CLOSED-END FUNDS - TAXABLE

Series 2019-1, ADT 1930

Business Development Company Opportunities Portfolio

Ticketing Information Investment Objective & Strategy

CUSIP (Cash/Reinvest) 00779R448 / 455 The Business Development Company Opportunities Portfolio, a unit investment trust (UIT),
Fee-Based CUSIP (Cash/Reinvest) 00779R463 / 471 seeks to provide high current income with capital appreciation as a secondary objective by
Ticker Symbol BDCAFX investing in a portfolio consisting primarily of common stock of closed-end investment
companies that have elected to be treated as business development companies (“BDCs”).
The trust may also invest in certain closed-end funds that have not elected to be treated as
Essential Information BDCs. The election to be treated as a BDC provides an exemption from certain provisions of
Unit price at inception (per unit) $10.000 the Investment Company Act of 1940 and creates the flexibility in debt and capital structure
Initial redemption price (per unit) $9.7750 for BDCs to make certain investments in small businesses that would be impossible or
Initial date of deposit 3/6/2019 impractical for other investment companies registered under the same Act. BDCs typically
Portfolio ending date 3/8/2021
invest primarily in “middle-market” companies (companies with annual revenues between
Distribution frequency Monthly, if any
Historical 12-Month Distribution $50 million and $1 billion) through a combination of debt and equity investments.
Rate of Trust Holdings* 9.14% AAM considered only publicly traded BDCs for inclusion in the portfolio. We selected the
portfolio after a nine layer analysis of each fund and also reviewed five factors for each
*The distribution rate paid by the trust may be higher or lower
than the amount shown above due to factors including, but not fund’s portfolio.
limited to, changes in the price of trust units, changes (including
reductions) in distributions paid by issuers, changes in actual
trust expenses and sales of securities in the portfolio. There is
no guarantee that the issuers of the securities included in the
trust will pay any distributions in the future. The Historical 12-
Month Distribution Rate of Trust Holdings is calculated by
taking the weighted average of the regular income distributions
paid by the securities included in the trust’s portfolio over the 12
months preceding the trust’s date of deposit reduced to account
for the effects of trust fees and expenses. The percentage
shown is based on a $10 unit price. This historical rate is for
illustrative purposes only and is not indicative of amounts that
will actually be distributed by the trust. Key Points to Consider
• Attractive dividend yields - As traditional banks have shied away from middle-market
lending, alternative lenders like BDCs have filled the gap. Because small- to mid-sized
Sales Charges (Based on $10 unit price)+ companies tend to be underserved, BDCs are able to lend at relatively higher interest
As a % of $10 Amount per
Standard Accounts unit price 100 units rates than traditional banks. These higher rates are then passed back to shareholders in
Initial sales fee 0.00% $0.00 the form of a generally high level of dividend income, because most BDCs are structured
Deferred sales fee 2.25% $22.50 as regulated investment companies and consequently they are required to distribute to
Creation & Development fee 0.50% $5.00 pay out 90% of most income.1
Maximum sales fee 2.75% $27.50 • Liquidity - Because BDC shares are publicly traded, an investment in BDCs can offer
Fee-Based Accounts
As a % of $10
unit price
Amount per greater liquidity than traditional private equity funds. There are no lock-up periods, and
100 units
no restrictions as to when shareholders can sell their shares.
Maximum sales fee 0.50% $5.00 1Forbes, “3 BDCs Paying 10%,-Plus: 1 Sell, 1 Maybe, 1 Buy”, September 9, 2017.
+The initial sales fee is the difference between the total sales
fee (maximum of 2.75% of the unit offering price) and the
sum of the remaining deferred sales fee and the total
Business Development Companies
creation and development fee. The deferred sales fee is fixed • BDCs are publicly traded closed-end funds that help provide capital to small- and mid-
at $0.225 per unit and is paid in three monthly installments size businesses that do not have access to traditional sources of financing.
beginning June 20, 2019. The creation and development fee • Many BDCs’ shares are publicly traded, usually on an exchange, just like stock in
is fixed at $0.05 per unit and is paid at the end of the initial
offering period (anticipated to be approximately three publicly held companies. Unlike most venture capital and private equity funds, BDCs
months). When the public offering price per unit is less than have the flexibility to raise more capital through additional public equity offerings.
or equal to $10, you will not pay an initial sales fee. When the • BDCs must have at least 70% of their assets in certain eligible investments, which
public offering price per unit price is greater than $10 per
unit, you will pay an initial sales fee. The initial and deferred include private or thinly traded U.S. public companies.
sales fees may not apply to fee-based accounts. See the • Some BDCs invest in both debt and equity, while others limit their investments to one or
prospectus for more details about fee-based account the other. Some also focus on certain economic sectors, while others invest more
eligibility requirements.
broadly. However, all must meet minimum diversification requirements by limiting their
exposure to any single company.
• Participation of a BDC can include secured and unsecured debt, mezzanine debt,
convertible securities, and in common and preferred stock.
Risks inherent to BDCs may adversely affect the performance of the trust’s portfolio. Please read the
Risks and Considerations on the back page for more detailed information. Past performance does not
guarantee future performance.

