Schedule of Investments

November 30, 2022

(Unaudited)

	Interest Rate	Maturity   Date	Principal   Amount (000)		Value
Municipal Obligations–165.93%(a)
Alabama–2.32%
Alabama (State of) Special Care Facilities Financing Authority (Ascension Health Senior Credit Group); Series 2016 B, Ref. RB(b)	5.00%	11/15/2046		$  3,630	$	3,699,223
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB	5.75%	06/01/2045		185		164,137
Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB(c)(d)	5.00%	01/01/2027		940		1,022,810
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB (Acquired 12/17/2007-12/18/2007; Cost $1,655,986)(e)(f)	5.50%	01/01/2043		1,900		1,206,500
Lower Alabama Gas District (The); Series 2016 A, RB	5.00%	09/01/2046		1,030		1,062,196
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(d)	4.00%	12/01/2031		1,115		1,073,363
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(d)	5.50%	12/01/2029		1,050		1,116,534
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(g)	5.25%	05/01/2044		615		510,672
						9,855,435
Alaska–0.06%
Northern Tobacco Securitization Corp.; Series 2021 A-1, Ref. RB	4.00%	06/01/2050		310		264,357
Arizona–2.02%
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB	5.00%	12/01/2042		1,870		1,893,038
Arizona (State of) Industrial Development Authority; Series 2019-2A, Revenue Ctfs.	3.63%	05/20/2033		789		759,684
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Capmus); Series 2020 A, RB(g)	5.00%	12/15/2040		185		178,601
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
Series 2017, Ref. RB	5.00%	11/15/2029		820		800,245
Series 2017, Ref. RB	5.00%	11/15/2045		665		560,092
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(g)	5.00%	07/01/2054		165		147,282
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(g)	6.50%	07/01/2034		380		390,809
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB(g)	5.00%	06/15/2052		270		237,223
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(g)	5.38%	07/01/2052		885		805,403
Pima (County of), AZ Industrial Development Authority (Tucson Medical Center); Series 2021, Ref. RB	3.00%	04/01/2051		1,155		823,873
Salt Verde Financial Corp.;
Series 2007, RB	5.00%	12/01/2032		580		609,106
Series 2007, RB	5.00%	12/01/2037		1,350		1,397,263
						8,602,619
Arkansas–0.11%
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB	5.00%	09/01/2044		460		459,364
California–17.34%
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, RB(b)(c)(d)(h)	5.00%	04/01/2027		1,890		2,081,374
Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds(i)	0.00%	08/01/2028		900		752,187
California (State of);
Series 2013, GO Bonds	5.00%	04/01/2037		1,350		1,357,601
Series 2013, Ref. GO Bonds	5.25%	09/01/2030		2,000		2,040,337
Series 2020, GO Bonds (INS - BAM)(j)	3.00%	11/01/2050		1,750		1,350,043
Series 2022, GO Bonds	5.25%	09/01/2047		1,125		1,276,567
Series 2022, Ref. GO Bonds	4.00%	04/01/2042		2,395		2,437,020
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(g)	5.00%	04/01/2049		625		534,681
California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB	4.00%	06/01/2050		3,125		2,924,521

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate	Maturity   Date	Principal   Amount (000)		Value
California–(continued)
California (State of) Housing Finance Agency;
Series 2019 A-2, RB	4.00%	03/20/2033		$     357	$	347,364
Series 2021 A, RB	3.25%	08/20/2036		236		203,956
Series 2021-1A, Revenue Ctfs.	3.50%	11/20/2035		610		550,307
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(g)	5.00%	06/01/2048		145		128,600
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB	5.00%	05/15/2037		1,000		1,014,878
California (State of) Municipal Finance Authority (Green Bonds); Series 2021, RB (INS - BAM)(j)	4.00%	05/15/2046		500		473,865
California (State of) Municipal Finance Authority (Linxs APM);
Series 2018 A, RB(k)	5.00%	12/31/2036		1,245		1,276,990
Series 2018 A, RB(k)	5.00%	12/31/2047		1,500		1,508,764
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(k)	4.00%	07/15/2029		1,240		1,203,541
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB(g)	5.00%	08/01/2039		185		173,824
California (State of) Pollution Control Finance Authority;
Series 2012, RB(g)(k)	5.00%	07/01/2027		840		840,390
Series 2012, RB(g)(k)	5.00%	07/01/2030		1,215		1,215,346
Series 2012, RB(g)(k)	5.00%	07/01/2037		2,685		2,633,156
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB	5.25%	12/01/2044		655		659,683
Series 2016 A, RB(g)	5.00%	12/01/2041		1,030		1,030,240
Series 2016 A, RB(g)	5.25%	12/01/2056		750		746,991
California (State of) Tobacco Securitization Agency; Series 2020 A, Ref. RB	4.00%	06/01/2038		275		258,954
California (State of) Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(i)	0.00%	06/01/2055		8,390		717,913
California (State of) Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
Series 2020 B-1, Ref. RB	5.00%	06/01/2049		80		80,030
Series 2020 B-2, Ref. RB(i)	0.00%	06/01/2055		1,245		226,849
California State University;
Series 2019 A, RB	5.00%	11/01/2044		1,850		1,995,486
Series 2019 A, RB(b)(h)	5.00%	11/01/2049		8,175		8,760,970
Cambrian School District; Series 2022, GO Bonds	4.00%	08/01/2052		1,735		1,664,715
CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB(g)	3.13%	08/01/2056		625		415,322
CSCDA Community Improvement Authority (Social Bonds);
Series 2021 A-2, RB(g)	4.00%	09/01/2056		625		476,441
Series 2021, RB(g)	4.00%	08/01/2056		375		286,865
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB	6.50%	12/15/2047		375		370,423
Foothill-Eastern Transportation Corridor Agency; Series 2015, Ref. RB (INS - AGM)(i)(j)	0.00%	01/15/2034		3,145		2,051,713
Glendale Community College District; Series 2020 B, GO Bonds	4.00%	08/01/2050		600		592,943
Golden State Tobacco Securitization Corp.;
Series 2013 A, RB(c)(d)	5.00%	06/01/2023		1,050		1,063,601
Series 2015, Ref. RB(c)(d)	5.00%	06/01/2025		1,350		1,433,541
Series 2015, Ref. RB(c)(d)	5.00%	06/01/2025		1,650		1,752,105
Series 2021 B-2, Ref. RB(i)	0.00%	06/01/2066		2,155		232,013
Los Angeles (City of), CA Department of Airports; Series 2019 A, Ref. RB(k)	5.00%	05/15/2034		680		726,094
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB(k)	5.50%	05/15/2037		600		671,339
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2019, RB(k)	5.00%	05/15/2037		2,315		2,434,357
Los Angeles (City of), CA Department of Water & Power; Series 2020 B, Ref. RB	5.00%	07/01/2050		1,740		1,879,363
Montebello Unified School District; Series 2022 B, GO Bonds (INS - AGM)(j)	5.00%	08/01/2050		930		999,410
M-S-R Energy Authority; Series 2009 B, RB	6.50%	11/01/2039		2,095		2,541,893
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(l)	6.25%	08/01/2043		1,500		1,353,718
Regents of the University of California Medical Center; Series 2022 P, RB(b)(h)	4.00%	05/15/2053		4,065		3,835,564
Sacramento (City of), CA Unified School District (Election of 2020);
Series 2022 A, GO Bonds (INS - BAM)(j)	5.50%	08/01/2047		980		1,101,019
Series 2022 A, GO Bonds (INS - BAM)(j)	5.50%	08/01/2052		1,190		1,330,436
San Diego (County of), CA Regional Airport Authority; Series 2021 A, RB	5.00%	07/01/2056		1,500		1,564,181

