Unit Trusts

Preferred Opportunity Portfolio (PFOP0023)

Objective

The portfolio seeks an attractive level of current income by investing in a portfolio primarily consisting of preferred securities. The portfolio was selected by Cohen & Steers Capital Management, Inc., ("Cohen & SteersSM") as the portfolio consultant.

Selection Process
The portfolio consists of preferred securities issued primarily by financial institutions such as banks and insurance companies.

Why Consider Investing in the Preferred Opportunity Portfolio?

  • Potential Monthly Income—Unlike some individual preferred securities, which pay income quarterly, this trust is structured to pay monthly income, if any, offering investors a potential regular stream of current income.
  • Convenience—Preferred securities can be difficult for an individual investor to analyze and select because of their unique structure. This trust offers the convenience of a professionally selected portfolio of preferred securities.
  • Diversification—Because the trust invests in a variety of preferred securities in several different industry sectors and with different credit quality, investors may gain an added level of portfolio diversification.
  • Qualified Dividend Income1Qualifying dividends are currently taxed at a federal rate from zero to 20% depending on the tax bracket of the investor.

    Cohen & Steers attempted to select a portfolio that includes approximately 45%-50% preferred securities that pay dividends that qualify for this qualified dividend income treatment.

Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature and was designed to promote the marketing of units. It was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Federal and state tax laws are complex and constantly changing. You should always consult your own legal or tax advisor for information concerning your individual situation.

1 There is no assurance that income distributions from the portfolio will be qualified dividends for federal tax purposes. In addition, certain holding period requirements must be satisfied for investors to be eligible to take advantage of the lower tax rate on qualified dividend income and there is no tax advantage to investors who hold units in retirement accounts. Under the Health Care and Education Reconciliation Act of 2010, income from the trust may also be subject to an additional 3.8% tax for investors exceeding certain income thresholds. Invesco, Cohen & Steers and their employees do not provide tax advice. You should consult your personal tax advisor before making any tax related investment decision.

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

 Read more
as of 04/22/2014

Country Breakdown

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 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.

An investment in the trust should be made with an understanding of the risks associated with an investment in a portfolio of preferred securities, such as the inability of the issuer to pay the principal of or income on a security when due, volatile interest rates, early call provisions and changes to the tax status of the securities.

The portfolio invests exclusively in preferred securities, including hybrid and trust preferred securities. Hybrid-preferred securities are preferred securities typically issued by corporations, generally in the form of interest-bearing notes or preferred securities and may be perpetual in duration or may have a stated maturity. Trust preferred securities are similar to hybrid securities, but are typically issued by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. Preferred securities do not generally have the growth potential of common stocks. They are also sensitive to interest rate changes and the market price generally falls with rising interest rates. In addition, they are more likely to be called for redemption in a declining interest rate environment. In the event of an issuer's bankruptcy, preferred securities will not be repaid until the issuer's other debt securities, which have priority, have been satisfied. Income payments on certain preferred securities may generally be deferred without default, although such payments will continue to accrue until paid.

The trust is concentrated in banks and other companies in the financial services industry and may present more risk than a more diversified investment. There are certain risks specific to the financial services sector, including the potential adverse effects of economic recession, volatile interest rates, and state and federal regulations.

Securities of foreign companies held by the funds in the portfolio present risks beyond those of U.S. issuers. These risks may include company's foreign market, international trade conditions, less regulation, smaller or less liquid markets, increased volatility, differing accounting practicesand changes in the value of foreign currencies.

The portfolio will receive early returns of principal if securities are called or sold before the portfolio termination. If this happens your portfolio income will decline and you may not be able to reinvest the money you receive at as high a yield. In addition, the value of your units may decline if any portfolio securities trading at a premium are called at par.

Certain preferred securities in the portfolio are rated below investment grade and considered to be "junk" securities. These securities are considered to be speculative and are subject to greater market and credit risks. Accordingly, the risk of default is higher than with investment grade securities. In addition, these securities may be more sensitive to interest rate changes and may be more likely to make early returns of principal.

