We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Invesco High Income 2023 Target Term Fund of Beneficial Interest | NYSE:IHIT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.92 | 0 | 00:00:00 |
ITEM 1. | REPORTS TO STOCKHOLDERS. |
| ||
Semiannual Report to Shareholders |
August 31, 2023 | |
Invesco High Income 2023 Target Term Fund | ||
NYSE: IHIT |
|
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Performance summary | ||||
Cumulative total returns, 2/28/23 to 8/31/23 |
||||
Fund at NAV |
-5.52 | % | ||
Fund at Market Value |
-7.88 | |||
Bloomberg U.S. CMBS Investment Grade Index▼ (Broad Market/Style‑Specific Index) |
0.49 | |||
Market Price Discount to NAV as of 8/31/23 |
-5.05 | |||
Source(s): ▼Bloomberg LP |
||||
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month‑end performance. Performance figures reflect Fund expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price. Since the Fund is a closed‑end management investment company, shares of the Fund may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Fund cannot predict whether shares will trade at, above or below NAV. The Fund should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors. The Bloomberg U.S. CMBS Investment Grade Index consists of publicly issued, fixed-rate, nonconvertible, investment-grade debt securities. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
|
2 | Invesco High Income 2023 Target Term Fund |
∎ | Add to your account: |
∎ | Low transaction costs: |
∎ | Convenience: |
∎ | Safekeeping: |
1. | Premium: If the Fund is trading at a premium - a market price that is higher than its NAV ‑ you’ll pay either the NAV or 95 percent of |
the market price, whichever is greater. When the Fund trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price. |
2. | Discount: If the Fund is trading at a discount - a market price that is lower than its NAV ‑ you’ll pay the market price for your reinvested shares. |
1. | If you opt to continue to hold your non‑certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay. |
2. | If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay. |
3. | You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Fund shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply. |
3 | Invesco High Income 2023 Target Term Fund |
Principal Amount |
Value | |||||||
|
||||||||
Asset-Backed Securities–66.05%(a) |
|
|||||||
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class D, 5.10%, 11/10/2023(b)(c) |
$ | 4,000,000 | $ | 3,553,348 | ||||
|
||||||||
Commercial Mortgage Trust, |
||||||||
Series 2013-CR11, Class D, 5.01%, 10/10/2023(b)(c) |
14,523,000 | 14,113,040 | ||||||
|
||||||||
Series 2013‑CR6, Class D, 3.99%, 02/10/2026(b)(c) |
3,375,000 | 2,441,525 | ||||||
|
||||||||
Series 2014-CR14, Class D, 4.73%, 01/10/2024(b)(c) |
12,267,000 | 9,501,817 | ||||||
|
||||||||
Series 2014-CR16, Class D, 5.08%, 04/10/2024(b)(c) |
12,680,000 | 9,934,114 | ||||||
|
||||||||
Series 2014-UBS3, Class C, 4.89%, 05/10/2024(c) |
10,250,000 | 9,118,601 | ||||||
|
||||||||
DBUBS Mortgage Trust, Series 2011-LC3A, Class E, 3.75%, 08/10/2026(b)(c) |
500,000 | 390,774 | ||||||
|
||||||||
FREMF Mortgage Trust, |
||||||||
Series 2014‑K36, Class B, 1.11%, 10/25/2023(b)(c) |
1,025,000 | 1,019,104 | ||||||
|
||||||||
Series 2015-KF12, Class B, 12.32% (30 Day Average SOFR + 7.21%), 09/25/2023(b)(d) |
802,674 | 800,857 | ||||||
|
||||||||
GS Mortgage Securities Corp. Trust, Series 2018‑TWR, Class G, 9.53% (1 mo. Term SOFR + 4.22%), 09/15/2023(b)(d) |
1,000,000 | 304,431 | ||||||
|
||||||||
GS Mortgage Securities Trust, Series 2013-GC13, Class D, 3.98%, 06/10/2025(b)(c) |
11,546,000 | 4,754,045 | ||||||
|
||||||||
Hilton USA Trust, |
||||||||
Series 2016‑SFP, Class E, 5.52%, 11/05/2023(b) |
8,500,000 | 3,442,500 | ||||||
|
||||||||
Series 2016‑SFP, Class F, 6.16%, 11/05/2023(b) |
2,000,000 | 609,000 | ||||||
|
||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, |
||||||||
Series 2013‑C10, Class D, 4.25%, 01/15/2024(c) |
19,348,000 | 16,088,861 | ||||||
|
||||||||
Series 2013‑C10, Class E, 3.50%, 01/15/2024(b)(c) |
860,000 | 673,548 | ||||||
|
||||||||
Series 2013‑C13, Class XC, IO, 0.13%, 09/15/2023(b)(e) |
69,684,664 | 697 | ||||||
|
||||||||
Series 2013-LC11, Class D, 4.31%, 09/15/2023(c) |
10,248,000 | 6,510,035 | ||||||
|
||||||||
Series 2018‑PHH, Class E, 8.07% (1 mo. Term SOFR + 2.76%), 09/15/2023(b)(d) |
3,000,000 | 1,058,204 | ||||||
|
||||||||
Series 2018‑PHH, Class F, 8.67% (1 mo. Term SOFR + 3.36%), 09/15/2023(b)(d) |
2,500,000 | 524,510 | ||||||
|
||||||||
Series 2018‑WPT, Class FFX, 5.54%, 07/05/2025(b)(c) |
3,500,000 | 2,754,200 | ||||||
|
||||||||
JPMBB Commercial Mortgage Securities Trust, Series 2014‑C19, Class B, 4.39%, 04/15/2024(c) |
6,500,000 | 6,087,986 | ||||||
|
Principal Amount |
Value | |||||||
|
||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, |
||||||||
Series 2013‑C10, Class D, 4.09%, 06/15/2028(b)(c) |
$ | 3,426,000 | $ | 1,492,936 | ||||
|
||||||||
Series 2013‑C13, Class XA, IO, 1.02%, 11/15/2023(e) |
24,724,430 | 247 | ||||||
|
||||||||
Series 2014‑C14, Class D, 5.22%, 02/15/2024(b)(c) |
7,579,400 | 7,208,764 | ||||||
|
||||||||
UBS‑Barclays Commercial Mortgage Trust, Series 2013‑C5, Class D, 3.86%, 10/10/2023(b)(c) |
8,090,000 | 5,104,726 | ||||||
|
||||||||
WFRBS Commercial Mortgage Trust, |
||||||||
Series 2012‑C9, Class D, 4.88%, 11/15/2045(b)(c) |
1,619,899 | 1,493,604 | ||||||
|
||||||||
Series 2013‑C14, Class D, 3.96%, 09/15/2023(b)(c) |
3,400,000 | 1,849,671 | ||||||
|
||||||||
Series 2013‑C16, Class E, 3.85%, 09/15/2023(b) |
9,450,000 | 7,498,228 | ||||||
|
||||||||
Series 2013-UBS1, Class D, 5.21%, 12/15/2023(b)(c) |
5,000,000 | 4,846,936 | ||||||
|
||||||||
Total Asset-Backed Securities (Cost $166,623,149) |
|
123,176,309 | ||||||
|
||||||||
Shares | ||||||||
Preferred Stocks–6.77% |
|
|||||||
Mortgage REITs–6.77% |
||||||||
Chimera Investment Corp., 8.00%, Series D, Pfd.(f) |
167,800 | 3,606,022 | ||||||
|
||||||||
Dynex Capital, Inc., 6.90%, Series C, Pfd.(f) |
65,000 | 1,536,600 | ||||||
|
||||||||
PennyMac Mortgage Investment Trust, 8.00%, Series B, Pfd. |
102,181 | 2,257,178 | ||||||
|
||||||||
Rithm Capital Corp., 7.00%, Series D, Pfd.(f) |
80,000 | 1,755,200 | ||||||
|
||||||||
Two Harbors Investment Corp., 7.25%, Series C, Pfd.(f) |
173,200 | 3,467,464 | ||||||
|
||||||||
Total Preferred Stocks (Cost $14,655,620) |
|
12,622,464 | ||||||
|
||||||||
Principal Amount |
||||||||
U.S. Dollar Denominated Bonds & Notes–1.74% |
| |||||||
Homebuilding–1.74% |
||||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024(b) (Cost $3,254,599) |
$ | 3,250,000 | 3,250,580 | |||||
|
||||||||
Shares | ||||||||
Money Market Funds–24.46% |
|
|||||||
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(g)(h) |
15,965,278 | 15,965,278 | ||||||
|
||||||||
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(g)(h) |
11,401,122 | 11,402,262 | ||||||
|
||||||||
Invesco Treasury Portfolio, Institutional Class, 5.25%(g)(h) |
18,246,032 | 18,246,032 | ||||||
|
||||||||
Total Money Market Funds (Cost $45,613,572) |
|
45,613,572 | ||||||
|
||||||||
TOTAL INVESTMENTS IN SECURITIES–99.02% (Cost $230,146,940) |
|
184,662,925 | ||||||
|
||||||||
OTHER ASSETS LESS LIABILITIES–0.98% |
|
1,827,833 | ||||||
|
||||||||
NET ASSETS APPLICABLE TO COMMON SHARES–100.00% |
|
$ | 186,490,758 | |||||
|
4 | Invesco High Income 2023 Target Term Fund |
Investment Abbreviations: | ||
IO | – Interest Only | |
Pfd. | – Preferred | |
REIT | – Real Estate Investment Trust | |
SOFR | – Secured Overnight Financing Rate |
(a) | Maturity date reflects the anticipated repayment date. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $88,621,159, which represented 47.52% of the Fund’s Net Assets. |
(c) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2023. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023. |
(e) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2023. |
(f) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(g) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2023. |
Value February 28, 2023 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
