Schedule of Investments
November 30, 2023
(Unaudited)
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Municipal Obligations–164.64%(a)
Alabama–1.91%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB 5.75% 06/01/2045   $   185 $     153,957
Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB(b)(c) 5.00% 01/01/2027      940    1,001,076
Black Belt Energy Gas District (The); Series 2023 B, RB(c) 5.25% 12/01/2030    1,065    1,130,269
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB(d) 5.50% 01/01/2043    1,900    1,102,000
Jefferson (County of), AL; Series 2013 A, Revenue Wts. (INS - AGM)(e) 5.50% 10/01/2053      885      898,755
Lower Alabama Gas District (The); Series 2016 A, RB 5.00% 09/01/2046    1,030    1,070,686
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(c) 4.00% 12/01/2031    1,115    1,085,851
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(c) 5.50% 12/01/2029    1,050    1,112,711
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(f) 5.25% 05/01/2044      615      559,748
          8,115,053
Alaska–0.06%
Northern Tobacco Securitization Corp.; Series 2021 A-1, Ref. RB 4.00% 06/01/2050      310      274,733
Arizona–3.02%
Arizona (State of) Industrial Development Authority; Series 2019-2A, Revenue Ctfs. 3.63% 05/20/2033      773      712,687
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB(f) 5.00% 07/01/2039      895      833,473
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); Series 2019, RB(f) 5.00% 07/01/2049      500      441,544
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB(f) 5.00% 12/15/2040      185      178,419
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);                              
Series 2017, Ref. RB 5.00% 11/15/2029      820      783,008
Series 2017, Ref. RB 5.00% 11/15/2045      665      524,435
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(f) 5.00% 07/01/2049      165      150,369
Mesa (City of), AZ; Series 2022 A, RB (INS - BAM)(e) 5.00% 07/01/2046    2,240    2,414,101
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(f) 6.50% 07/01/2034      380      384,184
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB(f) 5.00% 06/15/2052      270      239,015
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(f) 5.38% 07/01/2052      885      795,368
Pima (County of), AZ Industrial Development Authority (Tucson Medical Center); Series 2021, Ref. RB 3.00% 04/01/2051      780      547,763
Salt River Project Agricultural Improvement & Power District; Series 2023 B, RB 5.00% 01/01/2048    2,530    2,773,387
Salt Verde Financial Corp.;                              
Series 2007, RB 5.00% 12/01/2032      580      615,092
Series 2007, RB 5.00% 12/01/2037    1,350    1,433,374
          12,826,219
Arkansas–0.11%
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB 5.00% 09/01/2044      460      463,740
California–16.86%
Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds(g) 0.00% 08/01/2028      900      785,665
California (State of);                              
Series 2020, GO Bonds (INS - BAM)(e) 3.00% 11/01/2050    1,250      999,797
Series 2022, Ref. GO Bonds 4.00% 04/01/2042    2,395    2,435,349
Series 2023, GO Bonds 5.25% 09/01/2053    2,525    2,834,124
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(f) 5.00% 04/01/2049      625      490,548
California (State of) County Tobacco Securitization Agency; Series 2020 A, Ref. RB 4.00% 06/01/2038      275      268,776
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(g) 0.00% 06/01/2055    8,390      765,318
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) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);                              
Series 2020 B-1, Ref. RB 5.00% 06/01/2049   $    55 $      55,791
Series 2020 B-2, Ref. RB(g) 0.00% 06/01/2055    1,245      205,059
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System); Series 2021, Ref. RB 5.00% 08/15/2051    3,280    3,527,339
California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB 4.00% 06/01/2050    3,125    2,840,188
California (State of) Housing Finance Agency (Social Certificates);                              
Series 2021 A, RB 3.25% 08/20/2036        5        4,452
Series 2021-2A, Revenue Ctfs. (CEP - FHLMC) 3.75% 03/25/2035    3,054    2,890,236
Series 2023-1, RB 4.38% 09/20/2036      628      607,592
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(f) 5.00% 06/01/2048      145      127,694
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB 5.00% 05/15/2037    1,000    1,030,873
California (State of) Municipal Finance Authority (Green Bonds); Series 2021, RB (INS - BAM)(e) 4.00% 05/15/2046      500      450,837
California (State of) Municipal Finance Authority (Linxs APM);                              
Series 2018 A, RB(h) 5.00% 12/31/2036    1,245    1,282,875
Series 2018 A, RB(h) 5.00% 12/31/2047    1,500    1,510,762
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(h) 4.00% 07/15/2029      620      600,348
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB(f) 5.00% 08/01/2039      185      169,180
California (State of) Pollution Control Financing Authority;                              
Series 2012, RB(f)(h) 5.00% 07/01/2027      720      720,608
Series 2012, RB(f)(h) 5.00% 07/01/2030      165      165,120
Series 2012, RB(f)(h) 5.00% 07/01/2037    1,730    1,730,351
Series 2012, RB(f)(h) 5.00% 11/21/2045    2,030    2,016,580
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2016 A, RB(f) 5.25% 12/01/2056      750      728,259
California State University;                              
Series 2019 A, RB 5.00% 11/01/2044    1,850    1,989,567
Series 2019 A, RB(i)(j) 5.00% 11/01/2049    1,585    1,688,936
Cambrian School District; Series 2022, GO Bonds 4.00% 08/01/2052    1,735    1,714,203
CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB(f) 3.13% 08/01/2056      625      419,289
CSCDA Community Improvement Authority (Oceanaire-Long Beach Social Bonds); Series 2021 A-2, RB(f) 4.00% 09/01/2056      625      434,827
CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB(f) 4.00% 08/01/2056      375      273,144
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB 6.50% 12/15/2047      370      357,362
Golden State Tobacco Securitization Corp.;                              
Series 2015, Ref. RB(b)(c) 5.00% 06/01/2025    1,350    1,391,506
Series 2021 B-2, Ref. RB(g) 0.00% 06/01/2066    2,155      224,874
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB(h) 5.50% 05/15/2037      600      677,523
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2019 F, RB(h) 5.00% 05/15/2044    2,950    3,038,316
Los Angeles (City of), CA Department of Water & Power; Series 2020 B, RB(j) 5.00% 07/01/2050    1,740    1,862,726
Montebello Unified School District; Series 2022 B, GO Bonds (INS - AGM)(e) 5.00% 08/01/2050      930      980,885
M-S-R Energy Authority; Series 2009 B, RB 6.50% 11/01/2039    2,095    2,576,415
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(k) 6.25% 08/01/2043    1,500    1,428,165
Oxnard School District (Election of 2022); Series 2023 A, GO Bonds (INS - BAM)(e) 4.25% 08/01/2053    2,300    2,310,011
Regents of the University of California Medical Center;                              
Series 2022 P, RB(i)(j) 4.00% 05/15/2053    4,065    3,913,967
Series 2022 P, RB 3.50% 05/15/2054    1,510    1,263,557
Sacramento (City of), CA Unified School District (Election of 2020);                              
Series 2022 A, GO Bonds (INS - BAM)(e) 5.50% 08/01/2047      980    1,077,153
Series 2022 A, GO Bonds (INS - BAM)(e) 5.50% 08/01/2052    1,190    1,300,569
San Diego (County of), CA Regional Airport Authority;                              
Series 2021 A, RB 4.00% 07/01/2051    1,540    1,472,625
Series 2021 A, RB 5.00% 07/01/2056    1,500    1,595,307
Series 2023 B, RB(h) 5.00% 07/01/2048    1,890    1,967,387
San Francisco (City & County of), CA Airport Commission; Series 2019 E, RB(h) 5.00% 05/01/2038      505      526,233
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);                              
Second Series 2020 A, Ref. RB(h) 4.00% 05/01/2039   $   830 $     811,630
Series 2019 E, RB(h) 5.00% 05/01/2050    1,760    1,790,939
Series 2021 A, Ref. RB(h) 5.00% 05/01/2036      450      484,607
San Joaquin Hills Transportation Corridor Agency; Series 2014 B, Ref. RB 5.25% 01/15/2049    2,825    2,845,683
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(g) 0.00% 06/01/2041    2,605      937,308
Western Placer Unified School District; Series 2017, Ref. COP (INS - AGM)(e) 4.00% 08/01/2049    1,020    1,004,574
          71,603,009
Colorado–6.00%
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB 5.75% 12/01/2051      620      554,923
Belford North Metropolitan District; Series 2020 A, GO Bonds 5.50% 12/01/2050      780      690,740
Bromley Park Metropolitan District No 2; Series 2023, Ref. GO Bonds (INS - BAM)(e) 5.38% 12/01/2053      465      498,681
Centerra Metropolitan District No. 1 (In the City of Loveland);                              
Series 2017, RB(f) 5.00% 12/01/2047    1,260    1,131,788
Series 2020 A, Ref. GO Bonds 5.00% 12/01/2051      500      435,021
Series 2022, RB 6.50% 12/01/2053      500      502,221
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2021 A, Ref. RB 4.00% 11/15/2050      555      510,496
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB 5.00% 11/15/2048    1,280    1,313,398
Colorado (State of) Health Facilities Authority (CommonSpirit Health);                              
Series 2019 A-2, Ref. RB 5.00% 08/01/2044    2,745    2,802,782
Series 2019 A-2, Ref. RB 4.00% 08/01/2049    1,245    1,094,614
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB 5.30% 07/01/2037      495      384,133
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB 5.00% 12/01/2033      500      492,063
Colorado Crossing Metropolitan District No. 2; Series 2020 A-1, Ref. GO Bonds 5.00% 12/01/2047      500      411,051
Denver (City & County of), CO;                              
Series 2018 A, Ref. RB(h) 5.00% 12/01/2048    1,315    1,335,918
Series 2018 A, Ref. RB(h) 5.25% 12/01/2048    1,185    1,220,107
Series 2018 A-2, RB(g) 0.00% 08/01/2033    1,700    1,134,943
Series 2022 A, RB(h) 5.00% 11/15/2036      710      774,585
Series 2022 A, RB(h) 5.00% 11/15/2047    1,905    1,986,969
Great Western Metropolitan District; Series 2020, Ref. GO Bonds 4.75% 12/01/2050      340      290,777
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB 5.75% 12/15/2050      675      645,418
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds 4.25% 12/01/2046      585      466,629
Midtown Clear Creek Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM)(e) 5.00% 12/01/2053      430      441,285
Mulberry Metropolitan District No. 2; Series 2022, RB 7.00% 12/01/2034      565      572,971
Neu Town Metropolitan District; Series 2018 A, Ref. GO Bonds 5.38% 12/01/2046      530      499,751
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds 5.00% 12/01/2040      500      464,609
Rampart Range Metropolitan District No. 5; Series 2021, RB 4.00% 12/01/2051      500      353,671
Roaring Fork Transportation Authority; Series 2021, RB 4.00% 12/01/2051    1,000      948,095
Sky Ranch Community Authority Board; Series 2022 A, RB 5.75% 12/01/2052      500      466,083
Village Metropolitan District (The); Series 2020, Ref. GO Bonds 5.00% 12/01/2040      550      524,908
White Buffalo Metropolitan District No. 3;                              
Series 2020, GO Bonds 5.50% 12/01/2050      500      458,625
Series 2023, GO Bonds 8.00% 12/15/2035      610      585,944
Windler Public Improvement Authority;                              
Series 2021 A-1, RB 4.13% 12/01/2051    1,000      604,916
Series 2021 A-2, RB(k) 4.50% 12/01/2041    1,535      898,420
          25,496,535
Connecticut–1.60%
Connecticut (State of) Health & Educational Facilities Authority (New Haven Hospital); Series 2013 A, Ref. VRD RB(l) 1.40% 07/01/2042    6,775    6,775,000
District of Columbia–3.24%
District of Columbia;                              
Series 2022 A, RB 5.00% 07/01/2047    1,260    1,367,732
Series 2023 A, RB 5.25% 05/01/2048    1,865    2,067,847
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB 5.00% 10/01/2045      515      475,701
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
District of Columbia–(continued)
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C-1, RB 4.00% 10/01/2051   $ 2,500 $   2,446,759
Metropolitan Washington Airports Authority;                              
Series 2017, Ref. RB(h) 5.00% 10/01/2042    2,005    2,048,093
Series 2021 A, Ref. RB(h) 4.00% 10/01/2041    1,575    1,510,635
Series 2023 A, Ref. RB(h) 5.25% 10/01/2043      860      925,633
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB 4.00% 10/01/2049    1,245    1,118,200
Washington (State of) Metropolitan Area Transit Authority (Sustainability Bonds); Series 2023 A, RB 5.25% 07/15/2053    1,635    1,798,326
          13,758,926
Florida–10.00%
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);                              
Series 2022 A, Ref. RB(f) 5.00% 11/15/2061    1,075      701,190
Series 2022 B, RB(f) 6.50% 11/15/2033      100       84,604
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB 4.00% 04/01/2052      370      330,924
Broward (County of), FL;                              
Series 2019 B, RB(h) 4.00% 09/01/2044      625      598,929
Series 2022 A, RB 4.00% 10/01/2047    2,700    2,693,230
Broward (County of), FL (Convention Center Expansion); Series 2021, RB 4.00% 09/01/2047    2,500    2,380,742
Cape Coral (City of) FL; Series 2023, Ref. RB (INS - BAM)(e) 5.60% 03/01/2048      935    1,017,953
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB(d)(f) 7.75% 05/15/2035      746       23,862
Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB 5.00% 04/01/2048    1,040    1,047,104
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB 5.00% 01/01/2042      900      914,817
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(f)(h) 7.38% 01/01/2049      490      492,140
Fort Lauderdale (City of), FL;                              
Series 2023 A, RB 5.50% 09/01/2053    1,885    2,119,526
Series 2023, RB 5.50% 09/01/2053    1,120    1,259,347
Greater Orlando Aviation Authority;                              
Series 2017 A, RB(h) 5.00% 10/01/2052      800      808,101
Series 2019 A, RB(h) 4.00% 10/01/2044    1,750    1,642,399
Hillsborough (County of), FL; Series 2023, GO Bonds 5.00% 07/01/2053    1,185    1,278,630
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB(h) 5.00% 10/01/2048    1,895    1,928,229
Jacksonville (City of) FL; Series 2023 A, Ref. RB 5.50% 10/01/2053    1,865    2,058,693
Lake (County of), FL (Lakeside at Waterman Village);                              
Series 2020 A, Ref. RB 5.50% 08/15/2040      485      432,350
Series 2020 A, Ref. RB 5.75% 08/15/2050      210      180,925
Series 2020 A, Ref. RB 5.75% 08/15/2055      790      670,030
Lee (County of), FL;                              
Series 2021 B, RB(h) 5.00% 10/01/2034      775      842,806
Series 2022, RB 5.25% 08/01/2049    1,250    1,322,463
Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM)(e) 5.00% 03/15/2052    1,485    1,574,141
Miami Beach (City of), FL; Series 2017, Ref. RB 5.00% 09/01/2047      865      865,119
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. RB 5.00% 11/15/2039      710      713,066
Miami-Dade (County of), FL;                              
Series 2022 A, Ref. RB(h) 5.25% 10/01/2052      375      390,741
Series 2023 A, Ref. RB(h) 5.00% 10/01/2047      630      645,489
Subseries 2021 A-2, Ref. RB (INS - AGM)(e) 4.00% 10/01/2049    1,885    1,762,399
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB 5.00% 07/01/2040    2,015    2,015,524
Miami-Dade (County of), FL Transit System; Series 2022, RB 5.00% 07/01/2052    1,755    1,852,607
Orlando (City of), FL Utilities Commission; Series 2015 B, Ref. VRD RB(l) 3.41% 10/01/2039    1,265    1,265,000
Osceola (County of), FL;                              
Series 2020 A-2, Ref. RB(g) 0.00% 10/01/2051    1,200      249,165
Series 2020 A-2, Ref. RB(g) 0.00% 10/01/2052      335       65,554
Series 2020 A-2, Ref. RB(g) 0.00% 10/01/2053      335       61,768
Series 2020 A-2, Ref. RB(g) 0.00% 10/01/2054      285       49,504
Reunion East Community Development District; Series 2005, RB(d)(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    1,153,837
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–(continued)
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB 4.00% 08/15/2047   $   630 $     573,102
Sterling Hill Community Development District; Series 2003 A, RB(m)(n) 6.20% 05/01/2035      827      389,000
Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance); Series 2014 A, RB 5.25% 07/01/2044    1,000    1,000,458
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB 5.00% 12/01/2055    1,010      975,879
Tampa (City of) & Hillsborough (County of), FL Expressway Authority; Series 2017 B, Ref. RB 4.00% 07/01/2042    1,470    1,440,042
Tampa (City of), FL; Series 2020 A, RB(g) 0.00% 09/01/2049    2,510      587,213
          42,458,604
Georgia–2.35%
Augusta (City of), GA Development Authority; Series 2018, RB 4.00% 07/01/2038    2,265    2,179,099
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB(i)(j) 4.00% 07/01/2044    2,495    2,420,300
Burke (County of), GA Development Authority (Georgia Power Company); Series 2018, Ref. VRD RB(l) 2.40% 11/01/2052      735      735,000
Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC 5.13% 04/01/2048      820      872,028
Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4); Series 2021 A, Ref. RB 4.00% 01/01/2051      645      569,479
Main Street Natural Gas, Inc.;                              
Series 2021 C, RB(c) 4.00% 12/01/2028      925      907,937
Series 2022 C, RB(c)(f) 4.00% 11/01/2027      945      897,125
Series 2023 B, RB(c) 5.00% 03/01/2030    1,350    1,407,298
          9,988,266
Hawaii–0.76%
Honolulu (City & County of), HI;                              
