turnaround strategy portfolio 2020-1 global water ...turnaround strategy portfolio 2020-1 global...

Turnaround Strategy Portfolio 2020-1

Global Water Portfolio 2020-1

The unit investment trusts named above (the “Portfolios”), included in Invesco Unit Trusts, Series 2041, eachinvest in a portfolio of stocks. Of course, we cannot guarantee that a Portfolio will achieve its objective.

March 12, 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 seekscapital appreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioof stocks of companies that have eachunderperformed relative to their peer industry groupand have become potential targets of activistinvestors. Invesco Capital Markets, Inc. is the Sponsorof the Portfolio. Argus Investors’ Counsel serves as theportfolio consultant (“Portfolio Consultant”). TheSponsor selected the Portfol io based uponrecommendations provided by the Portfol ioConsultant. It is believed that activist investors tend totarget companies that have underperformed their peerindustry group or the broad market.

The selection process begins with the stocks in theStandard & Poor’s Composite 1500 Index (“S&P1500”). The S&P 1500 combines three indices—theS&P 500, S&P MidCap 400, and S&P SmallCap600—to form a benchmark of the broad U.S. equitymarket that seeks to measure the performance ofwidely available, liquid stocks. The selection processfirst implements a series of value-oriented screens tothe stocks in the S&P 1500, identifying a subset ofstocks that have underperformed and that retain aminimum level of f inancial strength. A uniqueproprietary rating system is then applied to theremaining stocks to identify potential targets ofrecognized shareholder activists.

The valuation screens focus upon priceperformance, total return, earnings trends and financialstrength, using the following factors:

• Price performance—1-, 3- or 5-yearperformance in the bottom third of a company’speer industry group.

• Total return—1-, 3- or 5-year performance in thebottom third of a company’s peer industry group.

• Earnings trends/potential—historical earningsbelow a company’s peer industry group averageor below analyst expectations.

• Financial strength—stocks must have a marketcapitalization of at least $500 million.

The remaining stocks are rated using a proprietaryprocess designed to identify stocks with substantialownership by recognized activist investors. Thisprocess involves the review of the portfolios ofapproximately 20 activist funds, with a focus on thefollowing factors:

• Concentration—identifies the top holdings ineach activist fund portfolio expressed as eithera percentage of fund holdings or in absolutedollars.

• Conviction—identifies stocks in which anactivist fund portfolio owns a material stake,even if the holding is not one of the largest ofthe fund.

After applying a liquidity screen and a final analystreview, the highest rated stocks are selected for thePortfolio.

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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Turnaround Strategy Portfolio

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

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

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

• The portfolio selection process may notbe successful in identifying stocks thatare targets of shareholder activism orthat appreciate in value. The Portfolioinvests in stocks of underperformingcompanies and any shareholder activism mightnot result in a change in performance orcorporate governance. These stocks couldalso experience less liquidity and higher shareprice and trading volume volatility than stocksof other companies.

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

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Fee Table

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

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

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

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

Estimated Organization Costs 0.466% $4.550 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.265% $2.587Supervisory, bookkeeping

and administrative fees 0.056 0.550 ______ ______

Total 0.321% $3.137* ______ ______ ______ ______

Example

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

1 year $ 262 3 years 804 5 years 1,370 10 years 2,901

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

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

Essential Information

Unit Price at Initial Date of Deposit $10.0000

Initial Date of Deposit March 12, 2020

Mandatory Termination Date June 11, 2021

Historical Annual Distributions1 $0.13008 per Unit

Estimated Initial Distribution1 $0.03 per Unit

Record Dates 10th day of each July,

October and January,

commencing July 10, 2020

Distribution Dates 25th day of each July,

October and January,


CUSIP Numbers Cash – 46146F468

Reinvest – 46146F476

Wrap Fee Cash – 46146F484

Wrap Fee Reinvest – 46146F492

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

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Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Communication Services - 6.70 % 287 Discovery, Inc. - CL C $ 22.9900 $ 6,598.13 209 Twitter, Inc. 31.3000 6,541.70 Consumer Discretionary - 16.59% 52 Advance Auto Parts, Inc. 125.6200 6,532.24 10 Chipotle Mexican Grill, Inc. 646.3900 6,463.90 190 eBay, Inc. 34.8300 6,617.70 78 Hilton Worldwide Holdings, Inc. 81.0900 6,325.02 363 MGM Resorts International 18.0800 6,563.04 Consumer Staples - 13.33% 312 Hain Celestial Group, Inc. 21.3200 6,651.84 127 Mondelez International, Inc. - CL A 52.3400 6,647.18 58 Procter & Gamble Company 111.5900 6,472.22 115 Sysco Corporation 55.1500 6,342.25 Financials - 9.92% 126 Citigroup, Inc. 50.7900 6,399.54 31 Moody’s Corporation 211.2600 6,549.06 176 Morgan Stanley 36.8700 6,489.12 Health Care - 23.34% 84 Baxter International, Inc. 77.9700 6,549.48 194 Boston Scientific Corporation 33.8600 6,568.84 98 Cerner Corporation 68.3500 6,698.30 58 HCA Healthcare, Inc. 112.5900 6,530.22 19 Humana, Inc. 328.2200 6,236.18 53 IQVIA Holdings, Inc. 125.4200 6,647.26 14 Regeneron Pharmaceuticals, Inc. 464.7000 6,505.80 Industrials - 13.19% 33 Boeing Company 189.0800 6,239.64 59 FedEx Corporation 111.0100 6,549.59 779 General Electric Company 8.2100 6,395.59 47 Union Pacific Corporation 141.5600 6,653.32 Information Technology - 16.93% 58 Citrix Systems, Inc. 114.8000 6,658.40 74 Fortinet, Inc. 87.9500 6,508.30 351 HP, Inc. 19.3600 6,795.36+ 145 Seagate Technology plc 45.3300 6,572.85 238 Xerox Holdings Corporation 27.8400 6,625.92___________ ____________ 4,438 $ 195,927.99___________ _______________________ ____________

See “Notes to Portfolios”.

Investment Objective. The Portfolio seekscapital appreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioof 25 stocks derived from the S-Network Water IndexSM

(the “Water Index”). The Water Index is a diversifiedcomposite index of 60 stocks active in the global watersector, comprised of (1) 30 water utilities included in theS-Network Water WorksSM sub-index (“Water Works”)and (2) 30 companies that provide water technologyand water infrastructure products and servicesincluded in the S-Network Water TechSM sub-index(“Water Tech”). The Portfolio will consist of 15 WaterTech stocks and 10 Water Works stocks. InvescoCapital Markets, Inc., the Sponsor, selects the stocksfor the Portfol io from among the Water Indexcomponent list as most recently made available to theSponsor prior to the Initial Date of Deposit.

The Water Index, and the Water Works and WaterTech sub-indexes (collectively the “S-Network WaterIndexes”) are compiled by S-Network Global IndexesLLC (“SNGI”), a publisher of global thematic indexesused by major financial institutions worldwide. SNGIcovers a comprehensive universe of approximately150 water stocks from around the world for inclusionin the S-Network Water Indexes, reflecting thedifferent factors driving the ongoing development ofthe water industry, including important developmentinit iat ives in key emerging markets. The waterindustry is defined and measured in various ways,but essent ia l ly comprises the businesses ofmanaging water supply and treating wastewater forvarious types of end users – residential, industrial,commercial, or agricultural. The Water Index includesonly those companies that are significant participantsin the global water industry. To be included in theWater Index, a company must generate at least 25%of i ts revenues from water-re lated act iv i t ies.Companies included in the Water Index must meetel igibi l i ty cr i ter ia for pr imary exchange l ist ing,minimum market capitalization, minimum free floatand minimum average daily trading volume.

The construction of the Global Water Portfolio isrules-based and the following criteria are applied: (1) Water Index companies are ranked according tomarket capitalization and according to average dailytrading volume; (2) the two rankings are then averagedand the 10 Water Works companies with the highestaverage rankings and the 15 Water Tech companieswith the highest average rankings are selected for thePortfolio; and (3) adjustments to the resulting portfolioare then made to eliminate any company that posessignificant observable risk and to assure a geographicdispersion similar to the Water Index.

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

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

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

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

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

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Global Water Portfolio

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

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

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

• The Portfolio is concentrated insecurities issued by companies in boththe water utilities and infrastructuresector and the industrials sector.Negative developments in either of thesesectors will affect the value of your investmentmore than would be the case in a morediversified investment.

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

• The Portfolio does not replicate all ofthe components of the Water Index or itscomponent weightings and the stocks inthe Portfolio will not change if the indexcomponents, or their weightings within

the index, change. The performance of thePortfolio will not correspond with the WaterIndex for this reason and because the Portfolioincurs a sales charge and expenses. ThePortfol io is not intended to repl icate theperformance of the index.

• We do not actively manage the Portfolio.Except in limited circumstances, the Portfolio willhold, and may continue to buy, shares of thesame securities even if their market value 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 0.464% $4.493 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.439% $4.255Supervisory, bookkeeping

and administrative fees 0.057 0.550 ______ ______

Total 0.496% $4.805* ______ ______ ______ ______

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 $ 368 3 years 806 5 years 1,268 10 years 2,333

* 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 fromOctober 10, 2020 through March 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 end of the initial offering period which is anticipated to besix months following the Initial Date of Deposit. For more detail, see“Public Offering Price - General.”

Essential Information

Unit Price at Initial Date of Deposit $10.0000

Initial Date of Deposit March 12, 2020

Mandatory Termination Date March 10, 2022

Historical Annual Distributions1, 2 $0.15775 per Unit

Record Dates2 10th day of each July,

October, January and April,


Distribution Dates2 25th day of each July,

October, January and April,


CUSIP Numbers Cash – 46146F427

Reinvest – 46146F435

Fee Based Cash – 46146F443

Fee Based Reinvest – 46146F450

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

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Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ France - 7.84% 1,415 Suez $ 13.5853 $ 19,223.26 757 Veolia Environnement S.A. 25.3708 19,205.73 Hong Kong - 8.14% 44,000 Beijing Enterprises Water Group, Ltd. 0.4570 20,105.93 10,000 Guangdong Investment, Ltd. 1.9709 19,709.18 Italy - 4.11% 5,324 Hera S.p.A. 3.7855 20,154.04 Japan - 7.70% 900 EBARA Corporation 20.8903 18,801.27 800 Kurita Water Industries, Ltd. 23.6883 18,950.68 Netherlands - 4.01% 647 Aalberts N.V. 30.3514 19,637.38 Switzerland - 3.91% 41 Geberit AG 467.6977 19,175.61 United Kingdom - 16.00% 1,485 Pennon Group plc 13.0309 19,350.82 556 Pentair plc 36.4000 20,238.40 645 Severn Trent plc 30.1469 19,444.73 1,718 United Utilities Group plc 11.2802 19,379.33 United States - 48.29% 250 American States Water Company 79.8000 19,950.00 150 American Water Works Company, Inc. 129.6700 19,450.50 346 Badger Meter, Inc. 56.8100 19,656.26 468 Essential Utilities, Inc. 40.0300 18,734.04 1,170 Evoqua Water Technologies Corporation 17.9000 20,943.00 385 Franklin Electric Company, Inc. 49.5600 19,080.60 591 HD Supply Holdings, Inc. 33.2200 19,633.02 144 IDEX Corporation 134.8700 19,421.28 288 Itron, Inc. 66.7200 19,215.36 268 Tetra Tech, Inc. 76.2900 20,445.72 217 Watts Water Technologies, Inc. - CL A 91.1600 19,781.72 277 Xylem, Inc. 73.2400 20,287.48___________ ____________ 72,842 $ 489,975.34___________ _______________________ ____________

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 irrevocableletter of credit has been deposited with the Trustee. Contracts to acquire Securities were entered into onMarch 11, 2020 and have a settlement date of March 13, 2020 (see “The Portfolio”).

(2) The value of each Security is determined on the bases set forth under “Public Offering--Unit Price” as of theclose of the New York Stock Exchange on the business day before the Initial Date of Deposit. In accordancewith FASB Accounting Standards Codification (“ASC”), ASC 820, Fair Value Measurements and Disclosures,the Portfolio’s investments are classified as Level 1, which refers to security prices determined using quotedprices in active markets for identical securities. Other information regarding the Securities, as of the InitialDate of Deposit, is as follows:

Profit Cost to (Loss) To Sponsor Sponsor ______________ _____________

Turnaround Strategy Portfolio 2020-1 . . . . . . . . . . . . . . . . . . . $ 195,928 $ 0Global Water Portfolio 2020-1 . . . . . . . . . . . . . . . . . . . . . . . . . $ 492,660 $ (2,685)

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 2041:

Opinion on the Financial Statements

We have audited the accompanying statements of condition (including the related portfolio schedules) ofTurnaround Strategy Portfolio 2020-1 and Global Water Portfolio 2020-1 (included in Invesco Unit Trusts, Series2041 (the “Trust”)) as of March 12, 2020, and the related notes (collectively referred to as the “financialstatements”). In our opinion, the financial statements present fairly, in all material respects, the financial position ofthe Trust as of March 12, 2020, in conformity with accounting principles generally accepted in the United Statesof America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financialstatements, whether due to error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence regarding the amounts and disclosures in thefinancial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Sponsor, as well as evaluating the overall presentation of the financial statements. Ourprocedures included confirmation of cash or irrevocable letters of credit deposited for the purchase ofsecurities as shown in the statements of condition as of March 12, 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 YorkMarch 12, 2020

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STATEMENT OF CONDITIONAs of March 12, 2020

Turnaround Global Strategy WaterINVESTMENT IN SECURITIES Portfolio Portfolio _____________ _____________Contracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 195,928 $ 489,975 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 195,928 $ 489,975 _____________ _____________ _____________ _____________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 892 $ 2,202 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,645 11,025 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980 2,450 Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,928 489,975 Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,517 15,677 _____________ _____________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,411 474,298 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 195,928 $ 489,975 _____________ _____________ _____________ _____________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,593 48,998 _____________ _____________ _____________ _____________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.769 $ 9.680 _____________ _____________ _____________ _____________

(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 periodwhich is anticipated to be six months following the Initial Date of Deposit, to an account maintained by the Trustee from which theorganization expense obligation of the investors will be satisfied. To the extent that actual organization costs of the Portfolio are greater thanthe estimated amount, only the estimated organization costs added to the Public Offering Price will be reimbursed to the Sponsor anddeducted from the assets of the Portfolio.

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

of the initial offering period. If Units are redeemed prior to the close of the initial public offering period, the fee will not be deducted fromthe proceeds.

(5) The aggregate public offering price and the aggregate sales charge are computed on the bases set forth under “Public Offering”.(6) Assumes the maximum sales charge.

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THE PORTFOLIOS

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

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

On the Initial Date of Deposit, the Sponsor depositeddelivery statements relating to contracts for thepurchase of the Securities and an irrevocable letter ofcredit in the amount required for these purchases withthe Trustee. In exchange for these contracts, theTrustee delivered to the Sponsor documentationevidencing the ownership of Units of the Portfolios.Unless otherwise terminated as provided in the TrustAgreement, the Portfol ios wil l terminate on theMandatory Termination Date and any remainingSecurities will be liquidated or distributed by the Trusteewithin a reasonable time. As used in this prospectus theterm “Securities” means the securities (includingcontracts to purchase these securit ies) l isted ineach“Portfolio” and any additional securities depositedinto each Portfolio.

Additional Units of a Portfolio may be issued at anytime by depositing in a Portfolio (i) additional Securities,(ii) contracts to purchase Securities together with cashor irrevocable letters of credit or (iii) cash (or a letter ofcredit or the equivalent) with instructions to purchaseadditional Securities. As additional Units are issued bya Portfolio, the aggregate value of the Securities will beincreased and the fract ional undivided interestrepresented by each Unit may be decreased. TheSponsor may continue to make additional deposits intoa Portfolio following the Initial Date of Deposit providedthat the additional deposits will be in amounts which

will maintain, as nearly as practicable, the samepercentage relationship among the number of sharesof each Security in a Portfolio that existed immediatelyprior to the subsequent deposit. Investors mayexperience a dilution of their investments and areduction in their anticipated income because offluctuations in the prices of the Securities between thetime of the deposit and the purchase of the Securitiesand because the Portfolios will pay the associatedbrokerage or acquisition fees.

Due to round lot requirements in certain foreignsecurities markets and market value fluctuations, theGlobal Water Portfolio may not be able to invest in eachSecurity on any subsequent date of deposit in the sameproportion as existed on the Initial Date of Deposit orimmediately prior to the subsequent deposit ofSecurities. This could increase the potential for dilutionof investments and variances in anticipated income.

In addition, for both Portfolios, during the initialoffering 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 Portfol io may impact the value of theSecurities. This may especially be the case during theinitial offering of Units, upon Portfolio termination and inthe course of satisfying large Unit redemptions.

Each Unit of your Portfolio initially offered representsan undivided interest in the Portfolio. At the close of theNew York Stock Exchange on the Init ial Date ofDeposit, the number of Units may be adjusted so thatthe Public Offering Price per Unit equals $10. Thenumber of Units, fractional interest of each Unit in yourPortfolio and the per Unit amount of historical annualdistributions will increase or decrease to the extent ofany adjustment. To the extent that any Units areredeemed to the Trustee or additional Units are issuedas a result of additional Securities being deposited bythe Sponsor, the fractional undivided interest in your

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Portfolio represented by each unredeemed Unit willincrease or decrease accordingly, although the actualinterest in your Portfolio will remain unchanged. Unitswill remain outstanding until redeemed upon tender tothe Trustee by Unitholders, which may include theSponsor, or until the termination of the Trust Agreement.

