Company: VKI
Filing Date: 2025-05-02
Form Type: N-CSR
Source: 0001193125-25-111536
Chunk: 24

Company: Invesco Advantage Municipal Income Trust II
Filing Date: 2025-05-02
Form: N-CSR
Chunk 24
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,517 |   |
| Aggregate unrealized (depreciation) of investments                   |     | (15,003,403 | ) |
| Net unrealized appreciation of investments                           |     | $ 2,030,114 |   |

Cost of investments for tax purposes is $649,742,641. NOTE 9–Reclassification of Permanent Differences Primarily as a result of differing book/tax treatment of return of capital distributions, on February 28, 2025, undistributed net investment income was increased by $10,280,462, undistributed net realized gain (loss) was increased by $32,454 and shares of beneficial interest was decreased by $10,312,916. This reclassification had no effect on the net assets of the Trust. NOTE 10–Common Shares of Beneficial Interest Transactions in common shares of beneficial interest were as follows:

|                                             |     | 2025 | Year EndedFebruary 28, |     | 2024 | Year EndedFebruary 29, |
|:--------------------------------------------|:----|:-----|-----------------------:|:----|:-----|-----------------------:|
| Beginning shares                            |     |      |             44,406,020 |     |      |             44,406,020 |
| Shares issued through dividend reinvestment |     |      |                      – |     |      |                      – |
| Ending shares                               |     |      |             44,406,020 |     |      |             44,406,020 |

The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase. NOTE 11–Variable Rate Muni Term Preferred Shares The Trust issued Series 2015/6-VKIVMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. As of February 28, 2025, the VMTP Shares outstanding were as follows:

| Issue Date |     | Shares Issued |     | Term Redemption Date |     | Extension Date |
| 05/15/2012 |     |         1,836 |     | 12/02/2027           |     | 06/01/2024     |

VMTP Shares are a variable-rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On May