ESG Opportunity Portfolio 2019-2

U.S. Defense Portfolio 2019-1

The unit investment trust named above (the “Portfolios”) is included in Invesco Unit Trusts, Series 1954. Eachinvests in a portfolio of stocks. Of course, we cannot guarantee that a Portfolio will achieve its objective.

March 15, 2019

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

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

Any contrary representation is a criminal offense.

INVESCO

Investment Objective. The Portfolio seeks toprovide the potential for capital appreciation andcurrent income.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in commonstocks of companies demonstrating highly favorableEnvironmental, Social, and Governance (“ESG”)practices. The Sponsor evaluates a company’s ESGprofile primarily through examination of the company’senvironmental impact, social values and risk controls. Thecomponents of a favorable ESG profile are commonlyunderstood to be the following:

• Environmental – Companies that have sought toreduce their impact on the environment byavoiding/mitigating pollution, adopting clean andefficient energy usage and working towardssustainable business practices.

• Social – Companies that value human rightsthrough fair labor practices and equalopportunities for all employees, avoidcontroversial industries like tobacco, gamblingand weapons manufacturing and/or avoid theproduction and distribution of foods containingcontroversial ingredients, such as GMOs.

• Governance – Companies that have adoptedmore rigorous governance practices such asBoard independence, proper executive incentivesand accounting controls.

The Sponsor identifies companies for the portfoliobased on consideration of factors, including, but notlimited to:

• Valuation – Companies whose current valuationsappear attractive relative to long-term trends.

• Growth – Companies with a history of andprospects for above average growth of salesand earnings.

• Cash Flow Generation – Companies with ahistory of generating attractive operating andfree cash flows.

• Balance Sheet – Companies displaying balancesheet strength evidenced by a history ofachieving strong financial results and makingdisciplined capital management decisions.

• Returns – Companies with a history of above-average returns on invested capital.

From among the companies identified to havedemonstrated highly favorable ESG practices, inassembling the final portfolio, the Sponsor focuses oncompanies with generally stable or increasing levels ofcommitment towards further strengthening their ESGpractices.

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

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

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

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

• An issuer may be unwilling or unableto declare dividends in the future, ormay reduce the level of dividendsdeclared. This may result in a reduction inthe value of your Units.

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ESG Opportunity Portfolio

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

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

• The Portfolio invests in securities ofcompanies demonstrating favorableESG practices. The companies may nothave applied favorable ESG practices in thepast and there is no guarantee that thecompanies will continue to apply favorableESG practices over the life of the Portfolio.

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

Fee Table

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

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

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

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

Estimated Organization Costs 0.667% $6.500 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.506% $4.928Supervisory, bookkeeping

and administrative fees 0.056 0.550 ______ ______

Total 0.562% $5.478* ______ ______ ______ ______

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 $ 3053 years 9315 years 1,58010 years 3,307

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

The maximum sales charge is 1.85% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of$10 or less. If the Public Offering Price exceeds $10 per Unit, theinitial sales charge is the difference between the total sales charge(maximum of 1.85% of the Public Offering Price) and the sum of theremaining deferred sales charge and the creation and developmentfee. The deferred sales charge is fixed at $0.135 per Unit andaccrues daily from July 10, 2019 through December 9, 2019. YourPortfolio pays a proportionate amount of this charge on the 10th dayof each month beginning in the accrual period until paid in full. Thecombination of the initial and deferred sales charges comprises the“transactional sales charge”. The creation and development fee isfixed at $0.05 per Unit and is paid at the earlier of the end of theinitial offering period (anticipated to be three months) or six monthsfollowing the Initial Date of Deposit. For more detail, see “PublicOffering Price -- General.”

Essential Information

Unit Price at Initial Date of Deposit $10.0000

Initial Date of Deposit March 15, 2019

Mandatory Termination Date June 18, 2020

Historical Annual Distributions1 $0.14485 per Unit

Estimated Initial Distribution1 $0.03 per Unit

Record Dates 10th day of each July,

October and January,

commencing July 10, 2019

Distribution Dates 25th day of each July,

October and January,

commencing July 25, 2019

CUSIP Numbers Cash – 46143E423

Reinvest – 46143E431

Fee Based Cash – 46143E449

Fee Based Reinvest – 46143E456

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

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ESG Opportunity Portfolio 2019-2

Portfolio______________________________________________________________________________________________________________ Current Cost ofNumber Market Value Dividend Securities toof Shares Name of Issuer (1) per Share (2) Yield (3) Portfolio (2) __________ ___________________________________ _______________ ___________ _____________

Communication Services - 7.69% 133 Verizon Communications, Inc. $ 57.9500 4.16% $ 7,707.35 67 Walt Disney Company 114.4800 1.54 7,670.16 Consumer Discretionary - 11.60% 43 Home Depot, Inc. 181.6100 3.00 7,809.23+ 66 Royal Caribbean Cruises, Ltd. 116.4500 2.40 7,685.70 148 TJX Companies, Inc. 52.1000 1.50 7,710.80 Consumer Staples - 7.64% 48 Clorox Company 159.8300 2.40 7,671.84 66 PepsiCo, Inc. 115.5000 3.21 7,623.00 Energy - 3.83% 260 Devon Energy Corporation 29.5000 1.08 7,670.00 Financials - 11.56% 260 Bank of America Corporation 29.4600 2.04 7,659.60 18 BlackRock, Inc. 433.6300 3.04 7,805.34 38 S&P Global, Inc. 201.6000 1.13 7,660.80 Health Care - 15.30% 97 Abbott Laboratories 78.9800 1.62 7,661.06 136 CVS Health Corporation 55.8800 3.58 7,599.68+ 83 Medtronic plc 93.3300 2.14 7,746.39 30 UnitedHealth Group, Inc. 253.2700 1.42 7,598.10 Industrials - 7.67%+ 72 Ingersoll-Rand plc 105.9500 2.00 7,628.40 101 Xylem, Inc. 76.5000 1.25 7,726.50 Information Technology - 23.13% 29 Adobe, Inc. 267.6900 0.00 7,763.01 146 Cisco Systems, Inc. 52.7400 2.65 7,700.04 67 Microsoft Corporation 114.5900 1.61 7,677.53 48 Salesforce.com, Inc. 160.6700 0.00 7,712.16 72 Texas Instruments, Inc. 107.1000 2.88 7,711.20 50 Visa, Inc. - CL A 154.2000 0.65 7,710.00

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ESG Opportunity Portfolio 2019-2

Portfolio (continued)______________________________________________________________________________________________________________ Current Cost ofNumber Market Value Dividend Securities toof Shares Name of Issuer (1) per Share (2) Yield (3) Portfolio (2) __________ ___________________________________ _______________ ___________ _____________

Materials - 3.89% 42 Air Products and Chemicals, Inc. $ 185.2100 2.51% $ 7,778.82 Real Estate - 3.87% 108 Prologis, Inc. 71.7800 2.95 7,752.24 Utilities - 3.82% 154 Exelon Corporation 49.6200 2.92 7,641.48__________ ____________ 2,382 $ 200,080.43__________ ______________________ ____________

See “Notes to Portfolios”.

Investment Objective. The Portfolio seeks toprovide the potential for above-average capitalappreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in commonstocks of domestic aerospace and defense relatedcompanies that derive a meaningful portion of theirrevenue from the U.S. Government’s Department ofDefense. The aerospace and defense industriestypically include companies engaged in the productionof aircraft, maritime ships, military equipment, such astanks and related vehicles, bombs, missi les,associated navigational and guidance systems,artillery, ammunition, as well as cybersecurity.

In selecting the securities for the Portfolio, InvescoCapital Markets, Inc., the Sponsor, initially consideredthe universe of aerospace and defense relatedcompanies. After eliminating companies from this setwith a share price below $5, the Sponsor identifiedstocks of aerospace and defense companies thatderive a meaningful portion of revenue from the U.S.Government’s Department of Defense.

The Sponsor assembled the final portfolio ofaerospace and defense stocks based onconsideration of additional factors, including, but notlimited to:

• Valuation – Companies whose currentvaluations appear attractive relative to long-term trends.

• Growth – Companies with a history of andprospects for above-average growth of salesand earnings.

• Cash Flow Generation – Companies with ahistory of generating attractive operating andfree cash flows.

• Balance Sheet – Companies displayingbalance sheet strength evidenced by a historyof achieving strong financial results and makingdisciplined capital management decisions.

• Returns – Companies with a history of above-average returns on invested capital.

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

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

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

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

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

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

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U.S. Defense Portfolio

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

• The Portfolio invests exclusively incompanies operating in the aerospaceand defense industries, resulting in aconcentration in the industrials sectoras well as in significant exposure to theinformation technology sector. Negativedevelopments in these industries and sectorswill affect the value of your investment morethan would be the case in a more diversifiedinvestment.

