Supplement to the Prospectus - Advisors Asset Management...9 CBRL Cracker Barrel Old Country Store,...

ADVISORS DISCIPLINED TRUST 1770

Supplement to the Prospectus

Spectra Energy Corporation (NYSE: SE) has been acquired by Enbridge Inc. (NYSE: ENB) in a stock acquisition. Accordingly, notwithstanding anything to the contrary in the prospectus, the portfolio for Bahl & Gaynor Income Growth Portfolio, Series 2017-1Q now includes shares of Enbridge Inc. and will no longer include shares of Spectra Energy Corporation.

Supplement Dated: February 28, 2017

Prospectus

February 21, 2017

As with any investment, the Securities andExchange Commission has not approvedor disapproved of these securities orpassed upon the adequacy or accuracy ofthis prospectus. Any contrary representa-tion is a criminal offense.

Advisors Core Equity Strategy Portfolio, Series 2017-1Q

Bahl & Gaynor Income Growth Portfolio, Series 2017-1Q

Dividend Advantage Portfolio, Series 2017-1Q

The Dow® Value Ten Portfolio, Series 2017-1Q

European Select Portfolio,Series 2017-1Q—A Cyrus J. Lawrence LLC (“CJL”) Portfolio

International High 30 Dividend Portfolio, Series 2017-1Q

Minimum Volatility Equity Income Portfolio,Series 2017-1Q—A Hartford InvestmentManagement Company (“HIMCO”) Portfolio

Strategic High 80 Dividend Portfolio, Series 2017-1Q

(Advisors Disciplined Trust 1770)

IINNVVEESSTTMMEENNTT OOBBJJEECCTTIIVVEE

The trust seeks to provide above average totalreturn primarily through capital appreciation.There is no assurance the trust will achieve itsobjective.

PPRRIINNCCIIPPAALL IINNVVEESSTTMMEENNTT SSTTRRAATTEEGGYY

The trust seeks to provide above average totalreturn, primarily through capital appreciation, byinvesting in a portfolio of stocks of companies thatwe* believe can take advantage of the current eco-nomic landscape. The securities were selected byanalyzing factors including market capitalization,economic sectors, revenues, revenue growth, earn-ings, earnings growth, balance sheet strength andvaluation. In selecting stocks for the portfolio, wesought to include both growth and value stocksand provide diversification across market capital-izations and multiple industry sectors. The trustmay be appropriate as a core position in the equityallocation portion of an investor's overall portfolio.

PPRRIINNCCIIPPAALL RRIISSKKSS

As with all investments, you can lose money byinvesting in this trust. The trust also might notperform as well as you expect. This can happen forreasons such as these:

• SSeeccuurriittyy pprriicceess wwiillll fflluuccttuuaattee. The value ofyour investment may fall over time.

• AAnn iissssuueerr mmaayy bbee uunnwwiilllliinngg oorr uunnaabbllee ttooddeeccllaarree ddiivviiddeennddss iinn tthhee ffuuttuurree,, oorr mmaayy rreedduucceetthhee lleevveell ooff ddiivviiddeennddss ddeeccllaarreedd.. This mayresult in a reduction in the value of your units.

• TThhee ffiinnaanncciiaall ccoonnddiittiioonn ooff aann iissssuueerr mmaayywwoorrsseenn oorr iittss ccrreeddiitt rraattiinnggss mmaayy ddrroopp,, rreessuulltt--iinngg iinn aa rreedduuccttiioonn iinn tthhee vvaalluuee ooff yyoouurr uunniittss..This may occur at any point in time, includ-ing during the initial offering period.

• TThhee ttrruusstt mmaayy iinnvveesstt iinn sseeccuurriittiieess ooff ssmmaallll aannddmmiidd--ssiizzee ccoommppaanniieess.. These securities are oftenmore volatile and have lower trading volumesthan securities of larger companies. Small andmid-size companies may have limited productsor financial resources, management inexperi-ence and less publicly available information.

• WWee ddoo nnoott aaccttiivveellyy mmaannaaggee tthhee ppoorrttffoolliioo..Except in limited circumstances, the trust willhold, and continue to buy, shares of the samesecurities even if their market value declines.

2 Investment Summary

ADVISORS CORE EQUITY STRATEGY PORTFOLIO

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

WWHHOO SSHHOOUULLDD IINNVVEESSTT

You should consider this investment if you want:

• to own a defined portfolio of stocks.

• to pursue a long-term, growth-orientedinvestment strategy that includes invest-ment in subsequent portfolios, if available.

• the potential for capital appreciation.

You should not consider this investment if you:

• are uncomfortable with the risks of anunmanaged investment in common stocks.

• are uncomfortable with the trust’s strategy.

• seek current income or capital preservation.

FFEEEESS AANNDD EEXXPPEENNSSEESS

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

AAss aa %% AAmmoouunnttooff $$11,,000000 ppeerr 110000

SSaalleess FFeeee IInnvveesstteedd UUnniittss

Initial sales fee 1.00% $10.00Deferred sales fee 1.45 14.50Creation & development fee 0.50 5.00Maximum sales fee 2.95% $29.50

OOrrggaanniizzaattiioonn CCoossttss 0.49% $4.90

AAss aa %% AAmmoouunnttAAnnnnuuaall ooff NNeett ppeerr 110000ooppeerraattiinngg eexxppeennsseess AAsssseettss UUnniittss

Trustee fee & expenses 0.22% $2.17Supervisory, evaluation

and administration fees 0.10 1.00Total 0.32% $3.17

The initial sales fee is the difference between thetotal sales fee (maximum of 2.95% 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 $0.145 per unit and is paid in threemonthly installments beginning on June 20, 2017. Thecreation and development fee is fixed at $0.05 per unitand is paid at the end of the initial offering period (antici-pated to be approximately three months).

EEXXAAMMPPLLEE

This example helps you compare the cost of this trustwith other unit trusts and mutual funds. In the example weassume that the expenses do not change and that the trust’sannual return is 5%. Your actual returns and expenses willvary. Based on these assumptions, you would pay theseexpenses for every $10,000 you invest in the trust:

1 year $3783 years $9525 years $1,55210 years $3,173

This example assumes that you continue to followthe trust strategy and roll your investment, including alldistributions, into a new series of the trust each year sub-ject to a reduced rollover sales charge of 1.95%.

ESSENTIAL INFORMATION

Unit price at inception $10.0000

Inception date February 21, 2017Termination date May 18, 2018

Estimated net annualdistributions* $0.0978 per unit

Distribution dates 25th day of June & DecemberRecord dates 10th day of June & December

CUSIP NumbersStandard Accounts

Cash distributions 00776K107Reinvest distributions 00776K115

Fee Based AccountsCash distributions 00776K123Reinvest distributions 00776K131

Ticker Symbol ACESSX

Minimum investment $1,000/100 units

Tax Structure Regulated Investment Company

* As of February 17, 2017 and may vary thereafter.

Investment Summary 3

Advisors Core Equity Strategy Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)PortfolioAs of the trust inception date, February 21, 2017

COMMON STOCKS — 100.00%

Consumer Discretionary - 14.08%

2 AMZN Amazon.com, Inc. (4) 1.13% $845.07 $1,69020 CMCSA Comcast Corporation 1.01 75.32 1,506

9 CBRL Cracker Barrel Old Country Store, Inc. 1.01 168.69 1,51826 PLAY Dave & Buster’s Entertainment, Inc. (4) 1.01 58.19 1,51358 GME GameStop Corporation 0.99 25.57 1,48340 GM General Motors Company 0.99 37.22 1,48910 LEA Lear Corporation 0.95 142.37 1,42415 LAD Lithia Motors, Inc. 1.00 100.24 1,504

7 MHK Mohawk Industries, Inc. (4) 1.04 221.55 1,5511 PCLN The Priceline Group, Inc. (4) 1.09 1,637.40 1,637

70 PHM PulteGroup, Inc. 1.00 21.40 1,49813 THO Thor Industries, Inc. 0.96 110.72 1,43919 TJX The TJX Companies, Inc. 0.98 77.19 1,467

5 ULTA Ulta Beauty, Inc. (4) 0.92 275.15 1,376

Consumer Staples - 6.91%

20 MO Altria Group, Inc. 0.97 72.97 1,45919 BG Bunge Limited (3) 0.99 77.78 1,478

8 COST Costco Wholesale Corporation 0.94 175.86 1,40719 CVS CVS Health Corporation 1.01 79.69 1,51414 PEP PepsiCo, Inc. 1.01 108.15 1,51427 PF Pinnacle Foods, Inc. 0.99 54.86 1,48123 TSN Tyson Foods, Inc. 1.00 65.26 1,501

Energy - 5.99%

45 CRZO Carrizo Oil & Gas, Inc. (4) 0.99 33.09 1,48914 FANG Diamondback Energy, Inc. (4) 1.01 107.63 1,50728 HAL Halliburton Company 1.00 53.71 1,50417 TSO Tesoro Corporation 0.98 86.64 1,47323 VLO Valero Energy Corporation 1.01 65.49 1,50653 WMB The Williams Companies, Inc. 1.00 28.20 1,495

(continued)

Percentage of Market Cost ofNumber Ticker Aggregate Offering Value per Securitiesof Shares Symbol Issuer(1) Price Share(1) to Trust(2)


Advisors Core Equity Strategy Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)Portfolio (Continued)As of the trust inception date, February 21, 2017

Financials - 15.99%

54 AFSI AmTrust Financial Services, Inc. 0.99% $27.34 $1,47661 BAC Bank of America Corporation 1.00 24.52 1,49636 SCHW The Charles Schwab Corporation 1.00 41.55 1,49611 CB Chubb Limited (3) 1.00 136.19 1,49828 EWBC East West Bancorp, Inc. 1.01 53.81 1,50719 EVR Evercore Partners, Inc. 1.02 80.45 1,529

6 GS The Goldman Sachs Group, Inc. 1.00 250.38 1,50216 JPM JPMorgan Chase & Company 0.96 90.23 1,44478 KEY KeyCorp 0.99 18.96 1,47935 LTXB LegacyTexas Financial Group, Inc. 1.00 42.53 1,48921 NDAQ Nasdaq, Inc. 1.00 71.51 1,50237 PPBI Pacific Premier Bancorp, Inc. (4) 1.00 40.25 1,48978 RDN Radian Group, Inc. 0.99 19.00 1,48212 RGA Reinsurance Group of America, Inc. 1.04 129.09 1,54941 SYF Synchrony Financial 1.01 36.68 1,50428 WAL Western Alliance Bancorp (4) 0.98 52.41 1,467

Health Care - 12.97%

12 AET Aetna, Inc. 1.01 125.27 1,5039 AMGN Amgen, Inc. 1.04 173.29 1,5608 COO The Cooper Companies, Inc. 1.05 195.91 1,5676 BCR C.R. Bard, Inc. 0.97 242.41 1,454

18 DHR Danaher Corporation 1.01 84.05 1,51319 LLY Eli Lilly & Company 1.02 80.39 1,52723 MRK Merck & Company, Inc. 1.01 65.39 1,50453 MMSI Merit Medical Systems, Inc. (4) 1.00 28.25 1,49720 NUVA NuVasive, Inc. (4) 0.99 74.22 1,48447 PINC Premier, Inc. (4) 0.99 31.35 1,47319 Q Quintiles IMS Holdings, Inc. (4) 0.98 76.75 1,458

9 TMO Thermo Fisher Scientific, Inc. 0.95 158.64 1,4289 UNH UnitedHealth Group, Inc. 0.95 157.62 1,419

(continued)




Industrials - 13.06%

7 AYI Acuity Brands, Inc. 1.03% $220.29 $1,54238 AL Air Lease Corporation 0.99 38.95 1,48033 BECN Beacon Roofing Supply, Inc. (4) 1.00 45.51 1,50229 DAL Delta Air Lines, Inc. 0.99 51.23 1,48620 DLX Deluxe Corporation 1.01 75.40 1,508

8 FDX FedEx Corporation 1.04 193.70 1,5508 GD General Dynamics Corporation 1.01 189.06 1,512

12 HON Honeywell International, Inc. 1.00 124.56 1,4959 LLL L3 Technologies, Inc. 1.01 168.23 1,514

39 MTZ MasTec, Inc. (4) 0.99 37.80 1,47426 OC Owens Corning 1.00 57.43 1,49340 PWR Quanta Services, Inc. (4) 1.00 37.24 1,49030 XPO XPO Logistics, Inc. (4) 0.99 49.22 1,477

Information Technology - 19.05%

12 ADBE Adobe Systems, Inc. (4) 0.96 119.67 1,4362 GOOGL Alphabet, Inc. (4) 1.13 846.55 1,693

11 AAPL Apple, Inc. 1.00 135.72 1,4937 AVGO Broadcom Limited (3) 0.98 210.41 1,473

12 CACI CACI International, Inc. (4) 1.02 126.70 1,52044 CSCO Cisco Systems, Inc. 0.99 33.74 1,48525 EBIX Ebix, Inc. 0.99 59.35 1,48411 FB Facebook, Inc. (4) 0.98 133.53 1,46914 HRS Harris Corporation 1.02 109.46 1,53213 LRCX Lam Research Corporation 1.00 114.90 1,49423 MSFT Microsoft Corporation 0.99 64.62 1,48695 ON ON Semiconductor Corporation (4) 0.99 15.60 1,48210 PANW Palo Alto Networks, Inc. (4) 1.03 154.76 1,54818 PFPT Proofpoint, Inc. (4) 0.99 81.84 1,47318 CRM salesforce.com, Inc. (4) 0.98 81.47 1,46621 SLAB Silicon Laboratories, Inc. (4) 1.01 72.05 1,51323 VNTV Vantiv, Inc. (4) 1.00 64.86 1,49217 V Visa, Inc. 0.99 87.46 1,48720 WDC Western Digital Corporation 1.00 74.91 1,498

(continued)




Materials - 2.00%24 DOW The Dow Chemical Company 0.98% $61.26 $1,47016 PKG Packaging Corporation of America 1.02 95.26 1,524

Real Estate - 2.98%

42 CBG CBRE Group, Inc. (4) 1.00 35.68 1,49914 DLR Digital Realty Trust, Inc. 0.98 104.15 1,45894 INN Summit Hotel Properties, Inc. 1.00 15.94 1,498

Telecommunication Services - 3.03%

36 T AT&T, Inc. 1.00 41.48 1,493160 S Sprint Corporation (4) 1.00 9.30 1,488

24 TMUS T-Mobile US, Inc. (4) 1.03 63.92 1,534

Utilities - 3.94%

23 AEP American Electric Power Company, Inc. 0.99 64.11 1,47515 DTE DTE Energy Company 0.98 98.12 1,47242 PNM PNM Resources, Inc. 0.99 35.10 1,47431 UGI UGI Corporation 0.98 47.46 1,471

100.00% $149,622

Notes to Portfolio

(1) Securities are represented by contracts to purchase securities. The value of each security is based on the most recent closing sale price of eachsecurity 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 accordancewith Accounting Standards Codification 820, “Fair Value Measurements”, the trust’s investments are classified as Level 1, which refers to securityprices determined using quoted prices in active markets for identical securities.

(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 spon-sor and the cost of the securities to the trust) are $149,622 and $0, respectively.

(3) This is a security issued by a foreign company.

Common Stocks comprise 100.00% of the investments in the trust, broken down by country of organization as set forth below:

Bermuda 0.99%Singapore 0.98%Switzerland 1.00%United States 97.03%

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




The trust seeks to provide high current andgrowing dividend income with capital appreciationas a secondary objective. There is no assurance thetrust will achieve its objective.


The trust seeks to achieve its objective by invest-ing in a portfolio of high-quality companies that havehistorically paid dividends and demonstrated steadyearnings and dividend growth selected by Bahl &Gaynor, Inc. (the “Portfolio Consultant”). Althoughthe trust’s portfolio may include securities of compa-nies with a range of market capitalizations, it consistsprimarily of securities of companies categorized aslarge capitalization by the Portfolio Consultant as ofthe trust’s inception. The Portfolio Consultantdefines large capitalization companies to be thosewith market capitalizations of $10 billion or higher.Weightings of individual sectors were based on thePortfolio Consultant’s assessment of company funda-mentals, valuations and overall economic conditions.


As with all investments, you can lose money byinvesting in this trust. The trust also might not per-form as well as you expect. This can happen for rea-sons such as these:

• SSeeccuurriittyy pprriicceess wwiillll fflluuccttuuaattee. The value of yourinvestment may fall over time.

• TThhee ffiinnaanncciiaall ccoonnddiittiioonn ooff aann iissssuueerr mmaayy wwoorrsseennoorr iittss ccrreeddiitt rraattiinnggss mmaayy ddrroopp,, rreessuullttiinngg iinn aarreedduuccttiioonn iinn tthhee vvaalluuee ooff yyoouurr uunniittss.. This mayoccur at any point in time, including during theinitial offering period.

• AAnn iissssuueerr mmaayy bbee uunnwwiilllliinngg oorr uunnaabbllee ttoo ddeeccllaarreeddiivviiddeennddss iinn tthhee ffuuttuurree,, oorr mmaayy rreedduuccee tthhee lleevveellooff ddiivviiddeennddss ddeeccllaarreedd.. This may result in areduction in the value of your units.

• NNeeiitthheerr wwee** nnoorr tthhee PPoorrttffoolliioo CCoonnssuullttaannttaaccttiivveellyy mmaannaaggeess tthhee ppoorrttffoolliioo.. Except in limit-ed circumstances, the trust will hold, and con-tinue to buy, shares of the same securities evenif their market value declines.

PPOORRTTFFOOLLIIOO CCOONNSSUULLTTAANNTT

The Portfolio Consultant, Bahl & Gaynor, Inc.,is a registered investment adviser. The PortfolioConsultant was founded in 1990 and is ownedentirely by its investment professionals.

The Portfolio Consultant is not an affiliate ofthe sponsor. The Portfolio Consultant makes norepresentations that the portfolio will achieve theinvestment objectives or will be profitable or suit-able for any particular potential investor. The spon-sor did not select the securities for the trust.

The Portfolio Consultant and/or its affiliatesmay use the list of securities in its independentcapacity as an investment adviser and distribute thisinformation to various individuals and entities. ThePortfolio Consultant and/or its affiliates may recom-mend to other clients or otherwise effect transactionsin the securities held by the trust. This may have anadverse effect on the prices of the securities. Thisalso may have an impact on the price the trust paysfor the securities and the price received upon unitredemptions or liquidation of the securities. ThePortfolio Consultant and/or its affiliates also mayissue reports and makes recommendations on securi-ties, which may include the securities in the trust.

Neither the Portfolio Consultant nor the spon-sor manages the trust. Opinions expressed by thePortfolio Consultant are not necessarily those of thesponsor, and may not actually come to pass. Thetrust will pay the Portfolio Consultant a fee forselecting the trust’s portfolio.

BAHL & GAYNOR INCOME GROWTH PORTFOLIO





• to own a portfolio primarily of stocks.

• the potential for high current and growingdividend income with capital appreciation asa secondary objective.



• seek capital preservation or capital apprecia-tion as a primary objective.











EEXXAAMMPPLLEE








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




Ticker Symbol BGIGIX





Bahl & Gaynor Income Growth Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)PortfolioAs of the trust inception date, February 21, 2017



31 HAS Hasbro, Inc. 2.05% $98.50 $3,05333 HD The Home Depot, Inc. 3.17 143.00 4,719


66 MO Altria Group, Inc. 3.24 72.97 4,81689 KO The Coca-Cola Company 2.47 41.23 3,66911 KMB Kimberly-Clark Corporation 0.98 131.93 1,45150 PEP PepsiCo, Inc. 3.63 108.15 5,40835 PM Philip Morris International, Inc. 2.44 103.66 3,628

Energy - 8.06%

47 XOM Exxon Mobil Corporation 2.58 81.76 3,84353 OXY Occidental Petroleum Corporation 2.36 66.27 3,512

113 SE Spectra Energy Corporation 3.12 41.09 4,643

Financials - 12.68%

123 BBT BB&T Corporation 3.97 47.96 5,89911 BLK BlackRock, Inc. 2.87 388.76 4,27664 JPM JPMorgan Chase & Company 3.88 90.23 5,77523 PNC The PNC Financial Services Group, Inc. 1.96 126.86 2,918

(Continued)



Bahl & Gaynor Income Growth Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)Portfolio (Continued)As of the trust inception date, February 21, 2017


76 ABT Abbott Laboratories 2.28% $44.69 $3,39642 ABBV AbbVie, Inc. 1.74 61.77 2,59414 AMGN Amgen, Inc. 1.63 173.29 2,42639 JNJ Johnson & Johnson 3.12 118.86 4,63623 MDT Medtronic PLC (3) 1.22 78.88 1,81447 MRK Merck & Company, Inc. 2.07 65.39 3,073

115 PFE Pfizer, Inc. 2.60 33.62 3,866


28 MMM 3M Company 3.44 182.95 5,12367 FAST Fastenal Company 2.28 50.71 3,398

111 GE General Electric Company 2.27 30.37 3,37119 HON Honeywell International, Inc. 1.59 124.56 2,36712 ITW Illinois Tool Works, Inc. 1.05 130.31 1,56415 LMT Lockheed Martin Corporation 2.68 265.35 3,980


20 ADP Automatic Data Processing, Inc. 1.34 99.68 1,994140 CSCO Cisco Systems, Inc. 3.18 33.74 4,724

60 MXIM Maxim Integrated Products, Inc. 1.82 45.11 2,707107 MSFT Microsoft Corporation 4.65 64.62 6,914

71 PAYX Paychex, Inc. 2.82 59.13 4,19867 TXN Texas Instruments, Inc. 3.44 76.44 5,121

Materials - 3.18%

15 APD Air Products & Chemicals, Inc. 1.43 141.50 2,12328 LYB LyondellBasell Industries (3) 1.75 92.91 2,601

(Continued)



Bahl & Gaynor Income Growth Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)Portfolio (Continued)As of the trust inception date, February 21, 2017

Real Estate - 6.93%

42 CCI Crown Castle International Corporation 2.52% $89.23 $3,7485 PSA Public Storage 0.76 225.76 1,129

28 O Realty Income Corporation 1.14 60.80 1,70260 VTR Ventas, Inc. 2.51 62.16 3,730

Utilities - 5.95%

37 NEE NextEra Energy, Inc. 3.16 126.86 4,69472 WEC WEC Energy Group, Inc. 2.79 57.54 4,143

100.00% $148,746

Notes to Portfolio


(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 thesponsor and the cost of the securities to the trust) are $148,746 and $0, respectively.


Common stocks comprise 100.00% of the investments in the trust, broken down by country of organization as set forth below:

Ireland 1.22%Netherlands 1.75%United States 97.03%





The trust seeks to provide above average totalreturn. There is no assurance the trust will achieveits objective.


The trust consists of stocks selected by Eugene E.Peroni of Peroni Portfolio Advisors, Inc. (the “PortfolioConsultant”) through application of his proprietarymethod of technical analysis, the Peroni Method, his-torical quantitative analysis and fundamental analysis.Mr. Peroni initially screened stocks based on the fol-lowing criteria:

• companies with a longer-term history of pay-ing dividends with special consideration tothose companies that have historicallyincreased their dividends;

• companies with current annual dividendyields of 2.5% or higher;

• companies with cash flows that appear suffi-cient for such company to continue to paydividends; and

• companies with good longer-term earningsgrowth prospects.

Mr. Peroni narrowed this universe of stocksthrough application of the Peroni Method. From thesestocks, Mr. Peroni selected a final portfolio focusing onfinancial strength, prospects for revenue and earningsgrowth and sustainability of the dividend, among othercriteria. Dividends may be an important componentto total return.

Eugene E. Peroni Jr. has regularly published hisinsights in reports offering stock market forecasts andspecific stock recommendations for both short andlonger-term investments. Mr. Peroni regularly appearson CNBC, CBS MarketWatch, Nightly BusinessReport, Fox Business News and Bloomberg Radio,and has been quoted in publications such as The WallStreet Journal, The New York Times, U.S. News andWorld Report and Investors Business Daily.

Mr. Peroni began training in the field of technicalresearch at age 16 with his father, Eugene E. Peroni,Sr., who founded the Peroni Method more than 50years ago. Mr. Peroni has over 40 years of experiencein his field. The Peroni Method uses a bottom-upapproach, primarily emphasizing the technical meritsof individual stocks.

Mr. Peroni has a library of approximately 1,000hand-charted stocks that is the result of extensive tech-nical research and is regularly refreshed to include newopportunities gleaned through ticker tape analysis,news outlets, corporate developments and practicalobservations. Charts with attractive price architectureare noted and stocks are ranked and screened on a reg-ular basis. Historical characteristics are analyzed forprice and volume shifts and evaluations are made usingmoney flow and relative strength trends. Sector rela-tive strength is then determined by unbiased groupingsof attractive stocks. Portfolio construction progressesas weightings are determined by analyzing individualstock price behavior, economic factors, monetarytrends, psychological oscillators and investor psycholo-gy. Those stocks with the best technical characteristicsin strong or emerging leadership sectors are candidatesfor inclusion in the portfolio while also taking intoconsideration appropriate diversification.

The Peroni Method is a bottom-up approach tostock selection that is primarily based on technicalanalysis. The methodology examines a stock’s pricearchitecture, accumulation and distribution trends andrelative strength patterns, among other more subtletrading characteristics. This information is partly gath-ered and analyzed through hand drawn point and fig-ure charts which have been a part of the methodologyfor over half a century. While the Peroni Method isprimarily focused on the technical characteristics ofindividual stocks, economic, monetary, geopoliticaland sentiment factors at play in the market place arealso incorporated to identify leading stocks and sectors.

Technical analysis differs from fundamental analy-sis, which generally involves financial scrutiny of theissuing company and considers such factors as earningsprojections, P/E ratios, cash flow and other balancesheet data. The Peroni Method may be an investment

DIVIDEND ADVANTAGE PORTFOLIO


alternative to fundamental analysis. Mr. Peronibelieves that technical factors can help identify indus-try sector relative strength patterns that may play animportant role in investment success. The methodolo-gy allows an unconstrained approach to stock selec-tion, spanning all market caps and investment styles,i.e. growth and value.

The Peroni Method examines numerous techni-cal, psychological and fundamental data. The datamay include:

• a stock’s historical price architecture

• net money flow trends in individual stocks

• the relative behavior of a stock’s price per-formance compared to other stocks in thesame sector

• sentiment readings such as the volatility index

• fiscal and monetary factors

• geopolitical events and their impact on specif-ic sectors




• TThhee ffiinnaanncciiaall ccoonnddiittiioonn ooff aann iissssuueerr mmaayy wwoorrsseennoorr iittss ccrreeddiitt rraattiinnggss mmaayy ddrroopp,, rreessuullttiinngg iinn aa rreedduucc--ttiioonn iinn tthhee vvaalluuee ooff yyoouurr uunniittss.. This may occur atany point in time, including during the initialoffering period.

• AAnn iissssuueerr mmaayy bbee uunnwwiilllliinngg oorr uunnaabbllee ttoo ddeeccllaarreeddiivviiddeennddss iinn tthhee ffuuttuurree,, oorr mmaayy rreedduuccee tthhee lleevveell ooffddiivviiddeennddss ddeeccllaarreedd.. This may result in a reduc-tion in the value of your units.

• TThhee ttrruusstt mmaayy iinnvveesstt iinn sseeccuurriittiieess ooff ssmmaallll aannddmmiidd--ssiizzee ccoommppaanniieess.. These securities are oftenmore volatile and have lower trading volumes than

securities of larger companies. Small and mid-sizecompanies may have limited products or financialresources, management inexperience and less pub-licly available information.

• WWee** ddoo nnoott aaccttiivveellyy mmaannaaggee tthhee ppoorrttffoolliioo.. Exceptin limited circumstances, the trust will hold, andcontinue to buy, shares of the same securities evenif their market value declines.


The Portfolio Consultant, Peroni PortfolioAdvisors, Inc., is a newly registered investment adviserregistered in Pennsylvania.

The Portfolio Consultant is not an affiliate of thesponsor. The Portfolio Consultant makes no represen-tations that the portfolio will achieve the investmentobjectives or will be profitable or suitable for any par-ticular potential investor. The sponsor did not selectthe securities for the trust.

The Portfolio Consultant and/or its affiliates mayuse the list of securities in its independent capacity asan investment adviser and distribute this informationto various individuals and entities. The PortfolioConsultant and/or its affiliates may recommend toother clients or otherwise effect transactions in thesecurities held by the trust. This may have an adverseeffect on the prices of the securities. This also mayhave an impact on the price the trust pays for the secu-rities and the price received upon unit redemptions orliquidation of the securities. The Portfolio Consultantand/or its affiliates also may issue reports and makesrecommendations on securities, which may include thesecurities in the trust.

Neither the Portfolio Consultant nor the sponsormanages the trust. Opinions expressed by the PortfolioConsultant are not necessarily those of the sponsor, andmay not actually come to pass. The trust will pay thePortfolio Consultant a fee for selecting the trust’s port-folio. The trust will also pay a license fee for the use ofcertain service marks, trademarks, trade names and/orother property of the Portfolio Consultant.





• to own a defined portfolio of stocks selectedbased on technical, historical quantitative andfundamental analysis.

• to pursue a long-term investment strategythat includes investment in subsequent port-folios, if available.

• the potential to receive above average totalreturns (a combination of capital appreciationand dividend income).




• seek capital preservation.



AAss aa %% AAmmoouunntt ooff $$11,,000000 ppeerr 110000








EEXXAAMMPPLLEE












Ticker Symbol DAPAQX





Dividend Advantage Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)Portfolio — As of the trust inception date, February 21, 2017


Consumer Discretionary - 12.46%18 CBRL Cracker Barrel Old Country Store, Inc. 2.04% $168.69 $3,036

247 F Ford Motor Company 2.09 12.58 3,10761 GRMN Garmin Limited (3) 2.08 50.81 3,09960 LVS Las Vegas Sands Corporation 2.10 52.03 3,12250 SIX Six Flags Entertainment Corporation 2.07 61.65 3,08253 TUP Tupperware Brands Corporation 2.08 58.40 3,095

Consumer Staples - 8.27%42 MO Altria Group, Inc. 2.06 72.97 3,06528 BUD Anheuser-Busch InBev S.A. (3) 2.05 108.82 3,04766 BGS B&G Foods, Inc. 2.08 46.80 3,089

137 VGR Vector Group Limited 2.08 22.60 3,096

Energy - 10.39%93 BP BP PLC (3) 2.09 33.42 3,10828 CVX Chevron Corporation 2.08 110.33 3,08959 RDS/A Royal Dutch Shell PLC (3) 2.07 52.20 3,080

213 SFL Ship Finance International Limited (3) 2.08 14.55 3,09983 WNR Western Refining, Inc. 2.07 37.06 3,076

Financials - 12.50%572 AEG Aegon (3) 2.07 5.38 3,077286 NLY Annaly Capital Management, Inc. 2.08 10.82 3,095115 BLX Banco Latinoamericano de

Comercio Exterior S.A. (3) 2.09 27.04 3,110166 CIM Chimera Investment Corporation 2.09 18.70 3,104338 TWO Two Harbors Investment Corporation 2.08 9.13 3,086165 VIRT Virtu Financial, Inc. 2.09 18.80 3,102

Health Care - 4.17%75 GSK GlaxoSmithKline PLC (3) 2.09 41.34 3,10192 PFE Pfizer, Inc. 2.08 33.62 3,093

Industrials - 12.53%126 AYR Aircastle Limited (3) 2.08 24.58 3,097

18 BA The Boeing Company 2.09 172.71 3,10931 CAT Caterpillar, Inc. 2.06 98.85 3,06412 LMT Lockheed Martin Corporation 2.14 265.35 3,18439 MIC Macquarie Infrastructure Corporation 2.09 79.50 3,101

119 QUAD Quad/Graphics, Inc. 2.07 25.89 3,081

(Continued)



Dividend Advantage Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)Portfolio (Continued) — As of the trust inception date, February 21, 2017

Information Technology - 4.16%17 IBM International Business Machines Corporation 2.07% $180.67 $3,07169 MXIM Maxim Integrated Products, Inc. 2.09 45.11 3,113

Materials - 8.31%92 CF CF Industries Holdings, Inc. 2.11 34.11 3,13859 IP International Paper Company 2.07 52.15 3,07733 LYB LyondellBasell Industries (3) 2.06 92.91 3,06674 SWM Schweitzer-Mauduit International, Inc. 2.07 41.67 3,084

Real Estate - 14.69%35 CCI Crown Castle International Corporation 2.10 89.23 3,123

170 HST Host Hotels & Resorts, Inc. 2.10 18.39 3,12683 IRM Iron Mountain, Inc. 2.07 37.15 3,08340 LAMR Lamar Advertising Company 2.10 78.10 3,12442 NHI National Health Investors, Inc. 2.10 74.31 3,12198 OHI Omega Healthcare Investors, Inc. 2.09 31.71 3,10814 PSA Public Storage 2.13 225.76 3,161

Telecommunication Services - 6.24%75 T AT&T, Inc. 2.09 41.48 3,11170 RCI Rogers Communications, Inc. (3) 2.07 43.95 3,07763 VZ Verizon Communications, Inc. 2.08 49.19 3,099

Utilities - 6.28%40 DUK Duke Energy Corporation 2.11 78.36 3,13442 ETR Entergy Corporation 2.08 73.55 3,08954 WEC WEC Energy Group, Inc. 2.09 57.54 3,107

100.00% $148,706

Notes to Portfolio

(1) Securities are represented by contracts to purchase securities. The value of each security is based on the most recent closing sale priceof 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 investments are classified as Level 1,which refers to security prices determined using quoted prices in active markets for identical securities.




Belgium 2.05% Bermuda 4.16% Canada 2.07%Netherlands 4.13% Panama 2.09% Switzerland 2.08%United Kingdom 6.25% United States 77.17%




The trust seeks to provide above average totalreturn through dividend income and capital apprecia-tion. There is no assurance the trust will achieve itsobjective.


The trust seeks to provide total return, throughdividend income and capital appreciation, by invest-ing in a portfolio consisting of the 10 stocks with thehighest dividend yield chosen from among the 30stocks in the Dow Jones Industrial AverageSM

(“DJIASM”) as of February 14, 2017. The stocks areheld in approximately equal dollar amounts as of thetrust’s inception.

Please note that the strategy was applied to selectthe portfolio at a particular time. If we* create addi-tional units of the trust after the trust’s inception date,the trust will purchase the securities originally selectedby applying the strategy. This is true even if a laterapplication of the strategy would have resulted in theselection of different securities. We disregard any stockin the DJIASM where the U.S. government or any ofits agencies can exercise any veto power over any cur-rent or future dividends, whether common or pre-ferred, to be distributed in connection with such stock.In such cases, we will automatically select the nexthighest dividend yielding stock in the DJIASM. Inaddition, companies which, based on publicly availableinformation as of two business days prior to the dateof this prospectus, are the target of an announced busi-ness acquisition which are expected to happen withinsix months of the date of this prospectus have beenexcluded from the universe of securities from whichthe trust’s securities are selected.






• TThhee ttrruusstt iiss ccoonncceennttrraatteedd iinn sseeccuurriittiieess iissssuueedd bbyyiinndduussttrriiaallss ccoommppaanniieess.. Negative developmentsimpacting companies in this sector will affect thevalue of your investment more than would be thecase in a more diversified investment.

• TThhee ttrruusstt’’ss ppeerrffoorrmmaannccee mmiigghhtt nnoott ssuuffffiicciieennttllyyccoorrrreessppoonndd ttoo ppuubblliisshheedd hhyyppootthheettiiccaall bbaacckk--tteesstteeddppeerrffoorrmmaannccee ooff tthhee ttrruusstt’’ss iinnvveessttmmeenntt ssttrraatteeggyy..This can happen for reasons such as an inability toexactly replicate the weightings of securities in thestrategy or be fully invested, timing of the trustoffering or timing of your investment, and trustexpenses. Hypothetical back-tested performanceis not actual past performance of this or any trust.Hypothetical back-tested performance is based onapplication of a trust’s investment strategy as of aparticular time.

• WWee ddoo nnoott aaccttiivveellyy mmaannaaggee tthhee ppoorrttffoolliioo.. Exceptin limited circumstances, the trust will hold, andcontinue to buy, shares of the same securities evenif their market value declines.


THE DOW® VALUE TEN PORTFOLIO




• to own a defined portfolio of stocks selectedusing dividend-oriented criteria.

• the potential to receive dividend income andcapital appreciation.



• are uncomfortable investing in stocks selectedusing dividend-oriented criteria.


• seek aggressive growth without currentincome.



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








The initial sales fee is the difference between the totalsales fee (maximum of 2.95% of the unit offering price)and the sum of the remaining deferred sales fee and thetotal creation and development fee. The deferred sales feeis fixed at $0.145 per unit and is paid in three monthlyinstallments beginning June 20, 2017. The creation anddevelopment fee is fixed at $0.05 per unit and is paid atthe end of the initial offering period (anticipated to beapproximately three months).

EEXXAAMMPPLLEE

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 changeand that the trust’s annual return is 5%. Your actualreturns and expenses will vary. Based on these assump-tions, you would pay these expenses for every $10,000you invest in the trust:


This example assumes that you continue to followthe trust strategy and roll your investment, includingall distributions, into a new series of the trust each yearsubject to a reduced rollover sales charge of 1.95%.









Ticker Symbol DWTARX


Tax Structure Grantor Trust



The Dow® Value Ten Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)PortfolioAs of the trust inception date, February 21, 2017



360 KO The Coca-Cola Company 9.98% $41.23 $14,843

Energy - 20.03%

135 CVX Chevron Corporation 10.02 110.33 14,895182 XOM Exxon Mobil Corporation 10.01 81.76 14,880

Health Care - 9.99%

442 PFE Pfizer, Inc. 9.99 33.62 14,860


86 BA The Boeing Company 9.99 172.71 14,853150 CAT Caterpillar, Inc. 9.97 98.85 14,827491 GE General Electric Company 10.03 30.37 14,912


441 CSCO Cisco Systems, Inc. 10.01 33.74 14,87982 IBM International Business Machines Corporation 9.97 180.67 14,815


303 VZ Verizon Communications, Inc. 10.03 49.19 14,905

100.00% $148,669

Notes to Portfolio


(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 spon-sor and the cost of the securities to the trust) are $148,669 and $0, respectively.



HHYYPPOOTTHHEETTIICCAALL BBAACCKK--TTEESSTTEEDD PPEERRFFOORRMMAANNCCEEIINNFFOORRMMAATTIIOONN

The following table compares hypotheticalback-tested performance information for thestrategy employed by the trust and the actualperformance of the DJIASM in each of the yearslisted below (and as of the most recent month).These hypothetical back-tested returns do notguarantee and should not be used to predictfuture performance of the trust. Returns fromthe trust will differ from the hypothetical strate-gy returns for several reasons, including:

• total return figures shown do not reflectcommissions paid by the trust on thepurchase of securities or taxes you willincur;

• strategy returns are for calendar years(and through the most recent month),while trusts begin and end on variousdates;

• extraordinary market events that we havenot expected to be repeated and mayhave affected performance;

• the trust has a scheduled term longerthan one year;

• the trust may not be fully invested at alltimes or equally weighted in all securitiescomprising its strategy; and

• the trust often purchases or sells securitiesat prices different from the closing pricesused in buying and selling units.

You should note that the trust is notdesigned to parallel movements in any index, andit is not expected that it will do so. In fact, thetrust’s strategy underperformed its comparativeindex in certain years and we cannot guaranteethat the trust will outperform its related index

over the life of the trust or over consecutiverollover periods, if available.

Hypothetical Back-Tested Comparison of Total Returns

The Dow® ValueTen StrategyHypothetical

Year Performance DJIASM

1977 -4.54 -12.841978 -2.59 2.791979 9.26 4.191980 22.90 22.171981 4.52 -3.571982 22.01 27.111983 34.66 25.971984 4.39 1.311985 25.10 33.551986 30.87 27.101987 4.03 5.481988 20.73 16.141989 23.80 32.191990 -10.47 -0.561991 29.71 24.191992 5.35 7.411993 23.43 16.931994 1.04 5.011995 32.73 36.871996 24.43 28.891997 18.25 24.941998 7.34 18.151999 0.76 27.212000 2.50 -4.712001 -7.18 -5.432002 -11.22 -14.972003 24.25 28.232004 1.31 5.302005 -7.60 1.722006 26.04 19.032007 -0.77 8.872008 -38.38 -31.922009 9.08 22.702010 17.79 14.102011 11.75 8.342012 6.84 10.232013 31.20 29.632014 7.95 10.022015 -0.04 0.232016 17.33 16.462017 thru 1/31 -2.58 0.62

+these returns are the result of extraordinary marketevents and are not expected to be repeated


Hypothetical back-tested performance is noguarantee of future results. Hypothetical back-tested performance of the Dow® Value TenStrategy securities (the “strategy securities”) ishypothetical (and does not represent any actualtrust), is shown for illustrative purposes only andis not intended to indicate the future performanceof any investment, including the trust. The strat-egy securities for a given year consist of the securi-ties selected by applying the strategy as of thebeginning of the period (and not the date thetrust actually sells units).

Securities are selected through application ofa strategy at a particular point in time and if asecurity which is a component of a strategy ismerged out of existence, de-listed or suffers asimilar fate during the period in which the strat-egy performance is being measured, such securi-ty will not be replaced by another security dur-ing that period. The strategy is not rebalancedduring each one year period and as a result thestocks used for determining hypothetical back-tested performance will not take into accountsubsequent changes to the indexes used as astarting point for the strategy.

Total return represents the sum of the changein market value of each group of securitiesbetween the first and last trading day of a periodplus the total dividends paid on each group ofsecurities during such period divided by the open-ing market value of each group of securities as ofthe first trading day of a period. Total return fig-ures shown above in the table assume that all divi-dends are reinvested semi-annually. Strategy fig-ures reflect the deduction of sales charges andexpenses but have not been reduced by estimatedbrokerage commissions and other transactioncosts paid by the trust in acquiring securities orany taxes incurred by investors.

Hypothetical back-tested returns are hypo-thetical, meaning that they do not representactual trading, and, thus, may not reflect materialeconomic and market factors, such as liquidityconstraints, that may have had an impact onactual decision making. The hypothetical back-tested performance is the retroactive applicationof the strategy designed with the full benefit ofhindsight.

The trust’s strategy begins with the DJIASM.The DJIASM consists of 30 U.S. stocks chosen bythe editors of The Wall Street Journal as beingrepresentative of the broad market and ofAmerican industry. Changes in the componentstocks of the DJIASM are made entirely by the edi-tors of The Wall Street Journal without consultingthe companies, the stock exchange or any officialagency. For the sake of continuity, changes aremade rarely.

The Dow Jones Industrial AverageSM is aproduct of Dow Jones Indexes, a licensed trade-mark of CME Group Index Services LLC(“CME”), and has been licensed for use by thetrust. Dow Jones®, Dow Jones IndustrialAverageSM, DJIASM and Dow Jones Indexes areservice marks of Dow Jones Trademark Holdings,LLC (“Dow Jones”) and have been licensed foruse for certain purposes by the trust. Dow Jones,CME and their respective affiliates have no rela-tionship to the trust, other than the licensing ofthe Dow Jones Industrial Average and theirrespective service marks for use in connectionwith the trust. Dow Jones, CME and theirrespective affiliates have no obligation to take theneeds of the sponsor or the unitholders of thetrust into consideration in determining, compos-ing or calculating the Dow Jones IndustrialAverageSM. Dow Jones, CME and their respectiveaffiliates are not responsible for and have not par-ticipated in the determination of the timing of,


prices at, or quantities of units of the trust to beissued or in the determination or calculation ofthe equation by which the units of the trust is tobe converted into cash. Dow Jones, CME andtheir affiliates have no obligation or liability inconnection with the administration, managementor marketing of the trust. Notwithstanding theforegoing, CME Group Inc. and its affiliates mayindependently issue and/or sponsor financialproducts unrelated to the trust but which may besimilar to and competitive with the trust. Inaddition, CME Group Inc. and its affiliatesactively trade financial products which are linkedto the performance of the DJIASM. It is possiblethat this trading activity will affect the value ofthe DJIA and the trust.

DOW JONES, CME AND THEIRRESPECTIVE AFFILIATES DO NOT GUAR-ANTEE THE ACCURACY AND/OR THECOMPLETENESS OF THE DOW JONESINDUSTRIAL AVERAGESM OR ANY DATAINCLUDED THEREIN AND DOW JONESSHALL HAVE NO LIABILITY FOR ANYERRORS, OMISSIONS, OR INTERRUP-TIONS THEREIN. DOW JONES MAKESNO WARRANTY, EXPRESS OR IMPLIED,AS TO RESULTS TO BE OBTAINED BYOWNERS OF UNITS OF THE TRUST, ORANY OTHER PERSON OR ENTITY FROMTHE USE OF THE DOW JONES INDUS-TRIAL AVERAGESM OR ANY DATAINCLUDED THEREIN. DOW JONES, CMEAND THEIR RESPECTIVE AFFILIATESMAKE NO EXPRESS OR IMPLIED WAR-RANTIES, AND EXPRESSLY DISCLAIMSALL WARRANTIES, OF MERCHANTABILI-TY OR FITNESS FOR A PARTICULAR PUR-POSE OR USE WITH RESPECT TO THEDOW JONES INDUSTRIAL AVERAGESM

OR ANY DATA INCLUDED THEREIN.WITHOUT LIMITING ANY OF THE FORE-

GOING, IN NO EVENT SHALL DOWJONES, CME AND THEIR RESPECTIVEAFFILIATES HAVE ANY LIABILITY FOR ANYLOST PROFITS OR INDIRECT, PUNITIVE,SPECIAL OR CONSEQUENTIAL DAM-AGES OR LOSSES, EVEN IF NOTIFIED OFTHE POSSIBILITY THEREOF. THERE ARENO THIRD PARTY BENEFICIARIES OFANY AGREEMENTS OR ARRANGEMENTSBETWEEN DOW JONES, CME AND THEIRRESPECTIVE AFFILIATES AND THETRUST.

The indexes are unmanaged, not subject tofees, and not available for direct investment.

The publishers of the DJIASM are not affiliat-ed with us and have not participated in creatingthe trust or selecting the securities for the trust,nor have they reviewed or approved of any of theinformation contained herein.

The trust will pay a license fee for the use ofcertain service marks, trademarks and/or tradenames of Dow Jones.



The trust seeks to provide above averagetotal return. There is no assurance the trust willachieve its objective.


The trust seeks to achieve its objective byinvesting in a diversified portfolio of stocks ofcompanies organized in Europe selected byCyrus J. Lawrence LLC (the “PortfolioConsultant”). Portfolio Consultant sought toidentify stocks of companies exhibiting improvingand sustainable earnings supported by attractiverelative stock valuations. Companies selected forinclusion in the portfolio are expected by thePortfolio Consultant to be leaders in their respec-tive industry, dominant regionally and recognizedas either established or emerging global competi-tors. The trust’s “European Select” strategy has adual focus of targeting companies that will bepotential beneficiaries of global accelerating eco-nomic growth but also companies geared towardsa sustainable European recovery.

The trust’s portfolio was selected from aninvestment universe that includes all equities trad-ed on the recognized registered exchanges of theEuropean region. This list includes large, midand small capitalization stocks representing acomprehensive cross section of the Europeaneconomy. The trust was constructed using acombination of top-down (macro analysis) andbottom-up (individual stock selection) criteria.Starting with a country and industry matrix, theframework of the portfolio was aligned with thePortfolio Consultant’s macro economic outlookwhile capturing a cross-section of the Europeaninvestment universe. Once the framework was

identified, the trust’s portfolio was selectedthrough comprehensive quantitative screeningand qualitative validation. The screening processsought to identify stocks of companies organizedin Europe that exhibit superior characteristicsaccording to multiple factors broken down asgrowth, valuation and market measures. Stockswere selected based on evidence of superior rela-tive earnings growth expectations coupled withstrong balance sheets and the expectation of accel-erating shareholder returns either through increas-ing dividends and/or share buybacks.

Under normal circumstances, the trust willinvest at least 80% of its assets in stocks of com-panies organized in European countries.


As with all investments, you can lose moneyby investing in this trust. The trust also mightnot perform as well as you expect. This can hap-pen for reasons such as these:


• TThhee ffiinnaanncciiaall ccoonnddiittiioonn ooff aann iissssuueerr mmaayywwoorrsseenn oorr iittss ccrreeddiitt rraattiinnggss mmaayy ddrroopp,, rreessuulltt--iinngg iinn aa rreedduuccttiioonn iinn tthhee vvaalluuee ooff yyoouurr uunniittss..This may occur at any point in time, includ-ing during the initial offering period.

• AAnn iissssuueerr mmaayy bbee uunnwwiilllliinngg oorr uunnaabbllee ttooddeeccllaarree ddiivviiddeennddss iinn tthhee ffuuttuurree,, oorr mmaayyrreedduuccee tthhee lleevveell ooff ddiivviiddeennddss ddeeccllaarreedd.. Thismay result in a reduction in the value of yourunits.

• SSeeccuurriittiieess ooff ffoorreeiiggnn ccoommppaanniieess hheelldd bbyy tthheettrruusstt pprreesseenntt rriisskkss bbeeyyoonndd tthhoossee ooff UU..SS..iissssuueerrss.. These risks may include market and

EUROPEAN SELECT PORTFOLIO


political factors related to the company’s for-eign market, international trade conditions,less regulation, smaller or less liquid markets,increased volatility, differing accounting prac-tices and changes in the value of foreign cur-rencies.

• TThhee ttrruusstt iiss ccoonncceennttrraatteedd iinn sseeccuurriittiieess ooffEEuurrooppeeaann ccoommppaanniieess.. Negative developmentsin Europe will affect the value of your invest-ment more than would be the case in a morediversified investment.

• TThhee ttrruusstt iiss ccoonncceennttrraatteedd iinn sseeccuurriittiieess iissssuueeddbbyy ccoonnssuummeerr pprroodduuccttss aanndd sseerrvviicceess ccoommppaa--nniieess.. Negative developments in this sectorwill affect the value of your investment morethan would be the case in a more diversifiedinvestment.

• WWee** ddoo nnoott aaccttiivveellyy mmaannaaggee tthhee ppoorrttffoolliioo..Except in limited circumstances, the trust willhold, and continue to buy, shares of the samesecurities even if their market value declines.


The Portfolio Consultant, Cyrus J. LawrenceLLC, is a registered investment adviser formed inNovember 2014.

The Portfolio Consultant is not an affiliate ofthe sponsor. The Portfolio Consultant makes norepresentations that the portfolio will achieve theinvestment objectives or will be profitable or suit-able for any particular potential investor. Thesponsor did not select the securities for the trust.

The Portfolio Consultant and/or its affiliatesmay use the list of securities in its independentcapacity as an investment adviser and distributethis information to various individuals and enti-

ties. The Portfolio Consultant and/or its affili-ates may recommend to other clients or other-wise effect transactions in the securities held bythe trust. This may have an adverse effect onthe prices of the securities. This also may havean impact on the price the trust pays for thesecurities and the price received upon unitredemptions or liquidation of the securities.The Portfolio Consultant and/or its affiliatesalso may issue reports and makes recommenda-tions on securities, which may include the secu-rities in the trust.

Neither the Portfolio Consultant nor thesponsor manages the trust. Opinions expressedby the Portfolio Consultant are not necessarilythose of the sponsor, and may not actually cometo pass. The trust will pay the PortfolioConsultant a fee for selecting the trust’s portfolio.The trust will also pay a license fee for the use ofcertain service marks, trademarks, trade namesand/or other property of the Portfolio Consultant.





• to own a portfolio primarily of stocks ofEuropean companies.

• the potential to receive above average totalreturn (a combination of capital appreciationand dividend income).



• are uncomfortable investing in Europeancompanies.












EEXXAAMMPPLLEE


1 year $4383 years $1,1315 years $1,84610 years $3,736










Ticker Symbol EURSMX





European Select Portfolio, Series 2017-1Q - A Cyrus J. Lawrence LLC (“CJL”) Portfolio(Advisors Disciplined Trust 1770)PortfolioAs of the trust inception date, February 21, 2017



41 BMW GR Bayerische Motoren Werke AG 2.50% $90.72 $3,71969 CCL LN Carnival PLC 2.48 53.59 3,69833 ML FP Cie Generale des Etablissements Michelin 2.49 112.16 3,701

205 CPG LN Compass Group PLC 2.53 18.34 3,75918 MC FP LVMH Moet Hennessy Louis Vuitton SE 2.40 198.80 3,578

157 WPP LN WPP PLC 2.50 23.67 3,716


59 BN FP Danone S.A. 2.57 64.94 3,831132 DGE LN Diageo PLC 2.51 28.29 3,735

46 HEIA NA Heineken NV 2.53 81.96 3,77030 HEN3 GR Henkel AG & Co KGaA 2.58 127.92 3,83720 OR FP L’Oreal S.A. 2.52 187.28 3,74651 NESN VX Nestle S.A. 2.53 73.88 3,76843 RB/ LN Reckitt Benckiser Group PLC 2.55 88.43 3,80289 ULVR LN Unilever PLC 2.84 47.56 4,233

Energy - 4.93%

134 RDSB LN Royal Dutch Shell PLC 2.45 27.16 3,63973 FP FP TOTAL S.A. 2.48 50.61 3,695

Financials - 17.28%

152 CS FP AXA S.A. 2.44 23.92 3,63561 BNP FP BNP Paribas S.A. 2.43 59.38 3,622

107 DANSKE DC Danske Bank A/S 2.50 34.75 3,718422 HSBA LN HSBC Holdings PLC 2.50 8.81 3,716255 INGA NA ING Groep NV 2.46 14.36 3,661272 STJ LN St. James’s Place PLC 2.48 13.56 3,689232 UBSG VX UBS Group AG 2.47 15.84 3,675

(Continued)

Percentage of Market Cost ofNumber Ticker Aggregate Offering Value per Securitiesof Shares Symbol Issuer(1)(3) Price Share(1) to Trust(2)


European Select Portfolio, Series 2017-1Q -A Cyrus J. Lawrence LLC (“CJL”) Portfolio(Advisors Disciplined Trust 1770)Portfolio (Continued)As of the trust inception date, February 21, 2017

Health Care - 9.99%

33 BAYN GR Bayer AG 2.51% $113.37 $3,74146 FRE GR Fresenius SE & Co. KGaA 2.48 80.16 3,687

184 GSK LN GlaxoSmithKline PLC 2.53 20.42 3,75734 MRK GR Merck KGaA 2.47 108.05 3,674


161 ABBN VX ABB Ltd 2.46 22.71 3,656493 BA/ LN BAE Systems PLC 2.50 7.55 3,724

44 DCC LN DCC PLC 2.50 84.40 3,714126 PHIA NA Koninklijke Philips NV 2.51 29.62 3,732

53 SU FP Schneider Electric SE 2.46 69.05 3,66029 SIE GR Siemens AG 2.52 129.19 3,74651 DG FP Vinci S.A. 2.49 72.57 3,70159 WOS LN Wolseley PLC 2.46 62.15 3,667


29 ASML NA ASML Holding NV 2.47 126.92 3,681202 IFX GR Infineon Technologies AG 2.46 18.11 3,659

40 SAP GR SAP SE 2.49 92.61 3,704

Materials - 4.95%

916 GLEN LN Glencore PLC (4) 2.45 3.98 3,65023 LIN GR Linde AG 2.50 161.81 3,722

100.00% $148,818

See “Notes to Portfolio”

Percentage of Market Cost ofNumber Ticker Aggregate Offering Value per Securitiesof Shares Symbol Issuer(1)(3) Price Share(1) to Trust(2)


Notes to Portfolio

(1) Securities are represented by contracts to purchase securities. The value of each security is based on the evaluation of each security as of the closeof regular trading on the New York Stock Exchange on the business day prior to the trust’s inception date. Accounting Standards Codification 820,“Fair Value Measurements” establishes a framework for measuring fair value and expands disclosure about fair value measurements in financialstatements for the trust. The framework under the standard is comprised of a fair value hierarchy, which requires an entity to maximize the use ofobservable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that maybe used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the trust has the ability to access as of the meas-urement date.

Level 2: Significant observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in mar-kets that are not active, and other inputs that are observable or can be corroborated by observable market data. Certain securities tradedon non-U.S. exchanges may be valued using indications of fair value provided by an independent pricing service to reflect any significantmarket movements between the time the trust values such securities and the earlier closing of such non-U.S. markets. Such fair valuationsare categorized as Level 2 in the fair value hierarchy.

Level 3: Significant unobservable inputs that reflect the trust’s own assumptions about the assumptions that market participants would usein pricing an asset or liability.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level as described above.

The following table summarizes the trust’s investments as of the trust’s inception, based on inputs used to value them:

Level 1 Level 2 Level 3Common Stocks $ 148,818 $ - $ -

(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 spon-sor and the cost of the securities to the trust) are $148,856 and $(38), respectively.

(3) All investments are in securities issued by a foreign company.


Denmark 2.50% France 22.28% Germany 22.51%Ireland 2.50% Jersey 7.41% Netherlands 9.97%Switzerland 7.46% United Kingdom 25.37%

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



The trust seeks to provide above average total return.There is no assurance the trust will achieve its objective.


The trust invests in a portfolio of stocks of for-eign companies selected using a specialized dividend-oriented strategy that seeks above average total return.We* selected the portfolio as of February 14, 2017using the following strategy:

• We begin with the companies listed in the S&PADR Index. The S&P ADR Index is based on thenon-U.S. stocks comprising the S&P Global 1200Index. The S&P ADR Index is made up of thosecompanies from the S&P Global 1200 Index thatoffer either Level II or Level III AmericanDepositary Receipts (ADRs), global shares, or ordi-nary shares in the case of Canadian equities. TheS&P Global 1200 Index covers 30 countries andconsists of seven regional components.

• From the S&P ADR Index, we select the threesecurities with the highest dividend yields in eachof the nine Global Industry Classification Standard(GICS®) sectors other than the Financials andReal Estate sectors and the three securities with thehighest dividend yields in the Financials and RealEstate GICS® sectors combined. Effectively, afterSeptember 1, 2016 the strategy seeks to treat thenew Real Estate GICS® sector as if it was stillpositioned under the Financials GICS® sector (asit was prior to September 1, 2016).

• We select those 30 stocks for the trust’s portfolioin approximately equal weightings.

The eleven industry sectors used in the strategy arethe GICS® sectors published by S&P Dow JonesIndices and MSCI Inc. Please note that we appliedthe strategy to select the portfolio at a particular time.If we create additional units of the trust after the trust’sinception date, the trust will purchase the securitiesoriginally selected by applying the strategy. This istrue even if a later application of the strategy wouldhave resulted in the selection of different securities. In

addition, companies which, based on publicly availableinformation as of two business days prior to the dateof this prospectus, are the target of an announced busi-ness combination which we expect will happen withinsix months of the date of this prospectus have beenexcluded from the universe of securities from whichthe trust’s securities are selected.


As with all investments, you can lose money by invest-ing in this trust. The trust also might not perform as wellas you expect. This can happen for reasons such as these:




• TThhee ttrruusstt’’ss ppeerrffoorrmmaannccee mmiigghhtt nnoott ssuuffffiicciieennttllyy ccoorr--rreessppoonndd ttoo ppuubblliisshheedd hhyyppootthheettiiccaall bbaacckk--tteesstteedd ppeerr--ffoorrmmaannccee ooff tthhee ttrruusstt’’ss iinnvveessttmmeenntt ssttrraatteeggyy.. Thiscan happen for reasons such as an inability to exact-ly replicate the weightings of securities in the strate-gy or be fully invested, timing of the trust offeringor timing of your investment, and trust expenses.Hypothetical back-tested performance is not actualpast performance of this or any trust. Hypotheticalback-tested performance is based on application ofa trust’s investment strategy as of a particular time.

• SSeeccuurriittiieess ooff ffoorreeiiggnn ccoommppaanniieess hheelldd bbyy tthhee ttrruussttpprreesseenntt rriisskkss bbeeyyoonndd tthhoossee ooff UU..SS.. iissssuueerrss..These risks may include market and politicalfactors related to the company’s foreign market,international trade conditions, less regulation,smaller or less liquid markets, increased volatili-ty, differing accounting practices and changes inthe value of foreign currencies.

• WWee ddoo nnoott aaccttiivveellyy mmaannaaggee tthhee ppoorrttffoolliioo.. Exceptin limited circumstances, the trust will hold, andcontinue to buy, shares of the same securities evenif their market value declines.


INTERNATIONAL HIGH 30 DIVIDEND PORTFOLIO




• to own a defined portfolio of stocks of foreigncompanies selected based on historical divi-dend yields.

• to pursue a long-term, dividend-orientedinvestment strategy that includes investment insubsequent portfolios, if available.

• the potential to receive dividend income andcapital appreciation.


• are uncomfortable with the risks of an unman-aged investment in stocks of foreign companies.


• seek aggressive growth without current income.











The initial sales fee is the difference between thetotal sales fee (maximum of 2.95% 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 $0.145 per unit and is paid in threemonthly installments beginning on June 20, 2017.The creation and development fee is fixed at $0.05 perunit and is paid at the end of the initial offering period(anticipated to be approximately three months).

EEXXAAMMPPLLEE













Ticker Symbol IHTARX




International High 30 Dividend Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)PortfolioAs of the trust inception date, February 21, 2017



598 PSO Pearson PLC 3.33% $8.29 $4,957231 SJR Shaw Communications, Inc. 3.32 21.39 4,941

44 TM Toyota Motor Corporation 3.36 113.70 5,003


45 BUD Anheuser-Busch InBev S.A. 3.29 108.82 4,89779 BTI British American Tobacco PLC 3.33 62.66 4,950

102 UN Unilever 3.34 48.79 4,977

Energy - 9.99%

148 BP BP PLC 3.32 33.42 4,946165 E Eni SpA 3.34 30.07 4,962

95 RDS/A Royal Dutch Shell PLC 3.33 52.20 4,959

Financials - 10.01%

744 BBVA Banco Bilbao Vizcaya Argentaria S.A. 3.34 6.67 4,962113 HSBC HSBC Holdings PLC 3.34 43.91 4,962313 UBS UBS Group AG 3.33 15.85 4,961


170 AZN AstraZeneca PLC 3.33 29.16 4,957120 GSK GlaxoSmithKline PLC 3.33 41.34 4,961115 SNY Sanofi 3.34 43.16 4,963


217 ABB ABB Limited 3.33 22.82 4,952168 PHG Koninklijke Philips 3.34 29.57 4,968283 RENX RELX 3.33 17.51 4,955

(continued)



International High 30 Dividend Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)Portfolio (Continued)As of the trust inception date, February 21, 2017


170 CAJ Canon, Inc. 3.34% $29.23 $4,969981 NOK Nokia OYJ 3.33 5.05 4,954827 ERIC Telefonaktiebolaget LM Ericsson 3.31 5.96 4,929

Materials - 10.02%

48 AGU Agrium, Inc. 3.34 103.65 4,975266 POT Potash Corporation of Saskatchewan, Inc. 3.35 18.72 4,980109 RIO Rio Tinto PLC 3.33 45.50 4,960


251 BT BT Group PLC 3.35 19.83 4,977151 CHT Chunghwa Telecom Company Limited 3.32 32.75 4,945197 VOD Vodafone Group PLC 3.33 25.11 4,947

Utilities - 10.03%

241 EOCC Enel Generacion Chile S.A. 3.33 20.55 4,95383 NGG National Grid PLC 3.34 59.89 4,971

876 TAC TransAlta Corporation 3.36 5.70 4,993

100.00% $148,786

Notes to Portfolio

(1) Securities are represented by contracts to purchase securities. The value of each security is based on the most recent closing sale price of eachsecurity 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 accordancewith Accounting Standards Codification 820, “Fair Value Measurements”, the trust’s investments are classified as Level 1, which refers to securityprices determined using quoted prices in active markets for identical securities. All securities are issued by foreign issuers.


