Closed-End Strategy: Master Municipal Income Portfolio – California Series 2020-3

Closed-End Strategy: Master Municipal Income Portfolio – New York Series 2020-3

The unit investment trusts named above (the “Portfolios”), included in Invesco Unit Trusts, Series 2073, seekfederally tax-exempt income by investing in a portfolio of closed-end funds which concentrate in tax-exempt municipalbonds. The California Series and New York Series also seek to provide income exempt from state income tax forresidents of the applicable state. Of course, we cannot guarantee that a Portfolio will achieve its objective.

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

August 27, 2020

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

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

Any contrary representation is a criminal offense.

INVESCO

Investment Objective. The Portfolio seeks toprovide current income exempt from federal andCalifornia income tax and the potential for capitalappreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioconsisting of common stock of closed-end investmentcompanies (known as “closed-end funds”). Theseclosed-end funds generally seek to invest in tax-exempt municipal bonds issued primarily by Californiaissuers. Income may be subject to the alternativeminimum tax and a portion of the income could bederived from non-California bonds and taxable toCalifornia residents. Invesco Capital Markets, Inc. is theSponsor of the Portfolio.

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

• Manager Performance – Performance relative toits benchmark and peer group

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

• Dividend – Current dividend level andsustainability

• Diversification – Analysis of asset class mix

• Credit Quality – Analysis of f ixed incomeholdings

• Liquidity – Analysis of fund trading volume

Approximately 36% of the closed-end funds in thePortfolio are funds classified as “non-diversified” underthe Investment Company Act of 1940. These fundshave the ability to invest a greater portion of theirassets in obligations of a single issuer. As a result,these funds may be more susceptible to volatility thana more diversified fund.

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

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

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

• You could experience dilution of yourinvestment if the size of the Portfolio is

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Closed-End Strategy: Master Municipal Income Portfolio — California Series

increased as Units are sold. There is noassurance that your investment will maintain itsproportionate share in the Portfolio’s profitsand losses.

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

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

• The Portfolio is concentrated in closed-end funds that invest in municipal bonds.Municipal bonds are typically long-term fixed ratedebt obligations issued by a municipality oragency thereof, and as a result are generallysubject to the various economic, political andother such risks that may affect an issuer. Likeother fixed income securities, municipal bondsgenerally decline in value with increases in interestrates. The market for municipal bonds is generallyless liquid than for other securities and thereforethe price of municipal bonds may be more volatileand subject to greater price fluctuations thansecurities with greater liquidity.

• The closed-end funds may invest insecurities rated below investment gradeand considered to be “junk” or “high-yield” securities. Securities rated below“BBB-” by Standard & Poor’s or Fitch Ratingsor below “Baa3” by Moody’s are considered tobe below investment grade. These securitiesare considered to be speculative and aresubject to greater market and credit risks.Accordingly, the risk of default is higher thanwith investment grade securities. In addition,these securities may be more sensitive tointerest rate changes and may be more likely tomake early returns of principal.

• Because the Portfolio is concentrated inclosed-end funds that invest in bonds ofissuers located in California, there maybe more risk than if the bonds wereissued by issuers located in severalstates. The financial condition of California isaffected by various national and local,economic, social and environmental policiesand conditions and may have an effect on thevalue of Units.

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

3

4

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 0.301% $ 2.946 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.219% $ 2.143Supervisory, bookkeeping and

administrative fees 0.050 0.494Underlying fund expenses 2.497 24.435 ______ ______

Total 2.766% $27.072* ______ ______ ______ ______

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 $ 4853 years 1,4545 years 2,42110 years 4,831

* 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 $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of1.85% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.135 per Unit and accrues daily fromDecember 10, 2020 through May 9, 2021. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

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

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit August 27, 2020Mandatory Termination Date November 19, 2021Historical 12 Month Distributions1,2 $0.36794 per UnitRecord Dates2 10th day of each monthDistribution Dates2 25th day of each monthCUSIP Numbers Cash – 46148B739 Reinvest – 46148B747 Fee Based Cash – 46148B754 Fee Based Reinvest – 46148B762

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

2 The Trustee will make distributions of income and capital on eachmonthly Distribution Date to Unitholders of record on the precedingRecord Date, provided that the total cash held for distribution equals atleast 0.1% of the Portfolio’s net asset value. Undistributed income andcapital will be distributed in the next month in which the total cash heldfor distribution equals at least 0.1% of the Portfolio’s net asset value.Based on the foregoing, it is currently estimated that the initialdistribution will occur in October 2020.

5

Closed-End Strategy: Master Municipal Income Portfolio — California Series 2020-3

Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ 435 BlackRock California Municipal Income Trust $ 13.630 $ 5,929.05 1,025 BlackRock MuniHoldings California Quality Fund, Inc. 14.510 14,872.75 414 BlackRock MuniYield California Fund, Inc. 14.230 5,891.22 1,213 BlackRock MuniYield California Quality Fund, Inc. 14.670 17,794.71 1,552 Eaton Vance California Municipal Bond Fund 11.670 18,111.84 769 Eaton Vance California Municipal Income Trust 13.700 10,535.30* 1,568 Invesco California Value Municipal Income Trust 12.340 19,349.12 450 Neuberger Berman California Municipal Fund, Inc. 13.220 5,949.00 1,253 Nuveen California AMT-Free Quality Municipal Income Fund 15.380 19,271.14 1,320 Nuveen California Quality Municipal Income Fund 14.570 19,232.40 1,317 PIMCO California Municipal Income Fund II 9.070 11,945.19___________ ____________ 11,316 $ 148,881.72___________ _______________________ ____________

See “Notes to Portfolios.”

Investment Objective. The Portfolio seeks toprovide current income exempt from federal and NewYork income tax and the potential for capitalappreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in aportfolio consisting of common stock of closed-endinvestment companies (known as “closed-endfunds”). These closed-end funds generally seek toinvest in tax-exempt munic ipa l bonds issuedprimari ly by New York issuers. Income may besubject to the alternative minimum tax and a portionof the income could be derived from non-New Yorkbonds and taxable to New York residents. InvescoCapital Markets, Inc. is the Sponsor of the Portfolio.

In select ing securi t ies for the Portfol io, theSponsor sought to invest in funds representative ofasset classes with generally attractive federal andNew York state tax-exempt income opportunities. Inaddition, the Sponsor assembled the final portfoliobased on consideration of factors including, but notlimited to:

• Manager Performance – Performance relativeto its benchmark and peer group

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

• Div idend – Current d iv idend leve l andsustainability

• Diversification – Analysis of asset class mix

• Credit Quality – Analysis of f ixed incomeholdings

• Liquidity – Analysis of fund trading volume

Approximately 67% of the closed-end funds in thePortfolio are funds classified as “non-diversified”under the Investment Company Act of 1940. Thesefunds have the ability to invest a greater portion oftheir assets in obligations of a single issuer. As aresult, these funds may be more susceptible tovolatility than a more diversified fund.

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

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

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

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

• The value of the securities in theclosed-end funds will generally fall ifinterest rates, in general, rise. In a lowinterest rate environment risks associated withrising rates are heightened. The negativeimpact on fixed income securities from anyinterest rate increases could be swift andsignificant. No one can predict whether interestrates will rise or fall in the future.

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

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Closed-End Strategy: Master Municipal Income Portfolio — New York Series

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

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

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

• The Portfolio is concentrated in closed-end funds that invest in municipal bonds.Municipal bonds are typically long-term fixed ratedebt obligations issued by a municipality oragency thereof, and as a result are generallysubject to the various economic, political andother such risks that may affect an issuer. Likeother fixed income securities, municipal bondsgenerally decline in value with increases in interestrates. The market for municipal bonds is generallyless liquid than for other securities and thereforethe price of municipal bonds may be more volatile

and subject to greater price fluctuations thansecurities with greater liquidity.

• The closed-end funds may invest insecurities rated below investmentgrade and considered to be “junk” or“high-yield” securities. Securities ratedbelow “BBB-” by Standard & Poor’s or FitchRatings or below “Baa3” by Moody’s areconsidered to be below investment grade.These secur i t ies are considered to bespeculative and are subject to greater marketand credit r isks. Accordingly, the r isk ofdefault is higher than with investment gradesecurities. In addition, these securities may bemore sensitive to interest rate changes andmay be more likely to make early returns ofprincipal.

• Because the Portfolio is concentratedin closed-end funds that invest inbonds of issuers located in New York,there may be more risk than if thebonds were issued by issuers locatedin several states. The financial condition ofNew York is affected by various national andlocal, economic, social and environmentalpolicies and conditions and may have an effecton the value of Units.

