the UIT is created, although some UITs may terminate more than fifty years after they are created. Short-term strategy trusts should be considered as part of a long-term investment strategy and you should consider your ability to pursue them by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.
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