Advisors Core Equity Strategy Portfolio, Series 2016-3Q ... · 18 SLB Schlumberger Limited (3) 1.00 82.04 1,477 41 SE Spectra Energy Corporation 1.00 36.07 1,479 ... 17 MDT Medtronic

Prospectus

August 16, 2016

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

Advisors Core Equity Strategy Portfolio, Series 2016-3Q

Bahl & Gaynor Income Growth Portfolio, Series 2016-3Q

Dividend Advantage Portfolio, Series 2016-3Q

European Select Portfolio,Series 2016-3Q—A Cyrus J. Lawrence LLC (“CJL”) Portfolio

Minimum Volatility Equity Income Portfolio,Series 2016-3Q—A Hartford InvestmentManagement Company (“HIMCO”) Portfolio

(Advisors Disciplined Trust 1703)

IINNVVEESSTTMMEENNTT OOBBJJEECCTTIIVVEE

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

PPRRIINNCCIIPPAALL IINNVVEESSTTMMEENNTT SSTTRRAATTEEGGYY

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

PPRRIINNCCIIPPAALL RRIISSKKSS

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

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

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

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

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

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

2 Investment Summary

ADVISORS CORE EQUITY STRATEGY PORTFOLIO

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

WWHHOO SSHHOOUULLDD IINNVVEESSTT

You should consider this investment if you want:

• to own a defined portfolio of stocks.

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

• the potential for capital appreciation.

You should not consider this investment if you:

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

• are uncomfortable with the trust’s strategy.

• seek current income or capital preservation.

FFEEEESS AANNDD EEXXPPEENNSSEESS

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

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

SSaalleess FFeeee IInnvveesstteedd UUnniittss

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

OOrrggaanniizzaattiioonn CCoossttss 0.49% $4.90

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

Trustee fee & expenses 0.22% $2.17Supervisory, evaluation

and administration fees 0.10 1.00Total 0.32% $3.17

The initial sales fee is the difference between thetotal sales fee (maximum of 2.95% of the unit offeringprice) and the sum of the remaining deferred sales fee andthe total creation and development fee. The deferredsales fee is fixed at $0.145 per unit and is paid in threemonthly installments beginning on December 20, 2016.The creation and development fee is fixed at $0.05 perunit and is paid at the end of the initial offering period(anticipated to be approximately three months).

EEXXAAMMPPLLEE

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

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

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

ESSENTIAL INFORMATION

Unit price at inception $10.0000

Inception date August 16, 2016Termination date November 20, 2017

Estimated net annualdistributions* $0.0866 per unit

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

CUSIP NumbersStandard Accounts

Cash distributions 00775Q105Reinvest distributions 00775Q204

Fee Based AccountsCash distributions 00775Q303Reinvest distributions 00775Q402

Ticker Symbol ACESQX

Minimum investment $1,000/100 units

Tax Structure Regulated Investment Company

* As of August 15, 2016 and may vary thereafter.

Investment Summary 3

Advisors Core Equity Strategy Portfolio, Series 2016-3Q(Advisors Disciplined Trust 1703)PortfolioAs of the trust inception date, August 16, 2016

COMMON STOCKS — 100.00%

Consumer Discretionary - 14.09%

2 AMZN Amazon.com, Inc. (4) 1.03% $768.49 $1,53728 CBS CBS Corporation 0.99 52.28 1,46422 CMCSA Comcast Corporation 1.00 67.52 1,485

9 CBRL Cracker Barrel Old Country Store, Inc. 0.97 160.08 1,44133 PLAY Dave & Buster’s Entertainment, Inc. (4) 0.99 44.47 1,46716 DG Dollar General Corporation 0.99 92.13 1,47413 LEA Lear Corporation 1.00 114.70 1,49118 LAD Lithia Motors, Inc. 1.03 84.82 1,527

7 MHK Mohawk Industries, Inc. (4) 1.00 212.77 1,48920 MUSA Murphy USA, Inc. (4) 1.01 74.98 1,50019 THO Thor Industries, Inc. 1.01 78.72 1,49618 TJX The TJX Companies, Inc. 1.00 82.77 1,49017 TSCO Tractor Supply Company 0.99 86.03 1,463

6 ULTA Ulta Salon Cosmetics & Fragrance, Inc. (4) 1.08 266.97 1,602

Consumer Staples - 9.01%

99 BETR Amplify Snack Brands, Inc. (4) 1.01 15.19 1,50415 CHD Church & Dwight Company, Inc. 1.01 100.03 1,500

9 STZ Constellation Brands, Inc. 1.00 165.00 1,4859 COST Costco Wholesale Corporation 1.02 168.73 1,519

15 CVS CVS Health Corporation 0.99 97.58 1,46430 PF Pinnacle Foods, Inc. 1.00 49.69 1,49117 PG The Procter & Gamble Company 1.00 87.02 1,47929 RAI Reynolds American, Inc. 0.99 50.55 1,46620 WMT Wal-Mart Stores, Inc. 0.99 73.32 1,466

Energy - 6.95%

39 CRZO Carrizo Oil & Gas, Inc. (4) 0.99 37.80 1,47415 FANG Diamondback Energy, Inc. (4) 0.98 96.45 1,44717 XOM Exxon Mobil Corporation 1.01 87.81 1,49374 QEP QEP Resources, Inc. (4) 0.99 19.90 1,47318 SLB Schlumberger Limited (3) 1.00 82.04 1,47741 SE Spectra Energy Corporation 1.00 36.07 1,47919 TSO Tesoro Corporation 0.98 76.40 1,452

(continued)

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


Advisors Core Equity Strategy Portfolio, Series 2016-3Q(Advisors Disciplined Trust 1703)Portfolio (Continued)As of the trust inception date, August 16, 2016

Financials - 16.02%

57 AFSI AmTrust Financial Services, Inc. 1.00% $25.96 $1,4804 BLK BlackRock, Inc. 1.00 370.74 1,483

50 CBG CBRE Group, Inc. (4) 1.00 29.67 1,48412 CB Chubb Limited (3) 1.02 126.35 1,51654 FBC Flagstar Bancorp, Inc. (4) 1.01 27.68 1,495

9 GS The Goldman Sachs Group, Inc. 1.00 165.55 1,49023 JPM JPMorgan Chase & Company 1.02 65.72 1,512

122 KEY KeyCorp 1.00 12.20 1,48817 MSCI MSCI, Inc. 1.00 87.50 1,48721 NDAQ Nasdaq, Inc. 0.99 70.09 1,47257 PPBI Pacific Premier Bancorp, Inc. (4) 1.01 26.25 1,496

111 RDN Radian Group, Inc. 1.01 13.47 1,49515 RGA Reinsurance Group of America, Inc. 1.02 101.38 1,52112 SBNY Signature Bank (4) 0.96 119.05 1,42953 SYF Synchrony Financial 0.99 27.74 1,47041 WAL Western Alliance Bancorp (4) 0.99 35.98 1,475

Health Care - 13.95%

12 AET Aetna, Inc. 0.96 119.17 1,43013 CELG Celgene Corporation (4) 1.00 114.62 1,49021 CNC Centene Corporation (4) 1.00 70.96 1,49022 CERN Cerner Corporation (4) 0.99 66.61 1,46524 XRAY DENTSPLY SIRONA, Inc. 0.99 60.97 1,46313 EW Edwards Lifesciences Corporation (4) 1.00 114.19 1,48417 MDT Medtronic PLC (3) 1.01 87.91 1,49423 NUVA NuVasive, Inc. (4) 0.99 63.81 1,46821 PRXL PAREXEL International Corporation (4) 0.99 70.09 1,47242 PFE Pfizer, Inc. 0.99 35.11 1,47545 PINC Premier, Inc. (4) 1.00 32.88 1,48019 Q Quintiles Transnational Holdings, Inc. (4) 0.98 76.51 1,45441 TMH Team Health Holdings, Inc. (4) 1.00 36.33 1,49010 TMO Thermo Fisher Scientific, Inc. 1.05 155.97 1,560

(continued)




Industrials - 10.97%

5 AYI Acuity Brands, Inc. 0.93% $276.00 $1,38053 AL Air Lease Corporation 0.99 27.80 1,47322 ALK Alaska Air Group, Inc. 0.98 66.12 1,45522 DLX Deluxe Corporation 1.00 67.67 1,489

9 FDX FedEx Corporation 1.01 166.40 1,49810 GD General Dynamics Corporation 1.03 153.40 1,53444 MLHR Herman Miller, Inc. 1.00 33.74 1,48513 HON Honeywell International, Inc. 1.02 116.84 1,51936 KAR KAR Auction Services, Inc. 1.00 41.06 1,47841 MAS Masco Corporation 1.00 36.15 1,48241 XPO XPO Logistics, Inc. (4) 1.01 36.37 1,491

Information Technology - 20.05%

36 ATVI Activision Blizzard, Inc. 1.01 41.48 1,49315 ADBE Adobe Systems, Inc. (4) 1.02 100.93 1,514

2 GOOGL Alphabet, Inc. (4) 1.09 805.96 1,61214 AAPL Apple, Inc. 1.03 109.48 1,533

8 AVGO Broadcom Limited (3) 0.95 175.54 1,40416 CACI CACI International, Inc. (4) 1.02 94.53 1,51248 CSCO Cisco Systems, Inc. 1.01 31.19 1,49727 EBIX Ebix, Inc. 1.02 55.98 1,51112 FFIV F5 Networks, Inc. (4) 1.01 124.75 1,49712 FB Facebook, Inc. (4) 1.00 123.90 1,48716 HRS Harris Corporation 0.98 90.75 1,45242 INTC Intel Corporation 0.99 34.91 1,46616 LRCX Lam Research Corporation 0.98 90.74 1,45237 MSCC Microsemi Corporation (4) 0.99 39.85 1,47425 MSFT Microsoft Corporation 0.98 58.12 1,45319 PFPT Proofpoint, Inc. (4) 0.97 76.10 1,44619 CRM salesforce.com, Inc. (4) 1.01 78.92 1,49957 SMTC Semtech Corporation (4) 1.00 26.11 1,48828 VNTV Vantiv, Inc. (4) 1.01 53.62 1,50118 V Visa, Inc. 0.98 80.91 1,456

(continued)




Materials - 2.96%19 AVY Avery Dennison Corporation 1.00% $78.17 $1,48519 PKG Packaging Corporation of America 0.97 75.97 1,44357 STLD Steel Dynamics, Inc. 0.99 25.89 1,476

Telecommunication Services - 3.02%

241 S Sprint Corporation (4) 1.00 6.15 1,48232 TMUS T-Mobile US, Inc. (4) 1.01 46.77 1,49728 VZ Verizon Communications, Inc. 1.01 53.61 1,501

Utilities - 2.98%

22 AEP American Electric Power Company, Inc. 0.99 66.52 1,46319 ETR Entergy Corporation 1.00 78.21 1,48645 PNM PNM Resources, Inc. 0.99 32.76 1,474

100.00% $148,441

Notes to Portfolio

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

(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securities to the spon-sor and the cost of the securities to the trust) are $148,441 and $0, respectively.

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

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

Curacao 1.00%Ireland 1.01%Singapore 0.95%Switzerland 1.02%United States 96.02%

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




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


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


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

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

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

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

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

PPOORRTTFFOOLLIIOO CCOONNSSUULLTTAANNTT

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

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

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

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

BAHL & GAYNOR INCOME GROWTH PORTFOLIO





• to own a portfolio primarily of stocks.

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



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











EEXXAAMMPPLLEE








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




Ticker Symbol BGIGFX





Bahl & Gaynor Income Growth Portfolio, Series 2016-3Q(Advisors Disciplined Trust 1703)PortfolioAs of the trust inception date, August 16, 2016



32 HAS Hasbro, Inc. 1.77% $81.79 $2,61735 HD The Home Depot, Inc. 3.24 137.06 4,79746 TGT Target Corporation 2.34 75.53 3,474


70 MO Altria Group, Inc. 3.13 66.26 4,63891 KO The Coca-Cola Company 2.72 44.24 4,02616 KMB Kimberly-Clark Corporation 1.39 128.97 2,06442 PEP PepsiCo, Inc. 3.08 108.72 4,56637 PM Philip Morris International, Inc. 2.46 98.61 3,649

Energy - 5.90%

53 OXY Occidental Petroleum Corporation 2.69 75.05 3,978132 SE Spectra Energy Corporation 3.21 36.07 4,761

Financials - 20.03%

119 BBT BB&T Corporation 3.02 37.53 4,46611 BLK BlackRock, Inc. 2.75 370.74 4,07845 CCI Crown Castle International Corporation 2.92 96.21 4,33068 JPM JPMorgan Chase & Company 3.02 65.72 4,46925 PNC The PNC Financial Services Group, Inc. 1.45 85.63 2,141

5 PSA Public Storage 0.77 229.09 1,14630 O Realty Income Corporation 1.38 67.99 2,04035 TROW T. Rowe Price Group, Inc. 1.62 68.64 2,40262 VTR Ventas, Inc. 3.10 73.97 4,586

(Continued)



Bahl & Gaynor Income Growth Portfolio, Series 2016-3Q(Advisors Disciplined Trust 1703)Portfolio (Continued)As of the trust inception date, August 16, 2016


82 ABT Abbott Laboratories 2.50% $45.15 $3,70270 ABBV AbbVie, Inc. 3.18 67.39 4,71743 JNJ Johnson & Johnson 3.55 122.31 5,25924 MDT Medtronic PLC (3) 1.42 87.91 2,11063 MRK Merck & Company, Inc. 2.69 63.32 3,989

125 PFE Pfizer, Inc. 2.96 35.11 4,389


30 MMM 3M Company 3.66 180.56 5,41768 FAST Fastenal Company 2.01 43.78 2,977

118 GE General Electric Company 2.49 31.24 3,68616 LMT Lockheed Martin Corporation 2.88 266.50 4,264


21 ADP Automatic Data Processing, Inc. 1.28 90.35 1,897154 CSCO Cisco Systems, Inc. 3.24 31.19 4,803

62 MXIM Maxim Integrated Products, Inc. 1.72 40.99 2,541100 MSFT Microsoft Corporation 3.92 58.12 5,812102 PAYX Paychex, Inc. 4.14 60.10 6,130

39 QCOM QUALCOMM, Inc. 1.64 62.43 2,43551 TXN Texas Instruments, Inc. 2.42 70.33 3,587

Materials - 1.47%

28 LYB LyondellBasell Industries (3) 1.47 77.49 2,170

(Continued)



Bahl & Gaynor Income Growth Portfolio, Series 2016-3Q(Advisors Disciplined Trust 1703)Portfolio (Continued)As of the trust inception date, August 16, 2016

Utilities - 6.77%

39 NEE NextEra Energy, Inc. 3.30% $125.32 $4,88884 WEC WEC Energy Group, Inc. 3.47 61.17 5,138

100.00% $148,139

Notes to Portfolio


(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securities to thesponsor and the cost of the securities to the trust) are $148,139 and $0, respectively.


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

Ireland 1.42%Netherlands 1.47%United States 97.11%





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


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

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

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

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

• companies with good longer-term earningsgrowth prospects.

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

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

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

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

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

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

DIVIDEND ADVANTAGE PORTFOLIO


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

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

• a stock’s historical price architecture

• net money flow trends in individual stocks

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

• sentiment readings such as the volatility index

• fiscal and monetary factors

• geopolitical events and their impact on specif-ic sectors


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

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

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

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

• TThhee ttrruusstt iiss ccoonnssiiddeerreedd ttoo bbee ccoonncceennttrraatteedd iinn sseeccuu--rriittiieess iissssuueedd bbyy ccoommppaanniieess iinn tthhee ffiinnaanncciiaallss sseeccttoorr..Negative developments in the financials sector will

affect the value of your investment more thanwould be the case in a more diversified investment.

• TThhee ttrruusstt mmaayy iinnvveesstt iinn sseeccuurriittiieess ooff ssmmaallll aannddmmiidd--ssiizzee ccoommppaanniieess.. These securities are oftenmore volatile and have lower trading volumes thansecurities of larger companies. Small and mid-sizecompanies may have limited products or financialresources, management inexperience and less pub-licly available information.

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


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

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

The Portfolio Consultant and/or its affiliates mayuse the list of securities in its independent capacity as aninvestment adviser and distribute this information to var-ious individuals and entities. The Portfolio Consultantand/or its affiliates may recommend to other clients orotherwise effect transactions in the securities held by thetrust. This may have an adverse effect on the prices ofthe securities. This also may have an impact on the pricethe trust pays for the securities and the price receivedupon unit redemptions or liquidation of the securities.The Portfolio Consultant and/or its affiliates also mayissue reports and makes recommendations on securities,which may include the securities in the trust.

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





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

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

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



• are uncomfortable with the trust’s strategy.

• seek capital preservation.



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








EEXXAAMMPPLLEE












Ticker Symbol DAPAOX





Dividend Advantage Portfolio, Series 2016-3Q(Advisors Disciplined Trust 1703)Portfolio — As of the trust inception date, August 16, 2016


Consumer Discretionary - 17.67%18 CBRL Cracker Barrel Old Country Store, Inc. 1.94% $160.08 $2,88192 GME GameStop Corporation 1.97 31.73 2,919

129 IGT International Game Technology PLC (3) 1.98 22.82 2,94456 LVS Las Vegas Sands Corporation 1.98 52.56 2,94325 MCD McDonald’s Corporation 2.00 118.52 2,963

143 PETS PetMed Express, Inc. 1.96 20.32 2,906134 RGC Regal Entertainment Group 1.96 21.71 2,909

56 SIX Six Flags Entertainment Corporation 1.94 51.52 2,88544 TUP Tupperware Brands Corporation 1.94 65.44 2,879

Consumer Staples - 1.96%134 VGR Vector Group Limited 1.96 21.69 2,907

Energy - 9.78%86 BP BP PLC (3) 1.96 33.87 2,91328 CVX Chevron Corporation 1.94 102.77 2,87858 RDS/A Royal Dutch Shell PLC (3) 1.96 50.02 2,901

186 SFL Ship Finance International Limited (3) 1.95 15.57 2,896121 WNR Western Refining, Inc. 1.97 24.18 2,926

Financials - 29.36%267 NLY Annaly Capital Management, Inc. 1.97 10.94 2,921104 BLX Banco Latinoamericano de

Comercio Exterior S.A. (3) 1.96 27.95 2,90796 CCP Care Capital Properties, Inc. 1.96 30.30 2,909

177 CIM Chimera Investment Corporation 1.96 16.42 2,906107 CXW Corrections Corporation of America 1.95 26.99 2,888

30 CCI Crown Castle International Corporation 1.95 96.21 2,886395 DX Dynex Capital, Inc. 1.97 7.40 2,923160 HST Host Hotels & Resorts, Inc. 1.96 18.18 2,909

78 IRM Iron Mountain, Inc. 1.95 37.09 2,89347 LAMR Lamar Advertising Company 1.97 62.35 2,93036 NHI National Health Investors, Inc. 1.93 79.47 2,86178 OHI Omega Healthcare Investors, Inc. 1.95 37.15 2,898

139 DOC Physicians Realty Trust 1.97 20.98 2,916325 TWO Two Harbors Investment Corporation 1.96 8.96 2,912

60 WFC Wells Fargo & Company 1.95 48.27 2,896

Health Care - 3.90%65 GSK GlaxoSmithKline PLC (3) 1.94 44.40 2,88683 PFE Pfizer, Inc. 1.96 35.11 2,914

(Continued)



Dividend Advantage Portfolio, Series 2016-3Q(Advisors Disciplined Trust 1703)Portfolio (Continued) — As of the trust inception date, August 16, 2016

