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The Fund seeks to provide investors with a high level of current income. It invests in a portfolio consisting primarily of global higher-rated, below investment-grade fixed income instruments 1.It seeks to maintain a weighted average portfolio duration, including the effects of leverage, of three years or less and a weighted average maturity of five years or less. There is no guarantee the Fund’s objective will be achieved. This press release is not for tax reporting purposes, but is being provided to announce the amount of the Fund’s distributions that have been declared by the Board of Directors. In early 2014, after definitive information is available, the Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the 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, 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. The Fund is a diversified, closed-end management investment company managed by Prudential Investments LLC. The Fund is sub-advised by Prudential Fixed Income, a business unit of Prudential Investment Management Inc. and an affiliate of the investment manager. Prudential Investments, the mutual fund and wealth management business of Prudential Financial, Inc. (NYSE: PRU), oversees Prudential Mutual Funds, which focuses on traditional mutual funds, separately managed accounts, and Investment Only Defined Contribution businesses. Prudential Investments also maintains two other business units, Wealth Management Solutions and Strategic Investment Research Group. Prudential Financial, Inc., a financial services leader with more than $1 trillion of assets under management as of September 30, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/. The Fund invests in high yield (“junk”) bonds, which are subject to greater credit and market risks; leveraging techniques, which may magnify losses and increase portfolio expenses; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; emerging markets, which are subject to greater volatility and price declines; liquidity risk, which exists when particular investments are difficult to sell; and small- and mid-cap issuers, which may be subject to more erratic price and market movements than large-cap issuers. The Fund may frequently trade at a discount to its net asset value and contains anti-takeover provisions that may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of the stockholders. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise; and credit risk, which is the inability to make timely principal and interest payments. The Fund’s net asset value may decline over time to the extent that the Fund buys fixed income securities at a premium. The risks associated with the Fund are more fully explained in the prospectus. These risks may increase the Fund’s share price volatility. There is no guarantee the Fund’s objective will be achieved. An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk and 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. The prospectus, which contains this and other information about the Fund, should be read carefully before investing. Prudential Fixed Income is a unit of PIM, which is a registered investment advisor and Prudential Financial company. Prudential Investments, Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
Control Number: 0238592-00001-001 Higher-rated high yield bonds are below investment grade, commonly referred to as “junk bonds,” and are considered speculative. Rated Ba, B by Moody’s Investors Service, Inc.; BB, B by Standard & Poor’s Ratings Services or Fitch, Inc.; or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, are considered by the Fund’s subadvisor to be of comparable quality.