• The Portfolio invests in stocks of smallercapitalization companies. These stocks areoften more volatile and have lower tradingvolumes than stocks of larger companies.Smaller capitalization companies may havelimited products or f inancial resources,management inexperience and less publiclyavailable information.

• 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

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

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

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

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

Estimated Organization Costs 0.667% $6.500 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.254% $2.478Supervisory, bookkeeping

and administrative fees 0.056 0.550 ______ ______

Total 0.310% $3.028* ______ ______ ______ ______

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 $ 2803 years 8585 years 1,46010 years 3,077

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

The maximum sales charge is 1.85% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of$10 or less. If the Public Offering Price exceeds $10 per Unit, theinitial sales charge is the difference between the total sales charge(maximum of 1.85% of the Public Offering Price) and the sum of theremaining deferred sales charge and the creation and developmentfee. The deferred sales charge is fixed at $0.135 per Unit andaccrues daily from July 10, 2019 through December 9, 2019. YourPortfolio pays a proportionate amount of this charge on the 10th dayof each month beginning in the accrual period until paid in full. Thecombination of the initial and deferred sales charges comprises the“transactional sales charge”. The creation and development fee isfixed at $0.05 per Unit and is paid at the earlier of the end of theinitial offering period (anticipated to be three months) or six monthsfollowing the Initial Date of Deposit. For more detail, see “PublicOffering Price -- General.”

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit March 15, 2019Mandatory Termination Date June 18, 2020Historical Annual Distributions1,2 $0.09320 per UnitRecord Dates2 10th day of each monthDistribution Dates2 25th day of each monthCUSIP Numbers Cash – 46143E464 Reinvest – 46143E472 Fee Based Cash – 46143E480 Fee Based Reinvest – 46143E498

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

2 The Trustee will make distributions of income and capital on eachmonthly Distribution Date to Unitholders of record on the precedingRecord Date, provided that the total cash held for distribution equals atleast 0.1% of the Portfolio’s net asset value. Undistributed income andcapital will be distributed in the next month in which the total cash heldfor distribution equals at least 0.1% of the Portfolio’s net asset value.Based on the foregoing, it is currently estimated that the initialdistribution will occur in June 2019.

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U.S. Defense Portfolio 2019-1

Portfolio____________________________________________________________________________________________________________ Current Cost ofNumber Market Value Dividend Securities toof Shares Name of Issuer (1) per Share (2) Yield (3) Portfolio (2) __________ ___________________________________ _______________ ___________ _____________

Industrials - 78.94% 230 AAR Corporation $ 34.2200 0.88% $ 7,870.60 226 Aerojet Rocketdyne Holdings, Inc. 34.2700 0.00 7,745.02 21 Boeing Company 373.3000 2.20 7,839.30 158 BWX Technologies, Inc. 49.0900 1.39 7,756.22 140 Cubic Corporation 55.7600 0.48 7,806.40 68 Curtiss-Wright Corporation 114.6300 0.52 7,794.84 46 General Dynamics Corporation 169.5900 2.41 7,801.14 49 Harris Corporation 160.4400 1.71 7,861.56 38 Huntington Ingalls Industries, Inc. 207.3000 1.66 7,877.40 490 Kratos Defense & Security Solutions, Inc. 15.8400 0.00 7,761.60 26 Lockheed Martin Corporation 298.5100 2.95 7,761.26 28 Northrop Grumman Corporation 274.7500 1.75 7,693.00 103 Oshkosh Corporation 75.8200 1.42 7,809.46 43 Raytheon Company 180.2500 1.93 7,750.75 34 Teledyne Technologies, Inc. 227.4000 0.00 7,731.60 Information Technology - 21.06% 139 Booz Allen Hamilton Holding Corporation 56.2700 1.63 7,821.53 42 CACI International, Inc. - CL A 185.5000 0.00 7,791.00 154 FLIR Systems, Inc. 50.5400 1.35 7,783.16 124 Leidos Holdings, Inc. 62.7400 2.04 7,779.76__________ ____________ 2,159 $ 148,035.60__________ ______________________ ____________

See “Notes to Portfolios”.

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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 March 14, 2019 andhave a settlement date of March 18, 2019 (see “The Portfolios”).

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

Profit Cost to (Loss) To Sponsor Sponsor ______________ _____________

ESG Opportunity Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 200,128 $ (48)U.S. Defense Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,079 $ (43)

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

(3) Current Dividend Yield for each Security is based on the estimated annual dividends per share and the Security’s valueas of the most recent close of trading on the New York Stock Exchange on the business day before the Initial Date ofDeposit. Generally, estimated annual dividends per share are calculated by annualizing the most recently declaredregular dividends or by adding the most recent regular interim and final dividends declared and reflect any foreignwithholding taxes. In certain cases, this calculation may consider several recently declared dividends in order for theCurrent Dividend Yield to be more reflective of recent historical dividend rates.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 1954:

Opinion on the Financial Statements

We have audited the accompanying statements of condition (including the related portfolio schedules) of ESGOpportunity Portfolio 2019-2 and U.S. Defense Portfolio 2019-1 (included in Invesco Unit Trusts, Series 1954 (the“Trust”)) as of March 15, 2019, and the related notes (collectively referred to as the “financial statements”). In ouropinion, the financial statements present fairly, in all material respects, the financial position of the Trust as ofMarch 15, 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financialstatements, whether due to error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence regarding the amounts and disclosures in thefinancial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Sponsor, as well as evaluating the overall presentation of the financial statements. Ourprocedures included confirmation of cash or irrevocable letters of credit deposited for the purchase ofsecurities as shown in the statements of condition as of March 15, 2019 by correspondence with The Bankof New 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 YorkMarch 15, 2019

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STATEMENTS OF CONDITIONAs of March 15, 2019

ESG U.S. Opportunity DefenseINVESTMENT IN SECURITIES Portfolio Portfolio _____________ _____________Contracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 200,080 $ 148,036 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 200,080 $ 148,036 _____________ _____________ _____________ _____________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,301 $ 962 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,701 1,999 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 740Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,080 148,036Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,002 3,701 _____________ _____________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,078 144,335 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 200,080 $ 148,036 _____________ _____________ _____________ _____________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,009 14,804 _____________ _____________ _____________ _____________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.750 $ 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 has been deposited with the Trustee.

(2) A portion of the Public Offering Price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing 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 inportfolios of equity securities. Each Portfolio may be anappropriate medium for investors who desire topart icipate in a portfol io of stocks with greaterdiversification than they might be able to acquireindividually.

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

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

percentage relationship among the number of shares ofeach Security in the Portfolio that existed immediatelyprior to the subsequent deposit. Investors mayexperience a dilution of their investments and areduction in their anticipated income because offluctuations in the prices of the Securities between thetime of the deposit and the purchase of the Securitiesand because the Portfolios will pay the associatedbrokerage or acquisition fees. In addition, during theinitial offering of Units it may not be possible to buy aparticular 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 per Unit amount of historical annualdistributions will increase or decrease to the extent ofany adjustment. To the extent that any Units areredeemed to the Trustee or additional Units are issuedas a result of additional Securities being deposited bythe Sponsor, the fractional undivided interest in yourPortfolio represented by each unredeemed Unit willincrease or decrease accordingly, although the actualinterest in your Portfolio will remain unchanged. Unitswill remain outstanding until redeemed upon tender tothe Trustee by Unitholders, which may include theSponsor, or until the termination of the Trust Agreement.

Each Portfolio consists of (a) the Securities (includingcontracts for the purchase thereof) listed under theapplicable “Portfolio” as may continue to be held fromtime to time in the Portfolio, (b) any additional Securities

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

RISK FACTORS

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

Market Risk. Market risk is the risk that the valueof the securities in your Portfolio will fluctuate. Thiscould cause the value of your Units to fall below youroriginal purchase price. Market value fluctuates inresponse to various factors. These can includechanges in interest rates, inflation, the financialcondition of a security’s issuer, perceptions of theissuer, or ratings on a security of the issuer. Eventhough your Portfol io is supervised, you shouldremember that we do not manage your Portfolio. Your

Portfolio will not sell a security solely because themarket value falls as is possible in a managed fund. Inaddition, because the U.S. Defense Portfolio holds arelatively small number of stocks, you may encountermore price volatility than would occur in an investmentdiversified among a greater number of stocks.

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

ESG Strategy Risk. The ESG Opportunity Portfolioinvests exclusively in companies demonstratingfavorable Environmental, Social, and Governance(“ESG”) practices. As a result, the ESG OpportunityPortfolio may be exposed to certain companies orindustries and may forego other market opportunitiesavailable to an investment strategy that does not limititself to investments in companies exhibiting favorableESG practices. This may affect the ESG OpportunityPortfolio’s investment performance, negatively orpositively, compared to the stock market as a whole andcompared to other investment strategies.