Industrials - 13.81%143 AYR Aircastle Limited (3) 1.96% $20.38 $2,914

22 BA The Boeing Company 2.00 134.66 2,96335 CAT Caterpillar, Inc. 1.99 84.15 2,94523 CMI Cummins, Inc. 1.97 127.01 2,92191 PLOW Douglas Dynamics, Inc. 1.97 32.06 2,91836 MIC Macquarie Infrastructure Corporation 1.96 80.57 2,901

101 QUAD Quad/Graphics, Inc. 1.96 28.71 2,900

Materials - 7.86%63 IP International Paper Company 1.97 46.32 2,91838 LYB LyondellBasell Industries (3) 1.99 77.49 2,94556 NUE Nucor Corporation 1.95 51.57 2,88876 SWM Schweitzer-Mauduit International, Inc. 1.95 38.12 2,897

Telecommunication Services - 7.85%68 T AT&T, Inc. 1.97 43.02 2,92597 CTL CenturyLink, Inc. 1.96 30.02 2,91265 RCI Rogers Communications, Inc. (3) 1.97 44.91 2,91954 VZ Verizon Communications, Inc. 1.95 53.61 2,895

Utilities - 7.81%36 DUK Duke Energy Corporation 1.98 81.66 2,94037 ETR Entergy Corporation 1.95 78.21 2,89456 SO The Southern Company 1.94 51.49 2,88347 WEC WEC Energy Group, Inc. 1.94 61.17 2,875

100.00% $148,358

Notes to Portfolio

(1) Securities are represented by contracts to purchase securities. The value of each security is based on the most recent closing sale priceof each security as of the close of regular trading on the New York Stock Exchange on the business day prior to the trust’s inception date.In accordance with Accounting Standards Codification 820, “Fair Value Measurements”, the trust’s investments are classified as Level 1,which refers to security prices determined using quoted prices in active markets for identical securities.




Bermuda 3.91% Canada 1.97% Netherlands 1.99%Panama 1.96% United Kingdom 7.84% United States 82.33%





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


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

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

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

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


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


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

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

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

EUROPEAN SELECT PORTFOLIO


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

• TThhee ttrruusstt iiss ccoonnssiiddeerreedd ttoo bbee ccoonncceennttrraatteedd iinnsseeccuurriittiieess ooff EEuurrooppeeaann ccoommppaanniieess.. Negativedevelopments in Europe will affect the valueof your investment more than would be thecase in a more diversified investment.

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

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


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

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

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

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

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





• to own a portfolio primarily of stocks ofEuropean companies.

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



• are uncomfortable investing in Europeancompanies.

• seek capital preservation.









and administration fees 0.10 1.00

Total 0.73% $7.13


EEXXAAMMPPLLEE


1 year $4173 years $1,0685 years $1,74310 years $3,540










Ticker Symbol EURSKX





European Select Portfolio, Series 2016-3Q - A Cyrus J. Lawrence LLC (“CJL”) Portfolio(Advisors Disciplined Trust 1703)PortfolioAs of the trust inception date, August 16, 2016



42 BMW GR Bayerische Motoren Werke AG 2.53% $90.03 $3,78179 CCL LN Carnival PLC 2.49 47.02 3,71535 ML FP Cie Generale des Etablissements Michelin 2.52 107.45 3,761

191 CPG LN Compass Group PLC 2.50 19.50 3,72521 MC FP LVMH Moet Hennessy Louis Vuitton SE 2.50 177.40 3,725

162 WPP LN WPP PLC 2.49 22.98 3,723


30 ABI BB Anheuser-Busch InBev S.A./NV 2.53 126.10 3,78348 BN FP Danone S.A. 2.51 78.20 3,754

132 DGE LN Diageo PLC 2.49 28.17 3,71841 HEIA NA Heineken NV 2.49 90.75 3,72128 HEN3 GR Henkel AG & Co KGaA 2.48 132.07 3,69819 OR FP L’Oreal S.A. 2.50 196.28 3,72945 NESN VX Nestle S.A. 2.47 82.05 3,69238 RB/ LN Reckitt Benckiser Group PLC 2.48 97.61 3,70979 ULVR LN Unilever PLC 2.48 46.78 3,695

Energy - 5.02%

144 RDSB LN Royal Dutch Shell PLC 2.51 25.97 3,73977 FP FP TOTAL S.A. 2.51 48.62 3,744

Financials - 9.94%

180 CS FP AXA S.A. 2.49 20.66 3,71874 BNP FP BNP Paribas S.A. 2.48 49.91 3,694

135 DANSKE DC Danske Bank A/S 2.49 27.55 3,719267 UBSG VX UBS Group AG (4) 2.48 13.85 3,698

(Continued)

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


European Select Portfolio, Series 2016-3Q -A Cyrus J. Lawrence LLC (“CJL”) Portfolio(Advisors Disciplined Trust 1703)Portfolio (Continued)As of the trust inception date, August 16, 2016


34 BAYN GR Bayer AG 2.51% $110.17 $3,74648 FRE GR Fresenius SE & Co. KGaA 2.48 77.03 3,69834 MRK GR Merck KGaA 2.54 111.31 3,78581 NOVOB DC Novo Nordisk A/S 2.54 46.78 3,78956 SHP LN Shire PLC 2.49 66.40 3,718

223 SN/ LN Smith & Nephew PLC 2.50 16.73 3,731


41 DCC LN DCC PLC 2.48 90.37 3,705132 PHIA NA Koninklijke Philips NV 2.51 28.31 3,737

31 SIE GR Siemens AG 2.49 119.74 3,71248 DG FP Vinci S.A. 2.48 76.96 3,69467 WOS LN Wolseley PLC 2.51 55.87 3,743


34 ASML NA ASML Holding NV 2.53 110.93 3,77239 CAP FP Capgemini S.A. 2.52 96.59 3,767

219 IFX GR Infineon Technologies AG 2.54 17.31 3,79185 UTDI GR United Internet AG 2.49 43.79 3,722

Materials - 2.51%

24 LIN GR Linde AG 2.51 155.74 3,738


213 DTE GR Deutsche Telekom AG 2.49 17.47 3,7211,204 VOD LN Vodafone Group PLC 2.49 3.09 3,716

(Continued)



European Select Portfolio, Series 2016-3Q -A Cyrus J. Lawrence LLC (“CJL”) Portfolio(Advisors Disciplined Trust 1703)Portfolio (Continued)As of the trust inception date, August 16, 2016

Utilities - 2.48%

261 NG/ LN National Grid PLC 2.48% $14.19 $3,703

100.00% $149,229

Notes to Portfolio

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

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

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

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

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

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

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

Level 1 Level 2 Level 3Common Stocks $ 149,229 $ - $ -

(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securities to the spon-sor and the cost of the securities to the trust) are $149,721 and $(492), respectively.

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


Belgium 2.53% Denmark 5.03% France 22.51%Germany 25.06% Ireland 2.48% Jersey 7.49%Netherlands 7.53% Switzerland 4.95% United Kingdom 22.42%





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


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

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

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


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


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

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

MINIMUM VOLATILITY EQUITY INCOME PORTFOLIO



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

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


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

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

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

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




• to own a portfolio primarily consisting ofstocks.

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


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

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


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








The initial sales fee is the difference between thetotal sales fee (maximum of 2.95% of the unit offeringprice) and the sum of the remaining deferred sales feeand the total creation and development fee. Thedeferred sales fee is fixed at $0.145 per unit and is paid inthree monthly installments beginning December 20, 2016.The creation and development fee is fixed at $0.05 perunit and is paid at the end of the initial offering period(anticipated to be approximately three months).

EEXXAAMMPPLLEE












Ticker Symbol MVIAFX





Minimum Volatility Equity Income Portfolio,Series 2016-3Q - A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1703)Portfolio — As of the trust inception date, August 16, 2016



31 MCD McDonald’s Corporation 2.48% $118.52 $3,67453 JWN Nordstrom, Inc. 1.90 52.96 2,807


31 MO Altria Group, Inc. 1.39 66.26 2,05413 CLX The Clorox Company 1.16 132.24 1,71950 KO The Coca-Cola Company 1.49 44.24 2,21220 CL Colgate-Palmolive Company 1.01 74.71 1,49425 GIS General Mills, Inc. 1.20 71.04 1,77615 KMB Kimberly-Clark Corporation 1.31 128.97 1,93423 PEP PepsiCo, Inc. 1.69 108.72 2,50127 PG The Procter & Gamble Company 1.59 87.02 2,34945 WMT Wal-Mart Stores, Inc. 2.23 73.32 3,299

Energy - 4.84%

26 CVX Chevron Corporation 1.81 102.77 2,67251 XOM Exxon Mobil Corporation 3.03 87.81 4,478

Financials - 18.30%

97 AGNC American Capital Agency Corporation 1.30 19.78 1,919177 NLY Annaly Capital Management, Inc. 1.31 10.94 1,936

24 CME CME Group, Inc. 1.70 104.91 2,51815 CCI Crown Castle International Corporation 0.98 96.21 1,44339 MCY Mercury General Corporation 1.39 52.66 2,054

248 MFA MFA Financial, Inc. 1.30 7.77 1,927187 NYCB New York Community Bancorp, Inc. 1.80 14.27 2,668162 PBCT People’s United Financial, Inc. 1.70 15.51 2,513

(Continued)



Minimum Volatility Equity Income Portfolio,Series 2016-3Q - A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1703)Portfolio (Continued) — As of the trust inception date, August 16, 2016

Financials (Continued)

