Company: VKI
Filing Date: 2025-11-07
Form Type: N-CSRS
Source: 0001193125-25-271162
Chunk: 20

Company: Invesco Advantage Municipal Income Trust II
Filing Date: 2025-11-07
Form: N-CSRS
Chunk 20
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| Aggregate unrealized appreciation of investments                     |     | $ |   5,935,616 |   |
| Aggregate unrealized (depreciation) of investments                   |     |   | (34,137,717 | ) |
| Net unrealized appreciation (depreciation) of investments            |     | $ | (28,202,101 | ) |

Cost of investments for tax purposes is $645,846,651.

| 28 |     | Invesco Advantage Municipal Income Trust II |

NOTE 9–Common Shares of Beneficial Interest Transactions in common shares of beneficial interest were as follows:

|                                             |     | 2025 | Six Months EndedAugust 31, |     | 2025 | Year EndedFebruary 28, |
|:--------------------------------------------|:----|:-----|---------------------------:|:----|:-----|-----------------------:|
| 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 10–Variable Rate Muni Term Preferred Shares The Trust issued Series 2015/6-VKI VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. As of August 31, 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, unless earlier redeemed, repurchased or extended, and are considered debt for financial reporting purposes. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a