Select 10 Industrial Portfolio 2020-2

The unit investment trust named above (the “Portfolio”), included in Invesco Unit Trusts, Series 2038, seeksabove-average total return by investing in a portfolio of stocks. Of course, we cannot guarantee that the Portfolio willachieve its objective.

March 6, 2020

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

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

Any contrary representation is a criminal offense.

INVESCO

Investment Objective. The Portfolio seeksabove-average total return.

Principal Investment Strategy. The Portfolioseeks above-average total return by investing in aportfolio of stocks. The Portfolio follows a simpleinvestment strategy: Buy the ten highest dividend-yielding stocks in the Dow Jones Industrial Averageand hold them for approximately one year. InvescoCapital Markets, Inc., the Sponsor, implemented thestrategy using information available as of the close ofbusiness on February 27, 2020. When the Portfolioterminates, you can elect to follow the strategy byredeeming your Units and reinvesting the proceeds in anew portfolio, if available.

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 achievemore consistent overall results by following thestrategy through reinvestment of your proceeds overseveral years if subsequent series are available.Repeatedly rol l ing over an investment in a unitinvestment trust may differ from long-term investmentsin other investment products when considering thesales charges, fees, expenses and tax consequencesattributable to a Unitholder. For more information see“Rights of Unitholders--Rollover”.

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.

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

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

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

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

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Select 10 Industrial Portfolio

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Fee Table

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

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

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

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

Estimated Organization Costs 0.199% $1.945 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.137% $1.340Supervisory, bookkeeping

and administrative fees 0.056 0.550 ______ ______

Total 0.193% $1.890* ______ ______ ______ ______

Example

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

1 year $ 223 3 years 687 5 years 1,177 10 years 2,519

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

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

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit March 6, 2020Mandatory Termination Date May 6, 2021Historical 12 Month Distributions1,2 $0.43685 per UnitRecord Dates2 10th day of each monthDistribution Dates2 25th day of each monthCUSIP Numbers Cash – 46146F229 Reinvest – 46146F237 Fee Based Cash – 46146F245 Fee Based Reinvest – 46146F252

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.”

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

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

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

Hypothetical Total Return Hypothetical Hypothetical Year Strategy Stocks The Dow 30SM Year Strategy Stocks The Dow 30SM ________________________________________________________________________________________________________________1990 (9.69)% (0.57)% 2006 28.14% 19.04%1991 32.96 23.93 2007 0.00 8.881992 5.72 7.35 2008 (40.79) (31.93)1993 24.80 16.74 2009 15.68 22.681994 2.03 4.95 2010 18.98 14.061995 34.49 36.49 2011 14.59 8.381996 25.91 28.57 2012 7.68 10.241997 19.43 24.75 2013 32.75 29.651998 8.43 18.13 2014 8.71 10.041999 1.44 27.20 2015 0.51 0.212000 3.54 (4.72) 2016 18.35 16.502001 (6.81) (5.44) 2017 21.55 28.112002 (10.83) (15.01) 2018 (2.10) (3.48)2003 26.60 28.29 2019 17.55 25.342004 2.29 5.31 Through 2/29/20 (17.53) (10.55)2005 (7.19) 1.72

See “Notes to Hypothetical Performance Table”.

Hypothetical Strategy Performance

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Notes to Hypothetical Performance Table

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

The table represents hypothetical past performance of the Portfolio strategy (not the Portfolio) and is not aguarantee or indication of future performance of the Portfolio. The hypothetical performance is the retroactiveapplication of the strategy designed with the full benefit of hindsight. Unitholders will not necessarily realize as higha total return as the hypothetical returns in the tables for several reasons including, among others: the total returnfigures in the tables do not reflect commissions paid by the Portfolio on the purchase of Securities or taxes incurredby Unitholders; Portfolio series are established at different times of the year; your Portfolio may not be able to investequally in the Securities according to the strategy weightings and may not be fully invested at all times; yourPortfolio may be subject to specific investment exclusions or restrictions; the Securities are often purchased or soldat prices different from the closing prices used in buying and selling Units; the stock prices on the strategy’simplementation date may be different from prices on the Initial Date of Deposit; extraordinary market events that arenot expected to be repeated and may have affected performance; and currency exchange rates will be different. Inaddition, both stock prices (which may appreciate or depreciate) and dividends (which may be increased, reducedor eliminated) will affect actual returns. There can be no assurance that your Portfolio will outperform its comparisonstock index over its life or future rollover periods, if available. The Sponsor uses data furnished by Bloomberg, L.P.,FactSet and Dow Jones Indexes, a CME Group company, to implement the strategy and to generate theinformation contained in the table. These data sources are applied in a consistent manner without the use ofdiscretion. The Sponsor has not independently verified the data obtained from these sources but has no reason tobelieve that this data is incorrect in any material respect.

The Dow Jones Industrial Average consists of 30 stocks representative of the U.S. stock market and includesdividends and distributions. The index is unmanaged, is not subject to fees and is not available for direct investment.

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Select 10 Industrial Portfolio 2020-2

Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Communication Services - 10.05% 260 Verizon Communications, Inc. $ 57.1600 $ 14,861.60 Consumer Staples - 10.16% 308 Walgreens Boots Alliance, Inc. 48.7800 15,024.24 Energy - 20.18% 154 Chevron Corporation 97.1900 14,967.26 297 Exxon Mobil Corporation 50.1100 14,882.67 Health Care - 9.97% 416 Pfizer, Inc. 35.4600 14,751.36 Industrials - 19.82% 97 3M Company 151.4100 14,686.77 120 Caterpillar, Inc. 121.9700 14,636.40 Information Technology - 19.79% 370 Cisco Systems, Inc. 39.5700 14,640.90 113 International Business Machines Corporation 129.5500 14,639.15 Materials - 10.03% 370 Dow, Inc. 40.1000 14,837.00___________ ____________ 2,505 $ 147,927.35___________ _______________________ ____________

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 of

credit has been deposited with the Trustee. Contracts to acquire Securities were entered into on March 5, 2020 andhave a settlement date of March 9, 2020 (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 ______________ _____________

$ 147,927 $ 0

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 2038:

Opinion on the Financial Statements

We have audited the accompanying statement of condition (including the related portfolio schedule) ofSelect 10 Industrial Portfolio 2020-2 (included in Invesco Unit Trusts, Series 2038 (the “Trust”)) as ofMarch 6, 2020, and the related notes (collectively referred to as the “financial statements”). In ouropinion, the financial statements present fairly, in all material respects, the financial position of the Trustas of March 6, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of Invesco Capital Markets, Inc., the Sponsor. Ourresponsibility is to express an opinion on the Trust’s financial statements based on our 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 March 6, 2020 by correspondence with The Bank ofNew York Mellon, Trustee. We believe that our audit provides a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

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

New York, New YorkMarch 6, 2020

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STATEMENT OF CONDITIONAs of March 6, 2020

INVESTMENT IN SECURITIESContracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147,927 ___________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147,927 ___________ ___________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 288 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,997 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,927Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . 3,025 ___________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,902 ___________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147,927 ___________ ___________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,793 ___________ ___________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.796 ___________ ___________

(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 two 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.

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THE PORTFOLIO

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

The Portfolio offers investors the opportunity topurchase Units representing proportionate interests in aportfolio of equity securities. The Portfolio may be anappropriate medium for investors who desire toparticipate in a portfolio of securities 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, theTrustee delivered to the Sponsor documentationevidencing the ownership of Units of the Portfolio.Unless otherwise terminated as provided in the TrustAgreement, the Portfol io wi l l terminate on theMandatory Termination Date and any remainingSecurities will be liquidated or distributed by the Trusteewithin a reasonable time. As used in this prospectus theterm “Securities” means the securities (includingcontracts to purchase these securities) listed in the“Portfolio” and any additional securities deposited intothe 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 amounts

which will maintain, as nearly as practicable, the samepercentage 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 and the 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

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“Portfolio” as may continue to be held from time to timein the Portfolio, (b) any additional Securities acquiredand held by the Portfolio pursuant to the provisions 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 above average total return. ThePortfolio seeks above-average total return by investingin a portfolio of stocks. There is no assurance that thePortfolio will achieve its objective.

The Portfolio seeks to achieve better performancethan the index. The investment strategy is designed tobe implemented on an annual basis. Investors whohold Units through Portfolio termination may haveinvestment results that differ significantly from a Unitinvestment that is reinvested into a new trust everytwelve months.

Except as described herein, the publisher of theindex has not participated in any way in the creation ofthe Portfolio or in the selection of stocks included in thePortfolio and has not approved any information hereinrelating thereto. The publisher of the index is notaffiliated with the Sponsor.

The Dow Jones Industrial AverageSM (“DJIA”) is aproduct of Dow Jones Indexes, a licensed trademarkof CME Group Index Services LLC (“CME”), and hasbeen licensed for use. “Dow Jones®”, “Dow JonesIndustr ial AverageSM”, “DJIASM” and “Dow JonesIndexes” are service marks of Dow Jones TrademarkHoldings, LLC (“Dow Jones”) and have been licensedfor use for certain purposes by the Sponsor. DowJones, CME and their respective affiliates have norelationship to the Sponsor, other than the licensing ofthe DJIA and their respective service marks for use inconnection with the Portfolio.

Dow Jones, CME and their respectiveaffiliates do not:

■ Sponsor, endorse, sell or promote thePortfolio.

■ Recommend that any person invest in thePortfolio.

■ Have any responsibility or liability for ormake any decisions about the t iming,amount or pricing of Portfolio.

■ Have any responsibility or liability for theadministration, management or marketing ofthe Portfolio.

■ Consider the needs of the Portfolio or theowners of the Portfolio in determining,composing or calculating the DJIA or haveany obligation to do so.

