TAXABLE - FIXED INCOME

Series 2019-3Q, ADT 1961

Ticketing Information
Investment Objective & Principal Investment Strategy
CUSIP (Cash/Reinvest) 00779Y542 / 559
Fee-Based CUSIP (Cash/Reinvest) 00779Y567 / 575
The Cohen & Steers Preferred Income Opportunities Portfolio is a unit investment trust (UIT). The
Ticker Symbol PFDAUX
trust seeks to provide high current income by investing in a diversified portfolio of preferred
securities that currently pay a fixed rate. The trust seeks to achieve its objective by selecting
Essential Information
securities using an integrated investment process combining rigorous bottom-up research with top
Unit price at inception (per unit) $10.000
Initial redemption price (per unit) $9.8650 down macroeconomic views. Cohen & Steers Capital Management, Inc. is the portfolio consultant.
Initial date of deposit 9/10/2019 By working with Cohen & Steers, investors gain access to a large and experienced team of
Portfolio ending date 12/10/2020
Distribution frequency Monthly, if any 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* 4.95% 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
sales fee (maximum of 1.85% of the unit offering price)
and the sum of the remaining deferred sales fee and
the total creation and development fee. The deferred
sales fee is fixed at $0.135 per unit and is paid in three
monthly installments beginning December 20, 2019.
The creation and development fee is fixed at $0.05 per
unit and is paid at the end of the initial offering period
(anticipated to be approximately three months). When
the public offering price per unit is less than or equal to
$10, you will not pay an initial sales fee. When the
public offering price per unit price is greater than $10
per unit, you will pay an initial sales fee. The initial and
deferred sales fees may not apply to fee-based
accounts. See the prospectus for more details about
fee-based account eligibility requirements.
Key Points To Consider
• Preferred securities occupy a unique space between debt and equity, carrying attributes of
both asset classes
• Preferred securities generally offer better yields than bonds from the same issuer, reflecting
their more junior position in the capital structure
• Most pay dividends rather than interest, taxed at a lower rate similar to capital gains,
potentially allowing investors to keep more of what they earn
• Preferred securities offer exchange traded liquidity and come in a variety of structures,
including many with relatively low interest rate sensitivity
• Banks, insurance companies, utility companies and real estate investment trusts (REITs)
are the main issuers of preferred securities

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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 2019-3Q, ADT 1961

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

Consumer Staples (3.48%) Financials (continued…)

CHS, Inc. N/A 7.50% 1/21/2025 @ 25 Prudential Financial, Inc. BBB+ 5.625% 8/15/2023 @ 25
Energy (2.00%) Regions Financial Corporation BB+ 6.375% 9/15/2024 @ 25
Enbridge, Inc. BBB- 6.375% 4/15/2023 @ 25 Reinsurance Group of America, Inc. BBB+ 6.20% 9/15/2022 @ 25
Financials (80.50%) RenaissanceRe Holdings Limited BBB 5.75% 6/30/2023 @ 25
The Allstate Corporation BBB- 5.625% 4/15/2023 @ 25 State Street Corporation BBB 5.90% 3/15/2024 @ 25
Arch Capital Group Limited N/A 5.25% 9/29/2021 @ 25 Unum Group BB+ 6.25% 6/15/2023 @ 25
Ares Management Corporation BBB- 7.00% 6/30/2021 @ 25 US Bancorp BBB 6.50% 1/15/2022 @ 25
Axis Capital Holdings Limited BBB 5.50% 11/7/2021 @ 25 Valley National Bancorp BB 5.50% 9/30/2022 @ 25
Bank of America Corporation BBB- 6.00% 5/16/2023 @ 25 Wells Fargo & Company BBB- 5.85% 9/15/2023 @ 25
Capital One Financial Corporation BB 6.20% 12/1/2020 @ 25 WR Berkley Corporation BBB- 5.75% 6/1/2021 @ 25
The Charles Schwab Corporation BBB 5.95% 6/1/2021 @ 25 Real Estate (6.53%)
Citigroup, Inc. BB+ 6.875% 11/15/2023 @ 25 National Retail Properties, Inc. BBB- 5.20% 10/11/2021 @ 25
First Republic Bank BBB- 5.50% 3/30/2021 @ 25 Public Storage BBB+ 5.15% 6/2/2022 @ 25
The Goldman Sachs Group, Inc. BB 5.50% 5/10/2023 @ 25 SITE Centers Corporation BB 6.375% 6/5/2022 @ 25
Huntington Bancshares, Inc. BB+ 6.25% 4/15/2021 @ 25 Utilities (7.49%)
Legg Mason, Inc. BB+ 5.45% 9/15/2021 @ 25 CMS Energy Corporation BBB- 5.625% 3/15/2023 @ 25
MetLife, Inc. N/A 5.625% 6/15/2023 @ 25 Dominion Energy, Inc. BBB- 5.25% 7/30/2021 @ 25
Morgan Stanley BB+ 5.85% 4/15/2027 @ 25 DTE Energy Company BBB- 5.375% 6/1/2021 @ 25
The PNC Financial Srvcs Group, Inc. BBB- 6.125% 5/1/2022 @ 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.

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Intelligent Investments. Independent Ideas.

 Cohen & Steers Preferred Income Opportunities Portfolio Series 2019-3Q, ADT 1961

Industry Sector Breakdown* Country of Organization*

% of Portfolio % of Portfolio

Financials 80.50% United States 90.49%

Utilities 7.49% Bermuda 7.51%
Real Estate 6.53% Canada 2.00%
Consumer Staples 3.48% Source: Bloomberg
Energy 2.00%
*As of 9/9/2019 and may vary thereafter. Breakdowns are based on the sources shown and
Source: Global Industry Classification Standard may differ from any category definitions used in selecting the trust portfolio.

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.
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: 2018-0312-6488 R Link 5198

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Intelligent Investments. Independent Ideas.