0001752724-23-241964.txt : 20231030 0001752724-23-241964.hdr.sgml : 20231030 20231030085106 ACCESSION NUMBER: 0001752724-23-241964 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230831 FILED AS OF DATE: 20231030 DATE AS OF CHANGE: 20231030 PERIOD START: 20231130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS) CENTRAL INDEX KEY: 0000826644 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05426 FILM NUMBER: 231357627 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 1000 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 1000 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: AIM INVESTMENT FUNDS DATE OF NAME CHANGE: 19980529 FORMER COMPANY: FORMER CONFORMED NAME: G T INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: G T GLOBAL INCOME SERIES INC DATE OF NAME CHANGE: 19890521 0000826644 S000064698 Invesco SteelPath MLP Select 40 Fund C000209565 Class C MLPEX C000209566 Class R SPMWX C000209567 Class Y MLPTX C000209568 Class R5 SPMVX C000209569 Class R6 OSPSX C000209570 Class A MLPFX NPORT-P 1 primary_doc.xml NPORT-P false 0000826644 XXXXXXXX S000064698 C000209568 C000209565 C000209566 C000209567 C000209570 C000209569 AIM Investment Funds (Invesco Investment Funds) 811-05426 0000826644 Y5W0BJB7U2X9V6NIC803 11 Greenway Plaza Suite 1000 Houston 77046-1173 800-959-4246 Invesco SteelPath MLP Select 40 Fund S000064698 549300X2R0B83PB1EF50 2023-11-30 2023-08-31 N 1774250985.35 86784778.60 1687466206.75 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N CSI Compressco L.P. 549300STALDQYSVEO325 CSI Compressco L.P. 12637A103 10234420.00000000 NS USD 11667238.80000000 0.691405774724 Long EC CORP US N 1 N N N Alliance Resource Partners, L.P. 529900T4Q5UPWOUFG783 Alliance Resource Partners, L.P. 01877R108 378734.00000000 NS USD 7733748.28000000 0.458305372224 Long EC CORP US N 1 N N N Plains GP Holdings, L.P. 549300O56BSKRD8FAM12 Plains GP Holdings, L.P. 72651A207 1811755.00000000 NS USD 29060550.20000000 1.722141165479 Long EC CORP US N 1 N N N Phillips 66 5493005JBO5YSIGK1814 Phillips 66 718546104 491.00000000 NS USD 56052.56000000 0.003321699704 Long EC CORP US N 1 N N N Genesis Energy, L.P. 549300VJ5D6MDK138782 Genesis Energy, L.P. 371927104 8291977.00000000 NS USD 82007652.53000000 4.859810063274 Long EC CORP US N 1 N N N Holly Energy Partners, L.P. 529900NVV7ODCT0QCG29 Holly Energy Partners, L.P. 435763107 2137167.00000000 NS USD 45521657.10000000 2.697633701813 Long EC CORP US N 1 N N N Williams Cos., Inc. (The) D71FAKCBLFS2O0RBPG08 Williams Cos., Inc. (The) 969457100 2258555.00000000 NS USD 77987904.15000000 4.621597981520 Long EC CORP US N 1 N N N Martin Midstream Partners L.P. N/A Martin Midstream Partners L.P. 573331105 186311.00000000 NS USD 553343.67000000 0.032791392668 Long EC CORP US N 1 N N N MPLX L.P. 5493000CZJ19CK4P3G36 MPLX L.P. 55336V100 3435428.00000000 NS USD 119862082.92000000 7.103080490770 Long EC CORP US N 1 N N N Enterprise Products Partners L.P. K4CDIF4M54DJZ6TB4Q48 Enterprise Products Partners L.P. 293792107 2944474.00000000 NS USD 78352453.14000000 4.643201317252 Long EC CORP US N 1 N N N Magellan Midstream Partners, L.P. MZF5TI8NFVZZNUSKDL39 Magellan Midstream Partners, L.P. 559080106 276194.00000000 NS USD 18344805.48000000 1.087121354289 Long EC CORP US N 1 N N N Equitrans Midstream Corp. 549300RH0NLJNZ5SXU64 Equitrans Midstream Corp. 294600101 15837.68000000 NS USD 152041.73000000 0.009010060728 Long EC CORP US N 1 N N N ARKO Corp. N/A ARKO Corp. 041242108 1829604.00000000 NS USD 13776918.12000000 0.816426312117 Long EC CORP US N 1 N N N Western Midstream Partners, L.P. N/A Western Midstream Partners, L.P. 958669103 2986498.37500000 NS USD 79709641.63000000 4.723628912457 Long EC CORP US N 1 N N N Energy Transfer L.P. MTLVN9N7JE8MIBIJ1H73 Energy Transfer L.P. 29273V100 9533271.20000000 NS USD 128413163.06000000 7.609821313537 Long EC CORP US N 1 N N N Suburban Propane Partners, L.P. JJAX4X60DE65EYFOTY73 Suburban Propane Partners, L.P. 864482104 637962.00000000 NS USD 9263208.24000000 0.548941851572 Long EC CORP US N 1 N N N EnLink Midstream, LLC 54930000GY1H533OBE23 EnLink Midstream, LLC 29336T100 7130586.00000000 NS USD 88704489.84000000 5.256667628967 Long EC CORP US N 1 N N N Antero Midstream Corp. N/A Antero Midstream Corp. 03676B102 7250954.00000000 NS USD 87881562.48000000 5.207900586599 Long EC CORP US N 1 N N N Fidelity Treasury Portfolio N/A Fidelity Treasury Portfolio 316175504 62957263.44000000 NS USD 62957263.44000000 3.730875509575 Long STIV RF US N 1 N N N Delek Logistics Partners, L.P. 549300UVYITDIU51P724 Delek Logistics Partners, L.P. 24664T103 140163.00000000 NS USD 5851805.25000000 0.346780588944 Long EC CORP US N 1 N N N Chevron Corp. LJOF0JWZSCIUPEC3LQ45 Chevron Corp. 166764100 137.00000000 NS USD 22070.70000000 0.001307919525 Long EC CORP US N 1 N N N TC Energy Corp. 549300UGKOFV2IWJJG27 TC Energy Corp. 87807B107 979.00000000 NS USD 35361.48000000 0.002095537075 Long EC CORP CA N 1 N N N NGL Energy Partners L.P. 5299005YSRP46BE8Z459 NGL Energy Partners L.P. 62913M107 7150096.00000000 NS USD 27027362.88000000 1.601653578121 Long EC CORP US N 1 N N N Plains All American Pipeline, L.P. 5521FA2ITF25TVH63740 Plains All American Pipeline, L.P. 726503105 5609426.00000000 NS USD 85543746.50000000 5.069360568989 Long EC CORP US N 1 N N N Cheniere Energy Partners, L.P. 5493005UEC8AZ34LDV29 Cheniere Energy Partners, L.P. 16411Q101 141925.00000000 NS USD 7365907.50000000 0.436506963549 Long EC CORP US N 1 N N N Global Partners L.P. 549300PCHWTW9P4DU444 Global Partners L.P.,Series B, Pfd. 37946R307 97881.00000000 NS USD 2554684.31000000 0.151391731566 Long EC CORP US N 1 N N N ONEOK, Inc. 2T3D6M0JSY48PSZI1Q41 ONEOK, Inc. 682680103 508975.00000000 NS USD 33185170.00000000 1.966567974354 Long EC CORP US N 1 N N N USA Compression Partners, L.P. 5493000B1PEOKXRZEO65 USA Compression Partners, L.P. 90290N109 3000277.00000000 NS USD 63665877.94000000 3.772868320878 Long EC CORP US N 1 N N N Global Partners L.P. 549300PCHWTW9P4DU444 Global Partners L.P. 37946R109 1739319.00000000 NS USD 54405898.32000000 3.224117798766 Long EC CORP US N 1 N N N Westlake Chemical Partners L.P. 5493001UJXZP4TJUQM76 Westlake Chemical Partners L.P. 960417103 3886522.00000000 NS USD 89351140.78000000 5.294988452070 Long EC CORP US N 1 N N N Hess Midstream L.P. N/A Hess Midstream L.P.,Class A 428103105 1419355.00000000 NS USD 41019359.50000000 2.430825538071 Long EC CORP US N 1 N N N Sunoco L.P. 54930001NJU8E40NQ561 Sunoco L.P. 86765K109 1603500.00000000 NS USD 73696860.00000000 4.367308791441 Long EC CORP US N 1 N N N Kinder Morgan, Inc. 549300WR7IX8XE0TBO16 Kinder Morgan, Inc. 49456B101 97880.00000000 NS USD 1685493.60000000 0.099883102444 Long EC CORP US N 1 N N N CrossAmerica Partners L.P. 549300OUUC900EVOGX10 CrossAmerica Partners L.P. 22758A105 1971946.00000000 NS USD 38492385.92000000 2.281075956723 Long EC CORP US N 1 N N N DT Midstream, Inc. N/A DT Midstream, Inc. 23345M107 146819.00000000 NS USD 7677165.51000000 0.454952252038 Long EC CORP US N 1 N N N Targa Resources Corp. 5493003QENHHS261UR94 Targa Resources Corp. 87612G101 1018828.00000000 NS USD 87873915.00000000 5.207447393523 Long EC CORP US N 1 N N N Archrock, Inc. 549300K3RIHMHDVFTL28 Archrock, Inc. 03957W106 6800839.00000000 NS USD 86982730.81000000 5.154635420967 Long EC CORP US N 1 N N N Summit Midstream Partners, L.P. N/A Summit Midstream Partners, L.P. 866142409 171722.53300000 NS USD 2319971.42000000 0.137482541026 Long EC CORP US N 1 N N N Global Partners L.P. 549300PCHWTW9P4DU444 Global Partners L.P.,Series A, Pfd. 37946R208 464884.00000000 NS USD 11966114.16000000 0.709117261852 Long EC CORP US N 1 N N N NuStar Energy L.P. 5493003BMLTUIEG2LG44 NuStar Energy L.P. 67058H102 4753382.00000000 NS USD 79666682.32000000 4.721083124588 Long EC CORP US N 1 N N N Crestwood Equity Partners L.P. 549300CUY0F1TYDLDL45 Crestwood Equity Partners L.P. 226344208 1213766.00000000 NS USD 34713707.60000000 2.057149794238 Long EC CORP US N 1 N N N 2023-09-30 AIM Investment Funds (Invesco Investment Funds) Adrien Deberghes Adrien Deberghes Principal Financial Officer and Treasurer XXXX NPORT-EX 2 edgar.htm DOS