Belgium 3.29% Canada 13.37% Chile 3.33%Finland 3.33% France 3.34% Italy 3.34%Japan 6.70% Netherlands 10.01% Spain 3.34%Sweden 3.31% Switzerland 6.66% Taiwan 3.32%United Kingdom 36.66%




HHYYPPOOTTHHEETTIICCAALL BBAACCKK--TTEESSTTEEDD PPEERRFFOORRMMAANNCCEE

IINNFFOORRMMAATTIIOONN

The following table compares hypotheticalback-tested performance information for the strat-egy employed by the trust and the actual perform-ance of the Standard & Poor’s ADR Index and theStandard & Poor’s 500 Index in each of the yearslisted below (and as of the most recent monthend). These hypothetical back-tested returns donot guarantee and should not be used to predictfuture performance of the trust. Returns from thetrust will differ from the hypothetical strategyreturns for several reasons, including:

• total return figures shown do not reflectcommissions paid by the trust on the pur-chase of securities or taxes you will incur;

• strategy returns are for calendar years (andthrough the most recent month), whiletrusts begin and end on various dates;

• extraordinary market events that we havenot expected to be repeated and mayhave affected performance;

• the trust has a scheduled term longerthan one year;



You should note that the trust is notdesigned to parallel movements in any index, andit is not expected that it will do so. In fact, thetrust’s strategy underperformed its comparativeindexes in certain years and we cannot guaranteethat the trust will outperform any index over thelife of the trust or over consecutive rollover peri-ods, if available.


InternationalHigh 30Strategy

Hypothetical S&P ADR S&P 500Year Performance Index Index

2003 64.57%+ 36.98% 28.67%2004 22.61 15.20 10.872005 16.73 14.03 4.912006 27.54 26.90 15.782007 24.21 17.02 5.492008 -40.80 -42.66 -36.992009 58.06+ 36.59 26.472010 7.04 7.70 15.082011 -7.92 -10.49 2.092012 8.83 16.17 15.992013 19.57 15.83 32.362014 -11.61 -4.37 13.662015 -25.95 -8.66 1.382016 10.98 6.15 11.932017 thru 1/31 -0.52 3.62 1.90

Source: Bloomberg L.P.+ these returns are the result of extraordinary market events

and are not expected to be repeated.

Hypothetical back-tested performance is noguarantee of future results. Hypothetical back-test-ed performance of the International High 30Strategy (the “strategy securities”) is hypothetical(and does not represent any actual trust), is shownfor illustrative purposes only and is not intended toindicate the future performance of any investment,including the trust. The strategy securities for agiven year consist of the common stocks selectedby applying the strategy as of the beginning of theperiod (and not the date the trust actually sellsunits). The hypothetical back-tested performanceof the strategy securities for 2 of the 15 periodsshown are the result of extraordinary market eventsand are not expected to be repeated.

Securities are selected through application ofa strategy at a particular point in time and if asecurity which is a component of a strategy ismerged out of existence, de-listed or suffers a sim-ilar fate during the period in which the strategy


performance is being measured, such security willnot be replaced by another security during thatperiod. The strategy is not rebalanced during eachone year period and as a result the securities usedfor determining hypothetical back-tested perform-ance will not take into account subsequentchanges to the indexes used as a starting point forthe strategy.

Prior to the market close on August 31, 2016,there were ten GICS® sectors and after the mar-ket close on August 31, 2016, a new Real EstateGICS® sector was added, elevating its positionfrom under the Financials GICS® sector, bring-ing the total number of GICS® sectors to eleven.Prior to August 31, 2016, the InternationalHigh 30 Strategy selected three securities from(after the application of certain screens) each ofthe then existing ten GICS® sectors. AfterAugust 31, 2016, the International High 30Strategy selects the three securities from each ofthe nine GICS® sectors other than the Financialsand Real Estate sectors and three additional secu-rities from the Financials and Real Estate GICS®

sectors combined (for a total of 30 securities) afterthe application of certain screens. The hypotheti-cal back-tested performance for 2016 and earlierare based on the International High 30 Strategywith ten GICS® sectors.

Total return represents the sum of the changein market value of each group of securities betweenthe first and last trading day of a period plus thetotal dividends paid on each group of stocks duringsuch period divided by the opening market valueof each group of stocks as of the first trading day ofa period. Total return figures shown above in thetable assume that all dividends are reinvested semi-annually. Strategy figures reflect the deduction ofsales charges and expenses but have not beenreduced by estimated brokerage commissions andother transaction costs paid by the trust in acquir-ing securities or any taxes incurred by investors.

Hypothetical back-tested returns are hypo-thetical, meaning that they do not representactual trading, and, thus, may not reflect materi-al economic and market factors, such as liquidityconstraints, that may have had an impact onactual decision making. The hypothetical back-tested performance is the retroactive applicationof the strategy designed with the full benefit ofhindsight.

The trust strategy is based on the S&P ADRIndex. The S&P ADR Index is designed to trackthe S&P 700 Index. The S&P ADR Index onlyincludes securities that can be traded and settled inthe U.S. The index is made up of those compa-nies from the S&P 700 Index that offer eitherLevel II or Level III ADRs, global shares, or ordi-nary shares in the case of Canadian equities.(Level II and III ADRs are listed on U.S. securitiesexchanges or Nasdaq and must comply with cer-tain Securities and Exchange Commission disclo-sure requirements.) The S&P 700 Index is a sub-set of the S&P Global 1200 Index, representingthe non-US segment of global equity markets. Itis the S&P Global 1200 Index excluding the S&P500 Index stocks. The S&P Global 1200 Index isa composite index, comprised of seven regionaland country headline indices, many of which arethe accepted leaders in their local markets. TheS&P Global 1200 Index covers 30 countries andconsists of seven regional components.

The indexes are unmanaged, not subject tofees, and not available for direct investment.

The strategy is derived from stocks containedin the S&P ADR Index. S&P Dow JonesIndices, a division of the S&P Global Inc., pub-lisher of the S&P ADR Index, is not affiliatedwith us and has not participated in creating thetrust or selecting the securities for the trust, norhave they reviewed or approved of any of theinformation contained herein.



The trust seeks to provide above average divi-dend income and lower volatility compared to thebroader U.S. equity market with capital apprecia-tion as a secondary objective. There is no assur-ance the trust will achieve its objective.


The trust seeks to achieve its objective byinvesting in a portfolio primarily consisting ofcommon stocks of large capitalization companies(defined as companies with capitalizations withinthe collective range of the Russell 1000® andS&P 500 Indices as of the trust’s inception)selected by Hartford Investment ManagementCompany (“HIMCO”). In selecting the portfo-lio, HIMCO sought to achieve the lowest amountof expected volatility compared to the broad U.S.equity market over the life of the trust subject toa set of reasonable constraints related to qualityand dividend yield designed by HIMCO. Lowvolatility stocks tend to have lower risk profilesthan the equity market in general. Investing inlow volatility stocks may not protect the trustfrom market declines and may reduce the trust’sparticipation in market gains.

HIMCO used a structured quantitativeapproach for its stock selection focusing on threemain characteristics: minimum volatility, qualityand dividend yield. From a minimum volatilityperspective, the process sought to identify a port-folio of stocks with lower expected volatility thanthe broader U.S. equity market. This analysisconsidered a stock’s beta, as well as its idiosyncrat-ic risk determined by HIMCO. From a qualityperspective, stock selection focused on identifyingcompanies with attractive fundamentals focusing

on solid balance sheets, high quality earnings, andattractive growth prospects (e.g. margin expan-sion, asset quality, low leverage, etc.). This analy-sis also considered the impact of potential corpo-rate events that may alter a company’s future fun-damentals. Finally, from a dividend yield per-spective, the process focused on stocks of compa-nies with above average dividend yield. Finalstock selection was based primarily on the overallportfolio from the minimum volatility perspectivewith consideration of the quality and dividendyield perspectives. In selecting the trust’s portfo-lio, HIMCO also considered the portfolio’s sectorexposures relative to custom sector classificationsdefined by HIMCO (based on Russell Industryclassifications). The trust’s sector weightings mayvary significantly from the sector weightings ofthe Russell 1000® or S&P 500 Indices.


As with all investments, you can lose moneyby investing in this trust. The trust also mightnot perform as well as you expect. This can hap-pen for reasons such as these:


• TThhee iissssuueerr ooff aa sseeccuurriittyy mmaayy bbee uunnwwiilllliinngg oorruunnaabbllee ttoo mmaakkee ddiivviiddeenndd ppaayymmeennttss iinn tthheeffuuttuurree.. This may reduce the level of divi-dends the trust receives which would reduceyour income and cause the value of yourunits to fall.

• TThhee ffiinnaanncciiaall ccoonnddiittiioonn ooff aann iissssuueerr mmaayywwoorrsseenn oorr iittss ccrreeddiitt rraattiinnggss mmaayy ddrroopp,, rreessuulltt--iinngg iinn aa rreedduuccttiioonn iinn tthhee vvaalluuee ooff yyoouurr uunniittss..This may occur at any point in time, includ-ing during the primary offering period of thetrust.

MINIMUM VOLATILITY EQUITY INCOME PORTFOLIO



• TThhee ttrruusstt iinnvveessttss iinn sseeccuurriittiieess sseelleecctteedd bbyyHHIIMMCCOO.. In the event that HIMCO incor-rectly assesses an issuer’s prospects forgrowth or if HIMCO’s judgment about howother investors will value an issuer’s growthis wrong, then the price of an issuer’s stockmay decrease or not increase to the levelanticipated.

• WWee** ddoo nnoott aaccttiivveellyy mmaannaaggee tthhee ppoorrttffoolliioo..Except in limited circumstances, the trust willgenerally hold, and continue to buy, shares ofthe same securities even if their market valuedeclines.


HIMCO, Hartford Investment ManagementCompany, is a registered investment adviser.

HIMCO is not an affiliate of the sponsor.HIMCO selected a list of securities to be includedin the portfolio based on the criteria provided bythe sponsor. HIMCO makes no representationsthat the portfolio will achieve the investmentobjectives or will be profitable or suitable for anyparticular potential investor. The sponsor did notselect the securities for the trust.

HIMCO may use the list of securities in itsindependent capacity as an investment adviserand distribute this information to various individ-uals and entities. HIMCO may recommend toother clients or otherwise effect transactions inthe securities held by the trust. This may have anadverse effect on the prices of the securities. Thisalso may have an impact on the price the trustpays for the securities and the price received uponunit redemptions or liquidation of the securities.HIMCO also issues reports and makes recom-mendations on securities, which may include thesecurities in the trust.

Neither HIMCO nor the sponsor managesthe trust. Opinions expressed by HIMCO arenot necessarily those of the sponsor, and may notactually prove correct. The trust will payHIMCO a fee for selecting the trust’s portfolio.The trust will also pay a license fee for the use ofcertain service marks, trademarks, trade namesand/or other property of HIMCO.




• to own a portfolio primarily consisting ofstocks.

• the potential for dividend income andlower volatility compared to the broaderU.S. equity market with capital appreciationas a secondary objective.


• are uncomfortable with the risks of anunmanaged investment in stocks.

• seek capital preservation or capital apprecia-tion as a primary objective.


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








The initial sales fee is the difference between thetotal sales fee (maximum of 2.95% of the unit offeringprice) and the sum of the remaining deferred sales feeand the total creation and development fee. Thedeferred sales fee is fixed at $0.145 per unit and is paid inthree monthly installments beginning June 20, 2017. Thecreation and development fee is fixed at $0.05 per unitand is paid at the end of the initial offering period (antici-pated to be approximately three months).

EEXXAAMMPPLLEE












Ticker Symbol MVIAHX





Minimum Volatility Equity Income Portfolio,Series 2017-1Q - A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1770)Portfolio — As of the trust inception date, February 21, 2017



49 LVS Las Vegas Sands Corporation 1.71% $52.03 $2,54920 MCD McDonald’s Corporation 1.72 127.80 2,55636 TUP Tupperware Brands Corporation 1.41 58.40 2,102


37 MO Altria Group, Inc. 1.81 72.97 2,70018 CLX The Clorox Company 1.61 133.71 2,40765 KO The Coca-Cola Company 1.80 41.23 2,68053 CAG Conagra Brands, Inc. 1.41 39.61 2,09929 PEP PepsiCo, Inc. 2.10 108.15 3,13633 PG The Procter & Gamble Company 2.02 91.09 3,00664 WMT Wal-Mart Stores, Inc. 2.98 69.37 4,440

Energy - 4.72%

26 CVX Chevron Corporation 1.92 110.33 2,86951 XOM Exxon Mobil Corporation 2.80 81.76 4,170

Financials - 16.07%

84 AGNC AGNC Investment Corporation 1.10 19.49 1,637179 NLY Annaly Capital Management, Inc. 1.30 10.82 1,937

19 CME CME Group, Inc. 1.56 122.62 2,33036 MCY Mercury General Corporation 1.41 58.22 2,096

196 NYCB New York Community Bancorp, Inc. 2.00 15.19 2,977116 PBCT People’s United Financial, Inc. 1.49 19.19 2,226

58 PRA ProAssurance Corporation 2.20 56.55 3,28050 TRI Thomson Reuters Corporation (3) 1.51 44.94 2,24738 USB U.S. Bancorp 1.40 54.88 2,08554 WFC Wells Fargo & Company 2.10 58.09 3,137

(Continued)



Minimum Volatility Equity Income Portfolio,Series 2017-1Q - A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1770)Portfolio (Continued) — As of the trust inception date, February 21, 2017


15 ANTM Anthem, Inc. 1.61% $160.25 $2,40442 BAX Baxter International, Inc. 1.40 49.73 2,08938 BMY Bristol-Myers Squibb Company 1.39 54.59 2,07424 CAH Cardinal Health, Inc. 1.30 80.71 1,93735 LLY Eli Lilly & Company 1.89 80.39 2,81438 JNJ Johnson & Johnson 3.03 118.86 4,51727 MDT Medtronic PLC (3) 1.43 78.88 2,13048 MRK Merck & Company, Inc. 2.11 65.39 3,13997 PFE Pfizer, Inc. 2.19 33.62 3,26125 DGX Quest Diagnostics, Inc. 1.60 95.64 2,39120 UNH UnitedHealth Group, Inc. 2.12 157.62 3,152

Industrials - 5.49%

83 GE General Electric Company 1.69 30.37 2,52124 HON Honeywell International, Inc. 2.01 124.56 2,98944 RSG Republic Services, Inc. 1.79 60.75 2,673


37 DOX Amdocs Limited (3) 1.49 59.98 2,21933 AAPL Apple, Inc. 3.01 135.72 4,47970 CA CA, Inc. 1.51 32.09 2,24679 CSCO Cisco Systems, Inc. 1.79 33.74 2,665

169 HPQ HP, Inc. 1.81 15.95 2,69673 INTC Intel Corporation 1.79 36.48 2,66317 IBM International Business Machines Corporation 2.06 180.67 3,07123 JKHY Jack Henry & Associates, Inc. 1.43 92.53 2,12869 MSFT Microsoft Corporation 2.99 64.62 4,459

Materials - 3.23%

30 CMP Compass Minerals International, Inc. 1.57 77.95 2,33921 PX Praxair, Inc. 1.66 117.42 2,466

(Continued)



Minimum Volatility Equity Income Portfolio,Series 2017-1Q - A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1770)Portfolio (Continued) — As of the trust inception date, February 21, 2017

Real Estate - 2.37%

18 CPT Camden Property Trust 0.99% $82.07 $1,47723 CCI Crown Castle International Corporation 1.38 89.23 2,052


97 T AT&T, Inc. 2.70 41.48 4,02486 CTL CenturyLink, Inc. 1.40 24.28 2,08873 VZ Verizon Communications, Inc. 2.41 49.19 3,591

Utilities - 5.09%

20 ED Consolidated Edison, Inc. 0.99 73.50 1,47020 D Dominion Resources, Inc. 0.99 73.77 1,47519 DUK Duke Energy Corporation 1.00 78.36 1,48934 SO The Southern Company 1.09 47.80 1,62536 XEL Xcel Energy, Inc. 1.02 42.00 1,512

100.00% $148,991

Notes to Portfolio





Canada 1.51%Guernsey 1.49%Ireland 1.43%United States 95.57%




The trust seeks to provide above average totalreturn. There is no assurance the trust will achieveits objective.


The trust invests in a diversified portfolio of80 equity securities with 50 securities selectedusing the High 50® Dividend Strategy and 30securities selected using the International High 30Dividend Strategy as of February 14, 2017. Boththe High 50® Dividend Strategy and theInternational High 30 Dividend Strategy are special-ized dividend-oriented strategies that seek to provideabove average total return. Each strategy is describedin detail below. We* selected the portfolio in aneffort to provide an enhanced total return whilereducing overall portfolio volatility through diversifi-cation of securities and investment strategies.

The trust invests in each security in approxi-mately equal weightings as of the trust’s inceptionand the weightings will vary thereafter in accordancewith fluctuations in stock prices. We currently offerseparate unit investment trusts that invest accordingto the same or similar investment strategies. Thecomponents, portfolio securities and structure of thetrust offered in this prospectus may differ in certainrespects from those other trusts we may be offeringthat use similar investment strategies.

HHiigghh 5500®® DDiivviiddeenndd SSttrraatteeggyy.. This strategyselects 50 securities using a specialized dividend-ori-ented strategy that seeks to provide above averagetotal return. We selected the 50 securities using thefollowing strategy:

• We begin with the companies included inthe New York Stock Exchange (NYSE)Composite Index, Nasdaq CompositeIndex and NYSE MKT Composite Index.

• Stocks are eliminated if at the time ofselection:

• the company’s stock market capitaliza-tion is $1 billion or less,

• the company’s headquarters is locatedoutside the United States,

• the stocks are securities of limited part-nerships, exchange-traded funds,investment companies or shares of ben-eficial interest to the extent such secu-rities are not otherwise excluded fromthe composition of the indexes.

• We select the five securities with the high-est dividend yields from the remainingsecurities of companies in each of the nineGlobal Industry Classification Standard(GICS®) sectors other than the Financialsand Real Estate sectors and the five securi-ties with the highest dividend yields fromthe remaining securities of companies inthe Financials and Real Estate GICS® sec-tors combined (for a total of 50 securities).Effectively, after September 1, 2016 thestrategy seeks to treat the new Real EstateGICS® sector as if it was still positionedunder the Financials GICS® sector (as itwas prior to September 1, 2016). The trustinvests in these 50 stocks.

The eleven industry sectors used in the strategyare the GICS® sectors published by S&P DowJones Indices and MSCI Inc. Please note that weapplied the strategy to select the portfolio at a par-ticular time. If we create additional units of thetrust after the trust’s inception date, the trust willpurchase the securities originally selected by apply-ing the strategy. This is true even if a later applica-tion of the strategy would have resulted in the selec-tion of different securities. In addition, companieswhich, based on publicly available information as oftwo business days prior to the date of this prospec-tus, are the target of an announced business acquisi-tion which we expect will happen, within six

STRATEGIC HIGH 80 DIVIDEND PORTFOLIO



months of the date of this prospectus have beenexcluded from the universe of securities from whichthe trust’s securities are selected.

The High 50® Dividend Strategy begins withthe NYSE Composite Index, the Nasdaq CompositeIndex and the NYSE MKT Composite Index. TheNYSE Composite Index is designed to measure theperformance of all common stocks listed on theNYSE, including American Depository Receipts(ADRs), real estate investment trusts (REITs) andtracking stocks. All closed-end funds, exchange-trad-ed funds, limited partnerships and derivatives areexcluded from the index. The Nasdaq CompositeIndex measures all domestic and international basedcommon type stocks traded on The Nasdaq StockMarket. To be eligible for inclusion in this index thesecurity’s U.S. listing must be exclusively on TheNasdaq Stock Market (with certain exceptions), andhave a security type of ADRs, common stock, limitedpartnership interests, ordinary shares, REITs, sharesof beneficial interest or tracking stocks. Securitytypes not included in this index are closed-end funds,convertible debentures, exchange-traded funds, pre-ferred stocks, rights, warrants, units and other deriva-tive securities. The NYSE MKT Composite Index isan index representing the aggregate value of the com-mon shares or ADRs of all NYSE MKT-listed com-panies, REITs, master limited partnerships andclosed-end investment companies. The publishers ofthe indexes are not affiliated with us and have notparticipated in creating the trust or selecting the secu-rities for the trust, nor have they reviewed orapproved of any of the information contained herein.

IInntteerrnnaattiioonnaall HHiigghh 3300 DDiivviiddeenndd SSttrraatteeggyy.. Thisstrategy selects 30 securities of foreign companiesselected using a specialized dividend-oriented strate-gy that seeks to provide above average total return.This strategy also seeks to outperform the S&PADR Index. We selected these 30 securities usingthe following strategy:

• We begin with the companies listed in theS&P ADR Index. The S&P ADR Index isbased on the non-U.S. stocks comprising

the S&P Global 1200 Index. The S&PADR Index is made up of those companiesfrom the S&P Global 1200 Index that offereither Level II or Level III ADRs, globalshares, or ordinary shares in the case ofCanadian equities. The S&P Global 1200Index covers 30 countries and consists ofseven regional components.

• From the S&P ADR Index, we select thethree securities with the highest dividendyields in each of the nine GICS® sectorsother than the Financials and Real Estatesectors and the three securities with thehighest dividend yields in the Financialsand Real Estate GICS® sectors combined.Effectively, after September 1, 2016 thestrategy seeks to treat the new Real EstateGICS® sector as if it was still positionedunder the Financials GICS® sector (as itwas prior to September 1, 2016).

• We select those 30 stocks for the trust’sportfolio.

The eleven industry sectors used in the strategyare the GICS® sectors published by S&P DowJones Indices and MSCI Inc. Please note that weapplied the strategy to select the portfolio at a par-ticular time. If we create additional units of thetrust after the trust’s inception date, the trust willpurchase the securities originally selected by apply-ing the strategy. This is true even if a later applica-tion of the strategy would have resulted in the selec-tion of different securities. In addition, companieswhich, based on publicly available information as oftwo business days prior to the date of this prospec-tus, are the target of an announced business combi-nation which we expect will happen within sixmonths of the date of this prospectus have beenexcluded from the universe of securities from whichthe trust’s securities are selected.