Notwithstanding the foregoing, CME Group Inc. andits affiliates may independently issue and/or sponsorfinancial products unrelated to the Portfolio currentlybeing issued by the Sponsor, but which may be similarto and competitive with the Portfolio. In addition, CMEGroup Inc. and its affiliates actively trade financialproducts which are linked to the performance of theDJIA. It is possible that this trading activity will affect thevalue of the DJIA and the Portfolio.

Dow Jones, CME and their respectiveaffil iates will not have any liability inconnection with the Portfolio. Specifically:

• Dow Jones, CME and their respectiveaffiliates do not make any warranty,express or implied, and Dow Jones,CME and their respective affiliatesdisclaim any warranty about:

— The results to be obtained by thePortfolio, the owners of the Portfolioor any other person in connectionwith the use of the DJIA and the dataincluded in the DJIA;

— The accuracy or completeness of theDJIA or its data;

— The merchantability and the fitnessfor a particular purpose or use of theDJIA or its data;

• Dow Jones, CME and/or theirrespective affiliates will have no

liability for any errors, omissions orinterruptions in the DJIA or its data;

• Under no circumstances will DowJones, CME and/or their respectiveaffiliates be liable for any lost profitsor indirect, punitive, special orconsequential damages or losses,even if they know that they mightoccur.

The licensing relating to the use of theindexes and trademarks referred to above bythe Sponsor is solely for the benefit of theSponsor, and not for any other third parties.

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

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 securityof 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. In addition, because your Portfolio holdsa relatively small number of stocks, you may encountermore price volatility than would occur in an investmentdiversified among a greater number of stocks.

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”.

Strategy Correlation. Your Portfolio involves ther isk that i ts performance wi l l not suff ic ient lycorrespond with the hypothetical performance of yourPortfolio’s investment strategy. This can happen forreasons such as:

• the impracticability of owning each of thestrategy stocks with the exact weightings ata given time,

• strategy performance is based on acalendar year strategy while the portfoliosare created at various times during the yearand have 14 month terms,

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

• fees and expenses of the Portfolio.

Industry Risks. Your Portfol io may investsignificantly in certain industries. Any negative impacton the related industry will have a greater impact on the

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value of Units than on a portfolio diversified over severalindustries. You should understand the risks of theseindustries before you invest.

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

Energy Issuers. Your Portfolio invests significantly inthe energy sector. Energy companies are subject tolegislative or regulatory changes, adverse marketconditions and/or increased competition affecting theenergy sector. The prices of the securities of energycompanies may fluctuate widely due to changes invalue and dividend yield, which depend largely on theprice and supply of energy fuels, international politicalevents relating to oil producing countries includingterrorist attacks, energy efficiency and conservation,natural disasters, the success of exploration projects,and tax and other governmental regulatory policies.

Energy companies depend on their ability to find andacquire additional energy reserves. The exploration andrecovery process involves significant operating hazardsand can be very costly. An energy company has noassurance that it will find reserves or that any reservesfound will be economically recoverable. The industryalso faces substantial government regulation, includingenvironmental regulation regarding air emissions anddisposal of hazardous materials. These regulations haveincreased costs and limited production and usage ofcertain fuels. Furthermore, certain companies involvedin the industry have also faced scrutiny for alleged

accounting irregularities that may have led to theoverstatement of their financial results, and othercompanies in the industry may face similar scrutiny.

In addition, energy companies face risks related topolitical conditions in oil producing regions (such as theMiddle East), the actions of the Organization ofPetroleum Exporting Countries (OPEC), the price andworldwide supply of oil and natural gas, the price andavailability of alternative fuels, operating hazards,government regulation and the level of consumerdemand. Political conditions of some oil producingregions have been unstable in the past. Politicalinstability or war in these regions could have a negativeimpact on your investment. Oil and natural gas pricescan be extremely volat i le due to, for example,decreased demand as a result of increases in energyefficiency, success of exploration projects and clean-upand l i t igation costs due to oi l spi l ls or otherenvironmental damage. OPEC controls a substantialportion of world oil production. OPEC may take actionsto increase or suppress the price or availability of oil.Various domestic and foreign government authoritiesand international cartels also impact these prices. Anysubstantial decline in these prices could have anadverse effect on energy companies. Also, a decline inU.S. and Russian crude oil production may lead to agreater dependence on oil from OPEC nations.

Friction with certain oil producing countries andbetween the governments of the United States andother major exporters of oil to the United States, canaffect oil exports. Likewise, civil unrest in foreign, oilproducing countries may also affect oil exports or theprice of oil.

Industrials Issuers. Your Portfolio invests significantlyin industrials companies. General risks of industrialscompanies include the general state of the economy,intense competition, imposition of import controls,volatility in commodity prices, currency exchange ratefluctuation, consolidation, labor relations, domestic andinternational politics, excess capacity and consumerspending trends. Companies in the industrials sectormay be adversely affected by liability for environmentaldamage and product liability claims. Capital goodscompanies may also be significantly affected by overall

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capital spending and leverage levels, economic cycles,technical obsolescence, delays in modernization,limitations on supply of key materials, depletion ofresources, government regulations, governmentcontracts and e-commerce initiatives.

