Edgar Filing: Invesco Advantage Municipal Income Trust II

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number		811-07868

Invesco Advantage Municipal Income Trust II
(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)

Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)


Registrant’s telephone number, including area code:		(713) 626-1919


Date of fiscal year end:		2/28

Date of reporting period:		11/30/15

Item 1. Schedule of Investments.


Invesco Advantage Municipal Income Trust II Quarterly Schedule of Portfolio Holdings November 30, 2015


invesco.com/us	VK-CE-AMINC2-QTR-1 11/15	Invesco Advisers, Inc.

Schedule of Investments

November 30, 2015

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Municipal Obligations–167.22%^(a)

Alabama–2.00%

Alabaster (City of) Board of Education; Series 2014 A, Limited Special Tax GO Wts. (INS-AGM) ^(b)	5.00%	09/01/2039	$	950	$	1,069,548
Series 2014 A, Limited Special Tax GO Wts. (INS-AGM) ^(b)	5.00%	09/01/2044		950		1,061,901
Bessemer Governmental Utility Services Corp.; Series 2008 A, Ref. Water Supply RB (INS-AGC) ^(b)(c)	5.00%	06/01/2039		2,375		2,497,170
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) ^(b)	5.25%	07/01/2030		1,800		2,039,904
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB	5.50%	01/01/2043		1,900		1,905,244
Mobile (City of) Industrial Development Board (Mobile Energy Services Co.); Series 1995, Ref. Solid Waste Disposal RB	6.95%	01/01/2020		4		0
Selma (City of) Industrial Development Board; Series 2009 A, Gulf Opportunity Zone RB	6.25%	11/01/2033		2,200		2,547,226
						11,120,993

Alaska–0.71%

Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB ^(c)	5.50%	10/01/2041		3,465		3,933,399

Arizona–3.42%

Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB	5.00%	12/01/2042		1,645		1,813,431
Arizona (State of) Transportation Board; Series 2008 B, Highway RB ^(c)(d)(e)	5.00%	07/01/2018		1,875		2,068,781
Series 2008 B, Highway RB ^(c)(d)(e)	5.00%	07/01/2018		2,810		3,100,414
Glendale (City of) Industrial Development Authority (Midwestern University); Series 2010, RB	5.00%	05/15/2035		500		558,230
Series 2010, RB	5.13%	05/15/2040		1,250		1,402,175
Navajo County Pollution Control Corp.; Series 2009 E, PCR ^(d)	5.75%	06/01/2016		800		820,056
Phoenix (City of) Industrial Development Authority (Career Success Schools); Series 2009, Education RB	7.00%	01/01/2039		690		655,231
Series 2009, Education RB	7.13%	01/01/2045		660		630,069
Phoenix (City of) Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, Education Facility RB ^(f)	6.50%	07/01/2034		380		423,305
Phoenix (City of) Industrial Development Authority (Rowan University); Series 2012, Lease RB	5.00%	06/01/2042		2,340		2,519,993
Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB ^(g)	6.55%	12/01/2037		2,440		2,481,260
Salt River Project Agricultural Improvement & Power District; Series 2009 A, Electric System RB ^(c)	5.00%	01/01/2028		2,305		2,563,621
						19,036,566

Arkansas–0.35%

Arkansas (State of) (College Savings); Series 1996 A, Unlimited Tax CAB GO Bonds ^(e)(h)	0.00%	06/01/2016		1,930		1,926,951

California–22.18%

Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C, Sub. Lease CAB RB (INS-AGM) ^(b)(h)	0.00%	09/01/2019		6,000		5,682,960
Series 1997 C, Sub. Lease CAB RB (INS-AGM) ^(b)(h)	0.00%	09/01/2021		7,265		6,416,012
Series 1997 C, Sub. Lease RB (INS-AGM) ^(b)	6.00%	09/01/2016		685		710,133
Bay Area Governments Association (California Redevelopment Agency Pool); Series 2004, Tax Allocation RB (INS-SGI) ^(b)	5.25%	09/01/2035		170		170,180
Bay Area Toll Authority (San Francisco Bay Area); Series 2008 F-1, Toll Bridge RB ^(c)(d)(e)	5.00%	04/01/2018		6,715		7,357,357
Beverly Hills Unified School District (Election of 2008); Series 2009, Unlimited Tax CAB GO Bonds ^(h)	0.00%	08/01/2028		900		631,458
California (State of) Department of Water Resources (Central Valley); Series 2008 AE, Water System RB ^(c)	5.00%	12/01/2024		850		935,825
Series 2008 AE, Water System RB ^(c)	5.00%	12/01/2025		1,075		1,183,134

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)

Series 2008 AE, Water System RB ^(c)	5.00%	12/01/2026	$	1,075	$	1,182,414
Series 2008 AE, Water System RB ^(c)	5.00%	12/01/2027		650		714,272
Series 2008 AE, Water System RB ^(c)	5.00%	12/01/2028		1,075		1,184,231
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2009 A, RB	6.00%	07/01/2034		1,100		1,259,731
California (State of) Housing Finance Agency; Series 2008 K, Home Mortgage RB ^(g)	5.30%	08/01/2023		1,705		1,750,558
Series 2008 K, Home Mortgage RB ^(g)	5.45%	08/01/2028		4,100		4,175,440
California (State of) Pollution Control Finance Authority; Series 2012, Water Furnishing RB ^(f)(g)	5.00%	07/01/2027		1,050		1,153,887
Series 2012, Water Furnishing RB ^(f)(g)	5.00%	07/01/2030		1,215		1,305,432
Series 2012, Water Furnishing RB ^(f)(g)	5.00%	07/01/2037		2,685		2,865,459
California (State of) Public Works Board (Department of Corrections - State Prisons); Series 1993 A, Ref. Lease RB (INS-AMBAC) ^(b)	5.00%	12/01/2019		3,095		3,352,875
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2009 A, RB	5.00%	04/01/2019		1,450		1,637,021
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB	5.25%	12/01/2044		655		692,774
California (State of); Series 2009, Various Purpose Unlimited Tax GO Bonds	5.75%	04/01/2031		1,300		1,500,694
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds ^(d)(e)	5.25%	07/01/2019		1,335		1,534,102
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds ^(d)(e)	5.25%	07/01/2019		765		879,092
Series 2012, Ref. Unlimited Tax GO Bonds	5.25%	02/01/2030		2,220		2,602,972
Series 2012, Various Purpose Unlimited Tax GO Bonds	5.00%	04/01/2042		2,060		2,329,036
Series 2012, Various Purpose Unlimited Tax GO Bonds	5.25%	04/01/2035		2,805		3,254,333
Series 2013, Ref. Various Purpose Unlimited Tax GO Bonds	5.25%	09/01/2030		2,000		2,411,960
Series 2013, Various Purpose Unlimited Tax GO Bonds	5.00%	04/01/2037		1,350		1,547,600
Daly City (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier Mobile Home Park RB	6.50%	12/15/2047		410		421,267
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB ^(c)	5.00%	06/01/2036		4,065		4,649,994
Florin Resource Conservation District (Elk Grove Water Service); Series 2003 A, Capital Improvement COP (INS-NATL) ^(b)	5.00%	09/01/2033		665		667,002
Foothill-Eastern Transportation Corridor Agency; Series 2015, Ref. CAB Toll Road RB (INS-AGM) ^(b)(h)	0.00%	01/15/2034		3,145		1,490,887
Golden State Tobacco Securitization Corp.; Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB	4.50%	06/01/2027		3,505		3,458,874
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB	5.00%	06/01/2033		4,220		3,849,737
Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB	5.00%	06/01/2030		1,050		1,207,647
Series 2015 A, Ref. Tobacco Settlement Asset-Backed RB	5.00%	06/01/2040		3,000		3,392,190
Los Angeles (City of) Department of Water & Power; Series 2012 B, Waterworks RB	5.00%	07/01/2037		1,200		1,381,500
Subseries 2008 A-1, Power System RB ^(c)	5.25%	07/01/2038		3,000		3,289,530
Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB ^(f)	5.50%	03/01/2018		100		106,857
Oakland (Port of); Series 2012 P, Ref. Sr. Lien RB ^(g)	5.00%	05/01/2028		2,730		3,120,253
Palomar Pomerado Health; Series 2009, COP	6.75%	11/01/2039		1,225		1,355,634
Riverside County Asset Leasing Corp. (Riverside County Hospital); Series 1997, Leasehold RB (INS-NATL) ^(b)(h)	0.00%	06/01/2021		9,000		7,887,870
San Diego (County of) Regional Airport Authority; Series 2010 A, Sub. RB	5.00%	07/01/2034		1,600		1,802,224
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds ^(c)	5.00%	08/01/2036		8,490		9,842,627
San Francisco (City & County of) Airport Commission (San Francisco International Airport); Series 2011 F, Ref. Second Series RB ^(g)	5.00%	05/01/2025		850		975,341
Series 2011 F, Ref. Second Series RB ^(g)	5.00%	05/01/2026		1,700		1,941,332
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB ^(c)	5.00%	11/01/2036		3,690		4,311,876
San Francisco (City & County of) Public Utilities Commission; Series 2012, Water RB	5.00%	11/01/2033		4,000		4,564,120
Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, Special Tax RB	5.50%	09/01/2032		525		586,404

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)

Vernon (City of); Series 2009 A, Electric System RB ^(d)(e)	5.13%	08/01/2019	$	720	$	794,340
Series 2009 A, Electric System RB	5.13%	08/01/2021		1,630		1,799,373
						123,317,821

Colorado–3.75%

Colorado (State of) Health Facilities Authority (Catholic Health); Series 2006 C5, RB (INS-AGM) ^(b)(c)	5.00%	09/01/2036		5,425		5,719,144
Colorado (State of) Health Facilities Authority (Evangelical Lutheran); Series 2005, Health Facilities RB	5.00%	06/01/2035		2,020		2,041,431
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, Health & Residential Care Facilities RB	5.30%	07/01/2037		1,005		985,332
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB	6.00%	01/15/2034		1,200		1,354,344
Series 2010, Private Activity RB	6.50%	01/15/2030		1,500		1,741,260
Denver (City & County of); Series 2012 B, Airport System RB	5.00%	11/15/2037		1,400		1,576,526
Salida (City of) Hospital District; Series 2006, RB	5.25%	10/01/2036		1,581		1,588,067
University of Colorado; Series 2013 A, Enterprise RB ^(c)	5.00%	06/01/2037		2,655		3,007,478
Series 2013 A, Enterprise RB ^(c)	5.00%	06/01/2043		2,535		2,844,397
						20,857,979

District of Columbia–3.60%

District of Columbia (Provident Group - Howard Properties LLC); Series 2013, Student Dormitory RB	5.00%	10/01/2045		1,650		1,590,452
District of Columbia (Sibley Memorial Hospital); Series 2009, Hospital RB ^(d)(e)	6.38%	10/01/2019		2,650		3,171,387
Series 2009, Hospital RB ^(d)(e)	6.50%	10/01/2019		800		961,144
District of Columbia Water & Sewer Authority; Series 2007 A, Public Utility Sub. Lien RB ^(d)(e)	5.50%	10/01/2017		5,500		5,980,700
Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) ^(b)(c)	5.00%	10/01/2029		850		927,886
Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) ^(b)(c)	5.00%	10/01/2034		1,725		1,877,042
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2014 A, Ref. Sr. Lien Dulles Toll Road RB	5.00%	10/01/2053		5,190		5,512,765
						20,021,376

Florida–10.36%

Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR	5.88%	11/15/2036		1,000		1,019,930
Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB	8.13%	11/15/2041		1,000		1,183,860
Broward (County of); Series 2012 A, Water & Sewer Utility RB	5.00%	10/01/2037		2,460		2,768,435
Series 2013 C, Airport System RB	5.25%	10/01/2038		1,900		2,158,115
Citizens Property Insurance Corp. (High Risk Account); Series 2010 A-1, Sr. Sec. RB	5.25%	06/01/2017		2,420		2,578,220
Collier (County of) Industrial Development Authority (The Arlington of Naples); Series 2014 A, Continuing Care Community RB ^(f)	7.75%	05/15/2035		1,000		1,165,980
Series 2014 B-2, TEMPS-70^SM Continuing Care Community RB ^(f)	6.50%	05/15/2020		1,000		1,001,550
Davie (Town of) (Nova Southeastern University); Series 2013 A, Educational Facilities RB	6.00%	04/01/2042		1,100		1,288,155
Escambia (County of) Health Facilities Authority (Florida Health Care Facility Loan Veterans Health Administration Program); Series 2000, RB (INS-AMBAC) ^(b)	5.95%	07/01/2020		255		270,300
Florida (State of) Department of Transportation; Series 2008 A, Ref. Turnpike RB ^(c)	5.00%	07/01/2026		1,305		1,402,236
Series 2008 A, Ref. Turnpike RB ^(c)	5.00%	07/01/2027		1,325		1,421,977
Series 2008 A, Ref. Turnpike RB ^(c)	5.00%	07/01/2028		1,440		1,542,773
Series 2008 A, Ref. Turnpike RB ^(c)	5.00%	07/01/2032		2,500		2,670,875
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB ^(g)	5.13%	06/01/2027		1,800		2,084,292

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)

Hillsborough (County of) Aviation Authority; Series 2008 A, RB (INS-AGC) ^(b)(c)(g)	5.38%	10/01/2033	$	1,075	$	1,172,417
Series 2008 A, RB (INS-AGC) ^(b)(c)(g)	5.50%	10/01/2038		2,425		2,655,181
JEA; Series 2012 Three B, Electric System RB ^(c)	5.00%	10/01/2039		3,300		3,688,113
Miami Beach (City of) Health Facilities Authority (Mount Sinai Medical Center); Series 2014, Ref. RB	5.00%	11/15/2039		710		777,840
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB	5.00%	07/01/2040		1,000		1,106,470
Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2010 A, Ref. Hospital RB	6.13%	08/01/2042		705		808,564
Miami-Dade (County of); Series 2012 A, Ref. Aviation RB ^(g)	5.00%	10/01/2028		1,510		1,715,828
Series 2012 A, Ref. Aviation RB ^(g)	5.00%	10/01/2030		2,270		2,530,392
Series 2012 B, Ref. Sub. Special Obligation RB	5.00%	10/01/2032		870		983,674
Series 2012 B, Ref. Sub. Special Obligation RB	5.00%	10/01/2035		1,375		1,547,397
Series 2012 B, Ref. Sub. Special Obligation RB (INS-AGM) ^(b)	5.00%	10/01/2035		1,450		1,629,887
Palm Beach (County of) Health Facilities Authority (BRRH Corp. Obligated Group); Series 2014, Ref. RB	5.00%	12/01/2031		1,125		1,255,736
Palm Beach (County of) Health Facilities Authority (The Waterford); Series 2007, RB ^(d)(e)	5.88%	11/15/2017		1,250		1,373,850
Palm Beach (County of) Solid Waste Authority; Series 2009, Improvement RB (INS-BHAC) ^(b)(c)	5.50%	10/01/2023		2,900		3,350,109
Series 2011, Ref. RB ^(c)	5.00%	10/01/2031		2,805		3,286,534
Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2007 A, Ref. PCR (INS-AMBAC) ^(b)(d)	5.35%	05/01/2018		3,500		3,835,650
Reunion East Community Development District; Series 2005, Special Assessment RB ⁽ⁱ⁾	5.80%	05/01/2036		197		2
Series 2015-2, Special Assessment RB	6.60%	05/01/2036		255		254,556
Seminole Indian Tribe of Florida; Series 2007 A, Special Obligation RB ^(f)	5.25%	10/01/2027		500		523,775
Seven Oaks Community Development District II; Series 2004 A, Special Assessment RB	5.88%	05/01/2035		855		813,370
Sterling Hill Community Development District; Series 2003 A, Capital Improvement Special Assessment RB	6.20%	05/01/2035		870		608,922
Sumter (County of) Industrial Development Authority (Central Florida Health Alliance); Series 2014 A, Hospital RB	5.25%	07/01/2044		1,000		1,106,330
						57,581,295

Georgia–4.08%

Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB	6.75%	01/01/2020		490		567,650
Series 2009 B, Tax Allocation RB	6.75%	01/01/2020		270		312,787
Series 2009 B, Tax Allocation RB	7.38%	01/01/2031		220		252,435
Atlanta (City of); Series 2009 A, Water & Wastewater RB ^(d)(e)	6.00%	11/01/2019		1,350		1,603,152
Series 2009 A, Water & Wastewater RB ^(d)(e)	6.00%	11/01/2019		1,450		1,721,904
Series 2009 A, Water & Wastewater RB ^(d)(e)	6.00%	11/01/2019		1,350		1,603,152
Series 2015, Ref. Water & Wastewater RB ^(c)	5.00%	11/01/2040		6,015		6,878,814
Georgia (State of) Municipal Electric Authority; Series 1993 B, Power RB ^(e)	5.70%	01/01/2019		4,635		5,212,660
Private Colleges & Universities Authority (Emory University); Series 2009 B, RB ^(c)	5.00%	09/01/2029		4,000		4,535,840
						22,688,394

Hawaii–2.84%

Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2013 A, Ref. Special Purpose RB	5.50%	07/01/2043		2,500		2,881,775
Hawaii (State of); Series 2010 A, Airport System RB	5.00%	07/01/2039		2,250		2,512,552
Series 2014 EO, Unlimited Tax GO Bonds	5.00%	08/01/2033		4,500		5,264,730
Series 2015 A, Airport System RB ^(g)	5.00%	07/01/2045		1,295		1,434,200
Honolulu (City & County of); Series 2012 A, Unlimited Tax GO Bonds	5.00%	11/01/2036		1,000		1,156,110
Honolulu (City and County of); Series 2015 A, Ref. Jr. Wastewater System RB ^(c)	5.00%	07/01/2031		2,160		2,553,055
						15,802,422

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

Idaho–0.78%

Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2008 A, RB	6.50%	11/01/2023	$	850	$	971,151
Series 2008 A, RB	6.75%	11/01/2037		1,100		1,246,432
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB	6.13%	11/15/2027		740		764,102
Regents of the University of Idaho; Series 2011, Ref. General RB ^(d)	5.25%	04/01/2021		1,185		1,378,996
						4,360,681

Illinois–23.51%

Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB	5.60%	01/01/2023		1,450		1,474,461
Bolingbrook (Village of); Series 1999 C, Ref. Unlimited Tax CAB GO Bonds (INS-NATL) ^(b)(h)	0.00%	01/01/2029		1,710		1,022,973
Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, Industrial Project RB	5.50%	11/01/2040		800		877,768
Series 2013, Industrial Project RB	5.50%	11/01/2042		630		682,139
Chicago (City of) (Midway Airport); Series 2013 A, Ref. Second Lien RB ^(g)	5.50%	01/01/2031		2,600		2,944,682
Series 2014 A, Ref. Second Lien RB ^(g)	5.00%	01/01/2041		950		1,021,849
Chicago (City of) (O’Hare International Airport); Series 2005 A, Third Lien General Airport RB (INS-AGC) ^(b)	5.25%	01/01/2024		4,505		4,523,470
Series 2005 A, Third Lien General Airport RB (INS-AGC) ^(b)	5.25%	01/01/2025		10,650		10,693,665
Series 2008 A, Third Lien General Airport RB (INS-AGM) ^(b)(c)	5.00%	01/01/2033		4,400		4,681,336
Series 2013, Sr. Lien Customer Facility Charge RB	5.75%	01/01/2038		1,900		2,149,622
Series 2015 C, RB ^(g)	5.00%	01/01/2046		645		699,851
Series 2015 D, RB	5.00%	01/01/2046		450		496,971
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB ^(c)	5.25%	12/01/2036		4,185		4,505,655
Series 2014, Sales Tax Receipts RB	5.00%	12/01/2044		2,850		3,063,693
Chicago (City of); Series 2002 B, Unlimited Tax GO Bonds	5.50%	01/01/2037		520		546,135
Series 2005 D, Ref. Unlimited Tax GO Bonds	5.50%	01/01/2040		325		340,847
Series 2007 E, Ref. Unlimited Tax GO Bonds	5.50%	01/01/2042		260		272,678
Series 2008 A, Unlimited Tax GO Bonds (INS-AGC) ^(b)(c)	5.25%	01/01/2025		2,700		2,795,823
Series 2011, Tax Increment Allocation Revenue COP	7.13%	05/01/2021		1,120		1,197,246
Series 2011 A, Sales Tax RB	5.25%	01/01/2038		2,785		2,954,328
Series 2012, Second Lien Wastewater Transmission RB	5.00%	01/01/2042		2,585		2,724,745
Series 2012 A, Unlimited Tax GO Bonds	5.00%	01/01/2033		1,190		1,243,217
Series 2014, Ref. Motor Fuel Tax RB	5.00%	01/01/2029		890		909,553
Series 2014, Second Lien Waterworks RB	5.00%	11/01/2044		665		708,804
Series 2015 A, Unlimited Tax GO Bonds	5.50%	01/01/2033		2,590		2,739,728
Illinois (State of) Finance Authority (Art Institute of Chicago); Series 2012 A, RB	5.00%	03/01/2034		1,000		1,114,420
Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB	5.00%	09/01/2039		1,100		1,187,659
Illinois (State of) Finance Authority (Christian Homes, Inc.); Series 2007, Ref. RB ^(d)(e)	5.75%	05/15/2017		460		494,035
Series 2007, Ref. RB	5.75%	05/15/2026		740		757,523
Illinois (State of) Finance Authority (Evangelical Hospitals); Series 1992 A, Ref. RB ^(e)	6.75%	04/15/2017		650		682,221
Series 1992 C, RB (INS-AGM) ^(b)	6.75%	04/15/2017		365		383,093
Illinois (State of) Finance Authority (Kish Health System Obligated Group); Series 2008, Ref. Hospital RB	5.50%	10/01/2022		1,325		1,478,448
Illinois (State of) Finance Authority (Loyola University of Chicago); Series 2012 B, RB	5.00%	07/01/2042		2,000		2,145,840
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 A, RB ^(c)	5.38%	08/15/2024		2,400		2,677,008
Series 2009 A, RB ^(c)	5.75%	08/15/2030		1,700		1,954,966
Illinois (State of) Finance Authority (OSF Healthcare System); Series 2015 A, Ref. RB	5.00%	11/15/2045		1,810		1,991,018
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65^SM RB	7.00%	11/15/2015		1,715		1,011,679
Illinois (State of) Finance Authority (Resurrection Health Care Corp.); Series 1999 A, RB (INS-AGM) ^(b)	5.50%	05/15/2024		2,000		2,186,480
Illinois (State of) Finance Authority (Riverside Health System); Series 2009, RB	6.25%	11/15/2035		1,400		1,613,794

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 (Roosevelt University); Series 2007, RB	5.50%	04/01/2037	$	1,000	$	1,016,200
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB ^(d)(e)	7.25%	11/01/2018		2,140		2,522,611
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB	5.00%	11/15/2038		1,570		1,765,622
Illinois (State of) Finance Authority (Sherman Health System); Series 2007 A, RB ^(d)(e)	5.50%	08/01/2017		3,000		3,237,150
Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2010 A, Ref. RB	6.00%	08/15/2038		1,790		1,985,396
Illinois (State of) Finance Authority (The University of Chicago Medical Center); Series 2011 C, RB ^(c)	5.50%	08/15/2041		2,595		2,900,224
Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB ^(c)	5.25%	10/01/2052		2,460		2,755,298
Illinois (State of) Finance Authority (Waste Management Inc.); Series 2005 A, Solid Waste Disposal RB ^(g)	5.05%	08/01/2029		1,335		1,353,370
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2015, RB	5.50%	06/15/2053		4,500		4,939,740
Illinois (State of) Sports Facilities Authority; Series 2014, Ref. RB (INS-AGM) ^(b)	5.25%	06/15/2031		920		1,027,888
Series 2014, Ref. RB (INS-AGM) ^(b)	5.25%	06/15/2032		840		936,550
Illinois (State of) Toll Highway Authority; Series 2013 A, RB ^(c)	5.00%	01/01/2038		3,125		3,476,938
Series 2014 C, RB ^(c)	5.00%	01/01/2039		3,760		4,214,283
Series 2015 A, RB ^(c)	5.00%	01/01/2040		1,500		1,690,965
Illinois (State of); Series 2012 A, Unlimited Tax GO Bonds	5.00%	01/01/2031		935		976,299
Series 2013, Unlimited Tax GO Bonds (INS-AGM) ^(b)	5.25%	07/01/2029		1,660		1,815,011
Series 2014, Unlimited Tax GO Bonds	5.00%	05/01/2035		1,250		1,307,625
Series 2014, Unlimited Tax GO Bonds	5.00%	05/01/2036		850		886,745
Series 2014, Unlimited Tax GO Bonds	5.25%	02/01/2034		1,050		1,117,295
Metropolitan Pier & Exposition Authority; Series 2002, Dedicated State Tax CAB RB (INS-AGM) ^(b)(h)	0.00%	12/15/2029		2,100		1,198,407
Northern Illinois University (Hoffman Estates Education Center); Series 1993, COP (INS-AGM) ^(b)	5.40%	09/01/2016		595		609,131
Peoria (County of); Series 2011, Unlimited Tax GO Bonds ^(c)	5.00%	12/15/2041		3,425		3,836,445
Peoria, Moline & Freeport (Cities of); Series 1995 A, Collateralized Single Family Mortgage RB (CEP-GNMA) ^(g)	7.60%	04/01/2027		50		50,193
Railsplitter Tobacco Settlement Authority; Series 2010, RB	5.50%	06/01/2023		3,625		4,233,166
Regional Transportation Authority; Series 1994 A, RB (INS-AMBAC) ^(b)	8.00%	06/01/2017		5,000		5,332,150
Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB ^(g)	7.00%	12/01/2042		535		558,273
						130,692,398

Indiana–4.70%

Indiana (State of) Finance Authority (Ascension Health Senior Credit); Series 2006 B-6, RB ^(c)	5.00%	11/15/2036		4,600		4,772,776
Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, Second Lien Wastewater Utility RB	5.25%	10/01/2031		2,550		2,990,104
Indiana (State of) Finance Authority (I-69 Section 5); Series 2014, RB ^(g)	5.00%	09/01/2046		1,145		1,232,295
Series 2014, RB ^(g)	5.25%	09/01/2034		665		743,537
Series 2014, RB ^(g)	5.25%	09/01/2040		1,920		2,097,120
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.); Series 2009 A, Ref. Environmental Facilities RB	4.90%	01/01/2016		1,775		1,781,745
Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing); Series 2013, Private Activity RB ^(g)	5.00%	07/01/2040		2,940		3,147,535
Series 2013 A, Private Activity RB ^(g)	5.00%	07/01/2035		500		543,670
Series 2013 A, Private Activity RB ^(g)	5.00%	07/01/2048		440		466,818
Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 A, Midwestern Disaster Relief RB	5.00%	06/01/2032		610		646,740
Series 2012 A, Midwestern Disaster Relief RB	5.00%	06/01/2039		4,050		4,218,682
Indiana (State of) Municipal Power Agency; Series 2013 A, Power Supply System RB	5.25%	01/01/2034		1,000		1,151,620
Valparaiso (City of) (Pratt Paper, LLC); Series 2013, Exempt Facilities RB ^(g)	6.75%	01/01/2034		1,500		1,818,315

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

Indiana–(continued)

Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB ^(f)	5.75%	09/01/2042	$	500	$	516,950
						26,127,907

Iowa–0.57%

Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB	4.75%	08/01/2042		1,500		1,503,300
Iowa (State of) Tobacco Settlement Authority; Series 2005 C, Asset-Backed RB	5.63%	06/01/2046		215		206,944
Pottawattamie (County of) (Christian Homes Inc.); Series 2007 E, Ref. RB	5.75%	05/15/2026		1,400		1,433,740
						3,143,984

Kansas–0.83%

Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB ^(c)	5.75%	11/15/2038		2,800		3,210,312
Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, Power Project RB	5.75%	07/01/2038		1,215		1,414,175
						4,624,487

Kentucky–3.56%

Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Subseries 2008 A-1, RB (INS-AGC) ^(b)	5.75%	12/01/2028		1,700		1,832,787
Kentucky (State of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, Sr. RB	5.00%	07/01/2040		890		961,298
Series 2015 A, Sr. RB	5.00%	01/01/2045		750		810,705
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital RB	6.38%	06/01/2040		1,350		1,545,466
Series 2010 A, Hospital RB	6.50%	03/01/2045		3,700		4,241,643
Kentucky (State of) Property & Building Commission (No. 93);
Series 2009, Ref. RB (INS-AGC) ^(b)	5.25%	02/01/2024		1,810		2,025,408
Series 2009, Ref. RB (INS-AGC) ^(b)	5.25%	02/01/2025		2,035		2,275,049
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 A, First Tier Toll RB	5.75%	07/01/2049		1,000		1,126,210
Louisville (City of) & Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.);
Series 2006, Health System RB	5.25%	10/01/2036		3,180		3,250,214
Series 2013 A, Health System RB	5.50%	10/01/2033		1,000		1,143,720
Mount Sterling (City of) (Kentucky League of Cities Funding Trust Lease Program); Series 1993 B, RB	6.10%	03/01/2018		500		547,045
						19,759,545

Louisiana–2.84%

Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1); Series 2013 A, Power Project RB (INS-AGM) ^(b)	5.25%	06/01/2033		2,000		2,306,120
Louisiana (State of) Public Facilities Authority (Entergy Louisiana LLC); Series 2010, RB	5.00%	06/01/2030		1,250		1,254,350
Louisiana (State of) Public Facilities Authority (Louisiana Pellets Inc.); Series 2015 A, Waste Disposal Facilities RB ^(g)	8.00%	07/01/2039		1,555		1,573,162
Louisiana Citizens Property Insurance Corp.; Series 2009 C-2, Assessment RB (INS-AGC) ^(b)	6.75%	06/01/2026		2,250		2,546,212
New Orleans (City of); Series 2014, Ref. Water System RB	5.00%	12/01/2044		1,070		1,185,186
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB	5.13%	06/01/2037		2,775		2,856,446
Tobacco Settlement Financing Corp.;
Series 2013 A, Ref. Asset-Backed RB	5.25%	05/15/2031		655		733,056
Series 2013 A, Ref. Asset-Backed RB	5.25%	05/15/2032		1,245		1,407,722
Series 2013 A, Ref. Asset-Backed RB	5.25%	05/15/2033		1,050		1,167,233
Series 2013 A, Ref. Asset-Backed RB	5.50%	05/15/2030		655		736,109
						15,765,596

Maryland–0.92%

Maryland (State of) Health & Higher Educational Facilities Authority (Maryland Institute College of Art); Series 2006, RB	5.00%	06/01/2040		770		784,129

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)

Maryland (State of) Health & Higher Educational Facilities Authority (Mercy Medical Center); Series 2007 A, RB	5.50%	07/01/2042	$	940	$	985,966
Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Medical Center); Series 2015, Ref. RB	5.00%	07/01/2045		1,205		1,323,476
Maryland Economic Development Corp. (Terminal); Series 2010 B, RB	5.75%	06/01/2035		1,095		1,195,390
Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB	5.38%	06/01/2025		775		840,425
						5,129,386

Massachusetts–2.28%

Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2010 B, Metropolitan Highway Systems RB	5.00%	01/01/2035		1,005		1,136,213
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB	7.25%	01/01/2032		900		1,086,462
Massachusetts (State of) School Building Authority (Partners Healthcare); Series 2012 L, RB	5.00%	07/01/2041		1,575		1,786,097
Massachusetts (State of) School Building Authority; Series 2007 A, Dedicated Sales Tax RB (INS-AMBAC) ^(b)(c)	4.50%	08/15/2035		6,590		6,896,765
Massachusetts (State of) Water Resources Authority; Series 2011 C, Ref. General RB ^(c)	5.00%	08/01/2030		1,500		1,762,215
						12,667,752

Michigan–1.45%

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-1, Ref. Local Government Loan Program RB	5.00%	07/01/2044		950		1,013,564
Series 2014 C-3, Ref. Local Government Loan Program RB (INS-AGM) ^(b)	5.00%	07/01/2031		2,500		2,813,450
Series 2014 C-6, Ref. Local Government Loan Program RB	5.00%	07/01/2033		475		519,688
Series 2014 D-4, Ref. Local Government Loan Program RB	5.00%	07/01/2029		475		527,806
Michigan (State of) Finance Authority (Midmichigan Health); Series 2014, Ref. Hospital RB	5.00%	06/01/2039		1,740		1,911,059
Oakland University; Series 2012, General RB	5.00%	03/01/2032		1,145		1,283,637
						8,069,204

Minnesota–0.88%

Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Health Care System RB ^(d)(e)	6.38%	11/15/2018		2,050		2,367,135
Series 2008 A, Health Care System RB ^(d)(e)	6.63%	11/15/2018		1,350		1,568,659
St. Paul (City of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2006, Health Care Facilities RB ^(d)(e)	5.25%	11/15/2016		900		941,508
						4,877,302

Missouri–1.74%

Cass (County of); Series 2007, Hospital RB	5.63%	05/01/2038		1,700		1,715,674
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB	5.50%	09/01/2027		800		925,656
Series 2011 A, Ref. RB	5.50%	09/01/2028		1,670		1,906,372
Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB	5.50%	09/01/2018		310		319,030
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2010, Senior Living Facilities RB	5.50%	02/01/2042		1,100		1,183,501
Missouri (State of) Health & Educational Facilities Authority (St. Louis College of Pharmacy); Series 2013, RB	5.25%	05/01/2033		1,175		1,293,793
St. Louis (City of) Industrial Development Authority (Loughborough Commons Redevelopment); Series 2007, Ref. Community Improvement District Tax Increment Allocation RB	5.75%	11/01/2027		700		704,949
St. Louis (County of); Series 1993 H, Mortgage Revenue Ctfs. of Receipt ^(e)(g)	5.40%	07/01/2018		1,500		1,649,235
						9,698,210

Nebraska–0.83%

Central Plains Energy Project (No. 3);
Series 2012, Gas RB	5.00%	09/01/2042		3,250		3,510,325
Series 2012, Gas RB	5.25%	09/01/2037		1,000		1,106,280
						4,616,605

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

Nevada–0.34%

Reno (City of) (Renown Regional Medical Center); Series 2007 A, Hospital RB ^(d)(e)	5.25%	06/01/2017	$	1,750	$	1,868,965

New Jersey–5.30%

New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010 A, RB	5.88%	06/01/2042		1,800		1,999,224
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, Private Activity RB ^(g)	5.38%	01/01/2043		2,000		2,145,460
New Jersey (State of) Economic Development Authority; Series 2004 A, Motor Vehicle RB (INS-BHAC) ^(b)(c)	5.25%	07/01/2026		6,625		8,352,535
New Jersey (State of) Health Care Facilities Financing Authority (The General Hospital Center at Passaic, Inc.); Series 1994, RB ^(e)	6.75%	07/01/2019		2,065		2,297,333
New Jersey (State of) Turnpike Authority; Series 2013 A, RB	5.00%	01/01/2038		2,600		2,887,274
Salem (County of) Pollution Control Financing Authority (Chambers); Series 2014 A, Ref. PCR ^(g)	5.00%	12/01/2023		1,500		1,645,815
Tobacco Settlement Financing Corp.; Series 2007 1A, Asset-Backed RB	4.63%	06/01/2026		4,265		4,217,829
Series 2007 1A, Asset-Backed RB	4.75%	06/01/2034		800		646,864
Series 2007 1A, Asset-Backed RB	5.00%	06/01/2029		3,065		2,776,185
Series 2007 1A, Asset-Backed RB	5.00%	06/01/2041		3,070		2,493,638
						29,462,157

New Mexico–0.76%

Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR	5.90%	06/01/2040		2,275		2,507,118
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services); Series 2008 A, Hospital RB ^(c)	6.38%	08/01/2032		1,500		1,711,890
						4,219,008

New York–12.42%

Brooklyn Arena Local Development Corp. (Barclays Center); Series 2009, PILOT RB	6.25%	07/15/2040		1,480		1,681,576
Series 2009, PILOT RB	6.38%	07/15/2043		620		707,811
Erie Tobacco Asset Securitization Corp.; Series 2005 A, Tobacco Settlement Asset-Backed RB	5.00%	06/01/2045		2,310		2,207,182
Metropolitan Transportation Authority; Series 2009 B, Dedicated Tax Fund RB	5.25%	11/15/2029		2,000		2,289,460
Series 2013 A, RB	5.00%	11/15/2038		1,425		1,605,049
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010 8, Special Obligation RB	6.00%	12/01/2036		2,250		2,630,857
New York (City of) Municipal Water Finance Authority; Series 2010 FF, Second General Resolution Water & Sewer System RB	5.00%	06/15/2031		3,000		3,426,300
Series 2012 FF, Water & Sewer System RB ^(c)	5.00%	06/15/2045		5,515		6,132,790
Series 2013 DD, Water & Sewer System RB	5.00%	06/15/2035		1,000		1,147,530
New York (City of); Subseries 2008 I-1, Unlimited Tax GO Bonds ^(c)	5.00%	02/01/2026		5,440		5,876,560
New York (State of) Dormitory Authority (General Purpose); Series 2011 A, State Personal Income Tax RB ^(c)	5.00%	03/15/2030		2,505		2,909,733
New York (State of) Dormitory Authority; Series 2013 A, General Purpose Personal Income Tax RB	5.00%	02/15/2037		7,900		8,969,107
Series 2014 C, Personal Income Tax RB ^(c)	5.00%	03/15/2040		4,210		4,798,979
New York (State of) Thruway Authority (Transportation); Series 2009 A, Personal Income Tax RB ^(c)	5.00%	03/15/2026		2,000		2,222,760
Series 2009 A, Personal Income Tax RB ^(c)	5.00%	03/15/2027		2,250		2,496,285
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB ^(c)	5.00%	04/01/2029		4,140		4,770,646
New York (State of) Utility Debt Securitization Authority; Series 2013 TE, Restructuring RB ^(c)	5.00%	12/15/2031		2,785		3,300,476
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. Liberty RB ^(f)	5.00%	11/15/2044		4,060		4,164,261
New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 2, Ref. Liberty RB	5.00%	09/15/2043		2,000		2,210,800
New York State Urban Development Corp.; Series 1995, Ref. RB	5.70%	04/01/2020		5,000		5,502,900
						69,051,062

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–1.31%

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 2015, Ref. RB	5.00%	10/01/2055	$	4,775	$	5,464,844
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, Private Activity RB ^(g)	5.00%	06/30/2054		935		978,076
North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB	5.75%	10/01/2037		795		818,778
						7,261,698

North Dakota–0.19%

McLean (County of) (Great River Energy); Series 2010 B, Solid Waste Facilities RB	5.15%	07/01/2040		1,000		1,057,760

Ohio–7.90%

American Municipal Power, Inc. (Amp Fremont Energy Center); Series 2012, RB	5.00%	02/15/2037		2,670		2,979,934
American Municipal Power, Inc.; Series 2015 A, Ref. RB	5.00%	02/15/2042		820		910,143
Buckeye Tobacco Settlement Financing Authority; Series 2007 A-2, Sr. Asset-Backed Turbo RB	5.88%	06/01/2047		4,445		3,854,482
Cleveland-Cuyahoga (County of) Port Authority (Constellation Schools); Series 2014 A, Ref. & Improvement Lease RB ^(f)	6.50%	01/01/2034		900		964,116
Franklin (County of) (OhioHealth Corp.); Series 2011 A, Hospital Facilities RB ^(c)	5.00%	11/15/2036		2,685		2,994,581
Hamilton (County of) (Christ Hospital); Series 2012, Health Care Facilities RB	5.25%	06/01/2032		2,750		3,084,591
Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011 A, Hospital Facilities RB	6.25%	12/01/2034		875		1,025,771
Lorain (County of) (Catholic Healthcare Partners); Series 2003 C-1, Ref. Hospital Facilities RB (INS-AGM) ^(b)(c)	5.00%	04/01/2024		3,600		3,877,560
Series 2006 A, Hospital Facilities RB (INS-AGM) ^(b)(c)	5.00%	02/01/2024		3,325		3,581,125
Series 2006 B, Hospital Facilities RB (INS-AGM) ^(b)(c)	5.00%	02/01/2024		3,350		3,608,285
Montgomery (County of) (Catholic Health Initiatives); Series 2006 C-1, RB (INS-AGM) ^(b)(c)	5.00%	10/01/2041		1,625		1,709,695
Ohio (State of) (Portsmouth Bypass); Series 2015, Private Activity RB (INS-AGM) ^(b)(g)	5.00%	12/31/2039		615		677,951
Ohio (State of) Air Quality Development Authority (Dayton Power); Series 2006, RB (INS-BHAC) ^(b)(c)(g)	4.80%	09/01/2036		5,000		5,045,400
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 A, RB	5.70%	08/01/2020		1,500		1,638,240
Series 2009 C, Ref. PCR	5.63%	06/01/2018		2,800		3,000,788
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, Hospital Facilities RB	5.75%	11/15/2035		1,720		1,881,783
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR ^(d)	5.88%	06/01/2016		1,050		1,072,176
Series 2010 C, Ref. PCR ^(d)	4.00%	06/03/2019		1,950		2,018,036
						43,924,657

Pennsylvania–1.17%

Delaware River Port Authority; Series 2010 D, RB	5.00%	01/01/2035		1,100		1,223,805
Pennsylvania (State of) Turnpike Commission; Subseries 2010 B-2, Sub. Conv. CAB RB ^(j)	5.75%	12/01/2028		2,500		2,815,775
Subseries 2010 B-2, Sub. Conv. CAB RB ^(j)	6.00%	12/01/2034		1,550		1,734,837
Subseries 2014 A-2, Sub. Conv. CAB RB ^(j)	5.13%	12/01/2039		1,000		732,110
						6,506,527

Rhode Island–0.59%

Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB	5.00%	06/01/2050		3,235		3,283,913

South Carolina–1.85%

Greenville (City of); Series 2002, Ref. & Improvement Tax Increment Allocation RB (INS-NATL) ^(b)	5.25%	04/01/2021		170		170,697
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health); Series 2009 B, Ref. & Improvement Hospital RB (INS-AGC) ^(b)	5.50%	02/01/2038		1,000		1,108,480
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. Hospital RB	5.25%	08/01/2030		1,200		1,356,060

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) Jobs-Economic Development Authority (The Woodlands at Furman); Series 2012, Ref. RB	6.00%	11/15/2047	$	308	$	310,754
Series 2012, Ref. Sub. CAB RB ^(h)	0.00%	11/15/2047		229		23,391
South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB	5.30%	10/01/2036		1,100		1,102,442
South Carolina (State of) Ports Authority; Series 2015, RB ^(g)	5.25%	07/01/2050		1,420		1,581,681
Series 2015, RB ^(g)	5.25%	07/01/2055		810		891,688
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2010 B, Ref. RB ^(c)	5.00%	01/01/2033		3,300		3,715,536
						10,260,729

South Dakota–0.46%
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB	5.00%	11/01/2044		1,235		1,349,608
Series 2015, Ref. RB	5.00%	11/01/2045		1,100		1,225,048
						2,574,656

Tennessee–2.62%
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2000 A, Ref. First Mortgage Hospital CAB RB (INS-NATL) ^(b)(h)	0.00%	07/01/2026		12,525		8,193,104
Series 2006 A, First Mortgage Hospital RB	5.50%	07/01/2036		2,975		3,046,608
Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare); Series 2004 B, Ref. RB (INS-BHAC) ^(b)(c)	5.25%	09/01/2027		3,100		3,349,054
						14,588,766

Texas–23.34%

Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB ^(g)	4.85%	04/01/2021		1,750		1,766,555
Austin (City of); Series 2012, Ref. Water & Wastewater System RB	5.00%	11/15/2042		1,600		1,799,600
Dallas (City of) (Civic Center Convention Complex); Series 2009, Ref. & Improvement RB (INS-AGC) ^(b)	5.00%	08/15/2018		1,400		1,532,202
Series 2009, Ref. & Improvement RB (INS-AGC) ^(b)	5.00%	08/15/2019		1,600		1,791,872
Dallas (County of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds	6.75%	04/01/2016		120		120,457
Dallas-Fort Worth (Cities of) International Airport; Series 2012 G, Ref. RB	5.00%	11/01/2034		3,000		3,386,760
Series 2012 G, Ref. RB	5.00%	11/01/2035		2,585		2,918,258
Series 2013 A, Joint Improvement RB ^(g)	5.00%	11/01/2030		1,000		1,126,770
El Paso (County of) Hospital District; Series 2008 A, Limited Tax GO Bonds (INS-AGC) ^(b)(c)	5.00%	08/15/2037		5,850		6,358,599
Harris (County of) Metropolitan Transit Authority; Series 2011 A, Sales & Use Tax RB ^(c)	5.00%	11/01/2041		2,000		2,312,580
Harris (County of); Series 2009 A, Sr. Lien Toll Road RB ^(c)	5.00%	08/15/2025		4,350		4,916,022
Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. RB ^(d)(e)	7.25%	12/01/2018		925		1,096,153
Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB	5.00%	02/01/2023		1,100		1,203,246
Houston (City of); Series 2007 A, Ref. First Lien Combined Utility System RB (INS-AGM) ^(b)(c)	5.00%	11/15/2036		9,425		10,071,084
Series 2011 D, First Lien Combined Utility System RB ^(c)	5.00%	11/15/2033		3,150		3,647,007
Judson Independent School District; Series 2008, School Building Unlimited Tax GO Bonds ^(c)(d)(e)	5.00%	02/01/2017		3,700		3,890,957
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB ^(f)	5.50%	08/15/2045		1,015		1,023,993
Lower Colorado River Authority (LCRA Transmissions Services Corp.); Series 2011 A, Ref. RB	5.00%	05/15/2041		1,500		1,648,410
Lower Colorado River Authority; Series 2012 A, Ref. RB	5.00%	05/15/2039		2,270		2,468,012
Series 2012-A, Ref. RB ^(d)(e)	5.00%	05/15/2022		5		6,030
Series 2012-A, Ref. RB	5.00%	05/15/2033		1,730		1,950,142
Lufkin Health Facilities Development Corp. (Memorial Health System of East Texas); Series 2009, Ref. & Improvement RB ^(d)(e)	6.25%	02/15/2019		1,450		1,687,119
Matagorda (County of) Navigation District No. 1 (Houston Lighting & Power Co.); Series 1997, Ref. RB (INS-AMBAC) ^(b)(g)	5.13%	11/01/2028		5,000		5,935,950

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 Corp. (CHF-Collegiate Housing College Station I, LLC-Texas A&M University); Series 2014 A, Student Housing RB (INS-AGM) ^(b)		5.00%		04/01/2046	$	1,000	$	1,086,400
North Texas Tollway Authority; Series 2008, Ref. First Tier RB ^(d)(e)		5.63%		01/01/2018		880		965,826
Series 2008, Ref. First Tier RB		5.63%		01/01/2028		120		129,098
Series 2008, Ref. First Tier RB ^(d)(e)		6.00%		01/01/2018		880		972,638
Series 2008, Ref. First Tier RB ^(d)(e)		6.00%		01/01/2018		1,095		1,210,271
Series 2008, Ref. First Tier RB		6.00%		01/01/2026		120		130,788
Series 2008, Ref. First Tier RB		6.00%		01/01/2027		155		169,437
Series 2008 F, Ref. Second Tier System RB ^(d)(e)		5.75%		01/01/2018		3,200		3,520,352
Series 2011 A, Special Projects System RB ^(c)		5.50%		09/01/2036		3,180		3,778,063
Series 2015 B, Ref. RB ^(c)		5.00%		01/01/2040		7,525		8,322,199
San Antonio (City of); Series 2013, Jr. Lien Electric & Gas Systems RB		5.00%		02/01/2038		2,000		2,237,080
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); Series 2007, Retirement Facility RB		5.63%		11/15/2027		1,000		1,025,370
Series 2007, Retirement Facility RB		5.75%		11/15/2037		585		596,296
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.); Series 2007, Retirement Facility RB		5.25%		11/15/2037		7,000		7,328,580
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2007, Retirement Facility RB		5.75%		02/15/2025		500		510,115
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health); Series 2008 A, Ref. RB (INS-AGC) ^(b)		6.25%		07/01/2028		3,600		4,064,832
Texas (State of) Transportation Commission (Central Texas Turnpike System); Series 2015 B, Ref. CAB RB ^(h)		0.00%		08/15/2036		2,650		1,100,519
Series 2015 B, Ref. CAB RB ^(h)		0.00%		08/15/2037		3,455		1,356,571
Texas (State of) Transportation Commission; Series 2008, Mobility Fund Unlimited Tax GO Bonds ^(c)		5.00%		04/01/2028		5,870		6,424,363
Series 2012 A, Ref. First Tier Turnpike System RB		5.00%		08/15/2041		3,310		3,623,027
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, Sr. Lien Gas Supply RB		6.25%		12/15/2026		4,970		6,079,801
Texas Municipal Gas Acquisition & Supply Corp. III; Series 2012, Gas Supply RB		5.00%		12/15/2028		1,650		1,830,411
Series 2012, Gas Supply RB		5.00%		12/15/2030		1,000		1,096,150
Series 2012, Gas Supply RB		5.00%		12/15/2031		4,875		5,327,790
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB		6.88%		12/31/2039		1,675		1,966,634
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC); Series 2013, Sr. Lien RB ^(g)		7.00%		12/31/2038		1,150		1,430,347
Tyler Health Facilities Development Corp. (East Texas Medical Center Regional Healthcare System); Series 2007 A, Ref. & Improvement Hospital RB		5.38%		11/01/2037		800		812,592
								129,753,328

Utah–1.03%

Intermountain Power Agency; Series 1993 A, Ref. Power Supply CAB RB ^(e)(h)		0.00%		07/01/2017		4,950		4,804,718
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, Charter School RB		5.80%		06/15/2038		875		898,686
								5,703,404

Virgin Islands–0.40%

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00%		10/01/2025		1,975		2,195,687

Virginia–1.63%

Richmond (City of) Industrial Development Authority; Series 2001, Government Facilities RB (INS-AMBAC) ^(b)		5.00%		07/15/2017		1,465		1,533,928
Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB ^(g)		5.50%		01/01/2042		2,705		2,988,863
Series 2012, Sr. Lien RB ^(g)		6.00%		01/01/2037		755		868,492

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 (State of) Small Business Financing Authority (Express Lanes, LLC); Series 2012, Sr. Lien RB ^(g)	5.00%	07/01/2034	$	2,890	$	3,058,400
White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB	5.30%	03/01/2017		615		634,096
						9,083,779

Washington–3.21%

Chelan (County of) Public Utility District No. 1; Series 2011 A, Ref. Consolidated RB ^(g)	5.50%	07/01/2025		1,675		1,953,988
Kalispel Tribe of Indians; Series 2008, RB	6.63%	01/01/2028		1,500		1,527,360
Seattle (Port of); Series 2012 A, Ref. Intermediate Lien RB	5.00%	08/01/2030		2,265		2,629,665
Washington (State of) (SR 520 Corridor Program - Toll Revenue); Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds ^(c)	5.00%	06/01/2033		2,700		3,118,230
Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds ^(c)	5.00%	06/01/2041		645		735,900
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2011 A, RB ^(c)	5.00%	02/01/2041		2,550		2,748,696
Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2011 A, RB ^(d)(e)	6.25%	05/15/2021		1,125		1,408,410
Washington (State of) Housing Finance Commission (Wesley Homes); Series 2008, Non-Profit CR RB ^(f)	6.00%	01/01/2027		1,720		1,796,540
Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB	5.25%	06/01/2033		1,700		1,928,752
						17,847,541

West Virginia–1.36%

Harrison (County of) Commission (Allegheny Energy); Series 2007 D, Ref. Solid Waste Disposal RB ^(g)	5.50%	10/15/2037		2,500		2,613,975
West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB	6.00%	10/01/2020		1,100		1,166,847
Series 2008, RB	6.25%	10/01/2023		1,270		1,344,943
West Virginia (State of) Hospital Finance Authority (West Virginia United Health System Obligated Group); Series 2009 C, Ref. & Improvement RB	5.50%	06/01/2034		1,160		1,279,294
Series 2009 C, Ref. & Improvement RB	5.50%	06/01/2039		1,065		1,167,389
						7,572,448

Wisconsin–2.38%

Superior (City of) (Superior Water, Light & Power Co.); Series 2007 A, Ref. Collateralized Utility RB ^(g)	5.38%	11/01/2021		500		532,320
Series 2007 B, Collateralized Utility RB ^(g)	5.75%	11/01/2037		460		490,158
Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.); Series 2009 B, RB ^(d)	5.13%	08/15/2016		1,100		1,134,782
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB	5.00%	06/01/2024		4,565		5,252,443
Wisconsin (State of) Health & Educational Facilities Authority (Ministry Health Care); Series 2012 C, Ref. RB	5.00%	08/15/2032		1,400		1,547,434
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB ^(d)(e)	6.63%	02/15/2019		1,340		1,575,867
Wisconsin (State of) Housing & Economic Development Authority; Series 2008 A, Home Ownership RB ^(c)(g)	5.30%	09/01/2023		677		704,006
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB	5.75%	04/01/2035		670		689,537
Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB	5.38%	05/01/2025		1,125		1,275,604
						13,202,151

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–0.78%

Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid Waste Disposal RB ^(g)	5.60%	12/01/2035	$	2,790	$	2,799,625
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR	5.25%	07/15/2026		1,350		1,523,994
						4,323,619
TOTAL INVESTMENTS^(k)–167.22% (Cost $854,738,285)						929,562,108

FLOATING RATE NOTE OBLIGATIONS–(28.13)%

Notes with interest and fee rates ranging from 0.54% to 0.97% at 11/30/2015, and contractual maturities of collateral ranging from 09/01/2023 to 10/01/2052 (See Note 1D)^(l)						(156,365,000)
VARIABLE RATE MUNI TERM PREFERRED SHARES–(41.55)%						(231,000,000)
OTHER ASSETS LESS LIABILITIES–2.46%						13,696,806
NET ASSETS APPLICABLE TO COMMON SHARES–100.00%					$	555,893,914

Investment Abbreviations:


AGC	— Assured Guaranty Corp.	Jr.	— Junior
AGM	— Assured Guaranty Municipal Corp.	MFH	— Multi-Family Housing
AMBAC	— American Municipal Bond Assurance Corp.	NATL	— National Public Finance Guarantee Corp.
BHAC	— Berkshire Hathaway Assurance Corp.	PCR	— Pollution Control Revenue Bonds
CAB	— Capital Appreciation Bonds	PILOT	— Payment-in-Lieu-of-Tax
CEP	— Credit Enhancement Provider	RB	— Revenue Bonds
Conv.	— Convertible	Ref.	— Refunding
COP	— Certificates of Participation	Sec.	— Secured
CR	— Custodial Receipts	SGI	— Syncora Guarantee, Inc.
Ctfs.	— Certificates	Sr.	— Senior
GNMA	— Government National Mortgage Association	Sub.	— Subordinated
GO	— General Obligation	TEMPS	— Tax-Exempt Mandatory Paydown Securities
IDR	— Industrial Development Revenue Bonds	Wts.	— Warrants
INS	— Insurer

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

^(c)	Underlying security related to TOB Trusts entered into by the Trust. See Note 1D.

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

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

^(f)

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, 2015 was $17,012,105, which represented 3.06% of the Trust’s Net Assets.

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

^(h)	Zero coupon bond issued at a discount.

⁽ⁱ⁾	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at November 30, 2015 represented less than 1% of the Trust’s Net Assets.

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

^(k)

This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.


Entities	Percentage
Assured Guaranty Municipal Corp.		7.2%
Assured Guaranty Corp.		5.5

^(l)

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2015. At November 30, 2015, the Trust’s investments with a value of $277,961,121 are held by TOB Trusts and serve as collateral for the $156,365,000 in the floating rate note obligations outstanding at that date.

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, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Invesco Advantage Municipal Income Trust II

Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Trust accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.

Invesco Advantage Municipal Income Trust II

D.	Floating Rate Note Obligations – (continued)

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.

Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Trust’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2 — 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 or are unreliable. 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 the Trust’s own 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.

As of November 30, 2015, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the nine months ended November 30, 2015 was $84,472,992 and $86,154,877, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	74,999,846
Aggregate unrealized (depreciation) of investment securities		(1,723,763)
Net unrealized appreciation of investment securities	$	73,276,083
Cost of investments for tax purposes is $856,286,025.

Invesco Advantage Municipal Income Trust II

Item 2. Controls and Procedures.

(a)

As of November 20, 2015, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of November 20, 2015, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Invesco Advantage Municipal Income Trust II


By:		/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		January 29, 2016

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		January 29, 2016

By:		/s/ Sheri Morris
		Sheri Morris
		Principal Financial Officer

Date:		January 29, 2016

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.