Schedule of Investments

August 31, 2023

(Unaudited)

 

     Units      Value  

Master Limited Partnerships And Related Entities–96.73%

 

Diversified–44.23%     

Energy Transfer L.P.

     8,140,100      $  109,647,138  

Enterprise Products Partners L.P.

     3,029,145        80,605,548  

MPLX L.P.

     3,260,232        113,749,495  

ONEOK, Inc.

     429,003        27,970,996  

Williams Cos., Inc.

     1,080,798        37,319,955  
               369,293,132  
Gathering & Processing–29.22%

 

   

Crestwood Equity Partners L.P.

     280,575        8,024,445  

EnLink Midstream LLC

     1,874,145        23,314,364  

Hess Midstream L.P., Class A

     573,651        16,578,514  

Targa Resources Corp.

     1,155,414        99,654,457  

Western Midstream Partners L.P.

     3,614,043        96,458,805  
               244,030,585  
Natural Gas Pipeline Transportation–0.96%

 

   

DT Midstream, Inc.

     153,311        8,016,632  
Other Energy–6.37%

 

   

Cheniere Energy, Inc.

     175,054        28,568,813  

Cheniere Energy Partners L.P.

     192,568        9,994,279  

Sunoco L.P.

     104,185        4,788,343  

Westlake Chemical Partners L.P.

     427,065        9,818,224  
               53,169,659  
     Units      Value  
Petroleum Pipeline Transportation–15.95%

 

   

Genesis Energy L.P.

     1,220,963      $ 12,075,324  

Magellan Midstream Partners L.P.

     639,592        42,481,701  

NuStar Energy L.P.

     841,766        14,107,998  

Plains All American Pipeline L.P.

     3,176,918        48,448,000  

Plains GP Holdings L.P., Class A

     1,004,599        16,113,768  
               133,226,791  

Total Master Limited Partnerships And Related Entities
(Cost $490,145,652)

 

      807,736,799  
     Shares          
Money Market Funds–4.86%

 

Fidelity Treasury Portfolio, Institutional
Class, 5.20%
(Cost $40,555,665)(a)

     40,555,665        40,555,665  

TOTAL INVESTMENTS IN SECURITIES–101.59%
(Cost $530,701,317)

 

      848,292,464  

OTHER ASSETS LESS LIABILITIES–(1.59)%

 

      (13,264,901 ) 

NET ASSETS–100%

 

    $  835,027,563  
 

Notes to Schedule of Investments:

 

(a) 

The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

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

 

Invesco SteelPath MLP Alpha Fund

Schedule of Investments

August 31, 2023

(Unaudited)

 

     Units      Value  

Master Limited Partnerships And Related Entities–132.09%

 

Diversified–60.51%

 

Energy Transfer L.P.(a)

     2,494,702      $ 33,603,640  

Enterprise Products Partners L.P.(a)

     926,761        24,661,110  

MPLX L.P.(a)

     994,233        34,688,789  

ONEOK, Inc.(a)

     128,924        8,405,845  

Williams Cos., Inc.(a)

     330,307        11,405,501  
               112,764,885  
Gathering & Processing–40.03%

 

Crestwood Equity Partners L.P.(a)

     83,410        2,385,526  

EnLink Midstream LLC(a)

     565,873        7,039,460  

Hess Midstream L.P., Class A(a)

     175,284        5,065,708  

Targa Resources Corp.(a)

     354,941        30,613,661  

Western Midstream Partners L.P.(a)

     1,104,636        29,482,737  
               74,587,092  
Natural Gas Pipeline Transportation–1.30%

 

DT Midstream, Inc.(a)

     46,283        2,420,138  
Other Energy–8.62%

 

Cheniere Energy, Inc.(a)

     52,651        8,592,643  

Cheniere Energy Partners LP(a)

     60,099        3,119,138  

Sunoco L.P.(a)

     31,582        1,451,509  

Westlake Chemical Partners L.P.(a)

     126,622        2,911,040  
               16,074,330  

 

     Units      Value  
Petroleum Pipeline Transportation–21.63%

 

Genesis Energy L.P.(a)

     372,377      $ 3,682,809  

Magellan Midstream Partners L.P.(a)

     189,215        12,567,660  

NuStar Energy L.P.(a)

     257,348        4,313,152  

Plains All American Pipeline L.P.(a)

     971,026        14,808,147  

Plains GP Holdings L.P., Class A(a)

     307,305        4,929,172  
               40,300,940  

Total Master Limited Partnerships And Related Entities
(Cost $185,012,968)

 

      246,147,385  
     Shares          
Money Market Funds–8.14%

 

Fidelity Treasury Portfolio, Institutional
Class, 5.20%
(Cost $15,163,842)(b)

     15,163,842        15,163,842  

TOTAL INVESTMENTS IN SECURITIES–140.23%
(Cost $200,176,810)

 

      261,311,227  

OTHER ASSETS LESS LIABILITIES–(7.50)%

 

      (13,972,402 ) 

BORROWINGS–(32.73)%

 

      (61,000,000 ) 

NET ASSETS–100%

 

    $ 186,338,825  
 

Notes to Schedule of Investments:

 

(a)

As of August 31, 2023, all or a portion of the security has been pledged as collateral for a Fund loan. The market value of the securities in the pledged account totaled $150,862,010 as of August 31, 2023. The loan agreement requires continuous collateral whether the loan has a balance or not.

(b)

The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

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

 

Invesco SteelPath MLP Alpha Plus Fund

Schedule of Investments

August 31, 2023

(Unaudited)

 

     Units      Value  

Master Limited Partnerships And Related Entities–104.36%

 

Diversified–29.99%

 

Energy Transfer L.P.

     33,810,950      $ 455,433,502  

Enterprise Products Partners L.P.

     2,000,000        53,220,000  

MPLX L.P.

     12,829,596        447,624,604  
               956,278,106  
Gathering & Processing–30.49%

 

Antero Midstream Corp.(a)

    24,294,063        294,444,044  

Crestwood Equity Partners L.P.

     3,716,827        106,301,252  

EnLink Midstream LLC

     17,182,821        213,754,293  

Evolve Transition Infrastucture L.P.(b)

    58,251        173,005  

Hess Midstream L.P., Class A

     1,350,000        39,015,000  

Summit Midstream Partners L.P.(a)(b)

    738,629        9,978,878  

Western Midstream Partners L.P.