The International High 30 Dividend Strategy isbased on the S&P ADR Index. The S&P ADRIndex is designed to track the S&P 700 Index. The


S&P ADR Index only includes securities that can betraded and settled in the U.S. The index is made upof those companies from the S&P 700 Index thatoffer either Level II or Level III ADRs, global shares,or ordinary shares in the case of Canadian equities.The S&P 700 Index is a subset of the S&P Global1200 Index, representing the non-US segment ofglobal equity markets. It is the S&P Global 1200Index excluding the S&P 500 Index stocks. TheS&P Global 1200 Index is a composite index, com-prised of seven regional and country headlineindices, many of which are the accepted leaders intheir local markets. The S&P Global 1200 Indexcovers 30 countries and consists of seven regionalcomponents. The strategy is derived from stockscontained in the S&P ADR Index. S&P Dow Jones,a division of the S&P Global Inc., publisher of theS&P ADR Index, is not affiliated with us and hasnot participated in creating the trust or selecting thesecurities for the trust, nor have they reviewed orapproved of any of the information contained herein.

Please note that we applied the strategy to selectthe portfolio at a particular time. If we create addi-tional units of the trust after the trust’s inceptiondate, the trust will purchase the securities originallyselected by applying the strategy. This is true even ifa later application of the strategy would have result-ed in the selection of different securities. In addi-tion, companies which, based on publicly availableinformation as of two business days prior to the dateof this prospectus, are the target of an announcedbusiness acquisition which we expect will happenwithin six months of the date of this prospectushave been excluded from the universe of securitiesfrom which the trust’s securities are selected.




• AAnn iissssuueerr mmaayy bbee uunnwwiilllliinngg oorr uunnaabbllee ttoo ddeeccllaarreeddiivviiddeennddss iinn tthhee ffuuttuurree,, oorr mmaayy rreedduuccee tthhee lleevveellooff ddiivviiddeennddss ddeeccllaarreedd.. This may result in areduction in the value of your units.

• TThhee ffiinnaanncciiaall ccoonnddiittiioonn ooff aann iissssuueerr mmaayy wwoorrsseennoorr iittss ccrreeddiitt rraattiinnggss mmaayy ddrroopp,, rreessuullttiinngg iinn aarreedduuccttiioonn iinn tthhee vvaalluuee ooff yyoouurr uunniittss.. This mayoccur at any point in time, including during theinitial offering period.

• TThhee ttrruusstt’’ss ppeerrffoorrmmaannccee mmiigghhtt nnoott ssuuffffiicciieennttllyyccoorrrreessppoonndd ttoo ppuubblliisshheedd hhyyppootthheettiiccaall bbaacckk--tteesstt--eedd ppeerrffoorrmmaannccee ooff tthhee ttrruusstt’’ss ssttrraatteeggyy.. This canhappen for reasons such as an inability to exact-ly replicate the weightings of stocks in the strat-egy or be fully invested, timing of the trustoffering or timing of your investment, and trustexpenses. Hypothetical back-tested perform-ance is not actual past performance of this orany trust. Hypothetical back-tested perform-ance is based on application of a trust’s invest-ment strategy as of a particular time.

• TThhee ttrruusstt mmaayy iinnvveesstt iinn sseeccuurriittiieess ooff ssmmaallllaanndd mmiidd--ssiizzee ccoommppaanniieess.. These securities areoften more volatile and have lower tradingvolumes than securities of larger companies.Small and mid-size companies may have lim-ited products or financial resources, manage-ment inexperience and less publicly availableinformation.

• SSeeccuurriittiieess ooff ffoorreeiiggnn ccoommppaanniieess hheelldd bbyy tthheettrruusstt pprreesseenntt rriisskkss bbeeyyoonndd tthhoossee ooff UU..SS.. iissssuueerrss..These risks may include market and politicalfactors related to the company’s foreign market,international trade conditions, less regulation,smaller or less liquid markets, increased volatili-ty, differing accounting practices and changes inthe value of foreign currencies.

• WWee ddoo nnoott aaccttiivveellyy mmaannaaggee tthhee ppoorrttffoolliioo..Except in limited circumstances, the trust willhold, and continue to buy, shares of the samesecurities even if their market value declines.




• to own a defined portfolio of securitiesselected based on two dividend-orientedinvestment strategies.

• to pursue a long-term investment strategythat includes investment in subsequent port-folios, if available.

• the potential to receive above average totalreturn.


• are uncomfortable with the risks of anunmanaged investment in the securities heldby the trust.

• are uncomfortable with the trust’s strategies.

• seek aggressive growth without current income.




AAss aa %% AAmmoouunntt ooff $$11,,000000 ppeerr 110000







The initial sales fee is the difference between thetotal sales fee (maximum of 2.95% 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 $0.145 per unit and is paid in threemonthly installments beginning on June 20, 2017.The creation and development fee is fixed at $0.05 perunit and is paid at the end of the initial offering period(anticipated to be approximately three months).

EEXXAAMMPPLLEE












Ticker Symbol HIETQX





Strategic High 80 Dividend Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)PortfolioAs of the trust inception date, February 21, 2017



89 BKE The Buckle, Inc. 1.25% $20.85 $1,85673 GME GameStop Corporation 1.25 25.57 1,867

210 GCI Gannett Company, Inc. 1.24 8.82 1,852143 GES Guess?, Inc. 1.25 13.02 1,862

71 MAT Mattel, Inc. 1.24 26.10 1,853224 PSO Pearson PLC (3) 1.25 8.29 1,857

87 SJR Shaw Communications, Inc. (3) 1.25 21.39 1,86116 TM Toyota Motor Corporation (3) 1.22 113.70 1,819


25 MO Altria Group, Inc. 1.23 72.97 1,82417 BUD Anheuser-Busch InBev S.A. (3) 1.24 108.82 1,85040 BGS B&G Foods, Inc. 1.26 46.80 1,87230 BTI British American Tobacco PLC (3) 1.26 62.66 1,88045 KO The Coca-Cola Company 1.25 41.23 1,85518 PM Philip Morris International, Inc. 1.25 103.66 1,86638 UN Unilever (3) 1.25 48.79 1,85482 VGR Vector Group Limited 1.25 22.60 1,853

Energy - 10.05%

56 BP BP PLC (3) 1.26 33.42 1,87279 CVI CVR Energy, Inc. 1.26 23.74 1,87562 E Eni SpA (3) 1.25 30.07 1,86428 OXY Occidental Petroleum Corporation 1.25 66.27 1,85635 OKE ONEOK, Inc. 1.26 53.64 1,87777 PBF PBF Energy, Inc. 1.25 24.25 1,86736 RDS/A Royal Dutch Shell PLC (3) 1.26 52.20 1,87947 SEMG SemGroup Corporation 1.26 40.05 1,882

(Continued)

Percentage ofAggregate Market Cost of

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


Strategic High 80 Dividend Portfolio, Series 2017-1Q(Advisors Disciplined Trust 1770)Portfolio (Continued)As of the trust inception date, February 21, 2017

Financials - 9.97%

95 AGNC AGNC Investment Corporation 1.24% $19.49 $1,852172 NLY Annaly Capital Management, Inc. 1.25 10.82 1,861279 BBVA Banco Bilbao Vizcaya Argentaria S.A. (3) 1.25 6.67 1,861237 CYS CYS Investments, Inc. 1.24 7.80 1,849

42 HSBC HSBC Holdings PLC (3) 1.24 43.91 1,844115 NRZ New Residential Investment Corporation 1.25 16.18 1,861110 PMT PennyMac Mortgage Investment Trust 1.25 16.94 1,863117 UBS UBS Group AG (3) 1.25 15.85 1,854


30 ABBV AbbVie, Inc. 1.25 61.77 1,85364 AZN AstraZeneca PLC (3) 1.25 29.16 1,86634 BMY Bristol-Myers Squibb Company 1.25 54.59 1,85645 GSK GlaxoSmithKline PLC (3) 1.25 41.34 1,86029 MRK Merck & Company, Inc. 1.27 65.39 1,89653 OMI Owens & Minor, Inc. 1.24 34.90 1,85055 PFE Pfizer, Inc. 1.24 33.62 1,84943 SNY Sanofi (3) 1.25 43.16 1,856

Industrials - 9.99%

81 ABB ABB Limited (3) 1.24 22.82 1,84875 AYR Aircastle Limited (3) 1.24 24.58 1,843

115 CVA Covanta Holding Corporation 1.24 16.00 1,84063 PHG Koninklijke Philips (3) 1.25 29.57 1,86324 MIC Macquarie Infrastructure Corporation 1.28 79.50 1,908

139 PBI Pitney Bowes, Inc. 1.25 13.39 1,86171 QUAD Quad/Graphics, Inc. 1.24 25.89 1,838

106 RENX RELX (3) 1.25 17.51 1,856

(Continued)






64 CAJ Canon, Inc. (3) 1.26% $29.23 $1,87155 CSCO Cisco Systems, Inc. 1.25 33.74 1,856

145 CY Cypress Semiconductor Corporation 1.26 12.90 1,871368 NOK Nokia OYJ (3) 1.25 5.05 1,858

33 QCOM QUALCOMM, Inc. 1.25 56.46 1,863310 ERIC Telefonaktiebolaget LM Ericsson (3) 1.24 5.96 1,848

94 WU The Western Union Company 1.25 19.82 1,863251 XRX Xerox Corporation 1.25 7.44 1,867

Materials - 10.01%

18 AGU Agrium, Inc. (3) 1.25 103.65 1,86624 CMP Compass Minerals International, Inc. 1.26 77.95 1,87147 UFS Domtar Corporation 1.26 39.83 1,87226 GEF/B Greif, Inc. 1.25 71.65 1,863

131 KRO Kronos Worldwide, Inc. 1.25 14.24 1,865100 POT Potash Corporation of Saskatchewan, Inc. (3) 1.26 18.72 1,872

41 RIO Rio Tinto PLC (3) 1.25 45.50 1,86644 SWM Schweitzer-Mauduit International, Inc. 1.23 41.67 1,833


45 T AT&T, Inc. 1.25 41.48 1,86794 BT BT Group PLC (3) 1.25 19.83 1,86477 CTL CenturyLink, Inc. 1.26 24.28 1,87057 CHT Chunghwa Telecom Company Limited (3) 1.25 32.75 1,86772 CNSL Consolidated Communications Holdings, Inc. 1.25 25.89 1,864

572 FTR Frontier Communications Corporation 1.26 3.29 1,88238 VZ Verizon Communications, Inc. 1.26 49.19 1,86974 VOD Vodafone Group PLC (3) 1.25 25.11 1,858

(Continued)





Utilities - 10.00%

24 DUK Duke Energy Corporation 1.26% $78.36 $1,88190 EOCC Enel Generacion Chile S.A. (3) 1.24 20.55 1,85025 ETR Entergy Corporation 1.24 73.55 1,83960 FE FirstEnergy Corporation 1.25 31.01 1,86131 NGG National Grid PLC (3) 1.25 59.89 1,85790 PEGI Pattern Energy Group, Inc. 1.25 20.59 1,85339 SO The Southern Company 1.25 47.80 1,864

329 TAC TransAlta Corporation (3) 1.26 5.70 1,875

100.00% $148,867

Notes to Portfolio





Belgium 1.24% Bermuda 1.24% Canada 5.02%Chile 1.24% Finland 1.25% France 1.25%Italy 1.25% Japan 2.48% Netherlands 3.75%Spain 1.25% Sweden 1.24% Switzerland 2.49%Taiwan 1.25% United Kingdom 13.77% United States 61.28%




HHYYPPOOTTHHEETTIICCAALL BBAACCKK--TTEESSTTEEDD PPEERRFFOORRMMAANNCCEE

IINNFFOORRMMAATTIIOONN

The following table compares hypotheticalback-tested performance information for the strate-gy employed by the trust, the High 50® DividendStrategy, the International High 30 DividendStrategy, and the actual performance of the Standard& Poor’s 500 Index in each of the years listed (andas of the most recent month end). These hypotheti-cal returns do not guarantee and should not be usedto predict future performance of the trust. Returnsfrom the trust will differ from the hypotheticalback-tested strategy returns for several reasons,including:

• total return figures shown do not reflectcommissions paid by the trust on the pur-chase of securities or taxes you will incur;

• strategy returns are for calendar years (andthrough the most recent month), whiletrusts begin and end on various dates;

• extraordinary market events that we havenot expected to be repeated and may haveaffected performance;

• the trust has a scheduled term longer thanone year;



You should note that the trust is not designedto parallel movements in any index, and it is notexpected that it will do so. In fact, the trust’s strate-gy underperformed its comparative indexes in cer-tain years and we cannot guarantee that the trustwill outperform any index over the life of the trustor over consecutive rollover periods, if available.


Strategic High 80 High 50® International High 30Dividend Strategy Dividend Strategy Dividend Strategy

Hypothetical Hypothetical Hypothetical S&P 500Year Performance Performance Performance Index

2003 43.71% 31.19% 64.57%+ 28.67%2004 17.62 14.61 22.61 10.872005 8.38 3.37 16.73 4.912006 23.76 21.49 27.54 15.782007 11.59 4.02 24.21 5.492008 -41.76 -42.34 -40.80 -36.992009 47.16+ 40.61 58.06+ 26.472010 13.89 17.99 7.04 15.082011 0.48 5.51 -7.92 2.092012 7.76 7.22 8.83 15.992013 22.14 23.81 19.57 32.362014 1.36 9.15 -11.61 13.662015 -18.25 -13.51 -25.95 1.382016 17.64 21.68 10.98 11.932017 thru 1/31 -0.93 -1.15 -0.52 1.90

Source: Bloomberg L.P.+ these returns are the result of extraordinary market events and are not expected to be repeated.


Hypothetical back-tested performance is noguarantee of future results. Hypothetical back-test-ed performance of the trust strategy (the StrategicHigh 80 Dividend Strategy), High 50® DividendStrategy and International High 30 DividendStrategy securities (the “strategy securities”) is hypo-thetical (and does not represent any actual trust), isshown for illustrative purposes only and is notintended to indicate the future performance of anyinvestment, including the trust. The strategy securi-ties for a given year consist of the securities selectedby applying the strategy as of the beginning of theperiod (and not the date the trust actually sellsunits). The hypothetical back-tested past perform-ance of the Strategic High 80 Dividend Strategysecurities for 1 of the 15 periods shown are theresult of extraordinary market events and are notexpected to be repeated.

Securities are selected through application of astrategy at a particular point in time and if a securi-ty which is a component of a strategy is merged outof existence, de-listed or suffers a similar fate duringthe period in which the strategy performance isbeing measured, such security will not be replacedby another security during that period. The strategyis not rebalanced during each one year period and asa result the stocks used for determining hypotheticalback-tested performance will not take into accountsubsequent changes to the indexes used as a startingpoint for the strategy.

Prior to the market close on August 31, 2016,there were ten GICS® sectors and after the marketclose on August 31, 2016, a new Real Estate GICS®

sector was added, elevating its position from underthe Financials GICS® sector, bringing the totalnumber of GICS® sectors to eleven. Prior toAugust 31, 2016, the Strategic High 80 Strategyselected eight securities from (after the application ofcertain screens) each of the then existing ten GICS®

sectors. After August 31, 2016, the Strategic High80 Strategy selects eight securities from each of thenine GICS® sectors other than the Financials andReal Estate sectors and eight additional securities

from the Financials and Real Estate GICS® sectorscombined (for a total of 80 securities) after the appli-cation of certain screens. The hypothetical back-test-ed performance for 2016 and earlier are based on theStrategic High 80 Strategy with ten GICS® sectors.

Total return represents the sum of the change inmarket value of each group of securities between thefirst and last trading day of a period plus the totaldividends paid on each group of securities duringsuch period divided by the opening market value ofeach group of securities as of the first trading day ofa period. Total return shown in the table above fig-ures assume that all dividends are reinvested semi-annually. Strategy figures reflect the deduction ofsales charges and expenses but have not beenreduced by estimated brokerage commissions andother transaction costs paid by the trust in acquiringsecurities or any taxes incurred by investors.

Hypothetical back-tested returns are hypotheti-cal, meaning that they do not represent actual trad-ing, and, thus, may not reflect material economicand market factors, such as liquidity constraints,that may have had an impact on actual decisionmaking. The hypothetical performance is theretroactive application of the strategy designed withthe full benefit of hindsight.

The S&P 500 Index is an index that includes arepresentative sample of 500 leading companies inleading industries of the U.S. economy. Althoughthe Standard & Poor’s 500 Index focuses on thelarge-cap segment of the market, with over 80%coverage of U.S. equities, it is also often considereda proxy for the total U.S. stock market.

The indexes are unmanaged, not subject to fees,and not available for direct investment.

The publisher of the index is not affiliated withus and has not participated in creating the trust orselecting the securities for the trust, nor has thepublisher reviewed or approved of any of the infor-mation contained herein.


HHOOWW TTOO BBUUYY UUNNIITTSS

You can buy units of a trust on any businessday the New York Stock Exchange is open bycontacting your financial professional. Unitprices are available daily on the Internet atwwwwww..AAAAMMlliivvee..ccoomm.. The public offering price ofunits includes:

• the net asset value per unit plus

• organization costs plus

• the sales fee.

The “net asset value per unit” is the value ofthe securities, cash and other assets in your trustreduced by the liabilities of your trust divided bythe total units or your trust outstanding. Weoften refer to the public offering price of units asthe “offer price” or “purchase price.” The offerprice will be effective for all orders received priorto the close of regular trading on the New YorkStock Exchange (normally 4:00 p.m. Easterntime). If we receive your order prior to the closeof regular trading on the New York StockExchange or authorized financial professionalsreceive your order prior to that time and properlytransmit the order to us by the time that we des-ignate, then you will receive the price computedon the date of receipt. If we receive your orderafter the close of regular trading on the New YorkStock Exchange, if authorized financial profes-sionals receive your order after that time or iforders are received by such persons and are nottransmitted to us by the time that we designate,then you will receive the price computed on thedate of the next determined offer price providedthat your order is received in a timely manner onthat date. It is the responsibility of the author-ized financial professional to transmit the ordersthat they receive to us in a timely manner.

Certain broker-dealers may charge a transactionor other fee for processing unit purchase orders.

VVaalluuee ooff tthhee SSeeccuurriittiieess.. 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 sale pricefor securities traded on a national securitiesexchange. For this purpose, the trustee providesus closing prices from a reporting service approvedby us. In some cases we will price a security basedon its fair value after considering appropriate fac-tors relevant to the value of the security. We willonly do this if a security is not principally tradedon a national securities exchange or if the marketquotes are unavailable or inappropriate.

We determined the initial prices of the securi-ties shown under each “Portfolio” section in thisprospectus as described above at the close of regu-lar trading on the New York Stock Exchange onthe business day before the date of this prospectus.On the first day we sell units we will compute theunit price as of the close of regular trading on theNew York Stock Exchange or the time the registra-tion statement filed with the Securities andExchange Commission becomes effective, if later.

OOrrggaanniizzaattiioonn CCoossttss.. During the initial offer-ing period, part of the value of the units repre-sents an amount that will pay the costs of creatingyour trust. These costs include the costs ofpreparing the registration statement and legaldocuments, a portfolio consultant’s security selec-tion fee (if any), federal and state registration fees,the initial fees and expenses of the trustee and theinitial audit. Your trust will sell securities toreimburse us for these costs at the end of the ini-tial offering period or after six months, if earlier.The value of your units will decline when yourtrust pays these costs.

UNDERSTANDING YOUR INVESTMENT

52 Understanding Your Investment

TTrraannssaaccttiioonnaall SSaalleess FFeeee.. 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 deferredcomponent and equals 2.45% 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 your 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 ofthe 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 “Fees andExpenses” for your trust.

The maximum sales fee equals 2.95% 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 2.95% 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 feewill 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 $0.145 per unit. Your trust pays the deferredsales fee in equal monthly installments asdescribed under “Fees and Expenses” for yourtrust. If you redeem or sell your units prior tocollection of the total deferred sales fee, you willpay any remaining deferred sales fee uponredemption or sale of your units.

If you purchase units after the last deferredsales fee payment has been assessed, the secondarymarket sales fee is equal to 2.95% of the publicoffering price and does not include deferred pay-

ments (i.e. unitholders who buy in the secondarymarket after collection of the deferred sales feesare not charged deferred sales fees).

MMiinniimmuumm PPuurrcchhaassee.. The minimum amountyou can purchase appears under “EssentialInformation” for your trust, but such amountsmay vary depending on your selling firm.

RReedduucciinngg YYoouurr SSaalleess FFeeee. We offer a variety ofways for you to reduce the fee you pay. It is yourfinancial professional’s responsibility to alert us ofany discount when you order units. Except asexpressly provided herein, you may not combinediscounts. Since the deferred sales fee and thecreation and development fee are fixed dollaramounts per unit, your trust must charge thesefees per unit regardless of any discounts.However, if you are eligible to receive a discountsuch that your total sales fee is less than the fixeddollar amounts of the deferred sales fee and thecreation and development fee, we will credit youthe difference between your total sales fee andthese fixed dollar fees at the time you buy 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 2.95%$50,000 - $99,999 2.70$100,000 - $249,999 2.45$250,000 - $499,999 2.20$500,000 - $999,999 1.95$1,000,000 or more 1.40

We apply these fees as a percent of the publicoffering price per unit at the time of purchase.The breakpoints will be adjusted to take into con-sideration purchase orders stated in dollars whichcannot be completely fulfilled due to the require-ments that only whole units be issued.

Understanding Your Investment 53

You aggregate initial offering period unitorders submitted by the same person for units ofany of the trusts we sponsor on any single dayfrom any one broker-dealer to qualify for a pur-chase level. If you purchase initial offering periodunits that qualify for the fee account orrollover/exchange discount described below andalso purchase additional initial offering periodunits on a single day from the same broker-dealerthat do not qualify for the fee account orrollover/exchange discount, you aggregate all ini-tial offering period units purchased for purposes ofdetermining the applicable breakpoint level in thetable above on the additional units, but such addi-tional units will not qualify for the fee account orrollover/exchange discount described below.Secondary market unit purchases are not aggregat-ed with initial offering period unit purchases forpurposes of determining the applicable breakpointlevel. You can also include these orders as yourown for purposes of this aggregation:

• orders submitted by your spouse or chil-dren (including step-children) under 21years of age living in the same householdand

• orders submitted by your trust estate orfiduciary accounts.

The discounts described above apply only toinitial offering period purchases.

Fee Accounts. Investors may purchase unitsthrough registered investment advisers, certifiedfinancial planners or registered broker-dealers whoin each case either charge investor accounts (“FeeAccounts”) 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”)is imposed. You should consult your financial

advisor to determine whether you can benefitfrom these accounts. To purchase units in theseFee Accounts, your financial advisor must pur-chase units designated with one of the FeeAccount CUSIP numbers, if available. Pleasecontact your financial advisor for more informa-tion. If units are purchased for a Fee Accountand the units are subject to a Wrap Fee in suchFee Account (i.e., the trust is “Wrap Fee Eligible”)then investors may be eligible to purchase units inthese Fee Accounts that are not subject to thetransactional sales fee but will be subject to thecreation and development fee that is retained bythe sponsor. For example, this table illustrates thesales fee you will pay as a percentage of the initial$10 public offering price per unit (the percentagewill vary with the unit price).

Initial sales fee 0.00%Deferred sales fee 0.00%

Transactional sales fee 0.00%Creation and development fee 0.50%

Total sales fee 0.50%

This discount applies only during the initialoffering period. Certain Fee Account investorsmay 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 ofunits in Fee Accounts by investors or selling firmswhose frequent trading activity is determined tobe detrimental to a trust.

Employees. We waive the transactional salesfee for purchases made by officers, directors andemployees (and immediate family members) of thesponsor and its affiliates. These purchases are notsubject to the transactional sales fee but will besubject to the creation and development fee. Wealso waive a portion of the sales fee for purchases


made by officers, directors and employees (andimmediate family members) of selling firms.These purchases are made at the public offeringprice per unit less the applicable regular dealerconcession. Immediate family members for thepurposes of this section include your spouse, chil-dren (including step-children) under the age of 21living in the same household, and parents (includ-ing step-parents). These discounts apply to initialoffering period and secondary market purchases.All employee discounts are subject to the policiesof the related selling firm, including but not lim-ited to, householding policies or limitations.Only officers, directors and employees (and theirimmediate family members) of selling firms thatallow such persons to participate in this employeediscount program are eligible for the discount.

Rollover/Exchange Option. We waive a portionof the sales fee on units of the trusts offered in thisprospectus if you buy your units with redemptionor termination proceeds from any unit investmenttrust (regardless of sponsor). The discounted pub-lic offering price per unit for these transactions isequal to the regular public offering price per unitless 1.00%. However, if you invest redemption ortermination proceeds of $500,000 or more inunits, the maximum sales fee on your units will belimited to the maximum sales fee for the applica-ble amount invested in the table under “LargePurchases” above. To qualify for this discount, thetermination or redemption proceeds used to pur-chase units of a trust offered in this prospectusmust be derived from a transaction that occurredwithin 30 calendar days of your purchase of unitsof a trust offered in this prospectus. In addition,the discount will only be available for investorsthat utilize the same broker-dealer (or a differentbroker-dealer with appropriate notification) forboth the unit purchase and the transaction result-ing in the receipt of the termination or redemp-tion proceeds used for the unit purchase. You may

be required to provide appropriate documentationor other information to your broker-dealer to evi-dence your eligibility for this sales fee discount.

Please note that if you purchase units of atrust in this manner using redemption proceedsfrom trusts which assess the amount of anyremaining 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 to initial offering period purchases.

Dividend Reinvestment Plan. We do notcharge any sales fee when you reinvest distribu-tions from your trust into additional units of yourtrust. This sales fee discount applies to initialoffering period and secondary market purchases.Since the deferred sales fee and the creation anddevelopment fee are fixed dollar amounts perunit, your trust must charge these fees per unitregardless of this discount. If you elect the distri-bution reinvestment plan, we will credit you withadditional units with a dollar value sufficient tocover the amount of any remaining deferred salesfee or 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.

RReettiirreemmeenntt AAccccoouunnttss.. Your 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.

HHOOWW TTOO SSEELLLL YYOOUURR UUNNIITTSS

You can sell or redeem your units on anybusiness day the New York Stock Exchange isopen by contacting your financial professional.Unit prices are available daily on the Internet at


wwwwww..AAAAMMlliivvee..ccoomm or through your financial pro-fessional. The sale and redemption price of unitsis equal to the net asset value per unit, providedthat you will not pay any remaining creation anddevelopment fee or organization costs if you sellor redeem units during the initial offering period.The sale and redemption price is sometimesreferred to as the “liquidation price.” You payany remaining deferred sales fee when you sell orredeem your units. Certain broker-dealers maycharge a transaction or other fee for processingunit redemption or sale requests.

SSeelllliinngg UUnniittss. We may maintain a secondarymarket 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 anyremaining creation and development fee or organ-ization costs if you sell units during the initialoffering period. We may then resell the units toother investors at the public offering price orredeem them for the redemption price. Our sec-ondary market repurchase price is the same as theredemption 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 priceavailable. We may discontinue our secondarymarket 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 dayfor the current redemption price.

RReeddeeeemmiinngg UUnniittss. You may also redeem yourunits directly with the trustee, The Bank of NewYork Mellon, on any day the New York StockExchange is open. The redemption price that youwill receive for units is equal to the net asset valueper unit, provided that you will not pay anyremaining creation and development fee or organ-ization costs if you redeem units during the initialoffering period. You will pay any remaining

deferred 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 bythe 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 isthe responsibility of authorized financial profes-sionals to transmit redemption requests receivedby them to the trustee so they will be received ina 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 delayyour 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 anyother period that the Securities and ExchangeCommission permits.


You can request an in-kind distribution ofthe securities underlying your units if you tenderat least 2,500 units for redemption (or suchother amount as required by your financial pro-fessional’s firm). This option is generally avail-able only for securities traded and held in theUnited States. The trustee will make any in-kind distribution of securities by distributingapplicable securities in book entry form to theaccount of your financial professional atDepository Trust Company. You will receivewhole shares of the applicable securities and cashequal to any fractional shares. You may notrequest this option in the last 30 days of yourtrust’s life. We may discontinue this optionupon sixty days notice.

EExxcchhaannggee OOppttiioonn. 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 abouttrusts 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.

RRoolllloovveerr OOppttiioonn.. Your trust’s strategy may bea long-term investment strategy designed to befollowed on an annual basis. You may achievemore consistent long-term investment results byfollowing the strategy. As part of the strategy, wecurrently intend to offer a subsequent series ofyour trust for a rollover when the current trustterminates. When your trust terminates you willhave the option to (1) participate in a rolloverand have your units reinvested into a subsequenttrust series through a cash rollover as described in

this section, (2) receive an in-kind distribution ofsecurities or (3) receive a cash distribution.

If you elect to participate in a rollover, yourunits will be redeemed on your trust’s terminationdate. As the redemption proceeds become avail-able, the proceeds (including dividends) will beinvested in a new trust series, if available, at thepublic offering price for the new trust. Thetrustee will attempt to sell securities to satisfy theredemption as quickly as practicable on the termi-nation date. We do not anticipate that the saleperiod will be longer than one day, however, cer-tain factors could affect the ability to sell thesecurities and could impact the length of the saleperiod. The liquidity of any security depends onthe daily trading volume of the security and theamount available for redemption and reinvest-ment on any day.

We intend to make subsequent trust seriesavailable for sale at various times during the year.Of course, we cannot guarantee that a subsequenttrust or sufficient units will be available or thatany subsequent trusts will offer the same invest-ment strategies or objectives as current trusts. Wecannot guarantee that a rollover will avoid anynegative market price consequences resulting fromtrading large volumes of securities. Market pricetrends may make it advantageous to sell or buysecurities more quickly or more slowly than per-mitted by the trust procedures. We may, in oursole discretion, modify a rollover or stop creatingunits of any future trust at any time regardless ofwhether all proceeds of unitholders have beenreinvested in a rollover. We may decide not tooffer a rollover option upon sixty days notice.Cash which has not been reinvested in a rolloverwill be distributed to unitholders shortly after thetermination date. Rollover participants mayreceive taxable dividends or realize taxable capitalgains which are reinvested in connection with a


rollover but may not be entitled to a deduction forcapital losses due to the “wash sale” tax rules. Dueto the reinvestment in a subsequent trust, no cashwill be distributed to pay any taxes. See“Understanding Your Investment—Taxes”.

DDIISSTTRRIIBBUUTTIIOONNSS

DDiissttrriibbuuttiioonnss. Your trust generally pays dis-tributions of its net investment income alongwith any excess capital on each distribution dateto unitholders of record on the preceding recorddate. If your trust is a “grantor trust” for federaltax purposes, the trust will generally only make adistribution if the total cash held for distributionequals at least 0.1% of the trust’s net asset valueas determined under the trust agreement. Therecord and distribution dates and the tax statusare shown under “Essential Information” in the“Investment Summary” section of this prospectusfor your trust. In some cases, your trust mightpay a special distribution if it holds an excessiveamount of cash pending distribution. For exam-ple, this could happen as a result of a merger orsimilar transaction involving a company whosestock is in your portfolio. Your trust will alsogenerally make required distributions or distribu-tions to avoid imposition of tax at the end ofeach year if it is structured as a “regulated invest-ment company” for federal tax purposes. Theamount of your distributions will vary from timeto time as companies change their dividends andother income distributions or trust expenseschange.

When your trust receives dividends and otherincome distributions from a portfolio security, thetrustee credits such payments to the trust’saccounts. In an effort to make relatively regularincome distributions, if your trust is a “regulatedinvestment company” for tax purposes and makesmonthly distributions, your trust’s monthly

income distribution is equal to one twelfth of theestimated net annual income distributions to bereceived by your trust after deduction of trustoperating expenses. Because a trust does notreceive income distributions from the portfoliosecurities at a constant rate throughout the year,the income distributions to unitholders from sucha trust may be more or less than the amount cred-ited to your trust accounts as of the record date.For the purpose of minimizing fluctuation inincome distributions, the trustee is authorized toadvance such amounts as may be necessary toprovide income distributions of approximatelyequal amounts. The trustee will be reimbursed,without interest, for any such advances fromavailable income received by a trust on the ensu-ing record date.

EEssttiimmaatteedd AAnnnnuuaall DDiissttrriibbuuttiioonnss.. The estimat-ed net annual distributions for your trust areshown under “Essential Information” section ofthis prospectus related to your trust. We general-ly base the estimate of the income your trust mayreceive on annualizing the most recent ordinarydividend declared by an issuer (or adding themost recent interim and final dividends declaredfor certain foreign issuers) and/or on scheduledincome payments. However, dividend conven-tions for certain companies and/or certain coun-tries differ from those typically used in theUnited States and in certain instances, dividendspaid or declared over several years or other peri-ods were used to estimate annual distributions.Due to this and various other factors, actual divi-dends and other income distributions received byyour trust will most likely differ from the mostrecent annualized dividends or scheduled incomepayments. The actual net annual distributionsyou will receive will vary with changes in yourtrust’s fees and expenses, in dividends and otherincome distributions received and with the saleof securities.


RReeppoorrttss. 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.

IINNVVEESSTTMMEENNTT RRIISSKKSS

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 unitswill also fall. We cannot guarantee that your trustwill achieve its objective or that your investmentreturn will be positive over any period.

MMaarrkkeett RRiisskk.. Market risk is the risk that thevalue of the securities in your trust will fluctuate.This could cause the value of your units to fallbelow your original purchase price. Market valuefluctuates in response to various factors. Thesecan include changes in interest rates, inflation, thefinancial condition of a security’s issuer, percep-tions of the issuer, or ratings on a security. Eventhough we supervise your portfolio, you shouldremember that we do not manage your portfolio.Your trust will not sell a security solely because themarket value falls as is possible in a managed fund.

DDiivviiddeenndd PPaayymmeenntt RRiisskk.. Dividend paymentrisk is the risk that an issuer of a security isunwilling or unable to pay income on a security.Stocks represent ownership interests in the issuersand are not obligations of the issuers. Commonstockholders have a right to receive dividends onlyafter the company has provided for payment of itscreditors, bondholders and preferred stockholders.

Common stocks do not assure dividend pay-ments. Dividends are paid only when declared byan issuer’s board of directors and the amount ofany dividend may vary over time.

SSttrraatteeggyy CCoorrrreellaattiioonn RRiisskk.. Strategy correlationrisk is the risk that your trust’s performance willnot sufficiently correspond with the hypotheticalback-tested performance of your trust’s investmentstrategy, if any. This risk applies to your trust ifthe “Investment Summary” section for your trustin this prospectus includes “Hypothetical Back-tested Performance Information.” This can hap-pen for reasons such as:

• the impracticability of owning each ofthe strategy stocks with the exact weight-ings at a given time,

• strategy performance is based on a calen-dar year strategy while trusts may be cre-ated at various times during the year andgenerally have 15 month terms,

• your trust may not be fully invested at alltimes, and

• trust fees and expenses.

Hypothetical back-tested performance is notactual past performance of this or any trust.Hypothetical back-tested performance is based onapplication of a trust’s investment strategy as of aparticular time.

SSmmaallll aanndd MMiidd--SSiizzee CCoommppaanniieess.. Your trustmay invest in securities issued by small and mid-size companies. The share prices of these com-panies are often more volatile than those of larg-er companies as a result of several factors com-mon to many such issuers, including limitedtrading volumes, products or financial resources,management inexperience and less publicly avail-able information.


SSeeccttoorr CCoonncceennttrraattiioonn RRiisskk.. Sector concentrationrisk is the risk that the value of your trust is moresusceptible to fluctuations based on factors thatimpact a particular sector because the portfolioconcentrates in securities issued by companieswithin that sector. A portfolio “concentrates” in asector when securities in a particular sector makeup 25% or more of the portfolio. Refer to the“Principal Risks” in the “Investment Summary”section for your trust in this prospectus for sectorconcentrations.

Your trust may invest significantly in securitiesof ccoonnssuummeerr pprroodduuccttss aanndd sseerrvviicceess companies.These companies manufacture or sell various con-sumer products and/or services. General risks ofthese companies include the general state of theeconomy, intense competition and consumerspending trends. A decline in the economy whichresults in a reduction of consumers’ disposableincome can negatively impact spending habits.Competitiveness in the retail industry will requirelarge capital outlays for the installation of auto-mated checkout equipment to control inventory,track the sale of items and gauge the success ofsales campaigns. Retailers who sell their productsand services over the Internet have the potential toaccess more consumers, but will require sophisti-cated technology to remain competitive.

Your trust may invest significantly in securi-ties of iinndduussttrriiaallss ccoommppaanniieess. General risks ofindustrials companies include the general state ofthe economy, intense competition, consolidation,domestic and international politics, excess capaci-ty and consumer spending trends. Capital goodscompanies may also be significantly affected byoverall capital spending levels, economic cycles,technical obsolescence, delays in modernization,limitations on supply of key materials, labor rela-tions, government regulations, government con-tracts and ecommerce initiatives. Furthermore,

certain companies involved in the industry havealso faced scrutiny for alleged accounting irregu-larities that may have led to the overstatement oftheir financial results, and other companies in theindustry may face similar scrutiny.

Industrials companies may also be affected byfactors more specific to their individual industries.Industrial machinery manufacturers may be sub-ject to declines in commercial and consumerdemand and the need for modernization.Aerospace and defense companies may be influ-enced by decreased demand for new equipment,aircraft order cancellations, disputes over or abili-ty to obtain or retain government contracts, orchanges in government budget priorities, changesin aircraft-leasing contracts and cutbacks in prof-itable business travel. The number of housingstarts, levels of public and non-residential con-struction including weakening demand for newoffice and retail space, and overall constructionspending may adversely affect construction mate-rials and equipment manufacturers.

EEuurrooppeeaann IIssssuueerr RRiisskkss.. The European SelectPortfolio invests in securities issued by compa-nies in Europe. The trust is therefore subject tocertain risks associated specifically with Europe.A significant number of countries in Europe aremember states in the European Union, and themember states no longer control their own mon-etary policies by directing independent interestrates for their currencies. In these memberstates, the authority to direct monetary policiesincluding money supply and official interestrates for the Euro is exercised by the EuropeanCentral Bank. Furthermore, the European sov-ereign debt crisis and the related austerity meas-ures in certain countries have had, and continueto have, a significant impact on the economiesof certain European countries and their futureeconomic outlooks.


FFoorreeiiggnn IIssssuueerr RRiisskk.. An investment in securi-ties of foreign issuers involves certain risks that aredifferent in some respects from an investment insecurities of domestic issuers. These include risksassociated with future political and economicdevelopments, international trade conditions, for-eign withholding taxes, liquidity concerns, curren-cy fluctuations, volatility, restrictions on foreigninvestments and exchange of securities, potentialfor expropriation of assets, confiscatory taxation,difficulty in obtaining or enforcing a court judg-ment, potential inability to collect when a compa-ny goes bankrupt and economic, political orsocial instability. Moreover, individual foreigneconomies may differ favorably or unfavorablyfrom the U.S. economy for reasons including dif-ferences in growth of gross domestic product,rates of inflation, capital reinvestment, resources,self-sufficiency and balance of payments positions.There may be less publicly available informationabout a foreign issuer than is available from adomestic issuer as a result of different accounting,auditing and financial reporting standards. Someforeign markets are less liquid than U.S. marketswhich could cause securities to be bought at ahigher price or sold at a lower price than wouldbe the case in a highly liquid market.

Securities of certain foreign issuers may bedenominated or quoted in currencies other thanthe U.S. dollar. Foreign issuers also make pay-ments and conduct business in foreign currencies.Many foreign currencies have fluctuated widely invalue against the U.S. dollar for various economicand political reasons. Changes in foreign curren-cy exchange rates may affect the value of foreignsecurities and income payments. Generally, whenthe U.S. dollar rises in value against a foreign cur-rency, a security denominated in that currencyloses value because the currency is worth fewerU.S. dollars. Conversely, when the U.S. dollardecreases in value against a foreign currency, a

security denominated in that currency gains valuebecause the currency is worth more U.S. dollars.The U.S. dollar value of income payments on for-eign securities will fluctuate similarly withchanges in foreign currency values.

Certain foreign securities may be held in theform of American Depositary Receipts (“ADRs”),Global Depositary Receipts (“GDRs”), or othersimilar receipts. Depositary receipts representreceipts for foreign securities deposited with acustodian (which may include the trustee of yourtrust). Depository receipts may not be denomi-nated in the same currency as the securities intowhich they may be converted. ADRs typicallytrade in the U.S. in U.S. dollars and are regis-tered with the Securities and ExchangeCommission. GDRs are similar to ADRs, butGDRs typically trade outside of the U.S. andoutside of the country of the issuer in the curren-cy of the country where the GDR trades.Depositary receipts generally involve most of thesame types of risks as foreign securities helddirectly but typically also involve additionalexpenses associated with the cost of the custodi-an’s services. Some depositary receipts may expe-rience less liquidity than the underlying securitiestraded in their home market. Certain depositaryreceipts are unsponsored (i.e. issued without theparticipation or involvement of the issuer of theunderlying security). The issuers of unsponsoreddepositary receipts are not obligated to discloseinformation that may be considered material inthe U.S. Therefore, there may be less informa-tion available regarding these issuers which canimpact the relationship between certain informa-tion impacting a security and the market value ofthe depositary receipts.

LLeeggiissllaattiioonn oorr LLiittiiggaattiioonn RRiisskk.. Legislation orlitigation risk is the risk that various legislativeinitiatives will be proposed from time to time in


the United States and abroad which may have anegative impact on certain of the companies rep-resented in your trust. In addition, litigationregarding any of the issuers of the securities or ofthe industries represented by these issuers maynegatively impact the share prices of these securi-ties. No one can predict what impact any pend-ing or threatened litigation will have on the shareprices of the securities.

LLiiqquuiiddiittyy RRiisskk.. Liquidity risk is the risk thatthe value of a security will fall if trading in thesecurity is limited or absent. No one can guaran-tee that a liquid trading market will exist for anysecurity.

NNoo FFDDIICC GGuuaarraanntteeee.. 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.

HHOOWW TTHHEE TTRRUUSSTT WWOORRKKSS

YYoouurr TTrruusstt.. Your trust is a unit investmenttrust registered under the Investment CompanyAct of 1940. We created your trust under a trustagreement between Advisors Asset Management,Inc. (as depositor/sponsor, evaluator and supervi-sor) and The Bank of New York Mellon (astrustee). 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 YorkStock Exchange on your 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 inyour trust will increase or decrease to the extentof any adjustment.

CChhaannggiinngg YYoouurr PPoorrttffoolliioo.. 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,

• to take actions in response to certain cor-porate actions and other events impactingportfolio securities,

• in limited circumstances to protect thetrust,

• to make required distributions or avoidimposition of taxes on the trust, or

• as permitted by the trust agreement.

