High Income Allocation Portfolio 2020-2 Preferred …lose money by investing in this Portfolio. The...

INVESCO UNIT TRUSTS, SERIES 2054High Income Allocation Portfolio 2020-2

Supplement to the Prospectus

As of June 15, 2020, TPG Specialty Lending, Inc. (ticker: TSLX) has changed its name to Sixth Street Specialty Lending, Inc.(ticker: TSLX). As a result, effective immediately, all references to TPG Specialty Lending, Inc. in the Portfolio’s prospectus arereplaced with Sixth Street Specialty Lending, Inc.

Supplement Dated: June 15, 2020 U-EMSSPT2054

High Income Allocation Portfolio 2020-2

Preferred Opportunity Portfolio 2020-2

Multi-Asset High Income Portfolio 2020-2

Each unit investment trust named above (the “Portfolios”), included in Invesco Unit Trusts, Series 2054, invests ina portfolio of securities. Of course, we cannot guarantee that a Portfolio will achieve its objective.

With respect to the High Income Allocation Portfolio and the Multi-Asset High Income Portfolio an investmentcan be made in the underlying funds directly rather than through the Portfolios. These direct investments can bemade without paying either Portfolio’s sales charge, operating expenses and organization costs.

May 20, 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 seeks toprovide current income and the potential for capitalappreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in an income-oriented portfolio consisting of common stocks, closed-end funds and preferred securities. Invesco CapitalMarkets, Inc., the Sponsor, has defined two specificsegments of the market to be represented in thePortfolio: “High Income/Low Volatility” and “HighIncome/High Volatility”. In determining the asset classesand sectors to correspond with each segment, theSponsor conducted research on both near-term andlonger-term yields, performance and volatility, includingspecific asset class and security traits that are typicallyassociated with higher or lower price volatility comparedto the broader market. High Income/Low Volatility assetclasses, sectors and industries include util it ies,telecommunication services, consumer staples, healthcare and large cap dividend paying stocks. HighIncome/High Volatility asset classes and sectors includebusiness development companies (“BDCs”), real estateinvestment trusts (“REITs”), mortgage REITs, masterlimited partnerships (“MLPs”) and preferred securities.The Sponsor seeks to divide the Portfolio’s exposurebetween high and low volatility asset classes through abalanced allocation to each of the five asset classeswithin their volatility segment.

Within the High Income/High Volatility segment,exposure to BDCs is captured through the investmentin closed-end funds. The REITs were selected basedon factors including property sector, regional marketsexposure, capital markets access and real estatefundamentals. The mortgage REITs were selectedbased on valuation, yield sustainability, and overallvolatility and risk levels. The MLPs were selected basedon factors including cash-flow analysis, distributionsustainability and growth, as well as overall volatilityand risk profile. In selecting the preferred securities forthe Portfolio, the Sponsor considered factors such ascurrent yield, credit ratings and industry and companytrends and fundamentals. The stocks within the High

Income/Low Volatility segment were selected based onfactors such as dividend yield, dividend growth, marketcapitalization, volatility and earnings growth andoutlook relative to the sector.

In selecting the closed-end funds for the Portfolio, theSponsor sought to invest in funds representative of assetclasses with generally attractive income opportunities. Inaddition, the Sponsor assembled the final portfoliobased on the consideration of factors including, but notlimited to, manager performance, valuation, currentdividend level and sustainability, diversification, creditquality and liquidity.

Approximately 8% of the Portfolio consists of fundsthat are classified as “non-diversified” under theInvestment Company Act of 1940. These funds have theability to invest a greater portion of their assets inobligations of a single issuer. As a result, these fundsmay be more susceptible to volatility than a more widelydiversified fund.

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

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

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

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High Income Allocation Portfolio

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

• A security issuer may be unable to issuedistributions, or to make payments ofinterest, dividends or principal in thefuture. This may reduce the level of incomecertain of the Portfolio’s securities pay whichwould reduce your income and may cause thevalue of your Units to fall.

• The financial condition of a securityissuer may worsen or its credit ratingsmay drop, resulting in a reduction in thevalue of your Units. This may occur at anypoint in time, including during the initial offeringperiod.

• 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 profits andlosses.

• The Portfolio invests significantly instocks of large cap companies. Large capcompanies are more mature and may growmore slowly than the economy as a whole andtend to go in and out of favor based on marketand economic conditions.

• The Portfolio invests in preferredsecurities. Preferred securities are typicallysubordinated to bonds and other debtinstruments in a company’s capital structure interms of priority to corporate income andtherefore are subject to greater risk than thosedebt instruments. Preferred securities aresubject to interest rate risk, meaning that theirvalues may fall if interest rates, in general, rise.In a low interest rate environment r isksassociated with rising rates are heightened. Thenegative impact on fixed income securities fromany interest rate increases could be swift and

signif icant. In addit ion to the other r isksdescribed herein, income payments on certainpreferred securities may be deferred, whichmay reduce the amount of income you receiveon your Units.

• The Portfolio invests in MLPs. Most MLPsoperate in the energy sector and are subject tothe risks generally applicable to companies inthat sector, including commodity pricing risk,supply and demand risk, depletion risk andexploration risk. MLPs are also subject to therisk that regulatory or legislative changes couldlimit or eliminate the tax benefits enjoyed byMLPs which could have a negative impact onthe after-tax income available for distribution bythe MLPs and/or the value of the Portfolio’sinvestments.

• The Portfolio invests in shares ofclosed-end funds. You should understandthe section titled “Closed-End Funds” beforeyou invest. In particular, shares of closed-endfunds tend to trade at a discount from their netasset value and are subject to risks related tofactors such as management’s ability to achievea fund’s objective, market conditions affecting afund’s investments and use of leverage. Theunderlying funds have management andoperating expenses. You will bear not only yourshare of the Portfolio’s expenses, but also theexpenses of the underlying funds. By investingin other funds, the Portfolio incurs greaterexpenses than you would incur if you investeddirectly in the funds.

• Certain securities in the Portfolio, aswell as certain of the securities held bythe underlying funds in the Portfolio,may be rated below investment gradeand considered to be “junk” or “high-yield” securities. Securities rated below“BBB-” by Standard & Poor’s or Fitch Ratingsor below “Baa3” by Moody’s are considered to

be below investment grade. These securitiesare considered to be speculative and aresubject to greater market and credit risks.Accordingly, the risk of default is higher thanwith investment grade securities. In addition,these securities may be more sensitive tointerest rate changes and may be more likely tomake early returns of principal.

• The Portfolio invests in shares of REITsand other real estate companies. Sharesof REITs and other real estate companies mayappreciate or depreciate in value, or paydividends depending upon global and localeconomic conditions, changes in interest ratesand the strength or weakness of the overall realestate market. Negative developments in thereal estate industry will affect the value of yourinvestment more than would be the case in amore diversified investment.

• The Portfolio invests in shares of publiclytraded business development companies(“BDCs”). BDCs invest in privately-heldcompanies, the securities of which are generallyless liquid than are publicly traded securities.BDCs may have relatively concentratedinvestment portfolios, consisting of a relativelysmall number of holdings. A BDC’s gains andlosses may be magnified through the use ofleverage. BDCs generally depend on access tocapital markets in order to raise cash, acquiresuitable investments and monitor and implementcertain financial strategies. An inability to accessthese markets may have a negative impact onthe value of BDC shares and the value of yourunits. Many debt investments in which BDCsinvest will not be rated by a credit rating agencyand will be below investment grade quality.

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

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Fee Table

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

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

Initial sales charge 0.000% $ 0.000Deferred sales charge 2.250 22.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 2.750% $27.500 ______ ______ ______ ______

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

Estimated Organization Costs 0.673% $ 6.500 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.314% $ 3.036Supervisory fee, bookkeeping

and administrative fees 0.057 0.550Underlying fund expenses 0.760 7.342* ______ ______

Total 1.131% $10.928** ______ ______ ______ ______

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 every two years subject to asales charge of 2.75%. Based on these assumptions, you would pay thefollowing expenses for every $10,000 you invest in the Portfolio:

1 year $ 449 3 years 1,027 5 years 1,628 10 years 3,037

* Certain of the Portfolio’s underlying funds are business developmentcompanies which may be subject to performance-based fees. This couldresult in higher than expected annual expenses per 100 units.

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

The maximum sales charge is 2.75% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of2.75% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.225 per Unit and accrues daily fromSeptember 10, 2020 through February 9, 2021. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

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

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit May 20, 2020Mandatory Termination Date May 23, 2022Historical 12 Month Distributions1 $0.61658 per UnitRecord Dates 10th day of June 2020 and each month thereafterDistribution Dates 25th day of June 2020 and each month thereafterCUSIP Numbers Cash – 46147C621 Reinvest – 46147C639 Fee Based Cash – 46147C647 Fee Based Reinvest – 46147C654

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

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Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ COMMON STOCKS - 49.90% Consumer Discretionary - 1.93% 12 Home Depot, Inc. $ 238.100 $ 2,857.20 Consumer Staples - 9.89% 66 Coca-Cola Company 44.540 2,939.64 22 PepsiCo, Inc. 131.730 2,898.06 44 Philip Morris International, Inc. 68.510 3,014.44 26 Procter & Gamble Company 112.440 2,923.44 23 Walmart, Inc. 124.950 2,873.85 Energy - 2.00% 33 Chevron Corporation 89.620 2,957.46 Financials - 2.03% 6 BlackRock, Inc. 501.200 3,007.20 Health Care - 10.06% 33 AbbVie, Inc. 91.200 3,009.60 47 CVS Health Corporation 63.610 2,989.67 20 Johnson & Johnson 149.020 2,980.40 38 Merck & Company, Inc. 77.550 2,946.90 79 Pfizer, Inc. 37.680 2,976.72 Information Technology - 4.04% 11 Broadcom, Inc. 271.950 2,991.45 67 Cisco Systems, Inc. 44.605 2,988.54 Telecommunication Services - 9.94% 255 AT&T Inc. 28.960 7,384.80 135 Verizon Communications, Inc. 54.380 7,341.30 Utilities - 10.01% 38 American Electric Power Company, Inc. 77.140 2,931.32 38 Dominion Energy, Inc. 78.830 2,995.54 36 Duke Energy Corporation 83.290 2,998.44 61 Public Service Enterprise Group, Inc. 48.500 2,958.50 55 Southern Company 53.570 2,946.35 MASTER LIMITED PARTNERSHIPS (3) - 10.16% 377 Energy Transfer, L.P. 7.950 2,997.15 162 Enterprise Products Partners, L.P. 18.480 2,993.76 69 Magellan Midstream Partners, L.P. 43.900 3,029.10 157 MPLX, L.P. 19.360 3,039.52 66 Phillips 66 Partners, L.P. 45.170 2,981.22

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Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ REAL ESTATE INVESTMENT TRUSTS - 19.89% Mortgage REITs - 9.87% 227 AGNC Investment Corporation $ 12.990 $ 2,948.73 467 Annaly Capital Management, Inc. 6.230 2,909.41 129 Blackstone Mortgage Trust, Inc. - CL A 22.460 2,897.34 370 Chimera Investment Corporation 7.910 2,926.70 234 Starwood Property Trust, Inc. 12.550 2,936.70 REITs - 10.02% 19 AvalonBay Communities, Inc. 154.650 2,938.35 19 Crown Castle International Corporation 152.560 2,898.64 119 CubeSmart 25.150 2,992.85 23 Digital Realty Trust, Inc. 131.410 3,022.43 124 Healthpeak Properties, Inc. 24.070 2,984.68 CLOSED-END FUNDS (4) - 10.00% 212 Ares Capital Corporation 13.900 2,946.80 96 Main Street Capital Corporation 31.650 3,038.40 235 Owl Rock Capital Corporation 12.480 2,932.80 191 Solar Capital, Ltd. 15.430 2,947.13 169 TPG Specialty Lending, Inc. 17.440 2,947.36

Cost ofNumber Redemption Market Value Securities toof Shares Name of Issuer (1) Rating (5) Provisions (6) per Share (2) Portfolio (2) ___________ ________________________________ __________ ______________ _____________ _____________ PREFERRED SECURITIES - 10.05% 112 Bank of America Corporation - Series HH BBB- 7/24/23 @ 25 $ 26.550 $ 2,973.60 5.875% 111 Citigroup, Inc. - Series J BB+ 9/30/23 @ 25 26.810 2,975.91 7.125% 114 Goldman Sachs Group, Inc. - Series K BB 5/10/24 @ 25 26.240 2,991.36 6.375% 112 JPMorgan Chase & Company - Series DD BBB- 12/1/23 @ 25 26.530 2,971.36 5.750% 111 Morgan Stanley - Series E BB+ 10/15/23 @ 25 26.800 2,974.80 7.125%___________ ____________ 5,170 $ 148,106.92___________ _______________________ ____________

See “Notes to Portfolios”.

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Preferred Opportunity Portfolio

Investment Objective. The Portfolio seeks anattractive level of current income.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in aportfolio consisting of preferred securities issuedprimarily by financial institutions such as banks andinsurance companies. Invesco Capital Markets, Inc.is the Sponsor of your Portfolio. In selecting thePortfolio, the Sponsor considered many factors,inc luding industry and company t rends andfundamentals, the broader economic backdrop andthe current regulatory environment. Valuat ionscreens were implemented which considered,among other things, security call features, premiumsand discounts, and l iquidity. Paramount in theselection process was fundamental credit qualityand diversification considerations. As of the InitialDate of Deposit, certain securities included in thePortfolio are rated below-investment grade by bothStandard & Poor’s and Moody’s Investors Service,Inc. See “Risk Factors--High-Yield Security Risk”.

The preferred securities selected for the Portfolioconsist of traditional preferred securities, hybrid-preferred securities and senior debt instruments thathave the trading characteristics of exchange-listedpreferred securities. Traditional preferred securitiesmay be issued by an entity taxable as a corporationand pay fixed or floating rate dividends. However,these claims are subordinated to more seniorcreditors, including senior debt holders. Companiesgenerally pay dividends on preferred securitiesbefore paying dividends on common stock, and theclaims of preferred securities holders are ahead ofcommon stockholders’ c la ims on assets in acorporate liquidation.

Hybr id-preferred secur i t ies, including trustpreferred securities, are debt instruments that havecharacteristics similar to those of traditional preferredsecurities. Hybrid-preferred securities may be issuedby corporations, generally in the form of interest-bear ing notes with preferred secur i t ies

characteristics, or by an affiliated trust or partnershipof the corporation, generally in the form of preferredinterests in subordinated debentures or similarlystructured securities. The hybrid-preferred securitiesmarket consists of both fixed and adjustable couponrate securities that are either perpetual in nature orhave stated maturity dates. Hybrid-preferred holdersgeneral ly have claims to assets in a corporateliquidation that are senior to those of traditionalpreferred securities but subordinate to those ofsenior debt holders. Certain subordinated debt andsenior debt issues that have preferred characteristicsare also considered to be part of the broaderpreferred securities market.

Certain Portfolio securities may pay dividends thatare eligible for the corporate dividends receiveddeduction for corporations or for treatment as qualifieddividend income for individuals. See “Taxation”.

