A unit investment trust (UIT) is a specialized investment company that purchases a fixed portfolio of stocks, bonds, or other securities which focus on a particular investment objective. Investors purchase units of the trust, which represent an undivided ownership in the entire portfolio. Unit investment trusts have stated maturities that range from one year to as many as thirty years, depending on the type of holdings that are in the portfolio. UIT's are designed to fill a variety of investment needs and risk tolerance levels. They fall into primarily two categories, equity and fixed income.

The following table compares the similarities and differences between individual securities, UITs, and mutual funds.

Individual Securities	Unit Investment Trusts	Mutual Funds
Fully Invested	Fully Invested	---
Known Portfolio	Known Portfolio	---
Daily Liquidity	Daily Liquidity 1	Daily Liquidity
---	Diversification	Diversification
---	Convenience	Convenience
---	Low Minimum	Low Minimum
---	Professional Selection	Professional Selection
---	Reinvestment Options	Reinvestment Options

1. Units may be sold in the secondary market or some UITs may be redeemed on any business day at the current market value (less any remaining deferred dales charge) which may be more or less than the original purchase price.


Equity UITs are typically classified as either strategies or sectors. Strategy UITs follow a predetermined investment criteria for selecting the stocks for the portfolio. Samples of strategy UITs are those targeting the Dow Jones Industrial Average, the "dogs" of the Dow strategy, etc. Remember that the portfolios have a stated termination date.

All strategies typically have three inherent qualities:

1. Simplicity:
   The strategies seek to outperform specified indices, by selecting portfolios using sound, fundamental screens that reflect the historical behavior of the securities.



2. Resilience:
   The strategies show back-tested results and have staying power even through bear markets.



3. Discipline:
   The strategies dictate which stocks are chosen for the portfolio, no emotional judgments are made and the strategies remain the same.

Sector portfolios are the other major type of equity UITs. These portfolios are primarily composed of companies involved in a specific industry such as pharmaceuticals, energy, technology, financial services, or health care. Sector portfolios seek to provide capital appreciation by identifying market trends in specific areas and investing in the companies that are positioned to benefit from those trends. Sector UITs typically have a stated termination date and enable you to own a diversified portfolio of stocks without committing substantial time or capital.


Fixed income UITs include portfolios that consist of corporate bonds, international bonds, state and national municipal bonds, government securities, or mortgage-backed securities. Because the bonds are held in a UIT, investors know exactly what they are buying, the stated maturity, the quality ratings, and call dates for each of the bonds. Another important factor is the distribution of income. With a UIT, investors can receive either monthly or semi-annual distributions. In contrast, when bonds are held directly, investors can receive interest only semi-annually or annually. There is no option for investors who need regular monthly income at retirement. All of these factors help investors make informed decisions regarding the suitability of a fixed income UIT.

1. Known Portfolio
   Unit investment trusts provide a specific portfolio giving investors the comfort of knowing what they own.



2. Diversification
   UIT portfolios can be diversified across many different securities, offering a portfolio for almost every asset allocation need.



3. Low Expenses
   Traditionally, UITs have offered significantly lower expenses than other packaged products.



4. Professional Portfolio Selection and Supervision
   Portfolio managers are experienced, knowledgeable professionals who know and understand the markets to research and select appropriate securities for each portfolio. Once the portfolio is chosen, the holdings of the portfolio are supervised, eliminating the need to oversee each security on your own.



5. Fully Invested in the Market
   UITs have limited cash positions so more of your money is working in the market.



6. Ease of Ownership
   With one low minimum purchase, investors can own a diversified portfolio of securities without making a substantial commitment of time or capital.

Request a prospectus for more complete information, including sales charges and expenses and a discussion of risks associated with equity investments.

Read it carefully before you invest or send money.

An investment in an equity portfolio should be made with an understanding of the risks associated with equity securities, including the risk that the financial conditions of the issuers of the equity securities or the general condition of the stock market may worsen, and, therefore, the value of the units may be worth more or less than their original price at redemption.