| ||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ 395,652 | $ 68,009,853 | $ (52,440,227) | $ - | $ - | $15,965,278 | $158,344 | ||||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class |
283,097 | 41,813,509 | (30,693,701) | (28) | (615) | 11,402,262 | 112,311 | ||||||||||||||||||||||||||||
Invesco Treasury Portfolio, Institutional Class |
452,174 | 77,725,547 | (59,931,689) | - | - | 18,246,032 | 175,786 | ||||||||||||||||||||||||||||
Total |
$1,130,923 | $187,548,909 | $(143,065,617) | $(28) | $(615) | $45,613,572 | $446,441 |
(h) | The rate shown is the 7‑day SEC standardized yield as of August 31, 2023. |
AAA |
1.40 | % | ||
AA+ |
3.30 | |||
A |
8.90 | |||
BBB+ |
2.70 | |||
BBB |
11.00 | |||
BBB- |
8.70 | |||
BB+ |
5.10 | |||
BB |
10.90 | |||
BB- |
5.90 | |||
B+ |
1.80 | |||
B- |
1.30 | |||
CCC |
6.30 | |||
CCC- |
0.50 | |||
Non‑Rated |
7.10 | |||
Cash |
25.10 |
† | Portfolio information is subject to change due to active management. Ratings are based upon using Moody’s Investor Services, Inc. (“Moody’s”), Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business (“Standard & Poor’s” or “S&P”), Fitch Ratings, a part of the Fitch Group (“Fitch”), Kroll Bond Rating Agency, Inc. (“Kroll”), DBRS Limited (“DBRS”) and Morningstar Credit Ratings, LLC (“Morningstar”) if any such nationally recognized statistical rating organizations (“NRSROs”) rate the security. If securities are rated differently by the ratings agencies, the highest rating is applied. |
5 | Invesco High Income 2023 Target Term Fund |
Assets: |
||||
Investments in unaffiliated securities, at value (Cost $ 184,533,368) |
$ | 139,049,353 | ||
|
||||
Investments in affiliated money market funds, at value (Cost $ 45,613,572) |
45,613,572 | |||
|
||||
Other investments: |
||||
Variation margin receivable–centrally cleared swap agreements |
213,675 | |||
|
||||
Cash |
611,998 | |||
|
||||
Receivable for: |
||||
Investments sold |
64 | |||
|
||||
Dividends |
312,438 | |||
|
||||
Interest |
777,242 | |||
|
||||
Investment for trustee deferred compensation and retirement plans |
17,975 | |||
|
||||
Total assets |
186,596,317 | |||
|
||||
Liabilities: |
||||
Payable for: |
||||
Dividends |
42,435 | |||
|
||||
Accrued fees to affiliates |
10,340 | |||
|
||||
Accrued trustees’ and officers’ fees and benefits |
1,215 | |||
|
||||
Accrued other operating expenses |
33,594 | |||
|
||||
Trustee deferred compensation and retirement plans |
17,975 | |||
|
||||
Total liabilities |
105,559 | |||
|
||||
Net assets applicable to common shares |
$ | 186,490,758 | ||
|
Net assets applicable to common shares consist of: |
||||
Shares of beneficial interest – common shares |
$ | 236,445,744 | ||
|
||||
Distributable earnings (loss) |
(49,954,986 | ) | ||
|
||||
$ | 186,490,758 | |||
|
||||
Common shares outstanding, no par value, with an unlimited number of common shares authorized: |
||||
Shares outstanding |
24,145,611 | |||
|
||||
Net asset value per common share |
$ | 7.72 | ||
|
||||
Market value per common share |
$ | 7.33 | ||
|
6 | Invesco High Income 2023 Target Term Fund |
Investment income: |
||||
Interest |
$ | 7,182,044 | ||
|
||||
Dividends |
553,008 | |||
|
||||
Dividends from affiliated money market funds |
446,441 | |||
|
||||
Total investment income |
8,181,493 | |||
|
||||
Expenses: |
||||
Advisory fees |
863,594 | |||
|
||||
Administrative services fees |
14,382 | |||
|
||||
Custodian fees |
3,587 | |||
|
||||
Interest, facilities and maintenance fees |
1,598,440 | |||
|
||||
Transfer agent fees |
9,330 | |||
|
||||
Trustees’ and officers’ fees and benefits |
9,098 | |||
|
||||
Registration and filing fees |
10,913 | |||
|
||||
Reports to shareholders |
10,129 | |||
|
||||
Professional services fees |
52,730 | |||
|
||||
Other |
1,529 | |||
|
||||
Total expenses |
2,573,732 | |||
|
||||
Less: Fees waived |
(6,005 | ) | ||
|
||||
Net expenses |
2,567,727 | |||
|
||||
Net investment income |
5,613,766 | |||
|
||||
Realized and unrealized gain (loss) from: |
||||
Net realized gain (loss) from: |
||||
Unaffiliated investment securities |
(10,618,805 | ) | ||
|
||||
Affiliated investment securities |
(615 | ) | ||
|
||||
Swap agreements |