Series 2012 A, GO Bonds 5.00% 11/01/2036    1,000    1,001,086
Series 2015 A, Ref. RB 5.00% 07/01/2031    2,160    2,218,436
          3,219,522
Idaho–0.35%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.);                              
Series 2017 A, Ref. RB 5.00% 11/15/2032      265      229,706
Series 2017 A, Ref. RB 5.25% 11/15/2037      370      303,459
Spring Valley Community Infrastructure District No. 1; Series 2021, RB(f) 3.75% 09/01/2051    1,245      954,814
          1,487,979
Illinois–10.62%
Bolingbrook (Village of), IL; Series 1999 C, Ref. GO Bonds (INS - NATL)(e)(g) 0.00% 01/01/2029    1,710    1,413,004
Chicago (City of), IL;                              
Series 2002 B, GO Bonds 5.50% 01/01/2037      795      798,746
Series 2005 D, Ref. GO Bonds 5.50% 01/01/2040      325      326,481
Series 2007 E, Ref. GO Bonds 5.50% 01/01/2042      260      260,970
Series 2014, RB 5.00% 11/01/2039      650      653,292
Series 2015 A, GO Bonds 5.50% 01/01/2033    2,590    2,605,972
Series 2017 A, Ref. GO Bonds 6.00% 01/01/2038    1,550    1,613,879
Chicago (City of), IL (O’Hare International Airport); Series 2017 D, RB 5.00% 01/01/2052    1,100    1,113,836
Chicago (City of), IL Board of Education;                              
Series 2018 A, Ref. GO Bonds (INS - AGM)(e) 5.00% 12/01/2032      535      555,908
Series 2018 A, Ref. GO Bonds 5.00% 12/01/2034      520      528,606
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds 4.00% 12/01/2051    1,035      976,463
Chicago (City of), IL Midway International Airport;                              
Series 2013 A, Ref. RB(b)(c)(h) 5.50% 02/06/2024    2,600    2,606,209
Series 2014 A, Ref. RB(h) 5.00% 01/01/2041      950      950,033
Chicago (City of), IL Park District; Series 2020 C, GO Bonds (INS - BAM)(e) 4.00% 01/01/2042    1,485    1,408,523
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 2014, GO Bonds 5.25% 02/01/2034   $ 1,050 $   1,050,233
Series 2014, GO Bonds 5.00% 05/01/2035      355      355,539
Series 2014, GO Bonds 5.00% 05/01/2036      850      851,000
Series 2016, GO Bonds 5.00% 11/01/2036      895      909,947
Series 2017 C, GO Bonds 5.00% 11/01/2029      195      204,967
Series 2017 D, GO Bonds 5.00% 11/01/2026    1,880    1,960,894
Series 2018 A, GO Bonds 5.00% 05/01/2030      935      989,785
Series 2020, GO Bonds 5.50% 05/01/2039    1,040    1,136,939
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(h) 8.00% 06/01/2032      270      270,185
Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB(b)(c) 5.00% 09/01/2024    1,100    1,113,707
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);                              
Series 2019 A, Ref. RB 5.00% 11/01/2040       45       38,381
Series 2019 A, Ref. RB 5.00% 11/01/2049      910      718,121
Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB 5.00% 12/01/2046    2,005    2,023,455
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB 5.13% 05/15/2060      992      540,021
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB 5.50% 04/01/2037    1,000      897,661
Illinois (State of) Finance Authority (Three Crowns Park);                              
Series 2017, Ref. RB 5.00% 02/15/2032      155      154,885
Series 2017, Ref. RB 5.25% 02/15/2037      145      144,715
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2015 A, RB 5.50% 06/15/2053    4,500    4,569,019
Illinois (State of) Sports Facilities Authority; Series 2014, Ref. RB (INS - AGM)(e) 5.25% 06/15/2031      920      926,836
Illinois (State of) Toll Highway Authority;                              
Series 2013 A, RB(j) 5.00% 01/01/2038    3,125    3,125,172
Series 2013 A, RB 5.00% 01/01/2038    2,240    2,240,123
Series 2014 B, RB 5.00% 01/01/2038    1,265    1,265,446
Series 2014 C, RB 5.00% 01/01/2039    3,760    3,802,220
          45,101,173
Indiana–1.58%
Fishers Town Hall Building Corp.; Series 2023 A, RB (INS - BAM)(e) 5.63% 07/15/2053    1,865    2,040,500
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB 4.25% 11/01/2030    1,485    1,493,272
Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB(h) 5.75% 08/01/2042      175      175,008
Indianapolis Local Public Improvement Bond Bank; Series 2019, Ref. RB(h) 5.00% 01/01/2027      990    1,031,736
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(h) 6.75% 01/01/2034    1,500    1,502,355
Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB(c)(h) 4.40% 06/10/2031      465      467,516
          6,710,387
Iowa–1.36%
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB 3.00% 09/01/2056      460      320,576
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB 4.75% 08/01/2042      940      898,457
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(c) 5.00% 12/01/2042    2,050    2,051,461
Iowa (State of) Tobacco Settlement Authority; Series 2021 B-1, Ref. RB 4.00% 06/01/2049    1,160    1,127,444
PEFA, Inc.; Series 2019, RB(c) 5.00% 09/01/2026    1,345    1,364,721
          5,762,659
Kentucky–1.35%
Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB(f)(h) 4.70% 01/01/2052      500      462,586
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(c)(o) 4.70% 02/01/2025      530      530,439
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM)(e) 5.00% 12/01/2047      395      395,094
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);                              
Series 2015 A, RB 5.00% 07/01/2037      830      836,224
Series 2015 A, RB 5.00% 07/01/2040      750      752,423
Series 2015 A, RB 5.00% 01/01/2045    1,020    1,020,390
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
Kentucky–(continued)
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.);                              
Series 2017 A, Ref. RB 5.25% 06/01/2041   $   945 $     946,755
Series 2017 A, Ref. RB 5.00% 06/01/2045      775      773,627
          5,717,538
Louisiana–0.44%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB(f) 3.90% 11/01/2044      620      532,149
New Orleans (City of), LA Aviation Board; Series 2015 A, RB 5.00% 01/01/2045      925      928,867
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM)(e) 5.00% 10/01/2048      375      385,431
          1,846,447
Maryland–0.66%
Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB 5.00% 07/01/2036      285      287,155
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2017 A, RB 5.00% 05/15/2045      760      768,769
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021 A, Ref. RB 4.00% 06/01/2041      375      352,853
Maryland Economic Development Corp. (Green Bonds); Series 2022, RB(h) 5.25% 06/30/2052      710      721,446
Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB 5.00% 04/01/2029      690      678,885
          2,809,108
Massachusetts–1.84%
Massachusetts (Commonwealth of); Series 2023, RB 5.00% 06/01/2053    3,430    3,690,743
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds); Series 2022, RB 5.00% 06/01/2050      990    1,054,333
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015, Ref. RB 5.00% 01/01/2041      900      902,943
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center); Series 2023, Ref. RB 5.25% 07/01/2048    1,085    1,138,293
Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB(f) 5.00% 07/15/2036      235      220,324
Massachusetts (Commonwealth of) Port Authority; Series 2021 E, RB(h) 5.00% 07/01/2046      790      816,911
          7,823,547
Michigan–5.27%
Academy of Warren; Series 2020 A, RB(f) 5.50% 05/01/2050      250      218,058
Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS - AGM)(e) 5.00% 07/01/2048    1,590    1,592,289
Michigan (State of);                              
Series 2023, RB 5.00% 11/15/2046    2,085    2,287,975
Series 2023, RB 5.50% 11/15/2049    2,330    2,644,438
Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB(j) 5.00% 04/15/2041    2,190    2,243,247
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);                              
Series 2014 C-3, RB (INS - AGM)(e) 5.00% 07/01/2031    2,500    2,513,617
Series 2014 C-6, Ref. RB 5.00% 07/01/2033      475      477,130
Series 2014 D-4, Ref. RB 5.00% 07/01/2029      475      477,803
Michigan (State of) Finance Authority (Landmark Academy);                              
Series 2020, Ref. RB 5.00% 06/01/2035      125      115,805
Series 2020, Ref. RB 5.00% 06/01/2045      360      309,843
Michigan (State of) Finance Authority (Trinity Health Credit Group);                              
Series 2017 MI, RB(b)(i)(j) 5.00% 12/01/2046    2,965    2,997,643
Series 2017, Ref. RB 4.00% 12/01/2040      640      629,527
Michigan (State of) Housing Development Authority; Series 2023 A, RB 5.10% 10/01/2053    1,460    1,522,459
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(c)(h) 4.00% 10/01/2026    1,525    1,494,224
Michigan (State of) Strategic Fund (I-75 Improvement Project); Series 2018, RB(h) 5.00% 06/30/2030      545      570,274
Regents of the University of Michigan; Series 2012 B, VRD RB(l) 2.00% 04/01/2042    2,265    2,265,000
          22,359,332
