Schedule of Investments  
May 31, 2024
(Unaudited)
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Municipal Obligations–154.22%(a)
Alabama–1.67%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB  5.75% 06/01/2045   $   185 $     164,772
Black Belt Energy Gas District (The); Series 2023 B, RB(b)  5.25% 12/01/2030    1,065    1,140,221
Energy Southeast A Cooperative District; Series 2024 B, RB(b)  5.25% 06/01/2032      755      802,251
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)(c)(d)  5.50% 01/01/2043    1,900    1,083,000
Lower Alabama Gas District (The); Series 2016 A, RB  5.00% 09/01/2046    1,030    1,058,591
Southeast Energy Authority, a Cooperative District (No. 2); Series 2021 B, RB(b)  4.00% 12/01/2031    1,115    1,094,610
Southeast Energy Authority, a Cooperative District (No. 3); Series 2022 A-1, RB(b)  5.50% 12/01/2029    1,050    1,113,211
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(e)  5.25% 05/01/2044      615      618,404
          7,075,060
Alaska–0.06%
Northern Tobacco Securitization Corp.; Series 2021 A-1, Ref. RB  4.00% 06/01/2050      310      272,970
Arizona–2.76%
Arizona (State of) Industrial Development Authority; Series 2019-2A, Revenue Ctfs.  3.63% 05/20/2033       68       61,387
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB(e)  5.00% 07/01/2039      895      881,005
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); Series 2019, RB(e)  5.00% 07/01/2049      500      463,620
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB(e)  5.00% 12/15/2040      185      184,378
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);                               
Series 2017, Ref. RB  5.00% 11/15/2029      820      792,661
Series 2017, Ref. RB  5.00% 11/15/2045      665      541,838
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(e)  5.00% 07/01/2049      165      158,169
Mesa (City of), AZ; Series 2022 A, RB (INS - BAM)(f)  5.00% 07/01/2046    2,240    2,387,119
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(e)  6.50% 07/01/2034      380      380,647
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB(e)  5.00% 06/15/2052      270      251,167
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(e)  5.38% 07/01/2052      885      848,492
Salt River Project Agricultural Improvement & Power District; Series 2023 B, RB  5.00% 01/01/2048    2,530    2,719,430
Salt Verde Financial Corp.;                               
Series 2007, RB  5.00% 12/01/2032      580      603,379
Series 2007, RB  5.00% 12/01/2037    1,350    1,433,893
          11,707,185
Arkansas–0.10%
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB  5.00% 09/01/2044      460      437,374
California–14.73%
Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds(g)  0.00% 08/01/2028      900      784,080
California (State of);                               
Series 2020, GO Bonds (INS - BAM)(f)  3.00% 11/01/2050    1,250      969,437
Series 2023, GO Bonds(h)  5.25% 09/01/2053    2,525    2,794,709
California (State of) Community Choice Financing Authority (Clean Energy); Series 2024, RB(b)  5.00% 04/01/2032    1,895    2,007,870
California (State of) County Tobacco Securitization Agency; Series 2020 A, Ref. RB  4.00% 06/01/2038      275      277,480
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      816,444
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);                               
Series 2020 B-1, Ref. RB  5.00% 06/01/2049       35       35,433
Series 2020 B-2, Ref. RB(g)  0.00% 06/01/2055    1,245      216,781
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) Health Facilities Financing Authority (Cedars-Sinai Health System); Series 2021 A, Ref. RB  5.00% 08/15/2051   $ 3,280 $   3,492,257
California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB  4.00% 06/01/2050    3,125    2,960,382
California (State of) Housing Finance Agency (Social Certificates);                               
Series 2021 A, RB  3.25% 08/20/2036        5        4,331
Series 2021-2A, Revenue Ctfs. (CEP - FHLMC)  3.75% 03/25/2035    3,031    2,913,381
Series 2023-1, RB  4.38% 09/20/2036      626      618,791
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(e)  5.00% 06/01/2048      145      140,856
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB  5.00% 05/15/2037    1,000    1,034,640
California (State of) Municipal Finance Authority (Green Bonds); Series 2021, RB (INS - BAM)(f)  4.00% 05/15/2046      500      479,151
California (State of) Municipal Finance Authority (Linxs APM);                               
Series 2018 A, RB(i)  5.00% 12/31/2036    1,245    1,256,293
Series 2018 A, RB(i)  5.00% 12/31/2047    1,500    1,494,744
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB(e)  5.00% 08/01/2039      185      165,545
California (State of) Pollution Control Financing Authority (Plant Bonds);                               
Series 2012, RB(e)(i)  5.00% 07/01/2027      580      585,282
Series 2012, RB(e)(i)  5.00% 07/01/2030      165      166,361
Series 2012, RB(e)(i)  5.00% 07/01/2037    1,730    1,734,620
Series 2012, RB(e)(i)  5.00% 11/21/2045    2,030    2,032,666
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2016 A, RB(e)  5.25% 12/01/2056      750      753,365
California State University; Series 2019 A, RB(h)(j)  5.00% 11/01/2049    1,585    1,664,403
Cambrian School District; Series 2022, GO Bonds  4.00% 08/01/2052    1,735    1,723,146
CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB(e)  3.13% 08/01/2056      625      459,640
CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB(e)  4.00% 08/01/2056      375      317,413
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB  6.50% 12/15/2047      370      369,958
Desert Community College District (Election of 2016); Series 2024, GO Bonds  4.00% 08/01/2051      655      626,960
Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(g)  0.00% 06/01/2066    1,190      130,141
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB(i)  5.50% 05/15/2037      600      669,374
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2019 F, RB(i)  5.00% 05/15/2044    2,950    3,028,971
Los Angeles (City of), CA Department of Water & Power; Series 2020 B, RB(h)  5.00% 07/01/2050    1,740    1,849,402
Montebello Unified School District; Series 2022 B, GO Bonds (INS - AGM)(f)  5.00% 08/01/2050      930      969,817
M-S-R Energy Authority; Series 2009 B, RB  6.50% 11/01/2039    2,095    2,593,156
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(k)  6.25% 08/01/2043    1,500    1,435,313
Oxnard School District (Election of 2022); Series 2023 A, GO Bonds (INS - BAM)(f)  4.25% 08/01/2053    2,300    2,275,168
Regents of the University of California Medical Center;                               
Series 2022 P, RB(h)(j)  4.00% 05/15/2053    4,065    3,868,438
Series 2022 P, RB  3.50% 05/15/2054    1,510    1,285,014
Sacramento (City of), CA Unified School District; Series 2024 B, GO Bonds (INS - BAM)(f)  4.00% 08/01/2048      925      881,747
San Diego (County of), CA Regional Airport Authority;                               
Series 2021 A, RB  4.00% 07/01/2051    1,540    1,474,109
Series 2021 A, RB  5.00% 07/01/2056    1,500    1,574,580
Series 2023 B, RB(i)  5.00% 07/01/2048    1,890    1,962,762
San Francisco (City & County of), CA Airport Commission; Series 2019 E, RB(i)  5.00% 05/01/2038      505      523,864
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);                               
Second Series 2020 A, Ref. RB(i)  4.00% 05/01/2039      830      805,096
Series 2019 E, RB(i)  5.00% 05/01/2050    1,760    1,790,559
Series 2021 A, Ref. RB(i)  5.00% 05/01/2036      450      480,414
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(g)  0.00% 06/01/2041    2,605      982,627
Southern California Public Power Authority (Clean Energy); Series 2024 A, RB(b)  5.00% 09/01/2030    1,025    1,079,882
          62,556,853
Colorado–6.52%
Arista Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM)(f)  4.50% 12/01/2058    1,790    1,728,992
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB  5.75% 12/01/2051      620      558,175
Belford North Metropolitan District; Series 2020 A, GO Bonds  5.50% 12/01/2050      780      697,904
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
Colorado–(continued)
Bromley Park Metropolitan District No. 2; Series 2023, Ref. GO Bonds (INS - BAM)(f)  5.38% 12/01/2053   $   465 $     499,723
Centerra Metropolitan District No. 1 (In the City of Loveland);                               
Series 2017, RB(e)  5.00% 12/01/2047    1,260    1,132,755
Series 2020 A, Ref. GO Bonds  5.00% 12/01/2051      500      446,808
Series 2022, RB  6.50% 12/01/2053      500      506,259
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2021 A, Ref. RB  4.00% 11/15/2050      555      513,286
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB  5.00% 11/15/2048    1,280    1,303,774
Colorado (State of) Health Facilities Authority (CommonSpirit Health);                               
Series 2019 A-2, Ref. RB  5.00% 08/01/2044    2,745    2,806,143
Series 2019 A-2, Ref. RB  4.00% 08/01/2049    1,245    1,143,315
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB  5.30% 07/01/2037      335      269,672