Each Portfolio consists of (a) the Securities (includingcontracts for the purchase thereof) listed under theapplicable “Portfolio” as may continue to be held fromtime to time in the Portfolio, (b) any additional Securitiesacquired and held by the applicable Portfolio pursuantto the provisions of the Trust Agreement and (c) anycash held in the related Income and Capital Accounts.Neither the Sponsor nor the Trustee shall be liable inany way for any contract failure in any of the Securities.

OBJECTIVES AND SECURITIES SELECTION

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

Global Water Portfolio. “S-Network Water IndexSM,”“S-Network Water Tech IndexSM,” “S-Network WaterWorks IndexSM” (collectively the “S-Network WaterIndexes”) and “S-Network Global IndexesSM, LLC” areservice marks of S-Network Global Indexes, LLC(“SNGI”) and have been licensed for use. The Portfoliois not sponsored, endorsed, sold or promoted bySNGI. SNGI makes no representation or warranty,express or implied, to the owners of the Portfolio orany member of the public regarding the advisability ofinvesting in securities generally or in the Portfolioparticularly or the ability of the S-Network WaterIndexes to track the performance of their respectivemarkets. SNGI’s only relationship to the Portfolio is thelicensing of certain service marks and trade names ofSNGI and of the S-Network Water Indexes that isdetermined, composed and calculated by SNGIwithout regard to the Portfolio. SNGI has no obligationto take the needs of the Portfolio or the owners of thePortfolio into consideration in determining, composingor calculating the S-Network Water Indexes. SNGI isnot responsible for and has not participated in thedetermination of the timing of, prices at, or quantities ofthe Portfolio to be issued or in the determination or

calculation of the equation by which the Portfolio is tobe converted into cash. SNGI has no obligation orliability in connection with the administration, marketingor trading of the Portfolio.

SNGI DOES NOT GUARANTEE THE ACCURACYAND/OR THE COMPLETENESS OF THE S-NETWORKWATER INDEXES OR ANY DATA INCLUDED THEREINAND SNGI SHALL HAVE NO LIABILITY FOR ANYERRORS, OMISSIONS, OR INTERRUPTIONSTHEREIN. SNGI MAKES NO WARRANTY, EXPRESSOR IMPLIED, AS TO RESULTS TO BE OBTAINED BYTHE GLOBAL WATER PORTFOLIO, OWNERS OF THEGLOBAL WATER PORTFOLIO, OR ANY OTHERPERSON OR ENTITY FROM THE USE OF THES-NETWORK WATER INDEXES OR ANY DATAINCLUDED THEREIN. SNGI MAKES NO EXPRESS ORIMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMSALL WARRANTIES OF MERCHANTABILITY ORFITNESS FOR A PARTICULAR PURPOSE OR USEWITH RESPECT TO THE S-NETWORK WATERINDEXES OR ANY DATA INCLUDED THEREIN.WITHOUT LIMITING ANY OF THE FOREGOING, IN NOEVENT SHALL SNGI HAVE ANY LIABILITY FOR ANYSPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIALDAMAGES (INCLUDING LOST PROFITS), EVEN IFNOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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

Turnaround Strategy Portfolio. Argus Investors'Counsel serves as the Portfolio Consultant for theTurnaround Strategy Port fo l io. The Port fo l ioConsultant is not an affiliate of the Sponsor. ThePortfolio Consultant may use the applicable list ofSecur i t ies in i ts independent capacity as an

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investment adviser and distribute this information tovarious individuals and entities.

The Portfolio Consultant may recommend or effecttransactions in the Securities. This may have an adverseeffect on the prices of the Securities. This also mayhave an impact on the price the Turnaround StrategyPortfolio pays for the Securities and the price receivedupon Unit redemptions or Portfolio termination. ThePortfolio Consultant may act as agent or principal inconnection with the purchase and sale of equitysecurities, including the Securities, and may act as amarket maker in the Securities. The Portfolio Consultantmay also issue reports and make recommendations onthe Securities. The Portfolio Consultant's researchdepartments may receive compensation based oncommissions generated by research and/or sales ofUnits. The Portfolio is not sponsored, sold or promotedby the Portfolio Consultant and the Portfolio Consultantdoes not determine investor suitability.

Neither the Portfolio Consultant, if any, nor theSponsor manages your Portfolio. You should note thatthe Sponsor applied the selection criteria to theSecurities for inclusion in the Portfolios prior to the InitialDate of Deposit. After the initial selection date, theSecurities may no longer meet the selection criteria.Should a Security no longer meet the selection criteria,we will generally not remove the Security from itsPortfolio. In offering the Units to the public, neither theSponsor nor any broker-dealers are recommending anyof the individual Securities but rather the entire pool ofSecurities in the Portfolios, taken as a whole, which arerepresented by the Units.

Argus. The Argus Research Group, Inc. (the "Group")is the parent company of the Portfolio Consultant,Argus Research Company ("Argus Research"), andVickers Stock Research Corporation ("Vickers StockResearch"). The design of the Argus TurnaroundStrategy was led by the investment policy committee ofthe Argus Research division, and drew on the strengthsand talents of each of the Portfolio Consultant, ArgusResearch, and Vickers Stock Research.

The Portfolio Consultant is the Group's moneymanagement division and was incorporated in 1960.

Argus Research, founded in 1934, is an independentinvestment research firm that offers forecasts andratings on the U.S. economy, interest rates andhundreds of domestic and international companies.Argus Research’s team of more than 25 researchprofessionals employs a proprietary, fundamentalapproach to analyze the companies in its universe ofcoverage. Analyses and act ionable ideas aredistributed to clients in various ways, including via theInternet, the daily notes service, in-depth reports,custom screening services, and conference calls andconsultations. Vickers Stock Research is the Group'sdata and technology division, providing the investmentcommunity information and analytics on transactionsand holdings of corporate off ic ia ls, s igni f icantshareholders and institutions. In addition to the data,Vickers Stock Research’s core strength is its computerprogramming and quantitative analytics department.

RISK FACTORS

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

Market Risk. Market risk is the risk that the value ofthe securities in your Portfolio will fluctuate. This couldcause the value of your Units to fall below your originalpurchase price. Market value fluctuates in response tovarious factors. These can include changes in interestrates, inflation, the financial condition of a security’sissuer, perceptions of the issuer, or ratings on a securityof the issuer. Even though your Portfolio is supervised,you should remember that we do not manage yourPortfolio. Your Portfolio will not sell a security solelybecause the market value falls as is possible in amanaged fund.

Dividend Payment Risk. Dividend payment risk isthe risk that an issuer of a security is unwilling or unableto pay dividends on a security. Stocks representownership interests in the issuers and are not obligations

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of the issuers. Common stockholders have a right toreceive dividends only after the company has providedfor payment of its creditors, bondholders and preferredstockholders. Common stocks do not assure dividendpayments. Dividends are paid only when declared by anissuer’s board of directors and the amount of anydividend may vary over time. If dividends received by aPortfolio are insufficient to cover expenses, redemptionsor other Portfolio costs, it may be necessary for thePortfolio to sell Securities to cover such expenses,redemptions or other costs. Any such sales may result incapital gains or losses to you. See “Taxation”.

Strategy Risk. The selection process applied withrespect to the Turnaround Strategy Portfolio may not besuccessful in identifying stocks that are targets ofshareholder activism or that appreciate in value. ThePortfolio Consultant's selection strategy identifiescompanies that have exhibited poor price and earningsperformance in recent periods. There is no assurancethat any shareholder activism will result in any actualchange in the performance of the stocks of thecompanies in the Portfolio or any change in corporategovernance. These companies could continue to exhibitbelow average performance and the economic conditionof these companies could worsen beyond currentconditions, including the possibility of filing cases forbankruptcy protection.

Index Correlation. The Global Water Portfolio willconsist of stocks from the S-Network Water Indexes.The Portfolio does not seek to replicate all of thecomponents of the S-Network Water Indexes or itscomponent weightings and the stocks in the Portfoliowill not change if the index components, or theirweightings within the index, change. Additionally, thecomponents of the S-Network Water Indexes as of theInitial Date of Deposit may vary from the components ofthe S-Network Water Indexes considered for selectionin the Portfolio. The performance of the Portfolio will notcorrespond with the index for this reason and becausethe Portfolio incurs a sales charge and expenses.

