Advisors Corporate Trust—Navellier/Dial High Income …€¦ · Financials — 13.30% 400,000...

Advisors Corporate Trust—Navellier/Dial High IncomeOpportunities Portfolio, Series 134

(Advisors Disciplined Trust 1915)

A portfolio of investment gradecorporate bonds

seeking current income andcapital preservation

Prospectus

June 21, 2019

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.

INVESTMENT SUMMARY

INVESTMENT OBJECTIVE

The trust seeks to provide current interestincome and capital preservation. There is noassurance the trust will achieve its objective.

PRINCIPAL INVESTMENT STRATEGY

The trust seeks to provide high current inter-est income and capital preservation by investingin a portfolio consisting primarily of interest-bearing corporate debt obligations ratedinvestment grade quality as of the trust’s incep-tion. The portfolio was selected by Navellier &Associates, Inc. (the “Portfolio Consultant”). DialCapital Management, LLC (“Dial”) providedassistance to the Portfolio Consultant in connec-tion with selection of the portfolio. The PortfolioConsultant selected the bonds in the portfolioafter detailed credit analysis in an effort to createa portfolio that it believes can maintain adequatecash flow and good asset liability balances.

Investment grade corporate bonds are ratedBBB- or higher by Standard & Poor’s or Baa3 orhigher by Moody’s Investor Service. Certain cor-porate bonds held by the trust may be rated asinvestment grade by only one credit rating orga-nization and either unrated or below investmentgrade by the other. These ratings are based uponan evaluation by a credit rating organization ofthe corporation’s credit history and ability torepay obligations. An investment grade ratinggenerally signifies that a credit rating agencyconsiders the current quality of a bond to besufficient to provide reasonable assurance ofthe issuer’s ability to meet its obligation tobondholders.

PRINCIPAL RISKS

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

• Bond prices will fluctuate. The value ofyour investment may fall over time.

• The value of the bonds will generally fall ifinterest rates, in general, rise. No one canpredict whether interest rates will rise or fallin the future.

• A bond issuer may be unable to makeinterest and/or principal payments inthe future.

• The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value of yourunits. This may occur at any point in time,including during the primary offering period.

• A bond issuer might prepay or “call” abond before its stated maturity. If thishappens, the trust will distribute theprincipal to you but future interestdistributions will fall. A bond’s call pricecould be less than the price the trust paid forthe bond. If enough bonds are called, thetrust could terminate earlier than expected.

• We* do not actively manage the portfolio.Except in limited circumstances, the trustwill hold, and may continue to buy, thesame bonds even if the market valuedeclines.

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

2 Investment Summary

WHO SHOULD INVEST

You should consider this investment if you want:

• to own securities representing interests incorporate bonds in a single investment.

• the potential to receive monthly distributionsof income with capital preservation potential.

You should not consider this investment if you:

• are uncomfortable with the risks of anunmanaged investment in corporate bonds.

• want capital appreciation.

ESSENTIAL INFORMATION

Principal amount ofsecurities per unit at inception* $1,000.00

Public offering price per unitat inception* $1,043.52

Inception date June 21, 2019

Estimated Current Return* 4.09%Estimated Long-Term Return* 3.61%

Estimated net annual interestincome per unit* $42.71

Estimated initial distribution per unit* $1.77

Estimated normal monthlydistribution per unit* $3.55

Weighted average maturityof securities* 6.17 years

Weighted average modifiedduration of securities* 5.16 years

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

Initial distribution date July 25, 2019Initial record date July 10, 2019

CUSIP NumberStandard Accounts 00779L508Fee Based Accounts 00779L607

Ticker Symbol ACTQTX

Minimum investment 1 unit

Tax Structure Regulated Investment Company

* As of June 20, 2019 and may vary thereafter.

FEES AND EXPENSES

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

Sales Fee

As a %of $1,000Invested

Amountper

Unit

Transactional sales fee 1.93% $20.09Creation & development fee 0.57 6.00

Maximum sales fee 2.50% $26.09

Organization Costs 0.47% $4.90

AnnualOperating Expenses

As a %of NetAssets

Amountper

Unit

Trustee fee & expenses 0.25% $2.49Supervisory, evaluation and

administration fees 0.10 1.00Total 0.35% $3.49

The transactional sales fee is paid at the time of aunit purchase and is the difference between the totalsales fee (maximum of 2.50% of the unit offering price)and the total creation and development fee. The creationand development fee is fixed at $6.00 per unit and ispaid at the earlier of the end of the initial offeringperiod or six months after the trust’s inception date.

EXAMPLE

This example helps you compare the cost of thistrust with other unit trusts and mutual funds. In theexample we assume that the expenses do not change andthat the trust’s annual return is 5%. Your actual returnsand expenses will vary. Based on these assumptions, youwould pay these expenses for every $10,000 you investin the trust:

1 year $3303 years $3975 years $4647.5 years $548

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

Investment Summary 3

ILLUSTRATION OF SALES FEE DISCOUNTS

The table below shows what the public offering price per unit, estimated current return and estimated long-termreturn would have been as of the close of business on the business day prior to the trust’s inception date based ondifferent transaction types. Please refer to “Understanding Your Investment—How to Buy Units—Reducing YourSales Fee” for details on the applicability of and guidelines associated with all sales fee discounts. Please refer to“Understanding Your Investment—How Your Trust Works—Estimated Current and Long-Term Returns” for moreinformation about estimated current and long-term returns. The public offering price per unit and interest incomereceived by the trust will vary over time for various reasons. There is no assurance that the estimated current returnsor estimated long-term returns will be realized in the future.

Transaction:

PublicOfferingPrice perunit+

EstimatedCurrentReturn+

EstimatedLong-TermReturn+

Regular Public Offering Price $1,043.52 4.09% 3.61%“Fee Account” discount transaction 1,023.43 4.17 3.97

+As of June 20, 2019 and will vary thereafter.


Advisors Corporate Trust—Navellier/Dial High Income Opportunities Portfolio,Series 134(Advisors Disciplined Trust 1915)PortfolioAs of the Initial Date of Deposit, June 21, 2019

PrincipalAmount

Name of Issuer, Interest Rateand Maturity Date(1)(2)

RedemptionFeature(3)

Cost ofSecuritiesto Trust(4)

CORPORATE BONDS — 100.00%Consumer Discretionary — 21.36%

$400,000 AutoNation, Inc., 4.50% Due 10/01/2025 (5)(9) 7/1/2025 @ 100 $416,120400,000 Bed Bath & Beyond Inc., 3.749% Due 08/01/2024 (5) 5/1/2024 @ 100 373,700500,000 Macy's Retail Holdings, Inc./Macy's Inc., 3.625%

Due 06/01/2024 (5) 3/1/2024 @ 100 495,195400,000 QVC, Incorporated, 4.45% Due 02/15/2025 (5) 11/15/2024 @ 100 404,080500,000 Under Armour Inc., 3.25% Due 06/15/2026 (5) 3/15/2026 @ 100 473,750

Energy — 17.60%400,000 Boardwalk Pipelines, LP/Boardwalk Pipeline Partners

LP, 5.95% Due 06/01/2026 (5) 3/1/2026 @ 100 445,728500,000 EQM Midstream Partners, LP, 4.00% Due

08/01/2024 (5) 5/1/2024 @ 100 496,720400,000 HollyFrontier Corporation, 5.875% Due 04/01/2026 (5) 1/1/2026 @ 100 434,960400,000 Western Midstream Operating, LP, 4.65%

Due 07/01/2026 (5) 4/1/2026 @ 100 404,440

Financials — 13.30%400,000 Block Financial, LLC/ H&R Block, Inc., 5.25%

Due 10/01/2025 (5)(9) 7/1/2025 @ 100 429,620500,000 Ford Motor Credit Company LLC, 3.664% Due

09/08/2024 489,250400,000 General Motors Financial Company, Inc., 5.25%

Due 03/01/2026 (5) 12/1/2025 @ 100 427,932

Health Care — 9.47%1,000,000 Mylan N.V./Mylan Inc., 3.95% Due 06/15/2026 (5)(8) 3/15/2026 @ 100 959,220

Information Technology — 23.84%400,000 Micron Technology, Inc., 4.975% Due 02/06/2026 (5) 12/6/2025 @ 100 417,752

1,000,000 Seagate HDD Cayman/Seagate Technology PublicLimited Company, 4.75% Due 01/01/2025 (5)(8) 1,008,750

1,000,000 Western Digital Corporation, 4.75% Due02/15/2026 (5) 11/15/2025 @ 100 987,500

Materials — 4.29%400,000 Kinross Gold Corporation, 5.95% Due

03/15/2024 (5)(8) 12/15/2023 @ 100 433,840

Real Estate — 10.14%1,000,000 Hospitality Properties Trust, 5.25% Due 02/15/2026 (5) 8/15/2025 @ 100 1,026,720

$10,000,000 $10,125,277

Investment Summary 5

Notes to Portfolio

(1) The securities are representedbycontracts to purchase suchsecurities theperformanceofwhich is securedbyan irrevocable letter of credit. Contracts to acquirethe securities were entered into during the period from June 18, 2019 to June 20, 2019 and have expected settlement dates of June 25, 2019.

