Inflation Hedge Portfolio 2019-3

Inflation Hedge Portfolio 2019-3 (the “Portfolio”), included in Invesco Unit Trusts, Series 1986, is a unit investmenttrust that seeks above-average capital appreciation by investing in a portfolio that consists of exchange-traded fundsand closed-end investment companies that invest in domestic and foreign stocks, fixed income securities,commodities, inflation-protected securities, master limited partnerships and real estate investment trusts. Of course,we cannot guarantee that the Portfolio will achieve its objective.

An investment can be made in the underlying funds directly rather than through the Portfolio. These directinvestments can be made without paying the Portfolio sales charge, operating expenses and organization costs.

August 2, 2019

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 capital appreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in aportfolio that consists of exchange-traded funds(“ETFs”) and closed-end investment companies(known as “closed-end funds” and collectively withthe ETFs, the “funds”). The funds invest in domesticand foreign stocks, f ixed income securit ies,commodities, inflation-protected securities whichincludes Treasury Inflation-Protected Securities(“TIPS”) and World Inflation-Protected Securities(“WIPS”), master limited partnerships (“MLPs”) andreal estate investment trusts (“REITs”) and other realestate companies. As certain global markets continueto grow and act as a catalyst for economicexpansion, many governments continue to takeaction to sustain and promote growth within individualeconomies. There is concern that such actions, whichmay include increased government spending andfavorable monetary policies, could promote a periodof rising inflation and diminished purchasing powerwhen coupled with a period of sustained economicgrowth. In developing the investment thesis, InvescoCapital Markets, Inc., the Sponsor, reviewed researchfrom a wide variety of sources.

The Sponsor has identified the following types ofsecurities and areas within broad asset classes that maybenefit from a period of global economic growth andexpansion, as well as potential inflationary conditions:

• Domestic and Foreign Stocks

- commodity and natural resource producingcompanies

- companies that have historical ly paiddividends

• Fixed Income Securities

- emerging market currencies

- senior loans

• TIPS and other inflation-protected securities

• MLPs

• REITs and other real estate companies

The Sponsor sought to select ETFs and closed-endfunds for the Portfolio that would provide exposure toeach of the particular categories or areas that havebeen identified above. The Sponsor selected the equityETFs based on asset class exposure and benchmarkrepresentation. The Sponsor selected the fixed incomeETFs based on the term and types of bonds that makeup each fixed income ETF. Considerations for selectionof the ETFs include the index from which each one ofthe ETFs is based, and liquidity of the portfolio of theparticular ETF. In selecting the closed-end funds for thePortfolio the Sponsor sought to invest in funds thatprovide exposure to a particular investment style orasset class. In addition, the Sponsor selected theclosed-end funds included in the Portfolio by usingfactors including valuation, current yield, share price ata discount to net asset value, and asset class mix ofeach of the underlying funds.

The fixed income funds selected by the Sponsor eachseek to correspond generally to the price and yieldperformance, before fees and expenses, of one of thevarious types of fixed income markets including foreigngovernment bonds, domestic and foreign corporatebonds, inflation-protected securities, and foreign orUnited States REIT and other real estate companymarkets. Certain of these fixed income funds holdbelow-investment grade fixed income securities.

Approximately 46% of the Portfolio consists of ETFsand closed-end funds that are funds classified as“non-diversified” under the Investment Company Act of1940. These funds have the ability to invest a greaterportion of their assets in obligations of a single issuer.As a result, these funds may be more susceptible tovolatility than a more widely diversified fund.

Of course, we cannot guarantee that yourPortfolio will achieve its objective. The value of yourUnits may fall below the price you paid for the Units.You should read the “Risk Factors” section beforeyou invest.

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Inflation Hedge Portfolio

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”.

ETFs. Your Portfolio invests in ETFs, which areinvestment pools that hold a basket of equity or fixedincome securities. As a result, investors in ETFs (andinvestors in your Portfolio) obtain exposure to a muchgreater number of securities than an individual investorwould typically be able to obtain on their own. ETFshares are listed on securities exchanges for trading,allowing investors to purchase and sell individual ETFshares at market prices throughout the day. For moreinformation please see the section titled “Funds”.

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.

• A security issuer may be unable to makepayments of interest, dividends orprincipal in the future. This may reduce thelevel of dividends certain of the ETFs andclosed-end funds pay which would reduce yourincome and cause the value of your Units to fall.

• The value of the fixed income securities inthe Portfolio’s underlying funds, ingeneral, will fall if interest rates rise. In alow interest rate environment risks associatedwith rising rates are heightened. The negative

impact on fixed income securities from anyinterest rate increases could be swift andsignificant. No one can predict whether interestrates will rise or fall in the future.

• The financial condition of a securityissuer may worsen or its credit ratingsmay drop, resulting in a reduction inthe value of your Units. This may occur atany point in time, including during the initialoffering period.

• 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 invests in shares of ETFsand closed-end funds. You shouldunderstand the section titled “Funds” before youinvest. In particular, shares of ETFs may, andclosed-end funds frequently, tend to trade at adiscount from their net asset value and shares ofall funds are subject to risks related to factorssuch as management’s ability to achieve a fund’sobjective, market conditions affecting a fund’sinvestments and use of leverage. In addition,there is the risk that the market price of an ETF’sshares may trade at a discount from its net assetvalue, an active secondary market may notdevelop or be maintained, or trading may behalted by the exchange on which they trade,which may impact the Portfolio’s ability to sell theETF shares. The underlying funds havemanagement and operating expenses. You willbear not only your share of the Portfolio’sexpenses, but also the expenses of theunderlying funds. By investing in other funds, thePortfolio incurs greater expenses than you wouldincur if you invested directly in the funds.

• Securities of foreign issuers held bycertain of the funds in the Portfolio

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present risks beyond those of U.S.issuers. These risks may include market andpolitical factors related to the issuer’s foreignmarket, international trade conditions, lessregulation, smaller or less liquid markets,increased volatility, differing accounting practicesand changes in the value of foreign currencies.

• Certain funds in the Portfolio invest insecurities in emerging markets. Investing inemerging markets entails the risk that news andevents unique to a country or region will affectthose markets and their issuers. Countries withemerging markets may have relatively unstablegovernments, may present the risks ofnationalization of businesses, restrictions onforeign ownership and prohibitions on therepatriation of assets.

• Certain funds in the Portfolio invest incorporate bonds. Corporate bonds are debtobligations of a corporation, and as a result aregenerally subject to the various economic,political, regulatory, competitive and other suchrisks that may affect an issuer. Like other fixedincome securities, corporate bonds generallydecline in value with increases in interest rates.During periods of market turbulence, corporatebonds may experience illiquidity and volatility.During such periods, there can be uncertainty inassessing the financial condition of an issuer.As a result, the ratings of the bonds in certain ofthe ETFs and closed-end funds in the Portfoliomay not accurately reflect an issuer’s currentfinancial condition, prospects, or the extent ofthe risks associated with investing in suchissuer’s securities.

• Certain funds in the Portfolio invest inMLPs. Most MLPs operate in the energy sectorand are subject to the risks generally applicableto companies in that sector, including commoditypricing risk, supply and demand risk, depletionrisk and exploration risk. MLPs are also subject tothe risk that regulatory or legislative changes

could eliminate the tax benefits enjoyed by MLPswhich could have a negative impact on the after-tax income available for distribution by the MLPsand/or the value of the Portfolio’s investments.

• Certain funds in the Portfolio invest insecurities of REITs and other real estatecompanies. Shares of REITs and other realestate companies may appreciate or depreciatein value, or pay dividends depending upon globaland local economic conditions, changes ininterest rates and the strength or weakness of theoverall real estate market. Negative developmentsin the real estate industry will affect the value ofyour investment more than would be the case ina more diversified investment.

• Certain of the securities held by certain ofthe funds in the Portfolio are stocks ofsmaller capitalization companies. Thesestocks are often more volatile and have lowertrading volumes than stocks of larger companies.Smaller capitalization companies may havelimited products or financial resources,management inexperience and less publiclyavailable information.

• Certain funds in the Portfolio may investin securities rated below investmentgrade and considered to be “junk” or“high-yield” securities. Securities rated below“BBB-” by Standard & Poor’s or below “Baa3” byMoody’s are considered to be below investmentgrade. These securities are considered to bespeculative and are subject to greater market andcredit risks. Accordingly, the risk of default ishigher than with investment grade securities. Inaddition, these securities may be more sensitiveto interest rate changes and may be more likelyto make early returns of principal.

• 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.

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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 2.250 22.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 2.750% $27.500 ______ ______ ______ ______

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

Estimated Organization Costs 0.673% $ 6.500 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.316% $ 3.058Supervisory, bookkeeping and administrative fees 0.050 0.482Underlying fund expenses 1.696 16.382 ______ ______

Total 2.062% $19.922* ______ ______ ______ ______

Example

This example helps you compare the cost of the Portfolio with otherunit trusts and mutual funds. In the example we assume that the expensesdo not change and that the Portfolio’s annual return is 5%. Your actualreturns and expenses will vary. This example also assumes that youcontinue to follow the Portfolio strategy and roll your investment, includingall distributions, into a new trust every two years subject to a sales chargeof 2.75%. Based on these assumptions, you would pay the followingexpenses for every $10,000 you invest in the Portfolio:

1 year $ 5393 years 1,2885 years 2,05410 years 3,853

* 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 2.75% 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 of2.75% 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 $0.225 per Unit and accrues daily fromMarch 10, 2020 through August 9, 2020. 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 unitand is paid at the earlier of the end of the initial offering period,anticipated to be six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

Although not an actual operating expense, the Portfolio, andtherefore the Unitholders, will indirectly bear the operating expenses ofthe funds held by the Portfolio in the estimated amount provided above.Estimated fund expenses are based upon the net asset value of thenumber of fund shares held by the Portfolio per Unit multiplied by theannual operating expenses of the funds for the most recent fiscal year.The Trustee or Sponsor will waive fees otherwise payable by thePortfolio in an amount equal to any 12b-1 fees or other compensationthe Trustee, the Sponsor or an affiliate receives from the funds inconnection with the Portfolio’s investment in the funds, including licensefees receivable by an affiliate of the Sponsor from a fund.