Industrials companies may also be affected byfactors more specific to their individual industries.Industrial machinery manufacturers may be subject todeclines in commercial and consumer demand and theneed for modernization. Aerospace and defensecompanies may be influenced by decreased demandfor new equipment, aircraft order cancellations,disputes over or ability to obtain or retain governmentcontracts, changes in government budget priorities,changes in aircraft-leasing contracts and cutbacks inprofitable business travel. The number of housingstarts, levels of public and non-residential constructionincluding weakening demand for new office and retailspace, and overal l construction spending mayadversely affect construction materials and equipmentmanufacturers. Stocks of transportation companies arecyclical and can be significantly affected by economicchanges, fuel prices and insurance costs.Transportation companies in certain countries may alsobe subject to significant government regulation andoversight, which may negatively impact theirbusinesses.

Information Technology Issuers. Your Portfolio investssignificantly in the information technology sector. Thesecompanies include companies that are involved incomputer and business services, enterprisesoftware/technical software, Internet and computersoftware, Internet-related services, networking andtelecommunications equipment, telecommunicationsservices, electronics products, server hardware,computer hardware and peripherals, semiconductorcapital equipment and semiconductors. Thesecompanies face risks related to rapidly changingtechnology, rapid product obsolescence, cyclicalmarket patterns, evolving industry standards andfrequent new product introductions.

Companies in this sector face risks from rapidchanges in technology, competition, dependence oncertain suppliers and supplies, rapid obsolescence of

products or services, patent termination, frequent newproducts and government regulation. These companiescan also be adversely affected by interruption orreduction in supply of components or loss of keycustomers and failure to comply with certain industrystandards.

An unexpected change in technology can have asignificant negative impact on a company. The failure ofa company to introduce new products or technologiesor keep pace with rapidly changing technology canhave a negative impact on the company's results.Information technology companies may also be smallerand/or less experienced companies with limited productlines, markets or resources. Stocks of some Internetcompanies have high price-to-earnings ratios with littleor no earnings histories. Information technology stockstend to experience substantial price volatility andspeculative trading. Announcements about newproducts, technologies, operating results or marketingal l iances can cause stock prices to f luctuatedramatically. At times, however, extreme price andvolume fluctuations are unrelated to the operatingperformance of a company. This can impact your abilityto redeem your Units at a price equal to or greater thanwhat you paid.

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 your 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 the valueof a security will fall if trading in the security is limited orabsent. The market for certain investments may becomeless liquid or illiquid due to adverse changes in theconditions of a particular issuer or due to adversemarket or economic conditions. In the absence of aliquid trading market for a particular security, the price atwhich such security may be sold to meet redemptions,

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as well as the value of the Units of your Portfolio, may beadversely affected. No one can guarantee that a liquidtrading market will exist for any security.

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

PUBLIC OFFERING

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

The initial sales charge is the difference between thetotal sales charge amount (maximum of 1.85% of thePublic Offering Price per Unit) and the sum of theremaining fixed dollar deferred sales charge and thefixed dollar creation and development fee (initially $0.185per 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 $0.135 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 exceed1.85% of the Public Offering Price per Unit.

The “Fee Table” shows the sales charge calculationat a $10 Public Offering Price per Unit. At a $10 PublicOffering Price, there is no initial sales charge during theinitial offering period. If the Public Offering Priceexceeds $10 per Unit, you will pay an initial salescharge equal to the difference between the total salescharge and the sum of the remaining deferred salescharge and the creation and development fee. Forexample, if the Public Offering Price per Unit rose to$14, the maximum sales charge would be $0.259(1.85% of the Public Offering Price per Unit), consistingof an initial sales charge of $0.074, a deferred salescharge of $0.135 and the creation and developmentfee of $0.050. Since the deferred sales charge andcreation and development fee are fixed dollar amountsper Unit, your Portfolio must charge these amounts perUnit regardless of any decrease in net asset value.However, if the Public Offering Price per Unit falls to theextent that the maximum sales charge percentageresults in a dol lar amount that is less than thecombined fixed dollar amounts of the deferred salescharge and creation and development fee, your initialsales charge will be a credit equal to the amount bywhich these fixed dollar charges exceed your salescharge at the time you buy Units. In such a situation,the value of securities per Unit would exceed the PublicOffering Price per Unit by the amount of the initial salescharge credit and the value of those securities willfluctuate, which could result in a benefit or detriment to

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Unitholders that purchase Units at that price. The initialsales charge credit is paid by the Sponsor and is notpaid by the Portfolio. If the Public Offering Price perUnit fell to $6, the maximum sales charge would be$0.111 (1.85% of the Public Offering Price per Unit),which consists of an initial sales charge (credit) of -$0.074, a deferred sales charge of $0.135 and acreation and development fee of $0.050.

