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    SEC Form N-CSRS filed by Invesco Advantage Municipal Income Trust II

    11/1/24 2:25:34 PM ET
    $VKI
    Finance Companies
    Finance
    Get the next $VKI alert in real time by email
    N-CSRS
    0000908993falseN-CSRS 0000908993 2024-03-01 2024-08-31 0000908993 cik0000908993:OtherRisksMember 2024-03-01 2024-08-31
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    FORM
    N-CSR
    CERTIFIED SHAREHOLDER REPORT OF REGISTERED
    MANAGEMENT INVESTMENT COMPANIES
     
    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., Suite 1800 Atlanta, Georgia 30309
    (Address of principal executive offices) (Zip code)
    Glenn Brightman 1555 Peachtree Street, N.E., Suite 1800 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:    February 28   
    Date of reporting period:    August 31, 2024   

    Item 1. Reports to Stockholders
    (a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule
    30e-1
    under the Investment Company Act of 1940 is as follows:

    LOGO
     
     
    Semi-Annual Report to Shareholders
      
    August 31, 2024
     
     
    Invesco Advantage Municipal Income Trust II
     
    NYSE American:
    VKI
     
     
     
     
     
    2   Trust Performance                      
    2   Share Repurchase Program Notice   
    3   Dividend Reinvestment Plan   
    4   Schedule of Investments   
    21      Financial Statements   
    25   Financial Highlights   
    26   Notes to Financial Statements   
    31   Approval of Investment Advisory and Sub-Advisory Contracts   
    33   Proxy Results   
     
     
    Unless otherwise noted, all data is provided by Invesco.
     
     
    NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

     
    Trust Performance
     
     
    Performance summary
     
    Cumulative total returns, 2/29/24 to 8/31/24
     
    Trust at NAV
         2.83 % 
    Trust at Market Value
         8.83  
    S&P Municipal Bond Index
    ▼
    (Broad Market Index)
         1.94  
    S&P Municipal Bond 5+ Year Investment Grade Index
    ▼
    (Style-Specific Index)
         1.61  
    Market Price Discount to NAV as of 8/31/24
         -8.44  
    Source(s):
    ▼
    RIMES Technologies Corp.
     
    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent
    month-end
    performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.
    Since the Trust is a
    closed-end
    management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.
    The
    S&P Municipal Bond Index
    is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.
    The
    S&P Municipal Bond 5+ Year Investment Grade Index
    seeks to measure the performance of investment-grade US municipal bonds with maturities equal to or greater than five years.
    The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es).
    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.
     
     
     
     
     
     
     
     
    Important Notice Regarding Share Repurchase Program
     
    In September 2024, the Board of Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the
    20-day
    average trading volume
    of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase
    shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.
     
    2      Invesco Advantage Municipal Income Trust II

     
    Dividend Reinvestment Plan
    The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco
    closed-end
    Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.
     
     
    Plan benefits
    ∎
    Add to your account:
    You may increase your shares in your Trust easily and automatically with the Plan.
    ∎
    Low transaction costs:
    Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.
    ∎
    Convenience:
    You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at
    invesco.com/closed-end.
    ∎
    Safekeeping:
    The Agent will hold the shares it has acquired for you in safekeeping.
     
     
    Who can participate in the Plan
    If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.
     
     
    How to enroll
    If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting
    invesco.com/closed-end,
    by calling toll-free 800 341 2929 or by notifying us in writing at Invesco
    Closed-End
    Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.
     
     
    How the Plan works
    If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:
      1.
    Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of
      the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.
      2.
    Discount: If the Trust is trading at a discount – a market price that is lower than its NAV – you’ll pay the market price for your reinvested shares.
     
     
    Costs of the Plan
    There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Trust. If the Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.
     
     
    Tax implications
    The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.
     Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.
     
     
    How to withdraw from the Plan
    You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/
    closed-end
    or by writing to Invesco
    Closed-End
    Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:
      1.
    If you opt to continue to hold your
    non-certificated
    whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.
      2.
    If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting $2.50 per account and a brokerage charge.
      3.
    You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.
    The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.
    To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit
    invesco.com/closed-end.
     
    3      Invesco Advantage Municipal Income Trust II

    Schedule of Investments
    August 31, 2024
    (Unaudited)
     
         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Municipal Obligations–154.77%
    (a)
               
    Alabama–1.66%
               
    Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB
         5.75%        06/01/2045      $ 185      $     176,164
    Black Belt Energy Gas District (The); Series 2023 B, RB
    (b)
         5.25%        12/01/2030         1,065      1,154,977
    Energy Southeast A Cooperative District; Series 2024 B, RB
    (b)
         5.25%        06/01/2032        755      821,085
    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      1,064,000
    Lower Alabama Gas District (The); Series 2016 A, RB
         5.00%        09/01/2046        1,030      1,133,402
    Southeast Energy Authority, a Cooperative District (No. 2); Series 2021 B, RB
    (b)
         4.00%        12/01/2031        1,115      1,117,508
    Southeast Energy Authority, a Cooperative District (No. 3); Series 2022
    A-1,
    RB
    (b)
         5.50%        12/01/2029        1,050      1,137,663
    Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR
    (e)
         5.25%        05/01/2044        615      624,855
     
      
     
     
     
      
     
     
     
      
     
     
     
       7,229,654
    Alaska–0.07%
               
    Northern Tobacco Securitization Corp.; Series 2021
    A-1,
    Ref. RB
         4.00%        06/01/2050        310      284,719
    Arizona–2.67%
               
    Arizona (State of) Industrial Development Authority; Series
    2019-2A,
    Revenue Ctfs.
         3.63%        05/20/2033        67      65,214
    Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB
    (e)
         5.00%        07/01/2039        895      897,882
    Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); Series 2019, RB
    (e)
         5.00%        07/01/2049        500      486,109
    Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB
    (e)
         5.00%        12/15/2040        185      184,578
    Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
               
    Series 2017, Ref. RB
         5.00%        11/15/2029        820      808,516
    Series 2017, Ref. RB
         5.00%        11/15/2045        665      570,104
    Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB
    (e)
         5.00%        07/01/2049        165      166,377
    Mesa (City of), AZ; Series 2022 A, RB (INS - BAM)
    (f)
         5.00%        07/01/2046        2,240      2,427,707
    Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB
    (e)
         5.00%        06/15/2052        270      264,020
    Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB
    (e)
         5.38%        07/01/2052        885      884,949
    Salt River Project Agricultural Improvement & Power District; Series 2023 B, RB
         5.00%        01/01/2048        2,530      2,782,088
    Salt Verde Financial Corp.;
               
    Series 2007, RB
         5.00%        12/01/2032        580      632,536
    Series 2007, RB
         5.00%        12/01/2037        1,350      1,497,253
     
      
     
     
     
      
     
     
     
      
     
     
     
       11,667,333
    Arkansas–0.11%
               
    Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB
         5.00%        09/01/2044        460      466,266
    California–14.67%
               
    Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds
    (g)
         0.00%        08/01/2028        900      809,840
    California (State of);
               
    Series 2020, GO Bonds (INS - BAM)
    (f)
         3.00%        11/01/2050        1,250      1,024,997
    Series 2023, GO Bonds
    (h)
         5.25%        09/01/2053        2,525      2,837,816
    California (State of) Community Choice Financing Authority (Clean Energy); Series 2024, RB
    (b)
         5.00%        04/01/2032        1,895      2,053,106
    California (State of) County Tobacco Securitization Agency; Series 2020 A, Ref. RB
         4.00%        06/01/2038        275      278,199
    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      859,482
    California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
               
    Series 2020
    B-1,
    Ref. RB
         5.00%        06/01/2049        35      35,839
    Series 2020
    B-2,
    Ref. RB
    (g)
         0.00%        06/01/2055        1,245      245,629
    California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System); Series 2021 A, Ref. RB
         5.00%        08/15/2051        3,280      3,532,398
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    4      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    California–(continued)
               
    California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB
         4.00%        06/01/2050      $  3,125      $   2,954,947
    California (State of) Housing Finance Agency (Social Certificates);
               
    Series 2021 A, RB
         3.25%        08/20/2036        5      4,540
    Series
    2021-2A,
    Revenue Ctfs. (CEP - FHLMC)
         3.75%        03/25/2035        3,019      3,068,879
    Series
    2023-1,
    RB
         4.38%        09/20/2036        624      659,894
    California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB
    (e)
         5.00%        06/01/2048        120      120,478
    California (State of) Municipal Finance Authority
    (CHF-Davis
    I, LLC - West Village Student Housing); Series 2018, RB
         5.00%        05/15/2037        1,000      1,052,688
    California (State of) Municipal Finance Authority (Green Bonds); Series 2021, RB (INS - BAM)
    (f)
         4.00%        05/15/2046        500      492,814
    California (State of) Municipal Finance Authority (Linxs APM);
               
    Series 2018 A, RB
    (i)
         5.00%        12/31/2036        1,245      1,286,442
    Series 2018 A, RB
    (i)
         5.00%        12/31/2047        1,500      1,519,785
    California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB
    (e)
         5.00%        08/01/2039        185      167,604
    California (State of) Pollution Control Financing Authority (Plant Bonds);
               
    Series 2012, RB
    (e)(i)
         5.00%        07/01/2027        580      583,468
    Series 2012, RB
    (e)(i)
         5.00%        07/01/2030        165      165,938
    Series 2012, RB
    (e)(i)
         5.00%        07/01/2037        1,730      1,734,951
    Series 2012, RB
    (e)(i)
         5.00%        11/21/2045        2,030      2,033,554
    California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2016 A, RB
    (e)
         5.25%        12/01/2056        750      758,616
    California State University; Series 2019 A, RB
    (h)(j)
         5.00%        11/01/2049        1,585      1,687,346
    Cambrian School District; Series 2022, GO Bonds
         4.00%        08/01/2052        1,735      1,728,513
    CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB
    (e)
         3.13%        08/01/2056        625      484,131
    CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB
    (e)
         4.00%        08/01/2056        370      333,033
    Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB
         6.50%        12/15/2047        370      370,047
    Desert Community College District (Election of 2016); Series 2024, GO Bonds
         4.00%        08/01/2051        655      648,329
    Golden State Tobacco Securitization Corp.; Series 2021
    B-2,
    Ref. RB
    (g)
         0.00%        06/01/2066        1,190      138,965
    Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB
    (i)
         5.50%        05/15/2037        600      679,650
    Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2019 F, RB
    (i)
         5.00%        05/15/2044        2,950      3,055,098
    Los Angeles (City of), CA Department of Water & Power; Series 2020 B, RB
    (h)
         5.00%        07/01/2050        1,740      1,869,470
    Montebello Unified School District; Series 2022 B, GO Bonds (INS - AGM)
    (f)
         5.00%        08/01/2050        930      985,440
    M-S-R
    Energy Authority; Series 2009 B, RB
         6.50%        11/01/2039        2,095      2,718,022
    Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds
    (k)
         6.25%        08/01/2043        1,500      1,498,485
    Oxnard School District (Election of 2022); Series 2023 A, GO Bonds (INS - BAM)
    (f)
         4.25%        08/01/2053        2,300      2,323,127
    Regents of the University of California Medical Center;
               
    Series 2022 P, RB
    (h)(j)
         4.00%        05/15/2053        4,065      4,048,491
    Series 2022 P, RB
         3.50%        05/15/2054        1,510      1,394,156
    Sacramento (City of), CA Unified School District; Series 2024 B, GO Bonds (INS -
    BAM)
    (f)
         4.00%        08/01/2048        925      914,627
    San Diego (County of), CA Regional Airport Authority;
               
    Series 2021 A, RB
         4.00%        07/01/2051        1,540      1,509,312
    Series 2021 A, RB
         5.00%        07/01/2056        1,500      1,607,928
    Series 2023 B, RB
    (i)
         5.00%        07/01/2048        1,890      2,004,037
    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      819,504
    Series 2019 E, RB
    (i)
         5.00%        05/01/2038        505      531,605
    Series 2019 E, RB
    (i)
         5.00%        05/01/2050        1,760      1,804,456
    Series 2021 A, Ref. RB
    (i)
         5.00%        05/01/2036        450      487,260
    Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB
    (g)
         0.00%        06/01/2041        2,605      1,019,805
    Southern California Public Power Authority (Clean Energy); Series 2024 A, RB
    (b)
         5.00%        09/01/2030        1,025      1,103,994
     
      
     
     
     
      
     
     
     
      
     
     
     
       64,046,735
    Colorado–6.39%
               
    Arista Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM)
    (f)
         4.50%        12/01/2058        1,790      1,788,938
    Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB
         5.75%        12/01/2051        620      586,755
    Belford North Metropolitan District; Series 2020 A, GO Bonds
         5.50%        12/01/2050        780      734,737
    Bromley Park Metropolitan District No. 2; Series 2023, Ref. GO Bonds (INS - BAM)
    (f)
         5.38%        12/01/2053        465      510,821
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    5      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Colorado–(continued)
               
    Centerra Metropolitan District No. 1 (In the City of Loveland);
               
    Series 2017, RB
    (e)
         5.00%        12/01/2047      $  1,260      $   1,215,044
    Series 2020 A, Ref. GO Bonds
         5.00%        12/01/2051        500      473,747
    Series 2022, RB
         6.50%        12/01/2053        500      517,835
    Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2021 A, Ref. RB
         4.00%        11/15/2050        555      536,115
    Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB
         5.00%        11/15/2048        1,280      1,321,375
    Colorado (State of) Health Facilities Authority (CommonSpirit Health);
               
    Series 2019
    A-2,
    Ref. RB
         5.00%        08/01/2044        2,745      2,853,406
    Series 2019
    A-2,
    Ref. RB
         4.00%        08/01/2049        1,245      1,160,750
    Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB
         5.30%        07/01/2037        130      108,758
    Colorado Crossing Metropolitan District No. 2; Series 2020
    A-1,
    Ref. GO Bonds
         5.00%        12/01/2047        500      492,037
    Denver (City & County of), CO;
               
    Series 2018 A, Ref. RB
    (i)
         5.00%        12/01/2048        1,315      1,346,435
    Series 2018 A, Ref. RB
    (i)
         5.25%        12/01/2048        1,185      1,227,472
    Series 2018
    A-2,
    RB
    (g)
         0.00%        08/01/2033        1,700      1,194,202
    Series 2022 A, RB
    (i)
         5.00%        11/15/2036        710      773,925
    Series 2022 A, RB
    (i)
         5.00%        11/15/2047        1,905      1,999,167
    Great Western Metropolitan District; Series 2020, Ref. GO Bonds
         4.75%        12/01/2050        340      311,902
    Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB
         5.75%        12/15/2050        1,745      1,768,427
    Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds
         4.25%        12/01/2046        585      533,810
    Midtown Clear Creek Metropolitan District; Series 2023 A, Ref. GO Bonds
    (INS -

    BAM)
    (f)
         5.00%        12/01/2053        430      454,292
    Mulberry Metropolitan District No. 2; Series 2022, RB
         7.00%        12/01/2034        565      587,224
    North Range Metropolitan District No. 3; Series 2020 A, GO Bonds
         5.00%        12/01/2040        500      504,451
    Rampart Range Metropolitan District No. 5; Series 2021, RB
         4.00%        12/01/2051        500      411,913
    Roaring Fork Transportation Authority; Series 2021, RB
         4.00%        12/01/2051        1,000      967,923
    Sky Ranch Community Authority Board; Series 2022 A, RB
         5.75%        12/01/2052        500      493,834
    Village Metropolitan District (The); Series 2020, Ref. GO Bonds
         5.00%        12/01/2040        550      554,896
    White Buffalo Metropolitan District No. 3;
               
    Series 2020, GO Bonds
         5.50%        12/01/2050        500      489,862
    Series 2023, GO Bonds
         8.00%        12/15/2035        610      610,017
    Windler Public Improvement Authority;
               
    Series 2021
    A-1,
    RB
         4.13%        12/01/2051        370      284,856
    Series 2021
    A-2,
    RB
    (k)
         4.50%        12/01/2041        1,535      1,091,625
     
      
     
     
     
      
     
     
     
      
     
     
     
       27,906,551
    District of Columbia–3.55%
               
    District of Columbia;
               
    Series 2022 A, RB
         5.00%        07/01/2047        1,260      1,372,897
    Series 2023 A, RB
         5.25%        05/01/2048        1,865      2,084,048
    District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB
         5.00%        10/01/2045        515      514,960
    District of Columbia Water & Sewer Authority; Series 2024 B, Ref. VRD RB
    (l)
         2.70%        10/01/2054        1,600      1,600,000
    District of Columbia Water & Sewer Authority (Green Bonds); Series 2022
    C-1,
    RB
         4.00%        10/01/2051        2,500      2,445,269
    Metropolitan Washington Airports Authority;
               
    Series 2017, Ref. RB
    (i)
         5.00%        10/01/2042        2,005      2,054,756
    Series 2019 B, Ref. RB
         4.00%        10/01/2049        1,245      1,176,527
    Series 2021 A, Ref. RB
    (i)
         4.00%        10/01/2041        1,575      1,545,961
    Series 2023 A, Ref. RB
    (i)
         5.25%        10/01/2043        860      932,509
    Washington Metropolitan Area Transit Authority (Green Bonds); Series 2023 A, RB
         5.25%        07/15/2053        1,635      1,793,436
     
      
     
     
     
      
     
     
     
      
     
     
     
       15,520,363
    Florida–11.46%
               
    Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
               
    Series 2022 A, Ref. RB (Acquired 01/25/2022; Cost $1,075,000)
    (c)(d)(e)
         5.00%        11/15/2061        1,075      758,092
    Series 2022 B, RB (Acquired 01/25/2022; Cost $96,495)
    (c)(d)(e)
         6.50%        11/15/2033        100      85,750
    Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB
         4.00%        04/01/2052        370      343,163
    Broward (County of), FL; Series 2019 A, RB
    (i)
         4.00%        10/01/2049        560      523,524
    Broward (County of), FL (Convention Center Expansion); Series 2021, RB
         4.00%        09/01/2051        1,895      1,818,390
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    6      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Florida–(continued)
               
    Broward County FL Water & Sewer Utility Revenue; Series 2024, RB
    (h)
         4.00%        10/01/2047      $  2,700      $   2,640,371
    Cape Coral (City of), FL; Series 2023, Ref. RB (INS - BAM)
    (f)
         5.60%        03/01/2048        935      1,055,121
    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      1,069,989
    Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB
         5.00%        01/01/2042        900      925,983
    Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
               
    Series 2024, Ref. RB
    (b)(e)(i)
         12.00%        07/15/2028        560      597,803
    Series 2024, Ref. RB
    (i)
         5.00%        07/01/2041        650      665,962
    Series 2024, Ref. RB (INS - AGM)
    (f)(i)
         5.00%        07/01/2044        1,900      1,999,591
    Series 2024, Ref. RB (INS - AGM)
    (f)(i)
         5.25%        07/01/2047        750      792,903
    Series 2024, Ref. RB (INS - AGM)
    (f)(i)
         5.25%        07/01/2053        630      664,517
    Series 2024, Ref. RB
    (i)
         5.50%        07/01/2053        650      674,473
    Fort Lauderdale (City of), FL;
               
    Series 2023, RB
         5.50%        09/01/2053        1,120      1,263,580
    Series 2024, RB
    (h)
         5.50%        09/01/2053        1,885      2,126,650
    Greater Orlando Aviation Authority;
               
    Series 2017 A, RB
    (i)
         5.00%        10/01/2052        800      811,488
    Series 2019 A, RB
    (i)
         4.00%        10/01/2044        1,750      1,685,240
    Hillsborough (County of), FL; Series 2023, GO Bonds
         5.00%        07/01/2053        1,185      1,295,982
    Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB
    (i)
         5.00%        10/01/2048        1,895      1,938,729
    Hillsborough (County of), FL Industrial Development Authority (Baycare Health System); Series 2024 C, Ref. RB
         5.25%        11/15/2049        2,495      2,782,022
    Jacksonville (City of), FL; Series 2023 A, Ref. RB
         5.50%        10/01/2053        1,865      2,084,628
    JEA Water & Sewer System; Series 2024 A, Ref. RB
         5.25%        10/01/2049        930      1,027,221
    Lake (County of), FL (Lakeside at Waterman Village);
               
    Series 2020 A, Ref. RB
         5.50%        08/15/2040        485      478,906
    Series 2020 A, Ref. RB
         5.75%        08/15/2050        210      204,205
    Series 2020 A, Ref. RB
         5.75%        08/15/2055        790      759,120
    Lee (County of), FL;
               
    Series 2021 B, RB
    (i)
         5.00%        10/01/2034        775      837,736
    Series 2022, RB
         5.25%        08/01/2049        1,250      1,346,932
    Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM)
    (f)
         5.00%        03/15/2052        1,485      1,586,735
    Miami Beach (City of), FL; Series 2017, Ref. RB
         5.00%        09/01/2047        865      871,303
    Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. RB
         5.00%        11/15/2039        710      710,858
    Miami-Dade (County of), FL;
               
    Series 2022 A, Ref. RB
    (i)
         5.25%        10/01/2052        375      398,934
    Series 2023 A, Ref. RB
    (i)
         5.00%        10/01/2047        1,605      1,715,915
    Subseries 2021
    A-2,
    Ref. RB (INS - AGM)
    (f)
         4.00%        10/01/2049        1,885      1,842,972
    Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB
         5.00%        07/01/2040        2,015      2,016,201
    Miami-Dade (County of), FL Transit System; Series 2022, RB
         5.00%        07/01/2052        1,755      1,890,332
    Osceola (County of), FL;
               
    Series 2020
    A-2,
    Ref. RB
    (g)
         0.00%        10/01/2051        1,200      308,495
    Series 2020
    A-2,
    Ref. RB
    (g)
         0.00%        10/01/2052        335      82,132
    Series 2020
    A-2,
    Ref. RB
    (g)
         0.00%        10/01/2053        335      77,900
    Series 2020
    A-2,
    Ref. RB
    (g)
         0.00%        10/01/2054        285      62,846
    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      943,454
    South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB
         4.00%        08/15/2047        630      594,953
    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      1,000,603
    Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB
         5.00%        12/01/2055        1,010      1,001,547
    Tampa (City of), FL; Series 2020 A, RB
    (g)
         0.00%        09/01/2049        4,255      1,289,879
     
      
     
     
     
      
     
     
     
      
     
     
     
       50,053,990
    Georgia–2.47%
               
    Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB
    (h)(j)
         4.00%        07/01/2044        2,495      2,494,909
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    7      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Georgia–(continued)
               
    Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC
         5.13%        04/01/2048      $ 820      $     886,164
    DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB
         4.00%        03/01/2034         1,000      1,001,877
    Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2021 A, Ref. RB
         4.00%        01/01/2051        645      591,228
    Main Street Natural Gas, Inc.;
               
    Series 2021 C, RB
    (b)
         4.00%        12/01/2028        925      936,350
    Series 2022 C, RB
    (b)(e)
         4.00%        11/01/2027        945      931,888
    Series 2023 B, RB
    (b)
         5.00%        03/01/2030        1,350      1,439,455
    Series 2024 A, RB
    (b)
         5.00%        09/01/2031        1,260      1,362,011
    Series 2024 C, RB
    (b)
         5.00%        12/01/2031        1,050      1,124,031
     
      
     
     
     
      
     
     
     
      
     
     
     
       10,767,913
    Hawaii–0.69%
               
    Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Obligated Group); Series 2024, RB
         5.50%        07/01/2052        1,825      2,022,443
    Honolulu (City & County of), HI; Series 2012 A, GO Bonds
         5.00%        11/01/2036        1,000      1,001,154
     
      
     
     
     
      
     
     
     
      
     
     
     
       3,023,597
    Idaho–0.45%
               
    Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.);
               
    Series 2017 A, Ref. RB
         5.00%        11/15/2032        265      243,653
    Series 2017 A, Ref. RB
         5.25%        11/15/2037        370      327,293
    Idaho (State of) Housing & Finance Association; Series 2024, RB
         5.00%        08/15/2048        1,285      1,414,539
     
      
     
     
     
      
     
     
     
      
     
     
     
       1,985,485
    Illinois–6.19%
               
    Bolingbrook (Village of), IL; Series 1999 C, Ref. GO Bonds (INS - NATL)
    (f)(g)
         0.00%        01/01/2029        1,710      1,464,799
    Chicago (City of), IL;
               
    Series 2002 B, GO Bonds
         5.50%        01/01/2037        795      797,849
    Series 2005 D, Ref. GO Bonds
         5.50%        01/01/2040        325      325,729
    Series 2007 E, Ref. GO Bonds
         5.50%        01/01/2042        260      260,441
    Series 2014, RB
         5.00%        11/01/2039        650      650,781
    Series 2015 A, GO Bonds
         5.50%        01/01/2033        2,590      2,601,232
    Series 2017 A, Ref. GO Bonds
         6.00%        01/01/2038        1,550      1,609,768
    Chicago (City of), IL (O’Hare International Airport);
               
    Series 2017 D, RB
         5.00%        01/01/2052        1,100      1,119,896
    Series 2024 A, RB
    (i)
         5.50%        01/01/2053        1,010      1,103,427
    Chicago (City of), IL Board of Education;
               
    Series 2018 A, Ref. GO Bonds (INS - AGM)
    (f)
         5.00%        12/01/2032        905      958,296
    Series 2018 A, Ref. GO Bonds
         5.00%        12/01/2034        520      537,554
    Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds
         4.00%        12/01/2051        1,035      995,294
    Chicago (City of), IL Park District; Series 2020 C, GO Bonds (INS - BAM)
    (f)
         4.00%        01/01/2042        1,485      1,482,746
    Illinois (State of);
               
    Series 2014, GO Bonds
         5.25%        02/01/2034        1,050      1,051,279
    Series 2014, GO Bonds
         5.00%        05/01/2035        355      355,364
    Series 2014, GO Bonds
         5.00%        05/01/2036        850      850,849
    Series 2016, GO Bonds
         5.00%        11/01/2036        895      913,888
    Series 2017 C, GO Bonds
         5.00%        11/01/2029        195      206,841
    Series 2017 D, GO Bonds
         5.00%        11/01/2026        1,880      1,961,009
    Series 2018 A, GO Bonds
         5.00%        05/01/2030        935      997,936
    Series 2020, GO Bonds
         5.50%        05/01/2039        1,040      1,142,771
    Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB
    (i)
         8.00%        06/01/2032        270      270,341
    Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
               
    Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $46,920)
    (d)
         5.00%        11/01/2040        45      29,197
    Series 2019 A, Ref. RB (Acquired
    04/14/2020-10/05/2022;
    Cost $764,506)
    (d)
         5.00%        11/01/2049        910      590,059
    Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB
         5.00%        12/01/2046        2,005      2,021,926
    Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB
         5.13%        05/15/2060        985      538,088
    Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB
         5.50%        04/01/2037        1,000      973,423
    Illinois (State of) Finance Authority (Three Crowns Park);
               
    Series 2017, Ref. RB
         5.00%        02/15/2032        155      157,674
    Series 2017, Ref. RB
         5.25%        02/15/2037        145      147,459
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    8      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Illinois–(continued)
               
    Illinois (State of) Sports Facilities Authority; Series 2014, Ref. RB (INS - AGM)
    (f)
         5.25%        06/15/2031      $    920      $     924,630
     
      
     
     
     
      
     
     
     
      
     
     
     
       27,040,546
    Indiana–1.59%
               
    Fishers Town Hall Building Corp.; Series 2023 A, RB (INS - BAM)
    (f)
         5.63%        07/15/2053        1,865      2,110,057
    Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2019 A, RB
         4.00%        12/01/2049        1,840      1,789,842
    Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB
    (i)
         5.75%        08/01/2042        175      175,114
    Indianapolis Local Public Improvement Bond Bank; Series 2019, Ref. RB
    (i)
         5.00%        01/01/2027        990      1,027,813
    Northern Indiana Commuter Transportation District; Series 2024, RB
         5.25%        01/01/2049        1,250      1,380,933
    Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB
    (b)(i)
         4.40%        06/10/2031        465      475,566
     
      
     
     
     
      
     
     
     
      
     
     
     
       6,959,325
    Iowa–1.24%
               
    Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB
         3.00%        09/01/2056        460      355,712
    Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB
         4.75%        08/01/2042        940      942,188
    Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB
    (b)(o)
         5.00%        12/01/2032        2,050      2,384,206
    Iowa (State of) Tobacco Settlement Authority;
               
    Series 2021
    A-2,
    Ref. RB
         4.00%        06/01/2049        225      212,490
    Series 2021
    B-1,
    Ref. RB
         4.00%        06/01/2049        160      160,556
    PEFA, Inc.; Series 2019, RB
    (b)
         5.00%        09/01/2026        1,345      1,374,090
     
      
     
     
     
      
     
     
     
      
     
     
     
       5,429,242
    Kentucky–2.35%
               
    Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB
    (e)(i)
         4.70%        01/01/2052        500      492,401
    Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)
    (b)(p)
         4.32%        02/01/2025        530      530,088
    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      395,103
    Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
               
    Series 2015 A, RB
         5.00%        07/01/2037        830      834,894
    Series 2015 A, RB
         5.00%        07/01/2040        750      752,506
    Series 2015 A, RB
         5.00%        01/01/2045        1,020      1,021,707
    Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB
         5.25%        06/01/2041        945      964,223
    Kentucky (Commonwealth of) Public Energy Authority; Series 2023
    A-1,
    Ref. RB
    (b)
         5.25%        02/01/2032        1,260      1,382,454
    Louisville (City of) & Jefferson (County of), KY Sewer District; Series 2023 C, Ref. RB
         5.00%        05/15/2053        3,575      3,869,565
     
      
     
     
     
      
     
     
     
      
     
     
     
       10,242,941
    Louisiana–0.90%
               
    Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB
    (e)
         3.90%        11/01/2044        620      580,392
    Louisiana (State of) Public Facilities Authority
    (I-10
    Calcasieu River Bridge);
               
    Series 2024, RB
    (i)
         5.50%        09/01/2054        625      678,526
    Series 2024, RB
    (i)
         5.50%        09/01/2059        1,245      1,345,367
    New Orleans (City of), LA Aviation Board; Series 2015 A, RB
         5.00%        01/01/2045        925      926,648
    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      386,740
     
      
     
     
     
      
     
     
     
      
     
     
     
       3,917,673
    Maryland–1.16%
               
    Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB
         5.00%        07/01/2036        285      291,290
    Howard (County of), MD Housing Commission (Social Bonds); Series 2024, RB
         4.13%        12/01/2043        1,000      943,456
    Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2017 A, RB
         5.00%        05/15/2045        760      778,625
    Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021 A, Ref. RB
         4.00%        06/01/2041        375      350,506
    Maryland Economic Development Corp. (Green Bonds); Series 2022, RB
    (i)
         5.25%        06/30/2052        710      741,231
    Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB
         5.00%        04/01/2029        690      696,278
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    9      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Maryland–(continued)
               
    Washington (State of) Suburban Sanitary Commission; Series 2015 B, VRD RB
    (l)
         2.70%        06/01/2027      $  1,245      $   1,245,000
     
      
     
     
     
      
     
     
     
      
     
     
     
       5,046,386
    Massachusetts–2.09%
               
    Massachusetts (Commonwealth of); Series 2024, RB
    (h)
         5.00%        06/01/2053        3,430      3,740,635
    Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds); Series 2022, RB
         5.00%        06/01/2050        990      1,064,101
    Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center); Series 2023, Ref. RB
         5.25%        07/01/2048        1,085      1,191,324
    Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham); Series 2024 D, Ref. RB
         5.00%        07/01/2054        1,865      2,002,437
    Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB
    (e)
         5.00%        07/15/2035        270      281,258
    Massachusetts (Commonwealth of) Port Authority; Series 2021 E, RB
    (i)
         5.00%        07/01/2046        790      829,032
     
      
     
     
     
      
     
     
     
      
     
     
     
       9,108,787
    Michigan–4.40%
               
    Academy of Warren; Series 2020 A, RB
    (e)
         5.50%        05/01/2050        250      240,674
    Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB
    (b)(o)
         5.00%        09/25/2024        1,590      1,591,730
    Lansing (City of), MI; Series 2024, RB
    (h)
         5.25%        07/01/2054        2,735      3,023,748
    Michigan (State of);
               
    Series 2023, RB
         5.00%        11/15/2046        2,085      2,311,724
    Series 2024, RB
    (h)
         5.50%        11/15/2049        2,330      2,653,853
    Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB
    (h)
         5.00%        04/15/2041        2,190      2,249,316
    Michigan (State of) Finance Authority (Landmark Academy);
               
    Series 2020, Ref. RB
         5.00%        06/01/2035        125      123,255
    Series 2020, Ref. RB
         5.00%        06/01/2045        360      342,564
    Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017 MI, RB
    (h)(j)(o)
         5.00%        12/01/2046        2,965      3,030,337
    Michigan (State of) Housing Development Authority; Series 2023 A, RB
         5.10%        10/01/2053        1,460      1,536,546
    Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB
    (b)(i)
         4.00%        10/01/2026        1,525      1,530,395
    Michigan (State of) Strategic Fund
    (I-75
    Improvement Project); Series 2018, RB
    (i)
         5.00%        06/30/2030        545      572,812
     
      
     
     
     
      
     
     
     
      
     
     
     
       19,206,954
    Minnesota–0.98%
               
    Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB
         4.25%        07/01/2047        400      365,002
    Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB
         5.00%        02/15/2048        440      448,912
    Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission; Series 2024, RB
    (i)
         5.25%        01/01/2049        1,245      1,348,684
    Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group); Series 2024, RB
         5.25%        01/01/2054        1,260      1,377,423
    St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB
         5.50%        12/01/2057        500      517,453
    St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB
         5.00%        12/01/2055        315      232,021
     
      
     
     
     
      
     
     
     
      
     
     
     
       4,289,495
    Mississippi–0.12%
               
    Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB
         2.38%        06/01/2044        830      541,432
    Missouri–2.41%
               
    Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District);
               
    Series 2011 A, Ref. RB
         5.50%        09/01/2027        800      801,605
    Series 2011 A, Ref. RB
         5.50%        09/01/2028        1,670      1,673,350
    Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
               
    Series 2019 B, RB
    (i)
         5.00%        03/01/2046        3,555      3,641,074
    Series 2019 B, RB (INS - AGM)
    (f)(i)
         5.00%        03/01/2049        745      760,833
    Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB
         5.25%        05/15/2050        385      334,705
    Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB
         5.00%        02/01/2048        245      250,788
    St. Louis (City of), MO; Series 2024, RB (INS - AGM)
    (f)
         5.25%        07/01/2054        1,000      1,102,147
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    10      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Missouri–(continued)
               
    St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB
         5.00%        09/01/2038      $  1,375      $   1,396,361
    Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB
    (e)
         6.00%        10/01/2049        575      580,071
     
      
     
     
     
      
     
     
     
      
     
     
     
       10,540,934
    Nebraska–1.79%
               
    Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB
         5.00%        09/01/2042        2,810      3,102,444
    Central Plains Energy Project (No. 5); Series
    2022-1,
    RB
    (b)
         5.00%        10/01/2029        630      662,087
    Nebraska Investment Finance Authority; Series 2023 G, RB (CEP - GNMA)
         5.35%        09/01/2048        785      823,738
    Omaha (City of), NE Public Power District;
               
    Series 2021 A, RB (INS - AGM)
    (f)
         4.00%        02/01/2051        1,545      1,503,750
    Series 2022, RB
    (h)(j)
         5.25%        02/01/2052        1,570      1,714,083
     
      
     
     
     
      
     
     
     
      
     
     
     
       7,806,102
    Nevada–1.05%
               
    Clark (County of), NV Water Reclamation District; Series 2024, GO Bonds
    (h)
         5.00%        07/01/2053        3,965      4,308,380
    Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB
    (e)
         2.75%        06/15/2028        305      296,811
     
      
     
     
     
      
     
     
     
      
     
     
     
       4,605,191
    New Hampshire–1.19%
               
    New Hampshire (State of) Business Finance Authority; Series
    2020-1A,
    RB
         4.13%        01/20/2034        219      221,636
    New Hampshire (State of) Business Finance Authority (Social Bonds); Series
    2022-1A,
    RB
         4.38%        09/20/2036        1,220      1,242,655
    New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB
         5.00%        08/01/2059        820      874,752
    New Hampshire (State of) Housing Finance Authority;
               
    Series 2023 D, RB (CEP - GNMA)
         4.80%        07/01/2043        800      826,416
    Series 2023 D, RB (CEP - GNMA)
         5.13%        07/01/2053        1,940      2,015,188
     
      
     
     
     
      
     
     
     
      
     
     
     
       5,180,647
    New Jersey–5.05%
               
    New Jersey (State of) Economic Development Authority; Series 2004 A, RB (INS - BHAC)
    (f)(h)
         5.25%        07/01/2026        6,625      6,923,655
    New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
               
    Series 1999, RB
    (i)
         5.25%        09/15/2029        295      295,281
    Series 2012, RB
    (i)
         5.75%        09/15/2027        400      400,522
    New Jersey (State of) Economic Development Authority (Social Bonds); Series 2021 QQQ, RB
         4.00%        06/15/2040        1,180      1,184,328
    New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB
    (i)
         5.38%        01/01/2043        2,190      2,191,730
    New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB
         4.00%        07/01/2047        2,865      2,787,382
    New Jersey (State of) Transportation Trust Fund Authority;
               
    Series 2018 A, RN
    (h)(j)
         5.00%        06/15/2029        1,190      1,230,252
    Series 2018 A, RN
    (h)(j)
         5.00%        06/15/2030        405      417,807
    Series 2018 A, RN
    (h)(j)
         5.00%        06/15/2031        565      581,626
    Series 2022, RB
         5.25%        06/15/2046        1,070      1,172,299
    Tobacco Settlement Financing Corp.;
               
    Series 2018 A, Ref. RB
         5.00%        06/01/2046        2,195      2,249,001
    Series 2018 A, Ref. RB
         5.25%        06/01/2046        1,250      1,295,833
    Series 2018 B, Ref. RB
         5.00%        06/01/2046        1,290      1,302,171
     
      
     
     
     
      
     
     
     
      
     
     
     
