Funds and ETFs Invesco Advantage Municipal Income Trust II

Invesco Advantage Municipal Income Trust II (the Trust) is a closed-end management investment company. The Trust’s investment objective is to provide current income which is exempt from federal income tax. The Trust seeks to provide a high level of tax-free income by purchasing bonds that are exempt from federal personal income taxes and employing higher leverage levels than other investment vehicles. The Trust invests in inverse floating rate securities, such as tender option bonds (TOBs), for investment purposes and to enhance the yield of the Trust. In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders-exempt dividends. The Trust may invest in securities that are subject to interest rate risk. The Trust invests in sectors, including hospitals, dedicated tax, airports, IDR/PCR, and others. The Trust’s investment adviser is Invesco Advisers, Inc.