AST Multi-Sector Fixed Income Portfolio
Advanced Series Trust
Fund classification
Classified from what the fund holds · as of 2026 Q2
AST Multi-Sector Fixed Income 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
- Long duration
Fund profile
As filed in the prospectus · 2026 Q2
The investment objective of the Portfolio is to seek to maximize total return, consistent with the preservation of capital. Total return is comprised of current income and capital appreciation.
The fund is managed by PGIM Fixed Income, which employs top-down economic analysis and bottom-up fundamental research to select a diversified portfolio of investment-grade bonds across multiple sectors, including corporate debt, government securities, and mortgage-related securities, while maintaining duration within one year of a custom blended benchmark. The subadviser may also hold up to 10% in below-investment-grade instruments or unrated securities deemed comparable in quality, and up to 30% in foreign-currency and emerging-market fixed income. Because security selection depends on the subadviser's credit analysis and outlook assessments, portfolio composition will diverge from the benchmark.
| Share class | Gross | Net |
|---|---|---|
| C000123062 | 0.75% | 0.72% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 21.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 94.05% |
| Securitized | 4.42% |
| Cash & short-term | 4.02% |
| Stocks | 0.03% |
| Derivatives | -0.31% |
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.
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Utilities | 16.3% |
| Other | 16.3% |
| Financials | 9.9% |
| Communication Services | 7.4% |
| 12 smaller | 50.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: META PLATFORMS INC, UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×2, APPLE INC, SPACE EXPLORATION TECHNOLOGIES CORP, SOUTHWESTERN PUBLIC SERVICE COMPANY, FAIRFAX FINANCIAL HOLDINGS LTD, MITSUBISHI UFJ FINANCIAL GROUP INC
Largest exited: Dollar Tree Inc, Marriott International, Inc., Wells Fargo Commercial Mortgage Trust 2016-Lc24, Phillips 66 Co., Bristol-Myers Squibb Company, CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-P4, BOARD OF TRADE OF THE CITY OF CHICAGO, INC., Honeywell Aerospace Inc.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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 | 98.5% |
| Floating rate | 1.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.8% |
| 1-3y | 4.8% |
| 3-5y | 3.1% |
| 5-10y | 9.7% |
| 10y+ | 78.5% |
| Unknown | 1.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 51% |
| Interest rates | 49% |
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 | +9.69 yr |
| High yield | +0.01 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 | 0.02 yr | 0% |
| 1 yr | 0.39 yr | 4% |
| 5 yr | 1.36 yr | 15% |
| 10 yr | 4.13 yr | 45% |
| 30 yr | 3.39 yr | 36% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.17 yr | 2% |
| 5 yr | 0.57 yr | 6% |
| 10 yr | 7.63 yr | 79% |
| 30 yr | 1.32 yr | 14% |
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 | +0.02 | +0.01 | +0.00 | $8.6k | $0 |
| 1 yr | +0.39 | +0.16 | +0.01 | $137.2k | $5.6k |
| 5 yr | +1.36 | +0.57 | +0.01 | $484.3k | $5.1k |
| 10 yr | +4.13 | +7.63 | +0.00 | $6.50m | $0 |
| 30 yr | +3.39 | +1.32 | +0.00 | $1.13m | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 9.28 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PRUDENTIAL INVESTMENT PORTFOLIOS 9 | 3.40% | $289.35M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.63% · due 2035-02-15 | 2.28% | $193.87M | — |
| — | MICROSOFT CORP2.52% · due 2050-06-01 | 1.10% | $93.59M | — |
| — | ABBVIE INC4.05% · due 2039-11-21 | 0.96% | $81.68M | — |
| — | BANK OF AMERICA CORP2.68% · due 2041-06-19 | 0.85% | $72.20M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT1.88% · due 2051-02-15 | 0.75% | $63.90M | — |
| — | BOEING COMPANY (THE)5.93% · due 2060-05-01 | 0.75% | $63.89M | — |
| — | CVS HEALTH CORP3.25% · due 2029-08-15 | 0.64% | $54.61M | — |
| — | (PIPA070) PGIM Core Government Money Market Fund | 0.62% | $52.91M | — |
| — | AT&T INC3.65% · due 2059-09-15 | 0.62% | $52.58M | — |
Top 10 positions are 11.96% of net assets, top 25 19.80%, across 363 issuers.
See more of this fund's book
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