AST Investment Grade Bond Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, AST Investment Grade Bond Portfolio held 454 positions with $6.31B in net assets. Its ten largest holdings made up 38.5% of the fund. The fund costs 0.69% a year. Over the 12 months to May 2026, it returned 5.2%, with dividends reinvested. In 2026 Q2 it added 35 new positions and exited 55.
The investment objective of the Portfolio is to seek to maximize total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation.
The fund invests at least 80% of its assets in investment-grade bonds rated BBB- or higher, or unrated securities deemed comparable in quality by its subadviser PGIM Fixed Income, which conducts top-down economic analysis and bottom-up issuer research to construct the portfolio. The subadviser targets an overall weighted average credit quality of A or better and maintains portfolio duration within 0.50 years of the Bloomberg US 5-10 Year Government/Credit Bond Index. Because individual securities may be downgraded after purchase, the fund's credit quality could fall below its A target, requiring the subadviser to take corrective action based on circumstances at that time.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Advanced Series Trust | 21.28% | $1.34B | 110.9M | $12.10 |
Advanced Series Trust | 5.20% | $327.81M | 27.9M | $11.76 |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.88% · due 2032-12-31 | 2.21% | $139.20M | — | — |
PRUDENTIAL INVESTMENT PORTFOLIOS 9 | 1.96% | $123.37M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.63% · due 2030-10-31 | 1.60% | $100.70M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.63% · due 2035-02-15 | 1.48% | $93.19M | — | — |
(PIPA070) PGIM Core Government Money Market Fund | 1.47% | $92.52M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.75% · due 2032-11-30 | 1.35% | $85.16M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.88% · due 2034-08-15 | 0.99% | $62.30M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.13% · due 2031-10-31 | 0.99% | $62.19M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 454 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 63.80% |
| Securitized | 32.46% |
| Cash & short-term | 5.13% |
| Stocks | 1.81% |
| Derivatives | -0.27% |
Look-through blends 2 underlying funds; 1.306% of NAV was not looked through and stays direct-classified. The blend is as of 2026Q1, one or more quarters before the direct holdings (2026Q2).
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
By sector
- Other
- 31.4%
- Securitized
- 19.5%
- Government
- 17.7%
- Financials
- 8.6%
- 12 other sectors
- 22.7%
- Other
- 31.4%
- Securitized
- 19.5%
- Government
- 17.7%
- Financials
- 8.6%
- International
- 6.1%
- Cash
- 3.3%
- Utilities
- 3.1%
- Energy
- 3.0%
- Information Technology
- 1.5%
- Communication Services
- 1.4%
- Industrials
- 1.1%
- Real Estate
- 0.9%
- Consumer Staples
- 0.9%
- Health Care
- 0.7%
- Consumer Discretionary
- 0.5%
- Materials
- 0.1%
How it has done
C000057623 share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.94%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
AST Investment Grade Bond Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.69%
- Portfolio turnover
- 105.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
35 new· the largest 7
55 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 85.0% |
| Floating rate | 10.4% |
| Zero-coupon or unclassified | 4.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.2% |
| 1-3y | 6.1% |
| 3-5y | 17.3% |
| 5-10y | 44.3% |
| 10y+ | 29.8% |
| Unknown | 0.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 66% |
| Credit spreads | 34% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.30 yr |
| High yield | +0.02 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.21 yr | 4% |
| 5 yr | 2.49 yr | 52% |
| 10 yr | 2.02 yr | 43% |
30 yr is NEGATIVE (-0.29 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.29 yr | 13% |
| 5 yr | 1.47 yr | 63% |
| 10 yr | 0.51 yr | 22% |
| 30 yr | 0.02 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.02 | +0.00 | $10.2k | $168 |
| 1 yr | +0.21 | +0.28 | +0.01 | $179.5k | $6.5k |
| 5 yr | +2.49 | +1.46 | +0.01 | $921.3k | $7.8k |
| 10 yr | +2.02 | +0.51 | +0.00 | $323.5k | $9 |
| 30 yr | -0.29 | +0.02 | +0.00 | $15.5k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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