Closed-End Strategy: Select Opportunity Portfolio 2020-4 ... · equities, high-yield bonds, real...

INVESCO UNIT TRUSTS, SERIES 2082Closed-End Strategy: Select Opportunity Portfolio 2020-4

INVESCO UNIT TRUSTS, SERIES 2092Multi-Asset High Income Portfolio 2020-4

INVESCO UNIT TRUSTS, SERIES 2101Closed-End Strategy: Master Income Portfolio 2021-1

Closed End Strategy: Value Equity and Income Portfolio 2021-1Closed-End Strategy: Covered Call Income Portfolio 2021-1

Supplement to the Prospectuses

INVESCO UNIT TRUSTS, SERIES 2082

Closed-End Strategy: Select Opportunity Portfolio 2020-4

As of February 1, 2021, AllianzGI Equity & Convertible Income Fund (ticker: NIE) has changed its name to VirtusAllianzGI Equity & Convertible Income Fund (ticker: NIE). As a result, effective immediately, all references to AllianzGIEquity & Convertible Income Fund in the Portfolio’s prospectus are replaced with Virtus AllianzGI Equity & ConvertibleIncome Fund.

Further, as of February 1, 2021, AllianzGI Dividend, Interest & Premium Strategy Fund (ticker: NFJ) has changed itsname to Virtus AllianzGI Dividend, Interest & Premium Strategy Fund (ticker: NFJ). As a result, effective immediately,all references to AllianzGI Dividend, Interest & Premium Strategy Fund in the Portfolio’s prospectus are replaced withVirtus AllianzGI Dividend, Interest & Premium Strategy Fund.


Multi-Asset High Income Portfolio 2020-4



Closed-End Strategy: Master Income Portfolio 2021-1

As of February 1, 2021, AllianzGI Convertible & Income 2024 Target Term Fund (ticker: CBH) has changed its nameto Virtus AllianzGI Convertible & Income 2024 Target Term Fund (ticker: CBH). As a result, effective immediately, allreferences to AllianzGI Convertible & Income 2024 Target Term Fund in the Portfolio’s prospectus are replaced withVirtus AllianzGI Convertible & Income 2024 Target Term Fund.

Further, as of February 1, 2021, AllianzGI Artificial Intelligence & Technology Opportunities Fund (ticker: AIO) haschanged its name to Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund (ticker: AIO). As a result,effective immediately, all references to AllianzGI Artificial Intelligence & Technology Opportunities Fund in thePortfolio’s prospectus are replaced with Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund.

Further, as of February 1, 2021, AllianzGI Diversified Income & Convertible Fund (ticker: ACV) has changed its nameto Virtus AllianzGI Diversified Income & Convertible Fund (ticker: ACV). As a result, effective immediately, all refer-ences to AllianzGI Diversified Income & Convertible Fund are changed to Virtus AllianzGI Diversified Income &Convertible Fund.

Closed-End Strategy: Value Equity and Income Portfolio 2021-1

As of February 1, 2021, AllianzGI Convertible & Income 2024 Target Term Fund (ticker: CBH) has changed its nameto Virtus AllianzGI Convertible & Income 2024 Target Term Fund (ticker: CBH). As a result, effective immediately, allreferences to AllianzGI Convertible & Income 2024 Target Term Fund in the Portfolio’s prospectus are replaced withVirtus AllianzGI Convertible & Income 2024 Target Term Fund.

Further, as of February 1, 2021, AllianzGI Equity & Convertible Income Fund (ticker: NIE) has changed its name toVirtus AllianzGI Equity & Convertible Income Fund (ticker: NIE). As a result, effective immediately, all references toAllianzGI Equity & Convertible Income Fund in the Portfolio’s prospectus are replaced with Virtus AllianzGI Equity &Convertible Income Fund.

Further, as of February 1, 2021, AllianzGI Diversified Income & Convertible Fund (ticker: ACV) has changed its nameto Virtus AllianzGI Diversified Income & Convertible Fund (ticker: ACV). As a result, effective immediately, all refer-ences to AllianzGI Diversified Income & Convertible Fund are changed to Virtus AllianzGI Diversified Income &Convertible Fund.

Further, as of February 1, 2021, AllianzGI Artificial Intelligence & Technology Opportunities Fund (ticker: AIO) haschanged its name to Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund (ticker: AIO). As a result,effective immediately, all references to AllianzGI Artificial Intelligence & Technology Opportunities Fund in thePortfolio’s prospectus are replaced with Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund.

Closed-End Strategy: Covered Call Income Portfolio 2021-1


Further, as of February 1, 2021, AllianzGI Dividend, Interest & Premium Strategy Fund (ticker: NFJ) has changed itsname to Virtus AllianzGI Dividend, Interest & Premium Strategy Fund (ticker: NFJ). As a result, effective immediately,all references to AllianzGI Dividend, Interest & Premium Strategy Fund in the Portfolio’s prospectus are replaced withVirtus AllianzGI Dividend, Interest & Premium Strategy Fund.

Supplement Dated: February 1, 2021 U-EMSSPT2082/2092/2101


Closed-End Strategy: Senior Loan and Limited Duration Portfolio 2020-4

The unit investment trusts named above (the “Portfolios”), included in Invesco Unit Trusts, Series 2082, eachinvest in a portfolio of closed-end investment companies (known as “closed-end funds”). Of course, we cannotguarantee that a Portfolio will achieve its objective.

An investment can be made in the underlying funds directly rather than through the Portfolios. These directinvestments can be made without paying the Portfolios’ sales charge, operating expenses and organization costs.

October 7, 2020

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

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

Any contrary representation is a criminal offense.

INVESCO

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

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioconsist ing of common stocks of closed-endinvestment companies (known as “closed-end funds”)that invest in various global fixed income and equitysecurit ies. As indicated by information publiclyavai lable at the t ime of selection, none of thePortfolio’s closed-end funds employed “structuralleverage”. Structural leverage affects a closed-endfund’s capital structure by increasing the fund’sportfolio assets, and is generally achieved through afund’s issuance of preferred shares or debt securities,or through borrowing money. The closed-end fundsincluded in the Portfolio may invest in a wide range ofsectors and strategies such as global bonds, globalequities, high-yield bonds, real estate, covered calls,and other total return strategies. Invesco CapitalMarkets, Inc. is the Sponsor of the Portfolio.

In selecting the closed-end funds for the Portfolio,the Sponsor sought to invest in funds representative ofasset classes with general ly attractive incomeopportunities. In addition, the Sponsor assembled thefinal portfolio based on consideration of factorsincluding, but not limited to:

• Manager Performance – Performance relative toits benchmark and peer group

• Valuation – Premium/Discount to net asset valuerelative to itself and its peer group

• Dividend – Current dividend level andsustainability

• Diversification – Analysis of asset class mix

• Credit Quality – Analysis of fixed income holdings

• Liquidity – Analysis of fund trading volume

It is possible that some or all of the Portfolio’sclosed-end funds may have utilized structural leveragein the past and may elect to utilize structural leverage

in the future if their investment policy allows for it. Inaddition, some of the closed-end funds selected forthe Portfolio may employ “portfolio leverage”, whichresults from a fund’s investment in derivativeinvestments that are inherently leveraged. The use ofstructural leverage by closed-end funds can increasethe likelihood of share price and net asset value(“NAV”) volatility and can add additional systematic riskto a closed-end fund’s underlying portfolio.

Approximately 35% 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:

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

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Closed-End Strategy: Select Opportunity Portfolio

• The Portfolio invests in shares ofclosed-end funds. You should understandthe section titled “Closed-End Funds” beforeyou invest. In particular, shares of these fundstend to trade at a discount from their net assetvalue and are subject to risks related to factorssuch as management’s ability to achieve afund’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.

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

• The value of fixed income securities inthe closed-end funds will generally fall ifinterest rates rise. In a low interest rateenvironment risks associated with rising ratesare heightened. The negative impact on fixedincome securit ies from any interest rateincreases could be swift and significant. No onecan predict whether interest rates will rise or fallin the future.

• Certain of the closed-end funds mayinvest in securities rated belowinvestment grade and considered to be“junk” or “high-yield” securities.Securities rated below “BBB-” by Standard &Poor’s or below “Baa3” by Moody’s areconsidered to be below investment grade.These securit ies are considered to bespeculative and are subject to greater marketand credit risks. Accordingly, the risk of default

is higher than with investment grade securities.In addition, these securities may be moresensitive to interest rate changes and may bemore likely to make early returns of principal.

• Certain closed-end funds in the Portfolioinvest in corporate bonds. Corporatebonds are debt obligations of a corporation,and as a result are generally subject to thevarious economic, pol it ical, regulatory,competitive and other such risks that may affectan issuer. Like other fixed income securities,corporate bonds generally decline in value withincreases in interest rates. During periods ofmarket turbulence, corporate bonds mayexperience illiquidity and volatility. During suchperiods, there can be uncertainty in assessingthe financial condition of an issuer. As a result,the ratings of the bonds in certain closed-endfunds in the Portfolio may not accurately reflectan issuer’s current f inancial condit ion,prospects, or the extent of the risks associatedwith investing in such issuer’s securities.

• A security issuer may be unable to makepayments of interest, dividends orprincipal in the future. This may reduce thelevel of dividends a closed-end fund pays whichwould reduce your income and cause the valueof your Units to fall.

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

• The closed-end funds may invest insecurities of foreign issuers, presentingrisks beyond those of U.S. issuers. Theserisks may include market and political factorsrelated to an issuer’s foreign market,international trade conditions, less regulation,smaller or less l iquid markets, increased

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volatility, differing accounting and tax practicesand changes in the value of foreign currencieswhich may have both economic and taxconsequences.

• The Portfolio invests significantly inclosed-end funds that write call optionson their assets. The use of options mayrequire an underlying fund to sell portfoliosecurities at inopportune times or at pricesother than current market values, may limit theamount of appreciation a fund can realize on aninvestment, or may cause a fund to hold asecurity it might otherwise sell. To the extent anunderlying fund purchases options pursuant toa hedging strategy, the fund could lose its entireinvestment in the option.

• Certain of the closed-end funds held bythe Portfolio invest 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.