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB(b)(l)  5.00% 07/24/2024      500      515,621
Colorado Crossing Metropolitan District No. 2; Series 2020 A-1, Ref. GO Bonds  5.00% 12/01/2047      500      470,262
Denver (City & County of), CO;                               
Series 2018 A, Ref. RB(i)  5.00% 12/01/2048    1,315    1,328,229
Series 2018 A, Ref. RB(i)  5.25% 12/01/2048    1,185    1,211,189
Series 2018 A-2, RB(g)  0.00% 08/01/2033    1,700    1,139,291
Series 2022 A, RB(i)  5.00% 11/15/2036      710      766,689
Series 2022 A, RB(i)  5.00% 11/15/2047    1,905    1,978,727
Great Western Metropolitan District; Series 2020, Ref. GO Bonds  4.75% 12/01/2050      340      295,121
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB  5.75% 12/15/2050    1,745    1,746,910
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds  4.25% 12/01/2046      585      496,287
Midtown Clear Creek Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM)(f)  5.00% 12/01/2053      430      442,974
Mulberry Metropolitan District No. 2; Series 2022, RB  7.00% 12/01/2034      565      573,517
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds  5.00% 12/01/2040      500      489,166
Rampart Range Metropolitan District No. 5; Series 2021, RB  4.00% 12/01/2051      500      371,705
Roaring Fork Transportation Authority; Series 2021, RB  4.00% 12/01/2051    1,000      928,182
Sky Ranch Community Authority Board; Series 2022 A, RB  5.75% 12/01/2052      500      471,670
Village Metropolitan District (The); Series 2020, Ref. GO Bonds  5.00% 12/01/2040      550      530,995
White Buffalo Metropolitan District No. 3;                               
Series 2020, GO Bonds  5.50% 12/01/2050      500      464,917
Series 2023, GO Bonds  8.00% 12/15/2035      610      591,001
Windler Public Improvement Authority;                               
Series 2021 A-1, RB  4.13% 12/01/2051      370      262,600
Series 2021 A-2, RB(k)  4.50% 12/01/2041    1,535    1,009,386
          27,691,245
District of Columbia–3.21%
District of Columbia;                               
Series 2022 A, RB  5.00% 07/01/2047    1,260    1,348,177
Series 2023 A, RB  5.25% 05/01/2048    1,865    2,039,893
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB  5.00% 10/01/2045      515      494,728
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C-1, RB  4.00% 10/01/2051    2,500    2,384,986
Metropolitan Washington Airports Authority;                               
Series 2017, Ref. RB(i)  5.00% 10/01/2042    2,005    2,035,177
Series 2021 A, Ref. RB(i)  4.00% 10/01/2041    1,575    1,514,094
Series 2023 A, Ref. RB(i)  5.25% 10/01/2043      860      920,303
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB  4.00% 10/01/2049    1,245    1,138,108
Washington Metropolitan Area Transit Authority (Green Bonds); Series 2023 A, RB  5.25% 07/15/2053    1,635    1,782,715
          13,658,181
Florida–10.91%
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);                               
Series 2022 A, Ref. RB (Acquired 01/25/2022; Cost $1,075,000)(d)(e)  5.00% 11/15/2061    1,075      692,318
Series 2022 B, RB (Acquired 01/25/2022; Cost $96,495)(d)(e)  6.50% 11/15/2033      100       84,314
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)
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB  4.00% 04/01/2052   $   370 $     332,947
Broward (County of), FL; Series 2019 B, RB(i)  4.00% 09/01/2044      625      587,277
Broward (County of), FL (Convention Center Expansion); Series 2021, RB  4.00% 09/01/2051    1,895    1,742,974
Broward County FL Water & Sewer Utility Revenue; Series 2024, RB(h)  4.00% 10/01/2047    2,700    2,602,002
Cape Coral (City of), FL; Series 2023, Ref. RB (INS - BAM)(f)  5.60% 03/01/2048      935    1,034,327
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $728,530)(c)(d)(e)  7.75% 05/15/2035      746       20,134
Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB  5.00% 04/01/2048    1,040    1,059,384
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB  5.00% 01/01/2042      900      917,490
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);                               
Series 2024, Ref. RB(b)(e)(i) 12.00% 07/15/2028      750      780,000
Series 2024, Ref. RB(i)  5.00% 07/01/2041      650      668,285
Series 2024, Ref. RB (INS - AGM)(f)(i)  5.00% 07/01/2044    1,900    1,956,950
Series 2024, Ref. RB (INS - AGM)(f)(i)  5.25% 07/01/2047      750      779,719
Series 2024, Ref. RB (INS - AGM)(f)(i)  5.25% 07/01/2053      630      650,302
Series 2024, Ref. RB(i)  5.50% 07/01/2053      650      676,431
Fort Lauderdale (City of), FL;                               
