Schedule of Investments
August 31, 2024
(Unaudited)
| | | | | | | | |
| | | Units | | | Value | |
Master Limited Partnerships And Related Entities–94.88% | |
| Diversified–46.97% | | | | | | | | |
Energy Transfer L.P. | | | 8,397,498 | | | $ | 135,199,724 | |
Enterprise Products Partners L.P. | | | 3,029,145 | | | | 88,875,114 | |
MPLX L.P. | | | 3,077,850 | | | | 131,978,208 | |
ONEOK, Inc. | | | 752,414 | | | | 69,492,957 | |
TC Energy Corp.(a) | | | 240,643 | | | | 11,151,397 | |
Williams Cos., Inc. | | | 981,651 | | | | 44,930,166 | |
| | | | | | | | 481,627,566 | |
| |
| Gathering & Processing–26.51% | | | | | |
Archrock, Inc. | | | 154,518 | | | | 3,125,899 | |
EnLink Midstream LLC | | | 1,874,145 | | | | 26,912,722 | |
Hess Midstream L.P., Class A | | | 573,651 | | | | 21,425,865 | |
Targa Resources Corp. | | | 775,295 | | | | 113,890,836 | |
Western Midstream Partners L.P. | | | 2,760,648 | | | | 106,505,796 | |
| | | | | | | | 271,861,118 | |
| |
| Natural Gas Pipeline Transportation–2.33% | | | | | |
DT Midstream, Inc. | | | 108,439 | | | | 8,522,221 | |
Enbridge, Inc.(a) | | | 382,134 | | | | 15,354,144 | |
| | | | | | | | 23,876,365 | |
| |
| Other Energy–8.80% | | | | | |
Cheniere Energy Partners LP | | | 192,568 | | | | 9,431,981 | |
Cheniere Energy, Inc. | | | 175,054 | | | | 32,430,504 | |
Sunoco L.P. | | | 893,961 | | | | 48,425,867 | |
| | | | | | | | 90,288,352 | |
| | | | | | | | |
| | | Units | | | Value | |
| Petroleum Pipeline Transportation–10.27% | | | | | |
Genesis Energy L.P. | | | 1,520,635 | | | $ | 21,076,001 | |
Plains All American Pipeline L.P. | | | 3,622,140 | | | | 64,981,191 | |
Plains GP Holdings L.P., Class A | | | 1,004,599 | | | | 19,288,301 | |
| | | | | | | | 105,345,493 | |
Total Master Limited Partnerships And
Related Entities
(Cost $862,368,242) | | | | 972,998,894 | |
| | |
| | | Shares | | | | |
Common Stocks And Other Equity Interests–1.02% | |
| Natural Gas Pipeline Transportation–1.02% | | | | | |
Kinetik Holdings, Inc.
(Cost $8,016,469) | | | 237,525 | | | | 10,508,106 | |
| |
| Money Market Funds–3.72% | | | | | |
Fidelity Treasury Portfolio, Institutional
Class, 5.16%
(Cost $38,156,289)(b) | | | 38,156,289 | | | | 38,156,289 | |
TOTAL INVESTMENTS IN SECURITIES–99.62%
(Cost $908,541,000) | | | | 1,021,663,289 | |
OTHER ASSETS LESS LIABILITIES–0.38% | | | | 3,852,822 | |
NET ASSETS–100% | | | $ | 1,025,516,111 | |
Notes to Schedule of Investments:
| (a) | Foreign security denominated in U.S. dollars. |
| (b) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
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, 2024
(Unaudited)
| | | | | | | | |
| | | Units | | | Value | |
Master Limited Partnerships And Related Entities–134.92% | |
Diversified–66.76% | |
Energy Transfer L.P.(a) | | | 3,103,364 | | | $ | 49,964,157 | |
Enterprise Products Partners L.P.(a) | | | 1,119,819 | | | | 32,855,489 | |
MPLX L.P.(a) | | | 1,134,144 | | | | 48,632,095 | |
ONEOK, Inc.(a) | | | 272,639 | | | | 25,180,938 | |
TC Energy Corp.(b) | | | 88,755 | | | | 4,112,907 | |
Williams Cos., Inc.(a) | | | 362,501 | | | | 16,591,671 | |
| | | | | | | | 177,337,257 | |
|
| Gathering & Processing–37.75% | |
Archrock, Inc. | | | 57,049 | | | | 1,154,101 | |
EnLink Midstream LLC(a) | | | 683,756 | | | | 9,818,736 | |
Hess Midstream L.P., Class A(a) | | | 211,800 | | | | 7,910,730 | |
Targa Resources Corp.(a) | | | 287,115 | | | | 42,177,194 | |
Western Midstream Partners L.P.(a) | | | 1,016,254 | | | | 39,207,083 | |
| | | | | | | | 100,267,844 | |
|
| Natural Gas Pipeline Transportation–3.25% | |
DT Midstream, Inc.(a) | | | 39,618 | | | | 3,113,579 | |
Enbridge, Inc.(a)(b) | | | 137,386 | | | | 5,520,169 | |
| | | | | | | | 8,633,748 | |
|
| Other Energy–12.51% | |
Cheniere Energy Partners LP(a) | | | 72,620 | | | | 3,556,928 | |
