Advanced Series Trust plans to launch PIA Short Duration Bond Fund

By Toni Weeks

San Luis Obispo, Calif., Aug. 16 - Advanced Series Trust announced in an N-1A filing with the Securities and Exchange Commission its plans to offer a new investment-grade, fixed-income fund.

The PIA Short Duration Bond Fund will seek a high level of current income consistent with low volatility of principal. It will normally invest at least 80% of its net assets, plus any borrowings for investment purposes, in fixed-income securities, with up to 15% of the fund's net assets invested in unrated or high-yield bonds. The fund expects that the portfolio securities will have a weighted average duration of less than three years.

Lloyd McAdams and Evangelos Karagiannis will be the portfolio managers.

The fund will offer class A and class I shares. Ticker symbols have not yet been determined.

Shareholder fees will consist solely of a 2.5% maximum sales load on class A shares.

Management fees will be 0.47%. Including these as well as the effect of a fee waiver and expense reimbursement agreement with the investment adviser, net annual fund operating expenses will be held at 1% for class A shares and 0.75% for class I shares through Aug. 31, 2014.

Santa Monica, Calif.-based Pacific Income Advisers, Inc. will serve as the investment adviser to the fund.

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