(2) The bonds may be subject to redemption without premium at any time pursuant to extraordinary optional or mandatory redemptions if certain events occur.

(3) This is the year in which each bond is initially or currently callable and the call price for that year. Each bond continues to be callable at declining prices thereafter(butnotbelowparvalue)except fororiginal issuediscountbondswhichare redeemableatpricesbasedon the issuepriceplus theamountoforiginal issuediscountaccreted to redemption date plus, if applicable, somepremium, the amount ofwhichwill decline in subsequent years. “S.F.” indicates a sinking fund is establishedwith respect to an issue of bonds. The bonds may also be subject to redemption without premium at any time pursuant to extraordinary optional or mandatoryredemptions if certain events occur.

(4) The cost of each security is based on the current offering side evaluation as of the close of the New York Stock Exchange on the business day prior to the trust’sinception date. During the initial offering period, evaluations of securities aremade on the basis of current offering side evaluations of the securities. The aggregateoffering price is greater than the aggregate bid price of the securities,which is the basis onwhich redemption priceswill be determined for purposes of redemptionofunitsafter the initialofferingperiod. InaccordancewithAccountingStandardsCodification820,“FairValueMeasurements”, the trust’s investmentsareclassifiedas Level 2, which refers to security prices determined using significant observable inputs when quoted prices in active markets for identical securities are notavailable. Observable inputs are inputs such as quoted prices for similar securities, quoted prices for identical securities in markets that are not active, and otherinputs that are observable or can be corroborated by observable market data. The cost of the securities to the sponsor and the sponsor’s profit or (loss) (whichis the difference between the cost of the securities to the sponsor and the cost of the securities to the trust) are $10,098,970 and $26,307 respectively.

(5) This security has a “make whole” call option and is redeemable in whole or in part at any time at the option of the issuer at a redemption price that is generallyequal to thesumof theprincipal amount of the security, a “makewhole” amount, andanyaccruedandunpaid interest to thedateof redemption. The “makewhole”amount is generally equal to theexcess, if any, of (i) theaggregatepresent valueasof thedateof redemptionof principal being redeemedand theamountof interest(exclusive of interest accrued to the date of redemption) thatwould have beenpayable if redemption had not beenmade, determined by discounting the remainingprincipal and interest at a specified rate (which varies frombond to bond and is generally equal to an average of yields onU.S. Treasury obligationswithmaturitiescorresponding to the remaining life of the bond plus a premium rate) from the dates onwhich the principal and interest would have been payable if the redemptionhad not been made, over (ii) the aggregate principal amount of the bonds being redeemed.

(6) Any bondmarked with this note has been purchased on a “when, as and if issued” or “delayed delivery” basis. Delivery of these bonds is expected to take placeat various dates after the first settlement date of the trust, which is normally two business days following the trust’s inception date. Interest on these bonds beginsaccruing to the benefit of unitholders on the related delivery dates for the bonds.

(7) Any bond marked with this note was issued at an original issue discount.

(8) This is a bond issued by a foreign company.

Corporate bonds comprise 100.00% of the investments in the trust, broken down by country of organization of the issuer as set forth below:

Canada 4.29%Cayman Islands 9.96%The Netherlands 9.47%United States 76.28%

(9) This bond is subject to potential interest rate adjustments, not to exceed 2.00 percentage points above the bond’s original interest rate, if either Moody’s InvestorService or Standard&Poor’s (or, in certain limited circumstances, another ratings service) downgrades their rating for this bond (or upgrades the rating after sucha downgrade). The interest rate set forth here represents the current interest rate applicable to the bond.


UNDERSTANDING YOUR INVESTMENT

HOW TO BUY UNITS

You can buy units of a trust on any businessday the New York Stock Exchange is open bycontacting your financial professional. Unit pricesare available daily on the Internet atwww.AAMlive.com. When you buy units, youpay the public offering price of units plusaccrued interest, if any. The public offering priceof units 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 a trustreduced by the liabilities of a trust divided by thetotal units outstanding. We often refer to thepublic offering price of units as the “offer price”or “purchase price.” The offer price will be effec-tive for all orders received prior to the close ofregular trading on the New York Stock Exchange(normally 4:00 p.m. Eastern time). If we receiveyour order prior to the close of regular tradingon the New York Stock Exchange or authorizedfinancial professionals receive your order prior tothat time and properly transmit the order to usby the time that we designate, then you willreceive the price computed on the date ofreceipt. If we receive your order after the close ofregular trading on the New York StockExchange, if authorized financial professionalsreceive your order after that time or if orders arereceived by such persons and are not transmittedto us by the time that we designate, then youwill receive the price computed on the date ofthe next determined offer price provided thatyour order is received in a timely manner on thatdate. It is the responsibility of the authorizedfinancial professional to transmit the orders thatthey receive to us in a timely manner. Certainbroker-dealers may charge a transaction or otherfee for processing unit purchase orders.

Organization Costs. During the initial offer-ing period, part of the value of the unitsrepresents an amount of cash deposited to paythe costs of creating your trust. These costsinclude the costs of preparing the registrationstatement and legal documents, federal and stateregistration fees, the Portfolio Consultant’s secu-rity selection fee, the initial fees and expenses ofthe trustee and the initial audit. Your trust willreimburse us for these costs at the end of theinitial offering period or after six months, if ear-lier. The value of your units will decline whenthe trust pays these costs.

Accrued Interest. Accrued interest representsunpaid interest on a security from the last day itpaid interest. Accrued interest on the trust unitsconsists of two elements. The first element arisesas a result of accrued interest which is the accu-mulation of unpaid interest on bonds in thetrust from the last day on which interest waspaid on the bonds. Interest on the bonds is gen-erally paid semi-annually, although the trustaccrues such interest daily. Because your trustalways has an amount of interest earned but notyet collected, the public offering price of unitswill have added to it the proportionate share ofaccrued interest to the date of settlement. Thesecond element of accrued interest arises becauseof the structure of the trust’s interest account.The trustee has no cash for distribution tounitholders until it receives interest payments onthe bonds in the trust and may be required toadvance its own funds to make trust interest dis-tributions. As a result, interest account balancesare established to limit the need for the trusteeto advance funds in connection with such inter-est distributions. If you sell or redeem your unitsyou will be entitled to receive your proportionateshare of the accrued interest from the purchaserof your units.

Value of the Securities. We determine thevalue of the securities as of the close of regulartrading on the New York Stock Exchange oneach day that exchange is open. We generallydetermine the value of securities during the ini-tial offering period based on the aggregate

Understanding Your Investment 7

offering side evaluations of the securities deter-mined (a) on the basis of current offering pricesof the securities, (b) if offering prices are notavailable for any particular security, on the basisof current offering prices for comparable securi-ties, (c) by determining the value of securities onthe offer side of the market by appraisal, or(d) by any combination of the above. After theinitial offering period ends, we generally deter-mine the value of the securities as described inthe preceding sentence based on the bid sideevaluations rather than the offering side evalua-tions. The offering side price generally representsthe price at which investors in the market arewilling to sell a security and the bid side evalua-tion generally represents the price that investorsin the market are willing to pay to buy a secu-rity. The bid side evaluation is lower than theoffering side evaluation. As a result of this pric-ing method, unitholders should expect a decreasein the net asset value per unit on the day follow-ing the end of the initial offering period equalto the difference between the current offeringside evaluation and bid side evaluation of thesecurities.

Capelogic, Inc., an independent pricing ser-vice, determined the initial prices of thesecurities shown under “Portfolio” in this pro-spectus as described above at the close of regulartrading on the New York Stock Exchange on thebusiness day before the date of this prospectus.On the first day we sell units we will computethe unit price as of the close of regular tradingon the New York Stock Exchange or the time theregistration statement filed with the Securitiesand Exchange Commission becomes effective,if later.

Transactional Sales Fee. You pay a fee inconnection with purchasing units. We refer tothis fee as the “transactional sales fee.” You paythe transactional sales fee at the time you buyunits. The maximum total sales fee equals 2.50%of the public offering price per unit at the timeof purchase. The transactional sales fee is thedifference between the total sales fee percentage(maximum of 2.50% of the public offering price

per unit) and the remaining fixed dollar creationand development fee ($6.00 per unit during theinitial offering period). The transactional sales feeequals 1.93% of the public offering price perunit during the initial offering period based on a$1,043.52 public offering price per unit, whichis the unit price on the day before the trust’sinception date. The transactional sales fee equalsthe difference between the total sales fee and thecreation and development fee. As a result, thepercentage and dollar amount of the transac-tional sales fee will vary as the public offeringprice per unit varies. The transactional sales feedoes not include the creation and developmentfee which is described under “Fees andExpenses.” If you purchase units after the cre-ation and development fee is paid, the secondarymarket transactional sales fee is equal to 2.50%of the public offering price per unit.

Minimum Purchase. The minimum amountyou can purchase of the trust appears on page 3under “Essential Information”, but such amountsmay vary depending on your selling firm.

Reducing Your Sales Fee. We offer a varietyof ways for you to reduce the fee you pay. It isyour financial professional’s responsibility to alertus of any discount when you order units. Exceptas expressly provided herein, you may not com-bine discounts. Since the creation anddevelopment fee is a fixed dollar amount perunit, your trust must charge this fee per unitregardless of any discount. However, if you areeligible to receive a discount such that your totalsales fee is less than the fixed dollar amount ofthe creation and development fee, we will credityou the difference between your total sales feeand the fixed dollar creation and developmentfee at the time you buy units.

Fee Accounts. Investors may purchase unitsthrough registered investment advisers, certifiedfinancial planners or registered broker-dealerswho in each case either charge investor accounts(“Fee Accounts”) periodic fees for brokerage ser-vices, financial planning, investment advisory orasset management services, or provide such

8 Understanding Your Investment

services in connection with an investmentaccount for which a comprehensive “wrap fee”charge (“Wrap Fee”) is imposed. You should con-sult your financial professional to determinewhether you can benefit from these accounts. Ifunits of the trust are purchased for a FeeAccount and the units are subject to a Wrap Feein such Fee Account (i.e., the trust is “Wrap FeeEligible”), then investors may be eligible to pur-chase units of the trust in these Fee Accounts ata reduced fee. During the initial offering period,investors may be eligible to purchase units of thetrust in these Fee Accounts that are not subjectto the transactional sales fee but will be subjectto the creation and development fee that isretained by the sponsor. For example, this tableillustrates the sales fee you will pay as a percent-age of a $1,043.52 public offering price per unitwhich is the unit price on the day before thetrust’s inception date (the percentage will varywith the unit price).

Transactional sales fee 0.00%

Creation and development fee 0.57%

Total sales fee 0.57%

For units purchased in the secondary market,investors may be eligible to purchase units of thetrust in these Fee Accounts at the public offeringprice less the regular underwriter or dealer con-cession. Certain Fee Account investors may beassessed transaction or other fees on the purchaseand/or redemption of units by their broker-dealeror other processing organizations for providingcertain transaction or account activities. Wereserve the right to limit or deny purchases ofunits in Fee Accounts by investors or sellingfirms whose frequent trading activity is deter-mined to be detrimental to the trust.

Employees. We waive the transactional salesfee for purchases made by officers, directors andemployees (and immediate family members) ofthe sponsor and its affiliates. We also waive aportion of the sales fee for purchases made byofficers, directors and employees (and immediatefamily members) of selling firms. These pur-chases are not subject to the transactional sales

fee but will be subject to the creation and devel-opment fee. These purchases are made at thepublic offering price per unit less the applicableunderwriter or dealer concession. Immediatefamily members for the purposes of this sectioninclude your spouse, children (including step-children) under the age of 21 living in the samehousehold, and parents (including step-parents).These discounts apply to initial offering periodand secondary market purchases. All employeediscounts are subject to the policies of the relatedselling firm, including but not limited to, house-holding policies or limitations. Only officers,directors and employees (and their immediatefamily members) of selling firms that allow suchpersons to participate in this employee discountprogram are eligible for the discount.

Retirement Accounts. The portfolio may besuitable for purchase in tax-advantaged retire-ment accounts. You should contact your financialprofessional about the accounts offered and anyadditional fees imposed.

HOW TO SELL YOUR UNITS

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 atwww.AAMlive.com or through your financialprofessional. The sale and redemption price ofunits is equal to the net asset value per unit, pro-vided that you will not pay any remainingcreation and development fee or organizationcosts if you sell or redeem units during the initialoffering period. The sale and redemption price issometimes referred to as the “liquidation price”.Certain broker-dealers may charge a transactionor other fee for processing unit redemption orsale requests.

Selling Units. 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 payany remaining creation and development fee ororganization costs if you sell units during the


initial offering period. We may then resell theunits to other investors at the public offeringprice or redeem them for the redemption price.Our secondary market repurchase price is thesame as the redemption price. Certain broker-dealers might also maintain a secondary marketin units. You should contact your financial pro-fessional for current repurchase prices todetermine the best price available. We may dis-continue our secondary market at any timewithout notice. Even if we do not make a mar-ket, you will be able to redeem your units withthe trustee on any business day for the currentredemption price.

Redeeming Units. 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 assetvalue per unit, provided that you will not payany remaining creation and development fee ororganization costs if you redeem units during theinitial offering period. You will receive the netasset value for a particular day if the trusteereceives your completed redemption request priorto the close of regular trading on the New YorkStock Exchange. Redemption requests receivedby authorized financial professionals prior to theclose of regular trading on the New York StockExchange that are properly transmitted to thetrustee by the time designated by the trustee, arepriced based on the date of receipt. Redemptionrequests received by the trustee after the close ofregular trading on the New York StockExchange, redemption requests received byauthorized financial professionals after that timeor redemption requests received by such personsthat are not transmitted to the trustee until afterthe time designated by the trustee, are pricedbased 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 received

in a timely manner or is incomplete in any way,you will receive the next net asset value com-puted after the trustee receives your completedrequest.

If you redeem your units, the trustee willgenerally send you a payment for your units nolater than seven days after it receives all necessarydocumentation (this will usually only take twobusiness days). The only time the trustee candelay your payment is if the New York StockExchange is closed (other than weekends or holi-days), the Securities and Exchange Commissiondetermines that trading on that exchange isrestricted or an emergency exists making sale orevaluation of the securities not reasonably practi-cable, and for any other period that theSecurities and Exchange Commission permits.

If we repurchase units, we may redeem suchunits. When the sponsor redeems units, it is eli-gible to receive either a cash payment or receivean in-kind distribution rather than a full cashdistribution. If we receive an in-kind distribu-tion, the trustee must follow certain requirementsset forth in the trust agreement in connectionwith the redemption. The trust agreement pro-vides that in these cases (1) the sponsor willreceive its proportionate share of the trust’s cur-rent net asset value (as all redeeming unitholdersare entitled to receive), (2) the assets transferredare valued in the same manner as they are valuedfor computing the net asset value, (3) neither thesponsor nor any other party with a pecuniaryincentive to influence the transfer or distributionmay select or influence the selection of the trans-ferred assets, (4) the trust must distribute itsproportionate share of every asset in the trust’sportfolio with limited exceptions if theunitholder is not an affiliate of the trustee,(5) the transfer or distribution cannot favor thesponsor to the detriment of any other unitholderand (6) the trustee will monitor each in-kindredemption for compliance with these require-ments and maintain records for each transferor distribution.


DISTRIBUTIONS

Monthly Distributions. Your trust generallypays interest from its net investment income(prorated on an annual basis) along with anyavailable principal paid on the securities on eachmonthly distribution date to unitholders ofrecord on the preceding record date. The recordand distribution dates are shown under “EssentialInformation” in the “Investment Summary” sec-tion of this prospectus. In some cases, your trustmight pay a special distribution if it holds anexcessive amount of cash pending distribution.The amount of your distributions will vary fromtime to time as interest and principal paymentschange or trust expenses change.

Interest received by your trust, including thatpart of the proceeds of any disposition of bondswhich represents accrued interest, is credited bythe trustee to your trust’s “interest account”.Other receipts are credited to the “principalaccount”. After deduction of amounts sufficientto reimburse the trustee, without interest, for anyamounts advanced and paid to the sponsor as theunitholder of record as of the first settlementdate, interest received will be distributed on eachdistribution date to unitholders of record as ofthe preceding record date. All distributions willbe net of estimated expenses. Funds in the prin-cipal account will be distributed on eachdistribution date to unitholders of record as ofthe preceding record date provided that theamount available for distribution therein shallequal at least $1.00 per unit.

Because interest payments are not receivedby your trust at a constant rate throughout theyear and the interest rates on certain bonds inthe trust may adjust periodically, interest distri-butions may be more or less than the amountcredited to the interest account as of the recorddate. For the purpose of minimizing fluctuationsin interest distributions, the trustee is authorizedto advance amounts necessary to provide interestdistributions of approximately equal amounts.The trustee is reimbursed for these advancesfrom funds in the interest account on the next

record date. Investors who purchase unitsbetween a record date and a distribution datewill receive their first distribution on the seconddistribution date after the purchase.

Estimated Distributions. The estimated netannual interest income per unit, estimated initialdistribution per unit and estimated normalmonthly distribution per unit as of the close ofbusiness the day before your trust’s inceptiondate are shown under “Essential Information” inthe “Investment Summary” section of this pro-spectus. We generally base these amounts on theestimated cash flows of the bonds per unit basedon the current interest rate applicable to thebonds. Since certain of the bonds may be subjectto potential interest rate adjustments related tochanges in the bonds’ ratings provided by certainratings services, estimated distributions may fluc-tuate over time and actual distributions may varyfrom estimated amounts. The actual distributionsthat you receive will vary from these estimateswith changes in expenses, interest rates (includ-ing interest rate adjustments related to changes inthe bonds’ ratings as provided by certain ratingsservices) and maturity, call, default or sale ofbonds. You may request the estimated cash flowsfrom the sponsor. The estimated cash flows arecomputed based on factors described under“Understanding Your Investment—How YourTrust Works—Estimated Current and Long-TermReturns”.

Reports. 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 oryour financial professional will also provide anannual report on your trust’s activity and certaintax information. You can request copies of secu-rity evaluations to enable you to complete yourtax forms and audited financial statements foryour trust, if available.


INVESTMENT RISKS

All investments involve risk. This sectiondescribes the main risks that can impact thevalue of the securities in your portfolio. Youshould understand these risks before you invest.If the value of the securities falls, the value ofyour units will also fall. We cannot guaranteethat your trust will achieve its objective or thatyour investment return will be positive overany period.

Market Risk. 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 or below theprincipal value. Market value fluctuates inresponse to various factors. These can includechanges in interest rates, inflation, the financialcondition of a security’s issuer, perceptions of theissuer, or ratings on a security. Even though wesupervise your portfolio, you should rememberthat we do not manage your portfolio. Your trustwill not sell a security solely because the marketvalue falls as is possible in a managed fund.

Interest Rate Risk. Interest rate risk is therisk that the value of securities will fall if interestrates, in general, increase. The securities in yourtrust typically fall in value when interest rates, ingeneral, rise and rise in value when interest rates,in general, fall. Securities with longer periodsbefore maturity are often more sensitive togeneral interest rate changes. The securities inyour trust may be subject to a greater risk ofrising interest rates than would normally be thecase due to the current period of relativelylow rates.

Certain bonds in the portfolio may be sub-ject to interest rate adjustments if either Moody’sInvestor Services or Standard & Poor’s (or, incertain limited circumstances, another ratingsservice) downgrades the rating for such bond (orupgrades the rating after such a downgrade). Theinterest rates payable on certain bonds in theportfolio may have already been increased due topast ratings downgrades. Any future credit ratingimprovements on such bonds may result in

decreases to the interest rates payable on suchbonds and, consequently, may adversely affectboth the income you receive from the securitiesin your trust and the value of your units. On theother hand, increases in a bond’s interest raterelated to decreases in such bond’s credit ratingmay place additional financial strain on thebond’s issuer which could result in furtherdecreases in financial condition and further creditrating decreases. Additionally, an increase in abond’s interest rate may increase the risk that thebond’s issuer will prepay or “call” the bondbefore its stated maturity.

Credit Risk. Credit risk is the risk that asecurity’s issuer or insurer is unable to meet itsobligation to pay principal or interest on thesecurity.

Call Risk. Call risk is the risk that the issuerprepays or “calls” a bond before its stated matu-rity. An issuer might call a bond if interest rates,in general fall and the bond pays a higher inter-est rate or if it no longer needs the money forthe original purpose. If an issuer calls a bond,your trust will distribute the principal to you butyour future interest distributions will fall. Youmight not be able to reinvest this principal at ashigh a yield. A bond’s call price could be lessthan the price your trust paid for the bond andcould be below the bond’s par value. This meansthat you could receive less than the amount youpaid for your units. If enough bonds in yourtrust are called, your trust could terminate early.Some or all of the bonds may also be subject toextraordinary optional or mandatory redemptionsif certain events occur, such as certain changes intax laws, the substantial damage or destructionby fire or other casualty of the project for whichthe proceeds of the bonds were used, and variousother events. The call provisions are described ingeneral terms in the “Portfolio”.

Bond Quality Risk. Bond quality risk is therisk that a bond will fall in value if a ratingagency decreases the bond’s rating.

Split Ratings Risk. The trust invests primar-ily in securities rated investment grade quality as


of the trust’s inception by Standard & Poor’s(BBB- or higher) or Moody’s Investor Service(Baa3 or higher). These ratings are based uponan evaluation by a credit rating organization ofthe issuer’s credit history and ability to repayobligations. An investment grade rating generallysignifies that a credit rating agency considers thecurrent quality of a bond to be sufficient to pro-vide reasonable assurance of the issuer’s ability tomeet its obligation to bondholders. The portfolioincludes bonds that are unrated or rated belowinvestment-grade by Standard & Poor’s orMoody’s Investor Service and rated investmentgrade quality by the other as of the trust’s incep-tion. These are referred to as “split-rated”securities. A split-rated security may be regardedby one rating agency as having predominatelyspeculative characteristics with respect to theissuer’s capacity to pay interest and repay princi-pal, and accordingly subject to a greater risk ofdefault. The prices of split-rated securities maybe more sensitive than securities without a split-rating to negative developments, such as adecline in the issuer’s revenues or a general eco-nomic downturn.

Sector Concentration Risk. Sector concentra-tion risk is the risk that the value of your trust ismore susceptible to fluctuations based on factorsthat impact a particular sector because the port-folio concentrates in companies within thatsector. A portfolio “concentrates” in a sectorwhen securities in a particular sector make up25% or more of the portfolio. Refer to the“Principal Risks” in the “Investment Summary”section in this prospectus for sectorconcentrations.

Liquidity Risk. 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 because these securities generally trade inthe over-the-counter market (they are not listedon a securities exchange).

Litigation and Legislation Risk. Litigationand legislation risk is the risk that future

litigation or legislation could affect the value ofyour trust. Litigation could challenge an issuer’sauthority to issue or make payments onsecurities.

Foreign Issuer Risk. An investment in securi-ties of foreign issuers involves certain risks thatare different in some respects from an investmentin securities of domestic issuers. These includerisks associated with future political and eco-nomic developments, international tradeconditions, foreign withholding taxes, liquidityconcerns, currency fluctuations, volatility,restrictions on foreign investments and exchangeof securities, potential for expropriation of assets,confiscatory taxation, difficulty in obtaining orenforcing a court judgment, potential inability tocollect when a company goes bankrupt and eco-nomic, political or social instability. Moreover,individual foreign economies may differ favorablyor unfavorably from the U.S. economy for rea-sons including differences in growth of grossdomestic product, rates of inflation, capital rein-vestment, resources, self-sufficiency and balanceof payments positions. There may be less pub-licly available information about a foreign issuerthan is available from a domestic issuer as aresult of different accounting, auditing andfinancial reporting standards. Some foreign mar-kets are less liquid than U.S. markets whichcould cause securities to be bought at a higherprice or sold at a lower price than would be thecase 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 foreigncurrencies. Many foreign currencies have fluctu-ated widely in value against the U.S. dollar forvarious economic and political reasons. Changesin foreign currency exchange rates may affect thevalue of foreign securities and dividend pay-ments. Generally, when the U.S. dollar rises invalue against a foreign currency, a securitydenominated in that currency loses value becausethe currency is worth fewer U.S. dollars. Con-versely, when the U.S. dollar decreases in value


against a foreign currency, a security denomi-nated in that currency gains value because thecurrency is worth more U.S. dollars. The U.S.dollar value of income payments on foreign secu-rities will fluctuate similarly with changes inforeign currency values.

