eafe select 20 portfolio 2020-3 the dow jones select ...invest in a portfolio of stocks. of course,...

EAFE Select 20 Portfolio 2020-3

The Dow Jones Select Dividend Index Strategy Portfolio 2020-3

Select S&P Industrial Portfolio 2020-3

Select S&P Core Portfolio 2020-3

Global 45 Dividend Strategy Portfolio 2020-3

Select 10 Industrial Portfolio 2020-4

The unit investment trusts named above (the “Portfolios”), included in Invesco Unit Trusts, Series 2062, eachinvest in a portfolio of stocks. Of course, we cannot guarantee that a Portfolio will achieve its objective.

July 9, 2020

You should read this prospectus and retain it for future reference.

The Securities and Exchange Commission has not approved or disapproved of the Unitsor passed upon the adequacy or accuracy of this prospectus.

Any contrary representation is a criminal offense.

INVESCO

Investment Objective. The Portfolio seeksabove-average total return.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in aportfolio of stocks. The Portfolio follows a simpleinvestment strategy: Begin with the stocks in theMorgan Stanley Capital Internat ional Europe,Australasia and Far East Index (“MSCI EAFE Index”)as detailed below, one of the most widely-usedbenchmarks for international investing. Eliminatestocks traded in Singapore to help limit exposure touncertain political and economic conditions. Screenthe remaining stocks to include only those companieswith positive one- and three-year sales and earningsgrowth and three years of positive dividend growth.Rank the remaining stocks from the previous step bymarket capitalization and select the top 75%. Fromthe stocks that remain from the previous step, buy thetwenty highest dividend-yielding stocks and holdthem for about one year. A company will be excluded,and its stock will be replaced with the next highestdividend-yielding stock, in the event that a stock inthe initial portfolio would result in you and the Portfoliobeing direct or indirect shareholders of any passiveforeign investment companies (“PFICs”), or, if there isany restriction on the Sponsor’s ability to purchase acompany’s stock. Invesco Capital Markets, Inc., theSponsor, implemented the strategy using informationavai lable June 30, 2020. When the Portfol ioterminates, you can elect to follow the strategy byredeeming your Units and reinvesting the proceeds ina new portfolio, if available.

Many consider the MSCI EAFESM Index to be thepremier equity benchmark for global investing. Theindex represents more than 900 stocks across 21developed countr ies. These countr ies includeAustral ia, Austr ia, Belgium, Denmark, Finland,France, Germany, Hong Kong, Ireland, Israel, Italy,Japan, Netherlands, New Zealand, Norway, Portugal,Singapore, Spain, Sweden, Switzerland and theUnited Kingdom. The final step of the strategyreplaces PFICs because of the negative tax treatment

which could result from such ownership. A smallpercentage of the MSCI EAFESM Index includesstocks that may be classified as PFICs and from timeto time the stocks used to calculate hypotheticalperformance may include a limited number of stocksthat are PFICs.

Of course, we cannot guarantee that your Portfoliowill achieve its objective. The value of your Units may fallbelow the price you paid for the Units. You should readthe “Risk Factors” section before you invest.

The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achieve moreconsistent overall results by following the strategythrough reinvestment of your proceeds over severalyears if subsequent series are available. Repeatedlyrolling over an investment in a unit investment trust maydiffer from long-term investments in other investmentproducts when considering the sales charges, fees,expenses and tax consequences attributable to aUnitholder. For more information see “Rights ofUnitholders--Rollover”.

Principal Risks. As with all investments, you canlose money by investing in this Portfolio. The Portfolioalso might not perform as well as you expect. This canhappen for reasons such as these:

• Security prices will fluctuate. The value ofyour investment may fall over time.

• An issuer may be unwilling or unable todeclare dividends in the future, or mayreduce the level of dividends declared.This may result in a reduction in the value ofyour Units.

• The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value ofyour Units. This may occur at any point in time,including during the initial offering period.

2

EAFE Select 20 Portfolio

• You could experience dilution of yourinvestment if the size of the Portfolio isincreased as Units are sold. There is noassurance that your investment will maintainits proportionate share in the Portfolio’s profitsand losses.

• The Portfolio’s performance might notsufficiently correspond to publishedhypothetical performance of thePortfolio’s investment strategy. This canhappen for reasons such as an inability toexactly replicate the weightings of stocks in thestrategy or be fully invested, timing of thePortfolio offering or timing of your investment,and Portfolio expenses. The hypotheticalperformance presented is not the pastperformance of the Portfolio.

• Stocks of foreign companies in thePortfolio present risks beyond those ofU.S. issuers. These risks may include marketand political factors related to the company’sforeign market, international trade conditions, lessregulation, smaller or less liquid markets,increased volatility, differing accounting practicesand changes in the value of foreign currencies.

• The Portfolio is concentrated in securitiesissued by companies domiciled in theUnited Kingdom. As a result, political oreconomic developments in the United Kingdommay have significant impact on the securitiesincluded in the Portfolio.

• The Portfolio is concentrated in securitiesissued by companies in the utilitiessector. Negative developments in this sectoraffect the value of your investment more thanwould be the case in a more diversifiedinvestment.

• We do not actively manage the Portfolio.Except in limited circumstances, the Portfoliowill hold, and may continue to buy, shares of

the same securities even if their market valuedeclines.

3

Fee Table

The amounts below are estimates of the direct and indirectexpenses that you may incur based on a $10 Public Offering Price perUnit. Actual expenses may vary.

As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________Initial sales charge 0.000% $ 0.000Deferred sales charge 1.350 13.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 1.850% $18.500 ______ ______ ______ ______

As a % Amount of Net Per 100 Assets Units _________ _________Estimated Organization Costs 0.667% $6.500 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.450% $4.384Supervisory, bookkeeping

and administrative fees 0.056 0.550 ______ ______

Total 0.506% $4.934* ______ ______ ______ ______

Example

This example helps you compare the cost of the Portfolio withother unit trusts and mutual funds. In the example we assume that theexpenses do not change and that the Portfolio’s annual return is 5%.Your actual returns and expenses will vary. This example also assumesthat you continue to follow the Portfolio strategy and roll yourinvestment, including all distributions, into a new trust each year subjectto a sales charge of 1.85%. Based on these assumptions, you wouldpay the following expenses for every $10,000 you invest in the Portfolio:

1 year $ 299 3 years 915 5 years 1,553 10 years 3,256

* The estimated annual expenses are based upon the estimated trust sizefor the Portfolio determined as of the initial date of deposit. Becausecertain of the operating expenses are fixed amounts, if the Portfolio doesnot reach the estimated size, or if the value of the Portfolio or number ofoutstanding units decline over the life of the trust, or if the actual amount ofthe operating expenses exceeds the estimated amounts, the actualamount of the operating expenses per 100 units would exceed theestimated amounts. In some cases, the actual amount of operatingexpenses may substantially differ from the amounts reflected above.

The maximum sales charge is 1.85% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of$10 or less. If the Public Offering Price exceeds $10 per Unit, theinitial sales charge is the difference between the total sales charge(maximum of 1.85% of the Public Offering Price) and the sum of theremaining deferred sales charge and the creation and developmentfee. The deferred sales charge is fixed at $0.135 per Unit andaccrues daily from November 10, 2020 through April 9, 2021. YourPortfolio pays a proportionate amount of this charge on the 10th dayof each month beginning in the accrual period until paid in full. Thecombination of the initial and deferred sales charges comprises the“transactional sales charge”. The creation and development fee isfixed at $0.05 per Unit and is paid at the earlier of the end of theinitial offering period (anticipated to be three months) or six monthsfollowing the Initial Date of Deposit. For more detail, see “PublicOffering Price - General.”

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit July 9, 2020Mandatory Termination Date October 8, 2021Historical 12 Month Distributions1,2 $0.37350 per UnitRecord Dates2 10th day of each monthDistribution Dates2 25th day of each monthCUSIP Numbers Cash – 46147E262 Reinvest – 46147E270 Fee Based Cash – 46147E288 Fee Based Reinvest – 46147E296

1 As of close of business day prior to Initial Date of Deposit. The actualdistributions you receive will vary from this per Unit amount due tochanges in the Portfolio’s fees and expenses, in actual income receivedby the Portfolio, currency fluctuations and with changes in the Portfoliosuch as the acquisition or liquidation of securities. In addition, due tothe negative economic impact across many industries caused by therecent COVID-19 outbreak, certain issuers of the securities included inthe Portfolio may elect to reduce the amount of, or cancel entirely,dividends and/or distributions paid in the future. See “Rights ofUnitholders--Historical and Estimated Distributions.”

2 The Trustee will make distributions of income and capital on eachmonthly Distribution Date to Unitholders of record on the precedingRecord Date, provided that the total cash held for distribution equals atleast 0.1% of the Portfolio’s net asset value. Undistributed income andcapital will be distributed in the next month in which the total cash heldfor distribution equals at least 0.1% of the Portfolio’s net asset value.Based on the foregoing, it is currently estimated that the initialdistribution will occur in October 2020.

4

5

The table below compares the hypothetical totalreturn of stocks selected using the Portfol io’sinvestment strategy (the “Hypothetical StrategyStocks”) with the stocks in the MSCI EAFESM Index.Hypothetical total return includes any dividends paid onthe stocks together with any increase or decrease inthe value of the stocks. The table i l lustrates ahypothetical investment in the Hypothetical StrategyStocks at the beginning of each year -- similar tobuying Units of the Portfolio, redeeming them after oneyear and reinvesting the proceeds in a new portfolioeach year.

These hypothetical returns are not actual pastperformance of the Portfolio or prior series but doreflect the sales charge or expenses you will pay. Ofcourse, these hypothetical returns are not guaranteesof future results and the value of your Units willfluctuate. You should note that the returns shownbelow are hypothetical annual returns based on acalendar year investment. The performance of thePortfolio may differ because the Portfolio has a 15month life that is not based on a calendar yearinvestment cycle and may be subject to investmentexclusions and restrictions. For more informationabout the hypothetical total return calculations, see“Notes to Hypothetical Performance Tables”.

Hypothetical Total Return

Hypothetical MSCI Hypothetical MSCI Strategy EAFESM Strategy EAFESM

Year Stocks Index Year Stocks Index _______________________________________________ ________________________________________________1990 (7.63)% (23.20)% 2006 36.61% 26.98%1991 14.21 12.50 2007 18.90 11.761992 2.00 (11.85) 2008 (60.80) (43.09)1993+ 60.03 32.94 2009+ 65.95 32.431994 0.52 8.06 2010 2.20 8.381995 21.97 11.55 2011 (2.09) (11.67)1996 19.29 6.36 2012 12.95 17.871997 22.09 2.06 2013 13.44 23.571998 21.99 20.33 2014 2.58 (4.20)1999 13.89 25.27 2015 (10.11) (0.21)2000 (1.97) (15.21) 2016 (9.34) 1.592001 (0.34) (22.61) 2017 11.91 25.692002 (3.27) (15.57) 2018 (22.70) (13.32)2003 33.68 39.29 2019 24.56 22.772004 38.02 20.79 Through 6/30/20 (23.29) (11.03)2005 11.81 14.13

+ These returns are the result of extraordinary market events and are not expected to be repeated.

See “Notes to Hypothetical Performance Tables”.

Hypothetical Strategy Performance

6


Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Australia - 4.91% 2,737 APA Group $ 7.6899 $ 21,047.17 Denmark - 5.05% 709 Tryg A/S 30.5237 21,641.30 France - 4.93% 205 Sanofi 102.9979 21,114.58 Germany - 4.97% 102 Allianz SE 208.8067 21,298.29 Hong Kong - 5.07% 3,500 CK Asset Holdings, Ltd. 6.2074 21,725.91 Italy - 10.12% 4,223 Snam, S.p.A. 5.1735 21,847.71 3,008 Terna Rete Elettrica Nazionale SpA 7.1572 21,528.93 Japan - 24.75% 1,700 Chubu Electric Power Company, Inc. 12.4739 21,205.60 900 Daiwa House Industry Company, Ltd. 22.9070 20,616.32 700 KDDI Corporation 30.2451 21,171.60 1,100 Sekisui House, Ltd. 19.2089 21,129.81 800 MS&D Insurance Group Holdings, Inc. 27.4248 21,939.86 New Zealand - 5.11% 6,308 Meridian Energy, Ltd. 3.4696 21,886.48 Spain - 9.92% 803 ACS Actividades de Construccion y Servicios, S.A. 26.3262 21,139.98 1,110 Red Electrica Corporacion, S.A. 19.2533 21,371.17 United Kingdom - 25.17% 1,032 BHP Group plc 21.2370 21,916.59 1,925 United Utilities Group plc 11.2143 21,587.48 7,727 Legal & General Group plc 2.7678 21,387.07 7,798 Tesco plc 2.7296 21,285.05 372 Rio Tinto, Ltd. 58.2358 21,663.72___________ ____________ 46,759 $ 428,504.62___________ _______________________ ____________

See “Notes to Portfolios”.

7

The Dow Jones Select Dividend Index Strategy Portfolio


Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioof stocks. Invesco Capital Markets, Inc., the Sponsor,selected the Portfolio based on information provided byHorizon Investment Services, LLC (the “PortfolioConsultant”) using its Quadrix rating system. Beginningwith the stocks in the Dow Jones U.S. Select DividendIndex, the strategy ranks each company from highest tolowest based on One-Year Change in Tangible BookValue, Five-Year Expected Profit Growth, Three-YearDividend Growth and Price to Book Value. The strategyassigns each company a rank score from 1 to 100 foreach of these four categories. A rank score of 100 isgiven to the stock with the best rank in each category(highest rank for One-Year Change in Tangible BookValue, Five-Year Expected Profit Growth, Three-YearDividend Growth and the lowest rank for Price to BookValue), and a rank score of 1 is given to the stock withthe worst rank in a particular category. The highestpossible total rank score is 400 and the lowest possibletotal rank score is 4. The strategy then ranks the stocksby total rank score and selects the top 20 stocks,provided that no more than 12 stocks are selected fromany single industry sector (as furnished by S&P DowJones Indices). In the event that more than 12 stocks inthe initial portfolio are from a single industry sector, eachsuch additional stock will be replaced with the stockwith the next highest total rank score that is not in thatsame sector. A company will be excluded and its stockwill be replaced with the stock with the next highesttotal rank score, if the company is an affiliate of theSponsor, if there is any restriction on the Sponsor’sability to purchase a company’s stock, or, if based onpublicly available information as of June 30, 2020 (the“Selection Date”), a proposed corporate action wouldresult in it not being the surviving company following abusiness combination or in its security being delisted. Inaddition, if two stocks are assigned the same total rankscore, the stock with the lower Price to Book Value isranked higher. When the Portfolio terminates, you can

elect to follow the strategy by redeeming your Units andreinvesting the proceeds in a new portfolio, if available. Thestrategy was implemented as of the close of business onthe Selection Date.

The four categories used by the Portfolio strategyare defined as follows:

• One-Year Change in Tangible Book Value—Thepercentage change in the net asset value of acompany, calculated by total assets minusintangible assets (such as patents andgoodwill) and liabilities.

• Five-Year Expected Profit Growth—Calculatedby using the I/B/E/S 5-year average growthestimate. I/B/E/S is a database of securityrecommendations and estimates from manydifferent contributing firms that translates thedata into a uniform consensus averagerecommendations and estimates from thecontributing firms.

• Three-Year Dividend Growth—The averagegrowth rate of a company’s paid dividendsover the previous three years.

• Price to Book Value—A ratio calculated bydividing the current stock price per share bythe current book value per share.

The Dow Jones U.S. Select Dividend Index ispre-screened subset of stocks selected from alldividend-paying companies in the Dow Jones U.S.Index that have a non-negative historical five-yeardividend-per-share growth rate, a five-year averagedividend to earnings per share ratio of less than orequal to 60%, and a three-month average dailytrading volume of at least 200,000 shares. The DowJones U.S. Index is a rules-governed, broad-marketbenchmark that represents approximately 95% ofU.S. market capitalization.

Of course, we cannot guarantee that your Portfoliowill achieve its objective. The value of your Units may

8

fall below the price you paid for the Units. You shouldread the “Risk Factors” section before you invest.

The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achievemore consistent overall results by following thestrategy through reinvestment of your proceeds overseveral years if subsequent series are available.Repeatedly rol l ing over an investment in a unitinvestment trust may differ from long-term investmentsin other investment products when considering thesales charges, fees, expenses and tax consequencesattributable to a Unitholder. For more information see“Rights of Unitholders--Rollover”.




• The financial condition of an issuermay worsen or its credit ratings maydrop, resulting in a reduction in thevalue of your Units. This may occur at anypoint in t ime, including during the init ia loffering period.

• You could experience dilution of yourinvestment if the size of the Portfoliois increased as Units are sold. There isno assurance that your investment wi l lmainta in i ts proport ionate share in thePortfolio’s profits and losses.


• The Portfolio is concentrated insecurities issued by companies in thefinancials sector. Negative developments inthis sector will affect the value of your investmentmore than would be the case in a morediversified investment.

• We do not actively manage the Portfolio.Except in limited circumstances, the Portfolio willhold, and continue to buy, shares of the samesecurities even if their market value declines.

9

Fee Table


As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________

Initial sales charge 0.000% $ 0.000Deferred sales charge 1.350 13.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 1.850% $18.500 ______ ______ ______ ______

As a % Amount of Net Per 100 Assets Units _________ _________

Estimated Organization Costs 0.667% $6.500 ______ ______ ______ ______



Total 0.386% $3.768* ______ ______ ______ ______

Example

This example helps you compare the cost of the Portfolio withother unit trusts and mutual funds. In the example we assume that theexpenses do not change and that the Portfolio’s annual return is 5%.Your actual returns and expenses will vary. This example also assumesthat you continue to follow the Portfolio strategy and roll your investment,including all distributions, into a new trust each year subject to a salescharge of 1.85%. Based on these assumptions, you would pay thefollowing expenses for every $10,000 you invest in the Portfolio:





Unit Price at Initial Date of Deposit $10.0000

Initial Date of Deposit July 9, 2020

Mandatory Termination Date October 8, 2021

Historical 12 Month Distributions1,2 $0.57715 per Unit

Record Dates2 10th day of each month

Distribution Dates2 25th day of each month

CUSIP Numbers Cash – 46147E304

Reinvest – 46147E312

Fee Based Cash – 46147E320

Fee Based Reinvest – 46147E338


2 The Trustee will make distributions of income and capital on eachmonthly Distribution Date to Unitholders of record on the precedingRecord Date, provided that the total cash held for distribution equals atleast 0.1% of the Portfolio’s net asset value. Undistributed income andcapital will be distributed in the next month in which the total cash heldfor distribution equals at least 0.1% of the Portfolio’s net asset value.Based on the foregoing, it is currently estimated that the initialdistribution will occur in September 2020.

10

The table below compares the hypothetical totalreturn of stocks selected using the Portfol io’sinvestment strategy (the “Hypothetical StrategyStocks”) with the stocks in the Dow Jones U.S. SelectDividend Index (“The Dow IndexSM”) and the S&P 500Index. Hypothetical total return includes any dividendspaid on the stocks together with any increase ordecrease in the value of the stocks. The tableillustrates a hypothetical investment in the HypotheticalStrategy Stocks at the beginning of each year --similar to buying Units of the Portfolio, redeeming themafter one year and reinvesting the proceeds in a newportfolio each year.

These hypothetical returns are not actual pastperformance of the Portfolio or prior series but doreflect the sales charge or expenses you will pay. Ofcourse, these hypothetical returns are not guaranteesof future results and the value of your Units willfluctuate. You should note that the returns shownbelow are hypothetical annual returns based on acalendar year investment. The performance of thePortfolio may differ because the Portfolio has a 15month life that is not based on a calendar yearinvestment cycle. For more information about thehypothetical total return calculations, see “Notes toHypothetical Performance Tables”.


Hypothetical Hypothetical Strategy The Dow S&P 500 Strategy The Dow S&P 500 Year Stocks IndexSM Index Year Stocks IndexSM Index _________________________________________________ __________________________________________________1992 25.45% 22.88% 7.43% 2007 (11.89)% (5.16)% 5.49%1993 10.76 14.59 10.06 2008 (40.84) (30.97) (37.00)1994 (4.76) (0.19) 1.32 2009 15.57 11.13 26.471995 40.53 42.81 37.58 2010 19.10 18.32 15.061996 20.14 25.08 22.96 2011 (0.99) 12.42 2.111997 46.00 37.84 33.36 2012 14.58 10.84 16.001998 5.90 4.34 28.58 2013 26.38 29.06 32.381999 (9.63) (4.08) 21.04 2014 (0.39) 15.36 13.682000 23.99 24.86 (9.10) 2015 (5.37) (1.64) 1.372001+ 51.67 13.09 (11.89) 2016 19.27 21.98 11.952002 2.74 (3.94) (22.10) 2017 18.20 15.44 21.822003 36.03 30.16 28.68 2018 (12.37) (5.94) (4.39)2004 16.29 18.14 10.88 2019 20.71 23.11 31.482005 (0.07) 3.79 4.91 Through2006 19.05 19.54 15.79 6/30/20 (33.14) (21.68) (3.09)




11

The Dow Jones Select Dividend Index Strategy Portfolio 2020-3

Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Basic Materials - 4.96%+ 113 LyondellBasell Industries N.V. $ 65.8500 $ 7,441.05 Energy - 20.06% 173 Exxon Mobil Corporation 43.1400 7,463.22 417 Helmerich & Payne, Inc. 18.5300 7,727.01 221 Marathon Petroleum Corporation 34.1500 7,547.15 139 Valero Energy Corporation 52.9800 7,364.22 Financials - 60.06% 130 Bank of Hawaii Corporation 56.9800 7,407.40 320 Citizens Financial Group, Inc. 23.6600 7,571.20 216 Comerica, Inc. 34.7600 7,508.16 416 Fifth Third Bancorp 18.1400 7,546.24+ 350 Janus Henderson Group plc 21.1800 7,413.00 204 MetLife, Inc. 36.7700 7,501.08 124 Prudential Financial, Inc. 60.7700 7,535.48 728 Regions Financial Corporation 10.3400 7,527.52 213 Truist Financial Corporation 35.3200 7,523.16 211 U.S. Bancorp 35.5100 7,492.61 461 Unum Group 16.4500 7,583.45 307 Wells Fargo & Company 24.5500 7,536.85 Industrials - 9.86% 58 Caterpillar, Inc. 128.1300 7,431.54 40 Watsco, Inc. 184.0800 7,363.20 Utilities - 5.06% 30 NextEra Energy, Inc. 253.2700 7,598.10___________ ____________ 4,871 $ 150,081.64___________ _______________________ ____________



Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioof stocks. The Portfolio follows a strategy designed byInvesco Capital Markets, Inc., the Sponsor, based ondata provided by S&P Opco, LLC, a subsidiary of S&PDow Jones Indices LLC (the “Data Provider”). Beginningwith the S&P Industrials Index, only those stocks rankedeither A or A+ by S&P Capital IQ’s Earnings andDividend Rankings for Common Stock are selected andthen all stocks in the Dow Jones Industrial Average areremoved. The remaining stocks are ranked by marketcapitalization and the top 75% are selected. The fifteenhighest dividend-yielding stocks from the previous stepare selected and held for approximately one year. Inaddition, a company will be excluded and its stock willbe replaced with the next highest dividend-yieldingstock, if the company is an affiliate of the Sponsor, ifthere is any restriction on the Sponsor’s ability topurchase a company’s stock, or, if based on publiclyavailable information as of June 30, 2020 (the “SelectionDate”), a proposed corporate action would result in itnot being the surviving company following a businesscombination or in its security being delisted. When thePortfolio terminates, you can elect to follow the strategyby redeeming your Units and reinvesting the proceeds in anew portfolio, if available. The strategy was implementedas of the close of business on the Selection Date.

S&P Capital IQ determines its Earnings andDividend Rankings for Common Stock primarily onthe growth and stability of per-share earnings anddividends. It assigns a symbol to each stock, whichranges from A+ for the highest ranked stocks to D forthose stocks in reorganization. These rankings arenot intended to predict price movements. The marketcapitalization screen seeks to avoid smaller, lessliquid issues.

The S&P Industrials Index, also known as the S&PIndustrials Composite Index, is a legacy index thatoriginated prior to the adoption of GICS sector

classifications. The S&P Industrials Index excludesUtilities, Financials, Real Estate, and Transportationconstituents.

Of course, we cannot guarantee that your Portfoliowill achieve its objective. The value of your Units mayfall below the price you paid for the Units. You shouldread the “Risk Factors” section before you invest.





• The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value ofyour Units. This may occur at any point intime, including during the initial offering period.

• You could experience dilution of yourinvestment if the size of the Portfoliois increased as Units are sold. There is

12

Select S&P Industrial Portfolio

no assurance that your investment wi l lmainta in i ts proport ionate share in thePortfolio’s profits and losses.


• The Portfolio is concentrated insecurities issued by companies in theindustrials sector. Negative developments inthis sector wi l l affect the value of yourinvestment more than would be the case in amore diversified investment.

• We do not actively manage the Portfolio.Except in limited circumstances, the Portfolio willhold, and may continue to buy, shares of thesame securities even if their market valuedeclines.

13

14

Fee Table

The amounts below are estimates of the direct and indirectexpenses that you may incur based on a $10 Public Offering Price perUnit. Actual expenses may vary. As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________






Total 0.298% $2.911* ______ ______ ______ ______

Example






Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit July 9, 2020Mandatory Termination Date October 8, 2021Historical 12 Month Distributions1,2 $0.23572 per UnitRecord Dates2 10th day of each monthDistribution Dates2 25th day of each monthCUSIP Numbers Cash – 46147E460 Reinvest – 46147E478 Fee Based Cash – 46147E486 Fee Based Reinvest – 46147E494



15

The table below compares the hypothetical totalreturn of stocks selected using the Portfol io’sinvestment strategy (the “Hypothetical StrategyStocks”) with the stocks in the S&P 500 Index.Hypothetical total return includes any dividends paidon the stocks together with any increase or decreasein the value of the stocks. The table illustrates ahypothetical investment in the Hypothetical StrategyStocks at the beginning of each year -- similar tobuying Units of the Portfolio, redeeming them after oneyear and reinvesting the proceeds in a new portfolioeach year.



Hypothetical Hypothetical Strategy S&P 500 Strategy S&P 500 Year Stocks Index Year Stocks Index __________________________________________________ __________________________________________________1990 0.55% (3.13)% 2006 9.99% 15.79%1991 26.74 30.00 2007 6.58 5.491992 12.55 7.43 2008 (23.94) (37.00)1993 1.99 10.06 2009 26.84 26.471994 10.34 1.32 2010 12.87 15.061995 38.35 37.58 2011 7.39 2.111996 12.79 22.96 2012 11.01 16.001997 33.03 33.36 2013 35.48 32.381998 14.65 28.58 2014 15.02 13.681999 (13.36) 21.04 2015 4.06 1.372000 12.40 (9.10) 2016 14.43 11.952001 4.11 (11.89) 2017 13.06 21.822002 (13.27) (22.10) 2018 (2.56) (4.39)2003 15.54 28.68 2019 31.82 31.482004 7.87 10.88 Through 6/30/20 (4.82) (3.09)2005 (4.64) 4.91



16


Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Communication Services - 6.64% 248 Comcast Corporation $ 39.7400 $ 9,855.52 Consumer Staples - 20.00% 157 General Mills, Inc. 62.9400 9,881.58 77 Hershey Company 128.5200 9,896.04 171 Tyson Foods, Inc. - CL A 57.9300 9,906.03 Health Care - 6.71% 158 CVS Health Corporation 63.1400 9,976.12 Industrials - 46.63%+ 113 Eaton Corporation plc 87.3400 9,869.42 162 Emerson Electric Company 61.0900 9,896.58 69 General Dynamics Corporation 143.9000 9,929.10 68 Honeywell International, Inc. 145.5900 9,900.12 57 Illinois Tool Works, Inc. 174.3200 9,936.24 28 Lockheed Martin Corporation 350.2300 9,806.44 131 PACCAR, Inc. 75.4600 9,885.26 Information Technology - 20.02% 67 Automatic Data Processing, Inc. 148.1000 9,922.70 132 Paychex, Inc. 74.5500 9,840.60 77 Texas Instruments, Inc. 129.2600 9,953.02___________ ____________ 1,715 $ 148,454.77___________ _______________________ ____________



Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioof stocks. The Portfolio follows a strategy designed byInvesco Capital Markets, Inc., the Sponsor, based ondata provided by S&P Opco, LLC, a subsidiary of S&PDow Jones Indices, LLC (the “Data Provider”).Beginning with the S&P 500 Index, the stocks areranked by gross profit margin and the 50 stocks withthe highest gross margin are selected. Any stock fromthe previous step not ranked either “4” or “5” by S&PCapital IQ’s Stock Appreciation Ranking System(“STARS”) are eliminated. Finally, the remaining stocksare ranked by price to sales ratio and up to twentystocks are selected with the lowest price to salesratios and held for approximately one year. In addition,a company will be excluded and its stock will bereplaced with the stock with the next lowest price tosales ratio, if the company is an affiliate of the Sponsor,if there is any restriction on the Sponsor’s ability topurchase a company’s stock, or, if based on publiclyavai lable information as of June 30, 2020 (the“Selection Date”), a proposed corporate action wouldresult in it not being the surviving company following abusiness combination or in its security being delisted.There is a possibility that the strategy could produce aportfolio of less than twenty stocks in the currentPortfolio or a future trust, if available, due to a shortfallof stocks which meet all the strategy criteria. When thePortfolio terminates, you can elect to follow the strategyby redeeming your Units and reinvesting the proceeds ina new portfol io, i f avai lable. The strategy wasimplemented as of the close of business on theSelection Date.

Gross profit margin is defined as a company’s totalrevenue minus cost of goods sold divided by totalrevenue. S&P Capital IQ introduced STARS onDecember 31, 1986. The STARS ranking reflects theopinion of S&P Capital IQ’s equity analysts on thetotal return potential of approximately 1,600 globalequities compared to the total return potential of a

relevant benchmark over the coming 12 months.These rankings are not intended to predict pricemovements. The price to sales ratio is defined as acompany’s stock price divided by the company’sreported sales per share from the previous year. Theprice to sales ratio screen seeks to prevent selectingovervalued stocks.



Principal Risks. As with all investments, youcan lose money by investing in this Portfolio. ThePortfolio also might not perform as well as youexpect. This can happen for reasons such as these:



• The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value ofyour Units. This may occur at any point in time,including during the initial offering period.

17

Select S&P Core Portfolio

18

• You could experience dilution of yourinvestment if the size of the Portfolio isincreased as Units are sold. There is noassurance that your investment will maintainits proportionate share in the Portfolio’s profitsand losses.


• The Portfolio is concentrated insecurities issued by companies in thefinancials, healthcare, and informationtechnology sectors. Negative developmentsin either of these sectors will affect the value ofyour investment more than would be the casein a more diversified investment.

• We do not actively manage the Portfolio.Except in limited circumstances, the Portfoliowill hold, and may continue to buy, shares ofthe same securities even if their market valuedeclines.

19

Fee Table







Total 0.316% $3.086* ______ ______ ______ ______

Example




The maximum sales charge is 1.85% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of1.85% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.135 per Unit and accrues daily fromNovember 10, 2020 through April 9, 2021. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”


Unit Price at Initial Date of Deposit $10.0000

Initial Date of Deposit July 9, 2020

Mandatory Termination Date October 8, 2021

Historical 12 Month Distributions1,2 $0.10984 per Unit

Record Dates2 10th day of each month

Distribution Dates2 25th day of each month

CUSIP Numbers Cash – 46147E387

Reinvest – 46147E395

Fee Based Cash – 46147E403

Fee Based Reinvest – 46147E411


2 The Trustee will make distributions of income and capital on eachmonthly Distribution Date to Unitholders of record on the precedingRecord Date, provided that the total cash held for distribution equals atleast 0.1% of the Portfolio’s net asset value. Undistributed income andcapital will be distributed in the next month in which the total cash heldfor distribution equals at least 0.1% of the Portfolio’s net asset value.Based on the foregoing, it is currently estimated that the initialdistribution will occur in October 2020.

20


Hypothetical S&P 500 Hypothetical S&P 500 Year Strategy Stocks Index Year Strategy Stocks Index __________________________________________________ __________________________________________________1990 1.95% (3.13)% 2006 5.31 15.791991+ 54.28 30.00 2007 7.54 5.491992 3.80 7.43 2008 (25.77) (37.00)1993 26.59 10.06 2009 36.11 26.471994 8.61 1.32 2010 2.12 15.061995 43.95 37.58 2011 0.10 2.111996 23.85 22.96 2012 22.76 16.001997 22.04 33.36 2013 42.55 32.381998 27.84 28.58 2014 15.03 13.681999 25.63 21.04 2015 (1.78) 1.372000 3.86 (9.10) 2016 22.04 11.952001 (10.75) (11.89) 2017 20.51 21.822002 (23.15) (22.10) 2018 (11.85) (4.39)2003 28.68 28.68 2019 32.94 31.482004 6.07 10.88 Through 6/30/20 (0.30) (3.09)2005 3.89 4.91




The table below compares the hypothetical totalreturn of stocks selected using the Portfolio’sinvestment strategy (the “Hypothetical Strategy Stocks”)with the stocks in the S&P 500 Index. Hypothetical totalreturn includes any dividends paid on the stockstogether with any increase or decrease in the value ofthe stocks. The table i l lustrates a hypotheticalinvestment in the Hypothetical Strategy Stocks at thebeginning of each year -- similar to buying Units of thePortfolio, redeeming them after one year and reinvestingthe proceeds in a new portfolio each year.


21


Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Communication Services - 10.03% 55 Electronic Arts, Inc. $ 135.6100 $ 7,458.55 31 Facebook, Inc. - CL A 243.5800 7,550.98 Financials - 30.18% 327 Bank of America Corporation 23.1000 7,553.70 416 Fifth Third Bancorp 18.1400 7,546.24 115 State Street Corporation 64.9500 7,469.25 36 SVB Financial Group 209.9200 7,557.12 213 Truist Financial Corporation 35.3200 7,523.16 211 U.S. Bancorp 35.5100 7,492.61 Health Care - 34.76% 28 ABIOMED, Inc. 265.6400 7,437.92 68 Alexion Pharmaceuticals, Inc. 108.0000 7,344.00 30 Amgen, Inc. 251.5900 7,547.70 108 Edwards Lifesciences Corporation 68.7600 7,426.08 44 Eli Lilly and Company 169.1300 7,441.72 95 Merck & Company, Inc. 77.9200 7,402.40 25 Vertex Pharmaceuticals, Inc. 295.9200 7,398.00 Information Technology - 25.03% 25 ANSYS, Inc. 301.9000 7,547.50 31 Autodesk, Inc. 243.9000 7,560.90 75 Cadence Design Systems, Inc. 99.6000 7,470.00 37 salesforce.com, Inc. 200.2800 7,410.36 37 Synopsys, Inc. 201.4800 7,454.76___________ ____________ 2,007 $ 149,592.95___________ _______________________ ____________



Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioof stocks. The Portfolio invests in stocks of foreign anddomestic companies selected by applying separateuniquely specialized strategies. Invesco CapitalMarkets, Inc. is the Sponsor of the Portfolio. ThePortfolio combines three simple investment strategies:the Select 10 Industrial Strategy, the Select S&PIndustrial Strategy, and the EAFE Select 20 Strategy.

The Select 10 Industrial Strategy selects the tenhighest dividend-yielding stocks in the Dow JonesIndustrial Average for the Portfolio. This portion of thePortfolio strategy was implemented as of the close ofbusiness on June 30, 2020 (the “Selection Date”).

The Select S&P Industrial Strategy fol lows astrategy designed by Invesco Capital Markets, Inc.based on data provided by S&P Opco, LLC, asubsidiary of S&P Dow Jones Indices, LLC (the “DataProvider”). Beginning with the S&P Industrials Index,the strategy selects only those stocks ranked either Aor A+ by S&P Capital IQ’s Earnings and DividendRankings for Common Stock and then removes allstocks in the Dow Jones Industrial Average. Theremaining stocks are ranked by market capitalizationand the top 75% are retained. The strategy selectsthe fifteen highest dividend-yielding stocks for thePortfolio. In addition, a company will be excluded andits stock will be replaced with the next highestdividend-yielding stock, if the company is an affiliateof the Sponsor, if there is any restriction on theSponsor’s ability to purchase a company’s stock, or, ifbased on publicly available information as of theselection date, a proposed corporate action wouldresult in it not being the surviving company following abusiness combination or in its security being delisted.This portion of the Portfolio strategy was implementedas of the close of business on the Selection Date.

The EAFE Select 20 Strategy begins with the stocksin the Morgan Stanley Capital International Europe,

Australasia and Far East Index, one of the most widely-used benchmarks for international investing. Stockstraded in Singapore are eliminated from the strategy tohelp limit exposure to uncertain political and economicconditions. The stocks are screened to include onlythose companies with positive one- and three-yearsales and earnings growth and three years of positivedividend growth. The remaining stocks are ranked bymarket capitalization and the top 75% are retained. Thestrategy selects the twenty highest dividend-yieldingstocks for the Portfolio. A company will be excluded,and its stock will be replaced with the next highestdividend-yielding stock, in the event that a stock in theinitial portfolio would result in you and the Portfolio beingdirect or indirect shareholders of any passive foreigninvestment companies, or, if there is any restriction onthe Sponsor’s ability to purchase a company’s stock.This portion of the Portfolio strategy was implementedas of the close of business on the Selection Date.


Each strategy makes up approximately one-third ofthe initial Portfolio. When the Portfolio terminates, youcan elect to follow the Global 45 Dividend Strategy byredeeming your Units and reinvesting the proceeds in anew portfolio, if available. The Portfolio is designed aspart of a long-term investment strategy. The Sponsormay offer a subsequent series of the portfolio when thecurrent Portfolio terminates. As a result, you may achievemore consistent overall results by following the strategythrough reinvestment of your proceeds over severalyears if subsequent series are available. Repeatedlyrolling over an investment in a unit investment trust maydiffer from long-term investments in other investmentproducts when considering the sales charges, fees,expenses and tax consequences attributable to aUnitholder. For more information see “Rights ofUnitholders--Rollover”.

22

Global 45 Dividend Strategy Portfolio

23





• You could experience dilution of yourinvestment if the size of the Portfoliois increased as Units are sold. There isno assurance that your investment wi l lmainta in i ts proport ionate share in thePortfolio’s profits and losses.


• Stocks of foreign companies in thePortfolio present risks beyond those ofU.S. issuers. These r isks may includemarket and political factors related to thecompany’s foreign market, international tradeconditions, less regulation, smaller or lessliquid markets, increased volatility, differing

accounting practices and changes in thevalue of foreign currencies.

• We do not actively manage the Portfolio.Except in limited circumstances, the Portfolio willhold, and may continue to buy, shares of thesame securities even if their market valuedeclines.

24

Fee Table







Total 0.454% $4.435* ______ ______ ______ ______

Example






Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit July 9, 2020Mandatory Termination Date October 8, 2021Historical 12 Month Distributions1 $0.34965 per UnitEstimated Initial Distribution1 $0.09 per UnitRecord Dates 10th day of each November, February and May, commencing November 10, 2020

Distribution Dates 25th day of each November, February and May, commencing November 25, 2020CUSIP Numbers Cash – 46147E346 Reinvest – 46147E353 Fee Based Cash – 46147E361 Fee Based Reinvest – 46147E379


25


Hypothetical S&P 500 Hypothetical S&P 500 Year Strategy Stocks Index Year Strategy Stocks Index __________________________________________________ __________________________________________________1990 (5.60)% (3.13)% 2006 24.91% 15.79%1991 24.63 30.00 2007 8.49 5.491992 6.75 7.43 2008 (41.85) (37.00)1993 28.93 10.06 2009 36.15 26.471994 4.29 1.32 2010 11.34 15.061995 31.60 37.58 2011 6.62 2.111996 19.32 22.96 2012 10.54 16.001997 24.84 33.36 2013 27.22 32.381998 15.02 28.58 2014 8.76 13.681999 0.65 21.04 2015 (1.85) 1.372000 4.65 (9.10) 2016 7.81 11.952001 (1.02) (11.89) 2017 15.50 21.822002 (9.13) (22.10) 2018 (9.13) (4.39)2003 25.27 28.68 2019 24.64 31.482004 16.05 10.88 Through 6/30/20 (15.65) (3.09)2005 (0.01) 4.91



The table below compares the hypothetical totalreturn of stocks selected using the Portfol io’sinvestment strategy (the “Hypothetical StrategyStocks”) with the stocks in the S&P 500 Index.Hypothetical total return includes any dividends paidon the stocks together with any increase or decreasein the value of the stocks. The table illustrates ahypothetical investment in the Hypothetical StrategyStocks at the beginning of each year -- similar tobuying Units of the Portfolio, redeeming them after oneyear and reinvesting the proceeds in a new portfolioeach year.


26


Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Communication Services - 7.26% 299 Comcast Corporation - CL A $ 39.7400 $ 11,882.26+ 300 KDDI Corporation 30.2451 9,073.54 328 Verizon Communications, Inc. 55.3800 18,164.64 Consumer Discretionary - 1.79%+ 500 Sekisui House, Ltd. 19.2089 9,604.46 Consumer Staples - 15.02% 399 Coca-Cola Company 45.0700 17,982.93 192 General Mills, Inc. 62.9400 12,084.48 93 Hershey Company 128.5200 11,952.36+ 3,302 Tesco plc 2.7296 9,012.98 206 Tyson Foods, Inc. - CL A 57.9300 11,933.58 425 Walgreens Boots Alliance, Inc. 42.2900 17,973.25 Energy - 6.58% 205 Chevron Corporation 86.3500 17,701.75 411 Exxon Mobil Corporation 43.1400 17,730.54 Financials - 9.93%+ 43 Allianz SE 208.8067 8,978.69 194 J.P. Morgan Chase & Company 93.3000 18,100.20+ 3,273 Legal & General Group plc 2.7678 9,059.13+ 300 MS&D Insurance Group Holdings, Inc. 27.4248 8,227.45+ 300 Tryg A/S 30.5237 9,157.11 Health Care - 7.15% 187 CVS Health Corporation 63.1400 11,807.18 526 Pfizer, Inc. 33.7500 17,752.50+ 87 Sanofi 102.9979 8,960.82 Industrials - 20.41% 116 3M Company 154.5800 17,931.28+ 340 ACS Actividades de Construccion y Servicios, S.A. 26.3262 8,950.92+ 137 Eaton Corporation plc 87.3400 11,965.58 195 Emerson Electric Company 61.0900 11,912.55 82 General Dynamics Corporation 143.9000 11,799.80 83 Honeywell International, Inc. 145.5900 12,083.97 68 Illinois Tool Works, Inc. 174.3200 11,853.76 33 Lockheed Martin Corporation 350.2300 11,557.59 158 PACCAR, Inc. 75.4600 11,922.68 Information Technology - 9.99% 81 Automatic Data Processing, Inc. 148.1000 11,996.10 152 International Business Machines Corporation 117.7100 17,891.92 160 Paychex, Inc. 74.5500 11,928.00 93 Texas Instruments, Inc. 129.2600 12,021.18

27


Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Materials - 6.65%+ 437 BHP Group plc $ 21.2370 $ 9,280.57 430 Dow, Inc. 40.3500 17,350.50+ 158 Rio Tinto, Ltd. 58.2358 9,201.26 Real Estate - 3.44%+ 1,500 CK Asset Holdings, Ltd. 6.2074 9,311.11+ 400 Daiwa House Industry Company, Ltd. 22.9070 9,162.81 Utilities - 11.78%+ 1,159 APA Group 7.6899 8,912.56+ 700 Chubu Electric Power Company, Inc. 12.4739 8,731.72+ 2,672 Meridian Energy, Ltd. 3.4696 9,270.87+ 470 Red Electrica Corporacion, S.A. 19.2533 9,049.05+ 1,789 Snam, S.p.A. 5.1735 9,255.40+ 1,274 Terna Rete Elettrica Nazionale SpA 7.1572 9,118.30+ 815 United Utilities Group plc 11.2143 9,139.64___________ ____________ 25,072 $ 538,738.97___________ _______________________ ____________



Principal Investment Strategy. The Portfolioseeks above-average total return by investing in aportfolio of stocks. The Portfolio follows a simpleinvestment strategy: Buy the ten highest dividend-yielding stocks in the Dow Jones Industrial Averageand hold them for approximately one year. InvescoCapital Markets, Inc., the Sponsor, implemented thestrategy using information available as of the close ofbusiness on June 30, 2020. When the Portfolioterminates, you can elect to follow the strategy byredeeming your Units and reinvesting the proceeds in anew portfolio, if available.







• You could experience dilution of yourinvestment if the size of the Portfolio isincreased as Units are sold. There is noassurance that your investment will maintain itsproportionate share in the Portfolio’s profitsand losses.

• The Portfolio’s performance might notsufficiently correspond to publishedhypothetical performance of thePortfolio’s investment strategy. This canhappen for reasons such as an inability toexactly replicate the composition and/orweightings of stocks in the strategy or be fullyinvested, the timing of the Portfolio offering ort iming of your investment, regulatoryrestr ict ions and Portfol io expenses. Thehypothetical performance presented is not thepast performance of the Portfolio.

• The Portfolio holds a relatively smallnumber of stocks. You may encountermore price volatility than would occur in aninvestment diversi f ied among a greaternumber of stocks.

• We do not actively manage thePortfolio. Except in limited circumstances,the Portfolio will hold, and may continue to buy,shares of the same securities even if theirmarket value declines.

28

Select 10 Industrial Portfolio

Fee Table


As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________






Total 0.198% $1.941* ______ ______ ______ ______

Example

This example helps you compare the cost of the Portfolio with otherunit trusts and mutual funds. In the example we assume that theexpenses do not change and that the Portfolio’s annual return is 5%. Youractual returns and expenses will vary. This example also assumes thatyou continue to follow the Portfolio strategy and roll your investment,including all distributions, into a new trust each year subject to a salescharge of 1.85%. Based on these assumptions, you would pay thefollowing expenses for every $10,000 you invest in the Portfolio:


* The estimated annual expenses are based upon the estimated trust sizefor the Portfolio determined as of the initial date of deposit. Becausecertain of the operating expenses are fixed amounts, if the Portfolio doesnot reach the estimated size, or if the value of the Portfolio or number ofoutstanding units decline over the life of the trust, or if the actual amountof the operating expenses exceeds the estimated amounts, the actualamount of the operating expenses per 100 units would exceed theestimated amounts. In some cases, the actual amount of operatingexpenses may substantially differ from the amounts reflected above.

The maximum sales charge is 1.85% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of$10 or less. If the Public Offering Price exceeds $10 per Unit, theinitial sales charge is the difference between the total sales charge(maximum of 1.85% of the Public Offering Price) and the sum of theremaining deferred sales charge and the creation and developmentfee. The deferred sales charge is fixed at $0.135 per Unit andaccrues daily from October 10, 2020 through March 9, 2021. YourPortfolio pays a proportionate amount of this charge on the 10th dayof each month beginning in the accrual period until paid in full. Thecombination of the initial and deferred sales charges comprises the“transactional sales charge”. The creation and development fee isfixed at $0.05 per Unit and is paid at the earlier of the end of theinitial offering period (anticipated to be two months) or six monthsfollowing the Initial Date of Deposit. For more detail, see “PublicOffering Price -- General.”


Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit July 9, 2020Mandatory Termination Date September 9, 2021Historical 12 Month Distributions1,2 $0.47532 per UnitRecord Dates2 10th day of each monthDistribution Dates2 25th day of each monthCUSIP Numbers Cash – 46147E429 Reinvest – 46147E437 Fee Based Cash – 46147E445 Fee Based Reinvest – 46147E452



29

The table below compares the hypothetical totalreturn of stocks selected using the Portfol io’sinvestment strategy (the “Hypothetical StrategyStocks”) with the stocks in the Dow Jones IndustrialAverage (“The Dow 30SM”). Hypothetical total returnincludes any dividends paid on the stocks togetherwith any increase or decrease in the value of thestocks. The table illustrates a hypothetical investmentin the Hypothetical Strategy Stocks at the beginningof each year -- similar to buying Units of the Portfolio,redeeming them after one year and reinvesting theproceeds in a new portfolio each year.

These hypothetical returns are not actual pastperformance of the Portfolio or prior series but doreflect the sales charge or expenses you will pay. Ofcourse, these hypothetical returns are not guaranteesof future results and the value of your Units willfluctuate. You should note that the returns shownbelow are hypothetical annual returns based on acalendar year investment. The performance of thePortfolio may differ because the Portfolio has a 14month life that is not based on a calendar yearinvestment cycle. For more information about thehypothetical total return calculations, see “Notes toHypothetical Performance Table”.

30

Hypothetical Total Return Hypothetical Hypothetical Year Strategy Stocks The Dow 30SM Year Strategy Stocks The Dow 30SM

1990 (9.69)% (0.57)% 2006 28.14% 19.04%1991 32.96 23.93 2007 0.00 8.881992 5.72 7.35 2008 (40.79) (31.93)1993 24.80 16.74 2009 15.68 22.681994 2.03 4.95 2010 18.98 14.061995 34.49 36.49 2011 14.59 8.381996 25.91 28.57 2012 7.68 10.241997 19.43 24.75 2013 32.75 29.651998 8.43 18.13 2014 8.71 10.041999 1.44 27.20 2015 0.51 0.212000 3.54 (4.72) 2016 18.35 16.502001 (6.81) (5.44) 2017 21.55 28.112002 (10.83) (15.01) 2018 (2.10) (3.48)2003 26.60 28.29 2019 17.55 25.342004 2.29 5.31 Through 6/30/20 (18.82) (8.43)2005 (7.19) 1.72

See “Notes to Hypothetical Performance Table”.


31


Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Communication Services - 10.06% 271 Verizon Communications, Inc. $ 55.3800 $ 15,007.98 Consumer Staples -19.96% 332 Coca-Cola Company 45.0700 14,963.24 350 Walgreens Boots Alliance, Inc. 42.2900 14,801.50 Energy - 20.02% 173 Chevron Corporation 86.3500 14,938.55 346 Exxon Mobil Corporation 43.1400 14,926.44 Financials - 10.07% 161 J.P. Morgan Chase & Company 93.3000 15,021.30 Health Care - 9.98% 441 Pfizer, Inc. 33.7500 14,883.75 Industrials - 9.95% 96 3M Company 154.5800 14,839.68 Information Technology - 10.02% 127 International Business Machines Corporation 117.7100 14,949.17 Materials - 9.94% 367 Dow, Inc. 40.3500 14,808.45___________ ____________ 2,664 $ 149,140.06___________ _______________________ ____________

See “Notes to Portfolio”.

32

Notes to Hypothetical Performance Tables

The hypothetical strategy stocks for each applicable time period in a table were identified by applying therespective Portfolio strategy on the last trading day of the prior period on the principal trading exchange. It shouldbe noted that the stocks in the tables are not the same stocks from year to year and may not be the same stocksas those included in your Portfolio. Hypothetical total return for each period was calculated by (1) subtracting theclosing sale price of the stocks on the last trading day of the prior period from the closing sale price of the stockson the last trading day of the period, (2) adding dividends paid during that period and (3) dividing the result by theclosing sale price of the stocks on the last trading day of the prior period and reducing this amount by typicalannual Portfolio operating expenses and sales charges. Average annual total return reflects annualized changewhile total return reflects aggregate change and is not annualized. The sales charge used for the hypothetical totalreturns at the beginning of each period is 1.85%. Adjustments were made to reflect events such as stock splits andcorporate spinoffs. Hypothetical total return does not take into consideration commissions or taxes that will beincurred by Unitholders. With respect to foreign securities, all values are converted into U.S. dollars using theapplicable currency exchange rate.

The tables represent hypothetical past performance of the related Portfolio strategies (not the Portfolios) and arenot guarantees or indications of future performance of any Portfolio. The hypothetical performance is the retroactiveapplication of a strategy designed with the full benefit of hindsight. Unitholders will not necessarily realize as high atotal return as the hypothetical returns in the tables for several reasons including, among others: the total returnfigures in the tables do not reflect commissions paid by a Portfolio on the purchase of Securities or taxes incurredby Unitholders; the Portfolios are established at different times of the year; a Portfolio may not be able to investequally in the Securities according to the strategy weightings and may not be fully invested at all times; a Portfoliomay be subject to specific investment exclusions or restrictions; the Securities are often purchased or sold at pricesdifferent from the closing prices used in buying and selling Units; the stock prices on a strategy’s implementationdate may be different from prices on the Initial Date of Deposit; extraordinary market events that are not expectedto be repeated and may have affected performance; and currency exchange rates will be different. In addition, bothstock prices (which may appreciate or depreciate) and dividends (which may be increased, reduced or eliminated)will affect actual returns. There can be no assurance that your Portfolio will outperform its comparison stockindex(es) over its life or future rollover periods, if available. The Sponsor uses data furnished by Bloomberg L.P.,Horizon Investment Services, FactSet, Compustat, Morgan Stanley Capital International, S&P Opco, LLC, Standard& Poor’s and S&P Dow Jones Indices, a CME Group company to implement the strategy and to generate theinformation contained in the table. These data sources are applied in a consistent manner without the use ofdiscretion. The Sponsor has not independently verified the data obtained from these sources but has no reason tobelieve that this data is incorrect in any material respect.

The S&P 500 Index consists of 500 stocks chosen by Standard & Poor’s to be representative of the leaders ofvarious industries.

The Dow Jones U.S. Select Dividend Index consists of 100 stocks selected to the index by dividend yield, subjectto screens for dividend-per-share growth rate, dividend payout ratio and average daily dollar trading volume.

The Dow Jones Industrial Average is a price-weighted index that is calculated as a simple average. The Dow JonesIndustrial Average includes 30 large-cap, blue-chip U.S. stocks, excluding utility and transportation companies.

The MSCI EAFESM Index, Dow Jones U.S. Select Dividend Index, S&P 500 Index and The Dow Jones IndustrialAverage are unmanaged, are not subject to fees and are not available for direct investment.

33

Notes to Portfolios (1) The Securities are initially represented by “regular way” contracts for the performance of which an irrevocable letter of

credit has been deposited with the Trustee. Contracts to acquire Securities were entered into on July 8, 2020 and havea settlement date of July 10, 2020 (see “The Portfolios”).

(2) The value of each Security is determined on the bases set forth under “Public Offering--Unit Price” as of the close of theNew York Stock Exchange on the business day before the Initial Date of Deposit. In accordance with FASB AccountingStandards Codification (“ASC”), ASC 820, Fair Value Measurements and Disclosures, the Portfolio’s investments areclassified as Level 1, which refers to security prices determined using quoted prices in active markets for identicalsecurities. Other information regarding the Securities, as of the Initial Date of Deposit, is as follows:

Cost to Profit (Loss) Sponsor To Sponsor ____________ ____________

EAFE Select 20 Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 428,488 $ 17The Dow Jones Select Dividend Index Strategy Portfolio . . . . . $ 150,082 $ 0Select S&P Industrial Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,455 $ 0Select S&P Core Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,593 $ 0Global 45 Dividend Strategy Portfolio . . . . . . . . . . . . . . . . . . . $ 538,731 $ 8 Select 10 Industrial Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,140 $ 0

“+” indicates that the stock was issued by a foreign company.

34

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 2062:

Opinion on the Financial Statements

We have audited the accompanying statements of condition (including the related portfolio schedules) ofEAFE Select 20 Portfolio 2020-3; The Dow Jones Select Dividend Index Strategy Portfolio 2020-3; SelectS&P Industrial Portfolio 2020-3; Select S&P Core Portfolio 2020-3; Global 45 Dividend Strategy Portfolio2020-3 and Select 10 Industrial Portfolio 2020-4 (included in Invesco Unit Trusts, Series 2062 (the “Trust”)) asof July 9, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, thefinancial statements present fairly, in all material respects, the financial position of the Trust as of July 9, 2020,in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of Invesco Capital Markets, Inc., the Sponsor. Ourresponsibility is to express an opinion on the Trust’s financial statements based on our audits. We are a publicaccounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)and are required to be independent with respect to the Trust in accordance with the U.S. federal securitieslaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require thatwe plan and perform the audits to obtain reasonable assurance about whether the financial statements arefree of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were weengaged to perform an audit of its internal control over financial reporting. As part of our audits we arerequired to obtain an understanding of internal control over financial reporting but not for the purpose ofexpressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly,we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financialstatements, whether due to error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence regarding the amounts and disclosures in thefinancial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Sponsor, as well as evaluating the overall presentation of the financial statements. Ourprocedures included confirmation of cash or irrevocable letters of credit deposited for the purchase ofsecurities as shown in the statements of condition as of July 9, 2020 by correspondence with The Bank ofNew York Mellon, Trustee. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the auditor of one or more of the unit investment trusts, sponsored by Invesco CapitalMarkets, Inc. and its predecessors since 1976.

New York, New YorkJuly 9, 2020

35

STATEMENTS OF CONDITIONAs of July 9, 2020

The Dow Jones Select Dividend EAFE Index Select S&P Select 20 Strategy IndustrialINVESTMENT IN SECURITIES Portfolio Portfolio Portfolio _____________ _____________ _____________Contracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 428,505 $ 150,082 $ 148,455 _____________ _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 428,505 $ 150,082 $ 148,455 _____________ _____________ _____________ _____________ _____________ _____________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,785 $ 976 $ 683 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,785 2,026 2,004 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . 2,143 750 742Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428,505 150,082 148,455Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . . . . . 10,713 3,752 3,429 _____________ _____________ _____________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . 417,792 146,330 145,026 _____________ _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 428,505 $ 150,082 $ 148,455 _____________ _____________ _____________ _____________ _____________ _____________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,851 15,009 14,846 _____________ _____________ _____________ _____________ _____________ _____________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.750 $ 9.750 $ 9.769 _____________ _____________ _____________ _____________ _____________ _____________

(1) The value of the Securities is determined by the Trustee on the bases set forth under “Public Offering--Unit Price”. The contracts to purchaseSecurities are collateralized by separate irrevocable letters of credit which have been deposited with the Trustee.

(2) A portion of the Public Offering Price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing a Portfolio.The amount of these costs are set forth in the “Fee Table”. A distribution will be made as of the earlier of the close of the initial offering period(approximately three months) or six months following the Initial Date of Deposit to an account maintained by the Trustee from which theorganization expense obligation of the investors will be satisfied. To the extent that actual organization costs of a Portfolio are greater than theestimated amount, only the estimated organization costs added to the Public Offering Price will be reimbursed to the Sponsor and deductedfrom the assets of the Portfolio.

(3) Represents the amount of mandatory distributions from a Portfolio on the bases set forth under “Public Offering”.(4) The creation and development fee is payable by a Portfolio on behalf of Unitholders out of the assets of the Portfolio as of the close of the

initial offering period. If Units are redeemed prior to the close of the initial public offering period, the fee will not be deducted from the proceeds.(5) The aggregate public offering price and the aggregate sales charge are computed on the bases set forth under “Public Offering”.(6) Assumes the maximum sales charge.

36

STATEMENTS OF CONDITION (continued)As of July 9, 2020

Global Select 45 Dividend Select 10 S&P Core Strategy IndustrialINVESTMENT IN SECURITIES Portfolio Portfolio Portfolio _____________ _____________ _____________Contracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,593 $ 538,739 $ 149,140 _____________ _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,593 $ 538,739 $ 149,140 _____________ _____________ _____________ _____________ _____________ _____________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 878 $ 2,042 $ 321 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,020 7,273 2,014 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . 748 2,694 746Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,593 538,739 149,140Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . . . . . 3,646 12,009 3,081 _____________ _____________ _____________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . 145,947 526,730 146,059 _____________ _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,593 $ 538,739 $ 149,140 _____________ _____________ _____________ _____________ _____________ _____________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,960 53,874 14,915 _____________ _____________ _____________ _____________ _____________ _____________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.756 $ 9.777 $ 9.793 _____________ _____________ _____________ _____________ _____________ _____________

(1) The value of the Securities is determined by the Trustee on the bases set forth under “Public Offering--Unit Price”. The contracts to purchaseSecurities are collateralized by separate irrevocable letters of credit which have been deposited with the Trustee.

(2) A portion of the Public Offering Price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing a Portfolio.The amount of these costs are set forth in the “Fee Table”. A distribution will be made as of the earlier of the close of the initial offering period(approximately three months) or six months following the Initial Date of Deposit to an account maintained by the Trustee from which theorganization expense obligation of the investors will be satisfied. To the extent that actual organization costs of a Portfolio are greater than theestimated amount, only the estimated organization costs added to the Public Offering Price will be reimbursed to the Sponsor and deductedfrom the assets of the Portfolio.

(3) Represents the amount of mandatory distributions from a Portfolio on the bases set forth under “Public Offering”.(4) The creation and development fee is payable by a Portfolio on behalf of Unitholders out of the assets of the Portfolio as of the close of the

initial offering period. If Units are redeemed prior to the close of the initial public offering period, the fee will not be deducted from the proceeds.(5) The aggregate public offering price and the aggregate sales charge are computed on the bases set forth under “Public Offering”.(6) Assumes the maximum sales charge.

A-1

THE PORTFOLIOS

The Portfolios were created under the laws of theState of New York pursuant to a Trust Indenture andTrust Agreement (the “Trust Agreement”), dated thedate of this prospectus (the “Initial Date of Deposit”),among Invesco Capital Markets, Inc., as Sponsor,Invesco Investment Advisers LLC, as Supervisor, andThe Bank of New York Mellon, as Trustee.

The Portfolios offer investors the opportunity topurchase Units representing proportionate interests inportfolios of equity securities which are components ofmajor stock market indices. Each Portfolio may be anappropriate medium for investors who desire topart icipate in a portfol io of stocks with greaterdiversification than they might be able to acquireindividually and who are seeking to achieve a betterperformance than the related index.

On the Initial Date of Deposit, the Sponsor depositeddelivery statements relating to contracts for thepurchase of the Securities and an irrevocable letter ofcredit in the amount required for these purchases withthe Trustee. In exchange for these contracts the Trusteedelivered to the Sponsor documentation evidencing theownership of Units of the Portfolios. Unless otherwiseterminated as provided in the Trust Agreement, thePortfolios will terminate on the Mandatory TerminationDate and any remaining Securities will be liquidated ordistributed by the Trustee within a reasonable time. Asused in this prospectus the term “Securities” means thesecurities (including contracts to purchase thesesecurities) listed in each “Portfolio” and any additionalsecurities deposited into each Portfolio.

Additional Units of a Portfolio may be issued at anytime by deposit ing in the Portfol io ( i ) addit ionalSecurities, (ii) contracts to purchase Securities togetherwith cash or irrevocable letters of credit or (iii) cash (ora letter of credit or the equivalent) with instructions topurchase additional Securities. As additional Units areissued by a Portfolio, the aggregate value of theSecurities will be increased and the fractional undividedinterest represented by each Unit may be decreased.The Sponsor may continue to make additional depositsinto a Portfolio following the Initial Date of Deposit

provided that the additional deposits will be in amountswhich will maintain, as nearly as practicable, the samepercentage relationship among the number of sharesof each Security in the Portfol io that existedimmediately prior to the subsequent deposit. Investorsmay experience a dilution of their investments and areduction in their anticipated income because offluctuations in the prices of the Securities between thetime of the deposit and the purchase of the Securitiesand because the Portfolios will pay the associatedbrokerage or acquisit ion fees. Due to round lotrequirements in certain foreign securities markets andmarket value fluctuations, certain Portfolios may not beable to invest in each Security on any subsequent dateof deposit in the same proportion as existed on theInitial Date of Deposit or immediately prior to thesubsequent deposit of Securities. This could increasethe potential for dilution of investments and variancesin anticipated income. In addition, during the initialoffering of Units it may not be possible to buy apart icular Security due to regulatory or tradingrestrictions, or corporate actions. While such limitationsare in effect, additional Units would be created bypurchasing each of the Securities in your Portfolio thatare not subject to those limitations. This would alsoresult in the dilution of the investment in any suchSecurity not purchased and potential variances inanticipated income. Purchases and sales of Securitiesby your Portfol io may impact the value of theSecurities. This may especially be the case during theinitial offering of Units, upon Portfolio termination and inthe course of satisfying large Unit redemptions.

Each Unit of your Portfolio initially offered representsan undivided interest in the Portfolio. At the close of theNew York Stock Exchange on the Init ial Date ofDeposit, the number of Units may be adjusted so thatthe Public Offering Price per Unit equals $10. Thenumber of Units, fractional interest of each Unit in yourPortfolio and any historical or estimated per Unitdistribution amount will increase or decrease to theextent of any adjustment. To the extent that any Unitsare redeemed to the Trustee or additional Units areissued as a result of additional Securit ies beingdeposited by the Sponsor, the fractional undivided

A-2

interest in your Portfol io represented by eachunredeemed Unit will increase or decrease accordingly,although the actual interest in your Portfolio will remainunchanged. Units wi l l remain outstanding unti lredeemed upon tender to the Trustee by Unitholders,which may include the Sponsor, or until the terminationof the Trust Agreement.

Each Portfolio consists of (a) the Securities (includingcontracts for the purchase thereof) listed under theapplicable “Portfolio” as may continue to be held fromtime to time in the Portfolio, (b) any additional Securitiesacquired and held by the Portfolio pursuant to theprovisions of the Trust Agreement and (c) any cash heldin the related Income and Capital Accounts. Neither theSponsor nor the Trustee shall be liable in any way forany failure in any contract of the Securities.

OBJECTIVES AND SECURITIES SELECTION

The objective and investment strategy of eachPortfol io is described in the individual Portfol iosections. There is no assurance that a Portfolio willachieve its objective.

The Portfolios offer the potential to achieve betterperformance than the related indices throughindex-based investment strategies. Certain strategiesmay also offer the potential for less volatility or potentialfor higher dividend income when compared to therelated index. The investment strategies are designed tobe implemented on an annual basis. Investors who holdUnits through Portfolio termination may have investmentresults that differ significantly from a Unit investmentthat is reinvested into a new trust every twelve months.

Except as described herein, publishers of the indiceshave not participated in any way in the creation of thePortfolios or in the selection of stocks included in thePortfolios and have not approved any information hereinrelating thereto. The publishers of these indices are notaffiliated with the Sponsor.

The Dow Jones Industrial Average and the DowJones U.S. Select Dividend Index are products of S&PDow Jones Indices, a licensed trademark of CMEGroup Index Services LLC (“CME”), and have beenlicensed for use. “Dow Jones®”, the Dow Jones

Industrial Average, the Dow Jones U.S. Select DividendIndex and S&P Dow Jones Indices are service marks ofDow Jones Trademark Holdings, LLC (“Dow Jones”)and have been licensed for use for certain purposes bythe Sponsor. The Portfol ios are not sponsored,endorsed, sold or promoted by Dow Jones, CME ortheir respective affiliates. Dow Jones, CME and theirrespective affiliates make no representation or warranty,express or implied, to the owners of the Portfolios orany member of the public regarding the advisability ofinvesting in securities generally or in the Portfoliosparticularly. The only relationship of Dow Jones, CME orany of their respective affiliates to the Sponsor is thelicensing of certain trademarks, trade names andservice marks of Dow Jones and of the Dow JonesIndustrial Average and the Dow Jones U.S. SelectDividend Index, which are determined, composed andcalculated by CME without regard to Sponsor or thePortfolios. Dow Jones and CME have no obligation totake the needs of the Sponsor or the owners of thePortfolios into consideration in determining, composingor calculating the Dow Jones Industrial Average and theDow Jones U.S. Select Dividend Index. Dow Jones,CME and their respective affiliates are not responsiblefor and have not participated in the determination of thetiming of, prices at, or quantities of the Portfolios to beissued or in the determination or calculation of theequation by which the Portfolios are to be convertedinto cash. Dow Jones, CME and their respectiveaffiliates have no obligation or liability in connection withthe administrat ion, marketing or trading of thePortfolios. Notwithstanding the foregoing, CME GroupInc. and its affiliates may independently issue and/orsponsor financial products unrelated to the Portfolioscurrently being issued by Sponsor, but which may besimilar to and competitive with the Portfolios. Inaddition, CME Group Inc. and its affiliates may tradefinancial products which are linked to the performanceof the Dow Jones Industrial Average or the Dow JonesU.S. Select Dividend Index. It is possible that thistrading activity will affect the value of the Dow JonesIndustrial Average or the Dow Jones U.S. SelectDividend Index and the Portfolios.

DOW JONES, CME AND THEIR RESPECTIVEAFFILIATES DO NOT GUARANTEE THE ACCURACYAND/OR THE COMPLETENESS OF THE DOW JONESINDUSTRIAL AVERAGE OR THE DOW JONES U.S.SELECT DIVIDEND INDEX OR ANY DATA INCLUDEDTHEREIN AND DOW JONES, CME AND THEIRRESPECTIVE AFFILIATES SHALL HAVE NO LIABILITYFOR ANY ERRORS, OMISSIONS, ORINTERRUPTIONS THEREIN. DOW JONES, CME ANDTHEIR RESPECTIVE AFFILIATES MAKE NOWARRANTY, EXPRESS OR IMPLIED, AS TO RESULTSTO BE OBTAINED BY THE SPONSOR, OWNERS OFTHE PORTFOLIOS, OR ANY OTHER PERSON ORENTITY FROM THE USE OF THE DOW JONESINDUSTRIAL AVERAGE OR THE DOW JONES U.S.SELECT DIVIDEND INDEX OR ANY DATA INCLUDEDTHEREIN. DOW JONES, CME AND THEIRRESPECTIVE AFFILIATES MAKE NO EXPRESS ORIMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMSALL WARRANTIES OF MERCHANTABILITY ORFITNESS FOR A PARTICULAR PURPOSE OR USEWITH RESPECT TO THE DOW JONES INDUSTRIALAVERAGE OR THE DOW JONES U.S. SELECTDIVIDEND INDEX OR ANY DATA INCLUDED THEREIN.WITHOUT LIMITING ANY OF THE FOREGOING, IN NOEVENT SHALL DOW JONES, CME OR THEIRRESPECTIVE AFFILIATES HAVE ANY LIABILITY FORANY LOST PROFITS OR INDIRECT, PUNITIVE,SPECIAL OR CONSEQUENTIAL DAMAGES ORLOSSES, EVEN IF NOTIFIED OF THE POSSIBILITYTHEREOF. THERE ARE NO THIRD PARTYBENEFICIARIES OF ANY AGREEMENTS ORARRANGEMENTS BETWEEN CME AND THESPONSOR, OTHER THAN THE LICENSORS OF CME.

The EAFE Select 20 Portfolio and the Global 45Dividend Strategy Portfol io are not sponsored,endorsed, sold or promoted by MSCI Inc. (“MSCI”), anyof its affiliates, any of its information providers or anyother third party involved in, or related to, compiling,computing or creating any MSCI index (collectively, the“MSCI Parties”). The MSCI EAFE Index (the “EAFEIndex”) is the exclusive property of MSCI. MSCI and theEAFE Index name are service mark(s) of MSCI or itsaffiliates and have been licensed for use for certain

purposes by the Sponsor and the Portfolio. None of theMSCI Parties makes any representation or warranty,express or implied, to the Sponsor or Unitholders of thePortfolios or any other person or entity regarding theadvisability of investing in trusts generally or in thePortfolios particularly or the ability of the EAFE Index totrack corresponding stock market performance. MSCIor its affiliates are the licensors of certain trademarks,service marks and trade names and of the EAFE Indexwhich are determined, composed and calculated byMSCI without regard to the Portfolios or the Sponsor orUnitholders of the Portfolios or any other person orentity. None of the MSCI Parties has any obligation totake the needs of the Sponsor or Unitholders of thesePortfol ios or any other person or entity intoconsideration in determining, composing or calculatingthe EAFE Index. None of the MSCI Part ies isresponsible for or has participated in the determinationof the timing of, prices at, or quantities of the Portfoliosto be issued or in the determination or calculation of theequation by which Units of these Portfol ios areredeemable for cash. Further, none of the MSCI Partieshas any obligation or l iabi l i ty to the Sponsor orUnitholders of the Portfolios or any other person orentity in connection with the administration, marketingor offering of the Portfolios.

ALTHOUGH MSCI SHALL OBTAIN INFORMATIONFOR INCLUSION IN OR FOR USE IN THECALCULATION OF THE EAFE INDEX FROM SOURCESTHAT MSCI CONSIDERS RELIABLE, NONE OF THEMSCI PARTIES WARRANTS OR GUARANTEES THEORIGINALITY, ACCURACY AND/OR THECOMPLETENESS OF ANY MSCI INDEX OR ANY DATAINCLUDED THEREIN. NONE OF THE MSCI PARTIESMAKES ANY WARRANTY, EXPRESS OR IMPLIED, ASTO RESULTS TO BE OBTAINED BY THE ISSUER OFTHE TRUST, OWNERS OF THE TRUST, OR ANYOTHER PERSON OR ENTITY, FROM THE USE OF ANYMSCI INDEX OR ANY DATA INCLUDED THEREIN.NONE OF THE MSCI PARTIES SHALL HAVE ANYLIABILITY FOR ANY ERRORS, OMISSIONS ORINTERRUPTIONS OF OR IN CONNECTION WITH ANYMSCI INDEX OR ANY DATA INCLUDED THEREIN.FURTHER, NONE OF THE MSCI PARTIES MAKES ANY

A-3

A-4

EXPRESS OR IMPLIED WARRANTIES OF ANY KIND,AND THE MSCI PARTIES HEREBY EXPRESSLYDISCLAIM ALL WARRANTIES OF MERCHANTABILITYAND FITNESS FOR A PARTICULAR PURPOSE, WITHRESPECT EACH MSCI INDEX AND ANY DATAINCLUDED THEREIN. WITHOUT LIMITING ANY OFTHE FOREGOING, IN NO EVENT SHALL ANY OF THEMSCI PARTIES HAVE ANY LIABILITY FOR ANYDIRECT, INDIRECT, SPECIAL, PUNITIVE,CONSEQUENTIAL OR ANY OTHER DAMAGES(INCLUDING LOST PROFITS) EVEN IF NOTIFIED OFTHE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of this security,product or trust, or any other person or entity, shoulduse or refer to any MSCI trade name, trademark orservice mark to sponsor, endorse, market or promotethis security without first contacting MSCI to determinewhether MSCI’s permission is required. Under nocircumstances may any person or entity claim anyaff i l iat ion with MSCI without the pr ior writtenpermission of MSCI.

The Sponsor, on behalf of the Select S&P IndustrialPortfolio, Select S&P Core Portfolio and the Global 45Dividend Strategy Portfolio has entered into a licenseagreement with S&P Opco, LLC under which eachPortfolio is granted licenses to use certain trademarksand trade names, to the extent the Sponsor deemsappropriate and desirable under federal and statesecurities laws to indicate the source of the index as abasis for determining the composition of each Portfolio.The Select S&P Industrial Portfolio, Select S&P CorePortfolio and Global 45 Dividend Strategy Portfolio arebased in part on an S&P Index, but are not sponsored,endorsed, marketed or promoted by S&P Dow JonesIndices LLC or its affiliates or its third party licensors,including Standard & Poor’s Financial Services LLC(“SPFS”) and Dow Jones Trademark Holdings LLC(“Dow Jones”) (collectively, “S&P Dow Jones Indices”).S&P® is a registered trademark of SPFS, and DowJones® is a registered trademark of Dow Jones andhave been licensed for use.

The Select S&P Industrial Portfolio, Select S&P CorePortfolio and Global 45 Dividend Strategy Portfolio arenot sponsored, endorsed, sold or promoted by S&P

Dow Jones Indices. S&P Dow Jones Indices does notmake any representation or warranty, express orimplied, to the owners of the Select S&P IndustrialPortfolio, Select S&P Core Portfolio or Global 45Dividend Strategy Portfolio or any member of the publicregarding the advisability of investing in securitiesgenerally or in those Portfolios particularly. S&P DowJones Indices’ only relationship to the Sponsor withrespect to the Select S&P Industrial Portfolio, SelectS&P Core Portfolio and Global 45 Dividend StrategyPortfolio are the licensing of the S&P 500 IndustrialsIndex, S&P 500 Index and the S&P 500 IndustrialsIndex (respectively), certain trademarks, service marksand trade names of S&P Dow Jones Indices, and theprovision of the calculation services. S&P Dow JonesIndices is not responsible for and has not participated inthe determination of the prices and amount of theSelect S&P Industrial Portfolio, Select S&P CorePortfolio or Global 45 Dividend Strategy Portfolio or thetiming of the issuance or sale of those Portfolios or inthe determination or calculation of the equation bywhich those Portfolios may be converted into cash orother redemption mechanics. S&P Dow Jones Indiceshas no obligation or liability in connection with theadministration, marketing or trading of the Select S&PIndustrial Portfolio, Select S&P Core Portfolio or Global45 Dividend Strategy Portfolio. S&P Dow Jones IndicesLLC is not an investment advisor. Inclusion of a securitywithin Select S&P Industrial Portfolio, Select S&P CorePortfolio or Global 45 Dividend Strategy Portfolio is nota recommendation by S&P Dow Jones Indices to buy,sell, or hold such security, nor is it investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEETHE ADEQUACY, ACCURACY, TIMELINESS AND/ORTHE COMPLETENESS OF THE SELECT S&PINDUSTRIAL PORTFOLIO, SELECT S&P COREPORTFOLIO OR GLOBAL 45 DIVIDEND STRATEGYPORTFOLIO, INTELLECTUAL PROPERTY, SOFTWARE,OR ANY DATA RELATED THERETO OR ANYCOMMUNICATION WITH RESPECT THERETO,INCLUDING, ORAL, WRITTEN, OR ELECTRONICCOMMUNICATIONS. S&P DOW JONES INDICESSHALL NOT BE SUBJECT TO ANY DAMAGES ORLIABILITY FOR ANY ERRORS, OMISSIONS, OR

A-5

DELAYS THEREIN. S&P DOW JONES INDICES MAKESNO EXPRESS OR IMPLIED WARRANTIES, ANDEXPRESSLY DISCLAIMS ALL WARRANTIES, OFMERCHANTABILITY OR FITNESS FOR A PARTICULARPURPOSE OR USE OR AS TO RESULTS TO BEOBTAINED BY THE SPONSOR, OWNERS OF THESELECT S&P INDUSTRIAL PORTFOLIO, SELECT S&PCORE PORTFOLIO OR GLOBAL 45 DIVIDENDSTRATEGY PORTFOLIO, OR ANY OTHER PERSON ORENTITY FROM THE USE OF THOSE PORTFOLIOS,INTELLECTUAL PROPERTY, SOFTWARE, OR WITHRESPECT TO ANY DATA RELATED THERETO.WITHOUT LIMITING ANY OF THE FOREGOING, IN NOEVENT WHATSOEVER SHALL S&P DOW JONESINDICES BE LIABLE FOR ANY INDIRECT, SPECIAL,INCIDENTAL, PUNITIVE, OR CONSEQUENTIALDAMAGES, INCLUDING BUT NOT LIMITED TO, LOSSOF PROFITS, TRADING LOSSES, LOST TIME, ORGOODWILL, EVEN IF THEY HAVE BEEN ADVISED OFTHE POSSIBILITY OF SUCH DAMAGES, WHETHER INCONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.

S&P Opco, LLC is not an affiliate of the Sponsor.S&P Opco, LLC may use the list of Securities in itsindependent capacity as an investment adviser anddistribute this information to various individuals andentities. S&P Opco, LLC may recommend or effecttransactions in the Securities. This may have an adverseeffect on the prices of the Securities. This also mayhave an impact on the price a Portfolio pays for theSecurit ies and the price received upon Unitredemptions or Portfolio termination. S&P Opco, LLCmay act as agent or principal in connection with thepurchase and sale of equity securities, including theSecurities, and may act as a market maker in theSecurities. S&P Opco, LLC also issues reports andmakes recommendations on the Securities. S&P Opco,LLC’s research department may receive compensationbased on commissions generated by research and/orsales of Units.

Neither the Data Provider (as applicable), nor thePortfolio Consultant (as applicable), nor the Sponsormanage the Portfolios. You should note that the DataProvider (as applicable), the Portfolio Consultant (asapplicable), or the Sponsor applied the selection criteria

to the Securities for inclusion in the Portfolios as of theapplicable selection time, and that the Sponsorultimately selected the Portfolios. After the initialselection date, the Securities may no longer meet theselection criteria. Should a Security no longer meet theselection criteria, we will generally not remove theSecurity from its Portfolio. In offering the Units to thepublic, neither the Sponsor nor any broker-dealers arerecommending any of the individual Securities butrather the entire pool of Securities in a Portfolio, takenas a whole, which are represented by the Units.

RISK FACTORS

All investments involve risk. This section describesthe main r isks that can impact the value of thesecurities in your Portfolio. You should understandthese risks before you invest. If the value of thesecurities falls, the value of your Units will also fall. Wecannot guarantee that your Portfolio will achieve itsobjective or that your investment return will be positiveover any period.

Market Risk. Market risk is the risk that the valueof the securities in your Portfolio will fluctuate. Thiscould cause the value of your Units to fall below youroriginal purchase price. Market value fluctuates inresponse to various factors. These can includechanges in interest rates, inflation, the financialcondition of a security’s issuer, perceptions of theissuer, or ratings on a security of the issuer. Certaingeopolitical and other events, including environmentalevents and public health events such as epidemicsand pandemics, may have a global impact and add toinstability in world economies and markets generally.Changing economic, political or financial marketconditions in one country or geographic region couldadversely affect the market value of the securities heldby your Portfolio in a different country or geographicregion due to increasingly interconnected globaleconomies and financial markets. Even though yourPortfolio is supervised, you should remember that wedo not manage your Portfolio. Your Portfolio will notsell a security solely because the market value falls asis possible in a managed fund. In addition, becausesome Portfolios hold a relatively small number of

A-6

stocks, you may encounter more price volatility thanwould occur in an investment diversified among agreater number of stocks.

Furthermore, a recent outbreak of a respiratorydisease caused by a novel coronavirus (“COVID-19”),first detected in China in December 2019, has spreadglobally in a short period of time. COVID-19 hasresulted in the disruption of, and delays in, productionand supply chains and the delivery of healthcareservices and processes, as well as the cancellation oforganized events and educational institutions, a declinein consumer demand for certain goods and services,and general concern and uncertainty. In response,governments and businesses world-wide, including theUnited States, have taken aggressive measures,including closing borders, restricting international anddomestic travel, imposing prolonged quarantines oflarge populat ions, and f inancial support of theeconomy and financial markets. COVID-19 and itseffects have contributed to increased volatility in globalmarkets, severe loses, l iquidity constraints, andlowered yields; the duration of such effects cannot yetbe determined but could be present for an extendedperiod of time. The effects that COVID-19 may haveon certain sectors and industries are uncertain andmay adversely affect the value of your Portfolio.

Dividend Payment Risk. Dividend payment risk isthe risk that an issuer of a security is unwilling or unableto pay dividends on a security. Stocks representownership interests in the issuers and are notobligations of the issuers. Common stockholders havea right to receive dividends only after the company hasprovided for payment of its creditors, bondholders andpreferred stockholders. Common stocks do not assuredividend payments. Dividends are paid only whendeclared by an issuer’s board of directors and theamount of any dividend may vary over time. If dividendsreceived by your Portfolio are insufficient to coverexpenses, redemptions or other Portfolio costs, it maybe necessary for your Portfolio to sell Securities tocover such expenses, redemptions or other costs. Anysuch sales may result in capital gains or losses to you.See “Taxation”.

Strategy Correlation. Your Portfolio involves the riskthat its performance will not sufficiently correspond withthe hypothetical performance of your Portfolio’sinvestment strategy. This can happen for reasons such as:

• the impracticability of owning each of thestrategy stocks with the exact weightings ata given t ime, especial ly as a result ofround-lot trading requirements applicable tocertain foreign issuers,

• strategy performance is based on acalendar year strategy while the Portfoliosare created at various times during the yearand generally have up to 15 month terms,

• a Portfolio may not be fully invested at alltimes, and

• fees and expenses of a Portfolio.

In addition, the stock selection strategy of yourPortfolio may not be successful in identifying stocks thatappreciate in value or pay significant dividends. YourPortfolio may not achieve its objective if this happens.

Industry Risks. Your Portfol io may investsignificantly in certain industries. Any negative impacton the related industry will have a greater impact on thevalue of Units than on a portfolio diversified over severalindustries. You should understand the risks of theseindustries before you invest.

The relative weighting or composition of yourPortfolio may change during the life of your Portfolio.Following the Initial Date of Deposit, the Sponsorintends to issue additional Units by depositing in yourPortfolio additional securities in a manner consistentwith the provisions described in the above sectionentitled “The Portfolios”. As described in that section, itmay not be possible to retain or continue to purchaseone or more Securities in your Portfolio. In addition, dueto certain limited circumstances described under“Portfolio Administration”, the composition of theSecurities in your Portfolio may change. Accordingly,the fluctuations in the relative weighting or compositionof your Portfolio may result in concentrations (25% ormore of a Portfolio’s assets) in securities of a particulartype, industry and/or geographic region. As of the Initial

A-7

Date of Deposit, each Portfolio was significantlyinvested in the following, to the extent described below.

Consumer Discretionary and Consumer StaplesIssuers. The Select S&P Industrial Portfolio, the Global45 Dividend Strategy Portfolio, and the Select 10Industrial Portfolio invest significantly in companies thatmanufacture or sell various consumer products.General risks of these companies include the overallstate of the economy, intense competit ion andconsumer spending trends. A decline in the economywhich results in a reduction of consumers’ disposableincome can negatively impact spending habits. Globalfactors including political developments, imposition ofimport controls, fluctuations in oil prices, and changesin exchange rates may adversely affect issuers ofconsumer products and services.

Competitiveness in the retail industry may requirelarge capital outlays for the installation of automatedcheckout equipment to control inventory, track the saleof items and gauge the success of sales campaigns.Retailers who sell their products over the Internet havethe potential to access more consumers, but mayrequire sophisticated technology to remain competitive.Changes in demographics and consumer tastes canalso affect the demand for, and the success of,consumer products and services in the marketplace.Consumer products and services companies may besubject to government regulation affecting theirproducts and operations which may negatively impactperformance. Tobacco companies may be adverselyaffected by new laws, regulations and litigation.

Energy Issuers. The Dow Jones Select DividendIndex Strategy Portfolio and the Select 10 IndustrialPortfolio invest significantly in energy companies.Energy companies can be significantly impacted byfluctuations in the prices of energy fuels, such as crudeoil, natural gas, and other fossil fuels. Extended periodsof low energy fuel prices can have a material adverseimpact on an energy company's financial condition andresults of operations. The prices of energy fuels can bematerially impacted by general economic conditions,demand for energy fuels, industry inventory levels,production quotas or other actions that might beimposed by the Organization of Petroleum Exporting

Countries (OPEC), weather-related disruptions anddamage, competing fuel prices, and geopolitical risks.Recently, the price of crude oil, natural gas and otherfossil fuels has declined substantially and experiencedsignificant volatility, which has adversely impactedenergy companies and their stock prices and dividends.The price of energy fuels may decline further and havefurther adverse effects on energy companies.

Some energy companies depend on their ability tofind and acquire additional energy reserves. Theexploration and recovery process involves significantoperating hazards and can be very costly. An energycompany has no assurance that it will find reserves orthat any reserves found wil l be economical lyrecoverable.

The energy industry also faces substantialgovernment regulation, including environmentalregulation regarding air emissions and disposal ofhazardous materials. These regulations may increasecosts and limit production and usage of certain fuels.Additionally, governments have been increasing theirattention to issues related to greenhouse gas (“GHG”)emissions and cl imate change, and regulatorymeasures to l imit or reduce GHG emissions arecurrently in various stages of discussion orimplementation. GHG emissions-related regulationscould substantially harm energy companies, includingby reducing the demand for energy fuels and increasingcompliance costs. Energy companies also face risksrelated to political conditions in oil producing regions(such as the Middle East). Political instability or war inthese regions could negatively impact energycompanies.

The operations of energy companies can bedisrupted by natural or human factors beyond thecontrol of the energy company. These includehurricanes, floods, severe storms, and other weatherevents, civil unrest, accidents, war, earthquakes, fire,political events, systems failures, and terrorist attacks,any of which could result in suspension of operations.Energy companies also face certain hazards inherent tooperating in their industry, such as accidental releasesof energy fuels or other hazardous materials,explosions, and mechanical failures, which can result in

A-8

environmental damage, loss of life, loss of revenues,legal liability and/or disruption of operations.

Financial Services Issuers. The EAFE Select 20Portfolio, the Dow Jones Select Dividend Index StrategyPortfolio and the Select S&P Core Portfolio investsignificantly in financial services companies. Companiesin the financial services sector include: commercialbanks, industrial banks, savings institutions, financecompanies, diversified financial services companies,investment banking firms, securities brokerage houses,investment advisory companies, leasing companies,insurance companies and other companies providingsimilar such services. Due to the wide variety ofcompanies in the financial services sector, they maybehave and react in different ways in response tochanges in economic and market conditions.

Companies in the financial services sector aresubject to several distinct risks. Such companies maybe subject to systematic risk, which may result due tofactors outside the control of a particular financialinstitution — like the failure of another, significantfinancial institution or material disruptions to the creditmarkets — that could adversely affect the ability of thefinancial institution to operate normally or may impair itsfinancial condition. Financial services companies aretypically affected by changes in interest rates, and maybe disproportionally affected as a result of volatile and/or rising interest rates.

Certain financial services companies may themselveshave concentrated portfolios, such as a high level ofloans to real estate developers, which makes themvulnerable to economic conditions that affect thatindustry. Companies in this sector are often subject tocredit r isk, meaning they may have exposure toinvestments or agreements which under certaincircumstances may lead to losses, e.g., sub-primeloans. Further, companies in the financial servicessector are subject to intense competition. Companies inthis sector are subject to regulatory risk, where certainfinancial services companies may suffer setbacks ifregulators change the rules under which they operate.

Among the most prominent pieces of U.S. legislationfollowing the 2008 financial crisis was the Dodd-Frank

Wall Street Reform and Consumer Protection Act (the“Dodd-Frank Act”), enacted into federal law on July 21,2010. The Dodd-Frank Act included reforms andrefinements to modernize existing laws to addressemerging risks and issues in the nation’s evolvingfinancial system. It also established entirely newregulatory regimes, including in areas such as systemicrisk regulation, over-the-counter derivatives marketoversight, and federal consumer protection. The Dodd-Frank Act intended to cover virtually all participants in thefinancial services industry for years to come, includingbanks, thrifts, depository institution holding companies,mortgage lenders, insurance companies, industrial loancompanies, broker-dealers and other securities andinvestment advisory firms, private equity and hedgefunds, consumers, numerous federal agencies and thefederal regulatory structure. In particular, certainprovisions of the Dodd-Frank Act increased the capitalrequirements of certain financial services companiessupervised by the Federal Reserve, resulting in suchcompanies incurring generally higher deposit premiums.These types of regulatory changes led to some adverseeffects on certain financial services issuers anddecreases in such issuers’ profits or revenues.

The Economic Growth, Regulatory Relief andConsumer Protection Act (the “Relief Act”), enacted intofederal law on May 23, 2018, introduces changes onseveral aspects of the U.S. financial industry. The ReliefAct dilutes some of the stringent regulations imposedby the Dodd-Frank Act and aims to make things easierfor small- and medium-sized U.S. banks – however, allbanks will remain regulated. The Relief Act will relievesmall- and medium-sized banks from major regulatorycompliance costs linked with stricter scrutiny. The ReliefAct may lead to further deregulation and roll-back of theDodd-Frank Act and the Sponsor is unable to predictthe impact that such changes may have on financialservices issuers.

With respect to investments in foreign financialcompanies by the EAFE Select 20 Portfolio, many suchissuers may continue to be affected by Basel II Iregulation, negotiated by the Basel Committee onBanking. Basel III established a global framework toincrease both the quality and quantity of the regulatory

A-9

capital base and enhance the risk coverage of thecapital framework. This regulatory framework may haveadverse effects on certain financial services issuers inyour Portfolio, and could lead to decreases in suchissuers’ profits or revenues. The Sponsor is unable topredict the ultimate impact of Basel III, and any resultingor like regulation, on the securities in your Portfolio oron the financial services industry in general.