Cheniere Energy, Inc.(a) | | | 63,619 | | | | 11,786,056 | |
Sunoco L.P.(a) | | | 330,238 | | | | 17,888,992 | |
| | | | | | | | 33,231,976 | |
| | | | | | | | |
| | | Units | | | Value | |
| Petroleum Pipeline Transportation–14.65% | |
Genesis Energy L.P.(a) | | | 561,176 | | | $ | 7,777,899 | |
Plains All American Pipeline L.P.(a) | | | 1,337,737 | | | | 23,999,002 | |
Plains GP Holdings L.P., Class A(a) | | | 371,320 | | | | 7,129,344 | |
| | | | | | | | 38,906,245 | |
Total Master Limited Partnerships And Related Entities
(Cost $240,598,934) | | | | 358,377,070 | |
| | |
| | | Shares | | | | |
Common Stocks & Other Equity Interests–1.43% | |
| Natural Gas Pipeline Transportation–1.43% | |
Kinetik Holdings, Inc.
(Cost $2,983,828) | | | 85,797 | | | | 3,795,659 | |
|
| Money Market Funds–3.94% | |
Fidelity Treasury Portfolio, Institutional
Class, 5.16%
(Cost $10,476,837)(c) | | | 10,476,837 | | | | 10,476,837 | |
TOTAL INVESTMENTS IN SECURITIES — 140.29%
(Cost $254,059,599) | | | | 372,649,566 | |
OTHER ASSETS LESS LIABILITIES — (7.54)% | | | | (20,029,711 | ) |
BORROWINGS — (32.75)% | | | | (87,000,000 | ) |
NET ASSETS — 100% | | | $ | 265,619,855 | |
Notes to Schedule of Investments:
| (a) | As of August 31, 2024, 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 $193,876,160 as of August 31, 2024. The loan agreement requires continuous collateral whether the loan has a balance or not. |
| (b) | Foreign security denominated in U.S. dollars. |
| (c) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
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, 2024
(Unaudited)
| | | | | | | | |
| | | Units | | | Value | |
Master Limited Partnerships And Related Entities—109.30% | |
| Diversified–44.07% | |
Energy Transfer L.P. | | | 34,815,344 | | | $ | 560,527,045 | |
Enterprise Products Partners L.P. | | | 18,275,000 | | | | 536,188,500 | |
MPLX L.P. | | | 13,029,596 | | | | 558,709,076 | |
| | | | | | | | 1,655,424,621 | |
|
| Gathering & Processing–30.68% | |
Antero Midstream Corp. | | | 21,244,063 | | | | 315,899,217 | |
EnLink Midstream LLC | | | 14,382,821 | | | | 206,537,309 | |
Hess Midstream L.P., Class A | | | 1,600,000 | | | | 59,760,000 | |
Summit Midstream Corp.(a)(b) | | | 738,629 | | | | 27,255,410 | |
Western Midstream Partners L.P. | | | 14,073,546 | | | | 542,957,405 | |
| | | | | | | | 1,152,409,341 | |
|
| Other Energy–20.26% | |
Arko Corp. | | | 1,626,925 | | | | 10,184,551 | |
CrossAmerica Partners L.P.(a) | | | 3,748,183 | | | | 73,689,278 | |
Enviva, Inc.(b) | | | 100,000 | | | | 52,700 | |
Global Partners L.P. | | | 1,337,981 | | | | 60,316,183 | |
KNOT Offshore Partners L.P.(a) | | | 1,776,804 | | | | 12,490,932 | |
Kodiak Gas Services, Inc. | | | 1,000,000 | | | | 27,750,000 | |
Sunoco L.P. | | | 5,479,810 | | | | 296,841,308 | |
USA Compression Partners L.P.(a) | | | 9,026,625 | | | | 203,189,329 | |
Westlake Chemical Partners L.P.(a) | | | 3,370,319 | | | | 76,641,054 | |
| | | | | | | | 761,155,335 | |
|
| Petroleum Pipeline Transportation–13.63% | |
Delek Logistics Partners L.P. | | | 1,227,101 | | | | 50,667,000 | |
Genesis Energy L.P.(a) | | | 8,595,932 | | | | 119,139,618 | |
NGL Energy Partners L.P.(a)(b) | | | 12,412,037 | | | | 51,137,592 | |
Phillips 66 Partners L.P. | | | 500 | | | | 70,155 | |
Plains All American Pipeline L.P. | | | 16,233,333 | | | | 291,225,994 | |
| | | | | | | | 512,240,359 | |
| | | | | | | | |
| | | Units | | | Value | |
| Terminalling & Storage–0.66% | |
Martin Midstream Partners L.P.(a) | | | 7,026,434 | | | $ | 24,803,312 | |
Total Master Limited Partnerships And Related Entities
(Cost $2,379,859,482) | | | | 4,106,032,968 | |
| | |
| | | Shares | | | | |
|
Common Stocks And Other Equity Interests — 0.48% | |
| Natural Gas Pipeline Transportation–0.48% | |
Kinetik Holdings, Inc.
(Cost $13,143,264) | | | 410,000 | | | | 18,138,400 | |
| | |
| | | Units | | | | |
|
Preferred Master Limited Partnerships And Related Entities–0.07% | |
| Other Energy—0.07% | |
Global Partners L.P., 9.50%
(Cost $2,500,000) | | | 100,000 | | | | 2,587,000 | |
| | |
| | | Shares | | | | |
| Money Market Funds–1.28% | |
Fidelity Treasury Portfolio, Institutional Class, 5.16%
(Cost $48,128,133)(c) | | | 48,128,133 | | | | 48,128,133 | |
TOTAL INVESTMENTS IN SECURITIES — 111.13%
(Cost $2,443,630,879) | | | | 4,174,886,501 | |
OTHER ASSETS LESS LIABILITIES — (11.13)% | | | | (418,217,749 | ) |
NET ASSETS — 100% | | | | | | $ | 3,756,668,752 | |
See accompanying notes which are an integral part of this schedule.
Invesco SteelPath MLP Income Fund
Schedule of Investments (Continued)
August 31, 2024
(Unaudited)
Notes to Schedule of Investments:
| (a) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended August 31, 2024. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Dividends and Distributions | |
| Investments in Other Affiliates: | | Value
November 30,
2023 | | | Purchases at
Cost | | | Proceeds from
Sales | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Realized Gain
(Loss) | | | Value
August 31,
2024 | | | Return of
Capital | | | Capital Gains | | | Income | |
MLP Investments and Related Entities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CrossAmerica Partners L.P. | | $ | 88,944,383 | | | $ | — | | | $ | — | | | $ | (9,351,717 | ) | | $ | — | | | $ | 73,689,278 | | | $ | (5,903,388 | ) | | $ | — | | | $ | — | |
Genesis Energy L.P. | | | 94,148,906 | | | | 14,881,000 | | | | — | | | | 10,409,712 | | | | — | | | | 119,139,618 | | | | (300,000 | ) | | | 3,238,169 | | | | — | |
Global Partners L.P.ii | | | 94,253,918 | | | | — | | | | (53,607,867 | ) | | | (25,720,165 | ) | | | 48,410,927 | | | | 60,316,183 | | | | (3,020,630 | ) | | | — | | | | — | |
KNOT Offshore Partners L.P. | | | 9,541,438 | | | | — | | | | — | | | | 3,088,085 | | | | — | | | | 12,490,932 | | | | (138,591 | ) | | | — | | | | — | |
Martin Midstream Partners L.P. | | | 18,128,200 | | | | — | | | | — | | | | 6,765,184 | | | | — | | | | 24,803,312 | | | | (90,072 | ) | | | 15,324 | | | | — | |
NGL Energy Partners L.P. | | | 53,744,120 | | | | — | | | | — | | | | (2,606,528 | ) | | | — | | | | 51,137,592 | | | | — | | | | — | | | | — | |
NuStar Energy L.P. | | | 279,279,215 | | | | — | | | | (232,006,764 | ) | | | (33,058,514 | ) | | | (6,307,401 | ) | | | — | | | | (7,906,536 | ) | | | 718,474 | | | | — | |
Summit Midstream Corp.iii | | | 15,289,620 | | | | — | | | | — | | | | 11,965,790 | | | | — | | | | 27,255,410 | | | | — | | | | — | | | | — | |
Westlake Chemical Partners L.P.i | | | 18,120,000 | | | | 56,715,336 | | | | — | | | | 4,201,749 | | | | — | | | | 76,641,054 | | | | (2,396,031 | ) | | | 418,378 | | | | | |
USA Compression Partners L.P. | | | 235,617,712 | | | | — | | | | (22,753,996 | ) | | | (20,744,178 | ) | | | 14,206,215 | | | | 203,189,329 | | | | (3,136,424 | ) | | | 11,339,924 | | | | — | |
| | | $ | 907,067,512 | | | $ | 71,596,336 | | | $ | (308,368,627 | ) | | $ | (55,050,582 | ) | | $ | 56,309,741 | | | $ | 648,662,708 | | | $ | (22,891,672 | ) | | $ | 15,730,269 | | | $ | — | |
| i. | As of November 30, 2023, the security was not considered as an affiliate of the Fund. |
| ii. | As of August 31, 2024, the security was not considered as an affiliate of the Fund. |
| iii. | Exchange from Summit Midstream Partners L.P., effective August 1, 2024. |
| (b) | Non-income producing. |
| (c) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
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, 2024
(Unaudited)
| | | | | | | | |
| | | Units | | | Value | |
Master Limited Partnerships And Related Entities–108.12% | |
| Diversified–33.37% | |
Energy Transfer L.P. | | | 9,506,327 | | | $ | 153,051,868 | |
Enterprise Products Partners L.P. | | | 3,544,474 | | | | 103,994,867 | |
MPLX L.P. | | | 3,435,428 | | | | 147,311,153 | |
ONEOK, Inc. | | | 1,168,196 | | | | 107,894,583 | |
TC Energy Corp.(a) | | | 750,000 | | | | 34,755,000 | |
Williams Cos., Inc. | | | 2,308,555 | | | | 105,662,562 | |
| | | | | | | | 652,670,033 | |
|
| Gathering & Processing–30.95% | |
Antero Midstream Corp. | | | 6,950,954 | | | | 103,360,686 | |
Archrock, Inc. | | | 4,750,839 | | | | 96,109,473 | |
EnLink Midstream LLC | | | 7,630,586 | | | | 109,575,215 | |
Hess Midstream L.P., Class A | | | 1,469,355 | | | | 54,880,409 | |
Summit Midstream Corp.(b) | | | 214,723 | | | | 7,923,261 | |
Targa Resources Corp. | | | 713,828 | | | | 104,861,333 | |
Western Midstream Partners L.P. | | | 3,335,416 | | | | 128,680,364 | |
| | | | | | | | 605,390,741 | |
|
| Natural Gas Pipeline Transportation–7.96% | |
DT Midstream, Inc. | | | 221,819 | | | | 17,432,755 | |
Enbridge, Inc.(a) | | | 904,167 | | | | 36,329,430 | |
Kinder Morgan, Inc. | | | 4,727,880 | | | | 101,980,372 | |
| | | | | | | 155,742,557 | |
| Other Energy–19.99% | |
Aris Water Solutions, Inc., Class A | | | 100,000 | | | | 1,682,000 | |
Arko Corp. | | | 1,829,604 | | | | 11,453,321 | |
Cheniere Energy Partners LP | | | 100 | | | | 4,898 | |
Cheniere Energy, Inc. | | | 195,000 | | | | 36,125,700 | |
CrossAmerica Partners L.P.(c) | | | 1,971,946 | | | | 38,768,458 | |
Global Partners L.P. | | | 1,209,219 | | | | 54,511,593 | |
Golar LNG, Ltd.(a) | | | 100,000 | | | | 3,329,000 | |
Kodiak Gas Services, Inc. | | | 1,150,160 | | | | 31,916,940 | |
Suburban Propane Partners L.P. | | | 5,962 | | | | 104,335 | |
Sunoco L.P. | | | 1,897,652 | | | | 102,795,809 | |
USA Compression Partners L.P. | | | 3,000,277 | | | | 67,536,235 | |
Westlake Chemical Partners L.P.(c) | | | 1,886,522 | | | | 42,899,510 | |
| | | | | | | | 391,127,799 | |
|
| Petroleum Pipeline Transportation–13.79% | |
Chevron Corp. | | | 137 | | | | 20,269 | |
Delek Logistics Partners L.P. | | | 286,592 | | | | 11,833,384 | |
Genesis Energy L.P.(c) | | | 7,491,977 | | | | 103,838,801 | |
HF Sinclair Corp. | | | 39,707 | | | | 1,951,202 | |
NGL Energy Partners L.P.(b)(c) | | | 7,150,096 | | | | 29,458,396 | |
Phillips 66 Partners L.P. | | | 491 | | | | 68,892 | |
Plains All American Pipeline L.P. | | | 5,209,426 | | | | 93,457,102 | |
Plains GP Holdings L.P., Class A | | | 1,511,755 | | | | 29,025,696 | |
| | | | | | | | 269,653,742 | |
| | | | | | | | |
| | | Units | | | Value | |
|
| Production & Mining–2.03% | |
Alliance Resource Partners L.P. | | | 378,734 | | | $ | 9,059,317 | |
EQT Corp. | | | 916,589 | | | | 30,714,894 | |
| | | | | | | | 39,774,211 | |
|
| Terminalling & Storage–0.03% | |
Martin Midstream Partners L.P. | | | 186,311 | | | | 657,678 | |
Total Master Limited Partnerships And Related Entities
(Cost $1,181,260,880) | | | | 2,115,016,761 | |
| | |
| | | Shares | | | | |
|
Common Stocks & Other Equity Interests–0.54% | |
| Natural Gas Pipeline Transportation–0.54% | |
Kinetik Holdings, Inc. | | | 230,000 | | | | 10,175,200 | |
Pembina Pipeline Corp.(a) | | | 10,000 | | | | 402,800 | |
| | | | | | | | 10,578,000 | |
Total Common Stocks & Other Equity Interests
(Cost $7,721,984) | | | | 10,578,000 | |
| | |
| | | Units | | | | |
|
Preferred Master Limited Partnerships And Related Entities–0.13% | |
| Other Energy–0.13% | |
Global Partners L.P., 9.50%
(Cost $2,447,025) | | | 97,881 | | | | 2,532,182 | |
| | |
| | | Shares | | | | |
Money Market Funds–2.24% | | | | | |
Fidelity Treasury Portfolio,
Institutional Class, 5.16%
(Cost $43,897,935)(d) | | | 43,897,935 | | | | 43,897,935 | |
TOTAL INVESTMENTS IN SECURITIES–111.03%
(Cost $1,235,327,824) | | | | 2,172,024,878 | |
OTHER ASSETS LESS LIABILITIES–(11.03)% | | | | (215,851,337 | ) |
NET ASSETS–100% | | | $ | 1,956,173,541 | |
See accompanying notes which are an integral part of this schedule.
Invesco Steelpath MLP Select 40 Fund
Schedule of Investments (Continued)
August 31, 2024
(Unaudited)
Notes to Schedule of Investments:
| (a) | Foreign security denominated in U.S. dollars. |
| (b) | Non-income producing. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended August 31, 2024. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Dividends and Distributions | |
| Investments in Other Affiliates: | | Value
November 30,
2023 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Realized
Gain (Loss) | | | Value
August 31,
2024 | | | Return of
Capital | | | Capital
Gains | | | Income | |
MLP Investments and Related Entities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CrossAmerica Partners L.P. | | $ | 46,794,279 | | | $ | — | | | $ | — | | | $ | (4,920,006 | ) | | $ | — | | | $ | 38,768,458 | | | $ | (3,105,815 | ) | | $ | — | | | $ | — | |
CSI Compressco L.P.i | | | 18,933,677 | | | | — | | | | (24,248,410 | ) | | | 3,489,378 | | | | 1,880,910 | | | | — | | | | (55,555 | ) | | | 46,789 | | | | — | |
Genesis Energy L.P. | | | 104,147,231 | | | | 3,748,196 | | | | (14,880,999 | ) | | | 25,176,290 | | | | (13,004,773 | ) | | | 103,838,801 | | | | (1,347,144 | ) | | | 2,249,246 | | | | — | |
NGL Energy Partners L.P. | | | 30,959,916 | | | | — | | | | — | | | | (1,501,520 | ) | | | — | | | | 29,458,396 | | | | — | | | | — | | | | — | |
Westlake Chemical Partners | | | 88,029,723 | | | | — | | | | (44,133,647 | ) | | | (14,244,997 | ) | | | 16,394,802 | | | | 42,899,510 | | | | (3,146,371 | ) | | | 700,048 | | | | — | |
Preferred MLP Investments and Related Entities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Partners L.P.—Preferredi | | | 11,840,595 | | | | — | | | | (11,622,100 | ) | | | (218,495 | ) | | | — | | | | — | | | | — | | | | — | | | | 599,810 | |
| | | $ | 300,705,421 | | | $ | 3,748,196 | | | $ | (94,885,156 | ) | | $ | 7,780,650 | | | $ | 5,270,939 | | | $ | 214,965,165 | | | $ | (7,654,885 | ) | | $ | 2,996,083 | | | $ | 599,810 | |
| i. | As of August 31, 2024, the security was not considered as an affiliate of the Fund. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
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, 2024
(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. When significant events due to market movements occur, foreign securities may be fair valued utilizing an independent pricing service. |
| | 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, 2024, 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.