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Advisors Asset Management, Inc. (AAM) is a SEC registered investment advisor and member FINRA/SIPC.
 Business Development Company Opportunities Portfolio Series 2019-1, ADT 1930

Portfolio Holdings (as of date of deposit)

Ticker Market Value Ticker Market Value
Symbol Issue Name Per Share* Symbol Issue Name Per Share*
ARCC Ares Capital Corporation $17.29 OCSL Oaktree Specialty Lending Corporation $5.21
BKCC BlackRock Capital Investment Corporation 6.25 OFS OFS Capital Corporation 11.98
TCPC BlackRock TCP Capital Corporation 14.23 OXSQ Oxford Square Capital Corporation 6.80
CSWC Capital Southwest Corporation 21.52 PFLT PennantPark Floating Rate Capital Limited 12.85
CPTA Capitala Finance Corporation 7.73 PNNT PennantPark Investment Corporation 6.95
CMFN CM Finance, Inc. 7.79 SAR Saratoga Investment Corporation 23.11
FDUS Fidus Investment Corporation 15.55 SLRC Solar Capital Limited 21.40
FSK FS KKR Capital Corporation 6.35 SUNS Solar Senior Capital Limited 16.95
GAIN Gladstone Investment Corporation 11.50 SCM Stellus Capital Investment Corporation 13.96
HTGC Hercules Capital, Inc. 13.31 TSLX TPG Specialty Lending, Inc. 19.82
HRZN Horizon Technology Finance Corporation 12.85 TPVG TriplePoint Venture Growth BDC Corporation 12.75
KCAP KCAP Financial, Inc. 3.48 WHF WhiteHorse Finance, Inc. 13.70
MRCC Monroe Capital Corporation 12.28 *As of 3/5/2019 and may vary thereafter.

Unit Investment Trusts (UITs) are sold only by prospectus. You should consider the trust’s investment objectives, risks, charges and expenses
carefully before investing. Contact your financial professional or visit Advisors Asset Management online at www.aamlive.com/uit to obtain a
prospectus, which contains this and other information about the trust. Read it carefully before you invest.
Risks and Considerations: Unit values will fluctuate with the portfolio of underlying securities and may be worth more or less than the original purchase price at
the time of redemption. There is no guarantee that the objective of the portfolio will be achieved. Additionally, the trust may terminate earlier than the specific
termination date as stated in the prospectus. Consult your tax advisor for possible tax consequences associated with this investment. An investment in this
unmanaged unit investment trust should be made with an understanding of the risks associated therewith which includes, but is not limited to:
Common Stock: An investment in common stocks should be made with an understanding of the various risks of owning common stock, including the possible
deterioration of either the financial condition of the issuers or the stock market.
Below Investment Grade Securities: Business development companies (BDCs) may invest in securities rated below “BBB” by Standard & Poor’s or “Baa” by
Moody’s, or are unrated, which should be considered speculative as these ratings indicate the quality of less than investment grade. These risk securities are
subject to greater market fluctuations and risk of loss than securities with higher investment ratings and are affected by short-term credit developments to a
greater degree.
Business Development Company Concentration: This trust is concentrated in BDCs which may magnify the potential for gains and losses on amounts invested.
This may increase the risk associated with those securities. BDCs generally depend on the ability to access capital markets, raise cash, acquire suitable investment
and monitor and administer those investments in order to maintain their status as a BDC. A failure to do so may adversely affect the value of the BDC shares and
the value of your units. BDCs often invest in securities that are not publicly traded with adversely impacts their ability to value those assets and reduces the
investments’ liquidity. BDCs are closed-end funds which tend to trade at a discount from their net asset value and are subject to risks related to factors such as the
manager’s ability to achieve a fund’s objective, market conditions affecting the fund’s investments and use of leverage. The trust and underlying BDCs have
management and operating expenses. By investing in BDCs, the trust incurs greater expenses than you would incur if you invested directly in the BDC. The
portfolio is subject to the risk that a BDC issuer may be unable to make income and/or principal payments in the future which may reduce the income the closed-
end fund (or “BDC”) pays.
Foreign Securities: BDCs may invest in securities of foreign issuers which present risks beyond those of U.S. issuers including market and political factors related
to the issuer’s foreign market, international trade conditions, less regulation, smaller or less liquid markets, increased volatility, differing accounting practices and
changes in the value of foreign currencies.
Small & Mid-Size Concentration: BDCs invest in securities issued by small and mid-size companies which are often more volatile and have lower trading volumes
than stocks of larger companies.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a
fiduciary capacity within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. The information provided
does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should
be made based on an investor’s objectives and circumstances and in consultation with his or her advisers.
Securities are available through your financial professional. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.
For informational purposes only and not a recommendation to purchase or sell any security.
©2019 Advisors Asset Management
Advisors Asset Management, Inc. (AAM) is a SEC registered investment advisor and member FINRA/SIPC.
18925 Base Camp Road | Monument, CO 80132 | www.aamlive.com | CRN: 2018-0306-6478 R Link 5206

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