infl111 adt 662 prospectus - preliminary

8/7/2019 INFL111 ADT 662 Prospectus - Preliminary

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A portfolio primarily

seeking above average return

primarily through high income

Prospectus

January __, 2011

As with any investment, the Securities andExchange Commission has not approved

or disapproved of these securities orpassed upon the adequacy or accuracy of this prospectus. Any contrary representa-

tion is a criminal offense.

Inflation Income Strategy Portfolio, Series 2011-1

(Advisors Disciplined Trust 662)

The information in this prospectus is not complete and may be changed. No one may sell units of thetrust until the registration statement filed with the Securities and Exchange Commission is effective. This

prospectus is not an offer to sell units and is not soliciting an offer to buy units in any state where theoffer or sale is not permitted.

Preliminary Prospectus Dated January 12, 2011Subject to Completion



INVESTMENT OBJECTIVE

The trust seeks to provide above average total

return primarily through high income.

PRINCIPAL INVESTMENT STRATEGY

The trust seeks to provide high current income with capital appreciation as a secondary objective evenif inflation and/or interest rates in general, rise. Theportfolio seeks to achieve this objective by investing infive different themes that we* believe will be able toprovide the potential for stable income and priceappreciation in an inflationary environment. Thesefive themes are: (1) dividend-paying equities, (2) realestate investment trusts ("REITs"), (3) master limitedpartnerships ("MLPs"), (4) closed-end investment

companies (known as "closed-end funds" and referredto herein as the "funds") that have elected to be treatedas business development companies under theInvestment Company Act of 1940 ("BDCs") and (5)taxable closed-end funds. We sought to focus on enti-ties selected based on numerous factors including cur-rent valuation (price to earnings, price to sales, andpremium/discount), current dividend levels, historicdividend levels, historic dividend growth rates, payoutratios, revenue and earnings growth trends, balancesheet strength and past performance. In selecting thefunds for the BDC and taxable closed-end fundthemes, we examined current holdings and selectedfunds based on these factors.

PRINCIPAL R ISKS

As with all investments, you can lose money by investing in this trust. The trust also might not performas well as you expect. This can happen for reasons suchas these:

Security prices will f luctuate. The value of yourinvestment may fall over time.

• An issuer may be unable to mak e income and/or

principal payments, or declare dividends, in thefuture. This may reduce the level of income thetrust receives which would reduce your incomeand cause the value of your units to fall.

• The f inancial condition of an issuer may w orsenor its credit ratings may drop, resulting in a reduc-tion in the v alue of your units. This may occur atany point in time, including during the primary offering period.

• The v alue of certain securities will generally f all if interest rates, in general, rise. No one can predict

whether interest rates will rise or fall in the future.

• The trust inv ests in shares of closed-end funds.Closed-end funds tend to trade at a discount fromtheir net asset v alue and are subject to risks relatedto factors such as the manager’s ability to achievea fund’s objective, market conditions af fecting afund’s inv estments and use of lev erage. The trustand the underlying funds have management andoperating expenses. You will bear not only yourshare of the trust’s expenses, but also the expensesof the underlying funds. By investing in funds,the trust incurs greater expenses than you wouldincur if you invested directly in the funds.

• The trust invests in shares of BDCs. In particu-lar, BDCs are generally leveraged which may magnify the potential for gains and losses onamounts invested which increases the risks associ-ated with those securities. BDCs generally depend on the ability to access capital markets,raise cash, acquire suitable investments and moni-

tor and administer those investments in order tomaintain their status as BDCs and achieve theirinvestment objectives. A failure to do so may adversely affect the value of the BDC shares andthe value of your units. BDCs often invest insecurities that are not publicly traded whichadversely impacts their ability to value thoseassets and reduces the investments’ liquidity.

• The trust inv ests in shares of REITs. A REIT is acompany dedicated to owning and, in some cases,operating income-producing real estate. SomeREITs engage in f inancing real estate. Negative

developments in the real estate industry will affectthe value of your investment greater than in amore diversified investment.

2 Investment Summary

INVESTMENT SUMMARY

* “AAM,” “we” and related terms mean Advisors Asset Management,Inc., the trust sponsor, unless the context clearly suggests otherwise.



• The trust and certain funds held by the trustinvest in MLPs. MLPs are limited partnerships orlimited liability companies that are generally taxedas partnerships with interests traded on securitiesexchanges. Most MLPs generally operate in the

energy natural resources or real estate sector andare subject to the risks generally applicable tocompanies in those sectors. MLPs are also subjectto the risk that authorities could challenge the taxtreatment of MLPs for federal income tax purpos-es which could have a negative impact on theafter-tax income available for distribution by theMLPs and/or the value of the trust’s investments.

• The funds may invest signif icantly in stocks of small and mid-size companies. These stocks areoften more volatile and have lower trading vol-umes than stocks of larger companies. Small and

mid-size companies may have limited products orfinancial resources, management inexperience andless publicly available information.

• The funds may inv est in unrated securities orsecurities rated below inv estment grade and areconsidered to be “junk” securities. These securi-ties are considered to be speculative and are sub-

ject to greater market and credit risks. Accordingly, the risk of default is higher thaninvestment grade securities. In addition, thesesecurities may be more sensitive to interest ratechanges and may be more likely to make early

returns of principal.

• Securities of foreign issuers held by the underlyingfunds in the trust present risks bey ond those of U.S. issuers. These risks may include market andpolitical factors related to the issuer’s foreign mar-ket, international trade conditions, the global andcountry-specific political environment, less regula-tion, smaller or less liquid markets, increasedvolatility, differing accounting practices andchanges in the value of foreign currencies.

• We do not activ ely manage the portf olio. While

the closed-end funds have managed portfolios,except in limited circumstances, the trust willhold, and continue to buy, shares of the samefunds even if their market value declines.

Investment Summary 3



W HO SHOULD INVEST

You should consider this investment if you want:

• to own a defined portfolio of securities seekingabove average return primarily through high

income with capital appreciation as a secondary objective.

• to diversify your overall portfolio with invest-ments in various types of securities.

• the potential to receive income and capital appre-ciation.

You should not consider this investment if you:

• are uncomfortable with the risks of an unman-aged investment in the securities held by the trust.

• are uncomfortable with the trust’s investmentstrategy.

• seek aggressive growth without current income.

• seek capital preservation or capital appreciation asa primary objective.

FEES AND E XPENSES

The amounts below are estimates of the direct andindirect expenses that you may incur based on a $10 unitprice. Actual expenses may vary.

As a % A mountof $1,000 per 100

Sales Fee Inv ested Units

Initial sales fee 1.00% $10.00Deferred sales fee 2.35 23.50Creation & development fee 0.60 6.00Maximum sales fee 3.95% $39.50

Organization Costs 0.50% $5.00

As a % A mount A nnual of Net per 100operating expenses Assets Units

Trustee fee & expenses _.__% $____

Supervisory, evaluationand administration fees _.__ ____

Closed-end fund expenses _.__ ____Total _.__% $____

The initial sales fee is the difference between thetotal sales fee (maximum of 3.95% of the unit offeringprice) and the sum of the remaining deferred sales fee andthe total creation and development fee. The deferredsales fee is fixed at $0.235 per unit and is paid in threemonthly installments beginning __________ 20, 2011.The creation and development fee is fixed at $0.06 perunit and is paid at the end of the initial offering period(anticipated to be six months). The trust will indirectly

bear the management and operating expenses of theunderlying closed-end funds. While the trust will not pay these expenses directly out of its assets, these expenses areshown in the trust’s annual operating expenses above toillustrate the impact of these expenses.

E XAMPLE

This example helps you compare the cost of thistrust with other unit trusts and mutual funds. In theexample we assume that the expenses do not change andthat the trust’s annual return is 5%. Your actual returnsand expenses will vary. Based on these assumptions, you

would pay these expenses for every $10,000 you invest in

the trust:

1 year $_____2 years (life of trust) $_____

These amounts are the same regardless of whetheryou sell your investment at the end of a period or contin-ue to hold your investment.


ESSENTIAL INFORMATION

Unit price at inception $10.0000

Inception date January __, 2011Termination date __________, 2013

Estimated net annual distributions

First year* $______ per unitSecond year* $______ per unit

Distribution dates 25th day of each monthRecord dates 10th day of each month

CUSIP Numbers

Standard AccountsCash distributions _________Reinvest distributions _________

Fee Based AccountsCash distributions _________Reinvest distributions _________

Ticker Symbol ______

Minimum investment $1,000/100 units

* As of January __, 2011 and may vary thereafter.



Inflation Income Strategy Portfolio, Series 2011-1(Advisors Disciplined Trust 662)PortfolioAs of the trust inception date, January __, 2011

(continued)


Percentage ofAggregate Market Cost of

Number Ticker Offering Value per Securitiesof Shares Symbol Issuer(1) Price Share(1) to Trust(2)



Inflation Income Strategy Portfolio, Series 2011-1(Advisors Disciplined Trust 662)Portfolio (Continued)As of the trust inception date, January __, 2011

(continued)






Inflation Income Strategy Portfolio, Series 2011-1(Advisors Disciplined Trust 662)Portfolio (Continued)As of the trust inception date, January __, 2011

100.00% $_______

Notes to Portfolio

(1) Securities are represented by contracts to purchase such securities. The value of each security is based on the most recent clos-ing sale price of each security as of the close of regular trading on the New York Stock Exchange on the business day prior to the trust’s inception date. In accordance with Accounting Standards Codification 820, “Fair Value Measurements”, the trust’s invest-ments are classified as Level 1, which refers to security prices determined using quoted prices in active markets for identical secu-rities.

