Edgar Filing: Invesco Advantage Municipal Income Trust II

Invesco Advantage Municipal Income Trust II

Quarterly Schedule of Portfolio Holdings

May 31, 2013

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07868

Invesco Advantage Municipal Income Trust II

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 05/31/13

Item 1. Schedule of Investments.

Schedule of Investments

May 31, 2013

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value

Municipal Obligations–164.24%*

Alabama–2.22%

Alabama (State of) Incentives Financing Authority; Series 2012 A, Special Obligation RB	5.00%		09/01/42	$	2,500	$	2,716,750
Bessemer Governmental Utility Services Corp.; Series 2008 A, Ref. Water Supply RB (INS-AGC) ^(a)(b)	5.00%		06/01/39		2,375		2,520,469
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) ^(a)	5.25%		07/01/30		1,800		1,984,770
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB	5.50%		01/01/43		1,900		1,856,490
Mobile (City of) Industrial Development Board (Mobile Energy Services Co.); Series 1995, Ref. Solid Waste Disposal RB	6.95%		01/01/20		4		0
Phenix City (City of) Industrial Development Board (MeadWestvaco Coated Board); Series 2012, Ref. Environmental Improvement RB ^(c)	4.13%		05/15/35		1,000		925,630
Selma (City of) Industrial Development Board; Series 2009 A, Gulf Opportunity Zone RB	6.25%		11/01/33		2,200		2,523,840
							12,527,949

Alaska–0.70%

Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB ^(b)	5.50%		10/01/41		3,465		3,963,336

Arizona–4.45%

Arizona (State of) Transportation Board;
Series 2008 B, Highway RB ^(b)	5.00%		07/01/25		1,875		2,182,481
Series 2008 B, Highway RB ^(b)	5.00%		07/01/26		2,810		3,263,365
Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network); Series 2005 B, Ref. Hospital RB	5.00%		12/01/37		1,935		1,974,822
Glendale (City of) Industrial Development Authority (Midwestern University);
Series 2010, RB	5.00%		05/15/35		500		527,450
Series 2010, RB	5.13%		05/15/40		1,250		1,311,025
Maricopa (County of) Industrial Development Authority (Catholic Healthcare West); Series 2009 C, Health Facilities RB ^(d)(e)	5.00%		07/01/14		2,425		2,524,522
Navajo County Pollution Control Corp.;
Series 2009 C, PCR ^(d)(e)	5.50%		06/01/14		675		707,474
Series 2009 E, PCR ^(d)(e)	5.75%		06/01/16		800		893,504
Phoenix (City of) Industrial Development Authority (Career Success Schools);
Series 2009, Education RB	7.00%		01/01/39		690		682,658
Series 2009, Education RB	7.13%		01/01/45		660		656,654
Phoenix (City of) Industrial Development Authority (Rowan University); Series 2012, Lease RB	5.00%		06/01/42		2,340		2,467,437
Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB ^(c)	6.55%		12/01/37		2,500		2,597,350
Salt River Project Agricultural Improvement & Power District; Series 2009 A, Electric System RB ^(b)	5.00%		01/01/28		2,305		2,621,154
South Campus Group Housing LLC (Arizona State University South Campus); Series 2003, Student Housing RB ^(e)(f)	5.63%		09/01/13		2,685		2,692,948
							25,102,844

Arkansas–0.33%

Arkansas (State of) (College Savings); Series 1996 A, Unlimited Tax CAB GO Bonds ^(f)(g)	0.00%		06/01/16		1,930		1,890,532

California–23.72%

Anaheim (City of) Public Financing Authority (Anaheim Public Improvements);
Series 1997 C, Sub. Lease CAB RB (INS-AGM) ^(a)(g)	0.00%		09/01/19		6,000		5,102,760
Series 1997 C, Sub. Lease CAB RB (INS-AGM) ^(a)(g)	0.00%		09/01/21		7,195		5,472,301
Series 1997 C, Sub. Lease RB (INS-AGM) ^(a)	6.00%		09/01/16		1,300		1,467,479
Bay Area Governments Association (California Redevelopment Agency Pool); Series 2004 A, Tax Allocation RB (INS-SGI) ^(a)	5.25%		09/01/35		2,095		2,100,342

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

California–(continued)

Bay Area Toll Authority (San Francisco Bay Area);
Series 2008 F-1, Toll Bridge RB ^(b)	5.00%		04/01/39	$	4,000	$	4,379,360
Series 2008 F-1, Toll Bridge RB ^(b)	5.00%		04/01/39		2,715		2,972,491
Beverly Hills Unified School District (Election of 2008); Series 2009, Unlimited Tax CAB GO Bonds ^(g)	0.00%		08/01/28		900		523,485
California (State of) Department of Water Resources (Central Valley);
Series 2008 AE, Water System RB ^(b)	5.00%		12/01/24		850		994,415
Series 2008 AE, Water System RB ^(b)	5.00%		12/01/25		1,075		1,255,374
Series 2008 AE, Water System RB ^(b)	5.00%		12/01/26		1,075		1,255,374
Series 2008 AE, Water System RB ^(b)	5.00%		12/01/27		650		756,958
Series 2008 AE, Water System RB ^(b)	5.00%		12/01/28		1,075		1,247,398
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2009 A, RB	6.00%		07/01/34		1,100		1,308,131
California (State of) Health Facilities Financing Authority (Sutter Health); Series 2013 A, RB	5.00%		08/15/52		2,000		2,134,140
California (State of) Housing Finance Agency;
Series 2008 K, Home Mortgage RB ^(c)	5.30%		08/01/23		2,500		2,583,200
Series 2008 K, Home Mortgage RB ^(c)	5.45%		08/01/28		4,100		4,247,313
California (State of) Pollution Control Finance Authority;
Series 2012, Water Furnishing RB ^(c)(h)	5.00%		07/01/30		1,215		1,250,247
Series 2012, Water Furnishing RB ^(c)(h)	5.00%		07/01/37		2,685		2,710,266
California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2005 C, Solid Waste Disposal RB ^(c)(d)	5.13%		11/01/23		3,000		3,218,340
California (State of) Public Works Board (Department of Corrections - State Prisons); Series 1993 A, Ref. Lease RB (INS-AMBAC) ^(a)	5.00%		12/01/19		4,000		4,516,360
California (State of) Public Works Board (Department of Mental Health - Coalinga State Hospital); Series 2004 A, Lease RB ^(e)(f)	5.00%		06/01/14		3,750		3,928,237
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2006 A, RB	5.00%		08/15/28		1,145		1,238,638
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2009 A, RB	5.00%		04/01/19		1,450		1,735,577
California (State of);
Series 2009, Various Purpose Unlimited Tax GO Bonds	5.75%		04/01/31		1,300		1,513,005
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds	5.25%		07/01/21		2,100		2,495,073
Series 2012, Ref. Unlimited Tax GO Bonds	5.25%		02/01/30		2,220		2,548,405
Series 2012, Ref. Unlimited Tax GO Bonds	5.00%		02/01/38		1,385		1,517,932
Series 2012, Various Purpose Unlimited Tax GO Bonds	5.25%		04/01/35		2,805		3,178,514
Series 2012, Various Purpose Unlimited Tax GO Bonds	5.00%		04/01/42		2,060		2,241,507
Series 2013, Ref. Unlimited Tax GO Bonds	5.00%		10/01/24		1,950		2,218,671
Series 2013, Ref. Unlimited Tax GO Bonds	5.00%		10/01/25		2,000		2,265,680
Series 2013, Various Purpose Unlimited Tax GO Bonds	5.00%		02/01/38		1,350		1,492,047
Series 2013, Various Purpose Unlimited Tax GO Bonds	5.00%		02/01/43		1,050		1,148,868
Daly City (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier Mobile Home Park RB	6.50%		12/15/47		425		435,179
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB ^(b)	5.00%		06/01/36		4,065		4,690,197
Florin Resource Conservation District (Elk Grove Water Service); Series 2003 A, Capital Improvement COP (INS-NATL) ^(a)	5.00%		09/01/33		1,775		1,787,372
Foothill-Eastern Transportation Corridor Agency; Series 1999, Ref. Toll Road CAB RB (INS-NATL) ^(a)(g)	0.00%		01/15/18		5,000		3,865,750
Los Angeles (City of) Department of Water & Power;
Series 2012 B, Waterworks RB	5.00%		07/01/37		1,200		1,341,468
Subseries 2008 A-1, Power System RB ^(b)	5.25%		07/01/38		3,000		3,364,200
Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB ^(h)	5.50%		03/01/18		120		130,961
Oakland (Port of); Series 2012 P, Ref. Sr. Lien RB ^(c)	5.00%		05/01/26		5,000		5,670,500
Palomar Pomerado Health; Series 2009, COP	6.75%		11/01/39		1,225		1,366,610
Regents of the University of California; Series 2012 G, Limited Project RB	5.00%		05/15/37		1,825		2,037,594
Riverside County Asset Leasing Corp. (Riverside County Hospital); Series 1997, Leasehold CAB RB (INS-NATL) ^(a)(g)	0.00%		06/01/21		9,000		6,512,580
San Diego (County of) Regional Airport Authority; Series 2010 A, Sub. RB	5.00%		07/01/34		1,600		1,733,184
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds ^(b)	5.00%		08/01/36		8,490		9,564,070

