Closed-End Strategy: Cohen & Steers Master Municipal Income
VAN KAMPEN UNIT TRUSTS Closed-End Strategy: Cohen & Steers Master Municipal Income Portfolio – National Series 16
A Closed-End Strategy Unit Trust Portfolio composition As of day of deposit Objective National Municipal - 100.00% The portfolio seeks to provide income exempt AllianceBernstein National Municipal Income Federated Premier Intermediate Municipal from federal income tax. The portfolio seeks to Fund, Inc. AFB Income Fund FPT achieve its objective by investing in a portfolio BlackRock Insured Municipal Income Trust BYM Nuveen Dividend Advantage Municipal Fund 3 NZF consisting of common stock of closed-end BlackRock Investment Quality Municipal Trust BKN Nuveen Insured Municipal Opportunity investment companies (known as “closed-end BlackRock Muni Intermediate Duration Fund, Inc. NIO & funds”) selected by Cohen Steers Capital Fund, Inc. MUI Nuveen Municipal Market Opportunity Fund NMO Management, Inc. BlackRock Municipal Income Trust II BLE Nuveen Premium Income Municipal Fund 2 NPM These closed-end funds generally seek to invest BlackRock MuniEnhanced Fund, Inc. MEN Nuveen Premium Income Municipal Fund 4 NPT in tax-exempt municipal bonds. Income may be BlackRock MuniHoldings Fund, Inc. MHD Putnam Managed Municipal Income Trust PMM subject to the alternative minimum tax and state and local taxes. BlackRock MuniVest Fund, Inc. MVF BlackRock MuniYield Fund, Inc. MYD Trust specifics BlackRock MuniYield Quality Fund II, Inc. MQT Dreyfus Strategic Municipal Bond Fund, Inc. DSM Deposit information Dreyfus Strategic Municipals, Inc. LEO Public offering price per unit1 $10.00 Minimum investment ($250 for IRAs) $1,000.00 The trust portfolio is provided for informational purposes only and should not be deemed as a recommendation to buy or Deposit date 07/09/09 sell the individual securities shown above. Van Kampen is a wholly owned subsidiary of a global securities firm which is Termination date 10/08/14 engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Distribution date 08/25/09 and monthly thereafter Record date 08/10/09 Selection criteria include: and monthly thereafter In selecting funds for the portfolio, Cohen & Steers generally considered only funds with a Term of trust 63 months ten-day average daily trading volume greater than $400,000 and a market capitalization NASDAQ symbol VKMUPX greater than $300,000,000 at the time of selection. Estimated net annual dividend per unit $0.65 Daily liquidity2 In general, after screening out funds that do not meet the above criteria, Cohen & Steers Sales charge3 then applied a proprietary selection methodology for including funds in the portfolio. This Initial sales charge 1.00% proprietary methodology evaluates a series of factors, including a full-detailed analysis of Deferred sales charge 1.50 factors such as: Creation and development fee 0.50 • Current dividend yield; Maximum sales charge 3.00 1 Including sales charges. As of 07/09/09. • Share price premium/discount to net asset value; 2 Funds will typically be mailed within three business days after your redemption request is received. • Amount and type of leverage in the capital structure; 3 Assuming a public offering price of $10 per unit. • Portfolio sensitivity to interest rate changes – theoretical and actual historical; CSNA16 CUSIPs Cash 92120L-30-3 • Use and percentage amount of interest rate swaps and other interest rate Reinvest 92120L-31-1 hedging strategies; Wrap fee cash 92120L-32-9 • Estimate of fund earnings power; Wrap fee reinvest 92120L-33-7 Investors in fee-based accounts will not be assessed the • Embedded dividend payment cushion; initial and deferred sales charge for eligible fee-based • Expense ratios; purchases and must purchase units with a Wrap Fee CUSIP. • Historical track record; and Breakpoint information • History with regard to dividend changes. Transaction amount* Sales charges Opinions and forecasts expressed by Cohen & Steers Capital Management Inc. are not necessarily those of Van Kampen Less than $100,000 3.00% Funds Inc., and may not actually come to pass. Cohen & Steers is the property of Cohen & Steers Capital Management Inc., $100,000 - $249,999 2.80 which is not affiliated with Van Kampen Funds Inc. $250,000 - $499,999 2.70 $500,000 - $999,999 2.60 $1,000,000 or more 2.40 * The breakpoint concessions or agency commissions are also applied on a unit basis using a breakpoint equivalent Please contact your Financial Advisor for more information. For unit trust pricing of $10 per unit and are applied on whichever basis is more favorable to the investor. please visit vankampen.com
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT Van Kampen Funds Inc., 1 Parkview Plaza–Suite 100, P.O. Box 5555, Oakbrook Terrace, IL 60181, 866-848-8632, www.vankampen.com Why consider investing in Closed-End Strategy: Cohen & Steers Master Municipal Income Portfolio – National Series? • Expertise of Cohen & Steers Most 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 provides experience in selecting closed-end funds that may add value to your 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. Why is it a good time to consider closed-end funds? • Opportunities to capture value Cohen & Steers believes that the large number of national and single state municipal closed-end funds – there are nearly 300 funds at this time – contribute to secondary market inefficiencies in this sector. Current discounts to net asset value in many funds and sectors may create a timely opportunity to invest at attractive prices. • Less industry coverage creates opportunities The level of research staff on the sell side of some brokerage firms remains at or lower than pre-2001 levels and institutional participation in the closed-end fund market remains low. These factors may provide an opportunity for a value play.
Please consider the investment objectives, Risk considerations risks, charges and expenses of the unit There is no assurance the trust will achieve its investment objective. An investment in this unit investment trust carefully before investing. investment trust is subject to market risk, which is the possibility that the market values of securities The prospectus contains this and other owned by the trust will decline and that the value of trust units may therefore be less than what you information about the unit investment paid for them. This trust is unmanaged and its portfolio is not intended to change during the trust’s trust. To obtain a prospectus, contact your life except in limited circumstances. Accordingly, you can lose money investing in this trust. financial advisor or download one at Income may be subject state and local taxes and to the alternative minimum tax (AMT). Future laws vankampen.com. Please read the prospectus could eliminate the tax exemption for municipal income. In addition, certain distributions paid by carefully before investing. certain funds may be subject to federal, state and local taxes. Van Kampen 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. 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 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 www.vankampen.com/unittrust 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
6 recession, deterioration of the junk bond market, possible downgrades and defaults of interest 0 4 9
5 and/or principal. Junk bond prices tend to fluctuate more than higher rated bonds and are affected 0 Van Kampen Funds Inc. 8 _
C 1 Parkview Plaza–Suite 100, P.O. Box 5555 by short-term credit developments to a greater degree. H _
U Oakbrook Terrace, IL 60181-5555 I
T The estimated net annual dividend per unit that appears on the reverse side of this page is as of 07/09/09and is based on the most _
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0 recently declared quarterly dividends, interim and final dividends accounting for any foreign withholding taxes or scheduled income 1
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7 payments. The actual net annual income distributions you receive will vary from the estimate set forth above with changes in the 9 Copyright © 2009. Van Kampen Funds Inc. trust's fees and expenses, in income received, currency fluctuations and with the call, maturity or sale of securities. The actual net All rights reserved. Member FINRA/SIPC. annual distributions after the first year are expected to be less than in the first year because a portion of the securities included in IU09-03165P-N07/09 the trust will be sold during the first year to pay for organization costs, deferred sales charges and the creation and development fee. Lit-Link: CSNAFCT16 07/09 Securities may also be sold to pay regular fees and expenses during the trust's life. 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. Supplemental Information
In October 2009, Invesco entered into an agreement to acquire Morgan Stanley’s retail asset management business, operating under both the Van Kampen and Morgan Stanley brands, including the Van Kampen intermediary, separately managed account and unit trust businesses. For Van Kampen, this includes substantially all open and closed-end mutual funds, unit trusts, retail separately managed accounts and certain subadvisory and insurance trust products. Therefore, on the close of the transaction on or about June 1, 2010, Van Kampen Funds Inc. will become a wholly owned, indi- rect subsidiary of Invesco Ltd. Van Kampen unit investment trusts will be distributed by the sponsor, Van Kampen Funds Inc., and broker dealers including Invesco Distributors, Inc., also a wholly owned, indirect subsidiary of Invesco Ltd.
invesco.com VK-UIT-INS-1-E 05/10 Invesco Distributors, Inc.