(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securities to the sponsor and the cost of the securities to the trust) are $__________ and $__________, respectively.

(3) These are securities of closed-end funds that have elected to be treated as business development companies under the InvestmentCompany Act of 1940.

(4) This is a non-income producing security.






HOW TO BU Y UNITS

You can buy units of the trust on any busi-ness day the New York Stock Exchange is open by contacting your financial professional. Unitprices are available daily on the Internet atwww.AAMpor t fol ios.com. The public offeringprice of units includes:

• the net asset value per unit plus

• organization costs plus

• the sales fee.

The “net asset value per unit” is the value of the securities, cash and other assets in the trustreduced by the liabilities of the trust divided by the total units outstanding. We often refer to thepublic offering price of units as the “offer price”or “purchase price.” The offer price will be effec-tive for all orders received prior to the close of regular trading on the New York Stock Exchange(normally 4:00 p.m. Eastern time). If we receiveyour order prior to the close of regular trading onthe New York Stock Exchange or authorized

financial professionals receive your order prior tothat time and properly transmit the order to us by the time that we designate, then you will receivethe price computed on the date of receipt. If wereceive your order after the close of regular trad-ing on the New York Stock Exchange, if author-ized financial professionals receive your order afterthat time or if orders are received by such personsand are not transmitted to us by the time that wedesignate, then you will receive the price comput-ed on the date of the next determined offer priceprovided that your order is received in a timely

manner on that date. It is the responsibility of the authorized financial professional to transmitthe orders that they receive to us in a timely man-

ner. Certain broker-dealers may charge a transac-tion or other fee for processing unit purchaseorders.

Val ue of the Secur it ies. We determine thevalue of the securities as of the close of regulartrading on the New York Stock Exchange on eachday that exchange is open. We generally deter-mine the value of securities using the last saleprice for securities traded on a national securitiesexchange. For this purpose, the trustee providesus closing prices from a reporting serviceapproved by us. In some cases we will price asecurity based on its fair value after consideringappropriate factors relevant to the value of thesecurity. We will only do this if a security is not

principally traded on a national securitiesexchange or if the market quotes are unavailableor inappropriate.

We determined the initial prices of the securi-ties shown under “Portfolio” in this prospectus asdescribed above at the close of regular trading onthe New York Stock Exchange on the businessday before the date of this prospectus. On thefirst day we sell units we will compute the unitprice as of the close of regular trading on the New York Stock Exchange or the time the registrationstatement filed with the Securities and ExchangeCommission becomes effective, if later.

Or g aniz at ion Cost s . During the initial offeringperiod, part of the value of the units represents anamount that will pay the costs of creating yourtrust. These costs include the costs of preparingthe registration statement and legal documents,federal and state registration fees, the initial feesand expenses of the trustee and the initial audit. Your trust will sell securities to reimburse us for

these costs at the end of the initial offering periodor after six months, if earlier. The value of yourunits will decline when the trust pays these costs.

UNDERSTANDING YOUR INVESTMENT

8 Understanding Your Investment



Transact ional Sale s Fe e. You pay a fee in con-nection with purchasing units. We refer to thisfee as the “transactional sales fee.” The transac-tional sales fee has both an initial and a deferred

component and equals 3.35% of the public offer-ing price per unit based on a $10 public offeringprice per unit. This percentage amount of thetransactional sales fee is based on the unit priceon the trust’s inception date. The transactionalsales fee equals the difference between the totalsales fee and the creation and development fee. As a result, the percentage and dollar amount of the transactional sales fee will vary as the publicoffering price per unit varies. The transactionalsales fee does not include the creation and devel-opment fee which is described under “Expenses.”

The maximum sales fee equals 3.95% of thepublic offering price per unit at the time of pur-chase. You pay the initial sales fee at the time youbuy units. The initial sales fee is the differencebetween the total sales fee percentage (maximumof 3.95% of the public offering price per unit)and the sum of the remaining fixed dollardeferred sales fee and the total fixed dollar cre-ation and development fee. The initial sales fee will be approximately 1.00% of the public offer-ing price per unit depending on the public offer-

ing price per unit. The deferred sales fee is fixedat $0.235 per unit. Your trust pays the deferredsales fee in equal monthly installments asdescribed on page 3. If you redeem or sell yourunits prior to collection of the total deferred salesfee, you will pay any remaining deferred sales feeupon redemption or sale of your units.

If you purchase units after the last deferredsales fee payment has been assessed, the secondary market sales fee is equal to 3.95% of the public

offering price and does not include deferred pay-ments.

Red uc ing Your S al e s Fee . We offer a variety of ways for you to reduce the fee you pay. It is yourfinancial professional’s responsibility to alert us of any discount when you order units. Since the

deferred sales fee and the creation and develop-ment fee are fixed dollar amounts per unit, yourtrust must charge these fees per unit regardless of any discounts. However, if you are eligible toreceive a discount such that your total sales fee isless than the fixed dollar amounts of the deferredsales fee and the creation and development fee, we will credit you the difference between your totalsales fee and these fixed dollar fees at the time youbuy units.

Large Purchases. You can reduce your sales feeby increasing the size of your investment:

If you purchase: Your fee will be:

Less than $50,000 3.95%$50,000 - $99,999 3.70$100,000 - $249,999 3.45$250,000 - $499,999 3.10$500,000 - $999,999 2.95$1,000,000 or more 2.45

We apply these fees as a percent of the publicoffering price per unit at the time of purchase.

We also apply the different purchase levels on aunit basis using a $10 unit equivalent. For exam-ple, if you purchase between 10,000 and 24,999units, your fee is 3.45% of your public offeringprice per unit.

You may aggregate unit orders submitted by the same person for units of any of the trusts wesponsor on any single day from any one broker-dealer to qualify for a purchase level. You canalso include these orders as your own for purposesof this aggregation:

• orders submitted by your spouse or minorchildren living in the same household and

Understanding Your Investment 9



• orders submitted by your trust estate orfiduciary accounts.

The discounts described above apply during

the initial offering period.

Fee Accounts . Investors may purchase unitsthrough registered investment advisers, certifiedfinancial planners or registered broker-dealers whoin each case either charge investor accounts (“Fee Accounts”) periodic fees for brokerage services,financial planning, investment advisory or assetmanagement services, or provide such services inconnection with an investment account for whicha comprehensive “wrap fee” charge (“Wrap Fee”) isimposed. You should consult your financial advi-

sor to determine whether you can benefit fromthese accounts. To purchase units in these Fee Accounts, your financial advisor must purchaseunits designated with one of the Fee AccountCUSIP numbers, if available. Please contact yourfinancial advisor for more information. If units of the trust are purchased for a Fee Account and theunits are subject to a Wrap Fee in such Fee Account (i.e., the trust is “Wrap Fee Eligible”)then investors may be eligible to purchase units of the trust in these Fee Accounts that are not subjectto the transactional sales fee but will be subject tothe creation and development fee that is retainedby the sponsor. For example, this table illustratesthe sales fee you will pay as a percentage of the ini-tial $10 public offering price per unit (the percent-age will vary with the unit price).

Initial sales fee 0.00%Deferred sales fee 0.00%

Transactional sales fee 0.00%Creation and development fee 0.60%

Total sales fee 0.60%

This discount applies only during the initialoffering period. Certain Fee Account investors

may be assessed transaction or other fees on thepurchase and/or redemption of units by their bro-ker-dealer or other processing organizations forproviding certain transaction or account activities.

We reserve the right to limit or deny purchases of units in Fee Accounts by investors or selling firms whose frequent trading activity is determined tobe detrimental to the trust.

Employees . We waive the transactional salesfee for purchases made by officers, directors andemployees of the sponsor and its affiliates andtheir family members (spouses, children and par-ents). These purchases are not subject to thetransactional sales fee but will be subject to thecreation and development fee. We also waive a

portion of the sales fee for purchases made by registered representatives of selling firms andtheir family members (spouses, children and par-ents). These purchases may be made at the pub-lic offering price per unit less the applicable reg-ular dealer concession. These discounts apply during the initial offering period and in the sec-ondary market. All employee discounts are subject to the policies of the related selling firm.Only officers, directors and employees of com-panies that allow their employees to participatein this employee discount program are eligiblefor the discounts.

Rollover/Exchange Option. We waive a por-tion of the sales fee on units of the trust offeredin this prospectus if you buy your units withredemption or termination proceeds from any of our other unit trusts. You may also purchaseunits of the trust offered in this prospectus at thisreduced fee if you purchase your units with (1)termination proceeds from an unaffiliated unittrust or (2) redemption proceeds from an unaffili-

ated unit trust if such trust is scheduled to termi-nate within 30 days of the redemption. The dis-counted public offering price per unit for these




transactions is equal to the regular public offeringprice per unit less 1.00%. However, if you investredemption or termination proceeds of $500,000or more in units of the trust, the maximum sales

fee on your units will be limited to the maximumsales fee for the applicable amount invested in thetable under “Large Purchases” above. To qualify for this discount, the termination or redemptionproceeds used to purchase units of the trustoffered in this prospectus must be derived from atransaction that occurred within 30 days of yourpurchase of units of the trust offered in thisprospectus. In addition, the discount will only beavailable for investors that utilize the same broker-dealer (or a different broker-dealer with appropri-ate notification) for both the unit purchase and

the transaction resulting in the receipt of the ter-mination or redemption proceeds used for theunit purchase. You may be required to provideappropriate documentation or other informationto your broker-dealer to evidence your eligibility for this sales fee discount.