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
California–(continued)
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2019 E, RB(k)		5.00%		05/01/2037		$     500	$	524,198
Series 2019 E, RB(k)		5.00%		05/01/2050		1,760		1,793,294
Series 2021 A, Ref. RB(k)		5.00%		05/01/2036		450		479,912
Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, RB		5.50%		09/01/2032		505		511,327
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(i)		0.00%		06/01/2041		2,605		896,613
								73,784,828
Colorado–5.87%
Arkansas River Power Authority; Series 2006, RB(c)		5.88%		10/01/2026		760		808,107
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB		5.75%		12/01/2051		620		551,939
Belford North Metropolitan District; Series 2020 A, GO Bonds		5.50%		12/01/2050		780		680,415
Centerra Metropolitan District No. 1; Series 2022, RB		6.50%		12/01/2053		500		500,307
Centerra Metropolitan District No. 1 (In the City of Loveland);
Series 2017, RB(g)		5.00%		12/01/2047		1,260		1,135,353
Series 2020 A, Ref. GO Bonds		5.00%		12/01/2051		500		427,394
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2021 A, Ref. RB		4.00%		11/15/2050		555		510,307
Colorado (State of) Health Facilities Authority (CommonSpirit Health);
Series 2019 A-2, Ref. RB		5.00%		08/01/2044		2,745		2,782,080
Series 2019 A-2, Ref. RB(b)(h)		5.00%		08/01/2044		935		947,630
Series 2019 A-2, Ref. RB		4.00%		08/01/2049		1,245		1,040,096
Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)); Series 2017, Ref. RB(c)(d)		5.00%		06/01/2027		435		473,105
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB		5.30%		07/01/2037		525		422,008
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, RB		5.00%		12/01/2033		500		488,607
Colorado Crossing Metropolitan District No. 2; Series 2020 A-1, Ref. GO Bonds		5.00%		12/01/2047		500		433,141
Denver (City & County of), CO;
Series 2018 A, RB(b)(k)		5.25%		12/01/2048		1,315		1,358,242
Series 2018 A, Ref. RB(k)		5.25%		12/01/2048		1,185		1,223,967
Series 2018 A-2, RB(i)		0.00%		08/01/2033		1,700		1,109,959
Series 2022 A, RB(k)		5.50%		11/15/2035		650		727,475
Series 2022 A, RB(k)		5.50%		11/15/2042		1,000		1,087,928
Series 2022 A, RB(k)		5.00%		11/15/2047		1,505		1,552,817
Series 2022 A, RB(k)		5.50%		11/15/2053		460		490,651
Great Western Metropolitan District; Series 2020, Ref. GO Bonds		4.75%		12/01/2050		340		286,128
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB		5.75%		12/15/2050		675		637,246
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds		4.25%		12/01/2046		610		483,920
Mulberry Metropolitan District No. 2; Series 2022, RB		7.00%		12/01/2034		565		572,480
Neu Town Metropolitan District; Series 2018 A, Ref. GO Bonds		5.38%		12/01/2046		530		495,248
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds		5.00%		12/01/2040		500		439,914
Rampart Range Metropolitan District No. 5; Series 2021, RB		4.00%		12/01/2051		500		337,590
Sky Ranch Community Authority Board; Series 2022 A, GO Bonds		5.75%		12/01/2052		500		458,130
Village Metropolitan District (The); Series 2020, Ref. GO Bonds		5.00%		12/01/2040		550		519,131
White Buffalo Metropolitan District No. 3; Series 2020, GO Bonds		5.50%		12/01/2050		500		452,483
Windler Public Improvement Authority;
Series 2021 A-1, RB		4.13%		12/01/2051		1,000		652,741
Series 2021 A-2, RB(l)		4.50%		12/01/2041		1,535		870,289
								24,956,828
District of Columbia–1.94%
District of Columbia; Series 2022 A, RB		5.00%		07/01/2047		1,260		1,385,929
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB		5.00%		10/01/2045		515		490,712
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C-1, RB		4.00%		10/01/2051		1,250		1,218,689
Metropolitan Washington Airports Authority;
Series 2017, Ref. RB(k)		5.00%		10/01/2042		2,005		2,052,405
Series 2021 A, Ref. RB(k)		4.00%		10/01/2039		2,100		2,019,510
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB		4.00%		10/01/2049		1,245		1,085,304
								8,252,549

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Florida–9.51%
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB(g)		5.00%		11/15/2061		$   1,075	$	735,031
Series 2022 B, RB(g)		6.50%		11/15/2033		100		86,926
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB		4.00%		04/01/2052		370		326,369
Broward (County of), FL;
Series 2013 C, RB(c)(d)		5.25%		10/01/2023		1,900		1,942,284
Series 2017, RB(b)(h)(k)		5.00%		10/01/2047		1,935		1,954,017
Series 2019 B, RB(k)		4.00%		09/01/2044		625		559,500
Series 2022 A, RB		4.00%		10/01/2047		4,100		3,975,190
Broward (County of), FL (Convention Center Expansion); Series 2021, RB		4.00%		09/01/2047		2,500		2,272,739
Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.); Series 2015, Ref. RB(g)		6.00%		07/01/2050		190		172,259
Central Florida Expressway Authority; Series 2019 B, RB(b)(h)		5.00%		07/01/2049		1,775		1,856,845
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $976,983)(e)(f)(g)		7.75%		05/15/2035		1,000		640,000
Davie (Town of), FL (Nova Southeastern University); Series 2013 A, RB(c)(d)		6.00%		04/01/2023		1,100		1,112,749
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB		5.00%		01/01/2048		2,255		2,255,306
Florida Development Finance Corp.; Series 2022 A, Ref. RB(d)(g)(k)		7.25%		10/03/2023		625		621,133
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(g)(k)		7.38%		01/01/2049		490		436,944
Greater Orlando Aviation Authority;
Series 2017 A, RB(k)		5.00%		10/01/2052		800		804,187
Series 2019 A, RB(k)		4.00%		10/01/2044		1,750		1,619,900
Lake (County of), FL (Lakeside at Waterman Village);
Series 2020 A, Ref. RB		5.50%		08/15/2040		485		434,849
Series 2020 A, Ref. RB		5.75%		08/15/2050		210		183,574
Series 2020 A, Ref. RB		5.75%		08/15/2055		790		676,162
Lee (County of), FL;
Series 2021 B, RB(k)		5.00%		10/01/2034		775		829,979
Series 2022, RB		5.25%		08/01/2049		3,125		3,372,846
Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM)(j)		5.00%		03/15/2052		1,485		1,598,499
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. RB		5.00%		11/15/2039		710		714,407
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami); Series 2018 A, RB		5.00%		04/01/2053		2,890		2,978,971
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB		5.00%		07/01/2040		1,000		1,000,062
Osceola (County of), FL;
Series 2020 A-2, Ref. RB(i)		0.00%		10/01/2051		1,200		226,352
Series 2020 A-2, Ref. RB(i)		0.00%		10/01/2052		335		59,459
Series 2020 A-2, Ref. RB(i)		0.00%		10/01/2053		335		56,111
Series 2020 A-2, Ref. RB(i)		0.00%		10/01/2054		285		45,048
Palm Beach (County of), FL Health Facilities Authority; Series 2020, RB		5.00%		06/01/2055		375		334,339
Palm Beach (County of), FL Health Facilities Authority (BRRH Corp. Obligated Group); Series 2014, Ref. RB(c)(d)		5.00%		12/01/2024		1,125		1,173,229
Putnam (County of), FL Development Authority (Seminole Electric Cooperative); Series 2018 B, Ref. PCR		5.00%		03/15/2042		625		668,968
Reunion East Community Development District; Series 2005, RB(e)(m)		5.80%		05/01/2036		197		2
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2022, RB		4.00%		07/01/2052		1,250		1,128,358
South Carolina (State of) Jobs-Economic Development Authority (South Broward Hospital District Obligated Group); Series 2021 A, RB		3.00%		05/01/2051		620		446,764
Sterling Hill Community Development District; Series 2003 A, RB(m)(n)		6.20%		05/01/2035		828		446,936
Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance); Series 2014 A, RB		5.25%		07/01/2044		1,000		1,004,225
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB		5.00%		12/01/2055		1,010		1,014,304
Tampa (City of), FL; Series 2020 A, RB(i)		0.00%		09/01/2049		2,510		696,577
								40,461,400
Georgia–3.22%
Augusta (City of), GA Development Authority; Series 2018, RB		4.00%		07/01/2038		2,265		1,792,991
Brookhaven Development Authority;
Series 2020, RB(b)(h)		4.00%		07/01/2044		845		831,771
Series 2020, RB(b)(h)		4.00%		07/01/2049		8,720		8,374,027

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Georgia–(continued)
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.); Series 2021 A, RB		3.00%		02/15/2051		$     370	$	255,116
Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4); Series 2021 A, Ref. RB		4.00%		01/01/2051		645		552,076
Main Street Natural Gas, Inc.;
Series 2021 A, RB(d)		4.00%		09/01/2027		1,000		1,002,290
Series 2021 C, RB(d)		4.00%		12/01/2028		925		904,465
								13,712,736
Hawaii–1.36%
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2013 A, Ref. RB(c)		5.50%		07/01/2043		2,500		2,524,333
Honolulu (City & County of), HI; Series 2012 A, GO Bonds		5.00%		11/01/2036		1,000		1,001,826
Honolulu (City & County of), HI Wastewater System Revenue; Series 2015 A, RB(b)		5.00%		07/01/2031		2,160		2,270,683
								5,796,842
Idaho–0.34%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.);
Series 2017 A, Ref. RB		5.00%		11/15/2032		265		233,351
Series 2017 A, Ref. RB		5.25%		11/15/2037		370		311,762
Spring Valley Community Infrastructure District No. 1; Series 2021, RB(g)		3.75%		09/01/2051		1,245		900,356
								1,445,469
Illinois–17.08%
Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB		5.60%		01/01/2023		285		285,148
Bolingbrook (Village of), IL; Series 1999 C, Ref. GO Bonds (INS - NATL)(i)(j)		0.00%		01/01/2029		1,710		1,361,828
Chicago (City of), IL;
Series 2002 B, GO Bonds		5.50%		01/01/2037		795		801,293
Series 2005 D, Ref. GO Bonds		5.50%		01/01/2040		325		327,329
Series 2007 E, Ref. GO Bonds		5.50%		01/01/2042		260		261,865
Series 2012, RB		5.00%		01/01/2042		2,585		2,585,038
Series 2014, RB		5.00%		11/01/2044		665		665,933
Series 2014, Ref. RB(c)(d)		5.00%		01/01/2024		890		911,726
Series 2015 A, GO Bonds		5.50%		01/01/2033		2,590		2,615,445
Series 2017 A, Ref. GO Bonds		6.00%		01/01/2038		1,550		1,611,703
Chicago (City of), IL (O’Hare International Airport);
Series 2013, RB		5.75%		01/01/2038		1,900		1,902,460
Series 2015 C, RB(k)		5.00%		01/01/2046		645		645,251
Series 2017 D, RB		5.25%		01/01/2042		1,035		1,069,868
Series 2017 D, RB		5.00%		01/01/2052		1,100		1,116,752
Series 2022 A, RB (INS - AGM)(j)(k)		5.50%		01/01/2053		1,045		1,098,797
Chicago (City of), IL Board of Education;
Series 2017 H, GO Bonds		5.00%		12/01/2046		475		448,391
Series 2018 A, Ref. GO Bonds (INS - AGM)(j)		5.00%		12/01/2032		535		557,919
Series 2018 A, Ref. GO Bonds		5.00%		12/01/2034		520		519,086
Series 2018 C, Ref. GO Bonds		5.00%		12/01/2022		750		750,000
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds		4.00%		12/01/2051		1,035		943,742
Chicago (City of), IL Midway International Airport;
Series 2013 A, Ref. RB(k)		5.50%		01/01/2031		2,600		2,602,949
Series 2014 A, Ref. RB(k)		5.00%		01/01/2041		950		951,121
Chicago (City of), IL Transit Authority; Series 2014, RB		5.00%		12/01/2044		2,590		2,628,805
Chicago Park District; Series 2020 C, GO Bonds (INS - BAM)(j)		4.00%		01/01/2042		1,485		1,395,229
Cook (County of), IL; Series 2021 A, Ref. RB		4.00%		11/15/2039		390		390,164