Smaller Capitalization Companies. The U.S.Defense Portfolio invests significantly in stocks of smallcapitalization and mid capitalization (collectively “smallercap”) companies. Investing in stocks of smaller capcompanies may involve greater risk than investing instocks of larger capitalization companies, since they canbe subject to more abrupt or erratic price movements.Many smaller cap companies will have had their securitiespublicly traded, if at all, for only a short period of time and

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will not have had the opportunity to establish a reliabletrading pattern through economic cycles. The pricevolatility of smaller cap companies is relatively higher thanlarger, older and more mature companies. This greaterprice volatility of smaller cap companies may result fromthe fact that there may be less market liquidity, lessinformation publicly available or fewer investors whomonitor the activities of these companies. In addition, themarket prices of these securities may exhibit moresensitivity to changes in industry or general economicconditions. Some smaller cap companies will not havebeen in existence long enough to experience economiccycles or to demonstrate whether they are sufficiently wellmanaged to survive downturns or inflationary periods.Further, a variety of factors may affect the success of acompany's business beyond the ability of its managementto prepare or compensate for them, including domesticand international political developments, governmenttrade and fiscal policies, patterns of trade and war orother military conflict which may affect industries ormarkets or the economy generally.

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

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

Aerospace and Defense Issuers. The U.S. DefensePortfolio invests significantly in companies involved inthe aerospace and defense industries, which includescompanies operating in the industrials and informationtechnology sectors. These companies are subject tonumerous r isks, including f ierce competit ion,consol idat ion, adverse pol i t ical, economic andgovernmental developments (both in the U.S. andabroad), compliance with varying regulation acrossinternational markets, substantial research anddevelopment costs, cuts in government funding,product and technology obsolescence, l imitednumbers of potential customers and decreaseddemand for new equipment.

Aerospace and defense companies generally derivea significant portion of their revenue from contractswith the U.S. Government as well as with foreigngovernments. In many cases, an issuer in the Portfoliomay have contracts with only a few entities, including,or even solely with, the U.S. Government. As a result,issuers in the Portfolio engaged in contracts with U.S.Government will be subject to many of the risks thatgenerally affect government contractors. Companies inthese industries can be significantly affected byapplicable government regulation and spendingpolicies, and by fluctuating government demand fortheir products and services. Levels of governmentspending for the products and services provided bysuch government contractors are often influenced bypolitical support. A significant decline or redirection ofU.S. military expenditures in the future could adverselyaffect the sales and earnings of such companies.

Issuers deriving revenue from contracts with theU.S. Government, and defense companies in particular,face a number of specific risks that may adverselyaffect a company’s financial condition and outlook. TheU.S. Government may terminate a contract with anissuer as a result of an issuer’s default, resulting inpossible issuer liability to the U.S. Government. TheU.S. Government may terminate a contract for its ownconvenience, which may lead to difficulty for the issuerin recovering costs incurred prior to termination. Suchcontracts may also be modified or terminated due tochanges in congressional funding levels. Government

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contractors are also subject to stringent routine auditsand reviews, which may lead to significant priceadjustments for products and services. The highlycompetitive bidding environment in which governmentcontractors operate may also reduce the profitability ofcertain government contracts.

Companies involved in the commercial aerospaceindustry are subject to risks including aircraft ordercancellations, changes in aircraft-leasing contracts,excess capacity, cutbacks in profitable business travel,fuel price hikes, labor union settlements, adversechanges in international politics and relations, intenseglobal competition, government regulation and cyclicalmarket patterns. Furthermore, competition in the airlineindustry continues to increase as a result of airlinederegulation.

Consumer Discretionary and Consumer StaplesIssuers. The ESG Opportunity Portfolio investssignificantly in companies that manufacture or sell variousconsumer products. General risks of these companiesinclude the overall state of the economy, intensecompetition and consumer spending trends. A decline inthe economy which results in a reduction of consumers’disposable income can negatively impact spendinghabits. Global factors including political developments,imposition of import controls, fluctuations in oil prices,and changes in exchange rates may adversely affectissuers of consumer products and services.

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

Industrials Issuers. The U.S. Defense Portfolioinvests significantly in industrials companies. Generalrisks of industrials companies include the generalstate of the economy, intense competition, impositionof import controls, volatility in commodity prices,currency exchange rate fluctuation, consolidation,labor relations, domestic and international politics,excess capacity and consumer spending trends.Companies in the industrials sector may be adverselyaffected by liability for environmental damage andproduct liability claims. Capital goods companies mayalso be signif icant ly affected by overal l capitalspending and leverage levels, economic cycles,technical obsolescence, delays in modernization,limitations on supply of key materials, depletion ofresources, government regulations, governmentcontracts and e-commerce initiatives.

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

Information Technology Issuers. Your Portfolio investssignificantly in information technology companies. Thesecompanies include companies that are involved incomputer and business services, enterprisesoftware/technical software, Internet and computersoftware, Internet-related services, networking andtelecommunications equipment, telecommunications

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services, electronics products, server hardware,computer hardware and peripherals, semiconductorcapital equipment and semiconductors. Thesecompanies face risks related to rapidly changingtechnology, rapid product obsolescence, cyclical marketpatterns, evolving industry standards and frequent newproduct introductions.

Companies in this sector face risks from rapidchanges in technology, competition, dependence oncertain suppliers and supplies, rapid obsolescence ofproducts or services, patent termination, frequent newproducts and government regulat ion. Thesecompanies can also be adversely affected byinterruption or reduction in supply of components orloss of key customers and failure to comply withcertain industry standards.

An unexpected change in technology can have asignificant negative impact on a company. The failure ofa company to introduce new products or technologiesor keep pace with rapidly changing technology canhave a negative impact on the company's results.Information technology companies may also be smallerand/or less experienced companies with l imitedproduct lines, markets or resources. Stocks of someInternet companies have high price-to-earnings ratioswith l i t t le or no earnings histor ies. Informationtechnology stocks tend to experience substantial pricevolatility and speculative trading. Announcementsabout new products, technologies, operating results ormarketing alliances can cause stock prices to fluctuatedramatically. At times, however, extreme price andvolume fluctuations are unrelated to the operatingperformance of a company. This can impact your abilityto redeem your Units at a price equal to or greater thanwhat you paid.

Legislation/Litigation. From time to time, variouslegislative initiatives are proposed in the United Statesand abroad which may have a negative impact oncertain of the companies represented in your Portfolio,or on the tax treatment of your Portfolio or of yourinvestment in a Portfolio. In addition, litigation regardingany of the issuers of the Securities, or of the industriesrepresented by these issuers may negatively impact theshare prices of these Securities. No one can predict

what impact any pending or threatened litigation willhave on the share prices of the Securities.

Liquidity Risk. Liquidity risk is the risk that the valueof a security will fall if trading in the security is limited orabsent. The market for certain investments may becomeless liquid or illiquid due to adverse changes in theconditions of a particular issuer or due to adversemarket or economic conditions. In the absence of aliquid trading market for a particular security, the price atwhich such security may be sold to meet redemptions,as well as the value of the Units of your Portfolio, may beadversely affected. No one can guarantee that a liquidtrading market will exist for any security.

No FDIC Guarantee. An investment in your Portfoliois not a deposit of any bank and is not insured orguaranteed by the Federal Deposit InsuranceCorporation or any other government agency.

PUBLIC OFFERING

General. Units are offered at the Public OfferingPrice which consists of the net asset value per Unitplus organization costs plus the sales charge. The netasset value per Unit is the value of the securities, cashand other assets in your Portfolio reduced by theliabilities of the Portfolio divided by the total Unitsoutstanding. The maximum sales charge equals1.85% of the Public Offering Price per Unit (1.885% ofthe aggregate offering price of the Securities) at thetime of purchase.

The initial sales charge is the difference between thetotal sales charge amount (maximum of 1.85% of thePublic Offering Price per Unit) and the sum of theremaining fixed dollar deferred sales charge and thefixed dollar creation and development fee (initially $0.185per Unit). Depending on the Public Offering Price perUnit, you pay the initial sales charge at the time you buyUnits. The deferred sales charge is fixed at $0.135 perUnit. Your Portfolio pays the deferred sales charge ininstallments as described in the “Fee Table.” If anydeferred sales charge payment date is not a businessday, we will charge the payment on the next businessday. If you purchase Units after the initial deferred salescharge payment, you will only pay that portion of the

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payments not yet collected. If you redeem or sell yourUnits prior to collection of the total deferred salescharge, you will pay any remaining deferred sales chargeupon redemption or sale of your Units. The initial anddeferred sales charges are referred to as the“transactional sales charge.” The transactional salescharge does not include the creation and developmentfee which compensates the Sponsor for creating anddeveloping your Portfolio and is described under“Expenses.” The creation and development fee is fixedat $0.05 per Unit. Your Portfolio pays the creation anddevelopment fee as of the close of the initial 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 exceed1.85% of the Public Offering Price per Unit.

The “Fee Table” shows the sales charge calculation ata $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 Price exceeds$10 per Unit, you will pay an initial sales charge equal tothe difference between the total sales charge and the sumof the remaining deferred sales charge and the creationand development fee. For example, if the Public OfferingPrice per Unit rose to $14, the maximum sales chargewould be $0.259 (1.85% of the Public Offering Price perUnit), consisting of an initial sales charge of $0.074, adeferred sales charge of $0.135 and the creation anddevelopment fee of $0.050. Since the deferred salescharge and creation and development fee are fixed dollaramounts per Unit, your Portfolio must charge theseamounts per Unit regardless of any decrease in net assetvalue. However, if the Public Offering Price per Unit falls to

the extent that the maximum sales charge percentageresults in a dollar amount that is less than the combinedfixed dollar amounts of the deferred sales charge andcreation and development fee, your initial sales charge willbe a credit equal to the amount by which these fixeddollar charges exceed your sales charge at the time youbuy Units. In such a situation, the value of securities perUnit would exceed the Public Offering Price per Unit bythe amount of the initial sales charge credit and the valueof those securities will fluctuate, which could result in abenefit or detriment to Unitholders that purchase Units atthat price. The initial sales charge credit is paid by theSponsor and is not paid by the Portfolio. If the PublicOffering Price per Unit fell to $6, the maximum salescharge would be $0.111 (1.85% of the Public OfferingPrice per Unit), which consists of an initial sales charge(credit) of -$0.074, a deferred sales charge of $0.135 anda creation and development fee of $0.050.

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

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

Reducing Your Sales Charge. The Sponsoroffers ways for you to reduce the sales charge thatyou pay. It is your financial professional’s responsibilityto alert the Sponsor of any discount when youpurchase Units. Before you purchase Units you mustalso inform your f inancia l professional of yourqualification for any discount to be eligible for areduced sales charge. Since the deferred salescharges and creation and development fee are fixeddollar amounts per Unit, your Portfolio must chargethese amounts per Unit regardless of any discounts.However, if you are eligible to receive a discount suchthat your total sales charge is less than the fixed dollaramounts of the deferred sales charges and creationand development fee, you will receive a credit equal tothe difference between your total sales charge andthese fixed dollar charges at the time you buy Units.

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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 credit

you with additional Units with a dollar value sufficient tocover the amount of any remaining deferred sales chargeand creation and development fee that will be collectedon such Units at the time of reinvestment. The dollar valueof these Units will fluctuate over time.

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

The value of portfolio securities is based on thesecurities’ market price when available. When a marketprice is not readily available, including circumstancesunder which the Trustee determines that a security’smarket price is not accurate, a portfolio security isvalued at its fair value, as determined under proceduresestablished by the Trustee or an independent pricingservice used by the Trustee. In these cases, a Portfolio’s

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net asset value will reflect certain portfolio securities’ fairvalue rather than their market price. With respect tosecurities that are primarily listed on foreign exchanges,the value of the portfolio securities may change on dayswhen you will not be able to purchase or sell Units. Thevalue of any foreign securit ies is based on theapplicable currency exchange rate as of the EvaluationTime. The Sponsor will provide price dissemination andoversight services 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. These costsinclude the costs of preparing documents relating toyour Portfolio (such as the registration statement,prospectus, trust agreement and legal documents),federal and state registration fees, the initial fees andexpenses of the Trustee and the initial audit. YourPortfolio will sell securities to reimburse us for thesecosts at the end of the initial offering period or after sixmonths, if earlier. The value of your Units will declinewhen your Portfolio pays these costs.

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

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

Volume Concession Based Upon Annual Sales. Asdescribed below, broker-dealers and other sellingagents may in certa in cases be e l ig ib le for anadditional concession based upon their annual eligiblesales of all Invesco fixed income and equity unitinvestment trusts. Eligible sales include all units of anyInvesco uni t investment t rust underwr i t ten orpurchased directly from Invesco during a trust’s initialoffering period. For purposes of this concession,trusts designated as either “Invesco Unit Trusts,Taxable Income Series” or “Invesco Unit Trusts,

Municipal Series” are fixed income trusts, and trustsdesignated as “Invesco Unit Trusts Series” are equitytrusts. In addition to the regular concessions oragency commissions described above in “Unit SalesConcessions” all broker-dealers and other sellingf i rms wi l l be e l ig ib le to receive addi t ionalcompensation based on total initial offering periodsales of all eligible Invesco unit investment trustsduring the previous consecutive 12-month periodthrough the end of the most recent month. TheVolume Concession, as applicable to equity and fixedincome trust units, is set forth in the following table:

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

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

Broker-dealers and other sell ing firms will notreceive the Volume Concession on the sale of unitspurchased in Fee Accounts, however, such sales willbe included in determining whether a firm has met thesales level breakpoints set forth in the VolumeConcession table above. Secondary market sales ofall unit investment trusts are excluded for purposes ofthe Volume Concession. Eligible dealer firms and otherselling agents include clearing firms that place orderswith Invesco and provide Invesco with information withrespect to the representatives who initiated suchtransactions. Eligible dealer firms and other sellingagents wil l not include f irms that solely provideclearing services to other broker-dealer firms or firmswho place orders through clearing firms that areeligible dealers. We reserve the right to change theamount of the concessions or agency commissionsfrom time to time. For a trust to be eligible for thisadditional compensation, the trust’s prospectus mustinclude disclosure re lated to th is addit ionalcompensation.

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Additional Information. Except as provided in thissection, any sales charge discount provided toinvestors will be borne by the selling broker-dealer oragent. For all secondary market transactions the totalconcession or agency commission will amount to 80%of the applicable sales charge. Notwithstandinganything to the contrary herein, in no case shall thetotal of any concessions, agency commissions and anyadditional compensation allowed or paid to any broker,dealer or other distributor of Units with respect to anyindividual transaction exceed the total sales chargeapplicable to such transaction. The Sponsor reservesthe right to reject, in whole or in part, any order for thepurchase of Units and to change the amount of theconcession or agency commission to dealers andothers from time to time.

We may provide, at our own expense and out of ourown profits, additional compensation and benefits tobroker-dealers who sell Units of the 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 ofthe Portfolio(s) and our other products. Fees mayinclude payment for travel expenses, including lodging,incurred in connection with trips taken by invitedregistered representatives for meetings or seminars ofa business nature. These arrangements will not changethe price you pay for your Units.

Sponsor Compensation. The Sponsor will receivethe total sales charge applicable to each transaction.Except as provided under “Unit Distribution” above, anysales charge discount provided to investors will beborne by the selling broker-dealer or agent. In addition,the Sponsor will realize a profit or loss as a result of thedifference between the price paid for the Securities bythe Sponsor and the cost of the Securities to eachPortfolio on the Initial Date of Deposit as well as onsubsequent deposits. See “Notes to Portfolios”. The

Sponsor has not participated as sole underwriter or asmanager or as a member of the underwriting syndicatesor as an agent in a private placement for any of theSecurities. The Sponsor may realize profit or loss as aresult of the possible fluctuations in the market value ofUnits held by the Sponsor for sale to the public. Inmaintaining a secondary market, the Sponsor willrealize profits or losses in the amount of any differencebetween the price at which Units are purchased and theprice at which Units are resold (which price includes theapplicable sales charge) or from a redemption ofrepurchased Units at a price above or below thepurchase price. Cash, if any, made available to theSponsor prior to the date of settlement for the purchaseof Units may be used in the Sponsor’s business andmay be deemed to be a benefit to the Sponsor, subjectto the limitations of the Securities Exchange Act of1934, as amended (“1934 Act”).

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

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

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exceeds the Redemption Price per Unit, i t maypurchase the Units not later than the day on whichUnits would have been redeemed by the Trustee. TheSponsor may sell repurchased Units at the secondarymarket Public Offering Price per Unit.

RETIREMENT ACCOUNTS

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

FEE ACCOUNTS

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

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

You should consult the “Public Offering--ReducingYour Sales Charge” section for specific information onthis and other sales charge discounts. That sectiongoverns the calculation of all sales charge discounts.The Sponsor reserves the right to l imit or denypurchases of Units in Fee Accounts by investors orsel l ing f irms whose frequent trading activity isdetermined to be detrimental to a Portfolio. To purchaseUnits in these Fee Accounts, your financial professionalmust purchase Units designated with one of the Fee

Based CUSIP numbers set forth under “EssentialInformation,” either Fee Based Cash for cashdistributions or Fee Based Reinvest for the reinvestmentof distributions in additional Units, if available. See“Rights of Unitholders--Reinvestment Option.”

RIGHTS OF UNITHOLDERS

Distributions. With respect to the ESG OpportunityPortfolio, dividends and interest, net of expenses, andany net proceeds from the sale of Securities received byyour Portfolio will generally be distributed to Unitholderson each Distribution Date to Unitholders of record onthe preceding Record Date. With respect to the U.S.Defense Portfolio, the Trustee will generally distributethe cash held in the Income and Capital Accounts ofyour Portfolio, net of expenses, on each DistributionDate to Unitholders of record on the preceding RecordDate, provided that the total cash held for distributionequals at least 0.1% of your Portfolio’s net asset value.These dates appear under “Essential Information”.Distributions made by the securities in your Portfolioinclude ordinary income, but may also include sourcesother than ordinary income such as returns of capital,loan proceeds, short-term capital gains and long-termcapital gains (see “Taxation--Distributions”). In addition,the ESG Opportunity Portfolio will generally makerequired distributions at the end of each year becauseeach is structured as a “regulated investment company”for federal tax purposes. Unitholders will also receive af inal distr ibution of income when their Portfol ioterminates. A person becomes a Unitholder of recordon the date of settlement (generally two business daysafter Units are ordered, or any shorter period as may berequired by the applicable rules under the 1934 Act).Unitholders may elect to receive distributions in cash orto have distributions reinvested into additional Units.See “Rights of Unitholders--Reinvestment Option”.

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

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distributed to Unitholders. Proceeds received from thedisposition of any Securities after a Record Date andprior to the following Distribution Date will be held in theCapital Account and not distributed until the nextDistribution Date. Any distribution to Unitholdersconsists of each Unitholder’s pro rata share of theavailable cash in the Income and Capital Accounts as ofthe related Record Date.

Historical and Estimated Distributions. Thehistorical annual income per Unit, and estimated initialdistribution per Unit (if any), may be shown under“Essential Information.” These figures are based ondistribution data from the 12 month period preceding theInitial Date of Deposit. Generally, these figures are basedupon several recently declared dividends or distributionswithin the preceding 12 month period, as well as interimand final dividends or distributions of foreign issuers(accounting for any foreign withholding taxes oradditional declared distributions). With respect todomestic common stock issuers, these figures aretypically based upon the most recent ordinary quarterlydividend, which is annualized. However, common stocksdo not assure dividend payments and therefore theamount of future dividend income to your Portfolio isuncertain. The actual net annual distributions maydecrease over time because a portion of the Securitiesincluded in your Portfolio will be sold to pay for theorganization costs, deferred sales charge and creationand development fee. Securities may also be sold to payregular fees and expenses during your Portfolio’s life.Dividend and income conventions for certain companiesand/or certain countries differ from those typically usedin the United States and in certain instances,dividends/income paid or declared over several years orother periods may be used to calculate historical annualdistributions. The actual net annual income distributionsyou receive wil l vary from the historical annualdistribution amount due to changes in dividends anddistribution amounts paid by the issuers; currencyfluctuations; the sale of Securities to pay any deferredsales charge; Portfolio fees and expenses; and withchanges in your Portfolio such as the acquisition, call,maturity or sale of Securities. Due to these and variousother factors, actual income received by your Portfolio

will most likely differ from the most recent dividends orscheduled 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 ineffect until changed by the Unitholder. The reinvestmentoption is 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 ofa reinvestment 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, theTrustee, for redemption at Unit Investment Trust Division,111 Sanders Creek Parkway, East Syracuse, New York13057, on any day the New York Stock Exchange isopen. No redemption fee will be charged by the Sponsoror the Trustee, but you are responsible for applicablegovernmental charges, if any. Units redeemed by the

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Trustee will be canceled. You may redeem all or a portionof your Units by sending a request for redemption to yourbank or broker-dealer through which you hold your Units.No later than two business days (or any shorter period asmay be required by the applicable rules under the 1934Act) following satisfactory tender, the Unitholder will beentitled to receive in cash an amount for each Unit equalto the Redemption Price per Unit next computed on thedate of tender. The “date of tender” is deemed to be thedate on which Units are received by the Trustee, exceptthat with respect to Units received by the Trustee afterthe Evaluation Time or on a day which is not a businessday, the date of tender is deemed to be the nextbusiness day. Redemption requests received by theTrustee after the Evaluation Time, and redemptionrequests received by authorized financial professionalsafter the Evaluation Time or redemption requestsreceived by such persons that are not transmitted to theTrustee until after the time designated by the Trustee, arepriced based on the date of the next determinedredemption price provided they are received timely by theTrustee on such date. It is the responsibility of authorizedfinancial professionals to transmit redemption requestsreceived by them to the Trustee so they will be receivedin a timely manner. Certain broker-dealers or selling firmsmay charge an order handling fee for processingredemption requests. Units redeemed directly throughthe Trustee are not subject to such fees.

Unitholders tendering 1,000 or more Units of yourPortfolio (or such higher amount as may be required byyour broker-dealer or selling agent) for redemption mayrequest an in kind distribution of Securities equal to theRedemption Price per Unit on the date of tender.Unitholders may not request an in kind distribution duringthe initial offering period or within 30 calendar days of aPortfolio’s termination. The Portfolios generally will notoffer in kind distributions of portfolio securities that areheld in foreign markets. An in kind distribution will bemade by the Trustee through the distribution of each ofthe Securities in book-entry form to the account of theUnitholder’s broker-dealer at DTC. Amounts representingfractional shares will be distributed in cash. The Trusteemay adjust the number of shares of any Security includedin a Unitholder’s in kind distribution to facilitate the

distribution of whole shares. The in kind distributionoption may be modified or discontinued at any timewithout notice. Notwithstanding the foregoing, if theUnitholder requesting an in kind distribution is theSponsor or an affiliated person of the Portfolio, theTrustee may make an in kind distribution to suchUnitholder provided that no one with a pecuniaryincentive to influence the in kind distribution mayinfluence selection of the distributed securities, thedistribution must consist of a pro rata distribution of allportfolio securities (with limited exceptions) and the inkind distribution may not favor such affiliated person tothe detriment of any other Unitholder. Unitholders willincur transaction costs in liquidating securities received inan in-kind distribution, and any such securities receivedwill be subject to market risk until sold. In the event thatany securities received in-kind are illiquid, Unitholders willbear the risk of not being able to sell such securities inthe near term, or at all.

The Trustee may sell Securities to satisfy Unitredemptions. To the extent that Securit ies areredeemed in kind or sold, the size of a Portfolio will be,and the diversity of a Portfolio may be, reduced. Salesmay be required at a time when Securities would nototherwise be sold and may result in lower prices thanmight otherwise be realized. The price received uponredemption may be more or less than the amount paidby the Unitholder depending on the value of theSecurities at the time of redemption. Special federalincome tax consequences will result if a Unitholderrequests an in kind distribution. See “Taxation”.

The Redemption Price per Unit and the secondarymarket repurchase price per Unit are equal to the prorata share of each Unit in each Portfolio determined onthe basis of (i) the cash on hand in the Portfolio, (ii) thevalue of the Securities in the Portfolio and (iii) dividendsor other income distr ibutions receivable on theSecurities in the Portfolio trading ex-dividend as of thedate of computation, less (a) amounts representingtaxes or other governmental charges payable out of thePortfolio, (b) the accrued expenses of the Portfolio(including costs associated with liquidating securitiesafter the end of the initial offering period) and (c) anyunpaid deferred sales charge payments. During the

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initial offering period, the redemption price and thesecondary market repurchase price are not reduced bythe estimated organization costs or the creation anddevelopment fee. For these purposes, the Trustee willdetermine the value of the Securities as describedunder “Public Offering--Unit Price”.

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

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

If you elect to participate in a cash Rollover, yourUnits will be redeemed on the Mandatory TerminationDate. As the redemption proceeds become available,the proceeds (including dividends) will be invested in anew trust series at the public offering price for the newtrust. The Trustee will attempt to sell Securities to satisfythe redemption as quickly as practicable on theMandatory Termination Date. We do not anticipate that

the sale period will be longer than one day, however,certain factors could affect the ability to sell theSecurities and could impact the length of the saleperiod. The liquidity of any Security depends on thedaily trading volume of the Security and the amountavailable for redemption and reinvestment on any day.

We may make subsequent trust series available forsale at various times during the year. Of course, wecannot guarantee that a subsequent trust or sufficientunits will be available or that any subsequent trusts willoffer the same investment strategies or objectives as thecurrent Portfolios. We cannot guarantee that a Rolloverwill avoid any negative market price consequencesresulting from trading large volumes of securities. Marketprice trends may make it advantageous to sell or buysecurities more quickly or more slowly than permitted bythe Portfolio procedures. We may, in our sole discretion,modify a Rollover or stop creating units of a trust at anytime regardless of whether all proceeds of Unitholdershave been reinvested in a Rollover. If we decide not tooffer a subsequent series, Unitholders will be notifiedprior to the Mandatory Termination Date. Cash which hasnot been reinvested in a Rollover will be distributed toUnitholders shortly after the Mandatory Termination Date.Rollover participants may receive taxable dividends orrealize taxable capital gains which are reinvested inconnection with a Rollover but may not be entitled to adeduction for capital losses due to the “wash sale” taxrules. Due to the reinvestment in a subsequent trust, nocash will be distributed to pay any taxes. See “Taxation”.

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

Reports Provided. Unitholders will receive astatement of dividends and other amounts received by aPortfolio for each distribution. Within a reasonable time

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

PORTFOLIO ADMINISTRATION

Portfolio Administration. The Portfolios are notmanaged funds and, except as provided in the TrustAgreement, Securities generally will not be sold orreplaced. The Sponsor may, however, direct thatSecurities be sold in certain limited circumstances toprotect a Portfolio based on advice from the Supervisor.These situations may include events such as the issuerhaving defaulted on payment of any of its outstandingobligations or the price of a Security has declined to suchan extent or other credit factors exist so that in the opinionof the Supervisor retention of the Security would bedetrimental to a Portfolio. If a public tender offer has beenmade for a Security or a merger or acquisition has beenannounced affecting a Security, the Trustee may either sellthe Security or accept an offer if the Supervisordetermines that the sale or exchange is in the bestinterest of Unitholders (only offers for cash if a Portfoliohas not elected to be treated as a regulated investmentcompany for tax purposes). The Trustee will distribute anycash proceeds to Unitholders. In addition, the Trusteemay sell Securities to redeem Units or pay Portfolioexpenses or deferred sales charges. With respect to aPortfolio structured as a grantor trust for federal taxpurposes, the Trustee must reject any offer for securitiesor property other than cash in exchange for the Securities.If securities or property are acquired by a Portfolio, theSponsor may direct the Trustee to sell the securities orproperty and distribute the proceeds to Unitholders or toaccept the securities or property for deposit in thePortfolio. Should any contract for the purchase of any ofthe Securities fail, the Sponsor will (unless substantially allof the moneys held in the Portfolio to cover the purchase

are reinvested in substitute Securities in accordance withthe Trust Agreement) refund the cash and sales chargeattributable to the failed contract to all Unitholders on orbefore the next Distribution Date.

With respect to the ESG Opportunity Portfolio, theSponsor may direct the reinvestment of proceeds of thesale of Securities if the sale is the direct result of seriousadverse 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 securitiesthat meet the criteria for inclusion in your Portfolio onthe Initial Date of Deposit. The Sponsor may alsoinstruct the Trustee to take action necessary to ensurethat the ESG Opportunity Portfolio continues to satisfythe qualifications of a regulated investment companyand to avoid imposition of tax on undistributed incomeof the Portfolios.

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

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

Amendment of the Trust Agreement. TheTrustee and the Sponsor may amend the TrustAgreement without the consent of Unitholders tocorrect any provision which may be defective or tomake other provisions that will not materially adversely

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affect Unitholders (as determined in good faith by theSponsor and the Trustee). The Trust Agreement maynot be amended to increase the number of Units orpermit acquisit ion of securit ies in addition to orsubstitution for the Securities (except as provided inthe Trust Agreement). The Trustee wi l l not i fyUnitholders of any amendment.

Termination. Each Portfolio will terminate on theMandatory Terminat ion Date speci f ied under“Essential Information” or upon the sale or otherdisposition of the last Security held in the Portfolio. APortfolio may be terminated at any time with consentof Uni tholders represent ing two-th i rds of theoutstanding Units or by the Trustee when the value ofthe Portfolio is less than $500,000 ($3,000,000 if thevalue of the Portfolio has exceeded $15,000,000) (the“Minimum Termination Value”). A Portfolio will beliquidated by the Trustee in the event that a sufficientnumber of Units of the Portfolio not yet sold aretendered for redemption by the Sponsor, so that thenet worth of the Portfolio would be reduced to lessthan 40% of the value of the Securities at the timethey were deposited in the Portfolio. If a Portfolio isliquidated because of the redemption of unsold Unitsby the Sponsor, the Sponsor will refund to eachpurchaser of Units the entire sales charge paid bysuch purchaser. The Trustee may begin to sel lSecurities in connection with a Portfolio terminationnine business days before, and no later than, theMandatory Termination Date. Qualified Unitholdersmay elect an in kind distr ibut ion of Securi t ies,provided that Unitholders may not request an in kinddistribution of Securities within 30 calendar days of aPortfolio’s termination. Any in kind distribution ofSecurities will be made in the manner and subject tothe restr ict ions descr ibed under “Rights ofUnitholders--Redemption of Units”, provided that, inconnection with an in kind distribution election morethan 30 calendar days pr ior to terminat ion,Unitholders tendering 1,000 or more Units of aPortfolio (or such higher amount as may be requiredby your broker-dealer or selling agent) may request anin k ind d ist r ibut ion of Secur i t ies equal to theRedemption Price per Unit on the date of tender.

Unitholders will receive a final cash distribution withina reasonable time after the Mandatory TerminationDate. All distributions will be net of a Portfolio’sexpenses and costs. Unitholders will receive a finaldistribution statement following termination. TheInformation Supplement contains further informationregarding termination of a Portfolio. See “AdditionalInformation”.

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, but shallbe liable only for their own willful misfeasance, bad faith orgross negligence (negligence in the case of the Trustee) inthe performance of their duties or by reason of theirreckless disregard of their obligations and dutieshereunder. The Trustee is not liable for depreciation or lossincurred by reason of the sale by the Trustee of any of theSecurities. In the event of the failure of the Sponsor to actunder 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 December 31, 2018, the total

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stockholders’ equity of Invesco Capital Markets, Inc. was$95,370,133.93 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $888.2 billion asof December 31, 2018.

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

If the Sponsor shall fail to perform any of its dutiesunder the Trust Agreement or become incapable ofacting or shall become bankrupt or its affairs are takenover by public authorities, then the Trustee may (i)appoint a successor Sponsor at rates of compensationdeemed by the Trustee to be reasonable and notexceeding amounts prescribed by the SEC, (ii) terminatethe Trust Agreement and liquidate the Portfolios asprovided therein or (iii) continue to act as Trustee withoutterminating the Trust Agreement.

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

TAXATION – ESG OPPORTUNITY PORTFOLIO

This section summarizes some of the principal U.S.federal income tax consequences of owning Units of theESG Opportunity Portfolio. Tax laws and interpretationsare subject to change, possibly with retroactive effect.Substantial changes to the federal tax law were passedand signed into law in December 2017, many of whichbecame effective in 2018 and may affect yourinvestment in the Portfolio in a number of ways,including possible unintended consequences. Thissummary does not describe all of the tax consequencesto all taxpayers. For example, this summary generallydoes not describe your situation if you are a corporation,a non-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 of aninvestment in the Portfolio.

This federal income tax summary is based in part onthe advice of counsel to the Sponsor. The InternalRevenue Service could disagree with any conclusionsset forth in this section. In addition, our counsel was notasked to review the federal income tax treatment of theassets to be deposited in the 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. The Portfolio intends to elect andto qualify annually as a “regulated investment company”(“RIC”) under the federal tax laws. If the 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 the Portfolio will eliminate all taxesfor every year at the level of the Portfolio.

Distributions. Portfolio distributions are generallytaxable to you. After the end of each year, you will receivea tax statement reporting your Portfolio’s distributions,including the amounts of ordinary income distributionsand capital gains dividends. Your Portfolio may make

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taxable distributions to you even in periods during whichthe value of your Units has declined. Ordinary incomedistributions are generally taxed at your federal tax rate forordinary income, however, as further discussed below,certain ordinary income distributions received from yourPortfolio may be taxed, under current federal law, at thecapital gains tax rates. Certain ordinary income dividendson Units that are attributable to qualifying dividendsreceived by your Portfolio from certain corporations maybe reported by the Portfolio as being eligible for thedividends received deduction for corporate Unitholdersprovided certain holding period requirements are met.Income from the Portfolio and gains on the sale of yourUnits may also be subject to a 3.8% federal tax imposedon net investment income if your adjusted gross incomeexceeds certain threshold amounts, which currently are$250,000 in the case of married couples filing joint returnsand $200,000 in the case of single individuals. In addition,your Portfolio may make distributions that represent areturn of capital for tax purposes to the extent of theUnitholder’s basis in the Units, and any additionalamounts in excess of basis would be taxed as a capitalgain. Generally, you will treat all capital gains dividends aslong-term capital gains regardless of how long you haveowned your Units. The tax status of your distributionsfrom your Portfolio is not affected by whether you reinvestyour distributions in additional Units or receive them incash. The income from your Portfolio that you must takeinto account for federal income tax purposes is notreduced by 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 or redeemyour Units, you will generally recognize a taxable gain orloss. To determine the amount of this gain or loss, youmust subtract your adjusted tax basis in your Units from

the amount you receive for the sale of the Units. Yourinitial tax basis in your Units is generally equal to the costof your Units, generally including sales charges. In somecases, however, you may have to adjust your tax basisafter you purchase your Units.