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

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

Reducing Your Sales Charge. The Sponsoroffers ways for you to reduce the sales charge that youpay. It is your financial professional’s responsibility toalert the Sponsor of any discount when you purchaseUnits. Before you purchase Units you must also informyour financial professional of your qualification for anydiscount to be eligible for a reduced sales charge. 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

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

Employees. Employees, officers and directors(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

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

The value of portfolio securities is based on thesecurities’ market price when available. When a marketprice is not readily available, including circumstancesunder which the Trustee determines that a security’smarket price is not accurate, a portfolio security isvalued at its fair value, as determined under proceduresestablished by the Trustee or an independent pricingservice used by the Trustee. In these cases, thePortfolio’s net asset value will reflect certain portfoliosecurities’ fair value rather than their market price. Withrespect to securities that are primarily listed on foreignexchanges, the value of the portfolio securities maychange on days when you will not be able to purchase

or sell Units. The value of any foreign securities is basedon the applicable currency exchange rate as of theEvaluation Time. The Sponsor wil l provide pricedissemination and oversight services to the Portfolio.

During the initial offering period, part of the PublicOffering Price represents an amount that will pay thecosts incurred in establishing your Portfolio. Thesecosts include the costs of preparing documents relatingto the 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 the 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 1.25% 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 additional

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compensation based on total initial offering period salesof all eligible Invesco unit investment trusts during theprevious consecutive 12-month period through the endof the most recent month. The Volume Concession, asapplicable to equity and fixed income trust units, is setforth in the following table:

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

$25 but less than $100 0.035% 0.035%$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. Wereserve the right to change the amount of theconcessions or agency commissions from time to time.For a trust to be eligible for this additional compensation,the trust’s prospectus must include disclosure related tothis 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 any

additional 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 reservesthe 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 the 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,” any salescharge discount provided to investors will be borne bythe selling dealer or agent. In addition, the Sponsor willrealize a profit or loss as a result of the differencebetween the price paid for the Securities by theSponsor and the cost of the Securities to the Portfolioon the Initial Date of Deposit as well as on subsequentdeposits. See “Notes to Portfolio”. The Sponsor has notparticipated as sole underwriter or as manager or as amember of the underwriting syndicates or as an agentin a private placement for any of the Securities. TheSponsor may realize profit or loss as a result of thepossible fluctuations in the market value of Units heldby the Sponsor for sale to the public. In maintaining asecondary market, the Sponsor will realize profits orlosses in the amount of any difference between the

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price at which Units are purchased and the price atwhich Units are resold (which price includes theapplicable sales charge) or from a redemption ofrepurchased Units at a price above or below thepurchase price. Cash, if any, made available to theSponsor prior to the date of settlement for the purchaseof Units may be used in the Sponsor’s business andmay be deemed to be a benefit to the Sponsor, subjectto the limitations of the Securities Exchange Act of1934, as amended (“1934 Act”).

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

Market for Units. Although it is not obligated to doso, the Sponsor may maintain a market for Units and topurchase Units at the secondary market repurchaseprice (which is described under “Right of Unitholders--Redemption of Units”). The Sponsor may discontinuepurchases of Units or discontinue purchases at thisprice at any time. In the event that a secondary marketis not maintained, a Unitholder will be able to dispose ofUnits by tendering them to the Trustee for 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, andqualified corporate pension and profit sharing plans foremployees. The minimum purchase for these accountsis reduced to 25 Units but may vary by selling firm. Thepurchase of Units may be l imited by the plans’provisions and does not itself establish such plans.

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 reinvestment

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of distributions in additional Units, if available. See“Rights of Unitholders--Reinvestment Option.”

RIGHTS OF UNITHOLDERS

Distributions. The Trustee will generally distributethe cash held in the Income and Capital Accounts ofyour Portfolio, net of expenses, on each DistributionDate to Unitholders of record on the preceding RecordDate, provided that the total cash held for distributionequals at least 0.1% of your Portfolio’s net asset value.These dates appear under “Essential Information”.Distributions made by the securities in your Portfolioinclude ordinary income, but may also include sourcesother than ordinary income such as returns of capital,loan proceeds, short-term capital gains and long-termcapital gains (see “Taxation--Distributions”). Unitholderswill also receive a final distribution of income when thePortfolio terminates. A person becomes a Unitholder ofrecord on the date of sett lement (general ly twobusiness days after Units are ordered, or any shorterperiod as may be required by the applicable rulesunder the 1934 Act). Unitholders may elect to receivedistributions in cash or to have distributions reinvestedinto additional Units. See “Rights of Unitholders--Reinvestment Option”.

