NPORT-EX 2 SteelPath_Funds_08.31.22.htm DOS

Schedule of Investments

August 31, 2022

(Unaudited)

 

     Units      Value  

Master Limited Partnerships And Related Entities–95.95%

 

Diversified–16.92%     

Enterprise Products Partners L.P.

     3,107,803      $ 81,797,375  

ONEOK, Inc.

     234,099        14,333,882  

Williams Cos., Inc.

     1,140,053        38,796,003  
               134,927,260  
Gathering & Processing–44.60%

 

   

DCP Midstream L.P.

     415,239        15,787,387  

Equitrans Midstream Corp.

     856,784        7,942,385  

Hess Midstream L.P., Class A

     503,737        14,260,795  

MPLX L.P.

     3,252,492        106,096,289  

Targa Resources Corp.

     1,546,316        105,505,141  

Western Midstream Partners L.P.

     3,771,411        106,014,360  
               355,606,357  
Natural Gas Pipeline Transportation–15.30%

 

   

Energy Transfer L.P.

     9,758,955        114,277,367  

Kinder Morgan, Inc.

     421,390        7,719,865  
               121,997,232  
Other Energy–2.40%

 

   

Sunoco L.P.

     91,111        3,615,285  

USA Compression Partners L.P.

     438,955        7,927,527  

Westlake Chemical Partners L.P.

     318,343        7,643,415  
               19,186,227  
     Units      Value  
Petroleum Pipeline Transportation–16.73%

 

   

Holly Energy Partners L.P.

     680,417      $ 12,084,206  

Magellan Midstream Partners L.P.

     1,093,854        56,475,682  

Plains All American Pipeline L.P.

     4,493,036        52,793,173  

Plains GP Holdings L.P., Class A

     1,004,599        12,035,096  
               133,388,157  

Total Master Limited Partnerships And Related Entities
(Cost $455,994,637)

 

      765,105,233  
     Shares          
Money Market Funds–4.63%

 

Fidelity Treasury Portfolio, Institutional
Class, 2.09%
(Cost $36,911,217)(a)

     36,911,217        36,911,217  

TOTAL INVESTMENTS IN SECURITIES–100.58%
(Cost $492,905,854)

 

      802,016,450  

OTHER ASSETS LESS LIABILITIES–(0.58)%

 

      (4,625,937 ) 

NET ASSETS–100%

 

    $ 797,390,513  
 

 

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

 

Invesco SteelPath MLP Alpha Fund

Schedule of Investments (Continued)

August 31, 2022

(Unaudited)

 

Notes to Schedule of Investments:

 

(a)

The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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, 2022

(Unaudited)

 

     Units      Value  

Master Limited Partnerships And Related Entities–127.53%

 

Diversified–22.44%

 

Enterprise Products Partners L.P.(a)

     1,009,899      $ 26,580,542  

ONEOK, Inc.(a)

     74,721        4,575,167  

Williams Cos., Inc.(a)

     370,370        12,603,691  
               43,759,400  
Gathering & Processing–59.39%

 

DCP Midstream L.P.(a)

     134,470        5,112,549  

Equitrans Midstream Corp.(a)

     275,676        2,555,518  

Hess Midstream L.P., Class A(a)

     163,751        4,635,791  

MPLX L.P.(a)

     1,056,298        34,456,441  

Targa Resources Corp.(a)

     504,006        34,388,329  

Western Midstream Partners L.P.(a)

     1,233,237        34,666,295  
               115,814,923  
Natural Gas Pipeline Transportation–20.32%

 

Energy Transfer L.P.(a)

     3,173,794        37,165,131  

Kinder Morgan, Inc.(a)

     134,688        2,467,484  
               39,632,615  
Other Energy–3.15%

 

Sunoco L.P.(a)

     29,604        1,174,687  

USA Compression Partners L.P.(a)

     142,617        2,575,663  

Westlake Chemical Partners L.P.(a)

     99,665        2,392,956  
               6,143,306  

 

     Units      Value  
Petroleum Pipeline Transportation–22.23%

 

Holly Energy Partners L.P.(a)

     221,068      $ 3,926,168  

Magellan Midstream Partners L.P.(a)

     355,870        18,373,568  

Plains All American Pipeline L.P.(a)

     1,458,619        17,138,773  

Plains GP Holdings L.P., Class A(a)

     326,395        3,910,212  
               43,348,721  

Total Master Limited Partnerships And Related Entities
(Cost $177,994,562)

 

      248,698,965  
     Shares          
Money Market Funds–1.68%

 

Fidelity Treasury Portfolio, Institutional
Class, 2.09%
(Cost $3,284,650)(b)

     3,284,650        3,284,650  

TOTAL INVESTMENTS IN SECURITIES–129.21%
(Cost $181,279,212)

 

      251,983,615  

OTHER ASSETS LESS LIABILITIES–0.02%

 

      30,261  

BORROWINGS–(29.23)%

 

      (57,000,000 ) 

NET ASSETS–100%

 

    $ 195,013,876  
 

 

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

 

Invesco SteelPath MLP Alpha Plus Fund

Schedule of Investments (Continued)

August 31, 2022

(Unaudited)

 

Notes to Schedule of Investments:

 

(a) 

As of August 31, 2022, 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 $142,863,120 as of August 31, 2022. 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, 2022.

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, 2022

(Unaudited)

 

     Units      Value  

Master Limited Partnerships And Related Entities–101.03%

 

Diversified–0.00%

 

Phillips 66

     500      $ 44,730  
Gathering & Processing–35.04%

 

Antero Midstream Corp.

     22,994,063        231,550,214  

Crestwood Equity Partners L.P.

     400,000        10,664,000  

EnLink Midstream LLC

     21,282,821        216,233,461  

Evolve Transition Infrastructure L.P.(a)

     1,747,546        636,107  

MPLX L.P.

     11,789,596        384,576,622  

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

     738,629        12,298,173  

Western Midstream Partners L.P.

     5,928,090        166,638,610  
               1,022,597,187  
Natural Gas Pipeline Transportation–13.73%

 

Energy Transfer L.P.

     34,210,950        400,610,229  
Other Energy–24.49%

 

Arko Corp.

     1,626,925        15,504,595  

CrossAmerica Partners L.P.(b)

     3,248,183        67,887,025  

GasLog Partners L.P.

     1,182,738        7,167,392  

Global Partners L.P.(b)

     3,933,735        113,920,966  

Hoegh LNG Partners L.P.

     481,070        4,435,466  

KNOT Offshore Partners L.P.(b)

     1,776,804        28,446,632  

Suburban Propane Partners L.P.

     795,601        12,817,132  

Sunoco L.P.(b)

     5,481,543        217,507,626  

USA Compression Partners L.P.(b)

     12,626,468        228,034,012  

Westlake Chemical Partners L.P.

     800,000        19,208,000  
               714,928,846  
     Units      Value  
Petroleum Pipeline Transportation–26.75%

 

Delek Logistics Partners L.P.

     1,755,642      $ 108,867,360  

Genesis Energy L.P.(b)

     7,695,932        89,118,893  

Magellan Midstream Partners L.P.

     4,009,387        207,004,651  

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

     12,412,037        19,114,537  

NuStar Energy L.P.(b)

     13,088,025        208,884,879  

PBF Logistics L.P.

     2,369,653        43,909,670  

Plains All American Pipeline L.P.

     8,833,333        103,791,663  
               780,691,653  
Terminalling & Storage–1.02%

 

Martin Midstream Partners L.P.(b)

     7,026,434        29,862,344  

Total Master Limited Partnerships And Related Entities
(Cost $2,069,972,374)

 

      2,948,734,989  

Preferred Master Limited Partnerships And Related Entities–0.09%

 

Other Energy–0.09%

 

Global Partners L.P., 9.50%(b)(c)

     100,000        2,550,000  
Terminalling & Storage–0.00%

 

Altera Infrastructure L.P., 7.25%(a)(c)

     588,440        202,982  

Total Preferred Master Limited Partnerships And Related Entities
(Cost $8,634,664)

 

      2,752,982  
     Shares          
Money Market Funds–1.98%

 

Fidelity Treasury Portfolio, Institutional Class, 2.089%
(Cost $57,678,344)(d)

     57,678,344        57,678,344  

TOTAL INVESTMENTS IN SECURITIES–103.10%
(Cost $2,136,285,382)

 

      3,009,166,315  

OTHER ASSETS LESS LIABILITIES–(3.10)%

 

      (90,515,743 ) 

NET ASSETS–100%

 

    $ 2,918,650,572  
 

 

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

 

Invesco SteelPath MLP Income Fund

Schedule of Investments (Continued)

August 31, 2022

(Unaudited)

 

Notes to Schedule of Investments:

 

(a)

Non-income producing.

(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, 2022.

 

                     

Change in
Unrealized
Appreciation
(Depreciation)

                 Dividends and Distributions  
Investments in Other Affiliates:   Value
November 30,
2021		     Purchases
at cost		     Proceeds
from Sales		     Realized
Gain (Loss)		     Value August 31,
2022		     Return of
Capital		     Capital Gains     Income  

MLP Investments and Related Entities

                  

Blueknight Energy Partners L.P.i

   $ 6,975,746     $ —     $ (9,889,397 )    $ 2,890,170     $ 76,570     $ —     $ (53,089 )    $ 218,073     $ —  

CrossAmerica Partners L.P.

     64,541,396       —       —       8,461,517       —       67,887,025       (5,115,888 )      —       —  

EnLink Midstream LLCi

     179,444,439       —       (60,738,757 )      99,634,611       6,021,863       216,233,461       (8,128,695 )      —       —  

Genesis Energy L.P.

     80,174,454       —       (2,715,691 )      15,509,764       (3,223,684 )      89,118,893       (625,950 )      2,912,219       —  

Global Partners L.P.

     80,996,809       11,348,000       (726,606 )      28,199,461       440,518       113,920,966       (6,337,216 )      —       —  

KNOT Offshore Partners L.P.

     27,895,823       —       —       2,249,931       —       28,446,632       (1,699,122 )      —       1,072,692  

Martin Midstream Partners L.P.

     19,392,958       —       —       10,574,664       —       29,862,344       (105,278 )      119       —  

NGL Energy Partners L.P.

     25,320,555       —       —       (6,206,018 )      —       19,114,537       —       —       —  

NuStar Energy L.P.

     131,681,998       56,190,668       —       33,951,403       —       208,884,879       (12,939,190 )      552,442       —  

Summit Midstream Partners L.P.

     22,070,250       —       —       (9,771,898 )      (179 )      12,298,173       —       —       —  

Sunoco L.P.

     231,167,036       —       (23,207,283 )      3,786,875       15,962,717       217,507,626       (10,201,719 )      3,728,287       —  

USA Compression Partners L.P.

     172,261,815       15,849,161       —       50,659,479       —       228,034,012       (10,736,443 )      8,205,244       —  

Preferred MLP Investments and Related Entities

                  

Blueknight Energy Partners L.P.i

     6,605,760       —       (6,955,524 )      (2,962,059 )      3,738,097       —       (426,274 )      —       —  

Global Partners L.P.i

     2,687,000       —       —       (137,000 )      —       2,550,000       —       —       178,125  
    $ 1,051,216,039     $ 83,387,829     $ (104,233,258 )    $ 236,840,900     $ 23,015,902     $ 1,233,858,548     $ (56,368,864 )    $ 15,616,384     $ 1,250,817  
i.

As of August 31, 2022, the security was not considered as an affiliate of the Fund.

 

(c)

Perpetual security. Maturity date is not applicable.

(d)

The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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, 2022

(Unaudited)

 

     Units      Value  

Master Limited Partnerships And Related Entities–98.68%

 

Diversified–8.03%

 

Chevron Corp.

     139      $ 21,971  

Enterprise Products Partners L.P.

     3,053,254        80,361,645  

ONEOK, Inc.

     20,000        1,224,600  

Phillips 66

     500        44,730  

TC Energy Corp.(a)

     1,000        48,200  

Williams Cos., Inc.

     1,755,311        59,733,233  
               141,434,379  
Gathering & Processing–35.05%

 

Antero Midstream Corp.

     7,908,017        79,633,731  

Archrock, Inc.

     7,579,561        56,012,956  

Crestwood Equity Partners L.P.

     151,000        4,025,660  

DCP Midstream L.P.

     902,978        34,331,224  

EnLink Midstream LLC

     7,632,715        77,548,384  

Equitrans Midstream Corp.

     2,920,694        27,074,830  

Hess Midstream L.P., Class A

     1,450,099        41,052,303  

MPLX L.P.

     3,848,024        125,522,543  

Summit Midstream Partners L.P.(b)

     175,442        2,921,102  

Targa Resources Corp.

     1,201,763        81,996,289  

Western Midstream Partners L.P.

     3,101,189        87,174,433  
               617,293,455  
     Units      Value  
Natural Gas Pipeline Transportation–7.54%

 

Energy Transfer L.P.

     11,339,771      $ 132,788,721  
Other Energy–23.74%

 

Arko Corp.

     2,169,234        20,672,800  

CrossAmerica Partners L.P.(c)

     2,514,660        52,556,394  

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

     10,731,105        13,521,192  

GasLog Partners L.P.(a)

     1,182,985        7,168,889  

Global Partners L.P.(c)

     1,842,644        53,362,970  

Suburban Propane Partners L.P.

     1,040,176        16,757,235  

Sunoco L.P.

     1,944,886        77,173,077  

USA Compression Partners L.P.

     4,180,689        75,503,243  

Westlake Chemical Partners L.P.(c)

     4,221,468        101,357,447  
               418,073,247  
Petroleum Pipeline Transportation–23.69%

 

Delek Logistics

Partners L.P.

     143,200        8,879,832  

Genesis Energy L.P.(c)

     6,943,966        80,411,126  

Holly Energy Partners L.P.

     2,324,219        41,278,130  

Magellan Midstream Partners L.P.

     1,644,567        84,908,994  

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

     7,304,972        11,249,657  

NuStar Energy L.P.(c)

     5,699,707        90,967,324  

PBF Logistics L.P.

     586,077        10,860,007  

Plains All American Pipeline L.P.

     7,538,299        88,575,013  

Plains GP Holdings L.P., Class A

     1,000        11,980  
               417,142,063  
 

 

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

 

Invesco SteelPath MLP Select 40 Fund

Schedule of Investments (Continued)

August 31, 2022

(Unaudited)

 

     Units      Value  
Production & Mining–0.58%

 

Alliance Resource Partners L.P.

     386,938      $ 10,191,947  
Terminalling & Storage–0.05%

 

Martin Midstream Partners L.P.

     190,345        808,966  

Total Master Limited Partnerships And Related Entities
(Cost $1,401,295,098)

 

      1,737,732,778  

Preferred Master Limited Partnerships And Related Entities–1.02%

 

Other Energy–1.02%

 

Global Partners L.P., 9.50%(e)

     100,000        2,550,000  

Global Partners L.P., 9.75%
(3-Month USD Libor + 677.4)(c)(e)(f)

     574,954        15,391,461  

Total Preferred Master Limited Partnerships And Related Entities
(Cost $16,873,850)

 

      17,941,461  

TOTAL INVESTMENTS IN SECURITIES–99.70%
(Cost $1,418,168,948)

 

      1,755,674,239  

OTHER ASSETS LESS LIABILITIES–0.30%

 

      5,285,098  

NET ASSETS–100%

 

    $ 1,760,959,337  

Investment Abbreviations:

LIBOR – London Interbank Offered Rate

 

 

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

 

Invesco SteelPath MLP Select 40 Fund

Schedule of Investments (Continued)

August 31, 2022

(Unaudited)

 

Notes to Schedule of Investments:

 

(a) 

Foreign security denominated in U.S. dollars.

(b) 

Non-income producing.

(c) 

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, 2022.

 

                     

Change in
Unrealized
Appreciation
(Depreciation)

                 Dividends and Distributions  
Investments in Other Affiliates:   Value
November 30,
2021		    

Purchases

at cost

    

Proceeds

from Sales

     Realized
Gain (Loss)		    

Value

August 31,

2022

     Return of
Capital		    

Capital

Gains

     Income  

MLP Investments and Related Entities

                  

CrossAmerica Partners L.P.

   $ 49,966,294       —       —       6,550,690       —       52,556,394     $ (3,960,590 )    $ —     $ —  

CSI Compressco L.P.i

     6,262,416       7,500,000       —       (130,113 )      —       13,521,192       (111,111 )      155,267       —  

Genesis Energy L.P.

     63,001,617       7,064,529       —       12,999,811       —       80,411,126       (2,654,831 )      259,954       —  

Global Partners L.P.

     51,042,578       —       (11,348,000 )      11,046,857       6,624,655       53,362,970       (4,003,120 )      —       —  

NGL Energy Partners L.P.

     14,902,143       —       —       (3,652,486 )      —       11,249,657       —       —       —  

Nustar Energy L.P.

     65,375,898       17,135,776       (1,022,155 )      16,940,036       (1,669,663 )      90,967,324       (5,792,568 )      703,080       —  

Westlake Chemical Partners

     100,720,279       —       (3,671,488 )      8,905,797       1,433,811       101,357,447       (6,030,952 )      —       —  

Preferred MLP Investments and Related Entities

                  

Global Partners L.P.—Preferred

     14,943,055       —       —       448,406       —       15,391,461       —       —       1,051,088  

Global Partners L.P.—Preferredii

     2,687,000       —       —       (137,000 )      —       2,550,000       —       —       178,125  
    $ 368,901,280     $ 31,700,305     $ (16,041,643 )    $ 52,971,998     $ 6,388,803     $ 421,367,571     $ (22,553,172 )    $ 1,118,301     $ 1,229,213  
i. 

CSI Compressco L.P. Pipe restricted shares converted into CSI Compressco L.P. common shares on February 28, 2022.

ii. 

As of August 31, 2022, the security was not considered as an affiliate of the Fund.

 

(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, 2022 represented less than 1% of the Fund’s Net Assets.

(e) 

Perpetual security. Maturity date is not applicable.

(f) 

Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as (Referenced Rate + Basis-point spread).

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, 2022

(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 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:

 

  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 the Fund’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.

The following is a summary of the tiered valuation input levels, as of August 31, 2022, for Invesco SteelPath MLP Income Fund. As of August 31, 2022, all of the securities in Invesco SteelPath MLP Alpha Fund, Invesco SteelPath MLP Alpha Plus 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.

Invesco SteelPath MLP Income Fund

 

                                                         
                                         
                                         
           

Level 1 -

                Level 2 -                    Level 3 –                Total  
Master Limited Partnerships and Related Entities    $        2,948,734,989        $        -             -        $        2,948,734,989    
Preferred Master Limited Partnerships and Related Entities           2,550,000               -             202,982               2,752,982    
Money Market Funds           57,678,344               -             -               57,678,344    
Total Investments    $        3,008,963,333        $        -      $        202,982               3,009,166,315