American Renaissance Portfolio, Series 2021-2 — A Cyrus J. Lawrence LLC (“CJL”) Portfolio

Building America Opportunities Portfolio, Series 2021-2

Building America Strategy Portfolio, Series 2021-3

Business Development Company Opportunities Portfolio, Series 2021-2

Cohen & Steers California Municipal Closed-End Portfolio, Series 2021-2

Cohen & Steers Convertible and Income Closed-End Portfolio, Series 2021-2

Cohen & Steers MLP, Midstream & Energy Income Closed-End Portfolio, Series 2021-2

Cohen & Steers Municipal Closed-End Portfolio, Series 2021-2

Cohen & Steers Senior Variable Rate and Income Closed-End Portfolio, Series 2021-2

Core Angels Portfolio, Series 2021-2

Global Basic Materials Portfolio, Series 2021-2

Health Care Opportunities Portfolio, Series 2021-2

Small/Mid-Cap Advantage Portfolio, Series 2021-2

(Advisors Disciplined Trust 2099)

	Prospectus
	December 8, 2021

As with any investment, the Securities and Exchange Commission has not approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any contrary representation is a criminal offense.

Investment Objective

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

Principal Investment Strategy

The trust seeks to achieve its objective by investing in a portfolio of stocks selected by Cyrus J. Lawrence LLC (the “Portfolio Consultant”). The Portfolio Consultant considered stocks for inclusion in the trust’s portfolio that meet its “American Renaissance” criteria which the Portfolio Consultant believes identifies companies with the potential to take advantage of the current economic landscape.

The “American Renaissance” criteria seeks to identify companies with potential to benefit from three longer term growth drivers: 1) a resurgence and renewed competitiveness of U.S. manufacturing, 2) the exploitation of U.S. domestic low cost energy as a result of hydraulic fracturing and 3) favorable long-term labor costs and housing demographics relative to other developed countries.

Stock selection for the trust’s portfolio included analyzing factors such as: market capitalization, economic sector performance, revenue growth, earnings growth, balance sheet strength and relative valuation. In selecting stocks for the portfolio, Portfolio Consultant sought diversification amongst issuers and imposes a minimum market cap of $1 billion. The trust will not invest more than 35% of the portfolio in companies categorized under any one Global Industry Classification Standard (GICS^®) sector as of the trust’s inception. Under normal circumstances, the trust will invest at least 80% of its assets in securities of companies headquartered in the U.S. Of course, as with any similar investment, there can be no assurance that the objective of the trust will be achieved.

Principal Risks

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

•

Security prices will fluctuate. The value of your investment may fall over time. The potential economic impacts of the novel form of coronavirus disease first detected in 2019 (“COVID-19”), which spread rapidly around the globe and led the World Health Organization to declare the COVID-19 outbreak a pandemic in March 2020, are not fully known. The COVID-19 pandemic, or any future public health crisis, is impossible to predict and could result in adverse market conditions which may negatively impact the performance of the securities in the portfolio and the trust.

•

The financial condition of an issuer may worsen or its credit ratings may drop, resulting in a reduction in the value of your units. This may occur at any point in time, including during the initial offering period.

•

An issuer may be unwilling or unable to declare dividends in the future or may reduce the level of dividends declared. This may reduce the level of income the trust receives which would reduce your income and cause the value of your units to fall. The COVID-19 pandemic has resulted in a decline in economic activity and caused many companies to reduce the level of dividends declared and many companies may be unwilling or unable to declare dividends for the foreseeable future. It is also possible that current or future government aid programs could limit companies from paying dividends as a condition to receiving government aid or discourage companies from doing so.

---

•

The trust is concentrated in securities issued by companies in the industrials sector. Negative developments impacting companies in this sector will affect the value of your investment more than would be the case in a more diversified investment.

•

The trust may invest in securities of small and mid-size companies. These securities are often more volatile and have lower trading volumes than securities of larger companies. Small and mid-size companies may have limited products or financial resources, management inexperience and less publicly available information.

•

We* do not actively manage the portfolio. Except in limited circumstances, the trust will hold, and continue to buy, shares of the same securities even if their market value declines.

Portfolio Consultant

The Portfolio Consultant, Cyrus J. Lawrence LLC, is a registered investment adviser formed in November 2014. It operates under the trade name C.J. Lawrence^®.

The Portfolio Consultant is not an affiliate of the sponsor. The Portfolio Consultant makes no representations that the portfolio will achieve the investment objectives or will be profitable or suitable for any particular potential investor. The sponsor did not select the securities for the trust.

The Portfolio Consultant and/or its affiliates may use the list of securities in its independent capacity as an investment adviser and distribute this information to various individuals and entities. The Portfolio Consultant and/or its affiliates may recommend to other clients or otherwise effect transactions in the securities held by the trust. This may have an adverse effect on the prices of the securities. This also may have an impact on the price the trust pays for the securities and the price received upon unit redemptions or liquidation of the securities.

The Portfolio Consultant and/or its affiliates also may issue reports and make recommendations on securities, which may include the securities in the trust.

Neither the Portfolio Consultant nor the sponsor manages the trust. Opinions expressed by the Portfolio Consultant are not necessarily those of the sponsor, and may not actually come to pass. The trust will pay the Portfolio Consultant a fee for selecting the trust’s portfolio. The trust will also pay a license fee for the use of certain service marks, trademarks, trade names and/or other property of the Portfolio Consultant.

