Large-Cap Plus Bond Alpha Portfolio

C000253931 Fund Overview

Large-Cap Plus Bond Alpha Portfolio is a US mutual fund managed by Pacific Select Fund, categorised as Short 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: Pacific Select Fund
• Category: Short Corporate Bond
• Assets under management: $1.14B
• 1-year return: 21.7%
• SEC CIK: 0000813900
• SEC series ID: S000087906
• Share class ID: C000253931

C000253931 Investment Objective and Strategy

Large-Cap Plus Bond Alpha Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pacific Select Fund.

Investment objective

This Fund seeks capital appreciation.

Principal investment strategy

Under normal circumstances, this Fund invests at least 80% of its assets in a combination of? (1) derivatives that provide exposure to the U.S. large-capitalization equity market and (2) bonds. Pacific Life Fund Advisors LLC (PLFA), the investment adviser of the Fund, manages the large-cap portion of the Fund while Fidelity Diversifying Solutions LLC (FDS) manages the bond portion of the Fund as sub-adviser to that portion of the Fund. Large-Cap portion: The term large-cap in the Funds name refers to derivative investments used to gain exposure to the U.S. large-capitalization equity market. For the large-cap portion of the Fund, PLFA seeks to gain exposure to the U.S. large-capitalization equity market using derivatives in a notional amount approximately equal to the Funds net assets. Because fewer assets are generally required to gain investment exposure using derivatives than with securities directly, PLFA allocates the remaining assets to the bond portion of the Fund.

These derivatives are total return swap agreements and futures contracts. PLFA seeks to achieve the Funds investment goal in this portion of the Fund by gaining exposure to the U.S. large-capitalization equity market through total return swap agreements and futures contracts on the S&P 500 Index (the Index), an equity securities index that represents the U.S. large-capitalization equity market. PLFA generally considers a company to have a large market capitalization or to be a large-cap company if the company has a market capitalization within the range of companies included in the Index, or a comparable index which is generally considered in the financial services industry as representing the large-capitalization segment of the U.S. equity universe. As of December 31, 2025, the market capitalization range of the Index was approximately $3.7 billion to $1.8 trillion.

In seeking to gain exposure to the Index through the use of derivatives, this portion of the Fund will in turn be exposed to the same groups of industries/sectors in the same manner as the Index, which may include a significant percentage to a single sector. As of December 31, 2025, a significant part of the Large-Cap portion of the Fund was represented by securities of companies in the Technology sector. The exposure of this portion of the Fund to sectors is likely to change over time as the composition of the Index changes over time. This portion of the Fund will not concentrate, except to the same approximate extent as the Index may concentrate, in the securities of a particular industry or group of industries (also known as a sector). This portion of the Fund may become non-diversified, as defined under the Investment Company Act of 1940, as amended (the 1940 Act), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index.

This portion of the Fund may also invest in futures contracts on other U.S. large-cap indices to gain exposure to the U.S. large-capitalization equity market. Using derivatives such as total return swap agreements and futures contracts is a way to obtain investment exposure to the U.S. large-capitalization equity market, as represented by the particular index, and seek the returns of that index without purchasing all of the securities in the index. PLFA will also seek to achieve additional gains above the Index by making specific investment decisions for the Fund as it sees investment opportunities (incremental alpha). To seek incremental alpha, PLFA may use total return swap agreements and/or futures contracts to implement its investment views on sub-asset classes within the overall U.S. large-capitalization equity market, such as large-cap growth or large-cap value.

This could involve, for example, buying total return swap agreements on a large-cap growth index to express a positive view on large-cap growth as a sub-asset class. Another example could be hedging out part of the large-cap growth portion of the Index using derivatives, resulting in an overweight to the large-cap value portion, or doing the opposite. Bond portion: The term bond in the Funds name refers to debt securities and derivatives that provide exposure to debt securities. The bond portion of the Fund will be managed by FDS to seek to contribute to returns in excess of the Index returns (or alpha), to earn income to offset the cost of the Funds derivatives investments, and to maintain collateral for the Funds derivatives exposure. This portion of the Fund will be invested primarily in investment grade debt securities, including U.S.

debt and U.S. dollar-denominated debt issued by foreign entities in developed markets, and repurchase agreements for those securities. Under normal circumstances, this portion of the Fund is expected to maintain an average credit quality of A- or higher and a weighted average duration that is between 0 and 2.75 years. Duration is often used to measure a bonds sensitivity to interest rates. The longer this portion of the Funds duration, the more sensitive it is to interest rate risk. The shorter this portion of the Funds duration, the less sensitive it is to interest rate risk. When selecting investments for this portion of the Fund, FDS evaluates sectors of the bond market and individual securities within these sectors. FDS selects U.S. dollar-denominated bonds from several sectors including: U.S.

and foreign developed market government securities (including agencies); investment grade corporate bonds; mortgage-related securities; asset-backed securities; and cash equivalents. In addition, FDS may use derivatives, including buying or selling options or futures contracts on a debt security or an index of debt securities, or entering into credit default swaps and interest rate swaps, including options thereon ( i.e. , swaptions), primarily to manage risks of the debt security investments by increasing or decreasing the exposure to risk factors associated with those investments or as a substitute for investing in the debt securities directly. For example, FDS could use U.S. Treasury futures contracts to manage interest rate risk or credit default swaps to manage credit risk of corporate bonds or gain exposure to debt security investments in a certain sector.

This portion of the Fund may also invest in debt securities issued pursuant to Rule 144A under the Securities Act of 1933 (Rule 144A securities). FDS may purchase or sell investments for this portion of the Fund for a variety of reasons, such as to adjust the Funds average maturity, duration, or credit quality or to shift assets into and out of higher yielding or lower yielding securities or different sectors. As of December 31, 2025, a significant part of the bond portion of the Fund was represented by securities of companies in the Financial sector. This portion of the Fund may lend its portfolio holdings to certain financial institutions.

C000253931 Holdings

Top 10 holdings of Large-Cap Plus Bond Alpha Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000253931 holdings

C000253931 Portfolio Allocation

Asset-class allocation of Large-Cap Plus Bond Alpha Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000253931 Performance

Total returns for C000253931 (as of 2026-10-01), from SEC filings.

C000253931 Risk Information

Risk metrics for C000253931, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 13.4%

C000253931 Costs and Fees

C000253931 costs about $46 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.46%
• Gross expense ratio: 0.51%
• Portfolio turnover: 18%
• Brokerage commissions: 0.26 bps of average net assets (SEC N-CEN)

C000253931 Cashflows

Over the 12 months to 2026-06, Large-Cap Plus Bond Alpha Portfolio had net inflows of $116.39M, from monthly SEC N-PORT filings.

C000253931 Debt Constituents

Largest debt holdings of Large-Cap Plus Bond Alpha Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000253931 Prospectus and SEC Filings

Official Large-Cap Plus Bond Alpha Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-29
• Prospectus (485BPOS) — filed 2025-04-29
• Prospectus (485BPOS) — filed 2024-10-11
• Portfolio holdings (N-PORT) — filed 2026-08-11
• Portfolio holdings (N-PORT) — filed 2026-05-27
• Portfolio holdings (N-PORT) — filed 2026-02-18
• Annual census (N-CEN) — filed 2026-03-12
• Annual census (N-CEN) — filed 2025-03-10

Related Funds

Other Short Corporate Bond funds tracked on ABC INVEST:

• Vanguard Short-Term Investment-Grade Fund (VFSTX)
• Vanguard Short-Term Corporate Bond Index Fund (VSCSX)
• American High Income Trust (AHITX)
• Vanguard High-Yield Corporate Fund (VWEHX)
• PGIM High Yield Fund (JDYRX)

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.