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
Minnesota–0.35%
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB 4.25% 07/01/2047   $   400 $     310,172
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB 5.00% 02/15/2048      440      443,310
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB 5.50% 12/01/2057      500      487,983
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB 5.00% 12/01/2055      315      229,980
          1,471,445
Mississippi–0.12%
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB 2.38% 06/01/2044      830      488,519
Missouri–2.16%
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District);                              
Series 2011 A, Ref. RB 5.50% 09/01/2027      800      801,549
Series 2011 A, Ref. RB 5.50% 09/01/2028    1,670    1,673,235
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);                              
Series 2019 B, RB(h) 5.00% 03/01/2046    3,555    3,593,173
Series 2019 B, RB (INS - AGM)(e)(h) 5.00% 03/01/2049      745      756,484
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB 5.25% 05/15/2050      385      283,872
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB 5.00% 02/01/2048      245      222,932
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB 5.00% 09/01/2038    1,375    1,265,585
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB(f) 6.00% 10/01/2049      575      560,224
          9,157,054
Nebraska–1.83%
Central Plains Energy Project (No. 3);                              
Series 2017 A, Ref. RB 5.00% 09/01/2034      155      165,520
Series 2017 A, Ref. RB 5.00% 09/01/2042    2,810    2,927,702
Central Plains Energy Project (No. 5); Series 2022-1, RB(c) 5.00% 10/01/2029      630      648,603
Nebraska Investment Finance Authority; Series 2023 G, RB (CEP - GNMA) 5.35% 09/01/2048      785      811,922
Omaha (City of), NE Public Power District;                              
Series 2021 A, RB (INS - AGM)(e) 4.00% 02/01/2051    1,545    1,504,875
Series 2022, RB(i)(j) 5.25% 02/01/2052    1,570    1,714,079
          7,772,701
Nevada–1.29%
Clark (County of), NV Water Reclamation District; Series 2023, GO Bonds 5.00% 07/01/2053    3,965    4,239,207
Las Vegas Valley Water District; Series 2022 A, GO Bonds 4.00% 06/01/2044      895      884,439
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(f) 2.75% 06/15/2028      395      371,278
          5,494,924
New Hampshire–1.19%
New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB 4.13% 01/20/2034      222      214,275
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-1A, RB 4.38% 09/20/2036    1,233    1,205,410
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB 5.00% 08/01/2059      820      849,499
New Hampshire (State of) Housing Finance Authority;                              
Series 2023 D, RB (CEP - GNMA) 4.80% 07/01/2043      800      810,887
Series 2023 D, RB (CEP - GNMA) 5.13% 07/01/2053    1,940    1,973,044
          5,053,115
New Jersey–5.57%
New Jersey (State of) Economic Development Authority; Series 2004 A, RB (INS - BHAC)(e)(j) 5.25% 07/01/2026    6,625    6,983,387
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);                              
Series 1999, RB(h) 5.25% 09/15/2029      345      345,186
Series 2012, RB(h) 5.75% 09/15/2027      450      450,087
New Jersey (State of) Economic Development Authority (Social Bonds); Series 2021 QQQ, RB 4.00% 06/15/2040    1,180    1,181,808
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(h) 5.38% 01/01/2043    2,190    2,191,700
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 Jersey–(continued)
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB 4.00% 07/01/2047   $ 2,865 $   2,616,548
New Jersey (State of) Transportation Trust Fund Authority;                              
Series 2015 AA, RB 5.25% 06/15/2033    1,150    1,178,778
Series 2018 A, RN(i)(j) 5.00% 06/15/2029    1,190    1,240,734
Series 2018 A, RN(i)(j) 5.00% 06/15/2030      405      422,030
Series 2018 A, RN(i)(j) 5.00% 06/15/2031      565      588,268
Series 2021 A, Ref. RB 5.00% 06/15/2033      370      415,178
Series 2022, RB 5.25% 06/15/2046    1,070    1,151,200
Tobacco Settlement Financing Corp.;                              
Series 2018 A, Ref. RB 5.00% 06/01/2046    2,195    2,208,136
Series 2018 A, Ref. RB 5.25% 06/01/2046    1,250    1,275,009
Series 2018 B, Ref. RB 5.00% 06/01/2046    1,380    1,383,843
          23,631,892
New Mexico–0.58%
New Mexico (State of) Finance Authority; Series 2023 A-2, RB 5.25% 06/01/2053    2,210    2,239,629