Fee Table

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

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

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

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

Estimated Organization Costs 0.673% $ 6.500 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.269% $ 2.598Supervisory, bookkeeping

and administrative fees 0.054 0.526Underlying fund expenses 1.162 11.225 ______ ______

Total 1.485% $14.349* ______ ______ ______ ______

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 approximately 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 $ 483 3 years 1,126 5 years 1,791 10 years 3,355

* 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 fromMay 10, 2021 through October 9, 2021. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per unitand is paid at the earlier of the end of the initial offering periodanticipated to be 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 thePortfolio in an amount equal to any 12b-1 fees or other compensationthe Trustee, the Sponsor or an affiliate receives from the funds inconnection with the Portfolio’s investment in the funds, including licensefees receivable by an affiliate of the Sponsor from a fund.

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit October 7, 2020Mandatory Termination Date October 5, 2022Historical 12 Month Distributions1,2 $0.61655 per UnitRecord Dates2 10th day of each monthDistribution Dates2 25th day of each monthCUSIP Numbers Cash – 46148E261 Reinvest – 46148E279 Fee Based Cash – 46148E287 Fee Based Reinvest – 46148E295

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

2 The Trustee will make distributions of income and capital on eachmonthly Distribution Date to Unitholders of record on the precedingRecord Date, provided that the total cash held for distribution equals atleast $0.01 per Unit. Undistributed income and capital wil l bedistributed in the next month in which the total cash held for distributionequals at least $0.01 per Unit. Based on the foregoing, it is currentlyestimated that the initial distribution will occur in November 2020.

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Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Covered Call - 29.91% 617 AllianzGI Dividend Interest & Premium Strategy Fund $ 11.890 $ 7,336.13 334 Columbia Seligman Premium Technology Growth Fund, Inc. 22.040 7,361.36 391 Eaton Vance Enhanced Equity Income Fund II 18.880 7,382.08 763 Eaton Vance Risk-Managed Diversified Equity Income Fund 9.680 7,385.84 488 First Trust Enhanced Equity Income Fund 15.140 7,388.32 302 Nuveen NASDAQ 100 Dynamic Overwrite Fund 24.310 7,341.62 Emerging Market Equity - 10.06% 478 Templeton Emerging Markets Fund 15.600 7,456.80 1,155 Voya Emerging Markets High Dividend Equity Fund 6.420 7,415.10 Emerging Market Income - 5.00% 879 Morgan Stanley Emerging Markets Debt Fund, Inc. 8.410 7,392.39 Global Equity - 4.99% 922 Aberdeen Total Dynamic Dividend Fund 7.990 7,366.78 High Yield - 5.04% 519 Western Asset High Yield Defined Opportunity Fund, Inc. 14.340 7,442.46 Investment Grade - 5.01%* 371 Invesco Bond Fund 19.970 7,408.87 Multi-Sector - 5.02% 1,344 TCW Strategic Income Fund, Inc. 5.520 7,418.88 Sector Equity - 19.99% 294 Blackrock Health Sciences Trust II 24.950 7,335.30 273 BlackRock Science & Technology Trust II 26.870 7,335.51 332 BlackRock Utilities Infrastructure & Power Opportunities Trust 22.390 7,433.48 413 Tekla Life Sciences Investors 17.990 7,429.87 U.S. Allocation - 4.98% 299 AllianzGI Equity & Convertible Income Fund 24.620 7,361.38 U.S. Equity - 10.00% 1,024 Liberty All Star Growth Fund, Inc. 7.220 7,393.28 571 Nuveen Core Equity Alpha Fund 12.920 7,377.32___________ ____________ 11,769 $ 147,762.77___________ _______________________ ____________

See “Notes to Portfolios”.

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 a portfolioprimarily consisting of common stock of closed-endinvestment companies (known as “closed-end funds”)that invest in senior corporate loans or other debtsecurities of limited duration. “Duration” is a measureof the sensitivity of a debt security’s price to changesin interest rates, expressed in years. Higher durationssignify greater price volatility. Invesco Capital Markets,Inc. is the Sponsor of the Portfolio.

In selecting securities for the Portfolio, the Sponsorsought to invest in funds representative of assetclasses with generally attractive senior loan and limitedduration income opportunities. In addition, theSponsor assembled the final portfolio based onconsideration of factors including, but not limited to:

• Manager Performance – Performance relativeto its benchmark and peer group

• Valuation – Premium/Discount to net assetvalue relative to itself and its peer group

• Dividend – Current dividend level andsustainability

• Diversification – Analysis of asset class mix

• Credit Quality – Analysis of fixed incomeholdings

• Liquidity – Analysis of fund trading volume

Approximately 11% of the closed-end funds in thePortfolio are funds classified as "non-diversified" underthe Investment Company Act of 1940. These fundshave the ability to invest a greater portion of theirassets in obligations of a single issuer. As a result,these funds may be more susceptible to volatility thana more diversified fund.

Of course, we cannot guarantee that your Portfoliowill achieve its objective. The value of your Units may

fall below the price you paid for the Units. You shouldread the “Risk Factors” section before you invest.

The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achievemore consistent overall results by following thestrategy through reinvestment of your proceeds overseveral years if subsequent series are available.Repeatedly rol l ing over an investment in a unitinvestment trust may differ from long-term investmentsin other investment products when considering thesales charges, fees, expenses and tax consequencesattributable to a Unitholder. For more information see“Rights of Unitholders--Rollover”.

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

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

• The Portfolio invests in shares ofclosed-end funds. You should understandthe section titled “Closed-End Funds” beforeyou invest. In particular, shares of these fundstend to trade at a discount from their net assetvalue and are subject to risks related to factorssuch as management’s ability to achieve afund’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.

• The value of fixed income securities inthe closed-end funds will generally fallif interest rates rise. In a low interest rate

7

Closed-End Strategy: Senior Loan and Limited Duration Portfolio

environment risks associated with rising ratesare heightened. The negative impact on fixedincome securit ies from any interest rateincreases could be swift and significant. Noone can predict whether interest rates will riseor fall in the future.

• In the future, a closed-end fund may beunable or unwilling to make dividendpayments, and senior loan borrowersmay be unable to make payments ofinterest or principal. Any of these eventsmay reduce the level of dividends a closed-endfund pays which would reduce your incomeand cause the value of your Units to fall.

• The financial condition of a loanborrower may worsen or its creditratings may drop, affecting the value ofa closed-end fund held by the Portfolioand resulting in a reduction in the valueof your Units. This may occur at any point intime, including during the primary offeringperiod.

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

• The closed-end funds held by thePortfolio invest in senior loans. Althoughsenior loans in which the closed-end fundsinvest may be secured by specific collateral,there can be no assurance that liquidation ofcol lateral would sat isfy the borrower’sobligation in the event of non-payment ofscheduled principal or interest or that suchcollateral could be readily liquidated. Seniorloans in which the closed-end funds investgenerally are of below investment grade creditqual i ty, may be unrated at the t ime ofinvestment, generally are not registered with

the Securities and Exchange Commission orany state secur i t ies commission, andgenerally are not l isted on any securitiesexchange. In addition, the amount of publicinformation available on senior loans generallyis less extensive than that available for othertypes of assets.

• The yield on closed-end funds investingin senior loans may fluctuate withchanges in interest rates. Generally, yieldson senior loans decline in a falling interest rateenvironment and increase in a rising interestrate environment. Because interest rates onsenior loans are reset periodically, an increasein interest rates may not be immediatelyreflected in the rates of the loans.

• The closed-end funds may invest insecurities rated below investment gradeand considered to be “junk” or “high-yield” securities. Securities rated below“BBB-” by Standard & Poor’s or below “Baa3”by Moody’s are considered to be belowinvestment grade. These securit ies areconsidered to be speculative and are subjectto greater market and credit risks. Accordingly,the r isk of default is higher than withinvestment grade securities. In addition, thesesecurities may be more sensitive to interestrate changes and may be more likely to makeearly returns of principal.

• We do not actively manage the Portfolio.While the closed-end funds have managedportfolios, except in limited circumstances, thePortfolio will hold, and may continue to buy,shares of the same funds even if their marketvalue declines.

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Fee Table

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

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

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

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

Estimated Organization Costs 0.673% $ 6.500 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.266% $ 2.569Supervisory, bookkeeping

and administrative fees 0.057 0.550Underlying fund expenses 2.979 28.776 ______ ______

Total 3.302% $31.895* ______ ______ ______ ______

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 $ 659 3 years 1,629 5 years 2,596 10 years 4,830

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

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

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

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit October 7, 2020Mandatory Termination Date October 5, 2022Historical 12 Month Distributions1,2 $0.82223 per UnitRecord Dates2 10th day of each monthDistribution Dates2 25th day of each monthCUSIP Numbers Cash – 46148E303 Reinvest – 46148E311 Fee Based Cash – 46148E329 Fee Based Reinvest – 46148E337

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

2 The Trustee will make distributions of income and capital on eachmonthly Distribution Date to Unitholders of record on the precedingRecord Date, provided that the total cash held for distribution equals atleast $0.01 per Unit. Undistributed income and capital wil l bedistributed in the next month in which the total cash held for distributionequals at least $0.01 per Unit. Based on the foregoing, it is currentlyestimated that the initial distribution will occur in November 2020.

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Closed-End Strategy: Senior Loan and Limited Duration Portfolio 2020-4

Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Limited Duration - 30.00% 681 BlackRock Corporate High Yield Fund, Inc. $ 10.910 $ 7,429.71 4,858 Credit Suisse High Yield Bond Fund 2.140 10,396.12 388 DoubleLine Opportunistic Credit Fund 19.120 7,418.56 632 PGIM High Yield Bond Fund, Inc. 14.080 8,898.56 954 Wells Fargo Multi-Sector Income Fund 10.920 10,417.68 Senior Loan - 70.00% 1,036 Aberdeen Income Credit Strategies Fund 10.010 10,370.36 456 Apollo Senior Floating Rate Fund, Inc. 13.070 5,959.92 1,027 Blackrock Debt Strategies Fund, Inc. 10.100 10,372.70 761 Blackrock Floating Rate Income Strategies Fund, Inc. 11.700 8,903.70 773 BlackRock Floating Rate Income Trust 11.520 8,904.96 680 Blackstone/GSO Long-Short Credit Income Fund 13.090 8,901.20 540 Blackstone/GSO Senior Floating Rate Term Fund 13.870 7,489.80 423 Eaton Vance Floating-Rate Income Plus Fund 14.020 5,930.46 493 Eaton Vance Floating-Rate Income Trust 12.050 5,940.65 501 Eaton Vance Senior Floating-Rate Trust 11.910 5,966.91 1,246 Eaton Vance Senior Income Trust 5.950 7,413.70 951 First Trust Senior Floating Rate Income Fund II 10.920 10,384.92 726 Pioneer Floating Rate Trust 10.220 7,419.72___________ ____________ 17,126 $ 148,519.63___________ _______________________ ____________

See “Notes to Portfolios”.

