Managed Accounts High 50 Dividend Strategy

Managed Accounts

High 50® Dividend Strategy2nd Quarter 2021

High 50® is a registered trademark of Advisors Asset Management, Inc.

2Agenda

2

Firm Overview

High 50® Dividend Strategy

Appendix


Firm Overview

Fixed Income

Structured Products

Managed AccountsAn array of managed account solutions with investment

expertise provided by both in-house management teams and

by partnering with select boutique institutional managers.

Exchange-Traded Funds

Mutual Funds

Unit Investment Trusts

$39.7 billion in assets.*

*As of March 31, 2021. (Assets under supervision represent $7.2 billion in UIT assets. The firm has $29.1 billion in assets under administration

that represents the non-proprietary assets for which AAM provides various levels of service, but not management. The firm’s $3.4 billion in

assets under management represents AAM's proprietary separately managed account, mutual fund and ETF assets.

A Trusted Resource for Financial

Professionals

AAM provides and distributes investment solutions to all

major wirehouses and large regional firms. Advisors Asset Management, Inc. (AAM) provides a wide

array of financial tools, leading technologies and industry

expertise. We offer investment solutions for varying market

conditions and investor objectives.

3

Firm Overview4

AAM maintains 11 offices throughout the U.S.

San Diego, CA

Monument, COChicago, IL

Lisle, IL

Wichita, KS

Princeton, NJ

Boca Raton, FL

Charlotte, NC

Manhattan, NY

Melville, NY

Boerne, TX

5

ADVISORS ASSET MANAGEMENT COMPANY MILESTONESFebruary 2021

Milestones

Firm Overview6

AAM’s Managed Account Value Proposition

40+ years of EXPERIENCE providing investment solutions

As dedicated today as when we were founded in 1979 to providingCOMPLETE, TAILORED PORTFOLIO SOLUTIONS for financial professionals and their clients

Leverage our EXPERTISE to create and manage portfolios focusedon income generation, particularly in volatile markets

DIRECT ACCESS to our team of investment professionals coupled with expert guidance and PERSONALIZED customer service

7Firm Overview

Total Team = 21 Individuals

Sales and Relationship Management (2)

Christopher Genovese, Managing Director

Dave Seibert, Executive Director

Fixed Income Portfolio Management (9):

Scott Colyer, CEO

Jim Costas, EVP, Portfolio Manager

Brian Gilbert, Portfolio Manager, Taxable

Tracy Nolte, Portfolio Manager, Taxable

JB Golden, CFA®, Portfolio Manager, Core Tax-

Exempt/Taxable

Jonathan Law, Portfolio Manager, Core Tax-Exempt Len Reininger, Credit Research

Steve Majoris, Assistant Portfolio Manager

Sonja Reed, Portfolio Analyst

AAM’s Senior Portfolio

Management Team:

With over 40 years of experience, AAM understands the importance of

leveraging our expertise to create and manage portfolios successfully. The

investment team works diligently with our lead portfolio managers in managing

AAM’s array of separately managed account strategies, striving to keep them in

line with their set objectives and to better their benchmarks. With AAM, you can

expect institutional–quality management along with direct access to our team of

portfolio management professionals.

Equity Portfolio Management (4):

Scott Colyer, CEO

Cliff Corso, President & CIO

Jake Johnston, CFA®, Portfolio Manager

Christopher Vandiver, CFA®, Analyst

Operations/Trading (6)

Investment Team

Scott ColyerChief Executive Officer

Jim CostasExecutive Vice President, Portfolio Manager

Cliff CorsoPresident & Chief Investment Officer

Equity Strategies

The AAM Portfolio Management Team Meets Frequently to Discuss Strategy.

8

Investment Process

Quarterly Investment Committee Meetings

1. Manager commentary and analysis2. Determine economic outlook3. Set strategic/tactical exposures

Weekly Team Meetings

1. Market analysis2. Model review3. Security additions/removals

Daily Portfolio Reconciliation / Monitoring

1. Price movements

2. Distribution changes

3. Ratings changes

4. Corporate actions

• Broadly diversified US equity strategy with a 10-plus year track record

seeking above-average total return

• Invests in the common stock of approximately 50 US-headquartered

companies selected by applying a specialized dividend-oriented strategy.

• Diversified by sector with potential exposure to small, mid and large-

capitalization stocks

9

Ratings may not be representative of any one client’s experience because the ratings reflect an average or sample of multiple client accounts. The results and portfolios for individual accounts may vary. Investment returns and

principal value will fluctuate and there can be no assurance that any strategy’s objective will be achieved. See the ADV for Advisors Asset Management, Inc. and enclosed strategy fact card for more information about the firm,

fees, strategies and related risks. Additional information may be required to make an informed investment decision.

©2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or

timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating for separate accounts, commonly called the star rating, is a measure of a separate account’s risk-adjusted return, relative to other separate accounts in the same Morningstar Category. Separate accounts

are rated from 1 to 5 stars, with the best performers receiving 5 stars and the worst performers receiving 1 star. Separate accounts are rated for up to three periods (three, five, and 10 years), and ratings are recalculated each

quarter. The Morningstar Rating for separate accounts uses an enhanced risk-adjusted return measure, which accounts for all variations in a separate account’s monthly performance, with more emphasis on downward variation.

Separate accounts are ranked against others in the same category and stars are assigned as follows: Top 10% 5 stars, Next 22.5% 4 stars, Middle 35% 3 stars, Next 22.5% 2 stars, Bottom 10% 1 star.

Fees for separate accounts can vary widely and are negotiated between the asset manager, the separate account program sponsor or advisor, and the investor. Morningstar has chosen to employ the AIMR-approved standard of

gross-of-fees performance (before fees have been taken out) to compare separate accounts. Net-of-fees calculations often deduct the highest theoretical fees that an investor may pay. The Morningstar Rating uses an enhanced

risk-adjusted return measure based on “expected utility theory,” which accounts for all variations in a separate account’s monthly performance, with more emphasis on downward variation. Morningstar will not calculate ratings for

categories or time periods that contain fewer than five separate accounts. Each investor in the same separate account can experience slightly different total returns, because investors

have different account preferences and restrictions. Therefore, all separate account performance data is reported to Morningstar as a “composite” of similarly managed portfolios.

Strategy Highlights


Overall Morningstar RatingTM

out of 470 strategies in the

Large Value category based

on risk-adjusted returns as of

6/30/2021

3-Year 5-Year 10-Year Overall

Morningstar Rating

as of 6/30/2021

# Portfolios in Universe 470 446 347 470

All investing involves risk; loss of principal is possible. Past performance and these ratings are not indicative of future results. High 50® is a

registered trademark of Advisors Asset Management, Inc.

10

Highlights as of June 30, 2021

Strategy AUM $30.77 million

Inception Date 10/1/2007

Benchmark S&P 500 Index


High 50®

CompositeS&P 500 Index

Dividend Yield 3.03% 1.46%

Price/Earnings* (trailing 12 month) 23.40 26.88

Price/Book Value* 3.35 4.44

Price/Sales* (trailing 12 month) 2.45 3.26

Standard Deviation (5 years) 14.13% 14.99%

Composite / benchmark information as of the above date:


All investing involves risk; loss of principal is possible. Past performance is not indicative of future results. Statistics are calculated using High 50® Dividend Strategy composite portfolio. Dividend

yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. The price/earnings ratio (often shortened to the P/E ratio or the PER) is the ratio of

a company’s stock price to the company’s trailing 12 month earnings per share. The price-to-book value (P/BV) ratio is calculated by dividing the current closing price of the stock by the latest quarter’s

book value per share. The price/sales (P/S) ratio is calculated by dividing the company’s stock price by the trailing 12 months sales per share. See the ADV

for Advisors Asset Management, Inc. and enclosed strategy fact card for more information about the firm, fees, strategies and related risks. Additional

information may be required to make an informed investment decision.

Strategy Highlights

* Weighted harmonic average

• The strategy selects five high-yielding stocks from each of the Global Industry Classification Standard (GICS®) sectors, with the

financials and real estate sectors combined as a single sector.

• Comprised of 50* US-headquartered stocks approximately equal-weighted with 2% per name and approximately 10% allocation

to each GICS® sector (with financials and real estate sectors combined into a single sector) as of each rebalance date.

• In general, portfolios are rebalanced once a year based on the current model and held for 12 months according to that list.**

11

Investment Process


* Number of portfolio holdings between each rebalancing may vary slightly due to corporate actions, changes in GICS® sectors or classification or significant changes in dividend policy.

** Later application of the strategy could result in the selection of different securities. Security and sector weights will vary after the rebalance date.

High 50® is a registered trademark of Advisors Asset Management, Inc. All investing involves risk; loss of principal is possible.

Page 1 of 4Page 1 of 4

High 50® Dividend Strategy • www.aamlive.com • ©2021 Advisors Asset Management, Inc. All rights reserved. Past performance does not guarantee future results. Please see the disclosure section for additional information. High 50 is a registered trademark of Advisors Asset Management, Inc.

High 50® Dividend StrategySeparately Managed Accounts

June 30, 2021

AAM’s High 50® Dividend Strategy (High 50®) seeks to provide above average total return by investing in the common stock of 501 U.S.-headquartered companies selected by applying a specialized dividend-oriented strategy. The strategy selects five high-yielding stocks from each of the Global Industry Classification Standard (GICS®) sectors, with the financials and real estate sectors combined as a single sector.

Investment Objective and Strategy

Investment Process

Quantitative. Disciplined. Diversified.

1 Number of portfolio holdings between each rebalancing may vary slightly due to corporate actions, changes in GICS® sectors or classification or significant changes in dividend policy.

Advisors Asset Management, Inc. (AAM) 18925 Base Camp Road • Monument, CO 80132Founded: 1979 Firm Assets Under Management: $3.607 billion

Trailing Performance (Total returns as of the date shown above; annualized for periods greater than one year)

High 50® Composite S&P 500® Index Gross of fee Net of fee

Quarter 4.89% 4.75% 8.55%

Year-to-Date 15.73 15.41 15.25

1 Year 35.49 34.75 40.79

3 Year 12.82 12.19 18.67

5 Year 12.40 11.73 17.65

10 Year 11.33 10.64 14.84

Since Inception (10/2007) 8.65 7.94 9.98

Standard deviation %

More return/less risk

Less return/less risk

More return/more risk

Less return/more risk0

10

20

0 10 20

Portfolio Construction: This strategy is intended to be a broadly diversified U.S. equity portfolio. As of each rebalance date, the portfolio is intended to be comprised of 50 U.S.-headquartered stocks approximately equal-weighted with 2% per name and approximately 10% allocation to each GICS® sector (as described above with financials and real estate sectors combined into a single sector) with potential exposure to small, mid and large-capitalization stocks. Security and sector weights will vary after the rebalance date. In general, portfolios are rebalanced once a year based on the current model and held for 12 months according to that list. Later application of the strategy could result in the selection of different securities.

Under normal conditions, AAM will seek to invest strategy assets in accordance with the investment objectives as stated above. Unusual market conditions, special instructions and/or account restrictions may cause individual accounts to exhibit characteristics outside of the stated objectives and may impact our ability to achieve stated objectives.

* Benchmark is the S&P 500® Index.

