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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 2019

ISD, GHY, PRU | March 8, 2019

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 2019

PGIM Short Duration High Yield Fund, Inc. (NYSE: ISD) and PGIM Global Short Duration High Yield Fund, Inc. (NYSE: GHY) announced today that the Board of Directors of the Funds have approved a change to the investment policy for each fund, effective today.

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 Moody's, CCC+ or lower by S&P or Fitch, or comparably rated by another NRSRO).

Effective immediately, PGIM Short Duration High Yield Fund, Inc. will be renamed PGIM High Yield Bond Fund, Inc. and PGIM Global Short Duration High Yield Fund, Inc. will be renamed PGIM Global High Yield Fund, Inc.

The Funds also announced today an increase in the monthly distributions for March, April and May 2019. The distribution amounts and schedule for each fund appears below:

Fund Name

Ticker

Distribution
Per Share

Change
From Prior
Distribution

Change From
Prior
Distribution (%)

PGIM High Yield Bond Fund, Inc.

(formerly, PGIM Short Duration High Yield Fund, Inc.)

ISD

$0.1000

$0.0150

+17.6%

PGIM Global High Yield Fund, Inc.

(formerly, PGIM Global Short Duration High Yield Fund, Inc.)

GHY

$0.1000

$0.0175

+21.2%

The distribution amounts result in a market price distribution rate of 8.51% for ISD and 8.63% for GHY as of March 6, 2019.

Month

Ex-Date

Record Date

Payable Date

March

3/21/2019

3/22/2019

3/29/2019

April

4/17/2019

4/18/2019

4/30/2019

May

5/16/2019

5/17/2019

5/31/2019

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.

About PGIM and Prudential Financial, Inc.

With 16 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world* with more than $1 trillion in assets under management as of Dec. 31, 2018. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 15 countries across four continents. For more information about PGIM, visit pgim.com.

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 purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund. The Fund is subadvised by PGIM Fixed Income, a business unit of PGIM, Inc. and an affiliate of the investment manager.

Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and sub-advised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager.

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 PGIM, Inc., which is a registered investment advisor and Prudential Financial company. © 2018 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

*Pensions & Investments’ Top Money Managers list, May 28, 2018; based on Prudential Financial total worldwide institutional assets under management as of Dec. 31, 2017. Assets under management (AUM) are based on company estimates and are subject to change.

1018107-00001-00 Expiration: 03/31/2020