The preferred securities selected for the Portfoliogenerally pay a fixed rate of return during the life ofthe Portfolio and are sold on the basis of currentyield. Although the underlying securities may payquarterly or semi-annual distributions of income, thePortfolio is designed to make monthly distributionsto Unitholders. The preferred securit ies in thePortfolio may be called or redeemed during the lifeof the Portfolio.

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

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 investments

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

• Prices of the securities in the Portfoliowill fluctuate. The value of your investmentmay fall over time.

• The value of preferred securities may fallif interest rates, in general, rise. In a lowinterest rate environment risks associated withrising rates are heightened. The negative impacton preferred income securities from any interestrate increases could be swift and significant. Noone can predict whether interest rates will rise orfall in the future.

• An issuer may be unable to makedividend or interest payments in thefuture. This may result in a reduction in thevalue of your 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 Portfoliois increased as Units are sold. There isno assurance that your investment wi l lmainta in i ts proport ionate share in thePortfolio’s profits and losses.

• The Portfolio will receive early returns ofprincipal if securities are called or soldbefore the Portfolio termination. If thishappens your income will decline and you maynot be able to reinvest the money you receive atas high a yield. In addition, the value of your

Units may decline if any Portfolio securitiestrading at a premium are called at par.

• The Portfolio invests solely in preferredand debt securities. Preferred securitiesare typically subordinated to bonds and otherdebt instruments in a company’s capitalstructure in terms of priority to corporateincome and therefore are subject to greaterrisk than those debt instruments. In addition tothe other risks described herein, incomepayments on most preferreds are non-cumulative and can be deferred indefinitely;distributions on certain hybrid-trust preferredsmay be skipped or deferred. This deferred riskmay reduce the amount of income you receiveon your Units.

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

• Certain preferred securities in thePortfolio are rated below investmentgrade and considered to be “junk” or“high-yield” securities. Securities ratedbelow “BBB-” by Standard & Poor’s or FitchRatings or below “Baa3” by Moody’s areconsidered to be below investment grade.These secur i t ies are considered to bespeculative and are subject to greater marketand credit r isks. Accordingly, the risk ofdefault is higher than with investment gradesecurities. In addition, these securities maybe more sensitive to interest rate changesand may be more likely to make early returnsof principal.

• The Portfolio is concentrated in securitiesissued by banks and other companies inthe financials sector. Negative developmentsin this sector will affect the value of yourinvestment more than would be the case in amore diversified investment.

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

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Fee Table





Estimated Organization Costs 0.450% $4.361 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.236% $2.285Supervisory, bookkeeping

and administrative fees 0.057 0.550 ______ ______

Total 0.293% $2.835* ______ ______ ______ ______

Example

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

1 year $ 347 3 years 744 5 years 1,165 10 years 2,122

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

The maximum sales charge is 2.75% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of2.75% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.225 per Unit and accrues daily fromSeptember 10, 2020 through February 9, 2021. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”


Unit Price at Initial Date of Deposit $10.0000

Initial Date of Deposit May 20, 2020

Mandatory Termination Date May 23, 2022

Historical 12 Month Distribution1 $0.45994 per Unit

Estimated Initial Distribution1 $0.02 per Unit

Record Dates 10th day of June 2020 and each month thereafter

Distribution Dates 25th day of June 2020 and each month thereafter

CUSIP Numbers Cash – 46147C662

Reinvest – 46147C670

Fee Based Cash – 46147C688

Fee Based Reinvest – 46147C696


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Portfolio______________________________________________________________________________________________________________ Cost ofNumber Redemption Market Value Securities toof Shares Name of Issuer (1) Rating (5) Provisions (6) per Share (2) Portfolio (2) ___________ ________________________________ __________ ______________ _____________ _____________ Automobiles - 2.97% 252 Ford Motor Company BB+ 12/1/2024 @25 $ 17.490 $ 4,407.48 6.00% Due 12/01/2059 Banks - 26.80% 224 Bank of America Corporation - Series HH BBB- 7/24/2023 @25 26.550 5,947.20 5.875% 235 Citigroup, Inc. - Series J BB+ 9/30/2023 @25 26.810 6,300.35 7.125% 83 Fifth Third Bancorp - Series I BB+ 12/31/2023 @25 27.060 2,245.98 6.625% 93 Fifth Third Bancorp - Series K BB+ 9/30/2024 @25 24.000 2,232.00 4.950% 85 First Republic Bank - Series I BBB- 6/30/2023 @25 26.260 2,232.10 5.500% 63 First Republic Bank - Series J BBB- 12/31/2024 @25 23.920 1,506.96 4.700% 238 JPMorgan Chase & Company - Series DD BBB- 12/1/2023 @25 26.530 6,314.14 5.750% 141 Regions Financial Corporation - Series B BB+ 9/15/2024 @25 26.350 3,715.35 6.375% 111 US Bancorp - Series K BBB 10/15/2023 @25 26.670 2,960.37 5.500% 240 Wells Fargo & Company - Series R BBB- 3/15/2024 @25 26.490 6,357.60 6.625% Capital Markets - 13.00% 147 Affiliated Managers Group, Inc. BBB- 3/30/2024 @25 25.380 3,730.86 5.875% Due 3/30/2059 241 Goldman Sachs Group, Inc. - Series K BB 5/10/2024 @25 26.240 6,323.84 6.375% 235 Morgan Stanley - Series E BB+ 10/15/2023 @25 26.800 6,298.00 7.125% 117 State Street Corporation - Series D BBB 3/15/2024 @25 25.420 2,974.14 5.900% Consumer Discretionary - 2.50% 189 QVC, Inc. (7) BB+ 11/26/2024 @25 19.620 3,708.18 6.250% Due 11/26/2068

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Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Redemption Market Value Securities toof Shares Name of Issuer (1) Rating (5) Provisions (6) per Share (2) Portfolio (2) ___________ ________________________________ __________ ______________ _____________ _____________ Consumer Finance - 5.46% 185 Capital One Financial Corporation - Series J BB 6/1/2025 @25 $ 20.060 $ 3,711.10 4.800% 238 Synchrony Financial - Series A BB- 11/15/2024 @25 18.480 4,398.24 5.625% Diversified Telecommunication - 2.00% 130 AT&T, Inc. - Series C BB+ 2/18/2025 @25 22.820 2,966.60 4.750% Electric Utilities - 4.50% 55 Duke Energy Corporation - Series A BBB 6/15/2024 @25 26.970 1,483.35 5.750% 137 NextEra Energy Capital Holdings, Inc. - Series N BBB 6/15/2024 @25 27.270 3,735.99 5.650% Due 3/1/2079 60 Southern Company - Series 2020A BBB 1/30/2025 @25 24.590 1,475.40 4.950% Due 1/30/2080 Food Products - 2.50% 54 CHS, Inc. - Series 1 NR 9/26/2023 @25 27.430 1,481.22 7.875% 87 CHS, Inc. - Series 2 NR 3/31/2024 @25 25.660 2,232.42 7.100% Insurance - 23.27% 131 Allstate Corporation - Series H BBB 10/15/2024 @25 25.640 3,358.84 5.100% 145 American International Group, Inc. - Series A Baa3# 3/15/2024 @25 25.710 3,727.95 5.850%+ 121 Arch Capital Group, Ltd. - Series F BBB 8/17/2022 @25 24.620 2,979.02 5.450%+ 181 Enstar Group, Ltd. - Series D (7) BB+ 9/1/2028 @25 24.470 4,429.07 7.000% 139 Hartford Financial Services Group, Inc. - Series G BBB- 11/15/2023 @25 26.720 3,714.08 6.000% 171 MetLife, Inc. - Series E Baa2# 6/15/2023 @25 26.010 4,447.71 5.625% 141 Prudential Financial, Inc. BBB+ 8/15/2023 @25 26.420 3,725.22 5.625% Due 8/15/2058 119 Reinsurance Group of America, Inc. (7) BBB+ 9/15/2022 @25 24.970 2,971.43 6.200% Due 9/15/2042+ 117 RenaissanceRe Holdings, Ltd. - Series F BBB 6/30/2023 @25 25.500 2,983.50 5.750%

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Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Redemption Market Value Securities toof Shares Name of Issuer (1) Rating (5) Provisions (6) per Share (2) Portfolio (2) ___________ ________________________________ __________ ______________ _____________ _____________ Insurance - continued 91 W.R. Berkley Corporation BBB- 12/30/2024 @25 $ 24.440 $ 2,224.04 5.100% Due 12/30/2059 Multi-Utilities - 1.00% 57 DTE Energy Company - Series E BBB- 12/1/2022 @25 26.000 1,482.00 5.250% Due 12/01/2077 Oil, Gas & Consumable Fuels - 5.96%+ 216 Enbridge, Inc. - Series B BBB- 4/15/2023 @25 23.910 5,164.56 6.375% Due 4/15/2078 186 Energy Transfer Operating, L.P. (3) - Series C BB 5/15/2023 @25 19.830 3,688.38 7.375% REITs - 10.04%+ 251 Brookfield Property Partners, L.P. - Series A BB+ 3/31/2025 @25 17.950 4,505.45 5.750% 84 Digital Realty Trust, Inc. - Series K BB+ 3/13/2024 @25 26.660 2,239.44 5.850% 59 Digital Realty Trust, Inc. - Series L BB+ 10/10/2024 @25 25.130 1,482.67 5.200% 125 PS Business Parks, Inc. - Series Z Baa2# 11/4/2024 @25 23.840 2,980.00 4.875% 59 Public Storage - Series I BBB+ 9/12/2024 @25 25.190 1,486.21 4.875% 111 Vornado Realty Trust - Series M BB+ 12/13/2022 @25 20.000 2,220.00 5.250%___________ ____________ 6,144 $ 148,548.44___________ _______________________ ____________


Investment Objective. The Portfolio seeks toprovide current income and the potential for capitalappreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in anincome-oriented portfolio consisting of common stocks,real estate investment trusts (“REITs”), preferredsecurities, master limited partnerships (“MLPs”), andcommon stocks of closed-end investment companies(known as “closed-end funds”). Invesco CapitalMarkets, Inc., the Sponsor, has identified these assetclasses within the market that typically distribute above-average levels of income and also have the potential toparticipate in rising markets. In determining the assetclasses to include in the portfolio, the Sponsorconducted research on both near-term and longer-termcorrelations, income levels, performance and volatility toinclude specific asset classes that may provide thepotential for correlation and volatility advantages overinvesting in a single asset class or sector of the market.

The Sponsor seeks to divide the Portfolio’s exposurethrough a balanced allocation among five asset classesthat will include dividend-paying equities, REITs,preferred securities, MLPs and midstream - oil and gassecurities, and closed-end funds.

Within the various asset classes, the Sponsorassembled the final portfolio based on a consideration offactors including, but not limited to:

• Dividend-Paying Equities: Companies wereselected based on factors such as dividend yield,dividend growth, valuations, earnings and salesgrowth, and cash flow generation.

• REITs: Securities were selected based on factorssuch as dividend yield, valuations, growthpotential, and volatility.

• Preferred Securities: Securities were selectedbased on factors such as current yield, creditratings, industry and issuer trends, andfundamentals.

• MLPs and Midstream Oil and GasSecurities: Securities were selected based onfactors such as valuations, distributionsustainability, and overall volatility and riskcharacteristics.

• Closed-end funds: Closed-end funds wereselected based on factors such as incomeopportunity, management team and performance,valuation (premium/discount to net asset value),diversification, and liquidity. In addition, asindicated by information publicly available at thetime of selection, none of the Portfolio’s closed-end funds employed “structural leverage.”Structural leverage affects a closed-end fund’scapital structure by increasing the fund’s portfolioassets, and is generally achieved through a fund’sissuance of preferred shares or debt securities, orthrough borrowing money.

Approximately 8% of the Portfolio consists of fundsthat are classified as “non-diversified” under theInvestment Company Act of 1940. These funds have theability to invest a greater portion of their assets inobligations of a single issuer. As a result, these fundsmay be more susceptible to volatility than a more widelydiversified fund.

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

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

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Multi-Asset High Income Portfolio

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Unitholder. For more information see “Rights ofUnitholders--Rollover”.

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

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

• A security issuer may be unable to issuedistributions, or to make payments ofinterest, dividends or principal in thefuture. This may reduce the level of incomecertain of the Portfolio’s securities pay whichwould reduce your income and may cause thevalue of your Units to fall.

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

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

• The Portfolio invests significantly instocks of large cap companies. Large capcompanies are more mature and may grow moreslowly than the economy as a whole and tend togo in and out of favor based on market andeconomic conditions.

• The Portfolio invests in preferredsecurities. Preferred securities are typicallysubordinated to bonds and other debtinstruments in a company’s capital structure interms of priority to corporate income andtherefore are subject to greater risk than thosedebt instruments. Preferred securities are subject

to interest rate risk, meaning that their values mayfall if interest rates, in general, rise. Given thehistorically low interest rate environment in theU.S., risks associated with rising rates areheightened. The negative impact on fixed incomesecurities from any interest rate increases couldbe swift and significant. In addition to the otherrisks described herein, income payments oncertain preferred securities may be deferred,which may reduce the amount of income youreceive on your Units.

• The Portfolio invests in MLPs. Most MLPsoperate in the energy sector and are subject tothe risks generally applicable to companies in thatsector, including commodity pricing risk, supplyand demand risk, depletion risk and explorationrisk. MLPs are also subject to the risk thatregulatory or legislative changes could limit oreliminate the tax benefits enjoyed by MLPs whichcould have a negative impact on the after-taxincome available for distribution by the MLPsand/or the value of the Portfolio’s investments.

• The Portfolio invests in shares ofclosed-end funds. You should understandthe section titled “Closed-End Funds” beforeyou invest. In particular, shares of closed-endfunds tend to trade at a discount from their netasset value and are subject to risks related tofactors such as management’s ability to achievea fund’s objective, market conditions affecting afund’s investments and use of leverage, if any.The underlying funds have management andoperating expenses. You will bear not only yourshare of the Portfolio’s expenses, but also theexpenses of the underlying funds. By investingin other funds, the Portfolio incurs greaterexpenses than you would incur if you investeddirectly in the funds.

• Certain securities in the Portfolio, aswell as certain of the securities held bythe underlying funds in the Portfolio, may

17

be rated below investment grade andconsidered to be “junk” or “high-yield”securities. Securities rated below “BBB-” byStandard & Poor’s or Fitch Ratings or below“Baa3” by Moody’s are considered to be belowinvestment grade. These securit ies areconsidered to be speculative and are subject togreater market and credit risks. Accordingly, therisk of default is higher than with investmentgrade securities. In addition, these securitiesmay be more sensitive to interest rate changesand may be more likely to make early returns ofprincipal.

• The Portfolio invests in shares of REITsand other real estate companies. Sharesof REITs and other real estate companies mayappreciate or depreciate in value, or paydividends depending upon global and localeconomic conditions, changes in interest ratesand the strength or weakness of the overall realestate market. Negative developments in thereal estate industry will affect the value of yourinvestment more than would be the case in amore diversified investment.

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

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Fee Table





Estimated Organization Costs 0.667% $6.500 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.312% $3.046Supervisory fee, bookkeeping

and administrative fees 0.056 0.550Underlying fund expenses 0.242 2.356 ______ ______

Total 0.610% $5.952* ______ ______ ______ ______

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 $ 310 3 years 945 5 years 1,603 10 years 3,351

* The estimated annual expenses are based upon the estimated trust size forthe Portfolio determined as of the initial date of deposit. Because certain ofthe operating expenses are fixed amounts, if the Portfolio does not reachthe estimated size, or if the value of the Portfolio or number of outstandingunits decline over the life of the trust, or if the actual amount of theoperating expenses exceeds the estimated amounts, the actual amount ofthe operating expenses per 100 units would exceed the estimatedamounts. In some cases, the actual amount of operating expenses maysubstantially 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 $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of1.85% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.135 per Unit and accrues daily fromSeptember 10, 2020 through February 9, 2021. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price -- General.”

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


Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit May 20, 2020Mandatory Termination Date August 19, 2021Historical 12 Month Distributions1 $0.63504 per UnitRecord Dates 10th day of June 2020 and each month thereafterDistribution Dates 25th day of June 2020 and each month thereafterCUSIP Numbers Cash – 46147C704 Reinvest – 46147C712 Fee Based Cash – 46147C720 Fee Based Reinvest – 46147C738


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Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ DIVIDEND-PAYING EQUITIES - 19.73% Communication Services - 3.00% 51 AT&T, Inc. $ 28.960 $ 1,476.96 39 Comcast Corporation - CL A 38.210 1,490.19 27 Verizon Communications, Inc. 54.380 1,468.26 Consumer Discretionary - 2.93% 6 Home Depot, Inc. 238.100 1,428.60 8 McDonald’s Corporation 179.570 1,436.56 12 Target Corporation 123.170 1,478.04 Consumer Staples - 0.99% 33 Coca-Cola Company 44.540 1,469.82 Energy - 1.01% 35 ConocoPhillips 42.670 1,493.45 Financials - 2.00% 15 Allstate Corporation 97.270 1,459.05 3 BlackRock, Inc. 501.200 1,503.60 Health Care - 2.99% 23 CVS Health Corporation 63.610 1,463.03+ 15 Medtronic plc 97.030 1,455.45 40 Pfizer, Inc. 37.680 1,507.20 Industrials - 1.96% 26 Emerson Electric Company 55.700 1,448.20 25 Raytheon Technologies Corporation 57.940 1,448.50 Information Technology - 2.90% 5 Broadcom, Inc. 271.950 1,359.75 33 Cisco Systems, Inc. 44.605 1,471.97 13 Texas Instruments, Inc. 112.680 1,464.84 Utilities - 1.95% 19 Dominion Energy, Inc. 78.830 1,497.77 6 NextEra Energy, Inc. 230.500 1,383.00 MASTER LIMITED PARTNERSHIPS AND MIDSTREAM-OIL & GAS - 20.23%+ 115 Enbridge, Inc. 32.080 3,689.20 472 Energy Transfer, L.P. (3) 7.950 3,752.40 203 Enterprise Products Partners, L.P. (3) 18.480 3,751.44 243 Kinder Morgan, Inc. 15.340 3,727.62 86 Magellan Midstream Partners, L.P. (3) 43.900 3,775.40 196 MPLX, L.P. (3) 19.360 3,794.56 83 Phillips 66 Partners, L.P. (3) 45.170 3,749.11 410 Plains All American Pipeline, L.P. (3) 9.040 3,706.40

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Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ REAL ESTATE INVESTMENT TRUSTS - 19.92% Mortgage REITs - 5.94% 228 AGNC Investment Corporation $ 12.990 $ 2,961.72 129 Blackstone Mortgage Trust, Inc. - CL A 22.460 2,897.34 234 Starwood Property Trust, Inc. 12.550 2,936.70 REITs - 13.98% 19 AvalonBay Communities, Inc. 154.650 2,938.35 19 Crown Castle International Corporation 152.560 2,898.64 119 CubeSmart 25.150 2,992.85 23 Digital Realty Trust, Inc. 131.410 3,022.43 124 Healthpeak Properties, Inc. 24.070 2,984.68 120 STAG Industrial, Inc. 24.360 2,923.20 82 UDR, Inc. 35.890 2,942.98 CLOSED-END FUNDS - 20.01% Covered Call - 7.99% 219 Eaton Vance Enhanced Equity Income Fund 13.460 2,947.74 318 Eaton Vance Risk-Managed Diversified Equity Income Fund 9.300 2,957.40 216 First Trust Enhanced Equity Income Fund 13.630 2,944.08 129 Nuveen NASDAQ 100 Dynamic Overwrite Fund 23.120 2,982.48 Emerging Market Equity - 2.01% 504 Voya Emerging Markets High Income Dividend Equity Fund 5.890 2,968.56 Global Equity - 1.99% 412 Aberdeen Total Dynamic Dividend Fund 7.150 2,945.80 Sector Equity - 4.02% 150 BlackRock Health Sciences Trust II 19.900 2,985.00 168 Tekla Life Sciences 17.630 2,961.84 U.S. Allocation - 2.00% 141 AllianzGI Equity & Convertible Income Fund 21.020 2,963.82 U.S. Equity - 2.00% 524 Liberty All Star Growth Fund, Inc. 5.660 2,965.84

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Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Redemption Market Value Securities toof Shares Name of Issuer (1) Rating (5) Provisions (6) per Share (2) Portfolio (2) ___________ ________________________________ __________ ______________ _____________ _____________ PREFERRED SECURITIES - 20.11% 116 Allstate Corporation - Series H BBB 10/15/24 @ 25 $ 25.640 $ 2,974.24 5.100% 112 Bank of America Corporation - Series HH BBB- 7/24/23 @25 26.550 2,973.60 5.875% 111 Citigroup, Inc. - Series J BB+ 9/30/23 @25 26.810 2,975.91 7.125% 110 Fifth Third Bancorp - Series I BB+ 12/31/23 @25 27.060 2,976.60 6.625% 114 Goldman Sachs Group. Inc. - Series K BB 5/10/24 @25 26.240 2,991.36 6.375% 112 JPMorgan Chase & Company - Series DD BBB- 12/1/23 @25 26.530 2,971.36 5.750% 114 Metlife, Inc. - Series E Baa2# 6/15/23 @25 26.010 2,965.14 5.625% 111 Morgan Stanley - Series E BB+ 10/15/23 @25 26.800 2,974.80 7.125% 117 State Street Corporation - Series D BBB 3/15/24 @25 25.420 2,974.14 5.900% 113 Wells Fargo & Company - Series R BBB- 3/15/24 @25 26.490 2,993.37 6.625%___________ ____________ 7,250 $ 148,042.34___________ _______________________ ____________


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Notes to Portfolios

(1) The Securities are initially represented by “regular way” contracts for the performance of which an irrevocable letter ofcredit has been deposited with the Trustee. Contracts to acquire Securities were entered into on May 19, 2020 andhave a settlement date of May 21, 2020 (see “The Portfolios”). With respect to the preferred securities in your Portfolio,shown under this heading is the issuer name, stated dividend or income distribution rate of each preferred securityexpressed as a percentage of par or stated value, and scheduled maturity date of each preferred security, if any; eachpreferred security in your Portfolio was originally issued with a par or stated value per share equal to $25.

(2) The value of each Security is determined on the bases set forth under “Public Offering--Unit Price” as of the close ofthe New York Stock Exchange on the business day before the Initial Date of Deposit. In accordance with FASBAccounting Standards Codification (“ASC”), ASC 820, Fair Value Measurements and Disclosures, the Portfolios’investments are classified as Level 1, which refers to security prices determined using quoted prices in active marketsfor identical securities. A number of the Preferred Opportunity Portfolio’s investments may be classified as Level 2,which refers to security prices determined using other significant observable inputs. Observable inputs are inputs thatother market participants would use in pricing a security. These may include quoted market prices for similarsecurities, interest rates, prepayment speeds and credit risk. Other information regarding the Securities, as of the InitialDate of Deposit, is as follows:

Profit Cost to (Loss) To Sponsor Sponsor ______________ _____________

High Income Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . $ 148,107 $ 0Preferred Opportunity Portfolio . . . . . . . . . . . . . . . . . . . . . . . . $ 148,548 $ 0Multi-Asset High Income Portfolio . . . . . . . . . . . . . . . . . . . . . . $ 148,042 $ 0

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

(3) Each of these MLPs is expected to be treated as a “qualified publicly traded partnership” for federal tax purposes. See“Portfolio Administration” regarding your Portfolio’s limitation with investments in these securities.

(4) Each of these closed-end funds has elected to be treated as a business development company under the InvestmentCompany Act of 1940.

(5) All ratings are by Standard & Poor’s, a division of S&P Global, unless otherwise indicated. “#” indicates that the rating of the preferred security is by Moody’s Investors Service, Inc., “##” indicates that the rating of thepreferred security is by Fitch Ratings, and Standard & Poor’s did not provide a rating for that preferred security. “NR”indicates that none of the rating services provided a rating for that preferred security. For a brief description of the ratings see“Description of Preferred Security Ratings” in the Information Supplement.

(6) The preferred securities are first redeemable on such date and at such price as listed in this column. The preferred securitiesmay be redeemable at declining prices thereafter but not below the par or stated value. Optional redemption provisions,which may be exercised in whole or in part, are at prices of par or stated value. Optional redemption provisions generally willoccur at times when the redeemed preferred securities have an offering side evaluation which represents a premium over paror stated value. To the extent that the preferred securities were acquired at a price higher than the redemption price, this willrepresent a loss of capital when compared with the Public Offering Price of the Units when acquired. Distributions toUnitholders will generally be reduced by the amount of the dividends or other income which otherwise would have been paidwith respect to redeemed preferred securities, and any principal amount received on such redemption after satisfying anyredemption requests for Units received by your Portfolio will be distributed to Unitholders. Certain of the preferred securitieshave provisions which would allow for their redemption prior to the earliest stated call date pursuant to the occurrence ofcertain extraordinary events, including changes in federal regulations governing the capital treatment of certain preferredsecurities (see “Risk Factors--Preferred Securities”).

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(7) This Security has a “make whole” call option and may be redeemable in whole or in part through a certain designated periodat the option of the issuer at a redemption price of par or stated value, a “make whole” amount, and any accrued and unpaidinterest to the date of such redemption. The “make whole” amount is generally equal to the excess, if any, of (i) the aggregatepresent value as of the date of redemption of principal being redeemed and the amount of interest (exclusive of interestaccrued to the date of redemption) that would have been payable if redemption had not been made, determined bydiscounting the remaining principal and interest at a specified rate (which varies among the Securities and is generally equalto an average of yields on U.S. Treasury obligations with maturities corresponding to the remaining life of the Security plus apremium rate) from the dates on which the principal and interest would have been payable if the redemption had not beenmade, over (ii) the aggregate principal amount of the Securities being redeemed.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 2054:

Opinion on the Financial Statements

We have audited the accompanying statements of condition (including the related portfolio schedules) ofHigh Income Allocation Portfolio 2020-2; Preferred Opportunity Portfolio 2020-2 and Multi-Asset HighIncome Portfolio 2020-2 (included in Invesco Unit Trusts, Series 2054 (the “Trust”)) as of May 20, 2020, andthe related notes (collectively referred to as the “financial statements”). In our opinion, the financial statementspresent fairly, in all material respects, the financial position of the Trust as of May 20, 2020, in conformity withaccounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financialstatements, whether due to error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence regarding the amounts and disclosures in thefinancial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Sponsor, as well as evaluating the overall presentation of the financial statements. Ourprocedures included confirmation of cash or irrevocable letters of credit deposited for the purchase ofsecurities as shown in the statements of condition as of May 20, 2020 by correspondence with The Bank ofNew York Mellon, Trustee. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

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

New York, New YorkMay 20, 2020

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STATEMENTS OF CONDITIONAs of May 20, 2020

High Income Preferred Multi-Asset Allocation Opportunity High IncomeINVESTMENT IN SECURITIES Portfolio Portfolio Portfolio _____________ _____________ _____________Contracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,107 $ 148,548 $ 148,042 _____________ _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,107 $ 148,548 $ 148,042 _____________ _____________ _____________ _____________ _____________ _____________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 963 $ 648 $ 962 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,332 3,342 1,999 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . 741 743 740 Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,107 148,548 148,042 Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . . . . . 5,036 4,733 3,701 _____________ _____________ _____________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . 143,071 143,815 144,341 _____________ _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,107 $ 148,548 $ 148,042 _____________ _____________ _____________ _____________ _____________ _____________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,811 14,855 14,805 _____________ _____________ _____________ _____________ _____________ _____________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.660 $ 9.681 $ 9.750 _____________ _____________ _____________ _____________ _____________ _____________

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

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

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

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

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THE PORTFOLIOS

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

The Portfolios offer investors the opportunity topurchase Units representing proportionate interests in aportfolio of securities. Each 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 the Trusteedelivered to the Sponsor documentation evidencing theownership of Units of the Portfolios. Unless otherwiseterminated as provided in the Trust Agreement, yourPortfolio will terminate on the Mandatory TerminationDate and any remaining Securities will be liquidated ordistributed by the Trustee within a reasonable time. Asused in this prospectus the term “Securities” means thesecurities (including contracts to purchase thesesecurities) listed in the “Portfolios” and any additionalsecurities deposited into the Portfolios.

Additional Units of your Portfolio may be issued atany time by depositing in the Portfolio (i) additionalSecurities, (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 your 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 your Portfolio following the Initial Date of Depositprovided that the additional deposits will be in amountswhich will maintain, as nearly as practicable, the same

percentage relationship among the number of shares ofeach Security in the Portfolio that existed immediatelyprior to the subsequent deposit. Investors mayexperience a dilution of their investments and areduction in their anticipated income because offluctuations in the prices of the Securities between thetime of the deposit and the purchase of the Securitiesand because your 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.

Your Portfolio consists of (a) the Securities (includingcontracts for the purchase thereof) listed under theapplicable “Portfolio” as may continue to be held from

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time to time in the Portfolio, (b) any additional Securitiesacquired and held by the Portfolio pursuant to theprovisions of the Trust Agreement and (c) any cash heldin the related Income and Capital Accounts. Neither theSponsor nor the Trustee shall be liable in any way forany contract failure in any of the Securities.

OBJECTIVES AND SECURITIES SELECTION

The objective of your Portfolio is described in theindividual Portfolio sections. There is no assurance thatyour Portfolio will achieve its objective.

The Sponsor does not manage the Portfolios. Youshould note that the Sponsor applied the selectioncriteria to the Securities for inclusion in your 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 itsPortfolio. 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 a Portfolio, taken as a whole, which arerepresented by the Units.

CLOSED-END FUNDS

The High Income Allocation Portfol io and theMulti-Asset High Income Portfolio invest significantly inclosed-end funds. Closed-end funds are a type ofinvestment company that hold an actively managedportfolio of securities. Closed-end funds issue shares in“closed-end” offerings which generally trade on a stockexchange (although some closed-end fund shares arenot listed on a securities exchange). The funds in theHigh Income Allocation Portfolio and the Multi-AssetHigh Income Portfolio all are currently listed on asecurities exchange. Since closed-end funds maintain arelatively fixed pool of investment capital, portfoliomanagers may be better able to adhere to theirinvestment philosophies through greater flexibility andcontrol. In addition, closed-end funds don’t have tomanage fund l iquidity to meet potential ly largeredemptions.

Closed-end funds are subject to various risks,including management’s ability to meet the closed-endfund’s investment objective, and to manage the closed-end fund portfolio when the underlying securities areredeemed or sold, during periods of market turmoil andas investors’ perceptions regarding closed-end funds ortheir underlying investments change.

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

Certain of the funds in the High Allocation Portfolioand the Multi-Asset High Income Portfolio may beclassified as “non-diversified” under the InvestmentCompany Act of 1940. These funds have the ability toinvest a greater portion of their assets in securities of asingle issuer which could reduce diversification.

Only the Trustee may vote the shares of theclosed-end funds held in the High Allocation Portfolioand the Multi-Asset High Income Portfolio. The Trusteewill vote the shares in the same general proportion asshares held by other shareholders of each fund. YourPortfolio is generally required, however, to reject anyoffer for securities or other property in exchange forportfolio securities as described under “PortfolioAdministration--Portfolio Administration.”

Structural Leverage. The closed-end funds includedin the High Income Allocation Portfolio may employ theuse of structural leverage in their portfolios through theissuance of preferred stock or other methods. Asindicated by information publicly available at the time ofselection, none of the Mult i-Asset High IncomePortfolio’s closed-end funds employed structuralleverage. However, it is possible that some or all of theMulti-Asset High Income Portfolio’s closed-end fundsmay have utilized structural leverage in the past andmay elect to utilize structural leverage in the future iftheir investment policy allows for it.

While structural leverage often serves to increase theyield of a closed-end fund, this structural leverage also

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subjects the closed-end fund to increased risks. Theserisks may include the likelihood of increased volatilityand the possibility that the closed-end fund’s commonshare income wil l fal l if the dividend rate on thepreferred shares or the interest rate on any borrowingsrises. The potential inability for a closed-end fund toemploy the use of structural leverage effectively, due todisruptions in the market for the various instrumentsissued by closed-end funds or other factors, may resultin an increase in borrowing costs and a decreased yieldfor a closed-end fund.

RISK FACTORS

All investments involve risk. This section describesthe main r isks that can impact the value of thesecurities in your Portfolio and the underlying securitiesin the portfolios of the underlying funds in the HighIncome Allocation Portfolio and the Multi-Asset HighIncome Portfolio. You should understand these risksbefore you invest. If the value of the securities falls, thevalue of your Units will also fall. We cannot guaranteethat your Portfolio will achieve its objective or that yourinvestment return will be positive over any period.

Market Risk. Market risk is the risk that the value ofthe securities in your Portfolio or in the underlying fundsin the High Income Allocation Portfolio and the Multi-Asset High Income Portfolio will fluctuate. This couldcause the value of your Units to fall below your originalpurchase price, or below the par value. Market valuefluctuates in response to various factors. These caninclude changes in interest rates, inflation, the financialcondition of a security’s issuer, perceptions of theissuer, or ratings on a security of the issuer. Certaingeopolitical and other events, including environmentalevents and public health events such as epidemics andpandemics, may have a global impact and add toinstability in world economies and markets generally.Changing economic, political or financial marketconditions in one country or geographic region couldadversely affect the market value of the securities heldby your Portfolio in a different country or geographicregion due to increasingly interconnected globaleconomies and financial markets. Even though yourPortfolio is supervised, you should remember that we

do not manage your Portfolio. Your Portfolio will not sella security solely because the market value falls as ispossible in a managed fund.

Furthermore, a recent outbreak of a respiratorydisease caused by a novel coronavirus (“COVID-19”),first detected in China in December 2019, has spreadglobally in a short period of time. COVID-19 hasresulted in the disruption of, and delays in, productionand supply chains and the delivery of healthcareservices and processes, as well as the cancellation oforganized events and educational institutions, a declinein consumer demand for certain goods and services,and general concern and uncertainty. In response,governments and businesses world-wide, including theUnited States, have taken aggressive measures,including closing borders, restricting international anddomestic travel, imposing prolonged quarantines oflarge populations, and financial support of the economyand financial markets. COVID-19 and its effects havecontributed to increased volatility in global markets,severe loses, liquidity constraints, and lowered yields;the duration of such effects cannot yet be determinedbut could be present for an extended period of time.The effects that COVID-19 may have on certain sectorsand industries are uncertain and may adversely affectthe value of your Portfolio.

Interest Rate Risk. This is the risk that thepreferred securities in your Portfolio and any fixedincome securities held by a closed-end fund in the HighIncome Allocation Portfolio and the Multi-Asset HighIncome Portfolio will decline in value because of a rise ininterest rates. Generally, securities that pay fixed ratesof return will increase in value when interest ratesdecline and decrease in value when interest rates rise.Preferred and fixed income securities held directly orindirectly by your Portfolio with longer periods beforematurity are often more sensitive to interest ratechanges. In a low interest rate environment risksassociated with rising rates are heightened. Thenegative impact on preferred and f ixed incomesecurities from any interest rate increases could be swiftand significant and, as a result, a rise in interest ratesmay adversely affect the value of your Units.

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Dividend, Credit and Distribution PaymentRisk. Dividend, credit and distribution payment risk isthe risk that an issuer of a security in your Portfolio isunable or unwilling to make dividend, interest and/orprincipal payments, or issue distributions. Stocksrepresent ownership interests in the issuers and are notobl igations of the issuers. The master l imitedpartnerships in the High Income Allocation Portfolio andthe Multi-Asset High Income Portfolio issue periodicdistr ibutions and do not declare dividends, asdiscussed below in “Master Limited Partnership Risk”.Common stockholders have a right to receive dividendsonly after the company has provided for payment of itscreditors, bondholders and preferred stockholders.Common stocks do not assure dividend payments.Dividends are paid only when declared by an issuer’sboard of directors and the amount of any dividend mayvary over time. Trust preferred securities are subject tounique risks which include the fact that distributionpayments will only be paid if dividend or interestpayments on the underlying obligations are made. Suchdistribution payments are dependent on the financialcondition of the issuer. Distribution payments forpreferred securities may not be paid at all or maygenerally be deferred without default. If dividends ordistributions received by your Portfolio are insufficient tocover expenses, redemptions or other Portfolio costs, itmay be necessary for your Portfolio to sell Securities tocover such expenses, redemptions or other costs. Anysuch sales may result in capital gains or losses to you.See “Taxation”.

Call Risk. Call risk is the risk that the issuer of apreferred security in your Portfolio prepays or “calls” asecurity before its stated maturity. An issuer might calla preferred security if interest rates fall and the securitypays a higher interest rate or if it no longer needs themoney for the original purpose. If an issuer calls apreferred security, your Portfolio will distribute theprincipal to you but your future income distributions willfall. You might not be able to reinvest this principal atas high a yield. A preferred security’s call price couldbe less than the price your Portfolio paid for thesecurity and could be below the security’s par value.This means that you could receive less than the

amount you paid for your Units. In certaincircumstances, if enough preferred securities arecalled, it could cause a Portfolio to terminate early.Some or all of the securities may also be subject toextraordinary optional or mandatory redemptions ifcertain events occur, such as certain changes in taxlaws, the substantial damage or destruction by fire orother casualty of the project for which the proceeds ofthe securities were used, and various other events. Thecall provisions are described in general terms in the“Portfolio” under “Redemption Provisions”.

Closed-End Funds. The High Income AllocationPortfolio and the Multi-Asset High Income Portfolio investin shares of closed-end funds. You should understandthe preceding section titled “Closed-End Funds” beforeyou invest. Shares of closed-end funds frequently tradeat a discount from their net asset value in the secondarymarket. This risk is separate and distinct from the riskthat the net asset value of fund shares may decrease.The amount of such discount from net asset value issubject to change from time to time in response tovarious factors. All funds are subject to various risks,including management’s ability to meet the fund’sinvestment objective, and to manage the fund portfoliowhen the underlying securities are redeemed or sold,during periods of market turmoil and as investors’perceptions regarding funds or their underlyinginvestments change. The Portfolios and any underlyingfunds have operating expenses. You will bear not onlyyour share of your Portfolio’s expenses, but also theexpenses of any underlying funds. By investing in otherfunds, the High Income Allocation Portfolio and the Multi-Asset High Income Portfolio incur greater expenses thanyou would incur if you invested directly in the funds.

Business Development Companies. The HighIncome Allocation Portfolio is exposed to businessdevelopment companies (“BDCs”) (also referred to as“listed private equity companies”) through its investmentin closed-end funds. These are typically companieswhose principal business is to invest in and lend capitalto privately-held companies. These companies mayinclude companies that are closed-end managementinvestment companies registered under the InvestmentCompany Act of 1940 that have elected to be treated

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as business development companies. There are certainrisks inherent in investing in BDCs. Investments madeby BDCs are generally subject to legal and otherrestrictions on resale and are otherwise less liquid thanpublicly traded securities. BDCs may have relativelyconcentrated investment portfolios, consisting of arelatively small number of holdings. Therefore, theaggregate returns realized by the company may bedisproportionately impacted by the poor performance ofa small number of investments, or even a singleinvestment. Since BDCs rely on access to short-termmoney markets, longer-term capital markets and thebank markets as a significant source of liquidity, to theextent that BDCs are not able to access capital atcompetitive rates, their ability to implement certainfinancial strategies may be negatively impacted. Marketdisruptions, including a downturn in capital markets ingeneral, or a downgrade of the credit rating of a BDCheld by the Portfolio may increase the cost of borrowingto that company, thereby increasing its cost ofborrowing and adversely impacting the underlyingfund’s returns. Credit downgrades may also result inrequirements on a company to provide additionalsupport in the form of letters of credit or cash or othercollateral to various counterparties. Since many of theassets of BDCs do not have readily ascertainablemarket values, such assets are most often recorded atfair value, in good faith, in accordance with valuationprocedures adopted by such companies. Due to theabsence of a readily ascertainable market value, fairvalue of a BDC’s investments may differ significantlyfrom the values that would be reflected if the securitieswere traded in an established market. Many debtinvestments in which BDCs invest will not be rated by acredit rating agency and will be below investment gradequality. These investments are commonly referred to as“junk bonds” and have predominantly speculativecharacteristics with respect to an issuer’s capacity tomake payments of interest and principal.

Preferred Securities. The Preferred OpportunityPortfolio invests exclusively, and the High IncomeAllocation Portfolio and the Multi-Asset High IncomePortfolio each invest a portion of their respectiveportfolios, in preferred securities, including hybrid and

trust preferred securities and senior debt instrumentsthat have the trading characteristics of exchange-listedpreferred securities. You should understand thesesecurities before you invest. Hybrid-preferred securitiesare preferred securit ies typical ly issued bycorporations, generally in the form of interest-bearingnotes and may be perpetual in duration or may have astated maturity. Dividends on the securities are usuallynon-cumulative and could be deferred indefinitelywithout triggering default. Trust preferred securities aresimilar to hybrid securities, but are typically issued byan affiliated business trust of a corporation, generally inthe form of beneficial interests in subordinateddebentures or similarly structured securities. Thematurity and distribution payments of the preferredsecurities generally coincide with the maturity andinterest payments on the underlying obligations. Whiledistributions received from certain preferred securitiesin the Portfolio may be treated as ordinary income forfederal income tax purposes, distributions receivedfrom other preferred securities in the Portfolio may bedesignated as qualified dividend income for federalincome tax purposes (see “Taxation”). The securitiesunderlying certain preferred securities may be equitytype securities which pay periodic dividends. Hybrid-preferred securities typically feature a fixed maturitydate, may defer interest payments without invoking adefault, and make income payments that typically arefully taxable as interest income, rather than as dividendincome, for federal income tax purposes. Thesecurities underlying hybrid-preferred securities aretypically a type of subordinated debt instrument, suchas a note or debenture.

Preferred securities’ prices fluctuate for severalreasons including changes in investors’ perception ofthe financial condition of an issuer, the general conditionof the market for preferred securities, or when political,regulatory or economic events affecting the issuersoccur. These securities are also sensitive to interest ratefluctuations, as the cost of capital rises and borrowingcosts increase in a rising interest rate environment andthe risk that a preferred security may be called forredemption in a falling interest rate environment.

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Hybrid and trust preferred securities with a statedmaturity date usually mature on the maturity date of theunderlying interest-bearing notes or subordinateddebentures and may be redeemed or liquidated prior tothe stated maturity date of such instruments for anyreason on or after their stated call date or upon theoccurrence of certain circumstances at any time. In afalling interest rate environment, a preferred security maybe subject to increased risk of being called for earlyredemption by the issuer. Certain tax or regulatoryevents may trigger the redemption of the interest-bearing notes, preferred securities or subordinateddebentures by the issuing corporation and result inprepayment of the hybrid and trust preferred securitiesprior to their stated maturity date. Any such issuerredemptions among the preferred securities held by thePortfolio may cause the value of your Units to decline,and furthermore, may decrease the amount of incomeyou may receive on your Units. However, other securitiesmay be positively affected by potential near-termredemptions, particularly those trading at discounts topar value. Such securities may experience an increase inmarket value from issuers' redemption activity.

Preferred securities may be adversely affected bycurrent or future regulation. The Dodd-Frank Wall StreetReform and Consumer Protection Act (the "Dodd-FrankAct"), signed into law in July 2010 has had a profoundimpact on preferred securities. The Dodd-Frank Actcontained provisions which made certain hybrid andtrust preferred securities less attractive for issuing banks,which resulted in a significant reduction in the issuanceand availability of trust preferreds. Subsequently, U.S.banks began issuing preferreds compliant with the newregulatory requirements. Unlike trust preferreds, thesenew preferreds contained non-cumulative dividends, nomaturity and further subordination, among other factors.

A longer-term consequence of the relevant provisionsof the Dodd-Frank Act is the potential for some types ofpreferred securities in your Portfolio to become morescarce and potential ly less l iquid. However, theenactment of the Economic Growth, Regulatory Reliefand Consumer Protection Act on May 23, 2018,contains some rollbacks of the Dodd-Frank Act and maylimit the negative implications for preferred securities.

In addition, proposals of the Basel Committee onBanking Supervision (“Basel Committee”) to updatecapital requirements for banks globally, if finalized andadopted in the United States, would further limit theattractiveness to issuing banks of a broader range ofpreferred security types and possibly have moresignificant consequences, including a smaller market ofissues and less liquidity. It is not possible to predict theimpact of the Basel Committee proposals on thePortfolio’s preferred securities.

Hybrid and trust preferred securities are also subjectto unique risks which include the fact that distributionswill only be paid by a preferred security if the interestpayments on the underlying obligations are made,which interest payments are dependent on the financialcondition of the issuer and, in certain cases, may besubject to deferral. During any deferral period, thePortfolio may have to recognize income as if thePortfolio had received current interest payments. Insuch a case, the Portfolio will be required to satisfydistribution requirements based on such income eventhough they would not have received cash with whichto pay such distributions. In addition, the underlyingobligations, and thus the hybrid and trust preferredsecurities, may be pre-paid after a stated call date or asa result of certain tax or regulatory events. Preferredsecurities are typically subordinated to bonds and otherdebt instruments in a company’s capital structure, interms of priority to corporate income, and therefore willbe subject to greater credit risk than those debtinstruments.

Real Estate Investment Trusts. Your Portfolio isexposed to real estate investment trusts (“REITs”). Anynegative impact on the REIT industry will have a greaterimpact on the value of Units than on a portfolio diversifiedover several industries. You should understand the risksof REITs before you invest. Many factors can have anadverse impact on the performance of a particular REIT,including its cash available for distribution, the creditquality of a particular REIT or the real estate industrygenerally. The success of REITs depends on variousfactors, including the quality of property management,occupancy and rent levels, appreciation of the underlyingproperty and the ability to raise rents on those properties.

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Economic recession, over-building, tax law changes,environmental issues, higher interest rates or excessivespeculation can all negatively impact REITs, their futureearnings and share prices.

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

• general U.S. and global as well as localeconomic conditions,

• decline in real estate values,

• possible lack of availability of mortgagefunds,

• the financial health of tenants,

• over-building and increased competitionfor tenants,

• over-supply of properties for sale,

• changing demographics,

• changes in interest rates, tax rates andother operating expenses,

• changes in government regulations,

• faulty construction and the ongoing needfor capital improvements,

• regulatory and judicial requirements,including relat ing to l iabi l i ty forenvironmental hazards,

• the ongoing financial strength and viabilityof government sponsored enterprises,such as Fannie Mae and Freddie Mac,

• changes in neighborhood values andbuyer demand, and

• the unavailability of construction financingor mortgage loans at rates acceptable todevelopers.

Variations in rental income and space availability andvacancy rates in terms of supply and demand areadditional factors affecting real estate generally andREITs in particular. Properties owned by a REIT may notbe adequately insured against certain losses and may

be subject to significant environmental liabilities,including remediation costs.

You should also be aware that REITs may not bediversified and are subject to the risks of financingprojects. The real estate industry may be cyclical, and, ifyour Portfolio acquires REIT Securities at or near the topof the cycle, there is increased risk of a decline in valueof the REIT Securities during the life of your Portfolio.REITs are also subject to defaults by borrowers and themarket’s perception of the REIT industry generally.

Because of their structure, and the legal requirementthat they distribute at least 90% of their taxable incometo shareholders annually, REITs require frequentamounts of new funding, through both borrowingmoney and issuing stock. Thus, REITs historically havefrequently issued substantial amounts of new equityshares (or equivalents) to purchase or build newproperties. This may have adversely affected REITequity share market prices. Both existing and newshare issuances may have an adverse effect on theseprices in the future, especially when REITs continue toissue stock when real estate prices are relatively highand stock prices are relatively low.

Master Limited Partnership Risk. The HighIncome Allocation Portfolio and the Multi-Asset HighIncome Portfolio invest in master limited partnerships(“MLPs”) and the Preferred Opportunity Portfolio investsin preferred securities issued by MLPs. MLPs aregenerally organized as limited partnerships or limitedliability companies that are taxed as partnerships andwhose equity shares (limited partnership units or limitedliabil ity company units) are traded on securitiesexchanges like shares of common stock. An MLPgenerally consists of a general partner and limitedpartners. The general partner manages the partnership,has an ownership stake in the partnership (generallyaround 2%) and may hold incentive distribution rights,which entitle the general partner to a higher percentageof cash distributions as cash flows grow over time. Thelimited partners own the majority of the shares in an MLP,but generally do not have a role in the operation andmanagement of the partnership and do not have votingrights. MLPs generally distribute nearly all of their incometo investors (generally around 90%) in the form of

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quarterly distributions. MLPs are not required to pay outa certain percentage of income but are able to do sobecause they do not pay corporate taxes.

Currently, most MLPs operate in the energy sector,with a particular emphasis on the midstream sector ofthe energy value chain, which includes the infrastructurenecessary to transport, refine and store oil and gas.Investments in MLP interests are subject to the risksgenerally applicable to companies in the energy andnatural resources sectors, including commodity pricingrisk, supply and demand risk, depletion risk andexploration risk. In addition, the potential for regulatoryor legislative changes that could impact the highlyregulated sectors in which MLPs invest remains asignificant risk to the segment. Since MLPs typicallydistribute most of their free cash flow, they are oftenheavily dependent upon access to capital markets tofaci l i tate continued growth. A severe economicdownturn could reduce the ability of MLPs to accesscapital markets and could also reduce profitability byreducing energy demand. Certain MLPs may be subjectto additional liquidity risk due to limited trading volumes.

There are certain tax risks associated with MLPs towhich a Portfolio may be exposed, including the risk thatregulatory or legislative changes could limit or eliminatethe tax benefits enjoyed by MLPs. These tax risks, andany adverse determination with respect thereto, couldhave a negative impact on the after-tax income availablefor distribution by the MLPs and/or the value of yourPortfolio’s investments.

High-Yield Security Risk. Certain of thesecurities in your Portfolio, as well as certain of thesecurities held by the underlying funds in the HighIncome Allocation Portfolio and the Multi-Asset HighIncome Portfolio, are high-yield securities or unratedsecurities. High-yield, high risk securities are subject togreater market fluctuations and risk of loss thansecurities with higher investment ratings. The value ofthese securities will decline significantly with increasesin interest rates, not only because increases in ratesgenerally decrease values, but also because increasedrates may indicate an economic slowdown. Aneconomic slowdown, or a reduction in an issuer’screditworthiness, may result in the issuer being unable

to maintain earnings at a level sufficient to maintaininterest and principal payments.

High-yield or “junk” securities, the generic names forsecurities rated below “BBB-” by Standard & Poor’s orFitch Ratings or “Baa3” by Moody’s, are frequentlyissued by corporations in the growth stage of theirdevelopment or by established companies who arehighly leveraged or whose operations or industries aredepressed. Securities rated below BBB- or Baa3 areconsidered speculative as these ratings indicate a qualityof less than investment grade. Because high-yieldsecurities are generally subordinated obligations and areperceived by investors to be riskier than higher ratedsecurities, their prices tend to fluctuate more than higherrated securities and are affected by short-term creditdevelopments to a greater degree.

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

Foreign Securities. Because the PreferredOpportunity Portfolio and the Multi-Asset High IncomePortfolio invest in foreign securities, the Portfolioinvolves additional risks that differ from an investment indomestic securities. These risks include the risk oflosses due to future pol it ical and economicdevelopments, international trade conditions, foreignwithholding taxes and restr ict ions on foreigninvestments or exchange of securities, foreign currencyfluctuations or restriction on exchange or repatriation ofcurrencies.

The political, economic and social structures of someforeign countries may be less stable and more volatilethan those in the U.S. Investments in these countries maybe subject to the risks of internal and external conflicts,currency devaluations, foreign ownership limitations andtax increases. It is possible that a government may takeover the assets or operations of a company or impose

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restrictions on the exchange or export of currency or otherassets. Some countries also may have different legalsystems that may make it difficult for your Portfolio to voteproxies, exercise investor rights, and pursue legalremedies with respect to its foreign investments.Diplomatic and political developments, including rapid andadverse political changes, social instability, regionalconflicts, terrorism and war, could affect the economies,industries, and securities and currency markets, and thevalue of your Portfolio’s investments, in non-U.S.countries. No one can predict the impact that thesefactors could have on your Portfolio’s securities.

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

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

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

means the Portfolio may at times be unable to sell foreignsecurities in a timely manner or at favorable prices.

Because securities of foreign issuers not listed on aU.S. securities exchange generally pay dividends andtrade in foreign currencies, the U.S. dollar value of thesesecurities and dividends will vary with fluctuations inforeign exchange rates. Most foreign currencies havefluctuated widely in value against the U.S. dollar forvarious economic and political reasons. To determine thevalue of foreign securities or their dividends, the Trusteewill estimate current exchange rates for the relevantcurrencies based on activity in the various currencyexchange markets. However, these markets can be quitevolatile depending on the activity of the large internationalcommercial banks, various central banks, large multi-national corporations, speculators and other buyers andsellers of foreign currencies. Since actual foreign currencytransactions may not be instantly reported, the exchangerates estimated by the Trustee may not reflect theamount your Portfolio would receive in U.S. dollars, hadthe Trustee sold any particular currency in the market.The value of the Securities in terms of U.S. dollars, andtherefore the value of your Units, will decline if the U.S.dollar decreases in value relative to the value of thecurrencies in which the Securities trade.

Industry Risks. The Portfolios invest significantly incertain industries. Any negative impact on theseindustries will have a greater impact on the value ofUnits than on a portfolio diversified over severalindustries. You should understand the risks of theseindustries before you invest.

The relative weighting or composition of your Portfoliomay change during the life of your Portfolio. Followingthe Initial Date of Deposit, the Sponsor intends to issueadditional Units by depositing in your Portfolio additionalsecurities in a manner consistent with the provisionsdescribed in the above section entitled “The Portfolios”.As described in that section, it may not be possible toretain or continue to purchase one or more Securities inyour Portfolio. In addition, due to certain limitedcircumstances described under “Portfol ioAdministration”, the composition of the Securities in yourPortfolio may change. Accordingly, the fluctuations in therelative weighting or composition of your Portfolio may

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result in concentrations (25% or more of a Portfolio’sassets) in securities of a particular type, industry and/orgeographic region. As of the Initial Date of Deposit, eachPortfolio was significantly invested in the following, to theextent described below.

Financial Services Issuers. The Preferred OpportunityPortfolio invests significantly in, and the High IncomeAllocation Portfolio and the Multi-Asset High IncomePortfolio, primarily through their respective investmentsin preferred securities, invests in securities issued bybanks and other f inancial services companies.Companies in the financial services industry include, butare not limited to, companies involved in activities suchas banking, mortgage finance, consumer finance,specialized finance, industrial finance and leasing,investment banking and brokerage, asset managementand custody, corporate lending, insurance, and financialinvestment. In general, financial services issuers aresubstantially affected by changes in economic andmarket conditions, including: the liquidity and volatilitylevels in the global financial markets; interest rates, aswell as currency and commodities prices; investorsentiment; the rate of corporate and consumer defaults;inflation and unemployment; the availability and cost ofcapital and credit; exposure to various geographicmarkets or in commercial and residential real estate;competition from new entrants in their fields of business;extensive government regulation; and the overall healthof the U.S. and international economies. Due to the widevariety of companies in the financial services sector, theymay behave and react in different ways in response tochanges in economic and market conditions.

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

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

The financial services sector may be adversely affectedby global developments including recessionary conditions,deterioration in the credit markets and concerns oversovereign debt. This may increase the credit risk, andpossibility of default, of bonds issued by such institutionsfaced with these problems. In addition, the liquidity ofcertain debt instruments may be reduced or eliminateddue to the lack of available market makers. There can beno assurance that the risks associated with investment infinancial services issuers will decrease even assuming thatthe U.S. and/or foreign governments and agencies takesteps to address problems that may arise.

Most financial services companies are subject toextensive governmental regulation, which limits theiractivities and may affect their ability to earn a profit froma given line of business. This also exposes financialservices issuers to regulatory risk, where certainfinancial services companies may suffer setbacks ifregulators change the rules under which they operate.Challenging economic and political conditions, alongwith increased public scrutiny during the past severalyears, led to new legislation and increased regulation inthe U.S. and abroad, creating additional difficulties forf inancial inst itut ions. Regulatory init iat ives andrequirements that were proposed around the world maybe inconsistent or may conflict with previous regulationsto which financial services issuers were subject, therebyresulting in higher compliance and legal costs, as wellas the potential for higher operational, capital andliquidity costs. Proposed or enacted regulations mayfurther limit the amounts and types of loans and otherfinancial commitments certain financial services issuerscan make, and further, may limit the interest rates andfees they can charge, the prices they can charge andthe amount of capital they must maintain. These lawsand regulations may affect the manner in which aparticular financial institution does business and the

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products and services it may provide. Increasedregulation may restrict a company’s ability to competein its current businesses or to enter into or acquire newbusinesses. New regulations may reduce or limit acompany’s revenue or impose additional fees, limit thescope of their activities, increase assessments or taxeson those companies and intensify regulatorysupervision, adversely affecting business operations orleading to other negative consequences.

Among the most prominent pieces of U.S. legislationfollowing the 2008 financial crisis was the Dodd-FrankWall Street Reform and Consumer Protection Act (the“Dodd-Frank Act”), enacted into federal law on July 21,2010. The Dodd-Frank Act included reforms andrefinements to modernize existing laws to addressemerging risks and issues in the nation’s evolvingfinancial system. It also established entirely newregulatory regimes, including in areas such as systemicrisk regulation, over-the-counter derivatives marketoversight, and federal consumer protection. The Dodd-Frank Act intended to cover virtually all participants in thefinancial services industry for years to come, includingbanks, thrifts, depository institution holding companies,mortgage lenders, insurance companies, industrial loancompanies, broker-dealers and other securities andinvestment advisory firms, private equity and hedgefunds, consumers, numerous federal agencies and thefederal regulatory structure. In particular, certainprovisions of the Dodd-Frank Act increased the capitalrequirements of certain financial services companiessupervised by the Federal Reserve, resulting in suchcompanies incurring generally higher deposit premiums.These types of regulatory changes led to some adverseeffects on certain financial services issuers and coulddecreases in such issuers’ profits or revenues.

The Economic Growth, Regulatory Relief andConsumer Protection Act (the “Relief Act”), enacted intofederal law on May 23, 2018, introduces changes onseveral aspects of the U.S. financial industry. The ReliefAct dilutes some of the stringent regulations imposedby the Dodd-Frank Act and aims to make things easierfor small- and medium-sized U.S. banks – however, allbanks will remain regulated. The Relief Act will relievesmall- and medium-sized banks from major regulatory

compliance costs linked with stricter scrutiny. The ReliefAct may lead to further deregulation and roll-back of theDodd-Frank Act and the Sponsor is unable to predictthe impact that such changes may have on financialservices issuers.

Financial services companies in foreign countries arealso subject to regulatory and interest rate concerns. Inparticular, government regulation in certain foreigncountries may include controls on interest rates, creditavai labi l i ty, pr ices and currency transfers. Thedeparture of any European Union (“EU”) member fromuse of the Euro could lead to serious disruptions toforeign exchanges, operations and settlements, whichmay have an adverse effect on financial servicesissuers. More recently, there is uncertainty regardingthe state of the EU following the United Kingdom’s(“U.K.”) initiation on March 27, 2017, of the process toexit from the EU (“Brexit”). As of January 31, 2020, theU.K. has off ic ia l ly exited the EU though tradenegotiations are ongoing. The effect that Brexit mayhave on the global financial markets or on the financialservices companies in your Portfolio is uncertain.

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

Insurance companies are particularly subject togovernment regulation and rate setting, potentialantitrust and tax law changes, and industry-wide pricingand competition cycles. Property and casualty insurance

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companies also may be affected by weather, terrorism,long-term climate changes, and other catastrophes. Lifeand health insurance companies may be affected bymortality and morbidity rates, including the effects ofepidemics. Individual insurance companies may beexposed to reserve inadequacies, problems ininvestment portfolios (for example, real estate or “junk”bond holdings) and failures of reinsurance carriers.

Many of the investment considerations discussedin connection with banks and insurance companiesalso apply to other financial services companies.These companies are subject to extensive regulation,rapid business changes, and volatile performancedependent on the availability and cost of capital andprevailing interest rates and significant competition.General economic conditions significantly affect thesecompanies. Credit and other losses resulting from thefinancial difficulty of borrowers or other third partieshave a potentially adverse effect on companies in thisindustry. Investment banking, securities brokerageand investment advisory companies are particularlysubject to government regulat ion and the r isksinherent in secur i t ies trading and underwri t ingactivities.

The financial condition of customers, clients andcounterparties, including other financial institutions,could adversely affect financial services issuers.Financial services issuers are interrelated as a result ofmarket making, trading, clearing or other counterpartyrelationships. Many of these transactions exposefinancial services issuers to credit risk as a result ofthe actions of, or deterioration in, the commercialsoundness of other counterparty financial institutions.Economic and market conditions may increase creditexposures due to the increased risk of customer, clientor counterparty default. Downgrades to the creditratings of financial services issuers could have anegative effect on liquidity, cash flows, competitiveposition, financial condition and results of operationsby significantly limiting access to funding or capitalmarkets, increasing borrowing costs or triggeringincreased collateral requirements. Financial servicesissuers face significant legal risk, both from regulatoryinvestigations and proceedings, as well as private

actions. Profit margins of these companies continue toshrink due to the commoditization of traditionalbusinesses, new competitors, capital expenditures onnew technology and the pressure to compete globally.

Real Estate Companies. The High Income AllocationPortfolio and the Multi-Asset High Income Portfolioinvest significantly in, and the Preferred OpportunityPortfolio invests in, shares of real estate companies.You should understand the r isks of real estatecompanies before you invest. Many factors can have anadverse impact on the performance of a particular realestate company, including its cash available fordistribution, the credit quality of a particular company orthe real estate industry generally. The success of realestate companies depends on various factors, includingthe quality of property management, occupancy andrent levels, appreciation of the underlying property andthe ability to raise rents on those properties. Economicrecession, over-bui lding, tax law changes,environmental issues, higher interest rates or excessivespeculation can all negatively impact these companies,their future earnings and share prices.

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

• general U.S. and global as well as localeconomic conditions,

• decline in real estate values,

• possible lack of availability of mortgagefunds,

• the financial health of tenants,

• over-building and increased competitionfor tenants,

• over-supply of properties for sale,

• changing demographics,

• changes in interest rates, tax rates andother operating expenses,

• changes in government regulations,

• faulty construction and the ongoing needfor capital improvements,

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• regulatory and judicial requirements,including relating to liability for environmentalhazards,

• the ongoing financial strength and viabilityof government sponsored enterprises,such as Fannie Mae and Freddie Mac,

• changes in neighborhood values andbuyer demand, and

• the unavailability of construction financingor mortgage loans at rates acceptable todevelopers.

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

You should also be aware that real estate companiesmay not be diversified and are subject to the risks offinancing projects. The real estate industry may becyclical, and, if your Portfolio acquires securities at ornear the top of the cycle, there is increased risk of adecline in value of the securities during the life of yourPortfolio.

Real estate companies are also subject to defaultsby borrowers and the market's perception of the realestate industry generally.

Because of the structure of certain real estatecompanies, and legal requirements in many countriesthat these companies distribute a certain minimumamount of their taxable income to shareholdersannually, real estate companies often require frequentamounts of new funding, through both borrowingmoney and issuing stock. Thus, many real estatecompanies historical ly have frequently issuedsubstantial amounts of new equity shares (orequivalents) to purchase or build new properties. Thismay have adversely affected security market prices.Both existing and new share issuances may have anadverse effect on these prices in the future, especiallywhen companies continue to issue stock when real

estate prices are relatively high and stock prices arerelatively low.

Energy Issuers. The High Income Allocation Portfolioand the Multi-Asset High Income Portfolio are exposedto companies in the energy sector primarily throughtheir respective investments in MLPs. Energycompanies can be significantly impacted by fluctuationsin the prices of energy fuels, such as crude oil, naturalgas, and other fossil fuels. Extended periods of lowenergy fuel prices can have a material adverse impacton an energy company’s financial condition and resultsof operations. The prices of energy fuels can bematerially impacted by general economic conditions,demand for energy fuels, industry inventory levels,production quotas or other actions that might beimposed by the Organization of Petroleum ExportingCountries (OPEC), weather-related disruptions anddamage, competing fuel prices, and geopolitical risks.Recently, the price of crude oil, natural gas and otherfossil fuels has declined substantially and experiencedsignificant volatility, which has adversely impactedenergy companies and their stock prices and dividends.The price of energy fuels may decline further and havefurther adverse effects on energy companies. Someenergy 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 energy industry also faces substantialgovernment regulation, including environmentalregulation regarding air emissions and disposal ofhazardous materials. These regulations may increasecosts and limit production and usage of certain fuels.Additionally, governments have been increasing theirattention to issues related to greenhouse gas (“GHG”)emissions and cl imate change, and regulatorymeasures to l imit or reduce GHG emissions arecurrently in various stages of discussion orimplementation. GHG emissions-related regulationscould substantially harm energy companies, includingby reducing the demand for energy fuels and increasingcompliance costs. Energy companies also face risks

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related to political conditions in oil producing regions(such as the Middle East). Political instability or war inthese regions could negatively impact energycompanies. The operations of energy companies canbe disrupted by natural or human factors beyond thecontrol of the energy company. These includehurricanes, floods, severe storms, and other weatherevents, civil unrest, accidents, war, earthquakes, fire,political events, systems failures, and terrorist attacks,any of which could result in suspension of operations.Energy companies also face certain hazards inherent tooperating in their industry, such as accidental releasesof energy fuels or other hazardous materials,explosions, and mechanical failures, which can result inenvironmental damage, loss of life, loss of revenues,legal liability and/or disruption of operations.

Reduced Diversification. Your Portfolio involves therisk that the Portfolio will become smaller and lessdiversified as securities are sold, are called or mature. Thiscould increase your risk of loss and increase your share ofPortfolio expenses.

Quality Risk. This is the risk that a preferredsecurity in your Portfolio will fall in value if a ratingagency decreases the preferred security’s rating.

Tax and Legislation Risk. Tax legislation proposedby the President or Congress, tax regulations proposedby the U.S. Treasury or positions taken by the InternalRevenue Service could affect the value of your Portfolio,or the securities owned by the underlying funds in theHigh Income Allocation Portfolio or the Multi-Asset HighIncome Portfolio, by changing the taxation or taxcharacterizations of its portfolio securities, or dividendsand other income paid by or related to such securities.Congress has considered such proposals in the past andmay do so in the future. In December 2017, Congresspassed, and the President signed, significant taxlegislation, much of which became effective in 2018. Noone can predict whether any other legislation will beproposed, adopted or amended by Congress and noone can predict the impact that any other legislationmight have on your Portfolio or its portfolio securities, oron the tax treatment of your Portfolio or of yourinvestment in your Portfolio.

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

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

PUBLIC OFFERING

General. Units are offered at the Public OfferingPrice which consists of the net asset value per Unit plusorganization costs plus the sales charge. The net assetvalue per Unit is the value of the securities, cash andother assets in your Portfolio reduced by the liabilities ofthe Portfolio divided by the total Units outstanding. Themaximum sales charge equals 2.75% of the PublicOffering Price per Unit for the High Income AllocationPortfolio and the Preferred Opportunity Portfolio and1.85% of the Public Offering Price per Unit for the Multi-Asset High Income Portfolio (2.828% and 1.885% ofthe aggregate offer ing price of the Securit ies,respectively) at the time of purchase.

The initial sales charge is the difference between thetotal sales charge amount (maximum of 2.75% of thePublic Offering Price per Unit for the High IncomeAllocation Portfolio and the Preferred OpportunityPortfolio and 1.85% of the Public Offering Price per Unitfor the Multi-Asset High Income Portfolio) and the sumof the remaining fixed dollar deferred sales charge andthe fixed dollar creation and development fee (initially$0.275 per Unit for the High Income Allocation Portfolioand the Preferred Opportunity Portfolio and $0.185 perUnit for the Multi-Asset High Income Portfol io).Depending on the Public Offering Price per Unit, you paythe initial sales charge at the time you buy Units. The

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deferred sales charge is fixed at $0.225 per Unit for theHigh Income Allocation Portfolio and the PreferredOpportunity Portfolio and $0.135 per Unit for the Multi-Asset High Income Portfolio. Your Portfolio pays thedeferred sales charge in installments as described in the“Fee Table.” If any deferred sales charge payment date isnot a business day, we will charge the payment on thenext business day. If you purchase Units after the initialdeferred sales charge payment, you will only pay thatportion of the payments not yet collected. If you redeemor sell your Units prior to collection of the total deferredsales charge, you will pay any remaining deferred salescharge upon redemption or sale of your Units. The initialand deferred 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 offeringperiod as described in the “Fee Table.” If you redeem orsell your Units prior to collection of the creation anddevelopment fee, you will not pay the creation anddevelopment fee upon redemption or sale of your Units.After the initial offering period the maximum sales chargewill be reduced by 0.50%, reflecting the previouscollection of the creation and development fee. Becausethe deferred sales charge and creation and developmentfee are fixed dollar amounts per Unit, the actual chargeswill exceed the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit falls below $10 and willbe less than the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit exceeds $10. In noevent will the maximum total sales charge exceed2.75% of the Public Offering Price per Unit for the HighIncome Allocation Portfol io and the PreferredOpportunity Portfolio or 1.85% of the Public OfferingPrice per Unit for the Multi-Asset High Income Portfolio.

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 sales

charge equal to the difference between the total salescharge and the sum of the remaining deferred salescharge and the creation and development fee. Forexample, with respect to the High Income AllocationPortfolio and the Preferred Opportunity Portfolio, if thePubl ic Offer ing Price per Unit rose to $14, themaximum sales charge would be $0.385 (2.75% of thePublic Offering Price per Unit), consisting of an initialsales charge of $0.110, a deferred sales charge of$0.225 and the creation and development fee of$0.050. With respect to the Multi-Asset High IncomePortfolio, 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 toUnitholders that purchase Units at that price. The initialsales charge credit is paid by the Sponsor and is notpaid by your Portfolio. With respect to the High IncomeAllocation Portfolio and the Preferred OpportunityPortfolio, if the Public Offering Price per Unit fell to $6,the maximum sales charge would be $0.165 (2.75% ofthe Public Offering Price per Unit), which consists of aninitial sales charge (credit) of -$0.110, a deferred salescharge of $0.225 and a creation and development feeof $0.050. With respect to the Multi-Asset HighIncome Portfolio, if the Public Offering Price per Unit fellto $6, the maximum sales charge would be $0.111(1.85% of the Public Offering Price per Unit), which

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consists of an initial sales charge (credit) of -$0.074, adeferred sales charge of $0.135 and a creation anddevelopment fee of $0.050.

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

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

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

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

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

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

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 development feeare fixed dollar amounts per unit, your Portfolio mustcharge these amounts per unit regardless of this discount.If you elect to reinvest distributions, the Sponsor will credityou with additional Units with a dollar value sufficient tocover the amount of any remaining deferred sales chargeand creation and development fee that will be collected onsuch Units at the time of reinvestment. The dollar value ofthese Units will fluctuate over time.

Unit Price. The Public Offering Price of Units will varyfrom the amounts stated under “Essential Information” inaccordance with fluctuations in the prices of theunderlying Securities in the Portfolios. The initial price ofthe Securities upon deposit by the Sponsor wasdetermined by the Trustee. The Trustee will generallydetermine the value of the Securities as of the EvaluationTime on each business day and will adjust the PublicOffering Price of Units accordingly. The Evaluation Time is

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the close of the New York Stock Exchange on eachbusiness day. The term “business day”, as used hereinand under “Rights of Unitholders--Redemption of Units”,means any day on which the New York Stock Exchange isopen for regular trading. The Public Offering Price per Unitwill be effective for all orders received prior to theEvaluation Time on each business day. Orders received bythe Sponsor prior to the Evaluation Time and ordersreceived by authorized financial professionals prior to theEvaluation Time that are properly transmitted to theSponsor by the time designated by the Sponsor, arepriced based on the date of receipt. Orders received bythe Sponsor after the Evaluation Time, and ordersreceived by authorized financial professionals after theEvaluation Time or orders received by such persons thatare not transmitted to the Sponsor until after the timedesignated by the Sponsor, are priced based on the dateof the next determined Public Offering Price per Unitprovided they are received timely by the Sponsor on suchdate. It is the responsibility of authorized financialprofessionals to transmit orders received by them to theSponsor so they will be received in a timely manner.

The value of portfolio securities is based on thesecurities’ market price when available. When amarket pr ice is not readi ly avai lable, includingcircumstances under which the Trustee determinesthat a security’s market price is not accurate, aport fo l io secur i ty is valued at i ts fa i r value, asdetermined under procedures established by theTrustee or an independent pricing service used by theTrustee. In these cases, a Portfolio’s net asset valuewill reflect certain portfolio securities’ fair value ratherthan their market price. With respect to securities thatare primarily listed on foreign exchanges, the value ofthe portfolio securities may change on days when youwill not be able to purchase or sell Units. The value ofany foreign securities is based on the applicablecurrency exchange rate as of the Evaluation Time. TheSponsor will provide price dissemination and oversightservices to the Portfolios.

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

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

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

Unit Sales Concessions. Brokers, dealers andothers will be allowed a regular concession or agencycommission in connection with the distribution of Unitsduring the initial offering period of 2.00% of the PublicOffering Price per Unit for the High Income AllocationPortfolio and the Preferred Opportunity Portfolio and1.25% of the Public Offering Price for the Multi-AssetHigh Income Portfolio.

Volume Concession Based Upon Annual Sales. Asdescribed below, broker-dealers and other sellingagents may in certa in cases be el ig ib le for anadditional concession based upon their annual eligiblesales of all Invesco fixed income and equity unitinvestment trusts. Eligible sales include all units of anyInvesco unit investment trust underwri t ten orpurchased directly from Invesco during a trust’s initialoffering period. For purposes of this concession, trustsdesignated as either “Invesco Unit Trusts, TaxableIncome Series” or “Invesco Unit Trusts, MunicipalSeries” are fixed income trusts, and trusts designatedas “Invesco Unit Trusts Series” are equity trusts. Inaddit ion to the regular concessions or agencycommissions descr ibed above in “Unit SalesConcessions” all broker-dealers and other selling firmswill be eligible to receive additional compensationbased on total initial offering period sales of all eligibleInvesco unit investment trusts during the previousconsecutive 12-month period through the end of themost recent month. The Volume Concession, as

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

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

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

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

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

any order for the purchase of Units and to change theamount of the concession or agency commission todealers and others from time to time.

We may provide, at our own expense and out of ourown profits, additional compensation and benefits tobroker-dealers who sell Units of the Portfolios and ourother products. This compensation is intended to resultin additional sales of our products and/or compensatebroker-dealers and financial advisors for past sales. Wemay make these payments for marketing, promotionalor related expenses, including, but not limited to,expenses of entertaining retail customers and financialadvisors, advert ising, sponsorship of events orseminars, obtaining shelf space in broker-dealer firmsand similar activities designed to promote the sale of thePortfolios 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 by theselling dealer or agent. In addition, the Sponsor will realizea profit or loss as a result of the difference between theprice paid for the Securities by the Sponsor and the costof the Securities to your Portfolio on the Initial Date ofDeposit as well as on subsequent deposits. See “Notes toPortfolios”. The Sponsor has not participated as soleunderwriter or as manager or as a member of theunderwriting syndicates or as an agent in a privateplacement for any of the Securities. The Sponsor mayrealize profit or loss as a result of the possible fluctuationsin the market value of Units held by the Sponsor for saleto the public. In maintaining a secondary market, theSponsor will realize profits or losses in the amount of anydifference between the price at which Units are purchasedand the price at which Units are resold (which priceincludes the applicable sales charge) or from a redemptionof repurchased Units at a price above or below thepurchase price. Cash, if any, made available to theSponsor prior to the date of settlement for the purchase of

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Units may be used in the Sponsor’s business and may bedeemed to be a benefit to the Sponsor, subject to thelimitations of the Securities Exchange Act of 1934, asamended (“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 todo so, the Sponsor may maintain a market for Unitsand to purchase Units at the secondary marketrepurchase price (which is described under “Right ofUnitholders--Redemption of Units”). The Sponsor maydiscont inue purchases of Units or discont inuepurchases at this price at any time. In the event that asecondary market is not maintained, a Unitholder willbe able to dispose of Units by tendering them to theTrustee for redemption at the Redemption Price. See“Rights of Unitholders--Redemption of Units”.Unitholders should contact their broker to determinethe best price for Units in the secondary market. Unitssold prior to the time the entire deferred sales chargehas been collected will be assessed the amount of anyremaining deferred sales charge at the time of sale.The Trustee wil l notify the Sponsor of any Unitstendered for redemption. If the Sponsor’s bid in thesecondary market equals or exceeds the RedemptionPrice per Unit, it may purchase the Units not later thanthe day on which Units would have been redeemed bythe Trustee. The Sponsor may sell repurchased Unitsat the secondary market Public Offering Price per Unit.

RETIREMENT ACCOUNTS

Units are available for purchase in connection withcertain types of tax-sheltered retirement plans, includingIndividual Retirement Accounts for individuals, SimplifiedEmployee Pension Plans for employees, qualified plansfor self-employed individuals, and qualified corporatepension and profit sharing plans for employees. Theminimum purchase for these accounts is reduced to 25

Units but may vary by selling firm. The purchase of Unitsmay be limited by the plans’ provisions and does notitself establish such plans.

FEE ACCOUNTS

As described above, Units may be available forpurchase by investors in Fee Accounts where aPortfolio 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 a 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--Reducing YourSales Charge” section for specific information on this andother sales charge discounts. That section governs thecalculation of all sales charge discounts. The Sponsorreserves the right to limit or deny purchases of Units inFee Accounts by investors or selling firms whose frequenttrading activity is determined to be detrimental to aPortfolio. To purchase Units in these Fee Accounts, yourfinancial professional must purchase Units designated withone of the Fee Based CUSIP numbers set forth under“Essential Information,” either Fee Based Cash for cashdistributions or Fee Based Reinvest for the reinvestment ofdistributions in additional Units, if available. See “Rights ofUnitholders--Reinvestment Option.”

RIGHTS OF UNITHOLDERS

Distributions. Dividends, interest and all otherincome or distributions received (pro rated on an annualbasis), net of expenses, and any net proceeds from thesale of Securities received by a Portfolio will generally bedistributed to Unitholders on each Distribution Date toUnitholders of record on the preceding Record Date.

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These dates appear under “Essential Information”.Distributions made by any closed-end funds, REITs,preferred securities and MLPs in your Portfolio includeordinary income, but may also include sources otherthan ordinary income such as returns of capital, loanproceeds, short-term capital gains and long-termcapital gains (see “Taxation--Distributions”). In addition,the Portfolios will generally make required distributionsat the end of each year because each is structured as a“regulated investment company” for federal taxpurposes. Unitholders will also receive a final distributionof income when their Portfolio terminates. A personbecomes a Unitholder of record on the date ofsettlement (generally two business days after Units areordered, or any shorter period as may be required bythe applicable rules under the 1934 Act). Unitholdersmay elect to receive distributions in cash or to havedistributions reinvested into additional Units. See“Rights of Unitholders--Reinvestment Option”.

Dividends, interest and other income received by aPortfolio are credited to the Income Account of thePortfolio. Other receipts (e.g., capital gains, proceedsfrom the sale of Securities, etc.) are credited to theCapital Account. Proceeds received on the sale of anySecurities, to the extent not used to meet redemptionsof Units or pay deferred sales charges, fees orexpenses, will be distributed to Unitholders. Proceedsreceived from the disposition of any Securities after aRecord Date and prior to the following Distribution Datewill be held in the Capital Account and not distributeduntil the next Distribution Date. Any distribution toUnitholders consists of each Unitholder’s pro rata shareof the avai lable cash in the Income and CapitalAccounts as of the related Record Date.

The income distribution to the Unitholders of yourPortfolio as of each Record Date will be made on thefollowing Distribution Date or shortly thereafter and shallconsist of an amount substantially equal to such portionof each Unitholder’s pro rata share of the estimated netannual income distributions in the Income Account.Because income payments are not received by thePortfolio at a constant rate throughout the year, suchdistributions to Unitholders may be more or less thanthe amount credited to the Income Account as of the

Record Date. For the purpose of minimizing fluctuationin the distributions from the Income Account, theTrustee is authorized to advance such amounts as maybe necessary to provide income distributions ofapproximately equal amounts. The Trustee shall bereimbursed, without interest, for any such advancesfrom funds in the Income Account on the ensuingRecord Date.

Historical and Estimated Distributions. TheHistorical 12 Month Distr ibutions per Unit, andEstimated Initial Distribution per Unit (if any), may beshown under “Essential Information.” These figures arebased upon the weighted average of the actualdistributions paid by the securities included in yourPortfolio over the 12 months preceding the Initial Dateof Deposit and are reduced to account for the effects offees and expenses which wil l be incurred wheninvesting in your Portfolio. While both figures arecalculated using a Public Offering Price of $10 per Unit,any presented Estimated Initial Distribution per Unit willreflect an estimate of the per Unit distributions you mayreceive on the first Distribution Date based upon eachissuer’s preceding 12 month distributions. Neitherdividend payments nor distributions are not assuredand therefore the amount of future distribution ordividend income to your Portfolio is uncertain. Theactual net annual distributions may decrease over timebecause a portion of the securities included in yourPortfolio will be sold to pay for the organization costs,deferred sales charge and creation and developmentfee. Securities may also be sold to pay regular fees andexpenses during your Portfolio’s life. The actual netannual income distributions you receive will vary fromthe Historical 12 Month Distributions amount due tochanges in dividends and distribution amounts paid byissuers, currency fluctuations, the sale of securities topay any deferred sales charge, Portfolio fees andexpenses, and with changes in your Portfolio such asthe acquisition, call, maturity or sale of securities. Inaddition, due to the negative economic impact acrossmany industries caused by the recent COVID-19outbreak, certain issuers of the securities included in aPortfolio may elect to reduce the amount of, or cancelentirely, dividends and/or distributions paid in the future.

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As a result, the Historical 12 Month Distributions perUnit, and Estimated Initial Distribution per Unit (if any),shown under "Essential Information" will likely be higher,and in some cases significantly higher, than the actualdistributions achieved by a Portfolio. Due to these andvarious other factors, actual income received by yourPortfolio will most likely differ from the most recentdividends or scheduled income payments.

Reinvestment Option. Unitholders may havedistributions automatically reinvested in additional Unitswithout a sales charge (to the extent Units may belawfully offered for sale in the state in which theUnitholder resides). The CUSIP numbers for either“Cash” distributions or “Reinvest” for the reinvestment ofdistributions are set forth under “Essential Information”.Brokers and dealers can use the Dividend ReinvestmentService through Depository Trust Company (“DTC”) orpurchase a Reinvest (or Fee Based Reinvest in the caseof Fee Based Eligible Units held in Fee Accounts) CUSIP,if available. To participate in this reinvestment option, aUnitholder must file with the Trustee a written notice ofelection, together with any other documentation that theTrustee may then require, at least five days prior to therelated Record Date. A Unitholder’s election will apply toall Units owned by the Unitholder and will remain in effectuntil changed by the Unitholder. The reinvestment optionis not offered during the 30 calendar days prior totermination. If Units are unavailable for reinvestment orthis reinvestment option is no longer available,distributions will be paid in cash. Distributions will betaxable to Unitholders if paid in cash or automaticallyreinvested in additional Units. See “Taxation”.

A participant may elect to terminate his or herreinvestment plan and receive future distributions in cashby notifying the Trustee in writing no later than five daysbefore a Distribution Date. The Sponsor shall have theright to suspend or terminate the reinvestment plan atany time. The reinvestment plan is subject to availabilityor limitation by each broker-dealer or selling firm. Broker-dealers may suspend or terminate the offering of areinvestment plan at any time. Please contact yourfinancial professional for additional information.

Redemption of Units. All or a portion of your Unitsmay be tendered to The Bank of New York Mellon, the

Trustee, for redemption at Unit Investment Trust Division,111 Sanders Creek Parkway, East Syracuse, New York13057, on any day the New York Stock Exchange isopen. No redemption fee will be charged by the Sponsoror the Trustee, but you are responsible for applicablegovernmental charges, if any. Units redeemed by theTrustee will be canceled. You may redeem all or a portionof your Units by sending a request for redemption toyour bank or broker-dealer through which you hold yourUnits. No later than two business days (or any shorterperiod as may be required by the applicable rules underthe 1934 Act) fol lowing satisfactory tender, theUnitholder will be entitled to receive in cash an amountfor each Unit equal to the Redemption Price per Unitnext computed on the date of tender. The “date oftender” is deemed to be the date on which Units arereceived by the Trustee, except that with respect to Unitsreceived by the Trustee after the Evaluation Time or on aday which is not a business day, the date of tender isdeemed to be the next business day. Redemptionrequests received by the Trustee after the EvaluationTime, and redemption requests received by authorizedfinancial professionals after the Evaluation Time orredemption requests received by such persons that arenot transmitted to the Trustee until after the timedesignated by the Trustee, are priced based on the dateof the next determined redemption price provided theyare received timely by the Trustee on such date. It is theresponsibility of authorized financial professionals totransmit redemption requests received by them to theTrustee so they will be received in a timely manner.Certain broker-dealers or selling firms may charge anorder handling fee for processing redemption requests.Units redeemed directly through the Trustee are notsubject to such fees.

Unitholders tendering 1,000 or more Units (or suchhigher amount as may be required by your broker-dealer or selling agent) for redemption may request anin kind distr ibution of Securit ies equal to theRedemption Price per Unit on the date of tender.Unitholders may not request an in kind distributionduring the initial offering period or within 30 calendardays of a Portfolio’s termination. Your Portfolio generallywill not offer in kind distributions of portfolio securities

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that 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 a Portfolio, theTrustee may make an in kind distribution to suchUnitholder provided that no one with a pecuniaryincentive to influence the in kind distribution mayinfluence selection of the distributed securities, thedistribution must consist of a pro rata distribution of allportfolio securities (with limited exceptions) and the inkind distribution may not favor such affiliated person tothe detriment of any other Unitholder. Unitholders willincur transaction costs in liquidating securities receivedin an in-kind distribution, and any such securitiesreceived will be subject to market risk until sold. In theevent that any securities received in-kind are illiquid,Unitholders will bear the risk of not being able to sellsuch securities in the near term, or at all.

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

The Redemption Price per Unit and the secondarymarket repurchase price per Unit are equal to the prorata share of each Unit in your 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 the

Securities 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 anyperiod during which the Securities and ExchangeCommission (“SEC”) determines that trading on thatExchange is restricted or an emergency exists, as aresult of which disposal or evaluation of the Securitiesis not reasonably practicable, or for other periods asthe 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 may discontinuethis option at any time.

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

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

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If you elect to participate in a cash Rollover, your Unitswill be redeemed on the Mandatory Termination Date. Asthe redemption proceeds become available, the proceeds(including dividends or other received distributions) will beinvested in a new trust series at the public offering pricefor the new trust. The Trustee will attempt to sell Securitiesto satisfy the 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 the Securitiesand could impact the length of the sale period. Theliquidity of any Security depends on the daily tradingvolume of the Security and the amount available forredemption and reinvestment on any day.

We may make subsequent trust series available forsale at various times during the year. Of course, wecannot guarantee that a subsequent trust or sufficientunits will be available or that any subsequent trusts willoffer the same investment strategies or objectives asthe current Portfolios. We cannot guarantee that aRol lover wi l l avoid any negative market priceconsequences resulting from trading large volumes ofsecurit ies. Market price trends may make itadvantageous to sell or buy securities more quickly ormore slowly than permitted by the Portfolio procedures.We may, in our sole discretion, modify a Rollover or stopcreating units of a trust at any time regardless ofwhether al l proceeds of Unitholders have beenreinvested in a Rollover. If we decide not to offer asubsequent series, Unitholders will be notified prior tothe Mandatory Termination Date. Cash which has notbeen reinvested in a Rollover will be distributed toUnitholders shortly after the Mandatory TerminationDate. Rol lover part icipants may receive taxabledividends or realize taxable capital gains which arereinvested in connection with a Rollover but may not beentitled to a deduction for capital losses due to the“wash sale” tax rules. Due to the reinvestment in asubsequent trust, no cash will be distributed to pay anytaxes. See “Taxation”.

Units. Ownership of Units is evidenced in book-entry form only and wi l l not be evidenced bycertificates. Units purchased or held through yourbank or broker-dealer will be recorded in book-entry

form and credited to the account of your bank orbroker-dealer at DTC. Units are transferable bycontacting your bank or broker-dealer through whichyou hold your Units. Transfer, and the requirementstherefore, wi l l be governed by the appl icableprocedures of DTC and your agreement with the DTCparticipant in whose name your Units are registered onthe transfer records of DTC.

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

PORTFOLIO ADMINISTRATION

Portfolio Administration. Your 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 your 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 your Portfolio. If apublic tender offer has been made for a Security or amerger or acquisition has been announced affecting aSecurity, the Trustee may either sell the Security oraccept an offer if the Supervisor determines that thesale or exchange is in the best interest of Unitholders.The Trustee will distribute any cash proceeds toUnitholders. In addition, the Trustee may sell Securitiesto redeem Units or pay Portfolio expenses or deferredsales charges. If securities or property are acquired by a

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Portfolio, 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 your Portfolio. Should any contract for thepurchase of any of the Securities fail, the Sponsor will(unless substantially all of the moneys held in a Portfolioto cover the purchase are reinvested in substituteSecurities in accordance with the Trust Agreement)refund the cash and sales charge attributable to thefailed contract to all Unitholders on or before the nextDistribution Date.

The Sponsor may direct the reinvestment of proceedsof the sale of Securities if the sale is the direct result ofserious adverse credit factors which, in the opinion of theSponsor, would make retention of the Securitiesdetrimental to your Portfolio. In such a case, theSponsor may, but is not obligated to, direct thereinvestment of sale proceeds in any other securities thatmeet the criteria for inclusion in your Portfolio on theInitial Date of Deposit. The Sponsor may also instruct theTrustee to take action necessary to ensure that yourPortfolio continues to satisfy the qualifications of aregulated investment company and to avoid impositionof tax on undistributed income of the Portfolio.

Due to the investments in MLPs that are consideredto be “publicly traded partnerships”, the High IncomeAllocation Portfolio, the Multi-Asset High IncomePortfolio and the Preferred Opportunity Portfolio (dueto its investment in preferred securities issued byMLPs) are subject to certain limitations to maintainqualification as a regulated investment company. Onesuch limitation is that, generally, at the close of eachquarter of each taxable year, not more than 25 percentof the value of a Portfolio’s assets may be invested inthe securities of qualified publicly traded partnershipsand certain other assets. If the portion of the qualifiedpublicly traded partnerships exceeds 25% of thePortfolio following the Initial Date of Deposit, thePortfolio may need to sell securities or stop purchasingaddit ional units of the qual i f ied publ ic ly tradedpartnerships which would alter the composition anddiversity of the securities in the Portfolio.

The Trust Agreement requires the Trustee to vote allshares of the closed-end funds held in the High Income

Allocation Portfolio and the Multi-Asset High IncomePortfolio in the same manner and ratio on all proposalsas the owners of such shares not held by the Portfolio.The Sponsor will instruct the Trustee how to vote thesecurities held in your Portfolio. The Trustee will votethe securities in the same general proportion as sharesheld by other shareholders if the Sponsor fails toprovide instructions.

When your Portfolio sells Securities, the compositionand diversity of the Securities in the Portfolio may bealtered. However, if the Trustee sells Securities toredeem Units or to pay Portfolio expenses or salescharges, the Trustee will do so, as nearly as practicable,on a pro rata basis. In order to obtain the best price forthe Portfolio, it may be necessary for the Supervisor tospecify minimum amounts (generally 100 shares) inwhich blocks of Securities are to be sold. In effectingpurchases and sales of portfolio securities, the Sponsormay direct that orders be placed with and brokeragecommissions be paid to brokers, including brokerswhich may be affiliated with the Portfolio, the Sponsoror dealers participating in the offering of Units.

Pursuant to an exemptive order, 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 price onthe sale date on the exchange where the Securities areprincipally traded, as certified by the Sponsor.

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

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Termination. Your Portfolio will terminate on theMandatory Termination Date specified under “EssentialInformation” or upon the sale or other disposition of thelast Security held in the Portfolio. A Portfolio may beterminated at any time with consent of Unitholdersrepresenting two-thirds of the outstanding Units or bythe Trustee when the value of the Portfolio is less than$500,000 ($3,000,000 if the value of the Portfolio hasexceeded $15,000,000) (the “Minimum TerminationValue”). A Portfolio will be liquidated by the Trustee inthe event that a sufficient number of Units of thePortfolio not yet sold are tendered for redemption bythe Sponsor, so that the net worth of the Portfoliowould be reduced to less than 40% of the value of theSecurities at the time they were deposited in thePortfolio. If your 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 witha Portfolio termination nine business days before, andno later than, the Mandatory Termination Date.Qualified Unitholders may elect an in kind distribution ofSecurities, provided that Unitholders may not requestan in kind distribution of Securities within 30 calendardays of a Portfolio’s termination. Any in kind distributionof Securities will be made in the manner and subject tothe restrictions described under “Rights of Unitholders--Redemption of Units”, provided that, in connectionwith an in kind distribution election more than 30calendar days pr ior to terminat ion, Unitholderstendering 1,000 or more Units of a 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 yourPortfolio. See “Additional Information”.

Limitations on Liabilities. The Sponsor, Supervisorand Trustee are under no liability for taking any action orfor refraining from taking any action in good faith pursuantto the Trust Agreement, or for errors in judgment, butshall be liable only for their own willful misfeasance, badfaith or gross negligence (negligence in the case of theTrustee) in the performance of their duties or by reason oftheir reckless disregard of their obligations and dutieshereunder. The Trustee is not liable for depreciation orloss incurred by reason of the sale by the Trustee of anyof the Securities. In the event of the failure of the Sponsorto act under the Trust Agreement, the Trustee may actthereunder and is not liable for any action taken by it ingood faith under the Trust Agreement. The Trustee is notliable for any taxes or other governmental chargesimposed on the Securities, on it as Trustee under theTrust Agreement or on a Portfolio which the Trustee maybe required to pay under any present or future law of theUnited States of America or of any other taxing authorityhaving jurisdiction. In addition, the Trust Agreementcontains other customary provisions limiting the liability ofthe Trustee. The Sponsor and Supervisor may rely on anyevaluation furnished by the Trustee and have noresponsibility for the accuracy thereof. Determinations bythe Trustee shall be made in good faith upon the basis ofthe best information available to it.

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

The Sponsor and your Portfolio have adopted a codeof ethics requiring Invesco Ltd.’s employees who haveaccess to information on Portfolio transactions to report

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personal securities transactions. The purpose of thecode is to avoid potential conflicts of interest and toprevent fraud, deception or misconduct with respect toyour Portfolio. The Information Supplement containsadditional information about the Sponsor.

If the Sponsor shall fail to perform any of its dutiesunder the Trust Agreement or become incapable ofacting or shall become bankrupt or its affairs are takenover by public authorities, then the Trustee may(i ) appoint a successor Sponsor at rates ofcompensation deemed by the Trustee to be reasonableand not exceeding amounts prescribed by the SEC,(ii) terminate the Trust Agreement and liquidate yourPortfolio as provided therein or (iii) continue to act asTrustee without terminating the Trust Agreement.

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

TAXATION

This section summarizes some of the principal U.S.federal income tax consequences of owning Units of thePortfolios. Tax laws and interpretations are subject tochange, possibly with retroactive effect. This summarydoes not describe all of the tax consequences to alltaxpayers. For example, this summary generally does

not describe your situation if you are a corporation, anon-U.S. person, a broker/dealer, a tax-exempt entity,financial institution, person who marks to market theirUnits or other investor with special circumstances. Inaddition, this section does not describe your alternativeminimum, state, local or foreign tax consequences ofinvesting in the Portfolios.

This federal income tax summary is based in part onthe advice of counsel to the Sponsor. The InternalRevenue Service could disagree with any conclusionsset forth in this section. In addition, our counsel was notasked to review the federal income tax treatment of theassets to be deposited in your Portfolio.

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

Portfolio Status. Your Portfolio intends to elect andto qualify annually as a “regulated investment company”(“RIC”) under the federal tax laws. If your Portfolioqualifies under the tax law as a RIC and distributes itsincome in the manner and amounts required by the RICtax requirements, the Portfolio generally will not payfederal income taxes. But there is no assurance that thedistributions made by your Portfolio will eliminate alltaxes for every year at the level of your Portfolio.

Distributions. Portfolio distributions are generallytaxable. After the end of each year, you will receive a taxstatement reporting your Portfolio's distributions,including the amounts of ordinary income distributionsand capital gains dividends. Your Portfolio may maketaxable distributions to you even in periods during whichthe value of your Units has declined. Ordinary incomedistributions are generally taxed at your federal tax ratefor ordinary income, however, as further discussedbelow, certain ordinary income distributions receivedfrom your Portfolio may be taxed, under current federallaw, at capital gains tax rates. Certain ordinary incomedividends on Units that are attributable to qualifyingdividends received by your Portfolio from certaincorporations may be reported by the Portfolio as beingeligible for the dividends received deduction forcorporate Unitholders provided certain holding period

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requirements are met. Income from a Portfolio andgains on the sale of your Units may also be subject to a3.8% federal tax imposed on net investment income ifyour adjusted gross income exceeds certain thresholdamounts, which currently are $250,000 in the case ofmarried couples filing joint returns and $200,000 in thecase of single individuals. In addition, your Portfolio maymake distributions that represent a return of capital fortax purposes to the extent of the Unitholder's basis inthe Units, and any additional amounts in excess of basiswould be taxed as a capital gain. Generally, you willtreat all capital gains dividends as long-term capitalgains regardless of how long you have owned yourUnits. The tax status of your distributions from yourPortfolio is not affected by whether you reinvest yourdistributions in additional Units or receive them in cash.The income from your Portfolio that you must take intoaccount for federal income tax purposes is not reducedby amounts used to pay a deferred sales charge, if any.The tax laws may require you to treat certaindistributions made to you in January as if you hadreceived them on December 31 of the previous year.

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

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

Capital Gains and Losses and CertainOrdinary Income Dividends. Net capital gain equalsnet long-term capital gain minus net short-term capitalloss for the taxable year. Capital gain or loss is long-term if the holding period for the asset is more than oneyear and is short-term if the holding period for the asset

is one year or less. You must exclude the date youpurchase your Units to determine your holding period.However, if you receive a capital gain dividend from yourPortfolio and sell your Units at a loss after holding it forsix months or less, the loss will be recharacterized aslong-term capital loss to the extent of the capital gaindividend received. The tax rates for capital gainsrealized from assets held for one year or less aregenerally the same as for ordinary income.

In certain circumstances, ordinary income dividendsreceived by an individual Unitholder from a RIC such asyour Portfolio may be taxed at the same federal ratesthat apply to net capital gain (as discussed above),provided certain holding period requirements aresatisfied and provided the dividends are attributable toqualified dividend income received by the Portfolio itself.Qualified dividend income means dividends paid to aPortfolio (a) by domestic corporations, (b) by foreigncorporations that are either ( i ) incorporated in apossession of the United States or (ii) are eligible forbenefits under certain income tax treaties with theUnited States that include an exchange of informationprogram, or (c) with respect to stock of a foreigncorporation that is readily tradeable on an establishedsecurities market in the United States. Both a Portfolioand the Unitholder must meet certain holding periodrequirements to qualify Portfolio dividends for thistreatment. Income derived from investments inderivatives, fixed-income securities, U.S. real estateinvestment trusts, passive foreign investmentcompanies, and income received “in lieu of” dividends ina securities lending transactions generally is not eligiblefor treatment as qualified dividend income. If thequalified dividend income received by a Portfolio isequal to 95% (or a greater percentage) of the Portfolio'sgross income (exclusive of net capital gain) in anytaxable year, all of the ordinary income dividends paidby the Portfolio will be qualified dividend income. YourPortfolio will provide notice to its Unitholders of theamount of any distribution which may be taken intoaccount as qualified dividend income which is eligiblefor capital gains tax rates. There is no requirement thattax consequences be taken into account inadministering your Portfolio.

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

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

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

Foreign Investors. If you are a foreign investor (i.e.,an investor other than a U.S. citizen or resident or aU.S. corporation, partnership, estate or trust), generally,

subject to applicable tax treaties, distributions to youfrom your Portfolio will be characterized as dividends forfederal income tax purposes (other than dividends thatyour Portfolio reports as capital gain dividends) and willbe subject to U.S. income taxes, including withholdingtaxes, subject to certain exceptions described below.You may be eligible under certain income tax treaties fora reduction in withholding rates. However, distributionsreceived by a foreign investor from your Portfolio thatare properly reported by the trust as capital gaindividends, interest-related dividends paid by thePortfolio from its qualified net interest income from U.S.sources and short-term capital gain dividends, may notbe subject to U.S. federal income taxes, includingwithholding taxes, provided that your Portfolio makescertain elections and certain other conditions are met.

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

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additional amounts in respect of amounts withheldunder FATCA. You should consult your tax advisorregarding the effect of FATCA based on your individualcircumstances.

Foreign Tax Credit. If your Portfolio invests in anyforeign securities, the tax statement that you receivemay include an item showing foreign taxes yourPortfolio paid to other countries. In this case, dividendstaxed to you will include your share of the taxes yourPortfolio paid to other countries. If more than 50% ofthe value of a Portfolio's total assets at the end of afiscal year is invested in foreign securities, the Portfoliomay elect to “pass-through” to the Unitholders theamount of foreign income tax paid by the Portfolio inlieu of deducting such amount in determining itsinvestment company taxable income. In such a case,Unitholders will be required (i) to include in grossincome, even though not actually received, theirrespective pro rata shares of the foreign income taxpaid by the Portfolio that are attributable to anydistributions they receive; and (ii) either to deduct theirpro rata share of foreign tax in computing their taxableincome or to use it (subject to various limitations) as aforeign tax credit against federal income tax (but notboth). No deduction for foreign tax may be claimed by anon-corporate Unitholder who does not itemizedeductions or who is subject to the alternative minimumtax. Unitholders may be unable to claim a credit for thefull amount of their proportionate shares of the foreignincome tax paid by a Portfolio due to certain limitationsthat may apply. The Portfolios reserve the right not topass-through to its Unitholders the amount of foreignincome taxes paid by a Portfolio.

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

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

PORTFOLIO OPERATING EXPENSES

General. The fees and expenses of your Portfoliowill generally accrue on a daily basis. Portfolio operatingfees and expenses are generally paid out of the IncomeAccount to the extent funds are available, and 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 yourPortfolio, federal and state registration fees and costs,the initial fees and expenses of the Trustee, and legaland auditing expenses. The Public Offering Price ofUnits includes the estimated amount of these costs.The Trustee will deduct these expenses from yourPortfolio’s assets at the end of the initial offering period.

Creation and Development Fee. The Sponsor willreceive 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 compensation forsales efforts. This fee will not be deducted from proceeds

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received upon a repurchase, redemption or exchange ofUnits before the close of the initial public offering period.

Trustee’s Fee. For its services the Trustee willreceive the fee from your Portfolio set forth in the “FeeTable” (which includes the estimated amount 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 fees for providingbookkeeping and administrative services and portfoliosupervisory services set forth in the “Fee Table”. Thesefees may exceed the actual costs of providing theseservices to your Portfolio but at no time will the totalamount received for these services rendered to allInvesco unit investment trusts in any calendar yearexceed the aggregate cost of providing these servicesin that year.

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

Portfol io may pay the expenses of updating itsregistration statement each year.

Fund Expenses. The High Income AllocationPortfolio and the Multi-Asset High Income Portfolio willalso bear the expenses of the underlying funds. Whilethe High Income Allocation Portfolio and the Multi-AssetHigh Income Portfolio will not pay these expensesdirectly out of its assets, an estimate of these expensesis shown in the “Estimated Annual Expenses” of each“Fee Table” in the High Income Allocation Portfolio andthe Multi-Asset High Income Portfolio to illustrate theimpact of these expenses. This estimate is based uponeach underlying fund’s annual operating expenses forthe most recent fiscal year. Each underlying fund’sannual operating expense amount is subject to changein the future.

OTHER MATTERS

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

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

ADDITIONAL INFORMATION

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

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

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TABLE OF CONTENTS

Title Page

High Income Allocation Portfolio ........................ 2Preferred Opportunity Portfolio........................... 8Multi-Asset High Income Portfolio ...................... 15Notes to Portfolios ............................................. 22Report of Independent Registered

Public Accounting Firm .................................. 24Statements of Condition ................................... 25The Portfolios .................................................... A-1Objectives and Securities Selection ................... A-2Closed-End Funds............................................. A-2Risk Factors ...................................................... A-3Public Offering ................................................... A-14Retirement Accounts ......................................... A-19Fee Accounts .................................................... A-19Rights of Unitholders ......................................... A-19Portfolio Administration...................................... A-23Taxation ............................................................. A-26Portfolio Operating Expenses............................. A-29Other Matters .................................................... A-30Additional Information ........................................ A-30

______________When Units of the Portfolios are no longer available thisprospectus may be used as a preliminary prospectus for afuture Portfolio. If this prospectus is used for future Portfoliosyou should note the following:

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

U-EMSPRO2054

PROSPECTUS

May 20, 2020


Preferred OpportunityPortfolio 2020-2


Please retain this prospectus for future reference.

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