Supplement Dated: August 9, 2019 U-EMSSPT1969 · As a result of a previously announced corporate name change, effective August 9, 2019, the Torchmark Corporation security held by

INVESCO UNIT TRUSTS, SERIES 1969

Preferred Opportunity Portfolio 2019-2

Supplement to the Prospectus

As a result of a previously announced corporate name change, effective August 9, 2019, the Torchmark Corporation security heldby the Portfolio has been rebranded as a Global Life Inc. security.

Notwithstanding anything to the contrary in the Prospectus, the Portfolio will hold, and will continue to purchase, the Global LifeInc. security.

Supplement Dated: August 9, 2019 U-EMSSPT1969

High Income Allocation Portfolio 2019-2

Preferred Opportunity Portfolio 2019-2

Multi-Asset High Income Portfolio 2019-2

Each unit investment trust named above (the “Portfolios”), included in Invesco Unit Trusts, Series 1969, invests ina portfolio of securities. Of course, we cannot guarantee that a Portfolio will achieve its objective.

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

May 8, 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 current income and the potential for capitalappreciation.

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

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

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

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

Approximately 10% of the Portfolio consists of fundsthat are classified as “non-diversified” under theInvestment Company Act of 1940. These funds have theability to invest a greater portion of their assets inobligations of a single issuer. As a result, these fundsmay be more susceptible to volatility than a more widelydiversified fund.

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

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

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

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High Income Allocation Portfolio

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

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

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

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

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

• The Portfolio invests in preferredsecurities. Preferred securities are typicallysubordinated to bonds and other debtinstruments in a company’s capital structure interms of priority to corporate income andtherefore are subject to greater risk than thosedebt instruments. Preferred securities are subjectto interest rate risk, meaning that their values mayfall if interest rates, in general, rise. In a lowinterest rate environment risks associated withrising rates are heightened. The negative impacton fixed income securities from any interest rateincreases could be swift and significant. In

addition to the other risks described herein,income payments on certain preferred securitiesmay be deferred, which may reduce the amountof income you receive on your Units.

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

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

• Certain securities in the Portfolio, as wellas certain of the securities held by theunderlying funds in the Portfolio, may berated below investment grade andconsidered to be “junk” or “high-yield”securities. Securities rated below “BBB-” byStandard & Poor’s or Fitch Ratings or below“Baa3” by Moody’s are considered to be belowinvestment grade. These securities areconsidered to be speculative and are subject to

greater market and credit risks. Accordingly, therisk of default is higher than with investmentgrade securities. In addition, these securities maybe more sensitive to interest rate changes andmay be more likely to make early returns ofprincipal.

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

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

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

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Fee Table

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

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

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

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

Estimated Organization Costs 0.329% $ 3.188 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.190% $ 1.844Supervisory fee, bookkeeping

and administrative fees 0.057 0.550Underlying fund expenses 0.996 9.654* ______ ______

Total 1.243% $12.048** ______ ______ ______ ______

Example

This example helps you compare the cost of the Portfolio with otherunit trusts and mutual funds. In the example we assume that theexpenses do not change and that the Portfolio’s annual return is 5%. Youractual returns and expenses will vary. This example also assumes thatyou continue to follow the Portfolio strategy and roll your investment,including all distributions, into a new trust every two years subject to asales charge of 2.75%. Based on these assumptions, you would pay thefollowing expenses for every $10,000 you invest in the Portfolio:

1 year $ 427 3 years 994 5 years 1,585 10 years 2,986

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

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

The maximum sales charge is 2.75% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of2.75% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.225 per Unit and accrues daily fromSeptember 10, 2019 through February 9, 2020. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

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

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit May 8, 2019Mandatory Termination Date May 21, 2021Historical 12 Month Distributions1 $0.50840 per UnitRecord Dates 10th day of June 2019 and each month thereafterDistribution Dates 25th day of June 2019 and each month thereafterCUSIP Numbers Cash – 46144E349 Reinvest – 46144E356 Fee Based Cash – 46144E364 Fee Based Reinvest – 46144E372

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

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Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) __________ ___________________________________________ _____________ _____________

COMMON STOCKS - 50.07% Consumer Discretionary - 2.01% 15 McDonald's Corporation $ 198.040 $ 2,970.60 Consumer Staples - 10.07% 62 Coca-Cola Company 48.000 2,976.00 24 PepsiCo, Inc. 125.980 3,023.52 36 Philip Morris International, Inc. 84.430 3,039.48 28 Procter & Gamble Company 104.700 2,931.60 29 Walmart, Inc. 101.300 2,937.70 Energy - 2.00% 25 Chevron Corporation 118.270 2,956.75 Financials - 1.88% 6 BlackRock, Inc. 463.770 2,782.62 Health Care - 9.97% 53 CVS Health Corporation 55.350 2,933.55 21 Johnson & Johnson 139.970 2,939.37+ 33 Medtronic plc 89.270 2,945.91 38 Merck & Company, Inc. 77.900 2,960.20 73 Pfizer, Inc. 40.830 2,980.59 Information Technology - 4.06% 10 Broadcom, Inc. 307.290 3,072.90 55 Cisco Systems, Inc. 53.450 2,939.75 Telecommunication Services - 10.05% 163 AT&T, Inc. 30.530 4,976.39 431 CenturyLink, Inc. 11.410 4,917.71 88 Verizon Communications, Inc. 56.630 4,983.44 Utilities - 10.03% 35 American Electric Power Company, Inc. 84.630 2,962.05 40 Dominion Energy, Inc. 75.040 3,001.60 33 Duke Energy Corporation 89.260 2,945.58 60 Exelon Corporation 49.080 2,944.80 51 Public Service Enterprise Group, Inc. 58.840 3,000.84 MASTER LIMITED PARTNERSHIPS (3) - 10.01% 198 Energy Transfer, L.P. 15.110 2,991.78 104 Enterprise Products Partners, L.P. 28.540 2,968.16 49 Magellan Midstream Partners, L.P. 60.710 2,974.79 91 MPLX, L.P. 32.190 2,929.29 126 Plains All American Pipeline, L.P. 23.460 2,955.96

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Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) __________ ___________________________________________ _____________ _____________

REAL ESTATE INVESTMENT TRUSTS - 19.92% Mortgage REITs - 10.01% 156 Apollo Commercial Real Estate Finance, Inc. $ 19.050 $ 2,971.80 83 Blackstone Mortgage Trust, Inc. - CL A 35.660 2,959.78 156 Chimera Investment Corporation 18.870 2,943.72 178 New Residential Investment Corporation 16.740 2,979.72 129 Starwood Property Trust, Inc. 22.980 2,964.42 REITs - 9.91% 24 Crown Castle International Corporation 123.230 2,957.52 99 HCP, Inc. 29.800 2,950.20 27 Mid-America Apartment Communities, Inc. 107.980 2,915.46 56 National Retail Properties, Inc. 52.260 2,926.56 48 Ventas, Inc. 60.970 2,926.56 CLOSED-END FUNDS (4) - 9.96% 167 Ares Capital Corporation 17.710 2,957.57 74 Main Street Capital Corporation 39.680 2,936.32 208 New Mountain Finance Corporation 14.260 2,966.08 137 Solar Capital, Ltd. 21.360 2,926.32 147 TPG Specialty Lending, Inc. 20.150 2,962.05

Cost ofNumber Redemption Market Value Securities toof Shares Name of Issuer (1) Rating (5) Provisions (6) per Share (2) Portfolio (2) __________ __________________________________ __________ ______________ _____________ ____________ PREFERRED SECURITIES - 10.04% 113 Bank of America Corporation - Series HH BBB- 7/24/23 @ 25 $ 26.280 $ 2,969.64 5.875% 108 Citigroup, Inc. - Series J BB+ 9/30/23 @ 25 27.620 2,982.96 7.125% 110 Goldman Sachs Group, Inc. - Series K BB 5/10/24 @ 25 26.970 2,966.70 6.375% 114 JPMorgan Chase & Company - Series DD BBB- 12/1/23 @ 25 26.150 2,981.10 5.750% 107 Morgan Stanley - Series E BB+ 10/15/23 @ 25 27.730 2,967.11 7.125% _________ _____________ 4,218 $ 148,054.52_________ _____________ _________ _____________

See “Notes to Portfolios”.

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Preferred Opportunity Portfolio

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

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

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

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

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

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

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

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

The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achievemore consistent overall results by following thestrategy through reinvestment of your proceeds overseveral years if subsequent series are available.Repeatedly rol l ing over an investment in a unitinvestment trust may differ from long-term investments

9

in other investment products when considering thesales charges, fees, expenses and tax consequencesattributable to a Unitholder. For more information see“Rights of Unitholders--Rollover”.

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

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

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

• An issuer may be unable to makedividend or interest payments in thefuture. This may result in a reduction in thevalue of your Units.

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

• You could experience dilution of yourinvestment if the size of the Portfoliois increased as Units are sold. There isno assurance that your investment wi l lmainta in i ts proport ionate share in thePortfolio’s profits and losses.

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

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

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

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

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

• The Portfolio is concentrated in securitiesissued by banks and other companies inthe financial services sector. Negativedevelopments in this sector will affect the value ofyour investment more than would be the case ina more diversified investment.

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

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Fee Table





Estimated Organization Costs 0.369% $3.578 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.206% $1.998Supervisory, bookkeeping

and administrative fees 0.057 0.550 ______ ______

Total 0.263% $2.548* ______ ______ ______ ______

Example

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


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

The maximum sales charge is 2.75% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of2.75% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.225 per Unit and accrues daily fromSeptember 10, 2019 through February 9, 2020. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”


Unit Price at Initial Date of Deposit $10.0000

Initial Date of Deposit May 8, 2019

Mandatory Termination Date May 21, 2021

Historical 12 Month Distribution1 $0.43838 per Unit

Estimated Initial Distribution1 $0.04 per Unit

Record Dates 10th day of June 2019 and each month thereafter

Distribution Dates 25th day of June 2019 and each month thereafter

CUSIP Numbers Cash – 46144E380

Reinvest – 46144E398

Fee Based Cash – 46144E406

Fee Based Reinvest – 46144E414


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Preferred Opportunity Portfolio 2019-2Portfolio______________________________________________________________________________________________________________ Cost ofNumber Redemption Market Value Securities toof Shares Name of Issuer (1) Rating (5) Provisions (6) per Share (2) Portfolio (2) __________ _______________________________ __________ ______________ _____________ ____________ Banks - 25.98% 225 Bank of America Corporation - Series HH BBB- 7/24/23 @ 25 $ 26.280 $ 5,913.00 5.875% 85 BB&T Corporation - Series H BBB- 6/1/21 @ 25 26.320 2,237.20 5.625% 215 Citigroup, Inc. - Series J BB+ 9/30/23 @ 25 27.620 5,938.30 7.125% 106 Fifth Third Bancorp - Series I BB+ 12/31/23 @ 25 28.160 2,984.96 6.625% 117 First Republic Bank - Series I BBB- 6/30/23 @ 25 25.420 2,974.14 5.500% 227 JPMorgan Chase & Company - Series DD BBB- 12/1/23 @ 25 26.150 5,936.05 5.750% 83 PNC Financial Services Group, Inc. - Series P BBB- 5/1/22 @ 25 26.730 2,218.59 6.125% 162 Regions Financial Corporation - Series B BB+ 9/15/24 @ 25 27.550 4,463.10 6.375% 212 Wells Fargo & Company - Series R BBB- 3/15/24 @ 25 28.060 5,948.72 6.625% Capital Markets - 14.00% 147 Affiliated Managers Group, Inc. BBB 3/30/24 @ 25 25.150 3,697.05 5.875% Due 03/30/2059 85 Charles Schwab Corporation - Series D BBB 6/1/21 @ 25 26.390 2,243.15 5.950% 221 Goldman Sachs Group, Inc. - Series K BB 5/10/24 @ 25 26.970 5,960.37 6.375% 214 Morgan Stanley - Series E BB+ 10/15/23 @ 25 27.730 5,934.22 7.125% 112 State Street Corporation - Series D BBB 3/15/24 @ 25 26.540 2,972.48 5.900% Consumer Finance - 3.00% 170 Capital One Financial Corporation - Series H Baa3# 12/1/21 @ 25 26.200 4,454.00 6.000% Electric Utilities - 7.00% 119 Dominion Energy, Inc. - Series A BBB- 7/30/21 @ 25 25.010 2,976.19 5.250% Due 7/30/2076 86 Duke Energy Corporation BBB 9/15/23 @ 25 25.870 2,224.82 5.625% Due 09/15/2078 203 NextEra Energy Capital Holdings, Inc. - Series N BBB 6/15/24 @ 25 25.600 5,196.80 5.650% Due 03/01/2079 Energy - 7.01% + 227 Enbridge, Inc. - Series B BBB- 4/15/23 @ 25 26.320 5,974.64 6.375% Due 04/15/2078 184 Energy Transfer Operating, L.P. - Series C BB 5/15/23 @ 25 24.170 4,447.28 7.375% Food Products - 2.01% 115 CHS, Inc. - Series 3 NR 9/30/24 @ 25 25.940 2,983.10 6.750%

