The M&G Senior Asset Backed Credit Fund ("The Fund") aims to provide a higher total return (capital growth plus income) than that of the SONIA (Sterling Overnight Index Average) over any three-year period, net of fees, while applying ESG Criteria. the Fund invests in Asset-Backed Securities and other floating rate instruments that are Investment Grade and denominated in any currency. The Fund invests in securities that meet the ESG Criteria, applying an Exclusionary Approach as described in the precontractual annex. In usual market conditions, at least 70% of the portfolio will be invested in Asset-Backed Securities and at least 80% of the portfolio is expected to be subject to a credit rating of at least AA-, this is a credit rating which is above that included in the definition of "Investment Grade" in the Prospectus. The Fund may invest up to 10% of its assets in securities that are not rated by any recognised rating agency, in which case a comparable internal credit rating will be used. Issuers of these securities may be located in any country, including emerging markets. The Fund does not take currency views and aims to hedge any non-GBP assets back to GBP. The Fund may use derivatives to meet its 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, options, 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.