Unit Trusts

REIT Income Portfolio (VCSR0141)

Objective

The portfolio seeks high current income. The portfolio seeks to achieve its objective by investing in a portfolio of dividend-paying real estate investment trusts (REITs) selected by Cohen & Steers Capital Management, Inc.

The trust seeks to provide high current income by investing in a diversified portfolio of dividend paying REITs. This portfolio is diversified among different publicly-traded REIT sectors that include but are not limited to:

  • shopping center
  • office
  • apartment
  • industrial, and
  • health care properties

What is a Real Estate Investment Trust?
A Real Estate Investment Trust, or REIT, is a publicly traded entity formed for the purpose of acquiring different types of properties with the capital of many investors. Unlike other types of real estate companies, a REIT generally must pay at least 90 percent of its taxable income to its shareholders, thus offering the potential for high yields, attractive returns and stable income.

Why consider investing in the REIT Income Portfolio?
In this current environment, Cohen & Steers believes that REITs have compelling investment characteristics, such as:

  • Potential Dividends and Dividend Growth—REITs may offer a source of regular income. Each year REITs are generally required to distribute at least 90 percent of their taxable income as dividends to shareholders.  Cohen & Steers believes that REITs have historically provided attractive total returns for many investors.
  • Diversification—Cohen & Steers believes that REITs may provide diversification to your overall portfolio as they have historically shown a relatively low price correlation to price movements of the overall stock and bond markets. In volatile markets, REITs may provide a way to add balance to your portfolio.
  • Long-Term Performance—Cohen & Steers believes that REITs (as measured by the National Association of Real Estate Investment Trusts (FTSE NAREIT) US Real Estate Index Series) have generally delivered attractive long-term returns through various economic and market cycles.
  • Specialization—Cohen & Steers believes that REITs can provide skilled and experienced management and typically specialize in either a specific type of property or geographic area. When combined, REITs can spread an investment among securities of different issuers in different REIT sectors, which may offer reduced risk or volatility compared to investing in individual REITs.

Investment return and principal value will fluctuate and Units, when redeemed, may be worth more or less than their original cost.

The Portfolio Consultant
Founded in 1986, Cohen & Steers Capital Management Inc. is a manager of high income equity portfolios specializing in U.S. REITs, global real estate securities, preferred securities, utilities, value equity securities and other high dividend-paying common stock. As of December 31, 2013, Cohen & Steers Capital Management Inc. had $45.9 billion in assets under management. Cohen & Steers manages separate account portfolios for institutional investors, including some of the world's largest pension funds and endowments. In addition, the firm manages open- and closed-end mutual funds for both retail and institutional investors. Cohen & Steers is among the largest REIT managers in the U.S. and employs a significant research and trading staff. Many investors have come to view Cohen & Steers as an important source for income-oriented investment products. Cohen & Steers also acts as Supervisor of the portfolio. As described above, Cohen & Steers advises other clients such as investment companies and other accounts. Many of these client accounts are "managed" accounts. The portfolio is not a managed fund and will generally not sell or replace securities.

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.

 Read more
as of 02/28/2014

Style map

as of 04/16/2014

Country Breakdown

as of 04/16/2014

Sector Breakdown

  Trust Weighting (%) MSCI REIT Index
Weighting (%)
Financials 0.00 99.16
Other 100.00 0.84
as of 04/16/2014

Market Cap / Style Breakdown

  Trust Weighting (%) MSCI REIT Index
Weighting (%)
Large-Cap Value 0.00 0.00
Large-Cap Blend 19.48 17.34
Large-Cap Growth 16.42 25.01
Mid-Cap Value 6.50 10.17
Mid-Cap Blend 36.53 22.83
Mid-Cap Growth 2.94 2.05
Small-Cap Value 3.90 9.86
Small-Cap Blend 11.79 10.89
Small-Cap Growth 2.46 1.85
Other 0.00 0.00
as of 04/16/2014

Keystats

Weighted Avg P/B 1.58
Weighted Avg Market Cap (MM) $13,538.70
Weighted Avg 1 Yr EPS 88.35%
Weighted Avg PEG Ratio -484.32
Weighted Avg Beta 0.95

1The Trust will make distributions of income and capital on each monthly Distribution Date to Unit holders of record on the preceding Record Date, provided that the total cash held for distribution equals at least the amount set forth under the Essential Information section of the prospectus. Undistributed income and capital will be distributed in the next quarter in which the total cash held for distribution equals at least the amount set forth under the Essential Information section of the prospectus.