1,547,497 | |||
|
||||
(9,071,923 | ) | |||
|
||||
Change in net unrealized appreciation (depreciation) of: |
||||
Unaffiliated investment securities |
(6,531,186 | ) | ||
|
||||
Affiliated investment securities |
(28 | ) | ||
|
||||
Swap agreements |
(1,351,800 | ) | ||
|
||||
(7,883,014 | ) | |||
|
||||
Net realized and unrealized gain (loss) |
(16,954,937 | ) | ||
|
||||
Net increase (decrease) in net assets resulting from operations applicable to common shares |
$ | (11,341,171 | ) | |
|
7 | Invesco High Income 2023 Target Term Fund |
August 31, | February 28, | |||||||
2023 | 2023 | |||||||
|
||||||||
Operations: |
||||||||
Net investment income |
$ | 5,613,766 | $ | 13,518,435 | ||||
|
||||||||
Net realized gain (loss) |
(9,071,923 | ) | 76,564 | |||||
|
||||||||
Change in net unrealized appreciation (depreciation) |
(7,883,014 | ) | (19,690,569 | ) | ||||
|
||||||||
Net increase (decrease) in net assets resulting from operations applicable to common shares |
(11,341,171 | ) | (6,095,570 | ) | ||||
|
||||||||
Distributions to common shareholders from distributable earnings |
(5,070,578 | ) | (11,068,647 | ) | ||||
|
||||||||
Net increase in common shares of beneficial interest |
– | 51,922 | ||||||
|
||||||||
Net increase (decrease) in net assets applicable to common shares |
(16,411,749 | ) | (17,112,295 | ) | ||||
|
||||||||
Net assets applicable to common shares: |
||||||||
Beginning of period |
202,902,507 | 220,014,802 | ||||||
|
||||||||
End of period |
$ | 186,490,758 | $ | 202,902,507 | ||||
|
8 | Invesco High Income 2023 Target Term Fund |
Cash provided by operating activities: |
||||
Net increase (decrease) in net assets resulting from operations applicable to common shares |
$ | (11,341,171 | ) | |
|
||||
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities: |
||||
Proceeds from sales of investments |
108,698,273 | |||
|
||||
Proceeds from sales of short-term investments, net |
15,563,196 | |||
|
||||
Amortization of premium on investment securities |
370,842 | |||
|
||||
Accretion of discount on investment securities |
(1,454,716 | ) | ||
|
||||
Net realized loss from investment securities |
10,618,805 | |||
|
||||
Net change in unrealized depreciation on investment securities |
6,531,186 | |||
|
||||
Change in operating assets and liabilities: |
||||
|
||||
Decrease in receivables and other assets |
318,977 | |||
|
||||
Decrease in accrued expenses and other payables |
(222,084 | ) | ||
|
||||
Net change in transactions in swap agreements |
225,572 | |||
|
||||
Net cash provided by operating activities |
129,308,880 | |||
|
||||
Cash provided by (used in) financing activities: |
||||
Dividends paid to common shareholders from distributable earnings |
(5,076,106 | ) | ||
|
||||
Proceeds from reverse repurchase agreements |
(80,000,000 | ) | ||
|
||||
Net cash provided by (used in) financing activities |
(85,076,106 | ) | ||
|
||||
Net increase in cash and cash equivalents |
44,232,774 | |||
|
||||
Cash and cash equivalents at beginning of period |
1,992,796 | |||
|
||||
Cash and cash equivalents at end of period |
$ | 46,225,570 | ||
|
||||
Non‑cash financing activities: |
||||
|
||||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for taxes |
$ | 113,819 | ||
|
||||
Cash paid during the period for interest, facilities and maintenance fees |
$ | 1,624,595 | ||
|
9 | Invesco High Income 2023 Target Term Fund |
Six Months Ended August 31, |
Years Ended February 28, |
Year Ended February 29, |
Year Ended February 28, |
|||||||||||||||||||||
2023 | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
|
||||||||||||||||||||||||
Net asset value per common share, beginning of period |
$ 8.40 | $ 9.11 | $ 9.14 | $ 10.61 | $ 10.20 | $ 9.95 | ||||||||||||||||||
|
||||||||||||||||||||||||
Net investment income(a) |
0.23 | 0.56 | 0.64 | 0.60 | 0.58 | 0.63 | ||||||||||||||||||
|
||||||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized) |
(0.70) | (0.81) | (0.12) | (1.47) | 0.43 | 0.22 | ||||||||||||||||||
|
||||||||||||||||||||||||
Total from investment operations |
(0.47) | (0.25) | 0.52 | (0.87) | 1.01 | 0.85 | ||||||||||||||||||
|
||||||||||||||||||||||||
Less: |
||||||||||||||||||||||||
Dividends paid to common shareholders from net investment income |
(0.21) | (0.46) | (0.55) | (0.59) | (0.60) | (0.60) | ||||||||||||||||||
|
||||||||||||||||||||||||
Distributions from net realized gains |
– | (0.00) | – | – | – | – | ||||||||||||||||||
|
||||||||||||||||||||||||
Return of capital |
– | – | – | (0.01) | – | – | ||||||||||||||||||
|
||||||||||||||||||||||||
Total distributions |
(0.21) | (0.46) | (0.55) | (0.60) | (0.60) | (0.60) | ||||||||||||||||||
|
||||||||||||||||||||||||
Net asset value per common share, end of period |
$ 7.72 | $ 8.40 | $ 9.11 | $ 9.14 | $ 10.61 | $ 10.20 | ||||||||||||||||||
|
||||||||||||||||||||||||
Market value per common share, end of period |
$ 7.33 | $ 8.18 | $ 8.80 | $ 9.09 | $ 10.40 | $ 10.15 | ||||||||||||||||||
|
||||||||||||||||||||||||
Total return at net asset value(b) |
(5.52) | % | (2.67) | % | 5.75 | % | (7.22) | % | 10.16 | % | 8.84 | % | ||||||||||||
|
||||||||||||||||||||||||
Total return at market value(c) |
(7.88) | % | (1.88) | % | 2.72 | % | (5.86) | % | 8.51 | % | 9.52 | % | ||||||||||||
|
||||||||||||||||||||||||
Net assets applicable to common shares, end of period (000’s omitted) |
$186,491 | $202,903 | $220,015 | $219,891 | $254,883 | $244,954 | ||||||||||||||||||
|
||||||||||||||||||||||||
Portfolio turnover rate(d) |
0 | % | 2 | % | 3 | % | 0 | % | 16 | % | 5 | % | ||||||||||||
|
||||||||||||||||||||||||
Ratios/supplemental data based on average net assets: |
||||||||||||||||||||||||
Ratio of expenses: |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
With fee waivers and/or expense reimbursements |
2.63 | %(e) | 2.54 | % | 1.55 | % | 1.73 | % | 2.25 | % | 2.32 | % | ||||||||||||
|
||||||||||||||||||||||||
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees |
0.99 | %(e) | 1.12 | % | 1.06 | % | 1.08 | % | 1.09 | % | 1.06 | % | ||||||||||||
|
||||||||||||||||||||||||
Without fee waivers and/or expense reimbursements |
2.64 | %(e) | 2.54 | % | 1.55 | % | 1.73 | % | 2.25 | % | 2.32 | % | ||||||||||||
|
||||||||||||||||||||||||
Without fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees |
1.00 | % | 1.12 | % | 1.06 | % | 1.08 | % | 1.09 | % | 1.06 | % | ||||||||||||
|
||||||||||||||||||||||||
Ratio of net investment income to average net assets |
5.77 | %(e) | 6.43 | % | 6.83 | % | 7.19 | % | 5.59 | % | 6.30 | % | ||||||||||||
|
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable. |
(c) | Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Fund’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable. |
(d) | Portfolio turnover is not annualized for periods less than one year, if applicable. |
(e) | Annualized. |
10 | Invesco High Income 2023 Target Term Fund |
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
11 | Invesco High Income 2023 Target Term Fund |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay‑in‑kind interest income and non‑cash dividend income received in the form of securities in‑lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex‑dividend date. |
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – The Fund declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period‑end date and before the date the financial statements are released to print. |
G. | Indemnifications – Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
H. | Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
I. | Commercial Mortgage-Backed Securities – The Fund may invest in both single and multi-issuer Commercial Mortgage-Backed Securities (“CMBS”). This includes both investment grade and non‑investment grade CMBS as well as other non‑rated CMBS. A CMBS is a type of mortgage-backed security that is secured by one or more mortgage loans on interests in commercial real estate property. CMBS differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. Investments in CMBS are subject to the various risks which relate to the pool of underlying assets in which the CMBS represents an interest. Securities backed by commercial real estate assets are subject to securities market risks as well as risks similar to those of direct ownership of commercial real estate loans. Risks include the ability of a borrower to meet its obligations on the loan which could lead to default or foreclosure of the property. Such actions may impact the amount of proceeds ultimately derived from the loan, and the timing of receipt of such proceeds. |
