497K 1 f24748d1.htm PM SUPPL (LALLI), SDHY FUND PM Suppl (Lalli), SDHY Fund

Prudential Investment Portfolios, Inc. 15

PGIM Short Duration High Yield Income Fund

PGIM High Yield Fund

PGIM ESG High Yield Fund

(each a "Fund" and collectively the "Funds")

Supplement dated March 16, 2023

to each Fund's Currently Effective Summary Prospectus and Prospectus

You should read this Supplement in conjunction with each Fund's Summary Prospectus and Prospectus and retain it for

future reference.

Effective immediately, Mr. Brian Lalli is added to each Fund's portfolio management team.

To reflect this change, each Fund's Summary Prospectus and Prospectus are hereby revised as follows effective immediately:

1.The tables in the section of Summary Prospectus and Prospectus for PGIM High Yield Fund and PGIM ESG High Yield Fund entitled "Management of the Fund" are hereby revised by adding the information set forth below with respect to Mr. Lalli:

Investment

Subadvisers

Portfolio

Title

Service Date

Managers

 

Managers

 

 

 

 

 

 

 

PGIM Investments

PGIM Fixed

Brian Lalli

Principal and Portfolio

March 2023

LLC

Income

 

Manager

 

 

PGIM Limited

 

 

 

2.The table in the section of the Summary Prospectus and Prospectus for PGIM Short Duration High Yield Income Fund entitled "Management of the Fund" is hereby revised by adding the information set forth below with respect to Mr. Lalli:

Investment

Subadviser

Portfolio

Title

Service Date

Managers

 

Managers

 

 

 

 

 

 

 

PGIM Investments

PGIM Fixed

Brian Lalli

Principal and Portfolio

March 2023

LLC

Income*

 

Manager

 

* PGIM Limited serves as a sub-subadviser to the Fund.

3.The section of each Fund's Prospectus entitled "How the Fund is Managed – Portfolio Managers", is hereby revised by adding the following professional biography for Mr. Lalli:

Brian Lalli is a Principal and portfolio manager for PGIM Fixed Income's U.S. High Yield Bond Team. Previously, Mr. Lalli was a credit analyst for PGIM Fixed Income's U.S. Leveraged Finance Credit Research team. Prior to joining the Firm in 2020, Mr. Lalli was a Director at Barclays, covering several high yield and investment grades sectors as a senior credit analyst since 2010. Mr. Lalli received a BS in Business and Technology and a minor in Economics from Stevens Institute of Technology.

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