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Preferred Opportunity Portfolio 2019-2Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Redemption Market Value Securities toof Shares Name of Issuer (1) Rating (5) Provisions (6) per Share (2) Portfolio (2) __________ _______________________________ __________ ______________ _____________ ____________ Insurance - 23.54% 88 Allstate Corporation (7) BBB 1/15/23 @ 25 $ 25.320 $ 2,228.16 5.100% Due 01/15/2053 + 190 Arch Capital Group, Ltd. - Series E Baa3# 9/29/21 @ 25 23.500 4,465.00 5.250% + 122 Axis Capital Holdings, Ltd. - Series E BBB 11/7/21 @ 25 24.480 2,986.56 5.500% + 114 Enstar Group, Ltd. - Series D (7) BB+ 9/1/28 @ 25 26.160 2,982.24 7.000% 84 Hartford Financial Services Group, Inc. - Series G BBB- 11/15/23 @ 25 26.540 2,229.36 6.000% 170 MetLife, Inc. - Series E Baa2# 6/15/23 @ 25 26.210 4,455.70 5.625% 172 Prudential Financial, Inc. BBB+ 8/15/23 @ 25 25.950 4,463.40 5.625% Due 08/15/2058 111 Reinsurance Group of America, Inc. (7) BBB+ 6/15/26 @ 25 26.850 2,980.35 5.750% Due 06/15/2056 + 117 RenaissanceRe Holdings, Ltd. - Series F BBB 6/30/23 @ 25 25.480 2,981.16 5.750% 84 Torchmark Corporation (7) BBB+ 6/15/21 @ 25 26.470 2,223.48 6.125% Due 06/15/2056 118 W.R. Berkley Corporation BBB- 6/1/21 @ 25 25.300 2,985.40 5.750% Due 06/01/2056 REITs - 13.48% 115 American Homes 4 Rent - Series E BB 6/29/21 @ 25 25.800 2,967.00 6.350% + 118 Brookfield Property Partners L.P. - Series A BB+ 3/31/24 @ 25 25.050 2,955.90 6.500% 117 Digital Realty Trust, Inc. - Series K BB+ 3/13/24 @ 25 25.330 2,963.61 5.850% 124 PS Business Parks, Inc. - Series Y Baa2# 12/7/22 @ 25 23.990 2,974.76 5.200% 150 Public Storage - Series F BBB+ 6/2/22 @ 25 24.820 3,723.00 5.150% 189 Vornado Realty Trust - Series M BBB 12/13/22 @ 25 23.560 4,452.84 5.250% Telecommunication - 3.98% 231 AT&T, Inc. BBB 8/1/23 @ 25 25.610 5,915.91 5.625% Due 08/01/2067 __________ ____________ 5,729 $ 148,611.99__________ ____________ __________ ____________


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

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

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

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

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

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

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

• MLPs: Securities were selected based on factorssuch as valuations, distribution sustainability, andoverall volatility and risk characteristics.

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

Approximately 4% of the Portfolio consists of fundsthat are classified as “non-diversified” under theInvestment Company Act of 1940. These funds have theability to invest a greater portion of their assets inobligations of a single issuer. As a result, these fundsmay be more susceptible to volatility than a more widelydiversified fund.

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

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

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Multi-Asset High Income Portfolio

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

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

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

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

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

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

• The Portfolio invests in preferredsecurities. Preferred securities are typicallysubordinated to bonds and other debtinstruments in a company’s capital structure interms of priority to corporate income andtherefore are subject to greater risk than thosedebt instruments. Preferred securities are subjectto interest rate risk, meaning that their values mayfall if interest rates, in general, rise. Given the

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

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

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

• Certain securities in the Portfolio, as wellas certain of the securities held by theunderlying funds in the Portfolio, may berated below investment grade andconsidered to be “junk” or “high-yield”

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

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

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

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Fee Table





Estimated Organization Costs 0.554% $5.409 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.271% $2.647Supervisory fee, bookkeeping

and administrative fees 0.056 0.550Underlying fund expenses 0.239 2.334 ______ ______

Total 0.566% $5.531* ______ ______ ______ ______

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:


* The estimated annual expenses are based upon the estimated trust size forthe Portfolio determined as of the initial date of deposit. Because certain ofthe operating expenses are fixed amounts, if the Portfolio does not reachthe estimated size, or if the value of the Portfolio or number of outstandingunits decline over the life of the trust, or if the actual amount of theoperating expenses exceeds the estimated amounts, the actual amount ofthe operating expenses per 100 units would exceed the estimatedamounts. In some cases, the actual amount of operating expenses maysubstantially differ from the amounts reflected above.

The maximum sales charge is 1.85% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of1.85% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.135 per Unit and accrues daily fromSeptember 10, 2019 through February 9, 2020. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price -- General.”

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


Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit May 8, 2019Mandatory Termination Date August 19, 2020Historical 12 Month Distributions1 $0.55686 per UnitRecord Dates 10th day of June 2019 and each month thereafterDistribution Dates 25th day of June 2019 and each month thereafterCUSIP Numbers Cash – 46144E422 Reinvest – 46144E430 Fee Based Cash – 46144E448 Fee Based Reinvest – 46144E455


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Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) __________ ___________________________________________ _____________ _____________

COMMON STOCKS - 20.10% Communication Services - 2.00% 35 Comcast Corporation - CL A $ 42.760 $ 1,496.60 26 Verizon Communications, Inc. 56.630 1,472.38 Consumer Discretionary - 3.13% 8 Home Depot, Inc. 194.770 1,558.16 8 McDonald's Corporation 198.040 1,584.32 20 Target Corporation 75.040 1,500.80 Consumer Staples - 1.00% 31 Coca-Cola Company 48.000 1,488.00 Energy - 1.04% 13 Chevron Corporation 118.270 1,537.51 Financials - 2.93% 3 BlackRock, Inc. 463.770 1,391.31 13 JPMorgan Chase & Company 113.210 1,471.73 32 Morgan Stanley 46.710 1,494.72 Health Care - 3.05% 11 Johnson & Johnson 139.970 1,539.67+ 17 Medtronic plc 89.270 1,517.59 36 Pfizer, Inc. 40.830 1,469.88 Industrials - 1.89% 22 Emerson Electric Company 67.530 1,485.66 4 Lockheed Martin Corporation 330.900 1,323.60 Information Technology - 3.04% 5 Broadcom, Inc. 307.290 1,536.45 28 Cisco Systems, Inc. 53.450 1,496.60 13 Texas Instruments, Inc. 113.930 1,481.09 Utilities - 2.02% 18 American Electric Power Company, Inc. 84.630 1,523.34 25 Public Service Enterprise Group, Inc. 58.840 1,471.00 MASTER LIMITED PARTNERSHIPS (3) - 20.07% 86 Crestwood Equity Partners, L.P. 34.900 3,001.40 198 Energy Transfer, L.P. 15.110 2,991.78 104 Enterprise Products Partners, L.P. 28.540 2,968.16 69 EQT Midstream Partners, L.P. 43.440 2,997.36 49 Magellan Midstream Partners, L.P. 60.710 2,974.79 91 MPLX, L.P. 32.190 2,929.29 60 Phillips 66 Partners, L.P. 49.620 2,977.20 126 Plains All American Pipeline, L.P. 23.460 2,955.96 150 Shell Midstream Partners, L.P. 20.000 3,000.00 102 Western Gas Equity Partners, L.P. 29.460 3,004.92

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Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) __________ ___________________________________________ _____________ _____________

REAL ESTATE INVESTMENT TRUSTS - 19.88% Mortgage REITs - 10.00% 156 Apollo Commercial Real Estate Finance, Inc. $ 19.050 $ 2,971.80 84 Blackstone Mortgage Trust, Inc. - CL A 35.660 2,995.44 156 Chimera Investment Corporation 18.870 2,943.72 178 New Residential Investment Corporation 16.740 2,979.72 129 Starwood Property Trust, Inc. 22.980 2,964.42 REITs - 9.88% 24 Crown Castle International Corporation 123.230 2,957.52 99 HCP, Inc. 29.800 2,950.20 27 Mid-America Apartment Communities, Inc. 107.980 2,915.46 56 National Retail Properties, Inc. 52.260 2,926.56 48 Ventas, Inc. 60.970 2,926.56 CLOSED-END FUNDS - 19.93% Asia Equity - 2.00% 330 Voya Asia Pacific High Dividend Equity Income Fund 8.990 2,966.70 Covered Call - 8.00% 201 Eaton Vance Enhanced Equity Income Fund 14.720 2,958.72 177 Eaton Vance Enhanced Equity Income Fund II 16.840 2,980.68 361 Eaton Vance Tax-Managed Global Diversified Equity Income Fund 8.170 2,949.37 196 First Trust Enhanced Equity Income Fund 15.220 2,983.12 Emerging Market Equity - 1.99% 375 Voya Emerging Markets High Income Dividend Equity Fund 7.890 2,958.75 Global Equity - 1.99% 354 Aberdeen Total Dynamic Dividend Fund 8.330 2,948.82 Real Estate - 1.97% 221 Cohen & Steers Total Return Realty Fund, Inc. 13.240 2,926.04 U.S. Allocation - 1.99% 137 AllianzGI Equity & Convertible Income Fund 21.560 2,953.72 U.S. Equity - 1.99% 522 Liberty All-Star Growth Fund, Inc. 5.660 2,954.52

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Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Redemption Market Value Securities toof Shares Name of Issuer (1) Rating (5) Provisions (6) per Share (2) Portfolio (2) __________ __________________________________ __________ ______________ _____________ ____________ PREFERRED SECURITIES - 20.02% 113 Bank of America Corporation - Series HH BBB- 7/24/23 @ 25 $ 26.280 $ 2,969.64 5.875% 108 Citigroup, Inc. - Series J BB+ 9/30/23 @ 25 27.620 2,982.96 7.125% 106 Fifth Third Bancorp - Series I BB+ 12/31/23 @ 25 28.160 2,984.96 6.625% 110 Goldman Sachs Group, Inc. - Series K BB 5/10/24 @ 25 26.970 2,966.70 6.375% 114 JPMorgan Chase & Company - Series DD BBB- 12/1/23 @ 25 26.150 2,981.10 5.750% 113 MetLife, Inc. - Series E Baa2# 6/15/23 @ 25 26.210 2,961.73 5.625% 107 Morgan Stanley - Series E BB+ 10/15/23 @ 25 27.730 2,967.11 7.125% 111 PNC Financial Services Group, Inc. - Series P BBB- 5/1/22 @ 25 26.730 2,967.03 6.125% 112 State Street Corporation - Series D BBB 3/15/24 @ 25 26.540 2,972.48 5.900% 106 Wells Fargo & Company - Series R BBB- 3/15/24 @ 25 28.060 2,974.36 6.625% __________ ____________ 6,334 $148,481.18 __________ ____________ __________ ____________


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Notes to Portfolios

(1) The Securities are initially represented by “regular way” contracts for the performance of which an irrevocable letter ofcredit has been deposited with the Trustee. Contracts to acquire Securities were entered into on May 7, 2019 andhave a settlement date of May 9, 2019 (see “The Portfolios”). With respect to the preferred securities in your Portfolio,shown under this heading is the issuer name, stated dividend or income distribution rate of each preferred securityexpressed as a percentage of par or stated value, and scheduled maturity date of each preferred security, if any; eachpreferred security in your Portfolio was originally issued with a par or stated value per share equal to $25.

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

Profit Cost to (Loss) To Sponsor Sponsor ______________ _____________

High Income Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . $ 148,139 $ (84)Preferred Opportunity Portfolio . . . . . . . . . . . . . . . . . . . . . . . . $ 148,726 $ (114)Multi-Asset High Income Portfolio . . . . . . . . . . . . . . . . . . . . . . $ 148,608 $ (127)

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

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

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

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

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

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 1969:

Opinion on the Financial Statements

We have audited the accompanying statements of condition (including the related portfolio schedules) ofHigh Income Allocation Portfolio 2019-2; Preferred Opportunity Portfolio 2019-2 and Multi-Asset HighIncome Portfolio 2019-2 (included in Invesco Unit Trusts, Series 1969 (the “Trust”)) as of May 8, 2019, andthe related notes (collectively referred to as the “financial statements”). In our opinion, the financial statementspresent fairly, in all material respects, the financial position of the Trust as of May 8, 2019, in conformity withaccounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financialstatements, whether due to error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence regarding the amounts and disclosures in thefinancial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Sponsor, as well as evaluating the overall presentation of the financial statements. Ourprocedures included confirmation of cash or irrevocable letters of credit deposited for the purchase ofsecurities as shown in the statements of condition as of May 8, 2019 by correspondence with The Bank ofNew York Mellon, Trustee. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

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

New York, New YorkMay 8, 2019

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STATEMENTS OF CONDITIONAs of May 8, 2019

High Income Preferred Multi-Asset Allocation Opportunity High IncomeINVESTMENT IN SECURITIES Portfolio Portfolio Portfolio _____________ _____________ _____________Contracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,055 $ 148,612 $ 148,481 _____________ _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,055 $ 148,612 $ 148,481 _____________ _____________ _____________ _____________ _____________ _____________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 472 $ 532 $ 803 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,331 3,344 2,005 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . 740 743 742Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,055 148,612 148,481Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . . . . . 4,543 4,619 3,550 _____________ _____________ _____________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . 143,512 143,993 144,931 _____________ _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,055 $ 148,612 $ 148,481 _____________ _____________ _____________ _____________ _____________ _____________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,806 14,862 14,849 _____________ _____________ _____________ _____________ _____________ _____________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.693 $ 9.689 $ 9.761 _____________ _____________ _____________ _____________ _____________ _____________

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

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

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

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

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THE PORTFOLIOS

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

The Portfolios offer investors the opportunity topurchase Units representing proportionate interests in aportfolio of securities. Each Portfolio may be anappropriate medium for investors who desire toparticipate in a portfolio of securities with greaterdiversification than they might be able to acquireindividually.

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

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

percentage relationship among the number of shares ofeach Security in the Portfolio that existed immediatelyprior to the subsequent deposit. Investors mayexperience a dilution of their investments and areduction in their anticipated income because offluctuations in the prices of the Securities between thetime of the deposit and the purchase of the Securitiesand because your Portfolio will pay the associatedbrokerage or acquisition fees. In addition, during theinitial offering of Units it may not be possible to buy apart icular Security due to regulatory or tradingrestrictions, or corporate actions. While such limitationsare in effect, additional Units would be created bypurchasing each of the Securities in your Portfolio thatare not subject to those limitations. This would alsoresult in the dilution of the investment in any suchSecurity not purchased and potential variances inanticipated income. Purchases and sales of Securitiesby your Portfolio may impact the value of the Securities.This may especially be the case during the initial offeringof Units, upon Portfolio termination and in the course ofsatisfying large Unit redemptions.

Each Unit of your Portfolio initially offered representsan undivided interest in the Portfolio. At the close of theNew York Stock Exchange on the Initial Date of Deposit,the number of Units may be adjusted so that the PublicOffering Price per Unit equals $10. The number of Units,fractional interest of each Unit in your Portfolio and theany historical or estimated per Unit distribution amountwil l increase or decrease to the extent of anyadjustment. To the extent that any Units are redeemedto the Trustee or additional Units are issued as a result ofadditional Securities being deposited by the Sponsor,the fractional undivided interest in your Portfoliorepresented by each unredeemed Unit will increase ordecrease accordingly, although the actual interest in yourPortfolio will remain unchanged. Units will remainoutstanding until redeemed upon tender to the Trusteeby Unitholders, which may include the Sponsor, or untilthe termination of the Trust Agreement.

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

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

CLOSED-END FUNDS

The High Income Allocation Portfolio and theMulti-Asset High Income Portfolio invest significantly inclosed-end funds. Closed-end funds are a type ofinvestment company that hold an actively managedportfolio of securities. Closed-end funds issue shares in“closed-end” offerings which generally trade on a stockexchange (although some closed-end fund shares are notlisted on a securities exchange). The funds in the HighIncome Allocation Portfolio and the Multi-Asset HighIncome Portfolio all are currently listed on a securitiesexchange. Since closed-end funds maintain a relativelyfixed pool of investment capital, portfolio managers maybe better able to adhere to their investment philosophiesthrough greater flexibility and control. In addition, closed-end funds don’t have to manage fund liquidity to meetpotentially large redemptions.

Closed-end funds are subject to various risks,including management’s ability to meet the closed-endfund’s investment objective, and to manage the closed-

end fund portfolio when the underlying securities areredeemed or sold, during periods of market turmoil andas investors’ perceptions regarding closed-end funds ortheir underlying investments change.

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

Certain of the funds in the High Allocation Portfolio andthe Multi-Asset High Income Portfolio may be classified as“non-diversified” under the Investment Company Act of1940. These funds have the ability to invest a greaterportion of their assets in securities of a single issuer whichcould reduce diversification.

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

Structural Leverage. The closed-end funds included inthe High Income Allocation Portfolio may employ the useof structural leverage in their portfolios through theissuance of preferred stock or other methods. Asindicated by information publicly available at the time ofselection, none of the Multi-Asset High Income Portfolio’sclosed-end funds employed structural leverage.However, it is possible that some or all of the Multi-AssetHigh Income Portfolio’s closed-end funds may haveutilized structural leverage in the past and may elect toutilize structural leverage in the future if their investmentpolicy allows for it.

While structural leverage often serves to increase theyield of a closed-end fund, this structural leverage alsosubjects the closed-end fund to increased risks. Theserisks may include the likelihood of increased volatility andthe possibility that the closed-end fund’s common share

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income will fall if the dividend rate on the preferredshares or the interest rate on any borrowings rises. Thepotential inability for a closed-end fund to employ theuse of structural leverage effectively, due to disruptionsin the market for the various instruments issued byclosed-end funds or other factors, may result in anincrease in borrowing costs and a decreased yield for aclosed-end fund.

RISK FACTORS

All investments involve risk. This section describes themain risks that can impact the value of the securities inyour Portfolio and the underlying securities in theportfolios of the underlying funds in the High IncomeAllocation Portfolio and the Multi-Asset High IncomePortfolio. You should understand these risks before youinvest. If the value of the securities falls, the value of yourUnits will also fall. We cannot guarantee that yourPortfolio will achieve its objective or that your investmentreturn will be positive over any period.

Market Risk. Market risk is the risk that the value ofthe securities in your Portfolio or in the underlying funds inthe High Income Allocation Portfolio and the Multi-AssetHigh Income Portfolio will fluctuate. This could cause thevalue of your Units to fall below your original purchaseprice, or below the par value. Market value fluctuates inresponse to various factors. These can include changes ininterest rates, inflation, the financial condition of asecurity’s issuer, perceptions of the issuer, or ratings on asecurity of the issuer. Even though your Portfolio issupervised, you should remember that we do not manageyour Portfolio. Your Portfolio will not sell a security solelybecause the market value falls as is possible in amanaged fund.

Interest Rate Risk. This is the risk that the preferredsecurities in your Portfolio and any fixed income securitiesheld by a closed-end fund in the High Income AllocationPortfolio and the Multi-Asset High Income Portfolio willdecline in value because of a rise in interest rates.Generally, securities that pay fixed rates of return willincrease in value when interest rates decline and decreasein value when interest rates rise. Preferred and fixedincome securities held directly or indirectly by yourPortfolio with longer periods before maturity are often

more sensitive to interest rate changes. In a low interestrate environment risks associated with rising rates areheightened. The negative impact on preferred and fixedincome securities from any interest rate increases couldbe swift and significant and, as a result, a rise in interestrates may adversely affect the value of your Units.

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

Call Risk. Call risk is the risk that the issuer of apreferred security in your Portfolio prepays or “calls” asecurity before its stated maturity. An issuer might call apreferred security if interest rates fall and the security paysa higher interest rate or if it no longer needs the money forthe original purpose. If an issuer calls a preferred security,your Portfolio will distribute the principal to you but your

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future income distributions will fall. You might not be ableto reinvest this principal at as high a yield. A preferredsecurity’s call price could be less than the price yourPortfolio paid for the security and could be below thesecurity’s par value. This means that you could receiveless than the amount you paid for your Units. In certaincircumstances, if enough preferred securities are called, itcould cause a Portfolio to terminate early. Some or all ofthe securities may also be subject to extraordinaryoptional or mandatory redemptions if certain events occur,such as certain changes in tax laws, the substantialdamage or destruction by fire or other casualty of theproject for which the proceeds of the securities wereused, and various other events. The call provisions aredescribed in general terms in the “Portfolio” under“Redemption Provisions”.

Closed-End Funds. The High Income AllocationPortfolio and the Multi-Asset High Income Portfolio investin shares of closed-end funds. You should understand thepreceding section titled “Closed-End Funds” before youinvest. Shares of closed-end funds frequently trade at adiscount from their net asset value in the secondarymarket. This risk is separate and distinct from the risk thatthe net asset value of fund shares may decrease. Theamount of such discount from net asset value is subjectto change from time to time in response to variousfactors. All funds are subject to various risks, includingmanagement’s ability to meet the fund’s investmentobjective, and to manage the fund portfolio when theunderlying securities are redeemed or sold, during periodsof market turmoil and as investors’ perceptions regardingfunds or their underlying investments change. ThePortfolios and any underlying funds have operatingexpenses. You will bear not only your share of yourPortfolio’s expenses, but also the expenses of anyunderlying funds. By investing in other funds, the HighIncome Allocation Portfolio and the Multi-Asset HighIncome Portfolio incur greater expenses than you wouldincur if you invested directly in the funds.

Business Development Companies. The HighIncome Allocation Portfolio is exposed to businessdevelopment companies (“BDCs”) (also referred to as“listed private equity companies”) through its investmentin closed-end funds. These are typically companies

whose principal business is to invest in and lend capitalto privately-held companies. These companies mayinclude companies that are closed-end managementinvestment companies registered under the InvestmentCompany Act of 1940 that have elected to be treatedas business development companies. There are certainrisks inherent in investing in BDCs. Investments madeby BDCs are generally subject to legal and otherrestrictions on resale and are otherwise less liquid thanpublicly traded securities. BDCs may have relativelyconcentrated investment portfolios, consisting of arelatively small number of holdings. Therefore, theaggregate returns realized by the company may bedisproportionately impacted by the poor performance ofa small number of investments, or even a singleinvestment. Since BDCs rely on access to short-termmoney markets, longer-term capital markets and thebank markets as a significant source of liquidity, to theextent that BDCs are not able to access capital atcompetitive rates, their ability to implement certainfinancial strategies may be negatively impacted. Marketdisruptions, including a downturn in capital markets ingeneral, or a downgrade of the credit rating of a BDCheld by the Portfolio may increase the cost of borrowingto that company, thereby increasing its cost ofborrowing and adversely impacting the underlyingfund’s returns. Credit downgrades may also result inrequirements on a company to provide additionalsupport in the form of letters of credit or cash or othercollateral to various counterparties. Since many of theassets of BDCs do not have readily ascertainablemarket values, such assets are most often recorded atfair value, in good faith, in accordance with valuationprocedures adopted by such companies. Due to theabsence of a readily ascertainable market value, fairvalue of a BDC’s investments may differ significantlyfrom the values that would be reflected if the securitieswere traded in an established market. Many debtinvestments in which BDCs invest will not be rated by acredit rating agency and will be below investment gradequality. These investments are commonly referred to as“junk bonds” and have predominantly speculativecharacteristics with respect to an issuer’s capacity tomake payments of interest and principal.

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Preferred Securities. The Preferred OpportunityPortfolio invests exclusively, and the High IncomeAllocation Portfolio and the Multi-Asset High IncomePortfolio each invest a portion of their respectiveportfolios in preferred securities, including hybrid andtrust preferred securities and senior debt instruments thathave the trading characteristics of exchange-listedpreferred securities. You should understand thesesecurities before you invest. Hybrid-preferred securitiesare preferred securities typically issued by corporations,generally in the form of interest-bearing notes and maybe perpetual in duration or may have a stated maturity.Dividends on the securities are usually non-cumulativeand could be deferred indefinitely without triggeringdefault. Trust preferred securities are similar to hybridsecurities, but are typically issued by an affiliatedbusiness trust of a corporation, generally in the form ofbeneficial interests in subordinated debentures or similarlystructured securities. The maturity and distributionpayments of the preferred securities generally coincidewith the maturity and interest payments on the underlyingobligations. While distributions received from certainpreferred securities in the Portfolio may be treated asordinary income for federal income tax purposes,distributions received from other preferred securities inthe Portfolio may be designated as qualified dividendincome for federal income tax purposes (see “Taxation”).The securities underlying certain preferred securities maybe equity type securities which pay periodic dividends.Hybrid-preferred securities typically feature a fixedmaturity date, may defer interest payments withoutinvoking a default, and make income payments thattypically are fully taxable as interest income, rather thanas dividend income, for federal income tax purposes. Thesecurities underlying hybrid-preferred securities aretypically a type of subordinated debt instrument, such asa note or debenture.

Preferred securities’ prices fluctuate for severalreasons including changes in investors’ perception ofthe financial condition of an issuer, the general conditionof the market for preferred securities, or when political,regulatory or economic events affecting the issuersoccur. These securities are also sensitive to interest ratefluctuations, as the cost of capital rises and borrowing

costs increase in a rising interest rate environment andthe risk that a preferred security may be called forredemption in a falling interest rate environment.

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

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

A longer-term consequence of the re levantprovisions of the Dodd-Frank Act, which are to bephased in over a period of a few years, is the potentialfor some types of preferred securities in your Portfolioto become more scarce and potentially less liquid.

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However, the enactment of the Economic Growth,Regulatory Relief and Consumer Protection Act onMay 23, 2018, contains some rollbacks of the Dodd-Frank Act may limit the negative implications forpreferred securities.