     11,565,090        308,672,252  
               972,338,724  
Other Energy–19.54%

 

Arko Corp.

     1,626,925        12,250,745  

CrossAmerica Partners L.P.(a)

    3,748,183        73,164,532  

Enviva, Inc.

     100,000        920,000  

Global Partners L.P.(a)

    2,637,261        82,493,524  

KNOT Offshore Partners L.P.(a)

    1,776,804        9,470,366  

Kodiak Gas Services, Inc.(b)

    1,000,000        18,290,000  

Suburban Propane Partners L.P.

     619,626        8,996,970  

Sunoco L.P.

     3,551,543        163,228,916  

USA Compression Partners L.P.(a)

    11,116,768        235,897,817  

Westlake Chemical Partners L.P.

     800,000        18,392,000  
               623,104,870  
     Units      Value  

Petroleum Pipeline Transportation–23.69%

 

Delek Logistics Partners L.P.

     941,387      $ 39,302,907  

Genesis Energy L.P.(a)

    7,495,932        74,134,767  

Magellan Midstream Partners L.P.

     1,000,218        66,434,480  

NGL Energy Partners L.P.(a)(b)

    12,412,037        46,917,500  

NuStar Energy L.P.(a)

    14,668,026        245,836,116  

Phillips 66 Partners L.P.

     500        57,080  

Plains All American Pipeline L.P.

     18,533,333        282,633,328  
               755,316,178  
Terminalling & Storage–0.65%

 

Martin Midstream Partners L.P.(a)

    7,026,434        20,868,509  

Total Master Limited Partnerships And Related Entities
(Cost $2,162,255,426)

 

      3,327,906,387  

Preferred Master Limited Partnerships And Related Entities–0.08%

 

Other Energy–0.08%

 

Global Partners L.P., 9.50%
(Cost $2,500,000)

     100,000        2,609,990  
     Shares          
Money Market Funds–1.36%

 

Fidelity Treasury Portfolio, Institutional Class, 5.20%
(Cost $43,232,368)(c)

    43,232,368        43,232,368  

TOTAL INVESTMENTS IN SECURITIES–105.80%
(Cost $2,207,987,794)

 

      3,373,748,745  

OTHER ASSETS LESS LIABILITIES–(5.80)%

 

      (185,030,264 ) 

NET ASSETS–100%

 

    $ 3,188,718,481  
 

 

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

 

Invesco SteelPath MLP Income Fund

Schedule of Investments (Continued)

August 31, 2023

(Unaudited)

 

Notes to Schedule of Investments:

 

(a)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended August 31, 2023.

 

                     

Change in
Unrealized

Appreciation
(Depreciation)

                 Dividends and Distributions  
Investments in Other Affiliates:  

Value

November 30,
2022

    

Purchases

at Cost

    

Proceeds

from Sales

    

Realized

Gain (Loss)

     Value
August 31,
2023		     Return of
Capital		     Capital Gains     Income  

MLP Investments and Related Entities

                  

Antero Midstream Corp.i

   $ 265,054,734     $ 9,248,680     $ —     $ 34,330,328     $ —     $ 294,444,044     $
 		  
(14,189,698		  
) 		   $ —     $
 		  
1,938,794		  
 

CrossAmerica Partners L.P.

     75,001,142       —       —       4,066,778       —       73,164,532       (5,903,388 )      —       —  

Genesis Energy L.P.

     81,346,001       1,098,810       (2,966,780 )      (415,541 )      (4,343,057 )      74,134,767       (584,666 )      2,863,504       —  

Global Partners L.P.

     127,503,020       —       (41,328,230 )      (25,796,226 )      29,769,611       82,493,524       (7,654,651 )      —       —  

KNOT Offshore Partners L.P.

     20,362,174       —       —       (10,753,217 )      —       9,470,366       (138,591 )      —       —  

Martin Midstream Partners L.P.

     22,976,439       —       —       (2,003,580 )      —       20,868,509       (104,350 )      1,046       —  

NGL Energy Partners L.P.

     14,522,083       —       —       32,395,417       —       46,917,500       —       —       —  

NuStar Energy L.P.