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

7

8

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 0.395% $3.858 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.298% $2.919Supervisory, bookkeeping and

administrative fees 0.051 0.494Underlying fund expenses 2.527 24.705 ______ ______

Total 2.876% 28.118* ______ ______ ______ ______

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 $ 5053 years 1,5105 years 2,50910 years 4,980

* 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 $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of1.85% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.135 per Unit and accrues daily fromDecember 10, 2020 through May 9, 2021. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

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

Essential Information

Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit August 27, 2020Mandatory Termination Date November 19, 2021Historical 12 Month Distributions1,2 $0.37818 per UnitRecord Dates2 10th day of each monthDistribution Dates2 25th day of each monthCUSIP Numbers Cash – 46148B770 Reinvest – 46148B788 Fee Based Cash – 46148B796 Fee Based Reinvest – 46148B804

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

2 The Trustee will make distributions of income and capital on eachmonthly Distribution Date to Unitholders of record on the precedingRecord Date, provided that the total cash held for distribution equals atleast 0.1% of the Portfolio’s net asset value. Undistributed income andcapital will be distributed in the next month in which the total cash heldfor distribution equals at least 0.1% of the Portfolio’s net asset value.Based on the foregoing, it is currently estimated that the initialdistribution will occur in October 2020.

9

Closed-End Strategy: Master Municipal Income Portfolio — New York Series 2020-3

Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ 1,304 BlackRock MuniHoldings New York Quality Fund, Inc. $ 13.730 $ 17,903.92 793 BlackRock MuniYield New York Quality Fund, Inc. 13.180 10,451.74 647 BlackRock New York Municipal Income Trust 13.790 8,922.13 632 BlackRock New York Municipal Income Trust II 13.970 8,829.04 1,249 Eaton Vance New York Municipal Bond Fund 12.000 14,988.00 450 Eaton Vance New York Municipal Income Trust 13.230 5,953.50* 1,538 Invesco Trust for Investment Grade New York Municipals 12.540 19,286.52 497 Neuberger Berman New York Municipal Fund, Inc. 11.970 5,949.09 1,251 Nuveen New York AMT-Free Quality Municipal Income Fund 13.020 16,288.02 1,380 Nuveen New York Quality Municipal Income Fund 14.020 19,347.60 1,362 PIMCO New York Municipal Income Fund II 10.910 14,859.42 650 PIMCO New York Municipal Income Fund III 9.140 5,941.00___________ ____________ 11,753 $ 148,719.98___________ _______________________ ____________

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 anirrevocable letter of credit has been deposited with the Trustee. Contracts to acquire Securities wereentered into on August 26, 2020 and have a settlement date of August 28, 2020 (see “The Portfolios”).

(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 ___________ ___________

Closed-End Strategy: Master Municipal Income Portfolio – California Series . . . . . . . . . . . . . $ 148,882 $ 0

Closed-End Strategy: Master Municipal Income Portfolio – New York Series . . . . . . . . . . . . . $ 148,720 $ 0

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

11

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 2073:

Opinion on the Financial Statements

We have audited the accompanying statements of condition (including the related portfolio schedules) ofClosed-End Strategy: Master Municipal Income Portfolio – California Series 2020-3 and Closed-EndStrategy: Master Municipal Income Portfolio – New York Series 2020-3 (included in Invesco Unit Trusts,Series 2073 (the “Trust”)) as of August 27, 2020, and the related notes (collectively referred to as the“financial statements”). In our opinion, the financial statements present fairly, in all material respects, thefinancial position of the Trust as of August 27, 2020, in conformity with accounting principles generallyaccepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financialstatements, whether due to error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence regarding the amounts and disclosures in thefinancial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Sponsor, as well as evaluating the overall presentation of the financial statements. Ourprocedures included confirmation of cash or irrevocable letters of credit deposited for the purchase ofsecurities as shown in the statements of condition as of August 27, 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 YorkAugust 27, 2020

12

STATEMENTS OF CONDITIONAs of August 27, 2020

California New YorkINVESTMENT IN SECURITIES Series Series _____________ _____________Contracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,882 $ 148,720 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,882 $ 148,720 _____________ _____________ _____________ _____________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 439 $ 574 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010 2,008 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 744 744 Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,882 148,720 Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,193 3,326 _____________ _____________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,689 145,394 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,882 $ 148,720 _____________ _____________ _____________ _____________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,889 14,872 _____________ _____________ _____________ _____________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.786 $ 9.776 _____________ _____________ _____________ _____________

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

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

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

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

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THE PORTFOLIOS

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

The Portfolios offer investors the opportunity topurchase Units representing proportionate interests ina portfol io of shares of closed-end funds. EachPortfolio may be an appropriate medium for investorswho desire to participate in a portfolio of securities withgreater diversification than they might be able toacquire individually.

The Sponsor intends to qualify Units for sale in anumber of states, provided that Units of the CaliforniaSeries may be purchased only by residents ofCalifornia and Units of the New York Series may bepurchased by residents of New York, Connecticut,Florida and New Jersey.

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

Additional Units of a Portfolio may be issued at anytime by deposit ing in the Portfol io ( i ) addit ionalSecurities, (ii) contracts to purchase Securities togetherwith cash or irrevocable letters of credit or (iii) cash (or aletter of credit or the equivalent) with instructions topurchase additional Securities. As additional Units areissued by a Portfolio, the aggregate value of the

Securities will be increased and the fractional undividedinterest represented by each Unit may be decreased.The Sponsor may continue to make additional depositsinto a Portfolio following the Initial Date of Depositprovided that the additional deposits will be in amountswhich will maintain, as nearly as practicable, the samepercentage relationship among the number of shares ofeach Security in the Portfolio that existed immediatelyprior to the subsequent deposit. Investors mayexperience a dilution of their investments and areduction in their anticipated income because offluctuations in the prices of the Securities between thetime of the deposit and the purchase of the Securitiesand because a Portfol io wil l pay the associatedbrokerage or acquisition fees. In addition, during theinitial offering of Units it may not be possible to buy apart icular Security due to regulatory or tradingrestrictions, or corporate actions. While such limitationsare in effect, additional Units would be created bypurchasing each of the Securities in your Portfolio thatare not subject to those limitations. This would alsoresult in the dilution of the investment in any suchSecurity not purchased and potential variances inanticipated income. Purchases and sales of Securitiesby your Portfolio may impact the value of the Securities.This may especially be the case during the initial offeringof Units, upon Portfolio termination and in the course ofsatisfying large Unit redemptions.

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

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redeemed upon tender to the Trustee by Unitholders,which may include the Sponsor, or until the terminationof the Trust Agreement.

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

OBJECTIVES AND SECURITIES SELECTION

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

The Sponsor does not manage the Portfolios. Youshould note that the Sponsor applied the selectioncriteria to the Securities for inclusion in the Portfoliosprior 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 aPortfolio. In offering the Units to the public, neither theSponsor nor any broker-dealers are recommending anyof the individual Securities but rather the entire pool ofSecurities in a Portfolio, taken as a whole, which arerepresented by the Units.

CLOSED-END FUNDS

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

funds don’t have to manage fund liquidity to meetpotentially large redemptions.

Closed-end funds are subject to various risks,including management’s ability to meet the closed-endfund’s investment objective, and to manage theclosed-end fund portfolio when the underlying securitiesare redeemed or sold, during periods of market turmoiland as investors’ perceptions regarding closed-endfunds or their underlying investments change.

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

The closed-end funds included in the Portfolios mayemploy the use of leverage in their portfolios throughthe issuance of preferred stock or other methods. Whileleverage often serves to increase the yield of aclosed-end fund, this leverage also subjects the closed-end fund to increased risks. These risks may includethe likelihood of increased volatility and the possibilitythat the closed-end fund’s common share income willfall if the dividend rate on the preferred shares or theinterest rate on any borrowings rises. The potentialinability for a closed-end fund to employ the use ofleverage effectively, due to disruptions in the market forthe various instruments issued by closed-end funds orother factors, may result in an increase in borrowingcosts and a decreased yield for a closed-end fund.

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

Only the Trustee may vote the shares of the closed-end funds held in the Portfolios. The Trustee will votethe shares in the same general proportion as sharesheld by other shareholders of each fund. Your Portfoliois generally required, however, to reject any offer forsecurities or other property in exchange for portfolio

securities as described under “Portfolio Administration--Portfolio Administration.”

RISK FACTORS

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

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

Market Risk. Market risk is the risk that the value ofthe securities in your Portfolio or in the underlying fundsin your Portfolio will fluctuate. This could cause thevalue of your Units to fall below your original purchaseprice. Market value fluctuates in response to variousfactors. These can include changes in interest rates,inflation, the financial condition of a security’s issuer,perceptions of the issuer, or ratings on a security.Certain geopolit ical and other events, includingenvironmental events and public health events such asepidemics and pandemics, may have a global impactand add to instability in world economies and marketsgenerally. Changing economic, political or financialmarket conditions in one country or geographic regioncould adversely affect the market value of the securitiesheld by your Portfol io in a different country or

geographic region due to increasingly interconnectedglobal economies and financial markets. Even thoughyour Portfolio is supervised, you should remember thatwe do not manage your Portfolio. Your Portfolio will notsell a security solely because the market value falls as ispossible in a managed fund.

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

Interest Rate Risk. Interest rate risk is the risk thatthe value of securities held by certain closed-end fundswill fall if interest rates increase. The securities held bythe closed-end funds typically fall in value when interestrates rise and rise in value when interest rates fall. Thesecurities held by the closed-end funds with longerperiods before maturity are often more sensitive tointerest rate changes. In a low interest rate environmentrisks associated with rising rates are heightened. Thenegative impact on fixed income securities from anyinterest rate increases could be swift and significantand, as a result, a rise in interest rates may adverselyaffect the value of your Units.