Foreign Stocks. Because the Global Water Portfolioinvests significantly in foreign stocks, the Portfolioinvolves additional risks that differ from an investment indomestic stocks. These risks include the risk of losses

due to future political and economic developments,international trade conditions, foreign withholding taxesand restrictions on foreign investments or exchange ofsecurities, foreign currency fluctuations or restriction onexchange or repatriation of currencies.

The political, economic and social structures of someforeign countries may be less stable and more volatilethan those in the U.S. Investments in these countriesmay be subject to the risks of internal and externalconflicts, currency devaluations, foreign ownershiplimitations and tax increases. It is possible that agovernment may take over the assets or operations of acompany or impose restrictions on the exchange orexport of currency or other assets. Some countries alsomay have different legal systems that may make itdifficult for the Portfolio to vote proxies, exerciseinvestor rights, and pursue legal remedies with respectto its foreign investments. Diplomatic and politicaldevelopments, including rapid and adverse politicalchanges, social instability, regional conflicts, terrorismand war, could affect the economies, industries, andsecurities and currency markets, and the value of thePortfolio’s investments, in non-U.S. countries. No onecan predict the impact that these factors could have onthe Portfolio’s securities.

Certain stocks may be held in the form of AmericanDepositary Receipts (“ADRs”), Global DepositaryReceipts (“GDRs”), or other similar receipts. ADRs andGDRs represent receipts for foreign common stockdeposited with a custodian (which may include theTrustee). The ADRs in the Portfolio, if any, trade in theU.S. in U.S. dol lars and are registered with theSecurities and Exchange Commission (“SEC”). GDRsare receipts, issued by foreign banks or trustcompanies, or foreign branches of U.S. banks, thatrepresent an interest in shares of either a foreign or U.S.corporation. These instruments may not necessarily bedenominated in the same currency as the securities intowhich they may be converted. ADRs and GDRsgenerally involve the same types of risks as foreigncommon stock held directly. Some ADRs and GDRsmay experience less liquidity than the underlyingcommon stocks traded in their home market. ThePortfolio may invest in sponsored or unsponsored

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ADRs. Unlike a sponsored ADR where the depositaryhas an exclusive relationship with the foreign issuer, anunsponsored ADR may be created by a depositaryinstitution independently and without the cooperation ofthe foreign issuer. Consequently, information concerningthe foreign issuer may be less current or reliable for anunsponsored ADR and the price of an unsponsoredADR may be more volatile than if it was a sponsoredADR. Depositaries of unsponsored ADRs are notrequired to distribute shareholder communicationsreceived from the foreign issuer or to pass throughvoting rights to its holders. The holders of unsponsoredADRs generally bear all the costs associated withestablishing the unsponsored ADR, whereas the foreignissuers typically bear certain costs in a sponsored ADR.

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

Foreign companies may not be subject to the samedisclosure, accounting, auditing and financial reportingstandards and practices as U.S. companies. Thus,

there may be less information publicly available aboutforeign companies than about most U.S. companies.

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

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

Asia. The Global Water Portfolio invests significantlyin stocks issued by companies located in Asiancountries. Many Asian countries can be characterizedas either emerging or newly industrialized economiesand tend to experience more volatile economic cyclesthan developed countries. Asian economies are alsofrequently subject to the risks of undeveloped financialservice sectors, high inflation, frequent currencyfluctuations, devaluations, or restrictions, political andsocial instability, corruption, and less efficient markets.Economies of Asian countries may also be heavilydependent on international trade and can be adverselyaffected by trade barriers, exchange controls and other

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measures imposed or negotiated by the countries withwhich they trade.

Certain Asian countries have democracies withrelatively short histories, which may increase the risk ofpolitical instability. These countries have faced politicaland military unrest, and further unrest could present arisk to their local economies and securities markets.Increased political and social unrest could adverselyaffect the performance of investments in this region.Some economies in this region are dependent on arange of commodities, including oil, natural gas andcoal. Accordingly, they are strongly affected byinternational commodity prices and part icular lyvulnerable to any weakening in global demand for theseproducts. The market for securities in this region mayalso be directly influenced by the flow of internationalcapital, and by the economic and market conditions ofneighboring countries. Adverse economic conditions ordevelopments in neighboring countries may increaseinvestors' perception of the risk of investing in theregion as a whole, which may adversely impact themarket value of the securities issued by companies inthe region.

Companies in Asia may be subject to risks such asnational izat ion or other forms of governmentinterference, and they can also be heavily reliant on onlya few industries or commodities. Also, securities ofsome companies in Asia can be less liquid than U.S. orother foreign securities, potentially making it difficult forthe Portfolio to sell such securities at a desirable timeand price.

Any of these factors may have a significant adverseimpact on certain issuers in your Portfol io, andultimately the price of your Units.

European Issuers. The Global Water Portfolio investssignif icantly in securit ies issued by Europeancompanies. Investments in a single region, even thoughrepresenting a number of different countries within theregion, may be affected by common economic forcesand other factors. A significant number of countries inEurope are member states in the (“EU”), and themember states no longer control their own monetarypolicies by directing independent interest rates for their

currencies. In these member states, the authority todirect monetary policies including money supply andofficial interest rates for the Euro is exercised by theEuropean Central Bank. The European sovereign debtcrisis and the related austerity measures in certaincountries have had, and continue to have, a significantimpact on the economies of certain European countriesand their future economic outlooks. Further, political oreconomic disruptions in European countries, even incountries in which the Portfolio is not invested, mayadversely affect security values and thus the Portfolio’sholdings. The risks associated with investing inEuropean securities may be heightened because ofrisks due to the inexperience of financial intermediaries,the lack of modern technology, the lack of a sufficientcapital base to expand business operations and thepossibility of permanent or temporary termination oftrading and greater spreads between bid and askedprices for securities in those markets.

There is particular 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 stillongoing. Brexit marks the first time that a significantmember of the EU has left and there is no detailedmechanism in the treaties establishing the EU for amember to exit. The precise economic impact willdepend on many factors, including the future tradearrangement between the U.K. and the rest of the EU.

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

The relative weighting or composition of yourPortfolio may change during the life of your Portfolio.Following the Initial Date of Deposit, the Sponsorintends to issue additional Units by depositing in yourPortfolio additional securities in a manner consistentwith the provisions described in the above sectionentitled “The Portfolios”. As described in that section, itmay not be possible to retain or continue to purchase

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one or more Securities in your Portfolio. In addition, dueto certain limited circumstances described under“Portfolio Administration”, the composition of theSecurities in your Portfolio may change. Accordingly,the fluctuations in the relative weighting or compositionof your Portfolio may result in concentrations (25% ormore of a Portfolio’s assets) in securities of a particulartype, industry and/or geographic region described inthis section.

Consumer Discretionary and ConsumerStaples Issuers. The Turnaround Strategy Portfolioinvests significantly in companies that manufacture orsell various consumer products. General risks of thesecompanies include the overall state of the economy,intense competition and consumer spending trends. Adecline in the economy which results in a reduction ofconsumers' disposable income can negatively impactspending habits. Global factors including politicaldevelopments, imposit ion of import controls,fluctuations in oil prices, and changes in exchangerates may adversely affect issuers of consumerproducts and services.

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

Industrials Issuers. The Global Water Portfolio investssignificantly in industrials companies. General risks ofindustrials companies include the general state of theeconomy, intense competition, imposition of importcontrols, volatil ity in commodity prices, currencyexchange rate fluctuation, consolidation, labor relations,domestic and international politics, excess capacity and

consumer spending trends. Companies in theindustrials sector may be adversely affected by liabilityfor environmental damage and product liability claims.Capital goods companies may also be significantlyaffected by overall capital spending and leverage levels,economic cycles, technical obsolescence, delays inmodernization, limitations on supply of key materials,depletion of resources, government regulations,government contracts and e-commerce initiatives.

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

Information Technology Issuers. The TurnaroundStrategy Portfolio invests significantly in informationtechnology companies. These companies includecompanies that are involved in computer and businessservices, enterprise software/technical software, Internetand computer software, Internet-related services,networking and telecommunications equipment,telecommunications services, electronics products,server hardware, computer hardware and peripherals,semiconductor capital equipment and semiconductors.These companies face risks related to rapidly changingtechnology, rapid product obsolescence, cyclical marketpatterns, evolving industry standards and frequent newproduct introductions.

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

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

Health Care Issuers. The Turnaround Strategy Portfolioinvests significantly in health care companies. Theseissuers include companies involved in advanced medicaldevices and instruments, drugs and biotechnology,managed care, hospital management/health services andmedical supplies. These companies face substantialgovernment regulation and approval procedures. Generalrisks of health care companies include extensivecompetition, product liability litigation and evolvinggovernment 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 complex

and 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 taxcredits 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 facethe risk of increasing competition from new productsor serv ices, gener ic drug sales, productobsolescence, increased government regulation,termination of patent protection for drug or medicalsupply products and the risk that a product will nevercome to market. The research and development costsof bringing a new drug or medical product to market

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are substant ia l . This process involves lengthygovernment review with no guarantee of approval.These companies may have losses and may not offerproposed products for several years, if at all. Thefailure to gain approval for a new drug or product canhave a substantial negative effect on a company andits stock. The goods and services of health careissuers are also subject to risks of malpractice claims,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).