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Illinois–(continued)
Illinois (State of);
Series 2013, GO Bonds (INS - AGM)(j)		5.25%		07/01/2029		$ 1,660	$	1,674,960
Series 2014, GO Bonds		5.25%		02/01/2034		1,050		1,061,950
Series 2014, GO Bonds		5.00%		05/01/2035		355		357,824
Series 2014, GO Bonds		5.00%		05/01/2036		850		856,001
Series 2016, GO Bonds		5.00%		11/01/2036		895		910,686
Series 2017 C, GO Bonds		5.00%		11/01/2029		195		203,300
Series 2017 D, GO Bonds		5.00%		11/01/2024		115		118,048
Series 2017 D, GO Bonds		5.00%		11/01/2026		1,880		1,955,614
Series 2018 A, GO Bonds		6.00%		05/01/2027		575		622,846
Series 2018 A, GO Bonds		5.00%		05/01/2030		935		978,160
Series 2020, GO Bonds		5.50%		05/01/2039		1,040		1,097,803
Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB(c)(d)		5.00%		09/01/2024		1,100		1,143,459
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(k)		8.00%		06/01/2032		270		270,230
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB		5.00%		11/01/2040		45		38,855
Series 2019 A, Ref. RB		5.00%		11/01/2049		910		733,579
Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB		5.00%		12/01/2046		2,005		2,012,779
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB		5.13%		05/15/2060		992		716,347
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB		5.50%		04/01/2037		1,000		933,169
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB		5.00%		11/15/2038		1,570		1,584,360
Illinois (State of) Finance Authority (Three Crowns Park);
Series 2017, Ref. RB		5.00%		02/15/2032		155		151,967
Series 2017, Ref. RB		5.25%		02/15/2037		145		142,286
Series 2017, Ref. RB		5.25%		02/15/2047		620		581,240
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002, RB (INS - AGM)(i)(j)		0.00%		12/15/2029		2,100		1,585,758
Series 2015 A, RB		5.50%		06/15/2053		4,500		4,563,678
Illinois (State of) Municipal Electric Agency; Series 2015 A, Ref. RB		4.00%		02/01/2035		1,510		1,511,430
Illinois (State of) Regional Transportation Authority;
Series 2000, RB (INS - NATL)(j)		6.50%		07/01/2030		1,685		1,978,333
Series 2002 A, RB (INS - NATL)(j)		6.00%		07/01/2029		860		1,025,686
Series 2018 B, RB		5.00%		06/01/2040		1,730		1,880,358
Illinois (State of) Sports Facilities Authority;
Series 2014, Ref. RB (INS - AGM)(j)		5.25%		06/15/2031		920		943,729
Series 2014, Ref. RB (INS - AGM)(j)		5.25%		06/15/2032		840		861,159
Illinois (State of) Toll Highway Authority;
Series 2013 A, RB(b)		5.00%		01/01/2038		3,125		3,128,503
Series 2014 C, RB(b)		5.00%		01/01/2039		3,760		3,849,139
Series 2015 A, RB(b)		5.00%		01/01/2040		1,500		1,540,820
Sales Tax Securitization Corp.; Series 2018 A, RB(b)		5.00%		01/01/2048		3,135		3,208,799
								72,670,697
Indiana–2.29%
Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing);
Series 2013 A, RB(c)(d)(k)		5.00%		07/01/2023		500		506,096
Series 2013 A, RB(c)(d)(k)		5.00%		07/01/2023		440		445,365
Series 2013, RB(c)(d)(k)		5.00%		07/01/2023		2,940		2,975,847
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB		4.25%		11/01/2030		1,555		1,514,105
Indiana (State of) Health Facility Financing Authority; Series 1992 C, Ref. RB(c)		7.38%		07/01/2023		660		676,963
Indiana (State of) Municipal Power Agency; Series 2013 A, RB(c)(d)		5.25%		07/01/2023		1,000		1,015,654
Indianapolis Local Public Improvement Bond Bank; Series 2019, Ref. RB(k)		5.00%		01/01/2027		990		1,048,124
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(k)		6.75%		01/01/2034		1,500		1,539,607
								9,721,761
Iowa–1.45%
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB		3.00%		09/01/2056		1,210		860,261
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB		4.75%		08/01/2042		310		282,597
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(d)		5.00%		12/01/2042		2,050		1,982,083

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Iowa–(continued)
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2016, RB		5.00%		05/15/2041		$     375	$	332,335
Iowa (State of) Tobacco Settlement Authority; Series 2021 B-1, Ref. RB		4.00%		06/01/2049		1,345		1,337,597
PEFA, Inc.; Series 2019, RB(d)		5.00%		09/01/2026		1,345		1,378,095
								6,172,968
Kansas–0.29%
Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, RB(c)(d)		5.75%		07/01/2023		1,215		1,237,497
Kentucky–2.35%
Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB(g)(k)		4.70%		01/01/2052		500		442,923
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(d)(o)		3.25%		02/01/2025		530		531,073
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM)(j)		5.00%		12/01/2047		395		395,118
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, RB		5.00%		07/01/2040		1,515		1,519,716
Series 2015 A, RB		5.00%		01/01/2045		255		252,981
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.);
Series 2017 A, Ref. RB		5.25%		06/01/2041		945		962,683
Series 2017 A, Ref. RB		5.00%		06/01/2045		775		778,105
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 A, RB(c)(d)		5.75%		07/01/2023		1,000		1,015,025
Kentucky Bond Development Corp.; Series 2020, RB (INS - BAM)(b)(h)(j)		5.00%		09/01/2044		2,860		3,077,365
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB		5.50%		10/01/2033		1,000		1,016,501
								9,991,490
Louisiana–1.11%
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1); Series 2013 A, RB(c)(d)		5.25%		06/01/2023		2,000		2,027,068
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB(g)		3.90%		11/01/2044		665		496,600
New Orleans (City of), LA Aviation Board; Series 2015 A, RB		5.00%		01/01/2045		925		933,878
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM)(j)		5.00%		10/01/2043		335		350,249
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB		5.25%		05/15/2033		905		923,908
								4,731,703
Maryland–2.03%
Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB		5.00%		07/01/2036		285		286,779
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health); Series 2016, Ref. RB		5.00%		07/01/2047		590		596,750
Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Medical Center); Series 2015, Ref. RB(c)(d)		5.00%		07/01/2024		1,205		1,248,310
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021 A, Ref. RB		4.00%		06/01/2041		375		335,408
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC - TD Bank N.A.)(p)(q)		1.35%		07/01/2041		4,400		4,400,000
Maryland Economic Development Corp. (Green Bonds); Series 2022, RB(k)		5.25%		06/30/2052		710		737,286
Prince Georges (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB		5.00%		04/01/2029		690		663,514
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB		5.00%		11/01/2047		405		350,611
								8,618,658
Massachusetts–1.03%
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2016 A, RB		5.00%		01/01/2047		2,525		2,546,365
Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB(g)		5.00%		07/15/2036		235		236,021
Massachusetts (Commonwealth of) Port Authority;
Series 2019 A, Ref. RB(k)		5.00%		07/01/2036		740		786,472
Series 2021 E, RB(k)		5.00%		07/01/2046		790		823,662
								4,392,520

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate	Maturity   Date		Principal   Amount (000)		Value
Michigan–4.12%
Academy of Warren; Series 2020 A, RB(g)	5.50%		05/01/2050		$    250	$	199,695
Detroit (City of), MI Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(b)(h)(j)	5.00%		07/01/2043		1,590		1,597,332
Lakeview Public School District; Series 2022, GO Bonds	3.00%		11/01/2034		240		218,758
Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB(b)	5.00%		04/15/2041		2,190		2,277,038
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center); Series 2018, RB	5.00%		11/01/2043		615		646,657
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-3, RB (INS - AGM)(j)	5.00%		07/01/2031		2,500		2,574,947
Series 2014 C-6, Ref. RB	5.00%		07/01/2033		475		487,388
Series 2014 D-4, Ref. RB	5.00%		07/01/2029		475		489,240
Series 2015, RB	5.00%		07/01/2035		970		998,975
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2019 A, RB	5.00%		11/15/2048		1,000		1,015,966
Michigan (State of) Finance Authority (Landmark Academy);
Series 2020, Ref. RB	5.00%		06/01/2035		125		116,618
Series 2020, Ref. RB	5.00%		06/01/2045		360		312,276
Michigan (State of) Finance Authority (MidMichigan Health Credit Group); Series 2014, Ref. RB(c)(d)	5.00%		06/01/2024		1,740		1,802,030
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017 MI, RB(b)(c)(h)	5.00%		12/01/2046		2,965		3,010,527
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(d)(k)	4.00%		10/01/2026		1,270		1,228,298
Michigan (State of) Strategic Fund (I-75 Improvement Project); Series 2018, RB(k)	5.00%		06/30/2030		545		557,959
							17,533,704
Minnesota–0.24%
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB	4.25%		07/01/2047		400		305,117
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB	5.00%		02/15/2048		440		444,462
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB	5.00%		12/01/2055		315		256,911
							1,006,490
Mississippi–0.39%
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB	2.38%		06/01/2044		830		550,839
West Rankin Utility Authority; Series 2018, RB(c)(d)	5.00%		01/01/2028		1,010		1,116,377
							1,667,216
Missouri–2.55%
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB	5.50%		09/01/2027		800		802,109
Series 2011 A, Ref. RB	5.50%		09/01/2028		1,670		1,674,402
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
Series 2019 B, RB(k)	5.00%		03/01/2046		3,555		3,608,453
Series 2019 B, RB (INS - AGM)(j)(k)	5.00%		03/01/2049		745		759,738
Series 2019 B, RB(k)	5.00%		03/01/2054		860		863,803
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB	5.25%		05/15/2050		385		317,803
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB	5.00%		02/01/2048		245		224,962
Missouri (State of) Health & Educational Facilities Authority (St. Louis College of Pharmacy); Series 2013, RB(c)	5.25%		05/01/2033		1,175		1,187,780
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB	5.00%		09/01/2038		1,565		1,427,677
							10,866,727
Nebraska–0.72%
Central Plains Energy Project (No. 3);
Series 2017 A, Ref. RB	5.00%		09/01/2034		155		163,930
Series 2017 A, Ref. RB	5.00%		09/01/2042		2,810		2,910,424
							3,074,354
Nevada–0.21%
Las Vegas Valley Water District; Series 2022 A, GO Bonds	4.00%		06/01/2044		895		892,450