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

California–(continued)

San Francisco (City & County of) Airport Commission (San Francisco International Airport);
Series 2011 F, Ref. Second Series RB ^(c)	5.00%		05/01/25	$	850	$	961,427
Series 2011 F, Ref. Second Series RB ^(c)	5.00%		05/01/26		1,700		1,905,547
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB ^(b)	5.00%		11/01/36		3,690		4,151,951
San Francisco (City & County of) Public Utilities Commission; Series 2012, Water RB	5.00%		11/01/33		4,000		4,526,400
Vernon (City of); Series 2009 A, Electric System RB	5.13%		08/01/21		2,350		2,651,834
							133,714,712

Colorado–2.73%

Colorado (State of) Health Facilities Authority (Catholic Health); Series 2006 C5, RB (INS-AGM) ^(a)(b)	5.00%		09/01/36		5,425		5,754,732
Colorado (State of) Health Facilities Authority (Evangelical Lutheran); Series 2005, Health Facilities RB	5.00%		06/01/35		2,020		2,085,509
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, Health & Residential Care Facilities RB	5.30%		07/01/37		1,005		956,428
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, Private Activity RB	6.50%		01/15/30		1,500		1,775,730
Series 2010, Private Activity RB	6.00%		01/15/34		1,200		1,364,520
Denver (City & County of);
Series 2012 B, Airport System RB	5.00%		11/15/37		1,400		1,549,380
Series 1991 D, Airport System RB ^(c)	7.75%		11/15/13		265		273,750
Salida (City of) Hospital District; Series 2006, RB	5.25%		10/01/36		1,600		1,657,696
							15,417,745

Connecticut–0.37%

Connecticut (State of) Housing Finance Authority; Subseries 2010 D-2, Housing Mortgage Finance Program RB ^(c)	5.00%		05/15/31		1,685		1,824,535
Hamden (Town of) (Whitney Center); Series 2009 B, Entrance Fee Principal Redemption RB	6.13%		01/01/14		250		250,347
							2,074,882

District of Columbia–2.64%

District of Columbia (Provident Group - Howard Properties LLC); Series 2013, Student Dormitory RB	5.00%		10/01/45		1,650		1,708,393
District of Columbia (Sibley Memorial Hospital);
Series 2009, Hospital RB	6.50%		10/01/29		800		932,016
Series 2009, Hospital RB	6.38%		10/01/34		2,650		3,057,305
District of Columbia Water & Sewer Authority;
Series 2007 A, Public Utility Sub. Lien RB (INS-AGM) ^(a)	5.50%		10/01/41		5,500		6,224,185
Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) ^(a)(b)	5.00%		10/01/29		850		972,162
Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) ^(a)(b)	5.00%		10/01/34		1,725		1,965,172
							14,859,233

Florida–9.14%

Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR	5.88%		11/15/36		1,000		992,420
Broward (County of); Series 2012 A, Water & Sewer Utility RB	5.00%		10/01/37		2,460		2,777,660
Citizens Property Insurance Corp. (High Risk Account); Series 2010 A-1, Sr. Sec. RB	5.25%		06/01/17		2,420		2,798,875
Escambia (County of) Health Facilities Authority (Florida Health Care Facility Loan Veterans Health Administration Program); Series 2000, RB (INS-AMBAC) ^(a)	5.95%		07/01/20		345		371,744
Florida (State of) Department of Transportation;
Series 2008 A, Ref. Turnpike RB ^(b)	5.00%		07/01/26		1,305		1,470,944
Series 2008 A, Ref. Turnpike RB ^(b)	5.00%		07/01/27		1,325		1,495,395
Series 2008 A, Ref. Turnpike RB ^(b)	5.00%		07/01/28		1,440		1,620,806
Series 2008 A, Ref. Turnpike RB ^(b)	5.00%		07/01/32		2,500		2,800,525
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB ^(c)	5.13%		06/01/27		1,800		2,048,994
Hillsborough (County of) Aviation Authority;
Series 2008 A, RB (INS-AGC) ^(a)(b)(c)	5.38%		10/01/33		1,075		1,197,733
Series 2008 A, RB (INS-AGC) ^(a)(b)(c)	5.50%		10/01/38		2,425		2,705,815

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

Florida–(continued)

Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.); Series 2007 B, Ref. PCR ^(d)(e)	5.15%		09/01/13	$	900	$	910,170
Jacksonville (City of) (Better Jacksonville); Series 2012 A, Ref. Sales Tax RB	5.00%		10/01/30		1,300		1,466,764
JEA; Series 2012 Three B, Electric System RB	5.00%		10/01/39		3,300		3,648,678
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB	5.00%		07/01/40		1,000		1,067,160
Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2010 A, Ref. Hospital RB	6.13%		08/01/42		705		820,155
Miami-Dade (County of);
Series 2012 B, Ref. Sub. Special Obligation RB	5.00%		10/01/32		870		958,174
Series 2012 B, Ref. Sub. Special Obligation RB	5.00%		10/01/35		1,375		1,490,624
Midtown Miami Community Development District; Series 2004 A, Special Assessment RB	6.00%		05/01/24		545		551,017
Ocoee (City of); Series 2003, Water & Sewer System Ref. & Improvement RB (INS-AMBAC) ^(a)	5.13%		10/01/33		5,000		5,017,200
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.); Series 2005, Ref. RB	5.38%		07/01/20		925		945,156
Palm Beach (County of) Health Facilities Authority (The Waterford); Series 2007, RB	5.88%		11/15/37		1,250		1,307,375
Palm Beach (County of) Solid Waste Authority;
Series 2009, Improvement RB (INS-BHAC) ^(a)(b)	5.50%		10/01/23		2,900		3,549,310
Series 2011, Ref. RB ^(b)	5.00%		10/01/31		2,805		3,142,217
Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2007 A, Ref. PCR (INS-AMBAC) ^(a)(d)(e)	5.35%		05/01/18		3,500		4,088,805
Reunion East Community Development District; Series 2005, Special Assessment RB ⁽ⁱ⁾	5.80%		05/01/36		490		269,779
Seminole Indian Tribe of Florida; Series 2007 A, Special Obligation RB ^(h)	5.25%		10/01/27		500		535,770
Seven Oaks Community Development District II; Series 2004 A, Special Assessment RB	5.88%		05/01/35		970		739,509
Sterling Hill Community Development District; Series 2003 A, Capital Improvement Special Assessment RB	6.20%		05/01/35		900		718,893
							51,507,667

Georgia–4.23%

Atlanta (City of) (Beltline);
Series 2009 B, Tax Allocation RB	6.75%		01/01/20		345		431,523
Series 2009 B, Tax Allocation RB	6.75%		01/01/20		630		787,998
Series 2009 B, Tax Allocation RB	7.38%		01/01/31		220		268,818
Atlanta (City of);
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB (INS-AGM) ^(a)(b)	5.00%		01/01/33		4,000		4,154,720
Series 2009 A, Water & Wastewater RB	6.00%		11/01/27		1,350		1,637,847
Series 2009 A, Water & Wastewater RB	6.00%		11/01/28		1,450		1,756,283
Series 2009 A, Water & Wastewater RB	6.00%		11/01/29		1,350		1,631,597
Georgia (State of) Municipal Electric Authority; Series 1993 B, Power RB ^(f)	5.70%		01/01/19		4,810		5,866,420
Private Colleges & Universities Authority (Emory University); Series 2009 B, RB ^(b)	5.00%		09/01/29		4,000		4,568,200
Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996, PCR	5.10%		06/01/23		1,700		1,706,528
Richmond (County of) Development Authority (ASU Jaguar Student Housing LLC); Series 2004 A, Student Housing Facilities RB ^(e)(f)	5.25%		02/01/14		1,000		1,033,110
							23,843,044

Hawaii–2.50%

Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc.); Series 1997 A, Special Purpose RB (INS-NATL) ^(a)(c)	5.65%		10/01/27		10,430		10,516,360
Hawaii (State of); Series 2010 A, Airport System RB	5.00%		07/01/39		2,250		2,432,925
Honolulu (City & County of); Series 2012 A, Unlimited Tax GO Bonds	5.00%		11/01/36		1,000		1,137,910
							14,087,195

Idaho–0.82%

Idaho (State of) Health Facilities Authority (St. Luke’s Health System);
Series 2008 A, RB	6.50%		11/01/23		850		1,012,197
Series 2008 A, RB	6.75%		11/01/37		1,100		1,278,794
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB	6.13%		11/15/27		850		874,259
Regents of the University of Idaho; Series 2011, Ref. General RB ^(d)(e)	5.25%		04/01/21		1,230		1,433,110
							4,598,360

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

Illinois–22.46%

Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB	5.60%		01/01/23	$	1,450	$	1,399,917
Bolingbrook (Village of);
Series 1999 B, Unlimited Tax CAB GO Bonds (INS-NATL) ^(a)(g)	0.00%		01/01/32		1,365		489,257
Series 1999 C, Ref. Unlimited Tax CAB GO Bonds (INS-NATL) ^(a)(g)	0.00%		01/01/29		1,710		851,460
Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, Industrial Project RB	5.50%		11/01/40		800		860,904
Chicago (City of) (O’Hare International Airport);
Series 2005 A, Third Lien General Airport RB (INS-AGC) ^(a)(b)	5.25%		01/01/24		2,695		2,964,177
Series 2005 A, Third Lien General Airport RB (INS-AGC) ^(a)	5.25%		01/01/24		4,505		4,954,959
Series 2005 A, Third Lien General Airport RB (INS-AGC) ^(a)(b)	5.25%		01/01/25		6,350		6,967,220
Series 2005 A, Third Lien General Airport RB (INS-AGC) ^(a)	5.25%		01/01/25		10,650		11,685,180
Series 2005 A, Third Lien General Airport RB (INS-AGC) ^(a)(b)	5.25%		01/01/26		1,290		1,403,017
Series 2008 A, Third Lien General Airport RB (INS-AGM) ^(a)(b)	5.00%		01/01/33		4,400		4,797,540
Chicago (City of) Board of Education;
Series 2008 C, Ref. Unlimited Tax GO Bonds (INS-AGM) ^(a)(b)	5.00%		12/01/27		4,425		4,806,745
Series 2008 C, Ref. Unlimited Tax GO Bonds (INS-AGM) ^(a)	5.00%		12/01/27		3,850		4,182,139
Series 2011 A, Unlimited Tax GO Bonds ^(b)	5.00%		12/01/41		1,350		1,422,090
Series 2012 A, Unlimited Tax GO Bonds	5.00%		12/01/42		1,000		1,052,130
Series 2013 A3, Ref. Floating Rate Unlimited Tax GO Bonds ^(d)(e)	0.98%		06/01/18		1,000		1,000,000
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB ^(b)	5.25%		12/01/36		4,185		4,685,149
Chicago (City of);
Series 2008 A, Unlimited Tax GO Bonds (INS-AGC) ^(a)(b)	5.25%		01/01/25		2,700		3,055,239
Series 2011, COP	7.13%		05/01/21		1,120		1,225,672
Series 2011 A, Sales Tax RB ^(b)	5.25%		01/01/38		2,785		3,116,192
Series 2012 A, Unlimited Tax GO Bonds	5.00%		01/01/33		2,800		3,036,572
Cook (County of); Series 2012 C, Ref. Unlimited Tax GO Bonds	5.00%		11/15/29		1,600		1,807,568
Cook County School District No. 100 (Berwyn South); Series 2004 D, Ref. Unlimited Tax GO Bonds (INS-AGM) ^(a)	5.50%		12/01/23		3,345		3,595,641
Illinois (State of) Finance Authority (Art Institute of Chicago); Series 2012 A, RB	5.00%		03/01/34		1,000		1,104,630
Illinois (State of) Finance Authority (Christian Homes, Inc.); Series 2007 A, Ref. RB	5.75%		05/15/26		1,200		1,277,676
Illinois (State of) Finance Authority (Community Rehab Providers Facilities Acquisition Program); Series 2000 A, RB ^(f)	7.38%		07/01/25		605		605,242
Illinois (State of) Finance Authority (Evangelical Hospitals);
Series 1992 A, Ref. RB ^(f)	6.75%		04/15/17		1,220		1,391,727
Series 1992 C, RB (INS-AGM) ^(a)	6.75%		04/15/17		680		775,717
Illinois (State of) Finance Authority (Kish Health System Obligated Group); Series 2008, Ref. Hospital RB	5.50%		10/01/22		1,325		1,460,296
Illinois (State of) Finance Authority (Loyola University of Chicago); Series 2012 B, RB	5.00%		07/01/42		2,000		2,188,460
Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
Series 2009 A, RB ^(b)	5.38%		08/15/24		2,400		2,820,024
Series 2009 A, RB ^(b)	5.75%		08/15/30		1,700		1,971,694
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65sm RB	7.00%		11/15/15		1,900		1,900,836
Illinois (State of) Finance Authority (Resurrection Health Care Corp.); Series 1999 A, RB (INS-AGM) ^(a)	5.50%		05/15/24		2,000		2,236,700
Illinois (State of) Finance Authority (Riverside Health System); Series 2009, RB	6.25%		11/15/35		1,400		1,607,214
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB	5.50%		04/01/37		1,000		1,045,170
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB	7.25%		11/01/38		2,140		2,643,735
Illinois (State of) Finance Authority (Sherman Health System); Series 2007 A, RB	5.50%		08/01/37		3,000		3,245,700
Illinois (State of) Finance Authority (Swedish American Hospital); Series 2004, RB (INS-AMBAC) ^(a)	5.00%		11/15/31		1,855		1,881,341
Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2010 A, Ref. RB	6.00%		08/15/38		1,625		1,817,936
Illinois (State of) Finance Authority (The Children’s Memorial Hospital); Series 1993, RB (INS-NATL) ^(a)	6.25%		08/15/13		615		621,888
Illinois (State of) Finance Authority (The University of Chicago Medical Center); Series 2011 C, RB ^(b)	5.50%		08/15/41		2,595		2,877,077

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

Illinois–(continued)

Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB ^(b)	5.25%		10/01/52	$	2,460	$	2,757,783
Illinois (State of) Finance Authority (Waste Management Inc.); Series 2005 A, Solid Waste Disposal RB ^(c)	5.05%		08/01/29		1,335		1,418,678
Illinois (State of) Toll Highway Authority; Series 2013 A, RB	5.00%		01/01/38		3,125		3,440,906
Northern Illinois University (Hoffman Estates Education Center); Series 1993, COP (INS-AGM) ^(a)	5.40%		09/01/16		1,295		1,374,643
Peoria (County of); Series 2011, Unlimited Tax GO Bonds ^(b)	5.00%		12/15/41		3,425		3,761,609
Peoria, Moline & Freeport (Cities of); Series 1995 A, Collateralized Single Family Mortgage RB (CEP-GNMA) ^(c)	7.60%		04/01/27		60		60,452
Railsplitter Tobacco Settlement Authority; Series 2010, RB	5.50%		06/01/23		3,625		4,337,022
Regional Transportation Authority; Series 1994 A, RB (INS-AMBAC) ^(a)	8.00%		06/01/17		5,000		6,080,200
Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB ^(c)	7.00%		12/01/42		555		576,956
							126,640,080

Indiana–3.65%

Indiana (State of) Finance Authority (Ascension Health Senior Credit); Series 2006 B-6, RB ^(b)	5.00%		11/15/36		4,600		5,012,344
Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, Second Lien Wastewater Utility RB	5.25%		10/01/31		2,550		2,859,239
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.); Series 2009 A, Ref. Environmental Facilities RB	4.90%		01/01/16		1,775		1,927,100
Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing);
Series 2013, Private Activity RB ^(c)	5.00%		07/01/40		1,635		1,704,667
Series 2013, Private Activity RB ^(c)	5.00%		07/01/44		650		675,019
Indiana (State of) Finance Authority (Ohio Valley Electric Corp.);
Series 2012 A, Midwestern Disaster Relief RB	5.00%		06/01/32		610		648,613
Series 2012 A, Midwestern Disaster Relief RB	5.00%		06/01/39		1,000		1,055,610
Indiana (State of) Health Facility Financing Authority (Columbus Regional Hospital); Series 1993, Ref. RB (INS-AGM) ^(a)	7.00%		08/15/15		1,460		1,550,228
Lake Central Multi-District School Building Corp.; Series 2012 B, First Mortgage RB	5.00%		07/15/32		1,425		1,621,379
Southwest Parke Community School Building Corp.; Series 2004, First Mortgage RB ^(e)(f)	5.25%		07/15/14		2,850		3,009,001
Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB ^(h)	5.75%		09/01/42		500		519,775
							20,582,975

Iowa–0.52%

Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB	4.75%		08/01/42		1,500		1,427,205
Pottawattamie (County of) (Christian Homes Inc.); Series 2007 E, Ref. RB	5.75%		05/15/26		1,400		1,492,218
							2,919,423

Kansas–0.58%

Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB ^(b)	5.75%		11/15/38		2,800		3,252,032

Kentucky–2.44%

Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Subseries 2008 A-1, RB (INS-AGC) ^(a)	5.75%		12/01/28		1,700		1,838,006
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital RB	6.38%		06/01/40		1,350		1,569,564
Series 2010 A, Hospital RB	6.50%		03/01/45		1,700		1,987,198
Kentucky (State of) Property & Building Commission (No. 93);
Series 2009, Ref. RB (INS-AGC) ^(a)	5.25%		02/01/24		1,810		2,119,601
Series 2009, Ref. RB (INS-AGC) ^(a)	5.25%		02/01/25		2,035		2,374,784
Louisville (City of) & Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.); Series 2006, Health System RB	5.25%		10/01/36		3,180		3,335,629
Mount Sterling (City of) (Kentucky League of Cities Funding Trust Lease Program); Series 1993 B, RB	6.10%		03/01/18		500		560,895
							13,785,677

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

Louisiana–3.27%

Lafayette (City of); Series 2004, Utilities RB ^(e)(f)	5.25%		11/01/14	$	5,000	$	5,348,000
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Southeastern Student Housing); Series 2004 A, RB (INS-NATL) ^(a)	5.25%		08/01/24		5,970		6,061,580
Louisiana (State of) Public Facilities Authority (Entergy Louisiana LLC); Series 2010, RB	5.00%		06/01/30		1,250		1,334,738
Louisiana Citizens Property Insurance Corp.; Series 2009 C-2, Assessment RB (INS-AGC) ^(a)	6.75%		06/01/26		2,250		2,765,295
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB	5.13%		06/01/37		2,775		2,929,234
							18,438,847

Maryland–0.70%

Maryland (State of) Health & Higher Educational Facilities Authority (Maryland Institute College of Art); Series 2006, RB	5.00%		06/01/40		770		793,216
Maryland (State of) Health & Higher Educational Facilities Authority (Mercy Medical Center); Series 2007 A, RB	5.50%		07/01/42		940		1,010,368
Maryland Economic Development Corp. (Terminal); Series 2010 B, RB	5.75%		06/01/35		1,095		1,239,890
Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB	5.38%		06/01/25		775		879,703
							3,923,177

Massachusetts–2.36%

Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2010 B, Metropolitan Highway Systems RB	5.00%		01/01/35		1,005		1,112,344
Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility);
Series 2011 A-1, RB	6.25%		11/15/39		317		290,593
Series 2011 A-2, RB	5.50%		11/15/46		17		13,580
Series 2011 B, CAB RB ^(g)	0.00%		11/15/56		84		593
Massachusetts (State of) Development Finance Agency (The Groves in Lincoln); Series 2009 B-2, Senior Living Facility RB ⁽ⁱ⁾	6.25%		06/01/14		720		360,029
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB	7.25%		01/01/32		900		1,112,571
Massachusetts (State of) School Building Authority (Partners Healthcare); Series 2012 L, RB	5.00%		07/01/41		1,575		1,738,280
Massachusetts (State of) School Building Authority; Series 2007 A, Dedicated Sales Tax RB (INS-AMBAC) ^(a)(b)	4.50%		08/15/35		6,590		6,949,550
Massachusetts (State of) Water Resources Authority; Series 2011 C, Ref. General RB ^(b)	5.00%		08/01/30		1,500		1,736,400
							13,313,940

Michigan–1.03%

Detroit (City of); Series 2001 C-1, Ref. Sr. Lien Sewage Disposal System RB (INS-AGM) ^(a)	7.00%		07/01/27		2,450		2,969,155
Kent (County of) Hospital Finance Authority (Spectrum Health System);
Series 2008 A, RB ^(d)(e)	5.25%		01/15/14		1,000		1,031,070
Series 2008 A, RB ^(d)(e)	5.50%		01/15/15		500		540,785
Oakland University; Series 2012, General RB	5.00%		03/01/32		1,145		1,262,088
							5,803,098

Minnesota–0.89%

Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Health Care System RB	6.38%		11/15/23		2,050		2,463,321
Series 2008 A, Health Care System RB	6.63%		11/15/28		1,350		1,637,037
St. Paul (City of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2006, Health Care Facilities RB	5.25%		05/15/36		900		945,594
							5,045,952

Missouri–3.05%
Cape Girardeau (County of) Industrial Development Authority (Southeast Missouri Hospital Association); Series 2002, Health Facilities RB	5.63%		06/01/27		325		325,400
Cass (County of); Series 2007, Hospital RB	5.63%		05/01/38		1,700		1,737,196
Cole (County of) Industrial Development Authority (Lutheran Senior Services-Heisinger); Series 2004, Senior Living Facilities RB	5.50%		02/01/35		625		629,775
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB	5.50%		09/01/27		800		917,552
Series 2011 A, Ref. RB	5.50%		09/01/28		1,670		1,895,283

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

Missouri–(continued)

Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB	5.50%		09/01/18	$	630	$	653,455
Missouri (State of) Development Finance Board (Crackerneck Creek); Series 2005 C, Infrastructure Facilities Tax Allocation RB ^(e)(f)	5.00%		03/01/14		2,500		2,589,275
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2010, Senior Living Facilities RB	5.50%		02/01/42		1,100		1,171,478
Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point); Series 2006, Power Project RB (INS-NATL) ^(a)	5.00%		01/01/27		4,625		4,764,212
St. Louis (City of) Industrial Development Authority (Loughborough Commons Redevelopment); Series 2007, Ref. Community Improvement District Tax Increment Allocation RB	5.75%		11/01/27		700		707,294
St. Louis (County of); Series 1993 H, Ctfs. of Receipt ^(c)(f)	5.40%		07/01/18		1,500		1,780,440
							17,171,360

Nevada–1.95%

Clark (County of) (Alexander Dawson School); Series 2003, Economic Development RB	5.38%		05/15/33		2,000		2,006,580
Clark (County of) (Southwest Gas Corp.); Series 2004 A, IDR (INS-AMBAC) ^(a)(c)	5.25%		07/01/34		7,000		7,166,810
Reno (City of) (Renown Regional Medical Center); Series 2007 A, Hospital RB	5.25%		06/01/37		1,750		1,821,260
							10,994,650

New Hampshire–0.38%

New Hampshire (State of) Business Finance Authority (Pennichuck Water Works, Inc.); Series 1997, Water Facility RB (INS-AMBAC) ^(a)(c)	6.30%		05/01/22		700		703,073
New Hampshire (State of) Health & Education Facilities Authority (Covenant Health Systems Obligated Group); Series 2004, Health Care System RB	5.50%		07/01/34		1,400		1,432,690
							2,135,763

New Jersey–3.87%

New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010 A, RB	5.88%		06/01/42		1,800		2,001,978
New Jersey (State of) Economic Development Authority; Series 2004 A, Motor Vehicle RB (INS-BHAC) ^(a)(b)	5.25%		07/01/26		6,625		8,326,433
New Jersey (State of) Health Care Facilities Financing Authority (The General Hospital Center at Passaic, Inc.); Series 1994, RB ^(f)	6.75%		07/01/19		2,500		3,064,900
New Jersey (State of) Housing & Mortgage Finance Agency; Series 2008 X, Single Family Housing RB ^(c)	5.10%		10/01/23		1,965		2,074,509
New Jersey (State of) Transportation Trust Fund Authority;
Series 2012 A, Transportation System RB	5.00%		06/15/42		2,600		2,802,722
Series 2012 AA, Transportation Program RB	5.00%		06/15/38		1,450		1,580,297
New Jersey (State of) Turnpike Authority; Series 2013 A, RB	5.00%		01/01/38		1,825		1,982,352
							21,833,191

New Mexico–1.03%

Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR	5.90%		06/01/40		2,275		2,538,126
Jicarilla Apache Nation; Series 2003 A, RB ^(h)	5.00%		09/01/18		1,500		1,491,690
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services); Series 2008 A, Hospital RB ^(b)	6.38%		08/01/32		1,500		1,775,700
							5,805,516

New York–9.32%

Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT RB	6.25%		07/15/40		1,480		1,722,439
Series 2009, PILOT RB	6.38%		07/15/43		620		724,520
Metropolitan Transportation Authority; Series 2009 B, Dedicated Tax Fund RB	5.25%		11/15/29		2,000		2,299,880
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010 8, Special Obligation RB	6.00%		12/01/36		2,250		2,626,312
New York (City of) Municipal Water Finance Authority;
Series 2005 D, Water & Sewer System RB ^(b)	5.00%		06/15/38		5,000		5,344,250
Series 2010 FF, Second General Resolution Water & Sewer System RB	5.00%		06/15/31		3,000		3,375,510

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

New York–(continued)

New York (City of) Transitional Finance Authority; Subseries 2012 F-1, Future Tax Sec. RB	5.00%		05/01/39	$	7,900	$	8,784,721
New York (City of); Subseries 2008 I-1, Unlimited Tax GO Bonds ^(b)	5.00%		02/01/26		5,440		6,229,616
New York (State of) Dormitory Authority (General Purpose); Series 2011 A, State Personal Income Tax RB ^(b)	5.00%		03/15/30		2,505		2,838,491
New York (State of) Mortgage Agency; Series 2007 145, Homeowner Mortgage RB ^(c)	5.13%		10/01/37		785		812,318
New York (State of) Thruway Authority (Transportation);
Series 2009 A, Personal Income Tax RB ^(b)	5.00%		03/15/26		2,000		2,342,420
Series 2009 A, Personal Income Tax RB ^(b)	5.00%		03/15/27		2,250		2,609,168
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB ^(b)	5.00%		04/01/29		4,140		4,724,899
New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 2, Ref. Liberty RB	5.00%		09/15/43		2,000		2,147,620
New York State Urban Development Corp.; Series 1995, Ref. RB	5.70%		04/01/20		5,000		5,950,700
							52,532,864

North Carolina–0.14%

North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB	5.75%		10/01/37		795		798,101

North Dakota–0.19%

McLean (County of) (Great River Energy); Series 2010 B, Solid Waste Facilities RB	5.15%		07/01/40		1,000		1,077,390

Ohio–7.89%

American Municipal Power, Inc. (Amp Fremont Energy Center); Series 2012, RB	5.00%		02/15/37		2,670		2,908,538
Cleveland State University; Series 2012, RB	5.00%		06/01/37		1,600		1,745,024
Dayton (City of) (James M. Cox Dayton); Series 2003 C, Ref. Airport RB (INS-Radian) ^(a)(c)	5.25%		12/01/27		1,000		1,008,750
Franklin (County of) (OhioHealth Corp.); Series 2011 A, Hospital Facilities RB ^(b)	5.00%		11/15/36		2,685		2,953,795
Hamilton (County of) (Christ Hospital); Series 2012, Health Care Facilities RB	5.25%		06/01/32		2,750		3,028,410
Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011 A, Hospital Facilities RB	6.25%		12/01/34		875		1,023,339
Lorain (County of) (Catholic Healthcare Partners);
Series 2003 C-1, Ref. Hospital Facilities RB (INS-AGM) ^(a)(b)	5.00%		04/01/24		3,600		4,011,192
Series 2006 A, Hospital Facilities RB (INS-AGM) ^(a)(b)	5.00%		02/01/24		3,325		3,702,620
Series 2006 B, Hospital Facilities RB (INS-AGM) ^(a)(b)	5.00%		02/01/24		3,350		3,730,493
Montgomery (County of) (Catholic Health Initiatives); Series 2006 C-1, RB (INS-AGM) ^(a)(b)	5.00%		10/01/41		1,625		1,697,085
Montgomery (County of) (Miami Valley Hospital);
Series 2009 A, RB ^(e)(f)	6.00%		11/15/14		1,740		1,883,463
Series 2009 A, RB ^(e)(f)	6.25%		11/15/14		1,100		1,194,688
Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB	5.00%		02/15/48		1,000		973,370
Ohio (State of) Air Quality Development Authority (Dayton Power); Series 2006, RB (INS-BHAC) ^(a)(b)(c)	4.80%		09/01/36		5,000		5,141,200
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR	5.63%		06/01/18		2,800		3,247,412
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, Hospital Facilities RB	5.75%		11/15/35		1,720		1,929,427
Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, Hospital RB ^(e)(f)	6.75%		01/15/15		2,250		2,480,535
Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program); Series 2008 F, Residential Mortgage RB (CEP-GNMA) ^(b)	5.50%		09/01/39		630		646,090
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR ^(d)(e)	5.88%		06/01/16		1,050		1,169,196
							44,474,627

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

Pennsylvania–0.92%

Delaware River Port Authority; Series 2010 D, RB	5.00%		01/01/35	$	1,100	$	1,211,518
Pennsylvania (State of) Turnpike Commission;
Subseries 2010 B-2, Sub. Conv. CAB RB ^(j)	5.75%		12/01/28		2,500		2,468,200
Subseries 2010 B-2, Sub. Conv. CAB RB ^(j)	6.00%		12/01/34		1,550		1,513,993
							5,193,711

Puerto Rico–2.69%

Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, Sr. Lien RB	5.00%		07/01/33		1,990		1,896,569
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2010 CCC, RB	5.25%		07/01/27		2,300		2,332,476
Series 2010 XX, RB	5.25%		07/01/40		2,300		2,291,651
Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, RB	5.38%		08/01/39		1,750		1,838,778
First Subseries 2010 A, RB	5.50%		08/01/42		2,500		2,643,175
First Subseries 2010 C, RB	5.25%		08/01/41		4,000		4,173,080
							15,175,729

South Carolina–4.01%

Charleston Educational Excellence Finance Corp. (Charleston County School District);
Series 2005, Installment Purchase RB ^(e)(f)	5.25%		12/01/15		3,125		3,497,188
Series 2005, Installment Purchase RB ^(e)(f)	5.25%		12/01/15		9,375		10,491,563
Greenville (City of); Series 2002, Ref. & Improvement Tax Increment Allocation RB (INS-NATL) ^(a)	5.25%		04/01/21		170		170,627
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health); Series 2009 B, Ref. & Improvement Hospital RB (INS-AGC) ^(a)	5.50%		02/01/38		1,000		1,072,970
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2003 A, Ref. Hospital Facilities RB	6.25%		08/01/31		2,200		2,220,702
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);
Series 2012, Ref. RB	6.00%		11/15/47		535		348,354
Series 2012, Ref. Sub. CAB RB ^(g)	0.00%		11/15/47		229		229
South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB	5.30%		10/01/36		1,100		1,104,510
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2010 B, Ref. RB ^(b)	5.00%		01/01/33		3,300		3,701,478
							22,607,621

Tennessee–3.24%

Chattanooga (City of) Health, Educational & Housing Facility Board (Community Development Financial Institution Phase I LLC);
Series 2005 A, Ref. Sr. RB	5.00%		10/01/25		2,130		2,221,313
Series 2005 A, Ref. Sr. RB	5.13%		10/01/35		2,595		2,677,988
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance);
Series 2000 A, Ref. First Mortgage Hospital CAB RB (INS-NATL) ^(a)(g)	0.00%		07/01/26		12,525		6,846,666
Series 2006 A, First Mortgage Hospital RB	5.50%		07/01/36		2,975		3,120,299
Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare); Series 2004 B, Ref. RB (INS-BHAC) ^(a)(b)	5.25%		09/01/27		3,100		3,385,696
							18,251,962

Texas–22.08%

Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB ^(c)	4.85%		04/01/21		1,750		1,863,505
Austin (City of);
Series 2012, Ref. Electric Utility System RB	5.00%		11/15/37		1,225		1,374,438
Series 2012, Ref. Electric Utility System RB	5.00%		11/15/40		1,425		1,581,850
Series 2012, Ref. Water & Wastewater System RB	5.00%		11/15/42		1,600		1,792,448
Dallas (City of) (Civic Center Convention Complex);
Series 2009, Ref. & Improvement RB (INS-AGC) ^(a)	5.00%		08/15/18		1,400		1,614,998
Series 2009, Ref. & Improvement RB (INS-AGC) ^(a)	5.00%		08/15/19		1,600		1,856,656

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

Texas–(continued)

Dallas (County of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds	6.75%		04/01/16	$	465	$	466,841
Dallas Area Rapid Transit; Series 2012, Ref. Sr. Lien Sales Tax RB	5.00%		12/01/42		1,800		2,039,166
Dallas-Fort Worth (Cities of) International Airport;
Series 2012 C, Ref. & Improvement Joint RB	5.00%		11/01/45		2,585		2,772,878
Series 2012 G, Ref. RB	5.00%		11/01/34		3,000		3,255,900
Series 2013 B, Joint Improvement RB	5.00%		11/01/38		1,525		1,638,063
El Paso (County of) Hospital District; Series 2008 A, Limited Tax GO Bonds (INS-AGC) ^(a)(b)	5.00%		08/15/37		5,850		6,348,947
Harris (County of) Metropolitan Transit Authority; Series 2011 A, Sales & Use Tax RB ^(b)	5.00%		11/01/41		2,000		2,199,420
Harris (County of); Series 2009 A, Sr. Lien Toll Road RB ^(b)	5.00%		08/15/25		4,350		5,087,717
Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. RB ^(e)(f)	7.25%		12/01/18		925		1,228,030
Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB	5.00%		02/01/23		1,100		1,212,651
Houston (City of);
Series 2007 A, Ref. First Lien Combined Utility System RB (INS-AGM) ^(a)(b)	5.00%		11/15/36		9,425		10,538,281
Series 2011 D, First Lien Combined Utility System RB ^(b)	5.00%		11/15/33		3,150		3,570,840
Series 2012, Ref. Floating Rate First Lien Combined Utility System RB ^(d)(e)	0.87%		06/01/17		2,500		2,500,000
Judson Independent School District; Series 2008, School Building Unlimited Tax GO Bonds (INS-AGC) ^(a)(b)	5.00%		02/01/37		3,700		3,982,051
Lower Colorado River Authority (LCRA Transmissions Services Corp.); Series 2011 A, Ref. RB	5.00%		05/15/41		1,500		1,626,315
Lower Colorado River Authority;
Series 2010 A, Ref. RB	5.00%		05/15/40		1,750		1,888,915
Series 2012 A, Ref. RB	5.00%		05/15/33		1,735		1,928,643
Series 2012 A, Ref. RB	5.00%		05/15/39		2,270		2,479,612
Series 2012 B, Ref. RB	5.00%		05/15/37		1,000		1,094,720
Matagorda (County of) Navigation District No. 1 (Houston Lighting & Power Co.); Series 1997, Ref. RB (INS-AMBAC) ^(a)(c)	5.13%		11/01/28		5,000		5,882,950
Mission Economic Development Corp. (Waste Management, Inc.); Series 2008, Solid Waste Disposal RB ^(c)(d)(e)	6.00%		08/01/13		1,000		1,007,920
North Texas Tollway Authority;
Series 2008 B, Ref. First Tier System RB	5.63%		01/01/28		1,000		1,143,130
Series 2008 B, Ref. First Tier System RB	6.00%		01/01/26		1,000		1,165,980
Series 2008 B, Ref. First Tier System RB	6.00%		01/01/27		1,250		1,452,138
Series 2008 F, Ref. Second Tier System RB	5.75%		01/01/33		3,200		3,547,648
Series 2011 A, Special Projects System RB ^(b)	5.50%		09/01/36		3,180		3,697,704
Stafford Economic Development Corp.;
Series 2000, Sales Tax RB (INS-NATL) ^(a)	5.50%		09/01/30		3,960		4,281,671
Series 2000, Sales Tax RB (INS-NATL) ^(a)	6.00%		09/01/19		1,990		2,203,328
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.);
Series 2007, Retirement Facility RB	5.63%		11/15/27		1,000		1,044,840
Series 2007, Retirement Facility RB	5.75%		11/15/37		585		605,855
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.); Series 2007, Retirement Facility RB	5.25%		11/15/37		7,000		7,191,170
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2007, Retirement Facility RB	5.75%		02/15/25		500		516,035
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health); Series 2008 A, Ref. RB (INS-AGC) ^(a)	6.25%		07/01/28		3,600		4,192,236
Texas (State of) Transportation Commission;
Series 2008, Mobility Fund Unlimited Tax GO Bonds ^(b)	5.00%		04/01/28		6,450		7,341,132
Series 2012 A, Ref. First Tier Turnpike System RB	5.00%		08/15/41		4,250		4,535,557
Texas Municipal Gas Acquisition & Supply Corp. III;
Series 2012, Gas Supply RB	5.00%		12/15/28		1,875		2,004,844
Series 2012, Gas Supply RB	5.00%		12/15/29		2,000		2,132,020
Series 2012, Gas Supply RB	5.00%		12/15/30		1,650		1,754,907
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB	6.88%		12/31/39		1,675		1,999,330

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

Invesco Advantage Municipal Income Trust II


	Interest Rate	Maturity Date		Principal Amount (000)		Value

Texas–(continued)

Tyler Health Facilities Development Corp. (East Texas Medical Center Regional Healthcare System); Series 2007 A, Ref. & Improvement Hospital RB	5.38%		11/01/37	$	800	$	850,928
							124,494,208

Utah–1.73%

Intermountain Power Agency; Series 1993 A, Ref. Power Supply CAB RB ^(f)(g)	0.00%		07/01/17		4,950		4,489,452
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, Charter School RB	5.80%		06/15/38		875		900,585
Utah (State of) Transit Authority; Series 2012, Ref. Sales Tax RB	5.00%		06/15/42		4,000		4,388,320
							9,778,357

Virgin Islands–0.39%

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB	5.00%		10/01/25		1,975		2,198,135

Virginia–1.18%

Richmond (City of) Industrial Development Authority; Series 2001, Government Facilities RB (INS-AMBAC) ^(a)	5.00%		07/15/17		1,465		1,614,459
Route 460 Funding Corp.; Series 2012 A, Sr. Lien Toll Road RB	5.13%		07/01/49		1,000		1,050,900
Tobacco Settlement Financing Corp.; Series 2005, Asset-Backed RB ^(f)	5.50%		06/01/26		1,060		1,123,494
Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB ^(c)	5.50%		01/01/42		1,525		1,635,273
White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB	5.30%		03/01/17		1,147		1,222,645
							6,646,771