Utility Issuers. The Global Water Portfolio investssignificantly in utility companies or in companies relatedto the uti l i ty or energy industr ies. Many uti l i tycompanies, especially electric and gas and otherenergy related utility companies, are subject to variousuncertainties, including:

• Risks of increases in fuel and otheroperating costs;

• Restrictions on operations and increasedcosts and delays as a result ofenvironmental, nuclear safety and otherregulations;

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

• Coping with the general effects of energyconservation;

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

• The effects of unusual, unexpected orabnormal local weather;

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

• The potential impact of natural or manmadedisasters;

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

• The high cost of obtaining financing duringperiods of inflation;

• Diff icult ies of the capital markets inabsorbing utility debt and equity securities;

• Increased competition; and

• International politics.

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

Utility companies are subject to extensive regulationat the federal level in the United States, and many areregulated at the state level as well. The value of utilitycompany stocks may decline because governmentalregulation affecting the utilities industry can change. Thisregulation may prevent or delay the utility company frompassing along cost increases to its customers, whichcould hinder the utility company’s ability to meet itsobligations to its suppliers and could lead to the takingof measures, including the acceleration of obligations orthe institution of involuntary bankruptcy proceedings, byits creditors against such utility company. Furthermore,regulatory authorities, which may be subject to politicaland other pressures, may not grant future rateincreases, or may impose accounting or operationalpolicies, any of which could adversely affect acompany’s profitability and its stock price.

Certain utility companies have experienced full orpartial deregulation in recent years. These util itycompanies are frequently more similar to industrial

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companies in that they are subject to greatercompetition and have been permitted by regulators todiversify outside of their original geographic regionsand their tradit ional l ines of business. Theseopportunities may permit certain utility companies toearn more than their traditional regulated rates ofreturn. Some companies, however, may be forced todefend their core business and may be less profitable.While regulated providers tend to have regulatedreturns, non-regulated providers’ returns are notregulated and generally are more volatile. Thesedevelopments have reduced stability of cash flows inthose states with non-regulated providers and couldimpact the short-term earnings potential of some inthis industry. These trends have also made shares ofsome utility companies less sensitive to interest ratechanges but more sensitive to changes in revenue andearnings and caused them to reduce the ratio of theirearnings they pay out as dividends.

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

Water Utility & Infrastructure Issuers. The GlobalWater Portfolio invests primarily in water utility andinfrastructure stocks, including industrials companies.General problems of such issuers include the impositionof rate caps, increased competition due to deregulation,the difficulty in obtaining an adequate return on investedcapital or in financing large construction programs, thelimitations on operations and increased costs and delaysattributable to environmental considerations, and thecapital market’s ability to absorb utility debt. In addition,taxes, government regulation, international politics, priceand supply fluctuations, volatile interest rates and waterconservation may cause difficulties for water utilities. Allof such issuers have been experiencing certain of theseproblems in varying degrees.

Smaller Capitalization Companies. BothPortfolios may be invested in smaller capitalizationcompanies. Investing in stocks of small capitalizationand mid capitalization (collectively “smaller cap”)companies may involve greater risk than investing instocks of larger capitalization companies, since theycan be subject to more abrupt or errat ic pricemovements. Many smaller cap companies will havehad their securities publicly traded, if at all, for only ashort period of t ime and wi l l not have had theopportunity to establish a reliable trading patternthrough economic cycles. The price volatility of smallercap companies is relatively higher than larger, olderand more mature companies. This greater pricevolatility of smaller cap companies may result from thefact that there may be less market liquidity, lessinformation publicly available or fewer investors whomonitor the activities of these companies. In addition,the market prices of these securities may exhibit moresensitivity to changes in industry or general economicconditions. Some smaller cap companies will not havebeen in existence long enough to experienceeconomic cycles or to demonstrate whether they aresufficiently well managed to survive downturns orinflationary periods. Further, a variety of factors mayaffect the success of a company's business beyondthe abi l i ty of i ts management to prepare orcompensate for them, including domestic andinternational political developments, government tradeand fiscal policies, patterns of trade and war or othermilitary conflict which may affect industries or marketsor the economy generally.

Volatility. Certain of the stocks in the TurnaroundStrategy Portfolio may have historically experiencedextreme share price and trading volume volatility. Thisvolatility is sometimes unrelated to the operatingperformance of the company. This can impact yourability to redeem your Units at a price equal to orgreater than the price you paid. In addition, purchasesand sales of the stocks by the Port fo l io or asubsequent trust offered by the Sponsor may have asignificant impact on the value of the stocks in thePortfolio. This could especially be the case during theperiod immediately following the Initial Date of Deposit

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of the Portfol io, during the offering period of asubsequent trust, upon termination of the Portfolio ora subsequent trust and in the course of satisfyinglarge unit redemptions or rollovers (which especiallymight occur approximately one year from the InitialDate of Deposit if a significant number of Unitholdersdecide to roll their Units into a new series of thePortfolio, if available).

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 a Portfolio oron the tax treatment of a Portfolio or of your investmentin a Portfolio. In addition, litigation regarding any of theissuers of the Securities or of the industries representedby these issuers may negatively impact the share pricesof these Securities. No one can predict what impactany pending or threatened litigation will have on theshare prices of the Securities.

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

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

PUBLIC OFFERING

General. Units are offered at the Public OfferingPrice which consists of the net asset value per Unit plusorganization costs plus the sales charge. The net assetvalue per Unit is the value of the securities, cash andother assets in your Portfolio reduced by the liabilities ofthe Portfolio divided by the total Units outstanding. The

maximum sales charge equals 1.85% of the PublicOffering Price (1.885% of the aggregate offering price ofthe Securities) for the Turnaround Strategy Portfolio,2.75% of the Public Offering Price per Unit (2.828% ofthe aggregate offering price of the Securities) for theGlobal Water Portfolio, and at the time of purchase.

The initial sales charge is the difference between thetotal sales charge amount (maximum of 1.85% of thePublic Offering Price per Unit for the TurnaroundStrategy Portfolio and 2.75% of the Public Offering Priceper Unit for the Global Water Portfolio) and the sum ofthe remaining fixed dollar deferred sales charge and thefixed dollar creation and development fee (initially $0.185per Unit for the Turnaround Strategy Portfolio and$0.275 per Unit for the Global Water Portfol io).Depending on the Public Offering Price per Unit, you paythe initial sales charge at the time you buy Units. Thedeferred sales charge is fixed at $0.135 per Unit for theTurnaround Strategy Portfolio and $0.225 per Unit forthe Global Water Portfolio. Your Portfolio pays thedeferred sales charge in installments as described in the“Fee Table.” If any deferred sales charge payment date isnot a business day, we will charge the payment on thenext business day. If you purchase Units after the initialdeferred sales charge payment, you will only pay thatportion of the payments not yet collected. If you redeemor sell your Units prior to collection of the total deferredsales charge, you will pay any remaining deferred salescharge upon redemption or sale of your Units. The initialand deferred sales charges are referred to as the“transactional sales charge.” The transactional salescharge does not include the creation and developmentfee which compensates the Sponsor for creating anddeveloping your Portfolio and is described under“Expenses.” The creation and development fee is fixedat $0.05 per Unit. Your Portfolio pays the creation anddevelopment fee as of the close of the initial offeringperiod as described in the “Fee Table.” If you redeem orsell your Units prior to collection of the creation anddevelopment fee, you will not pay the creation anddevelopment fee upon redemption or sale of your Units.After the initial offering period the maximum sales chargewill be reduced by 0.50%, reflecting the previouscollection of the creation and development fee. Because

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the deferred sales charge and creation and developmentfee are fixed dollar amounts per Unit, the actual chargeswill exceed the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit falls below $10 and willbe less than the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit exceeds $10. In noevent will the maximum total sales charge exceed1.85% of the Public Offering Price per Unit for theTurnaround Strategy Portfolio or 2.75% of the PublicOffering Price per Unit for the Global Water Portfolio.

