PF Managed Bond Fund

Data updated: 2023-06-07

C000004975 — PF Managed Bond Fund. Money Market · $365.82M AUM · 0.54% expense ratio · -7.4% 1-yr return. Holdings, fees, performance and SEC filings.

C000004975 Fund Overview

PF Managed Bond Fund is a US mutual fund managed by Pacific Funds Series Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Pacific Funds Series Trust
Category: Money Market
Assets under management: $365.82M
1-year return: -7.4%
SEC CIK: 0001137761
SEC series ID: S000001893
Share class ID: C000004975

C000004975 Investment Objective and Strategy

PF Managed Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pacific Funds Series Trust.

Investment objective

This Fund seeks to maximize total return consistent with prudent investment management.

Principal investment strategy

Under normal circumstances, this Fund invests at least 80% of its assets in debt instruments, including instruments with characteristics of debt instruments (such as derivatives). This Fund is sub-advised by both Pacific Investment Management Company LLC (PIMCO) and Western Asset Management Company, LLC (Western Asset). PLFA is the Funds investment adviser and, subject to the approval of the Trusts board of trustees, selects the Funds sub-advisers and monitors their performance on an ongoing basis. PLFA allocates the Funds assets between PIMCO and Western Asset and may change the allocation or rebalance at any time. The sub-advisers employ different approaches to managing fixed income strategies, as described below. Each sub-adviser may invest in derivatives based on debt securities and uses futures contracts, forwards, swaps and options ( i.e., derivatives) to differing degrees.

To the extent a sub-adviser uses derivatives, futures contracts are purchased and sold to adjust interest rate exposure (duration) and/or as a substitute for the physical security. Foreign currency futures contracts, forwards or options are purchased or sold to gain or increase exposure to various currency markets, to shift currency exposure from one country to another and/or to hedge against foreign currency fluctuations. Interest rate swaps are used to adjust interest rate exposures and/or as a substitute for the physical security. Credit default swaps are used to manage default risk of an issuer and/or to gain exposure to a portion of the debt market or an individual issuer. Options are primarily purchased to manage interest rate and volatility exposures or are sold to generate income. Sector allocations are determined based on sub-advisers assessment of investment opportunities and/or market conditions.

PIMCO managed portion: The debt instruments in which this portion of the Fund principally invests are medium to high quality investment grade debt securities with varying terms to maturity (the period of time until final payment is due). The debt instruments in which this portion of the Fund invests include those issued by the U.S. government and its agencies; mortgage-related securities; asset-backed securities; commercial paper and other money market instruments; debt securities issued by non-U.S. governments and their agencies; debt securities issued by U.S. and foreign companies (including companies based in emerging markets); and convertible securities and inflation-indexed debt securities. This portion of the Fund also may invest up to 20% of its assets in securities that are rated non-investment grade (high yield/high risk, sometimes called junk bonds) or if unrated, are of comparable quality as determined by PIMCO.

This portion of the Fund may invest up to 30% of its assets in securities of foreign issuers that are denominated in foreign currencies, including up to 15% of its assets in securities of issuers based in countries with emerging market economies (whether U.S. or non-U.S. dollar-denominated). This portion of the Fund will normally limit its foreign currency exposure (from these non-U.S. dollar-denominated securities and currencies) to 20% of its assets; to maintain this 20% limit, PIMCO will hedge back any non-U.S. dollar-denominated investments exceeding this 20% limit into U.S. dollars by using foreign currency derivatives such as foreign currency futures, options and forwards. This portion of the Fund may invest beyond the above limits in U.S. dollar-denominated securities of non-emerging market foreign issuers.

Duration management is a fundamental part of PIMCOs management strategy for its portion of the Fund. Duration is often used to measure a bonds sensitivity to interest rates. The longer a funds duration, the more sensitive it is to interest rate risk. The shorter a funds duration, the less sensitive it is to interest rate risk. When selecting securities for its portion of the Fund, PIMCO: Decides what duration to maintain. The weighted average duration for this portion of the Fund is generally expected to be within approximately 2 years (plus or minus) of the Funds benchmark index duration, which was 6.08 years as of March 31, 2018. Decides how to allocate among short, intermediate and long duration issues and how much should be invested in various types of instruments. Chooses companies to invest in by carrying out a credit analysis of potential investments.

PIMCO may also invest in derivatives based on debt securities and frequently uses futures contracts, forwards, swaps and option contracts ( i.e., derivatives). PIMCO may invest in forward commitments ( i.e., securities that are purchased or sold with payment and delivery taking place in the future), such as when issued securities, and mortgage TBA (to be announced) transactions, which are purchased to gain exposure to the mortgage market. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). PIMCO may sell a holding when it fails to perform as expected or when other opportunities appear more attractive. Western Asset managed portion: The debt instruments, including debt securities, in which this portion of the Fund invests include U.S.

government and agency securities; corporate bonds and notes; convertible securities; and mortgage-backed securities. This portion of the Fund may invest up to 25% of its assets in securities that are rated non-investment grade (high yield/high risk, sometimes called junk bonds) or if unrated, are of comparable quality as determined by Western Asset. This portion of the Fund may also invest up to 25% of its assets in foreign securities, including emerging markets securities. However, this portion of the Fund will not invest more than 20% of its assets in non-U.S. dollar denominated securities, including emerging markets. This portion of the Fund is limited to 20% of its assets in unhedged foreign currency exposure. Generally, Western Asset expects the Funds weighted average duration to be within a range of 30% of the duration of the domestic bond market as a whole as measured by the Funds broad-based market index, which was 6.08 years as of March 31, 2018.

Duration is often used to measure a bonds sensitivity to interest rates. The longer a funds duration, the more sensitive it is to interest rate risk. The shorter a funds duration, the less sensitive it is to interest rate risk. Western Asset uses futures contracts, forwards, swaps and options ( i.e., derivatives). Western Asset may invest in forward commitments ( i.e., securities that are purchased or sold with payment and delivery taking place in the future), such as mortgage TBA transactions, which are purchased to gain exposure to the mortgage market. When selecting securities, Western Asset employs a team-oriented investment process which considers sector allocation, issue selection, duration exposure, term structure weighting and country/currency allocations. Issue selection is primarily a bottom-up process to determine mispriced or undervalued securities.

Research provides ongoing assessment of changing credit characteristics and securities with characteristics such as floating interest rates, hidden underlying assets or credit backing, and securities issued in mergers. Western Asset may sell a holding when it fails to perform as expected or when other opportunities appear more attractive.

C000004975 Performance

Total returns for C000004975 (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	-7.4%
3 years (annualised)	-2.7%

C000004975 Risk Information

Risk metrics for C000004975, derived from monthly returns in SEC filings.

1-year volatility (annualised): 10.7%

C000004975 Costs and Fees

C000004975 costs about $54 per $10,000 invested per year in fund expenses.

Net expense ratio: 0.54%
Gross expense ratio: 0.66%
Portfolio turnover: 154%
Brokerage commissions: 1.63 bps of average net assets (SEC N-CEN)

C000004975 Cashflows

Over the 12 months to 2023-03, PF Managed Bond Fund had net inflows of $195.47M, from monthly SEC N-PORT filings.

Month	Net flow
2023-03	$31.89M
2023-02	$6.02M
2023-01	$5.79M
2022-12	$29.30M
2022-11	$36.24M
2022-10	$5.90M

C000004975 Debt Constituents

No individual debt constituents are reported in PF Managed Bond Fund's latest SEC N-PORT filing.

C000004975 Prospectus and SEC Filings

Official PF Managed Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Money Market funds tracked on ABC INVEST:

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.