Financial services companies in foreign countriesare subject to regulatory and interest rate concerns.In particular, government regulation in certain foreigncountries may include controls on interest rates,credit availabil ity, prices and currency transfers.Foreign financial services issuers tend to have a largeportion of their assets as well as business operationsconcentrated in their home country. As a result, theymay be particularly sensitive to events in their homecountry such as deteriorating or stagnant economicconditions, sovereign credit downgrades, foreigncurrency exchange rates, natural disasters, terrorism,stock market decreases, and interest rate increases.For instance, negative developments regardingEurozone sovereign debt, including the potential forfurther downgrades of sovereign credit ratings, aswell as downgrades to the ratings, could adverselyaffect financial services issuers. In addition, thedeparture of any Eurozone country from the use ofthe Euro could lead to serious disruptions to foreignexchanges, operations and settlements, which mayhave an adverse effect on foreign financial servicesissuers. More recently, there is uncertainty regardingthe state of the European Union (“EU”) following theUnited Kingdom’s (“U.K.”) exit from the EU (“Brexit”)on January 31, 2020. The effect that Brexit may haveon the global financial markets or on the financialservices companies in your Portfolio is uncertain.

Commercial banks ( including “money center”regional and community banks), savings and loanassociations and holding companies of the foregoingare especially subject to adverse effects of volatileinterest rates, concentrations of loans in particularindustries or classifications (such as real estate, energy,or sub-prime mortgages), and significant competition.The profitability of these businesses is to a significant

degree dependent on the availability and cost of capitalfunds. Economic conditions in the real estate marketmay have a particularly strong effect on certain banksand savings associations. Commercial banks andsavings associations are subject to extensive federaland, in many instances, state regulation. Neither suchextensive regulation nor the federal insurance ofdeposits ensures the solvency or profitabil ity ofcompanies in this industry, and there is no assuranceagainst losses in securities issued by such companies.

Insurance companies are particularly subject togovernment regulation and rate setting, potentialantitrust and tax law changes, and industry-wide pricingand competit ion cycles. Property and casualtyinsurance companies also may be affected by weather,terrorism, long-term climate changes, and othercatastrophes. Life and health insurance companies maybe affected by mortality and morbidity rates, includingthe effects of epidemics. Individual insurancecompanies may be exposed to reserve inadequacies,problems in investment portfolios (for example, realestate or “ junk” bond holdings) and fai lures ofreinsurance carriers.

Many of the investment considerations discussed inconnection with banks and insurance companies alsoapply to other financial services companies. Thesecompanies are subject to extensive regulation, rapidbusiness changes, and volatile performance dependenton the availability and cost of capital and prevailinginterest rates and significant competition. Generaleconomic condit ions signif icantly affect thesecompanies. Credit and other losses resulting from thefinancial difficulty of borrowers or other third partieshave a potentially adverse effect on companies in thisindustry. Investment banking, securities brokerage andinvestment advisory companies are particularly subjectto government regulation and the risks inherent insecurities trading and underwriting activities.

Industrials Issuers. The Select S&P Industrial Portfolioand the Global 45 Dividend Strategy Portfolio investsignificantly in industrials companies. General risks ofindustrials companies include the general state of theeconomy, intense competition, imposition of importcontrols, volatil ity in commodity prices, currency

A-10

exchange rate fluctuation, consolidation, labor relations,domestic and international politics, excess capacity andconsumer spending trends. Companies in theindustrials sector may be adversely affected by liabilityfor environmental damage and product liability claims.Capital goods companies may also be significantlyaffected by overall capital spending and leverage levels,economic cycles, technical obsolescence, delays inmodernization, limitations on supply of key materials,depletion of resources, government regulations,government contracts and e-commerce initiatives.

Industrials companies may also be affected by factorsmore specific to their individual industries. Industrialmachinery manufacturers may be subject to declines incommercial and consumer demand and the need formodernization. Aerospace and defense companies maybe influenced by decreased demand for new equipment,aircraft order cancellations, disputes over or ability toobtain or retain government contracts, changes ingovernment budget priorities, changes in aircraft-leasingcontracts and cutbacks in profitable business travel. Thenumber of housing starts, levels of public and non-residential construction including weakening demand fornew office and retail space, and overall constructionspending may adversely affect construction materialsand equipment manufacturers. Stocks of transportationcompanies are cyclical and can be significantly affectedby economic changes, fuel prices and insurance costs.Transportation companies in certain countries may alsobe subject to significant government regulation andoversight, which may negatively impact their businesses.

Information Technology Issuers. The Select S&PCore Portfolio and the Select S&P Industrial Portfolioinvest significantly in information technology companies.These companies include companies that are involvedin computer and business services, enterprisesoftware/technical software, Internet and computersoftware, Internet-related services, networking andtelecommunications equipment, telecommunicationsservices, electronics products, server hardware,computer hardware and peripherals, semiconductorcapital equipment and semiconductors. Thesecompanies face risks related to rapidly changingtechnology, rapid product obsolescence, cyclical

market patterns, evolving industry standards andfrequent new product introductions.

Companies in this sector face risks from rapid changesin technology, competition, dependence on certainsuppliers and supplies, rapid obsolescence of products orservices, patent termination, frequent new products andgovernment regulation. These companies can also beadversely affected by interruption or reduction in supply ofcomponents or loss of key customers and failure tocomply with certain industry standards.

An unexpected change in technology can have asignificant negative impact on a company. The failure of acompany to introduce new products or technologies orkeep pace with rapidly changing technology can have anegative impact on the company's results. Informationtechnology companies may also be smaller and/or lessexperienced companies with limited product lines,markets or resources. Stocks of some Internet companieshave high price-to-earnings ratios with little or no earningshistories. Information technology stocks tend toexperience substantial price volatility and speculativetrading. Announcements about new products,technologies, operating results or marketing alliances cancause stock prices to fluctuate dramatically. At times,however, extreme price and volume fluctuations areunrelated to the operating performance of a company.This can impact your ability to redeem your Units at aprice equal to or greater than what you paid.

Health Care Issuers. The Select S&P Core Portfolioinvests significantly in health care companies. Theseissuers include companies involved in advanced medicaldevices and instruments, drugs and biotechnology,managed care, hospital management/health services andmedical supplies. These companies face substantialgovernment regulation and approval procedures. Generalrisks of health care companies include extensivecompetition, product liability litigation and evolvinggovernment regulation.

On March 30, 2010, the Health Care and EducationReconciliation Act of 2010 (incorporating the PatientProtection and Affordable Care Act, collectively the "Act")was enacted into law. The Act continues to have asignificant impact on the health care sector through the

A-11

implementation of a number of reforms in a complex andongoing process, with varying effective dates. Significantprovisions of the Act include the introduction of requiredhealth care coverage for most Americans, significantexpansion in the number of Americans eligible forMedicaid, modification of taxes and tax credits in thehealth care sector, and subsidized insurance for low tomiddle income families. The Act also provides for morethorough regulation of private health insurance providers,including a prohibition on the denial of coverage due topre-existing conditions. Health care companies will facecontinuing and significant changes that may cause adecrease in profitability due to increased costs andchanges in the health care market. In addition, the currentAdministration is seeking to repeal the Act and manyaspects of it are therefore in flux. In late 2017, along withthe passage of sweeping tax reform, legislation waspassed which eliminated the individual mandate (a penaltyfor failure to obtain a minimum level of health insurancecoverage) beginning in 2019. It is estimated that therepeal of the individual mandate will cause a significantamount of people to be uninsured which may have anadverse effect on insurance premiums and federalsubsidies. The Sponsor is unable to predict the full impactof the Act, or of its potential repeal or modification, on theSecurities in your Portfolio.

As illustrated by the Act, Congress may from time totime propose legislative action that will impact the healthcare sector. The proposals may span a wide range oftopics, including cost and price controls (which mayinclude a freeze on the prices of prescription drugs),incentives for competition in the provision of health careservices, promotion of pre-paid health care plans andadditional tax incentives and penalties aimed at the healthcare sector. The government could also reduce fundingfor health care related research.

Drug and medical products companies also facethe risk of increasing competition from new productsor serv ices, gener ic drug sales, productobsolescence, increased government regulation,termination of patent protection for drug or medicalsupply products and the risk that a product will nevercome to market. The research and development costsof bringing a new drug or medical product to market

are substant ia l . This process involves lengthygovernment review with no guarantee of approval.These companies may have losses and may not offerproposed products for several years, if at all. Thefailure to gain approval for a new drug or product canhave a substantial negative effect on a company andits stock. The goods and services of health careissuers are also subject to risks of malpractice claims,product liability claims or other litigation.

Health care facility operators face risks related todemand for services, the ability of the facility to providerequired services, an increased emphasis on outpatientservices, confidence in the facil ity, managementcapabilities, competitive forces that may result in pricediscounting, efforts by insurers and government agenciesto limit rates, expenses, the cost and possibleunavailability of malpractice insurance, and termination orrestriction of government financial assistance (such asMedicare, Medicaid or similar programs).

Utilities Issuers. The EAFE Select 20 Portfolio investssignificantly in utility companies or in companies related tothe utility or energy industries. Many utility companies,especially electric and gas and other energy related utilitycompanies, are subject to various uncertainties, including:

• Risks of increases in fuel and other operatingcosts;

• Restrictions on operations and increased costsand delays as a result of environmental, nuclearsafety and other regulations;

• Regulatory restrictions on the ability to passincreasing wholesale costs along to the retail andbusiness customer;

• Coping with the general effects of energyconservation;

• Technological innovations which may renderexisting plants, equipment or products obsolete;

• The effects of unusual, unexpected or abnormallocal weather;

• Maturing markets and difficulty in expanding tonew markets due to regulatory and other factors;

A-12

• The potential impact of natural or manmadedisasters;

• Difficulty obtaining adequate returns on investedcapital, even if frequent rate increases areapproved by public service commissions;

• The high cost of obtaining financing during periodsof inflation;

• Difficulties of the capital markets in absorbing utilitydebt and equity securities;

• Increased competition; and

• International politics.

Any of these factors, or a combination of these factors,could affect the supply of or demand for energy, such aselectricity or natural gas, or water, or the ability of theissuers to pay for such energy or water which couldadversely affect the profitability of the issuers of theSecurities and the performance of the Portfolio.

Utility companies are subject to extensive regulation atthe federal level in the United States, and many areregulated at the state level as well. The value of utilitycompany stocks may decline because governmentalregulation affecting the utilities industry can change. Thisregulation may prevent or delay the utility company frompassing along cost increases to its customers, whichcould hinder the utility company's ability to meet itsobligations to its suppliers and could lead to the taking ofmeasures, including the acceleration of obligations or theinstitution of involuntary bankruptcy proceedings, by itscreditors against such utility company. Furthermore,regulatory authorities, which may be subject to politicaland other pressures, may not grant future rate increases,or may impose accounting or operational policies, any ofwhich could adversely affect a company's profitability andits stock price.

Certain utility companies have experienced full or partialderegulation in recent years. These utility companies arefrequently more similar to industrial companies in that theyare subject to greater competition and have beenpermitted by regulators to diversify outside of their originalgeographic regions and their traditional lines of business.These opportunities may permit certain utility companiesto earn more than their traditional regulated rates of

return. Some utility companies, however, may be forcedto defend their core business and may become lessprofitable. While regulated providers tend to haveregulated returns, nonregulated providers' returns are notregulated and generally are more volatile. Thesedevelopments have reduced stability of cash flows inthose states with nonregulated providers and couldimpact the short-term earnings potential of some in thisindustry. These trends have also made shares of someutility companies less sensitive to interest rate changesbut more sensitive to changes in revenue and earningsand caused them to reduce the ratio of their earnings theypay out as dividends. Mergers in the utility industry mayrequire approval from various regulatory agencies,including the Federal Energy Trade Commission, theFederal Trade Commission, and the SEC in the UnitedStates. These regulatory authorities could, as a matter ofpolicy, reverse the trend toward deregulation and makeconsolidation more difficult, or cause delay in the mergerprocess, any of which could cause the prices of thesestocks to fall.

Certain utilities companies face risks associated withthe operation of nuclear facilities for electric generation,including, among other considerations, litigation, theproblems associated with the use of radioactive materialsand the effects of natural or man-made disasters. Ingeneral, certain utility companies may face additionalregulation and litigation regarding their power plantoperations, increased costs from new or greaterregulation of these operations, and expenses related tothe purchase of emissions control equipment.

Foreign Stocks. Because the EAFE Select 20Portfolio invests exclusively and the Global 45 DividendStrategy Portfolio invests significantly in foreign stocks,these Portfolios involve additional risks that differ from aninvestment in domestic stocks. These risks include therisk of losses due to future political and economicdevelopments, international trade conditions, foreignwithholding taxes and restrictions on foreign investmentsor exchange of securities, foreign currency fluctuationsor restriction on exchange or repatriation of currencies.

The political, economic and social structures of someforeign countries may be less stable and more volatilethan those in the U.S. Investments in these countries

A-13

may be subject to the risks of internal and externalconflicts, currency devaluations, foreign ownershiplimitations and tax increases. It is possible that agovernment may take over the assets or operations of acompany or impose restrictions on the exchange orexport of currency or other assets. Some countries alsomay have different legal systems that may make itdifficult for your Portfolio to vote proxies, exerciseinvestor rights, and pursue legal remedies with respectto its foreign investments. Diplomatic and politicaldevelopments, including rapid and adverse politicalchanges, social instability, regional conflicts, terrorismand war, could affect the economies, industries, andsecurities and currency markets, and the value of yourPortfolio’s investments, in non-U.S. countries. No onecan predict the impact that these factors could have ona Portfolio’s securities.

In addition, for foreign securities of Europeanissuers, the departure of any European Union (“EU”)member from use of the Euro could lead to seriousdisruptions to foreign exchanges, operations andsettlements, which may have an adverse effect onEuropean issuers. More recently, there is uncertaintyregarding the state of the EU following the UnitedKingdom’s (“U.K.”) initiation on March 27, 2017 of theprocess to exit from the EU (“Brexit”). As of January31, 2020, the U.K. has officially exited the EU, thoughtrade negotiations are ongoing. The effect that Brexitmay have on the global financial markets is uncertain.No one can predict the impact that these factors couldhave on the securities held by your Portfolio.

Certain stocks may be held in the form of AmericanDepositary Receipts (“ADRs”), Global DepositaryReceipts (“GDRs”), or other similar receipts. ADRs andGDRs represent receipts for foreign common stockdeposited with a custodian (which may include theTrustee). The ADRs in your Portfolio, if any, trade in theU.S. in U.S. dollars and are registered with the SEC.GDRs are receipts, issued by foreign banks or trustcompanies, or foreign branches of U.S. banks, thatrepresent an interest in shares of either a foreign orU.S. corporat ion. These instruments may notnecessarily be denominated in the same currency asthe securities into which they may be converted. ADRs

and GDRs generally involve the same types of risks asforeign common stock held directly. Some ADRs andGDRs may experience less liquidity than the underlyingcommon stocks traded in their home market. ThePortfolios may invest in sponsored or unsponsoredADRs. Unlike a sponsored ADR where the depositaryhas an exclusive relationship with the foreign issuer, anunsponsored ADR may be created by a depositaryinstitution independently and without the cooperationof the foreign issuer. Consequently, informationconcerning the foreign issuer may be less current orreliable for an unsponsored ADR and the price of anunsponsored ADR may be more volatile than if it was asponsored ADR. Depositaries of unsponsored ADRsare not required to distr ibute shareholdercommunications received from the foreign issuer or topass through voting rights to its holders. The holders ofunsponsored ADRs general ly bear al l the costsassociated with establishing the unsponsored ADR,whereas the foreign issuers typically bear certain costsin a sponsored ADR.

The purchase and sale of the foreign securities mayoccur in foreign securities markets. Certain of thefactors stated above may make it impossible to buy orsell them in a timely manner or may adversely affect thevalue received on a sale of securities. Custody ofcertain of the securities in your Portfolio may bemaintained by a global custody and clearing institutionwhich has entered into a sub-custodian relationshipwith the Trustee. In addit ion, round lot tradingrequirements exist in certain foreign securities markets.These round lot trading requirements could cause theproportional composition and diversification of yourPortfolio’s securities to vary when your Portfoliopurchases additional securities or sells securities tosatisfy expenses or Unit redemptions. This could have amaterial impact on investment performance andportfolio composition. Brokerage commissions andother fees generally are higher for foreign securities.Government supervision and regulation of foreignsecurities markets, currency markets, trading systemsand brokers may be less than in the U.S. Theprocedures and rules governing foreign transactionsand custody (holding of your Portfolio’s assets) also

A-14

may involve delays in payment, delivery or recovery ofmoney or investments.

Foreign companies may not be subject to the samedisclosure, accounting, auditing and financial reportingstandards and practices as U.S. companies. Thus,there may be less information publicly available aboutforeign companies than about most U.S. companies.

Certain foreign securities may be less liquid (harder tosell) and more volatile than many U.S. securities. Thismeans your Portfolio may at times be unable to sellforeign securities in a timely manner or at favorable prices.

Because securities of foreign issuers not listed on aU.S. securities exchange generally pay dividends andtrade in foreign currencies, the U.S. dollar value of thesesecurities and dividends will vary with fluctuations inforeign exchange rates. Most foreign currencies havefluctuated widely in value against the U.S. dollar forvarious economic and political reasons. To determinethe value of foreign securities or their dividends, theTrustee will estimate current exchange rates for therelevant currencies based on activity in the variouscurrency exchange markets. However, these marketscan be quite volatile depending on the activity of thelarge international commercial banks, various centralbanks, large multi-national corporations, speculatorsand other buyers and sellers of foreign currencies.Since actual foreign currency transactions may not beinstantly reported, the exchange rates estimated by theTrustee may not reflect the amount your Portfolio wouldreceive in U.S. dollars, had the Trustee sold anyparticular currency in the market. The value of theSecurities in terms of U.S. dollars, and therefore thevalue of your Units, will decline if the U.S. dollardecreases in value relative to the value of the currenciesin which the Securities trade.

Your Portfolio may be subject to negative federalincome tax consequences if it invests in PFIC stockwhich it is not able to dispose of, or in non-PFIC stockwhich later becomes PFIC stock due to a change in thepercentage of the issuer’s passive-type income orassets. As a result of holding PFIC stock, your Portfoliocould be subject to federal income tax (including interestcharges) on certain distributions or dispositions with

respect to those investments which cannot beeliminated by making distributions to shareholders.Elections may be available to such Portfolio to mitigatethe effect of this tax provided that the PFIC complieswith certain reporting requirements, but such electionsgenerally accelerate the recognition of income withoutthe receipt of cash. Holding PFIC stock could causeyour Portfolio to currently recognize income it has notyet received, which could impact the distributionrequirements applicable to any Portfolio which is aregulated investment company (“RIC”) for tax purposes.

European Issuers. The EAFE Select 20 Portfolio andthe Global 45 Dividend Strategy Portfol io investsignificantly in securities issued by companies locatedin Europe. Investments in a single region, even thoughrepresenting a number of different countries within theregion, may be affected by common economic forcesand other factors. A significant number of countries inEurope are member states in the EU, and the memberstates no longer control their own monetary policies bydirecting independent interest rates for their currencies.In these member states, the authority to directmonetary policies including money supply and officialinterest rates for the Euro is exercised by the EuropeanCentral Bank. The European sovereign debt crisis andthe related austerity measures in certain countries havehad, and continue to have, a significant impact on theeconomies of certain European countries and theirfuture economic outlooks. Further, political or economicdisruptions in European countries, even in countries inwhich your Portfolio is not invested, may adverselyaffect security values and thus the Portfolio’s holdings.The risks associated with investing in Europeansecurities may be heightened because of risks due tothe inexperience of financial intermediaries, the lack ofmodern technology, the lack of a sufficient capital baseto expand business operations and the possibility ofpermanent or temporary termination of trading andgreater spreads between bid and asked prices forsecurities in those markets.

As discussed under the “United Kingdom” subsectionbelow, there is particular uncertainty regarding the stateof the EU as Brexit unfolds. Brexit marks the first timethat a significant member of the EU will have left and

A-15

there is no detai led mechanism in the treatiesestablishing the EU for a member to exit. The preciseeconomic impact will depend on many factors, includingthe future trade arrangement between the U.K. and therest of the EU.

United Kingdom. The EAFE Select 20 Portfolioinvests significantly in securities issued by companieslocated in the U.K. As a result, your Portfolio may beaffected unfavorably by political developments, socialinstability, changes in government policies and otherpolitical and economic developments in the U.K.Following a 2016 public referendum in which the Britishpublic voted in favor of Brexit, the nation’s PrimeMinister officially set the exit process in motion onMarch 27, 2017 the UK officially left the EU as ofJanuary 31, 2020.

Trade negotiations between the U.K. and the EU arestill ongoing and the U.K. will, in many cases, need tonegotiate new free trade agreements with countriesoutside the EU. There is currently no clarity on thetrading arrangements which will apply in respect of theU.K. after Brexit no trade agreement is reached,Britain’s position as a global financial center could becompromised. As a result, it could lead to such farreaching consequences in the U.K. as the blocking ofports, the grounding airlines and limiting or eliminatingthe ability of the U.K. to import food and drugs, jobloss, negative effects on the housing market, and losingthe ability to bid of public contracts with the EU.

Since the Brexit vote, there has been heighteneduncertainty, diminished confidence and lower spendingand investment which resulted in weaker growth. Theprecise impact of the Brexit decision on the U.K. willonly become clearer as the negotiations surroundingBrexit progress. Of course, the Sponsor cannot predictthe length of the time or processes involved in theU.K.’s exit from the EU.

On October 27, 2017, S&P reaffirmed its downgradeof the U.K.’s AAA rating to AA. S&P previously statedthat Brexit wil l hurt growth as it wil l lead to lesspredictable, stable, and effective policy framework in theU.K. and put the U.K. at greater risk as it facessubstantial challenges to successfully negotiating its exit.

Japan. The EAFE Select 20 Portfol io investssignificantly in stocks issued by companies in Japan. Inrecent years, the growth of Japan's economy haslagged that of many of its Asian neighbors and othermajor developed economies. The Japanese economy isheavily dependent on international trade and has beenadversely affected by trade tariffs, other protectionistmeasures, competition from emerging economies andthe economic conditions of its trading partners. China isan important trading partner with Japan, yet thecountries' political relationship has often been strained.Should political tension increase, it could adverselyaffect the Japanese economy, especially its exportsector, and destabilize the region as a whole. Japanalso remains heavily dependent on oil imports, andtherefore higher commodity prices could have anegative impact on its economy.

The Japanese economy faces several other concernswhich may cause it to slow down, including a financialsystem with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporategovernance structure, and large government deficits. Inaddition, structural problems related to historicalpatterns of over-regulation, excessive governmentintervention and weak consumer demand continue incertain sectors and, if coupled with a lack of strong fiscaldirection and ineffectual government response, mayundercut the Japanese economy. Japan is also at riskfor natural disasters, such as earthquakes, volcaniceruptions, typhoons and tsunamis, which couldnegatively affect the Japanese economy.

The Japanese yen has fluctuated widely at times andany increase in its value may cause a decline in exportsthat could weaken the Japanese economy. Japan has,in the past, intervened in the currency markets toattempt to maintain or reduce the value of the yen.Japanese intervention in the currency markets couldcause the value of the yen to fluctuate sharply andunpredictably.

Legislation/Litigation. From time to time, variouslegislative initiatives are proposed in the United Statesand abroad which may have a negative impact oncertain of the companies represented in your Portfolio,

A-16

or on the tax treatment of your Portfolio or of yourinvestment in a Portfolio. In addition, litigation regardingany of the issuers of the Securities, or of the industriesrepresented by these issuers may negatively impact theshare prices of these Securities. No one can predictwhat impact any pending or threatened litigation willhave on the share prices of the Securities.

