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. Accordingly, you can lose money investing in this trust.
An investment in a trust should be made with an understanding of the risks associated therewith, such as the inability of the issuer or an insurer to pay the principal of or interest on a bond when due, volatile interest rates, early call provisions and changes to the tax status of the bonds. As interest rates rise, bond prices fall.
The trust portfolio is concentrated in bonds issued by issuers located in the state of California. The trust is more susceptible to political, economic, regulatory, or other factors affecting issuers of California municipal securities than a trust that does not limit its investment to such issues. The state of California is currently in the midst of a slow recovery from the recent economic recession. This recovery, however, has been modest and uneven, limited by continued high unemployment, among other factors.
Investments in a trust may be subject to interest rate risk. If interest rates rise, the value of the bonds in a trust may decline and if interest rates decline the value of the bonds may increase. Also, the longer the period to maturity, the greater the sensitivity to interest rate changes tends to be.
The trust may realize gains when a municipal bond is sold, is called or matures and unitholders may incur a tax liability from time to time.
Invesco and its representatives do not provide tax advice. Individuals should consult their personal tax advisors before making any tax-related investment decisions.
1Estimated current return is based on the annual income as a percentage of the current price of the units. Estimated long-term return (ELTR) is calculated using a formula which (1) Takes into consideration and determines and factors in the relative weightings of the market values, yields (which takes into account the amortization of premiums and the accretion of discounts) and estimated retirement of all the bonds in the trust and (2) Takes into account the expenses and sales charge associated with each trust unit. There can be no assurance that either the estimated current return or ELTR will be realized in the future and an investor's units, when redeemed, may be worth more or less than their original cost.
2The ELTR life represents the estimated life of the bonds in a Trusts' portfolio determined for the purposes of calculating Estimated Long-Term Return.
3Estimated Annual Income Per Unit is as of the date listed in the prospectus and is based on the most recently declared quarterly dividends or interim and final dividends accounting for any foreign withholding taxes. The actual net annual dividend distributions you receive will vary from the estimate set forth above with changes in the trust's fees and expenses, in dividends received, currency fluctuations and with the sale of securities. The actual net annual dividends 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.
4Estimated Daily Rate of Accrual represents the annual interest from the securities within the portfolio divided by the number of days on which interest is calculated annually.
5Represents the principal amount of the underlying bonds per unit. Bonds may be sold to meet redemptions, to pay expenses, and in other limited circumstances. The sale of bonds will affect the principal amount of bonds included in the trust and as a result the principal amount of bonds per unit. There can be no assurance that a unitholder will receive this par value per unit in the future.
For Fixed-Income trusts, "S.F." indicates a sinking fund is established with respect to an issue of bonds.
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.
Weighted Average P/E is defined as the weighted average of the price/earnings ratio associated with each
security in the trust.The price/earnings for each security is defined as the ratio of the most recent day's closing
price for a given security divided by the related company's earnings per share for the previous year.
Weighted Average P/B is defined as the weighted average of the price to book ratio associated with each
security in the trust. The price to book for each security is defined as the ratio of the most recent day's closing
price for a given security divided by the most recently reported per share book value of the company.
Weighted Average Market Cap is defined as the weighted average of the market capitalization of each
security in the trust. The market capitalization for each security is defined as the most recent day's closing price for
a given security multiplied by the company's most recently reported diluted shares outstanding.
Weighted Average 1 Yr EPS Growth is defined as the weighted average of the 1 year earnings per share
growth associated with each security in the trust.The 1 year earnings per share growth for each security is defined as
the earnings per share growth from the most recently reported year relative to preceding year.
Average 3 Yr EPS Growth is defined as the weighted average of the 3 year earnings per share growth
associated with each security in the trust. The 3 year earnings per share growth for each security is defined as the
earnings per share growth from the most recently reported year relative to that from three years prior.
Weighted Average PEG Ratio is defined as the weighted average of the price to earnings growth ratio
associated with each security in the trust. The price to earnings growth ratio for each security is defined as the ratio
of the price/earnings divided by the 1 year earnings per share growth rate, as defined above.
Weighted Average Beta is defined as the weighted average of the beta associated with each security in the
trust. Beta is a measurement of risk that measures an investment's sensitivity to stock market movements.
All data provided by Invesco unless otherwise noted.
Invesco's history of offering unit investment trusts began with the acquisition of the sponsor by Invesco Ltd. in June 2010. Invesco unit investment trusts are distributed by the sponsor, Invesco Capital Markets, Inc. and broker dealers including Invesco Distributors, Inc. Both firms are wholly owned, indirect subsidiaries of Invesco Ltd.