Clsd-End Strgy: Master Muni Income - National (CSNA0193)

Objective

The Portfolio seeks to provide current income exempt from federal income tax and the potential for capital appreciation. 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"). These closed-end funds generally seek to invest in federal tax-exempt municipal bonds. Income may be subject to the alternative minimum tax and state and local taxes.

1The Historical 12 Month Distributions figure is for illustrative purposes only and is not indicative of the trust's actual distributions. For a trust deposited after April 1, 2019, and effective July 31, 2019 for all other trusts, this per unit amount is based upon the weighted average of the actual distributions paid by the securities included in the trust over the 12 months preceding the trust's deposit date, and is reduced to account for the effects of fees and expenses which will be incurred when investing in the trust. The Historical 12 Month Distributions figure is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter following the close of the trust's initial offering period. There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The distributions paid by the trust may be higher or lower than the Historical 12 Month Distributions amount shown due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, currency fluctuations, the sale of trust securities to pay any deferred sales charges, trust fees and expenses, variations in the trust's per unit price, or with the call, maturity or the sale of securities in the trust.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from any historical or estimated amount due to changes in the trust's fees and expenses, in actual income received by the trust, currency fluctuations and with changes in the trust such as acquisition or liquidation of securities. Distributions made by certain securities in the trust may include non-ordinary income.

  The trust will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The trust may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.

The trust portfolio is provided for informational purposes only and should not be deemed as a recommendation to buy or sell the individual securities shown above.


About risk

There is no assurance the 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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

Income may be subject to state and local taxes and to the alternative minimum tax (AMT). 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.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. In a low interest rate environment, risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

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

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

A security issuer may be unable to make payments of interest, dividends or principal 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.

The Portfolio is concentrated in closed-end funds that invest in municipal bonds. Municipal bonds are typically long-term fixed rate debt obligations issued by a municipality or agency thereof, and as a result are generally subject to the various economic, political and other such risks that may affect an issuer. Like other fixed income securities, municipal bonds generally decline in value with increases in interest rates. The market for municipal bonds is generally less liquid than for other securities and therefore the price of municipal bonds may be more volatile and subject to greater price fluctuations than securities with greater liquidity.

Certain of the closed-end funds may invest in high-yield bonds. High-yield bonds are generally below investment grade quality ("junk" bonds). Securities rated "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The yield on closed-end funds which invest in bonds will generally decline in a falling interest rate environment and increase in a rising interest rate environment.

The Portfolio, through its investments in various closed-end funds, may have significant exposure to certain market sectors. Accordingly, the Portfolio may be more susceptible to economic, political and other occurrences influencing those sectors.

as of 09/20/2019
Closed-end Funds Symbol Weighting
(%)
Alliance National Municipal Inc Fd AFB 4.21
Blackrock Invt Quality Mun Tr BKN 4.36
Blackrock Long-Term Municipal Advantage BTA 5.30
Blackrock Municipal Income Trust BFK 6.28
Blackrock Munienhanced Fund, Inc. MEN 4.24
Blackrock Muniyield Fund Inc MYD 5.39
Blackrock Muniyield Quality Fund Iii, In MYI 4.28
Bny Mellon Strategic Municipals Inc LEO 6.38
Eaton Vance Municipal Income 2028 Term ETX 4.31
Eaton Vance Municipal Income Trust EVN 4.32
Invesco Quality Municipal Income Trust IQI 6.37
Nuveen Amt-Free Municipal Cred Inc Fd NVG 5.37
Nuveen Amt-Free Qual Muni Income Fund NEA 4.28
Nuveen Enhanced Municipal Value Fund NEV 5.24
Nuveen Municipal Credit Inc Fd NZF 6.36
Nuveen Quality Municipal Income Fund NAD 4.25
Putnam Managed Muni Income Trust PMM 6.39
Putnam Municipal Opportunities Trust PMO 6.51
Western Asset Managed Municipals Fund In MMU 6.18

1The Historical 12 Month Distributions figure is for illustrative purposes only and is not indicative of the trust's actual distributions. For a trust deposited after April 1, 2019, and effective July 31, 2019 for all other trusts, this per unit amount is based upon the weighted average of the actual distributions paid by the securities included in the trust over the 12 months preceding the trust's deposit date, and is reduced to account for the effects of fees and expenses which will be incurred when investing in the trust. The Historical 12 Month Distributions figure is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter following the close of the trust's initial offering period. There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The distributions paid by the trust may be higher or lower than the Historical 12 Month Distributions amount shown due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, currency fluctuations, the sale of trust securities to pay any deferred sales charges, trust fees and expenses, variations in the trust's per unit price, or with the call, maturity or the sale of securities in the trust.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from any historical or estimated amount due to changes in the trust's fees and expenses, in actual income received by the trust, currency fluctuations and with changes in the trust such as acquisition or liquidation of securities. Distributions made by certain securities in the trust may include non-ordinary income.