 

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

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Who Should Invest

You should consider this investment if you want:

•

to own a defined portfolio of stocks.

•

the potential for total return primarily through capital appreciation.

You should not consider this investment if you:

•

are uncomfortable with the risks of an unmanaged investment in stocks.

•

seek capital preservation or income.

Fees and Expenses

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

The initial sales fee is the difference between the total sales fee (maximum of 2.75% of the unit offering price) and the sum of the remaining deferred sales fee and the total creation and development fee. The deferred sales fee is fixed at $0.225 per unit and is paid in three monthly installments beginning June 20, 2022. The creation and development fee is fixed at $0.05 per unit and is paid at the end of the initial offering period (anticipated to be approximately six months). When the public offering price per unit is less than or equal to $10, you will not pay an initial sales fee. When the public offering price per unit is greater than $10 per unit, you will pay an initial sales fee.

Example

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

These amounts are the same regardless of whether you sell your investment at the end of a period or continue to hold your investment.

---

Number of Shares		Ticker Symbol			Issuer(1)		Percentage of Aggregate Offering Price		Market Value per Share(1)		Cost of Securities to Trust(2)
Common Stocks — 100.00%
				Consumer Discretionary — 17.69%
27		AAP			Advance Auto Parts, Inc.		2.60%		$234.95		$6,344
57		DHI			DR Horton, Inc.		2.48		106.16		6,051
313		F			Ford Motor Company		2.56		19.96		6,248
113		MDC			MDC Holdings, Inc.		2.49		53.79		6,078
9		ORLY			O'Reilly Automotive, Inc. (4)		2.48		672.79		6,055
310		WOOF			Petco Health & Wellness Company, Inc. (4)		2.60		20.51		6,358
26		TSCO			Tractor Supply Company		2.48		233.34		6,067
				Energy — 10.00%
82		COP			ConocoPhillips		2.50		74.57		6,115
53		FANG			Diamondback Energy, Inc.		2.51		115.59		6,126
67		EOG			EOG Resources, Inc.		2.48		90.56		6,068
33		PXD			Pioneer Natural Resources Company		2.51		185.74		6,129
				Financials — 15.07%
137		BAC			Bank of America Corporation		2.51		44.71		6,125
28		FRC			First Republic Bank		2.45		213.55		5,979
394		HBAN			Huntington Bancshares, Inc.		2.50		15.49		6,103
30		PNC			The PNC Financial Services Group, Inc.		2.50		203.30		6,099
20		SBNY			Signature Bank		2.61		318.23		6,365
106		USB			US Bancorp		2.50		57.69		6,115
				Industrials — 34.19%
28		BA			The Boeing Company (4)		2.40		208.83		5,847
29		CAT			Caterpillar, Inc.		2.43		204.49		5,930
16		DE			Deere & Company		2.37		361.34		5,781
64		EMR			Emerson Electric Company		2.42		92.23		5,903
17		GNRC			Generac Holdings, Inc. (4)		2.50		358.42		6,093
29		HON			Honeywell International, Inc.		2.46		207.15		6,007
41		J			Jacobs Engineering Group, Inc.		2.41		143.51		5,884
163		PLUG			Plug Power, Inc. (4)		2.43		36.42		5,936
17		ROK			Rockwell Automation, Inc.		2.44		350.76		5,963
136		RUN			Sunrun, Inc. (4)		2.44		43.82		5,960
10		TDG			TransDigm Group, Inc. (4)		2.47		603.36		6,034

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American Renaissance Portfolio, Series 2021-2 — A Cyrus J. Lawrence LLC (“CJL”) Portfolio

(Advisors Disciplined Trust 2099)

Portfolio (continued)

As of the trust inception date, December 8, 2021

Number of Shares		Ticker Symbol			Issuer(1)		Percentage of Aggregate Offering Price		Market Value per Share(1)		Cost of Securities to Trust(2)
Common Stocks — (continued)
				Industrials — (continued)
17		URI			United Rentals, Inc. (4)		2.48%		$356.75		$6,065
12		GWW			WW Grainger, Inc.		2.50		507.72		6,093
48		XYL			Xylem, Inc.		2.44		124.17		5,960
				Information Technology — 10.26%
22		ADSK			Autodesk, Inc. (4)		2.49		276.70		6,087
29		ENPH			Enphase Energy, Inc. (4)		2.64		222.56		6,454
64		FSLR			First Solar, Inc. (4)		2.65		101.20		6,477
10		ZBRA			Zebra Technologies Corporation (4)		2.48		605.44		6,054
				Materials — 12.79%
25		ALB			Albemarle Corporation		2.66		259.53		6,488
14		MLM			Martin Marietta Materials, Inc.		2.43		422.86		5,920
151		MP			MP Materials Corporation (4)		2.64		42.64		6,439
18		SHW			The Sherwin-Williams Company		2.52		341.77		6,152
31		VMC			Vulcan Materials Company		2.54		199.76		6,193
							100.00%				$244,145

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Investment Objective

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

Principal Investment Strategy

The trust seeks to achieve its objective by investing in a portfolio of stocks of companies that we* believe can benefit from “building America” through infrastructure projects including civil construction, engineering, and the sale of construction materials. This strategy is based on the belief that America’s infrastructure, bridges, tunnels, roads, airports, and rail networks, are in need of repair and modernization.