Please note that if you purchase units of thetrust in this manner using redemption proceedsfrom trusts which assess the amount of any remaining deferred sales fee at redemption, youshould be aware that any deferred sales feeremaining on these units will be deducted fromthose redemption proceeds. These discountsapply only during the initial offering period.

Dividend Reinvestment Plan. We do notcharge any sales fee when you reinvest distribu-tions from your trust into additional units of thetrust. This sales fee discount applies during theinitial offering period and in the secondary mar-ket. Since the deferred sales fee and the creationand development fee are fixed dollar amounts per

unit, your trust must charge these fees per unitregardless of this discount. If you elect the distri-bution reinvestment plan, we will credit you with

additional units with a dollar value sufficient tocover the amount of any remaining deferred salesfee and creation and development fee that will becollected on such units at the time of reinvest-

ment. The dollar value of these units will fluctu-ate over time.

Ret ir ement Ac count s. The portfolio may besuitable for purchase in tax-advantaged retirementaccounts. You should contact your financial pro-fessional about the accounts offered and any addi-tional fees imposed.

HOW TO SELL Y OUR UNITS

You can sell or redeem your units on any

business day the New York Stock Exchange isopen by contacting your financial professional.Unit prices are available daily on the Internet atwww.AA Mpor t fol ios.com or through your financialprofessional. The sale and redemption price of units is equal to the net asset value per unit, pro-vided that you will not pay any remaining cre-ation and development fee or organization costs if you sell or redeem units during the initial offeringperiod. The sale and redemption price is some-times referred to as the “liquidation price.” Youpay any remaining deferred sales fee when you sellor redeem your units. Certain broker-dealers may charge a transaction fee for processing unitredemption or sale requests.

Sel ling Unit s . We may maintain a secondary market for units. This means that if you want tosell your units, we may buy them at the currentnet asset value, provided that you will not pay any remaining creation and development fee or organ-ization costs if you redeem units during the initialoffering period. We may then resell the units to

other investors at the public offering price orredeem them for the redemption price. Our sec-ondary market repurchase price is the same as the




redemption price. Certain broker-dealers mightalso maintain a secondary market in units. Youshould contact your financial professional for cur-rent repurchase prices to determine the best price

available. We may discontinue our secondary market at any time without notice. Even if we donot make a market, you will be able to redeemyour units with the trustee on any business day for the current redemption price.

Red eeming Unit s . You may also redeem yourunits directly with the trustee, The Bank of New York Mellon, on any day the New York Stock Exchange is open. The redemption price that you will receive for units is equal to the net asset valueper unit, provided that you will not pay any

remaining creation and development fee or organ-ization costs if you redeem units during the initialoffering period. You will pay any remainingdeferred sales fee at the time you redeem units. You will receive the net asset value for a particularday if the trustee receives your completedredemption request prior to the close of regulartrading on the New York Stock Exchange.Redemption requests received by authorizedfinancial professionals prior to the close of regulartrading on the New York Stock Exchange that areproperly transmitted to the trustee by the timedesignated by the trustee, are priced based on thedate of receipt. Redemption requests received by the trustee after the close of regular trading on theNew York Stock Exchange, redemption requestsreceived by authorized financial professionals afterthat time or redemption requests received by suchpersons that are not transmitted to the trusteeuntil after the time designated by the trustee, arepriced based on the date of the next determinedredemption price provided they are received in atimely manner by the trustee on such date. It is

the responsibility of authorized financial profes-sionals to transmit redemption requests receivedby them to the trustee so they will be received in

a timely manner. If your request is not receivedin a timely manner or is incomplete in any way,you will receive the next net asset value computedafter the trustee receives your completed request.

If you redeem your units, the trustee will gen-erally send you a payment for your units no laterthan seven days after it receives all necessary doc-umentation (this will usually only take three busi-ness days). The only time the trustee can delay your payment is if the New York Stock Exchangeis closed (other than weekends or holidays), theSecurities and Exchange Commission determinesthat trading on that exchange is restricted or anemergency exists making sale or evaluation of thesecurities not reasonably practicable, and for any

other period that the Securities and ExchangeCommission permits.

You can request an in-kind distribution of thesecurities underlying your units if you tender atleast 2,500 units for redemption (or such otheramount as required by your financial profession-al’s firm). This option is generally available only for securities traded and held in the United States.The trustee will make any in-kind distribution of securities by distributing applicable securities inbook entry form to the account of your financialprofessional at Depository Trust Company. You will receive whole shares of the applicable securi-ties and cash equal to any fractional shares. Youmay not request this option in the last 30 days of your trust’s life. We may discontinue this optionupon sixty days notice.

E xc hang e Opt ion. You may be able toexchange your units for units of our unit trusts ata reduced sales fee. You can contact your finan-cial professional for more information about

trusts currently available for exchanges. Beforeyou exchange units, you should read the prospec-tus carefully and understand the risks and fees.




You should then discuss this option with yourfinancial professional to determine whether yourinvestment goals have changed, whether currenttrusts suit you and to discuss tax consequences.

We may discontinue this option at any time uponsixty days notice.

DISTRIBUTIONS

Mont hly Distr ibut ions . Your trust generally pays distributions of its net investment income(pro-rated on an annual basis) along with any excess capital on each monthly distribution dateto unitholders of record on the preceding recorddate. The record and distribution dates areshown under “Essential Information” in the

“Investment Summary” section of this prospectus.In some cases, your trust might pay a special dis-tribution if it holds an excessive amount of cashpending distribution. For example, this couldhappen as a result of a merger or similar transac-tion involving a company whose stock is in yourportfolio. The trust will also generally makerequired distributions or distributions to avoidimposition of tax at the end of each year becauseit is structured as a “regulated investment compa-ny” for federal tax purposes. The amount of yourdistributions will vary from time to time as com-panies change their dividends or trust expenseschange.

The closed-end funds in the trust’s portfoliogenerally make dividend payments on a monthly basis. Different funds pay dividends at differenttimes during a month. When the trust receivesdividends from a fund, the trustee credits the div-idends to the trust’s accounts. In an effort tomake relatively regular income distributions, thetrust’s monthly income distribution is equal to

one-twelfth of the estimated net annual dividendsto be received by the trust after deduction of trustoperating expenses. Because the trust does not

necessarily receive dividends from the underlyingfunds at a constant rate throughout the year, thetrust’s income distributions to unitholders may bemore or less than the amount credited to the trust

accounts as of the record date. For the purpose of minimizing fluctuation in income distributions,the trustee is authorized to advance such amountsas may be necessary to provide income distribu-tions of approximately equal amounts. Thetrustee will be reimbursed, without interest, forany such advances from available income receivedby the trust on the ensuing record date.

Est imate d Annual Di st ribut ions. The estimat-ed net annual distributions are shown under“Essential Information” in the “Investment

Summary” section of this prospectus. We gener-ally base the estimate of the dividends the trust will receive from the closed-end funds by annual-izing the most recent dividends declared by theclosed-end funds. We generally base the estimateof the income the trust may receive from operat-ing companies by annualizing the most recentordinary dividend declared by an issuer (oradding the most recent interim and final divi-dends declared for certain foreign issuers) or onscheduled income payments. However, dividendconventions for certain companies and/or certaincountries differ from those in the United Statesand in certain instances, dividends paid ordeclared over several years or other periods wereused to estimate annual distributions. Due to thisand various other factors, actual dividendsreceived by the trust will most likely differ fromthe most recent annualized dividends or sched-uled income payments. The actual net annualdistributions you will receive will vary withchanges in the trust’s fees and expenses, in divi-dends received and with the sale of securities.

The estimated net annual distributions for subse-quent years are expected to be less than estimateddistributions for the first year because a portion of




the securities included in the trust portfolio willbe sold during the first year to pay for organiza-tion costs, creation and development fee and thedeferred sales fee.

Report s . The trustee or your financial profes-sional will make available to you a statementshowing income and other receipts of your trustfor each distribution. Each year the trustee willalso provide an annual report on your trust’sactivity and certain tax information. You canrequest copies of security evaluations to enableyou to complete your tax forms and auditedfinancial statements for your trust, if available.

INVESTMENT R ISKS

All investments involve risk. This sectiondescribes the main risks that can impact the valueof the securities in your portfolio. You shouldunderstand these risks before you invest. If thevalue of the securities falls, the value of your units will also fall. We cannot guarantee that your trust will achieve its objective or that your investmentreturn will be positive over any period.

Marke t r i sk is the risk that the value of thesecurities in your trust will fluctuate. This couldcause the value of your units to fall below youroriginal purchase price. Market value fluctuatesin response to various factors. These can includechanges in interest rates, inflation, the financialcondition of a security’s issuer, perceptions of theissuer, or ratings on a security. Even though wesupervise your portfolio, you should rememberthat we do not manage your portfolio. Your trust will not sell a security solely because the marketvalue falls as is possible in a managed fund.

Cre dit r i sk is the risk that a borrower isunable to meet its obligation to pay principal orinterest on a security held by a closed-end fund.

This may reduce the level of dividends a closed-end fund pays which would reduce your incomeand could cause the value of your units to fall.

Divid end pa yment r isk is the risk that anissuer of a security is unwilling or unable to pay income on a security. Stocks represent ownershipinterests in the issuers and are not obligations of the issuers. Common stockholders have a right toreceive dividends only after the company has pro-vided for payment of its creditors, bondholdersand preferred stockholders. Common stocks donot assure dividend payments. Dividends arepaid only when declared by an issuer’s board of directors and the amount of any dividend may vary over time.