Dividends and interest received by the Portfolio arecredited to the Income Account of the Portfolio. Otherreceipts (e.g., capital gains, proceeds from the sale ofSecurities, etc.) are credited to the Capital Account.Proceeds received on the sale of any Securities, to theextent not used to meet redemptions of Units or paydeferred sales charges, fees or expenses, will bedistributed to Unitholders. Proceeds received from thedisposition of any Securities after a Record Date andprior to the following Distribution Date will be held 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 are

based 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 effectsof fees and expenses which will be incurred wheninvesting in your Portfolio. While both figures arecalculated using a Public Offering Price of $10 per Unit,any presented Estimated Initial Distribution per Unit willreflect an estimate of the per Unit distributions you mayreceive on the first Distribution Date based upon eachissuer’s preceding 12 month distributions. Dividendpayments are not assured and therefore the amount offuture dividend income to your Portfolio is uncertain.The actual net annual distributions may decrease overtime because a portion of the securities included inyour Portfolio will be sold to pay for the organizationcosts, deferred sales charge and creat ion anddevelopment fee. Securities may also be sold to payregular fees and expenses during your Portfolio’s life.The actual net annual income distributions you receivewill vary from the Historical 12 Month Distributionsamount due to changes in dividends and distributionamounts paid by issuers, currency fluctuations, thesale of securities to pay any deferred sales charge,Portfolio fees and expenses, and with changes in yourPortfolio such as the acquisition, call, maturity or saleof securities. Due to these and various other factors,actual income received by your Portfolio will most likelydiffer from the most recent dividends or scheduledincome 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 with

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any other documentation that the Trustee may thenrequire, at least five days prior to the related RecordDate. A Unitholder’s election will apply to all Unitsowned by the Unitholder and will remain in effect untilchanged by the Unitholder. The reinvestment option isnot offered during the 30 calendar days prior totermination. If Units are unavailable for reinvestment orthis reinvestment option is no longer avai lable,distributions will be paid in cash. Distributions will betaxable to Unitholders if paid in cash or automaticallyreinvested in additional Units. See “Taxation”.

A participant may elect to terminate his or herreinvestment plan and receive future distributions 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 be

the 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 nextdetermined 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 of thePortfolio (or such higher amount as may be required byyour broker-dealer or selling agent) for redemption mayrequest an in kind distribution of Securities equal to theRedemption Price per Unit on the date of tender.Unitholders may not request an in kind distributionduring the initial offering period or within 30 calendardays of the Portfolio’s termination. The Portfolio generallywill not offer in kind distributions of portfolio securitiesthat are held in foreign markets. An in kind distributionwill be made by the Trustee through the distribution ofeach of the Securities in book-entry form to the accountof the Unitholder’s broker-dealer at DTC. Amountsrepresenting fractional shares will be distributed in cash.The Trustee may adjust the number of shares of anySecurity included in a Unitholder’s in kind distribution tofacilitate the distribution of whole shares. The in kinddistribution option may be modified or discontinued atany time without notice. Notwithstanding the foregoing,if the Unitholder 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 to

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the 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.

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 are not reduced bythe estimated organization costs or the creation anddevelopment fee. For these purposes, the Trustee willdetermine the value of the Securities as describedunder “Public Offering--Unit Price”.

The right of redemption may be suspended andpayment postponed for any period during which theNew York Stock Exchange is closed, other than forcustomary weekend and holiday closings, or any periodduring which the Securities and Exchange Commission(“SEC”) determines that trading on that Exchange is

restricted 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 shouldcontact your financial professional for more informationabout trusts currently available for exchanges. Beforeyou exchange Units, you should read the prospectus ofthe new trust carefully and understand the risks andfees. You should then discuss this option with yourfinancial professional to determine whether yourinvestment goals have changed, whether current trustssuit you and to discuss tax consequences. 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 Rollover

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will 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 the Portfolio procedures. We may, in oursole discretion, modify a Rollover or stop creating unitsof a trust at any time regardless of whether all proceedsof 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 in book-entryform only and will not be evidenced by certificates. Unitspurchased or held through your bank or broker-dealerwill be recorded in book-entry form and credited to theaccount of your bank or broker-dealer at DTC. Units aretransferable by contacting your bank or broker-dealerthrough which you hold your Units. Transfer, and therequirements therefore, wil l be governed by theapplicable procedures of DTC and your agreement withthe DTC participant in whose name your Units areregistered on the transfer records of DTC.

Reports Provided. Unitholders will receive astatement of dividends and other amounts received byyour 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 toprotect the Portfol io based on advice from theSupervisor. These situations may include events suchas the issuer having defaulted on payment of any of itsoutstanding obligations or the price of a Security hasdeclined to such an extent or other credit factors existso that in the opinion of the Supervisor retention of theSecurity would be detrimental to the Portfolio. If a publictender offer has been made for a Security or a mergeror acquisition has been announced affecting a Security,the Trustee may either sell the Security or accept anoffer for cash if the Supervisor determines that the saleor exchange 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. The Trustee must reject any offer for securitiesor property other than cash in exchange for theSecurities. 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.

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

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which may be affiliated with the Portfolio, the Sponsoror dealers participating in the offering of Units.