The primary focus is to identify publicly traded companies with the capacity, ability, and necessary tools to take on large scale infrastructure projects in America. We identify companies who engage in construction and engineering as well as companies that sell construction materials to public, private, domestic, and international builders. We consider companies with over a billion dollars in annual revenue or market capitalization at the time of selection. Securities were selected for the trust’s portfolio by analyzing factors including expected market position over the next three to five years, relative size within industry sectors based on market capitalization, steadiness of past earnings growth rates and revenue growth, strength of earnings and revenue projects, balance sheet strength, valuation and levels of cash holdings.

Principal Risks

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

•

Security prices will fluctuate. The value of your investment may fall over time. The potential economic impacts of the novel form of coronavirus disease first detected in 2019 (“COVID-19”), which spread rapidly around the globe and led the World Health Organization to declare the COVID-19 outbreak a pandemic in March 2020, are not fully known. The COVID-19 pandemic, or any future public health crisis, is impossible to predict and could result in adverse market conditions which may negatively impact the performance of the securities in the portfolio and the trust.

•

The financial condition of an issuer may worsen or its credit ratings may drop, resulting in a reduction in the value of your units. This may occur at any point in time, including during the initial offering period.

•

An issuer may be unwilling or unable to declare dividends in the future or may reduce the level of dividends declared. This may reduce the level of income the trust receives which would reduce your income and cause the value of your units to fall. The COVID-19 pandemic has resulted in a decline in economic activity and caused many companies to reduce the level of dividends declared and many companies may be unwilling or unable to declare dividends for the foreseeable future. It is also possible that current or future government aid programs could limit companies from paying dividends as a condition to receiving government aid or discourage companies from doing so.

•

The trust is concentrated in securities issued by companies in the industrials sector. Negative developments impacting companies in this sector will affect the value of your investment more than would be the case in a more diversified investment.

 

---

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

---

•

The trust may invest in securities of small and mid-size companies. These securities are often more volatile and have lower trading volumes than securities of larger companies. Small and mid-size companies may have limited products or financial resources, management inexperience and less publicly available information.

•

We do not actively manage the portfolio. Except in limited circumstances, the trust will generally hold, and continue to buy, shares of the same securities even if their market value declines.

---

Who Should Invest

You should consider this investment if you want:

•

to own a defined portfolio of stocks.

•

the potential for capital appreciation.

You should not consider this investment if you:

•

are uncomfortable with the risks of an unmanaged investment in common stocks.

•

seek high current income or capital preservation.

Fees and Expenses

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

The initial sales fee is the difference between the total sales fee (maximum of 2.75% of the unit offering price) and the sum of the remaining deferred sales fee and the total creation and development fee. The deferred sales fee is fixed at $0.225 per unit with the first installment commencing on June 20, 2022, the second installment on July 20, 2022 and the final installment on August 20, 2022. The creation and development fee is fixed at $0.05 per unit and is paid at the end of the initial offering period (anticipated to be approximately six months). When the public offering price per unit is less than or equal to $10, you will not pay an initial sales fee. When the public offering price per unit is greater than $10 per unit, you will pay an initial sales fee.

Example

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

These amounts are the same regardless of whether you sell your investment at the end of a period or continue to hold your investment.

---

Number of Shares		Ticker Symbol			Issuer(1)		Percentage of Aggregate Offering Price		Market Value per Share(1)		Cost of Securities to Trust(2)
Common Stocks — 100.00%
				Industrials — 73.90%
64		ACM			AECOM (3)		2.97%		$72.88		$4,664
84		ACA			Arcosa, Inc.		2.96		55.27		4,643
69		ASTE			Astec Industries, Inc.		3.00		68.14		4,702
139		ROAD			Construction Partners, Inc. (3)		2.98		33.61		4,672
37		EME			EMCOR Group, Inc.		2.99		126.75		4,690
198		FLR			Fluor Corporation (3)		2.99		23.67		4,687
117		GVA			Granite Construction, Inc.		2.98		40.04		4,685
104		HEES			H&E Equipment Services, Inc.		2.97		44.87		4,666
26		HRI			Herc Holdings, Inc.		2.94		177.57		4,617
33		J			Jacobs Engineering Group, Inc.		3.02		143.51		4,736
50		MTZ			MasTec, Inc. (3)		3.05		95.89		4,794
42		MYRG			MYR Group, Inc. (3)		3.01		112.37		4,720
36		NVEE			NV5 Global, Inc. (3)		2.97		129.37		4,657
42		OSK			Oshkosh Corporation		3.04		113.45		4,765
197		PRIM			Primoris Services Corporation		3.00		23.91		4,710
40		PWR			Quanta Services, Inc.		2.98		117.00		4,680
82		STN			Stantec, Inc. (4)		2.99		57.26		4,695
174		STRL			Sterling Construction Company, Inc. (3)		3.00		27.01		4,700
103		TEX			Terex Corporation		3.02		45.94		4,732
25		TTEK			Tetra Tech, Inc.		3.02		189.30		4,732
351		TPC			Tutor Perini Corporation (3)		2.98		13.32		4,675
22		URI			United Rentals, Inc. (3)		5.00		356.75		7,848
18		VMI			Valmont Industries, Inc.		2.96		257.62		4,637
33		WSPOF			WSP Global, Inc. (4)		3.08		146.54		4,836
				Materials — 23.10%
1,029		CX			Cemex SAB de CV (3) (4)		4.02		6.13		6,308
123		CRH			CRH PLC (4)		4.04		51.49		6,333
39		EXP			Eagle Materials, Inc.		4.04		162.44		6,335
15		MLM			Martin Marietta Materials, Inc.		4.04		422.86		6,343
119		SUM			Summit Materials, Inc. (3)		3.01		39.73		4,728
31		VMC			Vulcan Materials Company		3.95		199.76		6,193
				Utilities — 3.00%
164		MDU			MDU Resources Group, Inc.		3.00		28.69		4,705
							100.00%				$156,888

---

Canada	6.07%
Ireland	4.04%
Mexico	4.02%
United States	85.87%

---

Investment Objective

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

Principal Investment Strategy

The trust seeks to achieve its objective by investing in a portfolio of stocks of companies that Pence Capital Management, LLC (the “Portfolio Consultant”) believes can benefit from “building America” through infrastructure projects including civil construction, engineering, and the sale of construction materials. This strategy is based on Portfolio Consultant’s belief that America’s infrastructure, bridges, tunnels, roads, airports, and rail networks, are in need of repair and modernization.

The primary focus is to identify publicly traded companies with the capacity, ability, and necessary tools to take on large scale infrastructure projects in America. Portfolio Consultant identifies companies who engage in construction and engineering as well as companies that sell construction materials to public, private, domestic, and international builders. Portfolio Consultant considers companies with over a billion dollars in annual revenue or market capitalization at the time of selection. Securities were selected for the trust’s portfolio by Portfolio Consultant by analyzing factors including expected market position over the next three to five years, relative size within industry sectors based on market capitalization, steadiness of past earnings growth rates and revenue growth, strength of earnings and revenue projects, balance sheet strength, valuation and levels of cash holdings.

Principal Risks

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

•

Security prices will fluctuate. The value of your investment may fall over time. The potential economic impacts of the novel form of coronavirus disease first detected in 2019 (“COVID-19”), which spread rapidly around the globe and led the World Health Organization to declare the COVID-19 outbreak a pandemic in March 2020, are not fully known. The COVID-19 pandemic, or any future public health crisis, is impossible to predict and could result in adverse market conditions which may negatively impact the performance of the securities in the portfolio and the trust.

•

The financial condition of an issuer may worsen or its credit ratings may drop, resulting in a reduction in the value of your units. This may occur at any point in time, including during the initial offering period.

•

An issuer may be unwilling or unable to declare dividends in the future or may reduce the level of dividends declared. This may reduce the level of income the trust receives which would reduce your income and cause the value of your units to fall. The COVID-19 pandemic has resulted in a decline in economic activity and caused many companies to reduce the level of dividends declared and many companies may be unwilling or unable to declare dividends for the foreseeable future. It is also possible that current or future government aid programs could limit companies from paying dividends as a condition to receiving government aid or discourage companies from doing so.

•

The trust is concentrated in securities issued by companies in the industrials sector. Negative developments in this sector will affect the value of your investment more than would be the case in a more diversified investment.

---

•

The trust may invest in securities of small and mid-size companies. These securities are often more volatile and have lower trading volumes than securities of larger companies. Small and mid-size companies may have limited products or financial resources, management inexperience and less publicly available information.

•

We* do not actively manage the portfolio. Except in limited circumstances, the trust will generally hold, and continue to buy, shares of the same securities even if their market value declines.

Portfolio Consultant

The Portfolio Consultant, Pence Capital Management, LLC, is a registered investment adviser registered with the state of California.

Pence Capital Management, LLC is a registered investment advisory firm based in Newport Beach, California. The firm uses its proprietary research to identify and deliver actionable investment insights. The firm is led by Colonel (ret) E. Dryden Pence III, a Harvard-educated economist with thirty years of experience in the financial industry. His formal training and knowledge in economics combined with his career of more than twenty-two years in Army Intelligence, Special Operations and Psychological Warfare, gives the firm a unique understanding of human behavior and its effects on the economy and the markets. Additionally, the firm’s strategy focuses on investing in companies at the ”choke-point” of the supply chain between consumer demand and its satisfaction. These companies tend to dominate their industry and thus have pricing power, which may translate into greater earnings. The Building America Strategy Portfolio is based on the firm’s expertise in portfolio construction.

The Portfolio Consultant is not an affiliate of the sponsor. The Portfolio Consultant makes no representations that the portfolio will achieve the

investment objectives or will be profitable or suitable for any particular potential investor.

The Portfolio Consultant and/or its affiliates may use the list of securities in its independent capacity as an investment adviser and distribute this information to various individuals and entities. The Portfolio Consultant and/or its affiliates may recommend to other clients or otherwise effect transactions in the securities held by the trust. This may have an adverse effect on the prices of the securities. This also may have an impact on the price the trust pays for the securities and the price received upon unit redemptions or liquidation of the securities. The Portfolio Consultant and/or its affiliates also may issue reports and make recommendations on securities, which may include the securities in the trust.

Neither the Portfolio Consultant nor the sponsor manages the trust. Opinions expressed by the Portfolio Consultant are not necessarily those of the sponsor, and may not actually come to pass. The Portfolio Consultant is being compensated for its portfolio consulting services, including selection of the trust portfolio.

 

---

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

---

Who Should Invest

You should consider this investment if you want:

•

to own a defined portfolio of stocks.

•

the potential for capital appreciation.

You should not consider this investment if you:

•

are uncomfortable with the risks of an unmanaged investment in common stocks.

•

seek high current income or capital preservation.

Fees and Expenses

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

The initial sales fee is the difference between the total sales fee (maximum of 2.75% of the unit offering price) and the sum of the remaining deferred sales fee and the total creation and development fee. The deferred sales fee is fixed at $0.225 per unit with the first installment commencing on June 20, 2022, the second installment on July 20, 2022 and the final installment on August 20, 2022. The creation and development fee is fixed at $0.05 per unit and is paid at the end of the initial offering period (anticipated to be approximately six months). When the public offering price per unit is less than or equal to $10, you will not pay an initial sales fee. When the public offering price per unit is greater than $10 per unit, you will pay an initial sales fee.

Example

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

These amounts are the same regardless of whether you sell your investment at the end of a period or continue to hold your investment.

---

Number of Shares		Ticker Symbol			Issuer(1)		Percentage of Aggregate Offering Price		Market Value per Share(1)		Cost of Securities to Trust(2)
Common Stocks — 100.00%
				Industrials — 73.90%
64		ACM			AECOM (3)		2.97%		$72.88		$4,664
84		ACA			Arcosa, Inc.		2.96		55.27		4,643
69		ASTE			Astec Industries, Inc.		3.00		68.14		4,702
139		ROAD			Construction Partners, Inc. (3)		2.98		33.61		4,672
37		EME			EMCOR Group, Inc.		2.99		126.75		4,690
198		FLR			Fluor Corporation (3)		2.99		23.67		4,687
117		GVA			Granite Construction, Inc.		2.98		40.04		4,685
104		HEES			H&E Equipment Services, Inc.		2.97		44.87		4,666
26		HRI			Herc Holdings, Inc.		2.94		177.57		4,617
33		J			Jacobs Engineering Group, Inc.		3.02		143.51		4,736
50		MTZ			MasTec, Inc. (3)		3.05		95.89		4,794
42		MYRG			MYR Group, Inc. (3)		3.01		112.37		4,720
36		NVEE			NV5 Global, Inc. (3)		2.97		129.37		4,657
42		OSK			Oshkosh Corporation		3.04		113.45		4,765
197		PRIM			Primoris Services Corporation		3.00		23.91		4,710
40		PWR			Quanta Services, Inc.		2.98		117.00		4,680
82		STN			Stantec, Inc. (4)		2.99		57.26		4,695
174		STRL			Sterling Construction Company, Inc. (3)		3.00		27.01		4,700
103		TEX			Terex Corporation		3.02		45.94		4,732
25		TTEK			Tetra Tech, Inc.		3.02		189.30		4,732
351		TPC			Tutor Perini Corporation (3)		2.98		13.32		4,675
22		URI			United Rentals, Inc. (3)		5.00		356.75		7,848
18		VMI			Valmont Industries, Inc.		2.96		257.62		4,637
33		WSPOF			WSP Global, Inc. (4)		3.08		146.54		4,836
				Materials — 23.10%
1,029		CX			Cemex SAB de CV (3) (4)		4.02		6.13		6,308
123		CRH			CRH PLC (4)		4.04		51.49		6,333
39		EXP			Eagle Materials, Inc.		4.04		162.44		6,335
15		MLM			Martin Marietta Materials, Inc.		4.04		422.86		6,343
119		SUM			Summit Materials, Inc. (3)		3.01		39.73		4,728
31		VMC			Vulcan Materials Company		3.95		199.76		6,193
				Utilities — 3.00%
164		MDU			MDU Resources Group, Inc.		3.00		28.69		4,705
							100.00%				$156,888

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Canada	6.07%
Ireland	4.04%
Mexico	4.02%
United States	85.87%

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Investment Objective

The trust seeks to provide high current income with capital appreciation as a secondary objective. There is no assurance the trust will achieve its objective.

Principal Investment Strategy

The trust seeks to provide high current income with capital appreciation potential by investing in a portfolio primarily consisting of common stock of closed-end investment companies (known as “closed-end funds” and referred to herein as the “funds”) that have elected to be treated as business development companies under the Investment Company Act of 1940 (referred to herein as the “BDCs”). The trust may invest in certain closed-end funds that have not elected to be treated as BDCs. The election to be treated as a BDC provides an exemption from certain provisions of the Investment Company Act of 1940 and creates the flexibility in debt and capital structure for BDCs to make certain investments in small businesses that would be impossible or impractical for other investment companies registered under the Investment Company Act of 1940. BDCs typically invest primarily in “middle-market” companies (companies with annual revenues between $50 million and $1 billion) through a combination of debt and equity investments. We* consider only publicly traded BDCs for inclusion in the portfolio. We select the portfolio after an analysis of each fund’s market capitalization, liquidity, book value, earnings trends, current dividend level, historic dividend level, dividend coverage, management performance and experience as well as each fund’s historic total returns. We also review each fund’s portfolio including investment type

(debt or equity), credit quality, industry, geographic location and age of the fund seeking portfolio diversification across these factors.

Approximately 100.00% of the portfolio consists of funds classified as “non-diversified” under the Investment Company Act of 1940. These funds have the ability to invest more than 5% of their assets in securities of a single issuer which could reduce diversification. Under normal circumstances, the trust will invest at least 80% of its assets in BDCs.

Principal Risks

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

•

Security prices will fluctuate. The value of your investment may fall over time. The potential economic impacts of the novel form of coronavirus disease first detected in 2019 (“COVID-19”), which spread rapidly around the globe and led the World Health Organization to declare the COVID-19 outbreak a pandemic in March 2020, are not fully known. The COVID-19 pandemic, or any future public health crisis, is impossible to predict and could result in adverse market conditions which may negatively impact the performance of the securities in the portfolio and the trust.

