PGIM High Yield Bond Fund, Inc.

N-CSR 1 d158598dncsr.htm PGIM HIGH YIELD BOND FUND, INC. PGIM High Yield Bond Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES


Investment Company Act file number:		811-22632

Exact name of registrant as specified in charter:		PGIM High Yield Bond Fund, Inc.

Address of principal executive offices:		655 Broad Street, 17^th Floor
		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French
		655 Broad Street, 17^th Floor
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		5/31/2021

Date of reporting period:		5/31/2021

Item 1 – Reports to Stockholders

LOGO

PGIM HIGH YIELD BOND FUND, INC.

ANNUAL REPORT

MAY 31, 2021

LOGO

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Strategy and Performance Overview			6

Holdings and Financial Statements			9

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PGIM is a Prudential Financial Company. ^© 2021 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.


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Letter from the President

LOGO

Dear Shareholder,

We hope you find the annual report for the PGIM High Yield Bond Fund, Inc. informative and useful. The report covers performance for the 12-month period that ended May 31, 2021.

The COVID-19 pandemic had a significant impact on the global economy and markets during the period. After many years of rising corporate profits and strong job growth, the outlook changed dramatically when the pandemic quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth several trillion dollars that offered an economic lifeline to consumers and businesses. These initiatives worked, as growth returned and markets rebounded.

Stocks tumbled at the onset of the COVID-19 pandemic amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. Equities rallied throughout the spring and summer as states reopened their economies, but became more volatile in the fall as investors worried that a surge in COVID-19 infections would stall the economic recovery. The approval of several effective vaccines, optimistic growth forecasts, and the resolution of the US presidential election subsequently lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Much of the bond market performed well during the period as investors sought safety in fixed income. While investment-grade bonds in the US declined slightly as the economy recovered, global bonds and emerging market debt rose. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low during the middle of the period, but longer-term interest rates moved higher later in the period as investors began to focus on stronger economic growth. The Fed also took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This scale and investment expertise allow us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM High Yield Bond Fund, Inc.

July 15, 2021


PGIM High Yield Bond Fund, Inc.			3

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments.

Investment Objective

The Fund’s investment objective is to provide a high level of current income.



Performance Snapshot as of 5/31/21
Price per Share		Total Return for 12 Months Ended 5/31/21
$17.15 (NAV)		23.06%
$16.18 (Market Price)		31.72%

Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.



Key Fund Statistics as of 5/31/21
Duration	4.8 years	Average Maturity	6.3 years

Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the bonds in the Fund’s portfolio.


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Credit Quality expressed as a percentage of total investments as of 5/31/21	(%)
BBB		4.3
BB		45.5
B		31.1
CCC		12.0
CC		0.1
Not Rated		4.5
Cash/Cash Equivalents		2.5
Total Investments		100.0

Credit ratings reflect the highest rating assigned by an NRSRO such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.



Yield and Dividends as of 5/31/21
Total Monthly Dividends Paid per Share for Period	Current Monthly Dividend Paid per Share	Yield at Market Price as of 5/31/21
$1.26	$0.105	7.79%

Yield at market price is the annualized rate determined by dividing current monthly dividend paid per share by the market price per share as of May 31, 2021.


PGIM High Yield Bond Fund, Inc.			5

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM High Yield Bond Fund, Inc.’s shares returned 31.72% based on market price and 23.06% based on net asset value in the 12-month reporting period that ended May 31, 2021. For the same period, the Bloomberg Barclays US High Yield 1% Issuer Capped Index (the Index) returned 14.94%.

What were conditions like in the US high yield corporate bond market?

•

US high yield bonds posted strong gains during the reporting period, with spreads declining to a multi-year low, driven by positive COVID-19 vaccine news, an accelerated economic recovery, higher-than-expected corporate earnings, and ongoing monetary and fiscal stimulus programs. Low and range-bound nominal interest rates continued to support risk sentiment and an ongoing search for yield. While flows into high yield bond mutual funds turned negative over the last five months of the period, strong demand from institutional accounts and a new-issue calendar consisting mostly of refinancing activity provided a strong technical backdrop for the asset class.

•

After posting inflows of $45 billion during 2020, high yield bond mutual funds saw nearly $12 billion of outflows during the first five months of 2021. For the period, spreads on the Index tightened 342 basis points (bps) to 300 bps as of May 31, 2021. (One basis point equals 0.01%.) For perspective, spreads ended the period 35 bps tighter than at the start of 2020 after widening to a pandemic high of 1,100 bps in March 2020.

•

By quality, lower-quality (CCC-rated) credits significantly outperformed their higher-quality (BB-rated and B-rated) peers during the period, as many of the higher-beta and COVID-19-impacted sectors that should benefit from strong growth and a further reopening of the economy outperformed. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.) Bonds in the airlines, energy, retail, aerospace, and media sectors outperformed, while bonds in more defensive sectors that are more sensitive to rising interest rates lagged.

•

The high yield primary market remained active, as issuers continued to take advantage of the low yield environment to push out maturities and lower their cost of capital. After issuing a record $450 billion in high yield bonds during 2020, companies issued another $257 billion through the first five months of 2021, with May marking the fourth month of 2021 in which record issuance was achieved.

•

In May, there were no defaults, as the trailing 12-month par-weighted US high yield default rate decreased 59 bps month over month to 2.58%, the lowest level of the prior 15 months.


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What worked?

•

Having more beta in the portfolio, on average, than the Index over the period was the largest contributor to the Fund’s performance relative to the Index, as the high yield market rallied from the crisis experienced in March and April of 2020.

•

Overall security selection was a large contributor to the Fund’s returns for the period. Specifically, security selection in the upstream energy, telecom, gaming/lodging/leisure, midstream energy, automotive, and aerospace & defense industries contributed positively.

•

In individual security selection, the Fund’s overweights to Chesapeake Energy Corp. (upstream energy), Digicel International Finance Ltd. (telecom), Extraction Oil & Gas Inc. (upstream energy), and Bombardier Inc. (aerospace & defense) relative to the Index all contributed to performance.

•

While overall sector allocation detracted from performance, overweights to the upstream energy, aerospace & defense, and automotive industries relative to the Index boosted performance.

What didn’t work?

•

Security selection in the electric utilities, media & entertainment, technology, and healthcare & pharmaceutical industries detracted from the Fund’s results.

•

In individual security selection, the Fund’s overweights to Diamond Sports Group LLC (media & entertainment), Intelsat Jackson Holdings SA (cable & satellite), Calpine Corp. (electric utilities), and Bausch Health Americas Inc. (healthcare & pharmaceutical) relative to the Index detracted from performance.

•

Overall sector allocation hurt performance, with overweights to the cable & satellite, telecom, media & entertainment, and electric utilities industries relative to the Index the largest detractors.

How did the Fund’s borrowing (leverage) strategy affect its performance?

The Fund’s use of leverage contributed positively to NAV performance and shareholder distributions, as both the returns and income earned on the securities purchased exceeded the cost of borrowing. As of May 31, 2021, the Fund had borrowed $190 million and was approximately 25.0% leveraged. During the reporting period, the average amount of leverage utilized by the Fund was approximately 25.1%.

Did the Fund use derivatives?

The Fund used credit derivatives to manage its overall risk profile. The impact on performance was positive. In addition, the Fund traded foreign exchange derivatives, which had a negligible impact.


PGIM High Yield Bond Fund, Inc.			7

Strategy and Performance Overview (continued)

Current outlook

•

PGIM Fixed Income remains constructive on high yield bonds, given the enormous monetary and fiscal responses seen to date, and it continues to expect spreads to tighten over the medium term. Optimism around the COVID-19 vaccines, an ongoing search for yield, a decline in defaults, and a market that is higher quality than before the crisis are among the factors that PGIM Fixed Income expects to drive spread compression going forward.

•

PGIM Fixed Income has reduced its base-case default expectations to 2.0% over the next 12 months and to 1.0% for the following 12 months. This optimism is tempered modestly by the tail risk of COVID-19 mutations that could set back vaccination efforts, higher-than-expected inflation coupled with a commensurate rise in interest rates, and/or a materially higher US tax regime on corporations and higher-income individuals.

•

In terms of positioning, PGIM Fixed Income believes BB-rated bonds are attractive on a relative-value basis and are less susceptible to a second virus-related shutdown. The Fund is currently underweight to BBs relative to the Index, but PGIM Fixed Income is selectively adding exposure. Overweights relative to the Index include independent power producers, housing, gaming, chemicals, and autos.

Benchmark Definitions

Bloomberg Barclays US High Yield 1% Issuer Capped Index—The Bloomberg Barclays US High Yield 1% Issuer Capped Index (the Index) is an unmanaged index which covers the universe of US non-investment-grade debt. Issuers are capped at 1% of the Index.

Investors cannot invest directly in an index.

Looking for additional information?

The Fund is traded under the symbol “ISD” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XISDX” on most financial websites. Barron’s and The Wall Street Journal ’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgim.com/investments.


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Schedule of Investments

as of May 31, 2021

Description

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

LONG-TERM INVESTMENTS 128.3%

BANK LOANS 11.4%

Airlines 0.6%

AAdvantage Loyalty IP Ltd.,
Initial Term Loan, 3 Month LIBOR + 4.750%

5.500%(c)

04/20/28

1,246

1,283,603

United Airlines, Inc.,
Class B Term Loan, 3 Month LIBOR + 3.750%

4.500(c)

04/21/28

2,220

2,236,650

3,520,253

Auto Manufacturers 0.4%

Navistar, Inc.,
Tranche B Term Loan, 3 Month LIBOR + 3.500%

3.610(c)

11/06/24

2,193

2,191,954

Chemicals 1.2%

Hexion, Inc.,
Senior Secured Term B Loan, 3 Month LIBOR + 3.500%

3.710(c)

07/01/26

1,481

1,477,453

Solenis International LP,

First Lien Initial Dollar Term Loan, 3 Month LIBOR + 4.000%

4.162(c)

06/26/25

3,622

3,618,401

Second Lien Initial Term Loan, 3 Month LIBOR + 8.500%

8.635(c)

06/26/26

1,875

1,870,312

6,966,166

Commercial Services 0.3%

Cimpress USA, Inc.,
Tranche B-1 Term Loan, 3 Month LIBOR + 3.500%

4.000(c)

05/17/28

675

673,734

Verscend Holding Corp.,
New Term Loan B, 1 Month LIBOR + 4.000%

4.093(c)

08/27/25

1,000

1,000,714

1,674,448

Computers 1.1%

Everi Payments, Inc.,
Term Loan, 1 Month LIBOR + 10.500%^

11.500(c)

05/09/24

124

129,025

McAfee LLC,
Term B USD Loan, 1 Month LIBOR + 3.750%

3.843(c)

09/30/24

4,393

4,393,919

Peraton Corp.,
First Lien Term B Loan, 1 Month LIBOR + 3.750%

4.500(c)

02/01/28

1,710

1,711,527

6,234,471

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 9

Schedule of Investments (continued)

as of May 31, 2021

Description

Interest

Rate

Maturity
Date

Principal
Amount
(000)#

Value

BANK LOANS (Continued)

Electric 0.3%

Heritage Power LLC,
Term Loan B, 1 - 3 Month LIBOR + 6.000%

7.000%(c)

07/30/26

2,112

1,974,190

Electronics 0.1%

Tiger Merger Sub Co.,
Non-FILO Term Loan, 1 Month LIBOR + 3.500%

3.593(c)

06/30/25

746

747,369

Engineering & Construction 0.0%

Landry’s Finance Acquisition Co.,
2020 Initial Term Loan, 3 Month LIBOR + 12.000%^

13.000(c)

10/06/23

67,045

Entertainment 0.2%

Scientific Games International, Inc.,
Initial Term B-5 Loan, 1 Month LIBOR + 2.750%

2.843(c)

08/14/24

295

291,492

Twin River Worldwide Holdings, Inc.,
Term B-1 Facility Loan, 3 Month LIBOR + 8.000%^

9.000(c)

05/11/26

521

552,326

843,818

Insurance 0.0%

Asurion LLC,
Replacement B-6 Term Loan, 1 Month LIBOR + 3.000%

3.093(c)

11/03/23

247

246,283

Media 0.4%

Diamond Sports Group LLC,
Term Loan, 1 Month LIBOR + 3.250%

3.350(c)

08/24/26

220

157,190

iHeartCommunications, Inc.,
New Term Loan, 1 Month LIBOR + 3.000%

3.093(c)

05/01/26

1,284

1,269,950

Second Amendment Incremental Term Loan, 1 Month LIBOR + 4.000%

4.750(c)

05/01/26

645

638,136

2,065,276

Oil & Gas 0.9%

Ascent Resources Utica Holdings LLC,
Second Lien Term Loan, 3 Month LIBOR + 9.000%

10.000(c)

11/01/25

3,340

3,682,350

See Notes to Financial Statements.



Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value

BANK LOANS (Continued)

Oil & Gas (cont’d.)

Citgo Holding, Inc., Term Loan, 3 Month LIBOR + 7.000%		8.000	%(c)		08/01/23		566	$	560,711
Citgo Petroleum Corp., 2019 Incremental Term B Loan, 3 Month LIBOR + 6.250%		7.250	(c)		03/28/24		782		782,688


									5,025,749

Pharmaceuticals 0.3%

Change Healthcare Holdings LLC, Closing Date Term Loan, 1 - 3 Month LIBOR + 2.500%		3.500	(c)		03/01/24		1,000		1,000,000
Milano Acquisition Corp., Term B Loan, 3 Month LIBOR + 4.000%		4.750	(c)		10/01/27		848		848,405


									1,848,405

Retail 0.3%

EG America LLC, Project Becker Additional Facility, 3 Month LIBOR + 4.250%		4.750	(c)		03/31/26		200		198,899
Great Outdoors Group, LLC, Term B-1 Loan, 6 Month LIBOR + 4.250%		5.000	(c)		03/06/28		1,222		1,230,491


									1,429,390

Software 2.7%

Camelot Co. (Luxembourg),
Amendment No. 2 Incremental Term Loans, 1 Month LIBOR + 3.000%		4.000	(c)		10/30/26		768		768,075
Dun & Bradstreet Corp, Term Loan B, 1 Month LIBOR + 3.250%		3.340	(c)		02/06/26		1,376		1,371,623
Finastra USA, Inc.,
Dollar Term Loan (Second Lien), 1 - 6 Month LIBOR + 7.250%		8.250	(c)		06/13/25		1,400		1,415,750
First Lien Dollar Term Loan, 3 Month LIBOR + 3.500%		4.500	(c)		06/13/24		3,783		3,733,087
Greeneden US Holdings II LLC, B-4 Dollar Term Loan, 1 Month LIBOR + 4.000%		4.750	(c)		12/01/27		499		499,685
Informatica LLC, Second Lien Initial Loan		7.125			02/25/25		675		688,500
Rackspace Technology Global, Inc., Term B Loan, 3 Month LIBOR + 2.750%		3.500	(c)		02/15/28		575		572,191

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 11

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

BANK LOANS (Continued)

Software (cont’d.)

TIBCO Software, Inc., Second Lien Term Loan, 1 Month LIBOR + 7.250%		7.350%(c)		03/03/28		3,025	$	3,065,332
Term Loan B-3, 1 Month LIBOR + 3.750%		3.850(c)		06/30/26		3,368		3,348,624


								15,462,867

Telecommunications 2.6%

Crown Subsea Communications Holding, Inc., Initial Term Loan, 3 Month LIBOR + 5.000%		5.750(c)		04/27/27		627		628,691
Digicel International Finance Ltd. (Saint Lucia), First Lien Initial Term B Loan, 6 Month LIBOR + 3.250%		3.430(c)		05/28/24		2,204		2,110,594
Intelsat Jackson Holdings SA (Luxembourg), SuperPriority Secured DIP Term Loan, 3 Month LIBOR + 5.500%		6.500(c)		07/13/22		688		693,649
Tranche B-5 Term Loan		8.625		01/02/24		4,795		4,873,916
West Corp., Initial Term B Loan, 1 - 3 Month LIBOR + 4.000%		5.000(c)		10/10/24		3,947		3,837,194
Windstream Services LLC, Initial Term Loan, 1 Month LIBOR + 6.250%		7.250(c)		09/21/27		718		718,701
Xplornet Communications, Inc. (Canada), Initial Term Loan, 1 Month LIBOR + 4.750%		4.843(c)		06/10/27		1,762		1,763,063


								14,625,808


TOTAL BANK LOANS
(cost $63,953,534)								64,923,492


CORPORATE BONDS 112.9%

Advertising 0.8%

Lamar Media Corp., Gtd. Notes, 144A		3.625		01/15/31		300		289,268
National CineMedia LLC, Sr. Sec’d. Notes, 144A(aa)		5.875		04/15/28		875		835,300
Sr. Unsec’d. Notes(aa)		5.750		08/15/26		1,125		986,986
Terrier Media Buyer, Inc., Gtd. Notes, 144A		8.875		12/15/27		2,430		2,607,177


								4,718,731

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Aerospace & Defense 2.2%

Boeing Co. (The), Sr. Unsec’d. Notes(aa)	5.150%	05/01/30		2,450	$	2,876,504
Sr. Unsec’d. Notes(aa)	5.805	05/01/50		3,150		4,073,599
Spirit AeroSystems, Inc., Sec’d. Notes, 144A	7.500	04/15/25		1,200		1,281,047
SSL Robotics LLC, Sr. Sec’d. Notes, 144A	9.750	12/31/23		794		877,613
TransDigm, Inc., Gtd. Notes(aa)	5.500	11/15/27		2,300		2,387,706
Gtd. Notes, 144A	4.625	01/15/29		800		790,088


						12,286,557

Agriculture 0.3%

Vector Group Ltd., Gtd. Notes, 144A	10.500	11/01/26		550		584,237
Sr. Sec’d. Notes, 144A	5.750	02/01/29		1,075		1,086,298


						1,670,535

Airlines 1.0%

American Airlines, Inc., Sr. Sec’d. Notes, 144A	11.750	07/15/25		250		313,891
American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Sec’d. Notes, 144A	5.500	04/20/26		1,450		1,531,610
Sr. Sec’d. Notes, 144A	5.750	04/20/29		1,550		1,658,430
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A	5.750	01/20/26		575		610,960
United Airlines, Inc., Sr. Sec’d. Notes, 144A	4.375	04/15/26		1,080		1,119,471
Sr. Sec’d. Notes, 144A	4.625	04/15/29		580		600,673


						5,835,035

Apparel 0.5%

Hanesbrands, Inc., Gtd. Notes, 144A	5.375	05/15/25		500		526,980
William Carter Co. (The), Gtd. Notes, 144A(aa)	5.500	05/15/25		1,200		1,266,240

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 13

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Apparel (cont’d.)