The “Fee Table” shows the sales charge calculationat a $10 Public Offering Price per Unit. At a $10 PublicOffering Price, there is no initial sales charge during theinitial offering period. If the Public Offering Priceexceeds $10 per Unit, you will pay an initial salescharge equal to the difference between the total salescharge and the sum of the remaining deferred salescharge and the creation and development fee. Forexample, with respect to the Turnaround StrategyPortfolio, if the Public Offering Price per Unit rose to$14, the maximum sales charge would be $0.259(1.85% of the Public Offering Price per Unit), consistingof an initial sales charge of $0.074, a deferred salescharge of $0.135 and the creation and development feeof $0.050. With respect to the Global Water Portfolio ifthe Public Offering Price per Unit rose to $14, themaximum sales charge would be $0.385 (2.75% of thePublic Offering Price per Unit), consisting of an initialsales charge of $0.110, a deferred sales charge of$0.225 and the creation and development fee of$0.050. 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 those

securities 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. With respectto the Turnaround Strategy Portfolio, if the PublicOffering Price per Unit fell to $6, the maximum salescharge would be $0.111 (1.85% of the Public OfferingPrice per Unit), which consists of an initial sales charge(credit) of -$0.074, a deferred sales charge of $0.135and a creation and development fee of $0.050. Withrespect to the Global Water 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.

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.

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

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

Distribution Reinvestments. We do not charge anysales charge when you reinvest distributions from yourPortfolio into additional Units of your Portfolio. Since thedeferred sales charge and creation and developmentfee are fixed dollar amounts per unit, your Portfolio mustcharge these amounts per unit regardless of thisdiscount. If you elect to reinvest distributions, the

Sponsor will credit you with additional Units with adollar value sufficient to cover the amount of anyremaining deferred sales charge and creation anddevelopment fee that will be collected on such Units atthe time of reinvestment. The dollar value of these Unitswill fluctuate over time.

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

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

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service 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 the Portfolio. These costsinclude the costs of preparing documents relating to thePortfolio (such as the registration statement, prospectus,trust agreement and legal documents), federal and stateregistration fees, fees paid to the Portfolio Consultant bythe Turnaround Strategy Portfolio for assisting theSponsor in the selection process, the initial fees andexpenses of the Trustee and the initial audit. ThePortfolio will sell securities to reimburse us for thesecosts at the end of the initial offering period or after sixmonths, if earlier. The value of your Units will declinewhen the Portfolio pays these costs.

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

Unit Sales Concessions. Brokers, dealers and otherswil l be al lowed a regular concession or agencycommission in connection with the distribution of Unitsduring the initial offering period of 1.25% of the PublicOffering Price per Unit with respect to the TurnaroundStrategy Portfolio and 2.00% of the Public Offering Priceper Unit. With respect to the Global Water Portfolio.

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 unit

investment 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:

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

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

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

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compensation, 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 theconcession or agency commission to dealers andothers from time to time.

We may provide, at our own expense and out of ourown profits, additional compensation and benefits tobroker-dealers who sell Units of these 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,” any salescharge discount provided to investors will be borne bythe selling dealer or agent. In addition, the Sponsor willrealize a profit or loss as a result of the differencebetween the price paid for the Securities by theSponsor and the cost of the Securities to each Portfolio

on the Initial Date of Deposit as well as on subsequentdeposits. See “Notes to Portfolios”. The Sponsor hasnot participated as sole underwriter or as manager oras a member of the underwriting syndicates or as anagent in a private placement for any of the Securities.The Sponsor may realize profit or loss as a result of thepossible fluctuations in the market value of Units heldby the Sponsor for sale to the public. In maintaining asecondary market, the Sponsor will realize profits orlosses in the amount of any difference between 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 purchaseof Units may be used in the Sponsor’s business andmay be deemed to be a benefit to the Sponsor, subjectto the limitations of the Securities Exchange Act of1934, as amended (“1934 Act”).

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

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

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Sponsor of any Units tendered for redemption. If theSponsor’s bid in the secondary market equals orexceeds the Redemption Price per Unit, i t maypurchase the Units not later than the day on whichUnits would have been redeemed by the Trustee. TheSponsor may sell repurchased Units at the secondarymarket Public Offering Price per Unit.

RETIREMENT ACCOUNTS

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

FEE ACCOUNTS

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

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

You should consult the “Public Offering--ReducingYour Sales Charge” section for specific information onthis and other sales charge discounts. That sectiongoverns the calculation of all sales charge discounts.The Sponsor reserves the r ight to l imit or denypurchases of Units in Fee Accounts by investors orsel l ing f irms whose frequent trading activity is

determined to be detrimental to a Portfolio. To purchaseUnits in these Fee Accounts, your financial professionalmust purchase Units designated with one of the FeeBased CUSIP numbers set forth under “EssentialInformation,” either Fee Based Cash for cashdistributions or Fee Based Reinvest for the reinvestmentof distributions in additional Units, if available. See“Rights of Unitholders--Reinvestment Option.”

RIGHTS OF UNITHOLDERS

Distributions. Dividends and interest, net ofexpenses, and any net proceeds from the sale ofSecurities received by a Portfolio will generally bedistributed to Unitholders on each Distribution Date toUnitholders of record on the preceding Record Date.These dates appear under “Essential Information”.Distributions made by the securities in your Portfolioinclude ordinary income, but may also include sourcesother than ordinary income such as returns of capital,loan proceeds, short-term capital gains and long-termcapital gains (see “Taxation--Distributions”). In addition,the Portfolios will generally make required distributionsat the end of each year because each is structured as a“regulated investment company” for federal taxpurposes. Unitholders wi l l also receive a f inaldistribution 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 a Portfolio arecredited to the Income Account of the Portfolio. Otherreceipts (e.g., capital gains, proceeds from the sale ofSecurities, etc.) are credited to the Capital Account.Proceeds received on the sale of any Securities, to theextent not used to meet redemptions of Units or paydeferred sales charges, fees or expenses, will 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 next

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Distribution Date. Any distribution to Unitholdersconsists of each Unitholder’s pro rata share of theavailable cash in the Income and Capital Accounts as ofthe related Record Date.

Historical and Estimated Distributions. Thehistorical annual income per Unit, and estimated initialdistribution per Unit (if any), may be shown under“Essential Information.” These figures are based ondistribution data from the 12 month period precedingthe Initial Date of Deposit. Generally, these figures arebased upon several recently declared dividends ordistributions within the preceding 12 month period, aswell as interim and final dividends or distributions offoreign issuers (accounting for any foreign withholdingtaxes or additional declared distributions). With respectto domestic common stock issuers, these figures aretypically based upon the most recent ordinary quarterlydividend, which is annualized. However, commonstocks do not assure dividend payments and thereforethe amount of future dividend income to your Portfoliois uncertain. The actual net annual distributions maydecrease over time because a portion of the Securitiesincluded in your Portfolio will be sold to pay for theorganization costs, deferred sales charge and creationand development fee. Securities may also be sold topay regular fees and expenses during your Portfolio’slife. Dividend and income conventions for certaincompanies and/or certain countries differ from thosetypically used in the United States and in certaininstances, dividends/income paid or declared overseveral years or other periods may be used to calculatehistorical annual distributions. The actual net annualincome distributions you receive will vary from thehistorical annual distribution amount due to changes individends and distribution amounts paid by the issuers;currency fluctuations; the sale of Securities to pay anydeferred sales charge; Portfolio fees and expenses; andwith changes in your Portfolio such as the acquisition,call, maturity or sale of Securities. 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 Units

without a sales charge (to the extent Units may belawfully offered for sale in the state in which theUnitholder resides). The CUSIP numbers for either“Cash” distributions or “Reinvest” for the reinvestmentof distr ibut ions are set forth under “Essent ia lInformation”. Brokers and dealers can use the DividendReinvestment Service through Depository TrustCompany (“DTC”) or purchase a Reinvest (or FeeBased Reinvest in the case of Fee Based Eligible Unitsheld in Fee Accounts) CUSIP, if available. To participatein this reinvestment option, a Unitholder must file withthe Trustee a written notice of election, together withany other documentation that the Trustee may thenrequire, at least five days prior to the related RecordDate. A Unitholder’s election will apply to all Unitsowned by the Unitholder and will remain in effect untilchanged by the Unitholder. The reinvestment option isnot offered during the 30 calendar days prior totermination. If Units are unavailable for reinvestment orthis reinvestment option is no longer avai lable,distributions will be paid in cash. Distributions will betaxable to Unitholders if paid in cash or automaticallyreinvested in additional Units. See “Taxation”.

A participant may elect to terminate his or herreinvestment plan and receive future distributions incash by notifying the Trustee in writing no later than fivedays before a Distribution Date. The Sponsor shallhave the r ight to suspend or terminate thereinvestment plan at any time. The reinvestment plan issubject to availability or limitation by each broker-dealeror sel l ing f i rm. Broker-dealers may suspend orterminate the offering of a reinvestment plan at anytime. Please contact your financial professional foradditional information.

Redemption of Units. All or a portion of your Unitsmay be tendered to The Bank of New York Mellon, theTrustee, for redemption at Unit Investment Trust Division,111 Sanders Creek Parkway, East Syracuse, New York13057, on any day the New York Stock Exchange isopen. No redemption fee will be charged by the Sponsoror the Trustee, but you are responsible for applicablegovernmental charges, if any. Units redeemed by theTrustee will be canceled. You may redeem all or a portionof your Units by sending a request for redemption to your

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bank or broker-dealer through which you hold your Units.No later than two business days (or any shorter periodas may be required by the applicable rules under the1934 Act) following satisfactory tender, the Unitholder willbe entitled to receive in cash an amount for each Unitequal to the Redemption Price per Unit next computedon the date of tender. The “date of tender” is deemed tobe the date on which Units are received by the Trustee,except that with respect to Units received by the Trusteeafter the Evaluation Time or on a day which is not abusiness day, the date of tender is deemed to be the nextbusiness day. Redemption requests received by theTrustee after the Evaluation Time, and redemptionrequests received by authorized financial professionalsafter the Evaluation Time or redemption requestsreceived by such persons that are not transmitted to theTrustee until after the time designated by the Trustee, arepriced based on the date of the next determinedredemption price provided they are received timely by theTrustee on such date. It is the responsibility of authorizedfinancial professionals to transmit redemption requestsreceived by them to the Trustee so they will be receivedin a timely manner. Certain broker-dealers or selling firmsmay charge an order handling fee for processingredemption requests. Units redeemed directly throughthe Trustee are not subject to such fees.

For the Turnaround Strategy Portfolio only, Unitholderstendering 1,000 or more Units of the Portfolio (or suchhigher amount as may be required by your broker-dealeror selling agent) for redemption may request an in kinddistribution of Securities equal to the Redemption Priceper Unit on the date of tender. Unitholders may notrequest an in kind distribution during the initial offeringperiod or within 30 calendar days of the Portfolio'stermination. The Portfolio generally will not offer in kinddistributions of portfolio securities that are held in foreignmarkets. An in kind distribution will be made by theTrustee through the distribution of each of the Securitiesin book-entry form to the account of the Unitholder'sbroker-dealer at DTC. Amounts representing fractionalshares will be distributed in cash. The Trustee may adjustthe number of shares of any Security included in aUnitholder's in kind distribution to facilitate the distributionof whole shares. The in kind distribution option may be

modified or discontinued at any time without notice.Notwithstanding the foregoing, if the Unitholderrequesting an in kind distribution is the Sponsor or anaffiliated person of the Portfolio, the Trustee may make anin kind distribution to such Unitholder provided that noone with a pecuniary incentive to influence the in kinddistribution may influence selection of the distributedsecurities, the distribution must consist of a pro ratadistribution of all portfolio securities (with limitedexceptions) and the in kind distribution may not favor suchaffiliated person to the detriment of any other Unitholder.Unitholders will incur transaction costs in liquidatingsecurities received in an in-kind distribution, and any suchsecurities received will be subject to market risk until sold.In the event that any securities received in-kind are illiquid,Unitholders will bear the risk of not being able to sell suchsecurities in the near term, or at all.

The Trustee may sell Securities to satisfy Unitredemptions. To the extent that Securities are redeemedin kind (for the Turnaround Strategy Portfolio) or are sold,the size of the Portfolio will be, and the diversity of thePortfolio may be, reduced. Sales may be required at atime when Securities would not otherwise be sold andmay result in lower prices than might otherwise berealized. The price received upon redemption may bemore or less than the amount paid by the Unitholderdepending on the value of the Securities at the time ofredemption. Special federal income tax consequences willresult if a Unitholder requests an in kind distribution (forthe Turnaround Strategy Portfolio). 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 the

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

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

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

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

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

If you elect to participate in a cash Rollover, yourUnits will be redeemed on the Mandatory TerminationDate. As the redemption proceeds become available,the proceeds (including dividends) will be invested in anew trust series at the public offering price for the newtrust. The Trustee will attempt to sell Securities to satisfythe redemption as quickly as practicable on theMandatory Termination Date. We do not anticipate 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 strategies or objectives asthe current Portfolios. We cannot guarantee that aRol lover wi l l avoid any negative market priceconsequences resulting from trading large volumes ofsecurit ies. Market price trends may make itadvantageous to sell or buy securities more quickly ormore slowly than permitted by the Portfolio procedures.We may, in our sole discretion, modify a Rollover or stopcreating units of a trust at any time regardless ofwhether al l proceeds of Unitholders have beenreinvested in a Rollover. If we decide not to offer asubsequent series, Unitholders will be notified prior tothe Mandatory Termination Date. Cash which has notbeen reinvested in a Rollover will be distributed toUnitholders shortly after the Mandatory TerminationDate. Rol lover part icipants may receive taxabledividends or realize taxable capital gains which arereinvested in connection with a Rollover but may not beentitled to a deduction for capital losses due to the“wash sale” tax rules. Due to the reinvestment in asubsequent trust, no cash will be distributed to pay anytaxes. See “Taxation”.

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

Reports Provided. Unitholders will receive astatement of dividends and other amounts received by

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

PORTFOLIO ADMINISTRATION

Portfolio Administration. Your Portfolio is not amanaged fund and, except as provided in the TrustAgreement, Securities generally will not be sold orreplaced. The Sponsor may, however, direct thatSecurities be sold in certain limited circumstances toprotect 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 offerhas been made for a Security or a merger or acquisitionhas been announced affecting a Security, the Trusteemay either sell the Security or accept an offer if theSupervisor determines that the sale or exchange is inthe best interest of Unitholders. The Trustee willdistribute any cash proceeds to Unitholders. In addition,the Trustee may sell Securities to redeem Units or payPortfol io expenses or deferred sales charges. Ifsecurities or property are acquired by a Portfolio, theSponsor may direct the Trustee to sell the securities orproperty and distribute the proceeds to Unitholders orto accept the securities or property for deposit in thePortfolio. Should any contract for the purchase of any ofthe Securities fail, the Sponsor will (unless substantiallyall of the moneys held in the Portfolio to cover thepurchase are reinvested in substitute Securities inaccordance with the Trust Agreement) refund the cashand sales charge attributable to the failed contract to allUnitholders on or before the next Distribution Date.

The Sponsor may direct the reinvestment ofproceeds of the sale of Securities if the sale is thedirect result of serious adverse credit factors which, inthe opinion of the Sponsor, would make retention ofthe Securities detrimental to your Portfolio. In such acase, the Sponsor may, but is not obligated to, directthe reinvestment of sale proceeds in any othersecurities that meet the criteria for inclusion in yourPortfolio on the Initial Date of Deposit. The Sponsormay also instruct the Trustee to take action necessaryto ensure that your Portfolio continues to satisfy thequalifications of a regulated investment company andto avoid imposition of tax on undistributed income ofthe Portfolio.

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

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

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

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Trust Agreement). The Trustee will notify Unitholders ofany amendment.

Termination. Your Portfolio will terminate on theMandatory Termination Date specified under “EssentialInformation” or upon the sale or other disposition of thelast Security held in the Portfolio. Your Portfolio may beterminated at any time with consent of Unitholdersrepresenting two-thirds of the outstanding Units or by theTrustee when the value of your 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 Trustee inthe event that a sufficient number of Units of the Portfolionot yet sold are tendered for redemption by the Sponsor,so that the net worth of the Portfolio would be reduced toless than 40% of the value of the Securities at the timethey were deposited in the Portfolio. If your Portfolio isliquidated because of the redemption of unsold Units bythe Sponsor, the Sponsor will refund to each purchaser ofUnits the entire sales charge paid by such purchaser. TheTrustee may begin to sell Securities in connection with aPortfolio termination nine business days before, and nolater than, the Mandatory Termination Date. QualifiedUnitholders of the Turnaround Strategy Portfolio mayelect an in kind distribution of Securities, provided thatUnitholders may not request an in kind distribution ofSecurities within 30 calendar days of a Portfolio'stermination. Any in kind distribution of Securities will bemade in the manner and subject to the restrictionsdescribed under "Rights of Unitholders--Redemption ofUnits", provided that, in connection with an in kinddistribution election more than 30 calendar days prior totermination, Unitholders tendering 1,000 or more Units ofthe Portfolio (or such higher amount as may be requiredby your broker-dealer or selling agent) may request an inkind distribution of Securities equal to the RedemptionPrice per Unit on the date of tender. Unitholders willreceive a final cash distribution within a reasonable timeafter the Mandatory Termination Date. All distributions willbe net of a Portfolio’s expenses and costs. Unitholderswill receive a final distribution statement followingtermination. The Information Supplement contains furtherinformation regarding termination of your Portfolio. 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 December 31, 2019, the totalstockholders’ equity of Invesco Capital Markets, Inc. was$90,478,021.07 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $1,226.2 billion asof December 31, 2019.

