Prudential Global Short Duration High Yield Fund registers shares

By Toni Weeks

San Diego, July 24 - Prudential Global Short Duration High Yield Fund, Inc. has registered shares in an N-2 filing with the Securities and Exchange Commission.

The newly organized, diversified, closed-end management investment company registered a token 50,000 shares at $20 apiece for proceeds of $1 million. The underwriters, who have not yet been announced, may exercise an over-allotment option.

The fund's shares have been approved for trading on the New York Stock Exchange; the ticker symbol has not yet been determined.

The fund will seek to provide a high level of current income by investing at least 80% of its assets in high-yield fixed-income instruments of issuers located worldwide, including emerging markets. The instruments may be denominated in dollars or in foreign currencies. The fund will seek to maintain a weighted average portfolio duration of three years or less and a weighted average maturity of five years or less.

Day-to-day implementation of the fund's investment strategy will be managed by a portfolio management team, including Paul Appleby, Michael J. Collins, Daniel Thorogood, Terence Wheat, Stephen Haeckel, Robert Spano and Ryan Kelly.

The sales load has not yet been set.

Newark-based Prudential Investments LLC will be the fund's investment manager.

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