Wolverine World Wide, Inc., Gtd. Notes, 144A		5.000%		09/01/26		450	$	460,145
Gtd. Notes, 144A		6.375		05/15/25		550		586,226


								2,839,591

Auto Manufacturers 2.7%

Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A		5.875		06/01/29		969		1,053,722
Ford Motor Co., Sr. Unsec’d. Notes(aa)		4.750		01/15/43		3,675		3,718,923
Sr. Unsec’d. Notes(aa)		5.291		12/08/46		3,300		3,520,060
Sr. Unsec’d. Notes		9.000		04/22/25		1,200		1,466,045
Sr. Unsec’d. Notes		9.625		04/22/30		1,140		1,590,175
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		4.000		11/13/30		400		408,651
Sr. Unsec’d. Notes		5.584		03/18/24		310		338,383
Jaguar Land Rover Automotive PLC (United Kingdom), Sr. Unsec’d. Notes, 144A		7.750		10/15/25		1,000		1,089,234
Navistar International Corp., Gtd. Notes, 144A		6.625		11/01/25		295		305,272
Sr. Sec’d. Notes, 144A		9.500		05/01/25		775		839,109
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A		9.500		10/01/28		1,100		1,202,646


								15,532,220

Auto Parts & Equipment 1.7%

Adient Global Holdings Ltd., Gtd. Notes, 144A		4.875		08/15/26		2,725		2,794,370
Adient US LLC, Sr. Sec’d. Notes, 144A		9.000		04/15/25		275		303,861
American Axle & Manufacturing, Inc., Gtd. Notes(aa)(mm)		6.250		04/01/25		525		542,848
Gtd. Notes(aa)		6.250		03/15/26		686		707,752
Gtd. Notes(aa)		6.500		04/01/27		1,000		1,061,919
Gtd. Notes		6.875		07/01/28		206		223,544
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A		5.625		11/15/26		1,090		938,269
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A		5.750		04/15/25		500		516,293

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Auto Parts & Equipment (cont’d.)

Dana, Inc., Sr. Unsec’d. Notes	4.250%		09/01/30		250	$	258,112
Sr. Unsec’d. Notes	5.375		11/15/27		200		212,881
Tenneco, Inc., Sr. Sec’d. Notes, 144A	5.125		04/15/29		1,550		1,549,923
Sr. Sec’d. Notes, 144A	7.875		01/15/29		300		336,249
Titan International, Inc., Sr. Sec’d. Notes, 144A	7.000		04/30/28		425		442,725


							9,888,746

Banks 1.1%

CIT Group, Inc., Sub. Notes(aa)	6.125		03/09/28		1,500		1,825,129
Citigroup, Inc., Jr. Sub. Notes	3.875(ff)		02/18/26(oo)		625		629,868
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A	7.625		05/01/26		700		727,720
Popular, Inc. (Puerto Rico), Sr. Unsec’d. Notes	6.125		09/14/23		2,875		3,084,527


							6,267,244

Building Materials 2.4%

Cornerstone Building Brands, Inc., Gtd. Notes, 144A	6.125		01/15/29		900		961,001
Griffon Corp., Gtd. Notes	5.750		03/01/28		1,255		1,325,911
JELD-WEN, Inc., Gtd. Notes, 144A	4.625		12/15/25		701		713,837
Sr. Sec’d. Notes, 144A	6.250		05/15/25		300		320,428
Masonite International Corp., Gtd. Notes, 144A	5.375		02/01/28		205		217,275
Patrick Industries, Inc., Gtd. Notes, 144A	7.500		10/15/27		825		894,805
Sr. Unsec’d. Notes, 144A	4.750		05/01/29		525		523,899
Smyrna Ready Mix Concrete LLC, Sr. Sec’d. Notes, 144A	6.000		11/01/28		350		363,288
SRM Escrow Issuer LLC, Sr. Sec’d. Notes, 144A	6.000		11/01/28		1,200		1,251,621
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A	3.375		01/15/31		625		592,905

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 15

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Building Materials (cont’d.)

Standard Industries, Inc., (cont’d.) Sr. Unsec’d. Notes, 144A(aa)		4.375%		07/15/30		875	$	885,367
Sr. Unsec’d. Notes, 144A(aa)		4.750		01/15/28		1,975		2,051,790
Sr. Unsec’d. Notes, 144A		5.000		02/15/27		370		383,111
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A		5.250		01/15/29		230		243,172
Gtd. Notes, 144A(aa)		6.500		03/15/27		1,400		1,478,591
U.S. Concrete, Inc., Gtd. Notes(aa)(mm)		6.375		06/01/24		1,300		1,322,750
Gtd. Notes, 144A		5.125		03/01/29		450		460,522


								13,990,273

Chemicals 4.2%

Ashland LLC, Gtd. Notes		6.875		05/15/43		2,125		2,683,136
Axalta Coating Systems LLC, Gtd. Notes, 144A		3.375		02/15/29		550		530,853
Chemours Co. (The), Gtd. Notes(aa)(mm)		7.000		05/15/25		1,970		2,030,059
Gtd. Notes, 144A		5.750		11/15/28		1,225		1,308,334
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A		6.750		08/15/24		2,255		2,097,660
Hexion, Inc., Gtd. Notes, 144A		7.875		07/15/27		900		970,569
Ingevity Corp., Gtd. Notes, 144A		3.875		11/01/28		400		395,403
Nouryon Holding BV (Netherlands), Sr. Unsec’d. Notes, 144A		8.000		10/01/26		1,505		1,590,071
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A(aa)		4.875		06/01/24		1,100		1,155,511
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A		7.250		04/01/25		1,400		1,438,072
SCIH Salt Holdings, Inc., Sr. Unsec’d. Notes, 144A		6.625		05/01/29		425		422,160
TPC Group, Inc., Sr. Sec’d. Notes, 144A		10.500		08/01/24		2,050		1,920,691
Sr. Sec’d. Notes, 144A		10.875		08/01/24		505		545,468
Tronox, Inc., Gtd. Notes, 144A		4.625		03/15/29		1,175		1,203,295
Sr. Sec’d. Notes, 144A		6.500		05/01/25		1,335		1,419,177
Valvoline, Inc., Gtd. Notes, 144A		4.250		02/15/30		460		470,090

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#			Value

CORPORATE BONDS (Continued)

Chemicals (cont’d.)

Valvoline, Inc., (cont’d.) Sr. Unsec’d. Notes, 144A		3.625%		06/15/31			425	$	412,269
Venator Finance Sarl/Venator Materials LLC, Gtd. Notes, 144A		5.750		07/15/25			1,577		1,557,674
Sr. Sec’d. Notes, 144A		9.500		07/01/25			1,040		1,165,980
W.R. Grace & Co.-Conn., Gtd. Notes, 144A		4.875		06/15/27			600		632,006
Gtd. Notes, 144A		5.625		10/01/24			100		109,839


									24,058,317

Coal 0.1%

Coronado Finance Pty Ltd. (Australia), Sr. Sec’d. Notes, 144A		10.750		05/15/26			500		506,073

Commercial Services 5.4%

Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A		5.500		03/01/28			550		551,299
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625		07/15/26			430		456,572
Sr. Unsec’d. Notes, 144A		6.000		06/01/29			750		761,096
Sr. Unsec’d. Notes, 144A(aa)		9.750		07/15/27			2,400		2,646,252
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A		4.625		06/01/28			860		861,264
Sr. Sec’d. Notes, 144A		4.625		06/01/28			540		537,200
Alta Equipment Group, Inc., Sec’d. Notes, 144A		5.625		04/15/26			500		513,109
AMN Healthcare, Inc., Gtd. Notes, 144A		4.000		04/15/29			775		776,737
Gtd. Notes, 144A		4.625		10/01/27			400		414,177
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes, 144A		4.750		04/01/28			725		747,258
Avis Budget Finance PLC, Gtd. Notes		4.750		01/30/26		EUR	275		341,615
Brink’s Co. (The), Gtd. Notes, 144A(aa)		5.500		07/15/25			850		902,863
Carriage Services, Inc., Gtd. Notes, 144A		4.250		05/15/29			400		399,372
Celestial-Saturn Merger Sub, Inc., Sr. Sec’d. Notes, 144A		4.500		05/01/28			600		592,920

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 17

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

CoreCivic, Inc., Gtd. Notes		8.250%		04/15/26		225	$	219,617
Gartner, Inc., Gtd. Notes, 144A		3.750		10/01/30		325		326,296
Laureate Education, Inc., Gtd. Notes, 144A		8.250		05/01/25		1,684		1,753,465
Metis Merger Sub LLC, Sr. Unsec’d. Notes, 144A		6.500		05/15/29		1,200		1,181,020
NESCO Holdings II, Inc., Sec’d. Notes, 144A		5.500		04/15/29		425		438,159
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A		4.500		07/15/29		400		400,667
Gtd. Notes, 144A		5.625		10/01/28		610		645,108
Gtd. Notes, 144A		5.875		10/01/30		425		460,127
Sr. Unsec’d. Notes, 144A		4.750		07/15/31		325		324,638
Service Corp. International, Sr. Unsec’d. Notes		4.000		05/15/31		725		738,671
StoneMor, Inc., Sr. Sec’d. Notes, 144A		8.500		05/15/29		400		393,902
United Rentals North America, Inc., Gtd. Notes		4.000		07/15/30		375		382,245
Gtd. Notes(aa)		4.875		01/15/28		7,025		7,415,203
Gtd. Notes(aa)		5.250		01/15/30		675		737,304
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A(aa)		9.750		08/15/26		4,605		4,884,264


								30,802,420

Computers 2.9%

Ahead DB Holdings LLC, Gtd. Notes, 144A		6.625		05/01/28		150		152,047
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A(aa)		9.750		09/01/26		4,585		4,855,926
Dell International LLC/EMC Corp., Gtd. Notes, 144A		7.125		06/15/24		470		480,142
Everi Payments, Inc., Gtd. Notes, 144A		7.500		12/15/25		2,002		2,075,030
NCR Corp., Gtd. Notes, 144A		5.000		10/01/28		550		566,111
Gtd. Notes, 144A		5.125		04/15/29		825		846,244
Gtd. Notes, 144A		5.250		10/01/30		350		362,934
Gtd. Notes, 144A(aa)		5.750		09/01/27		1,000		1,052,909

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Computers (cont’d.)

NCR Corp., (cont’d.)
Gtd. Notes, 144A		8.125%		04/15/25		350	$	381,346
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A		5.750		06/01/25		375		395,888
Sr. Unsec’d. Notes, 144A(aa)		6.750		06/01/25		5,425		5,521,623


								16,690,200

Distribution/Wholesale 0.7%

Avient Corp.,
Sr. Unsec’d. Notes, 144A		5.750		05/15/25		870		918,889
Core & Main Holdings LP,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.625% or PIK 9.375%		8.625		09/15/24		1,050		1,074,902
H&E Equipment Services, Inc.,
Gtd. Notes, 144A		3.875		12/15/28		1,800		1,742,565


								3,736,356

Diversified Financial Services 3.7%

Alliance Data Systems Corp.,
Gtd. Notes, 144A		4.750		12/15/24		1,075		1,107,904
Fairstone Financial, Inc. (Canada),
Sr. Unsec’d. Notes, 144A(aa)		7.875		07/15/24		720		751,279
goeasy Ltd. (Canada),
Gtd. Notes, 144A		4.375		05/01/26		525		531,910
Gtd. Notes, 144A		5.375		12/01/24		500		516,959
Home Point Capital, Inc.,
Gtd. Notes, 144A		5.000		02/01/26		700		674,412
LD Holdings Group LLC,
Gtd. Notes, 144A		6.125		04/01/28		450		445,925
LPL Holdings, Inc.,
Gtd. Notes, 144A		4.000		03/15/29		1,375		1,366,793
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.125		12/15/30		1,275		1,241,020
Gtd. Notes, 144A		5.500		08/15/28		2,645		2,619,273
Gtd. Notes, 144A(aa)		6.000		01/15/27		1,850		1,909,570
OneMain Finance Corp.,
Gtd. Notes		4.000		09/15/30		500		483,882
Gtd. Notes		6.625		01/15/28		500		567,465
Gtd. Notes(aa)		6.875		03/15/25		350		396,363
Gtd. Notes(aa)		7.125		03/15/26		5,898		6,861,938

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 19

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)

PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		4.250%		02/15/29		575	$	558,299
Gtd. Notes, 144A		5.375		10/15/25		800		841,614
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.,
Gtd. Notes, 144A		3.875		03/01/31		175		171,157


								21,045,763

Electric 4.6%

Calpine Corp.,
Sr. Unsec’d. Notes, 144A		4.625		02/01/29		1,100		1,073,255
Sr. Unsec’d. Notes, 144A		5.000		02/01/31		1,975		1,913,552
Sr. Unsec’d. Notes, 144A(aa)		5.125		03/15/28		5,950		5,994,637
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,
Gtd. Notes, 144A		9.000		12/01/23		29		27,429
Sub. Notes, 144A, Cash coupon 13.000% or PIK 13.000%		13.000		06/01/24		314		251,065
NRG Energy, Inc.,
Gtd. Notes(aa)		5.750		01/15/28		2,975		3,151,048
Gtd. Notes		7.250		05/15/26		75		77,860
Gtd. Notes, 144A		3.375		02/15/29		200		193,024
Gtd. Notes, 144A		3.625		02/15/31		600		575,992
Gtd. Notes, 144A		5.250		06/15/29		400		421,459
PG&E Corp.,
Sr. Sec’d. Notes(aa)		5.000		07/01/28		1,625		1,624,492
Sr. Sec’d. Notes(aa)		5.250		07/01/30		2,135		2,163,212
Vistra Operations Co. LLC,
Gtd. Notes, 144A(aa)		5.000		07/31/27		1,100		1,125,620
Gtd. Notes, 144A(aa)		5.625		02/15/27		6,700		6,964,004
Sr. Unsec’d. Notes, 144A		4.375		05/01/29		500		502,761


								26,059,410

Electrical Components & Equipment 0.4%

Energizer Holdings, Inc.,
Gtd. Notes, 144A		4.375		03/31/29		200		197,468
WESCO Distribution, Inc.,
Gtd. Notes, 144A		7.125		06/15/25		650		702,208
Gtd. Notes, 144A(aa)		7.250		06/15/28		1,130		1,253,178


								2,152,854

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Electronics 0.3%

Brightstar Escrow Corp.,
Sr. Sec’d. Notes, 144A		9.750%		10/15/25		755	$	817,066
Sensata Technologies BV,
Gtd. Notes, 144A		4.000		04/15/29		475		475,622
Sensata Technologies, Inc.,
Gtd. Notes, 144A		3.750		02/15/31		260		254,305


								1,546,993

Engineering & Construction 0.4%

AECOM,
Gtd. Notes(aa)		5.125		03/15/27		1,005		1,112,606
PowerTeam Services LLC,
Sr. Sec’d. Notes, 144A		9.033		12/04/25		700		772,028
TopBuild Corp.,
Gtd. Notes, 144A		3.625		03/15/29		500		492,873


								2,377,507

Entertainment 5.3%

AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%		12.000		06/15/26		762		750,562
Bally’s Corp.,
Gtd. Notes, 144A		6.750		06/01/27		1,770		1,881,843
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A		6.250		07/01/25		1,685		1,776,742
Sr. Unsec’d. Notes, 144A		8.125		07/01/27		270		299,187
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A		5.250		10/15/25		1,950		1,965,195
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A		6.375		05/01/26		275		288,481
Cedar Fair LP,
Gtd. Notes		5.250		07/15/29		350		356,381
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC,
Gtd. Notes, 144A		6.500		10/01/28		675		718,875
Churchill Downs, Inc.,
Gtd. Notes, 144A		4.750		01/15/28		350		360,174
Gtd. Notes, 144A		5.500		04/01/27		275		286,000
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		7.625		04/15/26		2,275		2,431,562

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 21

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Entertainment (cont’d.)

International Game Technology PLC,
Sr. Sec’d. Notes, 144A		5.250%		01/15/29		600	$	637,962
Sr. Sec’d. Notes, 144A		6.500		02/15/25		2,110		2,344,060
Jacobs Entertainment, Inc.,
Sec’d. Notes, 144A		7.875		02/01/24		2,500		2,604,488
Merlin Entertainments Ltd. (United Kingdom),
Sec’d. Notes, 144A		5.750		06/15/26		200		210,642
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A		4.875		05/01/29		825		826,145
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A		6.625		11/15/27		1,200		1,215,044
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,
Sr. Unsec’d. Notes, 144A		8.500		11/15/27		1,325		1,415,877
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A		5.625		01/15/27		2,630		2,729,519
Scientific Games International, Inc.,
Gtd. Notes, 144A		8.250		03/15/26		3,225		3,470,176
Gtd. Notes, 144A		8.625		07/01/25		1,375		1,498,692
Six Flags Entertainment Corp.,
Gtd. Notes, 144A		4.875		07/31/24		712		719,891
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A(aa)		5.125		10/01/29		860		895,861
Sr. Unsec’d. Notes, 144A		7.750		04/15/25		275		296,373


								29,979,732

Foods 4.3%

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A(aa)		3.500		03/15/29		2,050		1,966,924
Gtd. Notes, 144A		4.625		01/15/27		425		439,923
Gtd. Notes, 144A(aa)		4.875		02/15/30		875		911,872
B&G Foods, Inc.,
Gtd. Notes		5.250		09/15/27		1,350		1,396,018
C&S Group Enterprises LLC,
Gtd. Notes, 144A		5.000		12/15/28		875		835,937
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A		7.500		04/15/25		225		234,019
Sr. Sec’d. Notes, 144A		4.625		11/15/28		400		412,861

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Foods (cont’d.)

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A		3.750%		12/01/31		525	$	532,178
Gtd. Notes, 144A(aa)		6.500		04/15/29		1,025		1,149,048
Sr. Unsec’d. Notes, 144A(aa)		5.500		01/15/30		900		992,202
Kraft Heinz Foods Co.,
Gtd. Notes		4.375		06/01/46		1,550		1,661,652
Gtd. Notes		4.875		10/01/49		1,075		1,233,601
Gtd. Notes		5.000		07/15/35		325		384,373
Gtd. Notes		5.000		06/04/42		450		523,777
Gtd. Notes		5.200		07/15/45		300		357,610
Gtd. Notes		5.500		06/01/50		1,450		1,802,139
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A		4.250		04/15/31		1,050		1,061,603
Gtd. Notes, 144A(aa)		5.875		09/30/27		4,800		5,105,163
Post Holdings, Inc.,
Gtd. Notes, 144A		4.625		04/15/30		1,375		1,384,187
Gtd. Notes, 144A		5.625		01/15/28		111		117,199
Gtd. Notes, 144A		5.750		03/01/27		1,350		1,414,098
U.S. Foods, Inc.,
Gtd. Notes, 144A		4.750		02/15/29		425		423,655


								24,340,039

Gas 0.9%

AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes(aa)		5.500		05/20/25		600		658,746
Sr. Unsec’d. Notes		5.625		05/20/24		200		220,468
Sr. Unsec’d. Notes(aa)		5.750		05/20/27		3,250		3,609,533
Sr. Unsec’d. Notes(aa)		5.875		08/20/26		675		752,298


								5,241,045

Healthcare-Services 6.3%

Catalent Pharma Solutions, Inc.,
Gtd. Notes, 144A		3.125		02/15/29		325		313,316
DaVita, Inc.,
Gtd. Notes, 144A		3.750		02/15/31		1,325		1,270,324
Gtd. Notes, 144A(aa)		4.625		06/01/30		3,325		3,395,414
HCA, Inc.,
Gtd. Notes(aa)		5.625		09/01/28		3,700		4,313,349
Sr. Sec’d. Notes(aa)		4.750		05/01/23		4,700		5,066,415

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 23

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

MEDNAX, Inc.,
Gtd. Notes, 144A(aa)		6.250%		01/15/27		1,355	$	1,437,280
Molina Healthcare, Inc.,
Sr. Unsec’d. Notes(aa)		5.375		11/15/22		1,610		1,686,737
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A		7.250		11/01/25		1,225		1,311,096
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A(aa)		9.750		12/01/26		4,300		4,634,652
Surgery Center Holdings, Inc.,
Gtd. Notes, 144A		10.000		04/15/27		995		1,087,055
Tenet Healthcare Corp.,
Gtd. Notes, 144A		6.125		10/01/28		3,275		3,418,164
Sec’d. Notes, 144A		6.250		02/01/27		1,300		1,357,577
Sr. Sec’d. Notes, 144A		4.250		06/01/29		1,625		1,625,001
Sr. Sec’d. Notes, 144A(aa)		4.875		01/01/26		1,118		1,154,482
Sr. Unsec’d. Notes(aa)		6.750		06/15/23		2,175		2,363,186
Sr. Unsec’d. Notes		6.875		11/15/31		1,250		1,400,370


								35,834,418

Home Builders 5.7%

Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		9.875		04/01/27		2,283		2,578,980
Beazer Homes USA, Inc.,
Gtd. Notes		5.875		10/15/27		1,350		1,429,615
Gtd. Notes(aa)		7.250		10/15/29		2,675		2,997,519
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A		4.875		02/15/30		1,875		1,845,623
Gtd. Notes, 144A(aa)		6.250		09/15/27		815		860,005
Gtd. Notes, 144A		6.375		05/15/25		300		306,704
Sr. Unsec’d. Notes, 144A		5.000		06/15/29		400		401,657
Century Communities, Inc.,
Gtd. Notes		6.750		06/01/27		1,725		1,855,050
Forestar Group, Inc.,
Gtd. Notes, 144A		3.850		05/15/26		450		452,036
Gtd. Notes, 144A(aa)		5.000		03/01/28		650		678,605
KB Home,
Gtd. Notes		4.000		06/15/31		500		499,860
Gtd. Notes		4.800		11/15/29		425		456,703
Gtd. Notes(aa)		6.875		06/15/27		1,800		2,129,883

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Home Builders (cont’d.)