Risk /Reward Analysis (Five years ending the date shown above)

Average Annual Total Return Standard Deviation

Sharpe RatioGross of fee Net of fee

High 50® Composite 12.40% 11.73% 14.13 0.79

Benchmark* 17.65 — 14.99 1.09

Ave

rage

ann

ual t

otal

retu

rn %



June 30, 2021


Portfolio Characteristics

High 50® Composite S&P 500®

Number of Holdings 53 500

Dividend Yield (%) 3.03 1.46

Average Market Capitalization ($B) 90.94 197.21

Turnover 30.97% N/A

Beta (5 years) 0.89 1.00

Price/Earnings* (trailing 12 month) 23.40 26.88

Price/Book Value* 3.35 4.44

Price/Sales* (trailing 12 month) 2.45 3.26

Upside Capture Ratio (5 years) 81.69 100.00

Downside Capture Ratio (5 years) 95.04 100.00

Information is based on aggregate composite account holdings as of the date shown above, unless otherwise indicated.

Sector Allocation

% High 50® Composite

Communication Services 9.28Consumer Discretionary 9.70Consumer Staples 8.91Energy 10.85Financials 8.53Healthcare 9.57Industrials 9.78Information Technology 9.50Materials 10.02Real Estate 1.83Utilities 8.83Cash & Equivalents 3.20

Annualized Total Returns – Trailing 10 Calendar Years

High 50® Composite

S&P 500®

Gross of fee

Net of fee

2020 5.28 4.71 18.40

2019 22.77 22.08 31.49

2018 -2.54 -3.16 -4.38

2017 14.68 13.95 21.83

2016 18.33 17.58 11.96

2015 -5.99 -6.60 1.38

2014 13.78 13.06 13.69

2013 26.07 25.23 32.39

2012 10.93 10.15 16.00

2011 5.98 5.27 2.11

Top 10 Holdings

% High 50® Composite

NUCOR CORP 2.84

STARWOOD PPTY TR INC 2.35

CONOCOPHILLIPS 2.34

ONEOK INC NEW 2.31

TARGET CORP 2.28

VALERO ENERGY CORP 2.21

BLACKROCK INC 2.19

LILLY ELI & CO 2.18

UNITED PARCEL SERVICE INC 2.15

JPMORGAN CHASE & CO 2.08

Investment Professionals

Cliff CorsoPresidentCIOBS, Yale UniversityMS, Columbia UniversityYears of Experience: 30+

Jacob Johnston, CFA®

Vice PresidentPortfolio ManagerBS, Western Illinois UniversityYears of Experience: 10+

Scott ColyerCEOBA, Pittsburg State UniversityJD, Washburn Univ School of LawYears of Experience: 30+

* Weighted harmonic average of underlying portfolio

(10)

(5)

-

5

10

15

20

25

30

35

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Rate

of Re

turn (

%)

Year

Mike Boyle, CFA®

Senior Vice PresidentPortfolio ManagerBS, University of IllinoisMS, Naval Postgraduate School Years of Experience: 17+



June 30, 2021


Strategy Assets (Supplemental information only; these values reflect all accounts in the strategy as of the date shown above)

Total Strategy Assets $30,776,060 Total Accounts in Strategy 68

* The S&P 500® Index is an unmanaged, market-capitalization weighted index of the 500 largest U.S. publicly traded companies by market value. It is one of the most common benchmarks for the broader U.S. equity markets. 1Partial period return from 10/2007 to 12/2007.

AAM High 50® Dividend Strategy Composite (High 50® Composite)GIPS ReportOctober 1, 2007 (inception) Through December 31, 2020

YearHigh 50® Composite

(Gross of Fee)High 50® Composite

(Net of Fee)S&P 500®

Index*

3 Year Annualized Ex-Post Standard Deviation

Composite Totals

Total Firm Assets($MM)

High 50® Composite (Gross of Fees) S&P 500® Index*

Number of Portfolios

Annual Dispersion

Total Composite Assets ($MM)

20071 -4.65% -4.89% -4.60% <=5 — $0.1 $173.1 2008 -39.26 -39.65 -37.00 <=5 — $0.8 $199.3 2009 45.50 44.35 26.46 12 4.99 $3.5 $261.9 2010 18.32 17.46 15.06 17 2.95 $6.2 $363.9 2011 5.98 5.27 2.11 20.09 18.71 27 1.44 $9.5 $385.5 2012 10.93 10.15 16.00 13.14 15.09 44 0.93 $15.7 $451.2 2013 26.07 25.23 32.39 10.19 11.94 55 0.92 $22.0 $491.1 2014 13.78 13.06 13.69 8.29 8.97 62 0.61 $26.8 $494.0 2015 -5.99 -6.60 1.38 10.15 10.47 57 0.55 $22.8 $798.0 2016 18.33 17.58 11.96 10.22 10.59 61 0.86 $27.3 $1,131.3 2017 14.68 13.95 21.83 9.35 9.92 61 0.47 $31.2 $1,325.3 2018 -2.54 -3.16 -4.38 9.46 10.80 58 1.14 $28.9 $1,576.1 2019 22.77 22.08 31.49 9.71 11.93 41 1.18 $25.5 $2,764.72020 5.28 4.71 18.40 17.08 18.53 39 2.23 $24.9 $3,259.1

3-year calculations are not available for this composite for the period of time specified and are not required to be presented for years prior to 2011.

Investing involves risk. The value of the portfolio will fluctuate based on the value of the underlying securities. Amounts and information shown in this piece are based on aggregate composite accounts holdings and are the result of actual trading. Actual portfolios may differ as a result of account size, client-imposed investment restrictions, the timing of client investments, market, economic and individual company considerations and other factors. There is no assurance that the strategy’s objective will be achieved.

This report is for informational purposes only and is subject to change. Certain information contained herein has been obtained from third-party sources believed to be reliable, but we cannot guarantee its accuracy or completeness. This material is not intended to be a recommendation or investment advice and does not constitute a solicitation to buy or sell securities. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her adviser. This presentation should only be considered as one tool in any investor’s investment decision matrix. Investors should consult their financial professional when reviewing the assumptions included in this piece. AAM and its representatives do not provide tax advice. You should consult your personal tax advisor before making any tax related investment decisions.

Advisors Asset Management, Inc. (AAM). Advisors Asset Management, Inc. (AAM) is a registered broker dealer, member FINRA and SIPC, and SEC registered investment adviser. AAM offers individual account advisory services under the business name Advisors Asset Management, Inc. and AAM’s Managed Accounts department represents the registered investment adviser within the firm. AAM also sponsors Unit Investment Trusts (UITs), which are excluded from the GIPS definition of the firm. To obtain a presentation that complies with the requirements of GIPS and/or a list of composite descriptions and a list of broad distribution pooled funds, contact your financial professional. You may also obtain this information by emailing [email protected].

Composite Definition and Performance and Characteristic Information. AAM High 50® Dividend Composite - The objective of this strategic discipline is above average total return. The strategy seeks to invest in common stocks of 50 U.S.-headquartered companies selected by applying a specialized dividend-oriented strategy. The 12-month strategy selects five high-yielding stocks from each of the Global Industry Classification Standards (GICS®) sectors, with the financials and real estate sectors combined. Factors considered in portfolio composition include, but are not limited to, market cap minimums, payout ratios and earnings and revenue trends and the strategy also looks to employ industry diversification. An appropriate benchmark for this composite would be the S&P 500 Total Return Index. The AAM High 50® Dividend Strategy composite was created in October 2007. The composite consists of all fully discretionary, unconstrained separately



June 30, 2021


CRN: 2021-0127-8892 R Link 7182

managed account (SMA) program accounts managed in the style described under the strategy description with a size of at least $25,000 (for periods after May 21, 2014) and at least $100,000 (for periods prior to May 21, 2014).

Composites are valued on the last business day of the month for all periods presented. Historical performance amounts shown assume the reinvestment of dividends, capital gains and other earnings. All results are shown in U.S. dollars. Gross returns are stated gross of the AAM advisory fees and net of applicable transaction costs. Net returns include the deduction of transaction costs and AAM advisory fees. Net of fee returns are calculated using actual management fees. The AAM advisory fee range for purposes of these calculations for this strategy is 0.25% to 1.65%. There may be some accounts with fees negotiated outside this range depending on the overall relationship with the client. Quarterly and annual account return calculations use a time-weighted monthly linked percentage return formula with appropriate adjustments for cash flows. Taxes have not been deducted. Other assumptions and calculation methods may produce different results and the results for individual accounts and for different periods may vary depending on market conditions and the composition of the account. Care should be used when comparing these results to those published by other investment advisers, other investment vehicles and unmanaged indices due to possible differences in calculation methods. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

Composites containing 5 portfolios or less show <=5 for “Number of Portfolios”. Composite dispersion measures represent the consistency of annual composite performance with respect to the individual account annual gross returns within a composite. This calculation utilizes the asset-weighted standard deviation of the individual composite component full-period portfolios around the composite weighted mean return. The Annual Dispersion calculation reflects information based on accounts that were in the composite for the entire year shown. Composites containing 5 portfolios or less for the period do not show an amount for Annual Dispersion.

All amounts shown are based on the aggregate composite account holding unless otherwise indicated. Portfolio Characteristics amounts do not reflect advisory fees.

GIPS: Advisors Asset Management Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Advisors Asset Management Inc. has been independently verified from July 1, 2003 through December 31, 2019. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying

with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Definitions: Dividend yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. The price/earnings ratio (often shortened to the P/E ratio or the PER) is the ratio of a company’s stock price to the company’s trailing 12 month earnings per share. The price-to-book value (P/BV) ratio is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. The price/sales (P/S) ratio is calculated by dividing the company’s stock price by the trailing 12 months sales per share. Turnover is a measure of how frequently assets within a portfolio are bought and sold by the manager. Turnover is calculated by taking either the total amount of new securities purchased or the amount of securities sold (whichever is less) over a particular period, divided by the total value. The measurement is usually reported for a 12-month time period. A high turnover rate can be an indication of higher fees associated with the investment. Upside/Downside Capture ratios measure the portfolio’s performance in up/down markets relative to the performance of the S&P 500 Index. An up/down market is defined as any period where the market’s return is greater/less than zero. The lower the Downside Capture ratio, the better the manager protected capital during a market decline. The higher the Upside Capture ratio, the better the manager performed during a positive market.

Benchmark: The S&P 500® Index is an unmanaged, market-capitalization weighted index including 500 leading U.S. publicly traded companies by market value. It is one of the most common benchmarks for the broader U.S. equity markets.

Indices shown are not managed portfolios and are not subject to advisory fees or trading costs. Investors cannot invest directly in the indices. Investors should be aware that the referenced benchmarks may have a different composition, volatility, risk, investment philosophy, holding times, and/or other investment-related factors that may affect the benchmark strategy’s ultimate performance results. Therefore, an investor’s individual results may vary significantly from the benchmark’s performance.

Equity Team Biographies

16

Scott ColyerChief Executive Officer

A highly respected and recognized portfolio manager

with over 30 years of industry experience, Scott Colyer

has been the CEO and CIO of AAM since 1998. An

accomplished fixed income strategist and investment

counselor, Scott’s insight is frequently featured in leading

financial media, including Barron's, The Bond Buyer,

Business Week, CNBC, CNNMoney, Fortune magazine,

Fox Business TV, Investment News, MarketWatch,

Pensions & Investments, TheStreet.com and The Wall

Street Journal.

Jacob (Jake) Johnston, CFA®

Vice President, Portfolio Manager

Jacob Johnston has over ten years of investment

experience and is currently involved in the security

selection and supervision for several of the firm’s unit

investment trusts, including both quantitative strategies

and themed portfolios. He also serves as a portfolio

manager for separately managed accounts.

Mr. Johnston received his undergraduate degree from

Western Illinois University and his graduate degree from

Keller Graduate School of Management. He holds the

Chartered Financial Analyst designation and Series 7, 24

and 66 registrations.

Cliff CorsoPresident & Chief Investment Officer

Prior to AAM, Cliff was at Insight Investment and served

as the Executive Chairman, North America. Cliff joined

Insight in January 2015 following BNY Mellon's

acquisition of Cutwater Asset Management (Cutwater).

While at Cutwater, Cliff held the dual roles of CEO and

Chief Investment Officer and helped build the firm to one

of the largest fixed income managers in the world. He is

a frequent guest on CNBC and has lectured on finance at

various universities. Mr. Corso graduated from Yale

University with a degree in economics and earned an

MBA from Columbia University.

Chris Vandiver, CFA®

Securities Analyst

Christopher (Chris) Vandiver has over six years of

experience as an analyst and joined Advisors Asset

Management in January of 2013. He is involved with the

security selection and supervision for a number of the

firm’s unit investment trusts, including quantitative

strategies and themed portfolios.

Mr. Vandiver received a BS degree in Finance from

Missouri State University. In addition, he has earned the

Chartered Financial Analyst (CFA) designation and is

Series 7 and 66 licensed.

Disclosures

This report is for informational purposes only and subject to change. All content has been obtained from sources believed reliable; however, we do not guarantee its accuracy or completeness. Each account will be managed on an individual basis and will have variations. Investment return and principal value will fluctuate and there can be no assurance that the portfolio's objective will be achieved. Past performance does not guarantee comparable future results. Actual returns may be lower. Bonds are subject to a variety of risks, including interest rate, income, credit and inflation risk.

The information within this report should not be considered investment advice or a recommendation to buy/sell any security.

All investing involves risk; loss of principal is possible. Past performance is not indicative of future results.

Risk assessments and commentary are subjective views of AAM’s portfolio manager and not necessarily based on specific market research or factors.

All AAM employees, including research associates, receive compensation that is based in part upon the overall performance of the firm. AAM may make a market in or have other financial interests in any security or sector discussed in this report. Investors should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Past performance does not guarantee future performance.

Advisors Asset Management Inc. (AAM) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Advisors Asset Management Inc. has been independently verified from July 1, 2003 through December 31, 2020. The verification report(s) is/are available upon request.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Advisors Asset Management, Inc. is a registered broker/dealer, member FINRA and SIPC, and SEC registered investment adviser. To obtain a presentation that complies with the requirements of GIPS and/or a list and description of all firm composites, contact your financial professional. You may also obtain this information by emailing [email protected].

This presentation is for informational purposes only and subject to change. All content has been obtained from sources believed reliable; however, we do not guarantee its accuracy or completeness. Each account will be managed on an individual basis and will have variations. Investment return and principal value will fluctuate and there can be no assurance that the portfolio's objective will be achieved. Past performance does not guarantee comparable future results. Actual returns may be lower.

Unusual market conditions may cause some securities in the portfolios to temporarily exhibit characteristics outside the investment objectives.

17

mailto:[email protected]

Disclosures

18925 Base Camp Road • Monument, CO 80132 • www.aamlive.com • ©2021 Advisors Asset Management, Inc. Advisors Asset Management, Inc.

(AAM) is an SEC-registered investment advisor and member FINRA/SIPC. CRN: 2021-0205-8937 R Link 7267

18

Fee Disclosures: Fees are based on total market value of the account including all assets (cash, stocks, bonds, etc.) at the end of the period. These fees do not include custodial charges. There is no guarantee that the advisory services offered will result in the clients’ goals and objectives being achieved, nor is there any guarantee of profit or protection from loss.

Benchmark Disclosures: Indices listed are used as a general measure of the economy and of market performance for a particular asset class or type. Indices assume reinvestment of all distributions and interest payments and do not take into account brokerage fees or taxes. It is not possible to invest directly in an index.

The results and portfolios for individual accounts may vary. Investment returns and principal value will fluctuate and there can be no assurance that any strategy’s objective will be achieved. See the ADV for Advisors Asset Management, Inc. and Strategy fact card for more information about the firm, fees, strategy and related risks.

Additional information may be required to make an informed investment decision.

http://www.aamlive.com/

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Managed Accounts High 50 Dividend Strategy