Series 2023, RB  5.50% 09/01/2053    1,120    1,241,011
Series 2024, RB(h)  5.50% 09/01/2053    1,885    2,088,667
Greater Orlando Aviation Authority;                               
Series 2017 A, RB(i)  5.00% 10/01/2052      800      803,937
Series 2019 A, RB(i)  4.00% 10/01/2044    1,750    1,633,753
Hillsborough (County of), FL; Series 2023, GO Bonds  5.00% 07/01/2053    1,185    1,268,455
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB(i)  5.00% 10/01/2048    1,895    1,920,704
Jacksonville (City of), FL; Series 2023 A, Ref. RB  5.50% 10/01/2053    1,865    2,040,748
JEA Water & Sewer System; Series 2024 A, Ref. RB  5.25% 10/01/2049      930    1,020,801
Lake (County of), FL (Lakeside at Waterman Village);                               
Series 2020 A, Ref. RB  5.50% 08/15/2040      485      451,494
Series 2020 A, Ref. RB  5.75% 08/15/2050      210      189,794
Series 2020 A, Ref. RB  5.75% 08/15/2055      790      702,533
Lee (County of), FL;                               
Series 2021 B, RB(i)  5.00% 10/01/2034      775      825,800
Series 2022, RB  5.25% 08/01/2049    1,250    1,311,800
Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM)(f)  5.00% 03/15/2052    1,485    1,568,518
Miami Beach (City of), FL; Series 2017, Ref. RB  5.00% 09/01/2047      865      819,945
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. RB  5.00% 11/15/2039      710      710,921
Miami-Dade (County of), FL;                               
Series 2022 A, Ref. RB(i)  5.25% 10/01/2052      375      393,306
Series 2023 A, Ref. RB(i)  5.00% 10/01/2047    1,605    1,670,717
Subseries 2021 A-2, Ref. RB (INS - AGM)(f)  4.00% 10/01/2049    1,885    1,782,295
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB  5.00% 07/01/2040    2,015    2,015,011
Miami-Dade (County of), FL Transit System; Series 2022, RB  5.00% 07/01/2052    1,755    1,833,580
Osceola (County of), FL;                               
Series 2020 A-2, Ref. RB(g)  0.00% 10/01/2051    1,200      268,108
Series 2020 A-2, Ref. RB(g)  0.00% 10/01/2052      335       71,048
Series 2020 A-2, Ref. RB(g)  0.00% 10/01/2053      335       67,072
Series 2020 A-2, Ref. RB(g)  0.00% 10/01/2054      285       53,857
Reunion East Community Development District; Series 2005, RB(c)(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    1,000      915,140
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB  4.00% 08/15/2047      630      578,081
Sterling Hill Community Development District; Series 2003 A, RB(m)(n)  6.20% 05/01/2035      828      380,724
Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance); Series 2014 A, RB  5.25% 07/01/2044    1,000    1,000,360
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB  5.00% 12/01/2055    1,010      953,426
Tampa (City of), FL; Series 2020 A, RB(g)  0.00% 09/01/2049    4,255    1,174,229
          46,340,691
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–2.22%
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB(h)(j)  4.00% 07/01/2044   $ 2,495 $   2,419,977
Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC  5.13% 04/01/2048      820      864,701
DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB  4.00% 03/01/2034    1,000      982,440
Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4); Series 2021 A, Ref. RB  4.00% 01/01/2051      645      557,765
Main Street Natural Gas, Inc.;                               
Series 2021 C, RB(b)  4.00% 12/01/2028      925      924,022
Series 2022 C, RB(b)(e)  4.00% 11/01/2027      945      928,838
Series 2023 B, RB(b)  5.00% 03/01/2030    1,350    1,419,011
Series 2024 A, RB(b)  5.00% 09/01/2031    1,260    1,332,753
          9,429,507
Hawaii–0.97%
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Obligated Group);                               
Series 2024, RB  5.00% 07/01/2042    1,090    1,162,725
Series 2024, RB  5.50% 07/01/2052    1,825    1,968,665
Honolulu (City & County of), HI; Series 2012 A, GO Bonds  5.00% 11/01/2036    1,000    1,000,584
          4,131,974
Idaho–0.45%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.);                               
Series 2017 A, Ref. RB  5.00% 11/15/2032      265      236,595
Series 2017 A, Ref. RB  5.25% 11/15/2037      370      314,724
Idaho (State of) Housing & Finance Association; Series 2024, RB  5.00% 08/15/2048    1,285    1,380,682
          1,932,001
Illinois–7.12%
Bolingbrook (Village of), IL; Series 1999 C, Ref. GO Bonds (INS - NATL)(f)(g)  0.00% 01/01/2029    1,710    1,404,421
Chicago (City of), IL;                               
Series 2002 B, GO Bonds  5.50% 01/01/2037      795      798,886
Series 2005 D, Ref. GO Bonds  5.50% 01/01/2040      325      325,889
Series 2007 E, Ref. GO Bonds  5.50% 01/01/2042      260      260,545
Series 2014, RB  5.00% 11/01/2039      650      651,034
Series 2015 A, GO Bonds  5.50% 01/01/2033    2,590    2,608,041
Series 2017 A, Ref. GO Bonds  6.00% 01/01/2038    1,550    1,611,283
Chicago (City of), IL (O’Hare International Airport); Series 2017 D, RB  5.00% 01/01/2052    1,100    1,112,782
Chicago (City of), IL Board of Education;                               
Series 2018 A, Ref. GO Bonds (INS - AGM)(f)  5.00% 12/01/2032      905      937,540
Series 2018 A, Ref. GO Bonds  5.00% 12/01/2034      520      535,172
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds  4.00% 12/01/2051    1,035      972,994
Chicago (City of), IL Park District; Series 2020 C, GO Bonds (INS - BAM)(f)  4.00% 01/01/2042    1,485    1,407,858
Illinois (State of);                               
Series 2014, GO Bonds  5.25% 02/01/2034    1,050    1,050,992
Series 2014, GO Bonds  5.00% 05/01/2035      355      355,274
Series 2014, GO Bonds  5.00% 05/01/2036      850      850,629
Series 2016, GO Bonds  5.00% 11/01/2036      895      908,471
Series 2017 C, GO Bonds  5.00% 11/01/2029      195      202,166
Series 2017 D, GO Bonds  5.00% 11/01/2026    1,880    1,931,665
Series 2018 A, GO Bonds  5.00% 05/01/2030      935      978,763
Series 2020, GO Bonds  5.50% 05/01/2039    1,040    1,126,218
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(i)  8.00% 06/01/2032      270      270,263
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);                               
Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $46,983)(d)  5.00% 11/01/2040       45       36,945
Series 2019 A, Ref. RB (Acquired 04/14/2020-10/05/2022; Cost $764,506)(d)  5.00% 11/01/2049      910      672,923
Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB  5.00% 12/01/2046    2,005    2,012,527
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB  5.13% 05/15/2060      984      524,308
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB  5.50% 04/01/2037    1,000      939,432
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) Finance Authority (Three Crowns Park);                               
Series 2017, Ref. RB  5.00% 02/15/2032   $   155 $     156,312
Series 2017, Ref. RB  5.25% 02/15/2037      145      146,185
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2015 A, RB  5.50% 06/15/2053    4,500    4,545,672
Illinois (State of) Sports Facilities Authority; Series 2014, Ref. RB (INS - AGM)(f)  5.25% 06/15/2031      920      922,706
          30,257,896
Indiana–1.60%
Fishers Town Hall Building Corp.; Series 2023 A, RB (INS - BAM)(f)  5.63% 07/15/2053    1,865    2,061,873
Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2019 A, RB  4.00% 12/01/2049    1,840    1,743,336
Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB(i)  5.75% 08/01/2042      175      175,025
Indianapolis Local Public Improvement Bond Bank; Series 2019, Ref. RB(i)  5.00% 01/01/2027      990    1,014,637
Northern Indiana Commuter Transportation District; Series 2024, RB  5.25% 01/01/2049    1,250    1,348,831
Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB(b)(i)  4.40% 06/10/2031      465      460,510
          6,804,212
Iowa–1.20%
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB  3.00% 09/01/2056      460      323,064
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB  4.75% 08/01/2042      940      922,003
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(b)  5.00% 12/01/2042    2,050    2,133,397
Iowa (State of) Tobacco Settlement Authority;                               
Series 2021 A-2, Ref. RB  4.00% 06/01/2049      225      198,391
Series 2021 B-1, Ref. RB  4.00% 06/01/2049      160      155,726
PEFA, Inc.; Series 2019, RB(b)  5.00% 09/01/2026    1,345    1,369,012
          5,101,593
Kentucky–2.37%
Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB(e)(i)  4.70% 01/01/2052      500      500,298
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(b)(o)  4.76% 02/01/2025      530      530,174
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM)(f)  5.00% 12/01/2047      395      386,176
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);                               
Series 2015 A, RB  5.00% 07/01/2037      830      833,029
Series 2015 A, RB  5.00% 07/01/2040      750      750,340
Series 2015 A, RB  5.00% 01/01/2045    1,020    1,004,369
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB  5.25% 06/01/2041      945      951,260
Kentucky (Commonwealth of) Public Energy Authority; Series 2023 A-1, Ref. RB(b)  5.25% 02/01/2032    1,260    1,342,577