Interest r at e risk is the risk that the value of bonds held by a closed-end fund will fall if inter-est rates increase. The securities held by theclosed-end funds typically fall in value wheninterest rates rise and rise in value when interestrates fall. The securities held by the closed-endfunds with longer periods before maturity areoften more sensitive to interest rate changes.

Cl osed-end Fund s. All of the BDCs areclosed-end funds. Closed-end funds are a type of investment company that holds an actively man-aged portfolio of securities. Closed-end fundsissue shares in “closed-end” offerings which gener-ally trade on a stock exchange (although someclosed-end fund shares are not listed on a securi-ties exchange). In addition, closed-end fundsdon’t have to manage fund liquidity to meetpotentially large redemptions.

Closed-end funds are subject to various risks,including management’s ability to meet the

closed-end fund’s investment objective, and tomanage the closed-end fund portfolio when theunderlying securities are redeemed or sold, during




periods of market turmoil and as investors’ per-ceptions regarding closed-end funds or theirunderlying investments change.

Shares of closed-end funds frequently trade ata discount from their net asset value in the sec-ondary market. This risk is separate and distinctfrom the risk that the net asset value of closed-end fund shares may decrease. The amount of such discount from net asset value is subject tochange from time to time in response to variousfactors.

Only the trustee may vote the shares of theclosed-end funds held in the trust. The trustee will vote the shares in the same general propor-

tion as shares held by other shareholders of eachfund. Your trust is generally required, however, toreject any offer for securities or other property inexchange for portfolio securities as describedunder “How the Trust Works—Changing YourPortfolio.”

BDC s. BDCs are closed-end investmentcompanies that have elected to be treated as busi-ness development companies under theInvestment Company Act of 1940. BDCs are

required to at least 70% of their investments ineligible assets which include, among other things,(i) securities of eligible portfolio companies (gen-erally, domestic companies that are not invest-ment companies and that cannot have a class of securities listed on a national securities exchangeor have securities that are marginable that are pur-chased from that company in a private transac-tion), (ii) securities received by the BDC in con-nection with its ownership of securities of eligibleportfolio companies, or (iii) cash, cash items, gov-ernment securities, or high quality debt securities

maturing one year or less from the time of invest-ment.

BDCs’ ability to grow and their overall finan-cial condition is impacted significantly by theirability to raise capital. In addition to raising capi-tal through the issuance of common stock, BDCs

may engage in borrowing. This may involve usingrevolving credit facilities, the securitization of loans through separate wholly-owned subsidiariesand issuing of debt and preferred securities.BDCs are less restricted than other closed-endfunds as to the amount of debt they can have out-standing. Generally, a BDC may not issue any class of senior security representing an indebted-ness unless, immediately after such issuance orsale, it will have asset coverage of at least 200%.(Thus, for example, if a BDC has $5 million inassets, it can borrow up to $5 million, which

would result in assets of $10 million and debt of $5 million.) These borrowings, also known asleverage, magnify the potential for gain or loss onamounts invested and, accordingly, the risks asso-ciated with investing in BDC securities. Whilethe value of a BDC’s assets increases, leveraging would cause the net value per share of BDC com-mon stock to increase more sharply than it wouldhave had such BDC not leveraged. However, if the value of a BDC’s assets decreases, leveraging would cause net asset value to decline more

sharply than it otherwise would have had suchBDC not leveraged. In addition to decreasing thevalue of a BDC’s common stock, it could alsoadversely impact a BDC’s ability to make dividendpayments. A BDC’s credit rating may change overtime which could adversely affect their ability toobtain additional credit and/or increase the cost of such borrowing. Agreements governing BDC’scredit facilities and related funding and serviceagreements may contain various covenants thatlimit the BDC’s discretion in operating its busi-ness along with other limitations. Any defaults

may restrict the BDC’s ability to manage assetssecuring related assets which may adversely impactthe BDC’s liquidity and operations.




BDCs compete with other BDCs along witha large number of investment funds, investmentbanks and other sources of financing to maketheir investments. Competitors may have lower

costs or access to funding sources that causeBDCs to lose prospective investments if they donot match competitors’ pricing, terms and struc-ture. As a result of this competition, there is noassurance that a BDC will be able to identify andtake advantage of attractive investment opportu-nities or that they will fully be able to invest avail-able capital.

BDC investments are frequently not publicly traded and, as a result, there is uncertainty as tothe value and liquidity of those investments.

BDCs may use independent valuation firms tovalue their investments and such valuations may be uncertain, be based on estimates and/or differmaterially from that which would have been usedif a ready market for those investments existed.The value of a BDC could be adversely affected if its determinations regarding the fair value of investments was materially higher than the valuerealized upon sale of such investments. Due tothe relative illiquidity of certain BDC invest-ments, if a BDC is required to liquidate all or aportion of its portfolio quickly, it may realize sig-nificantly less than the value at which such invest-ments are recorded. Further restrictions may existon the ability to liquidate certain assets to theextent that subsidiaries or related parties havematerial non-public information regarding suchassets.

BDCs may enter into hedging transactionand utilize derivative instruments such as forwardcontracts, options and swaps. Unanticipatedmovements and improper correlation of hedging

instruments may prevent a BDC from hedgingagainst exposure to risk of loss.

BDCs are required to make available signifi-cant managerial assistance to their portfolio com-panies. Significant managerial assistance refers toany arrangement whereby a BDC provides signifi-

cant guidance and counsel concerning the man-agement, operations, or business objectives andpolicies of a portfolio company. Examples of suchactivities include arranging financing, managingrelationships with financing sources, recruitingmanagement personnel, and evaluating acquisi-tion and divestiture opportunities. BDCs are fre-quently externally managed by an investmentadviser which may also provide this external man-agerial assistance to portfolio companies. Suchinvestment adviser’s liability may be limited undertheir investment advisory agreement which may

lead such investment adviser to act in a riskiermanner than it would were it investing for itsown account. Such investment advisers may beentitled to incentive compensation which may cause such adviser to make more speculative andriskier investments than it would if investing forits own account. Such compensation may be dueeven in the case of declines to the value of aBDC’s investments.

BDCs may issue options, warrants, and rightsto convert to voting securities to its officers,employees and board members. Any issuance of derivative securities requires the approval of thecompany’s board of directors and authorization by the company’s shareholders. A BDC may operatea profit-sharing plan for its employees, subject tocertain restrictions.

BDCs frequently have high expenses whichmay include, but are not limited to, the paymentof management fees, administration expenses,taxes, interest payable on debt, governmental

charges, independent director fees and expenses,valuation expenses, and fees payable to third par-ties relating to or associated with making invest-




ments. The trust will indirectly bear theseexpenses and estimated BDC expenses are shownin the trust’s annual operating expenses under“Fees and Expenses” to illustrate the impact of

their impact. These expenses may fluctuate sig-nificantly over time.

If a BDC fails to maintain its status as a BDCit may be regulated as a closed-end fund which would subject such BDC to additional regulatory restrictions and significantly decrease its operatingflexibility. In addition, such failure could triggeran event of default under certain outstandingindebtedness which could have a material adverseimpact on its business.

Real Est at e Inve stment Tr ust s. The trustinvests exclusively in REITs. Many factors canhave an adverse impact on the performance of aparticular REIT, including its cash available fordistribution, the credit quality of a particularREIT or the real estate industry generally. Thesuccess of REITs depends on various factors,including the occupancy and rent levels, apprecia-tion of the underlying property and the ability toraise rents on those properties. Economic reces-sion, overbuilding, tax law changes, higher inter-est rates or excessive speculation can all negatively impact REITs, their future earnings and shareprices.

Risks associated with the direct ownership of real estate include, among other factors,

• general U.S. and global as well as localeconomic conditions,

• decline in real estate values,

• the financial health of tenants,

• overbuilding and increased competitionfor tenants,

• oversupply of properties for sale,

• changing demographics,

• changes in interest rates, tax rates and

other operating expenses, changes in gov-ernment regulations,

• faulty construction and the ongoing needfor capital improvements,

• regulatory and judicial requirements,including relating to liability for environ-mental hazards,

• changes in neighborhood values andbuyer demand, and

• the unavailability of construction financ-ing or mortgage loans at rates acceptableto developers.

Variations in rental income and space avail-ability and vacancy rates in terms of supply anddemand are additional factors affecting real estategenerally and REITs in particular. Propertiesowned by a REIT may not be adequately insuredagainst certain losses and may be subject to signif-icant environmental liabilities, including remedia-tion costs.

The value of real estate investments may alsobe affected by the downturn in the subprimemortgage lending market in the United States.Subprime loans have higher defaults and lossesthan prime loans. Subprime loans also have high-er serious delinquency rates than prime loans.The downturn in the subprime mortgage lendingmarket may have far-reaching consequences intomany aspects and geographic regions of the realestate business, and consequently, the value of theportfolio may decline in response to such devel-opments.




You should also be aware that REITs may not be diversified and are subject to the risks of financing projects. The real estate industry may be cyclical, and, if a fund acquires REIT securi-

ties at or near the top of the cycle, there isincreased risk of a decline in value of the REITsecurities. Recent demand for certain types of real estate may have inflated the value of realestate. This may increase the risk of a substan-tial decline in the value of such real estate andincrease the risk of a decline in the value of thesecurities. REITs are also subject to defaults by borrowers and the market’s perception of theREIT industry generally.

Because of their structure, and a current legal

requirement that they distribute at least 90% of their taxable income to shareholders annually,REITs require frequent amounts of new funding,through both borrowing money and issuing stock.Thus, REITs historically have frequently issuedsubstantial amounts of new equity shares (orequivalents) to purchase or build new properties.This may have adversely affected REIT equity share market prices. Both existing and new shareissuances may have an adverse effect on theseprices in the future, especially if REITs continueto issue stock when real estate prices are relatively high and stock prices are relatively low.

The value of REITs may also be affected by the downturn in the housing and mortgage lend-ing markets. In response, government authoritieshave initiated and may continue to engage inadministrative and legislative action intended toaddress both short- and long-term difficulties fac-ing the housing and mortgage lending marketsand the broader economy. No one can predictthe action that might be taken or the effect any

action or inaction will have and it is possible thatany actions taken by government authorities willnot address or help improve the state of these dif-

ficulties as intended. The downturn and corre-sponding government action may have far reach-ing consequences into many geographic regionsand, consequently, the value of securities in the

portfolio may decline in response to such devel-opments.

MLPs. MLPs are limited partnership or lim-ited liability companies that are generally taxed aspartnership whose interests are generally tradedon securities exchanges. An MLP consists of ageneral partner and limited partners. The generalpartner manages the partnership, has an owner-ship stake in the partnership and is eligible toreceive an incentive distribution. The limitedpartners provide capital to the partnership, have a

limited (if any) role in the operation and manage-ment of the partnership and receive cash distribu-tions. Most MLPs generally operate in the energy natural resources or real estate sector and are subject to the risks generally applicable to companiesin those sectors. Those risks include, but are notlimited to, commodity pricing risk, supply anddemand risk, depletion risk and exploration risk.MLPs are also subject to the risk that authoritiescould challenge the tax treatment of MLPs forfederal income tax purposes which could have anegative impact on the after-tax income availablefor distribution by the MLPs and/or the value of the trust’s investments.

Convert ibl e Sec urit y Ri sk . Certain closed-endfunds held by the trust may invest in convertiblesecurities. Convertible securities generally offerlower interest or dividend yields than non-con-vertible fixed-income securities of similar creditquality because of the potential for capital appre-ciation. The market values of convertible securi-ties tend to decline as interest rates increase and,

conversely, to increase as interest rates decline.However, a convertible security’s market valuealso tends to reflect the market price of the com-




mon stock of the issuing company, particularly when that stock price is greater than the convert-ible security’s “conversion price.” The conversionprice is defined as the predetermined price or

exchange ratio at which the convertible security can be converted or exchanged for the underlyingcommon stock. As the market price of the under-lying common stock declines below the conver-sion price, the price of the convertible security tends to be increasingly influenced more by theyield of the convertible security. Thus, it may notdecline in price to the same extent as the underly-ing common stock. In the event of a liquidationof the issuing company, holders of convertiblesecurities would be paid before that company’scommon stockholders. Consequently, an issuer’s

convertible securities generally entail less risk thanits common stock. However, convertible securi-ties fall below debt obligations of the same issuerin order of preference or priority in the event of aliquidation and are typically unrated or ratedlower than such debt obligations.

Mandatory convertible securities are distin-guished as a subset of convertible securitiesbecause the conversion is not optional and theconversion price at maturity is based solely uponthe market price of the underlying common stock, which may be significantly less than par or theprice (above or below par) paid. For these reasons,the risks associated with investing in mandatory convertible securities most closely resemble therisks inherent in common stocks. Mandatory con-vertible securities customarily pay a higher couponyield to compensate for the potential risk of addi-tional price volatility and loss upon conversion.Because the market price of a mandatory convert-ible security increasingly corresponds to the mar-ket price of its underlying common stock, as the

convertible security approaches its conversion date,there can be no assurance that the higher coupon will compensate for a potential loss.

Pr eferre d Sec ur it ies. Certain closed-end fundsheld by the trust may invest in preferred securitiesincluding preferred stocks, trust preferred securi-ties or other similar securities. Preferred stocks

are unique securities that combine some of thecharacteristics of both common stocks and bonds.Preferred stocks generally pay a fixed rate of return and are sold on the basis of current yield,like bonds. However, because they are equity securities, preferred stocks provide equity owner-ship of a company and the income is paid in theform of dividends. Preferred stocks typically havea yield advantage over common stocks as well ascomparably-rated fixed income investments.Preferred stocks are typically subordinated tobonds and other debt instruments in a company’s

capital structure, in terms of priority to corporateincome, and therefore will be subject to greatercredit risk than those debt instruments.

Trust preferred securities are limited-life pre-ferred securities typically issued by corporations,generally in the form of interest-bearing notes orpreferred securities, or by an affiliated businesstrust of a corporation, generally in the form of beneficial interests in subordinated debentures orsimilarly structured securities. Distribution pay-ments of the trust preferred securities generally coincide with interest payments on the underly-ing obligations. Trust preferred securities general-ly have a yield advantage over traditional pre-ferred stocks, but unlike preferred stocks, in somecases distributions are treated as interest ratherthan dividends for federal income tax purposesand therefore, are not eligible for the dividends-received deduction. Trust preferred securitiesprices fluctuate for several reasons includingchanges in investors’ perception of the financialcondition of an issuer or the general condition of

the market for trust preferred securities, or whenpolitical or economic events affecting the issuersoccur. Trust preferred securities are also sensitive




to interest rate fluctuations, as the cost of capitalrises and borrowing costs increase in a risinginterest rate environment and the risk that a trustpreferred security may be called for redemption in

a falling interest rate environment. Trust pre-ferred securities are also subject to unique risks which include the fact that dividend payments will only be paid if interest payments on theunderlying obligations are made, which interestpayments are dependent on the financial condi-tion of the issuer and may be deferred for up to20 consecutive quarters. During any deferralperiod, investors are generally taxed as if they hadreceived current income. In such a case, aninvestor will have income taxes due prior toreceiving cash distributions to pay such taxes. In

addition, the underlying obligations, and thus thetrust preferred securities, may be prepaid after astated call date or as a result of certain tax or reg-ulatory events. Preferred securities are typically subordinated to bonds and other debt instru-ments in a company’s capital structure, in termsof priority to corporate income, and therefore willbe subject to greater credit risk than those debtinstruments.

Senior Loans. Certain closed-end funds heldby your trust may invest in senior loans. Seniorloans are issued by banks, other financial institu-tions and other investors to corporations, partner-ships, limited liability companies and other enti-ties to finance leveraged buyouts, recapitaliza-tions, mergers, acquisitions, stock repurchases,debt refinancings and, to a lesser extent, for gen-eral operating and other purposes.

An investment by the closed-end funds insenior loans involves risk that the borrowersunder senior loans may default on their obliga-

tions to pay principal or interest when due. Although senior loans may be secured by specificcollateral, there can be no assurance that liquida-

tion of collateral would satisfy the borrower’s obli-gation in the event of non-payment or that suchcollateral could be readily liquidated. Seniorloans are typically structured as floating rate

instruments in which the interest rate payable onthe obligation fluctuates with interest ratechanges. As a result, the yield on closed-endfunds investing in senior loans will generally decline in a falling interest rate environment andincrease in a rising interest rate environment.Senior loans are generally below investment gradequality and may be unrated at the time of invest-ment; are generally not registered with the SECor state securities commissions; and are generally not listed on any securities exchange. In addition,the amount of public information available on

senior loans is generally less extensive than thatavailable for other types of securities.

For e ign Issuer Risk. Many of the underlyingsecurities held by certain of the closed-end fundsin the trust may be issued by foreign issuers. Thissubjects the trust to more risks than if it only invested in closed-end funds which invest solely in securities of domestic issuers. Risks of foreignissuers include restrictions on foreign investmentsand exchange of securities and inadequate finan-cial information. Foreign securities may also beaffected by market and political factors specific tothe issuer’s country as well as fluctuations in for-eign currency exchange rates. Risks associated with investing in foreign securities may be morepronounced in emerging markets where the secu-rities markets are substantially smaller, less devel-oped, less liquid, less regulated, and more volatilethan the securities markets of the U.S. and devel-oped foreign markets. Investments in debt securi-ties of foreign governments present special risks,including the fact that issuers may be unable or

unwilling to repay principal and/or interest whendue in accordance with the terms of such debt, ormay be unable to make such repayments when




due in the currency required under the terms of the debt. Political, economic and social eventsalso may have a greater impact on the price of debt securities issued by foreign governments than

on the price of U.S. securities. In addition, bro-kerage and other transaction costs on foreignsecurities exchanges are often higher than in theUnited States and there is generally less govern-ment supervision and regulation of exchanges,brokers and issuers in foreign countries.

High Y iel d Se cur it y Risk. The closed-endfunds held by your trust may invest in high yieldsecurities or unrated securities. High yield, highrisk securities are subject to greater market fluctu-ations and risk of loss than securities with higher

investment ratings. The value of these securities will decline significantly with increases in interestrates, not only because increases in rates generally decrease values, but also because increased ratesmay indicate an economic slowdown. An eco-nomic slowdown, or a reduction in an issuer’screditworthiness, may result in the issuer beingunable to maintain earnings at a level sufficient tomaintain interest and principal payments.

High-yield or “junk” securities, the genericnames for securities rated below “BBB” by Standard & Poor’s or “Baa” by Moody’s, are fre-quently issued by corporations in the growth stageof their development or by established companies who are highly leveraged or whose operations orindustries are depressed. Securities rated below BBB or Baa are considered speculative as theseratings indicate a quality of less than investmentgrade. Because high-yield securities are generally subordinated obligations and are perceived by investors to be riskier than higher rated securities,their prices tend to fluctuate more than higher

rated securities and are affected by short-termcredit developments to a greater degree.

