ISD - PGIM High Yield Bond Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. April 8, 2026

   The fund sent holders a document about a possible reorganization; we could not read the details automatically.

   Original document →

2. Oct 17, 2025

   First Trust Portfolios L.P. raised its stake to 19.8% (from 18.3%), as a passive investor.

   Original document →

3. July 28, 2025

   First Trust Portfolios L.P. raised its stake to 18.3% (from 16.8%), as a passive investor.

   Original document →

4. April 16, 2025

   First Trust Portfolios L.P. raised its stake to 16.8% (from 14.1%), as a passive investor.

   Original document →

5. March 13, 2025

   The fund sent holders a document about a possible reorganization; we could not read the details automatically.

   Original document →

About this fund

• Run by PGIM Investments LLC. As of July 31, 2026, from the fund's yearly report. Original document →
• Size: about $450 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 1% a year in total, including interest on borrowed money. Fiscal year ended July 31, 2026. As of July 31, 2026, from the fund's yearly report. Original document →
  Among the 19 funds we follow that invest in high-yield bonds, 4 charge a lower management fee and one charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended July 31, 2026) the fund paid $1.26 a share. $0.94 of that was income; $0.32 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of July 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (July 31, 2026): $13.50. The shares traded at $12.44, about 7.9% below that. As of July 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 5.4% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2011.

How this has changed

• Payouts per share: $1.26 in the fiscal year ended July 31, 2026; $1.26 in the year ended July 31, 2025; $1.26 in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.32 in the year ended July 31, 2026; $0.39 in the year ended July 31, 2025; $0.35 in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.97% a year in the fiscal year ended July 31, 2026; 2.5% a year in the year ended July 31, 2025; 2.92% a year in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $450 million at July 31, 2026; $470 million at July 31, 2025; $465 million at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• Borrowing: none at July 31, 2026; 2% at July 31, 2025; 22% at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• The fund had about 41 million shares at July 31, 2026, about the same as at July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended July 31, 2026: the shares returned -1.5%, counting payouts. As of July 31, 2026, from the fund's annual report. Original document →
• The year ended July 31, 2025: the shares returned +16.6%, counting payouts. As of July 31, 2025, from the fund's annual report. Original document →
• The year ended July 31, 2024: the shares returned +21.6%, counting payouts. As of July 31, 2024, from the fund's annual report. Original document →
• The year ended July 31, 2023: the shares returned +6.3%, counting payouts. As of July 31, 2023, from the fund's annual report. Original document →
• The year ended July 31, 2022: the shares returned -15.9%, counting payouts. As of July 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +24.7%. $10,000 of shares bought at the start (Aug 1, 2021) would have become about $12,500 by July 31, 2026, with every payout counted, before tax. As of July 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: -5.1%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 12 funds that invest in high-yield bonds with a fiscal year ending within six months of this one, 9 reported a higher share return for that year and 2 a lower one. As of July 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (87%), the rest loans, shares and cash and short-term holdings. About 86% issued in the U.S.

1. Cash and short-term - 2%
2. DIGICEL INTL FIN LTD Common Equity - 1.4%
3. Carvana Company - 1.3%
4. Tenet Healthcare - 1.2%
5. Radiate Holdco LLC - 1%
6. Davita - 1%
7. Derivatives - 0.8%
8. Echostar, Echo 10.75 11/30/29 . - 0.8%
9. 1261229 B.C., Bhccn 10 04/15/32 144A - 0.7%
10. Vistra, Vst V7 Perp 144A - 0.7%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →