The portfolio seeks to provide income exempt from federal income tax. The portfolio seeks to achieve its objective by investing in a portfolio consisting of common stock of closed-end investment companies (known as "closed-end funds") selected by Cohen & Steers Capital Management, Inc. ("Cohen & Steers") These closed-end funds generally seek to invest in tax-exempt municipal bonds. Income may be subject to the alternative minimum tax and state and local taxes.
||Jan 03, 2013
|Scheduled Primary Offering Period
||Jan 03, 2013 - Apr 01, 2013
|Term of Trust
||Apr 02, 2014
Regulated Investment Company
|Public Offering Price
(End of deposit date)
|Maximum Sales Charge
|Sales Charge Schedule
|Sales Charge Volume Discount
|Est. Net Annual Income1
|Initial Payable Date2
||Feb 25, 2013
|Initial Record Date2
||Feb 10, 2013
||Reinvest, Cash, Wrap Reinvest, Wrap Cash
|Estimated Frequency of Offering
Investors in fee-based accounts will not be assessed the initial or deferred sales charges for
eligible fee-based purchases and must purchase units with a Wrap Fee CUSIP.
There is no assurance that a unit investment trust will achieve its investment objective. An investment in this unit investment trust is subject to market risk, which is the possibility that the market values of securities owned by the trust will decline and that the value of trust units may therefore be less than what you paid for them. This trust is unmanaged and its portfolio is not intended to change during the trust's life except in limited circumstances. Accordingly, you can lose money investing in this trust.
Income may be subject to state and local taxes and the alternative minimum tax (AMT). Future laws could eliminate the tax exemption for municipal income. In addition, certain distributions paid by certain funds may be subject to federal, state and local taxes. Invesco and its representatives do not provide tax advice. You should consult your tax adviser for further information on tax implications.
In a declining interest-rate environment, the portfolio may generate less income. Additionally, more bonds in an underlying fund may be called by the issuer, which may decrease the overall income potential of the portfolio. In a rising interest-rate environment, bond prices fall.
You will bear not only your share of the trust's expenses, but also those of the underlying funds. By investing in other funds, the trust incurs greater expenses than you would incur if you invested directly in the funds.
Shares of closed-end funds frequently trade at a discount to their net asset value in the secondary market and the net asset value of closed-end fund shares may decrease.
A security issuer may be unable to make interest and/or principal payments in the future. This may reduce the level of dividends a closed-end fund pays which would reduce your income and cause the value of your units to fall.
Certain of the closed-end funds may employ the use of leverage in their portfolios. While leverage often increases the yield of a closed-end fund, it also increases risks, including the likelihood of increased volatility and the possibility that the closed-end fund's common share income will fall if the dividend rate on the preferred shares or the interest rate on any borrowings rises.
Certain of the closed-end funds may invest in high yield bonds. High yield bonds are generally below investment grade quality("junk" bonds). Investing in such bonds should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize such bonds. Junk bonds are subject to numerous risks including higher interest rates, economic recession, deterioration of the junk bond market, possible downgrades and defaults of interest and/or principal. Junk bond prices tend to fluctuate more than higher rated bonds and are affected by short-term credit developments to a greater degree.
Cohen & Steers Capital Management Inc., is being paid a license fee for the use of certain service marks and is also being compensated for portfolio consultant services, including selection of stocks for the trust.