Bank of America unit reshapes Invesco Advantage (NYSE: VKI) VMTP stake

Rhea-AI Filing Summary

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.

Insights

Closed-end fund governance analyst

Filing shows internal restructuring of VKI preferred holdings, not a market trade.

The filing describes a tender option bond (TOB) trust transaction involving 1,469 variable rate muni term preferred shares of Invesco Advantage Municipal Income Trust II. Banc of America Preferred Funding Corporation moved these shares into the TOB 2026-BAP0002 Trust.

The TOB Trust holds title but does not control disposition of the shares; Banc of America’s subsidiary keeps indirect beneficial ownership through contractual rights. This is categorized as an "other" restructuring event, with no stated price, so it functions as an internal rebooking of exposure rather than a buy or sell in the market.

Bank of America and its subsidiary also clarify that this joint statement does not concede they are part of any Section 13(d) group in VKI. Subsequent disclosures in future filings may further detail any additional changes to their indirect preferred share exposure.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider BANK OF AMERICA CORP /DE/, Banc of America Preferred Funding Corp

Role 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Other	Adjustable Rate MuniFundTerm Preferred Shares	1,469	$0.00	$0.00
Other	Adjustable Rate MuniFund Term Preferred Shares	1,469	$0.00	$0.00

Holdings After Transaction: Adjustable Rate MuniFundTerm Preferred Shares — 0 shares (Indirect, By Subsidiary); Adjustable Rate MuniFund Term Preferred Shares — 1,469 shares (Indirect, By Trust)

Footnotes (3)

1. F1. On April 30, 2026, Banc of America Preferred Funding Corporation ("BAPFC") deposited 1,469 SERIES 2015/6-VKI VARIABLE RATE MUNI TERM PREFERRED SHARES (VMTP Shares) (CUSIP No. 46132E855) into a tender option trust and custody arrangement designated as TOB 2026-BAP0002 Trust (the "TOB Trust"). The TOB Trust has title to such VMTP Shares but does not independently have the power to dispose or direct the disposition of the VMTP Shares. BAPFC, as a beneficiary of the Trust and through its contractual rights, retains an indirect beneficial ownership in the VMTP Shares.
2. F2. This statement is jointly filed by Bank of America and BAPFC. Bank of America holds an indirect interest in the securities listed in Table I (the "Securities") by virtue of its indirect ownership of its subsidiary BAPFC.
3. F3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Key Figures

Restructured VMTP shares: 1,469 shares Trust-held VMTP after transaction: 1,469 shares Subsidiary-held VMTP after transaction: 0 shares +1 more

4 metrics

Restructured VMTP shares 1,469 shares Variable Rate Muni Term Preferred Shares moved into TOB 2026-BAP0002 Trust on April 30, 2026

Trust-held VMTP after transaction 1,469 shares Total shares following transaction under indirect ownership "By Trust"

Subsidiary-held VMTP after transaction 0 shares Total shares following transaction under indirect ownership "By Subsidiary"

Total restructuring volume 2,938 shares Aggregate restructuringShares reported in transactionSummary for code J events

Key Terms

Variable Rate Muni Term Preferred Shares, tender option trust, indirect beneficial ownership, Section 13(d)

4 terms

Variable Rate Muni Term Preferred Shares financial

"deposited 1,469 SERIES 2015/6-VKI VARIABLE RATE MUNI TERM PREFERRED SHARES (VMTP Shares)"

tender option trust financial

"deposited 1,469 ... VMTP Shares ... into a tender option trust and custody arrangement"

indirect beneficial ownership financial

"BAPFC, as a beneficiary of the Trust and through its contractual rights, retains an indirect beneficial ownership in the VMTP Shares"

Section 13(d) regulatory

"shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934"

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 05/04/2026 - 06:51 PM Learn about SEC filing dates

FAQ

What did Bank of America entities report in this Form 4 for VKI?

They reported an internal restructuring involving 1,469 variable rate muni term preferred shares of Invesco Advantage Municipal Income Trust II, moving the shares into a tender option bond trust while retaining indirect beneficial ownership through contractual rights.

Did Bank of America buy or sell VKI shares in this filing?

No open-market buy or sell is described. The transactions use code J for “other acquisition or disposition” and reflect moving 1,469 VMTP shares into a trust structure, with no transaction price reported and indirect ownership retained by an affiliate.

How many VKI preferred shares are involved in the restructuring?

The filing centers on 1,469 Variable Rate Muni Term Preferred Shares of VKI. After the restructuring, 1,469 shares are shown as held indirectly “By Trust,” while the “By Subsidiary” line shows 0 shares following the transaction.

What is the TOB 2026-BAP0002 Trust mentioned for VKI?

TOB 2026-BAP0002 Trust is a tender option bond trust that now holds title to the 1,469 VMTP shares. According to the filing, the trust lacks independent power to dispose of the shares, while Banc of America Preferred Funding retains indirect beneficial ownership through contractual rights.

How is Bank of America’s interest in VKI characterized in the Form 4?

Bank of America’s interest is described as indirect, arising from its ownership of subsidiary Banc of America Preferred Funding Corporation. The filing also states that neither entity admits to being part of a Section 13(d) group regarding VKI under this disclosure.

What does transaction code J mean in this VKI insider filing?

Transaction code J is labeled as “other acquisition or disposition.” In this case, it covers the movement of 1,469 VMTP shares into a tender option bond trust and the corresponding change in how they are held, rather than a standard purchase or sale.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Invesco Advantage Municipal Income Trust II [ VKI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Adjustable Rate MuniFundTerm Preferred Shares	04/30/2026		J(1)		1,469(1)	D	(1)	0(1)	I	By Subsidiary(2)(3)
Adjustable Rate MuniFund Term Preferred Shares	04/30/2026		J(1)		1,469(1)	A	(1)	1,469(1)	I	By Trust(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Banc of America Preferred Funding Corp

(Last) (First) (Middle)

214 NORTH TRYON STREET

(Street)

CHARLOTTE NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. On April 30, 2026, Banc of America Preferred Funding Corporation ("BAPFC") deposited 1,469 SERIES 2015/6-VKI VARIABLE RATE MUNI TERM PREFERRED SHARES (VMTP Shares) (CUSIP No. 46132E855) into a tender option trust and custody arrangement designated as TOB 2026-BAP0002 Trust (the "TOB Trust"). The TOB Trust has title to such VMTP Shares but does not independently have the power to dispose or direct the disposition of the VMTP Shares. BAPFC, as a beneficiary of the Trust and through its contractual rights, retains an indirect beneficial ownership in the VMTP Shares.

2. This statement is jointly filed by Bank of America and BAPFC. Bank of America holds an indirect interest in the securities listed in Table I (the "Securities") by virtue of its indirect ownership of its subsidiary BAPFC.

3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

	BANK OF AMERICA CORP /DE/ By: Its: Authorized Signatory Andres Ortiz	05/04/2026
	BANC OF AMERICA PREFERRED FUNDING CORPORATION By: Its: Authorized Signatory Andres Ortiz	05/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)