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

Hybrid and trust preferred securities are also subject tounique risks which include the fact that distributions willonly be paid by a preferred security if the interestpayments on the underlying obligations are made, whichinterest payments are dependent on the financialcondition of the issuer and, in certain cases, may besubject to deferral. During any deferral period, thePortfolio may have to recognize income as if the Portfoliohad received current interest payments. In such a case,the Portfolio will be required to satisfy distributionrequirements based on such income even though theywould not have received cash with which to pay suchdistributions. In addition, the underlying obligations, andthus the hybrid and trust preferred securities, may be pre-paid after a stated call date or as a result of certain tax orregulatory events. Preferred securities are typicallysubordinated to bonds and other debt instruments in acompany’s capital structure, in terms of priority tocorporate income, and therefore will be subject to greatercredit risk than those debt instruments.

Real Estate Investment Trusts. Your Portfolio isexposed to real estate investment trusts (“REITs”). Anynegative impact on the REIT industry will have a greaterimpact on the value of Units than on a portfolio diversifiedover several industries. You should understand the risksof REITs before you invest. Many factors can have anadverse impact on the performance of a particular REIT,including its cash available for distribution, the creditquality of a particular REIT or the real estate industry

generally. The success of REITs depends on variousfactors, including the quality of property management,occupancy and rent levels, appreciation of the underlyingproperty and the ability to raise rents on those properties.Economic recession, over-building, tax law changes,environmental issues, higher interest rates or excessivespeculation can all negatively impact REITs, their futureearnings and share prices.

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

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

• decline in real estate values,

• possible lack of availability of mortgagefunds,

• the financial health of tenants,

• over-building and increased competitionfor tenants,

• over-supply of properties for sale,

• changing demographics,

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

• changes in government regulations,

• faulty construction and the ongoing needfor capital improvements,

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

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

• changes in neighborhood values andbuyer demand, and

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

Variations in rental income and space availability andvacancy rates in terms of supply and demand are

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additional factors affecting real estate generally andREITs in particular. Properties owned by a REIT may notbe adequately insured against certain losses and maybe subject to significant environmental liabilities,including remediation costs.

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

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

Master Limited Partnership Risk. The HighIncome Allocation Portfolio and the Multi-Asset HighIncome Portfolio invest in master limited partnerships(“MLPs”). MLPs are generally organized as limitedpartnerships or limited liability companies that are taxedas partnerships and whose equity shares (limitedpartnership units or limited liability company units) aretraded on securities exchanges like shares of commonstock. An MLP generally consists of a general partnerand limited partners. The general partner manages thepartnership, has an ownership stake in the partnership(generally around 2%) and may hold incentive distributionrights, which entitle the general partner to a higherpercentage of cash distributions as cash flows grow overtime. The limited partners own the majority of the sharesin an MLP, but generally do not have a role in theoperation and management of the partnership and donot have voting rights. MLPs generally distribute nearly all

of their income to investors (generally around 90%) in theform of quarterly distributions. MLPs are not required topay out a certain percentage of income but are able todo so because they do not pay corporate taxes.

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

There are certain tax risks associated with MLPs towhich the High Income Allocation Portfolio and theMulti-Asset High Income Portfolio may be exposed,including the risk that regulatory or legislative changescould limit or eliminate the tax benefits enjoyed by MLPs.These tax risks, and any adverse determination withrespect thereto, could have a negative impact on theafter-tax income available for distribution by the MLPsand/or the value of your Portfolio’s investments.

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

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economic slowdown, or a reduction in an issuer’screditworthiness, may result in the issuer being unableto maintain earnings at a level sufficient to maintaininterest and principal payments.

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

The market for high-yield securities is smaller and lessliquid than that for investment grade securities. High-yieldsecurities are generally not listed on a national securitiesexchange but trade in the over-the-counter markets. Dueto the smaller, less liquid market for high-yield securities,the bid-offer spread on such securities is generally greaterthan it is for investment grade securities and the purchaseor sale of such securities may take longer to complete.

Foreign Securities. Because the PreferredOpportunity Portfolio invests in foreign securities, thePortfolio involves additional risks that differ from aninvestment in domestic securities. These risks includethe risk of losses due to future political and economicdevelopments, international trade conditions, foreignwithholding taxes and restr ict ions on foreigninvestments or exchange of secur i t ies, foreigncurrency fluctuations or restriction on exchange orrepatriation of currencies.

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

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

The purchase and sale of the foreign securities mayoccur in foreign securities markets. Certain of the factorsstated above may make it impossible to buy or sell themin a timely manner or may adversely affect the valuereceived on a sale of securities. Custody of certain of thesecurities in your Portfolio may be maintained by a globalcustody and clearing institution which has entered into asub-custodian relationship with the Trustee. In addition,round lot trading requirements exist in certain foreignsecurities markets. These round lot trading requirementscould cause the proportional composition anddiversification of your Portfolio’s securities to vary whenyour Portfolio purchases additional securities or sellssecurities to satisfy expenses or Unit redemptions. Thiscould have a material impact on investment performanceand portfolio composition. Brokerage commissions andother fees generally are higher for foreign securities.Government supervision and regulation of foreignsecurities markets, currency markets, trading systemsand brokers may be less than in the U.S. The proceduresand rules governing foreign transactions and custody(holding of the Portfolio’s assets) also may involve delaysin payment, delivery or recovery of money or investments.

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

Certain foreign securities may be less liquid (harder tosell) and more volatile than many U.S. securities. Thismeans the Portfolio may at times be unable to sell foreignsecurities in a timely manner or at favorable prices.

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Because securities of foreign issuers not listed on aU.S. securities exchange generally pay dividends andtrade in foreign currencies, the U.S. dollar value of thesesecurities and dividends will vary with fluctuations inforeign exchange rates. Most foreign currencies havefluctuated widely in value against the U.S. dollar forvarious economic and political reasons. To determinethe value of foreign securities or their dividends, theTrustee will estimate current exchange rates for therelevant currencies based on activity in the variouscurrency exchange markets. However, these marketscan be quite volatile depending on the activity of thelarge international commercial banks, various centralbanks, large multi-national corporations, speculatorsand other buyers and sellers of foreign currencies.Since actual foreign currency transactions may not beinstantly reported, the exchange rates estimated by theTrustee may not reflect the amount your Portfolio wouldreceive in U.S. dollars, had the Trustee sold anyparticular currency in the market. The value of theSecurities in terms of U.S. dollars, and therefore thevalue of your Units, will decline if the U.S. dollardecreases in value relative to the value of the currenciesin which the Securities trade.

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

The relative weighting or composition of 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% or

more of a Portfolio’s assets) in securities of a particulartype, industry and/or geographic region described inthis section.

Consumer Discretionary and Consumer StaplesIssuers. The High Income Allocation Portfolio investssignificantly in companies that manufacture or sellvarious consumer products. General risks of thesecompanies include the overall state of the economy,intense competition and consumer spending trends. Adecline in the economy which results in a reduction ofconsumers’ disposable income can negatively impactspending habits. Global factors including politicaldevelopments, imposit ion of import controls,fluctuations in oil prices, and changes in exchangerates may adversely affect issuers of consumerproducts 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.

Utility Issuers. The High Income Allocation Portfolioinvests significantly in utility companies or in companiesrelated to the utility or energy industries. Many utilitycompanies, especially electric and gas and other energyrelated uti l i ty companies, are subject to variousuncertainties, including:

• Risks of increases in fuel and other operatingcosts;

• Restrictions on operations and increasedcosts and delays as a result of environmental,nuclear safety and other regulations;

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• Regulatory restrictions on the ability to passincreasing wholesale costs along to the retailand business customer;

• Coping with the general effects of energyconservation;

• Technological innovations which may renderexisting plants, equipment or productsobsolete;

• The effects of unusual, unexpected orabnormal local weather;

• Maturing markets and difficulty in expandingto new markets due to regulatory and otherfactors;

• The potential impact of natural or manmadedisasters;

• Difficulty obtaining adequate returns oninvested capital, even if frequent rateincreases are approved by public servicecommissions;

• The high cost of obtaining financing duringperiods of inflation;

• Difficulties of the capital markets in absorbingutility debt and equity securities;

• Increased competition; and

• International politics.

Any of these factors, or a combination of thesefactors, could affect the supply of or demand for energy,such as electricity or natural gas, or water, or the abilityof the issuers to pay for such energy or water whichcould adversely affect the profitability of the issuers ofthe Securities and the performance of the Portfolio.

Utility companies are subject to extensive regulationat the federal level in the United States, and many areregulated at the state level as well. The value of utilitycompany stocks may decline because governmentalregulation affecting the utilities industry can change. Thisregulation may prevent or delay the utility company frompassing along cost increases to its customers, whichcould hinder the utility company’s ability to meet itsobligations to its suppliers and could lead to the takingof measures, including the acceleration of obligations or

the institution of involuntary bankruptcy proceedings, byits creditors against such utility company. Furthermore,regulatory authorities, which may be subject to politicaland other pressures, may not grant future rateincreases, or may impose accounting or operationalpolicies, any of which could adversely affect acompany’s profitability and its stock price.

Certain utility companies have experienced full orpartial deregulation in recent years. These util itycompanies are frequently more similar to industrialcompanies in that they are subject to greatercompetition and have been permitted by regulators todiversify outside of their original geographic regions andtheir traditional lines of business. These opportunitiesmay permit certain utility companies to earn more thantheir tradit ional regulated rates of return. Somecompanies, however, may be forced to defend their corebusiness and may be less profitable. While regulatedproviders tend to have regulated returns, non-regulatedproviders’ returns are not regulated and generally aremore volatile. These developments have reducedstability of cash flows in those states with non-regulatedproviders and could impact the short-term earningspotential of some in this industry. These trends have alsomade shares of some utility companies less sensitive tointerest rate changes but more sensitive to changes inrevenue and earnings and caused them to reduce theratio of their earnings they pay out as dividends.

Certain utilities companies face risks associated withthe operation of nuclear facilities for electric generation,including, among other considerations, litigation, theproblems associated with the use of radioactivematerials and the effects of natural or man-madedisasters. In general, certain utility companies may faceadditional regulation and litigation regarding their powerplant operations, increased costs from new or greaterregulation of these operations, and expenses related tothe purchase of emissions control equipment.

Financial Services Issuers. The Preferred OpportunityPortfolio invests significantly in, and the High IncomeAllocation Portfolio and the Multi-Asset High IncomePortfolio, primarily through their respective investments inpreferred securities, invests in securities issued by banksand other financial services companies. Companies in the

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financial services industry include, but are not limited to,companies involved in activities such as banking,mortgage finance, consumer finance, specialized finance,industrial finance and leasing, investment banking andbrokerage, asset management and custody, corporatelending, insurance, and financial investment and realestate, including real estate investment trusts. In general,financial services issuers are substantially affected bychanges in economic and market conditions, including:the liquidity and volatility levels in the global financialmarkets; interest rates, as well as currency andcommodities prices; investor sentiment; the rate ofcorporate and consumer defaults; inflation andunemployment; the availability and cost of capital andcredit; exposure to various geographic markets or incommercial and residential real estate; competition fromnew entrants in their fields of business; extensivegovernment regulation; and the overall health of the U.S.and international economies. Due to the wide variety ofcompanies in the financial services sector, they maybehave and react in different ways in response to changesin economic and market conditions.

Companies in the financial services sector are subjectto several distinct risks. Such companies may be subjectto systematic risk, which may result due to factors outsidethe control of a particular financial institution — like thefailure of another, significant financial institution or materialdisruptions to the credit markets — that could adverselyaffect the ability of the financial institution to operatenormally or may impair its financial condition. Financialservices companies are typically affected by changes ininterest rates, and may be disproportionally affected as aresult of volatile and/ or rising interest rates.

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

The financial services sector may be adversely affectedby global developments including recessionary conditions,deterioration in the credit markets and concerns oversovereign debt. This may increase the credit risk, and

possibility of default, of bonds issued by such institutionsfaced with these problems. In addition, the liquidity ofcertain debt instruments may be reduced or eliminateddue to the lack of available market makers. There can beno assurance that the risks associated with investment infinancial services issuers will decrease even assuming thatthe U.S. and/or foreign governments and agencies takesteps to address problems that may arise.

Most financial services companies are subject toextensive governmental regulation, which limits theiractivities and may affect their ability to earn a profit from agiven line of business. This also exposes financial servicesissuers to regulatory risk, where certain financial servicescompanies may suffer setbacks if regulators change therules under which they operate. Challenging economicand political conditions, along with increased publicscrutiny during the past several years, led to newlegislation and increased regulation in the U.S. andabroad, creating additional difficulties for financialinstitutions. Regulatory initiatives and requirements thatwere proposed around the world may be inconsistent ormay conflict with previous regulations to which financialservices issuers were subject, thereby resulting in highercompliance and legal costs, as well as the potential forhigher operational, capital and liquidity costs. Proposed orenacted regulations may further limit the amounts andtypes of loans and other financial commitments certainfinancial services issuers can make, and further, may limitthe interest rates and fees they can charge, the pricesthey can charge and the amount of capital they mustmaintain. These laws and regulations may affect themanner in which a particular financial institution doesbusiness and the products and services it may provide.Increased regulation may restrict a company’s ability tocompete in its current businesses or to enter into oracquire new businesses. New regulations may reduce orlimit a company’s revenue or impose additional fees, limitthe scope of their activities, increase assessments ortaxes on those companies and intensify regulatorysupervision, adversely affecting business operations orleading to other negative consequences.

Among the most prominent pieces of U.S. legislationfollowing the 2008 financial crisis was the Dodd-FrankWall Street Reform and Consumer Protection Act (the

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

However, the enactment of the Economic Growth,Regulatory Relief and Consumer Protection Act on May23, 2018, contains some rollbacks of the Dodd-Frank Actmay limit the negative implications for preferred securities.

Financial services companies in foreign countriesare also subject to regulatory and interest rateconcerns. In particular, government regulation incertain foreign countries may include controls oninterest rates, credit availability, prices and currencytransfers. The departure of any European Union (“EU”)member from use of the Euro could lead to seriousdisruptions to foreign exchanges, operations andsettlements, which may have an adverse effect onfinancial services issuers. More recently, there isuncertainty regarding the state of the EU following theUnited Kingdom’s (“U.K.”) initiation on March 27,2017, of the process to exit from the EU (“Brexit”).One of the key global concerns that may continue toprovide uncertainty in the markets is that the U.K.could be just the first of more EU countries to leavethe union. The effect that Brexit may have on the

global financial markets, should it come to pass, oron the financial services companies in your Portfolio isuncertain.

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

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

Many of the investment considerations discussed inconnection with banks and insurance companies alsoapply to other financial services companies. Thesecompanies are subject to extensive regulation, rapidbusiness changes, and volatile performance dependenton the availability and cost of capital and prevailinginterest rates and significant competition. Generaleconomic condit ions signif icantly affect thesecompanies. Credit and other losses resulting from thefinancial difficulty of borrowers or other third parties

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have a potentially adverse effect on companies in thisindustry. Investment banking, securities brokerage andinvestment advisory companies are particularly subjectto government regulation and the risks inherent insecurities trading and underwriting activities.

The financial condition of customers, clients andcounterparties, including other financial institutions, couldadversely affect financial services issuers. Financialservices issuers are interrelated as a result of marketmaking, trading, clearing or other counterpartyrelationships. Many of these transactions expose financialservices issuers to credit risk as a result of the actions of,or deterioration in, the commercial soundness of othercounterparty financial institutions. Economic and marketconditions may increase credit exposures due to theincreased risk of customer, client or counterparty default.Downgrades to the credit ratings of financial servicesissuers could have a negative effect on liquidity, cashflows, competitive position, financial condition and resultsof operations by significantly limiting access to funding orcapital markets, increasing borrowing costs or triggeringincreased collateral requirements. Financial servicesissuers face significant legal risk, both from regulatoryinvestigations and proceedings, as well as private actions.Profit margins of these companies continue to shrink dueto the commoditization of traditional businesses, newcompetitors, capital expenditures on new technology andthe pressure to compete globally.

Telecommunications Issuers. The High IncomeAl locat ion Port fo l io invests signi f icant ly inte lecommunicat ions companies. This sector isprimarily characterized by extensive governmentregulation and intense competition.

Companies in the telecommunications industryallocate significant resources in efforts to comply withapplicable government regulations. Telecommunicationscompanies operating in the U.S. must comply withapplicable state and federal regulations, including thoseof the Federal Communications Commission. The costsof complying with governmental regulations, delays orfailure to receive required regulatory approvals or theenactment of new adverse regulatory requirements maynegatively affect the business of telecommunicationscompanies. Recent industry consolidation trends may

lead to increased regulation in primary markets.Internationally, telecommunications companies may faceregulatory challenges such as securing pre-marketingclearance of products and prices, which may be arbitraryand unpredictable. U.S. federal and state governmentsregulate permitted rates of return and the kinds ofservices that a company may offer. U.S. federallegislation governing the telecommunications industrymay become subject to judicial review and additionalinterpretation, which may adversely affect certaintelecommunications issuers.

The competitive landscape in the telecommunicationssector is intense and constantly evolving. The productsand services of these companies may become outdatedvery rapidly. A company’s performance can be hurt if thecompany fails to keep pace with technological advances.At the same time, demand for some telecommunicationsservices remains weak, as several key markets areoversaturated and many customers can choose betweenseveral service providers and technology platforms. Tomeet increasing competition, companies may have tocommit substantial capital, particularly in the formulationof new products and services using new technologies.As a result, many companies have been compelled to cutcosts by reducing their workforce, outsourcing,consolidating and/or closing existing facilities anddivesting low sell ing product l ines. Certaintelecommunications companies may be engaged infierce competition for a share of the market of theirproducts and may have higher costs, including liabilitiesassociated with the medical, pension and postretirementexpenses of their workforce, than their competitors. As aresult, competitive pressures are intense and the stocksare subject to rapid price volatility. Moreover, continuedconsolidation in this industry could create integrationexpenses and delay, and consequent managementdiversion of attention away from ongoing operations andrelated risks, among other factors, could result in thefailure of these companies to realize expected costsavings or synergies.

Several h igh-prof i le bankruptcies of largetelecommunications companies in the past haveillustrated the potentially unstable condition of thetelecommunications industry. High debt loads that

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were accumulated during the industry growth spurt ofthe 1990s caught up to the industry, causing debt andstock prices to trade at distressed levels for manytelecommunications companies and increasing thecost of capital for needed additional investment.Furthermore, certain companies involved in theindustry have also faced scrut iny for a l legedaccounting irregularities that may have led to theoverstatement of their financial results, and othercompanies in the industry may face similar scrutiny.Moreover, some companies have begun the processof emerging from bankruptcy and may have reducedlevels of debt and other competitive advantages overother telecommunications companies. Due to theseand other factors, the r isk level of owning thesecurities of telecommunications companies remainssubstantial and may continue to rise.

Health Care Issuers. The High Income AllocationPort fo l io invests s igni f icant ly in heal th carecompanies. These issuers inc lude companiesinvolved in advanced medical dev ices andinstruments, drugs and biotechnology, managed care,hospital management/health services and medicalsuppl ies. These companies face substant ia lgovernment regulation and approval procedures.General r isks of health care companies includeextensive competition, product liability litigation andevolving government regulation.

On March 30, 2010, the Health Care and EducationReconciliation Act of 2010 (incorporating the PatientProtection and Affordable Care Act, collectively the“Act”) was enacted into law. The Act continues to have asignificant impact on the health care sector through theimplementation of a number of reforms in a complex andongoing process, with varying effective dates. Significantprovisions of the Act include the introduction of requiredhealth care coverage for most Americans, significantexpansion in the number of Americans eligible forMedicaid, modification of taxes and tax credits in thehealth care sector, and subsidized insurance for low tomiddle income families. The Act also provides for morethorough regulation of private health insuranceproviders, including a prohibition on the denial ofcoverage due to pre-existing conditions. Health care

companies will face continuing and significant changesthat may cause a decrease in profitability due toincreased costs and changes in the health care market.In addition, the current Administration is seeking torepeal the Act and many aspects of it are therefore influx. In late 2017, along with the passage of sweepingtax reform, legislation was passed which eliminated theindividual mandate (a penalty for failure to obtain aminimum level of health insurance coverage) beginningin 2019. It is estimated that the repeal of the individualmandate will cause a significant amount of people to beuninsured which may have an adverse effect oninsurance premiums and federal subsidies. The Sponsoris unable to predict the full impact of the Act, or of itspotential repeal or modification, on the Securities in yourPortfolio.

As illustrated by the Act, Congress may from time totime propose legislative action that will impact thehealth care sector. The proposals may span a widerange of topics, including cost and price controls (whichmay include a freeze on the prices of prescriptiondrugs), incentives for competition in the provision ofhealth care services, promotion of pre-paid health careplans and additional tax incentives and penalties aimedat the health care sector. The government could alsoreduce funding for health care related research.

Drug and medical products companies also face therisk of increasing competition from new products orservices, generic drug sales, product obsolescence,increased government regulation, termination of patentprotection for drug or medical supply products and therisk that a product will never come to market. Theresearch and development costs of bringing a new drugor medical product to market are substantial. Thisprocess involves lengthy government review with noguarantee of approval. These companies may havelosses and may not offer proposed products for severalyears, if at all. The failure to gain approval for a newdrug or product can have a substantial negative effecton a company and its stock. The goods and services ofhealth care issuers are also subject to r isks ofmalpractice claims, product liability claims or otherlitigation.

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Health care facility operators face risks related todemand for services, the ability of the facility to providerequired services, an increased emphasis on outpatientservices, confidence in the facil ity, managementcapabilities, competitive forces that may result in pricediscounting, efforts by insurers and governmentagencies to limit rates, expenses, the cost and possibleunavailability of malpractice insurance, and terminationor restriction of government financial assistance (suchas Medicare, Medicaid or similar programs).

Energy Issuers. The High Income Al locat ionPortfolio and the Multi-Asset High Income Portfolio areexposed to companies in the energy sector primarilythrough their respective investments in MLPs. Energycompanies can be s igni f icant ly impacted byfluctuations in the prices of energy fuels, such ascrude oil, natural gas, and other fossil fuels. Extendedperiods of low energy fuel prices can have a materialadverse impact on an energy company’s financialcondition and results of operations. The prices ofenergy fuels can be materially impacted by generaleconomic condit ions, demand for energy fuels,industry inventory levels, production quotas or otheractions that might be imposed by the Organization ofPetroleum Exporting Countries (OPEC), weather-related disruptions and damage, competing fuelprices, and geopolitical risks. Recently, the price ofcrude oil, natural gas and other fossil fuels hasdeclined substantially and experienced significantvolat i l i ty, which has adversely impacted energycompanies and their stock prices and dividends. Theprice of energy fuels may decline further and havefurther adverse effects on energy companies. Someenergy companies depend on their ability to find andacquire additional energy reserves. The explorationand recovery process involves significant operatinghazards and can be very costly. An energy companyhas no assurance that it will find reserves or that anyreserves found will be economically recoverable.

The energy industry a lso faces substant ia lgovernment regulation, including environmentalregulation regarding air emissions and disposal ofhazardous materials. These regulations may increasecosts and limit production and usage of certain fuels.

Additionally, governments have been increasing theirattention to issues related to greenhouse gas (“GHG”)emissions and cl imate change, and regulatorymeasures to l imit or reduce GHG emissions arecurrent ly in var ious stages of discussion orimplementation. GHG emissions-related regulationscould substantially harm energy companies, includingby reducing the demand for energy fuels andincreasing compliance costs. Energy companies alsoface risks related to political conditions in oil producingregions (such as the Middle East). Political instability orwar in these regions could negatively impact energycompanies. The operations of energy companies canbe disrupted by natural or human factors beyond thecontrol of the energy company. These includehurricanes, floods, severe storms, and other weatherevents, civil unrest, accidents, war, earthquakes, fire,political events, systems failures, and terrorist attacks,any of which could result in suspension of operations.Energy companies also face certain hazards inherentto operating in their industry, such as accidentalreleases of energy fuels or other hazardous materials,explosions, and mechanical failures, which can resultin environmental damage, loss of life, loss of revenues,legal liability and/or disruption of operations.

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

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

Tax and Legislation Risk. Tax legislation proposedby the President or Congress, tax regulations proposedby the U.S. Treasury or positions taken by the InternalRevenue Service could affect the value of your Portfolio,or the securities owned by the underlying funds in theHigh Income Allocation Portfolio or the Multi-Asset HighIncome Portfolio, by changing the taxation or taxcharacterizations of its portfolio securities, or dividendsand other income paid by or related to such securities.Congress has considered such proposals in the past andmay do so in the future. In December 2017, Congress

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passed, and the President signed, significant taxlegislation, much of which became effective in 2018. Noone can predict whether any other legislation will beproposed, adopted or amended by Congress and no onecan predict the impact that any other legislation mighthave on your Portfolio or its portfolio securities, or on thetax treatment of your Portfolio or of your investment inyour Portfolio.

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

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

PUBLIC OFFERING

General. Units are offered at the Public OfferingPrice which consists of the net asset value per 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 equals2.75% of the Public Offering Price per Unit for theHigh Income Allocation Portfolio and the PreferredOpportunity Portfolio and 1.85% of the Public OfferingPrice per Unit for the Mult i-Asset High IncomePortfol io (2.828% and 1.885% of the aggregateoffering price of the Securities, respectively) at thetime of purchase.

The initial sales charge is the difference between thetotal sales charge amount (maximum of 2.75% of thePublic Offering Price per Unit for the High Income

Allocation Portfolio and the Preferred OpportunityPortfolio and 1.85% of the Public Offering Price per Unitfor the Multi-Asset High Income Portfolio) and the sum ofthe remaining fixed dollar deferred sales charge and thefixed dollar creation and development fee (initially $0.275per Unit for the High Income Allocation Portfolio and thePreferred Opportunity Portfolio and $0.185 per Unit forthe Multi-Asset High Income Portfolio). Depending onthe Public Offering Price per Unit, you pay the initial salescharge at the time you buy Units. The deferred salescharge is fixed at $0.225 per Unit for the High IncomeAllocation Portfolio and the Preferred OpportunityPortfolio and $0.135 per Unit for the Multi-Asset HighIncome Portfolio. Your Portfolio pays the deferred salescharge in installments as described in the “Fee Table.” Ifany deferred sales charge payment date is not abusiness day, we will charge the payment on the nextbusiness day. If you purchase Units after the initialdeferred sales charge payment, you will only pay thatportion of the payments not yet collected. If you redeemor sell your Units prior to collection of the total deferredsales charge, you will pay any remaining deferred salescharge upon redemption or sale of your Units. The initialand deferred sales charges are referred to as the“transactional sales charge.” The transactional salescharge does not include the creation and developmentfee which compensates the Sponsor for creating anddeveloping your Portfolio and is described under“Expenses.” The creation and development fee is fixedat $0.05 per Unit. Your Portfolio pays the creation anddevelopment fee as of the close of the initial offeringperiod as described in the “Fee Table.” If you redeem orsell your Units prior to collection of the creation anddevelopment fee, you will not pay the creation anddevelopment fee upon redemption or sale of your Units.After the initial offering period the maximum sales chargewill be reduced by 0.50%, reflecting the previouscollection of the creation and development fee. Becausethe deferred sales charge and creation and developmentfee are fixed dollar amounts per Unit, the actual chargeswill exceed the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit falls below $10 and willbe less than the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit exceeds $10. In noevent will the maximum total sales charge exceed 2.75%

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of the Public Offering Price per Unit for the High IncomeAllocation Portfolio and the Preferred OpportunityPortfolio or 1.85% of the Public Offering Price per Unitfor the Multi-Asset High Income Portfolio.

The “Fee Table” shows the sales charge calculationat a $10 Public Offering Price per Unit. At a $10 PublicOffering Price, there is no initial sales charge during theinitial offering period. If the Public Offering Price exceeds$10 per Unit, you will pay an initial sales charge equal tothe difference between the total sales charge and thesum of the remaining deferred sales charge and thecreation and development fee. For example, withrespect to the High Income Allocation Portfolio and thePreferred Opportunity Portfolio, if the Public OfferingPrice per Unit rose to $14, the maximum sales chargewould be $0.385 (2.75% of the Public Offering Price perUnit), consisting of an initial sales charge of $0.110, adeferred sales charge of $0.225 and the creation anddevelopment fee of $0.050. With respect to the Multi-Asset High Income Portfolio, if the Public Offering Priceper Unit rose to $14, the maximum sales charge wouldbe $0.259 (1.85% of the Public Offering Price per Unit),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 fixeddollar amounts per Unit, your Portfolio must chargethese amounts per Unit regardless of any decrease innet asset value. However, if the Public Offering Price perUnit falls to the extent that the maximum sales chargepercentage results in a dollar amount that is less thanthe combined fixed dollar amounts of the deferred salescharge and creation and development fee, your initialsales charge will be a credit equal to the amount bywhich these fixed dollar charges exceed your salescharge at the time you buy Units. In such a situation,the value of securities per Unit would exceed the PublicOffering Price per Unit by the amount of the initial salescharge credit and the value of those securities willfluctuate, which could result in a benefit or detriment toUnitholders that purchase Units at that price. The initialsales charge credit is paid by the Sponsor and is notpaid by your Portfolio. With respect to the High IncomeAllocation Portfolio and the Preferred Opportunity

Portfolio, if the Public Offering Price per Unit fell to $6,the maximum sales charge would be $0.165 (2.75% ofthe Public Offering Price per Unit), which consists of aninitial sales charge (credit) of -$0.110, a deferred salescharge of $0.225 and a creation and development feeof $0.050. With respect to the Multi-Asset High IncomePortfolio, if the Public Offering Price per Unit fell to $6,the maximum sales charge would be $0.111 (1.85% ofthe Public Offering Price per Unit), which consists of aninitial sales charge (credit) of -$0.074, a deferred salescharge of $0.135 and a creation and development feeof $0.050.

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

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

Reducing Your Sales Charge. The Sponsoroffers ways for you to reduce the sales charge that youpay. It is your financial professional’s responsibility toalert the Sponsor of any discount when you purchaseUnits. Before you purchase Units you must also informyour financial professional of your qualification for anydiscount to be eligible for a reduced sales charge.Since the deferred sales charges and creation anddevelopment fee are fixed dollar amounts per Unit, yourPortfol io must charge these amounts per Unitregardless of any discounts. However, if you are eligibleto receive a discount such that your total sales chargeis less than the fixed dollar amounts of the deferredsales charges and creation and development fee, youwill receive a credit equal to the difference betweenyour total sales charge and these fixed dollar chargesat the time you buy Units.

Fee Accounts. Investors may purchase Units throughregistered investment advisers, certified financialplanners and registered broker-dealers who in eachcase either charge periodic fees for brokerage services,f inancial planning, investment advisory or asset

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

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

Distribution Reinvestments. We do not charge anysales charge when you reinvest distributions from yourPortfolio into additional Units of your Portfolio. Since thedeferred sales charge and creation and development feeare fixed dollar amounts per unit, your Portfolio mustcharge these amounts per unit regardless of this discount.If you elect to reinvest distributions, the Sponsor will credityou with additional Units with a dollar value sufficient tocover the amount of any remaining deferred sales chargeand creation and development fee that will be collected onsuch Units at the time of reinvestment. The dollar value ofthese Units will fluctuate over time.

Unit Price. The Public Offering Price of Units will varyfrom the amounts stated under “Essential Information” inaccordance with fluctuations in the prices of theunderlying Securities in the Portfolios. The initial price ofthe Securities upon deposit by the Sponsor wasdetermined by the Trustee. The Trustee will generallydetermine the value of the Securities as of the EvaluationTime on each business day and will adjust the PublicOffering Price of Units accordingly. The Evaluation Time isthe close of the New York Stock Exchange on eachbusiness day. The term “business day”, as used hereinand under “Rights of Unitholders--Redemption of Units”,means any day on which the New York Stock Exchange isopen for regular trading. The Public Offering Price per Unitwill be effective for all orders received prior to theEvaluation Time on each business day. Orders received bythe Sponsor prior to the Evaluation Time and ordersreceived by authorized financial professionals prior to theEvaluation Time that are properly transmitted to theSponsor by the time designated by the Sponsor, arepriced based on the date of receipt. Orders received bythe Sponsor after the Evaluation Time, and ordersreceived by authorized financial professionals after theEvaluation Time or orders received by such persons thatare not transmitted to the Sponsor until after the timedesignated by the Sponsor, are priced based on the dateof the next determined Public Offering Price per Unitprovided they are received timely by the Sponsor on suchdate. It is the responsibility of authorized financialprofessionals to transmit orders received by them to theSponsor so they will be received in a timely manner.

The value of portfolio securities is based on thesecurities’ market price when available. When amarket pr ice is not readi ly avai lable, includingcircumstances under which the Trustee determinesthat a security’s market price is not accurate, aport fo l io secur i ty is valued at i ts fa i r value, asdetermined under procedures established by theTrustee or an independent pricing service used by theTrustee. In these cases, a Portfolio’s net asset valuewill reflect certain portfolio securities’ fair value ratherthan their market price. With respect to securities thatare primarily listed on foreign exchanges, the value ofthe portfolio securities may change on days when you

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will not be able to purchase or sell Units. The value ofany foreign securities is based on the applicablecurrency exchange rate as of the Evaluation Time. TheSponsor will provide price dissemination and oversightservices to the Portfolios.

During the initial offering period, part of the PublicOffering Price represents an amount that will pay thecosts incurred in establishing your Portfolio. Thesecosts include the costs of preparing documents relatingto your Portfolio (such as the registration statement,prospectus, trust agreement and legal documents),federal and state registration fees, the initial fees andexpenses of the Trustee and the initial audit. YourPortfolio will sell securities to reimburse us for thesecosts at the end of the initial offering period or after sixmonths, if earlier. The value of your Units will declinewhen your Portfolio pays these costs.

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

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

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

as “Invesco Unit Trusts Series” are equity trusts. Inaddit ion to the regular concessions or agencycommissions descr ibed above in “Unit SalesConcessions” all broker-dealers and other selling firmswill be eligible to receive additional compensationbased on total initial offering period sales of all eligibleInvesco unit investment trusts during the previousconsecutive 12-month period through the end of themost recent month. The Volume Concession, asapplicable to equity and fixed income trust units, is setforth in the following table:

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

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

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

Additional Information. Except as provided in thissection, any sales charge discount provided to investorswill be borne by the selling broker-dealer or agent. For all

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secondary market transactions the total concession oragency commission will amount to 80% of the applicablesales charge. Notwithstanding anything to the contraryherein, in no case shall the total of any concessions,agency commissions and any additional compensationallowed or paid to any broker, dealer or other distributorof Units with respect to any individual transaction exceedthe total sales charge applicable to such transaction. TheSponsor reserves the right to reject, in whole or in part,any order for the purchase of Units and to change theamount of the concession or agency commission todealers and others from time to time.

We may provide, at our own expense and out of ourown profits, additional compensation and benefits tobroker-dealers who sell Units of the Portfolios and ourother products. This compensation is intended to resultin additional sales of our products and/or compensatebroker-dealers and financial advisors for past sales. Wemay make these payments for marketing, promotionalor related expenses, including, but not limited to,expenses of entertaining retail customers and financialadvisors, advert ising, sponsorship of events orseminars, obtaining shelf space in broker-dealer firmsand similar activities designed to promote the sale of thePortfolios and our other products. Fees may includepayment for travel expenses, including lodging, incurredin connection with trips taken by invited registeredrepresentatives for meetings or seminars of a businessnature. These arrangements will not change the priceyou pay for your Units.

Sponsor Compensation. The Sponsor will receivethe total sales charge applicable to each transaction.Except as provided under “Unit Distribution,” any salescharge discount provided to investors will be borne by theselling dealer or agent. In addition, the Sponsor will realizea profit or loss as a result of the difference between theprice paid for the Securities by the Sponsor and the costof the Securities to your Portfolio on the Initial Date ofDeposit as well as on subsequent deposits. See “Notes toPortfolios”. The Sponsor has not participated as soleunderwriter or as manager or as a member of theunderwriting syndicates or as an agent in a privateplacement for any of the Securities. The Sponsor mayrealize profit or loss as a result of the possible fluctuations

in the market value of Units held by the Sponsor for saleto the public. In maintaining a secondary market, theSponsor will realize profits or losses in the amount of anydifference between the price at which Units are purchasedand the price at which Units are resold (which priceincludes the applicable sales charge) or from a redemptionof repurchased Units at a price above or below thepurchase price. Cash, if any, made available to theSponsor prior to the date of settlement for the purchase ofUnits may be used in the Sponsor’s business and may bedeemed to be a benefit to the Sponsor, subject to thelimitations of the Securities Exchange Act of 1934, asamended (“1934 Act”).

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

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

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RETIREMENT ACCOUNTS

Units are available for purchase in connection withcertain types of tax-sheltered retirement plans, includingIndividual Retirement Accounts for individuals, SimplifiedEmployee Pension Plans for employees, qualified plansfor self-employed individuals, and qualified corporatepension and profit sharing plans for employees. Theminimum purchase for these accounts is reduced to 25Units but may vary by selling firm. The purchase of Unitsmay be limited by the plans’ provisions and does notitself establish such plans.

FEE ACCOUNTS

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

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

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

RIGHTS OF UNITHOLDERS

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

Dividends, interest and other income received by aPortfolio are credited to the Income Account of thePortfolio. Other receipts (e.g., capital gains, proceedsfrom the sale of Securities, etc.) are credited to theCapital Account. Proceeds received on the sale of anySecur i t ies, to the extent not used to meetredemptions of Units or pay deferred sales charges,fees or expenses, will be distributed to Unitholders.Proceeds received from the disposit ion of anySecurit ies after a Record Date and prior to thefollowing Distribution Date will be held in the CapitalAccount and not distributed until the next DistributionDate. Any distribution to Unitholders consists of eachUnitholder’s pro rata share of the available cash in theIncome and Capital Accounts as of the relatedRecord Date.

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The income distribution to the Unitholders of yourPortfolio as of each Record Date will be made on thefollowing Distribution Date or shortly thereafter and shallconsist of an amount substantially equal to such portion ofeach Unitholder’s pro rata share of the estimated netannual income distributions in the Income Account.Because income payments are not received by thePortfolio at a constant rate throughout the year, suchdistributions to Unitholders may be more or less than theamount credited to the Income Account as of the RecordDate. For the purpose of minimizing fluctuation in thedistributions from the Income Account, the Trustee isauthorized to advance such amounts as may benecessary to provide income distributions ofapproximately equal amounts. The Trustee shall bereimbursed, without interest, for any such advances fromfunds in the Income Account on the ensuing Record Date.

Historical and Estimated Distributions. TheHistorical 12 Month Distr ibut ions per Unit, andEstimated Initial Distribution per Unit (if any), may beshown under “Essential Information.” These figures arebased upon the weighted average of the actualdistributions paid by the securities included in yourPortfolio over the 12 months preceding the Initial Dateof Deposit and are reduced to account for the effectsof fees and expenses which will be incurred wheninvesting in your Portfolio. While both figures arecalculated using a Public Offering Price of $10 perUnit, any presented Estimated Initial Distribution perUnit wi l l ref lect an est imate of the per Unitdistributions you may receive on the first DistributionDate based upon each issuer’s preceding 12 monthdistr ibut ions. Neither div idend payments nordistributions are not assured and therefore the amountof future distribution or dividend income to yourPort fo l io is uncerta in. The actual net annualdistributions may decrease over time because aportion of the securities included in your Portfolio willbe sold to pay for the organization costs, deferredsales charge and creation and development fee.Securities may also be sold to pay regular fees andexpenses during your Portfolio’s life. The actual netannual income distributions you receive will vary fromthe Historical 12 Month Distributions amount due to

changes in dividends and distribution amounts paid byissuers, currency fluctuations, the sale of securities topay any deferred sales charge, Portfolio fees andexpenses, and with changes in your Portfolio such asthe acquisition, call, maturity or sale of securities. Dueto these and various other factors, actual incomereceived by your Portfolio will most likely differ from themost recent dividends or scheduled income payments.

Reinvestment Option. Unitholders may havedistributions automatically reinvested in additionalUnits without a sales charge (to the extent Units maybe lawfully offered for sale in the state in which theUnitholder resides). The CUSIP numbers for either“Cash” distributions or “Reinvest” for the reinvestmentof distr ibut ions are set forth under “Essent ia lInformat ion”. Brokers and dealers can use theDividend Reinvestment Service through DepositoryTrust Company (“DTC”) or purchase a Reinvest (or FeeBased Reinvest in the case of Fee Based Eligible Unitsheld in Fee Accounts) CUSIP, i f avai lable. Toparticipate in this reinvestment option, a Unitholdermust file with the Trustee a written notice of election,together with any other documentation that theTrustee may then require, at least five days prior tothe related Record Date. A Unitholder’s election willapply to all Units owned by the Unitholder and willremain in effect until changed by the Unitholder. Thereinvestment option is not offered during the 30calendar days pr ior to terminat ion. I f Units areunavailable for reinvestment or this reinvestmentoption is no longer available, distributions will be paidin cash. Distributions will be taxable to Unitholders ifpaid in cash or automatically reinvested in additionalUnits. See “Taxation”.

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

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

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

days of a Portfolio’s termination. Your Portfolio generallywill not offer in kind distributions of portfolio securitiesthat are held in foreign markets. An in kind distributionwill be made by the Trustee through the distribution ofeach of the Securities in book-entry form to the accountof the Unitholder’s broker-dealer at DTC. Amountsrepresenting fractional shares will be distributed in cash.The Trustee may adjust the number of shares of anySecurity included in a Unitholder’s in kind distribution tofacilitate the distribution of whole shares. The in kinddistribution option may be modified or discontinued atany time without notice. Notwithstanding the foregoing,if the Unitholder requesting an in kind distribution is theSponsor or an affiliated person of a Portfolio, theTrustee may make an in kind distribution to suchUnitholder provided that no one with a pecuniaryincentive to influence the in kind distribution mayinfluence selection of the distributed securities, thedistribution must consist of a pro rata distribution of allportfolio securities (with limited exceptions) and the inkind distribution may not favor such affiliated person tothe detriment of any other Unitholder. Unitholders willincur transaction costs in liquidating securities receivedin an in-kind distribution, and any such securitiesreceived will be subject to market risk until sold. In theevent that any securities received in-kind are illiquid,Unitholders will bear the risk of not being able to sellsuch securities in the near term, or at all.

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

The Redemption Price per Unit and the secondarymarket repurchase price per Unit are equal to the prorata share of each Unit in your Portfolio determined onthe basis of (i) the cash on hand in the Portfolio, (ii) the

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value of the Securities in the Portfolio and (iii) dividendsor other income distr ibutions receivable on theSecurities in the Portfolio trading ex-dividend as of thedate of computation, less (a) amounts representingtaxes or other governmental charges payable out of thePortfolio, (b) the accrued expenses of the Portfolio(including costs associated with liquidating securitiesafter the end of the initial offering period) and (c) anyunpaid deferred sales charge payments. During theinitial offering period, the redemption price and thesecondary market repurchase price are not reduced bythe estimated organization costs or the creation anddevelopment fee. For these purposes, the Trustee willdetermine the value of the Securities as describedunder “Public Offering--Unit Price”.

The right of redemption may be suspended andpayment postponed for any period during which theNew York Stock Exchange is closed, other than forcustomary weekend and holiday closings, or anyperiod during which the Securities and ExchangeCommission (“SEC”) determines that trading on thatExchange is restricted or an emergency exists, as aresult of which disposal or evaluation of the Securitiesis not reasonably practicable, or for other periods asthe SEC may permit.

Exchange Option. When you redeem Units of yourPortfol io or when your Portfol io terminates (see“Rollover” below), you may be able to exchange yourUnits for units of other Invesco unit trusts. You shouldcontact your financial professional for more informationabout trusts currently available for exchanges. Beforeyou exchange Units, you should read the prospectus ofthe new trust carefully and understand the risks andfees. You should then discuss this option with yourfinancial professional to determine whether yourinvestment goals have changed, whether current trustssuit you and to discuss tax consequences. A rollover orexchange is a taxable event to you. We may discontinuethis option at any time.

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

On the Mandatory Termination Date you will have theoption to (1) participate in a Rollover and have your

Units reinvested into a subsequent trust series or (2) receive a cash distribution.

If you elect to participate in a cash Rollover, your Unitswill be redeemed on the Mandatory Termination Date. Asthe redemption proceeds become available, the proceeds(including dividends or other received distributions) will beinvested in a new trust series at the public offering pricefor the new trust. The Trustee will attempt to sell Securitiesto satisfy the redemption as quickly as practicable on theMandatory Termination Date. We do not anticipate thatthe sale period will be longer than one day, however,certain factors could affect the ability to sell the Securitiesand could impact the length of the sale period. Theliquidity of any Security depends on the daily tradingvolume of the Security and the amount available forredemption and reinvestment on any day.

We may make subsequent trust series available for saleat various times during the year. Of course, we cannotguarantee that a subsequent trust or sufficient units will beavailable or that any subsequent trusts will offer the sameinvestment strategies or objectives as the currentPortfolios. We cannot guarantee that a Rollover will avoidany negative market price consequences resulting fromtrading large volumes of securities. Market price trendsmay make it advantageous to sell or buy securities morequickly or more slowly than permitted by the Portfolioprocedures. We may, in our sole discretion, modify aRollover or stop creating units of a trust at any timeregardless of whether all proceeds of Unitholders havebeen reinvested in a Rollover. If we decide not to offer asubsequent series, Unitholders will be notified prior to theMandatory Termination Date. Cash which has not beenreinvested in a Rollover will be distributed to Unitholdersshortly after the Mandatory Termination Date. Rolloverparticipants may receive taxable dividends or realizetaxable capital gains which are reinvested in connectionwith a Rollover but may not be entitled to a deduction forcapital losses due to the “wash sale” tax rules. Due to thereinvestment in a subsequent trust, no cash will bedistributed to pay any taxes. See “Taxation”.

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

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

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

PORTFOLIO ADMINISTRATION

Portfolio Administration. Your Portfolio is not amanaged fund and, except as provided in the TrustAgreement, Securities generally will not be sold orreplaced. The Sponsor may, however, direct thatSecurities be sold in certain limited circumstances toprotect your Portfolio based on advice from theSupervisor. These situations may include events such asthe issuer having defaulted on payment of any of itsoutstanding obligations or the price of a Security hasdeclined to such an extent or other credit factors exist sothat in the opinion of the Supervisor retention of theSecurity would be detrimental to your Portfolio. If a publictender offer has been made for a Security or a merger oracquisition has been announced affecting a Security, theTrustee may either sell the Security or accept an offer ifthe Supervisor determines that the sale or exchange is inthe best interest of Unitholders. The Trustee will distributeany cash proceeds to Unitholders. In addition, theTrustee may sell Securities to redeem Units or payPortfolio expenses or deferred sales charges. If securitiesor property are acquired by a Portfolio, the Sponsor may

direct the Trustee to sell the securities or property anddistribute the proceeds to Unitholders or to accept thesecurities or property for deposit in your Portfolio. Shouldany contract for the purchase of any of the Securities fail,the Sponsor will (unless substantially all of the moneysheld in a Portfolio to cover the purchase are reinvested insubstitute Securities in accordance with the TrustAgreement) refund the cash and sales charge attributableto the failed contract to all Unitholders on or before thenext Distribution Date.

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

Due to the investments in MLPs that are considered tobe “publicly traded partnerships”, the High IncomeAllocation Portfolio and the Multi-Asset High IncomePortfolio are subject to certain limitations to maintainqualification as a regulated investment company. Onesuch limitation is that, generally, at the close of eachquarter of each taxable year, not more than 25 percent ofthe value of the High Income Allocation Portfolio's and theMulti-Asset High Income Portfolio’s assets may beinvested in the securities of qualified publicly tradedpartnerships and certain other assets. The percentage ofassets in a Portfolio invested in securities of qualifiedpublicly traded partnerships as of the Initial Date ofDeposit is presented in “Notes to Portfolios”. If the portionof the qualified publicly traded partnerships exceeds 25%of the Portfolio following the Initial Date of Deposit, thePortfolio may need to sell securities or stop purchasingadditional units of the qualified publicly tradedpartnerships which would alter the composition anddiversity of the securities in the Portfolio.

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The Trust Agreement requires the Trustee to vote allshares of the closed-end funds held in the High IncomeAllocation Portfolio and the Multi-Asset High IncomePortfolio in the same manner and ratio on all proposalsas the owners of such shares not held by the Portfolio.The Sponsor will instruct the Trustee how to vote thesecurities held in your Portfolio. The Trustee will vote thesecurities in the same general proportion as shares heldby other shareholders if the Sponsor fails to provideinstructions.

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

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

Amendment of the Trust Agreement. The Trusteeand the Sponsor may amend the Trust Agreement withoutthe consent of Unitholders to correct any provision whichmay be defective or to make other provisions that will notmaterially adversely affect Unitholders (as determined ingood faith by the Sponsor and the Trustee). The TrustAgreement may not be amended to increase the numberof Units or permit acquisition of securities in addition to orsubstitution for the Securities (except as provided in theTrust Agreement). The Trustee will notify Unitholders of anyamendment.

Termination. Your Portfolio will terminate on theMandatory Termination Date specified under “EssentialInformation” or upon the sale or other disposition of thelast Security held in the Portfolio. A Portfolio may beterminated at any time with consent of Unitholdersrepresenting two-thirds of the outstanding Units or by theTrustee when the value of the Portfolio is less than$500,000 ($3,000,000 if the value of the Portfolio hasexceeded $15,000,000) (the “Minimum TerminationValue”). A Portfolio will be liquidated by the Trustee in theevent that a sufficient number of Units of the Portfolio notyet sold are tendered for redemption by the Sponsor, sothat the net worth of the Portfolio would be reduced toless than 40% of the value of the Securities at the timethey were deposited in the Portfolio. If your Portfolio isliquidated because of the redemption of unsold Units bythe Sponsor, the Sponsor will refund to each purchaser ofUnits the entire sales charge paid by such purchaser. TheTrustee may begin to sell Securities in connection with aPortfolio termination nine business days before, and nolater than, the Mandatory Termination Date. QualifiedUnitholders may elect an in kind distribution of Securities,provided that Unitholders may not request an in kinddistribution of Securities within 30 calendar days of aPortfolio’s termination. Any in kind distribution of Securitieswill be made in the manner and subject to the restrictionsdescribed under “Rights of Unitholders--Redemption ofUnits”, provided that, in connection with an in kinddistribution election more than 30 calendar days prior totermination, Unitholders tendering 1,000 or more Units ofa Portfolio (or such higher amount as may be required byyour broker-dealer or selling agent) may request an in kinddistribution of Securities equal to the Redemption Priceper Unit on the date of tender. Unitholders will receive afinal cash distribution within a reasonable time after theMandatory Termination Date. All distributions will be net ofPortfolio expenses and costs. Unitholders will receive afinal distribution statement following termination. TheInformation Supplement contains further informationregarding termination of your Portfolio. See “AdditionalInformation”.

Limitations on Liabil it ies. The Sponsor,Supervisor and Trustee are under no liability for takingany action or for refraining from taking any action in

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good faith pursuant to the Trust Agreement, or forerrors in judgment, but shall be liable only for their ownwillful misfeasance, bad faith or gross negligence(negl igence in the case of the Trustee) in theperformance of their duties or by reason of theirreckless disregard of their obligations and dutieshereunder. The Trustee is not liable for depreciation orloss incurred by reason of the sale by the Trustee ofany of the Securities. In the event of the failure of theSponsor to act under the Trust Agreement, the Trusteemay act thereunder and is not liable for any actiontaken by it in good faith under the Trust Agreement.The Trustee is not l iable for any taxes or othergovernmental charges imposed on the Securities, on itas Trustee under the Trust Agreement or on a Portfoliowhich the Trustee may be required to pay under anypresent or future law of the United States of Americaor of any other taxing authority having jurisdiction. Inaddit ion, the Trust Agreement contains othercustomary provisions limiting the liability of the Trustee.The Sponsor and Superv isor may re ly on anyevaluation furnished by the Trustee and have noresponsibility for the accuracy thereof. Determinationsby the Trustee shall be made in good faith upon thebasis of the best information available to it.

