Enterprising Investor
11 months ago
Invesco Advisers, Inc. Announces Termination and Liquidation of Invesco High Income 2023 Target Term Fund (12/04/23)
ATLANTA, Dec. 4, 2023 /PRNewswire/ -- Invesco Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ), announced today that it completed the termination and liquidation of the Invesco High Income 2023 Target Term Fund (NYSE: IHIT) (the "Fund"). In accordance with its investment objectives and organizational documents, and previously announced liquidation plans, the Fund terminated its existence and liquidated on December 1, 2023 (the "Termination Date").
The Fund launched on November 28, 2016 with the investment objectives 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 anticipated and previously disclosed, the Fund's objective of returning the Original NAV to common shareholders on or about the Termination Date was not met. The objective to return the Fund's Original NAV was not an express or implied guarantee obligation of the Fund and was dependent on a number of factors.
The Fund is returning to its shareholders a NAV of $6.94 per common share as its liquidating distribution. Since inception, the Fund paid 83 regular distributions totaling $3.78 per common share, which equates to an average distribution rate of 5.46% on NAV and 5.55% on market price. The annualized total return on NAV for the Fund shareholders who invested at the initial public offering was 0.87% and the total return on market price was 0.63%.
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 $1.3 trillion in assets on behalf of clients worldwide as of September 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.
https://www.prnewswire.com/news-releases/invesco-advisers-inc-announces-termination-and-liquidation-of-invesco-high-income-2023-target-term-fund-302003979.html
Enterprising Investor
1 year ago
Invesco Advisers Announces Liquidation Details for Invesco High Income 2023 Target Term Fund (10/20/23)
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.
https://www.prnewswire.com/news-releases/invesco-advisers-announces-liquidation-details-for-invesco-high-income-2023-target-term-fund-301963451.html
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