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit August 2, 2019Mandatory Termination Date August 3, 2021Record Dates1 10th day of each monthDistribution Dates1 25th day of each monthCUSIP Numbers Cash – 46144H102 Reinvest – 46144H110 Fee Based Cash – 46144H128 Fee Based Reinvest – 46144H136

1 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 $0.01 per Unit. Undistributed income and capital will be distributedin the next month in which the total cash held for distribution equals atleast $0.01 per Unit. Based on the foregoing, it is currently estimatedthat the initial distribution will occur in September 2019.

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Inflation Hedge Portfolio 2019-3Portfolio ______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ REGISTERED INVESTMENT COMPANIES - 100% Closed-End Funds - 64.33% 854 Aberdeen Global Premier Properties Fund $ 6.190 $ 5,286.26 347 Ares Dynamic Credit Allocation Fund, Inc. 15.240 5,288.28 422 BlackRock Floating Rate Income Trust Fund 12.530 5,287.66 679 BlackRock Resources & Commodities Strategy Trust 7.750 5,262.25 692 CBRE Clarion Global Real Estate Income Fund 7.610 5,266.12 575 ClearBridge Energy Midstream Opportunity Fund, Inc. 9.140 5,255.50 377 Cushing Renaissance Fund 13.830 5,213.91 558 First Trust New Opportunities MLP & Energy Fund 9.490 5,295.42 386 First Trust/Aberdeen Emerging Opportunity Fund 13.600 5,249.60 929 GAMCO Natural Resources, Gold & Income Trust 5.730 5,323.17 207 John Hancock Tax-Advantaged Dividend Income Fund 25.660 5,311.62 469 Kayne Anderson Midstream/Energy Fund, Inc. 11.180 5,243.42 557 Morgan Stanley Emerging Markets Debt Fund, Inc. 9.500 5,291.50 688 Nuveen Credit Strategies Income Fund 7.730 5,318.24 313 Nuveen Real Asset Income and Growth Fund 17.020 5,327.26 972 Wells Fargo Global Dividend Opportunity Fund 5.410 5,258.52 474 Western Asset Inflation - Linked Opportunities & Income Fund 11.240 5,327.76 457 Western Asset Inflation - Linked Securities & Income Fund 11.630 5,314.91 Exchange-Traded Funds - 35.67% 544 Alerian MLP ETF 9.710 5,282.24* 345 Invesco DB Commodity Index Tracking Fund 15.120 5,216.40* 181 Invesco Dividend Achievers ETF 28.900 5,230.90* 329 Invesco International Dividend Achievers ETF 15.940 5,244.26* 233 Invesco Senior Loan ETF 22.800 5,312.40 94 Schwab U.S. TIPS ETF 56.390 5,300.66 106 SPDR Dow Jones Global Real Estate ETF 49.700 5,268.20 97 SPDR FTSE International Government Inflation-Protected Bond ETF 54.760 5,311.72 155 VanEck Vectors J.P. Morgan EM Local Currency Bond ETF 34.110 5,287.05 150 WisdomTree Emerging Markets Local Debt Fund 35.310 5,296.50___________ ____________ 12,190 $ 147,871.73___________ _______________________ ____________See “Notes to Portfolio”.

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Notes to Portfolio

(1) The Securities are initially represented by “regular way” contracts for the performance of which anirrevocable letter of credit has been deposited with the Trustee. Contracts to acquire Securities wereentered into on August 1, 2019 and have a settlement date of August 5, 2019 (see “The Portfolio”).

(2) The value of each Security is determined on the bases set forth under “Public Offering--Unit Price” as of theclose of the New York Stock Exchange on the business day before the Initial Date of Deposit. In accordancewith FASB Accounting Standards Codification (“ASC”), ASC 820, Fair Value Measurements and Disclosures,the Portfolio’s investments are classified as Level 1, which refers to security prices determined using quotedprices in active markets for identical securities. Other information regarding the Securities, as of the InitialDate of Deposit, is as follows:

Profit Cost to (Loss) To Sponsor Sponsor ______________ _____________

$ 148,116 $ (244)

“*” The investment advisor of this fund is an affiliate of the Sponsor.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 1986:

Opinion on the Financial Statements

We have audited the accompanying statement of condition (including the related portfolio schedule) of InflationHedge Portfolio 2019-3 (included in Invesco Unit Trusts, Series 1986 (the “Trust”)) as of August 2, 2019, and therelated notes (collectively referred to as the “financial statements”). In our opinion, the financial statements presentfairly, in all material respects, the financial position of the Trust as of August 2, 2019, in conformity with accountingprinciples 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 audit. 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 audit in accordance with the standards of the PCAOB. Those standards require thatwe plan and perform the audit 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 audit 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 audit 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 audit 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 an irrevocable letter of credit deposited for the purchase ofsecurities as shown in the statement of condition as of August 2, 2019 by correspondence with The Bank ofNew York Mellon, Trustee. We believe that our audit provides 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 YorkAugust 2, 2019

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STATEMENT OF CONDITIONAs of August 2, 2019

INVESTMENT IN SECURITIESContracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147,872 ___________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147,872 ___________ ___________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 961 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,327 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 739Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,872Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . 5,027 ___________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,845 ___________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147,872 ___________ ___________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,788 ___________ ___________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.660 ___________ ___________

(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 an irrevocable letter of credit which has 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 thePortfolio. 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 initialoffering period, anticipated to be 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 the Portfolio are greater thanthe estimated amount, only the estimated organization costs added to the Public Offering Price will be reimbursed to the Sponsor anddeducted from the assets of the Portfolio.

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

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THE PORTFOLIO

The Portfolio was created under the laws of the Stateof New York pursuant to a Trust Indenture and TrustAgreement (the “Trust Agreement”), dated the date ofthis prospectus (the “Initial Date of Deposit”), amongInvesco Capital Markets, Inc., as Sponsor, InvescoInvestment Advisers LLC, as Supervisor, and The Bankof New York Mellon, as Trustee.

The Portfolio offers investors the opportunity topurchase Units representing proportionate interests in aportfolio of securities. The Portfolio may be an appropriatemedium for investors who desire to participate in aportfolio of securities with greater diversification than theymight be able to acquire individually.

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 Portfolio. Unless otherwiseterminated as provided in the Trust Agreement, thePortfolio 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 the “Portfolio” and any additionalsecurities deposited into the Portfolio.

Additional Units of the 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 (or a letter of credit or the equivalent) withinstructions to purchase additional Securities. Asaddit ional Units are issued by the Portfol io, theaggregate value of the Securities will be increased andthe fractional undivided interest represented by eachUnit may be decreased. The Sponsor may continue tomake additional deposits into the Portfolio following theInitial Date of Deposit provided that the additionaldeposits will be in amounts which will maintain, as nearlyas practicable, the same percentage relationship among

the number of shares of each Security in the Portfoliothat existed immediately prior to the subsequentdeposit. Investors may experience a dilution of theirinvestments and a reduction in their anticipated incomebecause of fluctuations in the prices of the Securitiesbetween the time of the deposit and the purchase of theSecurities and because the Portfolio will pay theassociated brokerage or acquisition fees. In addition,during the initial offering of Units it may not be possibleto buy a particular 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 Portfolio may impact the value of the Securities.This may especially be the case during the initial offeringof Units, upon Portfolio termination and in the course ofsatisfying large Unit redemptions.

Each Unit of the 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 thePortfolio and the estimated distributions per Unit willincrease or decrease to the extent of any adjustment.To the extent that any Units are redeemed to theTrustee or additional Units are issued as a result ofadditional Securities being deposited by the Sponsor,the fractional undivided interest in the Portfol iorepresented by each unredeemed Unit will increase ordecrease accordingly, although the actual interest in thePortfolio will remain unchanged. Units will remainoutstanding until redeemed upon tender to the Trusteeby Unitholders, which may include the Sponsor, or untilthe termination of the Trust Agreement.

The Portfolio consists of (a) the Securities (includingcontracts for the purchase thereof) l isted under“Portfolio” as may continue to be held from time to timein the Portfolio, (b) any additional Securities acquiredand held by the Portfolio pursuant to the provisions of

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the Trust Agreement and (c) any cash held in the relatedIncome and Capital Accounts. Neither the Sponsor northe Trustee shall be liable in any way for any contractfailure in any of the Securities.

OBJECTIVE AND SECURITIES SELECTION

The Portfolio seeks above-average capitalappreciation. The Portfolio seeks to achieve its objectiveby investing in a portfolio that consists ofexchange-traded funds (“ETFs”) and closed-endinvestment companies (known as “closed-end funds”,and collectively with the ETFs, the “funds”). The fundsinvest in domestic and foreign stocks, fixed incomesecurities, and real estate investment trusts. We describethe selection process for the Portfolio on page 2. There isno assurance that the Portfolio will achieve its objective.

The Sponsor does not manage the Portfolio. Youshould note that the Sponsor applied the selectioncriteria to the Securities for inclusion in the Portfolio priorto the Initial Date of Deposit. After the initial selection, theSecurities may no longer meet the selection criteria.Should a Security no longer meet the selection criteria,we will generally not remove the Security from thePortfolio. In offering the Units to the public, neither theSponsor nor any broker-dealers are recommending anyof the individual Securities but rather the entire pool ofSecurities in the Portfolio, taken as a whole, which arerepresented by the Units.

FUNDS

ETFs are investment pools that hold other securities.The ETFs in your Portfolio are passively-managed indexfunds that seek to replicate the performance orcomposition of a recognized securities index. The ETFsheld by your Portfolio are either open-end managementinvestment companies or unit investment trustsregistered under the Investment Company Act of 1940,as amended (“1940 Act”), or the Securities Act of 1933,as amended. Unlike typical open-end funds or unitinvestment trusts, ETFs generally do not sell or redeemtheir individual shares at net asset value. Although ETFssell and redeem shares in large blocks (often known as“Creation Units”), the Sponsor does not intend to sell or

redeem ETF shares in this manner. Securit iesexchanges list ETF shares for trading, which allowsinvestors to purchase and sell individual ETF sharesamong themselves at market prices throughout the day.Your Portfolio will purchase and sell ETF shares onthese securities exchanges. ETFs therefore possesscharacteristics of corporate common stocks, whichgenerally issue shares that trade at negotiated prices onsecurities exchanges and are not redeemable.