     231,363,865       20,728,126       (12,552,000 )      30,802,562       (7,219,502 )      245,836,116       (17,286,935 )      1,174,696       —  

Summit Midstream Partners L.P.

     15,289,620       —       —       (5,310,742 )      —       9,978,878       —       —       —  

Sunoco L.P.ii

     235,377,456       —       (87,839,930 )      (50,817,262 )      70,092,757       163,228,916       (3,584,105 )      6,187,547       —  

USA Compression Partners L.P.

     231,948,217       —       (31,865,490 )      21,779,235       19,116,432       235,897,817       (5,080,577 )      13,248,488       —  
    $ 1,320,744,751     $ 31,075,616     $ (176,552,430 )    $ 28,277,752     $ 107,416,241     $ 1,256,434,969     $ (54,526,961 )    $ 23,475,281     $ 1,938,794  
i.

As of November 30, 2022, the security was not considered as an affiliate of the Fund.

ii.

As of August 31, 2023, the security was not considered as an affiliate of the Fund.

 

(b)

Non-income producing.

(c)

The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

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

 

Invesco SteelPath MLP Income Fund

Schedule of Investments

August 31, 2023

(Unaudited)

 

     Units      Value  

Master Limited Partnerships And Related Entities–100.74%

 

Diversified–25.95%

 

Energy Transfer L.P.

     9,533,271      $ 128,413,163  

Enterprise Products Partners L.P.

     2,944,474        78,352,453  

MPLX L.P.

     3,435,428        119,862,083  

ONEOK, Inc.

     508,975        33,185,170  

TC Energy Corp.(a)

     979        35,362  

Williams Cos., Inc.

     2,258,555        77,987,904  
               437,836,135  
Gathering & Processing–30.18%

 

Antero Midstream Corp.

     7,250,954        87,881,562  

Archrock, Inc.(b)

     6,800,839        86,982,731  

Crestwood Equity Partners L.P.

     1,213,766        34,713,708  

EnLink Midstream LLC

     7,130,586        88,704,490  

Hess Midstream L.P., Class A

     1,419,355        41,019,359  

Summit Midstream Partners L.P.(c)

     171,723        2,319,971  

Targa Resources Corp.

     1,018,828        87,873,915  

Western Midstream Partners L.P.

     2,986,498        79,709,642  
               509,205,378  
Natural Gas Pipeline Transportation–0.56%

 

DT Midstream, Inc.

     146,819        7,677,165  

Equitrans Midstream Corp.

     15,838        152,042  

Kinder Morgan, Inc.

     97,880        1,685,494  
               9,514,701  
Other Energy–21.44%

 

Arko Corp.

     1,829,604        13,776,918  

Cheniere Energy Partners LP

     141,925        7,365,908  

CrossAmerica Partners L.P.(b)

     1,971,946        38,492,386  

CSI Compressco L.P.(b)(d)

     10,234,420        11,667,239  

Global Partners L.P.(b)

     1,739,319        54,405,898  

Suburban Propane Partners L.P.

     637,962        9,263,208  

Sunoco L.P.

     1,603,500        73,696,860  

USA Compression Partners L.P.

     3,000,277        63,665,878  

Westlake Chemical Partners L.P.(b)

     3,886,522        89,351,141  
               361,685,436  
     Units      Value  
Petroleum Pipeline Transportation–22.12%

 

Chevron Corp.

     137      $ 22,071  

Delek Logistics Partners L.P.

     140,163        5,851,805  

Genesis Energy L.P.(b)

     8,291,977        82,007,653  

Holly Energy Partners L.P.

     2,137,167        45,521,657  

Magellan Midstream Partners L.P.

     276,194        18,344,805  

NGL Energy Partners L.P.(b)(c)

     7,150,096        27,027,363  

NuStar Energy L.P.(b)

     4,753,382        79,666,682  

Phillips 66 Partners L.P.

     491        56,053  

Plains All American Pipeline L.P.

     5,609,426        85,543,746  

Plains GP Holdings L.P., Class A

     1,811,755        29,060,550  
               373,102,385  
Production & Mining–0.46%

 

Alliance Resource Partners L.P.

     378,734        7,733,748  
Terminalling & Storage–0.03%

 

Martin Midstream Partners L.P.

     186,311        553,344  

Total Master Limited Partnerships And Related Entities
(Cost $1,133,303,937)

 

      1,699,631,127  

Preferred Master Limited Partnerships And Related Entities–0.86%

 

Other Energy–0.86%

 

Global Partners L.P., 9.50%

     97,881        2,554,685  

Global Partners L.P., 9.75%(b)

     464,884        11,966,114  
               14,520,799  

Total Preferred Master Limited Partnerships And Related Entities
(Cost $14,069,125)

 

      14,520,799  
     Shares          
Money Market Funds–3.53%

 

Fidelity Treasury Portfolio, Institutional
Class, 5.20%
(Cost $59,468,608)(e)

     59,468,608        59,468,608  

TOTAL INVESTMENTS IN SECURITIES–105.13%
(Cost $1,206,841,670)

 

      1,773,620,534  

OTHER ASSETS LESS LIABILITIES–(5.13)%

 

      (86,552,733 ) 

NET ASSETS–100%

 

    $ 1,687,067,801  
 

 

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

 

Invesco SteelPath MLP Select 40 Fund

Schedule of Investments (Continued)

August 31, 2023

(Unaudited)

 

Notes to Schedule of Investments:

 

(a) 

Foreign security denominated in U.S. dollars.

(b) 

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended August 31, 2023.

 

                     

Change in

Unrealized
Appreciation
(Depreciation)

                 Dividends and Distributions  
Investments in Other Affiliates:  

Value

November 30,

2022

    

Purchases

at Cost

    

Proceeds

from Sales

     Realized Gain
(Loss)		    

Value

August 31,

2023

     Return of
Capital		    

Capital

Gains

     Income  

MLP Investments and Related Entities

                  

Archrock, Inc.i,ii

   $ 66,017,976     $ 7,796,310     $ (19,901,942 )    $ 34,585,260     $ 2,148,875     $ 86,982,731     $ (3,663,748 )    $ —     $ —  

CrossAmerica Partners L.P.

     40,313,347       —       (816,821 )      1,717,972       428,553       38,492,386       (3,150,665 )      —       —  

CSI Compressco L.P.

     14,004,092       —       (595,268 )      4,657,907       (6,232,826 )      11,667,239       (166,666 )      144,800       —  

Genesis Energy L.P.

     78,682,721       14,338,266       (6,506,897 )      7,124,090       (9,244,027 )      82,007,653       (2,386,500 )      1,082,325       —  

Global Partners L.P.

     60,494,002       —       (3,313,487 )      57,825       2,299,855       54,405,898       (5,132,297 )      —       —  

NGL Energy Partners L.P.

     8,546,817       —       (605,437 )      21,177,711       (2,091,728 )      27,027,363       —       —       —  

Nustar Energy L.P.ii

     91,443,215       —       (14,083,570 )      21,520,871       (14,120,289 )      79,666,682       (5,093,545 )      1,040,229       —  

Westlake Chemical Partners

     94,377,202       —       (4,308,430 )      2,620,791       1,575,399       89,351,141       (4,913,821 )      762,146       —  

Preferred MLP Investments and Related Entities

                  

Global Partners L.P.—Preferred

     12,700,270       —       (262,319 )      (482,406 )      10,569       11,966,114       —       —       862,139  
    $ 466,579,642     $ 22,134,576     $ (50,394,171 )    $ 92,980,021     $ (25,225,619 )    $ 481,567,207     $ (24,507,242 )    $ 3,029,500     $ 862,139  
i.

As of November 30, 2022, the security was not considered as an affiliate of the Fund.

ii.

As of August 31, 2023, the security was not considered as an affiliate of the Fund.

 

(c) 

Non-income producing.

(d) 

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 value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets.

(e) 

The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

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

 

Invesco SteelPath MLP Select 40 Fund

Notes to Quarterly Schedule of Portfolio Holdings

August 31, 2023

(Unaudited)

NOTE 1 – 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. 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:

 

  1)

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

 

  2)

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.

 

  3)

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 Invesco Advisers, Inc.’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.

As of August 31, 2023, all of the securities in Invesco SteelPath MLP Alpha Fund, Invesco SteelPath MLP Alpha Plus Fund, Invesco SteelPath MLP Income Fund and Invesco SteelPath MLP Select 40 Fund were valued based on Level 1 inputs (see the Schedules 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.