•

An issuer may be unwilling or unable to declare dividends in the future or may reduce the level of dividends declared. This may reduce the level of income the trust receives which would reduce your income and cause the value of your units to fall. The COVID-19 pandemic has resulted in a decline in economic activity and caused many companies to reduce the level of dividends declared and many companies may be unwilling or unable to declare dividends for the foreseeable future. It is also possible that current or future government aid programs could limit companies

 

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

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from paying dividends as a condition to receiving government aid or discourage companies from doing so.

•

An issuer may be unable to make interest and/or principal payments in the future. This may reduce the level of income the trust receives which would reduce your income and cause the value of your units to fall. The COVID-19 pandemic has resulted in a decline in economic activity which could negatively impact the ability of borrowers to make principal or interest payment on securities, when due.

•

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

•

The trust invests in shares of BDCs. In particular, BDCs are generally leveraged which may magnify the potential for gains and losses on amounts invested which increases the risks associated with those securities. BDCs generally depend on the ability to access capital markets, raise cash, acquire suitable investments and monitor and administer those investments in order to maintain their status as BDCs and achieve their investment objectives. A failure to do so may adversely affect the value of the BDC shares and the value of your units. BDCs often invest in securities that are not publicly traded which adversely impacts their ability to value those assets and reduces the investments’ liquidity.

•

Closed-end funds tend to trade at a discount from their net asset value and are subject to risks related to factors such as the manager’s ability to achieve a fund’s objective, market conditions affecting a fund’s investments and use of leverage. The trust and the underlying funds have management and operating expenses. You will bear not only your share of the trust’s expenses, but also the expenses of the underlying funds. By investing in funds, the trust incurs greater expenses than you would incur if you invested directly in the funds.

•

The funds held by the trust may invest in securities of small and mid-size companies. These securities are often more volatile and have lower trading volumes than securities of larger companies. Small and mid-size companies may have limited products or financial resources, management inexperience and less publicly available information.

•

The funds held by the trust may invest in unrated securities or securities rated below investment grade and are considered to be “junk” securities. These securities are considered to be speculative and are subject to greater market and credit risks. Accordingly, the risk of default is higher than investment grade securities. In addition, these securities may be more sensitive to interest rate changes and may be more likely to make early returns of principal.

•

Securities of foreign issuers held by the underlying funds in the trust present risks beyond those of U.S. issuers. These risks may include market and political factors related to the issuer’s foreign market, international trade conditions, the global and country-specific political environment, less regulation, smaller or less liquid markets, increased volatility, differing accounting practices and changes in the value of foreign currencies.

•

We do not actively manage the portfolio. Except in limited circumstances, the trust will hold, and continue to buy, shares of the same funds even if their market value declines.

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Who Should Invest

You should consider this investment if you want:

•

to own securities primarily representing interests in BDCs.

•

the potential to receive monthly distributions of income.

You should not consider this investment if you:

•

are uncomfortable with the risks of an unmanaged investment in BDCs.

•

seek capital preservation as a primary objective.

Fees and Expenses

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

The initial sales fee is the difference between the total sales fee (maximum of 2.75% of the unit offering price) and the sum of the remaining deferred sales fee and the total creation and development fee. The deferred sales fee is fixed at $0.225 per unit and is paid in three monthly installments beginning June 20, 2022. The creation and development fee is fixed at $0.05 per unit and is paid at the end of the initial offering period (anticipated to be approximately six months). When the public offering price per unit is less than or equal to $10, you will not pay an initial sales fee. When the public offering price per unit is greater than $10 per unit, you will pay an initial sales fee. The trust will indirectly bear the management and operating expenses of the underlying funds. While the trust will not pay these expenses directly out of its assets, these expenses are shown in the trust’s annual operating expenses above to illustrate the impact of these expenses.

Example

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

These amounts are the same regardless of whether you sell your investment at the end of a period or continue to hold your investment.

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Number of Shares		Ticker Symbol			Issuer(1)		Percentage of Aggregate Offering Price		Market Value per Share(1)		Cost of Securities to Trust(2)
Business Development Companies(3) — 100.00%
358		ARCC			Ares Capital Corporation		5.00%		$20.70		$7,411
537		BBDC			Barings BDC, Inc.		3.99		11.00		5,907
426		TCPC			BlackRock TCP Capital Corporation		3.99		13.89		5,917
273		CSWC			Capital Southwest Corporation		4.98		27.04		7,382
341		FDUS			Fidus Investment Corporation		4.00		17.39		5,930
386		GLAD			Gladstone Capital Corporation		2.99		11.49		4,435
356		GAIN			Gladstone Investment Corporation		4.01		16.69		5,942
445		HTGC			Hercules Capital, Inc.		5.01		16.67		7,418
358		HRZN			Horizon Technology Finance Corporation		4.00		16.54		5,921
134		MAIN			Main Street Capital Corporation		4.00		44.22		5,925
396		MRCC			Monroe Capital Corporation		3.02		11.30		4,475
432		NMFC			New Mountain Finance Corporation		4.01		13.74		5,936
196		NEWT			Newtek Business Services Corporation		4.01		30.29		5,937
997		OCSL			Oaktree Specialty Lending Corporation		5.00		7.43		7,408
401		OFS			OFS Capital Corporation		3.00		11.07		4,439
311		ORCC			Owl Rock Capital Corporation		3.01		14.32		4,454
453		PFLT			PennantPark Floating Rate Capital Limited		4.00		13.09		5,930
634		PNNT			PennantPark Investment Corporation		2.98		6.97		4,419
182		PTMN			Portman Ridge Finance Corporation		3.01		24.48		4,455
875		PSEC			Prospect Capital Corporation		5.02		8.50		7,437
205		SAR			Saratoga Investment Corporation		4.02		29.03		5,951
318		TSLX			Sixth Street Specialty Lending, Inc.		5.00		23.29		7,406
368		SSSS			SuRo Capital Corporation		2.99		12.05		4,434
424		TPVG			TriplePoint Venture Growth BDC Corporation		4.98		17.40		7,378
385		WHF			WhiteHorse Finance, Inc.		3.98		15.33		5,902
							100.00%				$148,149

