PGIM High Yield Fund

C000012406 Fund Overview

PGIM High Yield Fund is a US mutual fund managed by Prudential Investment Portfolios, Inc. 15, categorised as Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Prudential Investment Portfolios, Inc. 15
• Category: Short Corporate Bond
• Assets under management: $22.28B
• SEC CIK: 0000278187
• SEC series ID: S000004516
• Share class ID: C000012406

C000012406 Investment Objective and Strategy

PGIM High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Prudential Investment Portfolios, Inc. 15.

Investment objective

The investment objective of the Fund is to maximize current income .

Principal investment strategy

To achieve the Fund's income objective, the Funds subadviser invests, under normal circumstances, at least 80% of the Fund's investable assets in a diversified portfolio of high yield fixed income instruments rated Ba or lower by Moody's Investors Service, Inc. (Moody's) or BB or lower by S&P Global Ratings (Standard & Poor's), and instruments either rated by another nationally recognized statistical rating organization (NRSRO), or considered by the subadviser to be of comparable quality, that is, junk bonds. The term investable assets in this Prospectus refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions.

The Fund may invest up to 20% of its investable assets in US currency-denominated fixed income securities of foreign governments and other foreign issuers, including Brady Bonds, which are long-term bonds issued by developing nations, and preferred stock. The Fund may also invest up to 10% of its investable assets in foreign currency-denominated fixed income securities issued by foreign or domestic issuers. Foreign government fixed income securities include securities issued by quasi-governmental entities, governmental agencies, supranational entities and other governmental entities. In managing the Funds assets, the subadviser uses a combination of top-down economic analysis and bottom up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends.

In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook is determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security.

C000012406 Holdings

Top 10 holdings of PGIM High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000012406 holdings

C000012406 Portfolio Allocation

Asset-class allocation of PGIM High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000012406 Costs and Fees

C000012406 costs about $128 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.28%
• Gross expense ratio: 1.28%
• Portfolio turnover: 49%
• Brokerage commissions: 0.23 bps of average net assets (SEC N-CEN)

C000012406 Cashflows

Over the 12 months to 2026-05, PGIM High Yield Fund had net inflows of $2.63B, from monthly SEC N-PORT filings.

C000012406 Debt Constituents

Largest debt holdings of PGIM High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000012406 Prospectus and SEC Filings

Official PGIM High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-10-29
• Prospectus (485BPOS) — filed 2024-10-29
• Prospectus (485BPOS) — filed 2023-10-27
• Portfolio holdings (N-PORT) — filed 2026-07-27
• Portfolio holdings (N-PORT) — filed 2026-04-23
• Portfolio holdings (N-PORT) — filed 2026-01-27
• Annual census (N-CEN) — filed 2025-11-13
• Annual census (N-CEN) — filed 2024-11-13

Related Funds

Other Short Corporate Bond funds tracked on ABC INVEST:

• Vanguard Short-Term Investment-Grade Fund (VFSTX)
• Vanguard Short-Term Corporate Bond Index Fund (VSCSX)
• American High Income Trust (AHITX)
• Vanguard High-Yield Corporate Fund (VWEHX)
• iShares 1-5 Year Investment Grade Corporate Bond ETF (IGSB)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.