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New Hampshire–0.48%
New Hampshire (State of) Business Finance Authority;
Series 2020-1A, RB		4.13%		01/20/2034		$         1	$	925
Series 2022-1, Class A		4.38%		09/20/2036		1,248		1,195,831
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB		5.00%		08/01/2059		820		853,121
								2,049,877
New Jersey–5.71%
New Jersey (State of) Economic Development Authority; Series 2004 A, RB (INS - BHAC)(b)(j)		5.25%		07/01/2026		6,625		7,124,697
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 1999, RB(k)		5.13%		09/15/2023		175		175,447
New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(k)		5.00%		10/01/2047		715		702,967
New Jersey (State of) Economic Development Authority (Social Bonds); Series 2021, RB		4.00%		06/15/2040		1,180		1,114,780
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(k)		5.38%		01/01/2043		2,000		2,003,642
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB		4.00%		07/01/2047		1,940		1,796,407
New Jersey (State of) Transportation Trust Fund Authority;
Series 2014, RB		5.00%		06/15/2030		685		745,248
Series 2015 AA, RB		5.25%		06/15/2033		1,150		1,195,504
Series 2016 A-1, RN		5.00%		06/15/2028		770		812,795
Series 2018 A, Ref. RB		5.00%		12/15/2032		925		997,406
Series 2018 A, RN(b)(h)		5.00%		06/15/2029		1,190		1,254,318
Series 2018 A, RN(b)(h)		5.00%		06/15/2030		405		426,457
Series 2018 A, RN(b)(h)		5.00%		06/15/2031		565		593,421
Series 2021 A, Ref. RB		5.00%		06/15/2033		370		407,694
Series 2022, RB		5.25%		06/15/2046		1,070		1,129,022
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, PCR(c)(k)		5.00%		12/01/2023		395		399,604
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00%		06/01/2046		2,195		2,153,353
Series 2018 A, Ref. RB		5.25%		06/01/2046		1,250		1,259,484
								24,292,246
New Mexico–0.06%
Santa Fe (City of), NM (El Castillo Retirement); Series 2019 A, RB		5.00%		05/15/2049		300		249,080
New York–24.91%
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(g)(k)		5.25%		12/31/2033		200		185,074
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00%		06/01/2045		2,070		1,973,198
Hudson Yards Infrastructure Corp.;
Series 2017 A, Ref. RB		4.00%		02/15/2044		1,875		1,820,063
Series 2017 A, Ref. RB (INS - AGM)(j)		4.00%		02/15/2047		595		573,641
Metropolitan Transportation Authority;
Series 2013 B, RB		5.00%		11/15/2038		1,425		1,426,725
Series 2016 B, Ref. RB		5.00%		11/15/2037		110		111,460
Subseries 2015 E-1, VRD RB (LOC - Barclays Bank PLC)(p)(q)		1.30%		11/15/2050		7,950		7,950,000
Metropolitan Transportation Authority (Bidding Group 1);
Series 2022 A, RB		4.00%		11/15/2040		1,340		1,282,182
Series 2022 A, RB		4.00%		11/15/2043		2,235		2,108,981
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A-1, RB		5.00%		11/15/2041		1,510		1,496,377
Series 2017 C-1, Ref. RB		5.00%		11/15/2023		450		456,849
Series 2020 A-1, RB (INS - AGM)(j)		4.00%		11/15/2041		1,495		1,408,842
Series 2020 A-1, RB (INS - BAM)(j)		4.00%		11/15/2053		295		261,898
Series 2020 C-1, RB		5.25%		11/15/2055		995		1,004,964
New York & New Jersey (States of) Port Authority;
Series 2020 221, RB(k)		4.00%		07/15/2055		1,750		1,533,701
Two Hundred Seventh Series 2018, Ref. RB(b)(h)(k)		5.00%		09/15/2028		2,460		2,620,052

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York (City of), NY;
Series 2020 C, GO Bonds		5.00%		08/01/2043		$  1,835	$	1,975,969
Subseries 2022 B-1, GO Bonds		5.25%		10/01/2047		1,130		1,250,763
Subseries 2022 D-1, GO Bonds(b)		5.25%		05/01/2038		1,015		1,152,868
Subseries 2022 D-1, GO Bonds(b)		5.25%		05/01/2042		1,725		1,924,348
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2021 A, Ref. RB (INS - AGM)(j)		3.00%		01/01/2046		1,875		1,399,953
New York (City of), NY Municipal Water Finance Authority;
Series 2013 DD, RB		5.00%		06/15/2035		1,000		1,009,141
Series 2020 BB-1, RB		4.00%		06/15/2050		1,250		1,188,887
New York (City of), NY Transitional Finance Authority; Series 2019 B-1, RB		4.00%		11/01/2045		640		614,012
New York (State of) Dormitory Authority;
Series 2018 A, Ref. RB		5.25%		03/15/2039		925		1,000,891
Series 2018 E, RB(b)		5.00%		03/15/2045		4,260		4,504,995
New York (State of) Dormitory Authority (Bidding Group 3); Series 2017 B, Ref. RB		4.00%		02/15/2044		2,510		2,429,609
New York (State of) Dormitory Authority (General Purpose);
Series 2013 A, RB(c)(d)		5.00%		02/15/2023		7,900		7,942,298
Series 2014 C, RB(b)		5.00%		03/15/2040		4,210		4,296,031
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022 1-B, RB		4.00%		07/01/2051		2,725		2,604,339
New York (State of) Mortgage Agency (Social Bonds); Series 2021, RB		3.25%		10/01/2051		500		485,398
New York (State of) Power Authority; Series 2020 A, RB(b)		4.00%		11/15/2045		2,740		2,679,647
New York (State of) Power Authority (Green Bonds); Series 2020, RB(b)		4.00%		11/15/2055		3,130		2,962,418
New York (State of) Thruway Authority;
Series 2019 B, RB		4.00%		01/01/2050		4,030		3,722,004
Series 2019 B, RB (INS - AGM)(b)(h)(j)		4.00%		01/01/2050		1,950		1,826,448
New York (State of) Thruway Authority (Group 3); Series 2021 A-1, Ref. RB		4.00%		03/15/2046		1,850		1,753,635
New York Counties Tobacco Trust IV; Series 2005 A, RB		5.00%		06/01/2045		210		195,772
New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB		5.75%		06/01/2043		2,370		2,445,718
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(g)		5.00%		11/15/2044		4,375		4,135,290
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB		4.00%		03/15/2045		2,490		2,400,909
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2020, Ref. RB(k)		5.25%		08/01/2031		425		435,166
Series 2020, Ref. RB(k)		5.38%		08/01/2036		705		713,997
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(k)		5.00%		08/01/2026		1,050		1,050,071
Series 2016, Ref. RB(k)		5.00%		08/01/2031		1,000		1,000,011
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(k)		5.00%		01/01/2031		180		183,103
Series 2018, RB(k)		5.00%		01/01/2033		1,565		1,585,234
Series 2018, RB(k)		5.00%		01/01/2034		1,285		1,296,627
Series 2018, RB(k)		5.00%		01/01/2036		585		587,941
Series 2020, RB(k)		5.00%		10/01/2040		1,495		1,494,897
Series 2020, RB(k)		4.38%		10/01/2045		875		799,879
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB(k)		5.00%		07/01/2046		2,465		2,448,712
Series 2016 A, RB(k)		5.25%		01/01/2050		2,355		2,362,507
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, RB(k)		5.00%		12/01/2038		455		458,550
New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport); Series 2022, RB(k)		5.00%		12/01/2036		740		751,051
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB		4.00%		12/01/2047		1,905		1,806,955
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB		5.75%		08/15/2043		1,295		1,316,388
Triborough Bridge & Tunnel Authority; Series 2022 C, RB		5.00%		05/15/2047		2,205		2,377,411
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2020 A, RB		5.00%		11/15/2049		565		599,974
Series 2021 A, RB		5.00%		11/15/2056		835		881,158
TSASC, Inc.; Series 2016 B, Ref. RB		5.00%		06/01/2045		1,815		1,709,837
								105,974,819