  Estimated Annual Income Per Unit is as of the date listed in the prospectus and is based on the most recently declared monthly 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 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.

  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.

2As of 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.

A portfolio concentrated in a single market sector presents more risk than a portfolio broadly diversified over several market sectors. This trust is concentrated in the real estate industry. The market value of REIT securities can be affected by a number of factors, including cash flow, credit quality, local economic conditions and land development, real estate values, tenant quality and interest rates.

REIT shares do not assure dividend payments. Dividends are paid only when declared by an issuer's board of directors and the amount of any dividend may vary over time. An issuer may be unwilling or unable to declare dividends in the future, or may reduce the level of dividends declared.

Stocks of small capitalization companies are often more volatile than those of larger companies as a result of several factors such as limited trading volumes, products or financial resources, management inexperience and less publicly available information.

There can be no guarantee or assurance that companies will declare dividends in the future or that if declared, they will remain at current levels or increase over time.

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

Value, blend and growth are types of investment styles. Growth investing generally seeks stocks that offer the potential for greater-than- average earnings growth, and may entail greater risk than value or blend investing. Value investing generally seeks stocks that may be sound investments but are temporarily out of favor in the marketplace, and may entail less risk than growth investing. A blend investment combines the two styles.

as of 04/16/2014

Cumulative Return (%)

Maximum Sales Charge: 3.95%
Year to Date (%) Since Deposit (%) 3 month (%) 6 month (%)
With Sales Charge 2.89 2.89 N/A N/A
Without Sales Charge 6.57 6.57 N/A N/A
MSCI REIT Index 6.11 6.11 N/A N/A
as of 04/16/2014

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
MSCI REIT Index 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 2.89%
Without Sales Charge 6.57%
MSCI REIT Index 6.11%

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 Trust will make distributions of income and capital on each monthly Distribution Date to Unit holders of record on the preceding Record Date, provided that the total cash held for distribution equals at least the amount set forth under the Essential Information section of the prospectus. Undistributed income and capital will be distributed in the next quarter in which the total cash held for distribution equals at least the amount set forth under the Essential Information section of the prospectus.

  Estimated Annual Income Per Unit is as of the date listed in the prospectus and is based on the most recently declared monthly 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 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.

  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.

2As of 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.

A portfolio concentrated in a single market sector presents more risk than a portfolio broadly diversified over several market sectors. This trust is concentrated in the real estate industry. The market value of REIT securities can be affected by a number of factors, including cash flow, credit quality, local economic conditions and land development, real estate values, tenant quality and interest rates.

REIT shares do not assure dividend payments. Dividends are paid only when declared by an issuer's board of directors and the amount of any dividend may vary over time. An issuer may be unwilling or unable to declare dividends in the future, or may reduce the level of dividends declared.

Stocks of small capitalization companies are often more volatile than those of larger companies as a result of several factors such as limited trading volumes, products or financial resources, management inexperience and less publicly available information.

There can be no guarantee or assurance that companies will declare dividends in the future or that if declared, they will remain at current levels or increase over time.

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

Value, blend and growth are types of investment styles. Growth investing generally seeks stocks that offer the potential for greater-than- average earnings growth, and may entail greater risk than value or blend investing. Value investing generally seeks stocks that may be sound investments but are temporarily out of favor in the marketplace, and may entail less risk than growth investing. A blend investment combines the two styles.