Liquidity Risk. Liquidity risk is the risk that thevalue of a security will fall if trading in the security islimited or absent. The market for certain investmentsmay become less liquid or illiquid due to adversechanges in the conditions of a particular issuer or dueto adverse market or economic conditions. In theabsence of a liquid trading market for a particularsecurity, the price at which such security may be soldto meet redemptions, as well as the value of the Unitsof your Portfolio, may be adversely affected. No onecan guarantee that a liquid trading market will exist forany security.

No FDIC Guarantee. An investment in yourPortfolio is not a deposit of any bank and is not insuredor guaranteed by the Federal Deposit InsuranceCorporation or any other government agency.

PUBLIC OFFERING

General. Units are offered at the Public OfferingPrice which consists of the net asset value per Unit plusorganization costs plus the sales charge. The net assetvalue per Unit is the value of the securities, cash andother assets in your Portfolio reduced by the liabilities ofthe Portfolio divided by the total Units outstanding. Themaximum sales charge equals 1.85% of the PublicOffering Price per Unit (1.885% of the aggregateoffering price of the Securities) at the time of purchase.

The initial sales charge is the difference between thetotal sales charge amount (maximum of 1.85% of thePublic Offering Price per Unit) and the sum of theremaining fixed dollar deferred sales charge and thefixed dollar creation and development fee (initially$0.185 per Unit). Depending on the Public OfferingPrice per Unit, you pay the initial sales charge at thetime you buy Units. The deferred sales charge is fixedat $0.135 per Unit. Your Portfolio pays the deferred

sales charge in installments as described in the “FeeTable.” If any deferred sales charge payment date isnot a business day, we will charge the payment on thenext business day. If you purchase Units after the initialdeferred sales charge payment, you will only pay thatportion of the payments not yet collected. If youredeem or sell your Units prior to collection of the totaldeferred sales charge, you will pay any remainingdeferred sales charge upon redemption or sale of yourUnits. The initial and deferred sales charges arereferred to as the “transactional sales charge.” Thetransactional sales charge does not include thecreation and development fee which compensates theSponsor for creating and developing your Portfolio andis described under “Expenses.” The creation anddevelopment fee is fixed at $0.05 per Unit. YourPortfolio pays the creation and development fee as ofthe close of the initial offering period as described inthe “Fee Table.” If you redeem or sell your Units prior tocollection of the creation and development fee, you willnot pay the creation and development fee uponredemption or sale of your Units. After the initialoffering period the maximum sales charge will bereduced by 0.50%, reflecting the previous collection ofthe creation and development fee. Because thedeferred sales charge and creation and developmentfee are fixed dollar amounts per Unit, the actualcharges will exceed the percentages shown in the “FeeTable” if the Public Offering Price per Unit falls below$10 and will be less than the percentages shown in the“Fee Table” if the Public Offering Price per Unit exceeds$10. In no event will the maximum total sales chargeexceed 1.85% of the Public Offering Price per Unit.

The “Fee Table” shows the sales charge calculationat a $10 Public Offering Price per Unit. At a $10 PublicOffering Price, there is no initial sales charge during theinitial offering period. If the Public Offering Priceexceeds $10 per Unit, you will pay an initial salescharge equal to the difference between the total salescharge and the sum of the remaining deferred salescharge and the creation and development fee. Forexample, if the Public Offering Price per Unit rose to$14, the maximum sales charge would be $0.259(1.85% of the Public Offering Price per Unit), consisting

A-17

of an initial sales charge of $0.074, a deferred salescharge of $0.135 and the creation and development feeof $0.050. Since the deferred sales charge and creationand development fee are fixed dollar amounts per Unit,your Portfolio must charge these amounts per Unitregardless of any decrease in net asset value. However,if the Public Offering Price per Unit falls to the extentthat the maximum sales charge percentage results in adollar amount that is less than the combined fixed dollaramounts of the deferred sales charge and creation anddevelopment fee, your initial sales charge will be a creditequal to the amount by which these fixed dollar chargesexceed your sales charge at the time you buy Units. Insuch a situation, the value of securities per Unit wouldexceed the Public Offering Price per Unit by the amountof the initial sales charge credit and the value of thosesecurities will fluctuate, which could result in a benefit ordetriment to Unitholders that purchase Units at thatprice. The initial sales charge credit is paid by theSponsor and is not paid by the Portfolio. If the PublicOffering Price per Unit fell to $6, the maximum salescharge would be $0.111 (1.85% of the Public OfferingPrice per Unit), which consists of an initial sales charge(credit) of -$0.074, a deferred sales charge of $0.135and a creation and development fee of $0.050.

The actual sales charge that may be paid by aninvestor may differ slightly from the sales chargesshown herein due to rounding that occurs in thecalculation of the Public Offering Price and in thenumber of Units purchased.

The minimum purchase is 100 Units (25 Units forretirement accounts) but may vary by selling firm.Certain broker-dealers or selling firms may charge anorder handling fee for processing Unit purchases.

Reducing Your Sales Charge. The Sponsoroffers ways for you to reduce the sales charge that youpay. It is your financial professional’s responsibility toalert the Sponsor of any discount when you purchaseUnits. Before you purchase Units you must also informyour financial professional of your qualification for anydiscount to be eligible for a reduced sales charge. Sincethe deferred sales charges and creation anddevelopment fee are fixed dollar amounts per Unit, yourPortfol io must charge these amounts per Unit

regardless of any discounts. However, if you are eligibleto receive a discount such that your total sales chargeis less than the fixed dollar amounts of the deferredsales charges and creation and development fee, youwill receive a credit equal to the difference between yourtotal sales charge and these fixed dollar charges at thetime you buy Units.

Fee Accounts. Investors may purchase Units throughregistered investment advisers, certified financialplanners and registered broker-dealers who in eachcase either charge periodic fees for brokerage services,f inancial planning, investment advisory or assetmanagement services, or provide such services inconnection with the establishment of an investmentaccount for which a comprehensive “fee based” charge(“Fee Based”) is imposed (“Fee Accounts”). If Units of aPortfolio are purchased for a Fee Account and thePortfolio is subject to a Fee Based charge (i.e., thePortfolio is “Fee Based Eligible”), then the purchase willnot be subject to the transactional sales charge but willbe subject to the creation and development fee of$0.05 per Unit that is retained by the Sponsor. Pleaserefer to the section called “Fee Accounts” for additionalinformation on these purchases. The Sponsor reservesthe right to limit or deny purchases of Units described inthis paragraph by investors or selling firms whosefrequent trading activity is determined to be detrimentalto a Portfolio. Fee Based Eligible Units are not eligiblefor any sales charge discounts in addition to that whichis described in this paragraph and under the “FeeAccounts” section found below.

Employees. Employees, officers and directors(including their spouses (or the equivalent if recognizedunder local law) and children or step-children under 21living in the same household, parents or step-parentsand trustees, custodians or fiduciaries for the benefit ofsuch persons) of Invesco Capital Markets, Inc. and itsaffiliates, and dealers and their affiliates may purchaseUnits at the Public Offering Price less the applicabledealer concession. All employee discounts are subjectto the pol icies of the related sel l ing f irm. Onlyemployees, officers and directors of companies thatallow their employees to participate in this employeediscount program are eligible for the discounts.

A-18

Distribution Reinvestments. We do not charge anysales charge when you reinvest distributions from yourPortfolio into additional Units of your Portfolio. Since thedeferred sales charge and creation and developmentfee are fixed dollar amounts per unit, your Portfolio mustcharge these amounts per unit regardless of thisdiscount. If you elect to reinvest distributions, theSponsor will credit you with additional Units with a dollarvalue sufficient to cover the amount of any remainingdeferred sales charge and creation and developmentfee that will be collected on such Units at the time ofreinvestment. The dollar value of these Units willfluctuate over time.

Unit Price. The Public Offering Price of Units willvary from the amounts stated under “EssentialInformation” in accordance with fluctuations in the pricesof the underlying Securities in the Portfolios. The initialprice of the Securities upon deposit by the Sponsor wasdetermined by the Trustee. The Trustee will generallydetermine the value of the Securities as of the EvaluationTime on each business day and will adjust the PublicOffering Price of Units accordingly. The Evaluation Timeis the close of the New York Stock Exchange on eachbusiness day. The term “business day”, as used hereinand under “Rights of Unitholders--Redemption of Units”,means any day on which the New York Stock Exchangeis open for regular trading. The Public Offering Price perUnit will be effective for all orders received prior to theEvaluation Time on each business day. Orders receivedby the Sponsor prior to the Evaluation Time and ordersreceived by authorized financial professionals prior to theEvaluation Time that are properly transmitted to theSponsor by the time designated by the Sponsor, arepriced based on the date of receipt. Orders received bythe Sponsor after the Evaluation Time, and ordersreceived by authorized financial professionals after theEvaluation Time or orders received by such persons thatare not transmitted to the Sponsor until after the timedesignated by the Sponsor, are priced based on thedate of the next determined Public Offering Price perUnit provided they are received timely by the Sponsor onsuch date. It is the responsibility of authorized financialprofessionals to transmit orders received by them to theSponsor so they will be received in a timely manner.

The value of portfolio securities is based on thesecurities’ market price when available. When a marketprice is not readily available, including circumstancesunder which the Trustee determines that a security’smarket price is not accurate, a portfolio security isvalued at its fair value, as determined under proceduresestablished by the Trustee or an independent pricingservice used by the Trustee. In these cases, a Portfolio’snet asset value will reflect certain portfolio securities’ fairvalue rather than their market price. With respect tosecurities that are primarily listed on foreign exchanges,the value of the portfolio securities may change on dayswhen you will not be able to purchase or sell Units. Thevalue of any foreign securities is based on the applicablecurrency exchange rate as of the Evaluation Time. TheSponsor will provide price dissemination and oversightservices to the Portfolios.

During the initial offering period, part of the PublicOffering Price represents an amount that will pay thecosts incurred in establishing your Portfolio. Thesecosts include the costs of preparing documentsrelating to your Portfolio (such as the registrationstatement, prospectus, trust agreement and legaldocuments), federal and state registration fees, feespaid to any Data Provider or Portfolio Consultant forassisting the Sponsor and providing research in theselection of securities, the initial fees and expenses ofthe Trustee and the initial audit. Your Portfolio will sellsecurities to reimburse us for these costs at the end ofthe initial offering period or after six months, if earlier.The value of your Units will decline when your Portfoliopays these costs.

Unit Distribution. Units will be distributed to thepublic by the Sponsor, broker-dealers and others at thePublic Offer ing Price. Units repurchased in thesecondary market, if any, may be offered by thisprospectus at the secondary market Public OfferingPrice in the manner described above.

Unit Sales Concessions. Brokers, dealers and otherswil l be al lowed a regular concession or agencycommission in connection with the distribution of Unitsduring the initial offering period of 1.25% of the PublicOffering Price per Unit.

A-19

Volume Concession Based Upon Annual Sales. Asdescribed below, broker-dealers and other sellingagents may in certain cases be eligible for an additionalconcession based upon their annual eligible sales of allInvesco fixed income and equity unit investment trusts.Eligible sales include all units of any Invesco unitinvestment trust underwritten or purchased directly fromInvesco during a trust’s initial offering period. Forpurposes of this concession, trusts designated as either“Invesco Unit Trusts, Taxable Income Series” or“Invesco Unit Trusts, Municipal Series” are fixed incometrusts, and trusts designated as “Invesco Unit TrustsSeries” are equity trusts. In addition to the regularconcessions or agency commissions described abovein “Unit Sales Concessions” all broker-dealers and othersell ing firms wil l be eligible to receive additionalcompensation based on total initial offering period salesof all eligible Invesco unit investment trusts during theprevious consecutive 12-month period through the endof the most recent month. The Volume Concession, asapplicable to equity and fixed income trust units, is setforth in the following table:

Volume Concession ____________________ Total Sales Equity Trust Fixed Income (in millions) Units Trust Units______________________ ____________ ______________

$25 but less than $100 0.035% 0.100%$100 but less than $150 0.050 0.100$150 but less than $250 0.075 0.100$250 but less than $1,000 0.100 0.100$1,000 but less than $5,000 0.125 0.100$5,000 but less than $7,500 0.150 0.100$7,500 or more 0.175 0.100

Broker-dealers and other selling firms will not receivethe Volume Concession on the sale of units purchasedin Fee Accounts, however, such sales will be included indetermining whether a firm has met the sales levelbreakpoints set forth in the Volume Concession tableabove. Secondary market sales of all unit investmenttrusts are excluded for purposes of the VolumeConcession. Eligible dealer firms and other sellingagents include clearing firms that place orders withInvesco and provide Invesco with information withrespect to the representatives who initiated suchtransactions. Eligible dealer firms and other selling

agents will not include firms that solely provide clearingservices to other broker-dealer firms or firms who placeorders through clearing firms that are eligible dealers.We reserve the right to change the amount of theconcessions or agency commissions from time to time.For a trust to be el igible for this addit ionalcompensation, the trust’s prospectus must includedisclosure related to this additional compensation.

Additional Information. Except as provided in thissection, any sales charge discount provided to investorswill be borne by the selling broker-dealer or agent. For allsecondary market transactions the total concession oragency commission will amount to 80% of the applicablesales charge. Notwithstanding anything to the contraryherein, in no case shall the total of any concessions,agency commissions and any additional compensationallowed or paid to any broker, dealer or other distributorof Units with respect to any individual transaction exceedthe total sales charge applicable to such transaction. TheSponsor reserves the right to reject, in whole or in part,any order for the purchase of Units and to change theamount of the concession or agency commission todealers and others from time to time.

We may provide, at our own expense and out of ourown profits, additional compensation and benefits tobroker-dealers who sell Units of the Portfolios and ourother products. This compensation is intended to resultin additional sales of our products and/or compensatebroker-dealers and financial advisors for past sales. Wemay make these payments for marketing, promotionalor related expenses, including, but not limited to,expenses of entertaining retail customers and financialadvisors, advert ising, sponsorship of events orseminars, obtaining shelf space in broker-dealer firmsand similar activities designed to promote the sale of thePortfolio(s) and our other products. Fees may includepayment for travel expenses, including lodging, incurredin connection with trips taken by invited registeredrepresentatives for meetings or seminars of a businessnature. These arrangements will not change the priceyou pay for your Units.

Sponsor Compensation. The Sponsor will receivethe total sales charge applicable to each transaction.Except as provided under “Unit Distribution” above, any

A-20

sales charge discount provided to investors will beborne by the selling broker-dealer or agent. In addition,the Sponsor will realize a profit or loss as a result of thedifference between the price paid for the Securities bythe Sponsor and the cost of the Securities to eachPortfolio on the Initial Date of Deposit as well as onsubsequent deposits. See “Notes to Portfolios”. TheSponsor has not participated as sole underwriter or asmanager or as a member of the underwriting syndicatesor as an agent in a private placement for any of theSecurities. The Sponsor may realize profit or loss as aresult of the possible fluctuations in the market value ofUnits held by the Sponsor for sale to the public. Inmaintaining a secondary market, the Sponsor will realizeprofits or losses in the amount of any differencebetween the price at which Units are purchased and theprice at which Units are resold (which price includes theapplicable sales charge) or from a redemption ofrepurchased Units at a price above or below thepurchase price. Cash, if any, made available to theSponsor prior to the date of settlement for the purchaseof Units may be used in the Sponsor’s business andmay be deemed to be a benefit to the Sponsor, subjectto the limitations of the Securities Exchange Act of1934, as amended (“1934 Act”).

The Sponsor or an affiliate may have participated in apublic offering of one or more of the Securities. TheSponsor, an affiliate or their employees may have a longor short position in these Securities or related securities.An affiliate may act as a specialist or market maker forthese Securities. An officer, director or employee of theSponsor or an affiliate may be an officer or director forissuers of the Securities.

Market for Units. Although it is not obligated to doso, the Sponsor may maintain a market for Units and topurchase Units at the secondary market repurchaseprice (which is described under “Right of Unitholders--Redemption of Units”). The Sponsor may discontinuepurchases of Units or discontinue purchases at thisprice at any time. In the event that a secondary marketis not maintained, a Unitholder will be able to dispose ofUnits by tendering them to the Trustee for redemption atthe Redemption Price. See “Rights of Unitholders--Redemption of Units”. Unitholders should contact their

broker to determine the best price for Units in thesecondary market. Units sold prior to the time the entiredeferred sales charge has been collected will beassessed the amount of any remaining deferred salescharge at the time of sale. The Trustee will notify theSponsor of any Units tendered for redemption. If theSponsor’s bid in the secondary market equals orexceeds the Redemption Price per Unit, i t maypurchase the Units not later than the day on which Unitswould have been redeemed by the Trustee. TheSponsor may sell repurchased Units at the secondarymarket Public Offering Price per Unit.

RETIREMENT ACCOUNTS

Units are available for purchase in connection withcertain types of tax-sheltered retirement plans, includingIndividual Retirement Accounts for individuals, SimplifiedEmployee Pension Plans for employees, qualified plansfor self-employed individuals, and qualified corporatepension and profit sharing plans for employees. Theminimum purchase for these accounts is reduced to 25Units but may vary by selling firm. The purchase of Unitsmay be limited by the plans’ provisions and does notitself establish such plans.

FEE ACCOUNTS

As described above, Units may be available forpurchase by investors in Fee Accounts where a Portfoliois Fee Based Eligible. You should consult your financialprofessional to determine whether you can benefit fromthese accounts. This table illustrates the sales chargeyou will pay if a Portfolio is Fee Based Eligible as apercentage of the initial Public Offering Price per Unit onthe Initial Date of Deposit (the percentage will varythereafter).

Initial sales charge 0.00%Deferred sales charge 0.00 ______ Transactional sales charge 0.00% ______ ______Creation and development fee 0.50% ______ Total sales charge 0.50% ______ ______

You should consult the “Public Offering--ReducingYour Sales Charge” section for specific information on

A-21

this and other sales charge discounts. That sectiongoverns the calculation of all sales charge discounts.The Sponsor reserves the right to l imit or denypurchases of Units in Fee Accounts by investors orsel l ing f irms whose frequent trading activity isdetermined to be detrimental to a Portfolio. To purchaseUnits in these Fee Accounts, your financial professionalmust purchase Units designated with one of the FeeBased CUSIP numbers set forth under “EssentialInformation,” either Fee Based Cash for cashdistributions or Fee Based Reinvest for the reinvestmentof distributions in additional Units, if available. See“Rights of Unitholders--Reinvestment Option.”

RIGHTS OF UNITHOLDERS

Distributions. With respect to the Global 45Dividend Strategy Portfolio, dividends and interest, andany net proceeds from the sale of Securities received byyour Portfolio will generally be distributed to Unitholderson each Distribution Date to Unitholders of record onthe preceding Record Date. With respect to all otherPortfolios, the Trustee will generally distribute the cashheld in the Income and Capital Accounts of yourPortfolio, net of expenses, on each Distribution Date toUnitholders of record on the preceding Record Date,provided that the total cash held for distribution equalsat least 0.1% of your Portfolio’s net asset value. Thesedates appear under “Essential Information”.Distributions made by the securities in your Portfolioinclude ordinary income, but may also include sourcesother than ordinary income such as returns of capital,loan proceeds, short-term capital gains and long-termcapital gains (see “Taxation--Distributions”). In addition,the Global 45 Dividend Strategy Portfolio will generallymake required distributions at the end of each yearbecause each is structured as a RIC for federal taxpurposes. Unitholders will also receive a final distributionof income when their Portfolio terminates. A personbecomes a Unitholder of record on the date ofsettlement (generally two business days after Units areordered, or any shorter period as may be required bythe applicable rules under the 1934 Act). Unitholdersmay elect to receive distributions in cash or to have

distributions reinvested into additional Units. See“Rights of Unitholders--Reinvestment Option”.

Dividends and interest received by a Portfolio arecredited to the Income Account of the Portfolio. Otherreceipts (e.g., capital gains, proceeds from the sale ofSecurities, etc.) are credited to the Capital Account.Proceeds received on the sale of any Securities, to theextent not used to meet redemptions of Units or paydeferred sales charges, fees or expenses, will bedistributed to Unitholders. Proceeds received from thedisposition of any Securities after a Record Date andprior to the following Distribution Date will be held in theCapital Account and not distributed until the nextDistribution Date. Any distribution to Unitholdersconsists of each Unitholder’s pro rata share of theavailable cash in the Income and Capital Accounts as ofthe related Record Date.

Historical and Estimated Distributions. TheHistorical 12 Month Distr ibutions per Unit, andEstimated Initial Distribution per Unit (if any), may beshown under “Essential Information.” These figures arebased upon the weighted average of the actualdistributions paid by the securities included in yourPortfolio over the 12 months preceding the Initial Dateof Deposit and are reduced to account for the effects offees and expenses which wil l be incurred wheninvesting in your Portfolio. While both figures arecalculated using a Public Offering Price of $10 per Unit,any presented Estimated Initial Distribution per Unit willreflect an estimate of the per Unit distributions you mayreceive on the first Distribution Date based upon eachissuer’s preceding 12 month distributions. Dividendpayments are not assured and therefore the amount offuture dividend income to your Portfolio is uncertain.The actual net annual distributions may decrease overtime because a portion of the securities included in yourPortfolio will be sold to pay for the organization costs,deferred sales charge and creation and developmentfee. Securities may also be sold to pay regular fees andexpenses during your Portfolio’s life. The actual netannual income distributions you receive will vary fromthe Historical 12 Month Distributions amount due tochanges in dividends and distribution amounts paid byissuers, currency fluctuations, the sale of securities to

A-22

pay any deferred sales charge, Portfolio fees andexpenses, and with changes in your Portfolio such asthe acquisition, call, maturity or sale of securities. Inaddition, due to the negative economic impact acrossmany industries caused by the recent COVID-19outbreak, certain issuers of the securities included in aPortfolio may elect to reduce the amount of, or cancelentirely, dividends and/or distributions paid in the future.As a result, the Historical 12 Month Distributions perUnit, and Estimated Initial Distribution per Unit (if any),shown under "Essential Information" will likely be higher,and in some cases significantly higher, than the actualdistributions achieved by a Portfolio. Due to these andvarious other factors, actual income received by yourPortfolio will most likely differ from the most recentdividends or scheduled income payments.

Reinvestment Option. Unitholders may havedistributions automatically reinvested in additional Unitswithout a sales charge (to the extent Units may belawfully offered for sale in the state in which theUnitholder resides). The CUSIP numbers for either“Cash” distributions or “Reinvest” for the reinvestmentof distr ibut ions are set forth under “Essent ia lInformation”. Brokers and dealers can use the DividendReinvestment Service through Depository TrustCompany (“DTC”) or purchase a Reinvest (or FeeBased Reinvest in the case of Fee Based Eligible Unitsheld in Fee Accounts) CUSIP, if available. To participatein this reinvestment option, a Unitholder must file withthe Trustee a written notice of election, together withany other documentation that the Trustee may thenrequire, at least five days prior to the related RecordDate. A Unitholder’s election will apply to all Unitsowned by the Unitholder and will remain in effect untilchanged by the Unitholder. The reinvestment option isnot offered during the 30 calendar days prior totermination. If Units are unavailable for reinvestment orthis reinvestment option is no longer avai lable,distributions will be paid in cash. Distributions will betaxable to Unitholders if paid in cash or automaticallyreinvested in additional Units. See “Taxation”.

