Unit Trusts

Clsd-End Strgy: Master Income Portfolio (MSTR0037)

Objective

The portfolio seeks high current income. 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. These closed-end funds generally seek to invest in income-producing securities or strategies, such as preferred securities, convertible bonds, real estate investment trusts (REITs), high yield securities, limited duration securities, senior loans, global income, emerging markets bonds, corporate bonds, covered call option strategies and other income-oriented strategies.

Selection criteria generally include:

  • Market cap generally greater than $200 million
  • Daily trading volume generally greater than $750,000 million per day
  • Strong fundamentals, including:
    - Liquidity
    - Income coverage and quality
    - Leverage/Risk management
  • Well-known advisors with experience managing the asset class
  • Diversification of sector and asset class

Why consider investing in Closed-End Strategy: Master Income Portfolio?

  • Potential income. The portfolio seeks to invest in securities that offer the potential for high current income.
  • Expertise of Cohen & Steers. Many financial advisors and individual investors have neither the time nor resources to assess dividend quality, leverage, net asset value risk, and historical market valuation of closed-end funds. Cohen & Steers uses their expertise to select the funds for this portfolio.*
  • Portfolio diversification. Diversification of assets across several different fund managers, asset classes and sectors helps manage risk and offers investors the opportunity to further enhance the diversification of a balanced portfolio.
  • Potential capital appreciation. At the time of selection, many of the funds in the portfolio were trading at a discount to their net asset value, which can potentially capture value and enhance total returns.

* Cohen & Steers does not manage any of the funds in the portfolio and does not manage the trust itself.

Cohen & Steers is the property of Cohen & Steers Capital Management, Inc., which is not affiliated with Invesco. Cohen & Steers Capital Managment 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.

Diversification does not guarantee a profit or eliminate the risk of loss.

 Read more

1The Portfolio will make distributions of income and capital on each specified Distribution Date to Unit holders 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 Estimated Annual Income per Unit is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter thereafter. This amount is based on the most recently declared dividends or interim and final dividends accounting for any foreign withholding taxes, but may also be based upon several recently declared dividends. The actual net annual distributions you receive will vary from the estimate set forth above with changes in the trust's fees and expenses, in dividends and distributions received, currency fluctuations and with the sale of trust securities. The actual net annual distributions are expected to decrease over time because a portion of the securities included in the trust will be sold over time to pay for organization costs. Securities may also be sold to pay regular fees and expenses during the trust's life.

  The portfolio 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.

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

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 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.

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.

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.

The trust may, from time to time, emphasize certain market sectors. To the extent the trust does so, it is more susceptible to economic, political and other occurences influencing those sectors.

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.

The portfolio and each of the closed-end funds in the portfolio invest in MLPs. Most MLPs operate in the energy sector and are subject to the risks generally applicable to companies in that sector, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. MLPs are also subject the risk that regulatory or legislative changes could eliminate the tax benefits enjoyed by MLPs which could have a negative impact on the after-tax income available for distribution by the MLPs and/or the value of the portfolio’s investments.

Certain of the closed-end funds invest in bonds issued by foreign issuers. Such bonds are subject to certain risks including currency and interest rate fluctuations, nationalization or other adverse political or economic developments, lack of liquidity of certain foreign markets, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

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.

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.

Opinions and forecasts expressed by Cohen & Steers Capital Management Inc. are not necessarily those of Invesco, and may not actually come to pass. Cohen & Steers is the property of Cohen & Steers Capital Management Inc., which is not affiliated with Invesco Distributors, Inc. or any of its affiliates. 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.

as of 04/23/2014

Cumulative Return (%)

Maximum Sales Charge: 2.45%
Year to Date (%) Since Deposit (%) 3 month (%) 6 month (%)
With Sales Charge 1.57 4.51 -0.45 3.78
Without Sales Charge 4.12 7.14 2.05 6.39
Barclays U.S. Aggregate 2.24 2.10 1.31 1.66
as of 04/23/2014

Average Annual Return (%)

1 yr (%) 5 yr (%) 10 yr (%) Since Deposit (%)
With Sales Charge N/A N/A N/A N/A
Without Sales Charge N/A N/A N/A N/A
Barclays U.S. Aggregate N/A N/A N/A N/A

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 Transactional Sales Charge" reflect the maximum transactional sales charge that would be payable by an investor upon sale or redemption of units at the end of the applicable period(s). The transactional sales charge includes any initial or deferred sales charges other than creation and development fee, if applicable. 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, if applicable, is reflected in the returns as of the time of payment by a trust. These returns reflect any 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 Transactional Sales Charge" data.

