CLOSED-END FUNDS - TAXABLE

Series 2020-1, ADT 1994

Business Development Company Opportunities Portfolio

Ticketing Information Investment Objective & Strategy

CUSIP (Cash/Reinvest) 00780G449 / 456 The Business Development Company Opportunities Portfolio, a unit investment trust (UIT),
Fee-Based CUSIP (Cash/Reinvest) 00780G464 / 472 seeks to provide high current income with capital appreciation as a secondary objective by
Ticker Symbol BDCAJX 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”).
Essential Information The trust may also invest in certain closed-end funds that have not elected to be treated as
Unit price at inception (per unit) $10.000 BDCs. The election to be treated as a BDC provides an exemption from certain provisions of
Initial redemption price (per unit) $9.7750 the Investment Company Act of 1940, and creates the flexibility in debt and capital structure
Initial date of deposit 3/11/2020 for BDCs to make certain investments in small businesses that would be impossible or
Portfolio ending date 3/10/2022
Distribution frequency Monthly, if any impractical for other investment companies registered under the same Act. BDCs typically
Number of Holdings 25 invest primarily in “middle-market” companies (companies with annual revenues between
Historical 12-Month Distribution $50 million and $1 billion) through a combination of debt and equity investments.
Rate of Trust Holdings* 9.64% 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 fund’s portfolio.
including, but not 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 Key Points to Consider
historical rate is for illustrative purposes only and is not
indicative of amounts that will actually be distributed by the • Attractive dividend yields - Business Development Companies ("BDCs") were created
trust. by Congress in 1980 to give investors an opportunity to invest in private small and
mid-sized U.S. companies typically overlooked by banks. These companies avoid
Sales Charges (Based on $10 unit price)+ taxation at the corporate level, allowing them to pass along ordinary income and capital
Standard Accounts
As a % of $10
unit price
Amount per gains directly to the shareholder. BDCs distribute more than 90% of their profits/gains to
100 units
shareholders providing returns that are significantly different when compared to stocks
Initial sales fee 0.00% $0.00
Deferred sales fee 2.25% $22.50 and bonds. Most BDCs are publicly traded with a highly transparent structure subject to
Creation & Development fee 0.50% $5.00 oversight by the SEC, states and other regulators, with higher than average dividend
Maximum sales fee 2.75% $27.50 yields.1
As a % of $10 Amount per
• Liquidity - Because BDC shares are publicly traded, an investment in BDCs can offer
Fee-Based Accounts unit price 100 units greater liquidity than traditional private equity funds. There are no lock-up periods, and
Maximum sales fee 0.50% $5.00 no restrictions as to when shareholders can sell their shares.
1Seeking Alpha, “These Dividend Stocks Are The New ‘Bonds’ For Retirement Portfolios”, 2/10/2020.
+The initial sales fee is the difference between the total
sales fee (maximum of 2.75% of the unit offering price) Business Development Companies
and the sum of the remaining deferred sales fee and the
total creation and development fee. The deferred sales
• BDCs are publicly traded closed-end funds that help provide capital to small and mid-size
fee is fixed at $0.225 per unit and is paid in three monthly businesses that do not have access to traditional sources of financing.
installments beginning June 20, 2020. The creation and • Many BDCs’ shares are publicly traded, usually on an exchange, just like stock in
development fee is fixed at $0.05 per unit and is paid at publicly held companies. Unlike most venture capital and private equity funds, BDCs
the end of the initial offering period (anticipated to be have the flexibility to raise more capital through additional public equity offerings.
approximately three months). When the public offering
price per unit is less than or equal to $10, you will not pay • BDCs must have at least 70% of their assets in certain eligible investments, which
an initial sales fee. When the public offering price per unit include private or thinly traded U.S. public companies.
price is greater than $10 per unit, you will pay an initial • Some BDCs invest in both debt and equity, while others limit their investments to one or
sales fee. The initial and deferred sales fees may not the other. Some also focus on certain economic sectors, while others invest more
apply to fee-based accounts. See the prospectus for
more details about fee-based account eligibility broadly. However, all must meet minimum diversification requirements by limiting their
requirements. 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 2020-1, ADT 1994

Portfolio Holdings (as of date of deposit)

Ticker Market Value Ticker Market Value
Symbol Issue Name Per Share* Symbol Issue Name Per Share*
AINV Apollo Investment Corporation $13.52 NEWT Newtek Business Services Corporation $16.42
ARCC Ares Capital Corporation 16.42 OCSL Oaktree Specialty Lending Corporation 4.53
TCPC BlackRock TCP Capital Corporation 12.09 OCSI Oaktree Strategic Income Corporation 7.80
CSWC Capital Southwest Corporation 16.37 OXSQ Oxford Square Capital Corporation 4.28
FDUS Fidus Investment Corporation 12.07 PFLT PennantPark Floating Rate Capital Limited 10.13
GLAD Gladstone Capital Corporation 8.27 SAR Saratoga Investment Corporation 22.54
GAIN Gladstone Investment Corporation 10.57 SLRC Solar Capital Limited 16.99
GBDC Golub Capital BDC, Inc. 16.57 SUNS Solar Senior Capital Limited 16.08
HTGC Hercules Capital, Inc. 13.05 SCM Stellus Capital Investment Corporation 10.82
HRZN Horizon Technology Finance Corporation 12.18 TSLX TPG Specialty Lending, Inc. 20.00
MAIN Main Street Capital Corporation 33.51 TPVG TriplePoint Venture Growth BDC Corporation 11.33
MVC MVC Capital, Inc. 8.77 WHF WhiteHorse Finance, Inc. 13.15
NMFC New Mountain Finance Corporation 11.46 *As of 3/10/2020 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.

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.
©2020 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: 2020-0309-8099 R Link 6478

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