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

In certain circumstances, ordinary income dividendsreceived by an individual Unitholder from a regulatedinvestment company such as your Portfolio may betaxed at the same federal rates that apply to net capitalgain (as discussed above), provided certain holdingperiod requirements are satisfied and provided thedividends are attributable to qualified dividend incomereceived by the Portfolio itself. Your Portfolio will providenotice to its Unitholders of the amount of anydistribution which may be taken into account asqualified dividend income which is eligible for the capitalgains tax rates. There is no requirement that taxconsequences be taken into account in administeringyour Portfolio.

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

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Rollovers and Exchanges. If you elect to have yourproceeds from your Portfolio rolled over into a future trust,it would generally be considered a sale for federal incometax purposes and any gain on the sale will be treated as acapital gain, and, in general, any loss will be treated as acapital loss. However, any loss realized on a sale orexchange will be disallowed to the extent that Unitsdisposed of are replaced (including through reinvestmentof dividends) within a period of 61 days beginning 30days before and ending 30 days after disposition of Unitsor to the extent that the Unitholder, during such period,acquires or enters into an option or contract to acquire,substantially identical stock or securities. In such a case,the basis of the Units acquired will be adjusted to reflectthe disallowed loss. The deductibility of capital losses issubject to other limitations in the tax law.

Deductibility of Portfolio Expenses. Expensesincurred and deducted by your Portfolio will generallynot be treated as income taxable to you. In somecases, however, you may be required to treat yourportion of these Portfolio expenses as income. In thesecases you may be able to take a deduction for theseexpenses. Recent legislation, effective in 2018, hassuspended the deductibility of expenses that arecharacterized as miscellaneous itemized deductions,which include investment expenses.

Foreign Investors. If you are a foreign investor(i.e., an investor other than a U.S. citizen or resident ora U.S. corporation, partnership, estate or trust),general ly, subject to appl icable tax treat ies,distr ibut ions to you from your Portfol io wi l l becharacterized as dividends for federal income taxpurposes (other than dividends that a Portfolio reportsas capital gain dividends) and will be subject to U.S.income taxes, including withholding taxes, subject tocertain exceptions described below. You may beeligible under certain income tax treaties for a reductionin withholding rates. However distributions received bya foreign investor from a Portfolio that are properlyreported by the trust as 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, including capital gains distributionsgenerally applies if paid to a foreign entity unless: (i) ifthe foreign entity is a “foreign financial institution” asdefined under FATCA, the foreign entity undertakescertain due diligence, reporting, withholding, andcertification obligations, (ii) if the foreign entity is not a“foreign financial institution,” it identifies certain of itsU.S. investors or (iii) the foreign entity is otherwiseexcepted under FATCA. If required under the rulesabove and subject to the appl icabi l i ty of anyintergovernmental agreements between the UnitedStates and the relevant foreign country, withholdingunder FATCA may apply. Under existing regulations,FATCA withholding on gross proceeds from the sale ofUnits and capital gain distributions from your Portfoliotook effect on January 1, 2019; however, recentlyproposed U.S. tax regulations, if finalized in theirproposed form, would eliminate FATCA withholding onsuch types of payments. If withholding is required underFATCA on a payment related to your Units, investorsthat otherwise would not be subject to withholding (orthat otherwise would be entitled to a reduced rate ofwithholding) on such payment generally will be requiredto seek a refund or credit from the IRS to obtain thebenefit of such exemption or reduction. Your Portfoliowill not pay any additional amounts in respect ofamounts withheld under FATCA. You should consultyour tax advisor regarding the effect of FATCA based onyour individual circumstances.

Foreign Tax Credit. If your Portfolio invests in anyforeign securities, the tax statement that you receivemay include an item showing foreign taxes yourPortfolio paid to other countries. In this case, dividendstaxed to you will include your share of the taxes yourPortfolio paid to other countries. You may be able todeduct or receive a tax credit for your share of thesetaxes if your Portfolio meets certain requirements forpassing through such deductions or credits to you.

Backup Withholding. By law, your Portfolio mustwithhold as backup withholding a percentage (currently24%) of your taxable distributions and redemptionproceeds if you do not provide your correct social

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security 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 tax advisorsconcerning the federal, state, local and foreign taxconsequences of investing in a Portfolio.

TAXATION – U.S. DEFENSE PORTFOLIO

This section summarizes some of the principal U.S.federal income tax consequences of owning Units of theU.S. Defense Portfolio. Tax laws and interpretations aresubject to change, possibly with retroactive effect.Substantial changes to the federal tax law were passedand signed into law in December 2017, many of whichbecame effective in 2018 and may affect yourinvestment in the Portfolio in a number of ways,including possible unintended consequences. Thissummary does not describe all of the tax consequencesto all taxpayers. For example, this summary generallydoes not describe your situation i f you are acorporation, a non-U.S. person, a broker/dealer, a tax-exempt entity, financial institution, person who marks tomarket their Units or other investor with specialcircumstances. In addition, this section does notdescribe your state, local or foreign tax consequencesof investing in the Portfolio. This federal income taxsummary is based in part on the advice of counsel tothe Sponsor. The Internal Revenue Service coulddisagree with any conclusions set forth in this section. Inaddition, our counsel was not asked to review the taxtreatment of the assets to be deposited in the Portfolio.

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

Assets of the Portfolio. The Portfolio is expected tohold shares of stock in corporations that are treated asequity for federal income tax purposes. It is possible thatthe Portfolio will also hold other assets, including assetsthat are treated differently for federal income taxpurposes from those described above, in which case youwill have federal income tax consequences different fromor in addition to those described in this section. We referto the assets held by the Portfolio as “Portfolio Assets”.

Portfolio Status. If the Portfolio is at all timesoperated in accordance with the documents establishingthe Portfolio and certain requirements of federal incometax law are met, the Portfolio will not be taxed as acorporation for federal income tax purposes. As a Unitowner, you will be treated as the owner of a pro rataportion of each of the Portfolio Assets, and as such youwill be considered to have received a pro rata share ofincome (e.g., dividends and capital gains), if any fromeach Portfolio Asset when such income would beconsidered to be received by you if you directly ownedthe Portfolio Assets. This tax treatment applies even ifyou elect to have your distributions reinvested intoadditional Units. In addition, the income from PortfolioAssets that you must take into account for federalincome tax purposes is not reduced by amounts used topay sales charges or Portfolio expenses.

Your Tax Basis and Income or Loss UponDisposition. If you dispose of your Units or redeem yourUnits for cash, you will generally recognize gain or loss.To determine the amount of this gain or loss, you mustsubtract your adjusted tax basis in your Units disposed offrom your proceeds received in the transaction. You alsogenerally will recognize taxable gain or loss if the Portfoliodisposes of Portfolio Assets. Your initial tax basis in eachPortfolio Asset is determined by apportioning the cost ofyour Units, including sales charges, among the PortfolioAssets ratably according to their values on the date youacquire your Units. In certain circumstances, however,your tax basis in certain Portfolio Assets must beadjusted after you acquire your Units.

Dividends and net capital gains also are subject to a3.8% federal tax on net investment income fortaxpayers at higher income levels.

Net capital gain equals net long-term capital gainminus net short-term capital loss for the taxable year.Capital gain or loss is long-term if the holding period forthe asset is more than one year and is short-term if theholding period for the asset is one year or less. You mustexclude the date you purchase your Units to determineyour holding period. The tax rates for capital gainsrealized from assets held for one year or less aregenerally the same as for ordinary income. The InternalRevenue Code of 1986, as amended (the “Code”),

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however, treats certain capital gains as ordinary incomein special situations. The deductibility of capital losses issubject to limitations under the Code, including generallya maximum deduction against ordinary income of$3,000 per year.

Dividends from Stocks. Certain dividends receivedby non-corporate Unitholders with respect to the stocksmay qualify to be taxed at the same federal rates thatapply to net capital gain (as discussed above), providedcertain holding period requirements are satisfied. Theseare generally referred to as qualified dividends.

Dividends Received Deduction. Generally, adomestic corporation owning Units in the Portfolio maybe eligible for the dividends received deduction withrespect to such Unitholder’s pro rata portion of certaintypes of dividends received by the Portfolio. However, acorporation generally will not be entitled to the dividendsreceived deduction with respect to dividends from mostforeign corporations.

Cash Distributions, Rollovers and Exchanges.If you receive cash when you redeem your Units or at thePortfolio’s termination or if you elect to direct that thecash proceeds you are deemed to receive when youredeem your Units or at the Portfolio’s termination berolled into a future trust, it is considered a sale for federalincome tax purposes, and any gain on the sale will betreated as a capital gain, and, in general, any loss will betreated as a capital loss. However, any loss you incur inconnection with the receipt or deemed receipt of cash,or in connection with the exchange of your Units of thePortfolio for units of another trust (deemed sale andsubsequent deemed repurchase), will generally bedisal lowed to the extent you acquire units of asubsequent trust and such subsequent trust hassubstantially identical assets under the wash saleprovisions of the Code. The deductibility of capital lossesis subject to other limitations in the tax law.

In Kind Distributions. Under certain circumstancesas described in this prospectus, you may request an inkind distribution of Portfolio Assets when you redeemyour Units. By electing to receive an in kind distribution,you will receive Portfolio Assets plus, possibly, cash. Yougenerally will not recognize gain or loss if you only

receive whole Portfolio Assets in exchange for theidentical amount of your pro rata portion of the samePortfolio Assets held by the Portfolio. However, if youalso receive cash in exchange for a Portfolio Asset or afractional portion of a Portfolio Asset, you will generallyrecognize gain or loss based on the difference betweenthe amount of cash you receive and your proportionaltax basis in such Portfolio Asset or fractional portion.

Limitations on the Deductibility of PortfolioExpenses. Generally, for federal income tax purposes,you must take into account your full pro rata share of thePortfolio’s income, even if some of that income is usedto pay Portfolio expenses. Recent legislation, effective in2018, has suspended the deductibility of expenses thatare characterized as miscellaneous itemized deductions,which include investment expenses.

Foreign Investors. If you are a foreign investor (i.e.,an investor other than a U.S. citizen or resident or a U.S.corporation, partnership, estate or trust), distributions ofdividends and interest from the Portfolio generally aresubject to U.S. federal income taxes, includingwithholding taxes, unless certain condit ions forexemption from U.S. taxation are met. Gains from thesale or redemption of your Units may not be subject toU.S. federal income taxes if you are not otherwisesubject to net income taxation in the United States. Inthe case of Units held by nonresident alien individuals,foreign corporations or other non-U.S. persons,distributions by the Portfolio that are treated as U.S.source income (e.g., dividends received on stocks ofdomestic corporations) will generally be subject to U.S.income taxation and withholding, subject to anyapplicable treaty. You should consult your tax advisorwith respect to the conditions you must meet in order tobe exempt from U.S. taxation. You should also consultyour tax advisor with respect to other U.S. taxwithholding and reporting requirements.

The Foreign Account Tax Compliance Act(“FATCA”). A 30% withholding tax on the Portfolio’sdistributions, including capital gains distributionsgenerally applies if paid to a foreign entity unless: (i) if theforeign entity is a “foreign financial institution” as definedunder FATCA, the foreign entity undertakes certain duediligence, reporting, withholding, and certification

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obligations, (ii) if the foreign entity is not a “foreignfinancial institution,” it identifies certain of its U.S.investors or (iii) the foreign entity is otherwise exceptedunder FATCA. If required under the rules above andsubject to the applicability of any intergovernmentalagreements between the United States and the relevantforeign country, withholding under FATCA may apply.Under existing regulations, FATCA withholding on grossproceeds from the sale of Units and capital gaindistributions from your Portfolio took effect on January 1,2019; however, recently proposed U.S. tax regulations, iffinalized in their proposed form, would eliminate FATCAwithholding on such types of payments. If withholding isrequired under FATCA on a payment related to yourUnits, investors that otherwise would not be subject towithholding (or that otherwise would be entitled to areduced rate of withholding) on such payment generallywill be required to seek a refund or credit from the IRS toobtain the benefit of such exemption or reduction. Wewill not pay any additional amounts in respect ofamounts withheld under FATCA. You should consult yourtax advisor regarding the effect of FATCA based on yourindividual circumstances.

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

Backup Withholding. By law, the 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 certify thatyou are not subject to backup withholding, or if the IRSinstructs the Portfolio to do so.

New York Tax Status. Under the existing incometax laws of the State and City of New York, the Portfoliowill not be taxed as a corporation subject to the NewYork State franchise tax and the New York City generalcorporation tax. You should consult your tax advisorregarding potential federal, foreign, state or local taxation

with respect to your Units based on your individualcircumstances.

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 other Unitholderswill bear all or a portion of the organization costs andcharges incurred in connection with the establishment ofyour Portfolio. These costs and charges will include thecost of the preparation, printing and execution of thetrust agreement, registration statement and otherdocuments relating to your Portfolio, federal and stateregistration fees and costs, the initial fees and expensesof the Trustee, and legal and auditing expenses. ThePublic Offering Price of Units includes the estimatedamount of these costs. The Trustee will deduct theseexpenses from your Portfolio’s assets at the end of theinitial offering period.

Creation and Development Fee. The Sponsorwill receive a fee from your Portfolio for creating anddeveloping the Portfolio, including determining thePortfolio’s objectives, policies, composition and size,selecting service providers and information 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 the

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payment of distribution expenses or as compensationfor sales efforts. This fee will not be deducted fromproceeds received upon a repurchase, redemption orexchange of Units before the close of the initial publicoffering period.

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

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

Miscellaneous Expenses. The fo l lowingadditional charges are or may be incurred by yourPortfolio: (a) normal expenses (including the cost ofmailing reports to Unitholders) incurred in connectionwith the operation of the Portfolio, (b) fees of theTrustee for extraordinary services, (c) expenses of theTrustee (including legal and auditing expenses) and ofcounsel designated by the Sponsor, (d) variousgovernmental charges, (e) expenses and costs of anyaction taken by the Trustee to protect the Portfolio andthe r ights and interests of Unitholders, ( f )indemnification of the Trustee for any loss, liability orexpenses incurred in the administration of the Portfoliowithout negligence, bad faith or wilful misconduct onits part, (g) foreign custodial and transaction fees(which may include compensation paid to the Trusteeor its subsidiaries or affiliates), (h) costs associatedwith liquidating the securities held in the Portfolio, (i)

any offering costs incurred after the end of the initialoffer ing per iod and ( j ) expenditures incurred incontacting Unitholders upon termination of thePortfolio. Each Portfolio may pay the expenses ofupdating its registration statement each year.

OTHER MATTERS

Legal Opinions. The legality of the Units offeredhereby has been passed upon by Paul Hastings LLP.Dorsey & Whitney LLP has acted as counsel to theTrustee.

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

ADDITIONAL INFORMATION

This prospectus does not contain all the informationset forth in the registration statements filed by yourPortfolio with the SEC under the Securities Act of 1933and the Investment Company Act of 1940 (file no.811-2754). The Information Supplement, which hasbeen filed with the SEC and is incorporated herein byreference, includes more detailed information concerningthe Securities, investment risks and general informationabout your Portfolio. Information about your Portfolio(including the Information Supplement) can be reviewedand copied at the SEC’s Public Reference Room inWashington, DC. You may obtain information about thePublic Reference Room by calling 1-202-551-8090.Reports and other information about your Portfolio areavailable on the EDGAR Database on the SEC’s Internetsite at http://www.sec.gov. Copies of this informationmay be obtained, after paying a duplication fee, byelectronic request at the following e-mail address:publicinfo@sec.gov or by writing the SEC’s PublicReference Section, Washington, DC 20549-0102.

TABLE OF CONTENTS

Title Page

ESG Opportunity Portfolio.................................. 2U.S. Defense Portfolio........................................ 7Notes to Portfolios ............................................. 11Report of Independent Registered

Public Accounting Firm .................................. 12Statements of Condition ................................... 13The Portfolios .................................................... A-1Objectives and Securities Selection ................... A-2Risk Factors ...................................................... A-2Public Offering ................................................... A-5Retirement Accounts ......................................... A-10Fee Accounts .................................................... A-10Rights of Unitholders ......................................... A-10Portfolio Administration...................................... A-14Taxation – ESG Opportunity Portfolio ................. A-16Taxation – U.S. Defense Portfolio ....................... A-19Portfolio Operating Expenses............................. A-21Other Matters .................................................... A-22Additional Information ........................................ A-22

______________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-EMSPRO1954

PROSPECTUS

March 15, 2019

ESG Opportunity Portfolio 2019-2

U.S. Defense Portfolio 2019-1

Please retain this prospectus for future reference.

INVESCO