The Sponsor and your Portfolio have adopted a codeof ethics requiring Invesco Ltd.’s employees who have

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

If the Sponsor shall fail to perform any of its dutiesunder the Trust Agreement or become incapable ofacting or shall become bankrupt or its affairs are takenover by public authorities, then the Trustee may(i ) appoint a successor Sponsor at rates ofcompensation deemed by the Trustee to be reasonableand not exceeding amounts prescribed by the SEC,(ii) terminate the Trust Agreement and liquidate thePortfolios 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 at2 Hanson Place, 12th Floor, Brooklyn, New York11217, (800) 856-8487. I f you have quest ionsregarding your account or your Portfolio, pleasecontact the Trustee at its principal unit investment trustdivision offices or your financial adviser. The Sponsordoes not have access to indiv idual accountinformation. The Bank of New York Mellon is subject tosupervision and examination by the Superintendent ofBanks of the State of New York and the Board ofGovernors of the Federal Reserve System, and itsdeposits are insured by the Federal Deposit InsuranceCorporation to the extent permitted by law. Additionalinformation regarding the Trustee is set forth in theInformation 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 aPortfolio. Tax laws and interpretations are subject tochange, possibly with retroactive effect. This summary

does 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 certaincorporations may be reported by the Portfolio as being

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eligible 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 distribution. Accordingly, a distributionpaid shortly after a purchase of Units by a Unitholderwould represent, in substance, a partial return of capital,however, it would be subject to income taxes.

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

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

year 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 the UnitedStates that include an exchange of information program,or (c) with respect to stock of a foreign corporation thatis readily tradeable on an established securities market inthe United States. Both the Portfolio and the Unitholdermust meet certain holding period requirements to qualifyPortfolio dividends for this treatment. Income derivedfrom investments in derivatives, fixed-income securities,U.S. real estate investment trusts, passive foreigninvestment companies, and income received "in lieu of"dividends in a securities lending transactions generally isnot eligible for treatment as qualified dividend income. Ifthe qualified 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 paid bythe 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 forcapital gains tax rates. There is no requirement that taxconsequences be taken into account in administeringyour Portfolio.

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

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

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

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

general ly, subject to appl icable tax treat ies,distr ibut ions to you from your Portfol io wi l l becharacterized as dividends for federal income taxpurposes (other than dividends that your Portfolioreports as capital gain dividends) and will be subject toU.S. income taxes, including withholding taxes, subjectto certain exceptions described below. You may beeligible under certain income tax treaties for a reductionin withholding rates. However, distributions received bya foreign investor from your Portfolio that are properlyreported by the trust as capital gain dividends, interest-related dividends paid by the Portfolio from its qualifiednet interest income from U.S. sources and short-termcapital gain dividends, may not be subject to U.S.federal income taxes, including withholding taxes,provided that your Portfolio makes certain electionsand 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 di l igence, report ing,withholding, and certification obligations, (ii) if theforeign entity is not a "foreign financial institution," itidentifies certain of its U.S. investors or (iii) the foreignentity is otherwise excepted under FATCA. If requiredunder the rules above and subject to the applicability ofany intergovernmental agreements between the UnitedStates and the relevant foreign country, withholdingunder FATCA may apply. Under existing regulations,FATCA withholding on gross proceeds from the sale ofUnits and capital gain distributions from your Portfoliotook effect on January 1, 2019; however, recentlyproposed U.S. tax regulat ions el iminate FATCAwithholding on such types of payments. Taxpayersgeneral ly may rely on these proposed TreasuryRegulations until final Treasury Regulations are issued.If withholding is required under FATCA on a paymentrelated to your Units, investors that otherwise wouldnot be subject to withholding (or that otherwise wouldbe entitled to a reduced rate of withholding) on suchpayment generally will be required to seek a refund orcredit from the IRS to obtain the benefit of such

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exemption 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.

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

PORTFOLIO OPERATING EXPENSES

General. The fees and expenses of your Portfoliowi l l general ly accrue on a dai ly basis. Portfol iooperating fees and expenses are generally paid out ofthe Income Account to the extent funds are available,and then from the Capital Account. The deferred salescharge, creation and development fee and organizationcosts are generally paid out of the Capital Account ofyour Portfolio. It is expected that Securities will be soldto pay these amounts which will result in capital gainsor losses to Unitholders. See “Taxation”. These saleswill reduce future income distributions. The Sponsor’s,Supervisor’s and Trustee’s fees may be increasedwithout approval of the Unitholders by amounts notexceeding proportionate increases under the category“Services Less Rent of Shelter” in the Consumer PriceIndex for All Urban Consumers or, if this category is notpublished, in a comparable category.

Organization Costs. You and the otherUnitholders will bear all or a portion of the organizationcosts and charges incurred in connection with theestablishment of your Portfolio. These costs andcharges will include the cost of the preparation, printingand execution of the trust agreement, registrationstatement and other documents relating to yourPortfolio, fees paid to the Portfolio Consultant by theTurnaround Strategy Portfolio for assisting the Sponsorin the selection of the securities, federal and stateregistration fees and costs, the init ial fees andexpenses of the Trustee, and legal and auditingexpenses. The Public Offering Price of Units includesthe estimated amount of these costs. The Trustee willdeduct these expenses from your Portfolio’s assets atthe end of the initial offering period.

Creation and Development Fee. The Sponsorwill receive a fee from your Portfolio for creating anddeveloping a Portfolio, including determining thePortfolio’s objectives, policies, composition and size,selecting service providers and information servicesand for providing other similar administrative andministerial functions. The creation and development feeis a charge of $0.05 per Unit. The Trustee will deductthis amount from your Portfolio’s assets as of the close

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of the initial offering period. No portion of this fee isapplied to the payment of distribution expenses or ascompensation for sales efforts. This fee will not bededucted from proceeds received upon a repurchase,redemption or exchange of Units before the close ofthe initial public offering period.

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

Compensation of Sponsor and Supervisor. TheSponsor and the Supervisor, which is an affiliate of theSponsor, 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 all Invescounit investment trusts in any calendar year exceed theaggregate cost of providing these services in 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 heldin the Portfolio, (i) any offering costs incurred after the

end of the initial offering period and (j) expendituresincurred in contacting Unitholders upon termination ofthe Portfolio. The Global Water Portfolio will pay alicense fee to SNGI for use of certain trademarks andother property. The Turnaround Strategy Portfolio willpay a license fee to Argus Investors’ Counsel, Inc. forthe use of certain service marks and other intellectualproperty. Each Portfolio may pay the expenses ofupdating its registration statement each year.

OTHER MATTERS

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

Independent Registered Public AccountingFirm. The statement of condition and the relatedportfolio included in this prospectus have been auditedby Grant Thornton LLP, independent registered publicaccounting firm, as set forth in their report in thisprospectus, and are included herein in reliance upon theauthority of said firm as experts in accounting andauditing.

ADDITIONAL INFORMATION

This prospectus does not contain all the informationset forth in the registration statements filed by yourPortfolio with the SEC under the Securities Act of 1933and the Investment Company Act of 1940 (file no.811-02754). The Information Supplement, which hasbeen filed with the SEC and is incorporated herein byreference, includes more detai led informationconcerning the Securities, investment risks and generalinformation about your Portfolio. Reports and otherinformation about your Portfolio are available on theEDGAR Database on the SEC’s Internet site athttp://www.sec.gov. Copies of this information may beobtained, after paying a duplication fee, by electronicrequest at the fol lowing e-mail address:[email protected] or by writing the SEC’s PublicReference Section, Washington, DC 20549-0102.

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TABLE OF CONTENTS

Title Page

Turnaround Strategy Portfolio ............................ 2Global Water Portfolio ........................................ 6Notes to Portfolio............................................... 10Report of Independent Registered

Public Accounting Firm .................................. 11Statement of Condition...................................... 12The Portfolio ...................................................... A-1Objective and Securities Selection ..................... A-2Risk Factors ...................................................... A-3Public Offering ................................................... A-11Retirement Accounts ......................................... A-16Fee Accounts .................................................... A-16Rights of Unitholders ......................................... A-16Portfolio Administration...................................... A-20Taxation ............................................................. A-22Portfolio Operating Expenses............................. A-25Other Matters .................................................... A-26Additional Information ........................................ A-26

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

The information in this prospectus is not complete with respectto future Portfolio series and may be changed. No person maysell Units of future Portfolios until a registration statement is filedwith the Securities and Exchange Commission and is effective.This prospectus is not an offer to sell Units and is not solicitingan offer to buy Units in any state where the offer or sale is notpermitted.

U-EMSPRO2041

PROSPECTUS

March 12, 2020



Please retain this prospectus for future reference.

INVESCO

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