Sponsor. Invesco Capital Markets, Inc. is the Sponsorof your Portfolio. The Sponsor is a wholly ownedsubsidiary of Invesco Advisers, Inc. (“Invesco Advisers”).Invesco Advisers is an indirect wholly owned subsidiaryof Invesco Ltd., a leading independent global investmentmanager that provides a wide range of investmentstrategies and vehicles to its retail, institutional and highnet worth clients around the globe. The Sponsor’sprincipal office is located at 11 Greenway Plaza, Houston,Texas 77046-1173. As of March 31, 2019, the totalstockholders’ equity of Invesco Capital Markets, Inc. was$95,530,725 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $954.8 billion as ofMarch 31, 2019.

The Sponsor and your Portfolio have adopted a codeof ethics requiring Invesco Ltd.’s employees who haveaccess to information on Portfolio transactions to reportpersonal securities transactions. The purpose of the

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

If the Sponsor shall fail to perform any of its dutiesunder the Trust Agreement or become incapable ofacting or shall become bankrupt or its affairs aretaken over by public authorities, then the Trustee may( i ) appoint a successor Sponsor at rates ofcompensat ion deemed by the Trustee to bereasonable and not exceeding amounts prescribed bythe SEC, ( i i ) terminate the Trust Agreement andliquidate your Portfolio as provided therein or (iii)continue to act as Trustee without terminating theTrust Agreement.

Trustee. The Trustee is The Bank of New YorkMellon, a trust company organized under the laws ofNew York. The Bank of New York Mellon has itsprincipal unit investment trust division offices at 2Hanson Place, 12th Floor, Brooklyn, New York 11217,(800) 856-8487. If you have questions regarding youraccount or your Portfolio, please contact the Trusteeat its principal unit investment trust division offices oryour financial adviser. The Sponsor does not haveaccess to individual account information. The Bank ofNew York Mel lon is subject to supervis ion andexamination by the Superintendent of Banks of theState of New York and the Board of Governors of theFederal Reserve System, and its deposits are insuredby the Federal Deposit Insurance Corporation to theextent permitted by law. Addit ional informationregarding the Trustee is set forth in the InformationSupplement, including the Trustee’s qualifications andduties, its ability to resign, the effect of a mergerinvolving the Trustee and the Sponsor’s ability toremove and replace the Trustee. See “AdditionalInformation”.

TAXATION

This section summarizes some of the principal U.S.federal income tax consequences of owning Units of yourPortfolio. Tax laws and interpretations are subject tochange, possibly with retroactive effect. Substantialchanges to the federal tax law were passed and signed

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into law in December 2017, many of which becameeffective in 2018 and may affect your investment in aPortfolio in a number of ways, including possibleunintended consequences. This summary does notdescribe all of the tax consequences to all taxpayers. Forexample, this summary generally does not describe yoursituation if you are a corporation, a non-U.S. person, abroker/dealer, a tax-exempt entity, financial institution,person who marks to market their Units or other investorwith special circumstances. In addition, this section doesnot describe your alternative minimum, state, local orforeign tax consequences of investing in a Portfolio.

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

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

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

Distributions. Portfolio distributions are generallytaxable to you. However, with respect to the High IncomeAllocation Portfolio and the Multi-Asset High IncomePortfolio, investments in MLPs may lead to a significantportion of your distributions qualifying as returns of capitalin some years. Such returns of capital would lower yourtax basis in your Units. After the end of each year, you willreceive a tax statement reporting your Portfolio’sdistributions, including the amounts of ordinary incomedistributions and capital gains dividends. Your Portfoliomay make taxable distributions to you even in periodsduring which the value of your Units has declined.

Ordinary income distributions are generally taxed at yourfederal tax rate for ordinary income, however, as furtherdiscussed below, certain ordinary income distributionsreceived from your Portfolio may be taxed, under currentfederal law, at the capital gains tax rates. Certain ordinaryincome dividends on Units that are attributable toqualifying dividends received by your Portfolio from certaincorporations may be reported by the Portfolio as beingeligible for the dividends received deduction for corporateUnitholders provided certain holding period requirementsare met. Income from the Portfolio and gains on the saleof your Units may also be subject to a 3.8% federal taximposed on net investment income if your adjusted grossincome exceeds certain threshold amounts, whichcurrently are $250,000 in the case of married couplesfiling joint returns and $200,000 in the case of singleindividuals. In addition, your Portfolio may makedistributions that represent a return of capital for taxpurposes to the extent of the Unitholder’s basis in theUnits, and any additional amounts in excess of basiswould be taxed as a capital gain. Generally, you will treatall capital gains dividends as long-term capital gainsregardless of how long you have owned your Units. Thetax status of your distributions from your Portfolio is notaffected by whether you reinvest your distributions inadditional Units or receive them in cash. The income fromyour Portfolio that you must take into account for federalincome tax purposes is not reduced by amounts used topay a deferred sales charge, if any. The tax laws mayrequire you to treat certain distributions made to you inJanuary as if you had received them on December 31 ofthe previous year.

A distribution paid by your Portfolio reduces thePortfolio’s net asset value per Unit on the date paid by theamount of the distribution. Accordingly, a distribution paidshortly after a purchase of Units by a Unitholder wouldrepresent, in substance, a partial return of capital,however, it would be subject to income 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 fromthe amount you receive for the sale of the Units. Yourinitial tax basis in your Units is generally equal to the cost

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of 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 gainequals net long-term capital gain minus net short-term capital loss for the taxable year. Capital gain orloss is long-term if the holding period for the asset ismore than one year and is short-term if the holdingperiod for the asset is one year or less. You mustexclude the date you purchase your Uni ts todetermine your holding period. However, i f youreceive a capital gain dividend from your Portfolio andsell your Units at a loss after holding it for six monthsor less, the loss will be recharacterized as long-termcapital loss to the extent of the capital gain dividendreceived. The federal 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 be taxedat the same federal rates that apply to net capital gain (asdiscussed above), provided certain holding periodrequirements are satisfied and provided the dividends areattributable to qualified dividend income received by thePortfolio itself. Your Portfolio will provide notice to itsUnitholders of the amount of any distribution which maybe taken into account as qualified dividend income whichis eligible for the capital gains tax rates. There is norequirement that tax consequences be taken into accountin administering your Portfolio.

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

Rollovers and Exchanges. If you elect to haveyour proceeds from your Portfolio rolled over into a

future trust, it would generally be considered a sale forfederal income tax purposes and any gain on the salewill be treated as a capital gain, and, in general, any losswill be treated as a capital loss. However, any lossrealized on a sale or exchange will be disallowed to theextent that Units disposed of are replaced (includingthrough reinvestment of dividends) within a period of 61days beginning 30 days before and ending 30 days afterdisposition of Units or to the extent that the Unitholder,during such period, acquires or enters into an option orcontract to acquire, substantially identical stock orsecurities. In such a case, the basis of the Units acquiredwill be adjusted to reflect the disallowed loss. Thedeductibil ity of capital losses is subject to otherlimitations 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,such as 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 the Portfolioreports as capital gain dividends) and will be subject toU.S. income taxes, including withholding taxes, subjectto certain 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’s

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distributions, 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 requiredunder FATCA on a payment related to your Units,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 IRSto obtain the benefit of such exemption or reduction.Your Portfolio will not pay any additional amounts inrespect of amounts withheld under FATCA. You shouldconsult your tax advisor regarding the effect of FATCAbased on your 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 socialsecurity or taxpayer identification number and certify

that you are not subject to backup withholding, or if theIRS instructs your Portfolio to do so.

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

PORTFOLIO OPERATING EXPENSES

General. The fees and expenses of your Portfolio willgenerally accrue on a daily basis. Portfolio operating feesand expenses are generally paid out of the IncomeAccount to the extent funds are available, and then fromthe Capital Account. The deferred sales charge, creationand development fee and organization costs are generallypaid out of the Capital Account of your Portfolio. It isexpected that Securities will be sold to pay these amountswhich will result in capital gains or losses to Unitholders.See “Taxation”. These sales will reduce future incomedistributions. The Sponsor’s, Supervisor’s and Trustee’sfees may be increased without approval of the Unitholdersby amounts not exceeding proportionate increases underthe category “Services Less Rent of Shelter” in theConsumer Price Index for All Urban Consumers or, if thiscategory is not published, in a comparable category.

Organization Costs. You and the otherUni tholders wi l l bear a l l or a port ion of theorganization costs and charges incurred in connectionwith the establishment of your Portfolio. These costsand charges will include the cost of the preparation,pr int ing and execut ion of the trust agreement,registration statement and other documents relatingto your Portfolio, federal and state registration feesand costs, the init ia l fees and expenses of theTrustee, and legal and auditing expenses. The PublicOffering Price of Units includes the estimated amountof these costs. The Trustee wi l l deduct theseexpenses from your Portfolio’s assets at the end ofthe initial offering period.

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

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functions. The creation and development fee is a chargeof $0.05 per Unit. The Trustee will deduct this amountfrom your Portfolio’s assets as of the close of the initialoffering period. No portion of this fee is applied to thepayment of distribution expenses or as compensationfor sales efforts. This fee will not be deducted fromproceeds received upon a repurchase, redemption orexchange of Units before the close of the initial publicoffering period.

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

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

Miscellaneous Expenses. The following additionalcharges are or may be incurred by your Portfolio: (a) normal expenses (including the cost of mailing reportsto Unitholders) incurred in connection with the operationof the Portfolio, (b) fees of the Trustee for extraordinaryservices, (c) expenses of the Trustee (including legal andauditing expenses) and of counsel designated by theSponsor, (d) various governmental charges, (e) expensesand costs of any action taken by the Trustee to protectthe Portfolio and the rights and interests of Unitholders, (f) indemnification of the Trustee for any loss, liability orexpenses incurred in the administration of the Portfoliowithout negligence, bad faith or wilful misconduct on itspart, (g) foreign custodial and transaction fees (which

may include compensation paid to the Trustee or itssubsidiaries or affiliates), (h) costs associated withliquidating the securities held in the Portfolio, (i) anyoffering costs incurred after the end of the initial offeringperiod and (j) expenditures incurred in contactingUnitholders upon termination of the Portfolio. YourPortfol io may pay the expenses of updating itsregistration statement each year.

Fund Expenses. The High Income AllocationPortfolio and the Multi-Asset High Income Portfolio willalso bear the expenses of the underlying funds. While theHigh Income Allocation Portfolio and the Multi-Asset HighIncome Portfolio will not pay these expenses directly outof its assets, an estimate of these expenses is shown inthe “Estimated Annual Expenses” of each “Fee Table” inthe High Income Allocation Portfolio and the Multi-AssetHigh Income Portfolio to illustrate the impact of theseexpenses. This estimate is based upon each underlyingfund’s annual operating expenses for the most recentfiscal year. Each underlying fund’s annual operatingexpense amount is subject to change in the future.

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 beenaudi ted by Grant Thornton LLP, independentregistered public accounting firm, as set forth in theirreport in this prospectus, and are included herein inreliance upon the authority of said firm as experts inaccounting and auditing.

ADDITIONAL INFORMATION

This prospectus does not contain all the informationset forth in the registration statements filed by yourPortfolio with the SEC under the Securities Act of 1933and the Investment Company Act of 1940 (file no.811-2754). The Information Supplement, which has beenfiled with the SEC and is incorporated herein by

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reference, 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:[email protected] or by writing the SEC’s PublicReference Section, Washington, DC 20549-0102.

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TABLE OF CONTENTS

Title Page

High Income Allocation Portfolio ........................ 2Preferred Opportunity Portfolio........................... 8Multi-Asset High Income Portfolio ...................... 14Notes to Portfolios ............................................. 21Report of Independent Registered

Public Accounting Firm .................................. 23Statements of Condition ................................... 24The Portfolios .................................................... A-1Objectives and Securities Selection ................... A-2Closed-End Funds............................................. A-2Risk Factors ...................................................... A-3Public Offering ................................................... A-16Retirement Accounts ......................................... A-21Fee Accounts .................................................... A-21Rights of Unitholders ......................................... A-21Portfolio Administration...................................... A-25Taxation ............................................................. A-27Portfolio Operating Expenses............................. A-30Other Matters .................................................... A-31Additional Information ........................................ A-31

______________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-EMSPRO1969

PROSPECTUS

May 8, 2019


Preferred OpportunityPortfolio 2019-2


Please retain this prospectus for future reference.

INVESCO

Documents

Supplement Dated: August 9, 2019 U-EMSSPT1969 · As a result of a previously announced corporate name change, effective August 9, 2019, the Torchmark Corporation security held by