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AST Long Duration Bond Portfolio plans to launch on Feb. 25
By Toni Weeks
San Luis Obispo, Calif., Feb. 14 - Advanced Series Trust gave details of its upcoming new AST Long Duration Bond Portfolio in a 497 filed with the Securities and Exchange Commission. The fund is expected to commence operations on Feb. 25.
The fund seeks to maximize total return, consistent with the preservation of capital. Total return consists of current income and capital appreciation.
The fund will seek to achieve its objective by investing in a diversified portfolio of high-quality bonds and other securities and instruments. Under normal market conditions, it will invest at least 80% of its investable assets in bonds, which include all debt securities and fixed-income securities, excluding preferred stock, issued by corporate and government issuers and all derivatives and synthetic instruments with economic characteristics similar to debt securities and fixed-income securities. Up to 10% of the fund's assets may be invested in high-yield securities.
The portfolio will seek to maintain a weighted average portfolio duration within one year of its secondary benchmark index, which is a custom blend of the Barclays U.S. Long Corporate index and the Barclays U.S. Intermediate Corporate index. As of Feb. 25, that index's duration is eight to 12 years.
Edward H. Blaha, Steven A. Kellner and Rajat Shah are the portfolio managers.
Management fees will run 0.69%. Including other expenses, total annual portfolio operating expenses are expected to be 0.83%.
Advanced Series Trust is an investment vehicle for certain life insurance companies.
Shelton, Conn.-based AST Investment Services, Inc. and Newark-based Prudential Investments LLC will serve as overall investment managers of the trust.
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