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A portfolio primarily
seeking above average return
primarily through high income
Prospectus
• Security prices will fluctuate. The value of your • The trust invests in shares of REITs. A REIT is a
investment may fall over time. company dedicated to owning and, in some cases,
operating income-producing real estate. Some
• An issuer may be unable to make income and/or REITs engage in financing real estate. Negative
principal payments, or declare dividends, in the developments in the real estate industry will affect
future. This may reduce the level of income the the value of your investment greater than in a
trust receives which would reduce your income more diversified investment.
and cause the value of your units to fall.
2 Investment Summary
• The trust and certain funds held by the trust
invest in MLPs. MLPs are limited partnerships or
limited liability companies that are generally taxed
as partnerships with interests traded on securities
exchanges. Most MLPs generally operate in the
energy natural resources or real estate sector and
are subject to the risks generally applicable to
companies in those sectors. MLPs are also subject
to the risk that authorities could challenge the tax
treatment of MLPs for federal income tax purpos-
es which could have a negative impact on the
after-tax income available for distribution by the
MLPs and/or the value of the trust’s investments.
Investment Summary 3
WHO SHOULD INVEST FEES AND EXPENSES
You should consider this investment if you want: The amounts below are estimates of the direct and
• to own a defined portfolio of securities seeking indirect expenses that you may incur based on a $10 unit
above average return primarily through high price. Actual expenses may vary.
income with capital appreciation as a secondary As a % Amount
objective. of $1,000 per 100
Sales Fee Invested Units
• to diversify your overall portfolio with invest-
ments in various types of securities. Initial sales fee 1.00% $10.00
Deferred sales fee 2.35 23.50
• the potential to receive income and capital appre- Creation & development fee 0.60 6.00
ciation. Maximum sales fee 3.95% $39.50
You should not consider this investment if you: Organization Costs 0.50% $5.00
• are uncomfortable with the risks of an unman-
As a % Amount
aged investment in the securities held by the trust. Annual of Net per 100
operating expenses Assets Units
• are uncomfortable with the trust’s investment
strategy. Trustee fee & expenses _.__% $____
Supervisory, evaluation
• seek aggressive growth without current income. and administration fees _.__ ____
Closed-end fund expenses _.__ ____
• seek capital preservation or capital appreciation as Total _.__% $____
a primary objective.
The initial sales fee is the difference between the
ESSENTIAL INFORMATION total sales fee (maximum of 3.95% of the unit offering
price) and the sum of the remaining deferred sales fee and
Unit price at inception $10.0000 the total creation and development fee. The deferred
sales fee is fixed at $0.235 per unit and is paid in three
Inception date January __, 2011 monthly installments beginning __________ 20, 2011.
Termination date __________, 2013 The creation and development fee is fixed at $0.06 per
unit and is paid at the end of the initial offering period
Estimated net annual distributions (anticipated to be six months). The trust will indirectly
First year* $______ per unit bear the management and operating expenses of the
Second year* $______ per unit underlying closed-end funds. While the trust will not pay
these expenses directly out of its assets, these expenses are
Distribution dates 25th day of each month shown in the trust’s annual operating expenses above to
Record dates 10th day of each month illustrate the impact of these expenses.
(continued)
Investment Summary 5
Inflation Income Strategy Portfolio, Series 2011-1
(Advisors Disciplined Trust 662)
Portfolio (Continued)
As of the trust inception date, January __, 2011
Percentage of
Aggregate Market Cost of
Number Ticker Offering Value per Securities
of Shares Symbol Issuer(1) Price Share(1) to Trust(2)
(continued)
6 Investment Summary
Inflation Income Strategy Portfolio, Series 2011-1
(Advisors Disciplined Trust 662)
Portfolio (Continued)
As of the trust inception date, January __, 2011
Percentage of
Aggregate Market Cost of
Number Ticker Offering Value per Securities
of Shares Symbol Issuer(1) Price Share(1) to Trust(2)
100.00% $_______
Notes to Portfolio
(1) Securities are represented by contracts to purchase such securities. The value of each security is based on the most recent clos-
ing sale price of each security as of the close of regular trading on the New York Stock Exchange on the business day prior to the
trust’s inception date. In accordance with Accounting Standards Codification 820, “Fair Value Measurements”, the trust’s invest-
ments are classified as Level 1, which refers to security prices determined using quoted prices in active markets for identical secu-
rities.