J. | Reverse Repurchase Agreements – The Fund may enter into reverse repurchase agreements. Reverse repurchase agreements involve the sale of securities held by the Fund, with an agreement that the Fund will repurchase such securities at an agreed upon price and date. The Fund will use the proceeds of a reverse repurchase agreement (which are considered to be borrowings under the 1940 Act) to purchase other permitted securities either maturing, or under an agreement to resell, at a date simultaneous with or prior to the expiration of the reverse repurchase agreement. The agreements are collateralized by the underlying securities and are carried at the amount at which the securities subsequently will be repurchased as specified in the agreements. Expenses under the Reverse Repurchase Agreements are shown in the Statement of Operations as Interest, facilities and maintenance fees. |
K. | Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (“Counterparties”). A swap agreement may be negotiated bilaterally and traded over‑the‑counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and |
12 | Invesco High Income 2023 Target Term Fund |
L. | LIBOR Transition Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023. |
M. | Leverage Risk – The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the NAV of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful. |
N. | Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. |
O. | Other Risks – Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires. |
13 | Invesco High Income 2023 Target Term Fund |
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. | |
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 the Adviser’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. |
Level 1 |
Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments in Securities |
||||||||||||||||
|
||||||||||||||||
Asset-Backed Securities |
$ | – | $ | 123,176,309 | $– | $ | 123,176,309 | |||||||||
|
||||||||||||||||
Preferred Stocks |
12,622,464 | – | – | 12,622,464 | ||||||||||||
|
||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
– | 3,250,580 | – | 3,250,580 | ||||||||||||
|
||||||||||||||||
Money Market Funds |
45,613,572 | – | – | 45,613,572 | ||||||||||||
|
||||||||||||||||
Total Investments |
$ | 58,236,036 | $ | 126,426,889 | $– | $ | 184,662,925 | |||||||||
|
Location of Gain (Loss) on Statement of Operations |
||||||||
Interest | ||||||||
Rate Risk | ||||||||
|
||||||||
Realized Gain: |
||||||||
Swap agreements |
$ 1,547,497 | |||||||
|
||||||||
Change in Net Unrealized Appreciation (Depreciation): |
||||||||
Swap agreements |
(1,351,800 | ) | ||||||
|
||||||||
Total |
$ 195,697 | |||||||
|
Swap | ||||
Agreements | ||||
|
||||
Average notional value |
$ | 52,550,000 | ||
|
14 | Invesco High Income 2023 Target Term Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
|
||||
Aggregate unrealized appreciation of investments |
$ | 9,611 | ||
|
||||
Aggregate unrealized (depreciation) of investments |
(44,960,299 | ) | ||
|
||||
Net unrealized appreciation (depreciation) of investments |
$ | (44,950,688 | ) | |
|
Six Months Ended | Year Ended | |||||||
August 31, | February 28, | |||||||
2023 | 2023 | |||||||
|
||||||||
Beginning shares |
24,145,611 | 24,139,517 | ||||||
|
||||||||
Shares issued through dividend reinvestment |
– | 6,094 | ||||||
|
||||||||
Ending shares |
24,145,611 | 24,145,611 | ||||||
|
Declaration Date | Amount per Share | Record Date | Payable Date | |||||||
|
||||||||||
September 1, 2023 |
$0.0200 | September 15, 2023 | September 29, 2023 | |||||||
|
||||||||||
October 2, 2023 |
$0.0200 | October 16, 2023 | October 31, 2023 | |||||||
|
15 | Invesco High Income 2023 Target Term Fund |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers |
B. | Fund Investment Performance |
C. | Advisory Fees and Fund Expenses |
16 | Invesco High Income 2023 Target Term Fund |
D. | Economies of Scale and Breakpoints |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
17 | Invesco High Income 2023 Target Term Fund |
Matter | Votes For | Votes Withheld |
||||||||
|
||||||||||
(1). | Beth Ann Brown | 19,634,259.00 | 600,153.00 | |||||||
Anthony J. LaCava, Jr. | 19,595,039.00 | 639,373.00 | ||||||||
Joel W. Motley | 19,545,732.00 | 688,680.00 | ||||||||
Teresa M. Ressel | 19,581,411.00 | 653,001.00 |
18 | Invesco High Income 2023 Target Term Fund |
SEC file number(s): 811‑23186 | CE‑HIN2023TT‑SAR‑1 |
(b) Not applicable.
ITEM 2. | CODE OF ETHICS. |
Not applicable for a semi-annual report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
As of August 31, 2023, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:
• | Kevin Collins, Portfolio Manager, who has been responsible for the Fund since 2016 and has been associated with Invesco and/or its affiliates since 2007. |
• | Brian Norris, Portfolio Manager, who has been responsible for the Fund since 2016 and has been associated with Invesco and/or its affiliates since 2001. |
• | Dan Saylor, Portfolio Manager, who has been responsible for the Fund since 2016 and has been associated with Invesco and/or its affiliates since 2010. |
Portfolio Manager Fund Holdings and Information on Other Managed Accounts
Invesco’s portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The ‘Investments’ chart reflects the portfolio managers’ investments in the Fund(s) that they manage and includes investments in the Fund’s shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio manager’s immediate family members sharing the same household). The ‘Assets Managed’ chart reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies; (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.
Investments
The following information is as of August 31, 2023 (unless otherwise noted):
Portfolio Managers |
Dollar Range of Investments in the Fund | |
Invesco High Income 2023 Target Term Fund | ||
Kevin Collins |
$10,001 - $50,000 | |
Brian Norris |
$10,001 - $50,000 | |
Dan Saylor |
None |
Assets Managed
The following information is as of August 31, 2023 (unless otherwise noted):
Portfolio Managers |
Other Registered Investment Companies Managed |
Other Pooled Investment Vehicles Managed |
Other Accounts Managed | |||||||||||
Number of Accounts |
Assets (in millions) |
Number of Accounts |
Assets (in millions) |
Number of Accounts |
Assets (in millions) | |||||||||
Invesco High Income 2023 Target Term Fund | ||||||||||||||
Kevin Collins |
3 | $ | 1079.9 | None | None | None | None | |||||||
Brian Norris |
4 | $ | 1699.7 | None | None | None | None | |||||||
Dan Saylor |
1 | $ | 67.1 | None | None | None | None |
Potential Conflicts of Interest
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:
• | The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds. |
• | If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures for allocating portfolio transactions across multiple accounts. |
• | The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved. |
• | The appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities. None of the Invesco Fund accounts managed have a performance fee. |
• | In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing Fund and an affiliated underlying fund in which the investing Fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing Fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying Fund, potentially for a prolonged period of time, which may adversely affect the Fund. |
The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Description of Compensation Structure
For the Adviser and each Sub-Adviser
The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager’s compensation consists of the following three elements:
Base Salary. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser’s intention is to be competitive in light of the particular portfolio manager’s experience and responsibilities.