Lennar Corp., Gtd. Notes(aa)	5.000%	06/15/27		1,250	$	1,448,371
M/I Homes, Inc.,
Gtd. Notes	4.950	02/01/28		425		446,914
Gtd. Notes(aa)	5.625	08/01/25		1,000		1,035,734
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A(aa)	4.625	03/01/30		900		897,989
Sr. Unsec’d. Notes, 144A(aa)	5.250	12/15/27		1,075		1,120,372
Meritage Homes Corp., Gtd. Notes(aa)	5.125	06/06/27		2,523		2,842,938
New Home Co., Inc. (The),
Gtd. Notes, 144A	7.250	10/15/25		250		265,692
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes, 144A	4.750	02/15/28		743		744,163
Sr. Unsec’d. Notes, 144A	4.750	04/01/29		225		224,710
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A	7.500	02/15/26		425		443,058
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.875	06/15/27		375		421,203
Gtd. Notes, 144A(aa)	6.625	07/15/27		2,800		3,015,999
Sr. Unsec’d. Notes, 144A	5.125	08/01/30		480		515,113
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A(aa)	5.625	03/01/24		1,873		2,039,295
Tri Pointe Homes, Inc.,
Gtd. Notes	5.700	06/15/28		615		674,496


						32,628,287

Home Furnishings 0.1%

Tempur Sealy International, Inc.,
Gtd. Notes, 144A	4.000	04/15/29		675		676,058

Household Products/Wares 0.4%

ACCO Brands Corp.,
Gtd. Notes, 144A	4.250	03/15/29		800		788,049
Central Garden & Pet Co.,
Gtd. Notes, 144A	4.125	04/30/31		350		351,751
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),
Gtd. Notes, 144A	7.000	12/31/27		600		610,053
Sr. Sec’d. Notes, 144A	5.000	12/31/26		175		177,967

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 25

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Household Products/Wares (cont’d.)

Spectrum Brands, Inc.,
Gtd. Notes, 144A		3.875%		03/15/31		200	$	194,960
Gtd. Notes, 144A		5.000		10/01/29		250		265,227


								2,388,007

Housewares 0.3%

Scotts Miracle-Gro Co. (The),
Gtd. Notes		4.500		10/15/29		1,125		1,170,773
Gtd. Notes, 144A		4.000		04/01/31		750		739,061


								1,909,834

Insurance 0.1%

BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A		5.875		04/15/29		400		399,396

Internet 0.4%

Cablevision Lightpath LLC,
Sr. Sec’d. Notes, 144A		3.875		09/15/27		425		414,274
Sr. Unsec’d. Notes, 144A		5.625		09/15/28		625		630,220
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A		3.500		03/01/29		525		505,986
NortonLifeLock, Inc.,
Sr. Unsec’d. Notes, 144A		5.000		04/15/25		1,000		1,012,147


								2,562,627

Iron/Steel 0.8%

Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625		01/31/29		2,245		2,447,129
TMS International Corp.,
Sr. Unsec’d. Notes, 144A		6.250		04/15/29		325		338,001
United States Steel Corp.,
Sr. Unsec’d. Notes		6.875		03/01/29		1,510		1,580,274


								4,365,404

Leisure Time 0.5%

NCL Corp. Ltd.,
Sr. Sec’d. Notes, 144A		10.250		02/01/26		980		1,147,646
Sr. Sec’d. Notes, 144A		12.250		05/15/24		135		163,285
Sr. Unsec’d. Notes, 144A		3.625		12/15/24		350		334,749

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Leisure Time (cont’d.)

Viking Cruises Ltd.,
Gtd. Notes, 144A		5.875%		09/15/27		50	$	48,421
Sr. Unsec’d. Notes, 144A		7.000		02/15/29		300		308,115
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A		5.625		02/15/29		200		202,685
Vista Outdoor, Inc.,
Gtd. Notes, 144A		4.500		03/15/29		675		673,955


								2,878,856

Lodging 2.9%

Boyd Gaming Corp.,
Gtd. Notes		4.750		12/01/27		50		51,123
Gtd. Notes		6.000		08/15/26		630		655,409
Gtd. Notes		6.375		04/01/26		700		723,194
Gtd. Notes, 144A		8.625		06/01/25		450		495,666
Sr. Unsec’d. Notes, 144A		4.750		06/15/31		675		681,998
Hilton Domestic Operating Co., Inc.,
Gtd. Notes		4.875		01/15/30		400		425,738
Gtd. Notes, 144A		3.625		02/15/32		850		833,450
Gtd. Notes, 144A		4.000		05/01/31		1,175		1,186,208
Gtd. Notes, 144A		5.375		05/01/25		300		315,565
Gtd. Notes, 144A		5.750		05/01/28		325		350,179
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.,
Gtd. Notes		4.875		04/01/27		625		651,447
MGM Resorts International,
Gtd. Notes		4.625		09/01/26		375		394,502
Gtd. Notes(aa)		4.750		10/15/28		1,925		2,032,851
Gtd. Notes(aa)		5.500		04/15/27		1,061		1,157,024
Gtd. Notes(aa)(mm)		6.750		05/01/25		2,325		2,491,006
Station Casinos LLC,
Gtd. Notes, 144A		4.500		02/15/28		350		353,980
Travel + Leisure Co.,
Sr. Sec’d. Notes, 144A		4.625		03/01/30		500		515,702
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A		5.125		12/15/29		1,325		1,368,748
Sr. Unsec’d. Notes, 144A		5.625		08/26/28		1,650		1,734,793


								16,418,583

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 27

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Machinery-Construction & Mining 0.1%

Terex Corp., Gtd. Notes, 144A		5.000%		05/15/29		725	$	753,775

Machinery-Diversified 0.6%

GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.625		12/15/28		350		358,208
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A(aa)		10.125		08/01/24		2,475		2,568,667
Vertical US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A		5.250		07/15/27		625		650,183


								3,577,058

Media 8.1%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes		4.500		05/01/32		2,425		2,445,981
Sr. Unsec’d. Notes, 144A(aa)		4.250		02/01/31		5,300		5,289,597
Sr. Unsec’d. Notes, 144A		4.500		06/01/33		425		424,405
Sr. Unsec’d. Notes, 144A(aa)		4.750		03/01/30		2,300		2,386,819
Sr. Unsec’d. Notes, 144A		5.000		02/01/28		1,000		1,047,598
Sr. Unsec’d. Notes, 144A(aa)		5.375		06/01/29		1,150		1,248,830
Sr. Unsec’d. Notes, 144A		5.500		05/01/26		500		516,799
Clear Channel Worldwide Holdings, Inc.,
Sr. Sec’d. Notes, 144A		5.125		08/15/27		400		403,567
CSC Holdings LLC,
Gtd. Notes, 144A		3.375		02/15/31		1,175		1,100,114
Gtd. Notes, 144A(aa)		4.125		12/01/30		775		758,739
Sr. Unsec’d. Notes, 144A(aa)		4.625		12/01/30		4,875		4,711,602
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A (original cost $5,178,191; purchased 07/18/19 - 07/31/20)(f)		6.625		08/15/27		5,755		3,285,153
Sr. Sec’d. Notes, 144A (original cost $2,144,025; purchased 07/18/19 - 02/19/20)(aa)(f)		5.375		08/15/26		2,145		1,591,875
DISH DBS Corp.,
Gtd. Notes		7.375		07/01/28		365		391,712
Gtd. Notes(aa)		7.750		07/01/26		4,310		4,895,148
Gtd. Notes, 144A		5.125		06/01/29		825		819,060
Gray Television, Inc.,
Gtd. Notes, 144A		4.750		10/15/30		450		442,182
Gtd. Notes, 144A		7.000		05/15/27		1,625		1,761,115

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Media (cont’d.)

iHeartCommunications, Inc.,
Sr. Sec’d. Notes		6.375%		05/01/26		200	$	213,530
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A		5.375		08/15/27		550		575,143
News Corp.,
Sr. Unsec’d. Notes, 144A		3.875		05/15/29		550		555,404
Nexstar Broadcasting, Inc.,
Gtd. Notes, 144A		4.750		11/01/28		775		789,501
Gtd. Notes, 144A		5.625		07/15/27		500		528,974
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.500		09/15/26		610		618,545
Sr. Unsec’d. Notes, 144A		6.500		09/15/28		1,000		1,029,356
Scripps Escrow II, Inc.,
Sr. Sec’d. Notes, 144A		3.875		01/15/29		350		341,571
Sr. Unsec’d. Notes, 144A		5.375		01/15/31		275		275,815
Scripps Escrow, Inc.,
Gtd. Notes, 144A(aa)		5.875		07/15/27		1,190		1,230,906
Sinclair Television Group, Inc.,
Gtd. Notes, 144A		5.875		03/15/26		1,200		1,233,413
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A		4.500		05/01/29		400		404,846
Sr. Sec’d. Notes, 144A(aa)		5.125		02/15/25		2,300		2,340,251
Sr. Sec’d. Notes, 144A(aa)(mm)		6.625		06/01/27		2,135		2,313,645
Urban One, Inc.,
Sr. Sec’d. Notes, 144A		7.375		02/01/28		410		434,035


								46,405,231

Mining 3.3%

Constellium SE,
Gtd. Notes, 144A		3.750		04/15/29		500		485,323
Eldorado Gold Corp. (Turkey),
Sec’d. Notes, 144A(aa)		9.500		06/01/24		1,366		1,488,897
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A		6.875		10/15/27		700		765,261
Gtd. Notes, 144A		7.250		04/01/23		2,100		2,138,673
Gtd. Notes, 144A		7.500		04/01/25		3,305		3,429,912
Freeport-McMoRan, Inc.,
Gtd. Notes(aa)		4.375		08/01/28		1,075		1,135,645
Hecla Mining Co.,
Gtd. Notes(aa)		7.250		02/15/28		1,075		1,181,232

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 29

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Mining (cont’d.)

Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A		4.500%		04/01/26		900	$	895,489
Gtd. Notes, 144A		6.125		04/01/29		1,195		1,251,571
IAMGOLD Corp. (Burkina Faso),
Gtd. Notes, 144A		5.750		10/15/28		925		972,291
New Gold, Inc. (Canada),
Gtd. Notes, 144A(aa)		6.375		05/15/25		755		777,738
Sr. Unsec’d. Notes, 144A		7.500		07/15/27		1,280		1,396,937
Novelis Corp.,
Gtd. Notes, 144A		4.750		01/30/30		975		1,024,462
Gtd. Notes, 144A		5.875		09/30/26		1,550		1,616,216


								18,559,647

Miscellaneous Manufacturing 1.7%

Amsted Industries, Inc.,
Gtd. Notes, 144A(aa)		5.625		07/01/27		575		604,797
Sr. Unsec’d. Notes, 144A(aa)		4.625		05/15/30		785		793,426
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.500		12/01/24		1,975		2,029,906
Sr. Unsec’d. Notes, 144A		7.500		03/15/25		2,050		2,066,267
Sr. Unsec’d. Notes, 144A		7.875		04/15/27		4,105		4,166,579


								9,660,975

Office/Business Equipment 0.1%

CDW LLC/CDW Finance Corp.,
Gtd. Notes		3.250		02/15/29		710		720,946

Oil & Gas 9.4%

Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A		8.250		02/15/26		975		1,044,064
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes		7.875		12/15/24(d)		5,325		3,515
Antero Resources Corp.,
Gtd. Notes		5.000		03/01/25		1,500		1,537,444
Gtd. Notes		5.625		06/01/23		925		925,000
Gtd. Notes, 144A		7.625		02/01/29		1,175		1,292,537
Gtd. Notes, 144A		8.375		07/15/26		250		282,007
Sr. Unsec’d. Notes, 144A		5.375		03/01/30		825		827,519
Apache Corp.,
Sr. Unsec’d. Notes		4.375		10/15/28		450		461,583

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Apache Corp., (cont’d.)
Sr. Unsec’d. Notes		4.750%		04/15/43		575	$	568,547
Sr. Unsec’d. Notes		5.100		09/01/40		1,250		1,285,297
Sr. Unsec’d. Notes		5.250		02/01/42		75		78,254
Sr. Unsec’d. Notes		5.350		07/01/49		115		117,819
Sr. Unsec’d. Notes		7.750		12/15/29		100		117,118
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		7.000		11/01/26		25		25,804
Gtd. Notes, 144A		9.000		11/01/27		752		1,031,948
Chesapeake Energy Corp.,
Gtd. Notes, 144A		5.500		02/01/26		375		396,710
Gtd. Notes, 144A		5.875		02/01/29		400		431,872
Citgo Holding, Inc.,
Sr. Sec’d. Notes, 144A		9.250		08/01/24		1,853		1,899,494
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A		7.000		06/15/25		1,175		1,221,553
CNX Resources Corp.,
Gtd. Notes, 144A(aa)		7.250		03/14/27		1,875		2,014,871
Comstock Resources, Inc.,
Gtd. Notes, 144A		6.750		03/01/29		850		886,907
Continental Resources, Inc.,
Gtd. Notes		4.900		06/01/44		375		407,701
Gtd. Notes, 144A		5.750		01/15/31		300		351,890
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.000		05/01/29		500		513,986
Sr. Unsec’d. Notes, 144A		5.625		10/15/25		575		594,384
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A(aa)		5.500		01/30/26		1,925		1,989,390
Sr. Unsec’d. Notes, 144A(aa)		5.750		01/30/28		975		1,031,845
Sr. Unsec’d. Notes, 144A		6.625		07/15/25		300		318,667
EQT Corp.,
Sr. Unsec’d. Notes(aa)		3.900		10/01/27		1,300		1,388,550
Sr. Unsec’d. Notes		5.000		01/15/29		275		304,916
Sr. Unsec’d. Notes		8.500		02/01/30		250		324,898
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.750		10/01/25		1,075		1,092,007
Sr. Unsec’d. Notes, 144A		5.750		02/01/29		275		282,199
Sr. Unsec’d. Notes, 144A		6.000		02/01/31		275		284,279
Sr. Unsec’d. Notes, 144A(aa)		6.250		11/01/28		1,658		1,739,607
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		5.875		02/01/29		575		598,229

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 31

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

MEG Energy Corp. (Canada), (cont’d.)
Gtd. Notes, 144A		7.125%		02/01/27		1,802	$	1,930,937
Nabors Industries Ltd.,
Gtd. Notes, 144A		7.250		01/15/26		975		867,523
Gtd. Notes, 144A		7.500		01/15/28		1,400		1,189,583
Nabors Industries, Inc.,
Gtd. Notes(aa)		5.750		02/01/25		2,650		2,198,401
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		2.700		02/15/23		825		830,449
Sr. Unsec’d. Notes(aa)		2.900		08/15/24		1,375		1,373,447
Sr. Unsec’d. Notes		3.200		08/15/26		25		24,172
Sr. Unsec’d. Notes		3.450		07/15/24		1,175		1,178,295
Sr. Unsec’d. Notes		4.500		07/15/44		150		130,875
Sr. Unsec’d. Notes		5.500		12/01/25		50		53,848
Sr. Unsec’d. Notes		5.550		03/15/26		75		80,254
Sr. Unsec’d. Notes		5.875		09/01/25		75		81,242
Sr. Unsec’d. Notes		6.450		09/15/36		1,000		1,124,187
Ovintiv, Inc.,
Gtd. Notes		6.500		08/15/34		800		1,051,924
Gtd. Notes		6.500		02/01/38		450		589,205
Gtd. Notes		6.625		08/15/37		200		262,151
Parkland Corp. (Canada),
Gtd. Notes, 144A		4.500		10/01/29		525		532,860
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A		7.125		01/15/26		2,560		2,580,382
Range Resources Corp.,
Gtd. Notes		4.875		05/15/25		425		434,048
Gtd. Notes		5.000		03/15/23		1,523		1,569,916
Gtd. Notes		9.250		02/01/26		475		523,902
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes		6.000		04/15/27		775		809,120
Gtd. Notes, 144A		4.500		05/15/29		905		898,658
Transocean, Inc.,
Gtd. Notes, 144A		7.250		11/01/25		1,820		1,450,645
Gtd. Notes, 144A		7.500		01/15/26		3,250		2,550,968
Gtd. Notes, 144A		8.000		02/01/27		850		644,889
WPX Energy, Inc.,
Sr. Unsec’d. Notes		5.250		10/15/27		797		852,771


								53,487,063

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Packaging & Containers 1.1%

ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%		6.500%		06/30/27		1,500	$	1,559,996
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes, 144A		4.125		08/15/26		475		486,449
Sr. Unsec’d. Notes, 144A		5.250		08/15/27		1,075		1,084,728
Graham Packaging Co., Inc.,
Gtd. Notes, 144A		7.125		08/15/28		510		543,664
Intelligent Packaging Holdco Issuer LP (Canada),
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750%		9.000		01/15/26		275		281,460
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A		6.000		09/15/28		475		491,639
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A		6.375		08/15/25		500		553,842
Gtd. Notes, 144A(aa)		6.625		05/13/27		975		1,058,813


								6,060,591

Pharmaceuticals 2.9%

AdaptHealth LLC,
Gtd. Notes, 144A		4.625		08/01/29		1,000		981,566
Gtd. Notes, 144A		6.125		08/01/28		670		705,754
Bausch Health Americas, Inc.,
Gtd. Notes, 144A		8.500		01/31/27		1,500		1,609,765
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000		01/30/28		1,000		935,768
Gtd. Notes, 144A		5.000		02/15/29		450		412,862
Gtd. Notes, 144A(aa)		5.250		01/30/30		1,450		1,334,169
Gtd. Notes, 144A		5.250		02/15/31		1,600		1,462,825
Gtd. Notes, 144A		6.125		04/15/25		2,200		2,246,929
Gtd. Notes, 144A		6.250		02/15/29		2,360		2,307,333
Gtd. Notes, 144A(aa)		7.000		01/15/28		725		743,125
Sr. Sec’d. Notes, 144A		4.875		06/01/28		375		377,678
Cheplapharm Arzneimittel GmbH (Germany),
Sr. Sec’d. Notes, 144A		5.500		01/15/28		250		257,272
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc.,
Sr. Sec’d. Notes, 144A		6.125		04/01/29		575		566,568
Jazz Securities DAC,
Sr. Sec’d. Notes, 144A		4.375		01/15/29		400		411,895

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 33

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)

Organon Finance 1 LLC,
Sr. Unsec’d. Notes, 144A		5.125%		04/30/31		600	$	616,805
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A		7.750		11/15/25		1,025		1,085,243
Prestige Brands, Inc.,
Gtd. Notes, 144A		3.750		04/01/31		550		528,368


								16,583,925

Pipelines 5.0%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes		5.375		09/15/24		530		544,299
Gtd. Notes, 144A		5.375		06/15/29		975		986,030
Gtd. Notes, 144A(aa)		5.750		01/15/28		2,425		2,493,789
Cheniere Energy Partners LP,
Gtd. Notes, 144A		4.000		03/01/31		1,175		1,212,849
Cheniere Energy, Inc.,
Sr. Sec’d. Notes, 144A(aa)		4.625		10/15/28		3,250		3,411,843
DCP Midstream Operating LP,
Gtd. Notes(aa)		5.125		05/15/29		1,375		1,481,183
Gtd. Notes		5.625		07/15/27		510		560,622
Energy Transfer LP,
Jr. Sub. Notes, Series G(aa)		7.125(ff)		05/15/30(oo)		1,075		1,111,219
EQM Midstream Partners LP,
Sr. Unsec’d. Notes		4.750		07/15/23		85		88,777
Sr. Unsec’d. Notes		5.500		07/15/28		50		53,356
Sr. Unsec’d. Notes, 144A(aa)		6.000		07/01/25		955		1,034,086
Sr. Unsec’d. Notes, 144A		6.500		07/01/27		1,275		1,401,011
Global Partners LP/GLP Finance Corp.,
Gtd. Notes		6.875		01/15/29		375		405,073
Gtd. Notes(aa)		7.000		08/01/27		750		794,649
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A(aa)		6.875		04/15/40		2,750		2,959,440
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500		09/15/24		51		51,816
Gtd. Notes, 144A(aa)		5.500		01/15/28		2,054		2,073,609
Gtd. Notes, 144A		6.000		12/31/30		425		434,048
Gtd. Notes, 144A		7.500		10/01/25		200		218,367

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes		5.000%		01/15/28		200	$	209,362
Gtd. Notes(aa)		5.375		02/01/27		1,575		1,638,010
Gtd. Notes		5.500		03/01/30		150		161,994
Gtd. Notes(aa)		6.500		07/15/27		1,000		1,083,890
Gtd. Notes, 144A		4.875		02/01/31		250		261,209
Western Midstream Operating LP,
Sr. Unsec’d. Notes		3.950		06/01/25		600		623,639
Sr. Unsec’d. Notes		4.000		07/01/22		250		255,698
Sr. Unsec’d. Notes		4.350		02/01/25		75		78,491
Sr. Unsec’d. Notes(aa)		5.300		02/01/30		2,375		2,618,024
Sr. Unsec’d. Notes		5.450		04/01/44		50		51,799
Sr. Unsec’d. Notes		5.500		08/15/48		75		77,623


								28,375,805

Real Estate 1.4%

Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A		7.875		11/15/25		2,200		2,325,329
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A		5.750		12/01/25		2,000		2,052,534
Howard Hughes Corp. (The),
Gtd. Notes, 144A		4.125		02/01/29		875		870,289
Gtd. Notes, 144A		4.375		02/01/31		675		669,000
Gtd. Notes, 144A		5.375		08/01/28		340		358,349
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A		5.250		04/15/29		1,700		1,637,498


								7,912,999

Real Estate Investment Trusts (REITs) 3.9%

Diversified Healthcare Trust,
Gtd. Notes		4.375		03/01/31		311		293,609
Gtd. Notes(aa)		9.750		06/15/25		2,150		2,386,791
Sr. Unsec’d. Notes		4.750		02/15/28		1,125		1,086,834
ESH Hospitality, Inc.,
Gtd. Notes, 144A		4.625		10/01/27		550		583,128
Gtd. Notes, 144A(aa)		5.250		05/01/25		1,600		1,631,412
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,
Gtd. Notes(aa)		4.500		01/15/28		2,000		2,095,311
Gtd. Notes, 144A		4.625		06/15/25		245		260,161

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 35

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)

MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		3.500%		03/15/31		150	$	151,149
Gtd. Notes(aa)		5.000		10/15/27		2,325		2,450,862
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A(aa)		5.875		10/01/28		1,375		1,467,313
Sr. Sec’d. Notes, 144A(aa)(mm)		7.500		06/01/25		1,940		2,097,421
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A		4.500		02/15/29		325		323,521
SBA Communications Corp.,
Sr. Unsec’d. Notes, 144A		3.125		02/01/29		500		479,820
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A(aa)		7.875		02/15/25		3,320		3,559,427
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A		4.750		04/15/28		550		545,696
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A		3.750		02/15/27		490		495,634
Gtd. Notes, 144A(aa)		4.250		12/01/26		1,235		1,271,324
Gtd. Notes, 144A(aa)		4.625		12/01/29		1,000		1,046,703


								22,226,116

Retail 2.8%

1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A		4.000		10/15/30		3,250		3,148,359
Sr. Sec’d. Notes, 144A		3.500		02/15/29		325		317,944
Brinker International, Inc.,
Gtd. Notes, 144A(aa)(mm)		5.000		10/01/24		1,250		1,306,496
Sr. Unsec’d. Notes		3.875		05/15/23		250		256,286
Caleres, Inc.,
Gtd. Notes		6.250		08/15/23		100		100,330
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		8.500		10/30/25		1,450		1,536,117
Foundation Building Materials, Inc.,
Gtd. Notes, 144A		6.000		03/01/29		550		539,260
Golden Nugget, Inc.,
Sr. Unsec’d. Notes, 144A		6.750		10/15/24		2,004		2,025,102
GYP Holdings III Corp.,
Gtd. Notes, 144A		4.625		05/01/29		250		251,464

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Retail (cont’d.)

LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A		4.875%		05/01/29		450	$	462,382
Murphy Oil USA, Inc.,
Gtd. Notes, 144A		3.750		02/15/31		325		316,625
Park River Holdings, Inc.,
Gtd. Notes, 144A		5.625		02/01/29		1,650		1,580,001
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes(aa)		5.625		12/01/25		1,900		1,958,197
Sec’d. Notes, 144A		8.750		04/30/25		300		331,634
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.875		03/01/27		675		703,191
Superior Plus LP/Superior General Partner, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		4.500		03/15/29		350		355,895
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A		6.875		10/15/28		525		553,659


								15,742,942

Semiconductors 0.3%

Microchip Technology, Inc.,
Gtd. Notes, 144A		4.250		09/01/25		430		451,301
NXP BV/NXP Funding LLC (China),
Gtd. Notes, 144A(aa)		3.875		09/01/22		1,090		1,134,129


								1,585,430

Software 1.1%

Black Knight InfoServ LLC,
Gtd. Notes, 144A		3.625		09/01/28		1,643		1,615,290
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A		7.125		10/02/25		500		535,808
BY Crown Parent LLC,
Gtd. Notes, 144A		7.375		10/15/24		1,410		1,436,833
BY Crown Parent LLC/BY Bond Finance, Inc.,
Sr. Sec’d. Notes, 144A(aa)		4.250		01/31/26		810		846,659
Playtika Holding Corp.,
Gtd. Notes, 144A		4.250		03/15/29		550		542,110
Rackspace Technology Global, Inc.,
Gtd. Notes, 144A		5.375		12/01/28		350		353,176
Sr. Sec’d. Notes, 144A		3.500		02/15/28		625		601,600

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 37

Schedule of Investments (continued)

as of May 31, 2021



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Software (cont’d.)

Rocket Software, Inc.,
Sr. Unsec’d. Notes, 144A		6.500%		02/15/29		475	$	462,963


								6,394,439

Telecommunications 7.5%

Altice France Holding SA (Luxembourg),
Gtd. Notes, 144A		6.000		02/15/28		125		122,579
Sr. Sec’d. Notes, 144A		10.500		05/15/27		300		335,340
Altice France SA (France),
Sr. Sec’d. Notes, 144A		5.125		07/15/29		550		545,511
Sr. Sec’d. Notes, 144A		7.375		05/01/26		2,810		2,922,240
C&W Senior Financing DAC (Panama),
Sr. Unsec’d. Notes, 144A		6.875		09/15/27		825		878,700
CommScope, Inc.,
Sr. Sec’d. Notes, 144A		5.500		03/01/24		1,105		1,138,517
Sr. Sec’d. Notes, 144A		6.000		03/01/26		460		483,694
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000% or PIK 10.000%		10.000		04/01/24		441		433,255
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, 144A		8.750		05/25/24		1,050		1,092,866
Sr. Sec’d. Notes, 144A		8.750		05/25/24		525		546,278
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A		6.750		03/01/23		6,168		5,869,207
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes		5.500		08/01/23(d)		2,160		1,261,542
Gtd. Notes, 144A		9.750		07/15/25(d)		4,135		2,455,441
Intelsat Luxembourg SA (Luxembourg),
Gtd. Notes		8.125		06/01/23(d)		1,035		30,577
Intrado Corp.,
Gtd. Notes, 144A(aa)		8.500		10/15/25		3,695		3,654,523
Level 3 Financing, Inc.,
Gtd. Notes, 144A		3.750		07/15/29		1,600		1,544,872
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes(aa)		5.625		04/01/25		1,830		1,969,035
Sr. Unsec’d. Notes, 144A		4.500		01/15/29		1,100		1,064,077
Sr. Unsec’d. Notes, Series P		7.600		09/15/39		1,200		1,363,235
Sr. Unsec’d. Notes, Series T(aa)		5.800		03/15/22		1,150		1,186,367
Sr. Unsec’d. Notes, Series U		7.650		03/15/42		1,930		2,163,502

See Notes to Financial Statements.



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Telecommunications (cont’d.)

Sprint Capital Corp.,
Gtd. Notes(aa)		6.875%		11/15/28		700	$	876,152
Gtd. Notes		8.750		03/15/32		706		1,046,821
Sprint Corp.,
Gtd. Notes		7.125		06/15/24		250		287,994
Gtd. Notes(aa)		7.625		02/15/25		2,725		3,222,816
Gtd. Notes(aa)		7.875		09/15/23		1,794		2,030,754
T-Mobile USA, Inc.,
Gtd. Notes		4.500		02/01/26		500		511,679
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A		5.625		09/15/25		900		919,641
Sr. Unsec’d. Notes, 144A		6.500		07/15/28		420		444,626
Windstream Escrow LLC/Windstream Escrow Finance Corp.,
Sr. Sec’d. Notes, 144A		7.750		08/15/28		379		387,139
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A		4.000		03/01/27		120		117,890
Sr. Unsec’d. Notes, 144A		6.125		03/01/28		1,800		1,832,078


								42,738,948

Toys/Games/Hobbies 0.1%

Mattel, Inc.,
Gtd. Notes, 144A		3.375		04/01/26		275		285,037
Gtd. Notes, 144A		3.750		04/01/29		325		332,736


								617,773

Transportation 0.1%

XPO Logistics, Inc.,
Gtd. Notes, 144A		6.125		09/01/23		200		202,125
Gtd. Notes, 144A		6.250		05/01/25		180		192,127


								394,252

Trucking & Leasing 0.0%

Fortress Transportation & Infrastructure Investors LLC,
Sr. Unsec’d. Notes, 144A		5.500		05/01/28		250		260,202


TOTAL CORPORATE BONDS
(cost $624,905,355)								643,685,228

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 39

Schedule of Investments (continued)

as of May 31, 2021



Description	Shares		Value

COMMON STOCKS 3.3%

Electric Utilities 0.3%
GenOn Energy Holdings, Inc. (Class A Stock)*^		9,187	$	1,194,310
Keycon Power Holdings LLC*^		2,600		366,600


				1,560,910

Gas Utilities 0.5%

Ferrellgas Partners LP (Class B Stock)*		15,475		3,133,687

Hotels, Restaurants & Leisure 0.1%

CEC Entertainment, Inc.*		22,321		412,939

Oil, Gas & Consumable Fuels 2.4%

Chesapeake Energy Corp.		185,135		9,775,128
Chesapeake Energy Corp. Backstop Commitment^		1,644		85,038
Extraction Oil & Gas, Inc.*		80,502		3,954,259


				13,814,425


TOTAL COMMON STOCKS
(cost $8,325,957)				18,921,961


PREFERRED STOCK 0.7%

Gas Utilities

Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31*^
(cost $4,001,250)		4,125		4,125,000


	Units

*WARRANTS 0.0%**

Hotels, Restaurants & Leisure
CEC Brands LLC, expiring 12/31/25 (cost $0)		24,208		55,073


TOTAL LONG-TERM INVESTMENTS
(cost $701,186,096)				731,710,754

See Notes to Financial Statements.



Description	Shares		Value

SHORT-TERM INVESTMENT 3.6%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $20,682,185)(wb)		20,682,185	$	20,682,185


TOTAL INVESTMENTS 131.9%
(cost $721,868,281)				752,392,939
Liabilities in excess of other assets(z) (31.9)%				(182,134,996	)


NET ASSETS 100.0%			$	570,257,943

Below is a list of the abbreviation(s) used in the annual report:

EUR—Euro

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

CDX—Credit Derivative Index

DIP—Debtor-In-Possession

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

*	Non-income producing security.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $6,519,344 and 1.1% of net assets.

(aa)	Represents security, or a portion thereof, with aggregate value of $234,236,303 segregated as collateral for amount of $190,000,000 borrowed and outstanding as of May 31, 2021.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2021.

(d)	Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $7,322,216. The aggregate value of $4,877,028 is 0.9% of net assets.

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(mm)	Represents security, or a portion thereof, in connection with the rehypothecation of portfolio securities with an aggregate value of $5,795,552 as of May 31, 2021.

(oo)	Perpetual security. Maturity date represents next call date.

(wb)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 41

Schedule of Investments (continued)

as of May 31, 2021

Unfunded loan commitment outstanding at May 31, 2021:


Borrower	Principal Amount (000)#		Current Value			Unrealized Appreciation			Unrealized Depreciation
EG America LLC, Project Becker Additional Facility, 3 Month LIBOR + 4.250%, 4.750%(c), Maturity Date 03/31/26 (cost $141,524)		143		$	142,243		$	719		$	—
U.S. Concrete, Inc., Initial Delayed Draw Term Loan, 1 Month LIBOR + 0.000%, 1.000%(c), Maturity Date 05/01/25 (cost $321,136)		324			322,565			1,429			—

				$	464,808		$	2,148		$	—

Forward foreign currency exchange contracts outstanding at May 31, 2021:


Purchase Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 06/02/21		Citibank, N.A.		EUR	181		$	221,638		$	221,196		$	—		$	(442	)


Sale Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 06/02/21		Morgan Stanley & Co. International PLC		EUR	181		$	218,143		$	221,196		$	—		$	(3,053	)
Expiring 07/02/21		Bank of America, N.A.		EUR	104			126,326			126,366			—			(40	)
Expiring 07/02/21		Citibank, N.A.		EUR	181			221,769			221,322			447			—

							$	566,238		$	568,884			447			(3,093	)

													$	447		$	(3,535	)

Credit default swap agreement outstanding at May 31, 2021:

Reference

Entity/

Obligation

Termination
Date

Fixed
Rate

Notional
Amount
(000)#(3)

Value at
Trade Date

Value at
May 31,
2021

Unrealized
Appreciation
(Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):

CDX.NA.HY.36.V1

06/20/26

5.000%(Q)

5,375

(514,182)

(575,115)

$(60,933)

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value

See Notes to Financial Statements.

of the CDS contract increases for the protection buyer if the spread increases.

(1)

If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)	Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:


Broker	Cash and/or Foreign Currency	Securities Market Value
Citigroup Global Markets, Inc.	$400,000	$—

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 43

Schedule of Investments (continued)

as of May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Bank Loans	$	—	$	64,175,096		$	748,396
Corporate Bonds		—		643,685,228			—
Common Stocks		13,729,387		3,546,626			1,645,948
Preferred Stock		—		—			4,125,000
Warrants		—		55,073			—
Short-Term Investment
Affiliated Mutual Fund		20,682,185		—			—


Total	$	34,411,572	$	711,462,023		$	6,519,344


Other Financial Instruments*
Assets
Unfunded Loan Commitments	$	—	$	2,148		$	—
OTC Forward Foreign Currency Exchange Contract		—		447			—


Total	$	—	$	2,595		$	—


Liabilities
OTC Forward Foreign Currency Exchange Contracts	$	—	$	(3,535	)	$	—
Centrally Cleared Credit Default Swap Agreement		—		(60,933	)		—


Total	$	—	$	(64,468	)	$	—

Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value.

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:


	Bank Loans			Common Stocks			Preferred Stocks

Balance as of 05/31/20	$	11,203,472		$	2,757,810		$	—

Realized gain (loss)		39,628			—			—

Change in unrealized appreciation (depreciation)		13,075			(506,995	)		123,750

Purchases/Exchanges/Issuances		—			15,569			4,001,250

Sales/Paydowns		(2,680,173	)		(620,436	)		—

Accrued discount/premium		8,288			—			—

Transfers into Level 3		1,348,313			—			—

Transfers out of Level 3		(9,184,207	)		—			—


Balance as of 05/31/21	$	748,396		$	1,645,948		$	4,125,000


Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	(13,353	)	$	(506,995	)		$123,750

See Notes to Financial Statements.

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:


Level 3 Securities	Fair Value as of May 31, 2021		Valuation Methodology	Unobservable Inputs
Bank Loans		$ 748,396	Market Approach	Single Broker Indicative Quote
Common Stocks		366,600	Income Approach	Discounted Cash Flow

Common Stocks		85,038	Market Approach	Discretionary Discount Rate
Common Stocks		1,194,310	Market Approach	Single Broker Indicative Quote
Preferred Stocks		4,125,000	Market Approach	Unadjusted Purchase Price

		$6,519,344

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. Securities transferred levels are as follows:


Investments in Securities	Amount Transferred	Level Transfer	Logic

Bank Loans	$1,348,313	L2 to L3	Multiple Broker Quotes to Single Broker Indicative Quote
Bank Loans	$9,184,207	L3 to L2	Single Broker Indicative Quote to Multiple Broker Quotes

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of May 31, 2021 were as follows (unaudited):


Oil & Gas	10.3	%
Telecommunications	10.1
Media	8.5
Healthcare-Services	6.3
Home Builders	5.7
Commercial Services	5.7
Entertainment	5.5
Chemicals	5.4
Pipelines	5.0
Electric	4.9
Foods	4.3
Computers	4.0
Real Estate Investment Trusts (REITs)	3.9
Software	3.8
Diversified Financial Services	3.7
Affiliated Mutual Fund	3.6
Mining	3.3
Pharmaceuticals	3.2
Auto Manufacturers	3.1
Retail	3.1
Lodging	2.9
Building Materials	2.4


Oil, Gas & Consumable Fuels	2.4	%
Aerospace & Defense	2.2
Auto Parts & Equipment	1.7
Miscellaneous Manufacturing	1.7
Airlines	1.6
Real Estate	1.4
Gas Utilities	1.2
Banks	1.1
Packaging & Containers	1.1
Gas	0.9
Advertising	0.8
Iron/Steel	0.8
Distribution/Wholesale	0.7
Machinery-Diversified	0.6
Leisure Time	0.5
Apparel	0.5
Internet	0.4
Engineering & Construction	0.4
Household Products/Wares	0.4
Electronics	0.4
Electrical Components & Equipment	0.4
Housewares	0.3

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 45

Schedule of Investments (continued)

as of May 31, 2021

Industry Classification (continued):


Agriculture	0.3	%
Semiconductors	0.3
Electric Utilities	0.3
Machinery-Construction & Mining	0.1
Office/Business Equipment	0.1
Home Furnishings	0.1
Insurance	0.1
Toys/Games/Hobbies	0.1
Coal	0.1
Hotels, Restaurants & Leisure	0.1


Transportation	0.1	%
Trucking & Leasing	0.0	*


	131.9
Liabilities in excess of other assets	(31.9	)


	100.0	%

*	Less than +/- 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk and foreign exchange contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of May 31, 2021 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives			Liability Derivatives

Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value

Credit contracts	—	$	—	Due from/to broker-variation margin swaps	$	60,933	*
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		447	Unrealized depreciation on OTC forward foreign currency exchange contracts		3,535

		$	447		$	64,468

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended May 31, 2021 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Swaps
Credit contracts	$	(6,134,683	)

See Notes to Financial Statements.