A participant may elect to terminate his or herreinvestment plan and receive future distributions in cashby notifying the Trustee in writing no later than five days

before a Distribution Date. The Sponsor shall have theright to suspend or terminate the reinvestment plan atany time. The reinvestment plan is subject to availabilityor limitation by each broker-dealer or selling firm.Broker-dealers may suspend or terminate the offering ofa reinvestment plan at any time. Please contact yourfinancial professional for additional information.

Redemption of Units. All or a portion of yourUnits may be tendered to The Bank of New YorkMellon, the Trustee, for redemption at Unit InvestmentTrust Division, 111 Sanders Creek Parkway, EastSyracuse, New York 13057, on any day the New YorkStock Exchange is open. No redemption fee will becharged by the Sponsor or the Trustee, but you areresponsible for applicable governmental charges, if any.Units redeemed by the Trustee will be canceled. Youmay redeem all or a portion of your Units by sending arequest for redemption to your bank or broker-dealerthrough which you hold your Units. No later than twobusiness days (or any shorter period as may berequired by the applicable rules under the 1934 Act)following satisfactory tender, the Unitholder will beentitled to receive in cash an amount for each Unitequal to the Redemption Price per Unit next computedon the date of tender. The “date of tender” is deemedto be the date on which Units are received by theTrustee, except that with respect to Units received bythe Trustee after the Evaluation Time or on a day whichis not a business day, the date of tender is deemed tobe the next business day. Redemption requestsreceived by the Trustee after the Evaluation Time, andredemption requests received by authorized financialprofessionals after the Evaluation Time or redemptionrequests received by such persons that are nottransmitted to the Trustee unt i l after the t imedesignated by the Trustee, are priced based on thedate of the next determined redemption price providedthey are received timely by the Trustee on such date. Itis the responsibility of authorized financial professionalsto transmit redemption requests received by them tothe Trustee so they will be received in a timely manner.Certain broker-dealers or selling firms may charge anorder handling fee for processing redemption requests.

A-23

Units redeemed directly through the Trustee are notsubject to such fees.

Unitholders tendering 1,000 or more Units of TheDow Jones Select Dividend Index Strategy Portfolio,Select S&P Industrial Portfolio or Select S&P CorePortfolio (or such higher amount as may be required byyour broker-dealer or selling agent) for redemption mayrequest an in kind distribution of Securities equal to theRedemption Price per Unit on the date of tender. TheEAFE Select 20 Portfolio and Global 45 DividendStrategy Portfolio generally wil l not offer in kinddistributions. Unitholders may not request an in kinddistribution during the initial offering period or within 30calendar days of a Portfol io’s terminat ion. ThePortfolios generally will not offer in kind distributions ofportfolio securities that are held in foreign markets. Anin kind distribution will be made by the Trustee throughthe distribution of each of the Securities in book-entryform to the account of the Unitholder’s broker-dealer atDTC. Amounts representing fractional shares will bedistributed in cash. The Trustee may adjust the numberof shares of any Security included in a Unitholder’s inkind distribution to facilitate the distribution of wholeshares. The in kind distribution option may be modifiedor discontinued at any t ime without not ice.Notwithstanding the foregoing, if the Unitholderrequesting an in kind distribution is the Sponsor or anaffiliated person of the Portfolio, the Trustee may makean in kind distribution to such Unitholder provided thatno one with a pecuniary incentive to influence the inkind distr ibut ion may inf luence select ion of thedistributed securities, the distribution must consist of apro rata distribution of all portfolio securities (withlimited exceptions) and the in kind distribution may notfavor such affiliated person to the detriment of anyother Unitholder. Unitholders will incur transaction costsin l iquidat ing securit ies received in an in-kinddistribution, and any such securities received will besubject to market risk until sold. In the event that anysecurities received in-kind are illiquid, Unitholders willbear the risk of not being able to sell such securities inthe near term, or at all.

The Trustee may sell Securities to satisfy Unitredemptions. To the extent that Securities are redeemed

in kind or sold, the size of a Portfolio will be, and thediversity of a Portfolio may be, reduced. Sales may berequired at a time when Securities would not otherwisebe sold and may result in lower prices than mightotherwise be real ized. The price received uponredemption may be more or less than the amount paidby the Unitholder depending on the value of theSecurities at the time of redemption. Special federalincome tax consequences will result if a Unitholderrequests an in kind distribution. See “Taxation”.

The Redemption Price per Unit and the secondarymarket repurchase price per Unit are equal to the prorata share of each Unit in each Portfolio determined onthe basis of (i) the cash on hand in the Portfolio, (ii) thevalue of the Securities in the Portfolio and (iii) dividendsor other income distr ibutions receivable on theSecurities in the Portfolio trading ex-dividend as of thedate of computation, less (a) amounts representingtaxes or other governmental charges payable out of thePortfolio, (b) the accrued expenses of the Portfolio(including costs associated with liquidating securitiesafter the end of the initial offering period) and (c) anyunpaid deferred sales charge payments. During theinitial offering period, the redemption price and thesecondary market repurchase price are not reduced bythe estimated organization costs or the creation anddevelopment fee. For these purposes, the Trustee willdetermine the value of the Securities as describedunder “Public Offering--Unit Price”.

The right of redemption may be suspended andpayment postponed for any period during which theNew York Stock Exchange is closed, other than forcustomary weekend and holiday closings, or any periodduring which the SEC determines that trading on thatExchange is restricted or an emergency exists, as aresult of which disposal or evaluation of the Securities isnot reasonably practicable, or for other periods as theSEC may permit.

Exchange Option. When you redeem Units of yourPortfol io or when your Portfol io terminates (see“Rollover” below), you may be able to exchange yourUnits for units of other Invesco unit trusts. You shouldcontact your financial professional for more informationabout trusts currently available for exchanges. Before

A-24

you exchange Units, you should read the prospectus ofthe new trust carefully and understand the risks andfees. You should then discuss this option with yourfinancial professional to determine whether yourinvestment goals have changed, whether current trustssuit you and to discuss tax consequences. A rollover orexchange is a taxable event to you. We maydiscontinue this option at any time.

Rollover. We may offer a subsequent series of eachPortfolio for a Rollover when the Portfolios terminate.

On the Mandatory Termination Date you will have theoption to (1) participate in a Rollover and have yourUnits reinvested into a subsequent trust series or(2) receive a cash distribution.

If you elect to participate in a cash Rollover, yourUnits will be redeemed on the Mandatory TerminationDate. As the redemption proceeds become available,the proceeds (including dividends) will be invested in anew trust series at the public offering price for the newtrust. The Trustee will attempt to sell Securities to satisfythe redemption as quickly as practicable on theMandatory Termination Date. We do not anticipate thatthe sale period will be longer than one day, however,certain factors could affect the ability to sell theSecurities and could impact the length of the saleperiod. The liquidity of any Security depends on thedaily trading volume of the Security and the amountavailable for redemption and reinvestment on any day.

We may make subsequent trust series available forsale at various times during the year. Of course, wecannot guarantee that a subsequent trust or sufficientunits will be available or that any subsequent trusts willoffer the same investment strategies or objectives asthe current Portfolios. We cannot guarantee that aRol lover wi l l avoid any negative market priceconsequences resulting from trading large volumes ofsecurit ies. Market price trends may make itadvantageous to sell or buy securities more quickly ormore slowly than permitted by the Portfolio procedures.We may, in our sole discretion, modify a Rollover orstop creating units of a trust at any time regardless ofwhether al l proceeds of Unitholders have beenreinvested in a Rollover. If we decide not to offer a

subsequent series, Unitholders will be notified prior tothe Mandatory Termination Date. Cash which has notbeen reinvested in a Rollover will be distributed toUnitholders shortly after the Mandatory TerminationDate. Rollover part icipants may receive taxabledividends or realize taxable capital gains which arereinvested in connection with a Rollover but may not beentitled to a deduction for capital losses due to the“wash sale” tax rules. Due to the reinvestment in asubsequent trust, no cash will be distributed to pay anytaxes. See “Taxation”.

Units. Ownership of Units is evidenced in book-entryform only and will not be evidenced by certificates. Unitspurchased or held through your bank or broker-dealerwill be recorded in book-entry form and credited to theaccount of your bank or broker-dealer at DTC. Units aretransferable by contacting your bank or broker-dealerthrough which you hold your Units. Transfer, and therequirements therefore, wil l be governed by theapplicable procedures of DTC and your agreement withthe DTC participant in whose name your Units areregistered on the transfer records of DTC.

Reports Provided. Unitholders will receive astatement of dividends and other amounts received bya Portfolio for each distribution. Within a reasonabletime after the end of each year, each person who was aUnitholder during that year will receive a statementdescribing dividends and capital received, actualPortfolio distributions, Portfolio expenses, a list of theSecurities and other Portfolio information. Unitholdersmay obtain evaluations of the Securities upon requestto the Trustee. If you have questions regarding youraccount or your Portfolio, please contact your financialadvisor or the Trustee. The Sponsor does not haveaccess to individual account information.

PORTFOLIO ADMINISTRATION

Portfolio Administration. The Portfolios are notmanaged funds and, except as provided in the TrustAgreement, Securities generally will not be sold orreplaced. The Sponsor may, however, direct thatSecurities be sold in certain limited circumstances toprotect a Portfolio based on advice from the Supervisor.These situations may include events such as the issuer

A-25

having defaulted on payment of any of its outstandingobligations or the price of a Security has declined tosuch an extent or other credit factors exist so that in theopinion of the Supervisor retention of the Security wouldbe detrimental to a Portfolio. If a public tender offer hasbeen made for a Security or a merger or acquisition hasbeen announced affecting a Security, the Trustee mayeither sel l the Security or accept an offer i f theSupervisor determines that the sale or exchange is inthe best interest of Unitholders (only offers for cash if aPortfolio has not elected to be treated as a regulatedinvestment company for tax purposes). The Trustee willdistribute any cash proceeds to Unitholders. In addition,the Trustee may sell Securities to redeem Units or payPortfolio expenses or deferred sales charges. Withrespect to a Portfolio structured as a grantor trust forfederal tax purposes, the Trustee must reject any offerfor securities or property other than cash in exchangefor the Securities. If securities or property are acquiredby a Portfolio, the Sponsor may direct the Trustee to sellthe securities or property and distribute the proceeds toUnitholders or to accept the securities or property fordeposit in the Portfolio. Should any contract for thepurchase of any of the Securities fail, the Sponsor will(unless substantially all of the moneys held in thePortfolio to cover the purchase are reinvested insubstitute Securities in accordance with the TrustAgreement) refund the cash and sales chargeattributable to the failed contract to all Unitholders on orbefore the next Distribution Date.

With respect to the Global 45 Dividend StrategyPortfolio, the Sponsor may direct the reinvestment ofproceeds of the sale of Securities if the sale is the directresult of serious adverse credit factors which, in theopinion of the Sponsor, would make retention of theSecurities detrimental to your Portfolio. In such a case,the Sponsor may, but is not obligated to, direct thereinvestment of sale proceeds in any other securitiesthat meet the criteria for inclusion in your Portfolio on theInitial Date of Deposit. The Sponsor may also instruct theTrustee to take action necessary to ensure that theGlobal 45 Dividend Strategy Portfolio continues to satisfythe qualifications of a RIC and to avoid imposition of taxon undistributed income of the Portfolios.

When your Portfolio sells Securities, the compositionand diversity of the Securities in the Portfolio may bealtered. In order to obtain the best price for a Portfolio, itmay be necessary for the Supervisor to specifyminimum amounts (generally 100 shares) in whichblocks of Securit ies are to be sold. In effectingpurchases and sales of Portfolio securities, the Sponsormay direct that orders be placed with and brokeragecommissions be paid to brokers, including brokerswhich may be affiliated with the Portfolios, the Sponsoror dealers participating in the offering of Units.

Pursuant to an exemptive order, your Portfolio maybe permitted to sell Securities to a new trust when itterminates if those Securities are included in the newtrust. The exemption may enable your Portfolio toeliminate commission costs on these transactions. Theprice for those securities will be the closing sale priceon the sale date on the exchange where the Securitiesare principally traded, as certified by the Sponsor.

Amendment of the Trust Agreement. TheTrustee and the Sponsor may amend the TrustAgreement without the consent of Unitholders tocorrect any provision which may be defective or tomake other provisions that will not materially adverselyaffect Unitholders (as determined in good faith by theSponsor and the Trustee). The Trust Agreement maynot be amended to increase the number of Units orpermit acquisit ion of securit ies in addition to orsubstitution for the Securities (except as provided inthe Trust Agreement). The Trustee wi l l not i fyUnitholders of any amendment.

Termination. Each Portfolio will terminate on theMandatory Termination Date specified under “EssentialInformation” or upon the sale or other disposition of thelast Security held in the Portfolio. A Portfolio may beterminated at any time with consent of Unitholdersrepresenting two-thirds of the outstanding Units or bythe Trustee when the value of the Portfolio is less than$500,000 ($3,000,000 if the value of the Portfolio hasexceeded $15,000,000) (the “Minimum TerminationValue”). A Portfolio will be liquidated by the Trustee inthe event that a sufficient number of Units of thePortfolio not yet sold are tendered for redemption bythe Sponsor, so that the net worth of the Portfolio

A-26

would be reduced to less than 40% of the value of theSecurities at the time they were deposited in thePortfolio. If a Portfolio is liquidated because of theredemption of unsold Units by the Sponsor, theSponsor will refund to each purchaser of Units theentire sales charge paid by such purchaser. The Trusteemay begin to sell Securities in connection with aPortfolio termination nine business days before, and nolater than, the Mandatory Termination Date. QualifiedUnitholders may elect an in kind distr ibution ofSecurities, provided that Unitholders may not requestan in kind distribution of Securities within 30 calendardays of a Portfolio’s termination. Any in kind distributionof Securities will be made in the manner and subject tothe restrictions described under “Rights of Unitholders--Redemption of Units”, provided that, in connection withan in kind distribution election more than 30 calendardays prior to termination, Unitholders tendering 1,000or more Units of a Portfolio (or such higher amount asmay be required by your broker-dealer or selling agent)may request an in kind distribution of Securities equal tothe Redemption Price per Unit on the date of tender.Unitholders will receive a final cash distribution within areasonable time after the Mandatory Termination Date.All distributions will be net of a Portfolio’s expenses andcosts. Unitholders will receive a final distributionstatement following termination. The InformationSupplement contains further information regardingtermination of a Portfolio. See “Additional Information”.

Limitations on Liabilities. The Sponsor,Supervisor and Trustee are under no liability for takingany action or for refraining from taking any action ingood faith pursuant to the Trust Agreement, or forerrors in judgment, but shall be liable only for their ownwillful misfeasance, bad faith or gross negligence(negl igence in the case of the Trustee) in theperformance of their duties or by reason of theirreckless disregard of their obligations and dutieshereunder. The Trustee is not liable for depreciation orloss incurred by reason of the sale by the Trustee of anyof the Securities. In the event of the failure of theSponsor to act under the Trust Agreement, the Trusteemay act thereunder and is not liable for any action takenby it in good faith under the Trust Agreement. The

Trustee is not liable for any taxes or other governmentalcharges imposed on the Securities, on it as Trusteeunder the Trust Agreement or on a Portfolio which theTrustee may be required to pay under any present orfuture law of the United States of America or of anyother taxing authority having jurisdiction. In addition, theTrust Agreement contains other customary provisionslimiting the liability of the Trustee. The Sponsor andSupervisor may rely on any evaluation furnished by theTrustee and have no responsibility for the accuracythereof. Determinations by the Trustee shall be made ingood faith upon the basis of the best informationavailable to it.

Sponsor. Invesco Capital Markets, Inc. is the Sponsorof your Portfolio. The Sponsor is a wholly ownedsubsidiary of Invesco Advisers, Inc. (“Invesco Advisers”).Invesco Advisers is an indirect wholly owned subsidiaryof Invesco Ltd., a leading independent global investmentmanager that provides a wide range of investmentstrategies and vehicles to its retail, institutional and highnet worth clients around the globe. The Sponsor’sprincipal office is located at 11 Greenway Plaza, Houston,Texas 77046-1173. As of March 31, 2020, the totalstockholders’ equity of Invesco Capital Markets, Inc. was$90,225,420.57 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $1,053.4 billion asof March 31, 2020.

The Sponsor and your Portfolio have adopted a codeof ethics requiring Invesco Ltd.’s employees who haveaccess to information on Portfolio transactions to reportpersonal securities transactions. The purpose of thecode is to avoid potential conflicts of interest and toprevent fraud, deception or misconduct with respect toyour Portfolio. The Information Supplement containsadditional information about the Sponsor.

If the Sponsor shall fail to perform any of its dutiesunder the Trust Agreement or become incapable ofacting or shall become bankrupt or its affairs are takenover by public authorities, then the Trustee may (i)appoint a successor Sponsor at rates of compensationdeemed by the Trustee to be reasonable and notexceeding amounts prescribed by the SEC, ( i i )terminate the Trust Agreement and liquidate the

A-27

Portfolios as provided therein or (iii) continue to act asTrustee without terminating the Trust Agreement.

Trustee. The Trustee is The Bank of New YorkMellon, a trust company organized under the laws ofNew York. The Bank of New York Mellon has itsprincipal unit investment trust division offices at 2Hanson Place, 12th Floor, Brooklyn, New York 11217,(800) 856-8487. If you have questions regarding youraccount or your Portfolio, please contact the Trustee atits principal unit investment trust division offices or yourfinancial adviser. The Sponsor does not have access toindividual account information. The Bank of New YorkMellon is subject to supervision and examination by theSuperintendent of Banks of the State of New York andthe Board of Governors of the Federal ReserveSystem, and its deposits are insured by the FederalDeposit Insurance Corporation to the extent permittedby law. Additional information regarding the Trustee isset forth in the Information Supplement, including theTrustee’s qualifications and duties, its ability to resign,the effect of a merger involving the Trustee and theSponsor’s ability to remove and replace the Trustee.See “Additional Information”.

TAXATION – GLOBAL 45 DIVIDEND STRATEGYPORTFOLIO

This section summarizes some of the principal U.S.federal income tax consequences of owning Units of theGlobal 45 Dividend Strategy Portfolio. Tax laws andinterpretations are subject to change, possibly withretroactive effect. This summary does not describe all ofthe tax consequences to all taxpayers. For example, thissummary generally does not describe your situation ifyou are a corporation, a non-U.S. person, abroker/dealer, a tax-exempt entity, financial institution,person who marks to market their Units or other investorwith special circumstances. In addition, this sectiondoes not describe your alternative minimum, state, localor foreign tax consequences of investing in a Portfolio.

This federal income tax summary is based in part onthe advice of counsel to the Sponsor. The InternalRevenue Service (the “IRS”) could disagree with anyconclusions set forth in this section. In addition, our

counsel was not asked to review the federal income taxtreatment of the assets to be deposited in your Portfolio.

Additional information related to taxes is contained inthe Information Supplement. As with any investment,you should seek advice based on your individualcircumstances from your own tax advisor.

Portfolio Status. Your Portfolio intends to electand to qualify annually as a RIC under the federal taxlaws. If your Portfolio qualifies under the tax law as aRIC and distributes its income in the manner andamounts required by the RIC tax requirements, thePortfolio generally will not pay federal income taxes. Butthere is no assurance that the distributions made byyour Portfolio will eliminate all taxes for every year at thelevel of your Portfolio.

Distributions. Portfolio distributions are generallytaxable. After the end of each year, you will receive a taxstatement reporting your Portfolio's distributions,including the amounts of ordinary income distributionsand capital gains dividends. Your Portfolio may maketaxable distributions to you even in periods duringwhich the value of your Units has declined. Ordinaryincome distributions are generally taxed at your federaltax rate for ordinary income, however, as furtherdiscussed below, certain ordinary income distributionsreceived from your Portfolio may be taxed, undercurrent federal law, at capital gains tax rates. Certainordinary income dividends on Units that are attributableto qualifying dividends received by your Portfolio fromcertain corporations may be reported by the Portfolio asbeing eligible for the dividends received deduction forcorporate Unitholders provided certain holding periodrequirements are met. Income from the Portfolio andgains on the sale of your Units may also be subject to a3.8% federal tax imposed on net investment income ifyour adjusted gross income exceeds certain thresholdamounts, which currently are $250,000 in the case ofmarried couples filing joint returns and $200,000 in thecase of single individuals. In addition, your Portfolio maymake distributions that represent a return of capital fortax purposes to the extent of the Unitholder's basis inthe Units, and any additional amounts in excess ofbasis would be taxed as a capital gain. Generally, youwill treat all capital gains dividends as long-term capital

gains regardless of how long you have owned yourUnits. The tax status of your distributions from yourPortfolio is not affected by whether you reinvest yourdistributions in additional Units or receive them in cash.The income from your Portfolio that you must take intoaccount for federal income tax purposes is not reducedby amounts used to pay a deferred sales charge, if any.The tax laws may require you to treat certaindistributions made to you in January as if you hadreceived them on December 31 of the previous year.

A distribution paid by your Portfolio reduces thePortfolio's net asset value per Unit on the date paid bythe amount of the distr ibut ion. Accordingly, adistribution paid shortly after a purchase of Units by aUnitholder would represent, in substance, a partialreturn of capital, however, it would be subject toincome taxes.

Sale or Redemption of Units. If you sell orredeem your Units, you will generally recognize ataxable gain or loss. To determine the amount of thisgain or loss, you must subtract your adjusted tax basisin your Units from the amount you receive for the sale ofthe Units. Your initial tax basis in your Units is generallyequal to the cost of your Units, generally including salescharges. In some cases, however, you may have toadjust your tax basis after you purchase your Units.

Capital Gains and Losses and CertainOrdinary Income Dividends. Net capital gain equalsnet long-term capital gain minus net short-term capitalloss for the taxable year. Capital gain or loss is long-term if the holding period for the asset is more than oneyear and is short-term if the holding period for the assetis one year or less. You must exclude the date youpurchase your Units to determine your holding period.However, if you receive a capital gain dividend from yourPortfolio and sell your Units at a loss after holding it forsix months or less, the loss will be recharacterized aslong-term capital loss to the extent of the capital gaindividend received. The tax rates for capital gainsrealized from assets held for one year or less aregenerally the same as for ordinary income.

In certain circumstances, ordinary income dividendsreceived by an individual Unitholder from a RIC such as

your Portfolio may be taxed at the same federal ratesthat apply to net capital gain (as discussed above),provided certain holding period requirements aresatisfied and provided the dividends are attributable toqualified dividend income received by the Portfolio itself.Qualified dividend income means dividends paid to aPortfolio (a) by domestic corporations, (b) by foreigncorporations that are either ( i ) incorporated in apossession of the United States or (ii) are eligible forbenefits under certain income tax treaties with theUnited States that include an exchange of informationprogram, or (c) with respect to stock of a foreigncorporation that is readily tradeable on an establishedsecurities market in the United States. Both thePortfolio and the Unitholder must meet certain holdingperiod requirements to qualify Portfolio dividends forthis treatment. Income derived from investments inderivatives, fixed-income securities, U.S. real estateinvestment trusts, passive foreign investmentcompanies, and income received "in lieu of" dividendsin a securities lending transactions generally is noteligible for treatment as qualified dividend income. If thequalified dividend income received by a Portfolio isequal to 95% (or a greater percentage) of the Portfolio'sgross income (exclusive of net capital gain) in anytaxable year, all of the ordinary income dividends paidby the Portfolio will be qualified dividend income. YourPortfolio will provide notice to its Unitholders of theamount of any distribution which may be taken intoaccount as qualified dividend income which is eligiblefor capital gains tax rates. There is no requirement thattax consequences be taken into account inadministering your Portfolio.