Annual Bonus. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).
Each portfolio manager’s compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.
Table 1
Sub-Adviser |
Performance time period1 | |
Invesco 2 Invesco Canada2 Invesco Deutschland2 Invesco Hong Kong2 Invesco Asset Management2 Invesco India2 Invesco Listed Real Assets Division2 |
One-, Three- and Five-year performance against Fund peer group | |
Invesco Senior Secured2, 3 Invesco Capital2,4 |
Not applicable | |
Invesco Japan | One-, Three- and Five-year performance |
High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.
1 | Rolling time periods based on calendar year-end. |
2 | Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period. |
3 | Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance. |
4 | Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital. |
With respect to Invesco Capital, there is no policy regarding, or agreement with, the Portfolio Managers or any other senior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the Portfolio Managers.
Deferred / Long Term Compensation. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual deferral awards or long-term equity awards. Annual deferral awards may be granted as an annual stock deferral award or an annual fund deferral award. Annual stock deferral awards are settled in Invesco Ltd. common shares. Annual fund deferral awards are notionally invested in certain Invesco Funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both annual deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.
Retirement and health and welfare arrangements. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of October 17, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 17, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. | |
13(a) (1) | Not applicable. | |
13(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002. | |
13(a) (3) | Not applicable. | |
13(a) (4) | Not applicable. | |
13(b) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco High Income 2023 Target Term Fund
By: | /s/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 6, 2023 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 6, 2023 | |
By: | /s/ Adrien Deberghes | |
Adrien Deberghes | ||
Principal Financial Officer | ||
Date: | November 6, 2023 |
I, Glenn Brightman, Principal Executive Officer, certify that:
1. I have reviewed this report on Form N-CSR of Invesco High Income 2023 Target Term Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
4. The Registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting.
5. The Registrants other certifying officer and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of trustees (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.
Date: November 6, 2023 | /s/ Glenn Brightman | |||||
Glenn Brightman, Principal Executive Officer |
I, Adrien Deberghes, Principal Financial Officer, certify that:
1. I have reviewed this report on Form N-CSR of Invesco High Income 2023 Target Term Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
4. The Registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting.
5. The Registrants other certifying officer and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of trustees (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.
Date: November 6, 2023 | /s/ Adrien Deberghes | |||||
Adrien Deberghes, Principal Financial Officer |
CERTIFICATION OF SHAREHOLDER REPORT
In connection with the Certified Shareholder Report of Invesco High Income 2023 Target Term Fund (the Company) on Form N-CSR for the period ended August 31, 2023, as filed with the Securities and Exchange Commission (the Report), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 6, 2023 | /s/ Glenn Brightman | |||||
Glenn Brightman, Principal Executive Officer |
CERTIFICATION OF SHAREHOLDER REPORT
In connection with the Certified Shareholder Report of Invesco High Income 2023 Target Term Fund (the Company) on Form N-CSR for the period ended August 31, 2023, as filed with the Securities and Exchange Commission (the Report), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 6, 2023 | /s/ Adrien Deberghes | |||||
Adrien Deberghes, Principal Financial Officer |
N-2 |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Aug. 31, 2023 | |||||||
Cover [Abstract] | |||||||
Entity Central Index Key | 0001682811 | ||||||
Amendment Flag | false | ||||||
Document Type | N-CSRS | ||||||
Entity Registrant Name | Invesco High Income 2023 Target Term Fund | ||||||
General Description of Registrant [Abstract] | |||||||
Investment Objectives and Practices [Text Block] | 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 (the “NAV”) per common share before deducting offering costs of $0.02 per share) (“Original NAV”) to common shareholders on or about December 1, 2023 (the “Termination Date”). | ||||||
Risk Factors [Table Text Block] |
Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs. Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non‑payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.
|
||||||
Leverage Risk [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] |
|
||||||
Collateral [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] |
|
||||||
Other Risks [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] |
Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs. Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non‑payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.
|
1 Year IHIT Chart |
1 Month IHIT Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions