PGIM Global AAA CLO Fund - P AUD ACC H Fonds

The investment objective of the Sub-Fund is to outperform the ICE BofA US 3-Month Treasury Bill Index (the 'Benchmark') over a full market cycle on a total return basis. Investors should note that the Sub-Fund does not intend to track the Benchmark. The Sub-Fund uses the Benchmark for performance comparison purposes only. In seeking to achieve the investment objective, the Sub-Fund will be actively managed and invest primarily in a portfolio of senior tranches of U.S. and European collateralised loan obligations ('CLOs'). There is no assurance that such objective will be achieved. The investment process combines loan-level credit research with due diligence on both the CLO collateral manager and the CLO structure to arrive at investment decisions. The selection process will be based on a rigorous investment approach whereby the Investment Manager employs a qualitative and quantitative process to seek to determine best relative value. The Investment Manager analyses the quality of the CLO's underlying portfolio, the capabilities of the CLO's collateral manager and the details of the CLO's structure and legal documentation. Additionally, the Investment Manager employs proprietary statistical models to quantitatively identify value amongst prospective investments.