Dividend Income & Value Portfolio 2019-4 › library › DIVP0194pro.pdf · Dividend Income & Value Portfolio 2019-4 (the “Portfolio”), included in Invesco Unit Trusts, Series

Dividend Income & Value Portfolio 2019-4

Dividend Income & Value Portfolio 2019-4 (the “Portfolio”), included in Invesco Unit Trusts, Series 2003, is a unitinvestment trust that seeks an attractive level of dividend income with potential for capital appreciation by investingin a portfolio of stocks. Of course, we cannot guarantee that the Portfolio will achieve its objective.

October 15, 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 seeks anattractive level of dividend income with potential forcapital appreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioof stocks. The Portfolio is selected by Invesco CapitalMarkets, Inc., the Sponsor, using a selection processintended to identify undervalued, dividend-payingstocks that offer the potential for dividend growth.

The selection process begins with all U.S. listedstocks with generally larger market cap characteristicsand applies the following screens:

• each company must have a Standard & Poor’sdebt rating of at least “A-”, or a Moody’sInvestors Service, Inc. rating of at least “A3”,

• each company must have a market value pershare of $5.00 or higher,

• each company must have reported positive freecash flow over the most recent twelve months,

• each stock must be rated Buy or Overweightaccording to consensus analystrecommendations,

• each stock must be from an industry groupthat, in the opinion of the Sponsor, hasattractive fundamentals and is poised toperform well.

The Sponsor selects the final portfolio of 25 stocksbased on dividend yield.

The stock of any aff i l iate of the Sponsor isexcluded. In addition, a company will be excluded if,based on publicly available information at the time ofselection, a proposed corporate action would result init not being the surviving company fol lowing abusiness combination or in its security being delisted.

Subsequent to the time the Portfolio is selected therating for a Security in the Portfolio, or the rating of aSecurity’s industry, may be lowered. Any such changewill not in itself cause a Security to be removed from

the Portfolio. The ratings, consensus recommendationsand projections described above are not those of theSponsor or its affiliates, are subject to change at anytime, and projections may not actually come to pass.

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

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

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

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

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

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

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• 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.

• 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.

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 0.407% $3.942 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.168% $1.627Supervisory, bookkeeping

and administrative fees 0.057 0.550 ______ ______

Total 0.225% $2.177* ______ ______ ______ ______

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 $ 3363 years 7155 years 1,11810 years 2,031

* 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 fromFebruary 10, 2020 through July 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 Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit October 15, 2019Mandatory Termination Date October 12, 2021Historical 12 Month Distributions1 $0.27361 per UnitEstimated Initial Distribution1 $0.06 per UnitRecord Dates 10th day of each February, May, August and November, commencing February 10, 2020

Distribution Dates 25th day of each February, May, August and November, commencing February 25, 2020CUSIP Numbers Cash – 46144K469 Reinvest – 46144K477 Fee Based Cash – 46144K485 Fee Based Reinvest – 46144K493

1 As of close of business day prior to Initial Date of Deposit. The actualdistributions you receive will vary from this per Unit amount due tochanges in the Portfolio’s fees and expenses, in actual income receivedby the Portfolio, currency fluctuations and with changes in the Portfoliosuch as the acquisition or liquidation of securities. See “Rights ofUnitholders--Historical and Estimated Distributions.”

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Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Consumer Discretionary - 7.96% 64 Ralph Lauren Corporation - CL A $ 92.4500 $ 5,916.80 53 Target Corporation 111.1500 5,890.95 Consumer Staples - 8.04% 148 Archer-Daniels-Midland Company 40.2000 5,949.60 50 Procter & Gamble Company 120.0500 6,002.50 Energy - 11.98% 51 Chevron Corporation 116.1800 5,925.18 106 ConocoPhillips 56.1300 5,949.78+ 182 Schlumberger, Ltd. 32.5700 5,927.74 Financials - 24.06% 43 Ameriprise Financial, Inc. 138.8200 5,969.26 204 Bank of America Corporation 29.1400 5,944.56+ 24 Everest Re Group, Ltd. 250.6100 6,014.64 102 Lincoln National Corporation 58.6200 5,979.24 130 MetLife, Inc. 45.7500 5,947.50 66 Prudential Financial, Inc. 89.3400 5,896.44 Health Care - 11.95% 80 AbbVie, Inc. 73.7600 5,900.80 115 Bristol-Myers Squibb Company 51.5600 5,929.40 70 Merck & Company, Inc. 84.6900 5,928.30 Industrials - 11.94% 16 Boeing Company 373.1800 5,970.88+ 73 Eaton Corp plc 80.8600 5,902.78 36 Honeywell International, Inc. 162.9800 5,867.28 Information Technology - 7.99% 128 Cisco Systems, Inc. 46.0500 5,894.40 46 Texas Instruments, Inc. 129.7500 5,968.50 Real Estate - 8.06% 47 Boston Properties, Inc. 127.5700 5,995.79 44 Federal Realty Investment Trust 135.9900 5,983.56 Utilities - 8.02% 65 American Electric Power Company, Inc. 92.0300 5,981.95 70 Eversource Energy 84.7600 5,933.20___________ ____________ 2,013 $ 148,571.03___________ _______________________ ____________

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 an irrevocable letter ofcredit has been deposited with the Trustee. Contracts to acquire Securities were entered into on October 14, 2019 andhave a settlement date of October 16, 2019 (see “The Portfolio”).

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

Profit Cost to (Loss) To Sponsor Sponsor ______________ _____________

$ 148,611 $ (40)

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 2003:

Opinion on the Financial Statements

We have audited the accompanying statement of condition (including the related portfolio schedule) of DividendIncome & Value Portfolio 2019-4 (included in Invesco Unit Trusts, Series 2003 (the “Trust”)) as of October 15, 2019,and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statementspresent fairly, in all material respects, the financial position of the Trust as of October 15, 2019, in conformity withaccounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of Invesco Capital Markets, Inc., the Sponsor. Ourresponsibility is to express an opinion on the Trust’s financial statements based on our 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 October 15, 2019 by correspondence with The Bankof New 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 YorkOctober 15, 2019

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STATEMENT OF CONDITIONAs of October 15, 2019

INVESTMENT IN SECURITIESContracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,571 ___________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,571 ___________ ___________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 586 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,343 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 743Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,571Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . 4,672 ___________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,899 ___________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,571 ___________ ___________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,858 ___________ ___________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.686 ___________ ___________

(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 (approximately three months) or six months following the Initial Date of Deposit to an account maintained by the Trustee fromwhich the organization expense obligation of the investors will be satisfied. To the extent that actual organization costs of the Portfolio aregreater than the estimated amount, only the estimated organization costs added to the Public Offering Price will be reimbursed to the Sponsorand deducted 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.

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 equity securities. The Portfolio may be anappropriate medium for investors who desire topart icipate in a portfol io of stocks with greaterdiversification than they might be able to acquireindividually.

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 its 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 aletter of credit or the equivalent) with instructions topurchase additional Securities. As additional Units areissued by the Portfolio, the aggregate value of theSecurities will be increased and the fractional undividedinterest represented by each Unit may be decreased.The Sponsor may continue to make additional depositsinto the Portfolio following the Initial Date of Depositprovided that the additional deposits will be in amountswhich will maintain, as nearly as practicable, the same

percentage relationship among the number of shares ofeach Security in the Portfolio that existed immediatelyprior to the subsequent deposit. Investors mayexperience a dilution of their investments and areduction in their anticipated income because offluctuations in the prices of the Securities between thetime of the deposit and the purchase of the Securitiesand because the Portfolio will pay the associatedbrokerage or acquisition fees. In addition, during theinitial offering of Units it may not be possible to buy apart icular Security due to regulatory or tradingrestrictions, or corporate actions. While such limitationsare in effect, additional Units would be created bypurchasing each of the Securities in your Portfolio thatare not subject to those limitations. This would alsoresult in the dilution of the investment in any suchSecurity not purchased and potential variances inanticipated income. Purchases and sales of Securitiesby your 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 your Portfolio initially offered representsan undivided interest in the Portfolio. At the close of theNew York Stock Exchange on the Init ial Date ofDeposit, the number of Units may be adjusted so thatthe Public Offering Price per Unit equals $10. Thenumber of Units, fractional interest of each Unit in yourPortfolio, or any historical or estimated per Unitdistribution amount, will increase or decrease to theextent of any adjustment. To the extent that any Unitsare redeemed to the Trustee or additional Units areissued as a result of additional Securit ies beingdeposited by the Sponsor, the fractional undividedinterest in your Portfol io represented by eachunredeemed Unit will increase or decrease accordingly,although the actual interest in your Portfolio will remainunchanged. Units wi l l remain outstanding unti lredeemed upon tender to the Trustee by Unitholders,which may include the Sponsor, or until the terminationof the Trust Agreement.

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 time

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in the Portfolio, (b) any additional Securities acquiredand held by the Portfolio pursuant to the provisions ofthe 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 an attractive level of dividendincome with potential for capital appreciation. ThePortfolio seeks to achieve its objective by investing in aportfolio of stocks. We describe the selection processfor the Portfolio on page 2. There is no assurance thatthe Portfolio will achieve its objective.

The Sponsor does not manage the Portfolio. Youshould note that the selection criteria were applied tothe Securities for inclusion in the Portfolio prior to theInitial Date of Deposit. After this time, the Securities mayno longer meet the selection criteria. Should a Securityno longer meet the selection criteria, we will notgenerally remove the security from the Portfolio. Inoffering the Units to the public, neither the Sponsor norany broker-dealers are recommending any of theindividual Securities but rather the entire pool ofSecurities in the Portfolio, taken as a whole, which arerepresented by the Units.

RISK FACTORS

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

Market Risk. Market risk is the risk that the value ofthe Securities in your Portfolio will fluctuate. This couldcause the value of your Units to fall below your originalpurchase price. Market value fluctuates in response tovarious factors. These can include changes in interestrates, inflation, the financial condition of a security’sissuer, perceptions of the issuer, or ratings on a security

of the issuer. Even though your Portfolio is supervised,you should remember that we do not manage yourPortfolio. Your Portfolio will not sell a security solelybecause the market value falls as is possible in amanaged fund.

Dividend Payment Risk. Dividend payment risk isthe risk that an issuer of a security is unwilling orunable to pay dividends on a security. Stocks representownership interests in the issuers and are notobligations of the issuers. Common stockholders havea right to receive dividends only after the company hasprovided for payment of its creditors, bondholders andpreferred stockholders. Common stocks do not assuredividend payments. Dividends are paid only whendeclared by an issuer’s board of directors and theamount of any div idend may vary over t ime. I fdividends received by the Portfolio are insufficient tocover expenses, redemptions or other Portfolio costs,it may be necessary for the Portfolio to sell Securitiesto cover such expenses, redemptions or other costs.Any such sales may result in capital gains or losses toyou. See “Taxation”.

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

The relative weighting or composition of your Portfoliomay change during the life of your Portfolio. Followingthe Initial Date of Deposit, the Sponsor intends to issueadditional Units by depositing in your Portfolio additionalsecurities in a manner consistent with the provisionsdescribed in the above section entitled “The Portfolio”.As described in that section, it may not be possible toretain or continue to purchase one or more Securities inyour Portfolio. In addition, due to certain limitedcircumstances described under “Portfol ioAdministration”, the composition of the Securities in yourPortfolio may change. Accordingly, the fluctuations in therelative weighting or composition of your Portfolio mayresult in concentrations (25% or more of a Portfolio’sassets) in securities of a particular type, industry and/orgeographic region described in this section.

Consumer Discretionary and Consumer StaplesIssuers. Your Portfolio invests significantly in companiesthat manufacture or sell various consumer products.General risks of these companies include the overallstate of the economy, intense competit ion andconsumer spending trends. A decline in the economywhich results in a reduction of consumers' disposableincome can negatively impact spending habits. Globalfactors including political developments, imposition ofimport controls, fluctuations in oil prices, and changesin exchange rates may adversely affect issuers ofconsumer products and services.

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

Financial Services Issuers. Your Portfolio investssignificantly in financial services companies. Companiesin the financial services industry include, but are notlimited to, companies involved in activities such asbanking, mortgage f inance, consumer f inance,specialized finance, industrial finance and leasing,investment banking and brokerage, asset managementand custody, corporate lending, insurance, and financialinvestment and real estate, including real estateinvestment trusts. In general, financial services issuersare substantially affected by changes in economic andmarket conditions, including: the liquidity and volatilitylevels in the global financial markets; interest rates, aswell as currency and commodities prices; investorsentiment; the rate of corporate and consumer defaults;inflation and unemployment; the availability and cost ofcapital and credit; exposure to various geographic

markets or in commercial and residential real estate;competition from new entrants in their fields of business;extensive government regulation; and the overall healthof the U.S. and international economies. Due to the widevariety of companies in the financial services sector, theymay behave and react in different ways in response tochanges in economic and market conditions.

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

Certain financial services companies may themselveshave concentrated portfolios, which makes themvulnerable to economic conditions that affect thatindustry. Companies in this sector are often subject tocredit r isk, meaning they may have exposure toinvestments or agreements which under certaincircumstances may lead to losses.

The financial services sector may be adverselyaffected by global developments including recessionaryconditions, deterioration in the credit markets andconcerns over sovereign debt. This may increase thecredit risk, and possibility of default, of bonds issued bysuch institutions faced with these problems. In addition,the liquidity of certain debt instruments may be reducedor eliminated due to the lack of available marketmakers. There can be no assurance that the risksassociated with investment in financial services issuerswill decrease even assuming that the U.S. and/orforeign governments and agencies take steps toaddress problems that may arise.

Most financial services companies are subject toextensive governmental regulation, which limits theiractivities and may affect their ability to earn a profit froma given line of business. This also exposes financial

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services issuers to regulatory risk, where certainfinancial services companies may suffer setbacks ifregulators change the rules under which they operate.Challenging economic and political conditions, alongwith increased public scrutiny during the past severalyears, led to new legislation and increased regulation inthe U.S. and abroad, creating additional difficulties forf inancial inst itut ions. Regulatory init iat ives andrequirements that were proposed around the world maybe inconsistent or may conflict with previous regulationsto which financial services issuers were subject, therebyresulting in higher compliance and legal costs, as wellas the potential for higher operational, capital andliquidity costs. Proposed or enacted regulations mayfurther limit the amounts and types of loans and otherfinancial commitments certain financial services issuerscan make, and further, may limit the interest rates andfees they can charge, the prices they can charge andthe amount of capital they must maintain. These lawsand regulations may affect the manner in which aparticular financial institution does business and theproducts and services it may provide. Increasedregulation may restrict a company’s ability to competein its current businesses or to enter into or acquire newbusinesses. New regulations may reduce or limit acompany’s revenue or impose additional fees, limit thescope of their activities, increase assessments or taxeson those companies and intensify regulatorysupervision, adversely affecting business operations orleading to other negative consequences.

Among the most prominent pieces of U.S. legislationfollowing the 2008 financial crisis was the Dodd-FrankWall Street Reform and Consumer Protection Act (the“Dodd-Frank Act”), enacted into federal law on July 21,2010. The Dodd-Frank Act included reforms andrefinements to modernize existing laws to addressemerging risks and issues in the nation’s evolvingfinancial system. It also established entirely newregulatory regimes, including in areas such as systemicrisk regulation, over-the-counter derivatives marketoversight, and federal consumer protection. The Dodd-Frank Act intended to cover virtually all participants in thefinancial services industry for years to come, includingbanks, thrifts, depository institution holding companies,

mortgage lenders, insurance companies, industrial loancompanies, broker-dealers and other securities andinvestment advisory firms, private equity and hedgefunds, consumers, numerous federal agencies and thefederal regulatory structure. In particular, certainprovisions of the Dodd-Frank Act increased the capitalrequirements of certain financial services companiessupervised by the Federal Reserve, resulting in suchcompanies incurring generally higher deposit premiums.These types of regulatory changes led to some adverseeffects on certain financial services issuers anddecreases in such issuers’ profits or revenues.

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

Financial services companies in foreign countries arealso subject to regulatory and interest rate concerns. Inparticular, government regulation in certain foreigncountries may include controls on interest rates, creditavai labi l i ty, pr ices and currency transfers. Thedeparture of any European Union (“EU”) member fromuse of the Euro could lead to serious disruptions toforeign exchanges, operations and settlements, whichmay have an adverse effect on financial servicesissuers. More recently, there is uncertainty regardingthe state of the EU following the United Kingdom’s(“U.K.”) initiation on March 27, 2017, of the process toexit from the EU (“Brexit”). The effect that Brexit mayhave, should it come to pass, on the global financialmarkets or on the financial services companies in yourPortfolio is uncertain.

Commercial banks ( including “money center”regional and community banks), savings and loan

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associations and holding companies of the foregoingare especially subject to adverse effects of volatileinterest rates, concentrations of loans in particularindustries or classifications (such as real estate, energy,or sub-prime mortgages), and significant competition.The profitability of these businesses is to a significantdegree dependent on the availability and cost of capitalfunds. Economic conditions in the real estate marketmay have a particularly strong effect on certain banksand savings associations. Commercial banks andsavings associations are subject to extensive federaland, in many instances, state regulation. Neither suchextensive regulation nor the federal insurance ofdeposits ensures the solvency or profitabil ity ofcompanies in this industry, and there is no assuranceagainst losses in securities issued by such companies.

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

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

The financial condition of customers, clients andcounterparties, including other financial institutions,could adversely affect financial services issuers.Financial services issuers are interrelated as a result ofmarket making, trading, clearing or other counterpartyrelationships. Many of these transactions exposefinancial services issuers to credit risk as a result of theactions of, or deteriorat ion in, the commercialsoundness of other counterparty financial institutions.Economic and market conditions may increase creditexposures due to the increased risk of customer, clientor counterparty default. Downgrades to the creditratings of financial services issuers could have anegative effect on liquidity, cash flows, competitiveposition, financial condition and results of operations bysignificantly l imiting access to funding or capitalmarkets, increasing borrowing costs or triggeringincreased collateral requirements. Financial servicesissuers face significant legal risk, both from regulatoryinvestigations and proceedings, as well as privateactions. Profit margins of these companies continue toshrink due to the commoditization of tradit ionalbusinesses, new competitors, capital expenditures onnew technology and the pressure to compete globally.

Legislation/Litigation. From time to time, variouslegislative initiatives are proposed in the United Statesand abroad which may have a negative impact oncertain of the companies represented in your Portfolio,or on the tax treatment of the Portfolio or of yourinvestment in the Portfolio. In addition, l it igationregarding any of the issuers of the Securities or of theindustries represented by these issuers may negativelyimpact the share prices of these Securities. No one canpredict what impact any pending or threatened litigationwill have on the share prices of the Securities.

Liquidity Risk. Liquidity risk is the risk that thevalue of a security will fall if trading in the security islimited or absent. The market for certain investmentsmay become less liquid or illiquid due to adversechanges in the conditions of a particular issuer or dueto adverse market or economic conditions. In theabsence of a liquid trading market for a particularsecurity, the price at which such security may be soldto meet redemptions, as well as the value of the Units

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of your Portfolio, may be adversely affected. No onecan guarantee that a liquid trading market will exist forany security.

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

PUBLIC OFFERING

General. Units are offered at the Public OfferingPrice which consists of the net asset value per Unit plusorganization costs plus the sales charge. The net assetvalue per Unit is the value of the securities, cash andother assets in your Portfolio reduced by the liabilities ofthe Portfolio divided by the total Units outstanding. Themaximum sales charge equals 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 $0.275per Unit). Depending on the Public Offering Price perUnit, you pay the initial sales charge at the time you buyUnits. The deferred sales charge is fixed at $0.225 perUnit. Your Portfolio pays the deferred sales charge ininstallments as described in the “Fee Table.” If anydeferred sales charge payment date is not a businessday, we will charge the payment on the next businessday. If you purchase Units after the initial deferred salescharge payment, you will only pay that portion of thepayments not yet collected. If you redeem or sell yourUnits prior to collection of the total deferred salescharge, you will pay any remaining deferred sales chargeupon redemption or sale of your Units. The initial anddeferred sales charges are referred to as the“transactional sales charge.” The transactional salescharge does not include the creation and developmentfee which compensates the Sponsor for creating anddeveloping your Portfolio and is described under“Expenses.” The creation and development fee is fixedat $0.05 per Unit. Your Portfolio pays the creation anddevelopment fee as of the close of the initial offering

period as described in the “Fee Table.” If you redeem orsell your Units prior to collection of the creation anddevelopment fee, you will not pay the creation anddevelopment fee upon redemption or sale of your Units.After the initial offering period the maximum sales chargewill be reduced by 0.50%, reflecting the previouscollection of the creation and development fee. Becausethe deferred sales charge and creation and developmentfee are fixed dollar amounts per Unit, the actual chargeswill exceed the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit falls below $10 and willbe less than the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit exceeds $10. In noevent will the maximum total sales charge exceed2.75% of the Public Offering Price per Unit.

The “Fee Table” shows the sales charge calculationat a $10 Public Offering Price per Unit. At a $10 PublicOffering Price, there is no initial sales charge during theinitial offering period. If the Public Offering Priceexceeds $10 per Unit, you will pay an initial salescharge equal to the difference between the total salescharge and the sum of the remaining deferred salescharge and the creation and development fee. Forexample, if the Public Offering Price per Unit rose to$14, the maximum sales charge would be $0.385(2.75% of the Public Offering Price per Unit), consistingof an initial sales charge of $0.110, a deferred salescharge of $0.225 and the creation and development feeof $0.050. Since the deferred sales charge and creationand development fee are fixed dollar amounts per Unit,your Portfolio must charge these amounts per Unitregardless of any decrease in net asset value. However,if the Public Offering Price per Unit falls to the extentthat the maximum sales charge percentage results in adollar amount that is less than the combined fixed dollaramounts of the deferred sales charge and creation anddevelopment fee, your initial sales charge will be a creditequal to the amount by which these fixed dollar chargesexceed your sales charge at the time you buy Units. Insuch a situation, the value of securities per Unit wouldexceed the Public Offering Price per Unit by the amountof the initial sales charge credit and the value of thosesecurities will fluctuate, which could result in a benefit ordetriment to Unitholders that purchase Units at that

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price. The initial sales charge credit is paid by theSponsor and is not paid by your Portfolio. If the PublicOffering Price per Unit fell to $6, the maximum salescharge would be $0.165 (2.75% of the Public OfferingPrice per Unit), which consists of an initial sales charge(credit) of -$0.110, a deferred sales charge of $0.225and a creation and development fee of $0.050.

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

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

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

Fee Accounts. Investors may purchase Units throughregistered investment advisers, certified financialplanners and registered broker-dealers who in eachcase either charge periodic fees for brokerage services,f inancial planning, investment advisory or assetmanagement services, or provide such services inconnection with the establishment of an investmentaccount for which a comprehensive “fee based” charge(“Fee Based”) is imposed (“Fee Accounts”). If Units of aPortfolio are purchased for a Fee Account and the

Portfolio is subject to a Fee Based charge (i.e., thePortfolio is “Fee Based Eligible”), then the purchase willnot be subject to the transactional sales charge but willbe subject to the creation and development fee of$0.05 per Unit that is retained by the Sponsor. Pleaserefer to the section called “Fee Accounts” for additionalinformation on these purchases. The Sponsor reservesthe right to limit or deny purchases of Units described inthis paragraph by investors or selling firms whosefrequent trading activity is determined to be detrimentalto a Portfolio. Fee Based Eligible Units are not eligiblefor any sales charge discounts in addition to that whichis described in this paragraph and under the “FeeAccounts” section found below.

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

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 the pricesof the underlying Securities in the Portfolio. The initial

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

The value of portfolio securities is based on thesecurities’ market price when available. When a marketprice is not readily available, including circumstancesunder which the Trustee determines that a security’smarket price is not accurate, a portfolio security isvalued at its fair value, as determined under proceduresestablished by the Trustee or an independent pricingservice used by the Trustee. In these cases, yourPortfolio’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 your 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 Unitsduring 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 certain cases be eligible for an additionalconcession based upon their annual eligible sales of allInvesco fixed income and equity unit investment trusts.Eligible sales include all units of any Invesco unitinvestment trust underwritten or purchased directly fromInvesco during a trust’s initial offering period. Forpurposes of this concession, trusts designated as either“Invesco Unit Trusts, Taxable Income Series” or“Invesco Unit Trusts, Municipal Series” are fixed incometrusts, and trusts designated as “Invesco Unit TrustsSeries” are equity trusts. In addition to the regularconcessions or agency commissions described abovein “Unit Sales Concessions” all broker-dealers and othersell ing firms wil l be eligible to receive additionalcompensation based on total initial offering period salesof all eligible Invesco unit investment trusts during theprevious consecutive 12-month period through the endof the most recent month. The Volume Concession, as

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applicable to equity and fixed income trust units, is setforth in the following table:

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

$25 but less than $100 0.035% 0.035%$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 purchasedin Fee Accounts, however, such sales will be included indetermining whether a firm has met the sales levelbreakpoints set forth in the Volume Concession tableabove. Secondary market sales of all unit investmenttrusts are excluded for purposes of the VolumeConcession. Eligible dealer firms and other sellingagents include clearing firms that place orders withInvesco and provide Invesco with information withrespect to the representatives who initiated suchtransactions. Eligible dealer firms and other sellingagents will not include firms that solely provide clearingservices to other broker-dealer firms or firms who placeorders through clearing firms that are eligible dealers.We reserve the right to change the amount of theconcessions or agency commissions from time to time.For a trust to be el igible for this addit ionalcompensation, the trust’s prospectus must includedisclosure related to this additional compensation.

Additional Information. Except as provided in thissection, any sales charge discount provided toinvestors will be borne by the selling broker-dealer oragent. For all secondary market transactions the totalconcession or agency commission will amount to 80%of the applicable sales charge. Notwithstandinganything to the contrary herein, in no case shall the totalof any concessions, agency commissions and anyadditional compensation allowed or paid to any broker,dealer or other distributor of Units with respect to anyindividual transaction exceed the total sales chargeapplicable to such transaction. The Sponsor reserves

the right to reject, in whole or in part, any order for thepurchase of Units and to change the amount of theconcession or agency commission to dealers andothers 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.

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 beborne by the selling broker-dealer or agent. In addition,the Sponsor will realize a profit or loss as a result of thedifference between the price paid for the Securities bythe Sponsor and the cost of the Securities to thePortfolio on the Initial Date of Deposit as well as onsubsequent deposits. See “Notes to Portfolio”. TheSponsor has not participated as sole underwriter or asmanager or as a member of the underwriting syndicatesor as an agent in a private placement for any of theSecurities. The Sponsor may realize profit or loss as aresult of the possible fluctuations in the market value ofUnits held by the Sponsor for sale to the public. Inmaintaining a secondary market, the Sponsor willrealize profits or losses in the amount of any differencebetween the price at which Units are purchased and theprice at which Units are resold (which price includes theapplicable sales charge) or from a redemption ofrepurchased Units at a price above or below the

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purchase price. Cash, if any, made available to theSponsor prior to the date of settlement for the purchaseof Units may be used in the Sponsor’s business andmay be deemed to be a benefit to the Sponsor, subjectto the limitations of the Securities Exchange Act of1934, as amended (“1934 Act”).

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

Market for Units. Although it is not obligated to doso, the Sponsor may maintain a market for Units and topurchase Units at the secondary market repurchaseprice (which is described under “Right of Unitholders--Redemption of Units”). The Sponsor may discontinuepurchases of Units or discontinue purchases at thisprice at any time. In the event that a secondary marketis not maintained, a Unitholder will be able to dispose ofUnits by tendering them to the Trustee for redemptionat the Redemption Price. See “Rights of Unitholders--Redemption of Units”. Unitholders should contact theirbroker to determine the best price for Units in thesecondary market. Units sold prior to the time the entiredeferred sales charge has been collected will beassessed the amount of any remaining deferred salescharge at the time of sale. The Trustee will notify theSponsor of any Units tendered for redemption. If theSponsor’s bid in the secondary market equals orexceeds the Redemption Price per Unit, i t maypurchase the Units not later than the day on whichUnits would have been redeemed by the Trustee. TheSponsor may sell repurchased Units at the secondarymarket Public Offering Price per Unit.

RETIREMENT ACCOUNTS

Units are available for purchase in connection withcertain types of tax-sheltered retirement plans, includingIndividual Retirement Accounts for individuals,Simplified Employee Pension Plans for employees,qualified plans for self-employed individuals, and

qualified 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.

FEE ACCOUNTS

As described above, Units may be available forpurchase by investors in Fee Accounts where thePortfolio is Fee Based Eligible. You should consult yourfinancial professional to determine whether you canbenefit from these accounts. This table illustrates thesales charge you will pay if the Portfolio is Fee BasedEligible as a percentage of the initial Public OfferingPrice per Unit on the Initial Date of Deposit (thepercentage 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 to

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Unitholders of record on the preceding Record Date.These dates appear under “Essential Information”.Distributions made by any REITs in your Portfolioinclude ordinary income, but may also include sourcesother than ordinary income such as returns of capital,loan proceeds, short-term capital gains and long-termcapital gains (see “Taxation--Distributions”). In addition,your Portfolio will generally make required distributionsat the end of the year because it is structured as a"regulated investment company" for federal taxpurposes. Unitholders wi l l also receive a f inaldistribution of income when the Portfolio terminates. Aperson becomes a Unitholder of record on the date ofsettlement (generally two business days after Units areordered, or any shorter period as may be required bythe applicable rules under the 1934 Act). Unitholdersmay elect to receive distributions in cash or to havedistributions reinvested into 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 in theCapital Account and not distributed until the nextDistribution Date. Any distribution to Unitholdersconsists of each Unitholder’s pro rata share of theavailable cash in the Income and Capital Accounts as ofthe related Record Date.

Historical and Estimated Distributions. TheHistorical 12 Month Distr ibutions per Unit, andEstimated Initial Distribution per Unit (if any), may beshown under “Essential Information.” These figures arebased upon the weighted average of the actualdistributions paid by the securities included in yourPortfolio over the 12 months preceding the Initial Dateof Deposit and are reduced to account for the effects offees and expenses which wil l be incurred wheninvesting in your Portfolio. While both figures are

calculated using a Public Offering Price of $10 per Unit,any presented Estimated Initial Distribution per Unit willreflect an estimate of the per Unit distributions you mayreceive on the first Distribution Date based upon eachissuer’s preceding 12 month distributions. Dividendpayments are not assured and therefore the amount offuture dividend income to your Portfolio is uncertain.The actual net annual distributions may decrease overtime because a portion of the securities included in yourPortfolio will be sold to pay for the organization costs,deferred sales charge and creation and developmentfee. Securities may also be sold to pay regular fees andexpenses during your Portfolio’s life. The actual netannual income distributions you receive will vary fromthe Historical 12 Month Distributions amount due tochanges in dividends and distribution amounts paid byissuers, currency fluctuations, the sale of securities topay any deferred sales charge, Portfolio fees andexpenses, and with changes in your Portfolio such asthe acquisition, call, maturity or sale of securities. Dueto these and various other factors, actual incomereceived by your Portfolio will most likely differ from themost recent dividends or scheduled income payments.

Reinvestment Option. Unitholders may havedistributions automatically reinvested in additional Unitswithout a sales charge (to the extent Units may belawfully offered for sale in the state in which theUnitholder resides). The CUSIP numbers for either“Cash” distributions or “Reinvest” for the reinvestmentof distr ibut ions are set forth under “Essent ia lInformation”. Brokers and dealers can use the DividendReinvestment Service through Depository TrustCompany (“DTC”) or purchase a Reinvest (or FeeBased Reinvest in the case of Fee Based Eligible Unitsheld in Fee Accounts) CUSIP, if available. To participatein this reinvestment option, a Unitholder must file withthe Trustee a written notice of election, together withany other documentation that the Trustee may thenrequire, at least five days prior to the related RecordDate. A Unitholder’s election will apply to all Unitsowned by the Unitholder and will remain in effect untilchanged by the Unitholder. The reinvestment option isnot offered during the 30 calendar days prior totermination. If Units are unavailable for reinvestment or

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this reinvestment option is no longer avai lable,distributions will be paid in cash. Distributions will betaxable to Unitholders if paid in cash or automaticallyreinvested in additional Units. See “Taxation”.

A participant may elect to terminate his or herreinvestment plan and receive future distributions incash by notifying the Trustee in writing no later than fivedays before a Distribution Date. The Sponsor shallhave the r ight to suspend or terminate thereinvestment plan at any time. The reinvestment plan issubject to availability or limitation by each broker-dealeror sel l ing f i rm. Broker-dealers may suspend orterminate the offering of a reinvestment plan at anytime. Please contact your financial professional foradditional information.

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 TrustDivision, 111 Sanders Creek Parkway, East Syracuse,New York 13057, on any day the New York StockExchange is open. No redemption fee will be chargedby the Sponsor or the Trustee, but you are responsiblefor applicable governmental charges, if any. Unitsredeemed by the Trustee will be canceled. You mayredeem all or a portion of your Units by sending arequest for redemption to your bank or broker-dealerthrough which you hold your Units. No later than twobusiness days (or any shorter period as may berequired by the applicable rules under the 1934 Act)following satisfactory tender, the Unitholder will beentitled to receive in cash an amount for each Unitequal to the Redemption Price per Unit next computedon the date of tender. The “date of tender” is deemed tobe the date on which Units are received by the Trustee,except that with respect to Units received by theTrustee after the Evaluation Time or on a day which isnot a business day, the date of tender is deemed to bethe next business day. Redemption requests receivedby the Trustee after the Evaluation T ime, andredemption requests received by authorized financialprofessionals after the Evaluation Time or redemptionrequests received by such persons that are nottransmitted to the Trustee until after the time designatedby the Trustee, are priced based on the date of the next

determined redemption price provided they are receivedtimely 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.Certain broker-dealers or selling firms may charge anorder handling fee for processing redemption requests.Units redeemed directly through the Trustee are notsubject to such fees.

Unitholders tendering 1,000 or more Units (or suchhigher amount as may be required by your broker-dealeror selling agent) for redemption may request an in kinddistribution of Securities equal to the Redemption Priceper Unit on the date of tender. Unitholders may notrequest an in kind distribution during the initial offeringperiod or within 30 calendar days of the Portfolio’stermination. The Portfolio generally will not offer in kinddistributions of portfolio securities that are held in foreignmarkets. An in kind distribution will be made by theTrustee through the distribution of each of the Securitiesin book-entry form to the account of the Unitholder’sbroker-dealer at DTC. Amounts representing fractionalshares will be distributed in cash. The Trustee mayadjust the number of shares of any Security included in aUnitholder’s in kind distr ibution to faci l i tate thedistribution of whole shares. The in kind distributionoption may be modified or discontinued at any timewithout notice. Notwithstanding the foregoing, if theUnitholder requesting an in kind distribution is theSponsor or an affiliated person of the Portfolio, theTrustee may make an in kind distribution to suchUnitholder provided that no one with a pecuniaryincentive to influence the in kind distribution mayinfluence selection of the distributed securities, thedistribution must consist of a pro rata distribution of allportfolio securities (with limited exceptions) and the inkind distribution may not favor such affiliated person tothe detriment of any other Unitholder. Unitholders willincur transaction costs in liquidating securities receivedin an in-kind distribution, and any such securitiesreceived will be subject to market risk until sold. In theevent that any securities received in-kind are illiquid,Unitholders will bear the risk of not being able to sellsuch securities in the near term, or at all.

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The Trustee may sell Securities to satisfy Unitredemptions. To the extent that Securit ies areredeemed in kind or sold, the size of the Portfolio willbe, and the diversity of the Portfolio may be, reduced.Sales may be required at a time when Securities wouldnot otherwise be sold and may result in lower pricesthan might otherwise be realized. The price receivedupon redemption may be more or less than the amountpaid by 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 Securities and Exchange Commission(“SEC”) determines that trading on that Exchange isrestricted or an emergency exists, as a result of whichdisposal or evaluation of the Securities is not reasonablypracticable, or for other periods as the SEC may permit.

Exchange Option. When you redeem Units of yourPortfol io or when your Portfol io terminates (see“Rollover” below), you may be able to exchange yourUnits for units of other Invesco unit trusts. You should

contact 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. A rollover orexchange is a taxable event to you. We maydiscontinue this option at any time.

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 ability to sell theSecurities and could impact the length of the saleperiod. The liquidity of any Security depends on thedaily trading volume of the Security and the amountavailable for redemption and reinvestment on any day.

We may make subsequent trust series available forsale at various times during the year. Of course, wecannot guarantee that a subsequent trust or sufficientunits will be available or that any subsequent trusts willoffer the same investment strategy or objective as thecurrent Portfolio. We cannot guarantee that a Rolloverwill avoid any negative market price consequencesresulting from trading large volumes of securities.Market price trends may make it advantageous to sellor buy securities more quickly or more slowly thanpermitted by Portfolio procedures. We may, in our solediscretion, modify a Rollover or stop creating units of atrust at any time regardless of whether all proceeds of

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Unitholders have been reinvested in a Rollover. If wedecide not to offer a subsequent series, Unitholders willbe notified prior to the Mandatory Termination Date.Cash which has not been reinvested in a Rollover willbe distributed to Unitholders shortly after the MandatoryTermination Date. Rollover participants may receivetaxable dividends or realize taxable capital gains whichare reinvested in connection with a Rollover but may notbe entitled to a deduction for capital losses due to the“wash sale” tax rules. Due to the reinvestment in asubsequent trust, no cash will be distributed to pay anytaxes. See “Taxation”.

Units. Ownership of Units is evidenced inbook-entry form only and will not be evidenced bycertificates. Units purchased or held through your bankor broker-dealer will be recorded in book-entry formand credited to the account of your bank orbroker-dealer at DTC. Units are transferable bycontacting your bank or broker-dealer through whichyou hold your Units. Transfer, and the requirementstherefore, wi l l be governed by the appl icableprocedures of DTC and your agreement with the DTCparticipant in whose name your Units are registered onthe transfer 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 requestto the Trustee. If you have questions regarding youraccount or your Portfolio, please contact your financialadvisor or the Trustee. The Sponsor does not haveaccess to individual account information.

PORTFOLIO ADMINISTRATION

Portfolio Administration. The Portfolio is not amanaged fund and, except as provided in the TrustAgreement, Securities generally will not be sold orreplaced. The Sponsor may, however, direct thatSecurities be sold in certain limited circumstances to

protect 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.

When your Portfolio sells Securities, the compositionand diversity of the Securities in the Portfolio may bealtered. In order to obtain the best price for thePortfolio, it may be necessary for the Supervisor to

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specify minimum amounts (generally 100 shares) inwhich blocks of Securities are to be sold. In effectingpurchases and sales of portfolio securities, the Sponsormay direct that orders be placed with and brokeragecommissions be paid to brokers, including brokerswhich may be affiliated with the Portfolio, the Sponsoror dealers participating in the offering 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 priceon the sale date on the exchange where the Securitiesare principally traded, as certified by the Sponsor.

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

Termination. The Portfolio will terminate on itsMandatory Termination Date specified under “EssentialInformation” or upon the sale or other disposition of thelast Security held in the Portfolio. The Portfolio may beterminated at any time with consent of Unitholdersrepresenting two-thirds of the outstanding Units or bythe Trustee when the value of the Portfolio is less than$500,000 ($3,000,000 if the value of the Portfolio hasexceeded $15,000,000) (the “Minimum TerminationValue”). The Portfolio will be liquidated by the Trustee inthe event that a sufficient number of Units of thePortfolio not yet sold are tendered for redemption bythe Sponsor, so that the net worth of the Portfoliowould be reduced to less than 40% of the value of theSecurities at the time they were deposited in thePortfolio. If the Portfolio is liquidated because of theredemption of unsold Units by the Sponsor, the

Sponsor will refund to each purchaser of Units theentire sales charge paid by such purchaser. TheTrustee may begin to sell Securities in connection witha Portfolio termination nine business days before, andno later than, the Mandatory Termination Date.Qualified Unitholders may elect an in kind distributionof Securities, provided that Unitholders may notrequest an in kind distribution of Securities within 30calendar days of the Portfolio’s termination. Any in kinddistribution of Securities will be made in the mannerand subject to the restrictions described under “Rightsof Unitholders--Redemption of Units”, provided that, inconnection with an in kind distribution election morethan 30 calendar days prior to termination, Unitholderstendering 1,000 or more Units of the Portfolio (or suchhigher amount as may be required by your broker-dealer or sel l ing agent) may request an in kinddistribution of Securities equal to the Redemption Priceper Unit on the date of tender. Unitholders will receive afinal cash distribution within a reasonable time after theMandatory Termination Date. All distributions will be netof Portfolio expenses and costs. Unitholders willreceive a f inal distr ibut ion statement fol lowingtermination. The Information Supplement containsfurther information regarding termination of thePortfolio. See “Additional Information”.

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

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Trustee may be required to pay under any present orfuture law of the United States of America or of anyother taxing authority having jurisdiction. In addition, theTrust Agreement contains other customary provisionslimiting the liability of the Trustee. The Sponsor andSupervisor may rely on any evaluation furnished by theTrustee and have no responsibility for the accuracythereof. Determinations by the Trustee shall be made ingood faith upon the basis of the best informationavailable to it.

Sponsor. Invesco Capital Markets, Inc. is the Sponsorof your Portfolio. The Sponsor is a wholly ownedsubsidiary of Invesco Advisers, Inc. (“Invesco Advisers”).Invesco Advisers is an indirect wholly owned subsidiaryof Invesco Ltd., a leading independent global investmentmanager that provides a wide range of investmentstrategies and vehicles to its retail, institutional and highnet worth clients around the globe. The Sponsor’sprincipal office is located at 11 Greenway Plaza, Houston,Texas 77046-1173. As of September 30, 2019, the totalstockholders’ equity of Invesco Capital Markets, Inc. was$94,146,402.00 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $1,184.4 billion asof September 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 ofacting 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 liquidate yourPortfolio as provided therein or (iii) continue to act asTrustee without terminating the Trust Agreement.

Trustee. The Trustee is The Bank of New YorkMellon, a trust company organized under the laws ofNew York. The Bank of New York Mellon has itsprincipal unit investment trust division offices at 2Hanson Place, 12th Floor, Brooklyn, New York 11217,(800) 856-8487. If you have questions regarding youraccount or your Portfolio, please contact the Trustee atits principal unit investment trust division offices or yourfinancial adviser. The Sponsor does not have access toindividual account information. The Bank of New YorkMellon is subject to supervision and examination by theSuperintendent of Banks of the State of New York andthe Board of Governors of the Federal Reserve System,and its deposits are insured by the Federal DepositInsurance Corporation to the extent permitted by law.Additional information regarding the Trustee is set forthin the Information Supplement, including the Trustee’squalifications and duties, its ability to resign, the effectof a merger involving the Trustee and the Sponsor’sabi l i ty 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 ofthe Portfolio. Tax laws and interpretations are subject tochange, possibly with retroactive effect. This summarydoes not describe all of the tax consequences to alltaxpayers. For example, this summary generally doesnot describe your situation if you are a corporation, anon-U.S. person, a broker/dealer, a tax-exempt entity,financial institution, person who marks to market theirUnits or other investor with special circumstances. Inaddition, 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,

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you should seek advice based on your individualcircumstances from your own tax advisor.

Portfolio Status. Your Portfolio intends to electand to qualify annually as a "regulated investmentcompany" ("RIC") under the federal tax laws. If yourPortfolio qualifies under the tax law as a RIC anddistributes its income in the manner and amountsrequired by the RIC tax requirements, the Portfoliogenerally will not pay federal income taxes. But there isno assurance that the distributions made by yourPortfolio will eliminate all taxes for every year at the levelof your Portfolio.

Distributions. Portfolio distributions are generallytaxable. After the end of each year, you will receive a taxstatement reporting your Portfolio's distributions,including the amounts of ordinary income distributionsand capital gains dividends. Your Portfolio may maketaxable distributions to you even in periods duringwhich the value of your Units has declined. Ordinaryincome distributions are generally taxed at your federaltax rate for ordinary income, however, as furtherdiscussed below, certain ordinary income distributionsreceived from your Portfolio may be taxed, undercurrent federal law, at capital gains tax rates. Certainordinary income dividends on Units that are attributableto qualifying dividends received by your Portfolio fromcertain corporations may be reported by the Portfolio asbeing eligible for the dividends received deduction forcorporate Unitholders provided certain holding periodrequirements are met. Income from the Portfolio andgains on the sale of your Units may also be subject to a3.8% federal tax imposed on net investment income ifyour adjusted gross income exceeds certain thresholdamounts, which currently are $250,000 in the case ofmarried couples filing joint returns and $200,000 in thecase of single individuals. In addition, your Portfolio maymake distributions that represent a return of capital fortax purposes to the extent of the Unitholder's basis inthe Units, and any additional amounts in excess ofbasis would be taxed as a capital gain. Generally, youwill treat all capital gains dividends as long-term capitalgains regardless of how long you have owned yourUnits. The tax status of your distributions from yourPortfolio is not affected by whether you reinvest your

distributions 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 distribution. Accordingly, a distributionpaid shortly after a purchase of Units by a Unitholderwould represent, in substance, a partial return of capital,however, it would be subject to income taxes.

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

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

In certain circumstances, ordinary income dividendsreceived by an individual Unitholder from a RIC such asyour Portfolio may be taxed at the same federal ratesthat apply to net capital gain (as discussed above),provided certain holding period requirements aresatisfied and provided the dividends are attributable to

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

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

Rollovers and Exchanges. If you elect to haveyour proceeds from your Portfolio rolled over into 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, anyloss will be treated as a capital loss. However, any loss

realized on a sale or exchange will be disallowed to theextent that Units disposed of are replaced (includingthrough reinvestment of dividends) within a period of 61days beginning 30 days before and ending 30 daysafter disposition of Units or to the extent that theUnitholder, during such period, acquires or enters intoan option or contract to acquire, substantially identicalstock or securities. In such a case, the basis of theUnits acquired will be adjusted to reflect the disallowedloss. The deductibility of capital losses is subject toother limitations in the tax law.

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

Foreign Investors. If you are a foreign investor(i.e., an investor other than a U.S. citizen or resident ora U.S. corporation, partnership, estate or trust),generally, subject to applicable tax treaties, distributionsto you from your Portfolio will be characterized asdividends for federal income tax purposes (other thandividends that your Portfolio reports as capital gaindividends) and will be subject to U.S. income taxes,including withholding taxes, subject to certainexceptions described below. You may be eligible undercertain income tax treaties for a reduction in withholdingrates. However, distributions received by a foreigninvestor from your Portfolio that are properly reportedby the trust as capital gain dividends, interest-relateddividends paid by the Portfolio from its qualified netinterest income from U.S. sources and short-termcapital gain dividends, may not be subject to U.S.federal income taxes, including withholding taxes,

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provided that your Portfolio makes certain elections andcertain other conditions are met.

The Foreign Account Tax Compliance Act("FATCA"). A 30% withholding tax on your Portfolio'sdistributions generally applies if paid to a foreign entityunless: (i) if the foreign entity is a "foreign financialinstitution" as defined under FATCA, the foreign entityundertakes certain due diligence, reporting, withholding,and certification obligations, (ii) if the foreign entity is nota "foreign financial institution," it identifies certain of itsU.S. investors or (iii) the foreign entity is otherwiseexcepted under FATCA. If required under the rulesabove and subject to the appl icabi l i ty of anyintergovernmental agreements between the UnitedStates and the relevant foreign country, withholdingunder FATCA may apply. Under existing regulations,FATCA withholding on gross proceeds from the sale ofUnits and capital gain distributions from your Portfoliotook effect on January 1, 2019; however, recentlyproposed U.S. tax regulat ions el iminate FATCAwithholding on such types of payments. Taxpayersgeneral ly may rely on these proposed TreasuryRegulations until final Treasury Regulations are issued. Ifwithholding is required under FATCA on a paymentrelated to your Units, investors that otherwise would notbe subject to withholding (or that otherwise would beentitled to a reduced rate of withholding) on suchpayment generally will be required to seek a refund orcredit from the IRS to obtain the benefit of suchexemption or reduction. Your Portfolio will not pay anyadditional amounts in respect of amounts withheldunder FATCA. You should consult your tax advisorregarding the effect of FATCA based on your individualcircumstances.

Foreign Tax Credit. If your Portfolio invests in anyforeign securities, the tax statement that you receivemay include an item showing foreign taxes yourPortfolio paid to other countries. In this case, dividendstaxed to you will include your share of the taxes yourPortfolio paid to other countries. If more than 50% ofthe value of the Portfolio's total assets at the end of afiscal year is invested in foreign securities, the Portfoliomay elect to "pass-through" to the Unitholders theamount of foreign income tax paid by the Portfolio in

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

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

Investors should consult their advisors concerningthe federal, state, local and foreign tax consequences ofinvesting in 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 thenfrom the Capital Account. The deferred sales charge,creation and development fee and organization costsare generally paid out of the Capital Account of yourPortfolio. It is expected that Securities will be sold topay these amounts which will result in capital gains orlosses to Unitholders. See “Taxation”. These sales willreduce future income distributions. The Sponsor’s,Supervisor’s and Trustee’s fees may be increasedwithout approval of the Unitholders by amounts not

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exceeding proportionate increases under the category“Services Less Rent of Shelter” in the Consumer PriceIndex for All Urban Consumers or, if this category is notpublished, in a comparable category.

Organization Costs. You and the otherUnitholders will bear all or a portion of the organizationcosts and charges incurred in connection with theestablishment of your Portfolio. These costs andcharges will include the cost of the preparation, printingand execution of the trust agreement, registrationstatement and other documents relating to yourPortfolio, federal and state registration fees and costs,the initial fees and expenses of the Trustee, and legaland auditing expenses. The Public Offering Price ofUnits includes the estimated amount of these costs.The Trustee will deduct these expenses from yourPortfolio’s assets at the end of the initial offering period.

Creation and Development Fee. The Sponsorwill receive a fee from your Portfolio for creating anddeveloping the Portfolio, including determining thePortfolio’s objectives, policies, composition and size,selecting service providers and information services andfor providing other similar administrative and ministerialfunctions. The creation and development fee is acharge of $0.05 per Unit. The Trustee will deduct thisamount from your Portfolio’s assets as of the close ofthe initial offering period. No portion of this fee isapplied to the payment of distribution expenses or ascompensation for sales efforts. This fee will not bededucted from proceeds received upon a repurchase,redemption or exchange of Units before the close of theinitial public offering period.

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

Compensation of Sponsor and Supervisor.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 fol lowingadditional charges are or may be incurred by yourPortfolio: (a) normal expenses (including the cost ofmailing reports to Unitholders) incurred in connectionwith the operation of the Portfolio, (b) fees of theTrustee for extraordinary services, (c) expenses of theTrustee (including legal and auditing expenses) and ofcounsel designated by the Sponsor, (d) variousgovernmental charges, (e) expenses and costs of anyaction taken by the Trustee to protect the Portfolio andthe r ights 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 onits part, (g) foreign custodial and transaction fees(which may include compensation paid to the Trusteeor its subsidiaries or affiliates), (h) costs associated withliquidating the securities held in the Portfolio, (i) anyoffering costs incurred after the end of the initialoffer ing period and ( j ) expenditures incurred incontacting Unitholders upon termination of thePortfolio. Your Portfolio may pay the expenses ofupdating its registration statement each year.

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 beenaudited by Grant Thornton LLP, independent

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registered public accounting firm, as set forth in theirreport in this prospectus, and are included herein inreliance upon the authority of said firm as experts inaccounting and auditing.

ADDITIONAL INFORMATION

This prospectus does not contain all the informationset forth in the registration statements filed by yourPortfolio with the SEC under the Securities Act of 1933and the Investment Company Act of 1940 (file no.811-02754). The Information Supplement, which hasbeen filed with the SEC and is incorporated herein byreference, includes more detai led informationconcerning the Securities, investment risks and generalinformation about the Portfolio. Reports and otherinformation about your Portfolio are available on theEDGAR Database on the SEC’s Internet site athttp://www.sec.gov. Copies of this information may beobtained, after paying a duplication fee, by electronicrequest at the fol lowing e-mail address:[email protected] or by writing the SEC’s PublicReference Section, Washington, DC 20549-0102.

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TABLE OF CONTENTS

Title Page

Dividend Income & Value Portfolio...................... 2Notes to Portfolio............................................... 6Report of Independent Registered Public Accounting Firm............................................. 7Statement of Condition ..................................... 8The Portfolio ...................................................... A-1Objective and Securities Selection ..................... A-2Risk Factors ...................................................... A-2Public Offering ................................................... A-6Retirement Accounts ......................................... A-10Fee Accounts .................................................... A-10Rights of Unitholders ......................................... A-10Portfolio Administration...................................... A-14Taxation ............................................................. A-16Portfolio Operating Expenses............................. A-19Other Matters .................................................... A-20Additional Information ........................................ A-21

______________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 with respectto future Portfolio series and may be changed. No person maysell Units of future Portfolios until a registration statement isfiled with the Securities and Exchange Commission and iseffective. This prospectus is not an offer to sell Units and is notsoliciting an offer to buy Units in any state where the offer orsale is not permitted.

U-EMSPRO2003

PROSPECTUS

October 15, 2019

Dividend Income &Value Portfolio 2019-4

Please retain this prospectus for future reference.

INVESCO