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Investment Objective

The trust seeks to provide interest income exempt from federal and California income taxes for California residents with capital appreciation as a secondary objective. There is no assurance the trust will achieve its objective.

Principal Investment Strategy

The trust seeks to provide income exempt from federal and California income taxes with capital appreciation potential by investing in a portfolio primarily consisting of common stock of closed-end investment companies (known as “closed-end funds” and referred to herein as “funds”) that invest primarily in municipal bonds issued primarily by California issuers.

In selecting these closed-end funds, Cohen & Steers Capital Management, Inc. (the “Portfolio Consultant”) considered factors such as historical returns, income potential, potential future growth, portfolio diversification and advisor experience. The Portfolio Consultant uses a disciplined investment methodology to select the funds for inclusion in the trust. The Portfolio Consultant begins by constructing a universe of funds that have a stated investment objective in line with the trust’s investment objective and that the fund advisor appears to be adhering to. From this universe the Portfolio Consultant selects the final securities by utilizing a multi-factor approach based on the following factors:

•

Premium/Discount—It favors funds that are trading at a valuation discount to either their peers, sector or historic average.

•

Dividend—It favors funds that have a history of consistent and/or competitive relative dividends and that appear to possess the ability to keep the current dividend level intact.

•

Performance—It favors funds that have a history of performance on either market price or net

asset value that make them relatively attractive when compared to their peers or relevant benchmark.

Approximately 20.03% of the portfolio consists of funds classified as “non-diversified” under the Investment Company Act of 1940. These funds have the ability to invest more than 5% of their assets in securities of a single issuer which could reduce diversification. Under normal circumstances, the trust will invest at least 80% of its assets in closed-end investment companies having policies to invest at least 80% of their assets in California municipal bonds. The closed-end funds invest primarily in municipal bonds that pay interest that is exempt from regular federal and California income tax, however, income from these bonds may be subject to the alternative minimum tax and a portion of the income could be derived from non-California bonds and be taxable to California residents.

Units are available for sale only in California.

Principal Risks

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

•

Security prices will fluctuate. The value of your investment may fall over time. The potential economic impacts of the novel form of coronavirus disease first detected in 2019 (“COVID-19”), which spread rapidly around the globe and led the World Health Organization to declare the COVID-19 outbreak a pandemic in March 2020, are not fully known. The COVID-19 pandemic, or any future public health crisis, is impossible to predict and could result in adverse market conditions which may negatively impact the performance of the securities in the portfolio and the trust.

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•

The value of the securities in the closed-end funds will generally fall if interest rates, in general, rise. No one can predict whether interest rates will rise or fall in the future.

•

An issuer may be unable to make interest and/or principal payments in the future. This may reduce the level of income the trust receives which would reduce your income and cause the value of your units to fall. The COVID-19 pandemic has resulted in a decline in economic activity which could negatively impact the ability of borrowers to make principal or interest payment on securities, when due.

•

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

•

The trust invests in shares of closed-end funds. You should understand the section titled “Closed-End Funds” before you invest. In particular, shares of these funds tend to trade at a discount from their net asset value and are subject to risks related to factors such as the manager’s ability to achieve a fund’s objective, market conditions affecting a fund’s investments and use of leverage. The trust and the underlying funds have management and operating expenses. You will bear not only your share of the trust’s expenses, but also the expenses of the underlying funds. By investing in other funds, the trust incurs greater expenses than you would incur if you invested directly in the funds.

•

The closed-end funds held by the trust invest in California municipal bonds. Municipal bonds are debt obligations issued by state and local governments or by their political subdivisions or authorities. States, local governments and municipalities issue municipal bonds to raise money for various public purposes such as building public facilities, refinancing outstanding obligations and financing general operating expenses. These bonds include general obligation bonds, which are backed by the full faith and credit of the issuer and may be

repaid from any revenue source, and revenue bonds, which may be repaid only from the revenue of a specific facility or source. Because the funds held in the trust are concentrated in bonds of issuers located in California, there may be more risk than if the bonds were issued by issuers located in several states. The full impact of the COVID-19 pandemic on state and political subdivisions’ ability to make payments on debt obligations is impossible to predict, but could negatively impact the value of bonds, the ability of state and political subdivisions to make payments when due and the performance of the trust.

•

A portion of distributions from the trust may be subject to the alternative minimum tax. While distributions from the trust are generally exempt from federal and California income taxes, a portion of such distributions may be taken into account in computing the alternative minimum tax.

•

We* do not actively manage the portfolio. While the closed-end funds have managed portfolios, except in limited circumstances, the trust will hold, and continue to buy, shares of the same funds even if their market value declines.