Credit Risk. Credit risk is the risk that a borrower isunable to meet its obligation to pay principal or interest

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on a security held by a closed-end fund. This mayreduce the level of dividends a closed-end fund payswhich would reduce your income and could cause thevalue of your Units to fall. 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 resultin capital gains or losses to you. See “Taxation”.

Closed-End Funds. Your Portfolio invests in sharesof closed-end funds. You should understand thepreceding section titled “Closed-End Funds” before youinvest. Shares of closed-end funds frequently trade at adiscount from their net asset value in the secondarymarket. This risk is separate and distinct from the riskthat the net asset value of fund shares may decrease.The amount of such discount from net asset value issubject to change from time to time in response tovarious factors. Closed-end funds are subject to variousrisks, including management’s ability to meet the fund’sinvestment objective, and to manage the fund portfoliowhen the underlying securities are redeemed or sold,during periods of market turmoil and as investors’perceptions regarding closed-end funds or theirunderlying investments change. Your Portfolio and theunderlying funds have operating expenses. You will bearnot only your share of your Portfolio’s expenses, butalso the expenses of the underlying funds. By investingin other funds, a Portfolio incurs greater expenses thanyou would incur if you invested directly in the funds.

Municipal Bond Risks. Each of the closed-endfunds held by your Portfolio invests in tax-exemptmunicipal bonds. Municipal bonds are debt obligationsissued by states or by polit ical sub-divisions orauthorities of states. Municipal bonds are typicallydesignated as general obligation bonds, which aregeneral obligations of a governmental entity that arebacked by the taxing power of such entity, or revenuebonds, which are payable from the income of a specificproject or authority and are not supported by theissuer’s power to levy taxes. Municipal bonds arelong-term fixed rate debt obligations that generallydecline in value with increases in interest rates, when anissuer’s financial condition worsens or when the rating

on a bond is decreased. Many municipal bonds may becalled or redeemed prior to their stated maturity, anevent which is more likely to occur when interest ratesfall. In such an occurrence, a closed-end fund may notbe able to reinvest the money it receives in other bondsthat have as high a yield or as long a maturity.

Many municipal bonds are subject to continuingrequirements as to the actual use of the bond proceedsor manner of operation of the project financed frombond proceeds that may affect the exemption ofinterest on such bonds from federal income taxation.The market for municipal bonds is generally less liquidthan for other securities and therefore the price ofmunicipal bonds may be more volatile and subject togreater price fluctuations than securities with greaterliquidity. In addition, an issuer’s ability to make incomedistributions generally depends on several factorsincluding the financial condition of the issuer andgeneral economic conditions. Any of these factors maynegatively impact the price of municipal bonds held bya closed-end fund and would therefore impact the priceof both the fund shares and the Units.

The funds invest primarily in municipal bonds thatpay interest that is exempt from regular federal incometax and, for state-specific funds, from regular incometax of the applicable state. Notwithstanding theforegoing, certain income from a fund may not qualifyas tax-exempt income and could be subject to federal,state or local tax. In addition, income from the fundsmay be subject to the alternative minimum tax and mayhave other tax consequences (e.g., they may affect theamount of social security benefits that are taxed).Capital gains and capital gain dividends, if any, andordinary income dividends, if any, will be subject to tax.

California Risks. Because the California Seriesinvests substantially all of its total assets in funds thatinvest in California municipal securities, the Portfolio ismore susceptible to political, economic, regulatory orother factors affecting issuers of California municipalsecurities than an investment which does not limit itsinvestments to such issuers. These risks includepossible legislative, state constitutional or regulatoryamendments that may affect the ability of state andlocal governments or regional governmental authorities

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to raise money to pay and interest on their municipalsecurities. Economic, fiscal and budgetary conditionsthroughout the state may also influence the Portfolio’sperformance. The Sponsor is unable to predict whatimpact these issues may have on the value of yourUnits or the obligations included in the Portfolio.

California state and local government obligationsmay be adversely affected by political and economicconditions and developments within California and thenation as a whole. As the State’s budgetary and fiscalcondition has improved since the end of the 2008financial crisis, addressing the deferred paymentobligations to schools and local governments as wellas California’s significant unfunded pension liabilitieshas become a priority in the State’s budget. California’sLegislature has made substantial progress in reducingthe deferred obl igat ions. Consensus amongeconomists is that the economic outlook for the Statewill continue to improve in the near term; however, theeconomy and California’s fiscal condition remainsubject to various fiscal risks and pressures whichcould adversely affect the State’s recovery or result in areturn to budget deficits.

Although revenue obl igations of the State ofCalifornia or its political sub-divisions may be payablefrom a specific project or source, there can be noassurance that future economic difficulties and theresult ing impact on State and local governmentfinances will not adversely affect the market value of thePortfolio or the ability of the respective obligors to maketimely payments of principal and interest on suchobligations. Federal tax code revisions which went intoeffect in 2018 that limit the amount of state and localtaxes an individual may deduct, and generally increaseeffective federal tax rates for many individuals, mayimpact the State’s ability to increase tax revenue to fundpublic infrastructure projects and gain approval ofgeneral obligation and dedicated tax revenue bondballot measures. Over time, this could pressure theState’s finances and may have a detrimental impact oncredit quality of the State’s debt issuances.

The value of California municipal instruments mayalso be affected by general conditions in the moneymarkets or the municipal bond markets, the levels of

federal income tax rates, the supply of tax-exemptbonds, the credit quality and rating of the issues andperceptions with respect to the level of interest rates.

There can be no assurance that there will not be afurther decline in economic conditions or that theparticular California municipal securities in the Portfoliowill not be adversely affected by any such changes.

As of August 2020, the State’s general obligationbonds are rated Aa2 by Moody’s Investors Service, Inc.(“Moody’s”), AA- by Standard & Poor’s Ratings Services(“S&P”), and AA by Fitch Ratings, Inc. (“Fitch”). Thoughbonds issued by the State remain “investment grade”according to each ratings agency and all three ratingsagencies have upgraded the State’s bond rating basedon its improved fiscal condition and economic growthsince the 2008 financial crisis, California’s credit ratingsremain lower than most other states, and the statetherefore pays higher interest rates than its peers whenissuing general obligation bonds. The agencies continueto monitor the State’s budget outlook closely todetermine whether to alter the ratings. It is not possibleto determine whether, or the extent to which, Moody’s,S&P or Fitch will change such ratings in the future.

Further information concerning California risk factorsmay be obtained upon request to the Sponsor asdescribed under “Additional Information”.

New York Risks. Because the New York Seriesinvests in funds that invest primarily in New Yorkmunicipal securities, the Portfolio is more susceptible topolitical, economic, regulatory or other factors affectingNew York municipal securities than an investment whichdoes not limit its investments to such issuers. Thefinancial condition of the State of New York is affectedby various national, economic, social and environmentalpolicies and conditions. Additionally, constitutional andstatutory limitations imposed on the State and its localgovernments concerning taxes, bond indebtedness andother matters may constrain the revenue-generatingcapacity of the State and its local governments and,therefore, the ability of the issuers of the bonds tosatisfy their obligations.

As the nation’s financial capital, the volume offinancial market activity and equity market volatility pose

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a particularly large degree of uncertainty for New York.Wall Street employee pay continues to be impacted byan evolving regulatory landscape, resulting in addeddifficulty in estimating tax revenues. Securities industryrevenues have in the past been a useful predictor ofbonus payouts, but that relationship has become muchmore erratic in recent years. A weaker labor marketthan projected could also result in lower wages, whichin turn could result in weaker household consumption.

Similarly, should financial and real estate markets beweaker than anticipated, taxable capital gainsrealizations could be negatively affected. These effectscould ripple through the State economy, depressingemployment, wage, and household spending growth. Incontrast, stronger national and world economic growth,or a stronger upturn in stock prices, along with evenstronger activity in mergers and acquisitions and otherWall Street activities, could result in higher wage andbonuses growth than projected. Federal tax coderevisions which went into effect in 2018 that limit theamount of state and local taxes an individual maydeduct, and generally increase effective federal taxrates for many individuals, may impact the State’s abilityto increase tax revenue to fund public infrastructureprojects and gain approval of general obligation anddedicated tax revenue bond ballot measures. Overtime, this could pressure the State’s finances and mayhave a detrimental impact on credit quality of theState’s debt issuances.

The City of New York (the “City”) has a diversifiedeconomic base, with a substantial volume of businessactivity in the service, wholesale and retail trade andmanufacturing industries and is the location of manysecurities, banking, law, accounting, new media andadvertising firms. The City is a major seaport and focalpoint for international business. Many of the majorcorporations headquartered in the City are multinationalin scope and have extensive foreign operations.Numerous foreign owned companies in the United Statesare also headquartered in the City. These firms, whichhave increased substantially in number over the pastdecade, are found in all sectors of the City’s economy,but are concentrated in trade, professional and businessservices, tourism and finance. The City is the location of

the headquarters of the United Nations, and severalaffiliated organizations maintain their principal offices inthe City. Economic activity in the City has experiencedperiods of growth and recession and can be expected toexperience periods of growth and recession in the future.

As of August 2020, all outstanding general obligationbonds of the State of New York are rated AA+ by S&Pwith a stable outlook, Aa1 by Moody’s with a stableoutlook and AA+ by Fitch with a stable outlook, and alloutstanding general obligation bonds of the City of NewYork are rated AA by S&P with a stable outlook, Aa1 byMoody’s with a stable outlook and AA by Fitch with astable outlook.

Further information concerning New York risk factorsmay be obtained upon request to the Sponsor asdescribed under “Additional Information”.

High-Yield Security Risk. Some of theclosed-end funds held by your Portfolio may invest inhigh-yield securities or unrated securities. High-yield,high risk securities are subject to greater marketfluctuations and risk of loss than securities with higherinvestment ratings. The value of these securities willdecline significantly with increases in interest rates, notonly because increases in rates generally decreasevalues, but also because increased rates may indicatean economic slowdown. An economic slowdown, or areduction in an issuer’s creditworthiness, may result inthe issuer being unable to maintain earnings at a levelsufficient to maintain interest and principal payments.

High-yield or “junk” securities, the generic names forsecurities rated below “BBB-” by Standard & Poor’s orFitch or “Baa3” by Moody’s, are frequently issued bycorporations in the growth stage of their developmentor by established companies who are highly leveragedor whose operations or industries are depressed.Securities rated below BBB- or Baa3 are consideredspeculative as these ratings indicate a quality of lessthan investment grade. Because high-yield securitiesare general ly subordinated obl igations and areperceived by investors to be riskier than higher ratedsecurities, their prices tend to fluctuate more thanhigher rated securities and are affected by short-termcredit developments to a greater degree.

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The market for high-yield securities is smaller andless liquid than that for investment grade securities.High-yield securities are generally not listed on anational securities exchange but trade in the over-the-counter markets. Due to the smaller, less liquid marketfor high-yield securities, the bid-offer spread on suchsecurities is generally greater than it is for investmentgrade securities and the purchase or sale of suchsecurities may take longer to complete.

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.

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 the Portfolio oron the tax treatment of your Portfolio or of yourinvestment in the Portfolio. In addition, l it igationregarding any of the issuers of the Securities or of theindustries represented by these issuers may negativelyimpact the share prices of these Securities. No one canpredict what impact any pending or threatened litigationwill have on the share prices of the Securities.

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

PUBLIC OFFERING

General. Units are offered at the Public OfferingPrice which consists of the net asset value per Unitplus organization costs plus the sales charge. The netasset value per Unit is the value of the securities, cashand other assets in your Portfolio reduced by the

liabilities of the Portfolio divided by the total Unitsoutstanding. The maximum sales charge equals1.85% of the Public Offering Price per Unit (1.885% ofthe aggregate offering price of the Securities) at thetime of purchase.

The initial sales charge is the difference between thetotal sales charge amount (maximum of 1.85% of thePublic Offering Price per Unit) and the sum of theremaining fixed dollar deferred sales charge and thefixed dollar creation and development fee (initially $0.185per Unit). Depending on the Public Offering Price perUnit, you pay the initial sales charge at the time you buyUnits. The deferred sales charge is fixed at $0.135 perUnit. Your Portfolio pays the deferred sales charge ininstallments as described in the “Fee Table.” If anydeferred sales charge payment date is not a businessday, we will charge the payment on the next businessday. If you purchase Units after the initial deferred salescharge payment, you will only pay that portion of thepayments not yet collected. If you redeem or sell yourUnits prior to collection of the total deferred salescharge, you will pay any remaining deferred sales chargeupon redemption or sale of your Units. The initial anddeferred sales charges are referred to as the“transactional sales charge.” The transactional salescharge does not include the creation and developmentfee which compensates the Sponsor for creating anddeveloping your Portfolio and is described under“Expenses.” The creation and development fee is fixedat $0.05 per Unit. Your Portfolio pays the creation anddevelopment fee as of the close of the initial offeringperiod as described in the “Fee Table.” If you redeem orsell your Units prior to collection of the creation anddevelopment fee, you will not pay the creation anddevelopment fee upon redemption or sale of your Units.After the initial offering period the maximum sales chargewill be reduced by 0.50%, reflecting the previouscollection of the creation and development fee. Becausethe deferred sales charge and creation and developmentfee are fixed dollar amounts per Unit, the actual chargeswill exceed the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit falls below $10 and willbe less than the percentages shown in the “Fee Table” ifthe Public Offering Price per Unit exceeds $10. In no

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event will the maximum total sales charge exceed1.85% of the Public Offering Price per Unit.

The “Fee Table” shows the sales charge calculationat a $10 Public Offering Price per Unit. At a $10 PublicOffering Price, there is no initial sales charge during theinitial offering period. If the Public Offering Priceexceeds $10 per Unit, you will pay an initial salescharge equal to the difference between the total salescharge and the sum of the remaining deferred salescharge and the creation and development fee. Forexample, if the Public Offering Price per Unit rose to$14, the maximum sales charge would be $0.259(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. Since the deferred sales charge and creationand development fee are fixed dollar amounts per Unit,your Portfolio must charge these amounts per Unitregardless of any decrease in net asset value. However,if the Public Offering Price per Unit falls to the extentthat the maximum sales charge percentage results in adollar amount that is less than the combined fixed dollaramounts of the deferred sales charge and creation anddevelopment fee, your initial sales charge will be a creditequal to the amount by which these fixed dollar chargesexceed your sales charge at the time you buy Units. Insuch a situation, the value of securities per Unit wouldexceed the Public Offering Price per Unit by the amountof the initial sales charge credit and the value of thosesecurities will fluctuate, which could result in a benefit ordetriment to Unitholders that purchase Units at thatprice. The initial sales charge credit is paid by theSponsor and is not paid by your Portfolio. If the PublicOffering Price per Unit fell to $6, the maximum salescharge would be $0.111 (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.

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 Sponsor offersways for you to reduce the sales charge that you pay. It isyour financial professional’s responsibility to alert theSponsor of any discount when you purchase Units.Before you purchase Units you must also inform yourfinancial professional of your qualification for any discountto be eligible for a reduced sales charge. Since thedeferred sales charges and creation and development feeare fixed dollar amounts per Unit, your Portfolio mustcharge these amounts per Unit regardless of anydiscounts. However, if you are eligible to receive adiscount such that your total sales charge is less than thefixed dollar amounts of the deferred sales charges andcreation and development fee, you will receive a creditequal to the difference between your total sales chargeand these fixed dollar charges at the time you buy Units.

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

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

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

Unit Price. The Public Offering Price of Units willvary from the amounts stated under “EssentialInformation” in accordance with fluctuations in the pricesof the underlying Securities in your Portfolio. 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 the

Evaluation 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 i ts fa ir value, as determined underprocedures establ ished by the Trustee or anindependent pricing service used by the Trustee. Inthese cases, your Portfolio’s net asset value will reflectcertain portfolio securities’ fair value rather than theirmarket price. With respect to securities that areprimarily listed on foreign exchanges, the value of theportfolio securities may change on days when you willnot be able to purchase or sell Units. The value of anyforeign securities is based on the applicable currencyexchange rate as of the Evaluation Time. The Sponsorwill provide price dissemination and oversight servicesto your Portfolio.

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

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

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

Volume Concession Based Upon Annual Sales. Asdescribed below, broker-dealers and other sellingagents may in certain cases be eligible for an additionalconcession based upon their annual eligible sales of allInvesco fixed income and equity unit investment trusts.Eligible sales include all units of any Invesco unitinvestment trust underwritten or purchased directlyfrom Invesco during a trust’s initial offering period. Forpurposes of this concession, trusts designated aseither “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 andother selling firms will be eligible to receive additionalcompensation based on total initial offering periodsales of all eligible Invesco unit investment trusts duringthe previous consecutive 12-month period through theend of the most recent month. The VolumeConcession, as applicable to equity and fixed incometrust units, is set forth in the following table:

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

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

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

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

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expenses of entertaining retail customers and financialadvisors, advert ising, sponsorship of events orseminars, obtaining shelf space in broker-dealer firmsand similar activities designed to promote the sale ofthe Portfolio(s) and our other products. Fees mayinclude payment for travel expenses, including lodging,incurred in connection with trips taken by invitedregistered representatives for meetings or seminars of abusiness nature. These arrangements will not changethe price you pay for your Units.

Sponsor Compensation. The Sponsor will receivethe total sales charge applicable to each transaction.Except as provided under “Unit Distribution” above, anysales charge discount provided to investors will beborne by the selling dealer or agent. In addition, theSponsor will realize a profit or loss as a result of thedifference between the price paid for the Securities bythe Sponsor and the cost of the Securities to thePortfolios on the Initial Date of Deposit as well as onsubsequent deposits. See “Notes to Portfolios”.Invesco Advisers, Inc., an affiliate of the Sponsor, actsas an investment advisor to certain of the underlyingfunds in your Portfolio and will receive compensation inthis capacity. The Sponsor has not participated as soleunderwriter or as manager or as a member of theunderwriting syndicates or as an agent in a privateplacement for any of the Securities. The Sponsor mayreal ize prof it or loss as a result of the possiblefluctuations in the market value of Units held by theSponsor 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. The

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

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

RETIREMENT ACCOUNTS

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

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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 right to limit or deny purchasesof Units in Fee Accounts by investors or selling firmswhose frequent trading activity is determined to bedetrimental to a Portfolio. To purchase Units in these FeeAccounts, your financial professional must purchaseUnits designated with one of the Fee Based CUSIPnumbers set forth under “Essential Information,” eitherFee Based Cash for cash distributions or Fee BasedReinvest for the reinvestment of distributions inadditional Units, if available. See “Rights of Unitholders--Reinvestment Option.”

RIGHTS OF UNITHOLDERS

Distributions. The Trustee will generally distributethe cash held in the Income and Capital Accounts ofyour Portfolio, net of expenses, on each DistributionDate to Unitholders of record on the preceding RecordDate, provided that the total cash held for distributionequals at least 0.1% of your Portfolio's net asset value.These dates appear under “Essential Information”.Distributions made by the closed-end funds in yourPortfolio include ordinary income, but may also include

sources other than ordinary income such as returns ofcapital, loan proceeds, short-term capital gains andlong-term capital gains (see “Taxation--Distributions”).Unitholders will also receive a final distribution of incomewhen their Portfolio terminates. A person becomes aUnitholder of record on the date of settlement (generallytwo business days after Units are ordered, or anyshorter period as may be required by the applicablerules under the 1934 Act). Unitholders may elect toreceive distributions in cash or to have distributionsreinvested into addit ional Units. See “Rights ofUnitholders--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 nextDistribution Date. Any distribution to Unitholdersconsists of each Unitholder’s pro rata share of theavailable cash in the Income and Capital Accounts as ofthe related Record Date.

Historical and Estimated Distributions. TheHistorical 12 Month Distr ibutions per Unit, andEstimated Initial Distribution per Unit (if any), may beshown under “Essential Information.” These figures arebased upon the weighted average of the actualdistributions paid by the securities included in yourPortfolio over the 12 months preceding the Initial Dateof Deposit and are reduced to account for the effects offees and expenses which wil l be incurred wheninvesting in your Portfolio. While both figures arecalculated using a Public Offering Price of $10 per Unit,any presented Estimated Initial Distribution per Unit willreflect an estimate of the per Unit distributions you mayreceive on the first Distribution Date based upon eachissuer’s preceding 12 month distributions. Dividendpayments are not assured and therefore the amount offuture dividend income to your Portfolio is uncertain.

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The actual net annual distributions may decrease overtime because a portion of the securities included in yourPortfolio will be sold to pay for the organization costs,deferred sales charge and creation and developmentfee. Securities may also be sold to pay regular fees andexpenses during your Portfolio’s life. The actual netannual income distributions you receive will vary fromthe Historical 12 Month Distributions amount due tochanges in dividends and distribution amounts paid byissuers, currency fluctuations, the sale of securities topay any deferred sales charge, Portfolio fees andexpenses, and with changes in your Portfolio such asthe acquisition, call, maturity or sale of securities. Inaddition, due to the negative economic impact acrossmany industries caused by the recent COVID-19outbreak, certain issuers of the securities included in aPortfolio may elect to reduce the amount of, or cancelentirely, dividends and/or distributions paid in the future.As a result, the Historical 12 Month Distributions perUnit, and Estimated Initial Distribution per Unit (if any),shown under "Essential Information" will likely be higher,and in some cases significantly higher, than the actualdistributions achieved by a Portfolio. Due to these andvarious other factors, actual income received by yourPortfolio will most likely differ from the most recentdividends or scheduled income payments.

Reinvestment Option. Unitholders may havedistributions automatically reinvested in additional Unitswithout a sales charge (to the extent Units may belawfully offered for sale in the state in which theUnitholder resides). The CUSIP numbers for either“Cash” distributions or “Reinvest” for the reinvestmentof distr ibutions are set forth under “EssentialInformation”. Brokers and dealers can use the DividendReinvestment Service through Depository TrustCompany (“DTC”) or purchase a Reinvest (or Fee BasedReinvest in the case of Fee Based Eligible Units held inFee Accounts) CUSIP, if available. To participate in thisreinvestment option, a Unitholder must file with theTrustee a written notice of election, together with anyother documentation that the Trustee may then require,at least five days prior to the related Record Date. AUnitholder’s election will apply to all Units owned by theUnitholder and will remain in effect until changed by the

Unitholder. The reinvestment option is not offered duringthe 30 calendar days prior to termination. If Units areunavailable for reinvestment or this reinvestment optionis no longer available, distributions will be paid in cash.To the extent that a distribution is taxable, it will betaxable to Unitholders whether paid in cash orreinvested in additional Units. See “Taxation”.

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

Redemption of Units. All or a portion of your Unitsmay be tendered to The Bank of New York Mellon, theTrustee, for redemption at Unit Investment TrustDivision, 111 Sanders Creek Parkway, East Syracuse,New York 13057, on any day the New York StockExchange is open. No redemption fee will be chargedby the Sponsor or the Trustee, but you are responsiblefor applicable governmental charges, if any. Unitsredeemed by the Trustee will be canceled. You mayredeem all or a portion of your Units by sending arequest for redemption to your bank or broker-dealerthrough which you hold your Units. No later than twobusiness days (or any shorter period as may berequired by the applicable rules under the 1934 Act)following satisfactory tender, the Unitholder will beentitled to receive in cash an amount for each Unitequal to the Redemption Price per Unit next computedon the date of tender. The “date of tender” is deemed tobe the date on which Units are received by the Trustee,except that with respect to Units received by theTrustee after the Evaluation Time or on a day which isnot a business day, the date of tender is deemed to bethe next business day. Redemption requests receivedby the Trustee after the Evaluation T ime, andredemption requests received by authorized financialprofessionals after the Evaluation Time or redemptionrequests received by such persons that are not

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transmitted to the Trustee until after the time designatedby the Trustee, are priced based on the date of the nextdetermined redemption price provided they are receivedtimely by the Trustee on such date. It is theresponsibility of authorized financial professionals totransmit redemption requests received by them to theTrustee so they will be received in a timely manner.Certain broker-dealers or selling firms may charge anorder handling fee for processing redemption requests.Units redeemed directly through the Trustee are notsubject to such fees.

Unitholders tendering 1,000 or more Units of thePortfolios (or such higher amount as may be required byyour broker-dealer or selling agent) for redemption mayrequest an in kind distribution of Securities equal to theRedemption Price per Unit on the date of tender.Unitholders may not request an in kind distribution duringthe initial offering period or within 30 calendar days of aPortfolio’s termination. The Portfolios generally will not offerin kind distributions of portfolio securities that are held inforeign markets. An in kind distribution will be made by theTrustee through the distribution of each of the Securities inbook-entry form to the account of the Unitholder’s broker-dealer at DTC. Amounts representing fractional shares willbe distributed in cash. The Trustee may adjust the numberof shares of any Security included in a Unitholder’s in kinddistribution to facilitate the distribution of whole shares.The in kind distribution option may be modified ordiscontinued at any time without notice. Notwithstandingthe foregoing, if the Unitholder requesting an in kinddistribution is the Sponsor or an affiliated person of thePortfolio, the Trustee may make an in kind distribution tosuch Unitholder, provided that no one with a pecuniaryincentive to influence the in kind distribution may influenceselection of the distributed securities, the distribution mustconsist of a pro rata distribution of all portfolio securities(with limited exceptions) and the in kind distribution maynot favor such affiliated person to the detriment of anyother Unitholder. Unitholders will incur transaction costs inliquidating securities received in an in-kind distribution,and any such securities received will be subject to marketrisk until sold. In the event that any securities received in-kind are illiquid, Unitholders will bear the risk of not beingable to sell such securities in the near term, or at all.

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

The Redemption Price per Unit and the secondarymarket repurchase price per Unit are equal to the prorata share of each Unit in 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 Securities inthe Portfolio trading ex-dividend as of the date ofcomputation, less (a) amounts representing taxes orother governmental charges payable out of the Portfolio,(b) the accrued expenses of the Portfolio (including costsassociated with liquidating securities after the end of theinitial offering period) and (c) any unpaid deferred salescharge payments. During the initial offering period, theredemption price and the secondary market repurchaseprice will not be reduced by estimated organizationcosts or the creation and development fee. For thesepurposes, the Trustee may determine the value of theSecurities in the following manner: If the Securities arelisted on a national or foreign securities exchange or theNasdaq Stock Market, Inc., this evaluation is generallybased on the closing sale prices on that exchange ormarket (unless it is determined that these prices areinappropriate as a basis for valuation) or, if there is noclosing sale price on that exchange or market, at theclosing bid prices. If the Securities are not so listed or, ifso listed and the principal market therefor is other thanon the exchange or market, the evaluation may bebased on the current bid price on the over-the-countermarket. If current bid prices are unavailable orinappropriate, the evaluation may be determined (a) onthe basis of current bid prices for comparable securities,(b) by appraising the Securities on the bid side of the

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market or (c) by any combination of the above. The valueof any foreign securities is based on the applicablecurrency exchange rate as of the Evaluation Time.

The right of redemption may be suspended andpayment postponed for any period during which theNew York Stock Exchange is closed, other than forcustomary weekend and holiday closings, or any periodduring which the Securities and Exchange Commission(“SEC”) determines that trading on that Exchange isrestricted or an emergency exists, as a result of whichdisposal or evaluation of the Securities is not reasonablypracticable, or for other periods as the SEC may permit.

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

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.

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”.

Reports Provided. Unitholders will receive astatement of dividends and other amounts received bya Portfolio for each distribution. Within a reasonabletime after the end of each year, each person who was a

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

PORTFOLIO ADMINISTRATION

Portfolio Administration. The Portfolios are notmanaged funds and, except as provided in the TrustAgreement, Securities generally will not be sold orreplaced. The Sponsor may, however, direct thatSecurities be sold in certain limited circumstances toprotect a Portfolio based on advice from the Supervisor.These situations may include events such as the issuerhaving defaulted on payment of any of its outstandingobligations or the price of a Security has declined tosuch an extent or other credit factors exist so that in theopinion of the Supervisor retention of the Security wouldbe detrimental to a Portfolio. If a public tender offer hasbeen made for a Security or a merger or acquisition hasbeen announced affecting a Security, the Trustee mayeither sel l the Security or accept an offer i f theSupervisor determines that the sale or exchange is inthe best interest of Unitholders (only offers for cash if aPortfolio has not elected to be taxed as a regulatedinvestment company (“RIC”) for tax purposes). TheTrustee will distribute any cash proceeds to Unitholders.In addition, the Trustee may sell Securities to redeemUnits or pay Portfolio expenses or deferred salescharges. The Trustee must reject any offer for securitiesor property other than cash in exchange for theSecurities. If securities or property are nonethelessacquired by a Portfolio, the Sponsor may direct theTrustee to sell the securities or property and distributethe proceeds to Unitholders or to accept the securitiesor property for deposit in the Portfolio. Should anycontract for the purchase of any of the Securities fail,the Sponsor will (unless substantially all of the moneysheld in a Portfolio to cover the purchase are reinvestedin substitute Securities in accordance with the Trust

Agreement) refund the cash and sales chargeattributable to the failed contract to all Unitholders on orbefore the next Distribution Date.

The Trust Agreement requires the Trustee to vote allshares of the funds held in a Portfolio in the samemanner and ratio on all proposals as the owners of suchshares not held by the Portfolio.

When your Portfolio sells Securities, the compositionand diversity of the Securities in the Portfolio may bealtered. However, if the Trustee sells funds shares toredeem Units or to pay Portfolio expenses or salescharges, the Trustee will do so, as nearly as practicable,on a pro rata basis. In order to obtain the best price fora Portfolio, it may be necessary for the Supervisor tospecify minimum amounts in which blocks of Securitiesare to be sold. In effecting purchases and sales ofportfolio securities, the Sponsor may direct that ordersbe placed with and brokerage commissions be paid tobrokers, including brokers which may be affiliated withthe Portfolios, the Sponsor or dealers participating inthe offering of Units.

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

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

Termination. A Portfolio will terminate on theMandatory Termination Date specified under “Essential

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

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

good faith pursuant to the Trust Agreement, or for errorsin judgment, but shall be liable only for their own willfulmisfeasance, bad faith or gross negligence (negligencein the case of the Trustee) in the performance of theirduties or by reason of their reckless disregard of theirobligations and duties hereunder. The Trustee is notliable for depreciation or loss incurred by reason of thesale by the Trustee of any of the Securities. In the eventof the failure of the Sponsor to act under the TrustAgreement, the Trustee may act thereunder and is notliable for any action taken by it in good faith under theTrust Agreement. The Trustee is not liable for any taxesor other governmental charges imposed on theSecurities, on it as Trustee under the Trust Agreementor on a Portfolio which the Trustee may be required topay under any present or future law of the United Statesof America or of any other taxing authority havingjurisdiction. In addition, the Trust Agreement containsother customary provisions limiting the liability of theTrustee. The Sponsor and Supervisor may rely on anyevaluation furnished by the Trustee and have noresponsibility for the accuracy thereof. Determinationsby the Trustee shall be made in good faith upon thebasis of the best information available to it.

Sponsor. Invesco Capital Markets, Inc. is the Sponsorof your Portfolio. The Sponsor is a wholly ownedsubsidiary of Invesco Advisers, Inc. (“Invesco Advisers”).Invesco Advisers is an indirect wholly owned subsidiaryof Invesco Ltd., a leading independent global investmentmanager that provides a wide range of investmentstrategies and vehicles to its retail, institutional and highnet worth clients around the globe. The Sponsor’sprincipal office is located at 11 Greenway Plaza, Houston,Texas 77046-1173. As of June 30, 2020, the totalstockholders’ equity of Invesco Capital Markets, Inc. was$88,797,298.43 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $1,145.2 billion asof June 30, 2020.

The Sponsor and your Portfolio have adopted a codeof ethics requiring Invesco Ltd.’s employees who haveaccess to information on Portfolio transactions to reportpersonal securities transactions. The purpose of thecode is to avoid potential conflicts of interest and to

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prevent 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 summarydoes not describe all of the tax consequences to alltaxpayers. For example, this summary generally doesnot describe your situation if you are a corporation, a

non-U.S. person, a broker/dealer, a tax-exempt entity,financial institution, person who marks to market theirUnits or other investor with special circumstances. Inaddition, this section does not describe your state, localor foreign tax consequences of investing in a Portfolio.

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

Additionally, a Portfolio may not be a suitableinvestment for individual retirement accounts, for othertax-exempt or tax-deferred accounts or for investorswho are not sensit ive to the federal income taxconsequences of their investments. As with anyinvestment, you should seek advice based on yourindividual circumstances from your own tax advisor.

Assets of the Portfolio. Each Portfolio is expectedto hold shares (the “RIC Shares”) in funds that aretreated as RICs for federal income tax purposes.

It is possible that your Portfolio will also hold otherassets, including assets that are treated differently forfederal income tax purposes from those describedabove, in which case you will have federal income taxconsequences different from or in addition to thosedescribed in this section. We refer to the assets heldby your Portfol io, including the RIC Shares, as“Portfolio Assets”.

Portfolio Status. If your Portfolio is at all timesoperated in accordance with the documentsestablishing the Portfolio and certain requirements offederal income tax law are met, the Portfolio will not betaxed as a corporation for federal income tax purposes.As a Unit owner, you will be treated as the owner of apro rata portion of each of the Portfolio Assets, and assuch you will be considered to have received a pro ratashare of income (e.g. dividends and capital gains), if anyfrom each Portfolio Asset when such income would beconsidered to be received by you if you directly ownedthe Portfolio Assets. This tax treatment applies even ifyou elect to have your distributions reinvested intoadditional Units. In addition, the income from Portfolio

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Assets that you must take into account for federalincome tax purposes is not reduced by amounts usedto pay sales charges or Portfolio expenses.

Your Tax Basis and Income or Loss UponDisposition. If you dispose of your Units or redeemyour Units for cash, you will generally recognize taxablegain or loss. To determine the amount of this gain orloss, you must subtract your adjusted tax basis in yourUnits disposed of from your proceeds received in thetransaction. You also generally will recognize taxablegain or loss if your Portfolio disposes of Portfolio Assetsbased on your share of the Portfolio’s disposition. Yourinitial tax basis in each Portfolio Asset is determined byapportioning the cost of your Units, including salescharges, among the Portfolio Assets ratably accordingto their values on the date you acquire your Units. Incertain circumstances, however, your tax basis incertain Portfolio Assets must be adjusted after youacquire your Units.

Net capital gain equals net long-term capital gainminus net short-term capital loss for the taxable year.Capital gain or loss is long-term if the holding period forthe asset is more than one year and is short-term if theholding period for the asset is one year or less. Youmust exclude the date you purchase your Units todetermine your holding period. The tax rates for capitalgains realized from assets held for one year or less aregenerally the same as for ordinary income. The InternalRevenue Code of 1986, as amended (the “Code”),however, treats certain capital gains as ordinary incomein special situations. If you hold a Unit for six months orless or if your Portfolio holds a RIC Share for six monthsor less, any loss incurred by you related to thedisposition of such RIC Share will be disallowed to theextent of the exempt interest dividends you received. Tothe extent, if any, it is not disallowed, it will be treated asa long-term capital loss to the extent of any long-termcapital gain distributions received (or deemed to havebeen received) with respect to such RIC Share. Thedeductibility of capital losses is subject to limitationsunder the Code, including generally a maximumdeduction against ordinary income of $3,000 per year.Income from a Portfolio and gains on the sale of yourUnits may also be subject to a 3.8% federal tax

imposed on net investment income if your adjustedgross income exceeds certain threshold amounts,which currently are $250,000 in the case of marriedcouples filing joint returns and $200,000 in the case ofsingle individuals. This 3.8% tax also applies to all or aportion of the undistributed net investment income ofcertain shareholders that are estates and trusts. Forthese purposes, interest, dividends and certain capitalgains are generally taken into account in computing ashareholder’s net investment income, but exemptinterest dividends are not taken into account.

Dividends from RIC Shares. Unitholders of thePortfolios are treated as directly receiving dividends anddistributions paid to the Portfolio by the Portfolio Assets.Some dividends on the RIC Shares may be reported as“capital gain dividends,” generally taxable to you aslong-term capital gains. Some dividends on the RICShares may qualify as “exempt interest dividends,”which are derived from tax-exempt obligations held bythe RIC and which generally are excluded from yourgross income for federal income tax purposes. Some orall of the exempt-interest dividends, however may betaken into account in determining your individualalternative minimum taxable income, and may haveother tax consequences (e.g., they may affect theamount of your social security benefits that are taxed ormay be subject to state or local taxation). Otherdividends on the RIC Shares will generally be taxable toyou as ordinary income. Certain ordinary incomedividends from a RIC may qualify to be taxed at thesame federal tax rates that apply to net capital gain (asdiscussed above), however, this lower tax rate does notapply to RIC dividends attributable to income frommunicipal bonds. RICs are required to provide notice totheir shareholders of the amount of any distribution thatmay be taken into account as a dividend that is eligiblefor capital gains tax rates. Distributions of income orcapital gains declared on the RIC Shares in October,November or December but paid in January will bedeemed to have been paid to you on December 31 ofthe year they are declared.

In Kind Distributions. Under certain circumstancesas described in this prospectus, you may request an inkind distribution of Portfolio Assets when you redeem

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your Units. By electing to receive an in kind distribution,you will receive Portfolio Assets plus, possibly, cash. Yougenerally will not recognize gain or loss if you only receivewhole Portfolio Assets in exchange for the identicalamount of your pro rata portion of the same PortfolioAssets held by your Portfolio. However, if you also receivecash in exchange for a Portfolio Asset or a fractionalportion of a Portfolio Asset, you will generally recognizegain or loss based on the difference between the amountof cash you receive and your proportional tax basis insuch Portfolio Asset or fractional portion.

Cash Distributions, Rollovers and Exchanges.If you receive cash when you redeem your Units or atyour Portfolio’s termination or if you elect to direct thatthe cash proceeds you are deemed to receive when youredeem your Units or at your Portfolio’s termination berolled into a future trust, it would generally be considereda sale for federal income tax purposes, and any gain onthe sale will be treated as a capital gain, and, in general,any loss will be treated as a capital loss. However, anyloss you incur in connection with the receipt or deemedreceipt of cash, or in connection with the exchange ofyour Units of the Portfolio for units of another trust(deemed sale and subsequent deemed repurchase), willgenerally be disallowed to the extent you acquire units ofa subsequent trust and such subsequent trust hassubstantially identical assets under the wash saleprovisions of the Code. The deductibility of capital lossesis subject to other limitations in the tax law.

Limitations on the Deductibility of PortfolioExpenses. Generally, for federal income tax purposes,you must take into account your full pro rata share ofyour Portfolio’s income, even if some of that income isused to pay Portfolio expenses. The deductibility ofexpenses that are characterized as miscellaneousitemized deductions, which include investmentexpenses, is suspended for tax years beginning prior toJanuary 1, 2026.

Because the RICs are expected to pay exempt-interest dividends, which are treated as tax-exemptinterest for federal income tax purposes, you will notbe able to deduct some of your interest expense fordebt that in you incur or continue to purchase of carryyour Units.

Foreign Investors. If you are a foreign investor (i.e.,an investor other than a U.S. citizen or resident or aU.S. corporation, partnership, estate or trust),distributions of dividends and interest from yourPortfolio generally are subject to U.S. federal incometaxes, including withholding taxes, unless certainconditions for exemption from U.S. taxation are met.Gains from the sale or redemption of your Units may notbe subject to U.S. federal income taxes if you are nototherwise subject to net income taxation in the UnitedStates. In the case of Units held by nonresident alienindividuals, foreign corporations or other non-U.S.persons, distributions by your Portfolio that are treatedas U.S. source income (e.g., dividends received onstocks of domestic corporations) will generally besubject to U.S. income taxation and withholding,subject to any applicable treaty. You should consult yourtax advisor with respect to the conditions you mustmeet in order to be exempt from U.S. taxation. Ingeneral, Unitholders who are non-U.S. persons will notbe subject to withholding tax on any distributions of theexcess of net long-term capital gains over net short-term capital loss or upon such Unitholder’s sale or otherdisposition of Shares. A Portfolio may, under certaincircumstances, report all or a portion of a dividend asan “interest-related dividend” or a “short-term capitalgain dividend,” which would generally be exempt fromU.S. withholding tax, provided certain otherrequirements are met. You should also consult your taxadvisor with respect to other U.S. tax withholding andreporting requirements.

The Foreign Account Tax Compliance Act(“FATCA”). A 30% withholding tax on your Portfolio’sdistributions generally applies if paid to a foreign entityunless: (i) if the foreign entity is a “foreign financialinstitution” as defined under FATCA, the foreign entityundertakes certain due diligence, reporting, withholding,and certification obligations, (ii) if the foreign entity is nota “foreign financial institution,” it identifies certain of itsU.S. investors or (iii) the foreign entity is otherwiseexcepted under FATCA. If required under the rulesabove and subject to the appl icabi l i ty of anyintergovernmental agreements between the UnitedStates and the relevant foreign country, withholding

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under 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, proposed U.S.tax regulations eliminate FATCA withholding on suchtypes of payments. Taxpayers generally may rely onthese proposed Treasury Regulations until Final TreasuryRegulations are issued. If withholding is required underFATCA on a payment related to your Units, investorsthat otherwise would not be subject to withholding (orthat otherwise would be entitled to a reduced rate ofwithholding) on such payment generally will be requiredto seek a refund or credit from the IRS to obtain thebenefit of such exemption or reduction. Your Portfoliowill not pay any additional amounts in respect ofamounts withheld under FATCA. You should consultyour tax advisor regarding the effect of FATCA based onyour individual circumstances.

Foreign Taxes. Some distributions by your Portfoliomay be subject to foreign withholding taxes. Anyincome withheld will still be treated as income to you.Under the grantor trust rules, you are considered tohave paid directly your share of any foreign taxes thatare paid by your Portfolio. Therefore, for U.S. taxpurposes, you may be entitled to a foreign tax credit ordeduction for those foreign taxes.

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.

New York Tax Status. Under the existing incometax laws of the State and City of New York, yourPortfolio will not be taxed as a corporation, subject tothe New York State franchise tax of the New York Citybusiness corporation tax. You should consult your taxadvisor regarding potential federal, foreign, state or localtaxation with respect to your Units based on yourindividual circumstances.

CALIFORNIA TAX STATUS

Morgan, Lewis & Bockius LLP has examined theincome tax laws of the State of California to determineits applicabil i ty to Closed-End Strategy: MasterMunicipal Income Portfolio - California Series (the“California Series”) and to the holders of Units in theCalifornia Series who are full-time residents of the Stateof California (“California Unitholders”).

In connection therewith, Morgan, Lewis & Bockius LLPhas examined the registration statement, this prospectus,the Trust Agreement and such other documents as theyhave deemed pertinent. The assets of the CaliforniaSeries will consist of shares in entities each of which istaxed as a RIC for federal income tax purposes.

Neither the Sponsor nor its counsel haveindependently examined the RIC Shares to bedeposited in and held in the California Series. However,although no opinion is expressed with respect to theissuance of the RIC Shares, in rendering the opinionexpressed herein, it has been assumed that: (i) eachRIC qualifies as a RIC for federal income tax purposesand (ii) at the close of each quarter of the taxable year ofeach RIC, at least 50 percent of the value of such RIC’stotal assets consists of obligations the interest on whichis exempt from the income tax imposed by the State ofCalifornia that is applicable to individuals, trusts andestates (the “California Personal Income Tax”).

Based upon the foregoing, and upon an investigationof such matters of law as were considered to beapplicable, Morgan, Lewis & Bockius LLP is of theopinion that, under existing provisions of the law of theState of California as of the date hereof:

1. If the California series is at al l t imesoperated in accordance with thedocuments establishing the series andcertain requirements of California incometax law are met, the California Series will notbe treated as an association taxable as acorporation for purposes of the CaliforniaCorporation Tax Law, and each CaliforniaUnitholder will be treated as the owner of apro rata portion of the California Series, andthe income of such portion of the California

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Series will be treated as the income of theCalifornia Unitholders under the CaliforniaPersonal Income Tax.

2. The portion of each dividend paid by a RICto the California Series and distributed to aCalifornia Unitholder which (i) is excludablefrom Cal i fornia taxable income forpurposes of the Cal i fornia PersonalIncome Tax i f received direct ly by aCal i fornia Unitholder, ( i i ) is properlyreported by a RIC as an exempt-interestdiv idend for Cal i fornia income taxpurposes in a written statement furnishedto its shareholders and ( i i i ) does notexceed the amount of interest received bythe RIC during its taxable year (minuscertain non-deductible expenses) onobligations the interest on which would beexcludable from California taxable incomefor purposes of the California PersonalIncome Tax i f received direct ly by aCalifornia Unitholder, will be excludablefrom Cal i fornia taxable income forpurposes of the Cal i fornia PersonalIncome Tax when received by theCalifornia Series and distributed to aCalifornia Unitholder. However, dividendsother than exempt-interest dividends paidby a RIC wil l generally be taxable forpurposes of the Cal i fornia PersonalIncome Tax.

3. Each California Unitholder of the CaliforniaSeries will generally recognize gain or lossfor Cal i fornia Personal Income Taxpurposes if the Trustee disposes of a RICShare (whether by redemption, sale orotherwise) or when the California Unitholderredeems or sells Units of the CaliforniaSeries, to the extent that such atransaction results in a recognized gain orloss to such California Unitholder for federalincome tax purposes. However, there arecertain differences between the recognitionof gain or loss for federal income tax

purposes and for Cal i fornia PersonalIncome Tax purposes, and Cal i forniaUnitholders are advised to consult theirown tax advisors.

4. Under the California Personal Income Tax,interest on indebtedness incurred orcontinued by a California Unitholder topurchase Units in the California Series isgenerally not deductible for purposes of theCalifornia Personal Income Tax.

This opinion does not address the taxation ofpersons other than full time residents of California. Thisopinion relates only to California Unitholders subject tothe California Personal Income Tax. No opinion isexpressed with respect to the taxation of CaliforniaUnitholders subject to the California Corporation TaxLaw and such California Unitholders are advised toconsult their own tax advisors. Please note, however,that dividends from the RIC Shares attributed to aCalifornia Unitholder that is subject to the CaliforniaCorporation Tax Law may be includible in its grossincome for purposes of determining its Californiafranchise tax and its California income tax. Morgan,Lewis & Bockius LLP has not examined any of the RICShares to be deposited and held in the CaliforniaSeries or the proceedings for the issuance thereof orthe opinions of counsel with respect thereto, and noopinion is expressed with respect to taxation under anyother provisions of the California law. Ownership of theUnits may result in col lateral Cal i fornia taxconsequences to certain taxpayers. Prospectiveinvestors should consult their tax advisors as to theapplicability of any such collateral consequences.

NEW YORK TAX STATUS

Morgan, Lewis & Bockius LLP has analyzed the taxstatus and treatment of the Closed-End Strategy: MasterMunicipal Income Portfolio - New York Series (the “NewYork Series”) under the income tax laws of the State andCity of New York and the treatment of the holders ofUnits in the New York Series who are residents of theState and City of New York under such tax laws. Inconnection therewith, Morgan, Lewis & Bockius LLP hasexamined the registration statement, this prospectus,

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the Trust Agreement and such other documents as theyhave deemed pertinent. This section is current as of thedate of this prospectus. Tax laws and interpretationschange frequently, and these summaries do not describeall of the tax consequences to all taxpayers. The NewYork or other taxing authorities could disagree with anyconclusions set forth in this section.

The assets of the New York Series will consist ofshares in entities each of which is taxed as a RIC forfederal income tax purposes. Neither the Sponsor norits counsel has independently examined the RIC Sharesto be deposited in and held in the New York Series. Inrendering its opinion, Morgan, Lewis & Bockius LLP hasassumed that: (i) each RIC qualifies as a RIC for federalincome tax purposes, (ii) the assets of the RICs willinclude interest-bearing obligations issued by or onbehalf of the State of New York or political sub-divisionsthereof or United States possessions, the interest onwhich is excludable from gross income for federalincome tax purposes and from taxable income forpurposes of the personal income tax imposed by Article22 of the New York State Tax Law (the "State PersonalIncome Tax") and the personal income tax imposed bythe City of New York under Section 11-1701 of theAdministrative Code of the City of New York (the "CityPersonal Income Tax") (collectively, the "Bonds").

In the opinion of Morgan, Lewis & Bockius LLP, insummary under existing New York law:

(i) The New York Series will not be taxed as acorporation subject to the New York Statefranchise tax imposed on domestic andforeign corporations by Article 9-A of theNew York State Tax Law (the “StateCorporate Tax”) or the businesscorporation tax imposed by The City ofNew York on domestic and foreigncorporations under Section 11-653 of theAdministrative Code of The City of NewYork (the “City Corporate Tax”).

(ii) Exempt-interest dividends paid by theRICs to the New York Series anddistr ibuted to Unitholders that areexcluded from gross income for federal

income tax purposes and that areattributable to interest on the Bonds willbe excluded from taxable income forpurposes of the State Personal IncomeTax and the City Personal Income Tax.

(iii) Distributions paid by the RICs to the NewYork Series and distr ibuted toUnitholders, other than exempt-interestdividends attributable to interest on theBonds, will generally not be excludedfrom taxable income for purposes of theState Personal Income Tax and the CityPersonal Income Tax.

(iv) Each Unitholder of the New York Serieswill generally recognize gain or loss forpurposes of the State Personal IncomeTax and the City Personal Income Tax ifthe Trustee disposes of a RIC Share(whether by redemption, sale or otherwise)or when a Unitholder redeems or sellsUnits of the New York Series, to the extentthat such a transaction results in arecognized gain or loss to such Unitholderfor federal income tax purposes.

Unitholders should be aware that, generally, intereston indebtedness incurred or continued to purchase orcarry Units is not deductible for purposes of the StatePersonal Income Tax and the City Personal Income Tax.

This disclosure does not address the taxation ofpersons other than full-time residents of the State ofNew York and New York City and relates only to theUnitholders subject to the State Personal Income Taxand the City Personal Income Tax. Morgan, Lewis &Bockius LLP has expressed no opinion with respect tothe taxation of Unitholders subject to the StateCorporate Tax, the City Corporate Tax or theunincorporated business tax imposed by New York Cityand such Unitholders are advised to consult their owntax advisors. Please note, however, that dividends fromthe RIC Shares attributed to a New York Unitholder thatis subject to the State Corporate Tax or the CityCorporate Tax may be subject to such taxes. Neither theSponsor nor its counsel has independently examined the

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RIC Shares or the opinions of bond counsel with respectthereto. Ownership of Units in the New York Series mayresult in other New York State and New York City taxconsequences to certain taxpayers, and prospectiveinvestors should consult their tax advisors.

PORTFOLIO OPERATING EXPENSES

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

Organization Costs. You and the other Unitholderswill bear all or a portion of the organization costs andcharges incurred in connection with the establishmentof your Portfolio. These costs and charges will includethe cost of the preparation, printing and execution ofthe trust agreement, registration statement and otherdocuments relating to your Portfolio, federal and stateregistration fees and costs, the 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 the Portfolio, including determining thePortfolio’s objectives, policies, composition and size,selecting service providers and information services andfor providing other similar administrative and ministerialfunctions. The creation and development fee is a charge

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

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

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

Miscellaneous Expenses. The following additionalcharges are or may be incurred by your Portfolio:(a) normal expenses (including the cost of mailingreports to Unitholders) incurred in connection with theoperation of the Portfolio, (b) fees of the Trustee forextraordinary services, (c) expenses of the Trustee(including legal and auditing expenses) and of counseldesignated by the Sponsor, (d) various governmentalcharges, (e) expenses and costs of any action taken bythe Trustee to protect the Portfolio and the rights andinterests of Unitholders, (f) indemnification of the Trusteefor any loss, l iabil ity or expenses incurred in theadministration of the Portfolio without negligence, badfaith or wilful misconduct on its part, (g) foreign custodialand transaction fees (which may include compensation

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paid to the Trustee or its subsidiaries or affiliates),(h) costs associated with liquidating the securities heldin the Portfolio, (i) any offering costs incurred after theend of the initial offering period and (j) expendituresincurred in contacting Unitholders upon termination ofthe Portfolio. A Portfolio may pay the expenses ofupdating its registration statement each year.

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

OTHER MATTERS

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

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

ADDITIONAL INFORMATION

This prospectus does not contain all the informationset forth in the registration statements filed by yourPortfolio with the SEC under the Securities Act of 1933and the Investment Company Act of 1940 (file no.811-02754). 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 the Portfolios. Reports and otherinformation about your Portfolio are available on the

EDGAR 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:publicinfo@sec.gov or by writing the SEC’s PublicReference Section, Washington, DC 20549-0102.

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TABLE OF CONTENTS

Title Page

Closed-End Strategy: Master Municipal Income Portfolio – California Series ................ 2

Closed-End Strategy: Master Municipal Income Portfolio – New York Series................ 6

Notes to Portfolios ............................................. 10Report of Independent Registered

Public Accounting Firm .................................. 11Statements of Condition ................................... 12The Portfolios .................................................... A-1Objectives and Securities Selection ................... A-2Closed-End Funds............................................. A-2Risk Factors ...................................................... A-3Public Offering ................................................... A-7Retirement Accounts ......................................... A-11Fee Accounts .................................................... A-12Rights of Unitholders ......................................... A-12Portfolio Administration...................................... A-16Taxation ............................................................. A-18California Tax Status .......................................... A-21New York Tax Status.......................................... A-22Portfolio Operating Expenses............................. A-24Other Matters .................................................... A-25Additional Information ........................................ A-25

______________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-EMSPRO2073

PROSPECTUS

August 27, 2020

Closed-End Strategy: Master Municipal Income Portfolio – California Series 2020-3

Closed-End Strategy: Master Municipal Income Portfolio – New York Series 2020-3

Please retain this prospectus for future reference.

INVESCO