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Forward Currency Exchange Contracts				Swaps

Credit contracts		$	—			$	3,530,311
Foreign exchange contracts			(3,088	)			—

Total		$	(3,088	)		$	3,530,311

For the year ended May 31, 2021, the Fund’s average volume of derivative activities is as follows:


Forward Foreign Currency Exchange Contracts— Purchased(1)

	$44,328

Forward Foreign Currency Exchange Contracts—Sold(1)		Credit Default Swap Agreements— Buy Protection(2)

$113,248		$29,122,940

(1)	Value at Settlement Date.

(2)	Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the year ended May 31, 2021.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)		Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(2)			Net Amount
Bank of America, N.A.		$	—		$ (40)		$	(40)		$	—		$	(40)

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 47

Schedule of Investments (continued)

as of May 31, 2021


	Gross Amounts of			Gross Amounts of				Net Amounts of
	Recognized			Recognized				Recognized				Collateral
Counterparty	Assets(1)			Liabilities(1)				Assets/(Liabilities)				Pledged/(Received)(2)			Net Amount
Citibank, N.A.		$	447		$	(442	)		$	5			$	—		$	5
Morgan Stanley & Co. International PLC			—			(3,053	)			(3,053	)			—			(3,053	)

		$	447		$	(3,535	)		$	(3,088	)		$	—		$	(3,088	)

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.

Statement of Assets and Liabilities

as of May 31, 2021



Assets

Investments at value:
Unaffiliated investments (cost $701,186,096)	$	731,710,754
Affiliated investments (cost $20,682,185)		20,682,185
Cash		10,967
Dividends and interest receivable		10,367,339
Receivable for investments sold		5,216,198
Deposit with broker for centrally cleared/exchange-traded derivatives		400,000
Unrealized appreciation on unfunded loan commitment		2,148
Unrealized appreciation on OTC forward foreign currency exchange contracts		447
Prepaid expenses		813


Total Assets		768,390,851


Liabilities

Loan payable		190,000,000
Payable for investments purchased		7,117,899
Management fee payable		516,223
Accrued expenses and other liabilities		151,601
Interest payable		138,701
Dividends payable		108,818
Deferred directors’ fees and directors’ fees payable		52,963
Exchange listing fees payable		34,088
Due to broker—variation margin swaps		9,080
Unrealized depreciation on OTC forward foreign currency exchange contracts		3,535

Total Liabilities		198,132,908


Net Assets	$	570,257,943




Net assets were comprised of:
Common stock, at par	$	33,257
Paid-in capital in excess of par		628,430,333
Total distributable earnings (loss)		(58,205,647	)


Net assets, May 31, 2021	$	570,257,943


Net asset value per share
($570,257,943 ÷ 33,256,724 shares of common stock issued and outstanding)	$	17.15

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 49

Statement of Operations

Year Ended May 31, 2021



Net Investment Income (Loss)
Income
Interest income	$ 43,700,476
Unaffiliated dividend income	63,640
Affiliated dividend income	48,971


Total income	43,813,087


Expenses
Management fee	5,825,107
Interest expense	1,643,168
Legal fees and expenses	119,761
Custodian and accounting fees	101,093
Shareholders’ reports	80,000
Audit fee	49,224
Registration fees	34,088
Transfer agent’s fees and expenses	20,420
Directors’ fees	16,777
Miscellaneous	18,483


Total expenses	7,908,121

Net investment income (loss)	35,904,966


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions	2,912,735
Swap agreement transactions	(6,134,683	)
Foreign currency transactions	480

	(3,221,468	)

Net change in unrealized appreciation (depreciation) on:
Investments	75,291,260
Forward currency contracts	(3,088	)
Swap agreements	3,530,311
Foreign currencies	35
Unfunded loan commitments	2,148

	78,820,666

Net gain (loss) on investment and foreign currency transactions	75,599,198

Net Increase (Decrease) In Net Assets Resulting From Operations	$111,504,164

See Notes to Financial Statements.

Statements of Changes in Net Assets


	Year Ended May 31,

	2021			2020

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$ 35,904,966			$ 37,502,748
Net realized gain (loss) on investment and foreign currency transactions		(3,221,468	)		9,883,819
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		78,820,666			(44,193,664	)

Net increase (decrease) in net assets resulting from operations		111,504,164			3,192,903

Dividends and Distributions
Distributions from distributable earnings		(37,167,898	)		(40,696,044	)
Tax return of capital distributions		(4,735,574	)		(708,577	)

Total dividends and distributions		(41,903,472	)		(41,404,621	)

Total increase (decrease)		69,600,692			(38,211,718	)

Net Assets:

Beginning of year		500,657,251			538,868,969

End of year		$570,257,943			$500,657,251

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 51

Statement of Cash Flows

For Year Ended May 31, 2021


Cash Flows Provided by / (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	111,504,164


Adjustments to Reconcile Net Increase (Decrease) in Net Assets Resulting From Operations to Net Cash Provided by / (Used For) Operating Activities:
Proceeds from disposition of long-term portfolio investments, net of amounts receivable		425,304,841
Purchases of long-term portfolio investments, net of amounts payable		(422,391,304	)
Net proceeds (purchases) of short-term portfolio investments		(11,610,581	)
Net premiums (paid) received for swap agreements		(2,604,372	)
Amortization of premium and accretion of discount on portfolio investments		(882,668	)
Net realized (gain) loss on investment transactions		(2,912,735	)
Net realized (gain) loss on swap agreement transactions		6,134,683
Net realized (gain) loss on foreign currency transactions		(480	)
Net change in unrealized (appreciation) depreciation on investments		(75,291,260	)
Net change in unrealized (appreciation) depreciation on swap agreements		(3,530,311	)
Net change in unrealized (appreciation) depreciation on forward currency contracts		3,088
Net change in unrealized (appreciation) depreciation on foreign currencies		(35	)
Net change in unrealized (appreciation) depreciation on unfunded loan commitments		(2,148	)
(Increase) Decrease in Assets:
Dividends and interest receivable		1,226,063
Prepaid expenses		43,244
Increase (Decrease) in Liabilities:
Management fee payable		68,103
Accrued expenses and other liabilities		62,339
Interest payable		(9,126	)
Dividends payable		4,146
Deferred directors’ fees and directors’ fees payable		(493	)
Exchange listing fees payable		34,088
Due to broker - variation margin swaps		(237,242	)

Total adjustments		(86,592,160	)

Net cash provided by (used for) operating activities		24,912,004


Effect of exchange rate changes on cash		515


Net cash provided by (used for) financing activities:
Increase in borrowing		10,000,000
Cash paid on distributions from distributable earnings		(41,903,472	)

Net cash provided by (used for) financing activities:		(31,903,472	)


Net increase (decrease) in cash and restricted cash		(6,990,953	)
Cash and restricted cash at beginning of year		7,401,920

Cash and restricted cash at end of year	$	410,967

Supplemental disclosure of cash flow information
Cash paid during the year for interest expense	$	1,652,294

See Notes to Financial Statements.

Reconciliation of cash and restricted cash reported with the Statement of Assets and Liabilities to the Statement of Cash Flows:


	May 31, 2021			May 31, 2020
Cash		$	10,967		$	1,368,920
Restricted Cash:
Deposit with broker for centrally cleared/exchange-traded derivatives			400,000			6,033,000

Total cash and restricted cash		$	410,967		$	7,401,920

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 53

Notes to Financial Statements

1.	Organization

PGIM High Yield Bond Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified, closed-end management investment company. The Fund was incorporated as a Maryland corporation on November 14, 2011.

Subsequent to May 31, 2021, the Fund’s fiscal and tax year changed from an annual reporting period that ends May 31 to one that ends July 31. This change is not expected to have any impact on the way the Fund is managed. Shareholders will receive future annual and semi-annual reports on the new fiscal year end schedule.

The investment objective of the Fund is to provide a high level of current income.

2.	Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Fund’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or sell Fund shares.

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurements and Disclosures.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker

PGIM High Yield Bond Fund, Inc. 55

Notes to Financial Statements (continued)

quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the current rates of exchange;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross

PGIM High Yield Bond Fund, Inc. 57

Notes to Financial Statements (continued)

currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Bank Loans: The Fund invested in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund acquires interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments. The cash amounts pledged for swaps contracts are considered restricted cash and are included in “Deposit with broker for centrally cleared/exchange-traded derivatives” in the Statement of Assets and Liabilities.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Fund is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily

PGIM High Yield Bond Fund, Inc. 59

Notes to Financial Statements (continued)

enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Warrants: The Fund held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants are held as long positions by the Fund until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind: The Fund invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its stockholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned. However, due to the timing of when distributions are made by the Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income for the calendar year and 98.2% of its net capital gains for a one-year period ending on October 31 exceed the distributions from such taxable income and net capital gains for the calendar year.

Dividends and Distributions: The Fund intends to make a level dividend distribution each month to the holders of Common Stock. The level dividend rate may be modified by the

Board from time to time, and will be based upon the past and projected performance and expenses of the Fund. The Fund intends to also make a distribution during or with respect to each calendar year (which may be combined with a regular monthly distribution), which will generally include any net investment income and net realized capital gain for the year not otherwise distributed.

PGIM Investments has received an order from the Securities and Exchange Commission (the “SEC”) granting the Fund an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder to permit certain closed-end funds managed by PGIM Investments to include realized long-term capital gains as a part of their respective regular distributions to the holders of Common Stock more frequently than would otherwise be permitted by the 1940 Act (generally once per taxable year). The Fund intends to rely on this exemptive order. The Board may, at the request of PGIM Investments, adopt a managed distribution policy.

Dividends and distributions to stockholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3.	Agreements

The Fund has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PGIM Investment has entered into a subadvisory agreement with PGIM, Inc. , which provides subadvisory services to the Fund through its PGIM Fixed Income and PGIM, Inc. has entered into a sub-subadvisory agreement with PGIM Limited (each a “subadviser” and collectively the “subadvisers”).

The management fee paid to the Manager is accrued daily and payable monthly, at an annual rate of 0.80% of the average daily value of the Fund’s investable assets. “Investable assets” refers to the net assets attributable to the outstanding common stock of the Fund plus the liquidation preference of any outstanding preferred stock issued by the Fund, the principal amount of any borrowings and the principal on any debt securities issued by the Fund.

PGIM Investments, PGIM Limited and PGIM, Inc. are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

PGIM High Yield Bond Fund, Inc. 61

Notes to Financial Statements (continued)

4.	Other Transactions with Affiliates

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended May 31, 2021, no 17a-7 transactions were entered into by the Fund.

5.	Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended May 31, 2021, were $397,092,787 and $401,993,851, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the year ended May 31, 2021, is presented as follows:


Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Ultra Short Bond Fund ^(1)(wb)
$9,071,604	$215,237,657	$203,627,076	$—	$—	$20,682,185	20,682,185	$48,971

(1)	The Fund did not have any capital gain distributions during the reporting period.

(wb)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

6.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended May 31, 2021, the tax character of dividends paid by the Fund were $37,167,898 of ordinary income and $4,735,574 of tax return of capital. For the year ended

May 31, 2020, the tax character of dividends paid by the Fund were $40,696,044 of ordinary income and $708,577 of tax return of capital.

As of May 31, 2021, there were no accumulated undistributed earnings on a tax basis.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of May 31, 2021 were as follows:

Tax Basis

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

$725,583,740

$46,835,227

$(20,087,901)

$26,747,326

The difference between book basis and tax basis was primarily attributable to deferred losses on wash sales, swaps, differences in the treatment of premium amortization for book and tax purposes, defaulted securities and other book to tax differences.

For federal income tax purposes, the Fund had a capital loss carryforward as of May 31, 2021 of approximately $84,791,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended May 31, 2021 are subject to such review.

7.	Capital and Ownership

There are 1 billion shares of $0.001 par value common stock authorized. As of May 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Number of

Percentage of
Outstanding Shares

10,996

0.03%

For the period ended May 31, 2021, the Fund did not issue any shares of common stock in connection with the Fund’s dividend reinvestment plan.

8.	Borrowings and Re-hypothecation

The Fund has entered into a committed credit facility agreement (the “Credit Facility”) with The Bank of Nova Scotia (the “Financial Institution”), pursuant to which the Fund may borrow up to a maximum commitment amount of $240 million. The Fund will pay interest in

PGIM High Yield Bond Fund, Inc. 63

Notes to Financial Statements (continued)

the amount of 0.75% plus the 1-month U.S. Dollar London Interbank Offered Rate (LIBOR) on the amount outstanding. Such interest expenses, as well as fees for the Credit Facility (including commitment fees for any portion of the Credit Facility not drawn upon at any time during the period), are disclosed in the Statement of Operations under Interest and Miscellaneous expense, respectively. The Fund’s obligations under the Credit Facility are secured by the assets of the Fund segregated for the purpose of securing the amount borrowed and are indicated in the Schedule of Investments. The purpose of the Credit Facility is to provide the Fund with portfolio leverage and to meet its general cash flow requirements. If the Fund fails to meet certain requirements or maintain other financial covenants required under the Credit Facility, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding.

The Fund utilized the credit facility during the year ended May 31, 2021. The average daily outstanding loan balance for the 365 days that the Fund utilized the facility during the period was $182,493,151, borrowed at a weighted average interest rate of 0.89%. The maximum loan balance outstanding during the period was $190,000,000. At May 31, 2021, the Fund had an outstanding loan balance of $190,000,000.

Re-hypothecation: The credit facility permits, subject to certain conditions, the Financial Institution to re-hypothecate, a portion of the portfolio securities segregated by the Fund as collateral. The Fund continues to receive interest on re-hypothecated securities. The Fund also has the right under the agreement to recall the re-hypothecated securities from the Financial Institution on demand. If the Financial Institution fails to deliver the recalled security in a timely manner, the Fund will be compensated by the Financial Institution for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by the Financial Institution, the Fund, upon notice to the Financial Institution, may reduce the loan balance outstanding by the value of the recalled security failed to be returned plus accrued interest. The Fund will receive a portion of the fees earned by the Financial Institution in connection with the re-hypothecation of portfolio securities which reduces the interest expense on borrowings. Such earnings are disclosed in the Statement of Operations under Interest income. For the year ended May 31, 2021, the Financial Institution re-hypothecated certain portfolio securities segregated as collateral by the Fund.

9.	Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below.

Bond Obligations Risk: As with credit risk, market risk and interest rate risk, the Fund’s holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods

and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many OTC derivative instruments lack liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Junk Bonds Risks: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to be less liquid than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

PGIM High Yield Bond Fund, Inc. 65

Notes to Financial Statements (continued)

Leverage Risk: 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. The Fund may borrow in amounts up to 33 1/3% (as determined immediately after borrowing) of the Fund’s investable assets. The use of leverage can create special risks. There can be no assurance that any leveraging strategy the Fund employs will be successful during any period in which it is employed.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by a Fund as well as loan facilities used by a Fund. As such, the potential impact of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments for any reason, the Fund may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or

less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade order of a given size. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Risks of Investments in Bank Loans: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund’s scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws.

Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as

PGIM High Yield Bond Fund, Inc. 67

Notes to Financial Statements (continued)

publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the Subadviser’s credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be “securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections.

10.

Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

11.

Subsequent Event

Dividends to shareholders: On May 28, 2021, the Fund declared monthly dividends of $0.105 per share payable on June 30, 2021, July 30, 2021, August 31, 2021, respectively, to shareholders of record on June 11, 2021, July 16, 2021, August 13, 2021, respectively. The ex-dates are June 10, 2021, July 15, 2021, August 12, 2021, respectively.

Financial Highlights



	Year Ended May 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$15.05			$16.20			$16.29			$16.84			$16.79
Income (loss) from investment operations:
Net investment income (loss)		1.08			1.13			0.91			0.90			0.98
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.28			(1.03	)		0.07			(0.36	)		0.32
Total from investment operations		3.36			0.10			0.98			0.54			1.30
Less Dividends and Distributions:
Dividends from net investment income		(1.12	)		(1.23	)		(1.07	)		(1.09	)		(1.25	)
Tax return of capital distributions		(0.14	)		(0.02	)		-			-			-
Total dividends and distributions		(1.26	)		(1.25	)		(1.07	)		(1.09	)		(1.25	)
Net asset value, end of year		$17.15			$15.05			$16.20			$16.29			$16.84
Market price, end of year		$16.18			$13.38			$13.93			$14.07			$15.59
Total Return^(b):		31.72	%		4.84	%		6.84	%		(2.89	)%		8.36	%

Ratios/Supplemental Data:
Net assets, end of year (000)		$570,258			$500,657			$538,869			$541,660			$560,069
Average net assets (000)		$545,673			$533,714			$539,282			$550,742			$559,484
Ratios to average net assets^(c)(d):
Expenses after waivers and/or expense reimbursement		1.45	%		1.96	%		2.21	%		1.84	%		1.71	%
Expenses before waivers and/or expense reimbursement		1.45	%		1.96	%		2.21	%		1.84	%		1.71	%
Net investment income (loss)		6.58	%		7.03	%		5.58	%		5.43	%		5.84	%
Portfolio turnover rate^(e)		56	%		60	%		87	%		72	%		65	%
Asset coverage		400	%		378	%		399	%		428	%		411	%
Total debt outstanding at period-end (000)		$190,000			$180,000			$180,000			$165,000			$180,000

(a)	Calculated based on average shares outstanding during the year.

(b)

Total return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the closing market price on the last day for the year reported. Dividends are assumed, for the purpose of this calculation, to be reinvested at prices obtainable under the Fund’s dividend reinvestment plan. This amount does not reflect brokerage commissions or sales load.

(c)	Does not include expenses of the underlying fund in which the Fund invests.

(d)	Includes interest expense of 0.30%, 0.81%, 1.06%, 0.71%, and 0.54%, for the years ended May 31, 2021, 2020, 2019, 2018, and 2017, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM High Yield Bond Fund, Inc. 69

Report of Independent Registered Public Accounting Firm

To the Board of Directors of PGIM High Yield Bond Fund, Inc. and Shareholders of PGIM High Yield Bond Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM High Yield Bond Fund, Inc. (the “Fund”) as of May 31, 2021, and the related statements of operations, cash flows and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2021, and the results of its operations, its cash flows, changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended May 31, 2020 and the financial highlights for each of the periods ended on or prior to May 31, 2020 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated July 20, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

July 20, 2021

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.


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Tax Information (unaudited)

For the year ended May 31, 2021, the Fund reports the maximum amount allowable but not less than 95.52% as interest related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2022, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of distributions received by you in calendar year 2021.


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Other Information (unaudited)

Investment Objective and Policies

There have been no material changes to the investment objectives, policies and restrictions since the Fund’s 2020 Annual Report that have not been approved by shareholders.

Investment Objective. The Fund’s investment objective is to provide a high level of current income. The Fund’s investment objective is non-fundamental and may be changed without stockholder approval.

Investment Policies. Under normal market conditions, the Fund will invest at least 80% of its investable assets 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. This 80% policy is a non-fundamental policy and may be changed by the Board of Directors of the Fund without stockholder approval and after providing holders of Common Stock with at least 60 days’ prior written notice of any change as required by the rules under the Investment Company Act of 1940, as amended (the “1940 Act”). The term “investable assets” refers to the total assets of the Fund (including any assets attributable to money borrowed, including as a result of any shares of preferred stock or notes or other debt securities that may be issued by the Fund) minus the sum of (i) accrued liabilities of the Fund (other than liabilities for money borrowed, including the liquidation preference of any outstanding preferred stock, and principal on notes and other debt securities issued by the Fund), (ii) any accrued and unpaid interest on money borrowed and (iii) accumulated dividends on any outstanding shares of Common Stock and preferred stock issued by the Fund.

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 not invest in municipal debt obligations (except for temporary defensive measures), asset-backed securities (including collateralized debt obligations and collateralized loan obligations), and mortgage-backed securities (including securities issued by the U.S. government and agencies as well as privately). The Fund defines the term “asset-backed security” as a type of pass through instrument that pays interest based upon the cash flow of an underlying pool of assets, such as automobile loans or credit card receivables.


72

Foreign Instruments. Under normal market conditions, the Fund may invest up to 20% of its investable assets in U.S. currency denominated and/or foreign currency denominated fixed income instruments issued by foreign issuers.

Investment Grade Investments. Under normal market conditions, the Fund may invest up to 20% of its investable assets in fixed income instruments that are rated investment grade (Baa3 or higher by Moody’s, BBB- or higher by S&P or Fitch, or comparably rated by another NRSRO) or, if unrated, are considered by the subadviser to be of comparable quality.

Loan Participations and Assignments. Under normal market conditions, the Fund may invest up to 20% of its investable assets in loan participations and assignments.

Derivatives. The Fund is permitted to invest up to 20% of its investable assets in derivatives but expects to maintain derivatives exposure of below 20% under normal market conditions. The Fund’s investments in derivatives may be for hedging, investment or leverage purposes, or to manage interest rates or the duration of the Fund’s portfolio. Although the Fund is not limited in the types of derivatives it can use, the Fund currently expects that its derivatives use will consist primarily of the following instruments and transactions: futures contracts, foreign currency forward contracts, U.S. Treasury swaps, interest rate swaps, credit default swaps on individual securities or groups or indices of securities (including high yield fixed income instruments) and credit-linked notes.

Investment Restrictions.

Fundamental Investment Restrictions

The following are fundamental investment restrictions of the Fund and, prior to the issuance of any preferred stock, may not be changed without the approval of the holders of a majority of the Fund’s outstanding shares of Common Stock. Subsequent to the issuance of a class of preferred stock, the following investment restrictions may not be changed without the approval of a majority of the outstanding shares of Common Stock and of preferred stock, voting together as a class, and the approval of a majority of the outstanding shares of preferred stock, voting separately by class. In each case, a majority of the Fund’s outstanding shares of Common Stock and/or preferred stock, as applicable, for this purpose and under the 1940 Act means the lesser of (i) 67% of the shares of Common Stock and/or preferred stock, as applicable, represented at a meeting at which more than 50% of such shares are represented or (ii) more than 50% of the outstanding shares of Common Stock and/or preferred stock, as applicable. The Fund may not:

1. Purchase the securities of any issuer if, as a result, the Fund would fail to be a diversified company within the meaning of the 1940 Act, and the rules and regulations promulgated


PGIM High Yield Bond Fund, Inc.			73

Other Information (unaudited) (continued)

thereunder, as each may be amended from time to time, except to the extent that the Fund may be permitted to do so by exemptive order, SEC release, no-action letter or similar relief or interpretations (collectively, the “1940 Act Laws, Interpretations and Exemptions”).

2. Issue senior securities or borrow money or pledge its assets, except as permitted by the 1940 Act Laws, Interpretations and Exemptions.

3. Buy or sell real estate, except that investment in securities of issuers that invest in real estate and investments in mortgage-backed securities, mortgage participations or other instruments supported or secured by interests in real estate are not subject to this limitation, and except that the Fund may exercise rights relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner.

4. Buy or sell physical commodities or contracts involving physical commodities. The Fund may purchase and sell (i) derivative, hedging and similar instruments such as financial futures contracts and options thereon, and (ii) securities or instruments backed by, or the return from which is linked to, physical commodities or currencies, such as forward currency exchange contracts, and the Fund may exercise rights relating to such instruments, including the right to enforce security interests and to hold physical commodities and contracts involving physical commodities acquired as a result of the Fund’s ownership of instruments supported or secured thereby until they can be liquidated in an orderly manner.

5. Engage in the underwriting of securities except insofar as the Fund may be deemed an underwriter under the Securities Act in disposing of a portfolio security.

6. Purchase any security if as a result 25% or more of the Fund’s total assets would be invested in the securities of issuers having their principal business activities in the same industry or group of industries, except for temporary defensive purposes, and except that this limitation does not apply to securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

7. Make loans, except as permitted by the 1940 Act Laws, Interpretations and Exemptions. The acquisition of credit instruments, including without limitation, bonds, debentures, repurchase agreements, other debt securities or instruments, or participations or other interests therein and investments in government obligations, commercial paper, certificates of deposit, bankers’ acceptances or instruments similar to any of the foregoing will not be considered the making of a loan, and is permitted if consistent with the Fund’s investment objective and strategies.


74

For purposes of Investment Restriction 5, a technical provision of the Securities Act deems certain persons to be “underwriters” if they purchase a security from an issuer and later sell it to the public. Although it is not believed that the application of this Securities Act provision would cause the Fund to be engaged in the business of underwriting, the policy set forth in Investment Restriction 5 will be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the Securities Act. Under the Securities Act, an underwriter may be liable for material omissions or misstatements in an issuer’s registration statement or prospectus.

For purposes of Investment Restriction 7, the Fund may currently lend up to 33 1/3% of the value of its total assets.

Non-Fundamental Investment Restrictions

Although not fundamental, the Fund has the following additional investment restrictions which may be changed by the Board of Directors without stockholder approval.

The Fund may not:

1. Invest in securities of other investment companies, except as permitted under the 1940 Act Laws, Interpretations and Exemptions.

Compliance with any policy, investment restriction or limitation of the Fund that is expressed as a percentage of assets is determined at the time of investment. The policy will not be violated if these limitations are exceeded because of changes in the market value or investment rating of the Fund’s assets. The Fund interprets its policies with respect to borrowing and lending to permit such activities as may be lawful for the Fund, to the full extent permitted by the 1940 Act Laws, Interpretations and Exemptions.

Charter or Bylaws Amendment

There have not been changes in the Fund’s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by stockholders since the Fund’s 2020 Annual Report.

Principal Risk Factors

There have been no material changes to the principal risk factors since the Fund’s 2020 Annual Report.


PGIM High Yield Bond Fund, Inc.			75

Other Information (unaudited) (continued)

The Fund’s risks include, but are not limited to, some or all of the risks discussed below. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective. Different risks may be more significant at different times depending on market conditions.

Bond Obligations Risk. As with credit risk, market risk and interest rate risk, the Fund’s holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

Credit Risk. This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

Cyber Security Risk. Failures or breaches of the electronic systems of the Fund, the Fund’s manager, subadviser and other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund’s business operations, potentially resulting in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund’s service providers or issuers of securities in which the Fund invests.

Derivatives Risk. Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many


76

over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

The US Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements, and risk exposure limitations. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

Emerging Markets Risk. The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility.

Foreign Securities Risk. The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Interest Rate Risk. The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Junk Bonds Risk. High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries


PGIM High Yield Bond Fund, Inc.			77

Other Information (unaudited) (continued)

within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

Leverage Risk. 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. The Fund may borrow in amounts up to 33 1/3% (as determined immediately after borrowing) of the Fund’s investable assets. The use of leverage can create special risks. There can be no assurance that any leveraging strategy the Fund employs will be successful during any period in which it is employed.

LIBOR Risk. Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by the Fund as well as loan facilities used by the Fund.

The potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”), are materially different from LIBOR, and changes in the applicable spread for instruments previously linked to LIBOR will need to be made in order for instruments to pay similar rates. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to reduced coupons on debt held by the Fund, higher rates required to be paid by the Fund on bank lines of credit due to increases in spreads, increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations


78

in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk. The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments for any reason, the Fund may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Management Risk. The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Disruption and Geopolitical Risks. International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the outbreak of COVID-19 globally in 2020 or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to


PGIM High Yield Bond Fund, Inc.			79

Other Information (unaudited) (continued)

increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market Risk. Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Risks of Investments in Bank Loans. The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund’s scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws.

Risk of Market Price Discount from Net Asset Value. Shares of closed-end funds frequently trade at a discount from their net asset value. This characteristic is a risk separate and distinct from the risk that net asset value could decrease as a result of investment activities.

Portfolio Management. There have been no changes to the Fund’s portfolio managers who are responsible for the day-to-day management of the Fund since the Fund’s 2020 Annual Report.

Dividend Reinvestment Plan. Unless a holder of common stock elects to receive cash by contacting Computershare Trust Company, N.A. (the “Plan Administrator”), all dividends declared on common stock will be automatically reinvested by the Plan Administrator pursuant to the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”), in additional common stock. The holders of common stock who elect not to participate in the Plan will


80

receive all dividends and other distributions (together, a “Dividend”) in cash paid by check mailed directly to the stockholder of record (or, if the common stock is held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the Dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared Dividend. Such notice will be effective with respect to a particular Dividend. Some brokers may automatically elect to receive cash on behalf of the holders of common stock and may re-invest that cash in additional common stock.

The Plan Administrator will open an account for each common stockholder under the Plan in the same name in which such common stockholder’s common stock is registered. Whenever the Fund declares a Dividend payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in common stock. The common stock will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common stock from the Fund (“Newly Issued common stock”) or (ii) by purchase of outstanding common stock on the open market (“Open-Market Purchases”) on the NYSE or elsewhere. If, on the payment date for any Dividend, the closing market price of the common stock plus per share fees (as defined below) is equal to or greater than the NAV per share of common stock (such condition being referred to as “market premium”), the Plan Administrator will invest the Dividend amount in Newly Issued common stock on behalf of the participants. The number of Newly Issued common stock to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per share of common stock on the payment date, provided that, if the NAV per share of common stock is less than or equal to 95% of the closing market price per share of common stock on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per common stock on the payment date. If, on the payment date for any Dividend, the NAV per share of common stock is greater than the closing market value per share of common stock plus per share fees (such condition being referred to as “market discount”), the Plan Administrator will invest the Dividend amount in shares of common stock acquired on behalf of the participants in Open-Market Purchases.

“Per share fees” include any applicable brokerage commissions the Plan Administrator is required to pay.

In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the common stock trades on an “ex-dividend” basis or 30 days after the payment date for such


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Other Information (unaudited) (continued)

Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in common stock acquired in Open-Market Purchases on behalf of participants. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per share of common stock exceeds the NAV per share of common stock, the average per share purchase price paid by the Plan Administrator for common stock may exceed the NAV per share of the common stock, resulting in the acquisition of fewer shares of common stock than if the Dividend had been paid in Newly Issued common stock on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued common stock at the NAV per share of common stock at the close of business on the Last Purchase Date, provided that, if the NAV is less than or equal to 95% of the then current market price per share of common stock, the dollar amount of the Dividend will be divided by 95% of the market price on the payment date for purposes of determining the number of shares issuable under the Plan.

The Plan Administrator maintains all stockholder accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by stockholders for tax records. Common stock in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each stockholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of the holders of common stock such as banks, brokers or nominees that hold shares of common stock for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of shares of common stock certified from time to time by the record stockholder’s name and held for the account of beneficial owners who participate in the Plan.

The Plan Administrator’s service fee, if any, and expenses for administering the plan will be paid for by the Fund. If a participant elects by written, Internet or telephonic notice to the Plan Administrator to have the Plan Administrator sell part or all of the shares held by the Plan Administrator in the participant’s account and remit the proceeds to the participant, the Plan Administrator is authorized to deduct a $15.00 transaction fee plus a $0.12 per share fee. If a participant elects to sell his or her shares of common stock, the Plan Administrator will process all sale instructions received no later than five business days after the date on which the order is received by the Plan Administrator, assuming the


82

relevant markets are open and sufficient market liquidity exists (and except where deferral is required under applicable federal or state laws or regulations). Such sale will be made through the Plan Administrator’s broker on the relevant market and the sale price will not be determined until such time as the broker completes the sale. In every case the price to the participant shall be the weighted average sale price obtained by the Plan Administrator’s broker net of fees for each aggregate order placed by the participant and executed by the broker. To maximize cost savings, the Plan Administrator will seek to sell shares in round lot transactions. For this purpose the Plan Administrator may combine a participant’s shares with those of other selling participants.

There will be no brokerage charges with respect to shares of common stock issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. Each participant will be charged a per share fee (currently $0.05 per share) on all Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. See “Tax Matters.” Participants that request a sale of common stock through the Plan Administrator are subject to brokerage commissions.

Each participant may terminate the participant’s account under the Plan by so notifying the Plan Administrator via the Plan Administrator’s website at www.computershare.com/ investor, by filling out the transaction request form located at the bottom of the participant’s Statement and sending it to the Plan Administrator or by calling the Plan Administrator. Such termination will be effective immediately if the participant’s notice is received by the Plan Administrator prior to any dividend or distribution record date. Upon any withdrawal or termination, the Plan Administrator will cause to be delivered to each terminating participant a statement of holdings for the appropriate number of the Fund’s whole book-entry shares of common stock and a check for the cash adjustment of any fractional share at the market value of the Fund’s shares of common stock as of the close of business on the date the termination is effective less any applicable fees. In the event a participant’s notice of termination is on or after a record date (but before payment date) for an account whose dividends are reinvested, the Plan Administrator, in its sole discretion, may either distribute such dividends in cash or reinvest them in shares of common stock on behalf of the terminating participant. In the event reinvestment is made, the Plan Administrator will process the termination as soon as practicable, but in no event later than five business days after the reinvestment is completed. The Plan may be terminated by the Fund upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund.


PGIM High Yield Bond Fund, Inc.			83

Other Information (unaudited) (continued)

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000, by calling (toll free) 800-451-6788 or through the Plan Administrator’s website www.computerhsare.com/investor.


84

Supplemental Proxy Information (unaudited)

An Annual Meeting of Stockholders was held on April 16, 2021. At such meeting the stockholders elected the following Class III Director:

Approval of Director


Class III	Affirmative Votes Cast		Shares Against/Withheld
Scott E. Benjamin		24,964,990.000		2,966,747.000


PGIM High Yield Bond Fund, Inc.			85

Management of the Fund (unaudited)

Information about the Directors (or “Board Members”) and Officers of the Fund is set forth below. Directors who are not deemed to be “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “1940 Act”), are referred to as “Independent Directors.” Directors who are deemed to be “interested persons” of the Fund are referred to as “Interested Directors.” The Directors are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.



Independent Directors
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Term of Office & Length of Time Served	Other Directorships Held
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	Since 2013 (Class I)	None.
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 96	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Since 2011 (Class II)	Director of Urstadt Biddle Properties (since September 2008).
Barry H. Evans 1960 Board Member Portfolios Overseen: 95	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer—Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Since 2017 (Class III)	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).

PGIM High Yield Bond Fund, Inc.

Management of the Fund (continued)



Independent Directors
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Term of Office & Length of Time Served	Other Directorships Held
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the IDC (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	Since 2013 (Class II)	None.
Brian K. Reid 1961 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	Since 2018 (Class I)	None
Grace C. Torres 1959 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Since 2015 (Class II)	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. and Sun National Bank.

Visit our website at pgim.com/investments



Interested Directors
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Term of Office & Length of Time Served	Other Directorships Held
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 95	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute – Board of Governors (since May 2012).	Since 2015 (Class I)	None.
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	Since 2011 (Class III)	None.



Fund Officers^(a)
Name, Year of Birth, Position with Fund	Length of Time Served	Principal Occupation(s) During Past Five Years
Claudia DiGiacomo 1974 Chief Legal Officer	Since 2011	Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).

PGIM High Yield Bond Fund, Inc.

Management of the Fund (continued)



Fund Officers^(a)
Name, Year of Birth, Position with Fund	Length of Time Served	Principal Occupation(s) During Past Five Years
Dino Capasso 1974 Chief Compliance Officer	Since 2018	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.
Andrew R. French 1962 Secretary	Since 2011	Vice President (since December 2018) of PGIM Investments LLC; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.
Debra Rubano 1975 Assistant Secretary	Since 2020	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).
Diana N. Huffman 1982 Assistant Secretary	Since 2019	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).
Melissa Gonzalez 1980 Assistant Secretary	Since 2020	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.
Patrick E. McGuinness 1986 Assistant Secretary	Since 2020	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012-2017) of IIL, Inc.

Visit our website at pgim.com/investments



Fund Officers^(a)
Name, Address and Age Position with Fund	Length of Time Served	Principal Occupation(s) During Past Five Years
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Since 2019	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).
Deborah Conway 1969 Assistant Treasurer	Since 2019	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.
Elyse M. McLaughlin 1974 Assistant Treasurer	Since 2019	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.
Lana Lomuti 1967 Assistant Treasurer	Since 2014	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.
Russ Shupak 1973 Assistant Treasurer	Since 2019	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.

^(a)	Excludes Mr. Parker and Mr. Benjamin, Interested Directors of the Fund who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

•

Directors are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

•

Unless otherwise noted, the address of all Directors and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4077.

•

The Board of Directors is divided into three classes, each of which has three-year terms. Class I term expires in 2022, Class II term expires in 2023 and Class III term expires in 2024. Officers are generally elected by the Board to one-year terms.

•

There is no set term of office for Directors or Officers. The Directors have adopted a retirement policy, which calls for the retirement of Directors on December 31 of the year in which they reach the age of 75.

•

“Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934 (that is, “public companies”) or other investment companies registered under the 1940 Act.

•

“Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

•

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

PGIM High Yield Bond Fund, Inc.

Privacy Notice

Prudential values your business and your trust. We respect the privacy of your personal information and take our responsibility to protect it seriously. This privacy notice is provided on behalf of the Prudential companies listed at the end of this notice (Prudential), and applies to our current and former customers. This notice describes how we treat the information we receive about you, including the ways in which we will share your personal information within Prudential and your right to opt out of such sharing.

Protecting Your Personal Information

We maintain physical, electronic and procedural safeguards to protect your personal information. The people who are authorized to have access to your personal information need it to do their jobs, and we require them to keep that information secure and confidential.

Personal Information We Collect

We collect your personal information when you fill out applications and other forms, when you enter personal details on our websites, when you respond to our emails, and when you provide us information over the telephone. We also collect personal information that others give us about you. This information includes, for example:

•

name

•

address, email address, telephone number, and other contact information

•

income and financial information

•

Social Security number

•

transaction history

•

medical information for insurance applications

•

consumer reports from consumer reporting agencies

•

participant information from organizations that purchase products or services from us for the benefit of their members or employees

Using Your Information

We use your personal information for various business purposes, including:

•

normal everyday business purposes, such as providing services to you and administrating your account or policy

•

business research and analysis

•

marketing products and services of Prudential and other companies in which you may be interested

•

as required by law

Sharing Your Information

We may share your personal information, including information about your transactions and experiences, among Prudential companies and with other non-Prudential companies who perform services for us or on our behalf, for our everyday business purposes, such as providing services to you and administering your account or policy. We may also share your

personal information with another financial institution if you agree that your account or policy can be transferred to that financial company.

We may share your personal information among Prudential companies so that the Prudential companies can market their products and services to you. We may also share consumer report information among Prudential companies which may include information about you from credit reports and certain information that we receive from you and from consumer reporting agencies or other third parties. You can limit this sharing by following the instructions described in this notice. For those customers who have one of our products through a plan sponsored by an employer or other organization, we will share your personal information in a manner consistent with the terms of the plan agreement or consistent with our agreement with you.

We may also share your personal information as permitted or required by law, including, for example, to law enforcement officials and regulators, in response to subpoenas, and to prevent fraud.

Unless you agree otherwise, we do not share your personal information with non-Prudential companies for them to market their products or services to you. We may tell you about a product or service that other companies offer and, if you respond, that company will know that we selected you to receive the information.

Limiting Our Sharing—Opt Out/Privacy Choice

You may tell us not to share your personal information among Prudential companies for marketing purposes, and not to share consumer report information among Prudential companies, by “opting out” of such sharing. To limit our sharing for these purposes:

•

visit us online at: www.prudential.com/privacyoptout

•

call us at: 1-877-248-4019

If you previously told us since 2016 not to share your personal information among Prudential companies for marketing purposes, or not to share your consumer report information among Prudential companies, you do not need to tell us not to share your information again.

You are not able to limit our ability to share your personal information among Prudential companies and with other non-Prudential companies for servicing and administration purposes.

Questions

If you have any questions about how we protect, use, and share your personal information or about this privacy notice, please call us. The toll-free number is 1-877-248-4019.

We reserve the right to modify this notice at any time. This notice is also available anytime at www.prudential.com. This notice is being provided to customers and former customers of the Prudential companies listed below. Insurance Companies and Insurance Company Separate Accounts The Prudential Insurance Company of America; Prudential Annuities Life Assurance Corporation; Pruco Life Insurance Company; Pruco Life Insurance Company

of New Jersey; Prudential Retirement Insurance and Annuity Company (PRIAC); CG Variable Annuity Account I and CG Variable Annuity Account II; Prudential Legacy Insurance Company of New Jersey; All insurance company separate accounts that include the following names or are otherwise identified as maintained by an entity that includes the following names: Prudential, Pruco, or PRIAC

Insurance Agencies

Prudential Insurance Agency, LLC; Mullin TBG Insurance Agency Services, LLC; Assurance IQ, LLC.

Broker-Dealers and Registered Investment Advisers

AST Investment Services, Inc.; Prudential Annuities Distributors, Inc.; Global Portfolio Strategies, Inc.; Pruco Securities, LLC; PGIM, Inc.; Prudential Investment Management Services LLC; PGIM Investments LLC; Prudential Private Placement Investors, L.P., Prudential Customer Solutions LLC; QMA LLC; Jennison Associates LLC

Bank and Trust Companies

Prudential Bank & Trust, FSB; Prudential Trust Company

Investment Companies and Other Investment Vehicles

PGIM Funds; Prudential Insurance Funds; Prudential Capital Partners, L.P.; Advanced Series Trust; PGIM Private Placement Investors, Inc.; All funds that include the following names: Prudential, PCP, PGIM, PEP, or PCEP

Other Companies

Prudential Workplace Solutions Group Services, LLC; Prudential Mutual Fund Services LLC

Vermont Residents: We will not share information about your creditworthiness among Prudential companies, other than as permitted by Vermont law, unless you authorize us to make those disclosures.

LOGO

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


D6021		Privacy Ed 1/2021



^∎ MAIL	^∎ MAIL (OVERNIGHT)	^∎ TELEPHONE
Computershare P.O. Box 30170 College Station, TX 77842-3170	Computershare 211 Quality Circle Suite 210 College Station, TX 77845	(800) 451-6788
		^∎ WEBSITE
		pgim.com/investments

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 451-6788 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Barry H. Evans • Keith F. Hartstein • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Computershare Trust Company, N.A.	PO Box 30170 College Station, TX 77842-3170

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM High Yield Bond Fund, Inc., PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

CERTIFICATIONS

The Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the required annual certifications and the Fund has also included the certifications of the Fund’s Chief Executive Officer and Chief Financial Officer as required by Section 302 of the Sarbanes-Oxley Act, on the Fund’s Form N-CSR filed with the Commission, for the period of this report.

An investor should consider the investment objective, risks, charges, and expenses of the Fund carefully before investing.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase, from time to time, shares of its common stock at market prices.

LOGO

PGIM HIGH YIELD BOND FUND, INC.


NYSE		ISD
CUSIP		69346H100

PICE1000E

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, member of the Board’s Audit Committee is an “audit committee financial expert,” and that she is “independent,” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal year ended May 31, 2021, the Registrant’s principal accountant was PricewaterhouseCoopers LLP (“PwC”). For the fiscal year ended May 31, 2021, PwC billed the Registrant $44,150 for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

For the fiscal year ended May 31, 2020, the Registrant’s principal accountant was KPMG LLP (“KPMG”). For the fiscal year ended May 31, 2020, KPMG billed the Registrant $44,597 for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal year ended May 31, 2021, PwC did not bill the Registrant for audit-related services.

For the fiscal year ended May 31, 2021, fees of $5,075 were billed to the Registrant for services rendered by KPMG in connection with the auditor transition.

For the fiscal year ended May 31, 2020, fees of $1,418 were billed to the Registrant for services rendered by KPMG in connection with an accounting system conversion and were paid by The Bank of New York Mellon.

For the fiscal years ended May 31, 2021 and May 31, 2020: none.

(d) All Other Fees

For the fiscal years ended May 31, 2021 and May 31, 2020: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

For the fiscal years ended May 31, 2021 and May 31, 2020, 100% of the services referred to in Item 4(b) was approved by the audit committee.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended May 31, 2021 and May 31, 2020 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

Item 5 – Audit Committee of Listed Registrants –

The registrant has a separately designated standing audit committee (the “Audit Committee”) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Grace C. Torres (chair), Brian K. Reid, and Keith F. Hartstein.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

PROXY VOTING POLICIES OF THE SUBADVISER

PGIM FIXED INCOME

PGIM Fixed Income’s policy is to vote proxies in the best economic interest of its clients. In the case of pooled accounts, the policy is to vote proxies in the best economic interest of the pooled account. The proxy voting policy contains detailed voting guidelines on a wide variety of issues commonly voted upon by shareholders. These guidelines reflect PGIM Fixed Income’s judgment of how to further the best economic interest of its clients through the shareholder or debt-holder voting process.

PGIM Fixed Income invests primarily in debt securities, thus there are few traditional proxies voted by it. PGIM Fixed Income generally votes with management on routine matters such as the appointment of accountants or the election of directors. From time to time, ballot issues arise that are not addressed by the policy or circumstances may suggest a vote not in accordance with the established guidelines. In these cases, voting decisions are made on a case-by-case basis by the applicable portfolio manager taking into consideration the potential economic impact of the proposal. Not all ballots are received by PGIM Fixed Income in advance of voting deadlines, but when ballots are received in a timely fashion, PGIM Fixed Income strives to meet its voting obligations. It cannot, however, guarantee that every proxy will be voted prior to its deadline.

With respect to non-U.S. holdings, PGIM Fixed Income takes into account additional restrictions in some countries that might impair its ability to trade those securities or have other potentially adverse economic consequences. PGIM Fixed Income generally votes non-U.S. securities on a best efforts basis if it determines that voting is in the best economic interest of its clients.

Occasionally, a conflict of interest may arise in connection with proxy voting. For example, the issuer of the securities being voted may also be a client of PGIM Fixed Income. When PGIM Fixed Income identifies an actual or potential material conflict of interest between the firm and its clients with respect to proxy voting, the matter is presented to senior management who will resolve such issue in consultation with the compliance and legal departments. Proxy voting is reviewed by the trade management oversight committee.

Any client may obtain a copy of PGIM Fixed Income’s proxy voting policy, guidelines and procedures, as well as the proxy voting records for that client’s securities, by contacting the account management representative responsible for the client’s account.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

Robert Cignarella, CFA, is a Managing Director and Head of U.S. High Yield for PGIM Fixed Income. Mr. Cignarella is also the co-Head of the Global High Yield Strategy. Prior to joining the firm in 2014, Mr. Cignarella was a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management. He also held positions as a high yield portfolio manager and a high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers. Mr. Cignarella received an MBA from the University of Chicago, and a bachelor’s degree in operations research and industrial engineering from Cornell University. He holds the Chartered Financial Analyst (CFA) designation.

Brian Clapp, CFA, is a Principal and a high yield portfolio manager for PGIM Fixed Income’s U.S. High Yield Team. Mr. Clapp was previously a senior high yield credit analyst on PGIM Fixed Income’s Credit Research team. He joined the Firm in 2006 from Muzinich & Co. While there, Mr. Clapp held several positions, including portfolio manager for a high yield bond based hedge fund, hedge fund credit analyst, and credit analyst covering the chemical, industrial, and transportation sectors. Earlier at Triton Partners, an institutional high yield fund manager, Mr. Clapp was a credit analyst covering the metals and mining, healthcare, homebuilding, building products and transportation sectors. He received a BS in Finance from Bryant College, and an MS in Computational Finance, and an MBA from Carnegie Mellon. Mr. Clapp holds the Chartered Financial Analyst (CFA) designation.

Ryan Kelly, CFA, is a Principal and lead portfolio manager for PGIM Fixed Income’s Credit Opportunities strategy. Mr. Kelly is also a senior portfolio manager for PGIM Fixed Income’s U.S. High Yield Team. Prior to his current roles, Mr.

Kelly was a senior high yield credit analyst in PGIM Fixed Income’s Credit Research Group, covering the automotive, finance, energy, technology, telecom and power sectors. Prior to joining the firm in 2002, Mr. Kelly was a senior high yield bond analyst at Muzinich & Company. Earlier, he was an investment banker at PNC Capital Markets/PNC Bank where he worked in the high yield bond, mergers and acquisition (M&A) and loan syndication groups. Mr. Kelly began his career in investment banking at Chase Manhattan Bank, working on project finance transactions and M&A advisory mandates for the electric power sector.

He received a BA in Economics from Michigan State University and holds the Chartered Financial Analyst (CFA) designation.

Robert Spano, CFA, CPA, is a Principal and a high yield portfolio manager for PGIM Fixed Income’s U.S. High Yield Bond Team. Prior to assuming his current position in 2007, Mr. Spano was a high yield credit analyst for 10 years in PGIM Fixed Income’s Credit Research Group, covering the health, lodging, consumer, gaming, restaurants, and chemical industries. Earlier, he worked as an investment analyst in the Project Finance Unit of the Firm’s private placement group. Mr. Spano also held positions in the internal audit and risk management units of Prudential Securities. He received a BS in Accounting from the University of Delaware and an MBA from New York University. Mr. Spano holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.

Daniel Thorogood, CFA, is a Principal and a high yield portfolio manager for PGIM Fixed Income’s U.S. High Yield Team. Mr. Thorogood is also responsible for portfolio strategy and managing high yield bond allocations in multi-sector portfolios. Prior to joining the High Yield Team, Mr. Thorogood was a member of PGIM Fixed Income’s Quantitative Research and Risk Management Group. Mr. Thorogood was the head of a team of portfolio analysts who support the Firm’s credit-related strategies, including investment grade corporate, high yield corporate, and emerging market debt sectors. The team was primarily responsible for performing detailed portfolio analysis relative to benchmarks, monitoring portfolio risk exposures, and analyzing performance through proprietary return attribution models. Prior to joining the Quantitative Research and Risk Management Group in 1996, Mr. Thorogood was Associate Manager in PGIM Fixed Income’s Trade Support and Operations Unit. He received a BS in Finance from Florida State University and an MBA in Finance from Rutgers University. Mr. Thorogood holds the Chartered Financial Analyst (CFA) designation.

Other Accounts Managed by the Portfolio Managers. The following tables set forth certain information with respect to the portfolio managers for the Fund. Unless noted otherwise, all information is provided as of July 31, 2020.

The table below identifies, for each portfolio manager, the number of accounts (other than the Fund) for which the portfolio manager has day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. For each category, the number of accounts and total assets in the accounts whose fees are based on performance is indicated in italic typeface. In addition is information about portfolio manager ownership of Fund securities. The Ownership of Fund Securities column shows the dollar range of equity securities of the Fund beneficially owned by the portfolio manager.


Portfolio Managers	Registered Investment Companies/Total Assets	Other Pooled Investment Vehicles/Total Assets	Other Accouns/Total Assets	Fund Ownership
Robert Cignarella, CFA	11 / $33,194,604,228	1 / $107,975,451	4 / $1,188,442,141	$100,001 - $500,000
		12 / $9,110,341,169	27 / $12,550,958,919
Brian Clapp, CFA	10 / $31,841,199,737	1 / $107,975,451	4 / $1,188,442,141	$100,001 - $500,000
		12 / $9,110,341,169	27 / $12,550,958,919
Ryan Kelly, CFA	10 / $31,841,199,737	1 / $107,975,451	4 / $1,188,442,141	$50,001 - $100,000
		12 / $9,110,341,169	27 / $12,550,958,919
Robert Spano, CFA, CPA	10 / $31,841,199,737	1 / $107,975,451	4 / $1,188,442,141	$100,001 - $500,000
		12 / $9,110,341,169	27 / $12,550,958,919
Daniel Thorogood, CFA	24/ $33,108,352,264	2 / $111,893,737	9 / $1,218,283,721	$50,001 - $100,000
		25 / $9,540,705,420	122 / $15,387,207,816

Compensation and Conflicts Disclosure:

Compensation

General

The base salary of an investment professional in the PGIM Fixed Income unit of PGIM is primarily based on market data relative to similar positions as well as the past performance, years of experience and scope of responsibility of the individual. Incentive compensation, including the annual cash bonus, the long-term equity grant and grants under PGIM Fixed Income’s long-term incentive plans, is primarily based on such person’s contribution to PGIM Fixed Income’s goal of providing investment performance to clients consistent with portfolio objectives, guidelines, risk parameters, and its compliance risk management and other policies, as well as market-based data such as compensation trends and levels of overall compensation for similar positions in the asset management industry. In addition, an investment professional’s qualitative contributions to the organization and its commercial success are considered in determining incentive compensation. Incentive compensation is not solely based on the performance of, or value of assets in, any single account or group of client accounts.

An investment professional’s annual cash bonus is paid from an annual incentive pool. The pool is developed as a percentage of PGIM Fixed Income’s operating income and the percentage used to calculate the pool may be refined by factors such as:

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business initiatives;

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the number of investment professionals receiving a bonus and related peer group compensation;

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financial metrics of the business relative to those of appropriate peer groups; and

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investment performance of portfolios: (i) relative to appropriate peer groups; and/or (ii) as measured against relevant investment indices.

Long-term compensation consists of Prudential Financial, Inc. restricted stock and grants under the long-term incentive plan and targeted long-term incentive plan. The long-term incentive plan is intended to more closely align compensation with investment performance. The targeted long-term incentive plan is intended to align the interests of certain of PGIM Fixed Income’s investment professionals with the performance of a particular long/short composite or commingled investment vehicle. Grants under the long-term incentive plan and targeted long-term incentive plan are participation interests in notional accounts with a beginning value of a specified dollar amount. For the long-term incentive plan, the value attributed to these notional accounts increases or decreases over a defined period of time based, in whole or in part (depending on the date of the grant), on the performance of investment composites representing a number of PGIM Fixed Income’s investment strategies. With respect to targeted long-term incentive awards, the value attributed to the notional accounts increases or decreases over a defined period of time based on the performance of either (i) a long/short investment composite or (ii) a commingled investment vehicle. An investment composite is an aggregation of accounts with similar investment strategies. The chief investment officer/head of PGIM Fixed Income also receives performance shares which represent the right to receive shares of Prudential Financial, Inc. common stock conditioned upon, and subject to, the achievement of specified financial performance goals by Prudential Financial, Inc.. Each of the restricted stock, grants under the long-term incentive plans, and performance shares is subject to vesting requirements.

CONFLICTS OF INTEREST. Like other investment advisers, PGIM Fixed Income is subject to various conflicts of interest in the ordinary course of its business. PGIM Fixed Income strives to identify potential risks, including conflicts of interest, that are inherent in its business, and PGIM Fixed Income conducts annual conflict of interest reviews. However, it is not possible to identify every potential conflict that can arise. When actual or potential conflicts of interest are identified, PGIM Fixed Income seeks to address such conflicts through one or more of the following methods:

elimination of the conflict;

disclosure of the conflict; or

management of the conflict through the adoption of appropriate policies, procedures or other mitigants.

PGIM Fixed Income follows the policies of Prudential Financial, Inc. on business ethics, personal securities trading, and information barriers. PGIM Fixed Income has adopted a code of ethics, allocation policies and conflicts of interest policies, among others, and has adopted supervisory procedures to monitor compliance with its policies. PGIM Fixed Income cannot guarantee, however, that its policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict arises or could potentially arise.

Side-by-Side Management of Accounts and Related Conflicts of Interest. PGIM Fixed Income’s side-by-side management of multiple accounts can create conflicts of interest. Examples are detailed below, followed by a discussion of how PGIM Fixed Income addresses these conflicts.

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Performance Fees - PGIM Fixed Income manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management creates an incentive for PGIM Fixed Income and its investment professionals to favor one account over another. Specifically, PGIM Fixed Income or its affiliates have an incentive to favor accounts for which PGIM Fixed Income or an affiliate receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees.

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Affiliated accounts - PGIM Fixed Income manages accounts on behalf of its affiliates as well as unaffiliated accounts. PGIM Fixed Income have an incentive to favor accounts of affiliates over others. Additionally, at times, PGIM Fixed Income’s affiliates provide initial funding or otherwise invest in vehicles managed by it, for example by providing “seed capital” for a fund or account. Managing “seeded” accounts alongside “non-seeded” accounts creates an incentive to favor the “seeded” accounts to establish a track record for a new strategy or product. Additionally, PGIM Fixed Income’s affiliated investment advisers from time to time allocate their asset allocation clients’ assets to PGIM Fixed Income. PGIM Fixed Income has an incentive to favor accounts used by its affiliates for their asset allocation clients to receive more assets from its affiliates.

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Larger accounts/higher fee strategies - larger accounts and clients typically generate more revenue than do smaller accounts or clients and certain of PGIM Fixed Income’s strategies have higher fees than others. As a result, a portfolio manager could have an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for PGIM Fixed Income (or which it believes would generate more revenue in the future).

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Long only and long/short accounts - PGIM Fixed Income manages accounts that only allow it to hold securities long as well as accounts that permit short selling. As a result, there are times when PGIM Fixed Income sells a security short in some client accounts while holding the same security long in other client accounts. These short sales could reduce the value of the securities held in the long only accounts. Conversely, purchases for long only accounts could have a negative impact on the short positions in long/short accounts. As a result, PGIM Fixed Income has conflicts of interest in determining the timing and direction of investments.

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Securities of the same kind or class - PGIM Fixed Income sometimes buys or sells, or direct or recommend that a client buy or sell, securities of the same kind or class that are purchased or sold for another client at prices that may be different. Although such pricing differences could appear as preferences for one client over another, PGIM Fixed Income’s trade execution in each case is driven by its consideration of a variety of factors consistent with its duty to seek best execution. There are times when PGIM Fixed Income executes trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, or determine not to trade such securities in one or more accounts while trading for others. While such trades (or a decision not to trade) could appear inconsistent in how PGIM Fixed Income views or treats a security for one client versus another, they generally result from differences in investment strategy, portfolio composition or client direction.

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Investment at different levels of an issuer’s capital structure— There are times when PGIM Fixed Income invests client assets in the same issuer, but at different levels in the issuer’s capital structure. This could occur, for instance, when a client holds private securities or loans of an issuer and other clients hold publicly traded securities of the same issuer. In addition, there are times when PGIM Fixed Income invest client assets in a class or tranche of securities of a securitized finance vehicle (such as a collateralized loan obligation, asset-backed security or mortgage-backed security) and also, at the same or different time, invests the assets of another client (including affiliated clients) in a different class or tranche of securities of the same vehicle. These different securities can have different voting rights, dividend or repayment priorities, rights in bankruptcy or other features that conflict with one another. For some of these securities (particularly private securitized product investments for which clients own all or a significant portion of the outstanding securities or obligations), PGIM Fixed Income has had, input regarding the characteristics and the relative rights and priorities of the various classes or tranches.

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When PGIM Fixed Income invests client assets in different levels of an issuer’s capital structure, it is

permitted to take actions with respect to the assets held by one client (including affiliated clients) that are potentially adverse to other clients, for example, by foreclosing on loans or by putting an issuer into default. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers, PGIM Fixed Income could find that the interests of a client and the interests of one or more other clients (including affiliated clients) could conflict. In these situations, decisions over proxy voting, corporate reorganizations, how to exit an investment, bankruptcy matters (including, for example, whether to trigger an event of default or the terms of any workout) or other actions or inactions can result in conflicts of interest. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities encounters financial problems, decisions over the terms of any workout will raise conflicts of interest (including potential conflicts over proposed waivers and amendments to debt covenants). For example, a senior bond holder or lender might prefer a liquidation of the issuer in which it could be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders or junior bond holders. There will be times where PGIM Fixed Income refrains from taking certain actions (including participating in workouts and restructurings) or making investments on behalf of certain clients or where PGIM Fixed Income determine to sell investments for certain clients, in each case in order to mitigate conflicts of interest or legal, regulatory or other risks to PGIM Fixed Income This could potentially disadvantage the clients on whose behalf the actions are not taken, investments are not made, or investments are sold. Conversely, in other cases, PGIM Fixed Income will not refrain from taking such actions or making investments on behalf of some clients (including affiliated clients), which could potentially disadvantage other clients. Any of the foregoing conflicts of interest will be resolved on a case-by-case basis. Any such resolution will take into consideration the interests of the relevant clients, the circumstances giving rise to the conflict and applicable laws.

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Financial interests of investment professionals - PGIM Fixed Income investment professionals from time to time invest in certain investment vehicles that it manages, including exchanged-traded funds (“ETFs”), mutual funds and (through a retirement plan) collective investment trusts. Also, certain of these investment vehicles are options under the 401(k) and deferred compensation plans offered by Prudential Financial, Inc. In addition, the value of grants under PGIM Fixed Income’s long-term incentive plan and targeted long-term incentive plan is affected by the performance of certain client accounts. As a result, PGIM Fixed Income investment professionals have financial interests in accounts managed by PGIM Fixed Income and/or that are related to the performance of certain client accounts.

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Non-discretionary/limited discretion accounts - PGIM Fixed Income provides non-discretionary and limited discretion investment advice to some clients and manages others on a fully discretionary basis. Trades in non-discretionary accounts or accounts where discretion is limited could occur before, in concert with, or after PGIM Fixed Income executes similar trades in its discretionary accounts. The non-discretionary/limited discretion clients may be disadvantaged if PGIM Fixed Income delivers investment advice to them after it initiates trading for the discretionary clients, or vice versa.

How PGIM Fixed Income Addresses These Conflicts of Interest. PGIM Fixed Income has developed policies and procedures reasonably designed to address the conflicts of interest with respect to its different types of side-by-side management described above.

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Each quarter, the chief investment officer/head of PGIM Fixed Income holds a series of meetings with the senior portfolio manager and team responsible for the management of each of PGIM Fixed Income’s investment strategies. At each of these quarterly investment strategy review meetings, the chief investment officer/head of PGIM Fixed Income and the strategy’s portfolio management team review and discuss the investment performance and performance attribution for each client account managed in the strategy. These meetings generally are also attended by the head of the investment risk management group or his designee and a member of the compliance group, among others.

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In keeping with PGIM Fixed Income’s fiduciary obligations, its policy with respect to trade aggregation and allocation is to treat all of its client accounts fairly and equitably over time. PGIM Fixed Income’s trade management oversight committee, which generally meets quarterly, is responsible for providing oversight with respect to trade aggregation and allocation. Its compliance group periodically reviews a sampling of new issue allocations and related documentation to confirm compliance with the trade aggregation and allocation procedures. In addition, the compliance and investment risk management groups review forensic reports regarding new issue and secondary trade activity on a quarterly basis. This forensic analysis includes

such data as the: (i) number of new issues allocated in the strategy; (ii) size of new issue allocations to each portfolio in the strategy; (iii) profitability of new issue transactions; (iv) portfolio turnover; (v) and metrics related to large and block trade activity. The results of these analyses are reviewed and discussed at PGIM Fixed Income’s trade management oversight committee meetings. The procedures above are designed to detect patterns and anomalies in PGIM Fixed Income’s side-by-side management and trading so that it may assess and improve its processes.

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PGIM Fixed Income has procedures that specifically address its side-by-side management of certain long/short and long only portfolios. These procedures address potential conflicts that could arise from differing positions between long/short and long only portfolios. In addition, lending opportunities with respect to securities for which the market is demanding a slight premium rate over normal market rates are allocated to long only accounts prior to allocating the opportunities to long/short accounts.

Conflicts Related to PGIM Fixed Income’s Affiliations. As an indirect wholly-owned subsidiary of Prudential Financial, Inc., PGIM Fixed Income is part of a diversified, global financial services organization. PGIM Fixed Income is affiliated with many types of U.S. and non-U.S. financial service providers, including insurance companies, broker-dealers, commodity trading advisors, commodity pool operators and other investment advisers. Some of its employees are officers of and/or provide services to some of these affiliates.

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Conflicts Related to Investment of Client Assets in Affiliated Funds. PGIM Fixed Income invests client assets in funds that it manages or subadvises for one or more affiliates. PGIM Fixed Income also invests cash collateral from securities lending transactions in some of these funds. These investments benefit both PGIM Fixed Income and its affiliate through increasing assets under management and fees.

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Conflicts Related to Referral Fees to Affiliates. From time to time, PGIM Fixed Income has arrangements where PGIM Fixed Income compensates affiliated parties for client referrals. PGIM Fixed Income currently has arrangements with an affiliated entity which provide for payments to an affiliate if certain investments by others are made in certain of PGIM Fixed Income’s products or if PGIM Fixed Income establishes certain other advisory relationships. These investments benefit both PGIM Fixed Income and its affiliates through increasing assets under management and fees.

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Conflicts Related to Co-investment by Affiliates. PGIM Fixed Income affiliates provide initial funding to or otherwise invest in certain vehicles it manages. When certain of its affiliates provide “seed capital” or other capital for a fund, they generally do so with the intention of redeeming all or part of their interest at a future point in time or when they deem that sufficient additional capital has been invested in that fund.

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The timing of a redemption by an affiliate could benefit the affiliate. For example, the fund may be more liquid at the time of the affiliate’s redemption than it is at times when other investors may wish to withdraw all or part of their interests.

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In addition, a consequence of any withdrawal of a significant amount, including by an affiliate, is that investors remaining in the fund will bear a proportionately higher share of fund expenses following the redemption.

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PGIM Fixed Income could also face a conflict if the interests of an affiliated investor in a fund it manages diverge from those of the fund or other investors. For example, PGIM Fixed Income affiliates, from time to time, hedge some or all of the risks associated with their investments in certain funds PGIM Fixed Income manages. PGIM Fixed Income may provide assistance in connection with this hedging activity.

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Insurance Affiliate General Accounts. Because of the substantial size of the general accounts of PGIM Fixed Income’s affiliated insurance companies (the “Insurance Affiliates”), trading by these general accounts, including PGIM Fixed Income’s trades on behalf of the accounts, may affect the market prices or limit the availability of the securities or instruments transacted. Although PGIM Fixed Income does not expect that the general accounts of affiliated insurers will execute transactions that will move a market frequently, and generally only in response to unusual market or issuer events, the execution of these transactions could have an adverse effect on transactions for or positions held by other clients.

PGIM Fixed Income believes that the conflicts related to its affiliations described above are mitigated by its allocation policies and procedures, its supervisory review of accounts and its procedures with respect to side-by-side management, including of long only and long/short accounts.

Conflicts Related to Financial Interests and the Financial Interests of Affiliates

Prudential Financial, the general accounts of the Insurance Affiliates, PGIM Fixed Income and other affiliates of PGIM at times have financial interests in, or relationships with, companies whose securities or related instruments PGIM Fixed Income holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PGIM Fixed Income or to the Prudential enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by PGIM Fixed Income on behalf of PGIM Fixed Income’s client accounts. For example:

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PGIM Fixed Income invests in the securities of one or more clients for the accounts of other clients.

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PGIM Fixed Income’s affiliates sell various products and/or services to certain companies whose securities PGIM Fixed Income purchases and sells for PGIM Fixed Income clients.

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PGIM Fixed Income invests in the debt securities of companies whose equity is held by its affiliates.

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PGIM Fixed Income’s affiliates hold public and private debt and equity securities of a large number of issuers. PGIM Fixed Income invests in some of the same issuers for other client accounts but at different levels in the capital structure. For example:

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Affiliated accounts have held and can in the future hold the senior debt of an issuer whose subordinated debt is held by PGIM Fixed Income’s clients or hold secured debt of an issuer whose public unsecured debt is held in client accounts. See “Investment at different levels of an issuer’s capital structure” above for additional information regarding conflicts of interest resulting from investment at different levels of an issuer’s capital structure.

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To the extent permitted by applicable law, PGIM Fixed Income can also invest client assets in offerings of securities the proceeds of which are used to repay debt obligations held in affiliated accounts or other client accounts. PGIM Fixed Income’s interest in having the debt repaid creates a conflict of interest. PGIM Fixed Income has adopted a refinancing policy to address this conflict.

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Certain of PGIM Fixed Income’s affiliates’ directors or officers are directors, or officers of issuers in which PGIM Fixed Income invests from time to time. These issuers could also be service providers to PGIM Fixed Income or its affiliates.

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In addition, PGIM Fixed Income can invest client assets in securities backed by commercial mortgage loans that were originated or are serviced by an affiliate.

In general, conflicts related to the financial interests described above are addressed by the fact that PGIM Fixed Income makes investment decisions for each client independently considering the best economic interests of such client, under the circumstances.

Conflicts Arising Out of Legal and Regulatory Restrictions.

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At times, PGIM Fixed Income is restricted by law, regulation, executive order, contract or other constraints as to how much, if any, of a particular security it can purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes these restrictions apply as a result of its relationship with Prudential Financial and other affiliates. For example, PGIM Fixed Income does not purchase securities issued by Prudential Financial or other affiliates for client accounts.

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In certain instances, PGIM Fixed Income’s ability to buy or sell or transact will be constrained as a result of its receipt of material, non-public information, various insider trading laws and related legal requirements. For example, PGIM Fixed Income would generally be unable to (i) invest in, (ii) divest securities of or (iii) share investment analysis regarding companies for which it possesses material, non-public information, and such inability (which could last for an uncertain period of time until the information is no longer deemed material or non-public) can result in it being unable buy, sell or transact for one or more client accounts or to take other actions that would otherwise be to the benefit of one or more clients).

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PGIM Fixed Income faces conflicts of interest in determining whether to accept material, non-public information. For example, PGIM Fixed Income has sought with respect to the management of investments in certain loans for clients, to retain the ability to purchase and sell other securities in the borrower’s capital

structure by remaining “public” on the loan. In such cases, PGIM Fixed Income will seek to avoid receiving material, non-public information about the borrowers to which an account can or expects to lend or has lent (through assignments, participations or otherwise), which could place an account at an information disadvantage relative to other accounts and lenders. Conversely, PGIM Fixed Income has chosen to receive material, non-public information about certain borrowers for its clients that invest in bank loans, which has restricted its ability to trade in other securities of the borrowers for its clients that invest in corporate bonds.

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PGIM Fixed Income’s holdings of a security on behalf of its clients are required, under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. These aggregated holdings are centrally tracked and PGIM Fixed Income or Prudential Financial can choose to restrict purchases, sell existing positions, or otherwise restrict, forgo, or limit the exercise of rights to avoid crossing such thresholds because of the potential consequences to PGIM Fixed Income or Prudential Financial if such thresholds are exceeded.

Conflicts Related to Investment Consultants. Many of PGIM Fixed Income’s clients and prospective clients retain investment consultants (including discretionary investment managers and OCIO providers) to advise them on the selection and review of investment managers (including with respect to the selection of investment funds). PGIM Fixed Income has dealings with these investment consultants in their roles as discretionary managers or non-discretionary advisers to their clients. PGIM Fixed Income also has independent business relationships with investment consultants.

PGIM Fixed Income provides investment consultants with information about accounts that it manages for the consultant’s clients (and similarly, PGIM Fixed Income provides information about funds in which such clients are invested), in each case pursuant to authorization from the clients. PGIM Fixed Income also provides information regarding its investment strategies to investment consultants, who use that information in connection with searches that they conduct for their clients. PGIM Fixed Income often responds to requests for proposals in connection with those searches.

Other interactions PGIM Fixed Income has with investment consultants include the following:

●

it provides advisory services to the proprietary accounts of investment consultants and/or their affiliates, and advisory services to funds offered by investment consultants and/or their affiliates;

●

it invites investment consultants to events or other entertainment hosted by PGIM Fixed Income;

●

it purchases software applications, market data, access to databases, technology services and other products or services from certain investment consultants; and

●

it sometimes pays for the opportunity to participate in conferences organized by investment consultants.

PGIM Fixed Income will provide clients with information about its relationship with the client’s investment consultant upon request. In general, PGIM Fixed Income relies on the investment consultant to make the appropriate disclosure to its clients of any conflict that the investment consultant believes to exist due to its business relationships with PGIM Fixed Income.

A client’s relationship with an investment consultant could result in restrictions in the eligible securities or trading counterparties for the client’s account. For example, accounts of certain clients (including clients that are subject to ERISA) can be restricted from investing in securities issued by the client’s consultant or its affiliates and from trading with, or participating in transactions involving, counterparties that are affiliated with the investment consultant. In some cases, these restrictions could have a material impact on account performance.

Conflicts Related to Service Providers. PGIM Fixed Income retains third party advisors and other service providers to provide various services for PGIM Fixed Income as well as for funds that PGIM Fixed Income manages or subadvises. Some service providers provide services to PGIM Fixed Income or one of PGIM Fixed Income’s funds while also providing services to other PGIM units, other PGIM-advised funds, or affiliates of PGIM, and negotiate rates in the context of the overall relationship. PGIM Fixed Income can benefit from negotiated fee rates offered to its funds and vice versa. There is no assurance, however, that PGIM Fixed Income will be able to obtain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that PGIM Fixed Income will know of such negotiated fee rates.

Conflicts Related to Valuation and Fees.

When client accounts hold illiquid or difficult to value investments, PGIM Fixed Income faces a conflict of interest when making recommendations regarding the value of such investments since its fees are generally based on the value of assets under management. PGIM Fixed Income could be viewed as having an incentive to value investments at higher valuations. PGIM Fixed Income believes that its valuation policies and procedures mitigate this conflict effectively and enable it to value client assets fairly and in a manner that is consistent with the client’s best interests. In addition, separately managed account clients often calculate fees based on the valuation of assets provided by their custodian or administrator.

Conflicts Related to Securities Lending and Reverse Repurchase Fees.

When PGIM Fixed Income manages a client account and also serves as securities lending agent or engages in reverse repurchase transactions for the account, PGIM Fixed Income is compensated for its securities lending and reverse repurchase services by receiving a portion of the proceeds generated from the securities lending and reverse repurchase activities of the account. PGIM Fixed Income could, therefore, be considered to have an incentive to invest in securities that would generate higher securities lending and reverse repurchase returns, even if these investments were not otherwise in the best interest of the client account. In addition, if PGIM Fixed Income is acting as lending agent and providing reverse repurchase services, PGIM Fixed Income may be incented to select the less costly alternative to increase its revenues.

Conflicts Related to Long-Term Compensation. As a result of the long-term incentive plan and targeted long-term incentive plan, PGIM Fixed Income’s portfolio managers from time to time have financial interests related to the investment performance of some, but not all, of the accounts they manage. For example, the performance of some client accounts is not reflected in the calculation of changes in the value of participation interests under PGIM Fixed Income’s long-term incentive plan. This may be because the composite representing the strategy in which the account is managed is not one of the composites included in the calculation or because the account is excluded from a specified composite due to guideline restrictions or other factors. In addition, the performance of only a small number of its investment strategies is covered under PGIM Fixed Income’s targeted long-term incentive plan. To address potential conflicts related to these financial interests, PGIM Fixed Income has procedures, including trade allocation and supervisory review procedures, designed to confirm that each of its client accounts is managed in a manner that is consistent with PGIM Fixed Income’s fiduciary obligations, as well as with the account’s investment objectives, investment strategies and restrictions. For example, PGIM Fixed Income’s chief investment officer/head reviews performance among similarly managed accounts on a quarterly basis during a series of meetings with the senior portfolio manager and team responsible for the management of each investment strategy. These quarterly investment strategy review meetings generally are also attended by the head of the investment risk management group or his designee and a member of the compliance group, among others.

Conflicts Related to the Offer and Sale of Securities. Certain of PGIM Fixed Income’s employees offer and sell securities of, and interests in, commingled funds that it manages or subadvises. Employees offer and sell securities in connection with their roles as registered representatives of an affiliated broker-dealer, officers of an affiliated trust company, agents of the Insurance Affiliates, approved persons of an affiliated investment adviser or other roles related to such commingled funds. There is an incentive for PGIM Fixed Income’s employees to offer these securities to investors regardless of whether the investment is appropriate for such investor since increased assets in these vehicles will result in increased advisory fees to it. In addition, such sales could result in increased compensation to the employee.

Conflicts Related to Trading – Personal Trading by Employees. Personal trading by PGIM Fixed Income employees creates a conflict when they are trading the same securities or types of securities as PGIM Fixed Income trades on behalf of its clients. This conflict is mitigated by PGIM Fixed Income’s personal trading standards and procedures.

Conflicts Related to Outside Business Activity. From time to time, certain of PGIM Fixed Income employees or officers engage in outside business activity, including outside directorships. Any outside business activity is subject to prior approval pursuant to PGIM Fixed Income’s personal conflicts of interest and outside business activities policy. Actual and potential conflicts of interest are analyzed during such approval process. PGIM Fixed Income could be restricted in trading the securities of certain issuers in client portfolios in the unlikely event that an employee or officer, as a result of outside business activity, obtains material, non-public information regarding an issuer.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – None.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)

(1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3)

Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: PGIM High Yield Bond Fund, Inc.



By:		/s/ Andrew R. French
		Andrew R. French
		Secretary

Date:		July 20, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		July 20, 2021

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Treasurer and Principal Financial and Accounting Officer

Date:		July 20, 2021