Source(s) of data (unless otherwise noted): PGIM Fixed Income as of September 30, 2017
1 Any discussion of risk management is intended to describe PGIM Fixed Income's efforts to monitor and manage risk but does not imply low risk. All investing involves risk, including the risk of loss.
2 Source of U.S. pension fund data: Pensions & Investments Top 1000 U.S. Pension Funds, published February 6, 2017 and S&P's MMD Top 100 U.S. Pensions.
3 Source of global pension fund data: IPE Top 1000 Global Institutional Investors - 2017 and S&P's MMD Top 100 Global Pensions
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Any discussion of risk management is intended to describe PGIM Fixed Income’s efforts to monitor and manage risk but does not imply low risk. All investing involves risk, including the risk of loss. Fixed Income securities are subject to certain risks, including credit, interest rate, issuer, market and inflation risk. Foreign and emerging market securities are subject to currency, political, economic and market risks, which may be enhanced in emerging market countries. High Yield securities are lower rated securities that may have a higher degree of credit and liquidity risk. Mortgage and asset-backed securities are sensitive to early prepayment risk, a higher risk of default and may be hard to value and difficult to sell. U.S. government securities may not be backed by the full faith and credit of the U.S.; thus, these issuers may not be able to meet their future payment obligations. With sovereign debt securities, the issuer or governmental authority that controls the repayment of the debt may not be willing or able to repay the principal and/or pay the interest when it becomes due, in accordance with the terms of such obligations. Collateralized mortgage obligations may have unpredictable cash flows that can increase the risk of loss. Public bank loans are subject to liquidity risks of lower rated securities. The use of derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks.
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