Brokerage and other transaction costs onforeign exchanges are often higher than in theU.S. and there is generally less governmentalsupervision of exchanges, brokers and issuers inforeign countries. The increased expense ofinvesting in foreign markets may reduce theamount an investor can earn on its investmentsand typically results in a higher operatingexpense ratio than investments in only domesticsecurities. Custody of certain securities may bemaintained by a global custody and clearinginstitution. Settlement and clearance proceduresin certain foreign markets differ significantlyfrom those in the U.S. Foreign settlement andclearance procedures and trade regulations alsomay involve certain risks (such as delays in pay-ment for or delivery of securities) not typicallyassociated with the settlement of domestic securi-ties. Round lot trading requirements exist incertain foreign securities markets which couldcause the proportional composition and diversifi-cation of the portfolio to vary when the trustbuys or sells securities.

“When Issued” and “Delayed Delivery” Bonds.“When, as and if issued” bonds are bonds that tradebefore they are actually issued. Bonds purchased on a“when issued” basis have not yet been issued by theissuer on the trust’s inception date although suchissuer has committed to issue such bonds. This meansthat the sponsor can only deliver them to the trust“when, as and if” the bonds are actually issued. Inaddition, other bonds may have been purchased bythe sponsor on a “delayed delivery” basis. These bondsare expected to be delivered to the trust after thetrust’s first settlement date (normally two businessdays after the trust’s inception date).

Delivery of these bonds may be delayed ormay not occur. Interest on these bonds does notbegin accruing to your trust until the bond is

delivered to the trust. You may have to adjustyour tax basis of any bonds delivered after theexpected delivery date. Any adjustment wouldreflect interest that accrued between the time youpurchased your units and the delivery of thebonds to your trust. This could lower your firstyear estimated current return. You may experi-ence gains or losses on these bonds from thetime you purchase units even though your trusthas not yet received them.

Original Issue Discount Bonds. Original issuediscount bonds were initially issued at a pricebelow their face (or par) value. These bonds typi-cally pay a lower interest rate than comparablebonds that were issued at or above their parvalue. In a stable interest rate environment, themarket value of these bonds tends to increasemore slowly in early years and in greater incre-ments as the bonds approach maturity. Theissuers of these bonds may be able to call orredeem a bond before its stated maturity dateand at a price less than the bond’s par value.

Zero coupon bonds are a type of originalissue discount bond. These bonds do not payany current interest during their life. If an inves-tor owns this type of bond, the investor has theright to receive a final payment of the bond’s parvalue at maturity. The price of these bonds oftenfluctuates greatly during periods of changingmarket interest rates compared to bonds thatmake current interest payments. The issuers ofthese bonds may be able to call or redeem abond before its stated maturity date and at aprice less than the bond’s par value.

Market Discount. Your trust may consist ofsome bonds whose current market values werebelow the principal value on the trust’s inceptiondate or your unit purchase date. A primary rea-son for the market value of such bonds being lessthan the principal value is that the interest rateof such bonds is at a lower rate than the currentmarket interest rates for comparable bonds.Bonds selling at market discounts tend toincrease in market value as they approachmaturity.


Premium Bonds. Your trust may consist ofsome bonds whose current market values wereabove the principal value on the trust’s inceptiondate or your unit purchase date. A primary rea-son for the market value of such bonds beinghigher than the principal value is that the inter-est rate of such bonds is at a higher rate than thecurrent market interest rates for comparablebonds. The current returns of bonds trading at amarket premium are initially higher than thecurrent returns of comparable bonds issued atcurrently prevailing interest rates because pre-mium bonds tend to decrease in market value asthey approach maturity when the principal valuebecomes payable. Because part of the purchaseprice is effectively returned not at maturity butthrough current income payments, early redemp-tion of a premium bond at par or any otheramount below the trust’s purchase price willresult in a reduction in yield. Redemption pursu-ant to call provisions generally will, andredemption pursuant to sinking fund provisionsmay, occur at times when the bonds have a mar-ket value that represents a premium over par orfor original issue discount securities a premiumover the accreted value.

HOW YOUR TRUST WORKS

Your Trust. Your trust is a unit investmenttrust registered under the Investment CompanyAct of 1940. We created the 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 ofcredit or other consideration to pay for the secu-rities). In exchange, the trustee delivered units ofyour trust to us. Each unit represents an undi-vided interest in the assets of your trust. Theseunits remain outstanding until redeemed or untilyour trust terminates. The number of units, frac-tional interest of each unit in a trust, estimatedinterest distributions per unit and estimated

current and long-term returns will increase ordecrease to the extent of any adjustment.

Changing Your Portfolio. Your trust is not amanaged fund. Unlike a managed fund, wedesigned your portfolio to remain relatively fixed.Your trust will generally buy and sell securities:

• to pay expenses,

• to issue additional units or redeem units,

• in limited circumstances to protect atrust,

• to make required distributions or avoidimposition of taxes on a 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. Your trust will generallyreject any offer for securities or other property inexchange for the securities in its portfolio. Ifyour trust receives securities or other property, itwill either hold the securities or property in theportfolio or sell the securities or property anddistribute the proceeds. If any contract for thepurchase of securities fails, the sponsor willrefund the cash and sales fee attributable to thefailed contract to unitholders on or before thenext distribution date unless substantially all ofthe moneys held to cover the purchase are rein-vested in substitute securities in accordance withthe trust agreement. The sponsor may direct thereinvestment of security sale proceeds if the saleis the direct result of serious adverse credit fac-tors which, in the opinion of the sponsor, wouldmake retention of the securities detrimental tothe trust. In such a case, the sponsor may, but isnot obligated to, direct the reinvestment of saleproceeds in any other securities that meet thecriteria for inclusion in the trust on the trust’sinception date. The sponsor may also instructthe trustee to take action necessary to ensure thatthe portfolio continues to satisfy the qualifica-tions of a regulated investment company.

We will increase the size of your trust as wesell units. When we create additional units, we


will seek to maintain a portfolio that replicatesthe principal amounts of the securities in theportfolio. When your trust buys securities, it maypay brokerage or other acquisition fees. Youcould experience a dilution of your investmentbecause of these fees and fluctuations in securityprices between the time we create units and thetime your trust buys the securities. Because thetrusts pay the brokerage fees associated with thecreation of new units and with the sale of securi-ties to meet redemption and exchange requests,frequent redemption and exchange activity willlikely result in higher brokerage expenses. Whenyour trust buys or sells securities, we may directthat it place orders with and pay brokerage com-missions to brokers that sell units or are affiliatedwith your trust or the trustee.

In the event of a failure to deliver any bondthat has been purchased for the trust under acontract (“failed bonds”), the sponsor is autho-rized to purchase other bonds (“replacementbonds”). The trustee shall pay for replacementbonds out of funds held in connection with thefailed bonds and will accept delivery of suchbonds to make up the original principal of atrust. The replacement bonds must be purchasedwithin 20 days after delivery of the notice of thefailed contract, and the purchase price (exclusiveof accrued interest) may not exceed the principalattributable to the failed bonds. Whenever areplacement bond has been acquired for a trust,the trustee shall, within five days thereafter,notify all unitholders of a trust of the acquisitionof the replacement bond and shall, on the nextdistribution date which is more than 30 daysthereafter, make a pro rata distribution of theamount, if any, by which the cost to a trust ofthe failed bond exceeded the cost of the replace-ment bond. In addition, a replacement bondmust (at the time of purchase):

• have a fixed maturity or disposition datecomparable to that of the failed bond itreplaces without equity or other conversionfeatures and having no warrants orsubscription privileges attached;

• be payable in U.S. currency; and

• be issued or guaranteed by an issuersubject to or exempt from the reportingrequirements under Section 13 or 15(d)of the Securities Exchange Act of 1934(or similar provisions of law) or in effectguaranteed, directly or indirectly, bymeans of a lease agreement, agreementto buy securities, services or products, orother similar commitment of the creditof such an issuer to the payment of thereplacement bonds.

If the right of limited substitution describedabove shall not be used to acquire replacementbonds in the event of a failed contract, the spon-sor will refund the sales charge attributable tosuch failed bonds to all unitholders of the trust,and distribute the principal attributable to suchfailed bonds on the next monthly distributiondate which is more than 30 days thereafter. Inthe event a replacement bond is not acquired bythe trust, the estimated net annual interestincome per unit would be reduced and the esti-mated current and long-term returns might belowered.