The market for high-yield securities is smallerand less liquid than that for investment gradesecurities. High-yield securities are generally notlisted on a national securities exchange but trade

in the over-the-counter markets. Due to thesmaller, less liquid market for high-yield securi-ties, the bid-offer spread on such securities is gen-erally greater than it is for investment grade secu-rities and the purchase or sale of such securitiesmay take longer to complete.

Leg isl at ion/Lit igat ion. From time to time,various legislative initiatives are proposed in theUnited States and abroad which may have a nega-tive impact on certain of the companies represent-ed in the trust. In addition, litigation regarding

any of the issuers of the securities or of the indus-tries represented by these issuers may negatively impact the share prices of these securities. Noone can predict what impact any pending orthreatened litigation will have on the share pricesof the securities.

Liqui dit y ri sk is the risk that the value of asecurity will fall if trading in the security is limit-ed or absent. No one can guarantee that a liquidtrading market will exist for any security.

No FDIC Guarantee. An investment in thetrust is not a deposit of any bank and is notinsured or guaranteed by the Federal DepositInsurance Corporation or any other governmentagency.

HOW THE TRUST W ORKS

Your Tr ust. Your trust is a unit investmenttrust registered under the Investment Company Act of 1940. We created the trust under a trust

agreement between Advisors Asset Management,Inc. (as depositor/sponsor, evaluator and supervi-sor) and The Bank of New York Mellon (as




trustee). To create your trust, we deposited secu-rities with the trustee (or contracts to purchasesecurities along with an irrevocable letter of creditor other consideration to pay for the securities).

In exchange, the trustee delivered units of yourtrust to us. Each unit represents an undividedinterest in the assets of your trust. These unitsremain outstanding until redeemed or until yourtrust terminates. At the close of the New York Stock Exchange on the trust’s inception date, thenumber of units may be adjusted so that the pub-lic offering price per unit equals $10. The num-ber of units and fractional interest of each unit inthe trust will increase or decrease to the extent of any adjustment.

Chang ing Your Por t folio. Your trust is not amanaged fund. Unlike a managed fund, wedesigned your portfolio to remain relatively fixed. Your trust will generally buy and sell securities:

• to pay expenses,

• to issue additional units or redeem units,

• in limited circumstances to protect thetrust,

• to make required distributions or avoid

imposition of taxes on the trust, or• as permitted by the trust agreement.

When your trust sells securities, the composi-tion and diversity of the securities in the portfoliomay be altered. However, if the trustee sells fundshares to redeem units or to pay trust expenses orsales charges, the trustee will do so, as nearly aspracticable, on a pro rata basis. If a public tenderoffer has been made for a security or a merger,acquisition or similar transaction has beenannounced affecting a security, the trustee may either sell the security or accept a tender offer if the supervisor determines that the action is in the

best interest of unitholders. The trustee will dis-tribute any cash proceeds to unitholders. If yourtrust receives securities or other property, it willeither hold the securities or property in the port-

folio or sell the securities or property and distrib-ute the proceeds. If any contract for the purchaseof securities fails, the sponsor will refund the cashand sales fee attributable to the failed contract tounitholders on or before the next distributiondate unless substantially all of the moneys held tocover the purchase are reinvested in substitutesecurities in accordance with the trust agreement.The sponsor may direct the reinvestment of secu-rity sale proceeds if the sale is the direct result of serious adverse credit factors which, in the opin-ion of the sponsor, would make retention of the

securities detrimental to the trust. In such a case,the sponsor may, but is not obligated to, directthe reinvestment of sale proceeds in any othersecurities that meet the criteria for inclusion inthe trust on the trust’s inception date. The spon-sor may also instruct the trustee to take actionnecessary to ensure that the portfolio continues tosatisfy the qualifications of a regulated investmentcompany. The trust intends to qualify as a “regu-lated investment company” under the federal taxlaws and is subject to certain limitations to main-tain that qualification. One such limitation isthat, generally, at the close of each quarter of eachtaxable year, not more than 25 percent of thevalue of the trust's assets may be invested in thesecurities of one or more qualified publicly tradedpartnership and certain other assets. At the trust'sinception, ____% of the assets in the trust areinvested in securities of one or more qualifiedpublicly traded partnership. If the portion of thepublicly traded partnerships exceed 25% of thetrust, the trust may need to dispose of certaintrust assets or stop purchasing additional units of

the publicly traded partnerships which wouldalter the composition and diversity of the securi-ties in the portfolio.




We will increase the size of your trust as wesell units. When we create additional units, we will seek to replicate the existing portfolio. Whenyour trust buys securities, it may pay brokerage or

other acquisition fees. You could experience adilution of your investment because of these feesand fluctuations in security prices between thetime we create units and the time your trust buysthe securities. When your trust buys or sells secu-rities, we may direct that it place orders with andpay brokerage commissions to brokers that sellunits or are affiliated with us, your trust or thetrustee.

Pursuant to an exemptive order, your trustmay be able to purchase securities from other

trusts that we sponsor when we create additionalunits. Your trust may also be able to sell securitiesto other trusts that we sponsor to satisfy unitredemption, pay deferred sales charges or expens-es, in connection with periodic tax compliance orin connection with the termination of your trust.The exemption may enable each trust to eliminatecommission costs on these transactions. Theprice for those securities will be the closing priceon the sale date on the exchange where the securi-ties are principally traded as certified by us to thetrustee.

Amendin g t he Tr ust Ag re ement. The sponsorand the trustee can change the trust agreement without your consent to correct any provisionthat may be defective or to make other provisionsthat will not materially adversely affect your inter-est (as determined by the sponsor and thetrustee). We cannot change this agreement toreduce your interest in your trust without yourconsent. Investors owning two-thirds of the unitsin your trust may vote to change this agreement.

Terminat ion of Your Trust . Your trust willterminate on the termination date set forth under

“Essential Information” in the “InvestmentSummary” section of this prospectus. The trusteemay terminate your trust early if the value of thetrust is less than 40% of the original value of the

securities in the trust at the time of deposit. Atthis size, the expenses of your trust may create anundue burden on your investment. Investorsowning two-thirds of the units in your trust may also vote to terminate the trust early. The trustee will liquidate the trust in the event that a suffi-cient number of units not yet sold to the publicare tendered for redemption so that the net worthof the trust would be reduced to less than 40% of the value of the securities at the time they weredeposited in the trust. If this happens, we willrefund any sales charge that you paid.

The trustee will notify you of any termina-tion and sell any remaining securities. Thetrustee will send your final distribution to you within a reasonable time following liquidation of all the securities after deducting final expenses. Your termination distribution may be less thanthe price you originally paid for your units.

The Sponsor. The sponsor of the trust is Advisors Asset Management, Inc. We are a bro-ker-dealer specializing in providing trading andsupport services to broker-dealers, registered rep-resentatives, investment advisers and other finan-cial professionals. Our headquarters are located at18925 Base Camp Road, Monument, Colorado80132. You can contact our unit investment trustdivision at 8100 East 22nd Street North, Suite900B, Wichita, Kansas 67226-2309 or by usingthe contacts listed on the back cover of thisprospectus. AAM is a registered broker-dealerand investment adviser, a member of theFinancial Industry Regulatory Authority, Inc.

(FINRA) and Securities Investor ProtectionCorporation (SIPC) and a registrant of theMunicipal Securities Rulemaking Board (MSRB).




If we fail to or cannot perform our duties as spon-sor or become bankrupt, the trustee may replaceus, continue to operate your trust without a spon-sor, or terminate your trust.

We and your trust have adopted a code of ethics requiring our employees who have access toinformation on trust transactions to report per-sonal securities transactions. The purpose of thecode is to avoid potential conflicts of interest andto prevent fraud, deception or misconduct withrespect to your trust.

The sponsor or an affiliate may use the list of securities in the trust in its independent capacity (which may include acting as an investment

adviser or broker-dealer) and distribute this infor-mation to various individuals and entities. Thesponsor or an affiliate may recommend or effecttransactions in the securities. This may also havean impact on the price your trust pays for thesecurities and the price received upon unitredemption or trust termination. The sponsormay act as agent or principal in connection withthe purchase and sale of securities, includingthose held by the trust, and may act as a specialistmarket maker in the securities. The sponsor may also issue reports and make recommendations onthe securities in the trust. The sponsor or anaffiliate may have participated in a public offeringof one or more of the securities in the trust. Thesponsor, an affiliate or their employees may have along or short position in these securities or relatedsecurities. An officer, director or employee of thesponsor or an affiliate may be an officer or direc-tor for the issuers of the securities.

The Tr ust ee. The Bank of New York Mellonis the trustee of your trust with its principal unit

investment trust division offices located at 2Hanson Place, 12th Floor, Brooklyn, New York 11217. You can contact the trustee by calling the

telephone number on the back cover of thisprospectus or by writing to its unit investmenttrust office. We may remove and replace thetrustee in some cases without your consent. The

trustee may also resign by notifying us andinvestors.

How We Di st r ibut e Unit s. We sell units tothe public through broker-dealers and otherfirms. We pay part of the sales fee to these distri-bution firms when they sell units. During theinitial offering period, the distribution fee perunit (the broker-dealer concession or agency com-mission) for broker-dealers and other firms is asfollows:

Transaction Concession orAmount: Agency Commission:

Less than $50,000 3.10%$50,000 - $99,999 2.85$100,000 - $249,999 2.60$250,000 - $499,999 2.30$500,000 - $999,999 2.20$1,000,000 or more 1.75

We apply these concessions or agency com-missions as a percent of the public offering price

per unit at the time of the transaction. We alsoapply the different levels on a unit basis using a$10 unit equivalent. The broker-dealer conces-sion or agency commission is 65% of the sales feefor secondary market sales. For transactionsinvolving unitholders of other unit investmenttrusts who use their redemption or terminationproceeds to purchase units of the trust, the distri-bution fee is 2.10% of the public offering priceper unit. No distribution fee is paid to broker-dealers or other selling firms in connection withunit sales in Fee Accounts subject to a Wrap Fee.

Broker-dealers and other firms that sell unitsof certain unit investment trusts for which AAM




acts as sponsor are eligible to receive additionalcompensation for volume sales. The sponsoroffers two separate volume concession structuresfor certain trusts that are referred to as “Volume

Concession A” and “Volume Concession B.” Thetrust offered in this prospectus is a VolumeConcession A trust. Broker-dealers and otherfirms that sell units of any Volume Concession A trust are eligible to receive the additional compen-sation described below. Such payments will be inaddition to the regular concessions paid to firmsas set forth in the applicable trust’s prospectus.The additional concession is based on total initialoffering period sales of all Volume Concession A trusts during a calendar quarter as set forth in thefollowing table:

Initial Offering Period Sales Volume

During Calendar Quarter Concession

Less than $5,000,000 0.000%$5,000,000 but less than $10,000,000 0.050$10,000,000 but less than $25,000,000 0.075$25,000,000 but less than $50,000,000 0.100$50,000,000 but less than $75,000,000 0.110$75,000,000 but less than $100,000,000 0.120$100,000,000 but less than $250,000,000 0.130$250,000,000 but less than $500,000,000 0.140$500,000,000 but less than $750,000,000 0.150

$750,000,000 but less than $1,000,000,000 0.160$1,000,000,000 but less than $1,250,000,000 0.170$1,250,000,000 or more 0.175

This volume concession will be paid on unitsof all Volume Concession A trusts sold in the ini-tial offering period, except as described below.For a trust to be eligible for this additionalVolume Concession A compensation for calendarquarter sales, the trust’s prospectus must includedisclosure related to this additional VolumeConcession A compensation; a trust is not eligible

for this additional Volume Concession A compen-sation if the prospectus for such trust does notinclude disclosure related to this additional

Volume Concession A compensation. Broker-dealer firms will not receive additional compensa-tion unless they sell at least $5.0 million of unitsof Volume Concession A trusts during a calendar

quarter. For example, if a firm sells $4.5 millionof units of Volume Concession A trusts in the ini-tial offering period during a calendar quarter, thefirm will not receive any additional compensation with respect to such trusts. Once a firm reaches aparticular breakpoint during a quarter, the firm will receive the stated volume concession on allinitial offering period sales of Volume Concession A trusts during the applicable quarter. For exam-ple, if a firm sells $7.5 million of units of VolumeConcession A trusts in the initial offering periodduring a calendar quarter, the firm will receive

additional compensation of 0.05% of $7.5 mil-lion and if a firm sells $12.5 million of units of Volume Concession A trusts in the initial offeringperiod during a calendar quarter, the firm willreceive additional compensation of 0.075% of $12.5 million.

In addition, dealer firms will not receive vol-ume concessions on the sale of units which arenot subject to a transactional sales charge.However, such sales will be included in determin-ing whether a firm has met the sales level break-points for volume concessions. Secondary marketsales of all unit trusts are excluded for purposes of these volume concessions. We will pay theseamounts out of our own assets within a reason-able time following each calendar quarter.

Any sales fee discount is borne by the broker-dealer or selling firm out of the distribution fee. We reserve the right to change the amount of concessions or agency commissions from time totime.

We may provide, at our own expense and outof our own profits, additional compensation and




benefits to broker-dealers who sell units of thistrust and our other products. This compensationis intended to result in additional sales of ourproducts and/or compensate broker-dealers and

financial advisors for past sales. We may makethese payments for marketing, promotional orrelated expenses, including, but not limited to,expenses of entertaining retail customers andfinancial advisors, advertising, sponsorship of events or seminars, obtaining shelf space in bro-ker-dealer firms and similar activities designed topromote the sale of our products. These arrange-ments will not change the price you pay for yourunits.

We generally register units for sale in various

states in the U.S. We do not register units forsale in any foreign country. This prospectus doesnot constitute an offer of units in any state orcountry where units cannot be offered or soldlawfully. We may reject any order for units in whole or in part.

We may gain or lose money when we holdunits in the primary or secondary market due tofluctuations in unit prices. The gain or loss isequal to the difference between the price we pay for units and the price at which we sell or redeemthem. We may also gain or lose money when wedeposit securities to create units. The amount of our profit or loss on the initial deposit of securi-ties into the trust is shown in the “Notes toPortfolio.”

T AXES

This section summarizes some of the mainU.S. federal income tax consequences of owningunits of the trust. This section is current as of the

date of this prospectus. Tax laws and interpreta-tions change frequently, and these summaries donot describe all of the tax consequences to all tax-

payers. For example, these summaries generally do not describe your situation if you are a corpo-ration, a non-U.S. person, a broker/dealer, orother investor with special circumstances. In

addition, this section does not describe your state,local or foreign tax consequences.

This federal income tax summary is based inpart on the advice of counsel to the sponsor. TheInternal Revenue Service could disagree with any conclusions set forth in this section. In addition,our counsel was not asked to review, and has notreached a conclusion with respect to the federalincome tax treatment of the assets to be depositedin the trust. This may not be sufficient for you touse for the purpose of avoiding penalties under

federal tax law.

As with any investment, you should seek advice based on your individual circumstancesfrom your own tax advisor.

Trust St at us. The trust intends to qualify as a“regulated investment company” under the federaltax laws. If the trust qualifies as a regulatedinvestment company and distributes its income asrequired by the tax law, the trust generally willnot pay federal income taxes.

Di st ribut ions. Trust distributions are general-ly taxable. After the end of each year, you willreceive a tax statement that separates your trust’sdistributions into three categories, ordinary income distributions, capital gains dividends andreturn of capital. Ordinary income distributionsare generally taxed at your ordinary tax rate, how-ever, as further discussed below, certain ordinary income distributions received from the trust may be taxed at the capital gains tax rates. Generally,

you will treat all capital gains dividends as long-term capital gains regardless of how long you haveowned your units. To determine your actual tax




liability for your capital gains dividends, you mustcalculate your total net capital gain or loss for thetax year after considering all of your other taxabletransactions, as described below. In addition, the

trust may make distributions that represent areturn of capital for tax purposes and thus willgenerally not be taxable to you. The tax status of your distributions from your trust is not affectedby whether you reinvest your distributions inadditional units or receive them in cash. Theincome from your trust that you must take intoaccount for federal income tax purposes is notreduced by amounts used to pay a deferred salesfee, if any. The tax laws may require you to treatdistributions made to you in January as if youhad received them on December 31 of the previ-

ous year. Under the “Health Care and EducationReconciliation Act of 2010,” income from thetrust may also be subject to a new 3.8 percent“medicare tax” imposed for taxable years begin-ning after 2012. This tax will generally apply toyour net investment income if your adjusted grossincome exceeds certain threshold amounts, whichare $250,000 in the case of married couples filing joint returns and $200,000 in the case of singleindividuals.

Divi dend s Re ceiv ed Ded uct ion. A corporationthat owns units generally will not be entitled to thedividends received deduction with respect to many dividends received from the trust because the divi-dends received deduction is generally not availablefor distributions from regulated investment compa-nies. However, certain ordinary income dividendson units that are attributable to qualifying divi-dends received by the trust from certain corpora-tions may be designated by the trust as being eligi-ble for the dividends received deduction.

S ale Or Re dempt ion Of Unit s. If you sell orredeem your units, you will generally recognize ataxable gain or loss. To determine the amount of

this gain or loss, you must subtract your tax basisin your units from the amount you receive in thetransaction. Your tax basis in your units is gener-ally equal to the cost of your units, generally

including sales charges. In some cases, however,you may have to adjust your tax basis after youpurchase your units.

C apit al Gains And Losses And Cert ainOrd inary Income Divi dend s. If you are an individ-ual, the maximum marginal federal tax rate fornet capital gain is generally 15% (generally 5%for certain taxpayers in the 10% and 15% taxbrackets). These capital gains rates are generally effective for taxable years beginning before January 1, 2013. For later periods, if you are an

individual, the maximum marginal federal tax ratefor net capital gain is generally 20% (10% for cer-tain taxpayers in the 10% and 15% tax brackets).The 20% rate is reduced to 18% and the 10%rate is reduced to 8% for long-term capital gainsfrom most property acquired after December 31,2000 with a holding period of more than fiveyears.

Net capital gain equals net long-term capitalgain minus net short-term capital loss for the tax-able year. Capital gain or loss is long-term if theholding period for the asset is more than one yearand is short-term if the holding period for theasset is one year or less. You must exclude thedate you purchase your units to determine yourholding period. However, if you receive a capitalgain dividend from your trust and sell your unitat a loss after holding it for six months or less, theloss will be recharacterized as long-term capitalloss to the extent of the capital gain dividendreceived. The tax rates for capital gains realizedfrom assets held for one year or less are generally

the same as for ordinary income. The InternalRevenue Code treats certain capital gains as ordi-nary income in special situations.




Ordinary income dividends received by anindividual unitholder from a regulated investmentcompany such as the trust are generally taxed atthe same rates that apply to net capital gain (as

discussed above), provided certain holding periodrequirements are satisfied and provided the divi-dends are attributable to qualifying dividendsreceived by the trust itself. These special rulesrelating to the taxation of ordinary income divi-dends from regulated investment companies gen-erally apply to taxable years beginning before January 1, 2013. The trust will provide notice toits unitholders of the amount of any distribution which may be taken into account as a dividend which is eligible for the capital gains tax rates.