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Notes to Portfolios

(1) The Securities are initially represented by “regular way” contracts for the performance of which an irrevocable letter ofcredit has been deposited with the Trustee. Contracts to acquire Securities were entered into on October 6, 2020 andhave a settlement date of October 8, 2020 (see “The Portfolio”).

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

Profit Cost to (Loss) To Sponsor Sponsor ______________ _____________

Closed-End Strategy: Select Opportunity Portfolio . . . . . . . . . $ 147,763 $ 0 Closed-End Strategy: Senior Loan and Limited

Duration Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,520 $ 0

“*” The investment advisor of this fund is an affiliate of the Sponsor.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 2082:

Opinion on the Financial Statements

We have audited the accompanying statements of condition (including the related portfolio schedules) ofClosed-End Strategy: Select Opportunity Portfolio 2020-4 and Closed-End Strategy: Senior Loan and LimitedDuration Portfolio 2020-4 (included in Invesco Unit Trusts, Series 2082 (the “Trust”)) as of October 7, 2020, andthe related notes (collectively referred to as the “financial statements”). In our opinion, the financial statementspresent fairly, in all material respects, the financial position of the Trust as of October 7, 2020, in conformity withaccounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financialstatements, whether due to error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence regarding the amounts and disclosures in thefinancial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Sponsor, as well as evaluating the overall presentation of the financial statements. Ourprocedures included confirmation of cash or irrevocable letters of credit deposited for the purchase ofsecurities as shown in the statements of condition as of October 7, 2020 by correspondence with The Bankof New York Mellon, Trustee. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

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

New York, New YorkOctober 7, 2020

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STATEMENTS OF CONDITIONAs of October 7, 2020

Senior Loan Select and Limited Opportunity DurationINVESTMENT IN SECURITIES Portfolio Portfolio _____________ _____________Contracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147,763 $ 148,520 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147,763 $ 148,520 _____________ _____________ _____________ _____________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 961 $ 965 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,325 3,342 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 739 743Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,763 148,520Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,025 5,050 _____________ _____________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,738 143,470 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147,763 $ 148,520 _____________ _____________ _____________ _____________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,777 14,852 _____________ _____________ _____________ _____________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.660 $ 9.660 _____________ _____________ _____________ _____________

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

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

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

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

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THE 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.

Each Portfolio offers investors the opportunity topurchase Units representing proportionate interests in aportfolio of securities. The Portfolios 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 each Portfolio. 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 each “Portfolio” and any additionalsecurities deposited into a Portfolio.

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

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

Each Unit of your Portfolio initially offered representsan undivided interest in the Portfolio. At the close of theNew York Stock Exchange on the Init ial Date ofDeposit, the number of Units may be adjusted so thatthe Public Offering Price per Unit equals $10. Thenumber of Units, fractional interest of each Unit in yourPortfolio and any historical or estimated per Unitdistribution amount will increase or decrease to theextent of any adjustment. To the extent that any Unitsare redeemed to the Trustee or additional Units areissued as a result of additional Securit ies beingdeposited by the Sponsor, the fractional undividedinterest in your Portfol io represented by eachunredeemed Unit will increase or decrease accordingly,although the actual interest in the Portfolio will remainunchanged. Units wi l l remain outstanding unti lredeemed upon tender to the Trustee by Unitholders,which may include the Sponsor, or until the terminationof the Trust Agreement.

Each Portfolio consists of (a) the Securities (includingcontracts for the purchase thereof) l isted under“Portfolio” as may continue to be held from time to time

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in the Portfolio, (b) any additional Securities acquiredand held by the Portfolio pursuant to the provisions ofthe Trust Agreement and (c) any cash held in the relatedIncome and Capital Accounts. Neither the Sponsor northe Trustee shall be liable in any way for any contractfailure in any of the Securities.

OBJECTIVE AND SECURITIES SELECTION

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

The Sponsor does not manage the Portfolios. Youshould note that the selection criteria were applied tothe Securities for inclusion in your Portfolio prior to theInitial Date of Deposit. After this time, the Securitiesmay no longer meet the selection criteria. Should aSecurity no longer meet the selection criteria, we willgenerally not remove the Security from a Portfolio. Inoffering the Units to the public, neither the Sponsor norany broker-dealers are recommending any of theindividual Securities but rather the entire pool ofSecurities in a Portfolio, taken as a whole, which arerepresented by the Units.

CLOSED-END FUNDS

Closed-end funds are a type of investment companythat hold an actively managed portfolio of securities.Closed-end funds issue shares in “closed-end” offeringswhich generally trade on a stock exchange (althoughsome closed-end fund shares are not listed on asecurities exchange). The funds in your Portfolio all arecurrently l isted on a securit ies exchange. Sinceclosed-end funds maintain a relatively fixed pool ofinvestment capital, portfolio managers may be betterable to adhere to their investment philosophies throughgreater flexibility and control. In addition, closed-endfunds 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 and

as 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.

As indicated by information publicly available at thetime of selection, none of the Select OpportunityPortfolio’s closed-end funds employed structuralleverage. However, a closed-end fund in either Portfoliomay employ structural leverage in the future if itsinvestment policy allows for it. In general, a closed-endfund with the capability of employing leverage in itsportfolio may do so through the issuance of preferredstock or other methods. While structural leverage oftenserves to increase the yield of a closed-end fund, thisleverage also subjects a closed-end fund to increasedrisks. These r isks may include the l ikel ihood ofincreased volatility and the possibility that the closed-end fund’s common share income will fall if the dividendrate on the preferred shares or the interest rate on anyborrowings rises. The potential inability for a closed-endfund to employ the use of structural leverage effectively,due to disruptions in the market for the variousinstruments issued by closed-end funds or otherfactors, may result in an increase in borrowing costsand a decreased yield for a closed-end fund.

Certain of the funds in your Portfol io may beclassified as “non-diversified” under the InvestmentCompany Act of 1940. These funds have the ability toinvest a greater portion of their assets in securities of asingle issuer which could reduce diversification.

Only the Trustee may vote the shares of theclosed-end funds held in your Portfolio. The Trustee willvote 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.”

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RISK FACTORS

All investments involve risk. This section describesthe main r isks that can impact the value of thesecurities in your Portfolio or in the underlying funds.You should understand these risks before you invest. Ifthe value of the securities falls, the value of your Unitswill also fall. We cannot guarantee that your Portfolio willachieve its objective or that your investment return willbe positive over any period.

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

Market Risk. Market risk is the risk that the value ofthe securities in your Portfolio or in the underlying fundswill fluctuate. This could cause the value of your Units tofall below your original purchase price. Market valuefluctuates in response to various factors. These caninclude changes in interest rates, inflation, the financialcondition of a security’s issuer, perceptions of the issuer,or ratings on a security. Certain geopolitical and otherevents, including environmental events and public healthevents such as epidemics and pandemics, may have aglobal impact and add to instability in world economiesand markets generally. Changing economic, political orfinancial market conditions in one country or geographicregion could adversely affect the market value of thesecurities held by your Portfolio in a different country orgeographic region due to increasingly interconnectedglobal economies and financial markets. Even thoughyour Portfolio is supervised, you should remember that

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

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

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

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Interest Rate Risk. Interest rate risk is the risk thatthe value of the fixed income securities held by aclosed-end fund will fall if interest rates increase. Thesecurities held by certain closed-end funds typically fallin value when interest rates rise and rise in value wheninterest rates fall. The securities held by the closed-endfunds with longer periods before maturity are oftenmore sensitive to interest rate changes. In a low interestrate environment risks associated with rising rates areheightened. The negative impact on fixed incomesecurities from any interest rate increases could be swiftand significant and, as a result, a rise in interest ratesmay adversely affect the value of your Units.

Credit Risk. Credit risk is the risk that a borrower isunable to meet its obligation to pay principal or intereston a security held by a closed-end fund. This mayreduce the level of dividends a closed-end fund payswhich would reduce your income and could cause thevalue of your Units to fall.

Closed-End Funds. Your Portfolio invests inshares of closed-end funds. You should understandthe preceding section titled “Closed-End Funds” beforeyou invest. Shares of closed-end funds frequently tradeat a discount from their net asset value in thesecondary market. This risk is separate and distinctfrom the risk that the net asset value of fund sharesmay decrease. The amount of such discount from netasset value is subject to change from time to time inresponse to various factors. Closed-end funds aresubject to various risks, including management’s abilityto meet the fund’s investment objective, and tomanage the fund portfol io when the underlyingsecurities are redeemed or sold, during periods ofmarket turmoil and as investors’ perceptions regardingclosed-end funds or their underlying investmentschange. Your Portfolio and the underlying funds haveoperating expenses. You will bear not only your shareof your Portfolio’s expenses, but also the expenses ofthe underlying funds. By investing in other funds, yourPortfolio incurs greater expenses than you would incurif you invested directly in the funds.

Corporate Bond Risk. Certain of the closed-endfunds held by the Portfolios invest in corporate bonds.Corporate bonds, which are debt instruments issued by

corporations to raise capital, have priority over preferredsecurities and common stock in an issuer’s capitalstructure, but may be subordinated to an issuer’s otherdebt instruments. The market value of a corporate bondmay be affected by factors directly related to the issuer,such as investors’ perceptions of the creditworthinessof the issuer, the issuer’s financial performance,perceptions of the issuer in the market place,performance of the issuer’s management, the issuer’scapital structure, the use of financial leverage anddemand for the issuer’s goods and services, and byfactors not directly related to the issuer such as generalmarket liquidity. The market value of corporate bondsgenerally may be expected to rise and fall inversely withinterest rates, and as a result, corporate bonds maylose value in a rising-rate environment. To the extent anyof the closed-end funds held by your Portfolio areinvested in below investment grade corporate bonds,such bonds are often high risk and have speculativecharacteristics and may be particularly susceptible toadverse issuer-specific developments (see “High-YieldSecurity Risk” below).

Health Care Issuers. The closed-end funds heldby the Select Opportunity Portfolio invest significantly inhealth care companies. These issuers includecompanies involved in advanced medical devices andinstruments, drugs and biotechnology, managed care,hospital management/health services and medicalsuppl ies. These companies face substantialgovernment 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 havea significant impact on the health care sector throughthe implementation of a number of reforms in a complexand ongoing process, with varying effective dates.Significant provisions of the Act include the introductionof required health care coverage for most Americans,significant expansion in the number of Americanseligible for Medicaid, modification of taxes and tax

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credits in the health care sector, and subsidizedinsurance for low to middle income families. The Actalso provides for more thorough regulation of privatehealth insurance providers, including a prohibition onthe denial of coverage due to pre-existing conditions.Health care companies wil l face continuing andsignificant changes that may cause a decrease inprofitability due to increased costs and changes in thehealth care market. In addit ion, the currentAdministration is seeking to repeal the Act and manyaspects of it are therefore in flux. In late 2017, alongwith the passage of sweeping tax reform, legislationwas passed which eliminated the individual mandate (apenalty for failure to obtain a minimum level of healthinsurance coverage) beginning in 2019. It is estimatedthat the repeal of the individual mandate will cause asignificant amount of people to be uninsured which mayhave an adverse effect on insurance premiums andfederal subsidies. The Sponsor is unable to predict thefull impact of the Act, or of its potential repeal ormodification, on the Securities in your Portfolio.

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 new drugor product can have a substantial negative effect on a

company and its stock. The goods and services of healthcare issuers are also subject to risks of malpracticeclaims, product liability claims or other litigation.

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).

Information Technology Issuers. Your Portfolioinvests in closed-end funds that have significantholdings in information technology companies.Information technology companies include companiesinvolved in computer and business services, enterprisesoftware/technical software, Internet and computersoftware, Internet-related services, networking andtelecommunications equipment, telecommunicationsservices, electronics products, server hardware,computer hardware and peripherals, semiconductorcapital equipment and semiconductors. Thesecompanies face risks related to rapidly changingtechnology, rapid product obsolescence, cyclicalmarket patterns, evolving industry standards andfrequent new product introductions.

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

An unexpected change in technology can have asignificant negative impact on a company. The failure ofa company to introduce new products or technologiesor keep pace with rapidly changing technology canhave a negative impact on the company’s results.Certain technology companies may also be smaller

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and/or less experienced companies with limited productlines, markets or resources. Stocks of some Internetcompanies have high price-to-earnings ratios with littleor no earnings histories. Technology stocks tend toexperience substantial price volatility and speculativetrading. Announcements about new products,technologies, operating results or marketing alliancescan cause stock prices to fluctuate dramatically. Attimes, however, extreme price and volume fluctuationsare unrelated to the operating performance of acompany. This can impact your ability to redeem yourUnits at a price equal to or greater than what you paid.

Senior Loans. The Senior Loan and LimitedDuration Portfolio invests significantly in closed-endfunds that invest in secured senior loans (or “seniorloans”). Senior loans are debt instruments issued byvarious financial institutions and other issuers tocorporations, partnerships, limited liability companiesand other entities to finance leveraged buyouts,recapital izat ions, mergers, acquisit ions, stockrepurchases, debt refinancings and, to a lesser extent,for general operating and other purposes. Senior loansare backed by a company's assets and generally holdthe most senior position in a company's capitalstructure, ahead of other types of debt securities, aswell as preferred and common stock. Senior securedloans are typically backed by assets such as inventory,receivables, real estate property, buildings, intellectualproperty such as patents or trademarks, and even thestock of other companies or subsidiaries. In the event ofnon-payment, there is no assurance that such collateralcould be readily liquidated, or that liquidation wouldsatisfy the borrower's obligation. In addition, whilesecured creditors generally receive greater protection ininsolvency situations, there is no assurance thatcollateral could be readily liquidated, or that liquidationof collateral will be sufficient to repay interest and/orprincipal in such situations. In the event of non-paymentconcerning a loan held by a fund in your Portfolio, thevalue of your Units may be adversely affected.

Additionally, the underlying loan interest rates “float”above indices, which can move up or down with marketrate movements, such as the prime rate offered by oneor more major banks, the London Interbank Offered

Rate (“LIBOR”) or other alternative benchmark rates orthe certificate of deposit rate or other base lending ratesused by commercial lenders. As a result, the yield onclosed-end funds investing in senior loans will generallydecline in a fall ing interest rate environment andincrease in a r is ing interest rate environment.Additionally, since senior loans generally have floatinginterest rates, they are typically not as sensitive as fixed-income investments to price fluctuations due tochanges in interest rates. Senior loans have historicallypaid a higher rate of interest than most short-terminvestments. Of course, there is no guarantee that thiswill occur in the future.

As noted above, certain senior loans invested in byfunds that the Portfolio owns may reference LIBOR. OnJuly 27, 2017, the United Kingdom's Financial ConductAuthority, which regulates LIBOR, announced that itintends to phase out LIBOR by the end of 2021. Thereremains uncertainty regarding the future of LIBOR andthe nature of any replacement rate. While someinstruments may contemplate a scenario where LIBORis no longer available by providing for an alternative ratesetting methodology, not all instruments may have suchprovisions and there is uncertainty regarding theeffectiveness of any alternative methodology. Thereplacement and/or discontinuation of LIBOR couldlead to significant short-term and long-term uncertaintyand market instability. The unavailability or replacementof LIBOR may affect the value, liquidity or return oncertain investments and may result in costs incurred inconnection with closing out positions and entering intonew positions. Any pricing adjustments to the funds'investments resulting from a substitute reference ratemay also adversely affect the Portfolio's performanceand/or net asset value.

Senior loans are generally below investment gradequality and may be unrated at the time of investment; aregenerally not registered with the Securities and ExchangeCommission (“SEC”) or state securities commissions;and are generally not listed on any securities exchange.In addition, the amount of public information available onsenior loans is generally less extensive than that typicallyavailable for other types of securities.

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High-Yield Securities Risk. Certain of theclosed-end funds held by your Portfolio invest in high-yield securities or unrated securities. High-yield, highrisk securities are subject to greater market fluctuationsand risk of loss than securities with higher investmentratings. The value of these securities will declinesignificantly with increases in interest rates, not onlybecause increases in rates generally decrease values,but also because increased rates may indicate aneconomic slowdown. An economic slowdown, or areduction in an issuer’s creditworthiness, may result inthe issuer being unable to maintain earnings at a levelsufficient to maintain interest and principal payments.

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

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

Option Risk. Certain of the closed-end funds heldby the Select Opportunity Portfolio invest using acovered call option strategy or similar income-orientedinvestment strategies. You should understand the risksof these strategies before you invest. In employing acovered call strategy, a closed-end fund will generallywrite (sell) call options on a significant portion of the

fund’s managed assets. These call options will give theoption holder the right, but not the obligation, topurchase a security from the fund at the strike price onor prior to the option’s expiration date. The ability tosuccessfully implement the fund’s investment strategydepends on the fund adviser’s ability to predict pertinentmarket movements, which cannot be assured. Thus,the use of options may require a fund to sell portfoliosecurities at inopportune times or for prices other thancurrent market values, may l imit the amount ofappreciation the fund can realize on an investment, ormay cause the fund to hold a security that it mightotherwise sell. The writer (seller) of an option has nocontrol over the time when it may be required to fulfill itsobligation as a writer (seller) of the option. Once anoption writer (seller) has received an exercise notice, itcannot effect a closing purchase transaction in order toterminate its obligation under the option and mustdeliver the underlying security at the exercise price. Asthe writer (seller) of a covered call option, a fundforgoes, during the option’s life, the opportunity to profitfrom increases in the market value of the securityunderlying the call option above the sum of thepremium and the strike price of the call option, but hasretained the risk of loss should the price of theunderlying security decline. The value of the optionswritten (sold) by a fund, which will be marked-to-marketon a daily basis, will be affected by changes in the valueand dividend rates of the underlying securities, anincrease in interest rates, changes in the actual orperceived volatil ity of securities markets and theunderlying securities and the remaining time to theoptions’ expiration. The value of the options may alsobe adversely affected if the market for the optionsbecomes less liquid or smaller. An option is generallyconsidered “covered” if a closed-end fund owns thesecurity underlying the call option or has an absoluteand immediate right to acquire that security withoutadditional cash consideration (or, if required, liquid cashor other assets are segregated by the fund) uponconversion or exchange of other securities held by thefund. In certain cases, a call option may also beconsidered covered if a fund holds a call option on thesame security as the call option written (sold) providedthat certain conditions are met. By writing (selling)

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covered call options, a fund generally seeks to generateincome, in the form of the premiums received for writing(selling) the call options. Investment income paid by afund to its shareholders (such as your Portfolio) may bederived primarily from the premiums it receives fromwriting (selling) call options and, to a lesser extent, fromthe dividends and interest it receives from the equitysecurities or other investments held in the fund’sportfolio and short-term gains thereon. Premiums fromwriting (selling) call options and dividends and interestpayments made by the securities in a fund’s portfoliocan vary widely over time.

To the extent that a fund purchases options pursuantto a hedging strategy, the fund will be subject to thefol lowing additional r isks. If a put or call optionpurchased by a fund is not sold when it has remainingvalue, and if the market price of the underlying securityremains equal to or greater that the exercise price (inthe case of a put), or remains less than or equal to theexercise price (in the case of a call), the fund will lose itsentire investment in the option. Also, where a put or calloption on a particular security is purchased to hedgeagainst price movements in a related security, the priceof the put or call option may move more or less than theprice of the related security. If restrictions on exercisewere imposed, the fund might be unable to exercise anoption it had purchased. If the fund were unable toclose out and option that it had purchased on asecurity, it would have to exercise the option in order torealize any profit or the option may expire worthless.