Estimated Current and Long-Term Returns.The estimated current return and the estimatedlong-term return as of the business day before atrust’s inception date are shown under “EssentialInformation” and “Illustration of Sales Fee Dis-counts” in the “Investment Summary” section foryour trust. Estimated current return is calculatedby dividing the current estimated net annualinterest income per unit based on the interestrates currently applicable to the bonds by thepublic offering price. The estimated net annualinterest income per unit will vary with changesin the interest rates applicable to the bonds(some of which may be subject to adjustmentsrelated to changes in the bonds’ ratings as pro-vided by certain ratings services), fees andexpenses of your trust and with the default,redemption, maturity, exchange or sale of bonds.The public offering price will vary with changesin the price of the bonds. Accordingly, there is


no assurance that the present estimated currentreturn will be realized in the future. Estimatedlong-term return is calculated using a formulawhich (1) takes into consideration, and deter-mines and factors in the relative weightings of,the market values, yields (which takes intoaccount the amortization of premiums and theaccretion of discounts) and estimated retirementsof the bonds and (2) takes into account theexpenses and sales charge associated with units.The applicable sales charge associated with unitswill vary based on sales fee reductions applicableto certain unitholders. Since the interest rates,value and estimated retirements of the bonds andthe expenses of your trust may change, there isno assurance that the present estimated long-term return will be realized in the future. Theestimated current return and estimated long-termreturn are expected to differ because the calcula-tion of estimated long-term return reflects theestimated date and amount of principal returnedwhile the estimated current return calculationincludes only net annual interest income andpublic offering price.

In order to acquire certain bonds, it may benecessary for the sponsor or trustee to payamounts covering accrued interest on the bondswhich exceed the amounts which will be madeavailable through cash furnished by the sponsoron the trust’s inception date. This cash mayexceed the interest which would accrue to thefirst settlement date. The trustee has agreed topay for any amounts necessary to cover anyexcess and will be reimbursed when fundsbecome available from interest payments on therelated bonds.

Weighted Average Modified Duration. Theweighted average modified duration of the securi-ties in the trust portfolio as of the business daybefore the trust’s inception date is shown under“Essential Information” in the “Investment Sum-mary” section for your trust. Modified durationis a calculation that expresses the measurablechange in the value of a security in response to achange in interest rates. Modified duration fol-lows the concept that interest rates and bond

prices move in opposite directions. This formulais used to determine the effect that a 1% changein interest rates might have on the price of abond. For example, if a portfolio has a durationof 3 years then that portfolio’s value is estimatedto decline approximately 3% for each 1%increase in interest rates or rise approximately3% for each 1% decrease in interest rates.Weighted average modified duration of thesecurities will vary with changes in the value andyield of bonds and with the default, redemption,maturity, exchange, sale or other liquidation ofbonds. The weighted average modified durationof the securities shown under “Essential Informa-tion” relates only to the bonds in the trust andnot to the trust itself or units. Modified durationdoes not account for the trust sales charge orexpenses and is not intended to predict or guar-antee future performance of the bonds orthe trust.

Amending the Trust Agreement. The sponsorand the trustee can change the trust agreementwithout your consent to correct any provisionthat may be defective or to make other provi-sions that will not materially adversely affectyour interest (as determined by the sponsor andthe trustee). 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.

Termination of Your Trust. Your trust willterminate upon the maturity, payment,redemption, sale or other liquidation of all of thesecurities in the portfolio. The trustee may termi-nate your trust early if the value of the trust isless than 40% of the original value of the securi-ties in the trust at the time of deposit. At thissize, the expenses of your trust may create anundue burden on your investment. Investorsowning two-thirds of the units in your trust mayalso vote to terminate the trust early. The trusteewill liquidate the trust in the event that a suffi-cient number of units not yet sold to the publicare tendered for redemption so that the networth of a trust would be reduced to less than40% of the value of the securities at the time


they were deposited in a trust. If this happens,we will refund any sales charge that you paid.

You will receive your final distributionwithin a reasonable time following liquidation ofall the securities after deducting final expenses.Your termination distribution may be less thanthe price you originally paid for your units.

The Sponsor. The sponsor of the trust isAdvisors Asset Management, Inc. We are abroker-dealer specializing in providing tradingand support services to broker-dealers, registeredrepresentatives, investment advisers and otherfinancial professionals. Our headquarters arelocated at 18925 Base Camp Road, Monument,Colorado 80132. You can contact our unitinvestment trust division at 8100 East 22nd

Street North, Building 800, Suite 102, Wichita,Kansas 67226 or by using the contacts listed onthe back cover of this prospectus. AAM is a reg-istered broker-dealer and investment adviser, amember of the Financial Industry RegulatoryAuthority, Inc. (FINRA) and Securities InvestorProtection Corporation (SIPC) and a registrantof the Municipal Securities Rulemaking Board(MSRB). If we fail to or cannot perform ourduties as sponsor or become bankrupt, thetrustee may replace us, continue to operate yourtrust without a sponsor, or terminate your trust.

We and your trust have adopted a code ofethics requiring our employees who have accessto information on trust transactions to reportpersonal securities transactions. The purpose ofthe code is to avoid potential conflicts of interestand to prevent fraud, deception or misconductwith respect to your trust.

The sponsor or an affiliate may use the listof securities in the trust in its independentcapacity (which may include acting as an invest-ment adviser or broker-dealer) and distribute thisinformation to various individuals and entities.The sponsor or an affiliate may recommend oreffect transactions in the securities. This may alsohave an impact on the price your trust pays forthe securities and the price received upon unitredemption or trust termination. The sponsor

may act as agent or principal in connection withthe purchase and sale of securities, includingthose held by the 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 the trust. The sponsoror an affiliate may have participated in a publicoffering of one or more of the securities in thetrust. The sponsor, an affiliate or their employeesmay have a long or short position in these secu-rities or related securities. An officer, director oremployee of the sponsor or an affiliate may be anofficer or director for the issuers of the securities.

The Trustee. The Bank of New York Mellonis the trustee of your trust with its principal unitinvestment trust division offices located at2 Hanson Place, 12th Floor, Brooklyn, New York11217. You can contact the trustee by calling thetelephone number on the back cover of this pro-spectus or by writing to its unit investment trustoffice. We may remove and replace the trustee insome cases without your consent. The trusteemay also resign by notifying us and investors.

Portfolio Consultant. The Portfolio Consul-tant, Navellier & Associates, Inc., is a privatelyowned registered investment adviser. Louis G.Navellier is the majority owner of the PortfolioConsultant which was founded in 1987 and isbased in Reno, Nevada. In addition to providingportfolio consulting services to the trust, thePortfolio Consultant provides investment man-agement services to individuals, Taft-Hartleyplans, corporate pension funds, endowments, andfoundations. The Portfolio Consultant is not anaffiliate of the sponsor. The Portfolio Consultantselected a list of bonds to be included in theportfolio based on the criteria provided by thesponsor. The Portfolio Consultant makes no rep-resentations that the bond portfolio will achievethe investment objectives or will be profitable orsuitable for any particular potential investor. Thesponsor did not select the bonds for the trust.

The Portfolio Consultant may use the list ofbonds in its independent capacity as an invest-ment adviser and distribute this information to


various individuals and entities. The PortfolioConsultant may recommend to other clients orotherwise effect transactions in the bonds held bythe trust. This may have an adverse effect on theprices of the bonds. This also may have animpact on the price the trust pays for the bondsand the price received upon unit redemptions orliquidation of the bonds. The Portfolio Consul-tant also issues reports and makesrecommendations on securities, which mayinclude the bonds 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 Portfolio Consultant is being com-pensated for its portfolio consulting services,including selection of the trust portfolio.

The Portfolio Consultant has a consultingagreement with Dial which covers the assistanceprovided for the portfolio selection for the trustamong other things. Dial is not being compen-sated by the trust or the sponsor. Dial is aprivately owned investment adviser registered inthe state of Texas. Dial was founded in 2002 andis based in The Woodlands, Texas. The principalexecutive officer of Dial is Mike Lanier, who hasover 30 years experience in the credit markets.Dial is not an affiliate of the sponsor.

How We Distribute Units. We sell units tothe public through broker-dealers and otherfirms. These distribution firms each receive partof the sales fee when they sell units. Units willbe distributed to the public by these firms at thepublic offering price per unit as described under“How to Buy Units”.

During the initial offering period, thebroker-dealer concession or agency commissionfor non-underwriter broker-dealers and otherfirms is 1.60% of the public offering price perunit at the time of the transaction.

