PGIM Short Duration High Yield Fund, Inc. and PGIM Global Short Duration High Yield Fund, Inc. announce investment policy changes, name changes and an increase in monthly distributions for March, April and May 2019Source: Business Wire
The Funds have changed certain non-fundamental investment policies to
permit the Funds to invest, under normal market conditions, in
instruments of any duration or maturity and to remove the limit on
investments in high yield instruments rated in the lower rating
categories (Caa1 or lower by
The Funds also announced today an increase in the monthly distributions
for March, April and
PGIM High Yield Bond Fund, Inc.
(formerly, PGIM Short Duration High Yield Fund, Inc.)
PGIM Global High Yield Fund, Inc.
The distribution amounts result in a market price distribution rate of
8.51% for ISD and 8.63% for GHY as of
The distribution amounts are forward-looking and may include net investment income, currency gains, capital gains and a return of capital, but such a determination cannot be made at this time. This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the applicable Board of Directors. In early 2020, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital). If applicable, and when available, a current estimate of the distribution's composition can be found in the Section 19 notice section of the website. Please consult your tax advisor for further information.
With 16 consecutive years of positive third-party institutional net
flows, PGIM, the global asset management business of
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.
Data and commentary provided in this press release are for informational
These Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.
An investment in closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice.
PGIM Fixed Income is a unit of
Investment products are not insured by the
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