Prudential Investments LLC launches and manages the Prudential Short Duration High Yield Fund, Inc., a close-ended fixed income mutual fund, in conjunction with co-manager Prudential Investment Management, Inc. In the United States, the fund invests in fixed-income markets, primarily placing money in a diversified portfolio of high yield fixed income instruments with a rating below investment grade. To maintain a weighted average portfolio duration of three years or less, the fund invests in securities of all maturities, utilizing fundamental analysis in its investment decisions. The fund does not dabble in municipal debt obligations, asset-backed securities or mortgage-backed securities. On April 30, 2012, in the United States, Prudential Short Duration High Yield Fund, Inc. was established.