Washington–3.57%

Chelan (County of) Public Utility District No. 1; Series 2011 A, Ref. Consolidated RB ^(c)	5.50%		07/01/25		1,675		1,967,656
Kalispel Tribe of Indians; Series 2008, RB	6.63%		01/01/28		1,500		1,458,315
Seattle (Port of); Series 2012 A, Ref. Intermediate Lien RB	5.00%		08/01/30		2,265		2,591,432
Spokane (City of) Public Facilities District; Series 2003, Hotel, Motel & Sales Use Tax RB (INS-NATL) ^(e)(f)	5.25%		09/01/33		3,000		3,075,300
Washington (State of) (SR 520 Corridor Program - Toll Revenue);
Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds ^(b)	5.00%		06/01/33		2,700		3,066,120
Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds ^(b)	5.00%		06/01/41		645		718,427
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2011 A, RB ^(b)	5.00%		02/01/41		2,550		2,752,623
Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2011 A, RB ^(e)(f)	6.25%		05/15/21		1,125		1,507,421
Washington (State of) Housing Finance Commission (Local 82-J.A.T.C. Educational Development Trust); Series 2000, Non-profit VRD RB (LOC-U.S. Bank, N.A.) ^(k)(l)	0.07%		11/01/25		1,135		1,135,000
Washington (State of) Housing Finance Commission (Wesley Homes); Series 2008, Non-Profit CR RB ^(h)	6.00%		01/01/27		1,720		1,854,108
							20,126,402

West Virginia–1.35%

Harrison (County of) Commission (Allegheny Energy); Series 2007 D, Ref. Solid Waste Disposal RB ^(c)	5.50%		10/15/37		2,500		2,632,525
West Virginia (State of) Hospital Finance Authority (Thomas Health System);
Series 2008, RB	6.00%		10/01/20		1,100		1,173,095
Series 2008, RB	6.25%		10/01/23		1,270		1,351,343
West Virginia (State of) Hospital Finance Authority (West Virginia United Health System Obligated Group);
Series 2009 C, Ref. & Improvement RB	5.50%		06/01/34		1,160		1,292,217
Series 2009 C, Ref. & Improvement RB	5.50%		06/01/39		1,065		1,171,820
							7,621,000

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

Invesco Advantage Municipal Income Trust II


	Interest Rate			Maturity Date		Principal Amount (000)		Value

Wisconsin–2.71%

Superior (City of) (Superior Water, Light & Power Co.);
Series 2007 A, Ref. Collateralized Utility RB ^(c)		5.38	%		11/01/21	$	500	$	548,945
Series 2007 B, Collateralized Utility RB ^(c)		5.75	%		11/01/37		460		487,503
Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.); Series 2009 B, RB ^(d)(e)		5.13	%		08/15/16		1,100		1,214,862
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB		5.00	%		06/01/24		4,565		5,132,566
Wisconsin (State of) Health & Educational Facilities Authority (Ministry Health Care); Series 2012 C, Ref. RB		5.00	%		08/15/32		1,400		1,533,378
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB		6.63	%		02/15/39		1,340		1,546,923
Wisconsin (State of) Housing & Economic Development Authority;
Series 2008 A, Home Ownership RB ^(b)(c)		5.30	%		09/01/23		3,100		3,335,538
Series 2008 A, Home Ownership RB ^(b)(c)		5.50	%		09/01/28		153		162,893
Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB		5.38	%		05/01/25		1,125		1,336,174
									15,298,782

Wyoming–0.80%

Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid Waste Disposal RB ^(c)		5.60	%		12/01/35		2,790		3,015,627
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR		5.25	%		07/15/26		1,350		1,506,101
									4,521,728
TOTAL INVESTMENTS^(m)–164.24% (Cost $856,251,402)									926,030,568
FLOATING RATE NOTE OBLIGATIONS–(25.76)%
Notes with interest rates ranging from 0.11% to 0.32% at 05/31/13, and contractual maturities of collateral ranging from 09/01/23 to 10/01/52 (See Note 1D)⁽ⁿ⁾									(145,265,000	)
VARIABLE RATE MUNI TERM PREFERRED SHARES–(40.97)%									(231,000,000	)
OTHER ASSETS LESS LIABILITIES–2.49%									14,047,334
NET ASSETS APPLICABLE TO COMMON SHARES–100.00%								$	563,812,902

Investment Abbreviations:


AGC		—Assured Guaranty Corp.
AGM		—Assured Guaranty Municipal Corp.
AMBAC		—American Municipal Bond Assurance Corp.
BHAC		—Berkshire Hathaway Assurance Corp.
CAB		—Capital Appreciation Bonds
CEP		—Credit Enhancement Provider
Conv.		—Convertible
COP		—Certificates of Participation
CR		—Custodial Receipts
Ctfs.		—Certificates
GNMA		—Government National Mortgage Association
GO		—General Obligation
IDR		—Industrial Development Revenue Bonds
INS		—Insurer


LOC		—Letter of Credit
MFH		—Multi-Family Housing
NATL		—National Public Finance Guarantee Corp.
PCR		—Pollution Control Revenue Bonds
PILOT		—Payment-in-Lieu-of-Tax
Radian		—Radian Asset Assurance, Inc.
RB		—Revenue Bonds
Ref.		—Refunding
Sec.		—Secured
SGI		—Syncora Guarantee, Inc.
Sr.		—Senior
Sub.		—Subordinated
TEMPS		—Tax-Exempt Mandatory Paydown Securities
VRD		—Variable Rate Demand

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

Invesco Advantage Municipal Income Trust II

Notes to Schedule of Investments:

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

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

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

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

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2013.

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

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

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

^(h)

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 May 31, 2013 was $8,492,817, which represented 1.51% of the Trust’s Net Assets.

⁽ⁱ⁾	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at May 31, 2013 was $629,808, which represented less than 1% of the Trust’s Net Assets.

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

^(k)	Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2013.

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

^(m)

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


Entities		Percentage
Assured Guaranty Municipal Corp.		8.7%
Assured Guaranty Corp.		7.4
National Public Finance Guarantee Corp.		5.6

⁽ⁿ⁾

Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at May 31, 2013. At May 31, 2013, the Trust’s investments with a value of $264,898,525 are held by Dealer Trusts and serve as collateral for the $145,265,000 in the floating rate note obligations outstanding at that date.

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

Invesco Advantage Municipal Income Trust II

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments 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. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed

Invesco Advantage Municipal Income Trust II

D.	Floating Rate Note Obligations – (continued)

rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer 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 Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) 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 Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.

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, or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although 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.

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

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 the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security 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 interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

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

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

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

Invesco Advantage Municipal Income Trust II

NOTE 2 -- Additional Valuation Information

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


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

As of May 31, 2013, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the three months ended May 31, 2013 was $26,926,368 and $16,993,740, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	73,027,861
Aggregate unrealized (depreciation) of investment securities		(5,017,778)
Net unrealized appreciation of investment securities	$	68,010,083
Cost of investments for tax purposes is $858,020,485.

Invesco Advantage Municipal Income Trust II

Item 2. Controls and Procedures.

(a)

As of May 23, 2013, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 23, 2013, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

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

Item 3. Exhibits.

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

SIGNATURES

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

Registrant: Invesco Advantage Municipal Income Trust II


By:		/s/ Colin Meadows
		Colin Meadows
		Principal Executive Officer

Date:		July 30, 2013

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/ Colin Meadows
		Colin Meadows
		Principal Executive Officer

Date:		July 30, 2013


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

Date:		July 30, 2013

EXHIBIT INDEX

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