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

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

Termination. The Portfolio will terminate on theMandatory Termination Date specified under “EssentialInformation” or upon the sale or other disposition of thelast Security held in the Portfolio. The Portfolio may 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, theSponsor will refund to each purchaser of Units theentire sales charge paid by such purchaser. TheTrustee may begin to sell Securities in connection withthe Portfolio termination nine business days before,and no 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 theTrustee may be required to pay under any present orfuture law of the United States of America or of anyother taxing authority having jurisdiction. In addition, theTrust Agreement contains other customary provisionslimiting the liability of the Trustee. The Sponsor and

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Supervisor 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 December 31, 2019, the totalstockholders’ equity of Invesco Capital Markets, Inc. was$90,478,021.07 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $1,226.2 billion asof December 31, 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 aretaken over by public authorities, then the Trustee may( i ) appoint a successor Sponsor at rates ofcompensat ion deemed by the Trustee to bereasonable and not exceeding amounts prescribed bythe SEC, (i i ) terminate the Trust Agreement andl iqu idate the Port fo l io as prov ided there in or(iii) continue to act as Trustee without terminating theTrust 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 2

Hanson 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 office or yourfinancial advisor. 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 ofyour Portfolio, which is structured as a grantor trust forfederal tax purposes. Tax laws and interpretations aresubject to change, possibly with retroactive effect. Thissummary does not describe all of the tax consequencesto all taxpayers. For example, this summary generallydoes not describe your situation i f you are acorporation, a non-U.S. person, a broker/dealer, a tax-exempt entity, financial institution, person who marks tomarket their Units or other investor with specialcircumstances. In addition, this section does notdescribe the 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 (the “IRS”) could disagree with anyconclusions set forth in this section. In addition, ourcounsel was not asked to review the tax treatment ofthe assets to be deposited in your Portfolio.

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

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

Portfolio Status. If your Portfolio is at all timesoperated in accordance with the documentsestablishing your Portfolio and certain requirements offederal income tax law are met, your Portfolio will not betaxed as a corporation for federal income tax purposes.As a Unit owner, you will be treated as the owner of apro rata portion of each of the Portfolio Assets, and assuch you will be considered to have received a pro ratashare of income (e.g., dividends and capital gains), ifany from each Portfolio Asset when such income wouldbe considered to be received by you if you directlyowned the Portfolio Assets. This tax treatment applieseven if you elect to have your distributions reinvestedinto additional Units. In addition, the income fromPortfolio Assets that you must take into account forfederal income tax purposes is not reduced by amountsused to pay sales charges or Portfolio expenses.

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

Net capital gain equals net long-term capital gainminus net short-term capital loss for the taxable year.

Capital gain or loss is long-term if the holding periodfor the asset is more than one year and is short-term ifthe holding period for the asset is one year or less.You must exclude the date you purchase your Units todetermine your holding period. The tax rates forcapital gains realized from assets held for one year orless are generally the same as for ordinary income.The deductibi l i ty of capital losses is subject tolimitations under the Internal Revenue Code of 1986,as amended (the “Code”), including general ly amaximum deduction against ordinary income of$3,000 per year. Income from the Portfolio and gainson 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.

Dividends from Stocks. Certain dividendsreceived by non-corporate Unitholders with respect tothe stocks in the Portfolio may qualify to be taxed atthe same federal rates that apply to net capital gain,provided certain holding period requirements aresatisfied. These are generally referred to as qualifieddividends.

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

Cash Distributions, Rollovers and Exchanges.If you receive cash when you redeem your Units or atyour Portfolio’s termination or if you elect to direct thatthe cash proceeds you are deemed to receive whenyou redeem your Units or at your Portfolio’s terminationbe rolled into a future trust, it is considered a sale forfederal income tax purposes, and any gain on the salewill be treated as a capital gain, and, in general, anyloss will be treated as a capital loss. However, any lossyou incur in connection with the receipt or deemedreceipt of cash, or in connection with the exchange of

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your Units of the Portfolio for units of another trust(deemed sale and subsequent deemed repurchase), willgenerally be disallowed to the extent you acquire unitsof a subsequent trust and such subsequent trust hassubstantially identical assets under the wash saleprovisions of the Code. The deductibility of capitallosses is subject to other limitations in the tax law.

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

Limitations on the Deductibility of PortfolioExpenses. General ly, for federal income taxpurposes, you must take into account your full pro ratashare of your Portfolio’s income, even if some of thatincome is used to pay Portfol io expenses. Thedeductibility of expenses that are characterized asmiscellaneous itemized deductions, which includeinvestment expenses, is suspended for tax yearsbeginning 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 or aU.S. corporation, partnership, estate or trust),distributions of dividends and interest from yourPortfolio generally are subject to U.S. federal incometaxes, including withholding taxes, unless certainconditions for exemption from U.S. taxation are met.Gains from the sale or redemption of your Units may notbe subject to U.S. federal income taxes if you are nototherwise subject to net income taxation in the UnitedStates. In the case of Units held by nonresident alienindividuals, foreign corporations or other non-U.S.persons, distributions by your Portfolio that are treatedas U.S. source income (e.g., dividends received on

stocks of domestic corporations) will generally besubject to U.S. income taxation and withholding,subject to any applicable treaty. You should consult yourtax advisor with respect to the conditions you mustmeet in order to be exempt from U.S. taxation. Youshould also consult your tax advisor with respect toother U.S. tax withholding and reporting requirements.

