Unit Investment Trusts

Risk Factors

Overall Risks

UIT portfolios are designed for investors who can assume the risks associated with equity or fixed-income investments, and may not be appropriate for investors seeking capital preservation or high current income
There is no assurance that an individual UIT portfolio will meet its objective
There may be special risks if a portfolio is concentrated within a specific sector of the market
A portfolio may contain a limited number of securities, which may make it more susceptible to price volatility than a portfolio diversified among a greater number of holdings
UITs are not actively managed and do not sell securities in response to ordinary market fluctuations. Instead, securities will not usually be sold until termination, which could mean that the sale price of the trust securities may not be the highest price at which these securities traded during the life of the trust
Stocks are identified by applying objective and other criteria to certain companies with characteristics that may be at odds with those of the stocks driving the market at any given time

Equity UITs

There is no assurance that:
- dividend rates (if applicable) will be maintained or even that dividends will be paid at all,
- that the unit price will not decline,
- or that a portfolio will outperform its benchmark
The value of a UIT portfolio will fluctuate with the prices of the underlying securities
Stock prices can be volatile
For the specific risks of investing in an equity UIT, please read the individual UIT's prospectus
Stock in a trust's portfolio may have higher yields because it or its industry is experiencing difficulties or is out of favor.

Fixed Income UITs

The value of the underlying securities, and therefore the unit price of a trust, will vary with the financial condition of the issuers and factors such as changes in interest rates. If interest rates rise, trust income would not increase and the unit price would decline. Falling interest rates could lead to a great number of issuer redemptions or other portfolio changes, which could result in an early return of principal
The default of an issuer making its payment obligation could result in the loss of interest income and/or principal to investors
For specific risks of investing in a fixed-income UIT portfolio, see the offering prospectus

Please contact your advisor for more information about available products, services and research.

For more information, please contact your Financial Advisor.

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