"Returns Without Transactional Sales Charge" do not reflect any transactional sales charge and do not reflect any applicable creation and development fee prior to collection (generally the close of the initial offering period). Any creation and development fee, if applicable, 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. The trusts are unmanaged and their portfolios are not intended to change during the trusts' lives except in limited circumstances. 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 4.51%
Without Sales Charge 7.14%
Barclays U.S. Aggregate 2.1%

Historical Pricing

From   to

Distributions

From   to

BID PRICE
Represents the net asset value per unit plus any remaining organization costs, deferred sales charge and creation and development fee. This price is not the purchase price of units and in many cases is not the price a unitholder would receive if the unitholder redeemed or sold units. Any remaining deferred sales charge payments are payable at the time a unit holder redeems or sells units.

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 Portfolio will make distributions of income and capital on each specified Distribution Date to Unit holders 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 Estimated Annual Income per Unit is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter thereafter. This amount is based on the most recently declared dividends or interim and final dividends accounting for any foreign withholding taxes, but may also be based upon several recently declared dividends. The actual net annual distributions you receive will vary from the estimate set forth above with changes in the trust's fees and expenses, in dividends and distributions received, currency fluctuations and with the sale of trust securities. The actual net annual distributions are expected to decrease over time because a portion of the securities included in the trust will be sold over time to pay for organization costs. Securities may also be sold to pay regular fees and expenses during the trust's life.

  The portfolio 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.

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



About risk

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.

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.

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.

The trust may, from time to time, emphasize certain market sectors. To the extent the trust does so, it is more susceptible to economic, political and other occurences influencing those sectors.

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.

The portfolio and each of the closed-end funds in the portfolio invest in MLPs. Most MLPs operate in the energy sector and are subject to the risks generally applicable to companies in that sector, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. MLPs are also subject the risk that regulatory or legislative changes could eliminate the tax benefits enjoyed by MLPs which could have a negative impact on the after-tax income available for distribution by the MLPs and/or the value of the portfolio’s investments.

Certain of the closed-end funds invest in bonds issued by foreign issuers. Such bonds are subject to certain risks including currency and interest rate fluctuations, nationalization or other adverse political or economic developments, lack of liquidity of certain foreign markets, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

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.

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.

Opinions and forecasts expressed by Cohen & Steers Capital Management Inc. are not necessarily those of Invesco, and may not actually come to pass. Cohen & Steers is the property of Cohen & Steers Capital Management Inc., which is not affiliated with Invesco Distributors, Inc. or any of its affiliates. 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.

as of 04/23/2014
Closed-end Funds Symbol Weighting
(%)
Agic Convertible & Income Fund II NCZ 2.80
Alliance Bernstein Global High Income Fd AWF 2.44
Alliance Bernstein Income Fd ACG 2.61
Allianzgi Convertible & Income Fund NCV 2.70
Alpine Global Premier Properties Fd AWP 0.86
Alpine Total Dynamic Dividend Fd AOD 0.92
Blackrock Corporate High Yield Fund HYT 5.12
Blackrock Enhanced Capital and Income Fd CII 0.95
Blackrock Global Energy & Resources Tr BGR 0.84
Blackrock Limited Duration Income Trust BLW 2.55
Clearbridge Energy Mlp Opportunity Fund EMO 0.91
Clough Global Opportunities Fund GLO 0.85
Duff & Phelps Global Utility Inc Fd DPG 0.95
Eaton Vance Limited Duration Income Fund EVV 2.48
Eaton Vance Senior Income Trust EVF 2.45
Eaton Vance Tax Mngd Divers Eqty Inc Fd ETY 0.95
Eaton Vance Tax-Advantaged Div Inc Fd EVT 0.96
First Trust Energy Income and Growth Fd FEN 0.89
First Trust/Aberdeen Glob Oppty Inc Fd FAM 2.46
First Trust/Fiduciary Asset Mgmt Covered FFA 0.96
Flaherty & Crumrine/Claymore Total FLC 2.80
Franklin Templeton Limited Dur Inc Trust FTF 2.53
Gabelli Dividend & Income Trust GDV 0.96
Gabelli Equity Trust, Inc. GAB 0.95
John Hancock Tax-Advantaged Div Inc Fund HTD 1.01
Kayne Anderson Midstream/Energy Fd KMF 0.96
Legg Mason Bw Global Income Oppt Fund BWG 2.62
Macquarie Glbl Infrastructure Ttl Rt Fd MGU 0.98
New America High Income Fund, Inc. HYB 2.57
Nuveen Build America Bond Opp Fund NBD 2.79
Nuveen Credit Strategies Income Fund JQC 2.50
Nuveen Equity Premium and Growth Fund JPG 0.93
Nuveen Floating Rate Income Fund JFR 2.47
Nuveen Mortgage Opportunity Term Fund JLS 2.48
Nuveen Preferred & Income Term Fund JPI 2.57
Nuveen Preferred Income Opportunities Fu JPC 2.70
Nuveen Real Estate Income Fund II JRS 0.87
Nuveen Tax-Advantaged Div Growth Fnd JTD 0.94
Pimco Corporate & Income Opportunity Fd PTY 2.52
Pimco Dynamic Credit Income Fund PCI 2.57
Pimco Dynamic Income Fund PDI 2.78
Pimco Floating Rate Income Fund PFL 2.54
Pimco Income Opportunity Fund PKO 2.57
Pimco Income Strategy Fund II PFN 2.56
Reaves Utility Income Trust UTG 1.00
Royce Value Trust, Inc. RVT 0.86
Stone Harbor Emerging Mkts Inc Fd EDF 2.40
Templeton Global Income Fund GIM 2.34
Tortoise Energy Independence Fund, Inc. NDP 0.94
Western Asset Global Coprorate Def Op Fu GDO 2.61
Western Asset Global High Income Fund EHI 2.55
Western Asset High Yield Defined Opp Fd HYI 2.50

1The Portfolio will make distributions of income and capital on each specified Distribution Date to Unit holders 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 Estimated Annual Income per Unit is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter thereafter. This amount is based on the most recently declared dividends or interim and final dividends accounting for any foreign withholding taxes, but may also be based upon several recently declared dividends. The actual net annual distributions you receive will vary from the estimate set forth above with changes in the trust's fees and expenses, in dividends and distributions received, currency fluctuations and with the sale of trust securities. The actual net annual distributions are expected to decrease over time because a portion of the securities included in the trust will be sold over time to pay for organization costs. Securities may also be sold to pay regular fees and expenses during the trust's life.

  The portfolio 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.

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

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 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.

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.

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.

The trust may, from time to time, emphasize certain market sectors. To the extent the trust does so, it is more susceptible to economic, political and other occurences influencing those sectors.

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.

The portfolio and each of the closed-end funds in the portfolio invest in MLPs. Most MLPs operate in the energy sector and are subject to the risks generally applicable to companies in that sector, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. MLPs are also subject the risk that regulatory or legislative changes could eliminate the tax benefits enjoyed by MLPs which could have a negative impact on the after-tax income available for distribution by the MLPs and/or the value of the portfolio’s investments.

Certain of the closed-end funds invest in bonds issued by foreign issuers. Such bonds are subject to certain risks including currency and interest rate fluctuations, nationalization or other adverse political or economic developments, lack of liquidity of certain foreign markets, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

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.

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.

Opinions and forecasts expressed by Cohen & Steers Capital Management Inc. are not necessarily those of Invesco, and may not actually come to pass. Cohen & Steers is the property of Cohen & Steers Capital Management Inc., which is not affiliated with Invesco Distributors, Inc. or any of its affiliates. 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.

as of 04/23/2014

MSTR0037

  • Offer Price $10.26800
  • WRAP Price $10.06670
  • Bid Price $10.09080
  • Liquidation Price $10.01640

Trust Specifics

  • Oct 02, 2013 Deposit Date
  • Oct 02, 2013 -
    Jan 02, 2014
    Scheduled
    Primary Offering
    Period
  • ICMSIX Nasdaq Symbol
  • 15 months Term of Trust
  • Jan 05, 2015 Termination Date
  • Tax Status:
    Regulated Investment Company
  • Public Offering Price
    (End of deposit date) $10.00000
  • Maximum Sales Charge 2.45%
  • Sales Charge Schedule
  • Sales Charge Volume Discount
  • Est. Net Annual
    Income1 $0.741920
  • Initial Payable Date2 Nov 25, 2013
  • Initial Record Date2 Nov 10, 2013
  • Re-Investment Options:
    Reinvest, Cash, Wrap Reinvest, Wrap Cash
  • Estimated Frequency of Offering:
    3 months
CUSIPs Regular CUSIP Wrap Fee
Cash CUSIP 46133V229 46133V245
Re-invest CUSIP 46133V237 46133V252
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.