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 di l igence, report ing,withholding, and certification obligations, (ii) if theforeign entity is not a “foreign financial institution,” itidentifies certain of its U.S. investors or (iii) the foreignentity is otherwise excepted under FATCA. If requiredunder the rules above and subject to the applicability ofany intergovernmental 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.If withholding is required under FATCA on a paymentrelated to your Units, investors that otherwise wouldnot be subject to withholding (or that otherwise wouldbe entitled 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. We will not pay any additionalamounts in respect of amounts withheld under FATCA.You should consult your tax advisor regarding the effectof FATCA based on your individual circumstances.

Foreign Taxes. Some distributions or incomeearned by your Portfolio may be subject to foreignwithholding taxes. Any income withheld will still betreated as income to you. Under the grantor trust rules,you are considered to have paid directly your share ofany foreign taxes that are paid. Therefore, for U.S. tax

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purposes, you may be entitled to a foreign tax credit ordeduction for those foreign taxes.

Backup Withholding. By law, your Portfolio mustwithhold as backup withholding a percentage (formerly24%) of your taxable distributions and redemptionproceeds if you do not provide your correct socialsecurity or taxpayer identification number and certifythat you are not subject to backup withholding, or if theIRS instructs your Portfolio to do so.

New York Tax Status. Under the existing incometax laws of the State and City of New York, yourPortfolio will not be taxed as a corporation subject tothe New York State franchise tax and the New York Citybusiness corporation tax. You should consult your taxadvisor regarding potential federal, foreign, state or localtaxation with respect to your Units based on your individual circumstances.

PORTFOLIO OPERATING EXPENSES

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

Portfolio, 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 a chargeof $0.05 per Unit. The Trustee will deduct this amountfrom your Portfolio’s assets as of the close of the initialoffering period. No portion of this fee is applied to thepayment of distribution expenses or as compensationfor sales efforts. This fee will not be deducted fromproceeds received upon a repurchase, redemption orexchange of Units before the close of the initial publicoffering 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-interest bearingto Unitholders and the amounts earned by the Trusteeare 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 fee for providingbookkeeping and administrative services and portfoliosupervisory services set forth in the “Fee Table”. Thesefees may exceed the actual costs of providing theseservices to your Portfolio but at no time will the totalamount received for these services rendered to allInvesco unit investment trusts in any calendar yearexceed the aggregate cost of providing these servicesin that year.

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Miscellaneous Expenses. The following additionalcharges are or may be incurred by your Portfolio: (a) normal expenses (including the cost of mailing reportsto Unitholders) incurred in connection with the operationof the Portfolio, (b) fees of the Trustee for extraordinaryservices, (c) expenses of the Trustee (including legal andauditing expenses) and of counsel designated by theSponsor, (d) various governmental charges, (e) expensesand costs of any action taken by the Trustee to protectthe Portfolio and the rights and interests of Unitholders, (f) indemnification of the Trustee for any loss, liability orexpenses incurred in the administration of the Portfoliowithout negligence, bad faith or wilful misconduct on itspart, (g) foreign custodial and transaction fees (which mayinclude compensation paid to the Trustee or its affiliates),(h) costs associated with liquidating the securities held inthe Portfolio, (i) any offering costs incurred after the end ofthe initial offering period and (j) expenditures incurred incontacting Unitholders upon termination of the Portfolio.The Portfolio may pay the expenses of updating itsregistration statement each year. The Portfolio pays alicense fee to CME for use of certain service marks andother property.

OTHER MATTERS

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

Independent Registered Public AccountingFirm. The statement of condition and the related portfolioincluded in this prospectus have been audited by GrantThornton LLP, independent registered public accountingfirm, as set forth in their report in this prospectus, and areincluded herein in reliance upon the authority of said firmas experts in accounting 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 (f i le no. 811-02754). The Information Supplement, which

has been filed with the SEC and is incorporated hereinby reference, includes more detailed 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:publicinfo@sec.gov or by writing the SEC’s PublicReference Section, Washington, DC 20549-0102.

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TABLE OF CONTENTS

Title Page

Select 10 Industrial Portfolio .............................. 2Notes to Hypothetical Performance Table .......... 5Notes to Portfolio............................................... 7Report of Independent Registered

Public Accounting Firm .................................. 8Statement of Condition ..................................... 9The Portfolio ...................................................... A-1Objective and Securities Selection ..................... A-2Risk Factors ...................................................... A-3Public Offering ................................................... A-6Retirement Accounts ......................................... A-10Fee Accounts .................................................... A-10Rights of Unitholders ......................................... A-11Portfolio Administration...................................... A-14Taxation ............................................................. A-16Portfolio Operating Expenses............................. A-19Other Matters .................................................... A-20Additional Information ........................................ A-20

______________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-EMSPRO2038

PROSPECTUS

March 6, 2020

Select 10 Industrial Portfolio 2020-2

Please retain this prospectus for future reference.

INVESCO