TAXABLE - FIXED INCOME

Series 2020-2Q, ADT 2020

Ticketing Information
CUSIP (Cash/Reinvest) 00780K721 / 739 Investment Objective & Principal Investment Strategy
Fee-Based CUSIP (Cash/Reinvest) 00780K747 / 754
Ticker Symbol PFDAZX The Cohen & Steers Preferred Income Opportunities Portfolio is a unit investment trust (UIT). The
trust seeks to provide high current income by investing in a diversified portfolio of preferred
Essential Information securities that currently pay a fixed rate. The trust seeks to achieve its objective by selecting
Unit price at inception (per unit) $10.000 securities using an integrated investment process combining rigorous bottom-up research with top
Initial redemption price (per unit) $9.8650
Initial date of deposit 6/12/2020 down macroeconomic views. Cohen & Steers Capital Management, Inc. is the portfolio consultant.
Portfolio ending date 9/13/2021
Distribution frequency By working with Cohen & Steers, investors gain access to a large and experienced team of
Monthly, if any
Number of Holdings 31 preferred securities specialists. The team’s lead portfolio consultant team, Bill Scapell and Elaine
Historical 12-Month Distribution Zaharis-Nikas, have an average of 22 years of experiences and have been managing preferred
Rate of Trust Holdings* 5.00%
securities since 2003.
*The distribution rate paid by the trust may be higher or The portfolio consultant considered a variety of factors in selecting the portfolio, including industry
lower than the amount shown above due to factors
and company trends and fundamentals, broad economic indicators, the current regulatory
including, but not limited to, changes in the price of trust
units, changes (including reductions) in distributions environment, fundamental credit quality, and portfolio diversification. The portfolio consultant also
paid by issuers, changes in actual trust expenses and applied valuation screens that considered security call features, premiums and discounts, and
sales of securities in the portfolio. There is no guarantee liquidity.
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 Portfolio Investment Process
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.

Sales Charges (Based on $10 unit price)+

As a % of $10 Amount per
Standard Accounts unit price 100 units
Initial sales fee 0.00% $0.00
Deferred sales fee 1.35% $13.50
Creation & Development fee 0.50% $5.00
Maximum sales fee 1.85% $18.50
As a % of $10 Amount per
Fee-Based Accounts unit price 100 units
Maximum sales fee 0.50% $5.00
+The initial sales fee is the difference between the total
Key Points To Consider
sales fee (maximum of 1.85% of the unit offering price) • Preferred securities occupy a unique space between debt and equity, carrying attributes of
and the sum of the remaining deferred sales fee and
both asset classes.
the total creation and development fee. The deferred
sales fee is fixed at $0.135 per unit and is paid in three • Preferred securities generally offer better yields than bonds from the same issuer, reflecting
monthly installments beginning September 20, 2020. their more junior position in the capital structure.
The creation and development fee is fixed at $0.05 per
unit and is paid at the end of the initial offering period • Most pay dividends rather than interest, taxed at a lower rate similar to capital gains,
(anticipated to be approximately three months). When potentially allowing investors to keep more of what they earn
the public offering price per unit is less than or equal to
$10, you will not pay an initial sales fee. When the • Preferred securities offer exchange traded liquidity and come in a variety of structures,
public offering price per unit price is greater than $10 including many with relatively low interest rate sensitivity.
per unit, you will pay an initial sales fee. The initial and • Banks, insurance companies, utility companies and real estate investment trusts (REITs)
deferred sales fees may not apply to fee-based are the main issuers of preferred securities.
accounts. See the prospectus for more details about
fee-based account eligibility requirements.

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Advisors Asset Management, Inc. (AAM) is a SEC registered investment advisor and member FINRA/SIPC.
 Cohen & Steers Preferred Income Opportunities Portfolio Series 2020-2Q, ADT 2020

Portfolio Holdings (as of date of deposit)

S&P* Dividend/ Redemption S&P* Dividend/ Redemption
Issue Name Rating Interest Provisions** Issue Name Rating Interest Provisions**
Rate Rate

Financials (80.95%) Financials (continued…)

The Allstate Corporation BBB 5.10% 10/15/2024 @ 25 RenaissanceRe Holdings Limited BBB 5.75% 6/30/2023 @ 25
Arch Capital Group Limited N/A 5.25% 9/29/2021 @ 25 State Street Corporation BBB 5.90% 3/15/2024 @ 25
Axis Capital Holdings Limited BBB 5.50% 11/7/2021 @ 25 Unum Group BB+ 6.25% 6/15/2023 @ 25
Bank of America Corporation BBB- 5.875% 7/24/2023 @ 25 US Bancorp BBB 6.50% 1/15/2022 @ 25
Citigroup, Inc. BB+ 6.875% 11/15/2023 @ 25 Wells Fargo & Company BBB- 5.50% 9/15/2021 @ 25
Fifth Third Bancorp BB+ 6.625% 12/31/2023 @ 25 WR Berkley Corporation BBB- 5.70% 3/30/2023 @ 25
First Republic Bank BBB- 5.50% 6/30/2023 @ 25 Real Estate (9.07%)
The Goldman Sachs Group, Inc. BB 6.375% 5/10/2024 @ 25 American Homes 4 Rent BB 6.25% 9/19/2023 @ 25

The Hartford Financial Svcs Group, Inc. BBB- 6.00% 11/15/2023 @ 25 National Retail Properties, Inc. BBB- 5.20% 10/11/2021 @ 25

JPMorgan Chase & Company BBB- 5.75% 12/1/2023 @ 25 Public Storage BBB+ 5.15% 6/2/2022 @ 25

KeyCorp BB+ 6.125% 12/15/2026 @ 25 SITE Centers Corporation BB 6.375% 6/5/2022 @ 25

MetLife, Inc. N/A 5.625% 6/15/2023 @ 25 Utilities (9.98%)

Morgan Stanley BB+ 5.85% 4/15/2027 @ 25 CMS Energy Corporation BBB- 5.875% 3/1/2024 @ 25

The PNC Financial Services Group, Inc. BBB- 6.125% 5/1/2022 @ 25 DTE Energy Company BBB- 5.25% 12/1/2022 @ 25

Prudential Financial, Inc. BBB+ 5.625% 8/15/2023 @ 25 Duke Energy Corporation BBB 5.75% 6/15/2024 @ 25

Regions Financial Corporation BB+ 5.70% 5/15/2029 @ 25 The Southern Company BBB 5.25% 10/1/2021 @ 25

Reinsurance Group of America, Inc. BBB+ 6.20% 9/15/2022 @ 25

*The ratings by Standard & Poor’s are unaudited. Certain securities held by the trust may be rated as investment grade by only one credit rating organization and either are unrated or
below investment grade by the other. Standard & Poor's is an independent provider of credit ratings. An issue credit rating is a current opinion of the creditworthiness of an obligor and
their perceived ability to meet their financial obligations. Rating agencies provide gradations of creditworthiness using rating symbols. Standard & Poor's highest rating is AAA and the
lowest rating being D. Any rating below BBB is considered to be non-investment grade or “junk”.
**The securities are first redeemable on such date and such price as listed. Certain securities have provisions which would allow for their redemption prior to the earliest stated call date
pursuant to the occurrence of certain extraordinary events.

Industry Sector Breakdown* Country of Organization*

% of Portfolio % of Portfolio

Financials 80.95% United States 91.01%

Utilities 9.98% Bermuda 8.99%
Real Estate 9.07% Source: Bloomberg

Source: Global Industry Classification Standard

*As of 6/12/2020 and may vary thereafter. Breakdowns are based on the sources shown
and may differ from any category definitions used in selecting the trust portfolio.

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Intelligent Investments. Independent Ideas.

 Cohen & Steers Preferred Income Opportunities Portfolio Series 2020-2Q, ADT 2020

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.

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 will be achieved. Additionally, the trust may terminate earlier than the specified 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:
Concentration Risk: This trust is concentrated in securities issued by companies in the financial services industry. Negative developments in this sector will affect
the value of your investment more than would be the case in a more diversified investment.
Call Risk: An issuer might call a security if interest rates fall and the security pays a higher interest or dividend rate or if it no longer needs the money for the
original purpose. If an issuer calls a security, the trust will distribute the proceeds to you but your future income distributions will fall. You might not be able to
reinvest these proceeds at as high a yield. A security’s call price could be less than the price the trust paid for the security and could be below the security’s
original par or face value. You could also receive less than the amount you paid for your units. If enough securities in the trust are called, the trust could
terminate early.
Dividend Interest Payment Risk: There is no guarantee that the issuers of the securities included in the trust will be able to pay dividends or interest at their
stated rate in the future.
Foreign Securities: Securities of foreign issuers present risks beyond those of U.S. issuers. These risks may include 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.
Below Investment Grade Risk: Certain securities held by the trust are either rated below investment grade by one or more ratings agencies or are unrated. These
securities are commonly known as “high yield” or “junk” securities. These securities may be considered to be speculative and may be subject to greater market and
credit risks. Accordingly, the risk of defaults may be higher than investment grade securities. In addition, these securities may be more sensitive to interest rate
changes and may be more likely to make early returns of principal.
Preferred Securities: An investment in preferred securities should be made with an understanding of the various risks of owning preferred securities such as an
economic recession, volatile interest rates and the possible deterioration of either the financial condition of the issuers of the preferred securities or the general
condition of the stock market. Preferred securities do not generally have the growth potential of common stocks. They are also sensitive to changes in interest rates
and their market price generally falls with rising interest rates. Preferred securities are more likely to be called for redemption in a declining interest rate
environment. In addition, in the event of an issuer's bankruptcy, preferred securities will not be repaid until the issuer's other debt securities, which have priority,
have been satisfied. Preferred securities are equity securities of the issuing company which pay income in the form of dividends.
Long-Term Strategy: The UIT matures in 15 months and, as such, investors should consider their ability to reinvest any proceeds in a subsequent UIT, if
available, with a like or differing strategy, at the applicable sales.
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: 2020-0309-8098 R Link 6488

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Intelligent Investments. Independent Ideas.