AST Multi-Sector Fixed Income Portfolio

C000123062 Fund Overview

AST Multi-Sector Fixed Income Portfolio is a US mutual fund managed by Advanced Series Trust, categorised as Long Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Advanced Series Trust
• Category: Long Corporate Bond
• Assets under management: $8.52B
• 1-year return: 4.3%
• SEC CIK: 0000814679
• SEC series ID: S000039716
• Share class ID: C000123062

C000123062 Investment Objective and Strategy

AST Multi-Sector Fixed Income Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advanced Series Trust.

Investment objective

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.

Principal investment strategy

The Portfolio seeks to achieve its investment objective by investing in a diversified portfolio of high-quality bonds and other securities and instruments. To that end, the Portfolios multi-sector investments may include: (i) investment grade debt obligations of US and foreign corporate issuers; (ii) privately-issued mortgage-related and asset-backed securities; (iii) certain debt obligations issued or guaranteed by the US Government and government-related entities, including mortgage-related securities; (iv) US Government securities; and (v) derivatives and synthetic instruments that have economic characteristics that are similar to these types of securities and obligations. At times, the Portfolio may focus its investments in certain sectors. In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in bonds.

For purposes of this 80% policy, bonds include: (i) all debt securities and all fixed income securities, excluding preferred stock, issued by corporate and government issuers, and (ii) all derivatives and synthetic instruments that have economic characteristics that are similar to such debt securities and such fixed income securities. Although the Portfolio may invest in instruments of any duration or maturity, the Portfolio normally seeks to maintain a weighted average portfolio duration within +/- one year of its custom blended secondary benchmark index (Bloomberg US Long Corporate Index (65%) and Bloomberg US Intermediate Corporate Index (35%), which has a cap of 7.5% on investments in the financials sector). As of December 31, 2025, the duration of the custom blended secondary benchmark index was approximately 9.36 years.

The Portfolio may invest up to 10% of investable assets in instruments that are rated below investment grade or, if unrated, are considered by the Portfolios subadviser to be of comparable quality to instruments rated below investment grade. The Portfolio may invest up to 15% of total assets in instruments in the financials sector. The Portfolio may invest up to 30% of total assets in US currency-denominated and foreign currency-denominated fixed income instruments issued by foreign issuers, including those issued by issuers in emerging markets. The Portfolio may invest in derivative instruments, including futures, forwards, options, and swaps, to try to enhance return or to reduce investment risks. In determining which securities to buy and sell, the Portfolios subadviser will consider, among other things, the financial history and condition, earnings trends, analysts recommendations, and the prospects and the management of an issuer.

The Portfolios subadviser generally employs fundamental analysis in making such determinations. Fundamental analysis involves review of financial statements and other data to assess an issuers prospects and to determine whether its securities are undervalued or overvalued. In managing the Portfolios assets, the subadviser, PGIM Fixed Income, uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy, and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer.

The subadviser may also consider investment factors, such as expected total return, yield, spread, and potential for price appreciation, as well as credit quality, maturity, and risk. The Portfolio may invest in a security based upon the expected total return rather than the yield of such security. The Portfolio is the sole investment option for certain Contracts issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey (collectively, the Participating Insurance Companies) known as the Prudential Defined Income Variable Annuity. Contract owners will have their account value allocated to the Portfolio. For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

C000123062 Holdings

Top 10 holdings of AST Multi-Sector Fixed Income Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000123062 holdings

C000123062 Portfolio Allocation

Asset-class allocation of AST Multi-Sector Fixed Income Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000123062 Performance

Total returns for C000123062 (as of 2026-10-01), from SEC filings.

C000123062 Risk Information

Risk metrics for C000123062, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 4.3%

C000123062 Costs and Fees

C000123062 costs about $72 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.72%
• Gross expense ratio: 0.75%
• Portfolio turnover: 21%
• Brokerage commissions: 0.22 bps of average net assets (SEC N-CEN)

C000123062 Cashflows

Over the 12 months to 2026-06, AST Multi-Sector Fixed Income Portfolio had net outflows of $1.57B, from monthly SEC N-PORT filings.

C000123062 Debt Constituents

Largest debt holdings of AST Multi-Sector Fixed Income Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000123062 Prospectus and SEC Filings

Official AST Multi-Sector Fixed Income Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-16
• Prospectus (485BPOS) — filed 2025-04-17
• Prospectus (485BPOS) — filed 2024-04-18
• Portfolio holdings (N-PORT) — filed 2026-08-26
• Portfolio holdings (N-PORT) — filed 2026-05-27
• Portfolio holdings (N-PORT) — filed 2026-02-27
• Annual census (N-CEN) — filed 2026-03-13
• Annual census (N-CEN) — filed 2025-03-14

Related Funds

Other Long Corporate Bond funds tracked on ABC INVEST:

• iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD)
• Vanguard High-Yield Tax-Exempt Fund (VWAHX)
• PIMCO Investment Grade Credit Bond Fund (PIGIX)
• Nuveen High Yield Municipal Bond Fund (NHMAX)
• Income Fund (CMPIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.