Louisville (City of) & Jefferson (County of), KY Sewer District; Series 2023 C, Ref. RB  5.00% 05/15/2053    3,575    3,783,497
          10,081,720
Louisiana–0.44%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB(e)  3.90% 11/01/2044      620      547,879
New Orleans (City of), LA Aviation Board; Series 2015 A, RB  5.00% 01/01/2045      925      926,315
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM)(f)  5.00% 10/01/2048      375      382,310
          1,856,504
Maryland–0.88%
Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB  5.00% 07/01/2036      285      286,777
Howard (County of), MD Housing Commission (Social Bonds); Series 2024, RB  4.13% 12/01/2043    1,000      941,567
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2017 A, RB  5.00% 05/15/2045      760      769,768
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021 A, Ref. RB  4.00% 06/01/2041      375      335,620
Maryland Economic Development Corp. (Green Bonds); Series 2022, RB(i)  5.25% 06/30/2052      710      729,435
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
Maryland–(continued)
Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB  5.00% 04/01/2029   $   690 $     689,074
          3,752,241
Massachusetts–2.09%
Massachusetts (Commonwealth of); Series 2024, RB(h)  5.00% 06/01/2053    3,430    3,664,496
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds); Series 2022, RB  5.00% 06/01/2050      990    1,044,935
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center); Series 2023, Ref. RB  5.25% 07/01/2048    1,085    1,146,820
Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham); Series 2024 D, Ref. RB  5.00% 07/01/2054    1,865    1,957,481
Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB(e)  5.00% 07/15/2035      270      267,358
Massachusetts (Commonwealth of) Port Authority; Series 2021 E, RB(i)  5.00% 07/01/2046      790      819,741
          8,900,831
Michigan–5.26%
Academy of Warren; Series 2020 A, RB(e)  5.50% 05/01/2050      250      229,970
Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS - AGM)(f)  5.00% 07/01/2048    1,590    1,542,572
Lansing (City of), MI; Series 2024, RB(h)  5.25% 07/01/2054    2,735    2,973,435
Michigan (State of);                               
Series 2023, RB  5.00% 11/15/2046    2,085    2,263,908
Series 2024, RB(h)  5.50% 11/15/2049    2,330    2,601,641
Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB(h)  5.00% 04/15/2041    2,190    2,237,649
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);                               
Series 2014 C-3, RB (INS - AGM)(f)  5.00% 07/01/2031    2,500    2,501,835
Series 2014 C-6, Ref. RB  5.00% 07/01/2033      475      475,277
Series 2014 D-4, Ref. RB  5.00% 07/01/2029      475      475,258
Michigan (State of) Finance Authority (Landmark Academy);                               
Series 2020, Ref. RB  5.00% 06/01/2035      125      119,795
Series 2020, Ref. RB  5.00% 06/01/2045      360      326,104
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017 MI, RB(h)(j)(l)  5.00% 12/01/2046    2,965    3,007,731
Michigan (State of) Housing Development Authority; Series 2023 A, RB  5.10% 10/01/2053    1,460    1,512,368
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(b)(i)  4.00% 10/01/2026    1,525    1,519,903
Michigan (State of) Strategic Fund (I-75 Improvement Project); Series 2018, RB(i)  5.00% 06/30/2030      545      556,986
          22,344,432
Minnesota–0.67%
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB  4.25% 07/01/2047      400      337,375
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB  5.00% 02/15/2048      440      443,380
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group); Series 2024, RB  5.25% 01/01/2054    1,260    1,345,770
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB  5.50% 12/01/2057      500      507,352
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB  5.00% 12/01/2055      315      230,337
          2,864,214
Mississippi–0.12%
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB  2.38% 06/01/2044      830      497,403
Missouri–2.20%
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District);                               
Series 2011 A, Ref. RB  5.50% 09/01/2027      800      801,172
Series 2011 A, Ref. RB  5.50% 09/01/2028    1,670    1,672,446
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);                               
Series 2019 B, RB(i)  5.00% 03/01/2046    3,555    3,633,722
Series 2019 B, RB (INS - AGM)(f)(i)  5.00% 03/01/2049      745      759,886
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