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 04/22/2014

Cumulative Return (%)

Maximum Sales Charge: 3.50%
Year to Date (%) Since Deposit (%) 3 month (%) 6 month (%)
With Sales Charge 3.56 4.02 0.78 2.65
Without Sales Charge 7.32 7.23 4.44 5.83
Merrill Preferred Stock Fixed Rate 8.47 9.62 5.26 7.70
as of 04/22/2014

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
Merrill Preferred Stock Fixed Rate 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. 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 Transactional Sales Charge data

Returns Without Transactional Sales Charge do not reflect any transactional 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 4.02%
Without Sales Charge 7.23%
Merrill Preferred Stock Fixed Rate 9.62%

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 non-contingent 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 non-contingent 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, non-contingent deferred sales charge and creation and 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 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.

An investment in the trust should be made with an understanding of the risks associated with an investment in a portfolio of preferred securities, such as the inability of the issuer to pay the principal of or income on a security when due, volatile interest rates, early call provisions and changes to the tax status of the securities.

The portfolio invests exclusively in preferred securities, including hybrid and trust preferred securities. Hybrid-preferred securities are preferred securities typically issued by corporations, generally in the form of interest-bearing notes or preferred securities and may be perpetual in duration or may have a stated maturity. Trust preferred securities are similar to hybrid securities, but are typically issued by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. Preferred securities do not generally have the growth potential of common stocks. They are also sensitive to interest rate changes and the market price generally falls with rising interest rates. In addition, they are more likely to be called for redemption in a declining interest rate environment. In the event of an issuer's bankruptcy, preferred securities will not be repaid until the issuer's other debt securities, which have priority, have been satisfied. Income payments on certain preferred securities may generally be deferred without default, although such payments will continue to accrue until paid.

The trust is concentrated in banks and other companies in the financial services industry and may present more risk than a more diversified investment. There are certain risks specific to the financial services sector, including the potential adverse effects of economic recession, volatile interest rates, and state and federal regulations.

Securities of foreign companies held by the funds in the portfolio present risks beyond those of U.S. issuers. These risks may include company's foreign market, international trade conditions, less regulation, smaller or less liquid markets, increased volatility, differing accounting practicesand changes in the value of foreign currencies.

The portfolio will receive early returns of principal if securities are called or sold before the portfolio termination. If this happens your portfolio income will decline and you may not be able to reinvest the money you receive at as high a yield. In addition, the value of your units may decline if any portfolio securities trading at a premium are called at par.

Certain preferred securities in the portfolio are rated below investment grade and considered to be "junk" securities. These securities are considered to be speculative and are subject to greater market and credit risks. Accordingly, the risk of default is higher than with investment grade securities. In addition, these securities may be more sensitive to interest rate changes and may be more likely to make early returns of principal.

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 04/22/2014
Preferred Securities Symbol Weighting
(%)
Aegon Nv AEF 1.99
Affiliated Managers Group, Inc. MGR 2.07
Allstate Corporation ALL B 2.07
American Financial Group, Inc. AFW 2.57
Arch Capital Group, Ltd. - Series C ARH C 1.29
Aspen Insurance Holdings, Ltd. AHL C 1.22
Astoria Financial Corporation AF C 0.53
Aviva Plc AVV 2.27
Axis Capital Holdings Limited AXS C 1.54
Barclays Bank Plc BCS C 1.98
Bge Capital Trust II BGE B 1.52
Citigroup Capital Xiii C N 1.46
Citigroup Capital Xvii C E 0.98
Commonwealth Reit CWH E 2.10
Corporate Office Properties Tr - Ser L OFC L 2.02
Countrywide Iv CFC A 1.98
Dte Energy Company DTZ 4.03
Endurance Specialty Holdings Limited ENH B 1.50
Entergy LA Inc ELB 2.00
First Niagara Financial Group, Inc. FNFG B 2.05
First Republic Bank - Series A FRC A 3.34
Goldman Sachs Group, Inc. - Series J GS J 2.05
Hartford Financial Services Group, Inc. HGH 2.50
Hsbc Usa, Inc. - Series H HUSI H 1.98
Ing Groep Nv INZ 1.99
Jpmorgan Chase Capital Xxix - Series Cc JPM C 1.47
Kimco Rlty Corp KIM H 3.51
Metlife Inc MET B 1.99
Morgan Stanley Capital Trust Vi MSJ 1.96
Partnerre Ltd PRE E 1.52
Pnc Financial Services Group PNC P 4.40
Principal Finl Group, Inc. - Series B PFG B 1.99
Prudential Plc PUK P 2.00
Ps Business Parks Inc California PSB S 3.16
Public Storage - Series O PSA O 2.99
Qwest Corp CTQ 2.57
Raymond James Fin Svcs Inc RJD 2.03
Realty Income Corporation O F 1.47
Reinsurance Group of America RZA 2.71
Scana Corporation SCU 1.24
Sce Trust I SCE F 1.36
US Bancorp - Series F USB M 2.12
US Bancorp - Series G USB N 2.53
United States Cellular Corp UZA 2.00
Vornado Rlty Tr VNO J 3.38
Wells Fargo Company WFC Q 2.54
Wells Fargo Company WFC J 2.03

