Bloomberg U.S. Aggregate Bond Index represents securities that are SEC registered, taxable, and dollar denominated. It covers the U.S. investment-grade, fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. J.P. Morgan Collateralized Loan Obligation Index (JPM CLOIE) is designed to track the USD-denominated, broadly syndicated, arbitrage U.S. CLO market; JPM CLOIE AAA Index is designed to track the performance of broadly syndicated, arbitrage U.S. CLO debt from AAA tranches. An investment cannot be made directly in an index and an index does not have fees. All indexes are unmanaged.

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The views expressed herein are those of PGIM Investments professionals at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice. Neither the information contained herein nor any opinion expressed shall be construed to constitute investment advice or an offer to sell or a solicitation to buy any securities mentioned herein. This commentary does not purport to provide any legal, tax, or accounting advice.

Certain information in this commentary has been obtained from sources believed to be reliable as of the date presented; however, we cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice.

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