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.