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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE GRACE TORRES
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<APPREC-INCREASE-CURRENT> (422,696,898)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICL6
<CIK>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICL6
<CIK>
<NAMEPRUDENTIAL HIGH YIELD FUND
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<INVESTMENTS-AT-COST> 4,457,939,989
<INVESTMENTS-AT-VALUE> 4,198,203,895
<RECEIVABLES> 87,895,502
<ASSETS-OTHER> 365,832
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 5,226,389
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 78,312,994
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (3,024,094,927
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (553,598,768)
<OVERDISTRIB-NII-PRIOR> (1,041,743)
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 8.65
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For the fiscal year ended 12/31/98
File number: 811-2896
SUB-ITEM 77 D
Policies with Respect to Securities Investments
On May 13, 1998 the Directors approved revised
troubled investment procedures for the Fund in the form
presented at the meeting of the Board of Directors. The
revised procedures allow Prudential Investments, on behalf
of the Fund, to retain legal counsel or consultants with
respect to any "troubled investment" in order to obtain
preliminary advice with respect to potential alternative
courses of action, the fee for such preliminary advice not
to exceed $25,000 (paid by the Fund). Prudential
Investments will then promptly advise Fund counsel after
taking such action and prepare a brief report to be given to
the full Board detailing the "troubled investment" in
question.
n-sar/eqf/8-97/77d
High Yield Fund
# 77J
Reclassification of Capital Accounts
The Fund accounts and reports for distributions to
shareholders in accordance with AICPA Statement of Position
93-2: Determination, Disclosure, and Financial Statement
Presentation of Income, Capital Gain, and Return of Capital
Distributions by Investment Companies. The effect of
applying this statement was to increase undistributed net
investment income by $9,125,958, decrease accumulated net
realized loss on investments by $145,971,221 and decrease
paid in capital in excess of par by $155,097,179. This was
primarily due to the sale of securities purchased with
market discount and the expiration of a portion of the
capital loss carryforward for the year ended December 31,
1998. Net investment income, net realized gains and net
assets were not affected by this change.
For the fiscal year ended (a) 12/31/98
File number (c) 811-2896
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Grey Wolf Inc.
2. Date of Purchase
5/5/98
3. Number of Securities Purchased
41,000
4. Dollar Amount of Purchase
$4,100,000
5. Price Per Unit
$100.00
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
DLJ, Lehman, PSI
7. Other Members of the Underwriting Syndicate
Donaldson, Lufkin & Jenrette
Bear, Stearns, & Co. Inc.
Prudential Securities Incorporated
For the fiscal year ended (a) 12/31/98
File number (c) 811-2896
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Aai.Fostergrant
2. Date of Purchase
7/16/98
3. Number of Securities Purchased
37,000
4. Dollar Amount of Purchase
$3,700,000
5. Price Per Unit
$100.00
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
Nations Bank Montgomery Securities
7. Other Members of the Underwriting Syndicate
Nations Bank Montgomery Securities LLC
Prudential Securities
BancBoston Securities Inc.
For the fiscal year ended (a) 12/31/98
File number (c) 811-2896
SUB-ITEM 77 0
EXHIBITS
Transactions Effected Pursuant to Rule 10f-3
1. Name of Issuer
Mail Well Corp
2. Date of Purchase
12/11/98
3. Number of Securities Purchased
80,000
4. Dollar Amount of Purchase
$8,000,000
5. Price Per Unit
$100.00
6. Name(s) of Underwriter(s) or Dealer(s)
From whom Purchased
DLJ
7. Other Members of the Underwriting Syndicate
Donaldson Lufkin & Jenrette
Prudential Securities Incorporated
Bear, Stearns & Co. Inc.
Hanifen, Imhoff Inc.
To the Shareholders and Board of Directors of
Prudential High Yield Fund, Inc.
(2)
Report of Independent Accountants
To the Shareholders and Board of Directors of
Prudential High Yield Fund, Inc.
In planning and performing our audit of the financial
statements of Prudential High Yield Fund, Inc. (the "Fund")
for the year ended December 31, 1998, we considered its
internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use
of management, the Board of Directors of the Fund and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
February 16, 1999