In Kind Distributions. Under certain circumstances,as described in this prospectus, you may receive an inkind distribution of Portfolio securities when you redeemyour Units. In general, this distribution will be treated as asale for federal income tax purposes and you willrecognize gain or loss, based on the value at that time ofthe securities and the amount of cash received, andsubject to certain limitations on the deductibility of lossesunder the tax law.

Rollovers and Exchanges. If you elect to haveyour proceeds from your Portfolio rolled over into a

A-28

A-29

future trust, it would generally be considered a sale forfederal income tax purposes and any gain on the salewill be treated as a capital gain, and, in general, anyloss will be treated as a capital loss. However, any lossrealized on a sale or exchange will be disallowed to theextent that Units disposed of are replaced (includingthrough reinvestment of dividends) within a period of 61days beginning 30 days before and ending 30 daysafter disposition of Units or to the extent that theUnitholder, during such period, acquires or enters intoan option or contract to acquire, substantially identicalstock or securities. In such a case, the basis of theUnits acquired will be adjusted to reflect the disallowedloss. The deductibility of capital losses is subject toother limitations in the tax law.

Deductibility of Portfolio Expenses. Expensesincurred and deducted by your Portfolio will generallynot be treated as taxable income to you. In certaincases if your Portfolio is not considered "publiclyoffered" under Internal Revenue Code of 1986, asamended (the “Code”), each U.S. Unitholder that iseither an individual, trust or estate will be treated ashaving received a taxable distribution from the Portfolioin the amount of that U.S. Unitholder's allocable shareof certain of the Portfolio's expenses for the calendaryear, and these fees and expenses will be treated asmiscellaneous itemized deductions of those U.S.Unitholders. The deductibility of expenses that arecharacterized as miscellaneous itemized deductions,which include investment expenses, is suspended fortax years beginning prior to January 1, 2026.

Foreign Investors. If you are a foreign investor(i.e., an investor other than a U.S. citizen or resident ora U.S. corporation, partnership, estate or trust),generally, subject to applicable tax treaties, distributionsto you from your Portfolio will be characterized asdividends for federal income tax purposes (other thandividends that your Portfolio reports as capital gaindividends) and will be subject to U.S. income taxes,including withholding taxes, subject to certainexceptions described below. You may be eligible undercertain income tax treaties for a reduction in withholdingrates. However, distributions received by a foreigninvestor from your Portfolio that are properly reported

by the trust as capital gain dividends, interest-relateddividends paid by the Portfolio from its qualified netinterest income from U.S. sources and short-termcapital gain dividends, may not be subject to U.S.federal income taxes, including withholding taxes,provided that your Portfolio makes certain elections andcertain other conditions are met.

The Foreign Account Tax Compliance Act. A30% withholding tax on your Portfolio's distributionsgenerally applies if paid to a foreign entity unless: (i) ifthe foreign entity is a "foreign financial institution" asdefined under FATCA, the foreign entity undertakescertain due diligence, reporting, withholding, andcertification obligations, (ii) if the foreign entity is not a"foreign financial institution," it identifies certain of itsU.S. investors or (iii) the foreign entity is otherwiseexcepted under FATCA. If required under the rulesabove and subject to the appl icabi l i ty of anyintergovernmental agreements between the UnitedStates and the relevant foreign country, withholdingunder FATCA may apply. Under existing regulations,FATCA withholding on gross proceeds from the sale ofUnits and capital gain distributions from your Portfoliotook effect on January 1, 2019; however, proposedU.S. tax regulations eliminate FATCA withholding onsuch types of payments. Taxpayers generally may relyon these proposed Treasury Regulations until finalTreasury Regulations are issued. If withholding isrequired under FATCA on a payment related to yourUnits, investors that otherwise would not be subject towithholding (or that otherwise would be entitled to areduced rate of withholding) on such payment generallywill be required to seek a refund or credit from the IRSto obtain the benefit of such exemption or reduction.Your Portfolio will not pay any additional amounts inrespect of amounts withheld under FATCA. You shouldconsult your tax advisor regarding the effect of FATCAbased on your individual circumstances.

Foreign Tax Credit. If your Portfolio invests in anyforeign securities, the tax statement that you receivemay include an item showing foreign taxes yourPortfolio paid to other countries. In this case, dividendstaxed to you will include your share of the taxes yourPortfolio paid to other countries. If more than 50% of

A-30

the value of the Portfolio's total assets at the end of afiscal year is invested in foreign securities, the Portfoliomay elect to "pass-through" to the Unitholders theamount of foreign income tax paid by the Portfolio inlieu of deducting such amount in determining itsinvestment company taxable income. In such a case,Unitholders will be required (i) to include in grossincome, even though not actually received, theirrespective pro rata shares of the foreign income taxpaid by the Portfolio that are attributable to anydistributions they receive; and (ii) either to deduct theirpro rata share of foreign tax in computing their taxableincome or to use it (subject to various limitations) as aforeign tax credit against federal income tax (but notboth). No deduction for foreign tax may be claimed by anon-corporate Unitholder who does not itemizedeductions or who is subject to the alternative minimumtax. Unitholders may be unable to claim a credit for thefull amount of their proportionate shares of the foreignincome tax paid by the Portfol io due to certainlimitations that may apply. The Portfolio reserves theright not to pass-through to its Unitholders the amountof foreign income taxes paid by the Portfolio.

Backup Withholding. By law, your Portfolio mustwithhold as backup withholding a percentage (currently24%) of your taxable distributions and redemptionproceeds if you do not provide your correct socialsecurity or taxpayer identification number and certifythat you are not subject to backup withholding, or if theIRS instructs your Portfolio to do so.

Investors should consult their advisors concerningthe federal, state, local and foreign tax consequences ofinvesting in a Portfolio.

TAXATION – EAFE SELECT 20 PORTFOLIO, THE DOW JONES SELECT DIVIDEND INDEXSTRATEGY PORTFOLIO, SELECT S&PINDUSTRIAL PORTFOLIO, SELECT S&P CORE PORTFOLIO and SELECT 10 INDUSTRIAL PORTFOLIO

This section summarizes some of the principal U.S.federal income tax consequences of owning Units ofeach of the EAFE Select 20 Portfolio, The Dow JonesSelect Dividend Index Strategy Portfolio, Select S&P

Industrial Portfolio, Select S&P Core Portfolio and theSelect 10 Industrial Portfolio each of which is structuredas a grantor trust for federal tax purposes. Tax laws andinterpretations are subject to change, possibly withretroactive effect. This summary does not describe all ofthe tax consequences to all taxpayers. For example,this summary generally does not describe your situationif you are a corporation, a non-U.S. person, abroker/dealer, a tax-exempt entity, financial institution,person who marks to market their Units or otherinvestor with special circumstances. In addition, thissection does not describe the state, local or foreign taxconsequences of investing in the Portfolio.

This federal income tax summary is based in part onthe advice of counsel to the Sponsor. The IRS coulddisagree with any conclusions set forth in this section. Inaddition, our counsel was not asked to review the taxtreatment of the assets to be deposited in your Portfolio.

As with any investment, you should seek advicebased on your individual circumstances from your owntax advisor.

Assets of the Portfolio. Your Portfolio is expectedto hold shares of stock in corporations that are treatedas equity for federal income tax purposes. It is possiblethat your Portfolio will also hold other assets, includingassets that are treated differently for federal income taxpurposes from those described above, in which caseyou will have federal income tax consequences differentfrom or in addition to those described in this section.We refer to the assets held by your Portfolio as"Portfolio Assets".

Portfolio Status. If your Portfolio is at all timesoperated in accordance with the documentsestablishing your Portfolio and certain requirements offederal income tax law are met, your Portfolio will not betaxed as a corporation for federal income tax purposes.As a Unit owner, you will be treated as the owner of apro rata portion of each of the Portfolio Assets, and assuch you will be considered to have received a pro ratashare of income (e.g., dividends and capital gains), ifany from each Portfolio Asset when such income wouldbe considered to be received by you if you directlyowned the Portfolio Assets. This tax treatment applies

A-31

even if you elect to have your distributions reinvestedinto additional Units. In addition, the income fromPortfolio Assets that you must take into account forfederal income tax purposes is not reduced by amountsused to pay sales charges or Portfolio expenses.

Your Tax Basis and Income or Loss UponDisposition. If you dispose of your Units or redeemyour Units for cash, you will generally recognize gain orloss. To determine the amount of this gain or loss, youmust subtract your adjusted tax basis in your Unitsdisposed of from your proceeds received in thetransaction. You also generally will recognize taxablegain or loss if your Portfolio disposes of PortfolioAssets. Your initial tax basis in each Portfolio Asset isdetermined by apportioning the cost of your Units,including sales charges, among the Portfolio Assetsratably according to their values on the date youacquire your Units. In certain circumstances, however,your tax basis in certain Portfolio Assets must beadjusted after you acquire your Units.

Net capital gain equals net long-term capital gainminus net short-term capital loss for the taxable year.Capital gain or loss is long-term if the holding period forthe asset is more than one year and is short-term if theholding period for the asset is one year or less. Youmust exclude the date you purchase your Units todetermine your holding period. The tax rates for capitalgains realized from assets held for one year or less aregeneral ly the same as for ordinary income. Thedeductibility of capital losses is subject to limitationsunder the Code, including generally a maximumdeduction against ordinary income of $3,000 per year.Income from the Portfolio and gains on the sale of yourUnits may also be subject to a 3.8% federal taximposed on net investment income if your adjustedgross income exceeds certain threshold amounts,which currently are $250,000 in the case of marriedcouples filing joint returns and $200,000 in the case ofsingle individuals.

Dividends from Stocks. Certain dividends receivedby non-corporate Unitholders with respect to the stocksin the Portfolio may qualify to be taxed at the samefederal rates that apply to net capital gain, provided

certain holding period requirements are satisfied. Theseare generally referred to as qualified dividends.

Dividends Received Deduction. Generally, adomestic corporation owning Units in the Portfolio maybe eligible for the dividends received deduction withrespect to such Unitholder's pro rata portion of certaintypes of dividends received by the Portfolio. However, acorporation general ly wi l l not be entit led to thedividends received deduction with respect to dividendsfrom most foreign corporations.

Cash Distributions, Rollovers and Exchanges.If you receive cash when you redeem your Units or atyour Portfolio's termination or if you elect to direct thatthe cash proceeds you are deemed to receive whenyou redeem your Units or at your Portfolio's terminationbe rolled into a future trust, it is considered a sale forfederal income tax purposes, and any gain on the salewill be treated as a capital gain, and, in general, anyloss will be treated as a capital loss. However, any lossyou incur in connection with the receipt or deemedreceipt of cash, or in connection with the exchange ofyour Units of the Portfolio for units of another trust(deemed sale and subsequent deemed repurchase), willgenerally be disallowed to the extent you acquire unitsof a subsequent trust and such subsequent trust hassubstantially identical assets under the wash saleprovisions of the Code. The deductibility of capitallosses is subject to other limitations in the tax law.

In Kind Distributions. Under certain circumstancesas described in this Prospectus, you may request an inkind distribution of Portfolio Assets when you redeemyour Units. By electing to receive an in kind distribution,you will receive Portfolio Assets plus, possibly, cash. Yougenerally will not recognize gain or loss if you only receivewhole Portfolio Assets in exchange for the identicalamount of your pro rata portion of the same PortfolioAssets held by your Portfolio. However, if you also receivecash in exchange for a Portfolio Asset or a fractionalportion of a Portfolio Asset, you will generally recognizegain or loss based on the difference between the amountof cash you receive and your proportional tax basis insuch Portfolio Asset or fractional portion.

A-32

Limitations on the Deductibility of PortfolioExpenses. Generally, for federal income tax purposes,you must take into account your full pro rata share ofyour Portfolio's income, even if some of that income isused to pay Portfolio expenses. The deductibility ofexpenses that are characterized as miscellaneousitemized deductions, which include investmentexpenses, is suspended for tax years beginning prior toJanuary 1, 2026.

Foreign Investors. If you are a foreign investor(i.e., an investor other than a U.S. citizen or resident ora U.S. corporation, partnership, estate or trust),distributions of dividends and interest from yourPortfolio generally are subject to U.S. federal incometaxes, including withholding taxes, unless certainconditions for exemption from U.S. taxation are met.Gains from the sale or redemption of your Units maynot be subject to U.S. federal income taxes if you arenot otherwise subject to net income taxation in theUnited States. In the case of Units held by nonresidentalien individuals, foreign corporations or other non-U.S. persons, distributions by your Portfolio that aretreated as U.S. source income (e.g., dividendsreceived on stocks of domestic corporations) willgenerally be subject to U.S. income taxation andwithholding, subject to any applicable treaty. Youshould consult your tax advisor with respect to theconditions you must meet in order to be exempt fromU.S. taxation. You should also consult your tax advisorwith respect to other U.S. tax withholding andreporting requirements.

The Foreign Account Tax Compliance Act. A30% withholding tax on your Portfolio's distributionsgenerally applies if paid to a foreign entity unless: (i) ifthe foreign entity is a "foreign financial institution" asdefined under FATCA, the foreign entity undertakescertain due diligence, reporting, withholding, andcertification obligations, (ii) if the foreign entity is not a"foreign financial institution," it identifies certain of itsU.S. investors or (iii) the foreign entity is otherwiseexcepted under FATCA. If required under the rulesabove and subject to the appl icabi l i ty of anyintergovernmental agreements between the UnitedStates and the relevant foreign country, withholding

under FATCA may apply. Under existing regulations,FATCA withholding on gross proceeds from the sale ofUnits and capital gain distributions from your Portfoliotook effect on January 1, 2019; however, proposedU.S. tax regulations eliminate FATCA withholding onsuch types of payments. Taxpayers generally may relyon these proposed Treasury Regulations until finalTreasury Regulations are issued. If withholding isrequired under FATCA on a payment related to yourUnits, investors that otherwise would not be subject towithholding (or that otherwise would be entitled to areduced rate of withholding) on such payment generallywill be required to seek a refund or credit from the IRSto obtain the benefit of such exemption or reduction.We will not pay any additional amounts in respect ofamounts withheld under FATCA. You should consultyour tax advisor regarding the effect of FATCA based onyour individual circumstances.

Foreign Taxes. Some distributions or incomeearned by your Portfolio may be subject to foreignwithholding taxes. Any income withheld will still betreated as income to you. Under the grantor trustrules, you are considered to have paid directly yourshare of any foreign taxes that are paid. Therefore, forU.S. tax purposes, you may be entitled to a foreign taxcredit or deduction for those foreign taxes.

Backup Withholding. By law, your Portfolio mustwithhold as backup withholding a percentage (currently24%) of your taxable distributions and redemptionproceeds if you do not provide your correct socialsecurity or taxpayer identification number and certifythat you are not subject to backup withholding, or if theIRS instructs your Portfolio to do so.

New York Tax Status. Under the existing incometax laws of the State and City of New York, yourPortfolio will not be taxed as a corporation subject tothe New York State franchise tax and the New YorkCity business corporation tax. You should consult yourtax advisor regarding potential federal, foreign, state orlocal taxation with respect to your Units based on yourindividual circumstances.

A-33

PORTFOLIO OPERATING EXPENSES

General. The fees and expenses of your Portfoliowill generally accrue on a daily basis. Portfolio operatingfees and expenses are generally paid out of the IncomeAccount to the extent funds are available, and thenfrom the Capital Account. The deferred sales charge,creation and development fee and organization costsare generally paid out of the Capital Account of yourPortfolio. It is expected that Securities will be sold topay these amounts which will result in capital gains orlosses to Unitholders. See “Taxation”. These sales willreduce future income distributions. The Sponsor’s,Supervisor’s and Trustee’s fees may be increasedwithout approval of the Unitholders by amounts notexceeding proportionate increases under the category“Services Less Rent of Shelter” in the Consumer PriceIndex for All Urban Consumers or, if this category is notpublished, in a comparable category.

Organization Costs. You and the otherUnitholders will bear all or a portion of the organizationcosts and charges incurred in connection with theestablishment of your Portfolio. These costs andcharges will include the cost of the preparation, printingand execution of the trust agreement, registrationstatement and other documents relating to yourPortfolio, federal and state registration fees and costs,fees paid to any Data Provider or Portfolio Consultantfor assisting the Sponsor and providing research in theselection of securities, the initial fees and expenses ofthe Trustee, and legal and auditing expenses. ThePublic Offering Price of Units includes the estimatedamount of these costs. The Trustee will deduct theseexpenses from your Portfolio’s assets at the end of theinitial offering period.

Creation and Development Fee. The Sponsorwill receive a fee from your Portfolio for creating anddeveloping the Portfolio, including determining thePortfolio’s objectives, policies, composition and size,selecting service providers and information services andfor providing other similar administrative and ministerialfunctions. The creation and development fee is acharge of $0.05 per Unit. The Trustee will deduct thisamount from your Portfolio’s assets as of the close of

the initial offering period. No portion of this fee isapplied to the payment of distribution expenses or ascompensation for sales efforts. This fee will not bededucted from proceeds received upon a repurchase,redemption or exchange of Units before the close of theinitial public offering period.

Trustee’s Fee. For its services the Trustee willreceive the fee from your Portfolio set forth in the “FeeTable” (which includes the estimated amount ofmiscellaneous Portfolio expenses). The Trustee benefitsto the extent there are funds in the Capital and IncomeAccounts since these Accounts are non-interestbearing to Unitholders and the amounts earned by theTrustee are retained by the Trustee. Part of the Trustee’scompensation for its services to your Portfolio isexpected to result from the use of these funds.

Compensation of Sponsor and Supervisor. TheSponsor and the Supervisor, which is an affiliate of theSponsor, will receive the annual fee for providingbookkeeping and administrative services and portfoliosupervisory services set forth in the “Fee Table”. Thesefees may exceed the actual costs of providing theseservices to your Portfolio but at no time will the totalamount received for these services rendered to all Invescounit investment trusts in any calendar year exceed theaggregate cost of providing these services in that year.

Miscellaneous Expenses. The following additionalcharges are or may be incurred by your Portfolio: (a)normal expenses (including the cost of mailing reports toUnitholders) incurred in connection with the operation ofthe Portfolio, (b) fees of the Trustee for extraordinaryservices, (c) expenses of the Trustee (including legal andauditing expenses) and of counsel designated by theSponsor, (d) various governmental charges, (e) expensesand costs of any action taken by the Trustee to protectthe Portfolio and the rights and interests of Unitholders,(f) indemnification of the Trustee for any loss, liability orexpenses incurred in the administration of the Portfoliowithout negligence, bad faith or willful misconduct on itspart, (g) foreign custodial and transaction fees (whichmay include compensation paid to the Trustee or itssubsidiaries or affiliates), (h) costs associated withliquidating the securities held in the Portfolio, (i) anyoffering costs incurred after the end of the initial offering

A-34

period and (j) expenditures incurred in contactingUnitholders upon termination of the Portfolio. EachPortfol io may pay the expenses of updating itsregistration statement each year. The Dow Jones SelectDividend Index Strategy Portfolio and the Global 45Dividend Strategy Portfolio will each pay a license fee toCME for use of certain service marks and other property.The Select S&P Industrial Portfolio, Select S&P CorePortfolio and the Global 45 Dividend Strategy Portfoliowill each pay a license fee to S&P Opco, LLC for use ofcertain trademarks and other property. The Dow JonesSelect Dividend Index Strategy Portfolio will pay a licensefee to Horizon Investment Services, LLC for the use ofcertain service marks and other property. The EAFESelect Portfolio and the Global 45 Dividend StrategyPortfolio will each pay a license fee to MSCI Inc. for theuse of certain trademarks and other property.

OTHER MATTERS

Legal Opinions. The legality of the Units offeredhereby has been passed upon by Morgan, Lewis &Bockius LLP. Dorsey & Whitney LLP has acted ascounsel to the Trustee.

Independent Registered Public AccountingFirm. The statements of condition and the relatedportfolios included in this prospectus have beenaudited by Grant Thornton LLP, independentregistered public accounting firm, as set forth in theirreport in this prospectus, and are included herein inreliance upon the authority of said firm as experts inaccounting and auditing.

ADDITIONAL INFORMATION

This prospectus does not contain all the informationset forth in the registration statements filed by yourPortfolio with the SEC under the Securities Act of 1933and the Investment Company Act of 1940 (file no.811-02754). The Information Supplement, which hasbeen filed with the SEC and is incorporated herein byreference, includes more detai led informationconcerning the Securities, investment risks and generalinformation about your Portfolio. Reports and otherinformation about your Portfolio are available on the

EDGAR Database on the SEC’s Internet site athttp://www.sec.gov. Copies of this information may beobtained, after paying a duplication fee, by electronicrequest at the fol lowing e-mail address:[email protected] or by writing the SEC’s PublicReference Section, Washington, DC 20549-0102.

THIS PAGE INTENTIONALLY LEFT BLANK.

TABLE OF CONTENTS

Title Page

EAFE Select 20 Portfolio .................................... 2The Dow Jones Select Dividend Index

Strategy Portfolio ........................................... 7Select S&P Industrial Portfolio............................ 12Select S&P Core Portfolio .................................. 17Global 45 Dividend Strategy Portfolio................. 22Select 10 Industrial Portfolio .............................. 28Notes to Hypothetical Performance Tables ........ 32Notes to Portfolios ............................................. 33Report of Independent Registered Public

Accounting Firm............................................. 34Statements of Condition ................................... 35The Portfolios .................................................... A-1Objectives and Securities Selection ................... A-2Risk Factors ...................................................... A-5Public Offering ................................................... A-16Retirement Accounts ......................................... A-20Fee Accounts .................................................... A-20Rights of Unitholders ......................................... A-21Portfolio Administration...................................... A-24Taxation – Global 45 Dividend Strategy

Portfolio ......................................................... A-27Taxation – EAFE Select 20 Portfolio, The Dow Jones Select Dividend Index Strategy Portfolio, Select S&P Industrial Portfolio, Select S&P Core Portfolio and Select 10 Industrial Portfolio .......... A-30Portfolio Operating Expenses............................. A-33Other Matters .................................................... A-34Additional Information ........................................ A-34

______________When Units of the Portfolios are no longer available thisprospectus may be used as a preliminary prospectus for afuture Portfolio. If this prospectus is used for future Portfoliosyou should note the following:The information in this prospectus is not complete with respectto future Portfolio series and may be changed. No person maysell Units of future Portfolios until a registration statement isfiled with the Securities and Exchange Commission and iseffective. This prospectus is not an offer to sell Units and is notsoliciting an offer to buy Units in any state where the offer orsale is not permitted.

U-EMSPRO2062

PROSPECTUS

July 9, 2020


The Dow Jones Select Dividend IndexStrategy Portfolio 2020-3





Please retain this prospectus for future reference.

INVESCO

eafe select 20 portfolio 2020-3 the dow jones select ...invest in a portfolio of stocks. of course,...

Documents