Company: VKI
Filing Date: 2025-11-07
Form Type: N-CSRS
Source: 0001193125-25-271162
Chunk: 22

Company: Invesco Advantage Municipal Income Trust II
Filing Date: 2025-11-07
Form: N-CSRS
Chunk 22
---
 approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the “spread” on the VMTP Shares (determined in accordance with the VMTP Shares’ governing document) remains unchanged. At period-end, the Trust’s Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as Accrued interest expenseon the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance feeson the Statement of Operations. NOTE 11–Dividends The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2025:

| Declaration Date  |     | Amount per Share |     | Record Date |                    |     | Payable Date |                    |
| September 2, 2025 |     |          $0.0559 |     |             | September 16, 2025 |     |              | September 30, 2025 |
| October 1, 2025   |     |          $0.0559 |     |             | October 16, 2025   |     |              | October 31, 2025   |

NOTE 12–Subsequent Event On July 28, 2025, the Board of Trustees of the Trust approved the following changes to the VMTP Shares. On September 4, 2025, the Trust redeemed 367 Series 2015/6-VKI VMTP Shares, with a liquidation preference of $100,000 per share, and paid holders of the VMTP shares of record as of September 3, 2025, the redemption price, including accumulated but unpaid dividends, on such date, in connection with the partial redemption.

| 29 |     | Invesco Advantage Municipal Income Trust II |

Approval of Investment Advisory and Sub-Advisory Contracts At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of Invesco Advantage Municipal Income Trust II (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Ad