       22,031,887
    New York–20.85%
               
    Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB (LOC - Santander Bank N.A.)
    (e)(i)(q)
         5.25%        12/31/2033        200      187,079
    Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB
         5.00%        06/01/2045        2,070      1,928,169
    Metropolitan Transportation Authority; Series 2005
    D-1,
    Ref. VRD RB (LOC - Truist Bank)
    (l)(q)
         2.45%        11/01/2035        4,000      4,000,000
    Metropolitan Transportation Authority (Green Bonds);
               
    Series 2016
    A-1,
    RB
         5.00%        11/15/2041        1,510      1,540,979
    Series 2020
    A-1,
    RB (INS - AGM)
    (f)
         4.00%        11/15/2041        875      877,403
    Series 2020
    A-1,
    RB (INS - BAM)
    (f)
         4.00%        11/15/2053        295      285,739
    Series 2020
    C-1,
    RB
         5.25%        11/15/2055        995      1,046,378
    New York & New Jersey (States of) Port Authority; Series 2020 221, RB
    (i)
         4.00%        07/15/2060        1,750      1,611,501
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    11      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    New York–(continued)
               
    New York (City of), NY;
               
    Series 2020 C, GO Bonds
         5.00%        08/01/2043      $  1,835      $   1,967,917
    Subseries 2022
    D-1,
    GO Bonds
    (h)
         5.25%        05/01/2038        1,015      1,154,882
    Subseries 2022
    D-1,
    GO Bonds
    (h)
         5.25%        05/01/2042        1,725      1,921,106
    Subseries 2023
    E-1,
    GO Bonds
         5.25%        04/01/2047        1,130      1,248,254
    New York (City of), NY Municipal Water Finance Authority;
               
    Series 2020
    BB-1,
    RB
         4.00%        06/15/2050        1,250      1,227,971
    Series 2020
    BB-1,
    RB
         5.00%        06/15/2050        2,430      2,588,226
    Series 2020, Ref. RB
         5.00%        06/15/2050        1,225      1,304,764
    New York (City of), NY Transitional Finance Authority;
               
    Series 2019
    B-1,
    RB
         4.00%        11/01/2045        1,405      1,379,861
    Series 2023
    F-1,
    RB
         4.00%        02/01/2051        1,900      1,856,959
    Series 2024 B, RB
         4.38%        05/01/2053        1,640      1,666,501
    New York (State of) Dormitory Authority;
               
    Series 2018 A, Ref. RB
         5.25%        03/15/2039        925      992,865
    Series 2018 E, RB
    (h)
         5.00%        03/15/2046        4,260      4,468,885
    New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer);
    Series 2022 1-B,
    RB
         4.00%        07/01/2051        2,725      2,667,061
    New York (State of) Power Authority; Series 2020 A, RB
    (h)
         4.00%        11/15/2045        2,740      2,730,271
    New York (State of) Power Authority (Green Bonds); Series 2020, RB
    (h)
         4.00%        11/15/2055        3,130      3,084,220
    New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2023, RB (INS - AGM)
    (f)
         5.00%        11/15/2053        1,305      1,441,802
    New York (State of) Thruway Authority;
               
    Series 2019 B, RB
         4.00%        01/01/2050        4,030      3,915,333
    Series 2019 B, RB (INS - AGM)
    (f)(h)(j)
         4.00%        01/01/2050        1,950      1,920,485
    New York (State of) Thruway Authority (Group 3); Series 2021
    A-1,
    Ref. RB
         4.00%        03/15/2046        1,850      1,824,542
    New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB
         4.80%        02/01/2053        945      956,156
    New York Counties Tobacco Trust IV;
               
    Series 2005 A, RB
         5.00%        06/01/2045        210      194,152
    Series 2010 A, RB
    (e)
         6.25%        06/01/2041        1,000      1,000,144
    New York Counties Tobacco Trust VI; Series 2016
    A-1,
    Ref. RB
         5.75%        06/01/2043        2,370      2,424,564
    New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB
    (e)
         5.00%        11/15/2044        4,375      4,378,662
    New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB
         4.00%        03/15/2045        2,490      2,466,056
    New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
               
    Series 2020, Ref. RB
    (i)
         5.25%        08/01/2031        345      367,486
    Series 2020, Ref. RB
    (i)
         5.38%        08/01/2036        705      752,256
    Series 2023, RB
    (i)
         5.38%        06/30/2060        1,620      1,690,496
    Series 2024, RB (INS - AGM)
    (f)(i)
         5.25%        06/30/2060        1,310      1,390,325
    Series 2024, RB
    (i)
         5.50%        06/30/2060        1,200      1,279,050
    New York Transportation Development Corp. (American Airlines, Inc.);
               
    Series 2016, Ref. RB
    (i)
         5.00%        08/01/2026        550      550,836
    Series 2016, Ref. RB
    (i)
         5.00%        08/01/2031        1,000      1,001,125
    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      1,615,718
    Series 2018, RB
    (i)
         5.00%        01/01/2034        1,510      1,557,781
    Series 2018, RB
    (i)
         5.00%        01/01/2036        1,265      1,300,808
    Series 2020, RB
    (i)
         5.00%        10/01/2040        1,495      1,545,298
    Series 2020, RB
    (i)
         4.38%        10/01/2045        875      842,862
    New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
               
    Series 2016 A, RB
    (i)
         5.00%        07/01/2046        2,465      2,464,904
    Series 2016 A, RB
    (i)
         5.25%        01/01/2050        2,355      2,354,971
    New York Transportation Development Corp. (Terminal 4 JFK International Airport);
               
    Series 2022, RB
    (i)
         5.00%        12/01/2036        740      795,957
    Series 2022, RB
    (i)
         5.00%        12/01/2038        455      485,348
    Rockland Tobacco Asset Securitization Corp.; Series 2001, RB
         5.75%        08/15/2043        1,295      1,312,217
    Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
               
    Series 2020 A, RB
         5.00%        11/15/2054        565      598,487
    Series 2021 A, RB
         5.00%        11/15/2056        835      886,979
    Series 2022, RB
    (h)
         5.00%        05/15/2051        4,090      4,358,396
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    12      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    New York–(continued)
               
    TSASC, Inc.; Series 2016 B, Ref. RB
         5.00%        06/01/2045      $  1,815      $   1,642,984
     
      
     
     
     
      
     
     
     
      
     
     
     
       91,053,171
    North Carolina–0.30%
               
    North Carolina (State of) Housing Finance Agency (Social Bonds); Series 2023, RB (CEP - GNMA)
         4.90%        07/01/2043        725      751,842
    North Carolina (State of) Turnpike Authority (Triangle Expressway System); Series 2024, RB (INS - AGM)
    (f)(g)
         0.00%        01/01/2053        2,250      578,535
     
      
     
     
     
      
     
     
     
      
     
     
     
       1,330,377
    North Dakota–0.68%
               
    Ward (County of), ND (Trinity Obligated Group);
               
    Series 2017 C, RB
         5.00%        06/01/2048        1,750      1,712,954
    Series 2017 C, RB
         5.00%        06/01/2053        1,305      1,256,084
     
      
     
     
     
      
     
     
     
      
     
     
     
       2,969,038
    Ohio–4.55%
               
    Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB
         5.25%        11/15/2046        645      654,166
    Buckeye Tobacco Settlement Financing Authority;
               
    Series 2020
    A-2,
    Ref. RB
         4.00%        06/01/2048        3,265      2,979,179
    Series 2020
    B-2,
    Ref. RB
         5.00%        06/01/2055        6,505      5,988,547
    Series 2020
    B-3,
    Ref. RB
    (g)
         0.00%        06/01/2057        6,405      581,993
    Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB
    (e)
         6.50%        01/01/2034        900      900,694
    Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB
    (i)
         5.38%        09/15/2027        600      600,273
    Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB
    (e)
         5.00%        06/01/2028        415      420,945
    Cuyahoga (County of), OH (MetroHealth System);
               
    Series 2017, Ref. RB
         5.25%        02/15/2047        875      891,912
    Series 2017, Ref. RB
         5.50%        02/15/2052        645      659,279
    Franklin (County of), OH (Nationwide Children’s Hospital); Series 2019, RB
         5.00%        11/01/2048        1,010      1,155,663
    Hamilton (County of), OH (Cincinnati Children’s Hospital); Series 2019 CC, RB
         5.00%        11/15/2049        1,230      1,445,184
    Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB
         5.00%        01/01/2046        1,135      1,127,562
    Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018; Cost $807,152)
    (c)(d)(e)
         6.00%        04/01/2038        823      57,640
    Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB
         5.00%        02/15/2044        690      681,007
    Ohio (State of) (University Hospitals Health System, Inc.); Series 2020 A, Ref. RB
         4.00%        01/15/2050        1,865      1,731,924
     
      
     
     
     
      
     
     
     
      
     
     
     
       19,875,968
    Oklahoma–1.21%
               
    Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB
         5.50%        08/15/2052        2,825      2,915,402
    Oklahoma (State of) Turnpike Authority; Series 2023, RB
         5.50%        01/01/2053        885      976,394
    Oklahoma (State of) Water Resources Board (2019 Master Trust); Series 2023, RB
         4.13%        04/01/2053        665      653,508
    Tulsa (City of), OK Airports Improvement Trust;
               
    Series 2000 A, Ref. RB
    (i)
         5.50%        06/01/2035        250      250,412
    Series 2001 C, Ref. RB
    (i)
         5.50%        12/01/2035        475      475,770
     
      
     
     
     
      
     
     
     
      
     
     
     
       5,271,486
    Ontario–0.15%
               
    Affordable Housing
    Tax-Exempt
    Bond Pass-Thru Trust; Series
    2023-1,
    RB
    (e)
         6.00%        10/05/2040        626      661,827
    Oregon–1.25%
               
    Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB
         5.38%        11/15/2055        375      376,114
    Oregon (State of); Series 2019, GO Bonds
    (h)(j)
         5.00%        08/01/2044        2,500      2,659,397
    Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB
    (i)
         5.50%        07/01/2053        1,070      1,167,231
    Portland (Port of), OR (Portland International Airport); Series 2022 28, RB
    (i)
         5.00%        07/01/2052        1,200      1,250,084
     
      
     
     
     
      
     
     
     
      
     
     
     
       5,452,826
    Pennsylvania–3.89%
               
    Allegheny (County of), PA Airport Authority (Pittsburgh Airport); Series 2023 A, RB (INS - AGM)
    (f)(i)
         5.50%        01/01/2048        1,025      1,127,210
    Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB
         4.00%        04/01/2044        625      590,046
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    13      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Pennsylvania–(continued)
               
    Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)
    (f)(g)
         0.00%        10/01/2036      $    500      $     304,070
    Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); Series 2018, Ref. RB
         5.00%        12/01/2025        500      500,021
    Lancaster (County of), PA Hospital Authority (Penn State Health); Series 2021, RB
         5.00%        11/01/2051        510      527,371
    Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges);
               
    Series 2022, RB
    (i)
         5.25%        06/30/2053        1,505      1,580,445
    Series 2022, RB (INS - AGM)
    (f)(i)
         5.00%        12/31/2057        750      781,898
    Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC);
               
    Series 2021 A, Ref. RB
         4.00%        10/15/2037        690      699,357
    Series 2023
    A-2,
    RB
         4.00%        05/15/2048        410      391,806
    Pennsylvania (Commonwealth of) Turnpike Commission;
               
    Series 2014 A, RB
         4.75%        12/01/2037        740      759,161
    Series 2014
    A-2,
    RB
         5.13%        12/01/2039        1,000      1,072,888
    Series 2019 A, RB
         5.00%        12/01/2049        165      173,940
    Series 2020 B, RB
         5.00%        12/01/2050        445      472,166
    Series 2021 A, RB
         4.00%        12/01/2050        930      876,068
    Series 2024 C, RB
         5.25%        12/01/2054        1,100      1,219,156
    Philadelphia (City of), PA;
               
    Series 2017 B, Ref. RB
    (i)
         5.00%        07/01/2042        2,345      2,387,388
    Series 2017 B, Ref. RB
    (i)
         5.00%        07/01/2047        610      617,362
    Series 2021, Ref. RB (INS - AGM)
    (f)(i)
         4.00%        07/01/2046        1,275      1,224,571
    Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB
         5.50%        11/01/2060        1,255      1,360,978
    Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School); Series 2020, Ref. RB
    (e)
         5.00%        06/15/2050        310      311,142
     
      
     
     
     
      
     
     
     
      
     
     
     
       16,977,044
    Puerto Rico–5.61%
               
    Children’s Trust Fund;
               
    Series 2002, RB
         5.50%        05/15/2039        1,905      1,914,848
    Series 2002, RB
         5.63%        05/15/2043        1,110      1,122,889
    Series 2005 A, RB
    (g)
         0.00%        05/15/2050        4,515      872,361
    Series 2005 B, RB
    (g)
         0.00%        05/15/2055        2,000      224,717
    Series 2008 A, RB
    (g)
         0.00%        05/15/2057        14,115      971,521
    Series 2008 B, RB
    (g)
         0.00%        05/15/2057        28,010      1,740,317
    Puerto Rico (Commonwealth of);
               
