Performance Information & Disclosures

Composite Performance Disclosure

The performance data herein represents past performance and does not guarantee future results. Investment performance fluctuates over time and units may be worth less than their original cost when redeemed. Performance current to the most recent month end may be lower or higher than the performance quoted.

This illustration of Composite Performance is calculated by using the average daily performance of the daily outstanding units, of all outstanding series, within the referenced UIT strategy, and within the referenced time period.

All time periods for the cumulative and average annual return assume distributions received in cash and recognized on the ex-dividend date during the life of the unit investment trust.

For Reinvest distribution option, all distributions are reinvested into the trust on the reinvestment date for each separate distribution using the liquidation price (also known as the reinvestment price) as the price per unit in the reinvestment calculation.

Advisory Performance is calculated excluding all Initial or Deferred Sales Charges for each unit investment trust series but does reflect the Creation & Development Fee and trust Operating Expenses as incurred for each unit investment trust series.

Brokerage Performance is calculated including all Initial or Deferred Sales Charges, the Creation & Development Fee and trust Operating Expenses as incurred for each unit investment trust series.

The performance calculations do not adjust for taxes. If adjusted for taxes, the effects of taxation would reduce the performance depicted.

Connection Performance Disclosure

The performance data herein represents past performance and does not guarantee future results. Investment performance fluctuates over time and units may be worth less than their original cost when sold or redeemed. Performance current to the most recent month end may be lower or higher than the performance quoted.

This illustration of Connection Performance considers the Rollover process whereby a unit investment trust is held until termination. Due to the dynamics of the Rollover process this calculation prioritizes rollovers into the next most applicable series within the referenced UIT strategy as available. For purposes of the Connection Performance calculation, rollover order of priority is as follows:

1. Calculate the rollover into the series that comes to market the same day on the next business day. If such series does not exist, then:

2. Calculate the rollover into the series that comes to market the next business day on the next business day, if such series does not exist, then:

3. Calculate the rollover into the series that deposits within the next 10 business days on the initial offer date, if such series does not exist then:

4. Calculate the rollover into the current primary series on the next business day. If there was not such a series, no Connection Performance will be calculated.

All time periods for the cumulative and average annual return recognize distributions on the ex-dividend date during the life of the unit investment trust.

For Cash distribution option, all distributions are reinvested at the time of purchase into the following series utilized in the historical chain of the strategy.

For Reinvest distribution option, all distributions are reinvested into the trust on the reinvestment date for each separate distribution using the liquidation price (also known as the reinvestment price) as the price per unit in the reinvestment calculation.

Advisory Performance is calculated excluding all Initial or Deferred Sales Charges for each unit investment trust series but does reflect the Creation & Development Fee and trust Operating Expenses as incurred for each unit investment trust series.

Brokerage Performance is calculated including all Initial or Deferred Sales Charges, the Creation & Development Fee and trust Operating Expenses as incurred for each unit investment trust series.

The performance calculations do not adjust for taxes. If adjusted for taxes, the effects of taxation would reduce the performance depicted.

The sponsor determines whether a subsequent series of any given unit investment trust will be issued at the same schedule or into the future. The connection performance formula is based on historical availability of the specific unit investment trusts series noted herein and may not continue at the same schedule or into the future. There is no guarantee that the connection performance calculated herein will continue into the future.

Per Series Performance Disclosure

The performance data herein represents past performance and does not guarantee future results. Investment performance fluctuates over time and units may be worth less than their original cost when sold or redeemed. Performance current to the most recent month end may be lower or higher than the performance quoted.

All time periods for the cumulative and average annual return recognize distributions on the ex-dividend date during the life of the unit investment trust.

For Reinvest distribution option, all distributions are reinvested into the trust on the reinvestment date for each separate distribution using the liquidation price (also known as the reinvestment price) as the price per unit in the reinvestment calculation.

Advisory Performance is calculated excluding all Initial or Deferred Sales Charges but does reflect the Creation & Development Fee and trust Operating Expenses as incurred.

Brokerage Performance is calculated including all Initial or Deferred Sales Charges, the Creation & Development Fee and trust Operating Expenses as incurred.

The performance calculations do not adjust for taxes. If adjusted for taxes, the effects of taxation would reduce the performance depicted.

The above Per Series Performance & Risk Metrics will not generate unless there is a minimum of 10 trading days.

Distributions and Expenses Disclosure

There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical 12-month distribution and historical 12-month distribution rates of the securities included in the trust are for illustrative purposes only and are not indicative of the trust’s distribution or distribution rate. The historical 12-month distribution per unit is based on the weighted average of the trailing twelve-month distributions paid by the securities included in the portfolio. The historical 12-month distribution rate at Public Offering Price is calculated by dividing the historical 12-month distributions by the trust’s Public Offering Price. The historical 12-month distribution rate at Advisory Account Price is calculated by dividing the historical 12-month distributions by the trust’s Advisory Account Price.

The historical 12-month distribution and rate are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit and rates paid by the trust may be higher or lower than the amounts shown above due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, or the sale of securities in the portfolio. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital.

AdFi UIT Score**™**

The AdFi UIT Score is a transparent and objective investment rating system used to evaluate unit investment trust (UIT) strategies.  It assists financial professionals demonstrate a prudent investment selection and monitoring process of UIT strategies in a fashion that all clients can easily understand by using scoring metrics and visual displays.

The AdFi UIT Score is an investment rating system that helps quickly identify specific UIT strategies that may merit continued research and analysis. It also simplifies the ongoing monitoring process by highlighting strategies that show potential deficiencies.

The score evaluates UIT strategies on different criteria across a spectrum of quantitative data points to determine a minimum fiduciary standard of attention is being endured. The criteria consist of regulatory oversight, track record, expense ratio/ fees relative to peers, risk-adjusted performance relative to peers, and performance relative to peers.

The score is a snap-shot report on a selected UIT strategy. It is a valuable tool for investment decision-makers to identify and monitor UITs as a part of their due diligence process. The AdFi UIT Score represents an objective means of evaluating UIT strategies according to set criteria and is not intended, nor should it be used as, the only source of information for reaching an investment decision.

Calculating the AdFi UIT Score

The AdFi UIT Score is a peer percent ranking of a UIT strategy against a set of quantitative due diligence criteria selected to exhibit prudent fiduciary management. The AdFi UIT Score is calculated on a daily basis for UITs utilizing the composite performance, brokerage expenses, and reinvested dividends . Only UIT strategies with a one-year history receive a score.

Calculation Process

• Each UIT strategy is evaluated against a set of factors and thresholds.
• If a UIT strategy fails one of the factors or thresholds, points are allotted.
• Next, the points are totaled and the total for each UIT strategy is ordered from lowest to highest within each peer group.
• Each UIT strategy is then given a percentile ranking based on its placement in the distribution of their peer group.

UIT strategies with 0 points are automatically given an AdFi UIT Score of 0. Every other UIT strategy is then given a Score of 1-100, representing their percent ranking based on its placement in the distribution of their peer group.

The minimum track record criterion states that a UIT strategy must have one year of history before the AdFi UIT Score can be calculated. Once that threshold has been passed, the AdFi UIT Score will be presented and the historical record will begin to accrue.

AdFi UIT Score Criteria

The following factors and thresholds are used in the AdFi UIT Score calculation.

Regulatory Oversight

• The UIT must be a U.S. Registered Investment company and regulated by The Investment Company Act of 1940.

Minimum Track Record

• The UIT strategy must have at least 1-year of history to be scored. Strategies with less than a 1-year history are excluded from the score calculations.

Expense Ratios/Fees Relative to Peers

• The primary UIT series fees should not be in the bottom quartile of their peer group. The rating utilizes the total annualized sales charges & operating expenses.
• 15 points if the total annualized sales charges & operating expenses are in the 4th quartile.

Risk-adjusted Performance Relative to Peers

• The UIT strategy risk-adjusted composite performance (calculated using Sharpe ratio and alpha) should be above the peer group median manager’s risk-adjusted performance.
• 5 points if the risk-adjusted performance is in the 3rd quartile, 10 points if the risk-adjusted performance is in the 4th quartile.

Performance Relative to Peers

• The UIT strategy composite performance should be above the peer group’s median manager return for 1-, 3-, and 5-year cumulative periods.
  • 1-Year: 5 points if in 3rd quartile, 10 points if in 4th quartile
  • 3-Year: 10 points if in 3rd quartile, 15 points in in 4th quartile
  • 5-Year: 15 points if in 3rd quartile, 20 points if in 4th quartile.

If the UIT strategy has does not have enough history for 3 or 5-year metrics, the preceding 1-year or 3-year percentile is used in its place. Applies to risk-adjusted performance and cumulative performance metrics.

AdFi UIT Score Range

The AdFi UIT Score chart provides a visual representation of the UIT score. The following thresholds provide the user with an easy-to-view assessment of the UIT strategy.

Benchmark Disclosures

The performance of the benchmark index or indices are historical and assume reinvestment of all dividends and capital gains distributions and does not include payment of any sales charges or fees an investor would pay to purchase the securities they represent. Such costs would lower performance. Indices are unmanaged composites, and it is not possible to invest directly in an index. The historical performance of the index or indices are shown for illustrative purposes only; it is not meant to forecast, imply or guarantee the future performance of any particular investment, which will vary.  We make no assurance that any investment product based on an index will accurately track index performance or provide positive investment returns.

The Dow Jones Global Composite Yield Total Return Index is a multi-asset index of indices. The composite index aims to provide a diversified representation of securities ranked highest by yield.

The Dow Jones Industrial Average® (The Dow®), is a price-weighted measure of 30 U.S. blue-chip companies. The index covers all industries except transportation and utilities.

The Dow Jones U.S. Real Estate Index is designed to track the performance of real estate investment trusts (REIT) and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies.

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization.

S&P 500® Dividend Aristocrats® measure the performance of S&P 500 companies that have increased dividends every year for the last 25 consecutive years. The Index treats each constituent as a distinct investment opportunity without regard to its size by equally weighting each company.

The S&P BDC Index is designed to track leading business development companies that trade on major U.S. exchanges.

The S&P Composite 1500® combines three leading indices, the S&P 500®, the S&P MidCap 400®, and the S&P SmallCap 600®, to cover approximately 90% of U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks.

The S&P Global 1200 provides efficient exposure to the global equity market. Capturing approximately 70% of global market capitalization, it is constructed as a composite of 7 headline indices, many of which are accepted leaders in their regions. These include the S&P 500® (US), S&P Europe 350, S&P TOPIX 150 (Japan), S&P/TSX 60 (Canada), S&P/ASX All Australian 50, S&P Asia 50 and S&P Latin America 40.

The S&P Global Developed Aggregate Ex-Collateralized Bond Index seeks to track the performance of investment-grade debt publicly issued by sovereign, quasi-government, and investment-grade corporate entities, excluding collateralized/securitized bonds.

The S&P Global Dividend Aristocrats is designed to measure the performance of the highest dividend yielding companies within the S&P Global Broad Market Index (BMI) that have followed a policy of increasing or stable dividends for at least 10 consecutive years.

The S&P International 700 measures the non-U.S. component of the global equity market through an index that is designed to be highly liquid and efficient to replicate. The index covers all regions included in the S&P Global 1200 except for the U.S., which is represented by the S&P 500®.

The S&P International Dividend Aristocrats is designed to measure the performance of high-dividend-yielding, non-U.S. companies within the S&P Global BMI that have followed a policy of increasing or maintaining dividends for at least 10 consecutive years.

The S&P MidCap 400® provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500®, is designed to measure the performance of 400 mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.

The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market.

The S&P SmallCap 600® seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

The S&P Target Risk Balanced Index is designed to measure the performance of equity allocations, while seeking to provide limited fixed income exposure to diversify risk.

The S&P U.S. Aggregate Bond Index is designed to measure the performance of publicly issued U.S. dollar denominated investment-grade debt. The index is part of the S&P Aggregate Bond Index family and includes U.S. treasuries, quasi-governments, corporates, taxable municipal bonds, foreign agency, supranational, federal agency, and non-U.S. debentures, covered bonds, and residential mortgage pass-throughs.

The S&P U.S. Preferred Stock Index is designed to serve the investment community's need for an investable benchmark representing the U.S. preferred stock market. Preferred stocks are a class of capital stock that pays dividends at a specified rate and has a preference over common stock in the payment of dividends and the liquidation of assets.

The S-Network Composite Closed-End Fund Index is a fund index designed to serve as a benchmark for closed-end funds listed in the US that principally engage in asset management processes seeking to produce taxable annual yield. The CEFX employs a modified net assets weighting methodology designed to assure accurate investment exposure across the various style segments that together comprise the taxable yield sector of the closed-end fund market. The CEFX is divided into three main closed-end fund sectors: a) Investment Grade Fixed Income Closed-End Funds; b) High-Yield Fixed Income Closed-End Funds; and c) Option Income Closed-End Funds.

The S-Network Municipal Bond Closed-End Fund Index (TICKER: CEFMX) is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The CEFMX employs a modified total net assets weighting methodology designed to assure accurate investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market. The CEFMX is divided into four main closed-end fund sectors: a) Leveraged Municipal Fixed Income Closed-End Funds; b) Unleveraged Municipal Fixed Income Closed-End Funds; c) Leveraged High Yield Municipal Fixed Income Closed-End Funds; and d) Unleveraged High Yield Municipal Fixed Income Closed-End Funds.

The S-Network CEF Bank Loan/Limited Duration Index is designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes designed to produce taxable annual yield through investment in senior bank loans and other short duration instruments.