When your trust sells securities, the compo-sition and diversification of the securities in theportfolio may be altered. If a public tender offerhas been made for a security or a merger, acqui-sition or similar transaction has been announcedaffecting a security, the sponsor may direct thetrustee to sell the security or accept a tenderoffer if the supervisor determines that the actionis in the best interest of unitholders. The trusteewill distribute any available cash proceeds tounitholders.

If an offer by the issuer of any of the portfo-lio securities or any other party is made to issuenew securities, or to exchange securities, for trustportfolio securities, the trustee will reject the offerunless your trust is a “regulated investment com-pany” for tax purposes (see “EssentialInformation—Tax Structure” in the “Investment



Summary” section for your trust in this prospec-tus). If your trust is a “regulated investment com-pany” for tax purposes and an offer by the issuerof any of the portfolio securities or any otherparty is made to issue new securities, or toexchange securities, for trust portfolio securities,the trustee may either vote for or against, oraccept or reject, any offer for new or exchangedsecurities or property in exchange for a trust port-folio security at the direction of the sponsor.

If any issuance, exchange or substitution ofnew or exchanged securities or property inexchange for a trust portfolio security occurs(regardless of any action or rejection by a trust),any securities and/or property received will bedeposited into the trust and will be promptly soldby the trustee pursuant to the sponsor’s direction,unless the sponsor advises the trustee to keep suchsecurities or property.

If any contract for the purchase of securitiesfails, the sponsor will refund the cash and sales feeattributable to the failed contract to unitholderson or before the next distribution date unless sub-stantially all of the moneys held to cover the pur-chase are reinvested in substitute securities inaccordance with the trust agreement. If yourtrust is a “regulated investment company” for taxpurposes, the sponsor may direct the reinvestmentof security sale proceeds if the sale is the directresult of serious adverse credit factors which, inthe opinion of the supervisor, would make reten-tion of the securities detrimental to the trust. Insuch a case, the sponsor may, but is not obligatedto, direct the reinvestment of sale proceeds in anyother securities that meet the criteria for inclusionin the trust on the trust’s inception date. Thesponsor may also instruct the trustee to takeaction necessary to ensure that a portfolio contin-ues to satisfy the qualifications of a “regulatedinvestment company” for tax purposes. Your

trust will not participate in rights offerings ofclosed-end funds, if any.

We will increase the size of your trust as wesell units. When we create additional units, wewill seek to replicate the existing portfolio to theextent practicable. When your trust buys securi-ties, it may pay brokerage or other acquisitionfees. You could experience a dilution of yourinvestment because of these fees and fluctuationsin security prices between the time we create unitsand the time your trust buys the securities.When your trust buys or sells securities, we maydirect that it place orders with and pay brokeragecommissions to brokers that sell units or are affili-ated with us, your trust or the trustee.

Pursuant to an exemptive order, your trustmay be able to purchase securities from othertrusts that we sponsor when we create additionalunits. Your trust may also be able to sell securi-ties to 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 elimi-nate commission costs on these transactions.The price for those securities will be the closingprice on the sale date on the exchange where thesecurities are principally traded as certified by usto the trustee.

AAmmeennddiinngg tthhee TTrruusstt AAggrreeeemmeenntt.. The sponsorand the trustee can change the trust agreementwithout 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.


TTeerrmmiinnaattiioonn ooff YYoouurr TTrruusstt.. Your trust will ter-minate on the termination date set forth under“Essential Information” in the “InvestmentSummary” section of this prospectus for your trust.The trustee may terminate your trust early if thevalue of the trust is less than 40% of the originalvalue of the securities in your trust at the time ofdeposit. At this size, the expenses of your trustmay create an undue burden on your investment.Investors owning two-thirds of the units in yourtrust may also vote to terminate the trust early.The trustee will liquidate your trust in the eventthat a sufficient number of units not yet sold to thepublic are tendered for redemption so that the networth of your trust would be reduced to less than40% of the value of the securities at the time theywere deposited in the trust. If this happens, wewill refund any sales charge that you paid.

You will receive your final distribution withina reasonable time following liquidation of all thesecurities after deducting final expenses. Your ter-mination distribution may be less than the priceyou originally paid for your units.

TThhee SSppoonnssoorr.. The sponsor of your trust isAdvisors 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, Building800, Suite 102, Wichita, Kansas 67226 or byusing the 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 ofethics 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 ofsecurities in your trust in its independent capacity(which may include acting as an investmentadviser 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 your trust, and may act as a special-ist market maker in the securities. The sponsormay also issue reports and make recommenda-tions on the securities in your trust. The sponsoror an affiliate may have participated in a publicoffering of one or more of the securities in yourtrust. The sponsor, an affiliate or their employeesmay have a long or short position in these securi-ties or related securities. An officer, director oremployee of the sponsor or an affiliate may be anofficer or director for the issuers of the securities.

TThhee TTrruusstteeee.. The Bank of New YorkMellon is the trustee of your trust with its prin-cipal unit investment trust division offices locat-ed at 2 Hanson Place, 12th Floor, Brooklyn,New York 11217. You can contact the trustee


by calling the telephone number on the backcover of this prospectus or by writing to its unitinvestment trust office. We may remove andreplace the trustee in some cases without yourconsent. The trustee may also resign by notify-ing us and investors.

HHooww WWee DDiissttrriibbuuttee UUnniittss.. We sell units tothe public through broker-dealers and otherfirms. These distribution firms each receive partof the sales fee when they sell units. During theinitial offering period, the broker-dealer conces-sion or agency commission for broker-dealers andother firms is as follows:

Concessionor Agency

Transaction Amount Commission

Less than $50,000 2.25%$50,000 - $99,999 2.00$100,000 - $249,999 1.75$250,000 - $499,999 1.50$500,000 - $999,999 1.25$1,000,000 or more 0.70

We apply these concessions or agency com-missions as a percent of the public offering priceper unit at the time of the transaction. The bro-ker-dealer concession or agency commission is65% of the sales fee for secondary market sales.For transactions involving unitholders of otherunit investment trusts who use their redemptionor termination proceeds to purchase units ofyour trust, the broker-dealer concession oragency commission is 1.30% of the public offer-ing price per unit. No broker-dealer concessionor agency commission is paid to broker-dealers,investment advisers or other selling firms in con-nection with unit sales in Fee Accounts subjectto a Wrap Fee.

Broker-dealers and other firms that sell unitsof certain unit investment trusts for which AAMacts as sponsor are eligible to receive additionalcompensation for volume sales. The sponsoroffers two separate volume concession structuresfor certain trusts that are referred to as “VolumeConcession A” and “Volume Concession B.” Thetrusts offered in this prospectus are VolumeConcession A trusts. Broker-dealers and otherfirms that sell units of any Volume Concession Atrust 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 Atrusts during a calendar quarter as set forth in thefollowing table:

Initial Offering Period Sales VolumeDuring Calendar Quarter Concession

Less than $10,000,000 0.000%$10,000,000 but less than $25,000,000 0.050$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 0.125$250,000,000 but less than $500,000,000 0.135$500,000,000 or more 0.150

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 eligi-ble for this additional Volume Concession Acompensation if the prospectus for such trustdoes not include disclosure related to this addi-tional Volume Concession A compensation.


Broker-dealer firms will not receive additionalcompensation unless they sell at least $10.0 mil-lion of units of Volume Concession A trusts dur-ing a calendar quarter. For example, if a firm sells$9.5 million of units of Volume Concession Atrusts in the initial offering period during a calen-dar quarter, the firm will not receive any addi-tional compensation with respect to such trusts.Once a firm reaches a particular breakpoint dur-ing a quarter, the firm will receive the stated vol-ume concession on all initial offering period salesof Volume Concession A trusts during the appli-cable quarter. For example, if a firm sells $12.5million of units of Volume Concession A trusts inthe initial offering period during a calendar quar-ter, the firm will receive additional compensationof 0.05% of $12.5 million and if a firm sells$27.0 million of units of Volume Concession Atrusts in the initial offering period during a calen-dar quarter, the firm will receive additional com-pensation of 0.100% of $27.0 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 subject to the poli-cies of the related selling firm. Secondary marketsales of all unit trusts are excluded for purposes ofthese 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 bro-ker-dealer or selling firm out of the broker-dealerconcession or agency commission. We reservethe right to change the amount of concessions oragency commissions from time to time.

We currently may provide, at our ownexpense and out of our own profits, additional

compensation and benefits to broker-dealers whosell units of your trust and our other products.This compensation is intended to result in addi-tional sales of our products and/or compensatebroker-dealers and financial advisors for past sales.A number of factors are considered in determin-ing whether to pay these additional amounts.Such factors may include, but are not limited to,the level or type of services provided by the inter-mediary, the level or expected level of sales of ourproducts by the intermediary or its agents, theplacing of our products on a preferred or recom-mended product list and access to an intermedi-ary’s personnel. We may make these payments formarketing, promotional or related expenses,including, but not limited to, expenses of enter-taining retail customers and financial advisors,advertising, sponsorship of events or seminars,obtaining information about the breakdown ofunit sales among an intermediary’s representativesor offices, obtaining shelf space in broker-dealerfirms and similar activities designed to promotethe sale of our products. We make such pay-ments to a substantial majority of intermediariesthat sell our products. We may also make certainpayments to, or on behalf of, intermediaries todefray a portion of their costs incurred for thepurpose of facilitating unit sales, such as the costsof developing or purchasing trading systems toprocess unit trades. Payments of such additionalcompensation described in this paragraph and thevolume concessions described above, some ofwhich may be characterized as “revenue sharing,”may create an incentive for financial intermedi-aries and their agents to sell or recommend ourproducts, including your trust, over other prod-ucts. These arrangements will not change theprice you pay for your units.

We generally register units for sale in variousstates in the U.S. We do not register units forsale in any foreign country. This prospectus does


not constitute an offer of units in any state orcountry where units cannot be offered or soldlawfully. We may reject any order for units inwhole 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 payfor 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 ofour profit or loss on the initial deposit of securi-ties into your trust is shown in the “Notes toPortfolio” section for your trust.

TTAAXXEESS——RREEGGUULLAATTEEDD IINNVVEESSTTMMEENNTT CCOOMMPPAANNIIEESS

This section summarizes some of the mainU.S. federal income tax consequences of owningunits of your trust if your trust intends to qualifyas a “regulated investment company” under feder-al tax laws. The tax structure of your trust is setforth under “Essential Information—TaxStructure” in the “Investment Summary” sectionfor your trust in this prospectus.

This section is current as of the date of thisprospectus. Tax laws and interpretations changefrequently, and these summaries do not describeall of the tax consequences to all taxpayers. Forexample, these summaries generally do notdescribe your situation if you are a corporation, anon-U.S. person, a broker/dealer, or otherinvestor with special circumstances. In addition,this section does not describe your state, local orforeign tax consequences.

This federal income tax summary is based inpart on the advice of counsel to the sponsor. TheInternal Revenue Service could disagree with anyconclusions 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 your trust. This may not be sufficient for youto use for the purpose of avoiding penalties underfederal tax law.

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

TTrruusstt SSttaattuuss.. Your trust intends to qualify asa “regulated investment company” under the fed-eral tax laws. If your trust qualifies as a regulatedinvestment company and distributes its income asrequired by the tax law, your trust generally willnot pay federal income taxes. If your trust investsin a partnership, an adverse federal income taxaudit of that partnership could result in the trustbeing required to pay federal income tax or pay adeficiency dividend (without having receivedadditional cash).

DDiissttrriibbuuttiioonnss.. 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, ordinaryincome distributions, capital gain dividends andreturn of capital. Ordinary income distributionsare generally taxed at your ordinary tax rate, how-ever, as further discussed below, certain ordinaryincome distributions received from your trustmay be taxed at the capital gains tax rates.Generally, you will treat all capital gain dividendsas long-term capital gains regardless of how longyou have owned your units. To determine youractual tax liability for your capital gain dividends,you must calculate your total net capital gain orloss for the tax year after considering all of yourother taxable transactions, as described below. Inaddition, your trust may make distributions thatrepresent a return of capital for tax purposes and

thus will generally not be taxable to you. Areturn of capital, although not initially taxable toyou, will result in a reduction in the basis in yourunits and subsequently result in higher levels oftaxable capital gains in the future. In addition, ifthe non-dividend distribution exceeds your basisin your units, you will have long-term or short-term gain depending upon your holding period.The tax status of your distributions from yourtrust is not affected by whether you reinvest yourdistributions in additional units or receive themin cash. The income from your trust that youmust take into account for federal income taxpurposes is not reduced by amounts used to pay adeferred sales fee, if any. The tax laws mayrequire you to treat distributions made to you inJanuary as if you had received them on December31 of the previous year. Income from your trustmay also be subject to a 3.8 percent “medicaretax.” This tax generally applies to your net invest-ment income if your adjusted gross incomeexceeds certain threshold amounts, which are$250,000 in the case of married couples filingjoint returns and $200,000 in the case of singleindividuals.

DDiivviiddeennddss RReecceeiivveedd DDeedduuccttiioonn.. A corpora-tion that owns units generally will not be enti-tled to the dividends received deduction withrespect to many dividends received from yourtrust because the dividends received deduction isgenerally not available for distributions fromregulated investment companies. However, cer-tain ordinary income dividends on units that areattributable to qualifying dividends received byyour trust from certain corporations may bereported by the trust as being eligible for thedividends received deduction.

SSaallee oorr RReeddeemmppttiioonn ooff UUnniittss.. 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, generallyincluding sales charges. In some cases, however,you may have to adjust your tax basis after youpurchase your units.

CCaappiittaall GGaaiinnss aanndd LLoosssseess aanndd CCeerrttaaiinnOOrrddiinnaarryy IInnccoommee DDiivviiddeennddss.. If you are an indi-vidual, the maximum marginal stated federal taxrate for net capital gain is generally 20% for tax-payers in the 39.6% tax bracket, 15% for taxpay-ers in the 25%, 28%, 33% and 35% tax bracketsand 0% for taxpayers in the 10% and 15% taxbrackets. Some portion of your capital gain divi-dends may be subject to higher maximum mar-ginal stated federal income tax rates. Some por-tion of your capital gain dividends may be attrib-utable to the trust’s interest in a master limitedpartnership which may be subject to a maximummarginal stated federal income tax rate of 28%,rather than the rates set forth above. In addition,capital gain received from assets held for morethan one year that is considered “unrecapturedsection 1250 gain” (which may be the case, forexample, with some capital gains attributable toequity interests in real estate investment truststhat constitute interests in entities treated as realestate investment trusts for federal income taxpurposes) is taxed at a maximum stated tax rateof 25%. In the case of capital gain dividends,the determination of which portion of the capitalgain dividend, if any, is subject to the 28% taxrate or the 25% tax rate, will be made based onrules prescribed by the United States Treasury.Capital gains may also be subject to the“medicare tax” described above.

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 the


holding 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 generallythe 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 your trust are generally taxed atthe same rates that apply to net capital gain (asdiscussed above), provided certain holding periodrequirements are satisfied and provided the divi-dends are attributable to qualifying dividendsreceived by your trust itself. Distributions withrespect to shares in real estate investment trustsare qualifying dividends only in limited circum-stances. Your trust will provide notice to itsunitholders of the amount of any distributionwhich may be taken into account as a dividendwhich is eligible for the capital gains tax rates.

IInn--KKiinndd DDiissttrriibbuuttiioonnss.. Under certain circum-stances, as described in this prospectus, you mayreceive an in-kind distribution of trust securitieswhen 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.

RRoolllloovveerrss aanndd EExxcchhaannggeess.. If you elect to haveyour proceeds from your trust rolled over into afuture trust, the exchange would generally be con-sidered a sale for federal income tax purposes.

DDeedduuccttiibbiilliittyy ooff TTrruusstt EExxppeennsseess.. Expensesincurred and deducted by your trust will generallynot 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 deductionfor these expenses. However, certain miscella-neous itemized deductions, such as investmentexpenses, may be deducted by individuals onlyto the extent that all of these deductions exceed2% of the individual’s adjusted gross income.Some individuals may also be subject to furtherlimitations on the amount of their itemizeddeductions, depending on their income.

FFoorreeiiggnn TTaaxx CCrreeddiitt.. If your trust invests inany 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 ofthe taxes your trust paid to other countries. Youmay be able to deduct or receive a tax credit foryour share of these taxes.

IInnvveessttmmeennttss iinn CCeerrttaaiinn FFoorreeiiggnn CCoorrppoorraattiioonnss..If your trust holds an equity interest in any “pas-sive foreign investment companies” (“PFICs”),which are generally certain foreign corporationsthat receive at least 75% of their annual grossincome from passive sources (such as interest, div-idends, certain rents and royalties or capitalgains) or that hold at least 50% of their assets ininvestments producing such passive income, thetrust could be subject to U.S. federal income taxand additional interest charges on gains and cer-tain distributions with respect to those equityinterests, even if all the income or gain is timely


distributed to its unitholders. Your trust will notbe able to pass through to its unitholders anycredit or deduction for such taxes. Your trustmay be able to make an election that could ame-liorate these adverse tax consequences. In thiscase, your trust would recognize as ordinaryincome any increase in the value of such PFICshares, and as ordinary loss any decrease in suchvalue to the extent it did not exceed prior increas-es included in income. Under this election, yourtrust might be required to recognize in a yearincome in excess of its distributions from PFICsand its proceeds from dispositions of PFIC stockduring that year, and such income would never-theless be subject to the distribution requirementand would be taken into account for purposes ofthe 4% excise tax. Dividends paid by PFICs arenot treated as qualified dividend income.

FFoorreeiiggnn IInnvveessttoorrss.. 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, subjectto applicable tax treaties, distributions from yourtrust will be characterized as dividends for federalincome tax purposes (other than dividends whichyour trust properly reports as capital gain divi-dends) and will be subject to U.S. income taxes,including withholding taxes, subject to certainexceptions described below. However, distribu-tions received by a foreign investor from yourtrust that are properly reported by your trust ascapital gain dividends may not be subject to U.S.federal income taxes, including withholding taxes,provided that your trust makes certain electionsand certain other conditions are met.Distributions from your trust that are properlyreported by the trust as an interest-related divi-dend attributable to certain interest incomereceived by the trust or as a short-term capitalgain dividend attributable to certain net short-term capital gain income received by the trust

may not be subject to U.S. federal income taxes,including withholding taxes when received by cer-tain foreign investors, provided that the trustmakes certain elections and certain other condi-tions are met. In addition, distributions inrespect of units may be subject to a U.S. with-holding tax of 30% in the case of distributions to(i) certain non-U.S. financial institutions thathave not entered into an agreement with theU.S. Treasury to collect and disclose certaininformation and are not resident in a jurisdictionthat has entered into such an agreement with theU.S. Treasury and (ii) certain other non-U.S. enti-ties that do not provide certain certifications andinformation about the entity’s U.S. owners.Dispositions of units by such persons may besubject to such withholding after December 31,2018. You should also consult your tax advisorwith respect to other U.S. tax withholding andreporting requirements.

TTAAXXEESS——GGRRAANNTTOORR TTRRUUSSTTSS

This section summarizes some of the mainU.S. federal income tax consequences of owningunits of your trust if your trust is structured as agrantor trust under the federal tax laws. The taxstructure of your trust is set forth under“Essential Information—Tax Structure” in the“Investment Summary” section for your trust inthis prospectus.

This section is current as of the date of thisprospectus. Tax laws and interpretations changefrequently, and these summaries do not describeall of the tax consequences to all taxpayers. Forexample, these summaries generally do notdescribe your situation if you are a corporation, anon-U.S. person, a broker/dealer, or otherinvestor with special circumstances. In addition,this section does not describe your state, local orforeign tax consequences.


This federal income tax summary is based inpart on the advice and opinion of counsel to thesponsor. The Internal Revenue Service could dis-agree with any conclusions set forth in this sec-tion. In addition, our counsel was not asked toreview, and has not reached a conclusion withrespect to the federal income tax treatment of theassets to be deposited in your trust. This may notbe sufficient for you to use for the purpose ofavoiding penalties under federal tax law.

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

AAsssseettss ooff tthhee TTrruusstt.. Your trust is expected tohold one or more of the following: (i) shares ofstock in corporations (the “Stocks”) that are treat-ed as equity for federal income tax purposes, (ii)equity interests (the “REIT Shares”) in real estateinvestment trusts (“REITs”) that constitute inter-ests in entities treated as real estate investmenttrusts for federal income tax purposes, and (iii)shares (the “RIC Shares”) in funds qualifying asregulated investment companies (“RICs”) that aretreated as interests in regulated investment com-panies for federal income tax purposes.

It is possible that your trust will also holdother assets, including assets that are treated dif-ferently for federal income tax purposes fromthose described above, in which case you willhave federal income tax consequences differentfrom or in addition to those described in this sec-tion. All of the assets held by your trust consti-tute the “Trust Assets.” Neither our counsel norwe have analyzed the proper federal income taxtreatment of the Trust Assets and thus neitherour counsel nor we have reached a conclusionregarding the federal income tax treatment ofthe Trust Assets.

TTrruusstt SSttaattuuss.. The trust is considered a grantortrust under federal income tax laws. In grantortrusts, investors are deemed for federal income taxpurposes, to own the underlying assets of the trustdirectly. All taxability issues are taken intoaccount at the unit owner level. Income passesthrough to unit owners as realized by the trust.

Income is reported gross of expenses.Expenses are separately reported based on a per-centage of distributions. Generally, the cashreceived by unit owners is the net of income andexpenses reported.

The grantor trust structure is a widely heldfixed investment trust (“WHFIT”), and fallsunder what is commonly referred to as theWHFIT regulations.

If your trust is at all times operated in accor-dance with the documents establishing your trustand certain requirements of federal income taxlaw are met, your trust will not be taxed as a cor-poration for federal income tax purposes. As aunit owner, you will be treated as the owner of apro rata portion of each of the Trust Assets, andas such you will be considered to have received apro rata share of income (e.g., dividends and capi-tal gains, if any) from each Trust Asset when suchincome would be considered to be received byyou if you directly owned the Trust Assets. Thisis true even if you elect to have your distributionsreinvested into additional units. In addition, theincome from Trust Assets that you must take intoaccount for federal income tax purposes is notreduced by amounts used to pay sales charges ortrust expenses. Income from the trust may alsobe subject to a 3.8 percent “medicare tax.” Thistax generally applies to your net investmentincome if your adjusted gross income exceeds cer-tain threshold amounts, which are $250,000 inthe case of married couples filing joint returns


and $200,000 in the case of single individuals.Interest that is excluded from gross income,including exempt-interest dividends from anyRIC Shares held by the trust, are generally notincluded in your net investment income for pur-poses of this tax.

YYoouurr TTaaxx BBaassiiss aanndd IInnccoommee oorr LLoossss uuppoonnDDiissppoossiittiioonn.. If your trust disposes of Trust Assets,you will generally recognize gain or loss. If youdispose of your units or redeem your units forcash, you will also generally recognize gain or loss.To determine the amount of this gain or loss, youmust subtract your tax basis in the related TrustAssets from your share of the total amountreceived in the transaction. You can generallydetermine your initial tax basis in each Trust Assetby apportioning the cost of your units, includingsales charges, among the Trust Assets ratablyaccording to their values on the date you acquireyour units. In certain circumstances, however,you may have to adjust your tax basis after youacquire your units (for example, in the case of cer-tain dividends that exceed a corporation’s accu-mulated earnings and profits, or in the case ofcertain distributions with respect to any REITShares that represent a return of capital, as dis-cussed below).

If you are an individual, the maximum mar-ginal stated federal tax rate for net capital gain isgenerally 20% for taxpayers in the 39.6% taxbracket, 15% for taxpayers in the 25%, 28%,33% and 35% tax brackets and 0% for taxpayersin the 10% and 15% tax brackets. Note thatsome portion of any capital gain dividends youreceive might be attributable to a RIC’s interest ina master limited partnership which may be sub-ject to a maximum marginal stated federal incometax rate of 28%, rather than the rates set forthabove. In addition, capital gain received fromassets held for more than one year that is consid-

ered “unrecaptured section 1250 gain” (whichmay be the case, for example, with some capitalgains attributable to equity interests in real estateinvestment trusts that constitute interests in enti-ties treated as real estate investment trusts for fed-eral income tax purposes) is taxed at a maximumstated tax rate of 25%. In the case of capital gaindividends, the determination of which portion ofthe capital gain dividend, if any, is subject to the28% tax rate or the 25% tax rate, will be madebased on rules prescribed by the United StatesTreasury. Capital gains may also be subject to the“medicare tax” described above.

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 the dateyou purchase your units to determine your hold-ing period. The tax rates for capital gains realizedfrom assets held for one year or less are generallythe same as for ordinary income. The InternalRevenue Code, however, treats certain capitalgains as ordinary income in special situations.

DDiivviiddeennddss ffrroomm SSttoocckkss.. Certain dividendsreceived with respect to the Stocks held by thetrust, if any, may qualify to be taxed at the samerates that apply to net capital gain (as discussedabove), provided certain holding period require-ments are satisfied.

DDiivviiddeennddss ffrroomm RRIICC SShhaarreess aanndd RREEIITT SShhaarreess..Some dividends on REIT Shares or RIC Shares, ifany, held by the trust, may be reported by theREIT or RIC as “capital gain dividends,” general-ly taxable to you as long-term capital gains. Somedividends on RIC Shares may qualify as “exempt-interest dividends,” which generally are excludedfrom your gross income for federal income tax


purposes. Some or all of the exempt-interest divi-dends, however may be taken into account indetermining your alternative minimum tax, andmay have other tax consequences (e.g., they mayaffect the amount of your social security benefitsthat are taxed). Other dividends on the REITShares or the RIC Shares will generally be taxableto you as ordinary income. Certain ordinaryincome dividends from a RIC may qualify to betaxed at the same rates that apply to net capitalgain (as discussed above), provided certain hold-ing period requirements are satisfied and providedthe dividends are attributable to qualifying divi-dends received by the RIC itself. Regulatedinvestment companies are required to providenotice to their shareholders of the amount of anydistribution that may be taken into account as adividend that is eligible for the capital gains taxrates. In limited circumstances, some of the ordi-nary income dividends from a REIT may alsoqualify to be taxed at the same rates that apply tonet capital gains. If you hold a unit for sixmonths or less or if your trust holds a RIC Shareor REIT Share for six months or less, any lossincurred by you related to the disposition of suchRIC Share or REIT Share will be disallowed tothe extent of the exempt-interest dividends youreceived. To the extent, if any, it is not disal-lowed, it will be treated as a long-term capital lossto the extent of any long-term capital gain distri-butions received (or deemed to have beenreceived) with respect to such RIC Share or REITShare. Distributions of income or capital gainsdeclared on the REIT Shares or the RIC Shares inOctober, November or December will be deemedto have been paid to you on December 31 of theyear they are declared, even when paid by theREIT or the RIC during the following January.

DDiivviiddeennddss RReecceeiivveedd DDeedduuccttiioonn.. Generally, adomestic corporation owning units in a trustmay be eligible for the dividends received deduc-

tion with respect to such unit owner’s pro rataportion of certain types of dividends received bythe trust. However, a corporation generally willnot be entitled to the dividends received deduc-tion with respect to dividends from most foreigncorporations or from REITs or RICs. However,certain dividends on RIC Shares that are attribut-able to dividends received by the RIC itself fromcertain domestic corporations may be reported bythe RIC as being eligible for the dividendsreceived deduction.

IInn--KKiinndd DDiissttrriibbuuttiioonnss.. Under certain circum-stances as described in this prospectus, you mayrequest an In-Kind Distribution of Trust Assetswhen you redeem your units or at your trust’s ter-mination. By electing to receive an In-KindDistribution, you will receive Trust Assets plus,possibly, cash. You will not recognize gain or lossif you only receive whole Trust Assets in exchangefor the identical amount of your pro rata portionof the same Trust Assets held by your trust.However, if you also receive cash in exchange fora Trust Asset or a fractional portion of a TrustAsset, you will generally recognize gain or lossbased on the difference between the amount ofcash you receive and your tax basis in such TrustAsset or fractional portion.

RRoolllloovveerrss aanndd EExxcchhaannggeess.. If you elect to haveyour proceeds from your trust rolled over into afuture trust, it is considered a sale for federalincome tax purposes and any gain on the sale willbe treated as a capital gain, and any loss will betreated as a capital loss. However, any loss youincur in connection with the exchange of yourunits of your trust for units of the next series willgenerally be disallowed with respect to thisdeemed sale and subsequent deemed repurchase,to the extent the two trusts have substantiallyidentical Trust Assets under the wash sale provi-sions of the Internal Revenue Code.


LLiimmiittaattiioonnss oonn tthhee DDeedduuccttiibbiilliittyy ooff TTrruussttEExxppeennsseess.. Generally, for federal income tax pur-poses, you must take into account your full prorata share of your trust’s income, even if some ofthat income is used to pay trust expenses. Youmay deduct your pro rata share of each expensepaid by your trust to the same extent as if youdirectly paid the expense. You may be required totreat some or all of the expenses of your trust asmiscellaneous itemized deductions. Individualsmay only deduct certain miscellaneous itemizeddeductions to the extent they exceed 2% ofadjusted gross income. Some individuals mayalso be subject to further limitations on theamount of their itemized deductions, dependingon their income.

If any of the RICs pay exempt-interest divi-dends, which are treated as tax-exempt interest forfederal income tax purposes, you will not be ableto deduct some of your share of the trust expens-es. In addition, you will not be able to deductsome of your interest expense for debt that youincur or continue to purchase or carry your units.

FFoorreeiiggnn IInnvveessttoorrss,, TTaaxxeess aanndd IInnvveessttmmeennttss..Distributions by your trust that are treated asU.S. source income (e.g., dividends received onStocks of domestic corporations) will generallybe subject to U.S. income taxation and with-holding in the case of units held by nonresidentalien individuals, foreign corporations or othernon- U.S. persons, subject to any applicabletreaty. If you are a foreign investor (i.e., aninvestor other than a U.S. citizen or resident or aU.S. corporation, partnership, estate or trust),you may not be subject to U.S. federal incometaxes, including withholding taxes, on some orall of the income from your trust or on any gainfrom the sale or redemption of your units, pro-vided that certain conditions are met. Youshould consult your tax advisor with respect to

the conditions you must meet in order to beexempt for U.S. tax purposes. Distributions inrespect of units may be subject to a U.S. with-holding tax of 30% in the case of distributionsto (i) certain non-U.S. financial institutions thathave not entered into an agreement with theU.S. Treasury to collect and disclose certaininformation and are not resident in a jurisdic-tion that has entered into such an agreementwith the U.S. Treasury and (ii) certain othernon- U.S. entities that do not provide certaincertifications and information about the entity’sU.S. owners. Dispositions of units by such per-sons may be subject to such withholding afterDecember 31, 2018. You should also consultyour tax advisor with respect to other U.S. taxwithholding and reporting requirements.

Some distributions by your trust may be sub-ject to foreign withholding taxes. Any incomewithheld will still be treated as income to you.Under the grantor trust rules, you are consideredto have paid directly your share of any foreigntaxes that are paid. Therefore, for U.S. tax pur-poses, you may be entitled to a foreign tax creditor deduction for those foreign taxes.

Under certain circumstances, a RIC may electto pass through to its shareholders certain foreigntaxes paid by the RIC. If a RIC makes this elec-tion with respect to RIC Shares, you must includein your income for federal income tax purposesyour portion of such taxes and you may be enti-tled to a credit or deduction for such taxes.

If any U.S. investor is treated as owningdirectly or indirectly 10 percent or more of thecombined voting power of the stock of a foreigncorporation, and all U.S. shareholders of thatcorporation collectively own more than 50 per-cent of the vote or value of the stock of that cor-poration, the foreign corporation may be treated


as a controlled foreign corporation (CFC). Ifyou own 10 percent or more of a CFC (throughyour trust and in combination with your otherinvestments) or possibly if your trust owns 10percent or more of a CFC, you will be requiredto include certain types of the CFC’s income inyour taxable income for federal income tax pur-poses whether or not such income is distributedto your trust or to you.

A foreign corporation will generally be treatedas a passive foreign investment company (“PFIC”)if 75 percent or more of its income is passiveincome or if 50 percent or more of its assets areheld to produce passive income. If your trustpurchases shares in a PFIC, you may be subject toU.S. federal income tax on a portion of certaindistributions or on gains from the disposition ofsuch shares at rates that were applicable in prioryears and any gain may be recharacterized as ordi-nary income that is not eligible for the lower netcapital gains tax rate. Additional charges in thenature of interest may also be imposed on you.Certain elections may be available with respect toPFICs that would limit these consequences.However, these elections would require you toinclude certain income of the PFIC in your tax-able income even if not distributed to the trust orto you, or require you to annually recognize asordinary income any increase in the value of theshares of the PFIC, thus requiring you to recog-nize income for federal income tax purposes inexcess of your actual distributions from PFICsand proceeds from dispositions of PFIC stockduring a particular year. Dividends paid byPFICs are not eligible to be taxed at the net capi-tal gains tax rate.

NNeeww YYoorrkk TTaaxx SSttaattuuss.. Under the existingincome tax laws of the State and City of NewYork, your trust will not be taxed as a corporationsubject to the New York state franchise tax or the

New York City general corporation tax. Youshould consult your tax advisor regarding poten-tial foreign, state or local taxation with respect toyour units.

EEXXPPEENNSSEESS

Your trust will pay various expenses to con-duct its operations. The “Fees and Expenses”section for each trust in this prospectus shows theestimated amount of these expenses.

The sponsor will receive a fee from yourtrust for creating and developing the trust,including determining the trust’s objectives,policies, composition and size, selecting serviceproviders and information services and for pro-viding other similar administrative and ministerialfunctions. This “creation and development fee”is a charge of $0.05 per unit. The trustee willdeduct this amount from your trust’s assets as ofthe close of the initial offering period. No por-tion of this fee is applied to the payment of dis-tribution expenses or as compensation for salesefforts. This fee will not be deducted from pro-ceeds received upon a repurchase, redemption orexchange of units before the close of the initialpublic offering period.

Your trust will pay a fee to the trustee for itsservices. The trustee also benefits when it holdscash for your trust in non-interest bearingaccounts. 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 butwill 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 indemnify-ing the trustee and the sponsor, legal fees andexpenses, expenses incurred in contacting youand any applicable license fee for the use of cer-tain service marks, trademarks and/or tradenames. Your trust may pay the costs of updatingits registration statement each year. The trusteewill generally pay trust expenses from distribu-tions received on the securities but in some casesmay sell securities to pay trust expenses.

EEXXPPEERRTTSS

LLeeggaall MMaatttteerrss.. Chapman and Cutler LLP actsas counsel for your trust and has given an opinionthat the units are validly issued. Dorsey &Whitney LLP acts as counsel for the trustee.

IInnddeeppeennddeenntt RReeggiisstteerreedd PPuubblliicc AAccccoouunnttiinnggFFiirrmm.. Grant Thornton LLP, independent regis-tered public accounting firm, audited the state-ments of financial condition and the portfoliosincluded in this prospectus.

AADDDDIITTIIOONNAALL IINNFFOORRMMAATTIIOONN

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 bycontacting us or the Securities and ExchangeCommission as indicated on the back cover of

this prospectus. This prospectus incorporates theInformation Supplement by reference (it is legallyconsidered part of this prospectus).


RReeppoorrtt ooff IInnddeeppeennddeenntt RReeggiisstteerreedd PPuubblliicc AAccccoouunnttiinngg FFiirrmm

UUnniitthhoollddeerrssAAddvviissoorrss DDiisscciipplliinneedd TTrruusstt 11777700

We have audited the accompanying statements of financial condition, including the trust portfolios on pages 4 through 7, 10 through 12, 16through 17, 20, 27 through 29, 32 through 33, 39 through 41 and 46 through 49 of Advisors Disciplined Trust 1770, as of February 21,2017, the initial date of deposit. The statements of financial condition are the responsibility of the trusts’ sponsor. Our responsibility is toexpress an opinion on these statements of financial condition based on our audits.

We conducted our audits in accordance with auditing standards of the Public Company Accounting Oversight Board (United States). Thosestandards require that we plan and perform the audits to obtain reasonable assurance about whether the statements of financial condition arefree of material misstatement. We were not engaged to perform audits of the trusts’ internal control over financial reporting. Our auditsincluded consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the trusts’ internal control over financial reporting.Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosuresin the statements of financial condition, assessing the accounting principles used and significant estimates made by the sponsor, as well asevaluating the overall financial statement 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 statements of financial condition as ofFebruary 21, 2017. We believe that our audits of the statements of financial condition provide a reasonable basis for our opinion.

In our opinion, the statements of financial condition referred to above present fairly, in all material respects, the financial position of AdvisorsDisciplined Trust 1770 as of February 21, 2017, in conformity with accounting principles generally accepted in the United States of America.

Chicago, Illinois GRANT THORNTON LLPFebruary 21, 2017

Advisors Disciplined Trust 1770 Advisors Core Bahl & Gaynor DividendEquity Strategy Income Growth Advantage

Statements of Financial Condition as of February 21, 2017 Portfolio Portfolio Portfolio

IInnvveessttmmeenntt iinn sseeccuurriittiieessContracts to purchase underlying securities (1)(2) . . . . . . . . . . . . . . $ 149,622 $ 148,746 $ 148,706

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,622 $ 148,746 $ 148,706

LLiiaabbiilliittiieess aanndd iinntteerreesstt ooff iinnvveessttoorrssLiabilities:

Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 741 $ 571 $ 571Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,191 2,179 2,178Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . . . 756 751 751

3,688 3,501 3,500Interest of investors:

Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,130 150,250 150,210Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,508 1,504 1,504Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . . . . . 3,688 3,501 3,500Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,934 145,245 145,206Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,622 $ 148,746 $ 148,706

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,113 15,025 15,021Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.656 $ 9.667 $ 9.667

(Continued)

See Notes to Statements of Financial Condition on page 79.



Advisors Disciplined Trust 1770 The Dow® European InternationalValue Ten Select High 30 Dividend

Statements of Financial Condition as of February 21, 2017 (Continued) Portfolio Portfolio Portfolio

IInnvveessttmmeenntt iinn sseeccuurriittiieessContracts to purchase underlying securities (1)(2) . . . . . . . . . . . . . . $ 148,669 $ 148,818 $ 148,786

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,669 $ 148,818 $ 148,786


Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 571 $ 737 $ 736Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,177 2,180 2,179Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . . . 751 752 751

3,499 3,669 3,666Interest of investors:

Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,170 150,320 150,290Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,501 1,502 1,504Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . . . . . 3,499 3,669 3,666Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,170 145,149 145,120Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,669 $ 148,818 $ 148,786

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,017 15,032 15,029Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.667 $ 9.656 $ 9.656

Advisors Disciplined Trust 1770 Minimum Volatility StrategicEquity Income High 80 Dividend

Statements of Financial Condition as of February 21, 2017 (Continued) Portfolio Portfolio

IInnvveessttmmeenntt iinn sseeccuurriittiieessContracts to purchase underlying securities (1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,991 $ 148,867

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,991 $ 148,867


Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 737 $ 571Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,182 2,180Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 753 752

3,672 3,503Interest of investors:

Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,500 150,370Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,509 1,503Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,672 3,503Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,319 145,364Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,991 $ 148,867

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,050 15,037Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.656 $ 9.667

See Notes to Statements of Financial Condition on page 79.

NNootteess ttoo SSttaatteemmeennttss ooff FFiinnaanncciiaall CCoonnddiittiioonn

(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 $1,600,000 with $200,000 allocatedto each trust) necessary for the purchase of securities in the trusts 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 the trusts.These costs have been estimated at $0.049 per unit for the Advisors Core Equity Strategy Portfolio, European Select Portfolio, International High30 Dividend Portfolio and Minimum Volatility Equity Income Portfolio and $0.038 per unit for the Bahl & Gaynor Income Growth Portfolio,Dividend Advantage Portfolio, The Dow® Value Ten Portfolio and Strategic High 80 Dividend Portfolio. A distribution will be made as ofthe earlier of the close of the initial offering period or six months following the trust’s inception date to an account maintained by the trustee fromwhich this obligation of the investors will be satisfied. To the extent the actual organization costs are greater than the estimated amount, onlythe estimated organization costs added 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 and development fee. The initial sales fee is equal to thedifference between the maximum sales fee and the sum of the remaining deferred sales fee and the total creation and development fee. Themaximum sales fee is 2.95% of the public offering price per unit. The deferred sales fee is equal to $0.145 per unit and the creation anddevelopment fee is equal to $0.05 per unit.

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


ContentsInvestment SummaryA concise description 2 Advisors Core Equityof essential information Strategy Portfolioabout the portfolio

8 Bahl & GaynorIncome Growth Portfolio

13 Dividend Advantage Portfolio

18 The Dow® Value Ten Portfolio

24 European Select Portfolio

30 International High 30Dividend Portfolio

36 Minimum Volatility EquityIncome Portfolio

42 Strategic High 80Dividend Portfolio

Understanding Your InvestmentDetailed information to 52 How to Buy Unitshelp you understand 55 How to Sell Your Unitsyour investment 58 Distributions

59 Investment Risks62 How the Trust Works67 Taxes—Regulated Investment

Companies70 Taxes—Grantor Trusts75 Expenses76 Experts76 Additional Information77 Report of Independent Registered

Public Accounting Firm77 Statements of Financial Condition

Where to Learn MoreYou can contact us for Visit us on the Internetfree information about http://www.AAMlive.comthis and other investments, Call Advisors Assetincluding the Information Management, Inc.Supplement (877) 858-1773

Call The Bank of New York Mellon(800) 848-6468

Additional InformationThis prospectus does not contain all information filed with theSecurities and Exchange Commission. To obtain or copy this infor-mation including the Information Supplement (a duplication fee maybe required):

E-mail: [email protected]: Public Reference Section

Washington, D.C. 20549Visit: http://www.sec.gov

(EDGAR Database)Call: 1-202-551-8090

(only for information on the operation of thePublic Reference Section)

Refer to:Advisors Disciplined Trust 1770Securities Act file number: 333-215376Investment Company Act file number: 811-21056

ADVISORS CORE EQUITYSTRATEGY PORTFOLIO,

SERIES 2017-1Q

BAHL & GAYNORINCOME GROWTH PORTFOLIO,

SERIES 2017-1Q

DIVIDEND ADVANTAGE PORTFOLIO,SERIES 2017-1Q

THE DOW® VALUE TEN PORTFOLIO,SERIES 2017-1Q

EUROPEAN SELECT PORTFOLIO,SERIES 2017-1Q—A CYRUS J.

LAWRENCE LLC(“CJL”) PORTFOLIO

INTERNATIONAL HIGH 30 DIVIDENDPORTFOLIO, SERIES 2017-1Q

MINIMUM VOLATILITY EQUITYINCOME PORTFOLIO,

SERIES 2017-1Q—A HARTFORDINVESTMENT MANAGEMENT COMPANY

(“HIMCO”) PORTFOLIO

STRATEGIC HIGH 80 DIVIDENDPORTFOLIO, SERIES 2017-1Q

PROSPECTUS

FEBRUARY 21, 2017

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