    Series 2021
    A-1,
    GO Bonds
         5.63%        07/01/2027        875      911,419
    Series 2021
    A-1,
    GO Bonds
         4.00%        07/01/2035        945      932,693
    Series 2021
    A-1,
    GO Bonds
         4.00%        07/01/2037        740      723,965
    Series 2021
    A-1,
    GO Bonds
         4.00%        07/01/2041        455      432,460
    Subseries 2022, RN
    (g)
         0.00%        11/01/2043        555      351,628
    Subseries 2022, RN
    (g)
         0.00%        11/01/2051        1,059      679,166
    Puerto Rico (Commonwealth of) Electric Power Authority;
               
    Series 2007 VV, Ref. RB (Acquired
    04/07/2020-04/28/2020;
    Cost $1,450,238) (INS - NATL)
    (d)(f)
         5.25%        07/01/2032        1,440      1,423,213
    Series 2007 VV, Ref. RB (Acquired 06/27/2018; Cost $556,510) (INS - NATL)
    (d)(f)
         5.25%        07/01/2033        550      544,013
    Series 2007 VV, Ref. RB (Acquired 07/19/2018; Cost $504,263) (INS - NATL)
    (d)(f)
         5.25%        07/01/2035        480      471,995
    Puerto Rico Sales Tax Financing Corp.;
               
    Series 2018
    A-1,
    RB
    (g)
         0.00%        07/01/2027        335      301,340
    Series 2018
    A-1,
    RB
    (g)
         0.00%        07/01/2029        785      654,208
    Series 2018
    A-1,
    RB
    (g)
         0.00%        07/01/2031        1,830      1,405,216
    Series 2018
    A-1,
    RB
    (g)
         0.00%        07/01/2033        650      458,615
    Series 2018
    A-1,
    RB
    (g)
         0.00%        07/01/2046        6,175      2,082,170
    Series 2018
    A-1,
    RB
    (g)
         0.00%        07/01/2051        8,095      1,986,613
    Series 2018
    A-1,
    RB
         4.75%        07/01/2053        1,138      1,129,464
    Series 2018
    A-1,
    RB
         5.00%        07/01/2058        1,605      1,612,098
    Series 2019
    A-2,
    RB
         4.33%        07/01/2040        920      909,872
    Series 2019
    A-2,
    RB
         4.78%        07/01/2058        630      623,391
     
      
     
     
     
      
     
     
     
      
     
     
     
       24,480,192
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    14      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Rhode Island–0.53%
               
    Tobacco Settlement Financing Corp.;
               
    Series 2015 A, Ref. RB
         5.00%        06/01/2035      $    530      $     534,513
    Series 2015 B, Ref. RB
         5.00%        06/01/2050        1,755      1,756,754
     
      
     
     
     
      
     
     
     
      
     
     
     
       2,291,267
    South Carolina–1.88%
               
    Dorchester (County of), SC; Series 2023, RB
         5.50%        10/01/2051        1,000      1,003,148
    Patriots Energy Group Financing Agency; Series 2023
    A-1,
    RB
    (b)
         5.25%        08/01/2031        1,485      1,604,734
    South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group);
               
    Series 2024, RB
         5.50%        11/01/2050        380      426,794
    Series 2024, RB
         5.50%        11/01/2054        630      703,306
    South Carolina (State of) Ports Authority; Series 2015, RB
    (b)(i)(o)
         5.25%        07/01/2025        2,620      2,667,536
    South Carolina (State of) Public Service Authority (Santee Cooper);
               
    Series 2022 A, RB
         4.00%        12/01/2052        675      633,219
    Series 2024 B, Ref. RB (INS - AGM)
    (f)
         5.00%        12/01/2040        1,060      1,188,617
     
      
     
     
     
      
     
     
     
      
     
     
     
       8,227,354
    South Dakota–0.93%
               
    South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2017, Ref. RB
         5.00%        07/01/2046        1,530      1,558,260
    South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB
         5.00%        11/01/2044        1,670      1,671,702
    South Dakota (State of) Housing Development Authority; Series 2023 G, RB (CEP - GNMA)
         4.90%        11/01/2043        805      835,385
     
      
     
     
     
      
     
     
     
      
     
     
     
       4,065,347
    Tennessee–6.87%
               
    Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); Series 2019
    A-2,
    Ref. RB
         5.00%        08/01/2049        935      964,028
    Chattanooga (City of), TN Health, Educational & Housing Facility Board (Erlanger Health System); Series 2024, Ref. RB
         5.25%        12/01/2054        780      841,962
    Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB
         5.00%        07/01/2037        1,345      1,399,032
    Johnson City (City of), TN Health & Educational Facilities Board (Mountain States Health Alliance); Series 2000 A, Ref. RB (INS - NATL)
    (f)(g)
         0.00%        07/01/2026        12,525      11,746,703
    Kingsport (City of), TN; Series 2023, GO Bonds
         4.13%        03/01/2053        1,560      1,532,102
    Knox (County of) & Knoxville (City of), TN City Sports Authority; Series 2024, RB
    (h)
         6.00%        12/01/2054        2,190      2,528,653
    Knoxville (City of), TN; Series 2022 OO, RB
         4.00%        07/01/2052        2,375      2,307,281
    Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB
    (i)
         5.00%        07/01/2043        885      905,440
    Metropolitan Nashville Airport Authority (The); Series 2019 B, RB
    (i)
         5.00%        07/01/2054        715      732,991
    Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University); Series 2019 A, Ref. RB
         5.00%        10/01/2037        1,000      1,034,256
    Shelby (County of), TN Health, Educational & Housing Facilities Board; Series 2008, VRD RB (INS - AGM)
    (f)(l)
         2.45%        06/01/2042        4,000      4,000,000
    Tennessee Energy Acquisition Corp.; Series 2021 A, RB
    (b)
         5.00%        11/01/2031        1,875      1,997,395
     
      
     
     
     
      
     
     
     
      
     
     
     
       29,989,843
    Texas–15.99%
               
    Austin (City of), TX; Series 2022, RB
    (i)
         5.25%        11/15/2047        880      944,873
    Caddo Mills Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
         4.25%        02/15/2053        845      838,303
    Central Texas Regional Mobility Authority; Series 2020 A, Ref. RB
         5.00%        01/01/2049        735      766,949
    Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2021 T, RB (CEP - Texas Permanent School Fund)
         4.00%        08/15/2047        910      883,804
    Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB
         5.75%        08/15/2033        1,250      1,272,424
    Coppell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
         4.13%        08/15/2048        755      750,605
    Crowley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
         4.25%        02/01/2053        1,260      1,248,052
    Denton (County of), TX; Series 2023, Ref. GO Bonds
         4.00%        07/15/2048        3,180      3,089,065
    El Paso (City of), TX; Series 2022 A, RB
         4.00%        03/01/2048        2,295      2,248,188
    Greater Texoma Utility Authority (City of Sherman);
               
    Series 2023 A, RB (INS - BAM)
    (f)
         4.38%        10/01/2053        1,000      1,001,357
    Series 2023, RB (INS - AGM)
    (f)
         4.25%        10/01/2053        1,065      1,046,725
    Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB
         4.00%        08/15/2050        965      926,845
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    15      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Texas–(continued)
               
    Houston (City of), TX; Series 2023 A, Ref. RB (INS - AGM)
    (f)(i)
         5.25%        07/01/2048      $  1,290      $   1,381,599
    Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2021 A, RB
    (i)
         4.00%        07/01/2041        435      421,546
    Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB
    (i)
         5.00%        07/15/2028        375      386,556
    Jarrell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
         4.25%        02/15/2053        1,045      1,036,718
    Lamar Consolidated Independent School District; Series 2023, GO Bonds
         4.00%        02/15/2053        1,390      1,329,875
    Lockhart Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
         4.13%        08/01/2048        1,000      994,395
    Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB
         5.50%        05/15/2047        880      979,631
    Matagorda County Navigation District No. 1 (Houston Lighting & Power Co.); Series 1997, Ref. RB (INS - AMBAC)
    (f)(i)
         5.13%        11/01/2028        5,000      5,229,399
    Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB
    (e)(i)
         4.63%        10/01/2031        2,305      2,308,312
    New Hope Cultural Education Facilities Finance Corp.
    (4-K
    Housing, Inc.-Stoney Brook); Series 2017 B, RB
    (c)
         5.00%        07/01/2047        1,000      400,000
    New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community);
               
    Series 2021
    A-1,
    RB
         7.50%        11/15/2037        60      48,081
    Series 2021, RB
         2.00%        11/15/2061        1,665      628,082
    New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB
         5.00%        07/01/2046        1,080      879,391
    New Hope Cultural Education Facilities Finance Corp.
    (CHF-Collegiate
    Housing College Station I, LLC - Texas A&M University); Series 2014 A, RB (INS - AGM)
    (f)
         5.00%        04/01/2046        830      830,052
    New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas); Series 2017 A, Ref. RB
         5.00%        08/15/2047        1,075      1,098,411
    New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. RB
    (e)
         4.00%        08/15/2051        920      782,182
    New Hope Cultural Education Facilities Finance Corp. (Longhorn Village);
               
    Series 2017, Ref. RB
         5.00%        01/01/2042        370      371,102
    Series 2017, Ref. RB
         5.00%        01/01/2047        460      454,482
    New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
               
    Series 2018, Ref. RB
         5.00%        10/01/2027        175      174,205
    Series 2018, Ref. RB
         5.00%        10/01/2028        1,000      995,592
    Series 2020, RB
         5.25%        10/01/2055        1,680      1,543,047
    North East Texas Regional Mobility Authority; Series 2016 A, RB
         5.00%        01/01/2041        1,895      1,922,807
    Pasadena Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
         5.00%        02/15/2048        1,230      1,351,236
    San Antonio (City of), TX; Series 2023 A, Ref. RB
         5.25%        02/01/2046        2,295      2,540,768
    Tarrant (County of), TX Hospital District;
               
    Series 2023, GO Bonds
         4.25%        08/15/2048        600      601,421
    Series 2023, GO Bonds
         4.25%        08/15/2053        1,705      1,692,700
    Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);
               
    Series 2016, Ref. RB
         5.00%        05/15/2037        1,790      1,794,781
    Series 2016, Ref. RB
         5.00%        05/15/2045        755      723,017
    Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
               
    Series 2007, RB (Acquired 12/19/2007; Cost $314,153)
    (c)(d)
         5.75%        02/15/2025        335      184,250
    Series 2017 A, RB (Acquired 12/15/2016; Cost $1,504,009)
    (c)(d)
         6.38%        02/15/2048        1,490      819,500
    Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
               
    Series 2020, Ref. RB
         6.63%        11/15/2041        60      58,404
    Series 2020, Ref. RB
         6.75%        11/15/2051        60      56,917
    Series 2020, Ref. RB
         6.88%        11/15/2055        60      57,153
    Texas (State of) Transportation Commission; Series 2019, RB
    (g)
         0.00%        08/01/2040        1,500      721,306
    Texas (State of) Transportation Commission (Central Texas Turnpike System);
               
    Series 2015 B, Ref. RB
    (b)(g)(o)
         0.00%        11/04/2024        2,650      1,585,319
    Series 2015 B, Ref. RB
    (b)(g)(o)
         0.00%        11/04/2024        955      545,828
    Series 2015 C, Ref. RB
    (b)(o)
         5.00%        11/04/2024        1,495      1,499,531
    Texas (State of) Water Development Board;
               
    Series 2022, RB
    (h)
         5.00%        10/15/2047        2,510      2,725,390
    Series 2023 A, RB
         4.88%        10/15/2048        1,865      1,999,608
    Texas City Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
         4.00%        08/15/2053        1,065      1,028,931
    Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB
         6.25%        12/15/2026        2,250      2,327,515
    Texas Private Activity Bond Surface Transportation Corp.; Series 2023, Ref. RB
    (i)
         5.50%        06/30/2041        1,150      1,243,575
    Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB
         5.25%        08/15/2042        5      5,002
    Waco (City of), TX; Series 2023 A, Ctfs. Of Obligation
         4.00%        02/01/2053        1,855      1,768,912
    Waller Consolidated Independent School District; Series 2023, GO Bonds (INS -
    BAM)
    (f)
         4.00%        02/15/2053        2,510      2,342,600
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    16      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
        
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
    Texas–(continued)
               
    Wylie Independent School District; Series 2024, GO Bonds (CEP - Texas Permanent School Fund)
    (h)
         5.25%        08/15/2054      $  2,665      $   2,942,385
     
      
     
     
     
      
     
     
     
      
     
     
     
       69,828,704
    Utah–2.18%
               
    Black Desert Public Infrastructure District; Series 2021 A, GO Bonds
    (e)
         4.00%        03/01/2051        500      425,501
    Military Installation Development Authority; Series 2021
    A-2,
    RB
         4.00%        06/01/2052        500      421,488
    Salt Lake City (City of), UT;
               
    Series 2018 A, RB
    (i)
         5.00%        07/01/2048        1,110      1,136,105
    Series 2021 A, RB
    (i)
         5.00%        07/01/2046        620      647,261
    Series 2023 A, RB
    (i)
         5.50%        07/01/2053        2,180      2,384,814
    Utah (County of), UT (IHC Health Services, Inc.); Series 2016 B, RB
         4.00%        05/15/2047        1,515      1,437,242
    Utah (State of) Charter School Finance Authority (Ogden Preparatory Academy); Series 2022 A, Ref. RB
         4.50%        10/15/2052        1,055      1,026,405
    Utah Housing Corp.; Series 2024 A, RB (CEP - GNMA)
         4.90%        01/01/2049        1,165      1,191,196
    Utah Telecommunication Open Infrastructure Agency; Series 2022, Ref. RB
         4.38%        06/01/2040        835      859,139
     
      
     
     
     
      
     
     
     
      
     
     
     
       9,529,151
    Virginia–3.07%
               
    Chesapeake (City of), VA Expressway; Series 2012 A, RB
    (b)(o)
         5.00%        10/11/2024        1,900      1,903,583
    Hampton (City of), VA Roads Transportation Accountability Commission; Series 2022 A, RB
         4.00%        07/01/2052        1,560      1,521,392
    Isle Wight (County of), VA Economic Development Authority (Riverside Health System); Series 2023, RB (INS - AGM)
    (f)
         5.25%        07/01/2053        1,020      1,113,163
    Peninsula Town Center Community Development Authority; Series 2018, Ref. RB
    (e)
         5.00%        09/01/2045        250      250,407
    Roanoke (County of), VA Economic Development Authority; Series 2024, Ref. RB
    (b)
         5.50%        09/01/2035        110      109,687
    Virginia (Commonwealth of) Housing Development Authority; Series 2023 F, RB (CEP - Federal Housing Administration)
         5.25%        11/01/2053        870      901,851
    Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB
    (i)
         5.00%        01/01/2037        2,560      2,722,710
    Virginia (Commonwealth of) Small Business Financing Authority
    (I-495
    Hot Lanes);
               
    Series 2022, Ref. RB
    (i)
         5.00%        12/31/2047        425      445,373
    Series 2022, Ref. RB
    (i)
         5.00%        12/31/2057        1,215      1,259,888
    Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
               
    Series 2017, RB
    (i)
         5.00%        12/31/2049        610      620,072
    Series 2017, RB
    (i)
         5.00%        12/31/2056        2,505      2,538,386
     
      
     
     
     
      
     
     
     
      
     
     
     
       13,386,512
    Washington–2.81%
               
    Kalispel Tribe of Indians; Series 2018 B, RB
    (e)
         5.00%        01/01/2032        700      725,579
    Seattle (City of), WA; Series 2022, Ref. RB
         5.00%        07/01/2052        1,865      2,002,294
    Tacoma (City of), WA; Series 2023, RB
    (h)
         4.00%        12/01/2047        2,070      2,044,478
    Washington (State of) (Bid Group 2); Series 2024 A, GO Bonds
         5.00%        08/01/2044        1,400      1,552,038
    Washington (State of) Convention Center Public Facilities District; Series 2018, RB
         5.00%        07/01/2048        2,605      2,657,053
    Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance);
               
    Series 2020, Ref. RB
         4.00%        09/01/2045        925      866,116
    Series 2020, Ref. RB
         5.00%        09/01/2055        1,000      1,041,304
    Washington (State of) Housing Finance Commission (Bayview Manor Homes);
               
    Series 2016 A, Ref. RB
    (e)
         5.00%        07/01/2046        325      304,469
    Series 2016 A, Ref. RB
    (e)
         5.00%        07/01/2051        270      245,884
    Washington (State of) Housing Finance Commission (Social Certificates);
    Series 2021-1A,
    Revenue Ctfs.
         3.50%        12/20/2035        885      840,548
     
      
     
     
     
      
     
     
     
      
     
     
     
       12,279,763
    West Virginia–0.46%
               
    Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB
    (e)
         7.50%        06/01/2043        620      668,715
    West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2023, RB
         4.25%        06/01/2047        1,340      1,327,648
     
      
     
     
     
      
     
     
     
      
     
     
     
       1,996,363
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    17      Invesco Advantage Municipal Income Trust II

         
    Interest
    Rate
       
     Maturity 
    Date
        
     Principal 
    Amount
    (000)
        
    Value
     
    Wisconsin–4.68%
              
    Wisconsin (State of) Center District;
              
    Series 2020 D, RB (INS - AGM)
    (f)(g)
         0.00 %      12/15/2050      $  4,885      $    1,465,587  
     
     
    Series 2020 D, RB (INS - AGM)
    (f)(g)
         0.00 %      12/15/2060        21,940        4,018,895  
     
     
    Series 2022, RB
    (e)
         5.25 %      12/15/2061        1,280        1,303,667  
     
     
    Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); Series 2021, RB
         4.00 %      08/15/2051        2,085        1,934,549  
     
     
    Wisconsin (State of) Health & Educational Facilities Authority (Forensic Science and Protective Medicine Facility); Series 2024, RB
    (e)
         5.00 %      08/01/2027        1,250        1,284,168  
     
     
    Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB
         4.00 %      04/01/2042        1,875        1,838,118  
     
     
    Wisconsin (State of) Health & Educational Facilities Authority (Gundersen Health system); Series 2021 A, Ref. RB
         3.00 %      10/15/2038        625        549,206  
     
     
    Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin); Series 2022, Ref. RB
         4.00 %      12/01/2051        1,150        1,089,852  
     
     
    Wisconsin (State of) Housing & Economic Development Authority; Series 2023 D, RB
         4.95 %      11/01/2054        930        967,629  
     
     
    Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB
    (c)(e)
         6.75 %      08/01/2031        685        602,800  
     
     
    Wisconsin (State of) Public Finance Authority (Explore Academy);
              
    Series 2020 A, RB
    (e)
         6.13 %      02/01/2050        310        298,218  
     
     
    Series 2022 A, RB
    (e)
         6.13 %      02/01/2050        335        322,268  
     
     
    Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy); Series 2019 A, RB
    (e)
         5.13 %      06/15/2039        465        466,337  
     
     
    Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018
    A-1,
    RB
    (e)
         6.38 %      01/01/2048        490        220,500  
     
     
    Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
              
    Series 2018 A, RB
         5.20 %      12/01/2037        1,255        1,284,016  
     
     
    Series 2018 A, RB
         5.35 %      12/01/2045        1,255        1,273,509  
     
     
    Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB
    (e)
         5.63 %      12/15/2030        850        852,937  
     
     
    Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB
         5.75 %      04/01/2035        670        678,450  
     
     
                 20,450,706  
     
     
    Wyoming–0.18%
              
    University of Wyoming; Series 2021 C, RB (INS - AGM)
    (f)
         4.00 %      06/01/2044        805        788,361  
     
     
    Total Municipal Obligations (Cost $668,534,905)
                 675,805,448  
     
     
                     
     Shares 
            
    Exchange-Traded Funds–0.18%
              
    Invesco Municipal Strategic Income ETF
    (Cost $758,488)
    (r)
              14,890        764,971  
     
     
    TOTAL INVESTMENTS IN SECURITIES
    (s)
    –154.95% (Cost $669,293,393)
                 676,570,419  
     
     
    FLOATING RATE NOTE OBLIGATIONS–(12.40)%
              
    Notes with interest and fee rates ranging from 3.46% to 3.72% at 08/31/2024 and contractual maturities of collateral ranging from 07/01/2026 to 11/15/2055 (See Note 1J)
    (t)
                 (54,160,000 ) 
     
     
    VARIABLE RATE MUNI TERM PREFERRED SHARES–(42.03)%
                 (183,536,943 ) 
     
     
    OTHER ASSETS LESS LIABILITIES–(0.52)%
                 (2,224,464 ) 
     
     
    NET ASSETS APPLICABLE TO COMMON SHARES–100.00%
               $ 436,649,012  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    18      Invesco Advantage Municipal Income Trust II

    Investment Abbreviations:
     
    AGM   – Assured Guaranty Municipal Corp.
    AMBAC   – American Municipal Bond Assurance Corp.
    BAM   – Build America Mutual Assurance Co.
    BHAC   – Berkshire Hathaway Assurance Corp.
    CEP   – Credit Enhancement Provider
    Ctfs.   – Certificates
    ETF   – Exchange-Traded Fund
    FHLMC   – Federal Home Loan Mortgage Corp.
    GNMA   – Government National Mortgage Association
    GO   – General Obligation
    IDR   – Industrial Development Revenue Bonds
    INS   – Insurer
    LOC   – Letter of Credit
    NATL   – National Public Finance Guarantee Corp.
    RAC   – Revenue Anticipation Certificates
    RB   – Revenue Bonds
    Ref.   – Refunding
    RN   – Revenue Notes
    SIFMA   – Securities Industry and Financial Markets Association
    VRD   – Variable Rate Demand
    Notes to Schedule of Investments:
     
    (a)
     
    Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
    (b)
     
    Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
    (c)
     
    Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2024 was $3,992,168, which represented less than 1% of the Trust’s Net Assets.
    (d)
     
    Restricted security. The aggregate value of these securities at August 31, 2024 was $6,047,843, which represented 1.39% of the Trust’s Net Assets.
    (e)
     
    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 August 31, 2024 was $34,950,938, which represented 8.00% of the Trust’s Net Assets.
    (f)
     
    Principal and/or interest payments are secured by the bond insurance company listed.
    (g)
     
    Zero coupon bond issued at a discount.
    (h)
     
    Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.
    (i)
     
    Security subject to the alternative minimum tax.
    (j)
     
    Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $12,435,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.
    (k)
     
    Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
    (l)
     
    Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2024.
    (m)
     
    Security valued using significant unobservable inputs (Level 3). See Note 3.
    (n)
     
    The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.
    (o)
     
    Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
    (p)
     
    Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2024.
    (q)
     
    Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
    (r)
     
    Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Trust owns 5% or more of the outstanding voting securities. The table below shows the Trust’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2024.
     
       
    Value
    February 29, 2024
     
    Purchases
    at Cost
     
    Proceeds
    from Sales
     
    Change in
    Unrealized
    Appreciation
     
    Realized
    Gain
     
    Value
    August 31, 2024
     
    Dividend Income
     
    Invesco Municipal Strategic Income ETF
      $760,292   $-    $-    $4,679   $-    $764,971   $15,361
     
     
    (s)
     
    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.
    Entity
      
    Percent
     
     
     
    Assured Guaranty Municipal Corp.
         5.54%  
     
     
     
    (t)
     
    Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2024. At August 31, 2024, the Trust’s investments with a value of $80,117,293 are held by TOB Trusts and serve as collateral for the $54,160,000 in the floating rate note obligations outstanding at that date.
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    19      Invesco Advantage Municipal Income Trust II

    Portfolio Composition
    By credit sector, based on total investments
    As of August 31, 2024
     
    Revenue Bonds
         83.78%  
     
     
    General Obligation Bonds
         12.37  
     
     
    Pre-Refunded
    Bonds
         2.25   
     
     
    Other
         1.60   
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    20      Invesco Advantage Municipal Income Trust II

    Statement of Assets and Liabilities
    August 31, 2024
    (Unaudited)
     
    Assets:
      
    Investments in unaffiliated securities, at value (Cost $668,534,905)
       $ 675,805,448  
     
     
    Investments in affiliates, at value
    (Cost $758,488)
         764,971  
     
     
    Receivable for:
      
    Investments sold
         100,352  
     
     
    Interest
         6,949,986  
     
     
    Investment for trustee deferred compensation and retirement plans
         28,591  
     
     
    Total assets
         683,649,348  
     
     
    Liabilities:
      
    Floating rate note obligations
         54,160,000  
     
     
    Variable rate muni term preferred shares ($0.01 par value, 1,836 shares issued with liquidation preference of $100,000 per share)
         183,536,943  
     
     
    Payable for:
      
    Investments purchased
         3,865,335  
     
     
    Dividends
         178,830  
     
     
    Amount due custodian
         4,272,368  
     
     
    Accrued fees to affiliates
         39,221  
     
     
    Accrued interest expense
         722,962  
     
     
    Accrued trustees’ and officers’ fees and benefits
         599  
     
     
    Accrued other operating expenses
         195,487  
     
     
    Trustee deferred compensation and retirement plans
         28,591  
     
     
    Total liabilities
         247,000,336  
     
     
    Net assets applicable to common shares
       $ 436,649,012  
     
     
    Net assets applicable to common shares consist of:
      
    Shares of beneficial interest – common shares
       $ 497,790,756  
     
     
    Distributable earnings (loss)
         (61,141,744 ) 
     
     
       $ 436,649,012  
     
     
    Common shares outstanding, no par value, with an unlimited number of common shares authorized:
      
