Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:An Open-Ended Fixed Income Fund Will Swallow Two of its Closed Brethren Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, May 19, 2009

An Open-Ended Fixed Income Fund Will Swallow Two of its Closed Brethren

News summary by MFWire's editors

The Dryden High Yield Fund is about to get an infusion of assets and shareholders. Prudential revealed that shareholders have approved collapsing the High Yield Income Fund and the High Yield Plus Fund (both closed) into the Dryden fund (which is open). Pru expects the funds to merge on Jun 19.

Dryden High Yield held $984.31 million as of close on Monday. The two closed end funds boast about $90 million total.


Company Press Release

NEWARK, N.J.--Shareholders have approved the proposed reorganization of two closed-end funds--The High Yield Income Fund, Inc. (NYSE: HYI) and the High Yield Plus Fund, Inc. (NYSE:HYP)--into the open-end Dryden High Yield Fund, Inc. (collectively, the "Funds.").

The reorganizations are expected to occur as of the close of business on the New York Stock Exchange on Friday, June 19, 2009, subject to the satisfaction of customary closing conditions. Upon closing, the shares of HYI and HYP will be exchanged at net asset value for Class A shares of equivalent value of the Dryden High Yield Fund. The Dryden High Yield Fund (PBHAX) is part of the JennisonDryden mutual fund family, the proprietary fund family of Prudential Financial, Inc. (NYSE: PRU)

In anticipation of the upcoming reorganizations, the last day for purchases and exchanges into either HYI or HYP will be at the close of business of Monday, June 15, 2009. After that time, the shares of HYI and HYP will be halted from trading on the New York Stock Exchange.

For further information on the High Yield Income Fund, Inc., and The High Yield Plus Fund, Inc., call 1-800-451-6788.

The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of any fund. For more information regarding the funds, please visit http://www.prudential.com and http://www.jennisondryden.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $542 billion of assets under management as of March 31, 2009, has operations in the United States, Asia, Europe and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.

The Fund may invest in high yield ("junk") bonds, which are subject to greater credit and market risks. These risks may result in greater share price volatility. There is no assurance that the Fund's objective will be achieved.

Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this an other information about the fund. Contact your financial professional for a prospectus and read it carefully before investing. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use