In plain terms — Invesco Advantage Municipal Income Trust II
Shares currently trade at about the value of the assets behind them.
Over the past year it has averaged a 0.3% premium, so today's level is not wide for this fund (Z-score -0.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.4% a year of the share price (8.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.01 of assets — a ReinvestCapture™ rate of 8.5%. That is buying power, not a return.
The assets themselves fell 5.7% over the past year including distributions (NAV total return).
Annual costs are 3.33% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +0.91% | 2.57% | -1.03 | 55 |
| 6 months | +0.97% | 2.62% | -1.04 | 108 |
| 1 year | +0.34% | 2.64% | -0.79 | 206 |
| 3 years | -6.29% | — | — | — |
| 5 years | -7.17% | — | — | — |
Current contemporaneous premium/discount -1.75% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -6.63% to +6.37%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -9.08% | -17.72% | -15.46% | -13.37% | +0.88% | -9.01% |
| Market price total return | -7.76% | -15.45% | -9.35% | -5.35% | +8.50% | -2.98% |
| NAV return | -5.66% | -10.51% | -11.31% | -12.47% | -3.45% | -7.86% |
| NAV total return | -5.66% | -9.36% | -6.18% | -5.69% | +3.00% | -2.41% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Invesco Advantage Municipal Income Trust II, a closed-end mutual fund specializing in fixed-income assets, was established by Invesco Ltd. Its oversight is a collaborative effort, drawing expertise from Invesco Advisers, Inc., INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Canada Ltd., Invesco Hong Kong Limited, and INVESCO Senior Secured Management, Inc. The trust primarily allocates capital within the United States' fixed-income markets. Its holdings predominantly consist of high-quality municipal securities, including bonds, notes, commercial paper, and lease obligations. To build its portfolio, the fund employs a bottom-up security selection approach guided by thorough fundamental analysis. Formed in the United States on August 27, 1993, this fund was previously known as Invesco Van Kampen Advantage Municipal Income Trust II.
CEF Explorer research page for Invesco Advantage Municipal Income Trust II. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.