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PGIM Short Duration High Yield Opportunities Fund declares initial distribution for January and monthly distribution for February 2021

PRU, SDHY | January 4, 2021

PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) declared today its initial distribution of $0.108 per common share payable Jan. 29, 2021. Based on the Fund’s initial offering price of $20.00 per share, this equates to an annualized distribution yield of 6.48%. The Fund also declared today monthly distributions of $0.108 per common share for February 2021. The distribution schedule appears below:

Month	Ex-Date	Record Date	Payable Date
January	1/21/2021	1/22/2021	1/29/2021
February	2/11/2021	2/12/2021	2/26/2021

These distributions are the first declared by the Fund following its successful initial public offering in November 2020 that raised approximately $542 million, assuming full exercise of the underwriters’ overallotment option, which may not occur.

The Fund’s investment objective is to provide total return through a combination of current income and capital appreciation. The Fund seeks to achieve its objective by investing at least 80% of its assets in a diversified portfolio of high yield fixed income instruments that are rated below investment grade.

The Fund focuses on a sub-style of the high yield bond market, investing a majority of its holdings in shorter duration, higher-rated high yield bonds. Shorter duration higher-rated high yield bonds have historically offered investors the income-generating potential of high yield bonds and attractive risk-adjusted returns with lower credit and interest rate risk than longer duration broad market high yield bonds.

The Fund primarily invests in fixed income investments rated BB or B or deemed equivalent by the Fund’s subadvisor and has a 10% limit on investments rated CCC+ and below.

The Fund generally seeks to maintain a weighted average portfolio duration, including the effects of leverage, of approximately three years or less and a weighted average maturity of approximately five years or less.

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 the Fund’s distributions that have been declared by the applicable Board of Directors. In early 2021, 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, 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.

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 $1.4 trillion in assets under management as of Sept. 30, 2020. With offices in 16 countries, 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 public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. 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 .

*Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020.

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.

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

Investing in the Fund involves certain risks and the Fund may not be able to achieve its intended results for a variety of reasons, including, among others, the possibility that the Fund may not be able to successfully implement its investment strategy because of market, economic, regulatory, geopolitical and other conditions. The Fund invests in high yield (“junk”) bonds , which are subject to greater credit and market risks, including greater risk of default; derivative securities , which may carry increased risk of principal loss due to imperfect correlation between the values of the derivatives and the underlying securities or unexpected price or interest rate movements and be subject to other risks such as market, credit, counterparty, leverage and liquidity risks; foreign securities , which are subject to currency fluctuation, political uncertainty and different regulatory standards than those of U.S. companies; emerging markets securities , which are subject to greater volatility and price declines; structured products , which are subject to issuer repayment and counterparty risk, and are also subject to credit risk in that the assets backing the structured product may be insufficient to pay interest or principal; smaller capitalization companies , which are subject to special risks because those companies may have narrower product lines, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their securities, as compared with larger companies; bank loans , which are subject to the financial condition of the borrower and the Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise). The Fund is a newly organized, diversified, closed-end management investment company with no history of operations or public trading and is subject to all of the business risks and uncertainties associated with any new business. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise; issuer risk, where the value of fixed income instruments may decline for a number of reasons that directly relate to the issuer; duration risk, which can determine the security’s sensitivity to changes in the general level of interest rates; floating-rate and fixed- to floating-rate securities risks; prepayment risk, where the issuer of an instrument may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest the proceeds from such prepayment in lower yielding instruments, which may result in a decline in the Fund’s income and distributions to shareholders; extension risk, where an issuer could exercise its right to pay principal on an obligation held by the Fund later than expected; reinvestment risk or the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called fixed income instruments at market interest rates that are below the portfolio’s current earnings rate; spread risk; and refinancing risk where one or more issuers of fixed income instruments in the Fund’s portfolio may not be able to pay off their debt upon maturity. There are fees and expenses involved with investing in the Fund. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that the Fund’s objective will be achieved or that dividends or distributions will be paid.

An investment in a 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. 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. © 2020 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.

1043597-00001-00 Expiration: 12/31/2021