Santa Fe (City of), NM (El Castillo Retirement); Series 2019 A, RB 5.00% 05/15/2049      300      239,330
          2,478,959
New York–21.96%
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(f)(h) 5.25% 12/31/2033      200      176,707
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB 5.00% 06/01/2045    2,070    1,913,445
Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB 4.00% 02/15/2044    1,875    1,828,250
Metropolitan Transportation Authority; Series 2013 B, RB(b)(c) 5.00% 01/08/2024    1,425    1,427,143
Metropolitan Transportation Authority (Green Bonds);                              
Series 2016 A-1, RB 5.00% 11/15/2041    1,510    1,526,196
Series 2020 A-1, RB (INS - AGM)(e) 4.00% 11/15/2041    1,495    1,454,351
Series 2020 A-1, RB (INS - BAM)(e) 4.00% 11/15/2053      295      269,957
Series 2020 C-1, RB 5.25% 11/15/2055      995    1,028,931
New York & New Jersey (States of) Port Authority; Series 2020 221, RB(h) 4.00% 07/15/2055    1,750    1,572,186
New York (City of), NY;                              
Series 2020 C, GO Bonds 5.00% 08/01/2043    1,835    1,968,392
Subseries 2022 D-1, RB(j) 5.25% 05/01/2038    1,015    1,154,162
Subseries 2022 D-1, RB(j) 5.25% 05/01/2042    1,725    1,920,354
Subseries 2023 E-1, GO Bonds 5.25% 04/01/2047    1,130    1,246,160
New York (City of), NY Municipal Water Finance Authority;                              
Series 2012, VRD RB(l) 3.25% 06/15/2046    3,795    3,795,000
Series 2020 BB-1, RB 4.00% 06/15/2050    1,250    1,221,692
Series 2020 BB-1, RB 5.00% 06/15/2050    2,430    2,579,454
Series 2020, Ref. RB 5.00% 06/15/2050    1,225    1,300,342
Series 2021, VRD RB(l) 1.90% 06/15/2045    2,525    2,525,000
New York (City of), NY Transitional Finance Authority;                              
Series 2019 B-1, RB 4.00% 11/01/2045    1,405    1,382,679
Series 2023 F-1, RB 4.00% 02/01/2051    1,900    1,835,640
Series 2024 B, RB 4.38% 05/01/2053    1,640    1,645,708
New York (State of) Dormitory Authority;                              
Series 2018 A, Ref. RB 5.25% 03/15/2039      925      989,911
Series 2018 E, RB(j) 5.00% 03/15/2046    4,260    4,461,481
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022 1-B, RB 4.00% 07/01/2051    2,725    2,574,347
New York (State of) Power Authority; Series 2020 A, RB(j) 4.00% 11/15/2045    2,740    2,711,482
New York (State of) Power Authority (Green Bonds); Series 2020, RB(j) 4.00% 11/15/2055    3,130    3,015,985
New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2023, RB (INS - AGM)(e) 5.00% 11/15/2053    1,305    1,398,164
New York (State of) Thruway Authority;                              
Series 2019 B, RB 4.00% 01/01/2050    4,030    3,713,802
Series 2019 B, RB (INS - AGM)(e)(i)(j) 4.00% 01/01/2050    1,950    1,890,071
New York (State of) Thruway Authority (Group 3); Series 2021 A-1, Ref. RB 4.00% 03/15/2046    1,850    1,830,361
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB 4.80% 02/01/2053      945      965,729
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 Counties Tobacco Trust IV; Series 2005 A, RB 5.00% 06/01/2045   $   210 $     192,646
New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB 5.75% 06/01/2043    2,370    2,420,773
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(f) 5.00% 11/15/2044    4,375    4,264,009
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB 4.00% 03/15/2045    2,490    2,424,755
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);                              
Series 2020, Ref. RB(h) 5.25% 08/01/2031      385      395,768
Series 2020, Ref. RB(h) 5.38% 08/01/2036      705      708,273
Series 2023, RB(h) 5.38% 06/30/2060    1,620    1,621,429
New York Transportation Development Corp. (American Airlines, Inc.);                              
Series 2016, Ref. RB(h) 5.00% 08/01/2026      805      805,031
Series 2016, Ref. RB(h) 5.00% 08/01/2031    1,000      999,933
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);                              
Series 2018, RB(h) 5.00% 01/01/2033    1,565    1,585,234
Series 2018, RB(h) 5.00% 01/01/2034    1,510    1,528,397
Series 2018, RB(h) 5.00% 01/01/2036    1,265    1,273,852
Series 2020, RB(h) 5.00% 10/01/2040    1,495    1,488,921
Series 2020, RB(h) 4.38% 10/01/2045      875      789,864
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);                              
Series 2016 A, RB(h) 5.00% 07/01/2046    2,465    2,443,664
Series 2016 A, RB(h) 5.25% 01/01/2050    2,355