54 PRA ProAssurance Corporation 2.00% $54.71 $2,954182 TWO Two Harbors Investment Corporation 1.10 8.96 1,631

55 USB U.S. Bancorp 1.60 42.98 2,36465 WFC Wells Fargo & Company 2.12 48.27 3,138


13 AMGN Amgen, Inc. 1.53 174.58 2,26917 ANTM Anthem, Inc. 1.49 129.29 2,19843 BAX Baxter International, Inc. 1.41 48.41 2,08237 BMY Bristol-Myers Squibb Company 1.50 60.03 2,22123 CAH Cardinal Health, Inc. 1.29 83.19 1,91335 LLY Eli Lilly & Company 1.90 80.26 2,80936 JNJ Johnson & Johnson 2.98 122.31 4,40325 MDT Medtronic PLC (3) 1.49 87.91 2,19849 MRK Merck & Company, Inc. 2.10 63.32 3,10389 PFE Pfizer, Inc. 2.11 35.11 3,12526 DGX Quest Diagnostics, Inc. 1.51 85.68 2,22819 UNH UnitedHealth Group, Inc. 1.82 141.62 2,691

Industrials - 7.43%

138 CVA Covanta Holding Corporation 1.40 15.05 2,07776 GE General Electric Company 1.60 31.24 2,374

8 LMT Lockheed Martin Corporation 1.44 266.50 2,13246 RSG Republic Services, Inc. 1.60 51.33 2,36131 WM Waste Management, Inc. 1.39 66.23 2,053


37 AAPL Apple, Inc. 2.74 109.48 4,05160 CA CA, Inc. 1.39 34.35 2,06176 CSCO Cisco Systems, Inc. 1.60 31.19 2,370

163 HPQ HP, Inc. 1.60 14.52 2,36781 INTC Intel Corporation 1.91 34.91 2,82819 IBM International Business Machines Corporation 2.08 161.88 3,07664 MSFT Microsoft Corporation 2.51 58.12 3,72038 QCOM QUALCOMM, Inc. 1.60 62.43 2,372

(Continued)



Minimum Volatility Equity Income Portfolio,Series 2016-3Q - A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1703)Portfolio (Continued) — As of the trust inception date, August 16, 2016

Materials - 3.33%

29 CMP Compass Minerals International, Inc. 1.41% $71.68 $2,07924 PX Praxair, Inc. 1.92 118.03 2,833


96 T AT&T, Inc. 2.79 43.02 4,13072 VZ Verizon Communications, Inc. 2.61 53.61 3,860

Utilities - 6.69%

21 ED Consolidated Edison, Inc. 1.08 76.24 1,60122 D Dominion Resources, Inc. 1.12 75.00 1,65020 DUK Duke Energy Corporation 1.10 81.66 1,63345 FE FirstEnergy Corporation 1.00 32.89 1,48040 SO The Southern Company 1.39 51.49 2,06035 XEL Xcel Energy, Inc. 1.00 42.12 1,474

100.00% $147,916

Notes to Portfolio





Ireland 1.49%United States 98.51%




HHOOWW TTOO BBUUYY UUNNIITTSS

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

• the net asset value per unit plus

• organization costs plus

• the sales fee.

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

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

VVaalluuee ooff tthhee SSeeccuurriittiieess.. We determine thevalue of the securities as of the close of regulartrading on the New York Stock Exchange on eachday that exchange is open. We generally deter-mine the value of securities using the last sale pricefor securities traded on a national securitiesexchange. For this purpose, the trustee providesus closing prices from a reporting service approvedby us. In some cases we will price a security basedon its fair value after considering appropriate fac-tors relevant to the value of the security. We willonly do this if a security is not principally tradedon a national securities exchange or if the marketquotes are unavailable or inappropriate.

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

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

UNDERSTANDING YOUR INVESTMENT

30 Understanding Your Investment

TTrraannssaaccttiioonnaall SSaalleess FFeeee.. You pay a fee in con-nection with purchasing units. We refer to thisfee as the “transactional sales fee.” The transac-tional sales fee has both an initial and a deferredcomponent and equals 2.45% of the public offer-ing price per unit based on a $10 public offeringprice per unit. This percentage amount of thetransactional sales fee is based on the unit priceon your trust’s inception date. The transactionalsales fee equals the difference between the totalsales fee and the creation and development fee.As a result, the percentage and dollar amount ofthe transactional sales fee will vary as the publicoffering price per unit varies. The transactionalsales fee does not include the creation and devel-opment fee which is described under “Fees andExpenses” for your trust.

The maximum sales fee equals 2.95% of thepublic offering price per unit at the time of pur-chase. You pay the initial sales fee at the time youbuy units. The initial sales fee is the differencebetween the total sales fee percentage (maximumof 2.95% of the public offering price per unit)and the sum of the remaining fixed dollardeferred sales fee and the total fixed dollar cre-ation and development fee. The initial sales feewill be approximately 1.00% of the public offer-ing price per unit depending on the public offer-ing price per unit. The deferred sales fee is fixedat $0.145 per unit. Your trust pays the deferredsales fee in equal monthly installments asdescribed under “Fees and Expenses” for yourtrust. If you redeem or sell your units prior tocollection of the total deferred sales fee, you willpay any remaining deferred sales fee uponredemption or sale of your units.

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

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

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

RReedduucciinngg YYoouurr SSaalleess FFeeee. We offer a variety ofways for you to reduce the fee you pay. It is yourfinancial professional’s responsibility to alert us ofany discount when you order units. Except asexpressly provided herein, you may not combinediscounts. Since the deferred sales fee and thecreation and development fee are fixed dollaramounts per unit, your trust must charge thesefees per unit regardless of any discounts.However, if you are eligible to receive a discountsuch that your total sales fee is less than the fixeddollar amounts of the deferred sales fee and thecreation and development fee, we will credit youthe difference between your total sales fee andthese fixed dollar fees at the time you buy units.

Large Purchases. You can reduce your sales feeby increasing the size of your investment:

If you purchase: Your fee will be:

Less than $50,000 2.95%$50,000 - $99,999 2.70$100,000 - $249,999 2.45$250,000 - $499,999 2.20$500,000 - $999,999 1.95$1,000,000 or more 1.40

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

Understanding Your Investment 31

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

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

• orders submitted by your trust estate orfiduciary accounts.

The discounts described above apply only toinitial offering period purchases.

Fee Accounts. Investors may purchase unitsthrough registered investment advisers, certifiedfinancial planners or registered broker-dealers whoin each case either charge investor accounts (“FeeAccounts”) periodic fees for brokerage services,financial planning, investment advisory or assetmanagement services, or provide such services inconnection with an investment account for whicha comprehensive “wrap fee” charge (“Wrap Fee”)is imposed. You should consult your financial

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

Initial sales fee 0.00%Deferred sales fee 0.00%

Transactional sales fee 0.00%Creation and development fee 0.50%

Total sales fee 0.50%

This discount applies only during the initialoffering period. Certain Fee Account investorsmay be assessed transaction or other fees on thepurchase and/or redemption of units by their bro-ker-dealer or other processing organizations forproviding certain transaction or account activities.We reserve the right to limit or deny purchases ofunits in Fee Accounts by investors or selling firmswhose frequent trading activity is determined tobe detrimental to a trust.

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


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

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

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

Please note that if you purchase units of atrust in this manner using redemption proceedsfrom trusts which assess the amount of anyremaining deferred sales fee at redemption, youshould be aware that any deferred sales feeremaining on these units will be deducted fromthose redemption proceeds. These discountsapply only to initial offering period purchases.

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

RReettiirreemmeenntt AAccccoouunnttss.. Your portfolio may besuitable for purchase in tax-advantaged retirementaccounts. You should contact your financial pro-fessional about the accounts offered and any addi-tional fees imposed.

HHOOWW TTOO SSEELLLL YYOOUURR UUNNIITTSS

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


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

SSeelllliinngg UUnniittss. We may maintain a secondarymarket for units. This means that if you want tosell your units, we may buy them at the currentnet asset value, provided that you will not pay anyremaining creation and development fee or organ-ization costs if you sell units during the initialoffering period. We may then resell the units toother investors at the public offering price orredeem them for the redemption price. Our sec-ondary market repurchase price is the same as theredemption price. Certain broker-dealers mightalso maintain a secondary market in units. Youshould contact your financial professional for cur-rent repurchase prices to determine the best priceavailable. We may discontinue our secondarymarket at any time without notice. Even if we donot make a market, you will be able to redeemyour units with the trustee on any business dayfor the current redemption price.

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

deferred sales fee at the time you redeem units.You will receive the net asset value for a particularday if the trustee receives your completedredemption request prior to the close of regulartrading on the New York Stock Exchange.Redemption requests received by authorizedfinancial professionals prior to the close of regulartrading on the New York Stock Exchange that areproperly transmitted to the trustee by the timedesignated by the trustee, are priced based on thedate of receipt. Redemption requests received bythe trustee after the close of regular trading on theNew York Stock Exchange, redemption requestsreceived by authorized financial professionals afterthat time or redemption requests received by suchpersons that are not transmitted to the trusteeuntil after the time designated by the trustee, arepriced based on the date of the next determinedredemption price provided they are received in atimely manner by the trustee on such date. It isthe responsibility of authorized financial profes-sionals to transmit redemption requests receivedby them to the trustee so they will be received ina timely manner. If your request is not receivedin a timely manner or is incomplete in any way,you will receive the next net asset value computedafter the trustee receives your completed request.

If you redeem your units, the trustee will gen-erally send you a payment for your units no laterthan seven days after it receives all necessary doc-umentation (this will usually only take three busi-ness days). The only time the trustee can delayyour payment is if the New York Stock Exchangeis closed (other than weekends or holidays), theSecurities and Exchange Commission determinesthat trading on that exchange is restricted or anemergency exists making sale or evaluation of thesecurities not reasonably practicable, and for anyother period that the Securities and ExchangeCommission permits.


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

EExxcchhaannggee OOppttiioonn. You may be able toexchange your units for units of our unit trusts ata reduced sales fee. You can contact your finan-cial professional for more information abouttrusts currently available for exchanges. Beforeyou exchange units, you should read the prospec-tus carefully and understand the risks and fees.You should then discuss this option with yourfinancial professional to determine whether yourinvestment goals have changed, whether currenttrusts suit you and to discuss tax consequences.We may discontinue this option at any time uponsixty days notice.

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

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

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

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


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

DDIISSTTRRIIBBUUTTIIOONNSS

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

When your trust receives dividends from aportfolio security, the trustee credits the dividendsto the trust’s accounts. In an effort to make rela-tively regular income distributions, if your trust isa “regulated investment company” for tax purpos-es and makes monthly distributions, your trust’smonthly income distribution is equal to one-twelfth of the estimated net annual dividends to

be received by your trust after deduction of trustoperating expenses. Because a trust does notreceive dividends from the portfolio securities at aconstant rate throughout the year, the income dis-tributions to unitholders from such a trust maybe more or less than the amount credited to yourtrust accounts as of the record date. For the pur-pose of minimizing fluctuation in income distri-butions, the trustee is authorized to advance suchamounts as may be necessary to provide incomedistributions of approximately equal amounts.The trustee will be reimbursed, without interest,for any such advances from available incomereceived by a trust on the ensuing record date.

EEssttiimmaatteedd AAnnnnuuaall DDiissttrriibbuuttiioonnss.. The estimat-ed net annual distributions for your trust areshown under “Essential Information” section ofthis prospectus related to your trust. We general-ly base the estimate of the income your trust mayreceive on annualizing the most recent ordinarydividend declared by an issuer (or adding themost recent interim and final dividends declaredfor certain foreign issuers) or on scheduledincome payments. However, dividend conven-tions for certain companies and/or certain coun-tries differ from those typically used in the UnitedStates and in certain instances, dividends paid ordeclared over several years or other periods wereused to estimate annual distributions. Due to thisand various other factors, actual dividendsreceived by your trust will most likely differ fromthe most recent annualized dividends or sched-uled income payments. The actual net annualdistributions you will receive will vary withchanges in your trust’s fees and expenses, in divi-dends received and with the sale of securities.

RReeppoorrttss. The trustee or your financial profes-sional will make available to you a statementshowing income and other receipts of your trustfor each distribution. Each year the trustee will


also provide an annual report on your trust’sactivity and certain tax information. You canrequest copies of security evaluations to enableyou to complete your tax forms and auditedfinancial statements for your trust, if available.

IINNVVEESSTTMMEENNTT RRIISSKKSS

All investments involve risk. This sectiondescribes the main risks that can impact the valueof the securities in your portfolio. You shouldunderstand these risks before you invest. If thevalue of the securities falls, the value of your unitswill also fall. We cannot guarantee that your trustwill achieve its objective or that your investmentreturn will be positive over any period.

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

DDiivviiddeenndd PPaayymmeenntt RRiisskk.. Dividend paymentrisk is the risk that an issuer of a security is unwill-ing or unable to pay income on a security. Stocksrepresent ownership interests in the issuers and arenot obligations of the issuers. Common stockhold-ers have a right to receive dividends only after thecompany has provided for payment of its creditors,bondholders and preferred stockholders. Commonstocks do not assure dividend payments.Dividends are paid only when declared by anissuer’s board of directors and the amount of anydividend may vary over time.

SSmmaallll aanndd MMiidd--SSiizzee CCoommppaanniieess.. Your trustmay invest in securities issued by small and mid-sizecompanies. The share prices of these companiesare often more volatile than those of larger compa-nies as a result of several factors common to manysuch issuers, including limited trading volumes,products or financial resources, management inex-perience and less publicly available information.

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

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

Your trust may invest significantly in securi-ties issued by companies in the ffiinnaanncciiaallss sseeccttoorr.Any negative impact on this industry will have a


greater impact on the value of units than on aportfolio diversified over several industries. Youshould understand the risks of this industrybefore you invest.

Banks and their holding companies are espe-cially subject to the adverse effects of economicrecession; volatile interest rates; portfolio concen-trations in geographic markets and in commercialand residential real estate loans; and competitionfrom new entrants in their fields of business. Inaddition, banks and their holding companies areextensively regulated at both the federal and statelevel and may be adversely affected by increasedregulations. Banks face increased competitionfrom nontraditional lending sources as regulatorychanges permit new entrants to offer variousfinancial products. Technological advances suchas the Internet allow these nontraditional lendingsources to cut overhead and permit the more effi-cient use of customer data. Banks are already fac-ing tremendous pressure from mutual funds, bro-kerage firms and other financial service providersin the competition to furnish services that weretraditionally offered by banks.

Companies engaged in investment manage-ment and broker-dealer activities are subject tovolatility in their earnings and share prices thatoften exceeds the volatility of the equity market ingeneral. Adverse changes in the direction of thestock market, investor confidence, equity transac-tion volume, the level and direction of interestrates and the outlook of emerging markets couldadversely affect the financial stability, as well asthe stock prices, of these companies.

Additionally, competitive pressures, includingincreased competition with new and existingcompetitors, the ongoing commoditization of tra-ditional businesses and the need for increased cap-ital expenditures on new technology could

adversely impact the profit margins of companiesin the investment management and brokerageindustries. Companies involved in investmentmanagement and broker-dealer activities are alsosubject to extensive regulation by governmentagencies and self-regulatory organizations, andchanges in laws, regulations or rules, or in theinterpretation of such laws, regulations and rulescould adversely affect the stock prices of suchcompanies.

Companies involved in the insurance, rein-surance and risk management industry under-write, sell or distribute property, casualty andbusiness insurance. Many factors affect insur-ance, reinsurance and risk management companyprofits, including interest rate movements, theimposition of premium rate caps, a misapprehen-sion of the risks involved in given underwritings,competition and pressure to compete globally,weather catastrophes or other disasters and theeffects of client mergers. Already extensively reg-ulated, insurance companies’ profits may beadversely affected by increased government regu-lations or tax law changes.

Financial services companies faced significantdifficulty related to the downturn in the housingand mortgage lending markets, correspondingdeclines in the value of mortgage-backed securi-ties and the resulting impact on all areas of thefinancial services industry and the broader econo-my. These difficulties have given rise to consider-able uncertainty regarding the global economyand financial services companies, in particular.The downturn also led to considerable write-downs in the values of many assets held by finan-cial services companies and a tightening of creditmarkets that has been marked by a generalunwillingness of many entities to extend credit.These factors caused a significant need for manyfinancial services companies to raise capital to


meet obligations and to satisfy regulatory andcontractual capital requirements. Many well-established financial services companies wereforced to seek additional capital through issuancesof new preferred or common equity and certaincompanies were forced to agree to be acquired byother companies (or sell some or all of their assetsto other companies). In some cases governmentassistance, guarantees or direct participation ininvestments or acquisitions were necessary tofacilitate these transactions. In addition, concernsregarding these issues and their potential negativeimpact to the U.S. and global economies resultedin extreme volatility in securities prices and uncer-tain market conditions.

In response to these issues, governmentauthorities in the U.S. and other countries haveinitiated and may continue to engage in adminis-trative and legislative action, including the Dodd-Frank Wall Street Reform and ConsumerProtection Act and resulting rulemaking intendedto address both short- and long-term difficultiesfacing the housing and mortgage lending markets,mortgage backed securities, the financial servicesindustry and the broader economy. These gov-ernment actions include, but are not limited to,restrictions on investment activities; increasedoversight, regulation and involvement in financialservices company practices; adjustments to capitalrequirements; the acquisition of interests in andthe extension of credit to private entities; andincreased investigation efforts into the actions ofcompanies and individuals in the financial serviceindustry. No one can predict any action thatmight be taken or the effect any action or inac-tion will have. It is possible that any actionstaken by government authorities will not addressor help improve the state of these difficulties asintended. No one can predict the impact thatthese difficulties will have on the economy, gener-ally or financial services companies. These diffi-

culties and corresponding government action orinaction may have far reaching consequences andyour investment may be adversely affected bysuch developments.

EEuurrooppeeaann IIssssuueerr RRiisskkss.. The European SelectPortfolio invests in securities issued by companiesin Europe. The trust is therefore subject to cer-tain risks associated specifically with Europe. Asignificant number of countries in Europe aremember states in the European Union, and themember states no longer control their own mon-etary policies by directing independent interestrates for their currencies. In these member states,the authority to direct monetary policies includ-ing money supply and official interest rates forthe Euro is exercised by the European CentralBank. Furthermore, the European sovereign debtcrisis and the related austerity measures in certaincountries have had, and continue to have, a sig-nificant impact on the economies of certainEuropean countries and their future economicoutlooks.

FFoorreeiiggnn IIssssuueerr RRiisskk.. An investment in securi-ties of foreign issuers involves certain risks that aredifferent in some respects from an investment insecurities of domestic issuers. These include risksassociated with future political and economicdevelopments, international trade conditions, for-eign withholding taxes, liquidity concerns, curren-cy fluctuations, volatility, restrictions on foreigninvestments and exchange of securities, potentialfor expropriation of assets, confiscatory taxation,difficulty in obtaining or enforcing a court judg-ment, potential inability to collect when a compa-ny goes bankrupt and economic, political orsocial instability. Moreover, individual foreigneconomies may differ favorably or unfavorablyfrom the U.S. economy for reasons including dif-ferences in growth of gross domestic product,rates of inflation, capital reinvestment, resources,


self-sufficiency and balance of payments positions.There may be less publicly available informationabout a foreign issuer than is available from adomestic issuer as a result of different accounting,auditing and financial reporting standards. Someforeign markets are less liquid than U.S. marketswhich could cause securities to be bought at ahigher price or sold at a lower price than wouldbe the case in a highly liquid market.

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

Certain foreign securities may be held in theform of American Depositary Receipts (“ADRs”),Global Depositary Receipts (“GDRs”), or othersimilar receipts. Depositary receipts representreceipts for foreign securities deposited with acustodian (which may include the trustee of yourtrust). Depository receipts may not be denomi-nated in the same currency as the securities intowhich they may be converted. ADRs typicallytrade in the U.S. in U.S. dollars and are regis-tered with the Securities and ExchangeCommission. GDRs are similar to ADRs, but

GDRs typically trade outside of the U.S. andoutside of the country of the issuer in the curren-cy of the country where the GDR trades.Depositary receipts generally involve most of thesame types of risks as foreign securities helddirectly but typically also involve additionalexpenses associated with the cost of the custodi-an’s services. Some depositary receipts may expe-rience less liquidity than the underlying securitiestraded in their home market. Certain depositaryreceipts are unsponsored (i.e. issued without theparticipation or involvement of the issuer of theunderlying security). The issuers of unsponsoreddepositary receipts are not obligated to discloseinformation that may be considered material inthe U.S. Therefore, there may be less informa-tion available regarding these issuers which canimpact the relationship between certain informa-tion impacting a security and the market value ofthe depositary receipts.

LLeeggiissllaattiioonn oorr LLiittiiggaattiioonn RRiisskk.. Legislation orlitigation risk is the risk that various legislativeinitiatives will be proposed from time to time inthe United States and abroad which may have anegative impact on certain of the companies rep-resented in your trust. In addition, litigationregarding any of the issuers of the securities or ofthe industries represented by these issuers maynegatively impact the share prices of these securi-ties. No one can predict what impact any pend-ing or threatened litigation will have on the shareprices of the securities.

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

NNoo FFDDIICC GGuuaarraanntteeee.. An investment in thetrust is not a deposit of any bank and is not



insured or guaranteed by the Federal DepositInsurance Corporation or any other governmentagency.

HHOOWW TTHHEE TTRRUUSSTT WWOORRKKSS

YYoouurr TTrruusstt.. Your trust is a unit investmenttrust registered under the Investment CompanyAct of 1940. We created your trust under a trustagreement between Advisors Asset Management,Inc. (as depositor/sponsor, evaluator and supervi-sor) and The Bank of New York Mellon (astrustee). To create your trust, we deposited secu-rities with the trustee (or contracts to purchasesecurities along with an irrevocable letter of creditor other consideration to pay for the securities).In exchange, the trustee delivered units of yourtrust to us. Each unit represents an undividedinterest in the assets of your trust. These unitsremain outstanding until redeemed or until yourtrust terminates. At the close of the New YorkStock Exchange on your trust’s inception date, thenumber of units may be adjusted so that the pub-lic offering price per unit equals $10. The num-ber of units and fractional interest of each unit inyour trust will increase or decrease to the extentof any adjustment.

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

• to pay expenses,

• to issue additional units or redeem units,

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

• in limited circumstances to protect thetrust,

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

• as permitted by the trust agreement.

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

If an offer by the issuer of any of the portfo-lio securities or any other party is made to issuenew securities, or to exchange securities, for trustportfolio securities, the trustee will reject theoffer unless your trust is a “regulated investmentcompany” for tax purposes (see “EssentialInformation—Tax Structure” in the “InvestmentSummary” section for your trust in this prospec-tus). If your trust is a “regulated investmentcompany” for tax purposes and an offer by theissuer of any of the portfolio securities or anyother party is made to issue new securities, or toexchange securities, for trust portfolio securities,the trustee may either vote for or against, oraccept or reject, any offer for new or exchangedsecurities or property in exchange for a trustportfolio security at the direction of the sponsor.

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


unless the sponsor advises the trustee to keep suchsecurities or property.

If any contract for the purchase of securitiesfails, the sponsor will refund the cash and salesfee attributable to the failed contract tounitholders on or before the next distributiondate unless substantially all of the moneys heldto cover the purchase are reinvested in substitutesecurities in accordance with the trust agree-ment. If your trust is a “regulated investmentcompany” for tax purposes, the sponsor maydirect the reinvestment of security sale proceedsif the sale is the direct result of serious adversecredit factors which, in the opinion of the super-visor, would make retention of the securitiesdetrimental to the trust. In such a case, thesponsor may, but is not obligated to, direct thereinvestment of sale proceeds in any other secu-rities that meet the criteria for inclusion in thetrust on the trust’s inception date. The sponsormay also instruct the trustee to take action nec-essary to ensure that a portfolio continues to sat-isfy the qualifications of a “regulated investmentcompany” for tax purposes. Your trust will notparticipate in rights offerings of closed-endfunds, if any.

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

Pursuant to an exemptive order, your trustmay be able to purchase securities from othertrusts that we sponsor when we create additionalunits. Your trust may also be able to sell securi-ties to other trusts that we sponsor to satisfy unitredemption, pay deferred sales charges or expens-es, in connection with periodic tax compliance orin connection with the termination of your trust.The exemption may enable each trust to elimi-nate commission costs on these transactions.The price for those securities will be the closingprice on the sale date on the exchange where thesecurities are principally traded as certified by usto the trustee.

AAmmeennddiinngg tthhee TTrruusstt AAggrreeeemmeenntt.. The sponsorand the trustee can change the trust agreementwithout your consent to correct any provisionthat may be defective or to make other provi-sions that will not materially adversely affectyour interest (as determined by the sponsor andthe trustee). We cannot change this agreementto reduce your interest in your trust withoutyour consent. Investors owning two-thirds ofthe units in your trust may vote to change thisagreement.

TTeerrmmiinnaattiioonn ooff YYoouurr TTrruusstt.. Your trust willterminate on the termination date set forth under“Essential Information” in the “InvestmentSummary” section of this prospectus for yourtrust. The trustee may terminate your trust earlyif the value of the trust is less than 40% of theoriginal value of the securities in your trust at thetime of deposit. At this size, the expenses of yourtrust may create an undue burden on your invest-ment. Investors owning two-thirds of the unitsin your trust may also vote to terminate the trustearly. The trustee will liquidate your trust in theevent that a sufficient number of units not yetsold to the public are tendered for redemption sothat the net worth of your trust would be

reduced to less than 40% of the value of thesecurities at the time they were deposited in thetrust. If this happens, we will refund any salescharge that you paid.

The trustee will notify you of any termina-tion and sell any remaining securities. Thetrustee will send your final distribution to youwithin 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.

TThhee SSppoonnssoorr.. The sponsor of your trust isAdvisors Asset Management, Inc. We are a bro-ker-dealer specializing in providing trading andsupport services to broker-dealers, registered rep-resentatives, investment advisers and other finan-cial professionals. Our headquarters are located at18925 Base Camp Road, Monument, Colorado80132. You can contact our unit investment trustdivision at 8100 East 22nd Street North, Building800, Suite 102, Wichita, Kansas 67226 or byusing the contacts listed on the back cover of thisprospectus. AAM is a registered broker-dealerand investment adviser, a member of theFinancial Industry Regulatory Authority, Inc.(FINRA) and Securities Investor ProtectionCorporation (SIPC) and a registrant of theMunicipal Securities Rulemaking Board (MSRB).If we fail to or cannot perform our duties as spon-sor or become bankrupt, the trustee may replaceus, continue to operate your trust without a spon-sor, or terminate your trust.

We and your trust have adopted a code ofethics requiring our employees who have access toinformation on trust transactions to report per-sonal securities transactions. The purpose of thecode is to avoid potential conflicts of interest andto prevent fraud, deception or misconduct withrespect to your trust.

The sponsor or an affiliate may use the list ofsecurities in your trust in its independent capaci-ty (which may include acting as an investmentadviser or broker-dealer) and distribute thisinformation to various individuals and entities.The sponsor or an affiliate may recommend oreffect transactions in the securities. This mayalso have an impact on the price your trust paysfor the securities and the price received uponunit redemption or trust termination. The spon-sor may act as agent or principal in connectionwith the purchase and sale of securities, includingthose held by your trust, and may act as a spe-cialist market maker in the securities. The spon-sor may also issue reports and make recommen-dations on the securities in your trust. The spon-sor or an affiliate may have participated in a pub-lic offering of one or more of the securities inyour trust. The sponsor, an affiliate or theiremployees may have a long or short position inthese securities or related securities. An officer,director or employee of the sponsor or an affiliatemay be an officer or director for the issuers of thesecurities.

TThhee TTrruusstteeee.. The Bank of New YorkMellon is the trustee of your trust with its prin-cipal unit investment trust division offices locat-ed at 2 Hanson Place, 12th Floor, Brooklyn,New York 11217. You can contact the trusteeby calling the telephone number on the backcover of this prospectus or by writing to its unitinvestment trust office. We may remove andreplace the trustee in some cases without yourconsent. The trustee may also resign by notify-ing us and investors.

HHooww WWee DDiissttrriibbuuttee UUnniittss.. We sell units tothe public through broker-dealers and otherfirms. These distribution firms each pay part ofthe sales fee when they sell units. During the ini-tial offering period, the broker-dealer concession



or agency commission for broker-dealers andother firms is as follows:

Concessionor Agency

Transaction Amount Commission

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

We apply these concessions or agency com-missions as a percent of the public offering priceper unit at the time of the transaction. The bro-ker-dealer concession or agency commission is65% of the sales fee for secondary market sales.For transactions involving unitholders of otherunit investment trusts who use their redemptionor termination proceeds to purchase units of yourtrust, the broker-dealer concession or agencycommission is 1.30% of the public offering priceper unit. No broker-dealer concession or agencycommission is paid to broker-dealers, investmentadvisers or other selling firms in connection withunit sales in Fee Accounts subject to a Wrap Fee.

Broker-dealers and other firms that sell units ofcertain unit investment trusts for which AAM actsas sponsor are eligible to receive additional com-pensation for volume sales. The sponsor offers twoseparate volume concession structures for certaintrusts that are referred to as “Volume ConcessionA” and “Volume Concession B.” The trustsoffered in this prospectus are Volume Concession Atrusts. Broker-dealers and other firms that sellunits of any Volume Concession A trust are eligibleto receive the additional compensation describedbelow. Such payments will be in addition to theregular concessions paid to firms as set forth in the

applicable trust’s prospectus. The additional con-cession is based on total initial offering period salesof all Volume Concession A trusts during a calen-dar quarter as set forth in the following table:

Initial Offering Period Sales VolumeDuring Calendar Quarter Concession

Less than $10,000,000 0.000%$10,000,000 but less than $25,000,000 0.050$25,000,000 but less than $50,000,000 0.100$50,000,000 but less than $75,000,000 0.110$75,000,000 but less than $100,000,000 0.120$100,000,000 but less than $250,000,000 0.125$250,000,000 but less than $500,000,000 0.135$500,000,000 or more 0.150

This volume concession will be paid on unitsof all Volume Concession A trusts sold in the ini-tial offering period, except as described below. Fora trust to be eligible for this additional VolumeConcession A compensation for calendar quartersales, the trust’s prospectus must include disclosurerelated to this additional Volume Concession Acompensation; a trust is not eligible for this addi-tional Volume Concession A compensation if theprospectus for such trust does not include disclo-sure related to this additional Volume ConcessionA compensation. Broker-dealer firms will notreceive additional compensation unless they sell atleast $10.0 million of units of Volume ConcessionA trusts during a calendar quarter. For example, ifa firm sells $9.5 million of units of VolumeConcession A trusts in the initial offering periodduring a calendar quarter, the firm will not receiveany additional compensation with respect to suchtrusts. Once a firm reaches a particular breakpointduring a quarter, the firm will receive the statedvolume concession on all initial offering periodsales of Volume Concession A trusts during theapplicable quarter. For example, if a firm sells$12.5 million of units of Volume Concession Atrusts in the initial offering period during a calendar


quarter, the firm will receive additional compensa-tion of 0.05% of $12.5 million and if a firm sells$27.0 million of units of Volume Concession Atrusts in the initial offering period during a calen-dar quarter, the firm will receive additional com-pensation of 0.100% of $27.0 million.

In addition, dealer firms will not receive vol-ume concessions on the sale of units which arenot subject to a transactional sales charge.However, such sales will be included in determin-ing whether a firm has met the sales level break-points for volume concessions subject to the poli-cies of the related selling firm. Secondary marketsales of all unit trusts are excluded for purposes ofthese volume concessions. We will pay theseamounts out of our own assets within a reason-able time following each calendar quarter.

Any sales fee discount is borne by the bro-ker-dealer or selling firm out of the broker-dealerconcession or agency commission. We reservethe right to change the amount of concessions oragency commissions from time to time.

We currently may provide, at our ownexpense and out of our own profits, additionalcompensation and benefits to broker-dealers whosell units of your trust and our other products.This compensation is intended to result in addi-tional sales of our products and/or compensatebroker-dealers and financial advisors for pastsales. A number of factors are considered indetermining 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 preferredor recommended product list and access to anintermediary’s personnel. We may make thesepayments for marketing, promotional or related

expenses, 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’s rep-resentatives 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 costsincurred 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 your trust,over other products. These arrangements willnot change 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 or redeemthem. We may also gain or lose money when wedeposit securities to create units. The amount ofour profit or loss on the initial deposit of securi-ties into your trust is shown in the “Notes toPortfolio” section for your trust.

TTAAXXEESS——RREEGGUULLAATTEEDD IINNVVEESSTTMMEENNTT CCOOMMPPAANNIIEESS

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

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

This federal income tax summary is based inpart on the advice of counsel to the sponsor. TheInternal Revenue Service could disagree with anyconclusions set forth in this section. In addition,our counsel was not asked to review, and has notreached a conclusion with respect to the federalincome tax treatment of the assets to be depositedin your trust. This may not be sufficient for youto use for the purpose of avoiding penalties underfederal tax law.

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

TTrruusstt SSttaattuuss.. Your trust intends to qualify asa “regulated investment company” under the fed-eral tax laws. If your trust qualifies as a regulatedinvestment company and distributes its income asrequired by the tax law, your trust generally will

not pay federal income taxes. If your trust investsin a partnership, an adverse federal income taxaudit of that partnership could result in the trustbeing required to pay federal income tax or pay adeficiency dividend (without having receivedadditional cash).

DDiissttrriibbuuttiioonnss.. Trust distributions are general-ly taxable. After the end of each year, you willreceive a tax statement that separates your trust’sdistributions into three categories, ordinaryincome distributions, capital gain dividends andreturn of capital. Ordinary income distributionsare generally taxed at your ordinary tax rate, how-ever, as further discussed below, certain ordinaryincome distributions received from your trustmay be taxed at the capital gains tax rates.Generally, you will treat all capital gain dividendsas long-term capital gains regardless of how longyou have owned your units. To determine youractual tax liability for your capital gain dividends,you must calculate your total net capital gain orloss for the tax year after considering all of yourother taxable transactions, as described below. Inaddition, your trust may make distributions thatrepresent a return of capital for tax purposes andthus will generally not be taxable to you. Areturn of capital, although not initially taxable toyou, will result in a reduction in the basis in yourunits and subsequently result in higher levels oftaxable capital gains in the future. In addition, ifthe non-dividend distribution exceeds your basisin your units, you will have long-term or short-term gain depending upon your holding period.The tax status of your distributions from yourtrust is not affected by whether you reinvest yourdistributions in additional units or receive themin cash. The income from your trust that youmust take into account for federal income taxpurposes is not reduced by amounts used to pay adeferred sales fee, if any. The tax laws mayrequire you to treat distributions made to you in


January as if you had received them on December31 of the previous year. Income from your trustmay also be subject to a 3.8 percent “medicaretax.” This tax generally applies to your net invest-ment income if your adjusted gross incomeexceeds certain threshold amounts, which are$250,000 in the case of married couples filingjoint returns and $200,000 in the case of singleindividuals.

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

SSaallee oorr RReeddeemmppttiioonn ooff UUnniittss.. If you sell orredeem your units, you will generally recognize ataxable gain or loss. To determine the amount 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.

CCaappiittaall GGaaiinnss aanndd LLoosssseess aanndd CCeerrttaaiinn OOrrddiinnaarryyIInnccoommee DDiivviiddeennddss.. If you are an individual, themaximum marginal stated federal tax rate for netcapital gain is generally 20% for taxpayers in the39.6% tax bracket, 15% for taxpayers in the 25%,28%, 33% and 35% tax brackets and 0% for tax-payers in the 10% and 15% tax brackets. Someportion of your capital gain dividends may be sub-

ject to higher maximum marginal stated federalincome tax rates. Some portion of your capitalgain dividends may be attributable to the trust’sinterest in a master limited partnership which maybe subject to a maximum marginal stated federalincome tax rate of 28%, rather than the rates setforth above. In addition, capital gain receivedfrom assets held for more than one year that isconsidered “unrecaptured section 1250 gain”(which may be the case, for example, with somecapital gains attributable to equity interests in realestate investment trusts that constitute interests inentities treated as real estate investment trusts forfederal income tax purposes) is taxed at a maxi-mum stated tax rate of 25%. In the case of capitalgain dividends, the determination of which por-tion of the capital gain dividend, if any, is subjectto the 28% tax rate or the 25% tax rate, will bemade based on rules prescribed by the UnitedStates Treasury. Capital gains may also be subjectto the “medicare tax” described above.

Net capital gain equals net long-term capitalgain minus net short-term capital loss for the tax-able year. Capital gain or loss is long-term if theholding period for the asset is more than one yearand is short-term if the holding period for theasset is one year or less. You must exclude thedate you purchase your units to determine yourholding period. However, if you receive a capitalgain dividend from your trust and sell your unitat a loss after holding it for six months or less, theloss will be recharacterized as long-term capitalloss to the extent of the capital gain dividendreceived. The tax rates for capital gains realizedfrom assets held for one year or less are generallythe same as for ordinary income. The InternalRevenue Code treats certain capital gains as ordi-nary income in special situations.

Ordinary income dividends received by anindividual unitholder from a regulated investment


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

IInn--KKiinndd DDiissttrriibbuuttiioonnss.. Under certain circum-stances, as described in this prospectus, you mayreceive an in-kind distribution of trust securitieswhen you redeem units or when your trust termi-nates. This distribution will be treated as a salefor federal income tax purposes and you will gen-erally recognize gain or loss, generally based onthe value at that time of the securities and theamount of cash received. The Internal RevenueService could however assert that a loss could notbe currently deducted.

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

DDeedduuccttiibbiilliittyy ooff TTrruusstt EExxppeennsseess.. Expensesincurred and deducted by your trust will generallynot be treated as income taxable to you. In somecases, however, you may be required to treat yourportion of these trust expenses as income. Inthese cases you may be able to take a deductionfor these expenses. However, certain miscella-neous itemized deductions, such as investmentexpenses, may be deducted by individuals only tothe extent that all of these deductions exceed 2%of the individual’s adjusted gross income. Someindividuals may also be subject to further limita-

tions on the amount of their itemized deductions,depending on their income.

FFoorreeiiggnn TTaaxx CCrreeddiitt.. If your trust invests inany foreign securities, the tax statement that youreceive may include an item showing foreign taxesyour trust paid to other countries. In this case,dividends taxed to you will include your share ofthe taxes your trust paid to other countries. Youmay be able to deduct or receive a tax credit foryour share of these taxes.

IInnvveessttmmeennttss iinn CCeerrttaaiinn FFoorreeiiggnn CCoorrppoorraattiioonnss..If your trust holds an equity interest in any “pas-sive foreign investment companies” (“PFICs”),which are generally certain foreign corporationsthat receive at least 75% of their annual grossincome from passive sources (such as interest,dividends, certain rents and royalties or capitalgains) or that hold at least 50% of their assets ininvestments producing such passive income, thetrust could be subject to U.S. federal income taxand additional interest charges on gains and cer-tain distributions with respect to those equityinterests, even if all the income or gain is timelydistributed to its unitholders. Your trust willnot be able to pass through to its unitholdersany credit or deduction for such taxes. Yourtrust may be able to make an election that couldameliorate these adverse tax consequences. Inthis case, your trust would recognize as ordinaryincome any increase in the value of such PFICshares, and as ordinary loss any decrease in suchvalue to the extent it did not exceed priorincreases included in income. Under this elec-tion, your trust might be required to recognizein a year income in excess of its distributionsfrom PFICs and its proceeds from dispositionsof PFIC stock during that year, and such incomewould nevertheless be subject to the distributionrequirement and would be taken into accountfor purposes of the 4% excise tax. Dividends


paid by PFICs are not treated as qualified divi-dend income.

FFoorreeiiggnn IInnvveessttoorrss.. If you are a foreign investor(i.e., an investor other than a U.S. citizen or resi-dent or a U.S. corporation, partnership, estate ortrust), you should be aware that, generally, subjectto applicable tax treaties, distributions from yourtrust will be characterized as dividends for federalincome tax purposes (other than dividends whichyour trust properly reports as capital gain divi-dends) and will be subject to U.S. income taxes,including withholding taxes, subject to certainexceptions described below. However, distribu-tions received by a foreign investor from yourtrust that are properly reported by your trust ascapital gain dividends may not be subject to U.S.federal income taxes, including withholding taxes,provided that your trust makes certain electionsand certain other conditions are met.Distributions from your trust that are properlyreported by the trust as an interest-related divi-dend attributable to certain interest incomereceived by the trust or as a short-term capitalgain dividend attributable to certain net short-term capital gain income received by the trustmay not be subject to U.S. federal income taxes,including withholding taxes when received by cer-tain foreign investors, provided that the trustmakes certain elections and certain other condi-tions are met. In addition, distributions inrespect of units may be subject to a U.S. with-holding tax of 30% in the case of distributions to(i) certain non-U.S. financial institutions thathave not entered into an agreement with the U.S.Treasury to collect and disclose certain informa-tion and are not resident in a jurisdiction that hasentered into such an agreement with the U.S.Treasury and (ii) certain other non-U.S. entitiesthat do not provide certain certifications andinformation about the entity’s U.S. owners.Dispositions of units by such persons may be sub-

ject to such withholding after December 31,2018. You should also consult your tax advisorwith respect to other U.S. tax withholding andreporting requirements.

EEXXPPEENNSSEESS

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

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

Your trust will pay a fee to the trustee for itsservices. The trustee also benefits when it holdscash for your trust in non-interest bearingaccounts. Your trust will reimburse us as supervi-sor, evaluator and sponsor for providing portfoliosupervisory services, for evaluating your portfolioand for providing bookkeeping and administrativeservices. Our reimbursements may exceed thecosts of the services we provide to your trust butwill not exceed the costs of services provided to allof our unit investment trusts in any calendar year.All of these fees may adjust for inflation withoutyour approval.


Your trust will also pay its general operatingexpenses. Your trust may pay expenses such astrustee expenses (including legal and auditingexpenses), various governmental charges, fees forextraordinary trustee services, costs of takingaction to protect your trust, costs of indemnify-ing the trustee and the sponsor, legal fees andexpenses, expenses incurred in contacting youand any applicable license fee for the use of cer-tain service marks, trademarks and/or tradenames. Your trust may pay the costs of updatingits registration statement each year. The trusteewill generally pay trust expenses from distribu-tions received on the securities but in some casesmay sell securities to pay trust expenses.

EEXXPPEERRTTSS

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

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

AADDDDIITTIIOONNAALL IINNFFOORRMMAATTIIOONN

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

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


RReeppoorrtt ooff IInnddeeppeennddeenntt RReeggiisstteerreedd PPuubblliicc AAccccoouunnttiinngg FFiirrmm

UUnniitthhoollddeerrssAAddvviissoorrss DDiisscciipplliinneedd TTrruusstt 11770033

We have audited the accompanying statements of financial condition, including the trust portfolios on pages 4 through 7, 10 through 12,16 and 17, 21 through 23 and 27 through 29 of Advisors Disciplined Trust 1703, as of August 16, 2016, the initial date of deposit. Thestatements of financial condition are the responsibility of the trusts’ sponsor. Our responsibility is to express an opinion on these statementsof financial condition based on our audits.

We conducted our audits in accordance with auditing standards of the Public Company Accounting Oversight Board (United States). Thosestandards require that we plan and perform the audits to obtain reasonable assurance about whether the statements of financial condition arefree of material misstatement. We were not engaged to perform audits of the trusts’ internal control over financial reporting. Our auditsincluded consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the trusts’ internal control over financial reporting.Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosuresin the statements of financial condition, assessing the accounting principles used and significant estimates made by the sponsor, as well asevaluating the overall financial statement presentation. Our procedures included confirmation with The Bank of New York Mellon, trustee,of cash or an irrevocable letter of credit deposited for the purchase of securities as shown in the statements of financial condition as of August16, 2016. We believe that our audits of the statements of financial condition provide a reasonable basis for our opinion.

In our opinion, the statements of financial condition referred to above present fairly, in all material respects, the financial position of AdvisorsDisciplined Trust 1703 as of August 16, 2016, in conformity with accounting principles generally accepted in the United States of America.

Chicago, Illinois GRANT THORNTON LLPAugust 16, 2016

Advisors Disciplined Trust 1703 Advisors Core Bahl & Gaynor DividendEquity Strategy Income Growth Advantage

Statements of Financial Condition as of August 16, 2016 Portfolio Portfolio Portfolio

IInnvveessttmmeenntt iinn sseeccuurriittiieessContracts to purchase underlying securities (1)(2) . . . . . . . . . . . . . . $ 148,441 $ 148,139 $ 148,358

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,441 $ 148,139 $ 148,358

LLiiaabbiilliittiieess aanndd iinntteerreesstt ooff iinnvveessttoorrssLiabilities:

Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 735 $ 569 $ 569Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,174 2,170 2,173Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . . . 750 748 749

3,659 3,487 3,491Interest of investors:

Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,940 149,640 149,860Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,499 1,501 1,502Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . . . . . 3,659 3,487 3,491Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,782 144,652 144,867Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,441 $ 148,139 $ 148,358

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,994 14,964 14,986Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.656 $ 9.667 $ 9.667

(Continued)

See Notes to Statements of Financial Condition on page 52.


Advisors Disciplined Trust 1703 European Minimum VolatilitySelect Equity Income

Statements of Financial Condition as of August 16, 2016 (Continued) Portfolio Portfolio

IInnvveessttmmeenntt iinn sseeccuurriittiieessContracts to purchase underlying securities (1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,229 $ 147,916

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,229 $ 147,916

LLiiaabbiilliittiieess aanndd iinntteerreesstt ooff iinnvveessttoorrssLiabilities:

Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 739 $ 732Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,186 2,166Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 754 747

3,679 3,645Interest of investors:

Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,740 149,410Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,511 1,494Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,679 3,645Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,550 144,271Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,229 $ 147,916

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,074 14,941Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.656 $ 9.656

NNootteess ttoo SSttaatteemmeennttss ooff FFiinnaanncciiaall CCoonnddiittiioonn

(1) Aggregate cost of the securities is based on the closing sale price evaluations as determined by the evaluator.

(2) Cash or an irrevocable letter of credit has been deposited with the trustee covering the funds (aggregating $1,000,000 with $200,000 allocated to eachtrust) necessary for the purchase of securities in the trusts represented by purchase contracts.

(3) A portion of the public offering price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing the trusts.These costs have been estimated at $0.049 per unit for the Advisors Core Equity Strategy Portfolio, European Select Portfolio and MinimumVolatility Equity Income Portfolio and $0.038 per unit for the Bahl & Gaynor Income Growth Portfolio and Dividend Advantage Portfolio.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 accountmaintained by the trustee from which this obligation of the investors will be satisfied. To the extent the actual organization costs are greater thanthe estimated amount, only the estimated organization costs added to the public offering price will be reimbursed to the sponsor and deductedfrom the assets of the trust.

(4) The total sales fee consists of an initial sales fee, a deferred sales fee and a creation and development fee. The initial sales fee is equal to thedifference between the maximum sales fee and the sum of the remaining deferred sales fee and the total creation and development fee. Themaximum sales fee is 2.95% of the public offering price per unit. The deferred sales fee is equal to $0.145 per unit and the creation anddevelopment fee is equal to $0.05 per unit.

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


ContentsInvestment Summary

A concise description 2 Advisors Core Equityof essential information Strategy Portfolioabout the portfolio 8 Bahl & Gaynor

Income Growth Portfolio

13 Dividend Advantage Portfolio

18 European Select Portfolio

24 Minimum Volatility EquityIncome Portfolio

Understanding Your Investment

Detailed information to 30 How to Buy Unitshelp you understand 33 How to Sell Your Unitsyour investment 36 Distributions

37 Investment Risks41 How the Trust Works46 Taxes—Regulated Investment

Companies49 Expenses50 Experts50 Additional Information51 Report of Independent Registered

Public Accounting Firm51 Statements of Financial Condition

Where to Learn More

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

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

Additional Information

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

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

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

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

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

Refer to:Advisors Disciplined Trust 1703Securities Act file number: 333-211685Investment Company Act file number: 811-21056

ADVISORS CORE EQUITYSTRATEGY PORTFOLIO,

SERIES 2016-3Q

BAHL & GAYNORINCOME GROWTH PORTFOLIO,

SERIES 2016-3Q

DIVIDEND ADVANTAGEPORTFOLIO,

SERIES 2016-3Q

EUROPEAN SELECT PORTFOLIO,SERIES 2016-3Q—A CYRUS J.

LAWRENCE LLC(“CJL”) PORTFOLIO

MINIMUM VOLATILITY EQUITYINCOME PORTFOLIO,

SERIES 2016-3Q—A HARTFORDINVESTMENT MANAGEMENT

COMPANY (“HIMCO”)PORTFOLIO

PROSPECTUS

AUGUST 16, 2016

Documents

Advisors Core Equity Strategy Portfolio, Series 2016-3Q ... · 18 SLB Schlumberger Limited (3) 1.00 82.04 1,477 41 SE Spectra Energy Corporation 1.00 36.07 1,479 ... 17 MDT Medtronic