(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securi-
ties to the sponsor and the cost of the securities to the trust) are $__________ and $__________, respectively.
(3) These are securities of closed-end funds that have elected to be treated as business development companies under the Investment
Company Act of 1940.
Investment Summary 7
UNDERSTANDING YOUR INVESTMENT ner. Certain broker-dealers may charge a transac-
tion or other fee for processing unit purchase
HOW TO BUY UNITS orders.
You can buy units of the trust on any busi- Value of the Securities. We determine the
ness day the New York Stock Exchange is open by value of the securities as of the close of regular
contacting your financial professional. Unit trading on the New York Stock Exchange on each
prices are available daily on the Internet at day that exchange is open. We generally deter-
www.AAMportfolios.com. The public offering mine the value of securities using the last sale
price of units includes: price for securities traded on a national securities
exchange. For this purpose, the trustee provides
• the net asset value per unit plus us closing prices from a reporting service
approved by us. In some cases we will price a
• organization costs plus
security based on its fair value after considering
• the sales fee. appropriate factors relevant to the value of the
security. We will only do this if a security is not
The “net asset value per unit” is the value of principally traded on a national securities
the securities, cash and other assets in the trust exchange or if the market quotes are unavailable
reduced by the liabilities of the trust divided by or inappropriate.
the total units outstanding. We often refer to the
public offering price of units as the “offer price” We determined the initial prices of the securi-
or “purchase price.” The offer price will be effec- ties shown under “Portfolio” in this prospectus as
tive for all orders received prior to the close of described above at the close of regular trading on
regular trading on the New York Stock Exchange the New York Stock Exchange on the business
(normally 4:00 p.m. Eastern time). If we receive day before the date of this prospectus. On the
your order prior to the close of regular trading on first day we sell units we will compute the unit
the New York Stock Exchange or authorized price as of the close of regular trading on the New
financial professionals receive your order prior to York Stock Exchange or the time the registration
that time and properly transmit the order to us by statement filed with the Securities and Exchange
the time that we designate, then you will receive Commission becomes effective, if later.
the price computed on the date of receipt. If we
receive your order after the close of regular trad- Organization Costs. During the initial offering
ing on the New York Stock Exchange, if author- period, part of the value of the units represents an
ized financial professionals receive your order after amount that will pay the costs of creating your
that time or if orders are received by such persons trust. These costs include the costs of preparing
and are not transmitted to us by the time that we the registration statement and legal documents,
designate, then you will receive the price comput- federal and state registration fees, the initial fees
ed on the date of the next determined offer price and expenses of the trustee and the initial audit.
provided that your order is received in a timely Your trust will sell securities to reimburse us for
manner on that date. It is the responsibility of these costs at the end of the initial offering period
the authorized financial professional to transmit or after six months, if earlier. The value of your
the orders that they receive to us in a timely man- units will decline when the trust pays these costs.
All investments involve risk. This section Interest rate risk is the risk that the value of
describes the main risks that can impact the value bonds held by a closed-end fund will fall if inter-
of the securities in your portfolio. You should est rates increase. The securities held by the
understand these risks before you invest. If the closed-end funds typically fall in value when
value of the securities falls, the value of your units interest rates rise and rise in value when interest
will also fall. We cannot guarantee that your trust rates fall. The securities held by the closed-end
will achieve its objective or that your investment funds with longer periods before maturity are
return will be positive over any period. often more sensitive to interest rate changes.
Market risk is the risk that the value of the Closed-end Funds. All of the BDCs are
securities in your trust will fluctuate. This could closed-end funds. Closed-end funds are a type of
cause the value of your units to fall below your investment company that holds an actively man-
original purchase price. Market value fluctuates aged portfolio of securities. Closed-end funds
in response to various factors. These can include issue shares in “closed-end” offerings which gener-
changes in interest rates, inflation, the financial ally trade on a stock exchange (although some
condition of a security’s issuer, perceptions of the closed-end fund shares are not listed on a securi-
issuer, or ratings on a security. Even though we ties exchange). In addition, closed-end funds
supervise your portfolio, you should remember don’t have to manage fund liquidity to meet
that we do not manage your portfolio. Your trust potentially large redemptions.
will not sell a security solely because the market
value falls as is possible in a managed fund. Closed-end funds are subject to various risks,
including management’s ability to meet the
Credit risk is the risk that a borrower is closed-end fund’s investment objective, and to
unable to meet its obligation to pay principal or manage the closed-end fund portfolio when the
interest on a security held by a closed-end fund. underlying securities are redeemed or sold, during
BDCs may enter into hedging transaction BDCs frequently have high expenses which
and utilize derivative instruments such as forward may include, but are not limited to, the payment
contracts, options and swaps. Unanticipated of management fees, administration expenses,
movements and improper correlation of hedging taxes, interest payable on debt, governmental
instruments may prevent a BDC from hedging charges, independent director fees and expenses,
against exposure to risk of loss. valuation expenses, and fees payable to third par-
ties relating to or associated with making invest-
If a BDC fails to maintain its status as a BDC • faulty construction and the ongoing need
it may be regulated as a closed-end fund which for capital improvements,
would subject such BDC to additional regulatory • regulatory and judicial requirements,
restrictions and significantly decrease its operating including relating to liability for environ-
flexibility. In addition, such failure could trigger mental hazards,
an event of default under certain outstanding
indebtedness which could have a material adverse • changes in neighborhood values and
impact on its business. buyer demand, and
• the unavailability of construction financ-
Real Estate Investment Trusts. The trust
ing or mortgage loans at rates acceptable
invests exclusively in REITs. Many factors can to developers.
have an adverse impact on the performance of a
particular REIT, including its cash available for Variations in rental income and space avail-
distribution, the credit quality of a particular ability and vacancy rates in terms of supply and
REIT or the real estate industry generally. The demand are additional factors affecting real estate
success of REITs depends on various factors, generally and REITs in particular. Properties
including the occupancy and rent levels, apprecia- owned by a REIT may not be adequately insured
tion of the underlying property and the ability to against certain losses and may be subject to signif-
raise rents on those properties. Economic reces- icant environmental liabilities, including remedia-
sion, overbuilding, tax law changes, higher inter- tion costs.
est rates or excessive speculation can all negatively
impact REITs, their future earnings and share The value of real estate investments may also
prices. be affected by the downturn in the subprime
mortgage lending market in the United States.
Risks associated with the direct ownership of Subprime loans have higher defaults and losses
real estate include, among other factors, than prime loans. Subprime loans also have high-
• general U.S. and global as well as local er serious delinquency rates than prime loans.
economic conditions, The downturn in the subprime mortgage lending
market may have far-reaching consequences into
• decline in real estate values, many aspects and geographic regions of the real
• the financial health of tenants, estate business, and consequently, the value of the
portfolio may decline in response to such devel-
• overbuilding and increased competition opments.
for tenants,
High Yield Security Risk. The closed-end Legislation/Litigation. From time to time,
funds held by your trust may invest in high yield various legislative initiatives are proposed in the
securities or unrated securities. High yield, high United States and abroad which may have a nega-
risk securities are subject to greater market fluctu- tive impact on certain of the companies represent-
ations and risk of loss than securities with higher ed in the trust. In addition, litigation regarding
investment ratings. The value of these securities any of the issuers of the securities or of the indus-
will decline significantly with increases in interest tries represented by these issuers may negatively
rates, not only because increases in rates generally impact the share prices of these securities. No
decrease values, but also because increased rates one can predict what impact any pending or
may indicate an economic slowdown. An eco- threatened litigation will have on the share prices
nomic slowdown, or a reduction in an issuer’s of the securities.
creditworthiness, may result in the issuer being
unable to maintain earnings at a level sufficient to Liquidity risk is the risk that the value of a
maintain interest and principal payments. security will fall if trading in the security is limit-
ed or absent. No one can guarantee that a liquid
High-yield or “junk” securities, the generic trading market will exist for any security.
names for securities rated below “BBB” by
Standard & Poor’s or “Baa” by Moody’s, are fre- No FDIC Guarantee. An investment in the
quently issued by corporations in the growth stage trust is not a deposit of any bank and is not
of their development or by established companies insured or guaranteed by the Federal Deposit
who are highly leveraged or whose operations or Insurance Corporation or any other government
industries are depressed. Securities rated below agency.