Missouri–(continued)
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB  5.25% 05/15/2050   $   385 $     308,362
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB  5.00% 02/01/2048      245      235,137
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB  5.00% 09/01/2038    1,375    1,381,154
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB(e)  6.00% 10/01/2049      575      559,361
          9,351,240
Nebraska–1.78%
Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB  5.00% 09/01/2042    2,810    2,913,764
Central Plains Energy Project (No. 5); Series 2022-1, RB(b)  5.00% 10/01/2029      630      655,812
Nebraska Investment Finance Authority; Series 2023 G, RB (CEP - GNMA)  5.35% 09/01/2048      785      806,227
Omaha (City of), NE Public Power District;                               
Series 2021 A, RB (INS - AGM)(f)  4.00% 02/01/2051    1,545    1,480,839
Series 2022, RB(h)(j)  5.25% 02/01/2052    1,570    1,690,109
          7,546,751
Nevada–1.06%
Clark County Water Reclamation District; Series 2024, GO Bonds(h)  5.00% 07/01/2053    3,965    4,216,373
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(e)  2.75% 06/15/2028      305      288,229
          4,504,602
New Hampshire–1.18%
New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB  4.13% 01/20/2034      221      209,748
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-1A, RB  4.38% 09/20/2036    1,224    1,173,538
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB  5.00% 08/01/2059      820      829,399
New Hampshire (State of) Housing Finance Authority;                               
Series 2023 D, RB (CEP - GNMA)  4.80% 07/01/2043      800      810,078
Series 2023 D, RB (CEP - GNMA)  5.13% 07/01/2053    1,940    1,974,698
          4,997,461
New Jersey–5.23%
New Jersey (State of) Economic Development Authority; Series 2004 A, RB (INS - BHAC)(f)(h)  5.25% 07/01/2026    6,625    6,841,954
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);                               
Series 1999, RB(i)  5.25% 09/15/2029      345      345,402
Series 2012, RB(i)  5.75% 09/15/2027      450      450,287
New Jersey (State of) Economic Development Authority (Social Bonds); Series 2021 QQQ, RB  4.00% 06/15/2040    1,180    1,154,791
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(i)  5.38% 01/01/2043    2,190    2,190,878
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB  4.00% 07/01/2047    2,865    2,642,310
New Jersey (State of) Transportation Trust Fund Authority;                               
Series 2018 A, RN(h)(j)  5.00% 06/15/2029    1,190    1,217,148
Series 2018 A, RN(h)(j)  5.00% 06/15/2030      405      413,515
Series 2018 A, RN(h)(j)  5.00% 06/15/2031      565      576,231
Series 2021 A, Ref. RB  5.00% 06/15/2033      370      403,454
Series 2022, RB  5.25% 06/15/2046    1,070    1,155,012
Tobacco Settlement Financing Corp.;                               
Series 2018 A, Ref. RB  5.00% 06/01/2046    2,195    2,233,107
Series 2018 A, Ref. RB  5.25% 06/01/2046    1,250    1,287,608
Series 2018 B, Ref. RB  5.00% 06/01/2046    1,290    1,298,793
          22,210,490
New Mexico–0.06%
Santa Fe (City of), NM (El Castillo Retirement); Series 2019 A, RB  5.00% 05/15/2049      300      269,275
New York–19.57%
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB (LOC - Santander Bank N.A.)(e)(i)(p)  5.25% 12/31/2033      200      182,104
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB  5.00% 06/01/2045    2,070    1,922,589
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)
Metropolitan Transportation Authority (Green Bonds);                               
Series 2016 A-1, RB  5.00% 11/15/2041   $ 1,510 $   1,531,774
Series 2020 A-1, RB (INS - AGM)(f)  4.00% 11/15/2041      875      851,039
Series 2020 A-1, RB (INS - BAM)(f)  4.00% 11/15/2053      295      270,730
Series 2020 C-1, RB  5.25% 11/15/2055      995    1,025,618
New York & New Jersey (States of) Port Authority; Series 2020 221, RB(i)  4.00% 07/15/2060    1,750    1,537,809
New York (City of), NY;                               
Series 2020 C, GO Bonds  5.00% 08/01/2043    1,835    1,943,387
Subseries 2022 D-1, RB(h)  5.25% 05/01/2038    1,015    1,131,553
Subseries 2022 D-1, RB(h)  5.25% 05/01/2042    1,725    1,891,274
Subseries 2023 E-1, GO Bonds  5.25% 04/01/2047    1,130    1,231,908
New York (City of), NY Municipal Water Finance Authority;                               
Series 2020 BB-1, RB  4.00% 06/15/2050    1,250    1,189,568
Series 2020 BB-1, RB  5.00% 06/15/2050    2,430    2,548,520
Series 2020, Ref. RB  5.00% 06/15/2050    1,225    1,284,747