  The trust will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The trust may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.

The trust portfolio is provided for informational purposes only and should not be deemed as a recommendation to buy or sell the individual securities shown above.


About risk

There is no assurance the 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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

Income may be subject to state and local taxes and to the alternative minimum tax (AMT). 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.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. In a low interest rate environment, risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

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

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

A security issuer may be unable to make payments of interest, dividends or principal 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.

The Portfolio is concentrated in closed-end funds that invest in municipal bonds. Municipal bonds are typically long-term fixed rate debt obligations issued by a municipality or agency thereof, and as a result are generally subject to the various economic, political and other such risks that may affect an issuer. Like other fixed income securities, municipal bonds generally decline in value with increases in interest rates. The market for municipal bonds is generally less liquid than for other securities and therefore the price of municipal bonds may be more volatile and subject to greater price fluctuations than securities with greater liquidity.

Certain of the closed-end funds may invest in high-yield bonds. High-yield bonds are generally below investment grade quality ("junk" bonds). Securities rated "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The yield on closed-end funds which invest in bonds will generally decline in a falling interest rate environment and increase in a rising interest rate environment.

The Portfolio, through its investments in various closed-end funds, may have significant exposure to certain market sectors. Accordingly, the Portfolio may be more susceptible to economic, political and other occurrences influencing those sectors.

Historical Pricing

From   to

Distributions

From   to

LIQUIDATION PRICE
Represents the value per unit that a unitholder would receive if the unitholder redeemed or sold units. This price is equal to the net asset value per unit plus any remaining organization costs and creation and development fee. This price reflects any remaining deferred sales charges payable in connection with a liquidation of units.

OFFER PRICE
Represents the net asset value per unit plus any applicable organization costs and sales charges. This is the regular public offering price per unit paid to purchase units. This price is often subject to certain sales charge discounts described in a trust prospectus.

NET ASSET VALUE (NAV)
Represents the value per unit of a trust's portfolio securities and other assets reduced by trust expenses and other liabilities, including remaining organization costs, deferred sales charges and creation and the development fee.


This page contains historical pricing or historical income distributions information for the unit trust listed above. It should not be used for federal or state tax purposes. Please contact your financial advisor for tax information.

This information does not constitute an offer to sell, or a solicitation of an offer to buy securities in any state, or other jurisdiction to any person to whom it is not lawful to make such an offer. A trust that contains a state name in the trust name is generally available for sale only to investors in that state. The information shown may relate to a trust that is no longer offered to the public. In such a case, this information does not constitute an offer to sell, or a solicitation of an offer to buy units of the trust.

1The Historical 12 Month Distributions figure is for illustrative purposes only and is not indicative of the trust's actual distributions. For a trust deposited after April 1, 2019, and effective July 31, 2019 for all other trusts, this per unit amount is based upon the weighted average of the actual distributions paid by the securities included in the trust over the 12 months preceding the trust's deposit date, and is reduced to account for the effects of fees and expenses which will be incurred when investing in the trust. The Historical 12 Month Distributions figure is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter following the close of the trust's initial offering period. There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The distributions paid by the trust may be higher or lower than the Historical 12 Month Distributions amount shown due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, currency fluctuations, the sale of trust securities to pay any deferred sales charges, trust fees and expenses, variations in the trust's per unit price, or with the call, maturity or the sale of securities in the trust.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from any historical or estimated amount due to changes in the trust's fees and expenses, in actual income received by the trust, currency fluctuations and with changes in the trust such as acquisition or liquidation of securities. Distributions made by certain securities in the trust may include non-ordinary income.

  The trust will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The trust may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.


About risk

There is no assurance the 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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

Income may be subject to state and local taxes and to the alternative minimum tax (AMT). 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.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. In a low interest rate environment, risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

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

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

A security issuer may be unable to make payments of interest, dividends or principal 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.

The Portfolio is concentrated in closed-end funds that invest in municipal bonds. Municipal bonds are typically long-term fixed rate debt obligations issued by a municipality or agency thereof, and as a result are generally subject to the various economic, political and other such risks that may affect an issuer. Like other fixed income securities, municipal bonds generally decline in value with increases in interest rates. The market for municipal bonds is generally less liquid than for other securities and therefore the price of municipal bonds may be more volatile and subject to greater price fluctuations than securities with greater liquidity.

Certain of the closed-end funds may invest in high-yield bonds. High-yield bonds are generally below investment grade quality ("junk" bonds). Securities rated "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The yield on closed-end funds which invest in bonds will generally decline in a falling interest rate environment and increase in a rising interest rate environment.

The Portfolio, through its investments in various closed-end funds, may have significant exposure to certain market sectors. Accordingly, the Portfolio may be more susceptible to economic, political and other occurrences influencing those sectors.

as of 09/20/2019

Cumulative Return (%)

Maximum Sales Charge: 1.85%
YTD (%) Since Deposit (%) 3 Mo (%) 6 Mo (%)
With Sales Charge 0.38
Without Sales Charge 1.76
Barclays Municipal Bond 1.14
as of 09/20/2019

Average Annual Return (%)

1 Yr (%) 5 Yr (%) 10 Yr (%) Since Deposit (%)
With Sales Charge
Without Sales Charge
Barclays Municipal Bond

The performance data quoted for the individual series of a trust that has not terminated or has an open termination date is from the deposit date through the current date quoted. For individual series that have terminated, performance data quoted is from the deposit date through the termination date.

Performance data quoted represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate and units, when redeemed, may be worth more or less than their original cost.

Returns are cumulative total returns (not annualized) unless labeled as average annual total returns. All returns reflect trust expenses as incurred and assume reinvestment of income and principal distributions, except for trusts that do not offer the option of reinvesting distributions into additional trust units. Please see the related trust prospectus for additional information. Returns do not reflect taxes.

A trust's performance, especially for short time periods, should not be the sole factor in making your investment decision. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

Returns With Sales Charge reflect the maximum sales charge that would be payable by an investor upon sale or redemption of units at the end of the applicable period(s). The sales charge includes any initial or deferred sales charges other than creation and development fee. These returns do not reflect any creation and development fee prior to collection (generally the close of the initial offering period). Any creation and development fee is reflected in the returns as of the time of payment. by a trust. These returns reflect any contingent deferred sales charges only if the charges would be payable upon a unit sale or redemption at or prior to the end of the applicable performance period(s). Certain trusts are no longer offered for sale to the public and, as a result, do not publish an offer price or have a sales charge. In these cases, returns will not reflect a sales charge if a trust was not actually offered for sale to the public on the first day of the applicable period because units of the trust could not have been purchased by an investor at that time. These returns will show 'N/A' for With Sales Charge data

Returns Without Sales Charge do not reflect any sales charge and do not reflect any creation and development fee prior to collection (generally the close of the initial offering period). Any creation and development fee is reflected in the returns as of the time of payment by a trust.

There is no assurance the 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. Accordingly, you can lose money investing in this trust. Certain trusts are unmanaged and their portfolios are not intended to change during the trusts' lives except in limited circumstances. Certain trusts are passively managed and seek to track their target index during the trust's life. For a more complete discussion of the risks of investing in this trust, click on the Fact Card.

Performance Calculator

From   to
  Total Return (%)
With Sales Charge 0.38
Without Sales Charge 1.76
Barclays Municipal Bond 1.14

1The Historical 12 Month Distributions figure is for illustrative purposes only and is not indicative of the trust's actual distributions. For a trust deposited after April 1, 2019, and effective July 31, 2019 for all other trusts, this per unit amount is based upon the weighted average of the actual distributions paid by the securities included in the trust over the 12 months preceding the trust's deposit date, and is reduced to account for the effects of fees and expenses which will be incurred when investing in the trust. The Historical 12 Month Distributions figure is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter following the close of the trust's initial offering period. There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The distributions paid by the trust may be higher or lower than the Historical 12 Month Distributions amount shown due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, currency fluctuations, the sale of trust securities to pay any deferred sales charges, trust fees and expenses, variations in the trust's per unit price, or with the call, maturity or the sale of securities in the trust.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from any historical or estimated amount due to changes in the trust's fees and expenses, in actual income received by the trust, currency fluctuations and with changes in the trust such as acquisition or liquidation of securities. Distributions made by certain securities in the trust may include non-ordinary income.

  The trust will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The trust may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.


About risk

There is no assurance the 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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

Income may be subject to state and local taxes and to the alternative minimum tax (AMT). 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.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. In a low interest rate environment, risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

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

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

A security issuer may be unable to make payments of interest, dividends or principal 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.

The Portfolio is concentrated in closed-end funds that invest in municipal bonds. Municipal bonds are typically long-term fixed rate debt obligations issued by a municipality or agency thereof, and as a result are generally subject to the various economic, political and other such risks that may affect an issuer. Like other fixed income securities, municipal bonds generally decline in value with increases in interest rates. The market for municipal bonds is generally less liquid than for other securities and therefore the price of municipal bonds may be more volatile and subject to greater price fluctuations than securities with greater liquidity.

Certain of the closed-end funds may invest in high-yield bonds. High-yield bonds are generally below investment grade quality ("junk" bonds). Securities rated "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The yield on closed-end funds which invest in bonds will generally decline in a falling interest rate environment and increase in a rising interest rate environment.

The Portfolio, through its investments in various closed-end funds, may have significant exposure to certain market sectors. Accordingly, the Portfolio may be more susceptible to economic, political and other occurrences influencing those sectors.

1The Historical 12 Month Distributions figure is for illustrative purposes only and is not indicative of the trust's actual distributions. For a trust deposited after April 1, 2019, and effective July 31, 2019 for all other trusts, this per unit amount is based upon the weighted average of the actual distributions paid by the securities included in the trust over the 12 months preceding the trust's deposit date, and is reduced to account for the effects of fees and expenses which will be incurred when investing in the trust. The Historical 12 Month Distributions figure is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter following the close of the trust's initial offering period. There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The distributions paid by the trust may be higher or lower than the Historical 12 Month Distributions amount shown due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, currency fluctuations, the sale of trust securities to pay any deferred sales charges, trust fees and expenses, variations in the trust's per unit price, or with the call, maturity or the sale of securities in the trust.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from any historical or estimated amount due to changes in the trust's fees and expenses, in actual income received by the trust, currency fluctuations and with changes in the trust such as acquisition or liquidation of securities. Distributions made by certain securities in the trust may include non-ordinary income.

  The trust will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The trust may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.


About risk

There is no assurance the 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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

Income may be subject to state and local taxes and to the alternative minimum tax (AMT). 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.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. In a low interest rate environment, risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

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

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

A security issuer may be unable to make payments of interest, dividends or principal 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.

The Portfolio is concentrated in closed-end funds that invest in municipal bonds. Municipal bonds are typically long-term fixed rate debt obligations issued by a municipality or agency thereof, and as a result are generally subject to the various economic, political and other such risks that may affect an issuer. Like other fixed income securities, municipal bonds generally decline in value with increases in interest rates. The market for municipal bonds is generally less liquid than for other securities and therefore the price of municipal bonds may be more volatile and subject to greater price fluctuations than securities with greater liquidity.

Certain of the closed-end funds may invest in high-yield bonds. High-yield bonds are generally below investment grade quality ("junk" bonds). Securities rated "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The yield on closed-end funds which invest in bonds will generally decline in a falling interest rate environment and increase in a rising interest rate environment.

The Portfolio, through its investments in various closed-end funds, may have significant exposure to certain market sectors. Accordingly, the Portfolio may be more susceptible to economic, political and other occurrences influencing those sectors.

as of 09/20/2019

CSNA0193

  • Offer Price $10.10500
  • Fee Based Price $9.96810
  • Liquidation Price $9.96810

Trust Specifics

  • Jul 08, 2019 Deposit Date
  • Jul 08, 2019 -
    Oct 03, 2019
    Scheduled
    Primary Offering
    Period
  • IAAFUX NASDAQ Symbol
  • 15 months Term of Trust
  • Oct 05, 2020 Termination Date
  • Tax Status:
    Regulated Investment Company
  • 1.85% Brokerage Sales Charge
  • $0.13500 Deferred Sales Charge
    (Per Unit)
  • 0.50% Creation & Development
    Fee
  • 0.50% Fee Based Sales Charge
  • $0.447150 Historical 12 Month
    Dist.1
  • 4.43% Brokerage Historical
    12 Month Dist. Rate
  • 4.49% Fee Based Historical
    12 Month Dist. Rate 
  • Aug 25, 2019 Initial Payable Date2
  • Aug 10, 2019 Initial Record Date2
  • CUSIPs:
    46144G146Cash
    46144G153Reinvest
    46144G161Fee Based Cash
    46144G179Fee Based Reinvest
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 Fee Based CUSIP.