Schedule of Investments  
August 31, 2026
(Unaudited)
 
 
Units
Value
Master Limited Partnerships & Related Entities–62.84%
Diversified–20.21%
Energy Transfer L.P.
9,006,328
$193,726,115
Enterprise Products Partners L.P.
3,444,474
133,714,481
MPLX L.P.
2,920,428
172,801,725
 
 
500,242,321
Gathering & Processing–7.99%
Western Midstream Partners L.P.
4,111,682
197,771,904
Other Energy–13.83%
Cheniere Energy Partners L.P.
100
7,029
CrossAmerica Partners L.P.(a)
1,971,946
45,689,989
Global Partners L.P.
911,398
46,800,287
Suburban Propane Partners L.P.
5,962
104,991
Sunoco L.P.
1,737,652
132,131,058
USA Compression Partners L.P.
3,025,277
81,863,996
Westlake Chemical Partners L.P.
1,646,522
35,630,736
 
 
342,228,086
Petroleum Pipeline Transportation–20.39%
Delek Logistics Partners L.P.
286,592
15,897,258
Genesis Energy L.P.(a)
7,141,977
116,557,065
NGL Energy Partners L.P.(a)(b)
7,150,096
135,637,321
Plains All American Pipeline L.P.
6,134,426
157,348,027
Plains GP Holdings L.P.
2,811,755
79,347,726
 
 
504,787,397
Production & Mining–0.40%
Alliance Resource Partners L.P.
378,734
10,036,451
Terminalling & Storage–0.02%
Martin Midstream Partners L.P.
186,311
435,968
Total Master Limited Partnerships & Related Entities
(Cost $511,213,446)
1,555,502,127
 
Shares
 
Common Stocks & Other Equity Interests–51.26%
Diversified–12.54%
ONEOK, Inc.
1,530,314
146,925,447
TC Energy Corp. (Canada)
505,000
31,577,650
Williams Cos., Inc. (The)
1,758,555
131,979,553
 
 
310,482,650
Gathering & Processing –17.66%
Antero Midstream Corp.
3,925,769
88,015,741
Archrock, Inc.
3,650,839
115,074,445
Hess Midstream L.P.
1,794,355
72,151,015
Summit Midstream Corp.(b)
214,723
7,478,802
Targa Resources Corp.
525,828
154,409,392
 
 
437,129,395
Natural Gas Pipeline Transportation–4.36%
DT Midstream, Inc.(b)
100
13,102
Enbridge, Inc. (Canada)
599,167
30,299,875
Kinetik Holdings, Inc.
560,000
30,704,800
Pembina Pipeline Corp. (Canada)
960,000
46,752,000
 
 
107,769,777
 
Shares
Value
Other Energy–15.39%
Arko Corp.
1,829,604
$8,342,994
ARKO Petroleum Corp.(b)
344,110
6,245,597
Cheniere Energy, Inc.
225,000
65,630,250
Golar LNG Ltd. (Cameroon)
675,000
34,755,750
Kinder Morgan, Inc.
3,762,880
121,315,251
KNOT Offshore Partners L.P. (United
Kingdom)(a)
1,776,804
19,189,483
Kodiak Gas Services, Inc.
1,936,938
113,833,846
Sunococorp LLC
150,000
11,655,000
 
 
380,968,171
Petroleum Pipeline Transportation–0.63%
Chevron Corp.
137
28,241
HF Sinclair Corp.
39,707
4,034,628
Phillips 66
491
121,071
South Bow Corp. (Canada)(c)
300,000
11,331,000
 
 
15,514,940
Pipelines & Midstream Diversified–0.68%
Gibson Energy, Inc. (Canada)
750,000
16,878,315
Production & Mining–0.00%
EQT Corp.
100
5,418
Total Common Stocks & Other Equity Interests
(Cost $695,533,562)
1,268,748,666
Exchange-Traded Funds–1.46%
Other Energy–1.46%
Invesco SteelPath MLP & Energy
Infrastructure ETF(a)
(Cost $28,015,102)
1,163,000
36,198,026
 
Money Market Funds–1.55%
Invesco Government & Agency Portfolio,
Institutional Class, 3.68%(a)(d)
13,465,536
13,465,536
Invesco Treasury Portfolio, Institutional
Class, 3.66%(a)(d)
25,007,424
25,007,424
Total Money Market Funds (Cost $38,472,960)
38,472,960
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-117.11%
(Cost $1,273,235,070)
 
2,898,921,779
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–0.32%
Invesco Private Government Fund,
3.73%(a)(d)(e)
2,204,465
2,204,465
Invesco Private Prime Fund, 3.82%(a)(d)(e)
5,722,988
5,724,133
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $7,929,126)
7,928,598
TOTAL INVESTMENTS IN SECURITIES—117.43%
(Cost $1,281,164,196)
2,906,850,377
OTHER ASSETS LESS LIABILITIES–(17.43)%
(431,556,397
)
NET ASSETS–100.00%
$2,475,293,980
See accompanying notes which are an integral part of this schedule.
Invesco SteelPath MLP Select 40 Fund
Investment Abbreviations: 
ETF
– Exchange-Traded Fund
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, 2026.
 
 
 
 
 
 
 
 
Dividends and Distributions
 
Value
November 30, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
August 31, 2026
Return of Capital
Capital Gains
Income
Invesco SteelPath MLP & Energy Infrastructure ETF
$26,894,804
$1,369,420
$-
$7,910,661
$-
$36,198,026
$23,141
$-
$1,022,261
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional
Class
9,384,587
94,854,563
(90,773,614)
-
-
13,465,536
-
-
223,851
Invesco Treasury Portfolio, Institutional Class
17,428,520
176,158,475
(168,579,571)
-
-
25,007,424
-
-
413,273
Investments Purchased with Cash Collateral from
Securities on Loan:
Invesco Private Government Fund
3,243,411
166,091,652
(167,130,598)
-
-
2,204,465
-
-
155,116*
Invesco Private Prime Fund
8,249,520
345,463,790
(347,980,609)
(528)
(8,040)
5,724,133
-
-
395,948*
Investments in Other Affiliates:
CrossAmerica Partners L.P.
40,227,698
-
-
8,568,106
-
45,689,989
(3,105,815)
-
-
Genesis Energy L.P.
111,343,421
-
-
9,213,151
-
116,557,065
(3,999,507)
-
-
KNOT Offshore Partners L.P.
17,625,896
-
-
1,563,587
-
19,189,483
-
-
268,297
NGL Energy Partners L.P.
70,285,444
-
-
65,351,877
-
135,637,321
-
-
-
Total
$304,683,301
$783,937,900
$(774,464,392)
$92,606,854
$(8,040)
$399,673,442
$(7,082,181)
$-
$2,478,746
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at August 31, 2026.
(d)
The rate shown is the 7-day SEC standardized yield as of August 31, 2026.
(e)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of
the securities loaned.
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, 2026
(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:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
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 market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
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.
The following is a summary of the tiered valuation input levels, as of August 31, 2026. 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. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Master Limited Partnerships & Related Entities
$1,555,502,127
$—
$—
$1,555,502,127
Common Stocks & Other Equity Interests
1,268,748,666
—
—
1,268,748,666
Exchange-Traded Funds
36,198,026
—
—
36,198,026
Money Market Funds
38,472,960
7,928,598
—
46,401,558
Total Investments
$2,898,921,779
$7,928,598
$—
$2,906,850,377
Invesco SteelPath MLP Select 40 Fund