New York (City of), NY Transitional Finance Authority;                               
Series 2019 B-1, RB  4.00% 11/01/2045    1,405    1,351,892
Series 2023 F-1, RB  4.00% 02/01/2051    1,900    1,795,038
Series 2024 B, RB  4.38% 05/01/2053    1,640    1,601,121
New York (State of) Dormitory Authority;                               
Series 2018 A, Ref. RB  5.25% 03/15/2039      925      983,055
Series 2018 E, RB(h)  5.00% 03/15/2046    4,260    4,418,249
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022 1-B, RB  4.00% 07/01/2051    2,725    2,558,525
New York (State of) Power Authority; Series 2020 A, RB(h)  4.00% 11/15/2045    2,740    2,647,188
New York (State of) Power Authority (Green Bonds); Series 2020, RB(h)  4.00% 11/15/2055    3,130    2,932,684
New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2023, RB (INS - AGM)(f)  5.00% 11/15/2053    1,305    1,403,379
New York (State of) Thruway Authority;                               
Series 2019 B, RB  4.00% 01/01/2050    4,030    3,758,082
Series 2019 B, RB (INS - AGM)(f)(h)(j)  4.00% 01/01/2050    1,950    1,864,405
New York (State of) Thruway Authority (Group 3); Series 2021 A-1, Ref. RB  4.00% 03/15/2046    1,850    1,785,140
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB  4.80% 02/01/2053      945      951,129
New York Counties Tobacco Trust IV;                               
Series 2005 A, RB  5.00% 06/01/2045      210      188,346
Series 2010 A, RB(e)  6.25% 06/01/2041    1,000      999,960
New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB  5.75% 06/01/2043    2,370    2,359,153
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(e)  5.00% 11/15/2044    4,375    4,382,881
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB  4.00% 03/15/2045    2,490    2,399,608
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);                               
Series 2020, Ref. RB(i)  5.25% 08/01/2031      385      405,010
Series 2020, Ref. RB(i)  5.38% 08/01/2036      705      744,567
Series 2023, RB(i)  5.38% 06/30/2060    1,620    1,680,112
New York Transportation Development Corp. (American Airlines, Inc.);                               
Series 2016, Ref. RB(i)  5.00% 08/01/2026      805      805,259
Series 2016, Ref. RB(i)  5.00% 08/01/2031    1,000    1,000,102
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);                               
Series 2018, RB(i)  5.00% 01/01/2033    1,565    1,614,478
Series 2018, RB(i)  5.00% 01/01/2034    1,510    1,557,640
Series 2018, RB(i)  5.00% 01/01/2036    1,265    1,301,344
Series 2020, RB(i)  5.00% 10/01/2040    1,495    1,549,835
Series 2020, RB(i)  4.38% 10/01/2045      875      850,998
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);                               
Series 2016 A, RB(i)  5.00% 07/01/2046    2,465    2,453,433
Series 2016 A, RB(i)  5.25% 01/01/2050    2,355    2,345,034
New York Transportation Development Corp. (Terminal 4 JFK International Airport);                               
Series 2022, RB(i)  5.00% 12/01/2036      740      785,437
Series 2022, RB(i)  5.00% 12/01/2038      455      477,766
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB  5.75% 08/15/2043    1,295    1,312,606
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)
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);                               
Series 2020 A, RB  5.00% 11/15/2054   $   565 $     589,301
Series 2021 A, RB  5.00% 11/15/2056      835      872,293
Series 2022, RB(h)  5.00% 05/15/2051    4,090    4,303,638
TSASC, Inc.; Series 2016 B, Ref. RB  5.00% 06/01/2045    1,815    1,561,190
          83,132,498
North Carolina–0.44%
North Carolina (State of) Housing Finance Agency (Social Bonds); Series 2023, RB (CEP - GNMA)  4.90% 07/01/2043      725      736,531
North Carolina (State of) Turnpike Authority (Triangle Expressway System); Series 2024, RB (INS - AGM)(f)(g)  0.00% 01/01/2053    2,250      535,888
Raleigh (City of), NC Combined Enterprise System; Series 2023, Ref. RB  4.00% 09/01/2053      605      578,408
          1,850,827
North Dakota–0.63%
Ward (County of), ND (Trinity Obligated Group);                               
Series 2017 C, RB  5.00% 06/01/2048    1,750    1,549,454
Series 2017 C, RB  5.00% 06/01/2053    1,305    1,118,088
          2,667,542
Ohio–4.58%
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB  5.25% 11/15/2046      645      650,354
Buckeye Tobacco Settlement Financing Authority;                               
Series 2020 A-2, Ref. RB  4.00% 06/01/2048    3,885    3,460,216
Series 2020 B-2, Ref. RB  5.00% 06/01/2055    5,845    5,237,350
Series 2020 B-3, Ref. RB(g)  0.00% 06/01/2057