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 |
| 765,105,233 | ||||||
Shares | ||||||||
Money Market Funds–4.63% |
| |||||||
Fidelity Treasury Portfolio, Institutional | 36,911,217 | 36,911,217 | ||||||
TOTAL INVESTMENTS IN SECURITIES–100.58% |
| 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 |
| 248,698,965 | ||||||
Shares | ||||||||
Money Market Funds–1.68% |
| |||||||
Fidelity Treasury Portfolio, Institutional | 3,284,650 | 3,284,650 | ||||||
TOTAL INVESTMENTS IN SECURITIES–129.21% |
| 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 |
| 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 |
| 2,752,982 | ||||||
Shares | ||||||||
Money Market Funds–1.98% |
| |||||||
Fidelity Treasury Portfolio, Institutional Class, 2.089% | 57,678,344 | 57,678,344 | ||||||
TOTAL INVESTMENTS IN SECURITIES–103.10% |
| 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 | 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 |
| 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% | 574,954 | 15,391,461 | ||||||
Total Preferred Master Limited Partnerships And Related Entities |
| 17,941,461 | ||||||
TOTAL INVESTMENTS IN SECURITIES–99.70% |
| 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 | 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 |