Closed-end funds are subject to various risks, including management's ability to meet the fund's investment objective, and to manage the fund's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding the funds or their underlying investments change. Unlike open-end funds, which trade at prices based on a current determination of the fund's net asset value, closed-end funds frequently trade at a discount to their net asset value in the secondary market. Certain closed-end funds may employ the use of leverage which increases the volatility of such funds.
Municipal bonds are subject to numerous risks, including higher interest rates, economic recession, deterioration of the municipal bond market, possible downgrades and defaults of interest and/or principal. Interest income from closed-end municipal bond funds is generally exempt from federal income tax. However, certain distributions may be subject to federal income tax and/or subject to the alternative minimum tax.
The value of the securities held by the trust may be subject to steep declines or increased volatility
due to changes in performance or perception of the issuers.The markets for credit instruments,
including municipal securities, have experienced periods of extreme illiquidity and volatility.
Income distributions per unit will vary with changes in interest received on the underlying bonds and with changes in the trust's fees and expenses. Generally, as bonds in the portfolio mature or are redeemed by the issuer, income distributions per unit will decrease. Principal distributions per unit will be made only when the trust receives principal cash, generally from bonds maturing or proceeds from bond calls, and therefore will vary. With the exception of zero coupon bonds, bonds are generally callable at par value, or possibly, at a premium over par. Zero coupon bonds are generally callable at their accreted value on the call date or, possibly, at a premium over such accreted value. Both income and principal distributions may be affected by the sale of bonds in the portfolio. Refer to the prospectus for a further discussion of the factors which could affect income and principal distributions.
This product information does not constitute an offer to sell, or a solicitation of an offer to buy securities in any state to any person to whom it is not lawful to make such an offer. Sales of any of these securities must include prospectus delivery and the services of a retail broker/dealer duly licensed in the appropriate states.
Not FDIC Insured, Not Bank Guaranteed and May Lose Value.