Blue Chip Growth Portfolio Series 20

Under normal circumstances, the Trust will invest at least 80% of the value of its assets in large-cap equity securities. The Trust aims to provide a portfolio of securities that the Sponsor believes includes large, high quality U.S. growth companies. The U.S.- listed common stocks held by the Trust may include the common stocks of U.S. and non- U.S. companies. The Trust may invest in real estate investment Trusts. The Sponsor believes that companies that exhibit strong growth characteristics may demonstrate an ability to accelerate revenues, returns and profits. This acceleration, relative to a firm’s peer group, usually reflects an innovative product or service, an expanding geographic operating footprint, or a competitive advantage enabling the firm to capture additional market share. However, there can be no assurance that any security held by the Trust will meet the Trust objective.

As a result of this strategy, the Trust invests significantly in the health care sector and the information technology sector.

• Begin with an initial universe of all U.S.-listed growth securities.
• Focus on factors including, but not limited to:
  • Valuation. The Sponsor favors companies whose valuations appear to be attractive based on measures such as price-toearnings, price-to-book and price-to-cash flow.
  • Growth. The Sponsor may screen for companies with a history of (and prospects for) above average growth of dividends, sales and earnings.
  • Profitability. The Sponsor may screen for companies with a history of consistent and high profitability as measured by return-on-assets, return-on equity, gross margin and net margin.
  • Industry leadership. The Sponsor favors companies that possess a strong competitive position among their domestic and global peers.
  • Balance sheet. The Sponsor favors companies that possess overall financial strength and exhibit balance sheet improvements relative to their peers and the marketplace.
  • Cash-flow adequacy. The Sponsor favors companies with recent earnings and operating cash-flow significantly higher than the dividends paid as of the company’s most recent financial reporting period.
• Select a portfolio of securities from the remaining universe by selecting the most attractive candidates, as determined by the Sponsor, from each sector for expected performance and risk, while maintaining diversificationwith limits on sector and market capitalization.

As with all investments, you may lose some or all of your investment in the Trust. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Securities prices can be volatile. The value of your investment may fall over time. Market value fluctuates in response to various factors. These can include stock market movements, purchases or sales of securities by the Trust, government policies, litigation, and changes in interest rates, inflation, the financial condition of the securities’ issuer or even perceptions of the issuer. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that share prices of the securities in the Trust will not decline and that the issuers of the securities will declare dividends in the future and, if declared, whether they will remain at current levels or increase over time.
• The Trust invests significantly in the health care sector. As a result, the factors that impact the health care sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. General risks of companies in the health care sector include extensive competition, generic drug sales, the loss of patent protection, product liability litigation and increased government regulation.
• The Trust invests significantly in the information technology sector. As a result, the factors that impact the information technology sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. Companies involved in this sector must contend with rapid changes in technology, intense competition, government regulation and the rapid obsolescence of products and services. Furthermore, sector predictions may not materialize and the companies selected for the Trust may not represent the entire sector and may not participate in the overall sector growth.
• Inflation may lead to a decrease in the value of assets or income from investments.
• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when creating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.

See “Investment Risks” in Part A of the prospectus and “Risk Factors” in Part B of the prospectus for additional information.