Schedule 13D/A: BAC reports purchase-agreement amendment and VKI share redemption

Rhea-AI Filing Summary

The filing is Amendment No. 5 to a Schedule 13D for the SERIES 2015/6-VKI Variable Rate Muni Term Preferred Shares of Invesco Advantage Municipal Income Trust II (CUSIP 46132E855). It reports an executed Amendment to the Variable Rate Muni Term Preferred Shares Purchase Agreement dated September 5, 2025 and discloses that 367 VMTP shares were redeemed by the issuer on September 4, 2025 for liquidation preference plus accumulated dividends. As a result, the reporting persons, Bank of America Corporation and Banc of America Preferred Funding Corp, now beneficially own 1,469 VMTP shares, representing 100.0% of the class. The amendment also replaces prior schedules and exhibits with updated Schedule I, Schedule II and related exhibits.

Positive

• Executed amendment to the Variable Rate Muni Term Preferred Shares Purchase Agreement dated September 5, 2025 is disclosed
• Full disclosure of the redemption event and updated Schedules I and II improves transparency on ownership and agreements

Negative

• Redemption reduced the reporting persons' holdings by 367 VMTP shares
• Replacement of prior exhibits may indicate material changes to contractual terms that require review

Insights

Securities Analyst

TL;DR: Amendment discloses a contractual amendment and a redemption that reduced holdings to 1,469 VMTP shares; reporting remains concentrated.

The amendment documents a post-event update to the Schedule 13D: an executed amendment to the purchase agreement dated September 5, 2025, and a disclosed redemption of 367 VMTP shares effective September 4, 2025. The redemption was for liquidation preference and accrued dividends and leaves the reporting entities with 1,469 shares, reported as 100% of the class. The filing also updates Schedules I and II and replaces prior exhibits, indicating administrative and contractual changes relevant to ownership and documentation. Impact is procedural but material to ownership reporting.

Corporate Governance Expert

TL;DR: Governance disclosure updated to reflect contractual amendment and share redemption; ownership remains fully disclosed at the class level.

The amendment appropriately refreshes identity/background schedules and exhibit attachments and documents a change in beneficial holdings resulting from an issuer-initiated redemption. The replacement of exhibits and filing of the purchase agreement amendment improves the public record on contractual terms governing the VMTP shares. From a governance perspective, the filing provides required transparency about changes in holdings and contractual relationships between the issuer and the reporting persons.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Invesco Advantage Municipal Income Trust II

(Name of Issuer)

SERIES 2015/6-VKI VARIABLE RATE MUNI TERM PREFERRED SHARES

(Title of Class of Securities)

46132E855

(CUSIP Number)

BANK OF AMERICA CORPORATION
BANK OF AMERICA CORPORATE CENTER, 100 N. Tryon Street
Charlotte, NC, 28255
980-388-3188

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/04/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 46132E855

1

Name of reporting person

BANK OF AMERICA CORP /DE/

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,469.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,469.00

11

Aggregate amount beneficially owned by each reporting person

1,469.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

100.0 %

14

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13D

CUSIP No. 46132E855

1

Name of reporting person

Banc of America Preferred Funding Corp

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,469.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,469.00

11

Aggregate amount beneficially owned by each reporting person

1,469.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

100.0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: SERIES 2015/6-VKI VARIABLE RATE MUNI TERM PREFERRED SHARES
(b)	Name of Issuer: Invesco Advantage Municipal Income Trust II
(c)	Address of Issuer's Principal Executive Offices: 1555 PEACHTREE STREET, N.E., SUITE 1800, ATLANTA, GEORGIA , 30309.
Item 1 Comment: This Amendment No. 5 (this Amendment) amends, as set forth below, the statement on Schedule 13D, dated November 18, 2019 and filed with the SEC on November 27, 2019 (as amended to the date hereof, the Original Schedule 13D), for Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC) (collectively, the Reporting Persons) with respect to the variable rate munifund term preferred shares, series 2015/6-VKI (CUSIP No. 46132E855) (VMTP Shares) of Invesco Advantage Municipal Income Trust II (the Issuer). This Amendment is being filed in relation to (i) the execution of an Amendment to the Variable Rate Muni Term Preferred Shares Purchase Agreement, dated as of September 5, 2025 relating to the VMTP Shares of the Issuer, a copy of which is filed herewith as Exhibit 99.9, and (ii) a change in the Reporting Person?s ownership percentage of the Issuer as a result of the redemption of 367 VMTP Shares on September 4, 2025, as described in the Notice of Intention to Redeem Securities, N-23C-2, filed by the Issuer with the SEC on July 31, 2025.
Item 2.	Identity and Background
(c)	Item 2(c) of the Original Schedule 13D is hereby amended by deleting Schedule I referenced therein and replacing it with Schedule I included with this Amendment.
(d)	Item 2(d) of the Original Schedule 13D is hereby amended by deleting Schedule II referenced therein and replacing it with Schedule II included with this Amendment.
Item 5.	Interest in Securities of the Issuer
(a)	Paragraph (a) of Item 5 of the Original Schedule 13D are hereby amended and restated in their entirety by incorporating by reference the cover pages of this Amendment.
(b)	Paragraph (b) of Item 5 of the Original Schedule 13D are hereby amended and restated in their entirety by incorporating by reference the cover pages of this Amendment.
(c)	Paragraph (c) of Item 5 of the Original Schedule 13D is hereby amended by adding the following paragraph at the end thereof: The 367 VMTP shares held by BAPFC were redeemed by the Issuer on September 4, 2025, for a redemption price of the liquidation preference and accumulated but unpaid dividends and as result of the redemption, the Reporting Persons now own 1,469 VMTP Shares.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Original Schedule 13D is hereby amended by deleting Exhibit 99.1 and Exhibit 99.2 thereto and the insertion of the following exhibits: "Exhibit Description of Exhibit 99.1 Joint Filing Agreement 99.2 Power of Attorney 99.7 Schedule I 99.8 Schedule II 99.9 Amendment to the Variable Rate Muni Term Preferred Shares Purchase Agreement, dated September 5, 2025"

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BANK OF AMERICA CORP /DE/

Signature:	Andres Ortiz
Name/Title:	Authorized Signatory
Date:	09/08/2025

Banc of America Preferred Funding Corp

Signature:	Andres Ortiz
Name/Title:	Authorized Signatory
Date:	09/08/2025

FAQ

What change in holdings does the Schedule 13D/A for VKI report?

The filing reports the redemption of 367 VMTP shares, leaving the reporting persons with 1,469 shares, stated as 100.0% of the class.

What agreement was amended as disclosed in this Schedule 13D/A?

An Amendment to the Variable Rate Muni Term Preferred Shares Purchase Agreement dated September 5, 2025 is filed as Exhibit 99.9.

Who are the reporting persons named in this filing?

The reporting persons are Bank of America Corporation and Banc of America Preferred Funding Corp, both organized in Delaware.

What exhibits were updated in this amendment?

The filing replaces prior Exhibit 99.1 and 99.2 and adds updated exhibits including Joint Filing Agreement, Power of Attorney, Schedule I, Schedule II and the purchase agreement amendment (Exhibit 99.9).

When did the redemption of VMTP shares occur according to the filing?

The redemption of 367 VMTP shares occurred on September 4, 2025.