Invesco MLP Fund
Limited offering! 

Alternatives | MLPs

Objective & Strategy

The Fund’s investment objective is capital appreciation and, secondarily, income. Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of master limited partnerships (MLPs) and in other instruments that have economic characteristics similar to such securities.

as of 09/30/2019

Morningstar Rating

Overall Rating - Energy Limited Partnership Category

As of 09/30/2019 the Fund had an overall rating of 3 stars out of 94 funds and was rated 3 stars out of 94 funds, 3 stars out of 76 funds and N/A stars out of N/A funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2019 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 09/30/2019

Top Equity Holdings | View all

% of Total Assets
Enterprise Products Partners 13.36
Energy Transfer Equity LP 11.49
Plains All American Pipeline 10.46
Magellan Midstream Partners LP 9.35
MPLX 8.27
Western Midstream Partners 6.31
Phillips 66 5.37
Genesis Energy 4.17
Tallgrass Energy 4.00
NuStar Energy 3.14

May not equal 100% due to rounding.

Holdings are subject to change and are not buy/sell recommendations.

as of 09/30/2019 09/30/2019

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 08/29/2014 N/A -8.22 10.02 -10.32 -2.75 -8.07 N/A
Load 08/29/2014 5.50 -9.23 4.02 -15.26 -4.57 -9.10 N/A
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

Performance figures reflect reinvested distributions and changes in net asset value (NAV) and the effect of the maximum sales charge unless otherwise stated.

as of 09/30/2019 09/30/2019

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
Alerian MLP Index 0.71 -5.02 -8.13 -2.46 -8.65 6.25
S&P 500 Reinvested IX 1.87 1.70 4.25 13.39 10.84 13.24
Alerian MLP Index 0.71 -5.02 -8.13 -2.46 -8.65 6.25
S&P 500 Reinvested IX 1.87 1.70 4.25 13.39 10.84 13.24

Source: RIMES Technologies Corp.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 1.00
12b-1 Fee 0.25
Other Expenses 3.43
Interest/Dividend Exp 0.30
Total Other Expenses 3.73
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.00
Total Annual Fund Operating Expenses 4.98
Contractual Waivers/Reimbursements -3.29
Net Expenses - PER PROSPECTUS 1.69
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.69
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range

Distributions

From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
09/19/2019 0.0809 N/A N/A 5.07
06/20/2019 0.0807 N/A N/A 5.23
03/21/2019 0.0797 N/A N/A 5.50
12/14/2018 0.0785 N/A N/A 5.11
09/13/2018 0.0820 N/A N/A 5.96
06/21/2018 0.0793 N/A N/A 5.60
03/22/2018 0.0816 N/A N/A 5.00
12/13/2017 0.0787 N/A N/A 5.56
09/14/2017 0.0809 N/A N/A 5.73
06/15/2017 0.0806 N/A N/A 5.71
03/16/2017 0.0813 N/A N/A 6.50
12/13/2016 0.0851 N/A N/A 6.13
09/15/2016 0.0851 N/A N/A 5.97
06/16/2016 0.0851 N/A N/A 6.11
03/17/2016 0.0868 N/A N/A 5.40
12/11/2015 0.0861 N/A N/A 5.00
09/17/2015 0.0748 N/A N/A 6.63
06/18/2015 0.0748 N/A N/A 8.19
03/19/2015 0.0748 N/A N/A 8.08
12/12/2014 0.0748 N/A N/A 8.13
as of 09/30/2019

Sector Breakdown

May not equal 100% due to rounding.

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

as of 09/30/2019

Asset Mix

May not equal 100% due to rounding.

as of 09/30/2019

Fund Characteristics

3-Year Alpha -0.32%
3-Year Beta 0.99
3-Year R-Squared 0.98
3-Year Sharpe Ratio -0.25
3-Year Standard Deviation 17.00
Number of Securities 26
Total Assets $10,797,937.00
Wghtd Med Mkt Cap MM$ $15,107.00

Source: RIMES Technologies Corp., StyleADVISOR

Benchmark:  Alerian MLP Index

as of 09/30/2019

Top Equity Holdings | View all

% of Total Assets
Enterprise Products Partners 13.36
Energy Transfer Equity LP 11.49
Plains All American Pipeline 10.46
Magellan Midstream Partners LP 9.35
MPLX 8.27
Western Midstream Partners 6.31
Phillips 66 5.37
Genesis Energy 4.17
Tallgrass Energy 4.00
NuStar Energy 3.14

May not equal 100% due to rounding.

Holdings are subject to change and are not buy/sell recommendations.

as of 09/30/2019

Top Industries

  % of Total Assets
Oil & Gas Storage & Transportation 97.02
Oil & Gas Refining & Marketing 3.14

May not equal 100% due to rounding.

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

as of 09/30/2019

Top Countries

  % of Total Assets
United States 100.16

May not equal 100% due to rounding.

Fund Documents

 About risk

Active Trading Risk. Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Debt Securities Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund's distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer's financial strength, the market's perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser's credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

Deferred Tax Risk. The Fund is classified for federal tax purposes as a taxable regular corporation or so-called Subchapter "C" corporation. As a "C" corporation, the Fund is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently at a maximum rate of 35%) as well as state and local income taxes. The Fund will not benefit from the current favorable federal income tax rates on long-term capital gains and Fund income, losses and expenses will not be passed through to the Fund's shareholders. An investment strategy whereby a fund is taxed as a regular corporation, or "C" corporation, rather than as a regulated investment company for U.S. federal income tax purposes, is a relatively recent strategy for open-end registered investment companies such as the Fund. This strategy involves complicated accounting, tax, net asset value (NAV) and share valuation aspects that would cause the Fund to differ significantly from most other open-end registered investment companies.

Energy Infrastructure MLP Risk. The Fund will concentrate its investments in the energy sector. Energy infrastructure MLPs are subject to a variety of industry specific risk factors, including reduced volumes of energy commodities available for transporting, processing, storing or distributing; changes in energy commodity prices; a sustained reduced demand for crude oil, natural gas and refined petroleum products; depletion of the natural gas reserves or other commodities if not replaced; natural disasters, extreme weather and environmental hazards; rising interest rates which could drive investors into other investment opportunities; environmental damage claims; and threats of attack by terrorists on energy assets. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for energy infrastructure MLPs.

High Yield Debt Securities (Junk Bond) Risk. Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Management Risk. The Fund is actively managed and depends heavily on the Adviser's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

Market Risk. The market values of the Fund's investments, and therefore the value of the Fund's shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

MLP Risk. The Fund invests principally in securities of MLPs, which are subject to the following risks:
  • Limited Partner Risk. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Code. Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs may trade on a public exchange or in the over-the-counter market. The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP normally would not be liable for the debts of the MLP beyond the amount that the investor has contributed but investors may not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to a limited partner, which right would continue after an investor sold its investment in the MLP.
  • Liquidity Risk. The ability to trade on a public exchange or in the over-the-counter market provides a certain amount of liquidity not found in many limited partnership investments. However, MLP interests may be less liquid than conventional publicly traded securities and, therefore, more difficult to trade at desirable times and/or prices.
  • Interest Rate Risk. In addition, MLP distributions may be reduced by fees and other expenses incurred by the MLP. MLPs generally are considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.
  • General Partner Risk. The holder of the general partner or managing member interest can be liable in certain circumstances for amounts greater than the amount of the holder's investment in the general partner or managing member.
MLP Tax Risk. MLPs taxed as partnerships do not pay U.S. federal income tax at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for U.S. federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could cause a reduction of the value of the Fund's investment, and consequently your investment in the Fund and lower income. Each year, the Fund will send you an annual tax statement (Form 1099) to assist you in completing your federal, state and local tax returns. If an MLP in which the Fund invests amends its partnership tax return, the Fund will, when necessary, send you a corrected Form 1099, which could, in turn, require you to amend your federal, state or local tax returns.

Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund.

Small- and Mid-Capitalization Companies Risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

as of 10/22/2019

ILPAX

NAV Change ($)
$4.65 0.00
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 10/22/2019

Yield 

  • Distribution Yield
    with Sales Charge 6.58%
  • Distribution Yield
    without Sales Charge 6.96%
  • SEC 30-Day Yield 1.51%
  • Unsub. 30-day yield -1.78%

Fund Details

  • Distribution Frequency Quarterly
  • NASDAQ ILPAX
  • WSJ Abrev. N/A
  • CUSIP 00888Y193
  • Fund Type Alternative
  • Geography Type Domestic
  • Inception Date 08/29/2014
  • Fiscal Year End 10/31
  • Min Initial Investment $1000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1657
  • Tax ID 46-4795985