ATLANTA, Oct. 20,
2023 /PRNewswire/ -- Invesco Advisers, Inc., a
subsidiary of Invesco Ltd. (NYSE: IVZ), announced today additional
details concerning the liquidation of the Invesco High Income 2023
Target Term Fund (NYSE: IHIT) (the "Fund"). In accordance with its
investment objectives and organizational documents, the Fund plans
to terminate its existence and liquidate on or about December 1, 2023 (the "Termination Date").
As the Fund prepares for its liquidation on the Termination
Date, the Fund will deviate from its stated investment strategy to
primarily invest in securities collateralized by loans secured by
real properties and from certain investment policies as the Fund's
portfolio managers increase the Fund's assets held in high quality,
short-term securities, U.S. Treasury securities, and cash and
cash equivalents. As the Fund's portfolio securities continue
to mature and are sold, the Fund's portfolio will continue to
transition into high quality, short-term securities, U.S. Treasury
securities or cash and cash equivalents. As of October 18, 2023, the Fund's portfolio consisted
of approximately 95% cash and cash equivalents and 5% longer term
securities.
The Fund's investment objectives are to provide a high level of
current income and to return $9.835
per share (the original net asset value ("NAV") per Common Share
before deducting offering costs of $0.02 per share) ("Original NAV") to common
shareholders on the Termination Date. As previously disclosed,
based on current market conditions, management anticipates
that the Fund's objective of returning the Original NAV to
common shareholders on or about the Termination Date will not be
met. The objective to return the Fund's Original NAV is not an
express or implied guarantee obligation of the Fund and is
dependent on a number of factors. As of October 18, 2023, the Fund's NAV per share was
$7.12.
As the Fund approaches liquidation, its common shares will
continue trading on the New York Stock Exchange through
November 27, 2023 and will be
suspended from trading before the open of trading on November 28, 2023. The Fund will declare its
regular monthly distribution in November
2023 and expects that all other accumulated earnings will be
included in the final liquidating distribution. The Fund
anticipates making its final liquidating distribution on or about
the Termination Date. However, if the Fund is not able to liquidate
all of its assets prior to the Termination Date, subsequent to the
final liquidating distribution the Fund may make one or more small
additional distributions of any cash received from ultimate
liquidation of those assets.
Shareholders may recognize a gain or loss for U.S. tax purposes
as a result of the liquidation of the Fund. Invesco does not
provide tax advice; shareholders should consult a professional tax
advisor regarding their specific tax situation.
For more information, call 1-800-341-2929.
This communication is not intended to, and shall not,
constitute an offer to purchase or sell shares of any of the
Invesco Funds, including the Fund.
About Invesco Ltd.
Invesco Ltd. is a global
independent investment management firm dedicated to delivering an
investment experience that helps people get more out of life. Our
distinctive investment teams deliver a comprehensive range of
active, passive, and alternative investment capabilities. With
offices in more than 20 countries, Invesco managed $1.5 trillion in assets on behalf of clients
worldwide as of June 30, 2023. For
more information, visit www.invesco.com.
Invesco Distributors, Inc. is the U.S. distributor for Invesco
Ltd.'s retail products. Invesco Advisers, Inc. is an investment
adviser; it provides investment advisory services to individual and
institutional clients and does not sell securities. Each entity is
a wholly owned, indirect subsidiary of Invesco Ltd.
Note: There is no assurance that a closed-end fund
will achieve its investment objective. Common shares are bought on
the secondary market and may trade at a discount or premium to NAV.
Regular brokerage commissions apply.
NOT A DEPOSIT l NOT FDIC INSURED l NOT
GUARANTEED BY THE BANK | MAY LOSE VALUE |
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Media Relations Contact: Jeaneen
Terrio, Jeaneen.Terrio@invesco.com, 212-278-9205
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SOURCE Invesco Ltd.