as of 04/16/2014
Stocks Symbol Sector Market Cap/
Style
Weighting
(%)
American Asstes Trust, Inc. AAT Other Small-Cap Blend 1.45
Apartment Invt & Mgmt Co-A AIV Other Mid-Cap Blend 3.39
Corporate Office Pptys Tr OFC Other Small-Cap Blend 3.05
Douglas Emmett Inc DEI Other Mid-Cap Blend 3.97
Empire State Realty Trust, Inc. - Cl A ESRT Other Small-Cap Value 3.90
Equity Residential Pptys Tr EQR Other Large-Cap Blend 5.34
Essex Property Trust Inc ESS Other Mid-Cap Growth 2.94
Extra Space Storage, Inc. EXR Other Mid-Cap Blend 4.55
Federal Realty Investment Trust FRT Other Mid-Cap Blend 1.95
General Growth Properties Inc GGP Other Large-Cap Growth 4.17
Health Care Properties Investment Inc. HCP Other Large-Cap Blend 1.48
Host Hotels & Resorts Inc HST Other Mid-Cap Blend 2.68
Kimco Realty Corp KIM Other Mid-Cap Value 2.54
Omega Healthcare Investors OHI Other Mid-Cap Value 2.04
Parkway Properties Inc/Md PKY Other Small-Cap Growth 2.46
Prologis Inc PLD Other Large-Cap Blend 5.82
Realty Income Corp O Other Mid-Cap Blend 1.97
Regency Centers Corporation REG Other Mid-Cap Blend 4.05
Simon Property Group Inc SPG Other Large-Cap Growth 8.20
Sl Green Realty Corp SLG Other Mid-Cap Blend 6.06
Sovran Self Storage Inc SSS Other Small-Cap Blend 2.56
Spirit Realty Capital, Inc. SRC Other Mid-Cap Value 1.92
Strategic Hotel & Resorts Inc BEE Other Small-Cap Blend 2.69
Sunstone Hotel Investors, Inc. SHO Other Small-Cap Blend 2.05
Taubman Centers Inc TCO Other Mid-Cap Blend 4.07
Udr, Inc. UDR Other Mid-Cap Blend 3.84
Ventas Inc VTR Other Large-Cap Blend 6.83
Vornado Realty Trust VNO Other Large-Cap Growth 4.05

1The Trust will make distributions of income and capital on each monthly Distribution Date to Unit holders of record on the preceding Record Date, provided that the total cash held for distribution equals at least the amount set forth under the Essential Information section of the prospectus. Undistributed income and capital will be distributed in the next quarter in which the total cash held for distribution equals at least the amount set forth under the Essential Information section of the prospectus.

  Estimated Annual Income Per Unit is as of the date listed in the prospectus and is based on the most recently declared monthly 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 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.

  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.

2As of 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.

A portfolio concentrated in a single market sector presents more risk than a portfolio broadly diversified over several market sectors. This trust is concentrated in the real estate industry. The market value of REIT securities can be affected by a number of factors, including cash flow, credit quality, local economic conditions and land development, real estate values, tenant quality and interest rates.

REIT shares do not assure dividend payments. Dividends are paid only when declared by an issuer's board of directors and the amount of any dividend may vary over time. An issuer may be unwilling or unable to declare dividends in the future, or may reduce the level of dividends declared.

Stocks of small capitalization companies are often more volatile than those of larger companies as a result of several factors such as limited trading volumes, products or financial resources, management inexperience and less publicly available information.

There can be no guarantee or assurance that companies will declare dividends in the future or that if declared, they will remain at current levels or increase over time.

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

Value, blend and growth are types of investment styles. Growth investing generally seeks stocks that offer the potential for greater-than- average earnings growth, and may entail greater risk than value or blend investing. Value investing generally seeks stocks that may be sound investments but are temporarily out of favor in the marketplace, and may entail less risk than growth investing. A blend investment combines the two styles.

as of 04/16/2014

VCSR0141

  • Offer Price $10.70650
  • WRAP Price $10.33360
  • Bid Price $10.57860
  • Liquidation Price $10.33360

Trust Specifics

  • Feb 06, 2014 Deposit Date
  • Feb 06, 2014 -
    May 07, 2014
    Scheduled
    Primary Offering
    Period
  • IAACYX Nasdaq Symbol
  • 24 months Term of Trust
  • Feb 04, 2016 Termination Date
  • Tax Status:
    Regulated Investment Company
  • Public Offering Price
    (End of deposit date) $10.00000
  • Maximum Sales Charge 3.95%
  • Sales Charge Schedule
  • Sales Charge Volume Discount
  • Est. Net Annual
    Income1 $0.291830
  • Initial Payable Date2 Mar 25, 2014
  • Initial Record Date2 Mar 10, 2014
  • Re-Investment Options:
    Reinvest, Cash, Wrap Reinvest, Wrap Cash
  • Estimated Frequency of Offering:
    3 months
CUSIPs Regular CUSIP Wrap Fee
Cash CUSIP 46133Y801 46133Y827
Re-invest CUSIP 46133Y819 46133Y835
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.