No broker-dealer concession or agencycommission is paid to broker-dealers, investment

advisers or other selling firms in connection withunit sales in Fee Accounts that charge aWrap Fee.

After the initial offering period, the broker-dealer concession or agency commission forsecondary market transactions is equal to 2.00%of the public offering price.

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.” Thetrust offered in this prospectus is a Volume Con-cession B trust. Broker-dealers and other firmsthat sell units of any Volume Concession B trustare eligible to receive the additional compensa-tion described below. Such payments will be inaddition to the regular concessions paid tofirms as set forth in the applicable trust’s pro-spectus. The additional concession is based ontotal initial offering period sales of all VolumeConcession B trusts during a calendar quarter asset forth in the following table:

Initial Offering Period SalesDuring Calendar Quarter

VolumeConcession

Less than $100,000,000 0.000%$100,000,000 but less than $250,000,000 0.050$250,000,000 or more 0.100

This volume concession will be paid on unitsof all Volume Concession B trust units sold inthe initial offering period, except as describedbelow. Currently, series of Advisors CorporateTrust Global Investment Grade Bond Portfolio,Advisors Corporate Trust High Yield Bond Port-folio, Advisors Corporate Trust—Navellier/DialHigh Income Opportunities Portfolio, BuildAmerica Bond Limited Maturity Portfolio, BuildAmerica Bond Portfolio, CreditSights High YieldBond Portfolio, Insured Tax Exempt MunicipalPortfolio, Maturing Bond Portfolio, MunicipalOpportunities Portfolio, Tax Exempt MunicipalPortfolio and Tax Exempt Securities Trust areclassified as Volume Concession B trusts;


however, other trusts may be classified as VolumeConcession B trusts in the future and eligible forthis additional compensation for calendar quartersales as disclosed in the applicable trust prospec-tus. For a trust to be eligible for this additionalVolume Concession B compensation for calendarquarter sales, the trust’s prospectus must includedisclosure related to this additional VolumeConcession B compensation. A trust is not eli-gible for this additional Volume Concession Bcompensation if the prospectus for such trustdoes not include disclosure related to this addi-tional Volume Concession B compensation.Other trusts sponsored by AAM are eligible toreceive different categories of additional compen-sation for volume sales as set forth in theapplicable trust’s prospectus. Broker dealer-firmswill not receive compensation unless they sell atleast $100 million of units of Volume Conces-sion B trusts during a calendar quarter. Forexample, if a firm sells $99.5 million of units ofVolume Concession B trusts during a calendarquarter, the firm will not receive any additionalcompensation with respect to such trusts. Once afirm reaches a particular breakpoint during aquarter, the firm will receive the stated volumeconcession on all initial offering period sales ofVolume Concession B trust units during theapplicable quarter. For example, if a firm sells$115 million of units of Volume Concession Btrusts in the initial offering period during a cal-endar quarter, the firm will receive additionalcompensation of 0.05% of $115 million and if afirm sells $275 million of units of Volume Con-cession B trusts in the initial offering periodduring a calendar quarter, the firm will receiveadditional compensation of 0.10% of $275 mil-lion. In addition, selling firms will not receivethe additional compensation on the sale of unitswhich are not subject to a transactional salescharge. However, such sales will be included indetermining whether a firm has met the volumesales concession breakpoints subject to the poli-cies of the related selling firm. Secondary marketsales of units are excluded for purposes of theadditional compensation. We will pay these

amounts out of our own assets within a reason-able time following each calendar quarter.

Any sales fee discount is borne by thebroker-dealer or selling firm out of the broker-dealer concession or agency commission. Wereserve the right to change the amount of com-pensation paid to selling firms from time totime. Some broker-dealers and other selling firmsmay limit the compensation they or their repre-sentatives receive in connection with unit sales.As a result, certain broker-dealers and other sell-ing firms may waive or refuse payment of all or aportion of the regular concession or agency com-mission and/or volume concession describedabove and instruct the sponsor to retain suchamounts rather than pay or allow the amounts tosuch firm.

We currently may provide, at our ownexpense and out of our own profits, additionalcompensation and benefits to broker-dealers andother firms who sell units of this trust and ourother products. This compensation is intended toresult in additional sales of our products and/orcompensate broker-dealers and financial advisorsfor past sales. A number of factors are consideredin determining whether to pay these additionalamounts. Such factors may include, but are notlimited to, the level or type of services providedby the intermediary, the level or expected level ofsales of our products by the intermediary or itsagents, the placing of our products on a pre-ferred or recommended product list and access toan intermediary’s personnel. We may make thesepayments for marketing, promotional or relatedexpenses, including, but not limited to, expensesof entertaining retail customers and financialadvisors, advertising, sponsorship of events orseminars, obtaining information about the break-down of unit sales among an intermediary’srepresentatives or offices, obtaining shelf space inbroker-dealer firms and similar activities designedto promote the sale of our products. We makesuch payments to a substantial majority of inter-mediaries that sell our products. We may alsomake certain payments to, or on behalf of, inter-mediaries to defray a portion of their costs


incurred for the purpose of facilitating unit sales,such as the costs of developing or purchasingtrading systems to process unit trades. Paymentsof such additional compensation described in thisparagraph and the volume concessions describedabove, some of which may be characterized as“revenue sharing,” may create an incentive forfinancial intermediaries and their agents to sell orrecommend our products, including this trust,over other products. These arrangements will notchange the price 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 doesnot 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 orredeem them. We may also gain or lose moneywhen we deposit securities to create units.

TAXES

This section summarizes some of the mainU.S. federal income tax consequences of owningunits of the trust. This section is current as ofthe date of this prospectus. Tax laws and inter-pretations change frequently, and thesesummaries do not describe all of the taxconsequences to all taxpayers. For example, thesesummaries generally do not describe your situa-tion if you are a corporation, a non-U.S. person,a broker/dealer, or other investor with specialcircumstances. In addition, this section does notdescribe your state, local or foreign taxconsequences.

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 not

reached a conclusion with respect to the federalincome tax treatment of the assets to be depos-ited in your trust. This may not be sufficient foryou to use for the purpose of avoiding penaltiesunder federal tax law.

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

Trust Status. 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 incomeas required by the tax law, your trust generallywill not pay federal income taxes.

Distributions. Trust distributions are gener-ally 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.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 divi-dends, you must calculate your total net capitalgain or loss for the tax year after considering allof your other taxable transactions, as describedbelow. In addition, your trust may make distri-butions that represent a return of capital for taxpurposes and thus will generally not be taxableto you. A return of capital, although not initiallytaxable to you, will result in a reduction in thebasis in your units and subsequently result inhigher levels of taxable capital gains in thefuture. In addition, if the non-dividend distribu-tion exceeds your basis in your units, you willhave long-term or short-term gain dependingupon your holding period. The tax status of yourdistributions from your trust is not affected bywhether you reinvest your distributions in addi-tional units or receive them in cash. The incomefrom your trust that you must take into accountfor federal income tax purposes is not reduced byamounts used to pay a deferred sales fee, if any.


The tax laws may require you to treat distribu-tions made to you in January as if you hadreceived them on December 31 of the previousyear. Income from your trust may also be subjectto a 3.8 percent “medicare tax.” This tax gener-ally applies to your net investment income ifyour adjusted gross income exceeds certainthreshold amounts, which are $250,000 in thecase of married couples filing joint returns and$200,000 in the case of single individuals.

Dividends Received Deduction. A corpora-tion that owns units generally will not beentitled 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.

Sale or Redemption of Units. If you sell orredeem your units, you will generally recognize ataxable gain or loss. To determine the amount ofthis 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.

Capital Gains and Losses. If you are an indi-vidual, the maximum marginal stated federal taxrate for net capital gain is generally 20% (15%or 0% for taxpayers with taxable incomes belowcertain thresholds). Capital gains may also besubject to the “medicare tax” described above.

Net capital gain equals net long-term capitalgain minus net short-term capital loss for thetaxable year. Capital gain or loss is long-term ifthe holding period for the asset is more than oneyear and is short-term if the holding period forthe asset is one year or less. You must excludethe date you purchase your units to determineyour holding period. However, if you receive acapital gain dividend from your trust and sellyour unit at a loss after holding it for six monthsor less, the loss will be recharacterized as long-term capital loss to the extent of the capital gain

dividend received. The tax rates for capital gainsrealized from assets held for one year or less aregenerally the same as for ordinary income. TheInternal Revenue Code treats certain capital gainsas ordinary income in special situations.