Real Estate Companies. Certain of the closed-end funds in the Portfolios are exposed to real estateinvestment trusts (“REITs”) and other real estatecompanies (collectively “real estate companies”)through investment in the underlying securities in theclosed-end funds. You should understand the risks ofreal estate companies before you invest. Many factorscan have an adverse impact on the performance of aparticular real estate company, including its cashavai lable for distr ibution, the credit qual ity of aparticular company or the real estate industry generally.The success of real estate companies depends onvarious factors, including the quality of propertymanagement, occupancy and rent levels, appreciation

of the underlying property and the ability to raise rentson those properties. Economic recession, over-building, tax law changes, environmental issues, higherinterest rates or excessive speculat ion can al lnegatively impact these companies, 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 mortgage funds,

• the financial health of tenants,

• over-building and increased competition fortenants,

• over-supply of properties for sale,

• changing demographics,

• changes in interest rates, tax rates and otheroperating expenses,

• changes in government regulations,

• faulty construction and the ongoing need forcapital improvements,

• regulatory and judicial requirements, includingrelating to liability for environmental hazards,

• the ongoing financial strength and viability ofgovernment sponsored enterprises, such asFannie Mae and Freddie Mac,

• changes in neighborhood values and buyerdemand, and

• the unavailability of construction financing ormortgage loans at rates acceptable todevelopers.

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

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You should also be aware that real estate companiesmay not be diversified and are subject to the risks offinancing projects. The real estate industry may becyclical, and, if your Portfolio acquires securities at ornear the top of the cycle, there is increased risk of adecline in value of the securities during the life of yourPortfolio. Real estate companies are also subject todefaults by borrowers and the market’s perception ofthe real estate industry generally. Because of thestructure of certain real estate companies, and legalrequirements in many countries that these companiesdistribute a certain minimum amount of their taxableincome to shareholders annually, real estate companiesoften require frequent amounts of new funding, throughboth borrowing money and issuing stock. Thus, manyreal estate companies historically have frequently issuedsubstantial amounts of new equity shares (orequivalents) to purchase or build new properties. Thismay have adversely affected security market prices.Both existing and new share issuances may have anadverse effect on these prices in the future, especiallywhen companies continue to issue stock when realestate prices are relatively high and stock prices arerelatively low.

Foreign Issuer Risk. Some of the underlyingsecurities held by certain of the closed-end funds in theSelect Opportunity Portfolio are issued by foreignissuers. This subjects your Portfolio to more risks than ifit only invested in closed-end funds which invest solelyin securities of domestic issuers. Risks of foreignissuers include restrictions on foreign investments andexchange of securit ies and inadequate f inancialinformation. Foreign securities may also be affected bymarket and political factors specific to the issuer’scountry as well as fluctuations in foreign currencyexchange rates. Risks associated with investing inforeign securities may be more pronounced in emergingmarkets where the securities markets are substantiallysmaller, less developed, less liquid, less regulated, andmore volatile than the securities markets of the U.S. anddeveloped foreign markets. Investments in debtsecurities of foreign governments present special risks,including the fact that issuers may be unable orunwilling to repay principal and/or interest when due in

accordance with the terms of such debt, or may beunable to make such repayments when due in thecurrency required under the terms of the debt. Political,economic and social events also may have a greaterimpact on the price of debt securities issued by foreigngovernments than on the price of U.S. securities. Inaddition, brokerage and other transaction costs onforeign securities exchanges are often higher than in theUnited States and there is generally less governmentsupervision and regulation of exchanges, brokers andissuers in foreign countries.

In addition, for foreign securities of European issuers,the departure of any European Union (“EU”) memberfrom use of the Euro could lead to serious disruptionsto foreign exchanges, operations and settlements,which may have an adverse effect on European issuers.More recently, there is uncertainty regarding the state ofthe EU following the United Kingdom’s (“U.K.”) initiationon March 27, 2017 of the process to exit from the EU(“Brexit”). As of January 31, 2020, the U.K. has officiallyexited the EU, though trade negotiations are ongoing.The effect that Brexit may have on the global financialmarkets is uncertain. No one can predict the impactthat these factors could have on the securities held byyour Portfolio.

Emerging Market Risk. Certain closed-end fundsheld by the Select Opportunity Portfolio invest insecurities issued by entities located in emergingmarkets. Emerging markets are generally defined ascountries in the initial states of their industrializationcycles with low per capita income. The markets ofemerging markets countries are generally more volatilethan the markets of developed countries with moremature economies. All of the risks of investing in foreignsecurities described above are heightened by investingin emerging markets countries. Risks of investing indeveloping or emerging countries are even greater thanthe risks associated with foreign investments in general.These increased risks include, among other risks, thepossibility of investment and trading limitations, greaterliquidity concerns, higher price volatility, greater delaysand disruptions in settlement transactions, greaterpolitical uncertainties and greater dependence oninternational trade or development assistance. In

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addition, emerging market countries may be subject toover-burdened infrastructures, obsolete financialsystems and environmental problems. For thesereasons, investments in emerging markets are oftenconsidered speculative.

Convertible Securities Risk. Certain closed-endfunds held by the Select Opportunity Portfolio invest inconvertible securities. Convertible securities generallyoffer lower interest or dividend yields than non-convertible fixed-income securities of similar creditquality because of the potential for capital appreciation.The market values of convertible securities tend todecline as interest rates increase and, conversely, toincrease as interest rates decline. However, a convertiblesecurity’s market value also tends to reflect the marketprice of the common stock of the issuing company,particularly when the stock price is greater than theconvertible security’s conversion price. The conversionprice is defined as the predetermined price or exchangeratio at which the convertible security can be convertedor exchanged for the underlying common stock. As themarket price of the underlying common stock declinesbelow the conversion price, the price of the convertiblesecurity tends to be increasingly influenced more by theyield of the convertible security than by the market priceof the underlying common stock. Thus, it may notdecline in price to the same extent as the underlyingcommon stock, and convertible securities generally haveless potential for gain or loss than common stocks.However, mandatory convertible securities (as discussedbelow) generally do not limit the potential for loss to thesame extent as securities convertible at the option of theholder. In the event of a liquidation of the issuingcompany, holders of convertible securities would be paidbefore that company’s common stockholders.Consequently, an issuer’s convertible securities generallyentail less risk than its common stock. However,convertible securities fall below debt obligations of thesame issuer in order of preference or priority in the eventof a liquidation and are typically unrated or rated lowerthan such debt obligations.

Mandatory convertible securities are distinguished asa subset of convert ible securit ies because theconversion is not optional and the conversion price at

maturity is based solely upon the market price of theunderlying common stock, which may be significantlyless than par or the price (above or below par) paid. Forthese reasons, the risks associated with investing inmandatory convertible securities most closely resemblethe risks inherent in common stocks. Mandatoryconvertible securities customarily pay a higher couponyield to compensate for the potential risk of additionalprice volatility and loss upon conversion. Because themarket price of a mandatory convertible securityincreasingly corresponds to the market price of itsunderlying common stock as the convertible securityapproaches its conversion date, there can be noassurance that the higher coupon will compensate forthe potential loss.

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

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

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.

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PUBLIC OFFERING

General. Units are offered at the Public OfferingPrice which consists of the net asset value per Unit plusorganization costs plus the sales charge. The net assetvalue per Unit is the value of the securities, cash andother assets in your Portfolio reduced by the liabilities ofthe Portfolio divided by the total Units outstanding. Themaximum sales charge equals 2.75% of the PublicOffering Price per Unit (2.828% of the aggregateoffering price of the Securities) at the time of purchase.

The initial sales charge is the difference between thetotal sales charge amount (maximum of 2.75% of thePublic Offering Price per Unit) and the sum of theremaining fixed dollar deferred sales charge and thefixed dollar creation and development fee (initially$0.275 per Unit). Depending on the Public OfferingPrice per Unit, you pay the initial sales charge at thetime you buy Units. The deferred sales charge is fixedat $0.225 per Unit. Your Portfolio pays the deferredsales charge in installments as described in the “FeeTable.” If any deferred sales charge payment date isnot a business day, we will charge the payment on thenext business day. If you purchase Units after the initialdeferred sales charge payment, you will only pay thatportion of the payments not yet collected. If youredeem or sell your Units prior to collection of the totaldeferred sales charge, you will pay any remainingdeferred sales charge upon redemption or sale of yourUnits. The initial and deferred sales charges arereferred to as the “transactional sales charge.” Thetransactional sales charge does not include thecreation and development fee which compensates theSponsor for creating and developing your Portfolio andis described under “Expenses.” The creation anddevelopment fee is fixed at $0.05 per Unit. YourPortfolio pays the creation and development fee as ofthe close of the initial offering period as described inthe “Fee Table.” If you redeem or sell your Units prior tocollection of the creation and development fee, you willnot pay the creation and development fee uponredemption or sale of your Units. After the initial offeringperiod the maximum sales charge will be reduced by0.50%, reflecting the previous collection of the creationand development fee. Because the deferred sales

charge and creation and development fee are fixeddollar amounts per Unit, the actual charges will exceedthe percentages shown in the “Fee Table” if the PublicOffering Price per Unit falls below $10 and will be lessthan the percentages shown in the “Fee Table” if thePublic Offering Price per Unit exceeds $10. In no eventwill the maximum total sales charge exceed 2.75% ofthe Public Offering Price per Unit.

The “Fee Table” shows the sales charge calculationat a $10 Public Offering Price per Unit. At a $10 PublicOffering Price, there is no initial sales charge during theinitial offering period. If the Public Offering Priceexceeds $10 per Unit, you will pay an initial salescharge equal to the difference between the total salescharge and the sum of the remaining deferred salescharge and the creation and development fee. Forexample, if the Public Offering Price per Unit rose to$14, the maximum sales charge would be $0.385(2.75% of the Public Offering Price per Unit), consistingof an initial sales charge of $0.110, a deferred salescharge of $0.225 and the creation and development feeof $0.050. Since the deferred sales charge and creationand development fee are fixed dollar amounts per Unit,your Portfolio must charge these amounts per Unitregardless of any decrease in net asset value. However,if the Public Offering Price per Unit falls to the extentthat the maximum sales charge percentage results in adollar amount that is less than the combined fixed dollaramounts of the deferred sales charge and creation anddevelopment fee, your initial sales charge will be a creditequal to the amount by which these fixed dollar chargesexceed your sales charge at the time you buy Units. Insuch a situation, the value of securities per Unit wouldexceed the Public Offering Price per Unit by the amountof the initial sales charge credit and the value of thosesecurities will fluctuate, which could result in a benefit ordetriment to Unitholders that purchase Units at thatprice. The initial sales charge credit is paid by theSponsor and is not paid by your Portfolio. If the PublicOffering Price per Unit fell to $6, the maximum salescharge would be $0.165 (2.75% of the Public OfferingPrice per Unit), which consists of an initial sales charge(credit) of -$0.110, a deferred sales charge of $0.225and a creation and development fee of $0.050.

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

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

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

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

this paragraph by investors or selling firms whosefrequent trading activity is determined to be detrimentalto a Portfolio. Fee Based Eligible Units are not eligiblefor any sales charge discounts in addition to that whichis described in this paragraph and under the “FeeAccounts” section found below.

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

Distribution Reinvestments. We do not charge anysales charge when you reinvest distributions from yourPortfolio into additional Units of your Portfolio. Since thedeferred sales charge and creation and developmentfee are fixed dollar amounts per unit, your Portfolio mustcharge these amounts per unit regardless of thisdiscount. If you elect to reinvest distributions, theSponsor will credit you with additional Units with adollar value sufficient to cover the amount of anyremaining deferred sales charge and creation anddevelopment fee that will be collected on such Units atthe time of reinvestment. The dollar value of these Unitswill fluctuate over time.

Unit Price. The Public Offering Price of Units willvary from the amounts stated under “EssentialInformation” in accordance with fluctuations in theprices of the underlying Securities in your Portfolio.The initial price of the Securities upon deposit by theSponsor was determined by the Trustee. The Trusteewill generally determine the value of the Securities asof the Evaluation Time on each business day and willadjust the Public Offering Price of Units accordingly.The Evaluation Time is the close of the New YorkStock Exchange on each business day. The term“business day”, as used herein and under “Rights of

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Unitholders--Redemption of Units”, means any day onwhich the New York Stock Exchange is open forregular trading. The Public Offering Price per Unit willbe effect ive for al l orders received pr ior to theEvaluat ion T ime on each business day. Ordersreceived by the Sponsor prior to the Evaluation Timeand orders received by author ized f inancia lprofessionals prior to the Evaluation Time that areproperly transmitted to the Sponsor by the timedesignated by the Sponsor, are priced based on thedate of receipt. Orders received by the Sponsor afterthe Evaluat ion T ime, and orders received byauthorized financial professionals after the EvaluationTime or orders received by such persons that are nottransmitted to the Sponsor unt i l after the t imedesignated by the Sponsor, are priced based on thedate of the next determined Public Offering Price perUnit provided they are received timely by the Sponsoron such date. It is the responsibility of authorizedfinancial professionals to transmit orders received bythem to the Sponsor so they will be received in atimely manner.

The value of portfolio securities is based on thesecurities’ market price when available. When a marketprice is not readily available, including circumstancesunder which the Trustee determines that a security’smarket price is not accurate, a portfolio security isvalued at its fair value, as determined under proceduresestablished by the Trustee or an independent pricingservice used by the Trustee. In these cases, yourPortfolio’s net asset value will reflect certain portfoliosecurities’ fair value rather than their market price. Withrespect to securities that are primarily listed on foreignexchanges, the value of the portfolio securities maychange on days when you will not be able to purchaseor sell Units. The value of any foreign securities is basedon the applicable currency exchange rate as of theEvaluation Time. The Sponsor wil l provide pricedissemination and oversight services to your Portfolio.

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

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

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

Unit Sales Concessions. Brokers, dealers and otherswil l be al lowed a regular concession or agencycommission in connection with the distribution of Unitsduring the initial offering period of 2.00% of the PublicOffering Price per Unit.

Volume Concession Based Upon Annual Sales. Asdescribed below, broker-dealers and other sellingagents may in certain cases be eligible for an additionalconcession based upon their annual eligible sales of allInvesco fixed income and equity unit investment trusts.Eligible sales include all units of any Invesco unitinvestment trust underwritten or purchased directly fromInvesco during a trust’s initial offering period. Forpurposes of this concession, trusts designated as either“Invesco Unit Trusts, Taxable Income Series” or“Invesco Unit Trusts, Municipal Series” are fixed incometrusts, and trusts designated as “Invesco Unit TrustsSeries” are equity trusts. In addition to the regularconcessions or agency commissions described abovein “Unit Sales Concessions” all broker-dealers and othersell ing firms wil l be eligible to receive additionalcompensation based on total initial offering period salesof all eligible Invesco unit investment trusts during theprevious consecutive 12-month period through the endof the most recent month. The Volume Concession, asapplicable to equity and fixed income trust units, is setforth in the following table:

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

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

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

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

concession or agency commission to dealers andothers from time to time.

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

Sponsor Compensation. The Sponsor will receivethe total sales charge applicable to each transaction.Except as provided under “Unit Distribution” above, anysales charge discount provided to investors will beborne by the selling dealer or agent. In addition, theSponsor will realize a profit or loss as a result of thedifference between the price paid for the Securities bythe Sponsor and the cost of the Securities to yourPortfolio on the Initial Date of Deposit as well as onsubsequent deposits. See “Notes to Portfolios”. TheSponsor has not participated as sole underwriter or asmanager or as a member of the underwriting syndicatesor as an agent in a private placement for any of theSecurities. The Sponsor may realize profit or loss as aresult of fluctuations in the market value of Units held bythe Sponsor for sale to the public. In maintaining asecondary market, the Sponsor will realize profits orlosses in the amount of any difference between theprice at which Units are purchased and the price atwhich Units are resold (which price includes theapplicable sales charge) or from a redemption ofrepurchased Units at a price above or below thepurchase price. Cash, if any, made available to theSponsor prior to the date of settlement for the purchase

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of Units may be used in the Sponsor’s business andmay be deemed to be a benefit to the Sponsor, subjectto the limitations of the Securities Exchange Act of1934, as amended (“1934 Act”).

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

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

RETIREMENT ACCOUNTS

Units are available for purchase in connection withcertain types of tax-sheltered retirement plans, includingIndividual Retirement Accounts for individuals,Simplified Employee Pension Plans for employees,qualified plans for self-employed individuals, andqualified corporate pension and profit sharing plans foremployees. The minimum purchase for these accounts

is reduced to 25 Units but may vary by selling firm. Thepurchase of Units may be l imited by the plans’provisions and does not itself establish such plans.

FEE ACCOUNTS

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

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

You should consult the “Public Offering--ReducingYour Sales Charge” section for specific information onthis and other sales charge discounts. That sectiongoverns the calculation of all sales charge discounts.The Sponsor reserves the r ight to l imit or denypurchases of Units in Fee Accounts by investors orsel l ing f irms whose frequent trading activity isdetermined to be detrimental to the Portfolio. Topurchase Units in these Fee Accounts, your financialprofessional must purchase Units designated with oneof the Fee Based CUSIP numbers set forth under“Essential Information,” either Fee Based Cash for cashdistributions or Fee Based Reinvest for the reinvestmentof distributions in additional Units, if available. See“Rights of Unitholders--Reinvestment Option.”

RIGHTS OF UNITHOLDERS

Distributions. Dividends and interest, net ofexpenses, and any net proceeds from the sale ofSecurities received by your Portfolio will generally bedistributed to Unitholders on each Distribution Date toUnitholders of record on the preceding Record Date.

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These dates appear under “Essential Information”.Distributions made by the closed-end funds in yourPortfolio include ordinary income, but may also includesources other than ordinary income such as returns ofcapital, loan proceeds, short-term capital gains andlong-term capital gains (see “Taxation--Distributions”). Inaddition, your Portfolio will generally make requireddistributions at the end of each year because it isstructured as a “regulated investment company” forfederal tax purposes. Unitholders will also receive a finaldistribution of income when their Portfolio terminates. Aperson becomes a Unitholder of record on the date ofsettlement (generally two business days after Units areordered, or any shorter period as may be required bythe applicable rules under the 1934 Act). Unitholdersmay elect to receive distributions in cash or to havedistributions reinvested into additional Units. See“Rights of Unitholders--Reinvestment Option”.

Dividends and interest received by your Portfolio arecredited to the Income Account of the Portfolio. Otherreceipts (e.g., capital gains, proceeds from the sale ofSecurities, etc.) are credited to the Capital Account.Proceeds received on the sale of any Securities, to theextent not used to meet redemptions of Units or paydeferred sales charges, fees or expenses, will bedistributed to Unitholders. Proceeds received from thedisposition of any Securities after a Record Date andprior to the following Distribution Date will be held in theCapital Account and not distributed until the nextDistribution Date. Any distribution to Unitholdersconsists of each Unitholder’s pro rata share of theavailable cash in the Income and Capital Accounts as ofthe related Record Date.

Historical and Estimated Distributions. TheHistorical 12 Month Distr ibutions per Unit, andEstimated Initial Distribution per Unit (if any), may beshown under “Essential Information.” These figures arebased upon the weighted average of the actualdistributions paid by the securities included in yourPortfolio over the 12 months preceding the Initial Dateof Deposit and are reduced to account for the effects offees and expenses which wil l be incurred wheninvesting in your Portfolio. While both figures arecalculated using a Public Offering Price of $10 per Unit,

any presented Estimated Initial Distribution per Unit willreflect an estimate of the per Unit distributions you mayreceive on the first Distribution Date based upon eachissuer’s preceding 12 month distributions. Dividendpayments are not assured and therefore the amount offuture dividend income to your Portfolio is uncertain.The actual net annual distributions may decrease overtime because a portion of the securities included in yourPortfolio will be sold to pay for the organization costs,deferred sales charge and creation and developmentfee. Securities may also be sold to pay regular fees andexpenses during your Portfolio’s life. The actual netannual income distributions you receive will vary fromthe Historical 12 Month Distributions amount due tochanges in dividends and distribution amounts paid byissuers, currency fluctuations, the sale of securities topay any deferred sales charge, Portfolio fees andexpenses, and with changes in your Portfolio such asthe acquisition, call, maturity or sale of securities. Inaddition, due to the negative economic impact acrossmany industries caused by the recent COVID-19outbreak, certain issuers of the securities included in aPortfolio may elect to reduce the amount of, or cancelentirely, dividends and/or distributions paid in the future.As a result, the Historical 12 Month Distributions perUnit, and Estimated Initial Distribution per Unit (if any),shown under "Essential Information" will likely be higher,and in some cases significantly higher, than the actualdistributions achieved by a Portfolio. Due to these andvarious other factors, actual income received by yourPortfolio will most likely differ from the most recentdividends or scheduled income payments.

Reinvestment Option. Unitholders may havedistributions automatically reinvested in additional Unitswithout a sales charge (to the extent Units may belawfully offered for sale in the state in which theUnitholder resides). The CUSIP numbers for either“Cash” distributions or “Reinvest” for the reinvestment ofdistributions are set forth under “Essential Information”.Brokers and dealers can use the Dividend ReinvestmentService through Depository Trust Company (“DTC”) orpurchase a Reinvest (or Fee Based Reinvest in the caseof Fee Based Eligible Units held in Fee Accounts) CUSIP,if available. To participate in this reinvestment option, a

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Unitholder must file with the Trustee a written notice ofelection, together with any other documentation that theTrustee may then require, at least five days prior to therelated Record Date. A Unitholder’s election will apply toall Units owned by the Unitholder and will remain in effectuntil changed by the Unitholder. The reinvestment optionis not offered during the 30 calendar days prior totermination. If Units are unavailable for reinvestment orthis reinvestment option is no longer available,distributions will be paid in cash. Distributions will betaxable to Unitholders if paid in cash or automaticallyreinvested in additional Units. See “Taxation.”

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

Redemption of Units. All or a portion of yourUnits may be tendered to The Bank of New YorkMellon, the Trustee, for redemption at Unit InvestmentTrust Division, 111 Sanders Creek Parkway, EastSyracuse, New York 13057, on any day the New YorkStock Exchange is open. No redemption fee will becharged by the Sponsor or the Trustee, but you areresponsible for applicable governmental charges, if any.Units redeemed by the Trustee will be canceled. Youmay redeem all or a portion of your Units by sending arequest for redemption to your bank or broker-dealerthrough which you hold your Units. No later than twobusiness days (or any shorter period as may berequired by the applicable rules under the 1934 Act)following satisfactory tender, the Unitholder will beentitled to receive in cash an amount for each Unitequal to the Redemption Price per Unit next computedon the date of tender. The “date of tender” is deemedto be the date on which Units are received by theTrustee, except that with respect to Units received bythe Trustee after the Evaluation Time or on a day whichis not a business day, the date of tender is deemed to

be the next business day. Redemption requestsreceived by the Trustee after the Evaluation Time, andredemption requests received by authorized financialprofessionals after the Evaluation Time or redemptionrequests received by such persons that are nottransmitted to the Trustee unt i l after the t imedesignated by the Trustee, are priced based on thedate of the next determined redemption price providedthey are received timely by the Trustee on such date. Itis the responsibility of authorized financial professionalsto transmit redemption requests received by them tothe Trustee 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 ibut ion of Securit ies equal to theRedemption Price per Unit on the date of tender.Unitholders may not request an in kind distributionduring the initial offering period or within 30 calendardays of your Portfolio’s termination. The Portfoliosgenerally will not offer in kind distributions of portfoliosecurities that are held in foreign markets. An in kinddistribution will be made by the Trustee through thedistribution of each of the Securities in book-entry formto the account of the Unitholder’s broker-dealer atDTC. Amounts representing fractional shares will bedistributed in cash. The Trustee may adjust the numberof shares of any Security included in a Unitholder’s inkind distribution to facilitate the distribution of wholeshares. The in kind distribution option may be modifiedor discontinued at any t ime without not ice.Notwithstanding the foregoing, if the Unitholderrequesting an in kind distribution is the Sponsor or anaffiliated person of the Portfolio, the Trustee may makean in kind distribution to such Unitholder provided thatno one with a pecuniary incentive to influence the inkind distr ibut ion may inf luence select ion of thedistributed securities, the distribution must consist of apro rata distribution of all portfolio securities (withlimited exceptions) and the in kind distribution may not

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favor such affiliated person to the detriment of anyother Unitholder. Unitholders will incur transaction costsin l iquidat ing securit ies received in an in-kinddistribution, and any such securities received will besubject to market risk until sold. In the event that anysecurities received in-kind are illiquid, Unitholders willbear the risk of not being able to sell such securities inthe near term, or at all.

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

The Redemption Price per Unit and the secondarymarket repurchase price per Unit are equal to the prorata share of each Unit in a Portfolio determined on thebasis of (i) the cash on hand in the Portfolio, (ii) the valueof the Securities in the Portfolio and (iii) dividends orother income distributions receivable on the Securitiesin the Portfolio trading ex-dividend as of the date ofcomputation, less (a) amounts representing taxes orother governmental charges payable out of thePortfolio, (b) the accrued expenses of the Portfolio(including costs associated with liquidating securitiesafter the end of the initial offering period) and (c) anyunpaid deferred sales charge payments. During theinitial offering period, the redemption price and thesecondary market repurchase price will not be reducedby estimated organization costs or the creation anddevelopment fee. For these purposes, the Trustee willdetermine the value of the Securities as describedunder “Public Offering--Unit Price.”

The right of redemption may be suspended andpayment postponed for any period during which theNew York Stock Exchange is closed, other than forcustomary weekend and holiday closings, or any periodduring which the Securities and Exchange Commission

(“SEC”) determines that trading on that Exchange isrestricted or an emergency exists, as a result of whichdisposal or evaluation of the Securities is not reasonablypracticable, or for other periods as the SEC may permit.

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

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

If you elect to participate in a cash Rollover, yourUnits will be redeemed on the Mandatory TerminationDate. As the redemption proceeds become available,the proceeds (including dividends) will be invested in anew trust series at the public offering price for the newtrust. The Trustee will attempt to sell Securities to satisfythe redemption as quickly as practicable on theMandatory Termination Date. We do not anticipate thatthe sale period will be longer than one day, however,certain factors could affect the abil ity to sell theSecurities and could impact the length of the saleperiod. The liquidity of any Security depends on thedaily trading volume of the Security and the amountavailable for redemption and reinvestment on any day.

We may make subsequent trust series available forsale at various times during the year. Of course, wecannot guarantee that a subsequent trust or sufficientunits will be available or that any subsequent trusts willoffer the same investment strategy or objective as your

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current Portfolio. We cannot guarantee that a Rolloverwill avoid any negative market price consequencesresulting from trading large volumes of securities.Market price trends may make it advantageous to sell orbuy securit ies more quickly or more slowly thanpermitted by Portfolio procedures. We may, in our solediscretion, modify a Rollover or stop creating units of atrust at any time regardless of whether all proceeds ofUnitholders have been reinvested in a Rollover. If wedecide not to offer a subsequent series, Unitholders willbe notified prior to the Mandatory Termination Date.Cash which has not been reinvested in a Rollover will bedistributed to Unitholders shortly after the MandatoryTermination Date. Rollover participants may receivetaxable dividends or realize taxable capital gains whichare reinvested in connection with a Rollover but may notbe entitled to a deduction for capital losses due to the“wash sale” tax rules. Due to the reinvestment in asubsequent trust, no cash will be distributed to pay anytaxes. See “Taxation”.

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

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

PORTFOLIO ADMINISTRATION

Portfolio Administration. The Portfolios are notmanaged funds and, except as provided in the TrustAgreement, Securities generally will not be sold orreplaced. The Sponsor may, however, direct thatSecurities be sold in certain limited circumstances toprotect a Portfolio based on advice from the Supervisor.These situations may include events such as the issuerhaving defaulted on payment of any of its outstandingobligations or the price of a Security has declined tosuch an extent or other credit factors exist so that in theopinion of the Supervisor retention of the Security wouldbe detrimental to the Portfolio. If a public tender offer hasbeen made for a Security or a merger or acquisition hasbeen announced affecting a Security, the Trustee mayeither sell the Security or accept an offer if the Supervisordetermines that the sale or exchange is in the bestinterest of Unitholders. The Trustee will distribute anycash proceeds to Unitholders. In addition, the Trusteemay sell Securities to redeem Units or pay Portfolioexpenses or deferred sales charges. If securities orproperty are acquired by a Portfolio, the Sponsor maydirect the Trustee to sell the securities or property anddistribute the proceeds to Unitholders or to accept thesecurities or property for deposit in the Portfolio. Shouldany contract for the purchase of any of the Securities fail,the Sponsor will (unless substantially all of the moneysheld in the Portfolio to cover the purchase are reinvestedin substitute Securities in accordance with the TrustAgreement) refund the cash and sales chargeattributable to the failed contract to all Unitholders on orbefore the next Distribution Date.

The Sponsor may direct the reinvestment ofproceeds of the sale of Securities if the sale is the directresult of serious adverse credit factors which, in theopinion of the Sponsor, would make retention of theSecurities detrimental to the Portfolio. In such a case,the Sponsor may, but is not obligated to, direct thereinvestment of sale proceeds in any other securitiesthat meet the criteria for inclusion in the Portfolio on theInitial Date of Deposit. The Sponsor may also instructthe Trustee to take action necessary to ensure that thePortfolio continues to satisfy the qualifications of a

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regulated investment company and to avoid impositionof tax on undistributed income of the Portfolio.

In general, the Trust Agreement requires the Trusteeto vote all shares of the closed-end funds held in yourPortfolio 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 and preferred securities held in your Portfolio,if any. The Trustee will vote the securities and preferredsecurities 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 foryour Portfolio, it may be necessary for the Supervisor tospecify minimum amounts in which blocks of Securitiesare to be sold. In effecting purchases and sales ofportfolio securities, the Sponsor may direct that ordersbe placed with and brokerage commissions be paid tobrokers, including brokers which may be affiliated withthe Portfolios, the Sponsor or dealers participating inthe 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 the Portfolios toeliminate commission costs on these transactions. Theprice for those securities will be the closing sale price onthe sale date on the exchange where the Securities areprincipally traded, as certified by the Sponsor.

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

substitution for the Securities (except as provided in theTrust Agreement). The Trustee will notify Unitholders ofany amendment.

Termination. Each Portfolio will terminate on theMandatory Termination Date specified under “EssentialInformation” or upon the sale or other disposition of thelast Security held in a Portfolio. Your Portfolio may beterminated at any time with consent of Unitholdersrepresenting two-thirds of the outstanding Units or bythe Trustee when the value of the Portfolio is less than$500,000 ($3,000,000 if the value of the Portfolio hasexceeded $15,000,000) (the “Minimum TerminationValue”). Your Portfolio will be liquidated by the Trusteein the event that a sufficient number of Units of thePortfolio not yet sold are tendered for redemption bythe Sponsor, so that the net worth of the Portfoliowould be reduced to less than 40% of the value of theSecurities at the time they were deposited in thePortfolio. If your Portfolio is liquidated because of theredemption of unsold Units by the Sponsor, theSponsor will refund to each purchaser of Units theentire sales charge paid by such purchaser. TheTrustee may begin to sell Securities in connection witha Portfolio termination nine business days before, andno later than, the Mandatory Termination Date.Qualified Unitholders may elect an in kind distribution ofSecurities, provided that Unitholders may not requestan in kind distribution of Securities within 30 calendardays of a Portfolio’s termination. Any in kind distributionof Securities will be made in the manner and subject tothe restrictions described under “Rights of Unitholders--Redemption of Units”, provided that, in connectionwith an in kind distribution election more than 30calendar days pr ior to terminat ion, Unitholderstendering 1,000 or more Units of a Portfolio (or suchhigher amount as may be required by your broker-dealer or sel l ing agent) may request an in kinddistribution of Securities equal to the Redemption Priceper Unit on the date of tender. Unitholders will receive afinal cash distribution within a reasonable time after theMandatory Termination Date. All distributions will be netof Portfolio expenses and costs. Unitholders willreceive a f inal distr ibut ion statement fol lowingtermination. The Information Supplement contains

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further information regarding termination of yourPortfolio. See “Additional Information”.

Limitations on Liabilities. The Sponsor,Supervisor and Trustee are under no liability for takingany action or for refraining from taking any action ingood faith pursuant to the Trust Agreement, or for errorsin judgment, but shall be liable only for their own willfulmisfeasance, bad faith or gross negligence (negligencein the case of the Trustee) in the performance of theirduties or by reason of their reckless disregard of theirobligations and duties hereunder. The Trustee is notliable for depreciation or loss incurred by reason of thesale by the Trustee of any of the Securities. In the eventof the failure of the Sponsor to act under the TrustAgreement, the Trustee may act thereunder and is notliable for any action taken by it in good faith under theTrust Agreement. The Trustee is not liable for any taxesor other governmental charges imposed on theSecurities, on it as Trustee under the Trust Agreementor on a Portfolio which the Trustee may be required topay under any present or future law of the United Statesof America or of any other taxing authority havingjurisdiction. In addition, the Trust Agreement containsother customary provisions limiting the liability of theTrustee. The Sponsor and Supervisor may rely 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 June 30, 2020, the totalstockholders’ equity of Invesco Capital Markets, Inc. was$88,797,298.43 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $1,145.2 billion asof June 30, 2020.

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 codeis to avoid potential conflicts of interest and to preventfraud, deception or misconduct with respect to yourPortfolio. The Information Supplement contains additionalinformation about the Sponsor.

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

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

TAXATION

This section summarizes some of the principal U.S.federal income tax consequences of owning Units of thePortfolios. Tax laws and interpretations are subject to

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change, possibly with retroactive effect. This summarydoes not describe all of the tax consequences to alltaxpayers. For example, this summary generally doesnot describe your situation if you are a corporation, anon-U.S. person, a broker/dealer, a tax-exempt entity,financial institution, person who marks to market theirUnits or other investor with special circumstances. Inaddition, this section does not describe your alternativeminimum, state, local or foreign tax consequences ofinvesting in 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 contained inthe Information Supplement. As with any investment,you should seek advice based on your individualcircumstances from your own tax advisor.

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

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

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

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

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

Capital Gains and Losses and CertainOrdinary Income Dividends. Net capital gain equalsnet long-term capital gain minus net short-term capital

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

In certain circumstances, ordinary income dividendsreceived by an individual Unitholder from a RIC such asyour Portfolio may be taxed at the same federal ratesthat apply to net capital gain (as discussed above),provided certain holding period requirements aresatisfied and provided the dividends are attributable toqualified dividend income received by the Portfolio itself.Qualified dividend income means dividends paid to thePortfolio (a) by domestic corporations, (b) by foreigncorporations that are either ( i ) incorporated in apossession of the United States or (ii) are eligible forbenefits under certain income tax treaties with theUnited States that include an exchange of informationprogram, or (c) with respect to stock of a foreigncorporation that is readily tradeable on an establishedsecurities market in the United States. Both the Portfolioand the Unitholder must meet certain holding periodrequirements to qualify Portfolio dividends for thistreatment. Income derived from investments inderivatives, fixed-income securities, U.S. real estateinvestment trusts, passive foreign investmentcompanies, and income received "in lieu of" dividends ina securities lending transactions generally is not eligiblefor treatment as qualified dividend income. If thequalified dividend income received by the Portfolio isequal to 95% (or a greater percentage) of the Portfolio'sgross income (exclusive of net capital gain) in anytaxable year, all of the ordinary income dividends paidby the Portfolio will be qualified dividend income. YourPortfolio will provide notice to its Unitholders of theamount of any distribution which may be taken intoaccount as qualified dividend income which is eligible

for capital gains tax rates. There is no requirement thattax consequences be taken into account inadministering your Portfolio.

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

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

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

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

The Foreign Account Tax Compliance Act(“FATCA”). A 30% withholding tax on your Portfolio'sdistributions generally applies if paid to a foreign entityunless: (i) if the foreign entity is a "foreign financialinstitution" as defined under FATCA, the foreign entityundertakes certain due diligence, reporting, withholding,and certification obligations, (ii) if the foreign entity is nota "foreign financial institution," it identifies certain of itsU.S. investors or (iii) the foreign entity is otherwiseexcepted under FATCA. If required under the rulesabove and subject to the appl icabi l i ty of anyintergovernmental agreements between the UnitedStates and the relevant foreign country, withholdingunder FATCA may apply. Under existing regulations,FATCA withholding on gross proceeds from the sale ofUnits and capital gain distributions from your Portfoliotook effect on January 1, 2019; however, recentlyproposed U.S. tax regulat ions el iminate FATCAwithholding on such types of payments. Taxpayersgeneral ly may rely on these proposed TreasuryRegulations until final Treasury Regulations are issued. Ifwithholding is required under FATCA on a paymentrelated to your Units, investors that otherwise would notbe subject to withholding (or that otherwise would beentitled to a reduced rate of withholding) on such

payment generally will be required to seek a refund orcredit from the IRS to obtain the benefit of suchexemption or reduction. Your Portfolio will not pay anyadditional amounts in respect of amounts withheldunder FATCA. You should consult your tax advisorregarding the effect of FATCA based on your individualcircumstances.

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

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

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

PORTFOLIO OPERATING EXPENSES

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

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

Creation and Development Fee. The Sponsorwill receive a fee from your Portfolio for creating anddeveloping the Portfolio, including determining thePortfolio’s objectives, policies, composition and size,selecting service providers and information services andfor providing other similar administrative and ministerialfunctions. The creation and development fee is a chargeof $0.05 per Unit. The Trustee will deduct this amountfrom your Portfolio’s assets as of the close of the initial

offering 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 mailingreports to Unitholders) incurred in connection with theoperation of the Portfolio, (b) fees of the Trustee forextraordinary services, (c) expenses of the Trustee(including legal and auditing expenses) and of counseldesignated by the Sponsor, (d) various governmentalcharges, (e) expenses and costs of any action taken bythe Trustee to protect the Portfolio and the rights andinterests of Unitholders, (f) indemnification of the Trusteefor any loss, l iabil ity or expenses incurred in theadministration of the Portfolio without negligence, badfaith or wilful misconduct on its part, (g) foreign custodialand transaction fees (which may include compensationpaid to the Trustee or its subsidiaries or affiliates), (h) costs associated with liquidating the securities held

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in the Portfolio, (i) any offering costs incurred after theend of the initial offering period and (j) expendituresincurred in contacting Unitholders upon termination ofthe Portfolio. Your Portfolio may pay the expenses ofupdating its registration statement each year.

Fund Expenses. Your Portfolio will also bear theexpenses of the underlying funds. While your Portfoliowill not pay these expenses directly out of its assets, anestimate of these expenses is shown in your Portfolio’s“Estimated Annual Expenses” in the “Fee Table” toillustrate the impact of these expenses. This estimate isbased upon each underlying fund’s annual operatingexpenses for the most recent f iscal year. Eachunderlying fund’s annual operating expense amount issubject to change in the future.

OTHER MATTERS

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

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

ADDITIONAL INFORMATION

This prospectus does not contain all the informationset forth in the registration statements filed by yourPortfolio with the SEC under the Securities Act of 1933and the Investment Company Act of 1940 (f i leno. 811-02754). The Information Supplement, whichhas been filed with the SEC and is incorporated hereinby reference, includes more detailed informationconcerning the Securities, investment risks and generalinformation about the Portfolio. Reports and otherinformation about your Portfolio are available on theEDGAR Database on the SEC’s Internet site athttp://www.sec.gov. Copies of this information may be

obtained, after paying a duplication fee, by electronicrequest at the fol lowing e-mail address:[email protected] or by writing the SEC’s PublicReference Section, Washington, DC 20549-0102.

TABLE OF CONTENTS

Title Page

Closed-End Strategy: Select Opportunity Portfolio ...................................... 2

Closed-End Strategy: Senior Loan and Limited Duration Portfolio ............................... 7

Notes to Portfolios................................................ 11Report of Independent Registered

Public Accounting Firm..................................... 12Statements of Condition ...................................... 13The Portfolio....................................................... A-1Objective and Securities Selection ..................... A-2Closed-End Funds ............................................ A-2Risk Factors ...................................................... A-3Public Offering ................................................... A-11Retirement Accounts ......................................... A-15Fee Accounts .................................................... A-15Rights of Unitholders ......................................... A-15Portfolio Administration ...................................... A-19Taxation ............................................................. A-21Portfolio Operating Expenses ............................. A-25Other Matters .................................................... A-26Additional Information ........................................ A-26

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

The information in this prospectus is not complete withrespect to future Portfolio series and may be changed. Noperson may sell Units of future Portfolios until a registrationstatement is f i led with the Secur i t ies and ExchangeCommission and is effective. This prospectus is not an offer tosell Units and is not soliciting an offer to buy Units in any statewhere the offer or sale is not permitted.

U-EMSPRO2082

PROSPECTUS

October 7, 2020

Closed-End Strategy: SelectOpportunity Portfolio 2020-4

Closed-End Strategy: Senior Loan and Limited Duration

Portfolio 2020-4

Please retain this prospectus for future reference.

INVESCO

Closed-End Strategy: Select Opportunity Portfolio 2020-4 ... · equities, high-yield bonds, real...

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