BBB or Baa are considered speculative as these
ratings indicate a quality of less than investment HOW THE TRUST WORKS
grade. Because high-yield securities are generally
subordinated obligations and are perceived by Your Trust. Your trust is a unit investment
investors to be riskier than higher rated securities, trust registered under the Investment Company
their prices tend to fluctuate more than higher Act of 1940. We created the trust under a trust
rated securities and are affected by short-term agreement between Advisors Asset Management,
credit developments to a greater degree. Inc. (as depositor/sponsor, evaluator and supervi-
sor) and The Bank of New York Mellon (as
EXPERTS
ADDITIONAL INFORMATION
We conducted our audit in accordance with auditing standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of financial condition is free
of material misstatement. The trust is not required to have, nor were we engaged to perform an audit of its internal control over financial report-
ing. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropri-
ate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the trust’s internal control over financial report-
ing. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclo-
sures in the statement of financial condition, assessing the accounting principles used and significant estimates made by the sponsor, as well as
evaluating the overall statement of financial condition presentation. Our procedures included confirmation with The Bank of New York
Mellon, trustee, of cash or an irrevocable letter of credit deposited for the purchase of securities as shown in the statement of financial condi-
tion as of January __, 2011. We believe that our audit of the statement of financial condition provides a reasonable basis for our opinion.
In our opinion, the statement of financial condition referred to above presents fairly, in all material respects, the financial position of Advisors
Disciplined Trust 662 as of January __, 2011, in conformity with accounting principles generally accepted in the United States of America.
Interest of investors:
Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: deferred sales fee, creation and development fee and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . .
Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
(1) Aggregate cost of the securities is based on the closing sale price evaluations as determined by the evaluator.
(2) Cash or an irrevocable letter of credit has been deposited with the trustee covering the funds (aggregating $200,000) necessary for the purchase of
securities in the trust represented by purchase contracts.
(3) A portion of the public offering price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing and offering
the trust. These costs have been estimated at $0.05 per unit for the trust. A distribution will be made as of the earlier of the close of the initial
offering period or six months following the trust’s inception date to an account maintained by the trustee from which this obligation of the
investors will be satisfied. To the extent the actual organization costs are greater than the estimated amount, only the estimated organization costs
added to the public offering price will be reimbursed to the sponsor and deducted from the assets of the trust.
(4) The total sales fee consists of an initial sales fee, a deferred sales fee and a creation & development fee. The initial sales fee is equal to the differ-
ence between the maximum sales fee and the sum of the remaining deferred sales fee and the total creation & development fee. On the inception
date, the total sales fee is 3.95% of the public offering price per unit. The deferred sales fee is equal to $0.235 per unit and the creation & devel-
opment fee is equal to $0.06 per unit.
(5) The aggregate cost to investors includes the applicable sales fee assuming no reduction of sales fees.
Understanding Your Investment 31
Contents
Investment Summary INFLATION INCOME
A concise description
of essential information
2
2
Investment Objective
Principal Investment Strategy STRATEGY PORTFOLIO,
SERIES 2011-1
about the portfolio 2 Principal Risks
4 Who Should Invest
4 Essential Information
4 Fees and Expenses
5 Portfolio
Additional Information
This prospectus does not contain all information filed with the
Securities and Exchange Commission. To obtain or copy this infor-
mation including the Information Supplement (a duplication fee may
be required):
E-mail: publicinfo@sec.gov
Write: Public Reference Section
Washington, D.C. 20549
Visit: http://www.sec.gov
(EDGAR Database)
Call: 1-202-551-8090
(only for information on the operation of the
Public Reference Section)
Refer to:
Advisors Disciplined Trust 662
Securities Act file number: 333-__________
Investment Company Act file number: 811-21056