In addition, some portion of the dividendson your units that are attributable to dividendsreceived by your trust from shares in real estateinvestment trusts may be designated by yourtrust as eligible for a deduction for qualifiedbusiness income, provided certain holding periodrequirements are satisfied.

Rollovers and Exchanges. If you elect to haveyour proceeds from your trust rolled over into afuture trust, the exchange would generally beconsidered a sale for federal income tax purposes.

Treatment of Trust Expenses. Expensesincurred and deducted by your trust will gener-ally not be treated as income taxable to you. Insome cases, however, you may be required totreat your portion of these trust expenses asincome. You may not be able to deduct some orall of these expenses.

Foreign Tax Credit. If your trust invests inany foreign securities, the tax statement that youreceive may include an item showing foreigntaxes your trust paid to other countries. In thiscase, dividends taxed to you will include yourshare of the taxes your trust paid to other coun-tries. You may be able to deduct or receive a taxcredit for your share of these taxes.

Foreign Investors. If you are a foreign inves-tor (i.e., an investor other than a U.S. citizen orresident or a U.S. corporation, partnership, estateor trust), you should be aware that, generally,subject to applicable tax treaties, distributionsfrom your trust will be characterized as dividendsfor federal income tax purposes (other than divi-dends which your trust properly reports ascapital gain dividends) and will be subject toU.S. income taxes, including withholding taxes,subject to certain exceptions described below.However, distributions received by a foreigninvestor from your trust that are properly


reported by your trust as capital gain dividendsmay not be subject to U.S. federal income taxes,including withholding taxes, provided that yourtrust makes certain elections and certain otherconditions are met. Distributions from your trustthat are properly reported by the trust as aninterest-related dividend attributable to certaininterest income received by the trust or as ashort-term capital gain dividend attributable tocertain net short-term capital gain incomereceived by the trust may not be subject to U.S.federal income taxes, including withholding taxeswhen received by certain foreign investors,provided that the trust makes certain electionsand certain other conditions are met. In addi-tion, distributions to, and the gross proceedsfrom dispositions of units by, (i) certain nonU.S. financial institutions that have not enteredinto an agreement with the U.S. Treasury to col-lect and disclose certain information and are notresident in a jurisdiction that has entered intosuch an agreement with the U.S. Treasury and(ii) certain other non-U.S. entities that do notprovide certain certifications and informationabout the entity’s U.S. owners, may be subject toa U.S. withholding tax of 30%. However, pro-posed regulations may eliminate the requirementto withhold on payments of gross proceedsfrom dispositions. You should also consultyour tax advisor with respect to other U.S. taxwithholding and reporting requirements.

EXPENSES

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

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 andministerial functions. This “creation and develop-ment fee” is a charge of $6.00 per unit. The

trustee will deduct this amount from your trust’sassets as of the close of the initial offeringperiod. No portion of this fee is applied tothe payment of distribution expenses or as com-pensation for sales efforts. This fee will notbe deducted from proceeds received upon arepurchase, redemption or exchange of unitsbefore the close of the initial public offeringperiod.

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 administra-tive services. Our reimbursements may exceedthe costs of the services we provide to your trustbut will not exceed the costs of services providedto all of our unit investment trusts in any calen-dar year. All of these fees may adjust for inflationwithout your 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 and expenses incurred in contactingyou. Your trust may pay the costs of updating itsregistration statement each year. Your trust willpay a license fee for the use of certain servicemarks, trademarks, trade names and/or otherproperty of Navellier & Associates, Inc. and DialCapital Management, LLC. The trustee will gener-ally pay trust expenses from interest income andprincipal payments received on the securities but insome cases may sell securities to pay trust expenses.


EXPERTS

Legal Matters. Chapman and Cutler LLPacts as counsel for the trust and has given anopinion that the units are validly issued.Dorsey & Whitney LLP acts as counsel forthe trustee.

Independent Registered Public AccountingFirm. Grant Thornton LLP, independent regis-tered public accounting firm, audited thestatement of financial condition and the portfolioin this prospectus.

ADDITIONAL INFORMATION

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


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Sponsor and UnitholdersAdvisors Disciplined Trust 1915

Opinion on the financial statements

We have audited the accompanying statement of financial condition, including the trust portfolio on pages 5 through 6, ofAdvisors Disciplined Trust 1915 (the “Trust”) as of June 21, 2019, the initial date of deposit, and the related notes (collectivelyreferred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financialposition of the Trust as of June 21, 2019, in conformity with accounting principles generally accepted in the United States ofAmerica.

Basis for opinion

These financial statements are the responsibility of Advisors Asset Management, Inc., the Sponsor. Our responsibility isto express an opinion on the Trust’s financial statements based on our audit. We are a public accounting firm registeredwith the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independentwith respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations ofthe Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whetherdue to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal controlover financial reporting. As part of our audit we are required to obtain an understanding of internal control over financialreporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financialreporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whetherdue to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, ona test basis, evidence supporting the amounts and disclosures in the financial statements. Our audit also included evaluatingthe accounting principles used and significant estimates made by management, as well as evaluating the overall presentationof the financial statements. Our procedures included confirmation of cash or irrevocable letter of credit deposited for thepurchase of securities as shown in the statement of financial condition as of June 21, 2019 by correspondence with TheBank of New York Mellon, Trustee. We believe that our audit provides a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the auditor of one or more of the unit investment trusts, sponsored by Advisors Asset Management,Inc. and its predecessor since 2003.

Chicago, IllinoisJune 21, 2019


Advisors Disciplined Trust 1915

Statement of Financial Condition as of June 21, 2019

Investment in securitiesContracts to purchase underlying securities (1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,125,277Accrued interest to first settlement date (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,802Cash (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,000

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,368,079

Liabilities and interest of investorsLiabilities:

Accrued interest payable to sponsor (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 133,802Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,000Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000

242,802

Interest of investors:Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,435,200Less: sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,923Less: organization costs and creation and development fee (3)(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,000

Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,125,277

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,368,079Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000

Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,012.53

(1) Aggregate cost of the securities is based on the offer side evaluations as determined by the evaluator. The trustee will advance the amountof net interest accrued to the first settlement date to the trust for distribution to the sponsor as unitholder of record as of such date.

(2) Cash or an irrevocable letter of credit has been deposited with the trustee covering the funds necessary for the purchase of securities inthe trust represented by purchase contracts.

(3) A portion of the public offering price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing thetrust. These costs have been estimated at $4.90 per unit for the trust. A distribution will be made as of the earlier of the close of the initialoffering period or six months following the trust’s inception date to an account maintained by the trustee from which this obligation ofthe investors will be satisfied. To the extent the actual organization costs are greater than the estimated amount, only the estimatedorganization 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 a transactional sales fee and a creation and development fee.The transactional sales fee is equal to the differencebetween the maximum sales fee and the creation and development fee. The maximum sales fee is equal to 2.50% of the public offeringprice. The creation and development fee is equal to $6.00 per unit. A portion of the public offering price per unit consists of an amountof cash to pay this fee.

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


ContentsInvestment Summary

A concise descriptionof essential informationabout the portfolio

2 Investment Objective2 Principal Investment Strategy2 Principal Risks3 Who Should Invest3 Essential Information3 Fees and Expenses4 Illustration of Sales Fee Discounts5 Portfolio

Understanding Your Investment

Detailed information tohelp you understandyour investment

7 How to Buy Units9 How to Sell Your Units11 Distributions12 Investment Risks15 How Your Trust Works21 Taxes23 Expenses24 Experts24 Additional Information25 Report of Independent Registered

Public Accounting Firm26 Statement of Financial Condition

Where to Learn More

You can contact us forfree information aboutthis and other investments,including the InformationSupplement

Visit us on the Internethttp://www.AAMlive.com

Call Advisors AssetManagement, Inc.(877) 858-1773

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

Additional Information

This prospectus does not contain all information filed with theSecurities and Exchange Commission. To obtain or copy thisinformation including the Information Supplement (a duplication feemay be 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 ofthe Public Reference Section)

Refer to:Advisors Disciplined Trust 1915Securities Act file number: 333-227347Investment Company Act file number: 811-21056

ADVISORS CORPORATE

TRUST—NAVELLIER/DIAL

HIGH INCOME OPPORTUNITIES

PORTFOLIO,SERIES 134

PROSPECTUS

JUNE 21, 2019

Advisors Corporate Trust—Navellier/Dial High Income …€¦ · Financials — 13.30% 400,000...

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Transcript of Advisors Corporate Trust—Navellier/Dial High Income …€¦ · Financials — 13.30% 400,000...