ETFs can provide exposure to broad-based indices,growth and value styles, market cap segments, sectorsand industries, and specific countries or regions of theworld. The securities comprising ETFs may includecommon equity securities, fixed income securities orother financial instruments. In general, ETFs maycontain anywhere from fewer than 20 securities up tomore than 1,000 securities. As a result, investors inETFs (and investors in your Portfolio) obtain exposureto a much greater number of securit ies than anindividual investor would typically be able to obtain ontheir own. The performance of ETFs is generally highlycorrelated with the indices or sectors which they aredesigned to track.

Closed-end funds are a type of investment companythat hold an actively managed portfolio of securities.Closed-end funds issue shares in “closed-end” offeringswhich generally trade on a stock exchange (althoughsome closed-end fund shares are not listed on asecurities exchange). The funds in the Portfolio all arecurrently l isted on a securit ies exchange. Sinceclosed-end funds maintain a relatively fixed pool ofinvestment capital, portfolio managers may be betterable to adhere to their investment philosophies throughgreater flexibility and control. In addition, closed-endfunds don’t have to manage fund liquidity to meetpotentially large redemptions.

Closed-end funds are subject to various risks,including management’s ability to meet the closed-endfund’s investment objective, and to manage theclosed-end fund portfolio when the underlying securitiesare redeemed or sold, during periods of market turmoiland as investors’ perceptions regarding closed-endfunds or their underlying investments change.

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Shares of closed-end funds frequently trade at adiscount from their net asset value in the secondarymarket. This risk is separate and distinct from the riskthat the net asset value of closed-end fund sharesmay decrease. The amount of such discount from netasset value is subject to change from time to time inresponse to various factors.

The closed-end funds included in the Portfolio mayemploy the use of leverage in their portfolios through theissuance of preferred stock or other methods. Whileleverage often serves to increase the yield of aclosed-end fund, this leverage also subjects theclosed-end fund to increased risks. These risks mayinclude the likelihood of increased volatility and thepossibility that the closed-end fund’s common shareincome will fall if the dividend rate on the preferred sharesor the interest rate on any borrowings rises. The potentialinability for a closed-end fund to employ the use ofleverage effectively, due to disruptions in the market forthe various instruments issued by closed-end funds orother factors, may result in an increase in borrowingcosts and a decreased yield for a closed-end fund.

Due to the level of their investments in MLPs, certainof the funds in your Portfolio are classified for federalincome tax purposes as taxable regular corporations orso-cal led Subchapter “C” corporations (“C”corporations). Generally, “C” corporations in yourPortfolio accrue a deferred tax liability for future taxliabilities associated with its investments in MLPs. A “C”corporation’s accrued deferred tax liability, if any, maybe reflected in its net asset value per share. Any suchdeferred tax liability may vary greatly from year to yeardepending on the nature of the “C” corporation’sinvestment holdings, the performance of thoseinvestments and general market conditions. Actualdeferred income tax expense, if any, is incurred overmany years, depending on if and when investmentgains and losses are realized, the then-current basis ofthe “C” corporation’s assets and other factors.

Certain of the funds in the Portfolio may be classifiedas “non-diversified” under the Investment Company Actof 1940. These funds have the ability to invest a greaterportion of their assets in securities of a single issuerwhich could reduce diversification.

RISK FACTORS

All investments involve risk. This section describesthe main r isks that can impact the value of thesecurities in your Portfolio and the securities in theportfolios of the underlying funds in the Portfolio. Youshould understand these risks before you invest. If thevalue of the securities falls, the value of your Units willalso fall. We cannot guarantee that your Portfolio willachieve its objective or that your investment return willbe positive over any period.

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 Portfolio”. As described in that section, itmay not be possible to retain or continue to purchaseone or more Securities in your Portfolio. In addition,due to 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 described inthis section.

Market Risk. Market risk is the risk that the value ofsecurities in your Portfolio or in the underlying funds inthe Portfolio will fluctuate. This could cause the value ofyour Units to fall below your original purchase price.Market value fluctuates in response to various factors.These can include changes in interest rates, inflation,the financial condition of a security’s issuer, perceptionsof the issuer, or ratings on a security. Even though yourPortfolio is supervised, you should remember that wedo not manage your Portfolio. Your Portfolio will not sella security solely because the market value falls as ispossible in a managed fund.

Dividend Payment Risk. Dividend payment risk isthe risk that an issuer of a security, a fund or anunderlying security in a fund is unwilling or unable to paydividends on a security. Stocks represent ownership

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interests in the issuers and are not obligations of theissuers. Common stockholders have a right to receivedividends only after the company has provided forpayment of its creditors, bondholders and preferredstockholders. Common stocks do not assure dividendpayments. Dividends are paid only when declared by anissuer’s board of directors and the amount of anydividend may vary over time. If dividends received by thePortfolio are insufficient to cover expenses, redemptionsor other Portfolio costs, it may be necessary for thePortfolio to sell Securities to cover such expenses,redemptions or other costs. Any such sales may result incapital gains or losses to you. See “Taxation”.

Interest Rate Risk. Interest rate risk is the risk thatthe value of securities held by certain funds in yourPortfolio will fall if interest rates increase. The securitiesheld by certain funds in your Portfolio typically fall invalue when interest rates rise and rise in value wheninterest rates fall. The securities held by certain funds inyour Portfolio with longer periods before maturity areoften more sensitive to interest rate changes. Given thehistorically low interest rate environment in the U.S.,risks associated with rising rates are heightened. Thenegative impact on fixed income securities from anyinterest rate increases could be swift and significantand, as a result, a rise in interest rates may adverselyaffect the value of your Units. Prices of bonds, eveninflation-protected bonds, held by certain funds in yourPortfolio may fall because of a rise in interest rates.

Credit Risk. Credit risk is the risk that a borroweris unable to meet its obligation to pay principal orinterest on a security held by certain funds in yourPortfolio. This may reduce the level of dividends suchfunds pay which would reduce your income and couldcause the value of your Units to fall.

Funds. Your Portfolio invests in shares of ETFs andclosed-end funds. You should understand the precedingsection titled “Funds” before you invest. Shares of ETFsmay, and closed-end funds frequently, trade at a discountfrom their net asset value in the secondary market. Thisrisk is separate and distinct from the risk that the net assetvalue of fund shares may decrease. The amount of suchdiscount from net asset value is subject to change fromtime to time in response to various factors. All funds are

subject to various risks, including management’s ability tomeet the fund’s investment objective, and to manage thefund portfolio when the underlying securities areredeemed or sold, during periods of market turmoil andas investors’ perceptions regarding funds or theirunderlying investments change. The Portfolio and theunderlying funds have operating expenses. You will bearnot only your share of the Portfolio’s expenses, but alsothe expenses of the underlying funds. By investing in otherfunds, the Portfolio incurs greater expenses than youwould incur if you invested directly in the funds.

Index Correlation Risk. Index correlation risk isthe risk that the performance of a fund in your Portfoliowill vary from the actual performance of a security’starget index, known as “tracking error.” This canhappen due to transaction costs, market impact,corporate actions (such as mergers and spin-offs) andtiming variances. In particular, some ETFs use atechnique called “representative sampling,” whichmeans that the fund invests in a representative sampleof securities in its target index rather than all of theindex securities. This could increase the risk of atracking error.

Corporate Bond Risk. Certain of the ETFs held byyour Portfolio may invest in corporate bonds. Corporatebonds, which are debt instruments issued bycorporations to raise capital, have priority over preferredsecurities and common stock in an issuer’s capitalstructure, but may be subordinated to an issuer’s otherdebt instruments. The market value of a corporate bondmay be affected by factors directly related to the issuer,such as investors’ perceptions of the creditworthinessof the issuer, the issuer’s financial performance,perceptions of the issuer in the market place,performance of the issuer’s management, the issuer’scapital structure, the use of financial leverage anddemand for the issuer’s goods and services, and byfactors not directly related to the issuer such as generalmarket liquidity. The market value of corporate bondsgenerally may be expected to rise and fall inversely withinterest rates, and as a result, corporate bonds maylose value in a rising-rate environment. To the extent anyof the ETFs held your Portfolios are invested in belowinvestment grade corporate bonds, such bonds are

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often high risk and have speculative characteristics andmay be particularly susceptible to adverse issuer-specific developments (see “High-Yield Security Risk”immediately below).

High-Yield Security Risk. Certain of the fundsheld by your Portfolio may invest in high-yield securitiesor unrated securities. High-yield, high risk securities aresubject to greater market fluctuations and risk of lossthan securities with higher investment ratings. The valueof these securit ies wil l decline signif icantly withincreases in interest rates, not only because increasesin rates generally decrease values, but also becauseincreased rates may indicate an economic slowdown.An economic slowdown, or a reduction in an issuer’screditworthiness, may result in the issuer being unableto maintain earnings at a level sufficient to maintaininterest and principal payments.

High-yield or “junk” securities, the generic names forsecurities rated below “BBB-” by Standard & Poor’s or“Baa3” by Moody’s, are frequently issued bycorporations in the growth stage of their developmentor by established companies who are highly leveragedor whose operations or industries are depressed.Securities rated below BBB- or Baa3 are consideredspeculative as these ratings indicate a quality of lessthan investment grade. Because high-yield securitiesare general ly subordinated obl igations and areperceived by investors to be riskier than higher ratedsecurities, their prices tend to fluctuate more thanhigher rated securities and are affected by short-termcredit developments to a greater degree.

The market for high-yield securities is smaller andless liquid than that for investment grade securities.High-yield securities are generally not listed on anational securit ies exchange but trade in theover-the-counter markets. Due to the smaller, less liquidmarket for high-yield securities, the bid-offer spread onsuch securities is generally greater than it is forinvestment grade securities and the purchase or sale ofsuch securities may take longer to complete.

Foreign Issuer Risk. Certain of the underlyingsecurities held by certain of the funds in the Portfoliomay be issued by foreign issuers. This subjects the

Portfolio to more risks than if it invested in securitieslinked solely to domestic securities.

These risks include the risk of losses due to futurepolitical and economic developments, internationaltrade condit ions, foreign withholding taxes andrestrictions on foreign investments or exchange ofsecurities, foreign currency fluctuations or restriction onexchange 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 maybe subject to the risks of internal and external conflicts,currency devaluations, foreign ownership limitations andtax increases. It is possible that a government may takeover the assets or operations of a company or imposerestrictions on the exchange or export of currency or otherassets. Diplomatic and political developments, includingrapid and adverse political changes, social instability,regional conflicts, terrorism and war, could affect theeconomies, industries, and securities and currencymarkets, and the value of an investment, in non-U.S.countries. No one can predict the impact that thesefactors could have on the value of foreign securities.

The purchase and sale of the foreign securities mayoccur in foreign securities markets. Certain of the factorsstated above may make it impossible to buy or sell themin a timely manner or may adversely affect the valuereceived on a sale of securities. In addition, round lottrading requirements exist in certain foreign securitiesmarkets. Brokerage commissions and other feesgenerally are higher for foreign securities. Governmentsupervision and regulation of foreign securities markets,currency markets, trading systems and brokers may beless than in the U.S. The procedures and rulesgoverning foreign transactions and custody also mayinvolve delays in payment, delivery or recovery of moneyor 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.

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Certain foreign securities may be less liquid (harder tosell) and more volatile than many U.S. securities.

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 and foreigncurrency exchange markets can be quite volatiledepending on the activity of the large internationalcommercial banks, various central banks, large multi-national corporations, speculators and other buyers andsellers of foreign currencies.

Emerging Market Risk. The Portfolio is exposedto securities issued by entities located in emergingmarkets and frontier emerging markets through itsinvestment in the underlying funds. Emerging marketsare generally defined as countries in the initial states oftheir industrialization cycles with low per capita income.Frontier emerging markets are the smallest, lessdeveloped, less liquid countries that make up theemerging markets. The markets of emerging marketsand frontier emerging markets countries are generallymore volatile than the markets of developed countrieswith more mature economies. All of the risks ofinvesting in foreign securities described above areheightened by investing in emerging markets andfrontier emerging markets countries.

Inflation-Protected Securities Risk. Certain ofthe funds in your Portfolio invest in TreasuryInflation-Protected Securities (“TIPS”) issued by the U.S.Department of Treasury or similar securities issued byforeign governments including World Inflation-ProtectedSecurities (“WIPS”). TIPS are inflation-indexed fixed-income securities that utilize an inflation mechanism tiedto the Consumer Price Index for All Urban Consumers(“CPI”). TIPS are backed by the full faith and credit of theUnited States. TIPS are offered with coupon interest rateslower than those of nominal rate Treasury securities. Thecoupon interest rate remains fixed throughout the term ofthe securities. However, each day the principal value ofthe TIPS is adjusted based upon a pro-rata portion of theCPI as reported three months earlier. Future interest

payments are made based upon the coupon interest rateand the adjusted principal value. Inflation-protectedsecurities issued by foreign governments offer similarfeatures as TIPS. In a falling inflationary environment,both interest payments and the value of the TIPS andother inflation-protected securities will decline. If interestrates rise for reasons other than inflation, the value ofinflation-protected securities may be negatively impacted.In certain interest rate environments, inflation-protectedsecurities may experience greater losses than other fixedincome securities with similar durations.

Master Limited Partnership Risk. Certain of thefunds in your Portfolio invest in master l imitedpartnerships (“MLPs”). MLPs are generally organized aslimited partnerships or limited liability companies that aretaxed as partnerships and whose equity shares (limitedpartnership units or limited liability company units) aretraded on securities exchanges like shares of commonstock. An MLP generally consists of a general partnerand limited partners. The general partner manages thepartnership, has an ownership stake in the partnership(generally around 2%) and may hold incentive distributionrights, which entitle the general partner to a higherpercentage of cash distributions as cash flows grow overtime. The limited partners own the majority of the sharesin an MLP, but generally do not have a role in theoperation and management of the partnership and donot have voting rights. MLPs generally distribute nearly allof their income to investors (generally around 90%) in theform of quarterly distributions. MLPs are not required topay out a certain percentage of income but are able todo so because they do not pay corporate taxes.

Currently, most MLPs operate in the energy sector,with a particular emphasis on the midstream sector ofthe energy value chain, which includes the infrastructurenecessary to transport, refine and store oil and gas.Investments in MLP interests are subject to the risksgenerally applicable to companies in the energy sector,including commodity pricing risk, supply and demandrisk, depletion risk and exploration risk. In addition, thepotential for regulatory or legislative changes that couldimpact the highly regulated sectors in which MLPsinvest remains a significant risk to the segment. SinceMLPs typically distribute most of their free cash flow,

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they are often heavily dependent upon access to capitalmarkets to facil itate continued growth. A severeeconomic downturn could reduce the ability of MLPs toaccess capital markets and could also reduceprofitability by reducing energy demand. Certain MLPsmay be subject to additional liquidity risk due to limitedtrading volumes.

There are certain tax risks associated with MLPs towhich your Portfolio may be exposed, including the riskthat regulatory or legislative changes could eliminate thetax benefits enjoyed by MLPs. These tax risks, and anyadverse determination with respect thereto, could have anegative impact on the after-tax income available fordistribution by the MLPs and/or the value of yourPortfolio’s investments.

Real Estate Companies. Your Portfolio may beexposed to real estate investment trusts (“REITs”) andother real estate companies (collectively “real estatecompanies”) through its investment in certain funds. Youshould understand the risks of real estate companiesbefore you invest. Many factors can have an adverseimpact on the performance of a particular real estatecompany, including its cash available for distribution, thecredit quality of a particular company or the real estateindustry generally. The success of real estate companiesdepends on various factors, including the quality ofproperty management, occupancy and rent levels,appreciation of the underlying property and the ability toraise rents on those properties. Economic recession,over-building, tax law changes, environmental issues,higher interest rates or excessive speculation can allnegatively impact these companies, their future earningsand share prices.

Risks associated with the direct ownership of realestate include, among other factors,

• general U.S. and global as well as local economicconditions,

• decline in real estate values,

• possible lack of availability of mortgage funds,

• the financial health of tenants,

• over-building and increased competition fortenants,

• over-supply of properties for sale,

• changing demographics,

• changes in interest rates, tax rates and otheroperating expenses,

• changes in government regulations,

• faulty construction and the ongoing need forcapital improvements,

• regulatory and judicial requirements, includingrelating to liability for environmental hazards,

• the ongoing financial strength and viability ofgovernment sponsored enterprises, such asFannie Mae and Freddie Mac,

• changes in neighborhood values and buyerdemand, and

• the unavailability of construction financing ormortgage loans at rates acceptable todevelopers.

Variations in rental income and space availability andvacancy rates in terms of supply and demand areadditional factors affecting real estate generally and realestate companies in particular. Properties owned by acompany may not be adequately insured against certainlosses and may be subject to significant environmentalliabilities, including remediation costs.

You should also be aware that real estate companiesmay not be diversified and are subject to the risks offinancing projects. The real estate industry may becyclical, and, if your Portfolio acquires securities at or nearthe top of the cycle, there is increased risk of a decline invalue of the securities during the life of your Portfolio. Realestate companies are also subject to defaults byborrowers and the market’s perception of the real estateindustry generally.

Because of the structure of certain real estatecompanies, and legal requirements in many countries thatthese companies distribute a certain minimum amount oftheir taxable income to shareholders annually, real estatecompanies often require frequent amounts of newfunding, through both borrowing money and issuingstock. Thus, many real estate companies historically havefrequently issued substantial amounts of new equity

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shares (or equivalents) to purchase or build newproperties. This may have adversely affected securitymarket prices. Both existing and new share issuancesmay have an adverse effect on these prices in the future,especially when companies continue to issue stock whenreal estate prices are relatively high and stock prices arerelatively low.

Commodity Risk. Your Portfolio may be exposed tocommodities through its investment in certain of theunderlying funds. A commodity is a basic good used incommerce that is interchangeable with other commoditiesof the same type and which is supplied without qualitativedifferentiation across a given market. Commodities aremost often used as inputs in the production of othergoods or services. The quality of a given commodity maydiffer slightly, but it is essentially uniform across producers.Well-established physical commodities have activelytraded spot and derivative markets. Generally, these arebasic resources and agricultural products such as ironore, crude oil, coal, ethanol, sugar, soybeans, aluminum,rice, wheat, gold and silver. Commodities prices are highlyvolatile and are affected by numerous factors in additionto economic activity. These include political events,weather, labor activity, direct government intervention,such as embargoes, and supply disruptions in majorproducing or consuming regions. Those events tend toaffect prices worldwide, regardless of the location of theevent. Market expectations about these events andspeculative activity also cause prices to fluctuate. Thesefactors may adversely affect the performance of thereference assets or their components and, as a result, themarket value of the funds in your Portfolio and the amountthe underlying securities in your Portfolio will receive atmaturity. Certain commodity exchanges have regulationsthat limit the amount of fluctuation in futures contractprices which may occur during a single business day.These limits are generally referred to as “daily pricefluctuation limits”, and the maximum or minimum price ofa futures contract on any given day as a result of theselimits is referred to as a “limit price.” Once the limit pricehas been reached in a particular futures contract, notrades may be made at a different price. Limit prices mayhave the effect of precluding trading in a particularcontract or forcing the liquidation of futures contracts at

disadvantageous times or prices. These circumstancescould adversely affect the prices of the commoditiescomprising the reference asset and, therefore, couldadversely affect the value of the underlying securities inyour Portfolio. Suspensions or disruptions of markettrading in the commodity markets and related futuresmarkets may adversely affect the amount of principal,interest or any other amounts payable on the underlyingsecurities and/or the market value of the underlyingsecurities. The commodity markets are subject totemporary distortions or other disruptions due to variousfactors, including a lack of liquidity in the markets, theparticipation of speculators and potential governmentregulation and intervention. In addition, some futuresexchanges have regulations that limit the amount offluctuation in futures contract prices that may occurduring a single business day. These factors may adverselyaffect the performance of the reference assets or theircomponents and, as a result, the market value of theunderlying securities and the principal, interest and otheramounts payable on the underlying securities.

Natural Resources Issuer Risk. Through itsinvestment in the underlying funds, the Portfolio isexposed to securities issued by companies involvedin the natural resources sector, which includescompanies involved in the basic materials, waterutility/infrastructure and industrials sectors.

Companies in the basic materials sector could beadversely affected by commodity price volati l ity,exchange rates, import controls and increasedcompetition. Such companies may also be adverselyaffected by depletion of resources, technical progress,labor relat ions, and governmental regulat ions.Production of industrial materials often exceedsdemand as a result of over-building or economicdownturns, leading to poor investment returns.Companies in the basic materials sector are at risk forenvironmental damage and product liability claims.

General problems of water utility and infrastructureissuers, including industrials companies issuers, includethe imposition of rate caps, increased competition dueto deregulation, the difficulty in obtaining an adequatereturn on invested capital or in f inancing largeconstruction programs, the limitations on operations

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and increased costs and delays attr ibutable toenvironmental considerations, and the capital market’sabil i ty to absorb uti l i ty debt. In addit ion, taxes,government regulation, international politics, price andsupply fluctuations, volatile interest rates and waterconservation may cause difficulties for water utilities. Allof such issuers have been experiencing certain of theseproblems in varying degrees.

Industrials companies may be adversely affected bysuch factors including the general state of the economy,intense competition, consolidation, domestic andinternational politics, excess capacity and consumerspending trends. Capital goods companies may also besignificantly affected by overall capital spending andleverage levels, economic cycles, technicalobsolescence, delays in modernization, limitations onsupply of key materials, labor relations, governmentregulations, government contracts and e-commerceinitiatives. Industrials companies may also be affected byfactors more specific to their individual industries.Industrial machinery manufacturers may be subject todeclines in commercial and consumer demand and theneed for modernization. Certain industrials companiesmay be influenced by decreased demand for newequipment, order cancellations, disputes over or ability toobtain or retain government contracts, labor disputes,changes in government budget priorities, changes inequipment-leasing contracts and cutbacks in general.

Energy Issuers. The Portfolio is exposed tocompanies in the energy sector through its investmentsin funds which invest in MLPs. Energy companies canbe significantly impacted by fluctuations in the prices ofenergy fuels, such as crude oil, natural gas, and otherfossil fuels. Extended periods of low energy fuel pricescan have a material adverse impact on an energycompany’s financial condition and results of operations.The prices of energy fuels can be materially impacted bygeneral economic conditions, demand for energy fuels,industry inventory levels, production quotas or otheractions that might be imposed by the Organization ofPetroleum Exporting Countries (OPEC), weather-relateddisruptions and damage, competing fuel prices, andgeopolitical risks. Recently, the price of crude oil, naturalgas and other fossil fuels has declined substantially and

experienced significant volatility, which has adverselyimpacted energy companies and their stock prices anddividends. The price of energy fuels may decline furtherand have further adverse effects on energy companies.

Some energy companies depend on their ability to findand acquire additional energy reserves. The explorationand recovery process involves significant operatinghazards and can be very costly. An energy company hasno assurance that it will find reserves or that any reservesfound will be economically recoverable.

The energy industry also faces substantial governmentregulation, including environmental regulation regarding airemissions and disposal of hazardous materials. Theseregulations may increase costs and limit production andusage of certain fuels. Additionally, governments havebeen increasing their attention to issues related togreenhouse gas (“GHG”) emissions and climate change,and regulatory measures to limit or reduce GHGemissions are currently in various stages of discussion orimplementation. GHG emissions-related regulations couldsubstantially harm energy companies, including byreducing the demand for energy fuels and increasingcompliance costs. Energy companies also face risksrelated to political conditions in oil producing regions (suchas the Middle East). Political instability or war in theseregions could negatively impact energy companies.

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 releases ofenergy fuels or other hazardous materials, explosions,and mechanical fai lures, which can result inenvironmental damage, loss of life, loss of revenues,legal liability and/or disruption of operations.

Senior Loans. The Portfolio may invest significantlyin funds that invest in secured senior loans (or “seniorloans”). Senior loans are debt instruments issued byvarious financial institutions and other issuers to

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corporations, partnerships, limited liability companiesand other entities to finance leveraged buyouts,recapital izations, mergers, acquisit ions, stockrepurchases, debt refinancings and, to a lesser extent,for general operating and other purposes. Senior loansare backed by a company’s assets and generally holdthe most senior posit ion in a company’s capitalstructure, ahead of other types of debt securities, as wellas preferred and common stock. Senior secured loansare typically backed by assets such as inventory,receivables, real estate property, buildings, intellectualproperty such as patents or trademarks, and even thestock of other companies or subsidiaries. In the event ofnon-payment, there is no assurance that such collateralcould be readily liquidated, or that liquidation wouldsatisfy the borrower’s obligation. In addition, whilesecured creditors generally receive greater protection ininsolvency situations, there is no assurance thatcollateral could be readily liquidated, or that liquidation ofcollateral will be sufficient to repay interest and/orprincipal in such situations. In the event of non-paymentconcerning a loan held by a fund in your Portfolio, thevalue of your Units may be adversely affected.

Additionally, the underlying loan interest rates “float”above indices, which can move up or down with marketrate movements, such as the prime rate offered by oneor more major banks, the London Inter-Bank OfferedRate (“LIBOR”), or the certificate of deposit rate or otherbase lending rates used by commercial lenders. As aresult, the yield on closed-end funds investing in seniorloans will generally decline in a falling interest rateenvironment and increase in a rising interest rateenvironment. Additionally, since senior loans generallyhave floating interest rates, they are typically not assensit ive as f ixed-income investments to pricefluctuations due to changes in interest rates. Seniorloans have historically paid a higher rate of interest thanmost short-term investments. Of course, there is noguarantee that this will occur in the future.

Senior loans are generally below investment gradequality and may be unrated at the time of investment; aregenerally not registered with the Securities and ExchangeCommission (“SEC”) or state securities commissions;and are generally not listed on any securities exchange.

In addition, the amount of public information available onsenior loans is generally less extensive than that typicallyavailable for other types of securities.

Smaller Capitalization Companies. Certain ofthe securities held by certain funds in your Portfoliomay be issued by smal l capita l izat ion and midcapitalization (collectively “smaller cap”) companies.Investing in stocks of smaller cap companies mayinvolve greater risk than investing in stocks of largercapitalization companies, since they can be subject tomore abrupt or erratic price movements. Many smallercap companies will have had their securities publiclytraded, if at all, for only a short period of time and willnot have had the opportunity to establish a reliabletrading pattern through economic cycles. The pricevolatility of smaller cap companies is relatively higherthan larger, older and more mature companies. Thisgreater price volatility of smaller cap companies mayresult from the fact that there may be less marketliquidity, less information publicly available or fewerinvestors who monitor the act iv i t ies of thesecompanies. In addition, the market prices of thesesecurities may exhibit more sensitivity to changes inindustry or general economic condit ions. Somesmaller cap companies will not have been in existencelong enough to experience economic cycles or todemonstrate whether they are suff ic ient ly wel lmanaged to survive downturns or inflationary periods.Further, a variety of factors may affect the success of acompany's business beyond the abi l i ty of i tsmanagement to prepare or compensate for them,including domest ic and internat ional pol i t icaldevelopments, government trade and fiscal policies,patterns of trade and war or other military conflictwhich may affect industr ies or markets or theeconomy generally.

Tax and Legislation Risk. Tax legislation proposedby the President or Congress, tax regulations proposedby the U.S. Treasury or positions taken by the InternalRevenue Service could affect the value of your Portfolioby changing the taxation or tax characterizations of itsportfolio securities, or dividends and other income paidby or related to such securities. Congress hasconsidered such proposals in the past and may do so in

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the future. In December 2017, Congress passed, and thePresident signed, significant tax legislation, much ofwhich became effective in 2018. No one can predictwhether any other legislation will be proposed, adoptedor amended by Congress and no one can predict theimpact that any other legislation might have on yourPortfolio or its portfolio securities, or on the tax treatmentof your Portfolio or of your investment in your Portfolio.

Liquidity Risk. Liquidity risk is the risk that the valueof a security will fall if trading in the security is limited orabsent. The market for certain investments may becomeless liquid or illiquid due to adverse changes in theconditions of a particular issuer or due to adverse marketor economic conditions. In the absence of a liquid tradingmarket for a particular security, the price at which suchsecurity may be sold to meet redemptions, as well as thevalue of the Units of your Portfolio, may be adverselyaffected. No one can guarantee that a liquid tradingmarket will exist for any security.

No FDIC Guarantee. An investment in your Portfoliois not a deposit of any bank and is not insured orguaranteed 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 2.75% of the PublicOffering Price per Unit (2.828% 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 2.75% of thePublic Offering Price per Unit) and the sum of theremaining fixed dollar deferred sales charge and thefixed dollar creation and development fee (initially$0.275 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 $0.225 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 initial offeringperiod the maximum sales charge will be reduced by0.50%, reflecting the previous collection of the creationand development fee. Because the deferred salescharge and creation and development fee are fixeddollar amounts per Unit, the actual charges will exceedthe percentages shown in the “Fee Table” if the PublicOffering Price per Unit falls below $10 and will be lessthan the percentages shown in the “Fee Table” if thePublic Offering Price per Unit exceeds $10. In no eventwill the maximum total sales charge exceed 2.75% ofthe 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 $0.385(2.75% of the Public Offering Price per Unit), consisting

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of an initial sales charge of $0.110, a deferred salescharge of $0.225 and the creation and developmentfee of $0.050. Since the deferred sales charge andcreation and development fee are fixed dollar amountsper Unit, your Portfolio must charge these amounts perUnit regardless of any decrease in net asset value.However, if the Public Offering Price per Unit falls to theextent that the maximum sales charge percentageresults in a dol lar amount that is less than thecombined fixed dollar amounts of the deferred salescharge and creation and development fee, your initialsales charge will be a credit equal to the amount bywhich these fixed dollar charges exceed your salescharge at the time you buy Units. In such a situation,the value of securities per Unit would exceed the PublicOffering Price per Unit by the amount of the initial salescharge credit and the value of those securities willfluctuate, which could result in a benefit or detriment toUnitholders that purchase Units at that price. The initialsales charge credit is paid by the Sponsor and is notpaid by your Portfolio. If the Public Offering Price perUnit fell to $6, the maximum sales charge would be$0.165 (2.75% of the Public Offering Price per Unit),which consists of an initial sales charge (credit) of -$0.110, a deferred sales charge of $0.225 and acreation 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.Since the deferred sales charges and creation anddevelopment fee are fixed dollar amounts per Unit,

your Portfolio must charge these amounts per Unitregardless 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 betweenyour total sales charge and these fixed dollar chargesat the time 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 ofthe Portfolio 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 the 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( inc luding the i r spouses (or the equiva lent i frecognized under local law) and children or step-children under 21 l iving in the same household,parents or step-parents and trustees, custodians orfiduciaries for the benefit of such persons) of InvescoCapital Markets, Inc. and its affiliates, and dealers andtheir aff i l iates may purchase Units at the PublicOffering Price less the applicable dealer concession.All employee discounts are subject to the policies ofthe related selling firm. Only employees, officers anddirectors of companies that allow their employees to

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participate in this employee discount program areeligible for the discounts.

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 adollar value sufficient to cover the amount of anyremaining deferred sales charge and creation anddevelopment fee that will be collected on such Units atthe time of reinvestment. The dollar value of these Unitswill fluctuate over time.

Unit Price. The Public Offering Price of Units willvary from the amounts stated under “EssentialInformation” in accordance with fluctuations in theprices of the underlying Securities in the Portfolio. Theinitial price of the Securities upon deposit by theSponsor was determined by the Trustee. The Trusteewill generally determine the value of the Securities asof the Evaluation Time on each business day and willadjust the Public Offering Price of Units accordingly.The Evaluation Time is the close of the New YorkStock Exchange on each business day. The term“business day”, as used herein and under “Rights ofUnitholders--Redemption of Units”, means any day onwhich the New York Stock Exchange is open forregular trading. The Public Offering Price per Unit willbe effect ive for al l orders received pr ior to theEvaluat ion T ime on each business day. Ordersreceived by the Sponsor prior to the Evaluation Timeand orders received by author ized f inancia lprofessionals prior to the Evaluation Time that areproperly transmitted to the Sponsor by the timedesignated by the Sponsor, are priced based on thedate of receipt. Orders received by the Sponsor afterthe Evaluat ion T ime, and orders received byauthorized financial professionals after the EvaluationTime or orders received by such persons that are nottransmitted to the Sponsor unt i l after the t imedesignated by the Sponsor, are priced based on thedate of the next determined Public Offering Price per

Unit provided they are received timely by the Sponsoron such date. It is the responsibility of authorizedfinancial professionals to transmit orders received bythem to the Sponsor so they will be received in atimely 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, thePortfolio’s net asset value will reflect certain portfoliosecurities’ fair value rather than their market price. Withrespect to securities that are primarily listed on foreignexchanges, the value of the portfolio securities maychange on days when you will not be able to purchaseor sell Units. The value of any foreign securities is basedon the applicable currency exchange rate as of theEvaluation Time. The Sponsor wil l provide pricedissemination and oversight services to the Portfolio.

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 documents relatingto your Portfolio (such as the registration statement,prospectus, trust agreement and legal documents),federal and state registration fees, the initial fees andexpenses of the Trustee and the initial audit. YourPortfolio will sell securities to reimburse us for thesecosts at the end of the initial offering period or after sixmonths, if earlier. The value of your Units will declinewhen your Portfolio pays 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 Units

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during the initial offering period of 2.00% of the PublicOffering Price per Unit.

Volume Concession Based Upon Annual Sales. Asdescribed below, broker-dealers and other sellingagents may in certa in cases be e l ig ib le for anadditional concession based upon their annual eligiblesales of all Invesco fixed income and equity unitinvestment trusts. Eligible sales include all units of anyInvesco uni t investment t rust underwr i t ten orpurchased directly from Invesco during a trust’s initialoffering period. For purposes of this concession,trusts designated as either “Invesco Unit Trusts,Taxable Income Series” or “Invesco Unit Trusts,Municipal Series” are fixed income trusts, and trustsdesignated as “Invesco Unit Trusts Series” are equitytrusts. In addition to the regular concessions oragency commissions described above in “Unit SalesConcessions” all broker-dealers and other sellingf i rms wi l l be e l ig ib le to receive addi t ionalcompensation based on total initial offering periodsales of all eligible Invesco unit investment trustsduring the previous consecutive 12-month periodthrough the end of the most recent month. TheVolume Concession, as applicable to equity and fixedincome trust units, is set forth in the following table:

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

$25 but less than $100 0.035% 0.035%$100 but less than $150 0.050 0.050$150 but less than $250 0.075 0.075$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 purchased inFee 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 selling agentsinclude clearing firms that place orders with Invesco and

provide Invesco with information with respect to therepresentatives who initiated such transactions. Eligibledealer firms and other selling agents will not include firmsthat solely provide clearing services to other broker-dealerfirms or firms who place orders through clearing firms thatare eligible dealers. We reserve the right to change theamount of the concessions or agency commissions fromtime to time. For a trust to be eligible for this additionalcompensation, 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 this Portfolio 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 ofthe Portfolio 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.

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Sponsor Compensation. The Sponsor will receivethe total sales charge applicable to each transaction.Except as provided under “Unit Distribution” above, anysales charge discount provided to investors will be borneby the selling dealer or agent. In addition, the Sponsorwill realize a profit or loss as a result of the differencebetween the price paid for the Securities by the Sponsorand the cost of the Securities to the Portfolio on the InitialDate of Deposit as well as on subsequent deposits. See“Notes to Portfolio”. Invesco Capital Management LLC,an affiliate of the Sponsor, acts as an investment adviserto certain of the underlying funds in the Portfolio and willreceive compensation in this capacity. The Sponsor hasnot participated as sole underwriter or as manager or asa member of the underwriting syndicates or as an agentin a private placement for any of the Securities. TheSponsor may realize profit or loss as a result offluctuations in the market value of Units held by theSponsor for sale to the public. In maintaining a secondarymarket, the Sponsor will realize profits or losses in theamount of any difference between the price at whichUnits are purchased and the price at which Units areresold (which price includes the applicable sales charge)or from a redemption of repurchased Units at a priceabove or below the purchase price. Cash, if any, madeavailable to the Sponsor prior to the date of settlementfor the purchase of Units may be used in the Sponsor’sbusiness and may be deemed to be a benefit to theSponsor, subject to the limitations of the SecuritiesExchange Act of 1934, as amended (“1934 Act”).

Affiliated companies of the Sponsor may receivelicense fees from certain funds in the Portfolio for use ofcertain trademarks, service marks or other propertyrelated to indices maintained by these companies. Thefunds are not sponsored, endorsed, sold or promotedby these aff i l iates. These aff i l iates make norepresentation or warranty, express or implied, to theowners of these funds or any member of the publicregarding the advisability of investing in funds or inthese funds particularly or the ability of the indices totrack general stock market performance. The indicesare determined, composed and calculated withoutregard to the issuer of these funds or their owners,including the Portfolio.

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 todo so, the Sponsor may maintain a market for Unitsand to purchase Units at the secondary marketrepurchase price (which is described under “Right ofUnitholders--Redemption of Units”). The Sponsor maydiscont inue purchases of Units or discont inuepurchases at this price at any time. In the event that asecondary market is not maintained, a Unitholder willbe able to dispose of Units by tendering them to theTrustee for redemption at the Redemption Price. See“Rights of Uni tholders--Redempt ion of Uni ts”.Unitholders should contact their broker to determinethe best price for Units in the secondary market. Unitssold prior to the time the entire deferred sales chargehas been collected will be assessed the amount ofany remaining deferred sales charge at the time ofsale. The Trustee will notify the Sponsor of any Unitstendered for redemption. If the Sponsor’s bid in thesecondary market equals or exceeds the RedemptionPrice per Unit, it may purchase the Units not laterthan the day on which Units would have beenredeemed by the Trustee. The Sponsor may sellrepurchased Units at the secondary market PublicOffering Price per Unit.

RETIREMENT ACCOUNTS

Units are available for purchase in connection withcertain types of tax-sheltered retirement plans, includingIndividual Retirement Accounts for individuals,Simplified Employee Pension Plans for employees,qualified plans for self-employed individuals, andqualified corporate pension and profit sharing plans foremployees. The minimum purchase for these accountsis reduced to 25 Units but may vary by selling firm. Thepurchase of Units may be l imited by the plans’provisions and does not itself establish such plans.

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FEE ACCOUNTS

As described above, Units may be available forpurchase by investors in Fee Accounts where thePortfolio is Fee Based Eligible. You should consultyour financial professional to determine whether youcan benefit from these accounts. This table illustratesthe sales charge you will pay if the Portfolio is FeeBased Eligible as a percentage of the initial PublicOffering Price per Unit on the Initial Date of Deposit(the percentage will vary thereafter).

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 onthis and other sales charge discounts. That sectiongoverns the calculation of all sales charge discounts.The Sponsor reserves the r ight 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 the Portfolio. Topurchase Units in these Fee Accounts, your financialprofessional must purchase Units designated with oneof the Fee Based CUSIP numbers set forth under“Essential Information,” 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. Dividends and interest, net ofexpenses, and any net proceeds from the sale ofSecurities received by the Portfolio will generally bedistributed to Unitholders on each Distribution Date toUnitholders of record on the preceding Record Date.These dates appear under “Essential Information”.Distributions made by the funds in your Portfolio includeordinary income, but may also include sources other thanordinary income such as returns of capital, loan

proceeds, short-term capital gains and long-term capitalgains (see “Taxation--Distributions”). In addition, thePortfolio will generally make required distributions at theend of each year because it is structured as a “regulatedinvestment company” for federal tax purposes.Unitholders will also receive a final distribution of incomewhen their Portfolio terminates. A person becomes aUnitholder of record on the date of settlement (generallytwo business days after Units are ordered, or any shorterperiod as may be required by the applicable rules underthe 1934 Act). Unitholders may elect to receivedistributions in cash or to have distributions reinvestedinto additional Units. See “Rights of Unitholders--Reinvestment Option.”

Dividends and interest received by the 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 inthe Capital 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 asof the related Record Date.

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 reinvestment ofdistributions are set forth under “Essential Information”.Brokers and dealers can use the Dividend ReinvestmentService through Depository Trust Company (“DTC”) orpurchase a Reinvest (or Fee Based Reinvest in the caseof Fee Based Eligible Units held in Fee Accounts) CUSIP,if available. To participate in this reinvestment option, aUnitholder must file with the Trustee a written notice ofelection, together with any other documentation that theTrustee may then require, at least five days prior to the

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related Record Date. A Unitholder’s election will apply toall Units owned by the Unitholder and will remain in effectuntil changed by the Unitholder. The reinvestment optionis not offered during the 30 calendar days prior totermination. If Units are unavailable for reinvestment orthis reinvestment option is no longer available,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 incash by notifying the Trustee in writing no later than fivedays before a Distribution Date. The Sponsor shall havethe right to suspend or terminate the reinvestment planat any time. The reinvestment plan is subject toavailability or limitation by each broker-dealer or sellingfirm. Broker-dealers may suspend or terminate theoffering of a reinvestment plan at any time. Pleasecontact your financial professional for additionalinformation.

Redemption of Units. All or a portion of your Unitsmay be tendered to The Bank of New York Mellon, theTrustee, for redemption at Unit Investment Trust Division,111 Sanders Creek Parkway, East Syracuse, New York13057, on any day the New York Stock Exchange isopen. No redemption fee will be charged by the Sponsoror the Trustee, but you are responsible for applicablegovernmental charges, if any. Units redeemed by theTrustee will be canceled. You may redeem all or a portionof your Units by sending a request for redemption to yourbank or broker-dealer through which you hold your Units.No later than two business days (or any shorter period asmay be required by the applicable rules under the 1934Act) following satisfactory tender, the Unitholder will beentitled to receive in cash an amount for each Unit equalto the Redemption Price per Unit next computed on thedate of tender. The “date of tender” is deemed to be thedate on which Units are received by the Trustee, exceptthat with respect to Units received by the Trustee after theEvaluation Time or on a day which is not a business day,the date of tender is deemed to be the next business day.Redemption requests received by the Trustee after theEvaluation Time, and redemption requests received byauthorized financial professionals after the Evaluation Time

or redemption requests received by such persons that arenot transmitted to the Trustee until after the timedesignated by the Trustee, are priced based on the dateof the next determined redemption price provided they arereceived timely by the Trustee on such date. It is theresponsibility of authorized financial professionals totransmit redemption requests received by them to theTrustee so they will be received in a timely manner. Certainbroker-dealers or selling firms may charge an orderhandling fee for processing redemption requests. Unitsredeemed directly through the Trustee are not subject tosuch fees.

Unitholders tendering 1,000 or more Units (or suchhigher amount as may be required by your broker-dealer or selling agent) for redemption may request anin kind distr ibution of Securit ies equal to theRedemption Price per Unit on the date of tender.Unitholders may not request an in kind distributionduring the initial offering period or within 30 calendardays of the Portfolio’s termination. The Portfoliogenerally will not offer in kind distributions of portfoliosecurities that are held in foreign markets. An in kinddistribution will be made by the Trustee through thedistribution of each of the Securities in book-entry formto the account of the Unitholder’s broker-dealer at DTC.Amounts representing fractional shares wil l 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 notice.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 ibution may inf luence selection of thedistributed securities, the distribution must consist of apro rata distribution of all portfolio securities (with limitedexceptions) and the in kind distribution may not favorsuch affiliated person to the detriment of any otherUnitholder. Unitholders will incur transaction costs inliquidating securities received in an in-kind distribution,and any such securities received will be subject to

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market risk until sold. In the event that any securitiesreceived in-kind are illiquid, Unitholders will bear the riskof not being able to sell such securities in the near term,or at all.

The Trustee may sell Securities to satisfy Unitredemptions. To the extent that Securities are redeemedin kind or sold, the size of the Portfolio will be, and thediversity of the 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 the 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 will not be reducedby 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.

Rollover. We may offer a subsequent series of thePortfolio for a Rollover when the Portfolio terminates.

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 abil ity 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 strategy or objective as thecurrent Portfolio. We cannot guarantee that a Rollover willavoid any negative market price consequences resultingfrom trading large volumes of securities. Market pricetrends may make it advantageous to sell or buy securitiesmore quickly or more slowly than permitted by Portfolioprocedures. We may, in our sole discretion, modify aRollover or stop creating units of a trust at any timeregardless of whether all proceeds of Unitholders havebeen reinvested in a Rollover. If we decide not to offer asubsequent series, Unitholders will be notified prior to theMandatory Termination Date. Cash which has not beenreinvested in a Rollover will be distributed to Unitholdersshortly after the Mandatory Termination Date. Rolloverparticipants may receive taxable dividends or realizetaxable capital gains which are reinvested in connectionwith a Rollover but may not be entitled to a deduction forcapital losses due to the “wash sale” tax rules. Due to thereinvestment in a subsequent trust, no cash will bedistributed to pay any taxes. See “Taxation”.

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Exchange Option. When you redeem Units of yourPortfol io or when your Portfol io terminates (see“Rollover” above), 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. Beforeyou 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. Anexchange is a taxable event to you. We may discontinuethis option at any time.

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-dealer willbe 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, will be governed by the applicableprocedures of DTC and your agreement with the DTCparticipant in whose name your Units are registered on thetransfer records of DTC.

Reports Provided. Unitholders will receive astatement of dividends and other amounts received bythe 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 request tothe 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 Portfolio is not amanaged fund and, except as provided in the TrustAgreement, Securities generally will not be sold orreplaced. The Sponsor may, however, direct that

Securities be sold in certain limited circumstances toprotect the Portfol io based on advice from theSupervisor. These situations may include events suchas the issuer having defaulted on payment of any of itsoutstanding obligations or the price of a Security hasdeclined to such an extent or other credit factors existso that in the opinion of the Supervisor retention of theSecurity would be detrimental to the Portfolio. If a publictender offer has been made for a Security or a mergeror acquisition has been announced affecting a Security,the Trustee may either sell the Security or accept anoffer if the Supervisor determines that the sale orexchange is in the best interest of Unitholders. TheTrustee will distribute any cash proceeds to Unitholders.In addition, the Trustee may sell Securities to redeemUnits or pay Portfolio expenses or deferred salescharges. If securities or property are acquired by thePortfolio, the Sponsor may direct the Trustee to sell thesecurities 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.

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 the 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 the Portfolio on theInitial Date of Deposit. The Sponsor may also instructthe Trustee to take action necessary to ensure that thePortfolio continues to satisfy the qualifications of aregulated investment company and to avoid impositionof tax on undistributed income of the Portfolio.

The Trust Agreement requires the Trustee to vote allshares of the funds held in the Portfolio in the samemanner and ratio on all proposals as the owners of such

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shares not held by the Portfolio. The Sponsor willinstruct the Trustee how to vote the securities held inthe Portfolio. The Trustee will vote the securities in thesame general proportion as shares held by othershareholders if the Sponsor fails to provide instructions.

When your Portfolio sells Securities, the compositionand diversity of the Securities in the Portfolio may bealtered. However, if the Trustee sells fund shares toredeem Units or to pay Portfolio expenses or salescharges, the Trustee will do so, as nearly as practicable,on a pro rata basis. In order to obtain the best price forthe Portfolio, it may be necessary for the Supervisor tospecify minimum amounts in which blocks of Securitiesare to be sold. In effecting purchases and sales ofportfolio securities, the Sponsor may direct that ordersbe placed with and brokerage commissions be paid tobrokers, including brokers which may be affiliated withthe Portfolio, the Sponsor or dealers participating in theoffering of Units.

Pursuant to an exemptive order, the Portfolio may bepermitted to sell Securities to a new trust when itterminates if those Securities are included in the newtrust. The exemption may enable the Portfolio toeliminate commission costs on these transactions. Theprice for those securities will be the closing sale price onthe sale date on the exchange where the Securities areprincipally 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 in theTrust Agreement). The Trustee will notify Unitholders ofany amendment.

Termination. The Portfolio will terminate on theMandatory Termination Date specified under “EssentialInformation” or upon the sale or other disposition of thelast Security held in the Portfolio. The Portfolio may be

terminated at any time with consent of Unitholdersrepresenting two-thirds of the outstanding Units or by theTrustee 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”). The Portfolio will be liquidated by the Trustee inthe event that a sufficient number of Units of the Portfolionot yet sold are tendered for redemption by the Sponsor,so that the net worth of the Portfolio would be reduced toless than 40% of the value of the Securities at the timethey were deposited in the Portfolio. If the Portfolio isliquidated because of the redemption of unsold Units bythe Sponsor, the Sponsor will refund to each purchaser ofUnits the entire sales charge paid by such purchaser. TheTrustee may begin to sell Securities in connection withthe Portfolio termination nine business days before, andno later than, the Mandatory Termination Date. QualifiedUnitholders may elect an in kind distribution of Securities,provided that Unitholders may not request an in kinddistribution of Securities within 30 calendar days of thePortfolio’s termination. Any in kind distribution ofSecurities will be made in the manner and subject to therestrictions 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 1,000 ormore Units of the 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. Alldistributions will be net of Portfolio expenses and costs.Unitholders will receive a final distribution statementfollowing termination. The Information Supplementcontains further information regarding termination of thePortfolio. See “Additional Information”.

Limitations on Liabilities. The Sponsor, Supervisorand Trustee are under no liability for taking any action orfor refraining from taking any action in good faith pursuantto the Trust Agreement, or for errors in judgment, butshall be liable only for their own willful misfeasance, badfaith or gross negligence (negligence in the case of theTrustee) in the performance of their duties or by reason of

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their reckless 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 the Sponsorto act under the Trust Agreement, the Trustee may actthereunder and is not liable for any action taken by it ingood faith under the Trust Agreement. The Trustee is notliable for any taxes or other governmental chargesimposed on the Securities, on it as Trustee under theTrust Agreement or on the Portfolio which the Trusteemay be required to pay under any present or future law ofthe United States of America or of any other taxingauthority having jurisdiction. In addition, the TrustAgreement contains other customary provisions limitingthe liability of the Trustee. The Sponsor and Supervisormay rely on any evaluation furnished by the Trustee andhave no responsibil ity for the accuracy thereof.Determinations by the Trustee shall be made in good faithupon the basis of the best information available 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 June 30, 2019, the totalstockholders’ equity of Invesco Capital Markets, Inc. was$93,716,910.81 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $1,197.8 billion asof June 30, 2019.

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 of

acting or shall become bankrupt or its affairs are takenover by public authorities, then the Trustee may ( i ) appoint a successor Sponsor at rates ofcompensation deemed by the Trustee to be reasonableand not exceeding amounts prescribed by the SEC, (ii)terminate the Trust Agreement and l iquidate thePortfolio as provided therein or (iii) continue to act asTrustee without terminating the Trust Agreement.

Trustee. The Trustee is The Bank of New York Mellon,a trust company organized under the laws of New York.The Bank of New York Mellon has its principal unitinvestment trust division offices at 2 Hanson Place, 12thFloor, Brooklyn, New York 11217, (800) 856-8487. If youhave questions regarding your account or your Portfolio,please contact the Trustee at its principal unit investmenttrust division offices or your financial adviser. The Sponsordoes not have access to individual account information.The Bank of New York Mellon is subject to supervisionand examination by the Superintendent of Banks of theState of New York and the Board of Governors of theFederal Reserve System, and its deposits are insured bythe Federal Deposit Insurance Corporation to the extentpermitted by law. Additional information regarding theTrustee is set forth in the Information Supplement,including the Trustee’s qualifications and duties, its abilityto resign, the effect of a merger involving the Trustee andthe Sponsor’s ability to remove and replace the Trustee.See “Additional Information”.

TAXATION

This section summarizes some of the principal U.S.federal income tax consequences of owning Units of thePortfolio. Tax laws and interpretations are subject tochange, possibly with retroactive effect. Substantialchanges to the federal tax law were passed and signedinto law in December 2017, many of which becameeffective in 2018 and may affect your investment in thePortfolio in a number of ways, including possibleunintended consequences. This summary does notdescribe all of the tax consequences to all taxpayers.For example, this summary generally does not describeyour situation if you are a corporation, a non-U.S.person, a broker/dealer, a tax-exempt entity, financialinstitution, person who marks to market their Units or

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other investor with special circumstances. In addition,this section does not describe your alternativeminimum, state, local or foreign tax consequences ofinvesting in the Portfolio.

This federal income tax summary is based in part onthe advice of counsel to the Sponsor. The InternalRevenue Service could disagree with any conclusionsset forth in this section. In addition, our counsel was notasked to review the federal income tax treatment of theassets 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 elect andto qualify annually as a “regulated investment company”(“RIC”) under the federal tax laws. If your Portfolioqualifies under the tax law as a RIC and distributes itsincome in the manner and amounts required by the RICtax requirements, the Portfolio generally will not payfederal income taxes. But there is no assurance that thedistributions made by your Portfolio will eliminate alltaxes for every year at the level of your Portfolio.

Distributions. Portfolio distributions are generallytaxable to you. After the end of each year, you willreceive a tax statement reporting your Portfolio’sdistributions, including the amounts of ordinary incomedistributions and capital gains dividends. Your Portfoliomay make taxable distributions to you even in periodsduring which the value of your Units has declined.Ordinary income distributions are generally taxed atyour federal tax rate for ordinary income, however, asfurther discussed below, certain ordinary incomedistributions received from your Portfolio may be taxed,under current federal law, at the capital gains tax rates.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. In addition, your Portfolio may makedistributions that represent a return of capital for tax

purposes to the extent of the Unitholder’s basis in theUnits, and any additional amounts in excess of basiswould be taxed as a capital gain. Generally, you willtreat all capital gains dividends as long-term capitalgains 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 a taxablegain or loss. To determine the amount of this gain orloss, you must subtract your adjusted tax basis in yourUnits from the amount you receive for the sale of theUnits. Your initial tax basis in your Units is generally equalto 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-termif the holding period for the asset is more than one yearand is short-term if the holding period for the asset isone 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 gains realized

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from assets held for one year or less are generally thesame as for ordinary income.

In certain circumstances, ordinary income dividendsreceived by an individual Unitholder from a regulatedinvestment company such as your Portfolio may be taxedat the same federal rates that apply to net capital gain (asdiscussed above), provided certain holding periodrequirements are satisfied and provided the dividends areattributable to qualified dividend income received by thePortfolio itself. Your Portfolio will provide notice to itsUnitholders of the amount of any distribution which maybe taken into account as qualified dividend income whichis eligible for the capital gains tax rates. There is norequirement that tax consequences be taken into accountin administering 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 afuture 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, any losswill 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 generally not

be treated as income taxable to you. In some cases,however, you may be required to treat your portion ofthese Portfolio expenses as income. In these cases youmay be able to take a deduction for these expenses.Recent legislation has suspended the deductibility ofexpenses that are characterized as miscellaneousitemized deductions, which include investment expenses.

Foreign Investors. If you are a foreign investor (i.e.,an investor other than a U.S. citizen or resident or aU.S. corporation, partnership, estate or trust), generally,subject to applicable tax treaties, distributions to youfrom your Portfolio will be characterized as dividends forfederal income tax purposes (other than dividends thatyour Portfolio reports as capital gain dividends) and willbe subject to U.S. income taxes, including withholdingtaxes, subject to certain exceptions described below.You may be eligible under certain income tax treaties fora reduction in withholding rates. However distributionsreceived by a foreign investor from your Portfolio thatare properly reported by the trust as capital gaindividends may not be subject to U.S. federal incometaxes, including withholding taxes, provided that yourPortfolio makes certain elections and certain otherconditions are met.

The Foreign Account Tax Compliance Act(“FATCA”). A 30% withholding tax on your Portfolio’sdistributions of income generally applies if paid to aforeign entity unless: (i) if the foreign entity is a “foreignfinancial institution” as defined under FATCA, theforeign entity undertakes certain due di l igence,reporting, withholding, and certification obligations, ( i i ) if the foreign entity is not a "foreign financialinstitution," it identifies certain of its U.S. investors or(iii) the foreign entity is otherwise excepted underFATCA. If required under the rules above subject toand the appl icabi l i ty of any intergovernmentalagreements between the United States and therelevant foreign country, withholding under FATCA mayapply. Under existing regulations, FATCA withholdingon gross proceeds from the sale of Units and capitalgain distributions from your Portfolio took effect onJanuary 1, 2019; however, recently proposed U.S. taxregulations, if finalized in their proposed form, wouldel iminate FATCA withholding on such types of

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payments. If withholding is required under FATCA on apayment related to your Units, investors that otherwisewould not be subject to withholding (or that otherwisewould be entitled to a reduced rate of withholding) onsuch payment generally will be required to seek arefund or credit from the IRS to obtain the benefit ofsuch exemption or reduction. Your Portfolio will notpay any additional amounts in respect of amountswithheld under FATCA. You should consult your taxadvisor regarding the effect of FATCA based on yourindividual 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. You may be able todeduct or receive a tax credit for your share of thesetaxes if your Portfolio meets certain requirements forpassing through such deductions or credits to you.

Backup Withholding. By law, your Portfolio mustwithhold as backup withholding a percentage (currently28%) 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 the Portfolio.

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 then fromthe 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 CPI or, if thiscategory is not published, in a comparable category.

Organization Costs. You and the other Unitholderswill bear all or a portion of the organization costs andcharges incurred in connection with the establishment ofyour Portfolio. These costs and charges will include thecost of the preparation, printing and execution of thetrust agreement, registration statement and otherdocuments relating to your Portfolio, federal and stateregistration fees and costs, the initial fees and expensesof the 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 servicesand for providing other similar administrative andministerial functions. The creation and development feeis a charge of $0.05 per Unit. The Trustee will deductthis amount from your Portfolio’s assets as of the closeof 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 ofthe initial 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 ofmiscel laneous Portfol io expenses). The Trusteebenefits to the extent there are funds in the Capitaland Income Accounts since these Accounts are non-interest bearing to Unitholders and the amountsearned by the Trustee are retained by the Trustee.Part of the Trustee’s compensation for its services toyour Portfolio is expected to result from the use ofthese funds.

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Compensation of Sponsor and Supervisor.The Sponsor and the Supervisor, which is an affiliate ofthe Sponsor, will receive the annual fees 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 allInvesco unit investment trusts in any calendar yearexceed the aggregate cost of providing these servicesin that year.

Miscellaneous Expenses. The following additionalcharges are or may be incurred by your Portfolio: (a) normal expenses (including the cost of mailing reportsto Unitholders) incurred in connection with the operationof the 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 wilful 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 offeringperiod and (j) expenditures incurred in contactingUnitholders upon termination of the Portfolio. ThePortfol io may pay the expenses of updating itsregistration statement each year.

Fund Expenses. Your Portfolio will also bear theexpenses of the underlying funds. While your Portfolio willnot pay these expenses directly out of its assets, anestimate of these expenses is shown in your Portfolio’s“Estimated Annual Expenses” in the “Fee Table” toillustrate the impact of these expenses. This estimate isbased upon each underlying fund’s annual operatingexpenses for the most recent fiscal year. Each underlyingfund’s annual operating expense amount is subject tochange in the future.

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 statement of condition and the relatedportfol io included in this prospectus have beenaudi ted 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 conta in a l l theinformation set forth in the registration statementsf i led by your Port fo l io with the SEC under theSecurities Act of 1933 and the Investment CompanyAct of 1940 (fi le no. 811-2754). The InformationSupplement, which has been filed with the SEC and isincorporated herein by reference, includes moredetai led information concerning the Securit ies,investment risks and general information about thePortfolio. Reports and other information about yourPortfolio are available on the EDGAR Database on theSEC’s Internet site at http://www.sec.gov. Copies ofthis information may be obtained, after paying aduplication fee, by electronic request at the followinge-mail address: publicinfo@sec.gov or by writing theSEC’s Public Reference Section, Washington, DC20549-0102.

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TABLE OF CONTENTS

Title Page

Inflation Hedge Portfolio ....................................... 2Notes to Portfolio ................................................. 7Report of Independent Registered

Public Accounting Firm..................................... 8Statement of Condition ....................................... 9The Portfolio....................................................... A-1Objective and Securities Selection ..................... A-2Funds ................................................................ A-2Risk Factors ...................................................... A-3Public Offering ................................................... A-11Retirement Accounts ......................................... A-15Fee Accounts .................................................... A-16Rights of Unitholders ......................................... A-16Portfolio Administration ...................................... A-19Taxation ............................................................. A-21Portfolio Operating Expenses ............................. A-24Other Matters .................................................... A-25Additional Information ........................................ A-25

______________When Units of the Portfolio 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 withrespect to future Portfolio series and may be changed. Noperson may sell Units of future Portfolios until a registrationstatement is f i led with the Secur i t ies and ExchangeCommission and is effective. This prospectus is not an offer tosell Units and is not soliciting an offer to buy Units in any statewhere the offer or sale is not permitted.

U-EMSPRO1986

PROSPECTUS

August 2, 2019

Inflation Hedge Portfolio 2019-3

Please retain this prospectus for future reference.

INVESCO