# EDGAR Filing Document

**Accession Number:** 0002027076
**File Stem:** 0002027076-25-000073
**Filing Date:** 2025-12
**Character Count:** 4336
**Document Hash:** b4f92e1af5597a5ddd10ef837df1d6e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002027076-25-000073.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0002027076-25-000073

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Prospect Enhanced Yield Fund
- **CENTRAL INDEX KEY:** 0002027076

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-280963
- **FILM NUMBER:** 251539528

**BUSINESS ADDRESS:**
- **STREET 1:** 10 EAST 40TH STREET, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 2124480702

**MAIL ADDRESS:**
- **STREET 1:** 10 EAST 40TH STREET, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

?xml version='1.0' encoding='ASCII'? ck0002027076-20251201

**Filed Pursuant to Rule 424(b)(3)**

**File No. 333-280963**

![PENF Logo.vF (002).jpg](ck0002027076-20251201_g1.jpg)

**Prospect Enhanced Yield Fund**

**Supplement No. 1 dated December 1, 2025**

**to the**

**Prospectus dated August 1, 2025**

This supplement contains information which amends, supplements or modifies certain information contained in the Prospectus of Prospect Enhanced Yield Fund (the "Fund") dated August 1, 2025, as amended or supplemented (the "Prospectus"). Capitalized terms used but not defined herein shall have the same meaning given them in the Prospectus.

You should carefully consider the "Risk Factors" beginning on page 20 of the Prospectus before you decide to invest.

**Prospectus Summary**

**The disclosure appearing in the fourth paragraph under the heading "Prospectus Summary-Expense Limitation Agreement" in the Prospectus is hereby replaced entirely with the following:**

Additionally, the Adviser has agreed, pursuant to a Fee Waiver and Reimbursement Agreement with the Fund, to (1) waive all management fees and incentive fees until at least December 31, 2026 and (2) reimburse the Fund's Operating Expenses (as defined in the ELA) up to the Annual Limit (as defined in the ELA) until at least December 31, 2026 (the "Management Fee Waiver and Reimbursement"). The Management Fee Waiver and Reimbursement is not subject to recoupment. The Management Fee Waiver and Reimbursement Agreement may not be terminated by the Adviser, but it may be terminated by the Board of Trustees on 60 days written notice to the Adviser.

**Fees and Expenses**

**The last three sentences appearing in footnote (8) under the table appearing on page 11 of the Prospectus under the heading "Fees and Expenses" in the Prospectus are replaced entirely with the following:**

Additionally, the Adviser has agreed, pursuant to a Management Fee Waiver and Reimbursement Agreement with the Fund, to (1) waive all management fees and incentive fees until at least December 31, 2026 and (2) reimburse the Fund's Operating Expenses (as defined in the ELA) up to the Annual Limit (as defined in the ELA) until at least December 31, 2026. The Management Fee Waiver and Reimbursement is not subject to recoupment. The Management Fee Waiver and Reimbursement Agreement may not be terminated by the Adviser, but it may be terminated by the Board of Trustees on 60 days written notice to the Adviser.

**Fund Expenses**

**The disclosure appearing in the seventh paragraph under the heading "Fund Expenses" in the Prospectus is hereby replaced in its entirety with the following:**

------

Additionally, the Adviser has agreed, pursuant to a Management Fee Waiver and Reimbursement Agreement with the Fund, to (1) waive all management fees and incentive fees until at least December 31, 2026 and (2) reimburse the Fund's Operating Expenses (as defined in the ELA) up to the Annual Limit (as defined in the ELA) until at least December 31, 2026. The Management Fee Waiver and Reimbursement is not subject to recoupment. The Management Fee Waiver and Reimbursement Agreement may not be terminated by the Adviser, but it may be terminated by the Board of Trustees on 60 days written notice to the Adviser.

All disclosure in the Prospectus inconsistent with the foregoing is hereby revised accordingly.

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**STOCKHOLDERS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE**