Making the Case for Fixed Income UITs

1. Making the Case for Fixed Income UITs Advisors Asset Management (AAM) is a SEC registered investment advisor and member FINRA/SIPC. 18925 Base Camp Road │ Monument, CO 80132 │ (800) 697-7220 │ www.aam.us.com

2. Agenda Introducing Advisors Asset Management, Inc. What is a UIT? The Benefits of Fixed Income UITs

3. Introducing Advisors Asset Management, Inc.

4. Introducing Advisors Asset Management • Investment solutions partner for Advisors and Broker/Dealers • Offers a vast array of financial tools, leading technologies, and industry expertise • Established in 1979 • AAM has ten major offices across the nation • Partners with • More than 90 Broker/Dealers (34,000 Registered Reps) • 3,000 independent Registered Investmant Advisors • 175 street accounts which includes small and regional Broker/Dealers as well as major bank/brokerage firms (wire houses)

5. AAM’s Services • High-touch, high-service business model • Focus on meeting the needs of financial professionals • Advisors can differentiate their service capabilities by: • Leveraging AAM’s extensive Fixed Income knowledge • Using our quality offerings and value-added tools • Providing our in-depth portfolio support and analysis

6. AAM Offerings • Fixed Income Securities • Separately Managed Accounts (SMAs) • Structured Products • Unit Investment Trusts (UITs)

7. AAM Offerings • AAM has lowered UIT fees to Advisors to improve the net return to clients. • AAM has grown its business substantially with “corner office” Financial Advisors • Nearly doubled its average ticket size • Increased the number of million dollar tickets • AAM launched the largest fixed income UIT ever in February 2009 with the $138 million deposit of its Insured Tax Exempt Municipal Long Term Portfolio.

8. AAM’s Growth and Stability • In August 2009, AAM was named to the 2009 Inc. 5000 list of the fastest-growing companies in America. • The honor reflects the tremendous success AAM has experienced over the past several years, with the firm ranked 95th in the financial services category.

9. What is a UIT?

10. UIT Description • Fixed basket of professionally selected securities that are professionally monitored with a set termination date • Offer investors the potential for capital appreciation, defined income, daily liquidity, reasonable fees • Disciplined investment approach for a wide range of investment objectives and risk tolerances • Diversified and transparent nature can assist advisors in establishing a long-term asset allocation strategy

11. UIT Types • National and state specific municipal bonds • U.S. Government securities • Corporate bonds • International • Equities

12. Purchase/Sell UITs • $1,000 minimum investment • Buy units any business day • Redeemed units any business day • Redeemed at the NAV • Outstanding sales charges

13. Fees and Expenses • Sales Fee.Sales fees compensate the sponsor, financial advisors and sales representatives for the work they do to provide the UIT investment opportunity. • Transactional Sales Fees UITs may or may not charge an initial sales fee. If there is an initial sales fee it is charged at the time the UIT is purchased. A portion or all of the sales fee may be deferred, depending on the trust's structure. The timing and amount of the deferred sales fees varies by trust. The deferred sales fee is usually taken from the UIT's unit price. • Creation & development fee.In addition to sales fees, the trust sponsor receives fees for creating and developing the UIT. These fees are usually fixed (for example: $0.06 per unit). The trustee deducts this amount from a trust’s assets as of the close of the initial offering period. • Organization Costs.The sponsor is also reimbursed for the costs of organizing the portfolio. Organization costs include: • The costs of preparing the registration statement and legal documents. • Federal and state registration fees. • The initial fees and expenses of the trustee and the initial audit. • Annual operating expenses.UITs usually accrue annual operating expenses daily based on the value of the assets in the trust and the sponsor deducts them from the trust's distributions when they occur. These expenses include: portfolio monitoring, administration, bookkeeping, and evaluation costs. The trustee will generally pay trust expenses from distributions received on the securities but in some cases may sell securities to pay trust expenses.

14. Fees and Expenses - TEMP FEES AND EXPENSES The amounts below are estimates of the direct and indirect expenses that you may incur based on the initial unit price. Actual expenses may vary. Sales Fee As a % of Amount per $1,000 InvestedUnit Maximum sales fee 2.00% $20.00 Organization Costs 0.25% $2.49 Annual As a % Amount operating expenses of Net Assetsper Unit Trustee fee & expenses 0.14% $1.38 Supervisory, evaluation and administration fees 0.10 $1.00 ________ ________ Total 0.24% $2.38

15. The Benefits of Fixed Income UITs

16. Potential Benefits of Fixed Income UITs for Advisors • Helps allocate your time between managing Clients, prospective Clients, and constructing fixed income portfolios • Finding the inventory • Selecting the right bonds for each Client • Consistently monitoring those securities • Streamline your work and potentially produce positive financial outcomes for your Clients — and yourself. • Manage a greater share of your Clients’ investment portfolios • Spend more time building your relationships • Help achieve your Clients’ financial goals.

17. Potential Benefits of Fixed Income UITs for Advisors • AAM’s fixed income UITs make the investment process easier for you, the Financial Advisor. Access -Leveraging our relationships in the industry, we may be able to find issues and lot sizes that are not available to financial advisors – and at institutional pricing. Our “indication of interest” offering process also provides the time they need to contact clients without worrying that a position will trade away before they can execute the trade. Professional Selection and Supervision -Whether it’s AAM’s in-house fixed income experts or an outside portfolio consultant to the trust, let us handle the credit research, sourcing the bonds for the portfolio and the trade execution. Diversification -The investor owns a variety of bonds within a single investment diversified as to purpose of issue and location of issuer. Time efficiency -It would take substantial time and capital commitment to achieve this type of portfolio diversification on your own. When we do it for you, you have more time to focus on your clientsand gathering assets.

18. Potential Benefits of Fixed Income UITs for Advisors • AAM’s fixed income UITs make the investment process easier for you, the Financial Advisor. Transparency- The UIT portfolio will remain fixed therefore the investor knows exactly what they own. Monthly Income -A key feature for retirees, building a portfolio of bonds that can line up coupons to pay monthly income may be extremely difficult for a financial advisor to construct in an individual account. Daily liquidity -Units may be redeemed any business day at the redemption price, which may be more or less than the original purchase price. UIT Tax Treatment -UITs are not actively traded and do not have embedded capital gains at purchase.

19. Potential Benefits of Fixed Income UITs for Advisors • AAM’s fixed income UITs make the investment process easier for you, the Financial Advisor. Permanence and definition - we believe that the unit investment trust structure is particularly well suited for fixed income investments. What does that mean? Unlike mutual funds, UITs have a defined term with a “mandatory termination date” similar to individual bonds. As the UIT approaches its maturity date, the duration of the portfolio declines similar to how an individual bond winds down. In short, investors know exactly what they own in their portfolio and they will receive a return of principal distribution as the bonds in the portfolio mature. In addition, our analysts carefully monitor the portfolio and may, in certain limited circumstances, sell a bond from the portfolio prior to the trust maturity date should a serious decline in credit quality occur. In this case, investors would receive a principal distribution of the sales proceeds. Keep in mind, though, that UITs are fixed portfolios and are not actively managed. When an investor purchases a UIT, the expectation should be that they are buying and holding the underlying portfolio.

20. UIT Risks • Market risk • Credit ratings may change • Performance may vary • No active portfolio management • Volatility • Security concentrations • Inflation • Interest

21. UIT Disclosure Information Unit Investment Trusts (UITs) are sold only by prospectus. You should consider the investment objectives, risks, charges and expenses of the unit investment trust carefully before investing. Contact your financial professional or call Advisors Asset Management, Inc. (AAM) at (866) 606-7220 to request a prospectus, which contains this and other information about the trust. Read it carefully before you invest or send money. This message is intended only for the use of the audience to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure under applicable law. No securities are being offered in the delivery or discussion of this literature. Unless otherwise stated, all information and opinion contained herein was produced by Advisors Asset Management, Inc. (AAM) and other sources believed by AAM to accurate and reliable. Due to changing market conditions and the complexity of investment decisions, supplemental information may be required to make an informed investment decisions. All expressions of opinions are subject to change. Advisors Asset Management (AAM), Inc. 18925 Base Camp Road │ Monument, CO 80132 │ (800) 697-7220 │ www.aam.us.com CRN: 2009-0821- 1543