In-Kind Di str ibut ions. Under certain circum-stances, as described in this prospectus, you may receive an in-kind distribution of trust securities when you redeem units or when your trust termi-nates. This distribution will be treated as a salefor federal income tax purposes and you will gen-erally recognize gain or loss, generally based onthe value at that time of the securities and theamount of cash received. The Internal RevenueService could however assert that a loss could notbe currently deducted.

E xchange s. If you elect to have your proceedsfrom your trust rolled over into a future trust, theexchange would generally be considered a sale forfederal tax purposes.

De d uct ibility of Tr ust Expense s. Expensesincurred and deducted by your trust will generally not be treated as income taxable to you. In somecases, however, you may be required to treat yourportion of these trust expenses as income. Inthese cases you may be able to take a deduction

for these expenses. However, certain miscella-neous itemized deductions, such as investmentexpenses, may be deducted by individuals only to

the extent that all of these deductions exceed 2%of the individual’s adjusted gross income.

For e ign Ta x Cre d it . If your trust invests in

any foreign securities, the tax statement that youreceive may include an item showing foreign taxesyour trust paid to other countries. In this case,dividends taxed to you will include your share of the taxes your trust paid to other countries. Youmay be able to deduct or receive a tax credit foryour share of these taxes.

Inve st ment s in Cer t ain For e ig n Corpor at ions. If the trust holds an equity interest in any “passiveforeign investment companies” (“PFICs”), whichare generally certain foreign corporations that

receive at least 75% of their annual gross incomefrom passive sources (such as interest, dividends,certain rents and royalties or capital gains) or thathold at least 50% of their assets in investmentsproducing such passive income, the trust could besubject to U.S. federal income tax and additionalinterest charges on gains and certain distributions with respect to those equity interests, even if all theincome or gain is timely distributed to itsunitholders. The trust will not be able to passthrough to its unitholders any credit or deductionfor such taxes. The trust may be able to make anelection that could ameliorate these adverse taxconsequences. In this case, the trust would recog-nize as ordinary income any increase in the value of such PFIC shares, and as ordinary loss any decreasein such value to the extent it did not exceed priorincreases included in income. Under this election,the trust might be required to recognize in a yearincome in excess of its distributions from PFICsand its proceeds from dispositions of PFIC stock during that year, and such income would neverthe-less be subject to the distribution requirement and

would be taken into account for purposes of the4% excise tax. Dividends paid by PFICs will notbe treated as qualified dividend income.




Fore ign Inve st or s. If you are a foreign investor(i.e., an investor other than a U.S. citizen or resi-dent or a U.S. corporation, partnership, estate ortrust), you should be aware that, generally, subject

to applicable tax treaties, distributions from thetrust will be characterized as dividends for federalincome tax purposes (other than dividends whichthe trust designates as capital gain dividends) and will be subject to U.S. income taxes, including withholding taxes, subject to certain exceptionsdescribed below. However, distributions receivedby a foreign investor from the trust that are prop-erly designated by the trust as capital gain divi-dends may not be subject to U.S. federal incometaxes, including withholding taxes, provided thatthe trust makes certain elections and certain other

conditions are met. In the case of dividends withrespect to taxable years of the trust beginningprior to 2012, distributions from the trust thatare properly designated by the trust as an interest-related dividend attributable to certain interestincome received by the trust or as a short-termcapital gain dividend attributable to certain netshort-term capital gain income received by thetrust may not be subject to U.S. federal incometaxes, including withholding taxes when receivedby certain foreign investors, provided that thetrust makes certain elections and certain otherconditions are met.

E XPENSES

Your trust will pay various expenses to con-duct its operations. The “Fees and Expenses” sec-tion of the “Investment Summary” in thisprospectus shows the estimated amount of theseexpenses.

The sponsor will receive a fee from your trust

for creating and developing the trust, includingdetermining the trust’s objectives, policies, com-position and size, selecting service providers and

information services and for providing other simi-lar administrative and ministerial functions. This“creation and development fee” is a charge of $0.06 per unit. The trustee will deduct this

amount from your trust’s assets as of the close of the initial offering period. No portion of this feeis applied to the payment of distribution expensesor as compensation for sales efforts. This fee willnot be deducted from proceeds received upon arepurchase, redemption or exchange of unitsbefore the close of the initial public offering peri-od.

Your trust will pay a fee to the trustee for itsservices. The trustee also benefits when it holdscash for your trust in non-interest bearing

accounts. Your trust will reimburse us as supervi-sor, evaluator and sponsor for providing portfoliosupervisory services, for evaluating your portfolioand for providing bookkeeping and administrativeservices. Our reimbursements may exceed thecosts of the services we provide to your trust but will not exceed the costs of services provided to allof our unit investment trusts in any calendar year. All of these fees may adjust for inflation withoutyour approval.

Your trust will also pay its general operatingexpenses. Your trust may pay expenses such astrustee expenses (including legal and auditingexpenses), various governmental charges, fees forextraordinary trustee services, costs of takingaction to protect your trust, costs of indemnifyingthe trustee and the sponsor, legal fees and expens-es, expenses incurred in contacting you and costsincurred to reimburse the trustee for advancingfunds to meet distributions. Your trust may pay the costs of updating its registration statementeach year. The trustee will generally pay trust

expenses from distributions received on the secu-rities but in some cases may sell securities to pay trust expenses.




The trust will also indirectly bear the expensesof the underlying closed-end funds. While thetrust will not pay these expenses directly out of itsassets, these expenses are shown in the trust’s annu-

al operating expenses under “Fees and Expenses” toillustrate the impact of these expenses.

E XPERTS

Le g al Mat t er s. Chapman and Cutler LLP actsas counsel for the trust and has given an opinionthat the units are validly issued. Dorsey & Whitney LLP acts as counsel for the trustee.

Ind epend ent Re g i st ered Public Ac count ing Firm. Grant Thornton LLP, independent regis-

tered public accounting firm, audited the state-ment of financial condition and the portfolioincluded in this prospectus.

A DDITIONAL INFORMATION

This prospectus does not contain all theinformation in the registration statement thatyour trust filed with the Securities and ExchangeCommission. The Information Supplement, which was filed with the Securities and ExchangeCommission, includes more detailed informationabout the securities in your portfolio, investmentrisks and general information about your trust. You can obtain the Information Supplement by contacting us or the Securities and ExchangeCommission as indicated on the back cover of this prospectus. This prospectus incorporates theInformation Supplement by reference (it is legally considered part of this prospectus).




Report of Independent Registered Public A ccounting Firm

Unitholders A dvisors Disciplined Trust 662

We have audited the accompanying statement of financial condition, including the trust portfolio on pages 4, 5 and 6, of Advisors DisciplinedTrust 662, as of January __, 2011, the initial date of deposit. The statement of financial condition is the responsibility of the trust’s sponsor.

Our responsibility is to express an opinion on this statement of financial condition based on our audit.

We conducted our audit in accordance with auditing standards of the Public Company Accounting Oversight Board (United States). Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of financial condition is freeof material misstatement. The trust is not required to have, nor were we engaged to perform an audit of its internal control over financial report-ing. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropri-ate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the trust’s internal control over financial report-ing. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclo-sures in the statement of financial condition, assessing the accounting principles used and significant estimates made by the sponsor, as well asevaluating the overall statement of financial condition presentation. Our procedures included confirmation with The Bank of New York Mellon, trustee, of cash or an irrevocable letter of credit deposited for the purchase of securities as shown in the statement of financial condi-tion as of January __, 2011. We believe that our audit of the statement of financial condition provides a reasonable basis for our opinion.

In our opinion, the statement of financial condition referred to above presents fairly, in all material respects, the financial position of AdvisorsDisciplined Trust 662 as of January __, 2011, in conformity with accounting principles generally accepted in the United States of America.

Chicago, Illinois GRANT THORNTON LLP January __, 2011

Advisors Disciplined Trust 662

Statement of Financial Condition as of January __, 2011

Inv e st me nt in securit ie s Contracts to purchase underlying securities (1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

Liabil it ies and inte re st of inve st ors Liabilities:

Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest of investors:Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Less: deferred sales fee, creation and development fee and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . .Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

(1) Aggregate cost of the securities is based on the closing sale price evaluations as determined by the evaluator.(2) Cash or an irrevocable letter of credit has been deposited with the trustee covering the funds (aggregating $200,000) necessary for the purchase of

securities in the trust represented by purchase contracts.(3) A portion of the public offering price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing and offering

the trust. These costs have been estimated at $0.05 per unit for the trust. A distribution will be made as of the earlier of the close of the initialoffering period or six months following the trust’s inception date to an account maintained by the trustee from which this obligation of theinvestors will be satisfied. To the extent the actual organization costs are greater than the estimated amount, only the estimated organization costsadded to the public offering price will be reimbursed to the sponsor and deducted from the assets of the trust.

(4) The total sales fee consists of an initial sales fee, a deferred sales fee and a creation & development fee. The initial sales fee is equal to the differ-ence between the maximum sales fee and the sum of the remaining deferred sales fee and the total creation & development fee. On the inceptiondate, the total sales fee is 3.95% of the public offering price per unit. The deferred sales fee is equal to $0.235 per unit and the creation & devel-opment fee is equal to $0.06 per unit.

(5) The aggregate cost to investors includes the applicable sales fee assuming no reduction of sales fees.


infl111 adt 662 prospectus - preliminary

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