M&G European High Yield Credit Investment Fund EUR A Acc/  LU2309427909  /

The M&G European High Yield Credit Investment Fund ("The Fund") aims to provide a total return (capital growth plus income) of the ICE BofA European Currency Developed Markets High Yield Index ex Financials 2% Constrained (EUR-Hedged) (Total Return Gross), plus 1% (gross of fees per annum), over any five-year period, while applying ESG Criteria. the Fund invests at least 70% of its Net Asset Value in below Investment Grade corporate bonds, Asset-Backed Securities and preference shares, denominated in any European currency. The Fund invests in securities that meet the ESG Criteria, applying an Exclusionary Approach as described in the precontractual annex. The Fund may invest up to a maximum of 20% of its Net Asset Value in AssetBacked Securities. Issuers of these securities may be located in any country, including emerging markets. The Fund does not take any currency views and aims to hedge any non-EUR assets back to EUR. The Fund may invest in Convertible Bonds including up to 10% of its Net Asset Value in Contingent Convertible Debt Securities. The Fund may hold up to 5% of its Net Asset Value in equity securities received as a result of debt securities being restructured or converted. This limit does not include investment in preference shares. The Fund will typically invest directly. The Fund may also invest indirectly via derivative instruments to take both long and short positions to meet the Fund's investment objective, for efficient portfolio management and for the purposes of hedging. These instruments may include, but are not limited to spot and forward contracts, exchange traded futures, credit default swaps, and interest rate swaps. The Fund may also invest in other funds and up to 30% in cash (meaning eligible deposits) and assets that can be turned quickly into cash.

The M&G European High Yield Credit Investment Fund ("The Fund") aims to provide a total return (capital growth plus income) of the ICE BofA European Currency Developed Markets High Yield Index ex Financials 2% Constrained (EUR-Hedged) (Total Return Gross), plus 1% (gross of fees per annum), over any five-year period, while applying ESG Criteria.