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 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.

An investment in the trust should be made with an understanding of the risks associated with an investment in a portfolio of preferred securities, such as the inability of the issuer to pay the principal of or income on a security when due, volatile interest rates, early call provisions and changes to the tax status of the securities.

The portfolio invests exclusively in preferred securities, including hybrid and trust preferred securities. Hybrid-preferred securities are preferred securities typically issued by corporations, generally in the form of interest-bearing notes or preferred securities and may be perpetual in duration or may have a stated maturity. Trust preferred securities are similar to hybrid securities, but are typically issued by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. Preferred securities do not generally have the growth potential of common stocks. They are also sensitive to interest rate changes and the market price generally falls with rising interest rates. In addition, they are more likely to be called for redemption in a declining interest rate environment. In the event of an issuer's bankruptcy, preferred securities will not be repaid until the issuer's other debt securities, which have priority, have been satisfied. Income payments on certain preferred securities may generally be deferred without default, although such payments will continue to accrue until paid.

The trust is concentrated in banks and other companies in the financial services industry and may present more risk than a more diversified investment. There are certain risks specific to the financial services sector, including the potential adverse effects of economic recession, volatile interest rates, and state and federal regulations.

Securities of foreign companies held by the funds in the portfolio present risks beyond those of U.S. issuers. These risks may include company's foreign market, international trade conditions, less regulation, smaller or less liquid markets, increased volatility, differing accounting practicesand changes in the value of foreign currencies.

The portfolio will receive early returns of principal if securities are called or sold before the portfolio termination. If this happens your portfolio income will decline and you may not be able to reinvest the money you receive at as high a yield. In addition, the value of your units may decline if any portfolio securities trading at a premium are called at par.

Certain preferred securities in the portfolio are rated below investment grade and considered to be "junk" securities. These securities are considered to be speculative and are subject to greater market and credit risks. Accordingly, the risk of default is higher than with investment grade securities. In addition, these securities may be more sensitive to interest rate changes and may be more likely to make early returns of principal.

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 04/22/2014

PFOP0023

  • Offer Price $10.10890
  • WRAP Price $9.82590
  • Bid Price $9.77910
  • Liquidation Price $9.75510

Trust Specifics

  • Aug 16, 2013 Deposit Date
  • Aug 16, 2013 -
    Nov 14, 2013
    Scheduled
    Primary Offering
    Period
  • IPROPX Nasdaq Symbol
  • 39 months Term of Trust
  • Nov 18, 2016 Termination Date
  • Tax Status:
    Regulated Investment Company
  • Public Offering Price
    (End of deposit date) $10.00000
  • Maximum Sales Charge 3.50%
  • Sales Charge Schedule
  • Sales Charge Volume Discount
  • Est. Net Annual
    Income1 $0.484560
  • Initial Payable Date2 Oct 25, 2013
  • Initial Record Date2 Oct 10, 2013
  • Re-Investment Options:
    Reinvest, Cash, Wrap Reinvest, Wrap Cash
  • Estimated Frequency of Offering:
    3 months
CUSIPs Regular CUSIP Wrap Fee
Cash CUSIP 46133T547 46133T562
Re-invest CUSIP 46133T554 46133T570
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.