Portfolio Consultant

The Portfolio Consultant, Cohen & Steers Capital Management, Inc., is a registered investment adviser. Founded in 1986, the Portfolio Consultant is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. As of October 31, 2021, the Portfolio Consultant had $101.6 billion in assets under management. The Portfolio Consultant manages separate account portfolios for institutional investors, including some of the world’s largest pension funds and endowments.

 

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

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In addition, the Portfolio Consultant manages open- and closed-end funds for both retail and institutional investors. The Portfolio Consultant is among the largest real estate investment trust (“REIT”) managers in the U.S. and employs a significant research and trading staff. Many investors have come to view the Portfolio Consultant as an important source for income-oriented investment products.

The Portfolio Consultant is not an affiliate of the sponsor. The Portfolio Consultant makes no representations that the portfolio will achieve the investment objectives or will be profitable or suitable for any particular potential investor. The sponsor did not select the securities for the trust.

The Portfolio Consultant may use the list of securities in its independent capacity as an investment adviser and distribute this information to various individuals and entities. The Portfolio Consultant may recommend to other clients or otherwise effect transactions in the securities held by the trust. This may have an adverse effect on the prices of the securities. This also may have an impact on the price the trust pays for the securities and the price received upon unit redemptions or liquidation of the securities. The Portfolio Consultant also may issue reports and make recommendations on securities, which may include the securities in the trust.

Neither the Portfolio Consultant nor the sponsor manages the trust. Opinions expressed by the Portfolio Consultant are not necessarily those of the sponsor, and may not actually come to pass. The trust will pay the Portfolio Consultant a fee for selecting the trust’s portfolio. The trust will also pay a license fee for the use of certain service marks, trademarks, trade names and/or other property of the Portfolio Consultant.

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Who Should Invest

You should consider this investment if you want:

•

to own securities representing interests in managed funds that invest primarily in California municipal bonds.

•

the potential to receive monthly distributions of federal and California tax-exempt income.

You should not consider this investment if you:

•

are uncomfortable with the risks of an unmanaged investment in closed-end funds that invest primarily in California municipal bonds.

•

seek capital appreciation as a primary objective.

Fees And Expenses

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

The initial sales fee is the difference between the total sales fee (maximum of 2.75% of the unit offering price) and the sum of the remaining deferred sales fee and the total creation and development fee. The deferred sales fee is fixed at $0.225 per unit and is paid in three installments with the first installment commencing on June 20, 2022, the second installment on July 20, 2022 and the final installment on August 20, 2022. The creation and development fee is fixed at $0.05 per unit and is paid at the end of the initial offering period (anticipated to be approximately six months). When the public offering price per unit is less than or equal to $10, you will not pay an initial sales fee. When the public offering price per unit is greater than $10 per unit, you will pay an initial sales fee. The trust will indirectly bear the management and operating expenses of the underlying closed-end funds. While the trust will not pay these expenses directly out of its assets, these expenses are shown in the trust’s annual operating expenses above to illustrate the impact of these expenses.

Example

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

These amounts are the same regardless of whether you sell your investment at the end of a period or continue to hold your investment.

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Number of Shares		Ticker Symbol			Issuer(1)		Percentage of Aggregate Offering Price		Market Value per Share(1)		Cost of Securities to Trust(2)
Closed-End Funds — 100.00%
1,009		BFZ			BlackRock California Municipal Income Trust		9.94%		$14.63		$14,762
938		MUC			BlackRock MuniHoldings California Quality Fund, Inc.		10.01		15.84		14,858
1,276		EVM			Eaton Vance California Municipal Bond Fund		10.05		11.69		14,916
1,077		CEV			Eaton Vance California Municipal Income Trust		9.98		13.76		14,819
914		NKX			Nuveen California AMT-Free Quality Municipal Income Fund		10.03		16.29		14,889
1,470		NCA			Nuveen California Municipal Value Fund		9.98		10.08		14,818
970		NAC			Nuveen California Quality Municipal Income Fund		10.01		15.32		14,860
978		NXC			Nuveen California Select Tax-Free Income Portfolio		9.99		15.17		14,836
1,553		PCK			PIMCO California Municipal Income Fund II		10.00		9.56		14,847
1,364		PZC			PIMCO California Municipal Income Fund III		10.01		10.90		14,868
							100.00%				$148,473

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Investment Objective

The trust seeks to provide high current interest income with capital appreciation as a secondary objective. There is no assurance the trust will achieve its objective.

Principal Investment Strategy

The trust seeks to provide high current income with capital appreciation potential by investing in a portfolio primarily consisting of common stock of closed-end investment companies (known as “closed-end funds”) that invest in convertible securities and other income-producing securities.

In selecting these closed-end funds, Cohen & Steers Capital Management, Inc. (the “Portfolio Consultant”) considered factors such as historical returns, income potential, potential future growth, portfolio diversification and advisor experience. The Portfolio Consultant uses a disciplined investment methodology to select the funds for inclusion in the trust. The Portfolio Consultant begins by constructing a universe of funds that have a stated investment objective in line with the trust’s investment objective and that the fund advisor appears to be adhering to. From this universe the Portfolio Consultant selects the final securities by utilizing a multi-factor approach based on the following factors:

•

Premium/Discount—It favors funds that are trading at a discount relative to their peers and relative to their historic average.

•

Dividend—It favors funds that have a history of a consistent and competitive dividend and that appear to possess the ability to keep the dividend level intact.