Invesco Advantage Municipal Income Trust II (VKI) filed a post-effective amendment to its Form N-2 under Rule 462(d) to add specific exhibits, including a Distribution Agreement with Invesco Distributors, Inc. and a Sub-Placement Agent Agreement with JonesTrading Institutional Services LLC. This amendment becomes effective immediately upon filing and does not modify any other part of the existing registration statement, which is incorporated by reference.
The filing also lists estimated offering expenses totaling $308,792.50 and reports 70 record common shareholders and 1 preferred shareholder as of August 17, 2026.
Invesco Advantage Municipal Income Trust II (VKI) has filed a prospectus supplement for an at-the-market offering of up to 35,000,000 Common Shares. Sales will be made through Invesco Distributors and JonesTrading, which may receive commissions of up to 1.00% of gross proceeds.
Shares may be sold on NYSE American, NYSE Texas or in negotiated transactions, but not below the then-current NAV plus commission, as required by the 1940 Act. Assuming all shares are sold at $8.96 (the August 17, 2026 close), estimated net proceeds are about $310.3 million, to be invested in line with VKI’s municipal income objective within three to six months.
As of August 17, 2026, VKI had 44,436,943 Common Shares outstanding, NAV of $8.72 and net assets of $387.5 million. Pro forma for full issuance, Common Shares would rise to 79,436,943 and NAV to $8.79. VKI is a leveraged closed-end municipal bond fund with total annual expenses of 3.33% of net assets, including 2.37% from interest on borrowings and preferred shares.
Invesco Advantage Municipal Income Trust II (VKI), a diversified closed-end municipal bond fund, filed a Form N-2/A base prospectus to register up to 35,000,000 Common Shares and/or Rights for primary offerings from time to time. Common Shares trade on NYSE American and NYSE Texas under “VKI”.
On August 17, 2026, the market price was $8.96 versus net asset value (NAV) $8.72, a 2.75% premium, with 44,436,943 Common Shares outstanding and net assets of $387.5 million. The fund seeks high current income exempt from federal income tax, consistent with capital preservation, and uses structural and portfolio leverage, including variable rate muni term preferred shares and inverse floating rate securities.
The advisory fee is 0.55% of Managed Assets, and total annual expenses borne by Common Shareholders are shown at 3.33% of net assets (including interest on leverage). The fund intends to invest offering proceeds in line with its tax-exempt municipal strategy within three to six months and to continue monthly tax-advantaged distributions, subject to market, leverage and interest rate risks.
Invesco’s closed-end funds, including Invesco Advantage Municipal Income Trust II (VKI), are calling a joint annual shareholder meeting to elect trustees. The meeting will be held at 11 Greenway Plaza in Houston on August 4, 2026 at 2:00 p.m. Central Daylight Time.
Common and, where applicable, preferred shareholders of each fund will vote on Proposal 1 to elect Beth Ann Brown, Jeffrey H. Kupor, and Anthony J. LaCava, Jr. for staggered three-year board terms, with some funds’ preferred shareholders voting as a separate class. The boards unanimously recommend voting “FOR” all nominees and strongly encourage shareholders to vote by mail, telephone, or internet ahead of the meeting.
Invesco Advantage Municipal Income Trust II (VKI) files a preliminary base prospectus on Form N-2 to register future, at‑the‑time offerings of Common Shares and/or subscription Rights, to be sold from time to time in one or more offerings. The Fund states the closing market price and net asset value were $9.00 per share on June 9, 2026, with 44,424,272 Common Shares outstanding and net assets applicable to Common Shares of $399,667,048.94 as of that date.
The prospectus explains the Fund’s objective (tax‑exempt current income), its use of leverage (preferred shares, borrowings, derivatives and inverse floating rate securities), existing preferred liquidation preference ($165,702,466 as of February 28, 2026), the advisory fee mechanics (adviser fee based on Managed Assets) and estimated recurring expense ratios (total annual expenses of 3.33%). Offerings will be described in Prospectus Supplements; timing, amounts and proceeds treatment are governed by those supplements.
Invesco Advantage Municipal Income Trust II reported fiscal year results for the period ended February 28, 2026. The Trust returned 3.29% at NAV and 12.10% at market price for the year; its style-specific benchmark, the S&P Municipal Bond 5+ Year Investment Grade Index, returned 5.24%. The report notes that leverage represented 36% of total assets and contributed positively to relative performance. Portfolio positioning that affected results included an overweight to health care, overweight to non-rated bonds, state-level contributions from Alabama, and detractors from underweights to tobacco and AA-rated bonds. The filing also discloses changes to the Trust’s Declaration of Trust and Bylaws (forum-selection and remote-meeting provisions) and describes an automatic Dividend Reinvestment Plan. Key market context: municipal new issuance totaled $587 billion and net inflows to municipal funds were $67 billion.
Bank of America Corporation and its affiliate Banc of America Preferred Funding Corporation updated their Schedule 13D for Invesco Advantage Municipal Income Trust II’s Series 2015/6-VKI Variable Rate Muni Term Preferred Shares.
The reporting persons beneficially own 1,469 VMTP Shares, representing 100% of this preferred class, all with shared voting and dispositive power. On April 30, 2026, BAPFC deposited these 1,469 VMTP Shares (CUSIP 46132E855) into a tender option trust and custody arrangement called the TOB 2026-BAP0002 Trust. The TOB Trust holds legal title but cannot independently dispose of the shares. BAPFC remains an indirect beneficial owner through its beneficiary and contractual rights, including voting rights, which also remain subject to an existing Voting Trust.
Invesco Advantage Municipal Income Trust II reported an internal restructuring of preferred share holdings by entities affiliated with Bank of America. On April 30, 2026, Banc of America Preferred Funding Corporation deposited 1,469 Variable Rate Muni Term Preferred Shares into a tender option bond trust structure.
The TOB 2026-BAP0002 Trust now holds title to these VMTP shares, while Banc of America’s subsidiary retains indirect beneficial ownership through its interest in the trust. Bank of America’s interest in the securities is indirect, arising from its ownership of Banc of America Preferred Funding Corporation, and the filing emphasizes that the parties are not admitting membership in any investor group.