Company: VKI
Filing Date: 2025-05-02
Form Type: N-CSR
Source: 0001193125-25-111536
Chunk: 3

Company: Invesco Advantage Municipal Income Trust II
Filing Date: 2025-05-02
Form: N-CSR
Chunk 3
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 October 4, 2023. Had the pay-innot been made, the total return would have been lower. Past performance cannot guarantee future results. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Trust distributions or sale of Trust shares.

| 4 |     | Invesco Advantage Municipal Income Trust II |

| Average Annual Total Returns |     |     |      |   |     |        |       |   |
| As of 2/28/25                |     |     |      |   |     |        |       |   |
|                              |     | NAV |      |   |     | Market |       |   |
| 10 Years                     |     |     | 2.72 | % |     |        |  2.92 | % |
| 5 Years                      |     |     | 0.08 |   |     |        |  0.97 |   |
| 1 Year                       |     |     | 3.99 |   |     |        | 13.05 |   |

Amount includes the effect of the Adviser pay-infor an economic loss that occurred on October 4, 2023. Had the pay-innot been made, the total return would have been lower. The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-endperformance. Performance figures do not reflect deduction of taxes a shareholder would pay on Trust distributions or sale of Trust shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

| 5 |     | Invesco Advantage Municipal Income Trust II |

Supplemental Information

| ∎ | Unless otherwise noted, all data is provided by Invesco. |

| ∎ | To access your Trust’s reports, visit invesco.com/fundreports. |

About indexes used in this report

| ∎ | TheS&P Municipal Bond Indexis a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market. |

| ∎ | TheS&P Municipal Bond 5+ Year Investment Grade Indexseeks to measure the performance of investment-grade US municipal bonds with maturities equal to or greater than five years. |

| ∎ | The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently,