Fund Description: PGIM High Yield Bond Fund, Inc. formerly, PGIM Short Duration High Yield Fund, Inc., formerly Prudential Short Duration High Yield Fund, Inc., is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The PGIM Short Duration High Yield Fund, Inc. seeks to provide a high level of current income. FUND STRATEGY: The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of high yield fixed income instruments that are rated below investment grade or, if unrated, are considered by the Fund's investment sub-adviser to be of comparable quality. Under normal market conditions and after the initial investment period following this offering, at least 80% of the Fund's investable assets (as defined in the prospectus) will be invested in a diversified portfolio of high yield fixed income instruments that are rated below investment grade with varying maturities and other investments (including derivatives) with similar economic characteristics. High yield fixed income instruments that are rated below investment grade (commonly referred to as junk bonds) are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Although the Fund may invest in instruments of any duration or maturity, under normal market conditions 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. The Fund's investments in derivatives will be included under the 80% asset policy noted above so long as the underlying assets of such derivatives are based on one or more high yield fixed income instruments that are rated below investment grade. Such derivative investments are subject to the Fund's limit of investing up to 20% of its investable assets in derivatives. The Fund may seek to enhance the level of its current distributions to holders of common stock through the use of leverage. The Fund may use leverage through borrowings, including loans from certain financial institutions and/or the issuance of debt securities, as well as through the issuance of preferred stock. FUND MANAGEMENT: Prudential Investments LLC, the Fund's investment manager, will provide administrative and management services to the Fund. Prudential Investment Management, Inc. (PIM), the Fund's sub-adviser, will be responsible for the day-to-day portfolio management of the Fund, both subject to the supervision of the Fund's Board of Directors.