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal Amount (000)		Value
North Carolina–2.57%
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB(p)		1.40%		01/15/2037		$10,000	$	10,000,000
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB(k)		5.00%		06/30/2054		935		936,406
								10,936,406
North Dakota–0.64%
Ward (County of), ND (Trinity Obligated Group);
Series 2017 C, RB		5.00%		06/01/2043		1,615		1,461,887
Series 2017 C, RB		5.00%		06/01/2048		1,440		1,271,092
								2,732,979
Ohio–5.24%
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB		5.25%		11/15/2046		645		652,361
Buckeye Tobacco Settlement Financing Authority;
Series 2020 A-2, Ref. RB		4.00%		06/01/2039		355		331,350
Series 2020 A-2, Ref. RB		4.00%		06/01/2048		4,135		3,602,806
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		5,920		5,432,353
Series 2020 B-3, Ref. RB(i)		0.00%		06/01/2057		6,405		751,215
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB(g)		6.50%		01/01/2034		900		908,700
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(g)		5.00%		06/01/2028		535		532,575
Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB		5.50%		02/15/2052		1,290		1,309,412
Franklin (County of), OH (Nationwide Children’s Hospital); Series 2019, RB		5.00%		11/01/2048		1,010		1,127,958
Hamilton (County of), OH (Cincinnati Children’s Hospital); Series 2019 CC, RB		5.00%		11/15/2049		1,230		1,358,144
Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB		5.00%		01/01/2046		1,135		1,036,369
Lucas (County of), OH (ProMedica Healthcare System); Series 2018 A, Ref. RB		5.25%		11/15/2048		750		648,244
Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018; Cost $1,004,876)(f)(g)		6.00%		04/01/2038		1,025		385,400
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB		5.00%		02/15/2044		690		653,688
Ohio (State of); Series 2020 A, Ref. RB		4.00%		01/15/2050		1,865		1,631,333
Ohio (State of) (Portsmouth Bypass); Series 2015, RB (INS - AGM)(j)(k)		5.00%		12/31/2039		615		623,235
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB(d)(k)		2.60%		10/01/2029		1,000		892,057
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(g)(k)		4.25%		01/15/2038		440		410,132
								22,287,332
Oklahoma–2.12%
Edmond Public Works Authority;
Series 2017, RB(b)		5.00%		07/01/2042		2,035		2,176,503
Series 2017, RB(b)		5.00%		07/01/2047		1,985		2,110,100
Oklahoma (State of) Development Finance Authority (OU Medicine);
Series 2018 B, RB		5.50%		08/15/2052		2,825		2,592,173
Series 2018 B, RB		5.50%		08/15/2057		920		835,088
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017, RB(e)		5.00%		08/01/2052		1,485		1,485
Oklahoma (State of) Water Resources Board; Series 2022 B, RB		5.00%		10/01/2047		1,185		1,305,971
								9,021,320
Oregon–0.08%
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB		5.38%		11/15/2055		375		334,633
Pennsylvania–3.45%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB		4.00%		04/01/2044		1,540		1,401,744
Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)(i)(j)		0.00%		10/01/2036		500		261,451
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); Series 2018, Ref. RB		5.00%		12/01/2025		500		485,537
Lancaster (County of), PA Hospital Authority (Penn State Health); Series 2021, RB		5.00%		11/01/2051		510		519,540
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); Series 2021 A, Ref. RB		4.00%		10/15/2037		690		679,126

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate	Maturity   Date	Principal   Amount (000)		Value
Pennsylvania–(continued)
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2014 A, RB	4.75%	12/01/2037		$    740	$	762,170
Series 2014 A-2, RB(l)	5.13%	12/01/2039		1,000		975,495
Series 2017 B-1, RB	5.25%	06/01/2047		1,750		1,809,498
Series 2019 A, RB	5.00%	12/01/2049		165		171,811
Series 2020 B, RB	5.00%	12/01/2050		445		465,134
Series 2021 A, RB	4.00%	12/01/2050		930		823,687
Philadelphia (City of), PA;
Series 2017 B, Ref. RB(k)	5.00%	07/01/2042		2,345		2,390,119
Series 2017 B, Ref. RB(k)	5.00%	07/01/2047		610		616,481
Series 2021, Ref. RB (INS - AGM)(j)(k)	4.00%	07/01/2046		1,275		1,152,285
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB	5.50%	11/01/2060		1,255		1,303,972
Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School); Series 2020, Ref. RB(g)	5.00%	06/15/2050		310		274,117
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University); Series 2017 A, Ref. RB	5.00%	09/01/2035		545		570,860
						14,663,027
Puerto Rico–6.37%
Children’s Trust Fund;
Series 2002, RB	5.50%	05/15/2039		2,575		2,568,570
Series 2002, RB	5.63%	05/15/2043		1,110		1,110,299
Series 2005 A, RB(i)	0.00%	05/15/2050		4,515		782,463
Series 2005 B, RB(i)	0.00%	05/15/2055		2,000		198,265
Series 2008 A, RB(i)	0.00%	05/15/2057		11,190		741,978
Series 2008 B, RB(i)	0.00%	05/15/2057		28,010		1,458,013
Puerto Rico (Commonwealth of);
Series 2021 A-1, GO Bonds	5.25%	07/01/2023		1,408		1,414,128
Series 2021 A-1, GO Bonds	5.63%	07/01/2027		875		896,203
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 VV, Ref. RB (Acquired 04/07/2020-04/28/2020; Cost $1,452,025) (INS - NATL)(f)(j)	5.25%	07/01/2032		1,440		1,438,539
Series 2007 VV, Ref. RB (Acquired 06/27/2018; Cost $557,493) (INS - NATL)(f)(j)	5.25%	07/01/2033		550		548,209
Series 2007 VV, Ref. RB (Acquired 07/19/2018; Cost $507,174) (INS - NATL)(f)(j)	5.25%	07/01/2035		480		475,961
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 1998 A, RB (INS - NATL)(j)	4.75%	07/01/2038		500		480,803
Series 2007 CC, Ref. RB (INS - AGM)(j)	5.25%	07/01/2033		920		917,897
Series 2007 N, Ref. RB (INS - NATL)(j)	5.25%	07/01/2032		575		574,417
Series 2007 N, Ref. RB (INS - AGC)(j)	5.25%	07/01/2034		900		893,373
Series 2007 N, Ref. RB (INS - AGC)(j)	5.25%	07/01/2036		800		793,375
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(i)	0.00%	07/01/2027		335		270,005
Series 2018 A-1, RB(i)	0.00%	07/01/2029		785		571,092
Series 2018 A-1, RB(i)	0.00%	07/01/2031		1,830		1,188,492
Series 2018 A-1, RB(i)	0.00%	07/01/2033		650		375,429
Series 2018 A-1, RB(i)	0.00%	07/01/2046		6,175		1,556,255
Series 2018 A-1, RB(i)	0.00%	07/01/2051		8,095		1,523,173
Series 2018 A-1, RB	4.75%	07/01/2053		1,115		1,018,780
Series 2018 A-1, RB	5.00%	07/01/2058		4,215		3,999,237
Series 2019 A-2, RB	4.33%	07/01/2040		1,445		1,309,055
						27,104,011
Rhode Island–0.13%
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB	5.00%	06/01/2035		530		538,821
South Carolina–1.54%
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. RB(c)(d)	5.25%	08/01/2023		1,200		1,221,274

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
South Carolina–(continued)
South Carolina (State of) Ports Authority;
Series 2015, RB(c)(d)(k)		5.25%		07/01/2025		$  2,620	$	2,761,731
Series 2015, RB(c)(d)(k)		5.25%		07/01/2025		180		189,737
Series 2015, RB(c)(d)(k)		5.25%		07/01/2025		850		895,981
South Carolina (State of) Public Service Authority;
Series 2014 C, Ref. RB		5.00%		12/01/2046		890		892,546
Series 2022 A, RB		4.00%		12/01/2052		675		579,121
								6,540,390
South Dakota–1.06%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2017, Ref. RB		4.00%		07/01/2042		2,225		2,166,161
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB		5.00%		11/01/2044		2,335		2,344,619
								4,510,780
Tennessee–4.19%
Clarksville (City of), TN; Series 2021 A, RB		4.00%		02/01/2051		1,200		1,132,218
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB		5.00%		07/01/2037		1,345		1,385,663
Johnson City (City of), TN Health & Educational Facilities Board (Mountain States Health Alliance); Series 2000 A, Ref. RB (INS - NATL)(i)(j)		0.00%		07/01/2026		12,525		10,999,157
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB(k)		5.00%		07/01/2043		885		900,347
Metropolitan Nashville Airport Authority (The); Series 2019 B, RB(k)		5.00%		07/01/2054		430		434,972
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University); Series 2019 A, Ref. RB		5.00%		10/01/2037		1,000		1,023,588
Tennessee Energy Acquisition Corp.; Series 2021 A, RB(d)		5.00%		11/01/2031		1,875		1,934,040
								17,809,985
Texas–14.67%
Central Texas Regional Mobility Authority;
Series 2020 B, Ref. RB		5.00%		01/01/2045		480		501,510
Series 2021 B, RB		5.00%		01/01/2046		500		521,305
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2021 T, RB (CEP - Texas Permanent School Fund)		4.00%		08/15/2047		910		895,740
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB		5.75%		08/15/2033		1,250		1,272,689
El Paso (City of), TX; Series 2022 A, RB		4.00%		03/01/2048		2,295		2,232,225
Forney Independent School District; Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2052		1,670		1,621,988
Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB		4.00%		08/15/2050		965		922,626
Houston (City of), TX (United Airlines, Inc.); Series 2021 A, RB(k)		4.00%		07/01/2041		435		365,677
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(k)		4.75%		07/01/2024		1,320		1,322,482
Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB(k)		5.00%		07/15/2028		375		380,121
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(c)(d)(g)		5.50%		08/15/2024		1,015		1,060,824
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB		5.50%		05/15/2047		880		967,881
Matagorda (County of), TX Navigation District No. 1 (Houston Lighting & Power Co.); Series 1997, Ref. RB (INS - AMBAC)(j)(k)		5.13%		11/01/2028		5,000		5,343,154
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(g)(k)		4.63%		10/01/2031		2,305		2,234,153
New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook); Series 2017 B, RB		5.00%		07/01/2047		1,000		450,000
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community);
Series 2021 A-1, RB		7.50%		11/15/2037		60		49,035
Series 2021, RB		2.00%		11/15/2061		1,616		746,563
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB		5.00%		07/01/2046		1,080		801,435
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University); Series 2014 A, RB (INS - AGM)(j)		5.00%		04/01/2046		2,505		2,517,055
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. RB(g)		4.00%		08/15/2051		920		700,224
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village);
Series 2017, Ref. RB		5.00%		01/01/2042		370		344,981
Series 2017, Ref. RB		5.00%		01/01/2047		460		419,203

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Texas–(continued)
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB		5.00%		10/01/2027		$    175	$	169,590
Series 2018, Ref. RB		5.00%		10/01/2028		1,000		957,007
Series 2020, RB		5.25%		10/01/2055		1,870		1,490,995
North Texas Tollway Authority; Series 2015 B, RB(b)(c)(d)(h)		5.00%		01/01/2023		7,525		7,540,536
San Antonio (City of), TX; Series 2013, RB(c)(d)		5.00%		02/01/2023		2,000		2,008,381
San Antonio Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		5.00%		08/15/2052		3,335		3,644,167
Tarrant County Cultural Education Facilities Finance Corp.; Series 2016 A, Ref. RB(b)		5.00%		02/15/2047		2,585		2,628,613
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);
Series 2016, Ref. RB		5.00%		05/15/2037		1,610		1,482,110
Series 2016, Ref. RB		5.00%		05/15/2045		755		647,574
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, RB (Acquired 12/19/2007; Cost $314,153)(e)(f)		5.75%		02/15/2025		335		217,750
Series 2017 A, RB (Acquired 12/15/2016; Cost $1,504,009)(e)(f)		6.38%		02/15/2048		1,490		968,500
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB		6.63%		11/15/2041		60		57,655
Series 2020, Ref. RB		6.75%		11/15/2051		60		55,975
Series 2020, Ref. RB		6.88%		11/15/2055		60		56,479
Texas (State of) Transportation Commission; Series 2019, RB(i)		0.00%		08/01/2040		1,500		581,204
Texas (State of) Transportation Commission (Central Texas Turnpike System);
Series 2015 B, Ref. RB(i)		0.00%		08/15/2036		2,650		1,427,794
Series 2015 B, Ref. RB(i)		0.00%		08/15/2037		955		484,250
Series 2015 C, Ref. RB		5.00%		08/15/2042		2,980		3,015,702
Texas (State of) Water Development Board; Series 2022, RB		5.00%		10/15/2047		2,510		2,778,010
Texas (State of) Water Development Board (State Water Implementation Fund); Series 2017 A, RB		4.00%		10/15/2035		210		216,483
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB		6.25%		12/15/2026		2,875		3,004,532
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, RB(k)		5.00%		12/31/2055		870		872,782
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(k)		7.00%		12/31/2038		1,150		1,177,796
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3C); Series 2019, RB(k)		5.00%		06/30/2058		1,280		1,271,518
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB		5.25%		08/15/2042		5		5,004
								62,431,278
Utah–1.93%
Black Desert Public Infrastructure District; Series 2021 A, GO Bonds(g)		4.00%		03/01/2051		500		377,936
Military Installation Development Authority; Series 2021 A-2, RB		4.00%		06/01/2052		500		363,017
Salt Lake City (City of), UT;
Series 2018 A, RB(k)		5.00%		07/01/2048		1,110		1,122,552
Series 2021 A, RB(k)		5.00%		07/01/2046		620		636,602
Series 2021 A, RB(k)		5.00%		07/01/2051		335		338,960
Salt Lake City (City of), UT (Salt Lake City International Airport); Series 2017 A, RB(b)(k)		5.00%		07/01/2047		2,065		2,090,330
Utah (County of), UT (IHC Health Services, Inc.); Series 2016 B, RB		4.00%		05/15/2047		1,515		1,451,432
Utah (State of) Charter School Finance Authority (Ogden Preparatory Academy); Series 2022 A, Ref. RB		4.50%		10/15/2052		1,055		1,008,948
Utah Telecommunication Open Infrastructure Agency; Series 2022, Ref. RB		4.38%		06/01/2040		835		840,473
								8,230,250
Virginia–1.91%
Hampton Roads Transportation Accountability Commission; Series 2022 A, RB		4.00%		07/01/2052		1,560		1,502,349
Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB (Acquired 01/23/2020; Cost $245,000)(f)		5.00%		09/01/2050		245		161,193
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB(k)		5.00%		01/01/2037		2,560		2,636,620
Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes);
Series 2022, Ref. RB(k)		5.00%		12/31/2052		990		1,017,155
Series 2022, Ref. RB(k)		5.00%		12/31/2057		625		639,616

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Virginia–(continued)
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
Series 2017, RB(k)		5.00%		12/31/2049		$    610	$	610,763
Series 2017, RB(k)		5.00%		12/31/2056		1,560		1,547,311
								8,115,007
Washington–2.53%
Kalispel Tribe of Indians; Series 2018 B, RB(g)		5.00%		01/01/2032		700		734,273
Tacoma (City of), WA; Series 2022, RB		4.00%		12/01/2047		2,070		2,006,496
Washington (State of); Series 2019 A, GO Bonds(b)		5.00%		08/01/2042		1,400		1,507,040
Washington (State of) Convention Center Public Facilities District;
Series 2018, RB		5.00%		07/01/2043		875		879,493
Series 2018, RB		5.00%		07/01/2048		625		606,883
Series 2018, RB		5.00%		07/01/2048		2,605		2,587,779
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
Series 2016 A, Ref. RB(g)		5.00%		07/01/2046		325		263,566
Series 2016 A, Ref. RB(g)		5.00%		07/01/2051		270		213,034
Washington (State of) Housing Finance Commission (Social Certificates); Series 2021-1A, Revenue Ctfs.		3.50%		12/20/2035		294		263,637
Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB		5.25%		06/01/2033		1,700		1,701,805
								10,764,006
West Virginia–0.15%
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB(g)		7.50%		06/01/2043		625		648,563
Wisconsin–5.63%
Wisconsin (State of) Center District;
Series 2020 D, RB (INS - AGM)(i)(j)		0.00%		12/15/2050		4,885		1,294,054
Series 2020 D, RB (INS - AGM)(i)(j)		0.00%		12/15/2055		2,800		570,219
Series 2020 D, RB (INS - AGM)(i)(j)		0.00%		12/15/2060		18,280		2,819,275
Series 2022, RB(g)		5.25%		12/15/2061		1,280		1,280,345
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group);
Series 2021, RB		3.00%		08/15/2051		625		435,182
Series 2021, RB		4.00%		08/15/2051		2,085		1,846,160
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB		4.00%		04/01/2042		1,875		1,799,376
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB		5.00%		06/01/2024		4,565		4,575,418
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(e)(g)		6.75%		08/01/2031		685		410,536
Series 2017, RB(g)		6.75%		12/01/2042		1,595		1,332,885
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2020 A, RB(g)		6.13%		02/01/2050		310		269,630
Series 2022 A, RB(g)		6.13%		02/01/2050		335		291,374
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development); Series 2016, RB(b)(h)		5.00%		03/01/2046		2,880		3,000,478
Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(g)		5.13%		06/15/2039		465		445,724
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(g)		6.38%		01/01/2048		490		301,350
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
Series 2018 A, RB		5.20%		12/01/2037		1,255		1,300,017
Series 2018 A, RB		5.35%		12/01/2045		1,255		1,280,899
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB		5.75%		04/01/2035		670		676,765
								23,929,687
Wyoming–0.61%
University of Wyoming; Series 2021 C, RB (INS - AGM)(j)		4.00%		06/01/2044		805		773,218

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Wyoming–(continued)
Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB(b)(c)(d)		5.00%		01/01/2027		$  1,675	$	1,822,561
								2,595,779
TOTAL INVESTMENTS IN SECURITIES(r)–165.93% (Cost $725,425,447)								705,930,938
FLOATING RATE NOTE OBLIGATIONS–(17.68)%
Notes with interest and fee rates ranging from 2.45% to 2.62% at 11/30/2022 and contractual maturities of collateral ranging from 07/01/2026 to 04/01/2056(s)								(75,205,000	)
VARIABLE RATE MUNI TERM PREFERRED SHARES–(50.76)%								(215,955,127	)
OTHER ASSETS LESS LIABILITIES–2.51%								10,671,445
NET ASSETS APPLICABLE TO COMMON SHARES–100.00%							$	425,442,256

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
BHAC	– Berkshire Hathaway Assurance Corp.
CEP	– Credit Enhancement Provider
Ctfs.	– Certificates
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
SIFMA	– Securities Industry and Financial Markets Association
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

^(a) Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

^(b) Underlying security related to TOB Trusts entered into by the Trust.

^(c) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(d) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at November 30, 2022 was $3,444,773, which represented less than 1% of the Trust’s Net Assets.

^(f) Restricted security. The aggregate value of these securities at November 30, 2022 was $6,042,052, which represented 1.42% of the Trust’s Net Assets.

^(g) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2022 was $34,250,792, which represented 8.05% of the Trust’s Net Assets.

^(h) Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $29,040,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

⁽ⁱ⁾ Zero coupon bond issued at a discount.

^(j) Principal and/or interest payments are secured by the bond insurance company listed.

^(k) Security subject to the alternative minimum tax.

^(l) Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(m) Security valued using significant unobservable inputs (Level 3). See Note 1.

⁽ⁿ⁾ The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

^(o) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2022.

^(p) Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on November 30, 2022.

^(q) Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(r) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(s) Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2022. At November 30, 2022, the Trust’s investments with a value of $111,901,730 are held by TOB Trusts and serve as collateral for the $75,205,000 in the floating rate note obligations outstanding at that date.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

                             Invesco Advantage Municipal Income Trust II

Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2022

(Unaudited)

NOTE 1–Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    The following is a summary of the tiered valuation input levels, as of November 30, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Obligations		$–		$705,484,000		$446,938	$	705,930,938

                             Invesco Advantage Municipal Income Trust II