    Common shares outstanding
         44,406,020  
     
     
    Net asset value per common share
       $ 9.83  
     
     
    Market value per common share
       $ 9.00  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    21      Invesco Advantage Municipal Income Trust II

    Statement of Operations
    For the six months ended August 31, 2024
    (Unaudited)
     
    Investment income:
      
    Interest
       $ 16,532,159  
     
     
    Dividends from affiliates
         15,361  
     
     
    Total investment income
         16,547,520  
     
     
    Expenses:
      
    Advisory fees
         1,890,371  
     
     
    Administrative services fees
         32,517  
     
     
    Custodian fees
         4,465  
     
     
    Interest, facilities and maintenance fees
         5,950,203  
     
     
    Transfer agent fees
         14,130  
     
     
    Trustees’ and officers’ fees and benefits
         12,223  
     
     
    Registration and filing fees
         11,319  
     
     
    Reports to shareholders
         125,739  
     
     
    Professional services fees
         77,261  
     
     
    Other
         1,989  
     
     
    Total expenses
         8,120,217  
     
     
    Less: Fees waived
         (1,426 ) 
     
     
    Net expenses
         8,118,791  
     
     
    Net investment income
         8,428,729  
     
     
    Realized and unrealized gain (loss) from:
      
    Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(437,016))
         (1,598,100 ) 
     
     
    Change in net unrealized appreciation of:
      
    Unaffiliated investment securities
         3,958,348  
     
     
    Affiliated investment securities
         4,679  
     
     
         3,963,027  
     
     
    Net realized and unrealized gain
         2,364,927  
     
     
    Net increase in net assets resulting from operations applicable to common shares
       $ 10,793,656  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    22      Invesco Advantage Municipal Income Trust II

    Statement of Changes in Net Assets
    For the six months ended August 31, 2024 and the year ended February 29, 2024
    (Unaudited)
     
        
    August 31,
       
    February 29,
     
        
    2024
       
    2024
     
     
     
    Operations:
        
    Net investment income
       $ 8,428,729     $ 16,437,740  
     
     
    Net realized gain (loss)
         (1,598,100 )      (8,714,683 ) 
     
     
    Change in net unrealized appreciation
         3,963,027       25,646,345  
     
     
    Net increase from payments by affiliates
         –       699,993  
     
     
    Net increase in net assets resulting from operations applicable to common shares
         10,793,656       34,069,395  
     
     
    Distributions to common shareholders from distributable earnings
         (12,096,200 )      (16,752,096 ) 
     
     
    Return of capital applicable to common shares
         –       (317,578 ) 
     
     
    Total distributions
         (12,096,200 )      (17,069,674 ) 
     
     
    Net increase (decrease) in net assets applicable to common shares
         (1,302,544 )      16,999,721  
     
     
    Net assets applicable to common shares:
        
    Beginning of period
         437,951,556       420,951,835  
     
     
    End of period
       $ 436,649,012     $ 437,951,556  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    23      Invesco Advantage Municipal Income Trust II

    Statement of Cash Flows
    For the six months ended August 31, 2024
    (Unaudited)
     
    Cash provided by operating activities:
      
    Net increase in net assets resulting from operations applicable to common shares
       $ 10,793,656  
     
     
    Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
      
    Purchases of investments
         (35,184,666 ) 
     
     
    Proceeds from sales of investments
         56,886,389  
     
     
    Purchases of short-term investments, net
         (3,038,960 ) 
     
     
    Amortization (accretion) of premiums and discounts, net
         (975,276 ) 
     
     
    Net realized loss from investment securities
         1,598,100  
     
     
    Net change in unrealized appreciation on investment securities
         (3,963,027 ) 
     
     
    Change in operating assets and liabilities:
      
     
     
    Decrease in receivables and other assets
         207,781  
     
     
    Increase in accrued expenses and other payables
         36,079  
     
     
    Net cash provided by operating activities
         26,360,076  
     
     
    Cash provided by (used in) financing activities:
      
    Increase in payable for amount due custodian
         4,134,415  
     
     
    Dividends paid to common shareholders from distributable earnings
         (11,954,491 ) 
     
     
    Decrease in VMTP Shares, at liquidation value
         (32,400,000 ) 
     
     
    Proceeds from TOB Trusts
         16,205,000  
     
     
    Repayment of TOB Trusts
         (2,345,000 ) 
     
     
    Net cash provided by (used in) financing activities
         (26,360,076 ) 
     
     
    Net increase in cash and cash equivalents
         –  
     
     
    Cash and cash equivalents at beginning of period
         –  
     
     
    Cash and cash equivalents at end of period
       $ –  
     
     
    Supplemental disclosure of cash flow information:
      
     
     
    Cash paid during the period for interest, facilities and maintenance fees
       $ 5,963,487  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    24      Invesco Advantage Municipal Income Trust II

    Financial Highlights
    August 31, 2024
    (Unaudited)
    The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
     
                              
        
    Six Months Ended
     
    Year Ended
     
    Years Ended
     
    Year Ended
        
    August 31,
     
    February 29,
     
    February 28,
     
    February 29,
         
    2024
     
    2024
     
    2023
     
    2022
     
    2021
     
    2020
    Net asset value per common share, beginning of period
           $   9.86       $   9.48       $  11.41       $  12.05       $  12.45       $  11.55
    Net investment income
    (a)
           0.19       0.37       0.44       0.54       0.58       0.51
    Net gains (losses) on securities (both realized and unrealized)
           0.05       0.39       (1.87 )       (0.60 )       (0.44 )       0.93
    Total from investment operations
           0.24       0.76       (1.43 )       (0.06 )       0.14       1.44
    Less:
                            
    Dividends paid to common shareholders from net investment income
           (0.27 )       (0.37 )       (0.46 )       (0.58 )       (0.54 )       (0.52 )
    Return of capital
           –       (0.01 )       (0.04 )       –       –       (0.02 )
    Total distributions
           (0.27 )       (0.38 )       (0.50 )       (0.58 )       (0.54 )       (0.54 )
    Net asset value per common share, end of period
           $   9.83       $   9.86       $   9.48       $  11.41       $  12.05       $  12.45
    Market value per common share, end of period
           $   9.00       $   8.53       $   8.54       $  11.03       $  11.49       $  11.21
    Total return at net asset value
    (b)
           2.83 %       8.94 %
    (c)
          (12.28 )%       (0.66 )%       1.75 %       13.11 %
    Total return at market value
    (d)
           8.83 %       4.62 %       (18.25 )%       0.72 %       7.75 %       10.24 %
    Net assets applicable to common shares, end of period (000’s omitted)
           $436,649       $437,952       $420,952       $506,768       $534,747       $552,872
    Portfolio turnover rate
    (e)
           5 %       36 %       42 %       14 %       20 %       9 %
    Ratios/supplemental data based on average net assets applicable to common shares outstanding:
                            
    Ratio of expenses:
        
     
     
     
       
     
     
     
       
     
     
     
       
     
     
     
       
     
     
     
       
     
     
     
    With fee waivers and/or expense reimbursements
           3.71 %
    (f)
          3.67 %       2.84 %       1.60 %       1.84 %       2.57 %
    With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees
           0.99 %
    (f)
          0.96 %       1.01 %       0.93 %       0.97 %       1.01 %
    Without fee waivers and/or expense reimbursements
           3.71 %
    (f)
          3.67 %       2.84 %       1.60 %       1.84 %       2.57 %
    Ratio of net investment income to average net assets
           3.85 %
    (f)
          3.89 %       4.48 %       4.45 %       4.89 %       4.26 %
    Senior securities:
                            
    Total amount of preferred shares outstanding (000’s omitted)
           $183,600         $216,000         $216,000         $216,000         $216,000         $216,000  
    Asset coverage per preferred share
    (g)
           $337,826         $302,755         $294,885         $334,615         $347,568         $355,959  
    Liquidating preference per preferred share
           $100,000         $100,000         $100,000         $100,000         $100,000         $100,000  
     
    (a)
     
    Calculated using average shares outstanding.
    (b)
     
    Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.
    (c)
     
    Amount includes the effect of the Adviser
    pay-in
    for an economic loss that occurred on October 4, 2023. Had the
    pay-in
    not been made the total return would have been 8.74%.
    (d)
     
    Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.
    (e)
     
    Portfolio turnover is not annualized for periods less than one year, if applicable.
    (f)
     
    Annualized.
    (g)
     
    Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding.
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
    25      Invesco Advantage Municipal Income Trust II

    Notes to Financial Statements
    August 31, 2024
    (Unaudited)
    NOTE 1–Significant Accounting Policies
    Invesco Advantage Municipal Income Trust II (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a
    closed-end
    management investment company.
    The Trust’s investment objective is to provide common shareholders with a high level of current income exempt from federal income tax, consistent with preservation of capital.
    The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946,
    Financial Services – Investment Companies.
    The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.
    A.
    Security Valuations
    – Securities, including restricted securities, are valued according to the following policy.
    Securities generally are valued on the basis of prices provided by independent pricing services. Prices 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. 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.
    A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the
    over-the-counter
    market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
    Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
    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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally 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.
    The price the Trust could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Trust securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Trust could realize a greater or lesser than expected gain or loss upon the sale of the investment.
    B
    .
    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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
    Pay-in-kind
    interest income and
    non-cash
    dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the
    ex-dividend
    date.
    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.
    C.
    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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.
    D.
    Distributions
    – The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders.
    E.
    Federal Income Taxes
    –
    The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal
     
    26      Invesco Advantage Municipal Income Trust II

      Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
    The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
    In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt dividends”, as defined in the Internal Revenue Code.
    The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
    F.
    Interest, Facilities and Maintenance Fees
    – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.
    G.
    Accounting Estimates
    –
    The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the
    period-end
    date and before the date the financial statements are released to print.
    H.
    Indemnifications
    – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
    I.
    Cash and Cash Equivalents –
    For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), restricted cash, money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.
    J.
    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 carrying amount of the Trust’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. 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 and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute “covered funds” under the Volcker Rule. As a result of the Volcker Rule, the Trust, as holder of Inverse Floaters, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a
    non-bank
    third-party service provider. The Trust’s expanded role may increase its operational and regulatory risk.
    Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trust’s ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.
    There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.
    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
     
    27      Invesco Advantage Municipal Income Trust II

    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.
    K.
    Other Risks
    – The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Trust’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.
    Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Trust, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Trust’s portfolio turnover rate and transaction costs.
    Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Trust to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.
    The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.
    NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
    The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.55% of the Trust’s average daily managed assets. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP).
    Under the terms of a master
    sub-advisory
    agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated
    Sub-Advisers”)
    the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated
    Sub-Adviser(s)
    that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated
    Sub-Adviser(s).
    The Adviser has contractually agreed, through at least June 30, 2026, to waive the advisory fee payable by the Trust in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated investments by the Trust.
    For the six months ended August 31, 2024, the Adviser waived advisory fees of $1,426.
    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2024, expenses incurred under this agreement are shown in the Statement of Operations as
    Administrative services fees
    . Invesco has entered into a
    sub-administration
    agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust’s custodian.
    Certain officers and trustees of the Trust are officers and directors of Invesco.
    NOTE 3–Additional Valuation Information
    GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
     Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
     Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When significant events due to market movements occur, foreign securities may be fair valued utilizing an independent pricing service.
     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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
    The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
     
        
    Level 1
        
    Level 2
        
    Level 3
        
    Total
     
     
     
    Investments in Securities
               
     
     
    Municipal Obligations
       $ –      $ 675,424,722      $ 380,726      $ 675,805,448  
     
     
    Exchange-Traded Funds
         764,971        –        –        764,971  
     
     
    Total Investments
       $ 764,971      $ 675,424,722      $ 380,726      $ 676,570,419  
     
     
     
    28      Invesco Advantage Municipal Income Trust II

    NOTE 4–Security Transactions with Affiliated Funds
    The Trust is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Trust from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule
    17a-7
    of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule
    17a-7.
    Pursuant to these procedures, for the six months ended August 31, 2024, the Trust engaged in securities purchases of $10,320,992 and securities sales of $11,995,986, which resulted in net realized gains (losses) of $(437,016).
    NOTE 5–Trustees’ and Officers’ Fees and Benefits
    Trustees’ and Officers’ Fees and Benefits
    include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and “
    Trustees’ and Officers’ Fees and Benefits
    ” includes amounts accrued by the Trust to fund such deferred compensation amounts.
    NOTE 6–Cash Balances and Borrowings
    The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at
    period-end,
    are shown in the Statement of Assets and Liabilities under the payable caption
    Amount due custodian
    . To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
    Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2024 were $48,082,143 and 5.39%, respectively.
    NOTE 7–Tax Information
    The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal
    year-end.
    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
    The Trust had a capital loss carryforward as of February 29, 2024, as follows:
     
    Capital Loss Carryforward*
     
    Expiration
      
    Short-Term
      
    Long-Term
      
    Total
     
    Not subject to expiration
       $31,065,418    $30,726,233    $61,791,651
     
     
    *
    Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
    NOTE 8–Investment Transactions
    The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2024 was $33,446,265 and $56,986,526, respectively. As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting
    period-end:
     
    Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
     
     
     
    Aggregate unrealized appreciation of investments
       $ 21,144,975  
     
     
    Aggregate unrealized (depreciation) of investments
         (15,211,008 ) 
     
     
    Net unrealized appreciation of investments
       $ 5,933,967  
     
     
    Cost of investments for tax purposes is $670,636,452.
    NOTE 9–Common Shares of Beneficial Interest
    Transactions in common shares of beneficial interest were as follows:
     
        
    Six Months Ended
    August 31,
        
    Year Ended
    February 29,
     
        
    2024
        
    2024
     
    Beginning shares
         44,406,020          44,406,020  
    Shares issued through dividend reinvestment
         –          –  
    Ending shares
         44,406,020          44,406,020  
    The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.
     
    29      Invesco Advantage Municipal Income Trust II

    NOTE 10–Variable Rate Muni Term Preferred Shares
    The Trust issued Series
    2015/6-VKI
    VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. As of August 31, 2024, the VMTP Shares outstanding were as follows:
     
    Issue Date
      
    Shares Issued
      
    Term Redemption Date
      
    Extension Date
     
    05/15/2012
       2,160    12/02/2024    04/14/2022
     
    VMTP Shares are a variable-rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On May 31, 2024, the Trust redeemed 324 Series
    2015/6-VKI
    VMTP Shares, with a liquidation preference of $100,000 per share to pay holders of record as of May 1, 2024, the redemption price, including accumulated but unpaid dividends, to holders of VMTP Shares called for redemption on such date, in connection with the partial redemption. Effective June 1, 2024, the Trust extended the term of the VMTP Shares and is required to redeem all outstanding VMTP Shares on December 2, 2027, unless earlier redeemed, repurchased or extended. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a redemption premium, if any. Starting six months prior to the term redemption date, the Trust will be required to earmark assets having a value equal to 110% of the redemption amount.
    The Trust incurs costs in connection with the issuance and/or the extension of the VMTP Shares. These costs are recorded as a deferred charge and are amortized over the term life of the VMTP Shares. Amortization of these costs is included in
    Interest, facilities and maintenance fees
    on the Statement of Operations, and the unamortized balance is included in the value of
    Variable rate muni term preferred shares
    on the Statement of Assets and Liabilities.
    Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the “SIFMA” Index). As of August 31, 2024, the dividend rate is equal to the SIFMA Index plus a spread of 1.23%, which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2024 were $199,623,913 and 4.54%, respectively.
    The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shareholders. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the VMTP Shares remains unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trust’s yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the liquidation preference plus any accumulated but unpaid dividends.
    The liquidation preference of VMTP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate
    muni term preferred shares
    on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the “spread” on the VMTP Shares (determined in accordance with the VMTP Shares’ governing document) remains unchanged. At
    period-end,
    the Trust’s Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as
    Accrued interest expense
    on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of
    Interest, facilities and maintenance fees
    on the Statement of Operations.
    NOTE 11–Dividends
    The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2024:
     
    Declaration Date
      
    Amount per Share
      
    Record Date
        
    Payable Date
     
     
     
    September 3, 2024
       $0.0559      September 17, 2024        September 30, 2024  
     
     
    October 1, 2024
       $0.0559      October 16, 2024        October 31, 2024  
     
     
     
    30      Invesco Advantage Municipal Income Trust II

    Approval of Investment Advisory and
    Sub-Advisory
    Contracts
     
     
    At meetings held on June 12, 2024, the Board of Trustees (the Board or the Trustees) of Invesco Advantage Municipal Income Trust II (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup
    Sub-Advisory
    Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated
    Sub-Advisers
    and the
    sub-advisory
    contracts) for another year, effective July 1, 2024. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the
    sub-advisory
    contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated
    Sub-Advisers
    is fair and reasonable.
    The Board’s Evaluation Process
    The Board has established an Investments Committee, which in turn has established
    Sub-Committees,
    that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The
    Sub-Committees
    meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and
    sub-advisory
    contracts. The Board took into account evaluations and reports that it received from its committees and
    sub-committees,
    as well as the information provided to the Board and its committees and
    sub-committees
    throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and
    sub-advisory
    contracts.
     As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal
    process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 7, 2024 and June 12, 2024, the independent Trustees also discussed the continuance of the investment advisory agreement and
    sub-advisory
    contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to
    follow-up
    requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those
    follow-up
    responses with legal counsel to the independent Trustees and the Senior Officer.
     The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and
    sub-advisory
    contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and
    sub-advisory
    contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 12, 2024.
    Factors and Conclusions and Summary of Independent Written Fee Evaluation
    A.
    Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated
    Sub-Advisers
    The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered the additional services provided to the Fund due to the fact that the Fund is a
    closed-end
    fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund’s trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities. The Board received a description of, and reports related
    to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered
    non-advisory
    services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.
     The Board reviewed the services that may be provided to the Fund by the Affiliated
    Sub-Advisers
    under the
    sub-advisory
    contracts and the credentials and experience of the officers and employees of the Affiliated
    Sub-Advisers
    who provide these services. The Board noted the Affiliated
    Sub-Advisers’
    expertise with respect to certain asset classes and that the Affiliated
    Sub-Advisers
    have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated
    Sub-Advisers
    can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the
    sub-advisory
    contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated
    Sub-Advisers
    in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated
    Sub-Advisers
    are appropriate and satisfactory.
    B.
    Fund Investment Performance
    The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the
    sub-advisory
    contracts for the Fund, as no Affiliated
    Sub-Adviser
    currently manages assets of the Fund.
     The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2023 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 5+ Year Investment Grade Index (Index). The Board noted that the Fund’s performance was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of
     
    31      Invesco Advantage Municipal Income Trust II

    the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.
    C.
    Advisory and
    Sub-Advisory
    Fees and Fund Expenses
    The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management and actual management fee rates for shares of the Fund were each the same as the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain
    non-portfolio
    management administrative services fees, but that Broadridge is not able to provide information on a
    fund-by-fund
    basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
     The Board noted that Invesco Advisers and the Affiliated
    Sub-Advisers
    do not manage other similarly managed mutual funds or client accounts.
     The Board also considered the services that may be provided by the Affiliated
    Sub-Advisers
    pursuant to the
    sub-advisory
    contracts, as well as the fees payable by Invesco Advisers to the Affiliated
    Sub-Advisers
    pursuant to the
    sub-advisory
    contracts.
    D.
    Economies of Scale and Breakpoints
    The Board noted that most
    closed-end
    funds do not have fund level breakpoints because
    closed-end
    funds generally do not experience substantial asset growth after the initial public offering. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.
    E.
    Profitability and Financial Resources
    The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in
    providing these services in the aggregate and on an individual
    fund-by-fund
    basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated
    Sub-Advisers
    are financially sound and have the resources necessary to perform their obligations under the
    sub-advisory
    contracts. The Board noted the cyclical and competitive nature of the global asset management industry.
    F.
    Collateral Benefits to Invesco Advisers and its Affiliates
    The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.
     The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.
     
    32      Invesco Advantage Municipal Income Trust II

    Proxy Results
    A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Advantage Municipal Income Trust II (the “Fund”) was held on August 29, 2024. The Meeting was held for the following purpose:
    (1). Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class.
    (2). Election of Trustees by Preferred Shareholders voting as a separate class.
    The results of the voting on the above matters were as follows:
     
        
    Matter
      
    Votes For
               
    Votes
    Against/Withheld
     
     
     
    (1)
       Elizabeth Krentzman      34,415,739.65           3,465,903.52  
       Robert C. Troccoli      34,393,896.65           3,487,746.52  
       Carol Deckbar      34,421,028.65           3,460,614.52  
       Douglas Sharp      34,399,672.65           3,481,970.52  
    (2)
       Elizabeth Krentzman      1,836.00           0.00  
       Robert C. Troccoli      1,836.00           0.00  
       Carol Deckbar      1,836.00           0.00  
       Douglas Sharp      1,836.00           0.00  
    A Joint Special Meeting (“Meeting”) of Shareholders of Invesco Advantage Municipal Income Trust II (the “Fund”) was held on August 29, 2024. The Meeting was held for the following purpose: (1). To approve amendments to the current fundamental investment restrictions of the Fund as follows: The results of the voting on the above matters were as follows:
     
        
    Matter
      
    Votes For
               
    Votes
    Against/Withheld
                 
    Votes Abstain
     
     
     
    (a)
       To amend the fundamental investment restriction regarding diversification      20,409,652.58           2,133,428.78             869,113.82  
    (b)
       To amend the fundamental investment restriction regarding borrowing      20,358,060.58           2,213,039.78             841,096.82  
    (c)
       To amend the fundamental investment restriction regarding issuing senior securities      20,467,246.58           2,105,652.78             839,293.82  
    (d)
       To amend the fundamental investment restriction regarding underwriting securities issued by other persons      20,378,208.58           2,180,532.78             853,455.82  
    (e)
       To amend the fundamental investment restriction regarding lending      20,336,275.58           2,166,369.78             909,549.82  
    (f)
       To amend the fundamental investment restriction regarding purchasing and selling real estate      20,182,983.58           2,413,353.78             815,857.82  
    (g)
       To amend the fundamental investment restriction regarding purchasing and selling commodities      20,198,333.58           2,381,710.78             832,153.82  
    (h)
       To amend the fundamental investment restriction regarding industry concentration      20,396,268.58           2,144,656.78             871,270.82  
    (2). To approve the removal of the following current fundamental investment restrictions for the affected Fund as follows:
    The results of the voting on the above matters were as follows:
     
        
    Matter
      
    Votes For
               
    Votes
    Against/Withheld
               
    Votes Abstain
     
     
     
    (a)
       To remove the fundamental investment restriction regarding purchasing on margin      20,139,588.58           2,312,230.78           960,379.82  
    (b)
       To remove the fundamental investment restriction(s) regarding making short sales, writing, purchasing or selling puts or calls or purchasing futures or options      20,000,303.58           2,453,851.78           958,038.82  
    (c)
       To remove the fundamental investment restriction regarding investing for control or management      20,101,691.58           2,357,617.78           952,886.82  
    (d)
       To remove the fundamental investment restriction regarding investing in other investment companies      20,116,144.58           2,346,329.78           949,721.82  
    (e)
       To remove the fundamental investment restriction regarding investing in oil, gas or mineral exploration or development programs      20,229,117.58           2,208,442.78           974,633.82  
     
    33      Invesco Advantage Municipal Income Trust II

    (This page intentionally left blank)

    (This page intentionally left blank)

     
     
     
    Correspondence information
    Send general correspondence to Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078
     
     
    Trust holdings and proxy voting information
    The Trust provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form
    N-PORT.
    The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust’s Form
    N-PORT
    filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.
    A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at
    invesco.com/corporate/about-us/esg.
    The information is also available on the SEC website, sec.gov.
    Information regarding how the Trust voted proxies related to its portfolio securities during the most recent
    12-month
    period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
     
    LOGO
     
    SEC file number(s):
    811-07868
      
    VK-CE-AMINC2-SAR-1
                   


    (b) Not applicable.

    Item 2. Code of Ethics

    Not applicable for a semi-annual report.

    Item 3. Audit Committee Financial Expert

    Not applicable.

    Item 4. Principal Accountant Fees and Services

    Not applicable.

    Item 5. Audit Committee of Listed Registrants

    Not applicable.

    Item 6. Investments

    Investments in securities of unaffiliated issuers is filed under Item 1 of this Form.

    Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

    Not applicable.

    Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

    Not applicable.

    Item 9. Proxy Disclosures for Open-End Management Investment Companies

    Not applicable.

    Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies

    Not applicable.

    Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

    Not applicable.


    Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

    Not applicable.

    Item 13. Portfolio Managers of Closed-End Management Investment Companies

    Not applicable.

    Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

    Not applicable.

    Item 15. Submission of Matters to a Vote of Security Holders

    None.

    Item 16. Controls and Procedures

     

      (a)

    As of a date within 90 days of the filing date of this report, 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 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

    Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies

    Not applicable.

    Item 18. Recovery of Erroneously Awarded Compensation

    Not applicable.


    Item 19. Exhibits

    19(a)(1) Not applicable.

    19(a)(2) Not applicable.

    19(a)(3) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

    19(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.


    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/ Glenn Brightman

      Glenn Brightman
      Principal Executive Officer
    Date:   November 1, 2024

    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/ Glenn Brightman

      Glenn Brightman
      Principal Executive Officer
    Date:   November 1, 2024

     

    By:  

    /s/ Adrien Deberghes

      Adrien Deberghes
      Principal Financial Officer
    Date:   November 1, 2024
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